Paul Merchants Ltd.

Market Capital

₹193 Cr.

P/E

4.19

Share Price

₹ 1871.1 -9.85 (-0.52%)

Paul Merchants Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

Price

₹ 1871.1 -9.85 (-0.52%)

CHART MODE

Price

CHART MODE

EV/EBITDA

Price to Sales

Price to Book

CHART MODE

Capex

CHART MODE

Debt

Growth Table

Paul Merchants Ltd.

(in %)	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	47.58	5.91	16.28	8.78	-13.41	-13.14	-7.85	-12.44	—	—
TTM EPS CAGR	9.25	12.77	19.43	15.47	19.43	25.93	12.77	13.3	—	—
Sales CAGR	15.97	34.79	15.02	13.71	5.92	14.58	15.3	15.33	17.87	—
PAT Margin (Abs Growth)	-0.37	0.26	0.3	-3.95	0.31	-0.08	0.04	-0.07	-0.31	-0.31
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PE CAGR	34.73	-6.08	-2.64	-5.79	-27.47	-30.85	-17.75	-22.91	—	—
CFO CAGR	-45.04	-32.58	—	-39.22	—	—	—	-4.33	28.03	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

BALANCE SHEET

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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	254	194	214	229	466	393	412	425	469	526
Non Current Assets	46.52	60.26	59.73	57.63	146	248	234	228	227	226
Net Block	21.17	39.57	50.28	50.37	75.16	74.65	62.10	59.28	58.31	57.16
Capital Work in Progress	0	1.71	1.04	1.06	0	0	0	0.20	0	—
Intangible Assets Under Development	—	0.12	—	—	—	—	—	0.20	—	—
Long Term Investments	6.21	3.98	4.25	3.05	67.89	169	169	166	166	166
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Current Assets	208	135	156	172	320	149	180	200	244	300
Inventory	2.25	2.90	3.32	5.15	4.89	4.67	6.95	4.94	4.80	5.61
Accounts Receivable	136	49.38	42.84	34.62	15.79	3.71	4.43	2.20	2.71	4.93
Short Term Investments	—	—	5.10	8.42	122	90.58	54.64	37.42	29.91	23.77
Cash & Bank Balances	50.79	61.31	76.26	93.12	110	7.43	4.38	9.66	13.41	14.12
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Liabilities	254	194	214	229	466	393	412	425	469	526
Shareholders Funds	103	119	139	152	365	380	391	404	425	450
Share Capital	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03
Reserves	102	118	138	151	364	379	390	403	424	449
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Non Current Liabilities	7.09	9.63	5.81	2.07	1.05	-2.05	-0.65	-0.43	0.04	2.43
Secured Loans	7.15	10.22	6.69	0.40	0.13	—	—	—	—	—
Unsecured Loans	—	—	—	—	—	—	—	—	—	—
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Current Liabilities	143	65.18	69.22	75.24	100	15.31	21.17	21.56	44.89	73.37
Accounts Payable	37.80	36.91	29.05	26.65	6.70	3.63	4.08	0.65	0.99	1.69
Short Term Loans	84.42	8.89	13.22	17.40	17.24	0.13	0.76	5.08	9.51	19.51
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(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	197	217	227	472	402	453	533	647	890
Non Current Assets	60.55	59.15	55.14	86.31	98.36	67.55	66.13	67.05	70.62
Net Block	39.77	53.93	50.37	75.70	75.68	63.97	62.72	63.43	66.59
Capital Work in Progress	5.78	1.04	1.06	0.04	0	0	0.60	0.35	0.15
Intangible Assets Under Development	4.19	—	—	—	—	—	0.60	0.25	0.70
Long Term Investments	—	—	0.56	0.64	0.73	0.43	—	0.39	—
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Current Assets	137	159	172	386	307	388	469	582	819
Inventory	2.90	3.32	5.15	4.89	4.67	8.02	6.01	5.87	12.37
Accounts Receivable	49.38	42.84	34.62	15.79	3.71	4.43	2.20	2.71	4.93
Short Term Investments	—	5.10	8.42	122	98.00	54.67	37.42	29.91	23.77
Cash & Bank Balances	62.71	76.80	93.12	118	12.92	16.84	14.71	23.57	22.23
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Liabilities	197	217	227	472	402	453	533	647	890
Shareholders Funds	118	139	149	351	367	393	427	467	511
Share Capital	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03
Reserves	117	138	148	350	366	392	426	466	510
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Non Current Liabilities	9.63	5.79	2.07	1.00	-1.93	-0.52	-0.21	0.35	102
Secured Loans	10.22	6.69	0.40	0.13	—	—	—	0.17	—
Unsecured Loans	—	—	—	—	—	—	—	—	98.76
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Current Liabilities	68.75	72.57	75.24	107	36.37	60.30	106	180	277
Accounts Payable	36.91	29.05	26.65	8.13	4.06	4.33	0.65	0.99	1.69
Short Term Loans	8.89	13.22	17.40	21.53	16.84	33.05	78.97	131	208
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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	254	194	214	229	466	393	412	425	469	526
Non Current Assets	46.52	60.26	59.73	57.63	146	248	234	228	227	226
Gross Block	30.74	51.75	64.44	66.93	91.34	93.10	81.17	80.22	79.59	—
Less: Accumulated Depreciation	9.58	12.17	14.16	16.56	16.17	18.44	19.08	20.94	21.27	—
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—	—
Net Block	21.17	39.57	50.28	50.37	75.16	74.65	62.10	59.28	58.31	57.16
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—	—
Capital Work in Progress	0	1.71	1.04	1.06	0	0	0	0.20	0	—
Long Term Investments	6.21	3.98	4.25	3.05	67.89	169	169	166	166	166
Long Term Loans & Advances	—	13.94	2.06	1.85	2.76	0.71	0.71	0.53	0.53	—
Other Non Current Assets	18.53	—	0.89	0.31	0	0	0	0	—	—
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Current Assets	208	135	156	172	320	149	180	200	244	300
Inventory	2.25	2.90	3.32	5.15	4.89	4.67	6.95	4.94	4.80	5.61
Accounts Receivable	136	49.38	42.84	34.62	15.79	3.71	4.43	2.20	2.71	4.93
Short Term Investments	—	—	5.10	8.42	122	90.58	54.64	37.42	29.91	23.77
Cash & Bank Balances	50.79	61.31	76.26	93.12	110	7.43	4.38	9.66	13.41	14.12
Other Current Assets	1.26	0.82	0.82	0.65	1.05	0.26	3.26	3.38	0.91	0.31
Short Term Loans and Advances	17.07	20.10	27.51	30.49	66.63	42.38	107	142	193	237
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Liabilities	254	194	214	229	466	393	412	425	469	526
Shareholders Funds	103	119	139	152	365	380	391	404	425	450
Share Capital	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03
Share Warrants	—	—	—	—	—	—	—	—	—	—
Reserves	102	118	138	151	364	379	390	403	424	449
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Non Current Liabilities	7.09	9.63	5.81	2.07	1.05	-2.05	-0.65	-0.43	0.04	2.43
Secured Loans	7.15	10.22	6.69	0.40	0.13	—	—	—	—	—
Unsecured Loans	—	—	—	—	—	—	—	—	—	—
Deferred Tax Assets/Liabilities	-0.61	-1.07	-1.21	-0.99	-0.54	-3.53	-2.28	-2.16	-1.83	—
Other Long Term Liabilities	0.55	0.47	0.33	0.32	—	—	—	0.08	0.08	—
Long Term Provisions	—	—	—	2.34	1.46	1.48	1.63	1.64	1.79	—
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Current Liabilities	143	65.18	69.22	75.24	100	15.31	21.17	21.56	44.89	73.37
Accounts Payable	37.80	36.91	29.05	26.65	6.70	3.63	4.08	0.65	0.99	1.69
Short Term Loans	84.42	8.89	13.22	17.40	17.24	0.13	0.76	5.08	9.51	19.51
Other Current Liabilities	9.53	7.39	11.64	18.16	9.57	7.91	12.47	11.74	27.29	—
Share Application Money	—	—	—	—	—	—	—	—	—	—
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Short Term Provisions	11.52	11.99	15.30	13.04	66.79	3.64	3.86	4.10	7.10	9.46
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(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	197	217	227	472	402	453	533	647	890
Non Current Assets	60.55	59.15	55.14	86.31	98.36	67.55	66.13	67.05	70.62
Gross Block	51.94	68.09	67.31	92.05	94.91	83.87	84.91	87.31	—
Less: Accumulated Depreciation	12.17	14.16	16.94	16.35	19.24	19.90	22.18	23.88	—
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—
Net Block	39.77	53.93	50.37	75.70	75.68	63.97	62.72	63.43	66.59
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—
Capital Work in Progress	5.78	1.04	1.06	0.04	0	0	0.60	0.35	0.15
Long Term Investments	—	—	0.56	0.64	0.73	0.43	—	0.39	—
Long Term Loans & Advances	13.94	2.06	1.85	9.28	18.38	0.71	0.53	0.53	—
Other Non Current Assets	—	0.89	0.31	0	0	0	0	0.14	0.66
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Current Assets	137	159	172	386	307	388	469	582	819
Inventory	2.90	3.32	5.15	4.89	4.67	8.02	6.01	5.87	12.37
Accounts Receivable	49.38	42.84	34.62	15.79	3.71	4.43	2.20	2.71	4.93
Short Term Investments	—	5.10	8.42	122	98.00	54.67	37.42	29.91	23.77
Cash & Bank Balances	62.71	76.80	93.12	118	12.92	16.84	14.71	23.57	22.23
Other Current Assets	0.82	0.82	0.65	1.25	0.58	3.85	4.43	2.84	2.61
Short Term Loans and Advances	21.41	30.26	30.49	125	187	300	404	517	721
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Liabilities	197	217	227	472	402	453	533	647	890
Shareholders Funds	118	139	149	351	367	393	427	467	511
Share Capital	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03	1.03
Share Warrants	—	—	—	—	—	—	—	—	—
Reserves	117	138	148	350	366	392	426	466	510
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Non Current Liabilities	9.63	5.79	2.07	1.00	-1.93	-0.52	-0.21	0.35	102
Secured Loans	10.22	6.69	0.40	0.13	—	—	—	0.17	—
Unsecured Loans	—	—	—	—	—	—	—	—	98.76
Deferred Tax Assets/Liabilities	-1.07	-1.23	-0.99	-0.65	-3.57	-2.44	-2.28	-2.21	—
Other Long Term Liabilities	0.47	0.33	0.32	—	—	—	0.08	0.08	—
Long Term Provisions	—	—	2.34	1.52	1.64	1.92	1.98	2.30	—
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Current Liabilities	68.75	72.57	75.24	107	36.37	60.30	106	180	277
Accounts Payable	36.91	29.05	26.65	8.13	4.06	4.33	0.65	0.99	1.69
Short Term Loans	8.89	13.22	17.40	21.53	16.84	33.05	78.97	131	208
Other Current Liabilities	10.96	15.00	18.16	9.86	8.47	13.29	14.80	31.51	—
Share Application Money	—	—	—	—	—	—	—	—	—
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Short Term Provisions	11.99	15.29	13.04	67.30	6.99	9.62	11.96	16.05	18.84
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Balance Sheet Snapshot

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Fund Flow Analysis

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Total

*Data is as of latest FY end

Profit & Loss

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(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Sales	2,002	2,164	2,464	2,891	4,542	4,899	5,358	2,962	5,281	6,893
Operating Expenses	1,976	2,136	2,431	2,881	4,525	4,893	5,350	2,962	5,270	6,876
Raw Material	1,859	2,022	2,311	2,850	4,479	4,828	5,272	2,906	5,180	0
Employee Cost	27.77	27.85	29.50	6.52	10.33	15.56	13.62	10.91	12.07	20.32
Power & Fuel Cost	0.75	0.74	0.78	0.46	0.41	0.63	0.41	0.32	0.38	—
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Operating Profit	26.69	27.77	32.49	9.64	16.63	5.56	7.42	-0.63	10.56	16.55
Other Income	3.01	3.48	5.14	11.74	207	12.45	13.74	22.12	19.75	25.09
Depreciation and Amortisation Expenses	1.97	2.90	2.82	2.91	3.33	3.26	2.82	2.23	1.85	1.72
Interest	2.86	3.52	3.29	1.78	1.43	0.46	0.49	0.24	0.44	1.31
Profit Before Tax	24.88	24.14	31.52	16.42	219	14.29	16.56	15.98	27.38	38.61
Tax	8.40	8.28	11.10	3.72	6.05	-0.76	4.66	3.30	6.99	10.25
Net Profit	16.48	15.86	20.42	12.70	213	15.05	11.90	12.68	20.39	28.37
Number of shares(Crs)	—	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	—
Dividend Payout Ratio	0	0	0	0	0	0	1.73	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Sales	2,165	2,466	2,891	4,547	4,917	5,401	3,035	5,365	7,013
Operating Expenses	2,138	2,433	2,881	4,529	4,901	5,363	2,991	5,300	6,925
Raw Material	2,022	2,311	2,850	4,479	4,828	5,273	2,916	5,180	0
Employee Cost	28.65	30.22	6.52	11.99	25.37	20.58	19.84	27.91	47.12
Power & Fuel Cost	0.74	0.78	0.46	0.41	0.73	0.61	0.54	0.65	—
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Operating Profit	27.29	32.50	9.64	17.65	15.69	37.84	44.41	65.04	88.34
Other Income	3.48	5.14	11.74	208	12.95	5.21	7.61	3.96	3.58
Depreciation and Amortisation Expenses	2.98	2.89	2.91	3.51	3.49	3.23	2.99	3.27	4.35
Interest	3.54	3.30	1.78	2.01	1.19	2.46	4.80	11.16	24.63
Profit Before Tax	23.56	31.44	16.42	220	23.96	36.06	44.22	53.94	62.86
Tax	8.28	11.07	3.72	6.22	1.97	9.39	10.34	13.76	16.53
Net Profit	15.28	20.37	12.82	214	22.08	26.37	33.45	40.17	46.33
Number of shares(Crs)	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	—
Dividend Payout Ratio	0	0	0	0	0	0.78	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Gross Sales	2,002	2,164	2,464	2,891	4,542	4,899	5,358	2,962	5,281	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—	—
Net Sales	2,002	2,164	2,464	2,891	4,542	4,899	5,358	2,962	5,281	6,893
Operating Expenses	1,976	2,136	2,431	2,881	4,525	4,893	5,350	2,962	5,270	6,876
Raw Material	1,859	2,022	2,311	2,850	4,479	4,828	5,272	2,906	5,180	0
Increase/Decrease in Stock	0.72	-0.65	-0.46	-1.84	0.26	0.22	-2.28	2.00	0.14	3.11
Other Manufacturing Expenses	60.57	66.37	67.18	18.68	27.86	39.01	58.19	37.22	70.98	—
Employee Cost	27.77	27.85	29.50	6.52	10.33	15.56	13.62	10.91	12.07	20.32
Selling and Distribution Expenses	—	—	—	—	—	—	—	—	—	—
Power & Fuel Cost	0.75	0.74	0.78	0.46	0.41	0.63	0.41	0.32	0.38	—
General and Administration Expenses	27.19	19.59	20.82	7.29	6.49	10.45	8.41	5.50	6.23	—
Miscellaneous Expenses	0.19	0.55	2.91	0.72	0.81	0.63	0.78	0.66	0.58	—
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Operating Profit	26.69	27.77	32.49	9.64	16.63	5.56	7.42	-0.63	10.56	16.55
Other Income	3.01	3.48	5.14	11.74	207	12.45	13.74	22.12	19.75	25.09
Interest	2.86	3.52	3.29	1.78	1.43	0.46	0.49	0.24	0.44	1.31
PBDT	26.84	27.73	34.34	19.59	222	17.55	20.67	21.26	29.87	40.33
Depreciation and Amortization	1.97	2.90	2.82	2.91	3.33	3.26	2.82	2.23	1.85	1.72
Profit Before Taxation & Exceptional Items	24.88	24.83	31.52	16.69	219	14.29	17.85	19.03	28.02	—
Exceptional Income / Expenses	—	-0.69	—	-0.27	—	—	-1.29	-3.05	-0.64	—
Profit Before Tax	24.88	24.14	31.52	16.42	219	14.29	16.56	15.98	27.38	38.61
Provision for Taxs	8.40	8.28	11.10	3.72	6.05	-0.76	4.66	3.30	6.99	10.25
Current Income Tax	9.04	8.74	11.24	3.51	5.59	2.75	3.32	3.37	6.38	—
Deferred Tax	-0.64	-0.46	-0.14	0.22	0.46	-2.99	1.25	0.10	0.34	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	16.48	15.86	20.42	12.70	213	15.05	11.90	12.68	20.39	28.37
Extra items	—	—	—	—	—	—	—	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	16.48	15.86	20.42	12.70	213	15.05	11.90	12.68	20.39	28.37
Number of shares(Crs)	—	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	—
Dividend Payout Ratio	0	0	0	0	0	0	1.73	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Gross Sales	2,165	2,466	2,891	4,547	4,917	5,401	3,035	5,365	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—
Net Sales	2,165	2,466	2,891	4,547	4,917	5,401	3,035	5,365	7,013
Operating Expenses	2,138	2,433	2,881	4,529	4,901	5,363	2,991	5,300	6,925
Increase/Decrease in Stock	-0.65	-0.46	-1.84	0.26	0.22	-3.35	2.00	0.14	-2.59
Raw Material	2,022	2,311	2,850	4,479	4,828	5,273	2,916	5,180	0
Other Manufacturing Expenses	66.37	67.18	18.35	29.29	40.98	60.92	42.07	77.72	—
Employee Cost	28.65	30.22	6.52	11.99	25.37	20.58	19.84	27.91	47.12
Selling and Distribution Expenses	—	—	—	—	—	—	—	—	—
Power & Fuel Cost	0.74	0.78	0.46	0.41	0.73	0.61	0.54	0.65	—
General and Administration Expenses	21.04	20.75	7.62	7.22	6.13	11.29	9.87	12.62	—
Miscellaneous Expenses	0.55	4.60	0.72	0.92	1.02	1.24	1.04	1.41	—
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Operating Profit	27.29	32.50	9.64	17.65	15.69	37.84	44.41	65.04	88.34
Other Income	3.48	5.14	11.74	208	12.95	5.21	7.61	3.96	3.58
Interest	3.54	3.30	1.78	2.01	1.19	2.46	4.80	11.16	24.63
PBDT	27.22	34.33	19.59	223	27.46	40.58	47.21	57.84	67.21
Depreciation and Amortization	2.98	2.89	2.91	3.51	3.49	3.23	2.99	3.27	4.35
Profit Before Taxation & Exceptional Items	24.25	31.44	16.69	220	23.96	37.36	44.22	54.58	—
Exceptional Income / Expenses	-0.69	—	-0.27	—	—	-1.29	—	-0.64	—
Profit Before Tax	23.56	31.44	16.42	220	23.96	36.06	44.22	53.94	62.86
Provision for Taxs	8.28	11.07	3.72	6.22	1.97	9.39	10.34	13.76	16.53
Current Income Tax	8.74	11.24	3.51	5.85	5.42	8.17	10.28	13.44	—
Deferred Tax	-0.46	-0.17	0.22	0.36	-2.92	1.13	0.14	0.08	—
Other taxes	0	0	0	0	0	0	0	0	—
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Profit After Tax	15.28	20.37	12.70	214	21.99	26.67	33.89	40.18	46.33
Extra items	—	—	—	—	0	—	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	0.12	0.08	0.09	-0.30	-0.44	-0.01	—
Net Profit	15.28	20.37	12.82	214	22.08	26.37	33.45	40.17	46.33
Number of shares(Crs)	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	—
Dividend Payout Ratio	0	0	0	0	0	0.78	0	0	—

*TTM Values as of Jun 2023

CASH FLOW

Standalone
Consolidated

(in Rs. Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	-53.69	108	22.65	19.05	-212.94	94.03	5.38	-4.86	22.28	19.55
Profit Before Tax	24.88	24.83	31.52	33.29	279	14.40	16.56	15.98	27.38	34.96
Adjustments	4.89	6.45	7.25	3.56	-212.57	-70.83	-8.84	-15.71	-13.27	-16.20
OCF Before Working Capital	29.77	31.28	38.77	36.84	66.26	-56.43	7.72	0.27	14.11	18.76
Working Capital Changes	-74.42	85.80	-4.87	2.56	-213.87	153	1.02	-1.93	14.82	10.15
Taxes Paid	-9.04	-8.74	-11.24	-20.35	-65.34	-2.27	-3.36	-3.20	-6.65	-9.35
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Cash from Investing Activity	-6.44	-21.85	-17.90	1.32	176	-94.99	-8.35	3.92	-21.69	-25.48
Net Fixed Assets Purchased	-5.65	-23.39	-12.42	-3.08	236	-2.35	8.60	0.64	-0.54	-0.55
Fixed Assets Purchased	-5.83	-23.64	-15.46	-3.40	-28.88	-8.77	-1.65	-0.42	-0.97	-0.57
Fixed Assets Sold	0.18	0.25	3.04	0.32	265	6.42	10.25	1.06	0.43	0.02
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Investment Purchased	-0.79	—	-18.81	—	-64.84	-100.92	—	—	-0.40	0.40
Investment Sold	—	1.54	—	1.72	—	—	37.07	20.79	7.25	—
Interest Recieved	—	—	1.55	2.22	4.81	4.54	10.61	14.34	16.82	20.57
Dividends Recieved	—	—	-0.10	-0.32	-1.07	-0.81	-0.81	-2.55	-1.46	1.40
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	65.90	-75.97	-2.50	-5.93	-1.85	-17.71	-0.07	4.08	4.00	8.96
Proceeds From Shares	—	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	6.34	3.08	-3.53	-6.29	-0.26	-0.13	0	0	0	0
Proceeds From Borrowings	6.34	3.08	—	—	—	—	—	—	—	—
Repayment From Borrowings	—	—	-3.53	-6.29	-0.26	-0.13	—	—	—	—
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Interest Paid	-2.86	-3.52	-3.29	-3.18	-1.43	-0.46	-0.49	-0.24	-0.44	-1.04
Dividend Paid	—	—	—	—	—	—	-0.21	—	—	—
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Net Cash Flow	5.77	10.52	2.26	14.44	-38.43	-18.66	-3.04	3.13	4.58	3.03
Opening Cash & Cash Equivalents	45.01	50.79	46.81	49.07	63.50	25.07	6.41	3.37	6.50	11.09
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	50.79	61.31	49.07	63.50	25.07	6.41	3.37	6.50	11.09	14.12
Net Capex (est)	5.65	23.39	12.42	3.08	-236.00	2.35	-8.60	-0.64	0.54	0.55
Free Cash Flow (est)	-59.34	84.96	10.24	15.97	23.06	91.68	13.98	-4.23	21.74	19.00

(in Rs. Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	108	20.92	17.76	-276.11	12.85	-82.93	-68.58	-37.69	-154.19
Profit Before Tax	24.83	31.44	33.41	279	23.98	35.77	44.22	53.94	59.62
Adjustments	6.45	7.26	2.15	-209.98	-67.24	4.60	2.57	20.25	25.95
OCF Before Working Capital	31.28	38.71	35.56	69.51	-43.26	40.37	46.79	74.18	85.57
Working Capital Changes	85.80	-6.54	2.56	-280.03	60.99	-115.12	-105.17	-98.21	-223.87
Taxes Paid	-8.74	-11.24	-20.35	-65.60	-4.88	-8.18	-10.20	-13.67	-15.89
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Cash from Investing Activity	-21.85	-16.17	1.20	241	-24.74	73.47	22.56	5.96	0.46
Net Fixed Assets Purchased	-23.39	-12.45	-3.08	235	-3.04	7.34	-2.10	-3.58	-7.58
Fixed Assets Purchased	-23.64	-15.49	-3.40	-29.64	-9.49	-2.90	-3.15	-4.53	-7.71
Fixed Assets Sold	0.25	3.04	0.32	265	6.45	10.25	1.06	0.95	0.14
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Investment Purchased	—	-17.68	—	-0.68	-0.09	—	—	-0.39	—
Investment Sold	1.54	—	1.61	—	—	44.78	21.25	7.25	0.39
Interest Recieved	—	1.55	2.22	4.86	4.42	2.57	2.38	2.39	1.95
Dividends Recieved	—	-0.10	-0.32	-1.07	-1.01	-0.44	-0.07	-0.06	0.01
Subsidiary Investments	—	—	—	—	—	—	—	—	—
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Cash from Financing Activity	-75.97	-2.50	-4.52	1.85	-6.00	13.44	41.57	40.96	155
Proceeds From Shares	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	3.08	-3.53	-6.29	-0.26	-0.13	0	0	0.17	98.46
Proceeds From Borrowings	3.08	—	—	—	—	—	—	0.17	98.46
Repayment From Borrowings	—	-3.53	-6.29	-0.26	-0.13	—	—	—	—
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Interest Paid	-3.52	-3.29	-1.78	-2.01	-1.19	-2.46	-4.80	-11.16	-20.18
Dividend Paid	—	—	—	—	—	-0.31	—	—	—
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Net Cash Flow	10.52	2.26	14.44	-33.75	-17.90	3.98	-4.45	9.23	1.62
Opening Cash & Cash Equivalents	50.79	46.81	49.07	63.50	29.75	11.85	15.83	11.38	20.61
Effect of FX	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	61.31	49.07	63.50	29.75	11.85	15.83	11.38	20.61	22.23
Net Capex (est)	23.39	12.45	3.08	-235.25	3.04	-7.34	2.10	3.58	7.58
Free Cash Flow (est)	84.96	8.47	14.68	-40.86	9.81	-75.59	-70.68	-41.27	-161.77

Cash Flow Analysis

+ Add a Comparison

Increase
Decrease
Total

Ratios

Standalone
Consolidated

= Dominant Factor

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Operational Ratios
Quick Ratio	1.70	1.43	2.02	2.20	2.22	3.15	9.43	8.19	9.03	5.34
Liquid Assets (Crs)	147	206	132	153	167	315	144	173	195	240
Current Liabilities (Crs)	86.76	143	65.18	69.22	75.24	100	15.31	21.17	21.56	44.89
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Current Ratio	1.73	1.45	2.06	2.25	2.29	3.19	9.73	8.52	9.25	5.45
Current Assets (Crs)	150	208	135	156	172	320	149	180	200	244
Current Liabilities (Crs)	86.76	143	65.18	69.22	75.24	100	15.31	21.17	21.56	44.89
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Interest Coverage Ratio	8.62	9.70	7.86	10.58	10.23	154	31.91	34.55	67.31	63.32
EBIT (Crs)	28.92	27.74	28.35	34.81	18.47	221	14.75	18.35	19.27	28.46
Interest Expenses (Crs)	3.35	2.86	3.52	3.29	1.78	1.43	0.46	0.49	0.24	0.44
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Fixed Asset Turnover	62.46	65.13	41.81	38.23	43.20	49.72	52.62	66.00	36.92	66.35
Net Sales (Crs)	1,612	2,002	2,164	2,464	2,891	4,542	4,899	5,358	2,962	5,281
Fixed Assets (Crs)	25.80	30.74	51.75	64.44	66.93	91.34	93.10	81.17	80.22	79.59
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Cash Conversion Cycle	5.11	12.00	9.37	2.08	1.90	1.08	0.70	0.41	0.84	0.45
Inventory Days	0.57	0.48	0.43	0.46	0.53	0.40	0.36	0.40	0.73	0.34
Days Receivable	14.43	20.08	15.68	6.83	4.89	2.03	0.73	0.28	0.41	0.17
Days Payable	9.89	8.56	6.74	5.21	3.53	1.35	0.39	0.27	0.30	0.06
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Debt to Equity Ratio	0.28	0.90	0.17	0.17	0.12	0.05	0.00	0.00	0.01	0.02
Total Debt (Crs)	24.33	92.97	20.74	23.82	17.80	17.38	0.13	0.76	5.08	9.51
Shareholders Equity (Crs)	86.91	103	119	139	152	365	380	391	404	425
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Free Cash Flow/Sales (%)	-0.40	-2.96	3.93	0.42	0.55	0.51	1.87	0.26	-0.14	0.41
Free Cash Flow(est) (Crs)	-6.42	-59.34	84.96	10.24	15.97	23.06	91.68	13.98	-4.23	21.74
Net Sales (Crs)	1,612	2,002	2,164	2,464	2,891	4,542	4,899	5,358	2,962	5,281
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Profitability Ratios
Op Profit Margin (%)	1.91	1.48	1.44	1.53	0.74	4.93	0.37	0.40	0.73	0.57
Operating Profit (Crs)	30.74	29.70	31.25	37.63	21.37	224	18.01	21.16	21.50	30.31
Net Sales (Crs)	1,612	2,002	2,164	2,464	2,891	4,542	4,899	5,358	2,962	5,281
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Net Profit Margin (%)	1.06	0.82	0.73	0.83	0.44	4.69	0.31	0.22	0.43	0.39
Net Profit (Crs)	17.12	16.48	15.86	20.42	12.70	213	15.05	11.90	12.68	20.39
Net Sales (Crs)	1,612	2,002	2,164	2,464	2,891	4,542	4,899	5,358	2,962	5,281
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ROCE (%)	31.01	25.11	22.06	23.98	12.00	60.29	3.90	4.69	4.77	6.70
EBIT (Crs)	28.92	27.74	28.35	34.81	18.47	221	14.75	18.35	19.27	28.46
Capital Employed (Crs)	93.25	110	129	145	154	366	378	391	404	425
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Return on Assets (%)	9.51	6.49	8.19	9.53	5.54	45.71	3.83	2.89	2.98	4.34
Net Profit (Crs)	17.12	16.48	15.86	20.42	12.70	213	15.05	11.90	12.68	20.39
Total Assets (Crs)	180	254	194	214	229	466	393	412	425	469
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ROIC (%)	40.07	30.62	33.15	30.71	9.32	6.97	1.21	1.53	-0.99	2.65
Op Profit after Taxes (Crs)	17.15	16.38	16.34	19.22	5.21	12.93	2.43	3.31	-2.26	6.49
Invested Capital (Crs)	42.81	53.48	49.31	62.57	55.83	185	201	217	228	244
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ROE (%)	19.69	15.94	13.34	14.66	8.37	58.41	3.96	3.04	3.14	4.80
Net Profit Margin (%)	1.06	0.82	0.73	0.83	0.44	4.69	0.31	0.22	0.43	0.39
Asset Turnover ratio	8.95	7.89	11.17	11.49	12.62	9.74	12.46	13.01	6.96	11.25
Equity Multiplier	2.07	2.45	1.63	1.54	1.51	1.28	1.03	1.05	1.05	1.11
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Adjusted EPS	167	160	154	199	124	2,073	146	116	123	198
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Valuation Ratios
P/E	0	0	0	14.73	27.20	2.39	13.58	6.91	8.90	5.65
Price to Book	0	0	0	2.16	2.28	1.40	0.54	0.21	0.28	0.27
EV/EBITDA	-0.64	1.45	-1.27	6.60	12.64	1.86	10.94	3.71	5.04	3.67
Dividend Yield (%)	—	—	—	0	0	0	0	0.25	0	0
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	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Operational Ratios
Quick Ratio	1.95	2.15	2.22	3.57	8.31	6.30	4.35	3.21
Liquid Assets (Crs)	134	156	167	382	302	380	463	576
Current Liabilities (Crs)	68.75	72.57	75.24	107	36.37	60.30	106	180
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Current Ratio	2.00	2.19	2.29	3.62	8.44	6.43	4.41	3.24
Current Assets (Crs)	137	159	172	386	307	388	469	582
Current Liabilities (Crs)	68.75	72.57	75.24	107	36.37	60.30	106	180
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Interest Coverage Ratio	7.65	10.51	10.23	110	21.21	15.66	10.21	5.83
EBIT (Crs)	27.79	34.75	18.47	222	25.15	39.82	49.03	65.74
Interest Expenses (Crs)	3.54	3.30	1.78	2.01	1.19	2.46	4.80	11.16
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Fixed Asset Turnover	41.69	36.22	42.95	49.39	51.80	64.40	35.75	61.45
Net Sales (Crs)	2,165	2,466	2,891	4,547	4,917	5,401	3,035	5,365
Fixed Assets (Crs)	51.94	68.09	67.31	92.05	94.91	83.87	84.91	87.31
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Cash Conversion Cycle	2.47	2.08	1.90	1.03	0.62	0.41	0.93	0.51
Inventory Days	0.49	0.46	0.53	0.40	0.35	0.43	0.84	0.40
Days Receivable	8.32	6.83	4.89	2.02	0.72	0.27	0.40	0.17
Days Payable	6.34	5.21	3.53	1.40	0.46	0.29	0.31	0.06
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Debt to Equity Ratio	0.18	0.17	0.12	0.06	0.05	0.08	0.19	0.28
Total Debt (Crs)	20.74	23.82	17.80	21.66	16.84	33.05	79.43	132
Shareholders Equity (Crs)	118	139	149	351	367	393	427	467
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Free Cash Flow/Sales (%)	3.92	0.34	0.51	-0.90	0.20	-1.40	-2.33	-0.77
Free Cash Flow(est) (Crs)	84.96	8.47	14.68	-40.86	9.81	-75.59	-70.68	-41.27
Net Sales (Crs)	2,165	2,466	2,891	4,547	4,917	5,401	3,035	5,365
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Profitability Ratios
Op Profit Margin (%)	1.42	1.53	0.74	4.95	0.58	0.80	1.71	1.29
Operating Profit (Crs)	30.77	37.64	21.37	225	28.64	43.04	52.02	69.00
Net Sales (Crs)	2,165	2,466	2,891	4,547	4,917	5,401	3,035	5,365
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Net Profit Margin (%)	0.71	0.83	0.44	4.70	0.45	0.49	1.10	0.75
Net Profit (Crs)	15.28	20.37	12.82	214	22.08	26.37	33.45	40.17
Net Sales (Crs)	2,165	2,466	2,891	4,547	4,917	5,401	3,035	5,365
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ROCE (%)	21.72	24.05	12.20	60.71	6.88	10.14	11.49	14.07
EBIT (Crs)	27.79	34.75	18.47	222	25.15	39.82	49.03	65.74
Capital Employed (Crs)	128	144	151	365	365	393	427	467
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Return on Assets (%)	7.77	9.38	5.66	45.25	5.49	5.82	6.28	6.21
Net Profit (Crs)	15.28	20.37	12.82	214	22.08	26.37	33.45	40.17
Total Assets (Crs)	197	217	227	472	402	453	533	647
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ROIC (%)	30.74	29.22	9.32	5.78	3.36	6.83	7.72	10.39
Op Profit after Taxes (Crs)	15.77	19.18	5.21	13.74	11.20	25.60	31.74	46.02
Invested Capital (Crs)	51.30	65.62	55.83	238	333	375	411	443
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ROE (%)	12.91	14.69	8.59	60.78	6.01	6.71	7.84	8.60
Net Profit Margin (%)	0.71	0.83	0.44	4.70	0.45	0.49	1.10	0.75
Asset Turnover ratio	11.01	11.36	12.76	9.63	12.24	11.92	5.70	8.29
Equity Multiplier	1.66	1.56	1.52	1.34	1.09	1.15	1.25	1.39
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Adjusted EPS	149	198	125	2,078	215	257	325	391
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Valuation Ratios
P/E	0	14.77	26.95	2.39	9.25	3.12	3.37	2.87
Price to Book	0	2.17	2.31	1.45	0.56	0.21	0.26	0.25
EV/EBITDA	-1.33	6.58	12.64	1.84	7.27	2.29	3.41	3.23
Dividend Yield (%)	—	0	0	0	0	0.25	0	0
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Quarterly Results

Standalone
Consolidated

(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	1,019	1,133	1,232	1,539	1,376	1,808	1,736	1,688	1,668	1,801
Operating Expenses	1,018	1,131	1,230	1,535	1,374	1,804	1,731	1,683	1,666	1,796
Increase/Decrease in Stock	0.89	-0.10	-1.27	-1.91	3.42	-5.34	-0.56	2.63	2.46	-1.42
Raw Material	0	0	0	0	0	0	0	0	0	0
Employee Cost	3.48	3.22	3.47	3.58	4.59	3.98	4.35	4.52	6.24	5.21
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	1.01	2.20	2.40	3.84	2.38	4.55	4.92	4.44	1.87	5.32
Other Income	5.74	4.85	4.24	4.49	5.91	3.55	5.20	5.92	7.27	6.70
Interest	0.10	0.09	0.09	0.10	0.16	0.19	0.29	0.26	0.30	0.46
PBDT	6.65	6.27	6.43	8.40	8.13	7.91	9.83	10.10	8.84	11.56
Depreciation and Amortization	0.55	0.43	0.46	0.48	0.48	0.40	0.42	0.44	0.45	0.41
Profit Before Tax	6.10	5.84	5.97	7.92	7.65	7.50	9.41	9.66	8.39	11.15
Tax	1.70	1.69	1.42	1.95	1.94	1.75	2.27	3.01	1.95	3.02
Profit After Tax	4.40	4.15	4.55	5.97	5.71	5.75	7.14	6.65	6.44	8.13
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	4.40	4.15	4.55	5.97	5.71	5.75	7.14	6.65	6.44	8.13
Quarterly Ratios
EPS	42.80	40.37	44.26	58.07	55.55	55.95	69.46	64.69	62.68	79.11
Operating Profit Margin	0.10	0.19	0.19	0.25	0.17	0.25	0.28	0.26	0.11	0.30
Net Profit Margin	0.43	0.37	0.37	0.39	0.42	0.32	0.41	0.39	0.39	0.45
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(in Rs. Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	1,049	1,152	1,253	1,561	1,399	1,834	1,761	1,718	1,698	1,836
Operating Expenses	1,033	1,138	1,237	1,543	1,382	1,813	1,742	1,695	1,679	1,809
Increase/Decrease in Stock	0.89	-0.10	-1.27	-1.91	3.42	-5.34	-2.71	-0.35	1.89	-1.42
Raw Material	0	0	0	0	0	0	0	0	0	0
Employee Cost	6.09	6.58	7.21	7.74	9.16	8.73	10.41	11.02	12.84	12.84
Selling and Distribution Expenses	0	0	0	0	0	0	0	0	0	0
Electricity, Power & Fuel Cost	0	0	0	0	0	0	0	0	0	0
Gen_AdminExpenses	0	0	0	0	0	0	0	0	0	0
Miscellaneous Expenses	0	0	0	0	0	0	0	0	0	0
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Operating Profit	15.37	13.79	16.89	17.70	16.92	20.72	19.88	23.13	18.18	27.15
Other Income	1.17	1.29	0.93	0.72	0.77	-0.43	0.93	0.76	0.65	1.24
Interest	2.54	2.07	2.95	2.75	3.39	4.28	4.17	5.10	6.62	8.73
PBDT	14	12.32	14.75	15.84	14.30	16.01	16.64	18.79	12.12	19.66
Depreciation and Amortization	0.80	0.70	0.77	0.88	0.92	0.78	0.91	1.07	1.18	1.20
Profit Before Tax	13.20	11.62	13.98	14.96	13.38	15.22	15.73	17.72	10.94	18.46
Tax	3.75	3.09	3.40	3.71	3.56	3.88	3.76	5.47	2.51	4.79
Profit After Tax	9.45	8.53	10.58	11.25	9.82	11.35	11.97	12.25	8.44	13.67
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	9.45	8.53	10.58	11.25	9.82	11.35	11.97	12.25	8.44	13.67
Quarterly Ratios
EPS	91.93	82.98	103	109	95.51	110	116	119	82.04	133
Operating Profit Margin	1.47	1.20	1.35	1.13	1.21	1.13	1.13	1.35	1.07	1.48
Net Profit Margin	0.90	0.74	0.84	0.72	0.70	0.62	0.68	0.71	0.50	0.74
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Reverse DCF

Earnings

(Cr)

Discount Rate (%)

5 YEAR

Terminal Multiple

Implied Growth Rate over a 5 year period*

10 YEAR

Terminal Multiple

Implied Growth Rate over a 10 year period*

20 YEAR

Terminal Multiple

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

Data feed provided by Accord Fintech