SoftTech Engineers Ltd.

Market Capital

₹180 Cr.

P/E

46.50

Share Price

₹ 181.5 2.25 (1.26%)

SoftTech Engineers Ltd.
Overview
Financials
Benchmarking
Shareholding

SoftTech Engineers Ltd.

SoftTech Engineers Ltd.
Overview
Financials
Benchmarking
Shareholding

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

Price

₹ 181.5 2.25 (1.26%)

CHART MODE

Price

CHART MODE

EV/EBITDA

Price to Sales

Price to Book

CHART MODE

Capex

CHART MODE

Debt

Growth Table

SoftTech Engineers Ltd.

(in %)	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	11.97	21.25	40.74	28.6	33.99	—	—	—	—	—
TTM EPS CAGR	-50.16	-45.73	—	—	—	—	—	—	—	—
Sales CAGR	23.04	71.0	—	—	—	—	—	—	—	—
PAT Margin (Abs Growth)	-2.57	-0.68	-5.68	-6.3	-7.65	-5.0	-1.95	-3.01	-2.41	1.74
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PE CAGR	112.46	122.91	—	—	—	—	—	—	—	—
CFO CAGR	-36.12	16.42	—	19.5	-1.19	-3.95	—	37.92	37.8	—

* 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	35.82	42.21	58.42	60.09	67.70	84.31	108	122	136	168
Non Current Assets	10.85	13.44	19.09	20.09	20.28	25.77	32.81	45.25	55.38	74.43
Net Block	6.63	10.14	8.32	9.19	8.68	8.82	10.93	24.67	31.99	42.66
Capital Work in Progress	2.12	1.29	3.68	2.30	3.80	5.11	6.06	3.08	3.78	5.05
Intangible Assets Under Development	1.24	1.29	3.68	2.30	3.80	5.11	6.06	3.08	3.78	5.05
Long Term Investments	0.32	0.32	0.04	0.04	0.04	0.59	1.74	3.02	3.43	8.47
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Current Assets	24.67	28.53	39.38	40.35	48.19	59.70	76.07	77.90	81.59	94.50
Inventory	—	—	—	—	—	—	—	—	—	—
Accounts Receivable	15.94	20.60	23.68	17.75	21.80	18.82	35.99	33.37	29.08	26.08
Short Term Investments	—	—	—	—	—	10.90	8.52	5.10	5.57	8.69
Cash & Bank Balances	5.33	2.99	1.34	3.26	1.27	1.29	0.12	0.11	0.63	0.62
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Liabilities	35.82	42.21	58.42	60.09	67.70	84.31	108	122	136	168
Shareholders Funds	15.22	22.96	26.04	30.96	37.40	61.15	68.35	72.37	88.33	109
Share Capital	3.01	3.44	3.53	3.53	7.05	9.42	9.42	9.47	10.15	10.16
Reserves	12.20	19.52	22.51	27.43	30.28	51.55	58.69	62.83	78.17	92.77
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Non Current Liabilities	10.12	7.78	11.48	8.89	4.88	5.16	16.30	23.37	18.48	16.25
Secured Loans	8.26	6.64	7.38	5.66	1.26	3.92	3.42	5.73	2.31	-3.48
Unsecured Loans	1.43	0.61	3.82	3.18	3.84	1.76	13.31	13.92	13.79	12.29
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Current Liabilities	10.48	11.47	20.90	20.24	25.43	17.99	22.91	26.35	29.18	42.55
Accounts Payable	3.04	4.47	8.47	5.62	7.55	1.67	5.99	8.36	9.11	5.77
Short Term Loans	2.33	1.48	3.43	4.27	4.51	7.07	10.86	10.57	10.97	18.67
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(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	83.86	106	119	133	162
Non Current Assets	25.22	31.10	42.29	52.04	69.05
Net Block	8.82	10.93	24.67	31.99	42.67
Capital Work in Progress	5.11	6.06	3.08	3.78	5.05
Intangible Assets Under Development	5.11	6.06	3.08	3.78	5.05
Long Term Investments	0.04	0.04	0.04	0.05	3.03
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Current Assets	59.80	76.21	78.15	81.47	93.79
Inventory	—	—	—	—	—
Accounts Receivable	18.82	35.99	33.37	29.08	26.15
Short Term Investments	10.90	8.52	5.10	5.57	8.69
Cash & Bank Balances	1.39	0.25	0.38	0.75	0.86
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Liabilities	83.86	106	119	133	162
Shareholders Funds	60.79	66.77	69.75	84.70	104
Share Capital	9.42	9.42	9.47	10.15	10.16
Reserves	51.18	57.11	60.21	74.54	87.26
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Non Current Liabilities	5.16	16.30	23.37	18.86	16.25
Secured Loans	3.92	3.42	5.73	2.31	-3.48
Unsecured Loans	1.76	13.31	13.92	14.17	12.29
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Current Liabilities	17.90	22.92	26.41	29.26	42.70
Accounts Payable	1.76	6.00	8.40	9.19	5.87
Short Term Loans	7.07	10.86	10.57	10.97	18.73
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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	35.82	42.21	58.42	60.09	67.70	84.31	108	122	136	168
Non Current Assets	10.85	13.44	19.09	20.09	20.28	25.77	32.81	45.25	55.38	74.43
Gross Block	14.33	21.01	22.82	26.68	29.96	32.36	38.19	30.15	45.41	66.94
Less: Accumulated Depreciation	7.69	10.87	14.50	17.50	21.28	23.54	27.26	5.48	13.42	24.28
Less: Impairment of Assets	—	—	—	—	—	—	—	—	—	—
Net Block	6.63	10.14	8.32	9.19	8.68	8.82	10.93	24.67	31.99	42.66
Lease Adjustment A/c	—	—	—	—	—	—	—	—	—	—
Capital Work in Progress	2.12	1.29	3.68	2.30	3.80	5.11	6.06	3.08	3.78	5.05
Long Term Investments	0.32	0.32	0.04	0.04	0.04	0.59	1.74	3.02	3.43	8.47
Long Term Loans & Advances	0.57	1.57	3.40	3.66	1.92	2.26	3.39	4.57	6.02	3.99
Other Non Current Assets	1.50	0.35	3.61	4.55	5.07	7.84	9.38	8.86	9.19	13.31
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Current Assets	24.67	28.53	39.38	40.35	48.19	59.70	76.07	77.90	81.59	94.50
Inventory	—	—	—	—	—	—	—	—	—	—
Accounts Receivable	15.94	20.60	23.68	17.75	21.80	18.82	35.99	33.37	29.08	26.08
Short Term Investments	—	—	—	—	—	10.90	8.52	5.10	5.57	8.69
Cash & Bank Balances	5.33	2.99	1.34	3.26	1.27	1.29	0.12	0.11	0.63	0.62
Other Current Assets	3.16	4.39	13.32	18.26	24.00	27.43	30.96	0.41	0.59	2.43
Short Term Loans and Advances	0.23	0.55	1.04	1.09	1.12	1.26	0.48	38.92	45.72	56.67
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Liabilities	35.82	42.21	58.42	60.09	67.70	84.31	108	122	136	168
Shareholders Funds	15.22	22.96	26.04	30.96	37.40	61.15	68.35	72.37	88.33	109
Share Capital	3.01	3.44	3.53	3.53	7.05	9.42	9.42	9.47	10.15	10.16
Share Warrants	—	—	—	—	—	—	—	—	—	6.25
Reserves	12.20	19.52	22.51	27.43	30.28	51.55	58.69	62.83	78.17	92.77
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Non Current Liabilities	10.12	7.78	11.48	8.89	4.88	5.16	16.30	23.37	18.48	16.25
Secured Loans	8.26	6.64	7.38	5.66	1.26	3.92	3.42	5.73	2.31	-3.48
Unsecured Loans	1.43	0.61	3.82	3.18	3.84	1.76	13.31	13.92	13.79	12.29
Deferred Tax Assets/Liabilities	0.30	0.24	-0.05	-0.36	-0.76	-1.16	-1.31	-1.06	-0.98	-0.95
Other Long Term Liabilities	0.01	0.01	0.01	0.01	0.01	0.01	0.01	3.68	2.40	7.23
Long Term Provisions	0.14	0.28	0.32	0.40	0.53	0.65	0.89	1.11	0.95	1.17
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Current Liabilities	10.48	11.47	20.90	20.24	25.43	17.99	22.91	26.35	29.18	42.55
Accounts Payable	3.04	4.47	8.47	5.62	7.55	1.67	5.99	8.36	9.11	5.77
Short Term Loans	2.33	1.48	3.43	4.27	4.51	7.07	10.86	10.57	10.97	18.67
Other Current Liabilities	4.63	4.73	8.03	10.20	13.13	8.95	5.12	6.85	8.46	16.80
Share Application Money	—	—	—	—	—	—	0.02	—	—	—
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Short Term Provisions	0.48	0.80	0.97	0.16	0.24	0.30	0.94	0.57	0.64	1.30
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(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Assets	83.86	106	119	133	162
Non Current Assets	25.22	31.10	42.29	52.04	69.05
Gross Block	32.36	38.19	30.15	45.42	66.97
Less: Accumulated Depreciation	23.54	27.26	5.48	13.43	24.29
Less: Impairment of Assets	—	—	—	—	—
Net Block	8.82	10.93	24.67	31.99	42.67
Lease Adjustment A/c	—	—	—	—	—
Capital Work in Progress	5.11	6.06	3.08	3.78	5.05
Long Term Investments	0.04	0.04	0.04	0.05	3.03
Long Term Loans & Advances	2.26	3.38	4.58	6.06	4.02
Other Non Current Assets	7.84	9.38	8.86	9.19	13.31
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Current Assets	59.80	76.21	78.15	81.47	93.79
Inventory	—	—	—	—	—
Accounts Receivable	18.82	35.99	33.37	29.08	26.15
Short Term Investments	10.90	8.52	5.10	5.57	8.69
Cash & Bank Balances	1.39	0.25	0.38	0.75	0.86
Other Current Assets	27.43	30.96	0.38	0.35	1.42
Short Term Loans and Advances	1.26	0.49	38.92	45.72	56.67
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Liabilities	83.86	106	119	133	162
Shareholders Funds	60.79	66.77	69.75	84.70	104
Share Capital	9.42	9.42	9.47	10.15	10.16
Share Warrants	—	—	—	—	6.25
Reserves	51.18	57.11	60.21	74.54	87.26
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Non Current Liabilities	5.16	16.30	23.37	18.86	16.25
Secured Loans	3.92	3.42	5.73	2.31	-3.48
Unsecured Loans	1.76	13.31	13.92	14.17	12.29
Deferred Tax Assets/Liabilities	-1.16	-1.31	-1.06	-0.98	-0.95
Other Long Term Liabilities	0.01	0.01	3.68	2.40	7.23
Long Term Provisions	0.65	0.89	1.11	0.95	1.17
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Current Liabilities	17.90	22.92	26.41	29.26	42.70
Accounts Payable	1.76	6.00	8.40	9.19	5.87
Short Term Loans	7.07	10.86	10.57	10.97	18.73
Other Current Liabilities	8.77	5.12	6.87	8.47	16.81
Share Application Money	—	0.02	—	—	—
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Short Term Provisions	0.30	0.94	0.57	0.64	1.30
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Balance Sheet Snapshot

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Fund Flow Analysis

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Increase
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Total

*Data is as of latest FY end

Profit & Loss

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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	TTM
Sales	35.25	43.99	46.72	51.54	62.76	57.95	41.57	57.46	65.34	72.01
Operating Expenses	27.34	33.75	33.62	36.18	46.76	42.48	29.20	41.04	43.94	49.23
Raw Material	0.05	0.05	7.14	4.41	4.92	6.22	4.75	6.17	8.84	3.21
Others	0.05	0.05	0	0	0	0	0	0	0
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Employee Cost	2.92	5.82	8.09	8.37	9.83	11.09	10.16	12.63	16.19	16.89
Power & Fuel Cost	0.05	0.08	0.12	0.12	0.13	0.13	0.13	0.16	0.24	—
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Operating Profit	7.92	10.24	13.10	15.37	15.99	15.47	12.38	16.41	21.40	22.78
Other Income	1.14	0.41	0.46	0.45	0.80	0.95	1.02	1.97	1.71	1.82
Depreciation and Amortisation Expenses	3.03	3.62	3.74	3.78	4.04	3.72	5.50	7.64	10.46	11.22
Interest	1.48	2.07	2.49	2.40	1.83	1.84	2.59	3.01	4.05	4.40
Profit Before Tax	4.54	4.96	7.33	9.63	10.92	10.85	5.31	7.74	8.61	8.99
Tax	1.53	1.67	2.41	2.84	3.13	3.15	1.52	1.96	2.81	2.89
Net Profit	3.01	3.29	4.92	6.79	7.79	7.71	3.78	5.78	5.80	6.10
Number of shares(Crs)	—	—	—	—	0.94	0.94	0.95	1.02	1.02	—
Dividend Payout Ratio	5.15	5.36	7.17	5.19	6.05	0	0	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	62.76	57.95	41.57	57.46	65.40	72.08
Operating Expenses	47.12	43.70	30.40	42.05	45.89	51.69
Raw Material	4.92	6.22	4.75	6.17	8.84	0
Employee Cost	10.00	11.16	10.98	13.17	16.71	17.75
Power & Fuel Cost	0.13	0.13	0.13	0.16	0.24	—
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Operating Profit	15.64	14.24	11.18	15.41	19.52	20.39
Other Income	0.79	0.97	1.02	1.86	1.43	1.55
Depreciation and Amortisation Expenses	4.04	3.72	5.50	7.64	10.46	11.23
Interest	1.83	1.85	2.59	3.02	4.06	4.40
Profit Before Tax	10.56	9.64	4.10	6.61	6.43	6.31
Tax	3.13	3.15	1.52	1.96	2.81	2.89
Net Profit	7.43	6.49	2.75	4.79	4.00	3.42
Number of shares(Crs)	0.94	0.94	0.95	1.02	1.02	—
Dividend Payout Ratio	6.34	0	0	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	Mar 2023	TTM
Gross Sales	35.25	43.99	46.72	51.54	62.76	57.95	41.57	57.46	65.34	—
Less: Excise Duty	—	—	—	—	—	—	—	—	—	—
Net Sales	35.25	43.99	46.72	51.54	62.76	57.95	41.57	57.46	65.34	72.01
Operating Expenses	27.34	33.75	33.62	36.18	46.76	42.48	29.20	41.04	43.94	49.23
Raw Material	0.05	0.05	7.14	4.41	4.92	6.22	4.75	6.17	8.84	3.21
Others	0.05	0.05	0	0	0	0	0	0	0
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Increase/Decrease in Stock	—	—	—	—	—	—	—	—	—	0
Other Manufacturing Expenses	4.63	7.96	13.15	17.13	22.67	16.18	0.64	0.61	1.60	—
Employee Cost	2.92	5.82	8.09	8.37	9.83	11.09	10.16	12.63	16.19	16.89
Selling and Distribution Expenses	0.81	0.49	0.45	0.48	0.33	0.33	0.40	0.26	0.33	—
Power & Fuel Cost	0.05	0.08	0.12	0.12	0.13	0.13	0.13	0.16	0.24	—
General and Administration Expenses	2.24	2.56	2.25	2.62	4.24	4.55	11.89	20.58	13.50	—
Miscellaneous Expenses	1.16	1.37	1.57	1.91	2.15	0.93	0.64	0.53	3.24	—
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Operating Profit	7.92	10.24	13.10	15.37	15.99	15.47	12.38	16.41	21.40	22.78
Other Income	1.14	0.41	0.46	0.45	0.80	0.95	1.02	1.97	1.71	1.82
Interest	1.48	2.07	2.49	2.40	1.83	1.84	2.59	3.01	4.05	4.40
PBDT	7.57	8.58	11.07	13.41	14.97	14.57	10.81	15.38	19.06	20.21
Depreciation and Amortization	3.03	3.62	3.74	3.78	4.04	3.72	5.50	7.64	10.46	11.22
Profit Before Taxation & Exceptional Items	4.54	4.96	7.33	9.63	10.92	10.85	5.31	7.74	8.61	—
Exceptional Income / Expenses	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	4.54	4.96	7.33	9.63	10.92	10.85	5.31	7.74	8.61	8.99
Provision for Taxs	1.53	1.67	2.41	2.84	3.13	3.15	1.52	1.96	2.81	2.89
Current Income Tax	1.54	1.96	2.73	3.24	3.53	3.30	1.30	1.94	2.70	—
Deferred Tax	0.00	-0.29	-0.32	-0.40	-0.40	-0.15	0.22	0.02	-0.12	—
Other taxes	0	0	0	0	0	0	0	0	0	—
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Profit After Tax	3.01	3.29	4.92	6.79	7.79	7.71	3.78	5.78	5.80	6.10
Extra items	—	—	—	0	0	0	0	0	0	0
Minority Interest	—	—	—	—	—	—	—	—	—	—
Share of Associate	—	—	—	—	—	—	—	—	—	—
Net Profit	3.01	3.29	4.92	6.79	7.79	7.71	3.78	5.78	5.80	6.10
Number of shares(Crs)	—	—	—	—	0.94	0.94	0.95	1.02	1.02	—
Dividend Payout Ratio	5.15	5.36	7.17	5.19	6.05	0	0	0	0	—

*TTM Values as of Jun 2023

(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Gross Sales	62.76	57.95	41.57	57.46	65.40	—
Less: Excise Duty	—	—	—	—	—	—
Net Sales	62.76	57.95	41.57	57.46	65.40	72.08
Operating Expenses	47.12	43.70	30.40	42.05	45.89	51.69
Increase/Decrease in Stock	—	—	—	—	—	0
Raw Material	4.92	6.22	4.75	6.17	8.84	0
Other Manufacturing Expenses	22.67	16.73	0.69	0.74	1.75	—
Employee Cost	10.00	11.16	10.98	13.17	16.71	17.75
Selling and Distribution Expenses	0.33	0.35	0.40	0.26	0.69	—
Power & Fuel Cost	0.13	0.13	0.13	0.16	0.24	—
General and Administration Expenses	4.43	4.78	12.17	20.77	14.42	—
Miscellaneous Expenses	2.15	1.28	0.68	0.68	3.25	—
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Operating Profit	15.64	14.24	11.18	15.41	19.52	20.39
Other Income	0.79	0.97	1.02	1.86	1.43	1.55
Interest	1.83	1.85	2.59	3.02	4.06	4.40
PBDT	14.60	13.36	9.60	14.25	16.89	17.53
Depreciation and Amortization	4.04	3.72	5.50	7.64	10.46	11.23
Profit Before Taxation & Exceptional Items	10.56	9.64	4.10	6.61	6.43	—
Exceptional Income / Expenses	—	—	—	—	—	—
Profit Before Tax	10.56	9.64	4.10	6.61	6.43	6.31
Provision for Taxs	3.13	3.15	1.52	1.96	2.81	2.89
Current Income Tax	3.53	3.30	1.30	1.94	2.70	—
Deferred Tax	-0.40	-0.15	0.22	0.02	-0.12	—
Other taxes	0	0	0	0	0	—
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Profit After Tax	7.42	6.49	2.58	4.65	3.62	3.42
Extra items	0	0	0	0	0	0
Minority Interest	0.00	0.00	0.17	0.14	0.38	—
Share of Associate	—	—	—	—	—	—
Net Profit	7.43	6.49	2.75	4.79	4.00	3.42
Number of shares(Crs)	0.94	0.94	0.95	1.02	1.02	—
Dividend Payout Ratio	6.34	0	0	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	0.41	0.57	-0.45	9.43	7.87	4.09	-5.16	6.54	12.62	8.86
Profit Before Tax	3.01	4.54	4.96	7.33	9.63	10.92	10.85	5.31	7.74	8.61
Adjustments	4.95	4.52	6.61	7.05	7.16	6.42	5.16	7.31	9.15	15.82
OCF Before Working Capital	7.96	9.06	11.57	14.38	16.79	17.35	16.01	12.61	16.89	24.43
Working Capital Changes	-6.77	-7.31	-10.11	-1.61	-5.62	-8.83	-19.26	-2.88	-1.02	-13.05
Taxes Paid	-0.78	-1.19	-1.91	-3.34	-3.31	-4.42	-1.90	-3.20	-3.25	-2.52
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Cash from Investing Activity	-3.00	-5.64	-4.23	-5.11	-3.72	-19.10	-6.53	-7.72	-16.89	-26.76
Net Fixed Assets Purchased	-3.01	-5.87	-4.19	-3.22	-4.77	-5.49	-6.78	-11.17	-16.21	-16.58
Fixed Assets Purchased	-3.01	-5.87	-4.19	-3.22	-4.77	-5.49	-6.78	-11.17	-16.21	-16.58
Fixed Assets Sold	—	—	—	—	—	—	—	—	—	—
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Investment Purchased	—	—	-0.18	-1.90	—	-13.50	-12.27	-1.28	-0.95	-17.65
Investment Sold	—	—	—	—	1.01	—	13.37	3.89	0.06	7.23
Interest Recieved	0.02	0.22	0.14	0.02	0.03	0.24	0.10	0.74	0.08	0.24
Dividends Recieved	—	—	—	-0.01	0.00	-0.20	-0.20	-0.09	-0.13	—
Subsidiary Investments	—	—	—	—	—	-0.55	-1.16	-127612.55	—	—
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Cash from Financing Activity	6.78	-0.01	5.79	-3.68	-4.86	15.03	10.41	1.17	4.79	17.88
Proceeds From Shares	5.65	5.00	—	—	—	16.42	0.02	—	10.01	14.54
Net Long Term Borrowings	0.07	-3.20	6.03	-1.92	-2.47	-1.86	8.55	424,601	-0.99	1.60
Proceeds From Borrowings	4.00	—	8.72	3	3.61	3.69	12.15	532,614	1.07	5.97
Repayment From Borrowings	-3.93	-3.20	-2.69	-4.92	-6.08	-5.55	-3.60	-108013.22	-2.06	-4.37
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Interest Paid	-1.57	-1.67	-2.00	-2.39	-2.21	-1.52	-1.39	-2.23	-3.16	-3.45
Dividend Paid	-0.15	-0.15	-0.19	-0.21	-0.42	-0.57	-0.57	—	—	—
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Net Cash Flow	4.20	-5.09	1.10	0.64	-0.72	0.02	-1.28	-0.01	0.52	-0.01
Opening Cash & Cash Equivalents	1.13	5.33	0.24	1.34	1.99	1.27	1.29	0.12	0.11	0.63
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	5.33	0.24	1.34	1.99	1.27	1.29	0.02	0.11	0.63	0.62
Net Capex (est)	3.01	5.87	4.19	3.22	4.77	5.49	6.78	11.17	16.21	16.58
Free Cash Flow (est)	-2.60	-5.30	-4.65	6.21	3.09	-1.40	-11.93	-4.64	-3.59	-7.72

(in Rs. Cr.)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	3.63	-6.28	5.47	11.60	7.41
Profit Before Tax	10.56	9.64	4.10	6.61	6.43
Adjustments	6.44	5.15	7.31	9.25	15.83
OCF Before Working Capital	16.99	14.79	11.41	15.86	22.26
Working Capital Changes	-8.94	-19.16	-2.75	-1.01	-12.33
Taxes Paid	-4.42	-1.90	-3.20	-3.25	-2.52
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Cash from Investing Activity	-18.55	-5.37	-6.51	-16.39	-24.72
Net Fixed Assets Purchased	-5.49	-6.78	-11.24	-16.22	-16.60
Fixed Assets Purchased	-5.49	-6.78	-11.24	-16.22	-16.60
Fixed Assets Sold	—	—	—	—	—
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Investment Purchased	-13.50	-12.27	—	-0.44	-15.59
Investment Sold	—	13.37	3.89	0.06	7.23
Interest Recieved	0.24	0.10	0.74	0.08	0.24
Dividends Recieved	-0.20	-0.20	-0.09	0.44	—
Subsidiary Investments	—	—	—	—	—
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Cash from Financing Activity	15.04	10.41	1.17	5.16	17.55
Proceeds From Shares	16.43	0.02	—	10.01	14.54
Net Long Term Borrowings	-1.86	8.55	424,601	-0.62	1.22
Proceeds From Borrowings	3.69	12.15	532,614	1.45	5.97
Repayment From Borrowings	-5.55	-3.60	-108013.22	-2.06	-4.75
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Interest Paid	-1.52	-1.39	-2.23	-3.17	-3.45
Dividend Paid	-0.57	-0.57	—	—	—
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Net Cash Flow	0.12	-1.24	0.13	0.37	0.25
Opening Cash & Cash Equivalents	1.27	1.39	0.25	0.38	0.75
Effect of FX	—	—	—	—	-0.14
Closing Cash & Cash Equivalents	1.39	0.15	0.38	0.75	0.86
Net Capex (est)	5.49	6.78	11.24	16.22	16.60
Free Cash Flow (est)	-1.86	-13.05	-5.77	-4.62	-9.19

Cash Flow Analysis

+ Add a Comparison

Increase
Decrease
Total

Ratios

Standalone
Consolidated

= Dominant Factor

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	2.35	2.49	1.88	1.99	1.90	3.32	3.32	2.96	2.80	2.22
Liquid Assets (Crs)	24.67	28.53	39.38	40.35	48.19	59.70	76.07	77.90	81.59	94.50
Current Liabilities (Crs)	10.48	11.47	20.90	20.24	25.43	17.99	22.91	26.35	29.18	42.55
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Current Ratio	2.35	2.49	1.88	1.99	1.90	3.32	3.32	2.96	2.80	2.22
Current Assets (Crs)	24.67	28.53	39.38	40.35	48.19	59.70	76.07	77.90	81.59	94.50
Current Liabilities (Crs)	10.48	11.47	20.90	20.24	25.43	17.99	22.91	26.35	29.18	42.55
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Interest Coverage Ratio	2.86	4.07	3.40	3.94	5.01	6.98	6.88	3.05	3.57	3.13
EBIT (Crs)	4.63	6.02	7.02	9.83	12.04	12.75	12.70	7.90	10.74	12.65
Interest Expenses (Crs)	1.62	1.48	2.07	2.49	2.40	1.83	1.84	2.59	3.01	4.05
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Fixed Asset Turnover	1.79	1.68	1.93	1.75	1.72	1.94	1.52	1.38	1.27	0.98
Net Sales (Crs)	25.62	35.25	43.99	46.72	51.54	62.76	57.95	41.57	57.46	65.34
Fixed Assets (Crs)	14.33	21.01	22.82	26.68	29.96	32.36	38.19	30.15	45.41	66.94
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Cash Conversion Cycle	32.57	71.24	11.34	-198.20	-405.20	-223.90	-52.41	-246.61	-318.14	-153.25
Inventory Days	0	0	0	0	0	0	0	0	0	0
Days Receivable	179	189	184	162	140	118	173	304	198	154
Days Payable	146	118	172	360	545	342	225	551	516	307
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Debt to Equity Ratio	0.89	0.45	0.71	0.56	0.40	0.26	0.41	0.44	0.36	0.37
Total Debt (Crs)	13.61	10.42	18.39	17.31	15.08	15.78	28.13	32.08	31.48	39.98
Shareholders Equity (Crs)	15.22	22.96	26.04	30.96	37.40	61.15	68.35	72.37	88.33	109
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Free Cash Flow/Sales (%)	-10.15	-15.03	-10.56	13.29	6.00	-2.23	-20.59	-11.15	-6.25	-11.82
Free Cash Flow(est) (Crs)	-2.60	-5.30	-4.65	6.21	3.09	-1.40	-11.93	-4.64	-3.59	-7.72
Net Sales (Crs)	25.62	35.25	43.99	46.72	51.54	62.76	57.95	41.57	57.46	65.34
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Profitability Ratios
Op Profit Margin (%)	27.37	25.68	24.20	29.03	30.68	26.76	28.34	32.23	32.00	35.37
Operating Profit (Crs)	7.01	9.05	10.64	13.56	15.82	16.79	16.42	13.40	18.39	23.11
Net Sales (Crs)	25.62	35.25	43.99	46.72	51.54	62.76	57.95	41.57	57.46	65.34
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Net Profit Margin (%)	7.94	8.53	7.48	10.53	13.18	12.42	13.30	9.10	10.05	8.87
Net Profit (Crs)	2.03	3.01	3.29	4.92	6.79	7.79	7.71	3.78	5.78	5.80
Net Sales (Crs)	25.62	35.25	43.99	46.72	51.54	62.76	57.95	41.57	57.46	65.34
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ROCE (%)	18.25	19.59	18.72	24.66	28.47	19.23	15.00	8.25	10.06	10.09
EBIT (Crs)	4.63	6.02	7.02	9.83	12.04	12.75	12.70	7.90	10.74	12.65
Capital Employed (Crs)	25.34	30.74	37.52	39.84	42.27	66.32	84.66	95.75	107	125
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Return on Assets (%)	5.68	7.13	5.63	8.18	10.03	9.24	7.16	3.10	4.25	3.45
Net Profit (Crs)	2.03	3.01	3.29	4.92	6.79	7.79	7.71	3.78	5.78	5.80
Total Assets (Crs)	35.82	42.21	58.42	60.09	67.70	84.31	108	122	136	168
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ROIC (%)	15.88	12.52	13.40	19.09	20.93	13.71	10.50	5.57	6.77	6.56
Op Profit after Taxes (Crs)	3.04	3.24	4.39	6.28	8.17	8.52	8.34	4.90	6.55	7.37
Invested Capital (Crs)	19.12	25.85	32.74	32.89	39.04	62.18	79.40	88.06	96.73	112
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ROE (%)	13.37	13.10	12.63	15.88	18.17	12.74	11.27	5.23	6.54	5.31
Net Profit Margin (%)	7.94	8.53	7.48	10.53	13.18	12.42	13.30	9.10	10.05	8.87
Asset Turnover ratio	0.72	0.84	0.75	0.78	0.76	0.74	0.54	0.34	0.42	0.39
Equity Multiplier	2.35	1.84	2.24	1.94	1.81	1.38	1.57	1.69	1.54	1.54
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Adjusted EPS	0	0	4.66	13.95	9.63	8.27	8.18	4.00	5.69	5.71
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Valuation Ratios
P/E	0	0	0	0	0	6.62	4.68	25.90	17.78	25.30
Price to Book	0	0	0	0	0	0.85	0.53	1.36	1.16	1.43
EV/EBITDA	1.61	1.20	1.93	1.30	1.32	3.93	3.90	9.70	7.26	8.05
Dividend Yield (%)	—	—	—	—	—	0.91	0	0	0	0
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	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Operational Ratios
Quick Ratio	3.34	3.33	2.96	2.78	2.20
Liquid Assets (Crs)	59.80	76.21	78.15	81.47	93.79
Current Liabilities (Crs)	17.90	22.92	26.41	29.26	42.70
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Current Ratio	3.34	3.33	2.96	2.78	2.20
Current Assets (Crs)	59.80	76.21	78.15	81.47	93.79
Current Liabilities (Crs)	17.90	22.92	26.41	29.26	42.70
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Interest Coverage Ratio	6.78	6.22	2.58	3.19	2.58
EBIT (Crs)	12.38	11.49	6.70	9.63	10.49
Interest Expenses (Crs)	1.83	1.85	2.59	3.02	4.06
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Fixed Asset Turnover	1.94	1.52	1.38	1.26	0.98
Net Sales (Crs)	62.76	57.95	41.57	57.46	65.40
Fixed Assets (Crs)	32.36	38.19	30.15	45.42	66.97
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Cash Conversion Cycle	-20.96	-55.05	-248.24	-321.49	-156.70
Inventory Days	0	0	0	0	0
Days Receivable	109	173	304	198	154
Days Payable	130	228	553	520	311
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Debt to Equity Ratio	0.26	0.42	0.46	0.38	0.39
Total Debt (Crs)	15.78	28.13	32.08	31.86	40.04
Shareholders Equity (Crs)	60.79	66.77	69.75	84.70	104
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Free Cash Flow/Sales (%)	-2.97	-22.53	-13.88	-8.04	-14.05
Free Cash Flow(est) (Crs)	-1.86	-13.05	-5.77	-4.62	-9.19
Net Sales (Crs)	62.76	57.95	41.57	57.46	65.40
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Profitability Ratios
Op Profit Margin (%)	26.17	26.25	29.34	30.07	32.03
Operating Profit (Crs)	16.42	15.21	12.20	17.27	20.95
Net Sales (Crs)	62.76	57.95	41.57	57.46	65.40
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Net Profit Margin (%)	11.83	11.20	6.62	8.33	6.11
Net Profit (Crs)	7.43	6.49	2.75	4.79	4.00
Net Sales (Crs)	62.76	57.95	41.57	57.46	65.40
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ROCE (%)	18.77	13.83	7.20	9.33	8.80
EBIT (Crs)	12.38	11.49	6.70	9.63	10.49
Capital Employed (Crs)	65.95	83.08	92.97	103	119
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Return on Assets (%)	8.86	6.12	2.30	3.61	2.47
Net Profit (Crs)	7.43	6.49	2.75	4.79	4.00
Total Assets (Crs)	83.86	106	119	133	162
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ROIC (%)	13.10	8.92	4.06	5.67	4.58
Op Profit after Taxes (Crs)	8.16	7.09	3.57	5.46	5.10
Invested Capital (Crs)	62.27	79.41	87.97	96.41	111
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ROE (%)	12.22	9.72	3.94	5.65	3.86
Net Profit Margin (%)	11.83	11.20	6.62	8.33	6.11
Asset Turnover ratio	0.75	0.55	0.35	0.43	0.40
Equity Multiplier	1.38	1.59	1.71	1.56	1.56
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Adjusted EPS	7.88	6.89	2.91	4.71	3.94
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Valuation Ratios
P/E	6.95	5.56	35.64	21.45	36.70
Price to Book	0.85	0.54	1.41	1.21	1.51
EV/EBITDA	4.02	4.21	10.63	7.74	8.87
Dividend Yield (%)	0.91	0	0	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	13.63	11.02	15.42	14.44	16.58	12.14	17.18	17.75	18.28	18.81
Operating Expenses	10.55	7.31	11.75	10.51	11.82	8.28	11.88	12.14	11.77	13.44
Increase/Decrease in Stock	0	0	0	0	0	0	0	0	0	0
Raw Material	0	0.87	0	0	0	1.17	0	0	0	3.21
Employee Cost	2.89	2.60	3.57	3.00	3.57	3.78	4.09	4.53	3.80	4.47
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	3.08	3.70	3.68	3.93	4.76	3.86	5.30	5.61	6.51	5.37
Other Income	0.78	0.15	0.97	0.42	0.55	0.45	0.49	0.38	0.38	0.57
Interest	0.75	0.65	0.75	0.69	0.78	0.72	0.93	1.09	1.18	1.20
PBDT	3.11	3.20	3.90	3.65	4.53	3.59	4.87	4.90	5.70	4.73
Depreciation and Amortization	1.77	1.87	1.80	1.83	2.05	2.51	2.54	2.60	2.81	3.27
Profit Before Tax	1.34	1.34	2.10	1.82	2.48	1.08	2.33	2.30	2.89	1.46
Tax	0.38	0.34	0.56	0.41	0.63	0.27	0.59	0.59	1.37	0.35
Profit After Tax	0.95	1.00	1.53	1.41	1.85	0.81	1.74	1.72	1.53	1.12
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	0.95	1.00	1.53	1.41	1.85	0.81	1.74	1.72	1.53	1.12
Quarterly Ratios
EPS	1.01	1.05	1.51	1.38	1.82	0.80	1.72	1.69	1.50	1.10
Operating Profit Margin	22.58	33.62	23.83	27.20	28.71	31.81	30.87	31.59	35.60	28.54
Net Profit Margin	6.99	9.06	9.93	9.74	11.17	6.70	10.14	9.66	8.36	5.93
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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	13.63	11.02	15.42	14.44	16.58	12.14	17.18	17.75	18.34	18.81
Operating Expenses	10.86	7.55	11.82	10.76	12.07	8.39	12.03	12.35	13.26	14.05
Increase/Decrease in Stock	0	0	0	0	0	0	0	0	0	0
Raw Material	0	0	0	0	0	0	0	0	0	0
Employee Cost	3.10	2.77	3.58	3.14	3.70	3.81	4.12	4.60	4.18	4.85
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	2.78	3.47	3.61	3.68	4.51	3.75	5.15	5.40	5.08	4.76
Other Income	0.78	0.15	0.97	0.39	0.53	0.45	0.29	0.28	0.41	0.57
Interest	0.75	0.65	0.75	0.70	0.79	0.72	0.93	1.09	1.18	1.20
PBDT	2.80	2.97	3.82	3.37	4.25	3.48	4.52	4.59	4.31	4.13
Depreciation and Amortization	1.77	1.87	1.80	1.83	2.05	2.51	2.54	2.60	2.81	3.27
Profit Before Tax	1.04	1.10	2.02	1.54	2.20	0.97	1.98	1.99	1.50	0.85
Tax	0.38	0.34	0.56	0.33	0.71	0.27	0.59	0.59	1.37	0.35
Profit After Tax	0.65	0.76	1.46	1.21	1.48	0.70	1.39	1.40	0.13	0.50
Extra items	0	0	0	0	0	0	0	0	0	0
Net Profit	0.65	0.76	1.46	1.21	1.48	0.70	1.39	1.40	0.13	0.50
Quarterly Ratios
EPS	0.69	0.81	1.45	1.19	1.60	0.70	1.54	1.40	0.30	0.54
Operating Profit Margin	20.37	31.48	23.37	25.46	27.19	30.90	30	30.40	27.72	25.30
Net Profit Margin	4.78	6.93	9.47	8.35	8.95	5.75	8.08	7.88	0.71	2.68
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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

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