Healthy Growth in Long Term Net Sales: Very Positive Bullish High (30.59%) Market Beating Returns

Report as on 4 September 2021 at 08:27 AM
HEALTHY GROWTH IN
LONG TERM NET SALES
Very Positive Adani Ports
Results in Jun 21
Buy
Bullish
Technical Trend
CMP: 755.00
High (30.59%) STOCK INFO:
Institutional Holding BSE – 532921/ NSE – ADANIPORTS
Market Cap - Large Cap (Rs. 1,53,152 cr)
Sector – Port
Market Beating 52 w H/L (Rs.) – 901/312
Dividend Yield: 0.66%
Returns Debt Equity: 0.9%

Return on Equity: 16.31%
Last 1 Year Price to Book: 5.02
www.marketsmojo.com
Adani Ports
CMP: 755.00 Buy 70
Report as on 4 September 2021 at 08:27 AM
Strong Sell Sell Hold Buy Strong Buy
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WHY IT’S A BUY? IS THIS STOCK FOR YOU?

High Risk, High Return (1 Year)
Healthy long term growth as Net Sales has
grown by an annual rate of 15.43% and Operating Absolute Risk Volatility
Adjusted
profit at 15.65%
Adani Ports 106.28% 2.57 41.30%
With a growth in Net Sales of 98.75%, the SENSEX 49.09% 2.98 16.49%
company declared Very Positive results in Jun 21
-The company has declared positive results for the How much should you buy? -
last 2 consecutive quarters Overall Portfolio exposure to Adani Ports should be less
-PBT LESS OI(Q) At Rs 1,091.93 cr has Grown at than 10%
124.01 % Overall Portfolio exposure to Port should be less than
-PAT(Q) At Rs 1,306.69 cr has Grown at 72.4 % 30%
-NET SALES(Q) Highest at Rs 4,556.81 cr (If sector exposure > 30%, please use optimiser tool to
see which are the best stocks to hold in Port)
Stock is technically in a Bullish range When to exit? - We will constantly monitor the company
-The technical trend has improved from Mildly and suggest at the appropriate time to exit from the
stock
Bullish on 01-Sep-21 and has generated 1.34%
returns since then
-Multiple factors for the stock are Bullish like MACD,
RETURNS SUMMARY (Price + Dividend)
Bollinger Band and KST The stock gave a total returns of 107.7% in the last 1 year
Outperforming Sensex returns of 49.09%
High Institutional Holdings at 30.59% 200%
-These investors have better capability and

resources to analyse fundamentals of companies 100%
than most retail investors.

0%
Market Beating Performance

-100%
-The stock has generated a return of 106.28% in the
D -1 8
O 19
21
last 1 year, much higher than market (BSE 500)
Fe 1 8
Ja 1 9
Se 0
Fe 2 0
Au 19
Au 21
Ap 19
Ap 21
Ju 1 9
D -1 9
D -2 0
Ju 2 1
M 20
M -2 0
N -1 8
Ju 0
O 20
l- 2
-2
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returns of 55.13%
Adani Ports & Special Economic Zone Ltd SENSEX
Investors Returns (3 years) –

WHAT ARE YOUR RISKS?
Period 6M 1Y 2Y 3Y
With ROCE of 11.3, it has a Very Expensive valuation
Stock (%) 4.15% 107.7% 111.36% 98.53%
with a 3.1 Enterprise value to Capital Employed
-The stock is trading at a discount compared to its Sector (%) 3.58% 3.58% 102.41% 87.35%
average historical valuations Sensex (%) 13.00% 49.09% 58.99% 51.73%
-Over the past year, while the stock has generated a
return of 106.28%, its profits have risen by 58.4% ; the
PEG ratio of the company is 0.5
MOJO PROFESSIONAL 1
Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM
BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
PAID SUBSCRIBERS of www.marketsmojo.com
This Real-Time Stock Analysis Report was

generated on 4th September, 2021 at 08:27 AM,
and may not be valid if you are reading it later.
Some factors/data, as well as the buy/sell/hold call

might have changed.
To access the LATEST version of this report.
Click Here
MOJO PROFESSIONAL 2
GROWTH
HEALTHY LONG TERM GROWTH AS NET

SALES HAS GROWN BY AN ANNUAL RATE
OF 15.43% AND OPERATING PROFIT AT
15.65%
High Growth in Net Sales 20000Cr
of 15.4% CAGR
15.4% Company has experienced an increase
15000Cr
14,813
CAGR in its Net Sales in each of the past 5 10,988 11,308 11,371
9,357
consecutive years 10000Cr
7,229
Company’s Net Sales growth has
increased in each of the past 5 5000Cr
consecutive years
Net Sales has seen a high growth of 0Cr
30.27% over previous period Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
High Growth in Operating 10000Cr
Profit of 15.7% CAGR

15.7% Operating Profit has seen a high
7500Cr
7,273
CAGR growth of 94.31% over previous 5,422

5,140
period 5000Cr 4,289
3,515 3,743
2500Cr
0Cr
Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
Net Profit of 12.4% CAGR 6000Cr 5,542
12.4% Net Profit has seen a high growth of

58.43% over previous period
4,423
CAGR 4000Cr
3,847 3,711
3,498
3,088
2000Cr
0Cr
Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
MOJO PROFESSIONAL 3
FINANCIAL TREND
Positive
WITH A GROWTH IN NET SALES OF

results for
98.75%, THE COMPANY DECLARED 2

VERY POSITIVE RESULTS IN JUN 21 consecutive
quarters
Near term sales trend is positive

Rs
4 556.81
Net Sales (Rs Cr)
3 746.49 3 607.9
Highest at Rs 4,556.81 cr
4,556.8 cr in the last five quarters 2 292.69
2 902.52
Net Sales -
Quarterly
Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
Near term PBT trend is very

positive
124.0%
1 487.87
1 279.74
PBT less Other Income (Rs Cr) 1 080.99 1 091.93
PBT Growth At Rs 1,091.93 cr has Grown at 124.01 %
Year on Year (YoY) 487.45
Near term PAT trend is very

72.4% positive 1 387
1 561.47
1 306.69
1 287.81
PAT (Rs Cr)
PAT Growth At Rs 1,306.69 cr has Grown at 72.4 % 758.02
Year on Year (YoY)
Jun'21 Jun'20 Change%

Net Sales 4,556.8 2,292.7 98.8%
Key Operating Profit (PBDIT) excl Other Income 2,231.0 1,395.0 59.9%
Result Interest 530.3 452.8 17.1%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 1,306.7 758.0 72.4%
Operating Profit Margin (Excl OI) 49.0 60.8 -11.9%
Consolidate- figures in Rs
Cr
MOJO PROFESSIONAL 4
TECHNICALS
STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average
755.00 703.39 652.02
Factors with upward momentum

Indicator Technical Trend
MACD Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (monthly)
Dow Theory Mildly Bullish (weekly)
Dow Theory Mildly Bullish (monthly)
Consistent Returns over the last 3 years

3 Months 1 Year 3 Years
10.28% 106.28%
96.28%
55.13% 49.29%
-8.53%
Stock BSE 500 Stock BSE 500 Stock BSE 500
MOJO PROFESSIONAL 5
SHAREHOLDING
INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 30.59 % OF THE COMPANY
These investors have better capability and resources 40%
34.23%
to analyse fundamentals of companies than most 33.74% 33.57% 33.50% 32.80%
30.59%
retail investors. 30%
20%
10%
0%
Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21
Mutual Funds
3.94%
Insurance
Companies
10.85%
Falling FIIs Confidence
FIIs have decreased holdings this quarter and now hold 15.72% of the
FIIs company
15.72%
Non Instit…
5.62%
Promoters Other DIIs
63.79% 0.08%
FII
20%
17.75% 17.90%
17.05% 17.05%
15.72%
holding has decreased by - 15%
2.18%
Number of FIIs holding stake in the company has 10%
decreased to 537 from 547

5%
0%
MOJO PROFESSIONAL 6
RETURNS
MARKET BEATING PERFORMANCE

The stock has generated 200%
a return of 106.28% in the
last 1 year, much higher 100%
106.28% than market (BSE 500)

returns of 55.13% 0%
UP -100%
D -1 8
O 19
21
Fe 1 8
Ja 1 9
Fe 2 0
Se -2 0
Au 19
Au 21
Ap 19
Ap 21
Ju 1 9
D -1 9
D -2 0
Ju 2 1
M 20
M -2 0
Ju 0
N -1 8
O 20
-2
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Adani Ports & Special Economic Zone Ltd BSE500
Inconsistent Performance against Large Cap

companies
Adani Ports & Special Economic Zone Ltd has
not been a consistent performer in the YTD
2nd
Quartile
2ndQuartile
3rd
Quartile
Stock has been in the 2nd quartile in 2020
and in the YTD period
YTD 2020 2019

56.14% 32.14% -5.52%
Company 1 Month 3 Month 1 Year 3 Years

Adani Ports 7.06% -8.53% 106.28% 96.28%
Return Guj Pipavav Port -6.44% -3.14% 26.97% -6.87%
Comparison
with Peers
Closest peers by
market cap
MOJO PROFESSIONAL 7
FACTORS
NOT WORKING
FOR THE COMPANY

MOJO PROFESSIONAL 8
CAPITAL STRUCTURE
AVERAGE DEBT COMPANY WITH A DEBT

TO EQUITY RATIO (AVG) AT 0.90 TIMES
Total Debt Debt to Equity Ratio
Average Debt to Equity Ratio Jun 2021 33,335.53 0.89
Company’s average Debt to Equity ratio over the past few Jun 2020 34,366.94 0.96
years is average at 0.89 times
Jun 2019 30,943.51 1.06
No clear trend in Debt to Equity Ratio numbers Jun 2018 22,825.90 1.17
Jun 2017 20,791.15 1.51
Total Debt Debt to EBITDA Ratio

High Debt to EBITDA Ratio Jun 2021 33,335.53 3.15
Company’s average Debt to EBITDA ratio over the past few Jun 2020 34,366.94 3.28
years is high at 4.09 times
Jun 2019 30,943.51 3.33
No clear trend in Debt to EBITDA Ratio numbers Jun 2018 22,825.90 3.6
Jun 2017 20,791.15 3.9
Total Debt EBIT to Interest

An average EBIT to Interest Jun 2021 33,335.53 3.16
Company has an average EBIT to Interest ratio of 3.16 times Jun 2020 34,366.94 3.14
No clear trend in EBIT to Interest numbers Jun 2019 30,943.51 3.2
Jun 2018 22,825.90 3.04
Jun 2017 20,791.15 2.9
MOJO PROFESSIONAL 9
VALUATION
WITH ROCE OF 11.3, IT HAS A VERY

EXPENSIVE VALUATION WITH A 3.1
ENTERPRISE VALUE TO CAPITAL
EMPLOYED
Expensive
Very Expensive Adani Ports

Guj Pipavav Port
Guj
valuation Valuation
as compared to its Fundamentals

Attractive
Weak Fundamental Strong
Enterprise value to Capital Employed vs ROCE
Very 16 3.2
Fundamental
Valuation
Attractive 8
0
2.4
1.6
as compared to its
6
0
17
18
19
20
21
01
01
01
01
02
20
20
20
20
past valuations
20
-2
-2
-2
-2
-2
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Ju
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Ju
Se
D
Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Valuation Adani Ports Very Expensive 5 27.8 0.5 0.7%
Multiples Guj Pipavav Port Very Expensive 2.2 23 0 4.4%
vs Peers
MOJO PROFESSIONAL 10
RESULT
ANALYSIS 
QUARTERLY VARIANCE
QUARTER RESULTS VARIANCE ANALYSIS

Jun'21 Mar'21 QoQ Jun'20 YoY Comments
Total Operating income 4,557 3,608 26.3% 2,293 98.8% High Growth in previous quarter
and same quarter last year
Total Expenditure (Excl Depreciation) 2,326 1,297 79.3% 898 159.1% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) excl Other Income 2,231 2,311 -3.5% 1,395 59.9%
Other Income 382 465 -17.9% 457 -16.5% Fall in previous quarter and same
quarter last year
Operating Profit (PBDIT) 2,613 2,775 -5.9% 1,852 41.1%
Interest 530 633 -16.2% 453 17.1%
Exceptional Items 0 0 0% 0 0%
Depreciation 609 597 2% 455 33.9% QoQ and YoY increase
Profit Before Tax 1,474 1,546 -4.7% 944 56.1%
Tax 171 218 -21.7% 185 -7.6% Fall in previous quarter and same
quarter last year
Provisions and contingencies 0 0 0% 0 0%
Net Profit 1,303 1,327 -1.9% 759 71.6%
Share in Profit of Associates 39 -6 -705.9% -1 -3% QoQ and YoY decrease
Minority Interest 35 33 6.5% -0 -18%
Other related items 0 0 0% 0 0%
Consolidated Net Profit 1,307 1,288 1.5% 758 72.4% QoQ and YoY increase
Consolidate results triggered in Rs Cr
Margins
Jun'21 Mar'21 Dec'20 Sep'20 Jun'20 Avg. (4 Comments
Qtrs)
OPM 49.0% 64.1% 71.9% 79.2% 60.8% 69.0% Lower than average (4 Qtrs)
GPM 45.7% 59.4% 69.7% 77.9% 61.0% 67.0% Lower than average (4 Qtrs)
NPM 29.4% 36.6% 42.1% 48.0% 33.1% 39.9% Lower than average (4 Qtrs)
ANNUAL RESULT
NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2021 IS 5.70% VS 8.67% IN MAR 2020
Consolidated Net Profit: YoY Growth in year ended Mar 2021 is 32.72% vs -5.69% in Mar
2020
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2021 is
46.47% vs -9.90% in Mar 2020
Interest: YoY Growth in year ended Mar 2021 is 24.39% vs 30.89% in Mar 2020 5.70%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2021 has improved from NET SALES
Mar 2020
Mar'21 Mar'20 Change(%)

Net Sales 12,549.60 11,873.07 5.70%
Key Operating Profit (PBDIT) excl Other Income 8,698.68 5,939.01 46.47%
Annual Interest 2,255.29 1,813.14 24.39%
Results Exceptional Items 0.00 -58.63 100.00%
Consolidated Net Profit 4,994.30 3,763.13 32.72%
Operating Profit Margin (Excl OI) 69.31 50.02 19.29%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year
Net Sales-YoY Growth in year ended Mar 2021 is 5.70% vs Consolidated Net Profit-YoY Growth in year ended Mar 2021
8.67% in Mar 2020 is 32.72% vs -5.69% in Mar 2020
20000 10000
11,873.07 12,549.60
11,322.96 10,925.44 4,994.30
10000 8,439.35 5000 3,911.52 3,990.22 3,763.13
3,673.62
0 0
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2021 is 46.47% vs -9.90% in Mar 2020 Mar 2021 has improved from Mar 2020
10000 8,698.68 100
7,062.12 6,591.56 69.31
5,939.01 62.83 62.37 60.33
5,302.75 50.02
5000 50
0 0
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Figures in Rs Crore
BALANCESHEET AND CASHFLOW
BALANCE SHEET AND CASH FLOW

ANALYSIS
22.54% Borrowings
Mar'21
66,810.87
Mar'20
54,519.83
Change%
22.54%
Increase
Other Long Term Liabilities 1,845.73 2,187.59 -15.63%
Fixed Assets 50,058.10 34,187.88 46.42%
Investments 1,097.39 1,166.11 -5.89%
in Borrowings in quarter Current Assets 12,830.64 14,819.91 -13.42%
ended Mar 2021 vs in
Figures in Rs Cr
Mar 2020
Other Long Term Liabilities: YoY Growth in year ended Mar 2021 is -15.63% vs 65.18% in Mar 2020
Fixed Assets: YoY Growth in year ended Mar 2021 is 46.42% vs 4.86% in Mar 2020
Investments: YoY Growth in year ended Mar 2021 is -5.89% vs 334.32% in Mar 2020
Current Assets: YoY Growth in year ended Mar 2021 is -13.42% vs 1.29% in Mar 2020
Cash From Operation - YoY Growth in year ended Mar

2.08% 2021 is 2.08% vs 22.76% in Mar 2020
Mar'21 Mar'20 Change%
GROWTH Cash Flow from Operating Activities 7,555.78 7,401.81 2.08%
Figures in Rs Cr
10000
7,401.81 7,555.78
7500
6,029.40
5,608.14
5000 4,062.57
2500
0
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
PEER COMPARISION
PEER COMPARISON
Adani Ports Guj Pipavav Port
Size
Market Cap (Cr.) 154,152 4,921
Annual Sales (TTM) (Cr.) 14,814 734
Annual Net Profit (TTM) (Cr.) 5,543 214
Growth Factors (TTM)
Net Sales Growth 1 year 30.3% 2.4%
Operating Profit Growth 1 year 94.3% -7.8%
Net Profit Growth 1 year 58.4% -31.7%
Net Sales Growth 5 year 15.4% 2.2%
Operating Profit Growth 5 year 15.7% 0.4%
Net Profit Growth 5 year 12.4% -5.3%
Capital Structure Factors
EBIT to Interest 3.1 47.5
Debt to EBITDA 3.8 0.1
Net Debt to Equity 0.9 -0.3
Sales to Capital Employed 0.2 0.5
Management Quality Factors
ROCE (latest) 11.3% 18.6%
ROE(latest) 16.3% 9.9%
Tax Ratio 18% 33.4%

Operating CF to Net Profit 151.3% 174.8%
Dividend Payout Ratio 17.3% 84.8%
Valuation Factors
PE Ratio 27.8 23
Price to Book 5 2.2
PEG Ratio 0.5 -
Dividend Yield 0.7% 4.4%
EV to EBITDA 19.1 10.2
EV to Capital Employed 3.1 2.7
Shareholding
Promoter Holdings 63.8% 44%
Promoter Pledged Holdings 14.4% -
Total Institutional Holding 30.6% 44.4%
FII Holdings 15.7% 22%
Returns
1 Month 7.1% -6.4%
3 Months -8.5% -3.1%
YTD 56.1% 5.3%
1 Year 106.3% 27.1%
3 Years 96.3% -6.8%
COMPANY BACKGROUND
COMPANY BACKGROUND
About the Company

Adani Ports and Special Economic Zone Ltd is promoted by Adani Group. Mundra
INDUSTRY : Port Port, India’s largest private port, provides cargo handling and other value-added
port services. The port offers a number of locational and logistical advantages.The
company offers following facilities:Dry Cargo Handling & StorageThe Mundra Port
153,152 cr (Large Cap) has state-of-the-art facilities for the handling and warehousing of dry cargo.
Part of NIFTY 50
Board of Directors
Gautam S Adani Chairman & Managing Director
Rajesh S Adani Director
Malay Mahadevia Director
G Raghuram Independent Director
G K Pillai Independent Director
6 more board of directors
Company Coordinates
Company Details: Registrat Details:

"adani House", Near Mithakali Six Roads, Navrangpura, Link Intime India Pvt Ltd, C-13 Pannalal Silk Compound, L B S
Ahmedabad Gujarat : 380009 Marg, Bhandup , Mumbai
Tel: 079-2656 5555 Fax: 91-022-25946979/91-022-25960329
Fax: 079-2656 5500 Email: helpdesk@linkintime.co.in
Email: info@mundraport.com / kpbhagia@adanigroup.com
Website: www.mundraport.com
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Healthy Growth in Long Term Net Sales: Very Positive Bullish High (30.59%) Market Beating Returns

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Report as on 4 September 2021 at 08:27 AM

Returns Debt Equity: 0.9%

WHY IT’S A BUY? IS THIS STOCK FOR YOU?

-These investors have better capability and

than most retail investors.

Market Beating Performance

Investors Returns (3 years) –

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis Report was

Some factors/data, as well as the buy/sell/hold call

To access the LATEST version of this report.

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

HEALTHY LONG TERM GROWTH AS NET

High Growth in Net Sales 20000Cr

High Growth in Operating 10000Cr

Profit of 15.7% CAGR

CAGR growth of 94.31% over previous 5,422

Net Profit of 12.4% CAGR 6000Cr 5,542

12.4% Net Profit has seen a high growth of

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

WITH A GROWTH IN NET SALES OF

98.75%, THE COMPANY DECLARED 2

Near term sales trend is positive

Near term PBT trend is very

Near term PAT trend is very

Jun'21 Jun'20 Change%

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

STOCK IS TECHNICALLY IN A BULLISH

755.00 703.39 652.02

Factors with upward momentum

Consistent Returns over the last 3 years

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

INSTITUTIONAL INVESTORS COLLECTIVELY

decreased to 537 from 547

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

MARKET BEATING PERFORMANCE

106.28% than market (BSE 500)

Inconsistent Performance against Large Cap

YTD 2020 2019

Company 1 Month 3 Month 1 Year 3 Years

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

AVERAGE DEBT COMPANY WITH A DEBT

Total Debt Debt to EBITDA Ratio

Total Debt EBIT to Interest

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

WITH ROCE OF 11.3, IT HAS A VERY

Very Expensive Adani Ports

as compared to its Fundamentals

Enterprise value to Capital Employed vs ROCE

Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

QUARTER RESULTS VARIANCE ANALYSIS

Consolidate results triggered in Rs Cr

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

NET SALES - YOY GROWTH IN YEAR ENDED

Mar'21 Mar'20 Change(%)

Adani Ports BUY | Report as on 4 September 2021 at 08:27 AM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW

Cash From Operation - YoY Growth in year ended Mar