Note No.

Partculars in ₹ Crores FY 2022 FY 2021 FY 2020

1 Revenue from Operations 300.8 228.9 175.0
2 Cost of Materials Consumed 69.6 44.9 38.0
3 Purchase of Stock in Trade 10.5 11.5 11.8
4 Changes in Inventories etc. -17.2 5.1 -4.2
5 Cost of Goods Consumed 62.9 61.5 45.6
6 Employee Benefit Expenses 31.4 24.4 20.4
7 Cost of Goods Sold (CGS) 94.3 85.9 66.0
8 Gross Profit 206.5 143.0 108.9
9 Other Expenses (SGA) 53.8 39.5 40.0
10 Total Operarting Expenses 148.1 125.5 106.0
11 EBITDA 152.7 103.5 69.0
12 Depricaiation & Amortisation 22.0 13.7 14.1
13 EBIT (Operating Income) 130.8 89.8 54.9
14 Add: Other Income 8.5 5.4 2.0
15 Less: Finance Costs 4.2 2.7 6.1
16 Profit Before Tax (PBT) 135.0 92.5 50.8
17 Less: Tax Expenses 34.3 23.6 12.3
18 Net Profit for the Year (PAT) 100.7 68.9 38.5

FY 2022
Common Size Statement FY 2022 FY 2021 % of Revenue
Revenue from Operations 300.8 228.9 97.3%
Other Income 8.5 5.4 2.7%
Total Revenue 309.3 234.3 100.0%

Cost of Goods Sold (CGS) 94.3 85.9 30.5%

Other Expenses (SGA) 53.8 39.5 17.4%
Finance Costs 4.2 2.7 1.4%
Depriciation & Amortisation 22.0 13.7 7.1%
Total Expenses 174.3 141.8 56.3%

Profit Before Tax 135.0 92.5 43.7%

Tax Expenses 34.3 23.6 11.1%
Profit After Tax 100.7 68.9 32.6%
 FY 2019 FY 2018
188.6 146.8
42.0 32.1
14.1 13.3
-2.5 -4.4
53.7 41.0
16.2 10.9
69.8 51.9
118.8 95.0
41.6 44.4
111.4 96.2
77.2 50.6
14.6 13.2
62.6 37.4
1.6 1.1
7.5 8.1
56.7 30.4
16.8 12.9
39.9 17.5

FY 2021
% of Revenue Inference
97.7% Down
2.3% Up
100.0% Up

36.7% Down
16.9% Up
1.2% Up
5.8% No Effect
60.5% Down

39.5% Up
10.1% No Effect
29.4% Up
Partculars in ₹ Crores FY 2022 FY 2021
Assets
Non-Current Assets
Property, Plant & Equipments 181.4 113.7
Righ-of-use Assets 6.7 6.8
Capital Work in Progress 32.2 21.5
Intantagible Assets Under Developmet - 0.6
Intangible Assets 0.7 -
Financial Assets 5.9 3.1
Tax Assets 2.5 2.4
Other Non-Current Asset 70.3 35.1
Total Non-Current Assets (I) 299.7 183.1

Current Assets
Inventories 82.4 46.7
Financial Assets:
1) Trade Receivables 65.2 47.0
2) Cash & Cash Equivalents 77.4 2.3
3) Bank Balances other than Cash Equivalents 8.4 0.8
4) Other Financial Assets 0.1 0.0
Other Current Assets 11.1 15.9
Total Current Assets (II) 244.5 112.8
Total Assets (I+II) 544.2 295.9

Equity & Liabilities

Owner's Equity
Equity Share Capital 10.6 0.2
Reserves & Surplus 479.2 244.1
Total Owner's Equity (III) 489.8 244.3

Liabilities
Non-Current Liabilities
Borrowings 9.3 3.3
Lease Liabilities 0.1 0.0
Other Financial Liabilities 0.1 0.1
Deferred Tax Liability 4.4 3.3
Other Non-Current Liabilities 5.6 3.2
Total Non-Current Liabilities (IV) 19.5 9.8

Current Liabilities
Borrowings 12.3 30.2
Lease Liabilities 0.0 0.0
Trade Payables 13.0 6.0
Other Financial Liabilities 3.5 2.7
Provisions 1.5 1.5
Other Current Liabilities 4.7 1.4
Total Current Liabilities (V) 34.9 41.8
Total Liabilities (VI) 54.4 51.6

Total Equity & Liabilities (III+VI) 544.2 295.9

Profit Margins (%) FY 2022 FY 2021 FY 2020 FY 2019
Gross Profit 68.6% 62.5% 62.3% 63.0%
EBITDA 50.8% 45.2% 39.4% 40.9%
Operating Profit (EBIT) 43.5% 39.2% 31.4% 33.2%
Profit before Tax 43.7% 39.5% 28.7% 29.8%
Net Profit Margin 32.6% 29.4% 21.7% 21.0%

Earnings Per Share (EPS) FY 2022 FY 2021

Net Profit (in ₹ Cr) 100.68 68.90
No of Shares Outstanding (in Cr) 5.18 5.13
EPS (Basic) in ₹ 19.46 13.43
EPS (Dilluted) in ₹ 19.46 13.43
Adjusted EPS (Post - IPO in 2021) - 13.31
EPS Growth Rate (%) 46.12% Base

Utilisation Ratios FY 2022 FY 2021

Total Revenue 309.3 234.3
Total Assets 544.2 295.9
1) Asset Turnover 0.57 0.79

Total Revenue 309.3 234.3

Equity Capital 489.8 244.3
Borrowings 21.6 33.5
Total Invested Capital 511.4 277.8
2) Invested Capital Turnover 0.60 0.84

Total Revenue 309.3 234.3

Total Equity 489.8 244.3
3) Equity Capital Turnover 0.63 0.96

Total Revenue 309.3 234.3

Total Fixed Assets 221.0 142.5
4) Fixed Asset Turnover 1.40 1.64

Cash Conversion Cycle (CCC) FY 2022 FY 2021

Accounts Receivables 65.2 47.0
Sales Revenue 300.8 228.9
Days Receivable (DR) 79 75
Inventory 82.4 46.7
Days Sales Inventory (DSI) 100 74
Operating Cycle (DR + DSI) 179 149
Accounts Payable 13.0 6.0
Days Payable (DP) 50 25
CCC (DR + DSI - DP) 129 124
Particulars in Days

Liquidity Ratios FY 2022 FY 2021

Current Assets 244.5 112.8
Current Liabilities 34.9 41.8
Current Ratio 7.01 2.70
Quick Assets (CA - Inventory) 162.1 66.1
Current Liabilities 34.9 41.8
Quick Ratio (Acid Test Ratio) 4.65 1.58
FY 2018
64.7%
34.5%
25.5%
20.5%
11.8%

Du-Pont Analysis FY 2022 FY 2021

PBT Margin 43.7% 39.5%
Effective Tax Rate 25.4% 25.5%
Tax Retention Rate (1-t) 74.6% 74.5%
Asset Turnover 0.57 0.79
Equity Multiplier 1.11 1.21
Return on Equity (ROE) 20.6% 28.2%

Return Ratios FY 2022 FY 2021

EBIT (1-t) 97.5 66.9
Total Assets 544.2 295.9
Total Invested Capital 511.4 277.8
Return on Assets (ROA) 17.9% 22.6%
Return on Capital Employed (ROCE) 19.1% 24.1%

Working Capital Effieciency FY 2022 FY 2021

Inventories 82.4 46.7
Trade Receivable 65.2 47.0
Current Assets (A) 147.5 93.7
Trade Payables 13.0 6.0
Current Liabilities (B) 13.0 6.0
Working Capital (A-B) 134.6 87.8

WC/Total Assets 24.7% 29.7%

Solvency Ratios FY 2022 FY 2021

Total Debt 54.4 51.6
Total Equity 489.8 244.3
Debt/Equity Ratio 0.11 0.21
Finance Cost 4.2 2.7
EBIT 130.8 89.8
Interest Coverage Ratio (x) 31.1 33.0

Cash Flow Management FY 2022 FY 2021

Cash Flow from Operations 83.5 68.2
Profit After Tax 100.7 68.9
Quality of Earnings (CFO/PAT) 0.83 0.99
Capex 131.87 64.16
CFO/Capex 0.63 1.06
Total Liabilities 54.373 51.583
CFO/Total Liabilities 1.54 1.32
Ratios in number of times
Partculars in ₹ Crores FY 2022 FY 2021
Net Cash generated from Operating Activities 83.47 68.15
Net Cash used in Investing Activities -137.94 -63.91
Net Cash used in Financing Activities 129.57 -27.22
Cash & Cash Equivalents at the end of the Year 75.1 -22.98