in Rs Cr

BALNCE SHEET (2018 - 22)

Particulars 2018 2019 2020 2021 2022
ASSETS
Non-Current Assets:
Total Reported Non-current Assets 1705.02 1,680.43 3,803.22 4,320.38 5,942.56
Current Assets:
Total Current Assets 630.84 878.33 1,703.46 1,403.35 1,783.46
Total Assets 2335.86 2,558.76 5,506.68 5,723.73 7,726.02
EQUITY AND LIABILITIES
Share Capital 33.23 33.23 35.55 35.55 35.55
Other Equity 1562.14 1,613.28 2,352.22 2,277.48 2,328.45
Minority Interest 0.78 -2.9 79.59 44.49 45.94
Total Equity 1596.15 1,643.61 2,467.36 2,357.52 2,409.94

Non-Current Liabilities:
Total Reported Non-current Liabilities 133.26 341.12 2,552.05 2,614.77 4,662.63
Current Liabilities:
Total Current Liabilities 606.45 574.03 487.27 751.44 653.45

Total Equity and Liabilities 2335.86 2,558.76 5,506.68 5,723.73 7,726.02

 BALANCE SHEET HORIZONTAL ANALYSIS (2018 - 22)
Base Year Comparative Year Comparative Year
Particulars
2018 2019 % Change 2020 % Change

ASSETS
Non-Current Assets:
Total Reported Non-current Assets 1705.0 1680.4 -0.01 3803.2 1.23
Current Assets:
Total Current Assets 630.8 878.3 0.39 1703.5 1.70
Total Assets 2335.9 2558.8 0.10 5506.7 1.36
EQUITY AND LIABILITIES
 Share Capital 33.2 33.2 35.6 0.07
 Other Equity 1562.1 1613.3 0.03 2352.2 0.51
Minority Interest 0.8 -2.9 -4.72 79.6 101.04
Total Equity 1596.2 1643.6 0.03 2467.4 0.55

Non-Current Liabilities:
Total Reported Non-current Liabilities 133.3 341.1 1.56 2552.1 18.15
Current Liabilities:
Total Current Liabilities 606.5 574.0 -0.05 487.3 -0.20

Total Equity and Liabilities 2335.9 2558.8 0.10 5506.7 1.36

LYSIS (2018 - 22)
Comparative Year Comparative Year
2021 % Change 2022 % Change

4320.4 1.53 5942.6 2.49

1403.4 1.22 1783.5 1.83

5723.7 1.45 7726.0 2.31

35.6 0.07 35.6 0.07

2277.5 0.46 2328.5 0.49
44.5 56.04 45.9 57.90
2357.5 0.48 2409.9 0.51

2614.8 18.62 4662.6 33.99

751.4 0.24 653.5 0.08

5723.7 1.45 7726.0 2.31

 BALANCE SHEET VERTICAL ANALYSIS (2018 - 22)
Particulars 2018 2019 2020 2021
ASSETS
Non-Current Assets:
Total Reported Non-current Assets 1705.0 72.99% 1,680.4 65.68% 3,803.2 69.07% 4,320.4
Current Assets:
Total Current Assets 630.8 27.01% 878.3 34.32% 1,703.5 30.93% 1,403.4
Total Assets 2335.9 100.00% 2,558.8 100.00% 5,506.7 100.00% 5,723.7
EQUITY AND LIABILITIES
 Share Capital 33.2 1.42% 33.2 1.30% 35.6 0.65% 35.6
 Other Equity 1562.1 66.88% 1,613.3 63.05% 2,352.2 42.72% 2,277.5
Minority Interest 0.8 0.03% -2.9 -0.11% 79.6 1.45% 44.5
Total Equity 1596.2 68.33% 1,643.6 64.23% 2,467.4 44.81% 2,357.5

Non-Current Liabilities:
Total Reported Non-current Liabilities 133.3 5.70% 341.1 13.33% 2,552.1 46.34% 2,614.8
Current Liabilities:
Total Current Liabilities 606.5 25.96% 574.0 22.43% 487.3 8.85% 751.4

Total Equity and Liabilities 2335.9 100.00% 2,558.8 100.00% 5,506.7 100.00% 5,723.7
22)
2021 2022

75.48% 5,942.6 76.92%

0.00% 0.00%
24.52% 1,783.5 23.08%
100.00% 7,726.0 100.00%

0.62% 35.6 0.46%

39.79% 2,328.5 30.14%
0.78% 45.9 0.59%
41.19% 2,409.9 31.19%

45.68% 4,662.6 60.35%

13.13% 653.5 8.46%

100.00% 7,726.0 100.00%

 in Rs Cr
PROFIT & LOSS (2018 - 22)
Particulars 2018 2019 2020 2021 2022
Revenue From Operations 2,346.65 2,630.24 3,789.42 2,831.57 4,892.40
Total Revenue 2,201.67 2,671.06 3,635.40 2,794.56 4,673.23
EXPENSES:
Total Expenses 2,032.37 2,490.94 3,439.98 2,927.01 4,539.71

169.3 180.12 195.42 -133.46 106.08

Profit Before Extraordinary Items and Tax
Profit Before Tax 146.66 168.47 164.99 -204.82 111.22
Profit After Tax 87.04 94.86 105.98 -181.13 34.6
Other Comprehensive Income:
Items that will not be reclassified to Profit -0.05 -1.39 -6.55 120.59 6.78
and (Loss)
Income tax relating to items that will not
0.78 0.43 0.58 -13.49 -0.67
be reclassified to Profit and (Loss)
Items that will be reclassified to Profit and 0 0.01 -0.01 0 0
(Loss)
87.77 93.89 100 -74.03 40.71
Total Comprehensive Income for the Year
 PROFIT & LOSS - HORIZONTAL ANALYSIS (2018 - 22)
Base year Comparative Year Comparative Year
Particulars
2018 2019 2020
Total Revenue 2,201.7 2,671.1 0.21 3,635.4 0.65
EXPENSES:
Total Expenses 2,032.4 2,490.9 0.23 3,440.0 0.69
Profit Before Extraordinary Items and 169.3 180.1 0.06 195.4 0.15
Tax
Profit Before Tax 146.7 168.5 0.15 165.0 0.12
Profit After Tax 87.0 94.9 0.09 106.0 0.22
Other Comprehensive Income:
Items that will not be reclassified to -0.1 -1.4 26.80 -6.6 130.00
Profit and (Loss)
Income tax relating to items that will not
0.8 0.4 -0.45 0.6 -0.26
be reclassified to Profit and (Loss)
Items that will be reclassified to Profit 0.0 0.01 -0.01
and (Loss)
87.8 93.9 0.07 100.0 0.14
Total Comprehensive Income for the Year
 in Rs Cr
YSIS (2018 - 22)
Comparative Year Comparative Year
2021 2022
2,794.6 0.27 4,673.2 1.12

2,927.0 0.44 4,539.7 1.23

-133.5 -1.79 106.1 -0.37

-204.8 -2.40 111.2 -0.24

-181.1 -3.08 34.6 -0.60

120.6 -2,412.80 6.8 -136.60

-13.5 -18.29 -0.7 -1.86

0.00 0.00

-74.0 -1.84 40.7 -0.54

 PROFIT & LOSS VERTICAL ANALYSIS (2018 - 22)
Particulars 2018 2019 2020
Total Revenue 2201.7 100% 2,671.1 100% 3630.5
EXPENSES:
Total Expenses 2032.4 92.31% 2,490.9 93.26% 3435.1
Profit Before Extraordinary Items and 169.3 7.69% 180.1 6.74% 195.4
Tax
Profit Before Tax 146.7 6.66% 168.5 6.31% 165.0
Profit After Tax 87.0 3.95% 94.9 3.55% 106.0
Other Comprehensive Income:
Items that will not be reclassified to -0.1 -0.002% -1.4 -0.1% -6.6
Profit and (Loss)
Income tax relating to items that will 0.8 0.04% 0.4 0.02% 0.6
not be reclassified to Profit and (Loss)
Items that will be reclassified to Profit 0.0 0.00% 0.01 0.0004% -0.01
and (Loss)
Total Comprehensive Income for the 87.8 3.99% 93.9 3.52% 100
Year
 in Rs Cr
ALYSIS (2018 - 22)
2020 2021 2022
100% 2794.6 100% 4673.2 100%

94.62% 2927.0 104.74% 4539.7 97.14%

5.38% -133.5 -4.78% 106.1 2.27%

4.54% -204.8 -7.33% 111.2 2.38%

2.92% -181.1 -6.48% 34.6 0.74%

-0.18% 120.6 4.32% 6.8 0.15%

0.02% -13.5 -0.48% -0.7 -0.01%

-0.0003% 0.0 0.00% 0.0 0.00%

2.75% -74.0 -2.65% 40.7 0.87%

 RATIO ANALYSIS - (2018 - 22)
Year 2018 2019 2020 2021 2022
Key Ratio :
Debt-Equity Ratio 0.25 0.27 0.2 0.69 1.64
Long Term Debt-Equity Ratio 0.06 0.12 0.15 0.61 1.54
Current Ratio 0.9 1.13 1.47 1.28 1.28
Turnover Ratio :
Fixed Assets Turnover Ratio 2.87 3.19 1.81 0.81 1.04
Inventory Turnover Ratio 7.22 6.82 6.86 5.47 7.55
Debtors Turnover Ratio 223.28 181.39 225.16 149.46 253.3
Total Asset Turnover Ratio 1.19 1.38 1.06 0.55 0.78
Interest Cover Ratio 4.35 4.33 1.55 0.21 1.39
PBIDTM (%) 10.06 9.44 17.31 11.06 15.56
PBITM (%) 8.12 7.64 10.79 1.98 9.21
PBDTM (%) 8.19 7.67 10.36 1.85 8.92
CPM (%) 5.65 5.11 9.01 2.69 7.12
APATM (%) 3.71 3.31 2.48 -6.4 0.77
ROCE (%) 9.62 10.54 11.45 0 7.15
RONW (%) 5.54 5.85 4.61 0 1.55
Payout (%) 38.18 40.28 49.14 -19.63 123.29
 DUPONT MODEL ANALYSIS
Year 2018 2019 2020 2021 2022
NP / PBT (X) 0.59 0.58 0.76 0.71 0.86
PBT / EBIT (X) 0.77 0.77 0.36 -3.66 0.28
EBIT / Sales (X) 0.09 0.08 0.12 0.02 0.1
Sales / Assets (X) 1.09 1.27 0.97 0.5 0.72
Assets / Equity (X) 1.26 1.28 1.76 2.18 2.59
ROE (X) 0.06 0.06 0.05 -0.06 0.04
 in Rs Cr
CASH FLOW ANALYSIS - (2018 - 22)
Year 2018 2019 2020 2021 2022
Cash Flow Summary
Cash and Cash Equivalents at 34.28 32.81 51.46 56 75.63
Beginning of the year
76.86 20.98 361.16 285.03 58.48
 Net Cash from Operating Activities
 Net Cash Used in Investing -4.02 -37.03 -808.56 17.71 56.03
Activities
 Net Cash Used in Financing -74.31 37.47 451.94 -283.11 -107.98
Activities
Net Inc/(Dec) in Cash and Cash -1.47 21.42 4.54 19.63 6.53
Equivalent
Cash and Cash Equivalents at End 32.81 54.23 56 75.63 82.16
of the year