Income statement:

FY2016 FY2017 FY2018 FY2019 FY2020

Revenue
Net revenue 84.5 111.4 113.1 131.1 156.9
Other income 1.0 0.5 0.6 1.3 2.5
Total revenue 85.5 111.9 113.7 132.4 159.4
Gross margin % 57.1 58.4 64.0 67.0
Gross margin 65.4 82.5 102.6
Expenses
Cost of goods sold 31.2 48.3 47.7 48.5 54.3
Employee expenses 28.0 33.0 34.8 38.5 43.2
Selling, general & admin expenses 12.6 13.7 12.5 21.6 16.4
Total expenses 71.8 95.0 95.1 108.6 113.9

EBITDA 12.7 16.4 18.0 22.5 45.5

EBITDA (%) 15.0% 14.7% 15.9% 17.1% 29.0%

Finance cost1 8.4 8.7 9.3 10.0 12.1

Depreciation 4.2 4.1 4.0 3.6 3.8

PBT 1.1 4.1 5.4 10.2 29.6

Prior period adjustments
26% Tax @ 26% for projected years (0.2) 1.4 1.0 2.4 7.7
PAT 1.3 2.7 4.4 7.7 21.9
PAT (%) 1.5% 2.4% 3.9% 5.8% 13.8%
 ₹ crore
FY2021 FY2022 FY2023

221.3 268.7 307.1

1.7 1.7 2.3
223.0 270.4 309.4
62.9 63.7 64.5
137.5 169.5 195.6

83.8 99.1 111.5

56.5 62.9 72.0
18.5 20.9 23.7
158.8 182.9 207.2

62.5 85.8 99.9

28.3% 31.9% 32.5%

13.9 14.4 18.4

5.0 7.4 8.6

45.3 65.7 75.3

11.8 17.1 19.6

33.5 48.6 55.7
15.0% 18.0% 18.0%
 FY2016 FY2017 FY2018 FY2019 FY2020
LIABILITIES
Equity
Share capital 1.7 1.70 1.70 1.70 1.70
Reserves and surplus 117.6 120.29 124.35 131.64 154.27
Total equity 119.3 121.99 126.05 133.34 155.97

Non-current liabilities
Long term borrowing 5.8 3.8 1.8 0.0 0.0
Deferred tax liabilities1 3.5 3.01 1.75 0.98 0.98
Long term provisions 2.6 3.26 3.69 4.78 4.78

Current liabilities
Short term borrowings 51.5 49.61 40.70 58.16 59.94
Trade payables 26.8 30.11 28.47 29.26 17.55
Advance from customers 43.76 32.67
Other current liabilities 10.8 19.90 47.89 11.85 8.78
Oow CPLTD 2.2 2.0 2.0 1.80 -
Short term provisions 0.9 1.12 2.18 2.19 11.30

Non-current+current liabilities 101.9 110.80 126.48 151.00 136.01

Total liabilities 221.2 232.79 252.53 284.33 291.98

FY2016 FY2017 FY2018 FY2019 FY2020

ASSETS
Non-current assets
Gross block 61.7 61.05 63.19 64.20 65.36
Accumulated depreciation 24.2 27.29 30.97 34.55 38.34
Net block 37.5 33.76 32.23 29.65 27.02

Long term advances 2.7 2.84 2.84 2.68 2.68

Total non-current assets 40.2 36.60 35.07 32.34 29.70

Current assets
Inventories 54.3 60.50 75.35 86.58 78.54
Trade receivables 117.0 123.01 116.20 116.37 116.06
Cash and cash equivalents - free 2.0 1.59 1.97 0.77 16.27
Cash and cash equivalents - margin money 4.5 6.00 14.81 36.24 43.72
Short term loans & advances 3.2 5.10 9.14 12.01 7.68

Total current assets 181.0 196.20 217.47 251.97 262.26

Total assets 221.2 232.80 252.54 284.31 291.96

Check (0.0) 0.0 0.0 (0.0) (0.0)
Total Debt 60 55 44 60 60
Total Equity 119 122 126 133 156
TOL 102 111 126 151 136
DE ratio 0.50 0.45 0.35 0.45 0.38
PAT 1 3 4 8 22
RoE 2% 4% 6% 15%
TOL/TNW 0.85 0.91 1.00 1.13 0.87
FY2021 FY2022 FY2023

1.70 1.70 1.70

187.78 236.40 292.13
189.48 238.10 293.83

11.7 17.50 5.84

0.98 0.98 0.98
4.78 4.78 4.78

50.00 50.00 75.00

20.95 24.78 27.87
41.95 46.85 58.67
14.61 20.44 20.44
5.83 11.66 11.66
11.77 17.08 19.58

156.71 182.42 213.16

346.19 420.52 507.00

FY2021 FY2022 FY2023

89.26 113.26 113.26

43.33 50.71 59.29
45.93 62.55 53.97

2.68 2.68 2.68

48.62 65.24 56.66

69.82 66.08 65.02

129.07 134.33 127.95
62.48 118.36 210.42
28.50 28.82 39.24
7.68 7.68 7.68

297.55 355.26 450.32

346.17 420.50 506.98

(0.0) (0.0) (0.0)
68 79 93
189 238 294
157 182 213
0.36 0.33 0.31
34 49 56
19% 23% 21%
0.83 0.77 0.73
 Unit FY2016 FY2017 FY2018
Cash flow from operations
PAT ₹ crore 1.3 2.7 4.4
Add: Depreciation ₹ crore 4.2 4.1 4.0
Cash flow from operations before working capital changes ₹ crore 5.5 6.8 8.4
Less: Increase / (decrease) in working capital ₹ crore 3.9 8.9 9.7
Less: Increase / (decrease) in deferred tax liabilities ₹ crore (0.8) 0.5 1.3
Less: Increase / (decrease) in Advance from customers ₹ crore -
Less: Increase / (decrease) in long term provisions ₹ crore 0.3 0.7 (0.4)
Less: Increase / (decrease) in other current liabilities ₹ crore 2.9 (9.4) (28.0)
Less: Increase / (decrease) in short term provisions ₹ crore (1.6) 0.2 (1.1)
Less: Increase / (decrease) in short term loans & advances 4.0
Cash flow from operations after working capital changes ₹ crore 0.8 5.8 22.9

Cash flow from investing

Capital expenditure ₹ crore (0.5) (0.4) (2.8)

Cash flow from investing ₹ crore (0.5) (0.4) (2.8)

Cash flow from financing

Increase / (decrease) in working capital loans ₹ crore 5.0 (1.9) (8.9)
Drawdown from new long term loans - FY2018 & FY2019 loan ₹ crore - - -
Repayment of term loans ₹ crore (4.7) (2.4) (2.0)
₹ crore
Cash flow from financing ₹ crore 0.3 (4.3) (10.9)

Change in cash ₹ crore 0.7 1.1 9.2

Opening cash ₹ crore 5.8 2.0 1.6
Cash available before margin money ₹ crore 6.5 3.1 10.7
Total margin money required/outstanding ₹ crore 4.5 6.0 14.8

Incremental margin money required / (released) ₹ crore 4.5 1.5 8.8

Closing cash available after setting aside margin money ₹ crore 2.0 1.6 1.9

Interest on Bank deposit 0.60

 INR in Crores
FY2019 FY2020 FY2021 FY2022 FY2023

7.7 21.9 33.5 48.6 55.7

3.6 3.8 5.0 7.4 8.6
11.3 25.7 38.5 56.0 64.3
10.6 3.4 0.9 (2.3) (10.5)
0.8 - - - -
(43.8) 11.1 (9.3) (4.9) (11.8)
(1.1) - - - -
35.9 1.3 0.0 0.0 -
(0.0) (9.1) (0.5) (5.3) (2.5)
2.7 (4.3) - - -
6.3 23.4 47.3 68.5 89.1

(1.0) (1.2) (23.9) (24.0) -

(1.0) (1.2) (23.9) (24.0) -

17.5 1.8 (9.9) - 25.0

- - 17.5 17.5 -
(2.0) (1.8) - (5.8) (11.7)

15.5 (0.0) 7.6 11.7 13.3

20.7 22.3 31.0 56.2 102.5

1.9 0.7 16.2 62.4 118.3
22.7 23.0 47.2 118.6 220.8
36.7 43.5 28.3 28.6 39.0

21.9 6.8 (15.2) 0.3 10.4

0.7 16.2 62.4 118.3 210.4

1.31 2.49 1.70 1.72 2.34

Summary

Particulars FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

Revenue 111.9 113.7 132.4 159.4 223.0 270.4
EBITDA 16.4 18.0 22.5 45.5 62.5 85.8
PAT 2.7 4.4 7.7 21.9 33.5 48.6
Networth 122.0 126.1 133.3 156.0 189.5 238.1
Term Loan bal at the end of the year 5.8 3.8 1.8 0.0 17.5 29.2
Working capital Loan 49.6 40.7 58.2 59.9 50.0 50.0
Capex Additions #REF! #REF! #REF! #REF! #REF! #REF!
FY2023
309.4
99.9
55.7
293.8
17.5
75.0
#REF!