Summary
Topline: Sales & Distribution
Sales grew at 7.4% CAGR over 6 years. PBIT grew much faster, Margin improved, Trade Receivables growth was controlled, Average Inventory growth kept pace with Sales. Return on Equity is healthier despite Equity funds added faster than Sales.
Bottomline: Production, Operations & HR
Employee Benefit Expenses were controlled, Material Expenses grew faster, Trade Payables were settled faster. Return on Assets grew as Property, Plant and Equipment grew gradually, with progress on over INR 50 Cr of Capital Works and INR 15 Cr of Intangible Assets in these six years.
Financing with Internal & External Funds
WC Ratio increased Working Capital grew much faster mainly due to faster Supplier settlement and spike in financial assets in investment. Cash Conversion Cycle grew longer. Interest Coverage improved and Interest Expenses were controlled. Short term borrowings reduced but Long term borrowings grew and overall debt was very controlled SMEs infused Equity funds faster than Sales
Sales & Distribution
These 17 SMEs aggregate Sales, PBIT and Margin were:
| FY 23 | FY 21 | FY 17 | |
| Sales Cr | 1,570 | 1,112 | 1,021 |
| - RoE | 16.85% | 1.71 | 15.9% |
| PBIT | 136 | 68 | 73 |
| - Margin | 8.66% | 6.12% | 7.15% |
| Trade Receivables | 313 | 287 | 223 |
| - Days Receivables Outstanding | 78 | 84 | 78 (FY 18) |
| Avg Inventory | 290 | 236 | 189 (FY 18) |
| - Days Inventory Outstanding | 133 | 155 | 131 (FY 18) |
- Sales recorded 7.4% CAGR over 6 years
- PBIT grew much faster than Sales at 10.9% CAGR over 6 years
- Margin improved to 8.66%, from 6.12% and 7.15%
- Trade Receivables growth was controlled at 5.8%
- Average Inventory kept pace with Sales at 7.4% CAGR over 5 years
- Return on Equity is healthier
Production, Operations & HR
These 17 SMEs aggregate Materials, Employees and Interest Expenses were:
| EXPENSE in Cr | FY 23 | FY 21 | FY 17 |
| Employees | 208 | 183 | 179 |
| - % of Sales | 13.25% | 16.46% |
17.53% |
| Materials | 797 | 553.5 | 472 |
| - % of Sales | 50.76% | 49.78% | 46.23% |
| Trade Payables | 202 | 195.5 | 136 |
| - Days Payables Outstanding | 92 | 117 | 99 (FY 18) |
| T Assets | 554 | 560 | 495 |
| Int Assets | 16 | 14.5 | 14 |
| - RoA | 23.86% | 11.84% | 14.34% |
- Employee Benefit Expenses were controlled at 2.5% CAGR over 6 years
- Material Expenses grew faster than Sales at 9.12% CAGR over 6 years
- Trade Payables were settled faster growing at 6.8% CAGR over 6 years
- Return on Assets grew
- Progress on over INR 50 Cr of Capital Works, and INR 15 Cr of Intangible Assets since 20116-17
Internal Funds
These 17 SMEs aggregate Working Capital and Average Inventory were:
| FY 23 | FY 21 | FY 17 | |
| Working Capital | 1,041 | 816 | 517.5 |
| - WC Ratio | 3.1 | 2.8 | 2.1 |
| - Cash Coversion Days | 119 | 122 | 110 (FY 18) |
| Current Fin Assets | 134 | 83 | 64.5 |
| Non-current Fin Assets | 93 | 57 | 42 |
| Interest | 35 | 27 | 26 |
| - Interest Coverage | 3.89 | 2.52 | 2.81 |
- WC Ratio increased and Working Capital grew much faster than Sales at 12.35% CAGR over 6 years mainly due to faster Supplier settlement and spike in financial assets in investment
- Cash Conversion cycle grew longer
- Interest Coverage improved and Interest Expenses were controlled at 5.1% CAGR over 6 years
External Funds
These 17 SMEs aggregate Trade Receivables, Trade Payables and Cash Conversion Cycle were:
| FY 23 | FY 21 | FY 17 | |
| Debt | 324 | 302 | 330 |
| Equity | 807 | 649 | 459 |
- Short term borrowings reduced but Long term borrowings grew and overall debt was very controlled
- Equity funds added faster than Sales at 12.54%
