Summary
Topline: Sales & Distribution
Sales grew at 4.4% CAGR over 6 years. Margin turned negative, Trade Receivables grew under control, Average Inventory grew faster, Return on Equity fell but Equity funds infused faster.
Bottomline: Production, Operations & HR
Employee Benefit Expenses grew bit faster, Material Expenses grew much faster, Trade Payables fell. Return on Assets turned negative as Property, Plant and Equipment was grown by progress on over INR 250 Cr of Capital Works in these six years.
Financing with Internal & External Funds
WC Ratio increased, Working Capital grew bit faster mainly due to spike in average inventory and current financial assets. Cash Conversion Cycle moderately longer with shorter DPO. Interest Coverage is absent and Interest Expenses grew bit slower. Both Long term and Short term borrowings grew and SMEs infused Equity funds faster than Sales
Sales & Distribution
These 19 SMEs aggregate metrics linked to Sales, Distribution were:
| FY 23 | FY 21 | FY 17 | |
| Sales Cr | 2,500 | 1,808 | 1,931 |
| - RoE | (1.86%) | 8.04% | 5.79% |
| PBIT | (16) | 61 | 36 |
| - Margin | (0.64%) | 3.37% | 1.86% |
| Trade Receivables | 386 | 395 | 341 |
| - Days Receivables Outstanding | 58 | 76 | 68 (FY 18) |
| Avg Inventory | 450 | 386 | 332 (FY 18) |
| - Days Inventory Outstanding | 105 | 132 | 109 (FY 18) |
- Sales grew at 4.4% CAGR over 6 years
- Margin turned negative to (0.64%), from 3.37% and 1.86%
- Trade Receivables grew under control at 2.1%
- Average Inventory grew faster at 6.27% CAGR over 5 years
- Return on Equity fell
Production, Operations & HR
These 19 SMEs aggregate metrics linked to Production, Operations & HR were:
| EXPENSE in Cr | FY 23 | FY 21 | FY 17 |
| Employees | 182 | 161 | 137 |
| - % of Sales | 7.28% | 8.91% |
7.09% |
| Materials | 1,566 | 1,066 | 1,107 |
| - % of Sales | 62.64% | 58.96% | 57.33% |
| Trade Payables | 223 | 279 | 240 |
| - Days Payables Outstanding | 53 | 93.5 | 76 (FY 18) |
| T Assets | 1,056 | 818 | 806 |
| Int Assets | 0.5 | 0.8 | 1.6 |
| - RoA | (1.51%) | 7.45% | 4.45% |
- Employee Benefit Expenses grew bit faster at 4.85% CAGR over 6 years
- Material Expenses grew much faster at 5.95% CAGR over 6 years
- Trade Payables fell at (1.22%) CAGR over 6 years
- Return on Assets turned negative
- Progress on over INR 215 Cr of Capital Works since 2016-17 increased Property, Plant and Equipment. Intangible Assets dwindled
These 19 SMEs aggregate metrics regarding Funds generated internally or sourced externally were:
Internal Funds
| FY 23 | FY 21 | FY 17 | |
| Working Capital | 1,447 | 1,276 | 990 |
| - WC Ratio | 2.71 | 2.57 | 2.56 |
| - Cash Coversion Days | 110 | 114.5 | 101 (FY 18) |
| Current Fin Assets | 228 | 205 | 115 |
| Non-current Fin Assets | 40 | 51 | 60 |
| Interest | 70 | 57 | 63 |
| - Interest Coverage | NA | 1.07 | 0.57 |
- WC Ratio increased and Working Capital ballooned faster than Sales at 6.53% CAGR over 6 years mainly due to spike in average inventory and current financial assets
- Cash Conversion Cycle moderately longer mainly by faster supplier payments
- Interest Coverage is absent and Interest Expenses grew bit slower at 1.77% CAGR over 6 years
External Funds
| FY 23 | FY 21 | FY 17 | |
| Debt | 1,122.2 | 742.3 | 607.3 |
| Equity | 859.7 | 758.5 | 621.5 |
- Both Long term and Short term borrowings grew at 11.3% and 10.03%
- Equity funds infused faster at 5.56% CAGR
