Hind Rectifiers Ltd. — Investor Presentation 2025

May 5, 2025

Ref. No. HIRECT /SEC/2025-26/9 May 5, 2025

BSE Limited	National Stock Exchange of India Limited
Rotunda Building,	"Exchange Plaza" 5t Floor, C-1, Block "G
Phiroz Jeejeebhoy Towers,	Bandra Kurla Complex,
Dalal Street, Mumbai 400 001	Bandra (East) Mumbai 400 051
Maharashtra	Maharashtra

Security Code No.: 504036 Symbol: HIRECT — Type of Security: Equity

Subject: Intimation under Regulation 30 of SEBI Listing Regulations, 2015 - Investors Presentation

Dear Sir/ Madam,

We are pleased to enclose herewith the Investor Presentation. The same will be made available on the website of the Company viz. www.hirect.com.

The said presentation will also be used for Earnings Conference Call with Analysts/Investors.

Kindly acknowledge and take the same on record.

Thanking you,

Yours Faithfully,

For Hind Rectifiers Limited

J sivebrbs Phie Lbs

Meenakshi Anchlia Company Secretary & Compliance Officer

Encl: As above

Empowering Energy Solutions

Investor Presentation – May 2025

Safe Harbour

This presentation and the accompanying slides (the "Presentation"), which have been prepared by Hind Rectifiers Limited (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain forward-looking the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward-looking statements concerning the Company's future business prospects and business profitability, which are subject to forward-looking risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.

Company Overview

Leader in Design & Development of Electrical & Electronic Equipment

Founded in 1958, in technical collaboration with Westinghouse Brake & Signal Company Ltd.

Controls & Automation

HVAC System

Journey So Far

Product Overview

Product wise Revenue Mix – FY25

Product Wise Orderbook Mix – FY25

Industrial Systems

Traction

Traction Motors

Transformers DC Substation Traction & Auxiliary Converters

Rectifiers

Supply

Single & 3 Phase ESP Power Supply

A Snapshot of Hirect's Manufacturing Prowess

20,000+

ESP Transformers & Rectifiers

10,000+

Locomotive & Coach Panels

2,500+

Coach Underslung Inverters

AUX Converters

6

Product Portfolio – Railway Systems

IGBT Traction Converter

Water cooled IGBT based, microprocessor controlled high-power electronic propulsion converters up to 6000 HP for goods and passenger locomotives

Traction Transformers

Transform 25kV OHE to provide on-board traction powers for locomotives up to 7775 kVA, for EMU and trainsets 3000 kVA

Traction Motors

Rugged and reliable squirrel cage motors with rated powers up to 1150 kW for locomotives and up to 300 kW for EMU and trainsets

Railway Vehicle Control Unit

VCU with multiple processor architecture ensures locomotive's safe, coordinated operation and communication between all critical subsystems

DC Substation Rectifiers

Robust and safe solutions to provide DC power to railway networks with rated output of up to 3000 kW and 1500 V

HVAC Systems

Customized air-conditioning, heating, and ventilation solutions for all types of rolling stock with capacity from 1.5TR to 20TR

Product Portfolio – Industrial Systems

Strategic Locations for PAN India Presence & Distribution

Products Manufactured
Satpur Plant:
Traction Transformers
Electrostatic Precipitators (High Voltage Rectifiers)
Thyristor Controlled Rectifiers, Water Cooled Rectifiers
Constant Current Rectifiers
Loco Panels (SB1, SB2, HB1, HB2, Cubicle-F, Filter Cubicle, A-C-D Panels)
Fire Detection Unit
Sinnar Plant:
3x130 Aux Converters
Hotel Load Converter
Regulated Battery Chargers
Traction Motors
Air Conditioning / HVAC systems
PAPIS & Pantry Systems for railways

R&D Synopsis

Product Innovation

• High power water cooled IGBT based traction convertors for locomotives and EMU
• Traction Motors for Locomotives and EMU
• Airconditioning / HVAC system for railways
• Public announcement and passenger information system (PAPIS) for communication

Continuous Improvement

Iterative enhancements based on user feedback can lower warranty costs and improve customer satisfaction

Focus on Sustainability

Sustainable product development can open new markets and attract environmentally conscious customers, leading to increased sales and potentially higher profit margins

company enhances its product portfolio through this project, positions itself as a leader in the rail sector, and potentially drives increased sales and market share

Market Responsiveness

The company aligns its development with market needs, reducing time-to-market and development costs, optimizing R&D expenditures, and enhancing profitability

Strategic Partnerships

Collaborations reduce R&D expenses and share risks, which enhances financial efficiency while delivering innovative

Board of Directors

Mr. Suramya Nevatia

Chairman and Managing Director & CEO

• Mr. Suramya graduated from H. R. College of Commerce & Economics, Mumbai in 2009 and earned an MSC in Marketing Management from Aston, UK. Additionally, he completed a Post Graduate Diploma in Family Managed Business from S.P. Jain Institute, Mumbai
• He joined the Company in 2011 and was promoted as Chief Executive Officer w.e.f. June 1,2016 and as an MD on 17th August 2020
• Deep exposure in Marketing, Production, Operation, Strategic Development.

Ms. Akshada Nevatia

Executive Director

• Ms. Akshada graduated in Psychology from S. P. College, Pune, and completed a Master's in Clinical Psychology from Fergusson College, Pune. Additionally, She has done Diploma in Family Managed Business from S. P. Jain Institute, she has 14 years of experience as an entrepreneur
• She has served as an Executive Director at Hind Rectifiers Limited. and currently plays a pivotal role as an Executive Director in the Company. Her expertise spans across Finance, Accounts, Banking, General Corporate Management, Leadership, Strategy Planning, Risk Management

Mr. Parimal Rameshchandra Non-Executive Director

• Mr. Parimal Merchant graduated from Mumbai with Bachelor in Commerce and Law and has completed ICWA, he obtained his PhD from BITS Pilani in 2018
• He has around 47 years of work experience in Capital Markets, Consultancy. He has been associated with the Management program for Family Businesses with S.P. Jain Institute, Mumbai, for more than 26 years

Mr. Vandan Shah

Independent Director

• Mr. Vandan Shah has done Bachelor of Industrial Engineering (B.E.) from R. V. College of Engineering, Bangalore
• He has over 36 years of work experience in companies such as LMLPiaggio, Sipra Engineers Pvt. Ltd, Veena Diecasters and Engineers Pvt Ltd, Mr. Vandan Shah is a member of the National Council of CII, Western Regional Council of CII, and was the Chairman, Nasik Zonal Council of CII

Mr. Vishal Pacheriwala

Independent Director

• Mr. Vishal Pacheriwala is a Chartered Accountant with a postgraduation in commerce from the University of Mumbai, completed in 2012. He pursued an MBA in 2014 from the University of Tulane, he has more than 11 years of experience in Financial Management, Strategy planning & leadership, process Automation and efficiency improvement
• Currently, he is the Chief Financial Officer at Binayak Tex Processors Ltd. Additionally, he serves on the Board of several companies, including Valiant Glass Works Private Limited, Wintry Engineering and Chemicals Private Ltd, Nintex Dyeing and Printing Mills Private Ltd

Ms. Ashlesha Bodas

Independent Director

• Mrs. Ashlesha Bodas has done Graduation in Marketing Management and Masters in Business Administration from Symbiosis College, Pune She has also done Masters in Family Managed Business Courses from S. P. Jain Institute, Mumbai
• She has been associated with the Sharada Group as a Director, responsible for overall strategy, management, business development

Leadership Team

Mr. Suramya Nevatia

Chairman and Managing Director & CEO

• Mr. Suramya graduated from H. R. College of Commerce & Economics, Mumbai in 2009 and earned an MSC in Marketing Management from Aston, UK. Additionally, he completed a Post Graduate Diploma in Family Managed Business from S.P. Jain Institute, Mumbai
• He joined the Company in 2011. He was promoted as Chief Executive Officer w.e.f. June 1,2016 and as KMP w.e.f. June 1, 2018
• Deep exposure in Marketing, Production, Operation, Strategic Development

Ms. Akshada Nevatia

Executive Director

• Ms. Akshada graduated in Psychology from S. P. College, Pune, and completed a Master's in Clinical Psychology from Fergusson College, Pune. Additionally, She has done Diploma in Family Managed Business from S. P. Jain Institute, she has 14 years of experience as an entrepreneur
• She has served as an Executive Director at Hind Rectifiers Limited. she plays a pivotal role as an Executive Director in the Company. Her expertise spans Finance, Accounts, Banking, General Corporate Management, Leadership, Strategy Planning, Risk Management

● He is Bachelor of Commerce, Chartered Accountant, and Cost & Management Accountant. He has 41 years of rich experience in accounts and finance

Mr. A. K. Nemani

• He oversees the Company's accounting practices and audit functions, directs financial strategy, planning, and forecasts, supervises investment and raising of funds
• He is a permanent invitee of the Audit Committee of the Company

Mr. Lalit Tejwani

Chief Strategy Officer

• Mr. Tejwani works closely with cross-functional teams for effective execution of strategic initiatives, optimizing resources and enhancing operational efficiency
• His expertise in strategic planning and building partnerships strengthening the company's position.
• He Shapes the Company's strategic direction fostering long-term growth

Mr. K. R. Narayanan

Chief Revenue Officer

• He is a seasoned Power Electronic Engineer with over 35 years of expertise in application-based sales and marketing for industrial segments, including semiconductors electrostatic pollution control, and electrochemical industries in both Indian and global markets
• He has also worked extensively in rail transportation with Indian Railways and market insights to drive revenue and strengthen customer relationships. His strategic approach and technical acumen have been instrumental in expanding Hind Rectifiers' market footprint and fostering innovation within the organization

Mr. B. Brahmananda Reddy

Vice President – R&D Head

• He drives innovation by overseeing the complete product lifecycle, from design and testing to production transfer, while supporting marketing and tender submissions.
• He also fosters strategic technology partnerships, manages R&D infrastructure, and ensures team expertise through recruitment, training, and performance management.

Mr. Shailesh Jadhav

Vice President - Operations

• He leads production, performance monitoring, budgeting, cost control, and inventory management while developing production plans and strengthening supplier relationships.
• He collaborates closely with the Marketing department to ensure seamless project execution, contributing significantly to the Company's success

Industry Overview

Industry Highlights

• During FY25 so far, the progress in the expansion of the railway network stayed at levels comparable to the previous year, while the addition of rolling stock increased considerably Between April and October 2024, 17 new pairs of Vande Bharat trains were introduced to the network, and 228 coaches were produced
• Indian Railways is actively working towards achieving 'Scope 1 Net Zero' emissions by 2025 and 'Scope 2 Net Zero' by 2030
• This year, India has produced 1,400 locomotives, surpassing the combined production of the United States and Europe. Additionally, 2 lakh new wagons have been added to the Indian Railways fleet, significantly boosting its freight capacity. The Union Minister stated that by the end of the financial year (March 31), Indian Railways is expected to transport 1.6 billion tons of cargo, placing India among the top three freight carriers globally

Key Statistics: Budget allocation for railways

RCF: Railway coach factory ICF: Integral coach factory MCF: Modern coach factory

Year-Wise growth in coach production (no.)

IEBR: Internal and extra budgetary resources

Growth in net capex outlay for railways Segment-wise capex allocation

Recent developments in railways

• Gati shakti multi-modal Cargo Terminal (GCT): 91 GCTs commissioned, and 234 locations approved by October 31, 2024

• Net zero carbon emission: Indian Railways targets 30 GW of renewable energy by 2029-30, with 375 MW of solar and 103 MW of wind commissioned as of October 2024
• Major economic corridors: 434 projects valued at ₹11.17 lakh crore have been identified under three railway corridors, mapped on the PM Gatishakti portal
• Public Private Partnership (PPP): 17 projects have been completed (₹16,434 crore) and 8 ongoing (₹16,614 crore) under the PPP model

Major Projects

• Mumbai-Ahmedabad High-Speed Rail Project: Sanctioned in December 2015, this 508 km project, supported by Japan, has a revised cost of ₹1.08 lakh crore. As of October 2024, it has achieved 47.17 per cent physical progress with an expenditure of ₹67,486 crore
• Dedicated Freight Corridors (DFCs): As of November 2024, 2,741 km (96.4 per cent) of the planned 2,843 km DFC network has been commissioned. DFCs have transformed logistics in India by facilitating increased freight volumes without passenger train interference
• Kavach: This indigenously developed Automated Train Protection system has seen ₹1,547 crore invested (till November 2024). The specification version 4.0 was approved on July 16, 2024
• Electronic interlocking: EI systems have been installed at 227 stations in FY25, increasing the coverage to a total of 3,576 stations. The first Direct Drive Interlocking system was commissioned in November 2024 at Tajpur station

Demand for total No of Loco Motives

Strategic Priorities

Growth Drivers

• Annual Capex Investments of ~35Billion USD by Indian Railways and Metros with growth forecast of >8% YoY
• To Strengthen & Market Place ▪ GoI's focus on growth of manufacturing sector, specifically electronics & electrical products

Strong Capabilities for Order Book Execution

• Hind Rectifiers' state-of-the-art manufacturing setup ensure precise, scalable, and timely execution of diverse orders across railways and industrial sectors
• leverages decades of expertise and technological capability in electrical and electronic equipment to deliver customized, highquality solutions.

Catering New Industries and Markets through Diversification

• Setting up of global offices and sales network will enable to tap export markets
• HVAC Systems are applicable in railway, metro and construction and commercial vehicles

Unlocking Hidden Potential of Commercial Tooling 02 01 03

05

Quality in-house R&D team

• Business Young team of more than ¹⁰⁰ engineers in electrical, electronics, controls, mechanical, and software engineers
• Strong product life cycle development from simulation to optimized maintenance

New Technology & Product Development ⁰⁴

• Almost 20 new products under development in various applications across Railway, and Industrial sectors
• New applications being developed in power electronics, signaling, telecommunications which will expand into new segments

Way Forward…

Financial Highlights

Management Commentary

Mr. Suramya Nevatia Chairman & Managing Director

Commenting on the performance Suramya Nevatia, MD & Chairman of Hind Rectifiers Limited said,

"FY25 has been a landmark year for Hind Rectifiers, marked by record-breaking order inflows, strong revenue growth, and significant margin expansion. Our topline grew by 27% YoY to INR 656.8 crore, while PAT surged by 197% YoY to INR 37.1 crore, driven by an enhanced product mix, backward integration, and improved operational efficiencies.

Our order book stood at INR 893 crore as of 31st March 2025, underscoring the trust our customers place in us, especially in the railway sector where we secured key orders worth INR 1,014 crore during the year. This robust pipeline, along with the commissioning of strategic capex of INR 43 crore towards backward integration and facilitate new product manufacturing at our Sinnar and Satpur facilities, positions us well for sustained future growth.

Our focus on indigenous product development and execution excellence has enabled successful delivery of high-value projects including the propulsion system for Indian Railways and HVAC systems for LHB Passenger coaches. We also enhanced our long-term strategic positioning by establishing new technologyfocused subsidiaries, enabling our foray into cutting-edge domains such as IT, Artificial Intelligence and Web3.

With the Indian government's continued push on infrastructure and railway electrification, we remain confident in our ability to deliver long-term value to stakeholders, leveraging our engineering prowess, innovation capabilities, and customer-centric execution."

Key Operational Highlights – FY25

• Robust order book at INR 893 crore as of March 2025, primarily driven by railway sector expansion and government initiatives

During the year, the Board of Directors has approved the incorporation of wholly owned subsidiaries: • Coincade Studios Private Limited for developing cutting-edge products and solutions in Information Technology (IT), Artificial Intelligence (AI), Web3, and various software • Hirect FZ-LLC, focused on dealing in Power Generation, Transmission & Distribution and others

. • Incurred Capex of INR 43 crores majorly for backward integration and towards new product manufacturing at Sinnar and Satpur plant

• Successfully completed integration tests of indigenously developed propulsion system with Indian Railways, dispatched the unit and commissioning completed
• Delivered our 7 KW battery charger for semi high-speed trains—another testament to our R&D and product capabilities
• Developed our first rail products according to global standards for export to Germany and the USA
• Designed, developed and commissioned HVAC system for LHB passenger coaches
• Focus on indigenous product development, innovation, and execution excellence to drive long-term growth

Orderbook Position as on 31st March 2025

Financial Snapshot

EBITDA Margins

44.9

71.8

ROE**

*ROCE= E EBIT / Average Capital Employed (Tangible Net worth + Total Debt) **ROE= Net Profit after tax/ Average shareholders equity

24

Working Capital Cycle

Reducing Working Capital and Increasing Efficiency…….

• The overall working capital days have improved from 194 in FY18 to 106 in FY25. This indicates that the company has effectively optimized its short-term assets and liabilities
• This improvement in the working capital cycle enhances liquidity and operational efficiency, allowing Hind Rectifiers to manage its cash flows better and support growth initiatives
• Cash Conversion Cycle has also improved significantly from 203 days in FY18 to 112 days in FY25, indicating better efficiency in managing working capital components like receivables, payables, and inventory
• Debtor Days have reduced from 136 days in FY18 to 51 days in FY25. This reflects improved collection efficiency and a stronger credit policy
• Inventory management has also become more efficient, with inventory days decreasing from 143 in FY18 to 92 in FY25. This signifies better turnover of inventory

Interim Financial Snapshot

EBITDA Margins

Quarterly Profit and Loss Statement

Particulars (INR Cr)	Q4FY25	Q4FY24	Y-o-Y (%)	Q3FY25	Q-o-Q (%)	FY25	FY24	Y-o-Y (%)
Total Income*	185.4	151.7	22%	169.4	9%	656.8	518.2	27%
COGS	137.0	113.6		124.8		478.3	384.3
Gross Profit	48.4	38.1	27%	44.7	8%	178.6	133.8	33%
Gross Profit Margin	26.1%	25.2%		26.4%		27.2%	25.8%
Employee Expenses	17.3	13.9		15.9		63.3	52.4
Other Expenses	10.8	10.4		10.7		43.5	36.6
EBITDA	20.2	13.9	46%	18.1	12%	71.8	44.9	60%
EBITDA Margin	10.9%	9.1%		10.7%		10.9%	8.7%
Depreciation	2.2	2.0		2.2		8.5	7.5
Exceptional Items	-	-		-		-	-7.0
Finance Cost	4.0	4.1		2.5		13.2	12.7
Profit before Tax	14.0	7.7	81%	13.5	4%	50.1	17.7	183%
Tax expenses	4.0	2.6		3.5		13.0	5.2
Profit for the year	10.0	5.1	96%	10.0	0%	37.1	12.5	197%
PAT Margins	5.4%	3.4%		5.9%		5.7%	2.4%
EPS	5.83	2.99		5.84		21.64	7.30

*Total Income Includes other Income

Balance Sheet Statement

Assets (INR Cr)	Mar -25	Mar -24
Non -Current Assets
Property, Plant and Equipment	86.6	76.8
Capital work -in -progress	6.8	8.2
Other Intangible Asset	15.7	6.9
Intangible assets Under Development	5.3	14.3
Right of Use Asset	4.8	5.9
Financial Assets
(i) Investments	0.1	0.1
(ii) Loans	0.0	0.0
(ii) Other financial assets	11.5	7.3
Deffered Tax Assets(Net)	-	2.1
Other non -current assets	19.5	0.5
Total Non -Current Assets	150.3	122.1
Current Assets
Inventories	120.7	96.7
Financial Assets
(i) Trade receivables	109.5	89.2
(ii) Cash and cash equivalents	0.3	0.3
(iii) Other bank balances	0.8	1.2
(iv) Loans	0.1	0.0
(v) Other financial assets	8.8	6.1
Other Current assets	23.5	15.4
Total Current Assets	263.7	208.9
Asset held for sale	3.3	-
Total Assets	417.3	331.0

Liabilities (INR Cr )	Mar -25	Mar -24
Equity
Equity Share capital	3.4	3.4
Other Equity	156.5	121.1
Total Equity	159.9	124.5
Financial liabilities
(i) Borrowings	28.4	23.3
(ia) Lease liabilities	3.7	5.0
(ii) Other Financial liabilities	0.1	0.1
Deferred Tax Liabilities	1.5	-
Provisions	5.3	5.2
Total Non -Current Liabilities	39.0	33.6
Financial liabilities
(i) Borrowings	130.6	105.6
(ia) Lease liabilities	1.6	1.2
(ii) Trade Payables	59.9	47.3
(iii) Other financial liabilities	12.7	7.1
Provisions	4.1	3.5
Other current liabilities	7.3	7.2
Current tax liabilities (Net)	2.3	1.0
Total Current Liabilities	218.4	172.9
Total Equity and Liabilities	417.3	331.0

Cashflow Statement

Particulars (INR Cr)	FY25	FY24
Net Profit Before Tax*	50.1	17.7
Adjustments for: Non-Cash Items / Other Investment or Financial Items	35.7	30.6
Operating profit before working capital changes	85.8	48.3
Changes in working capital	-42.2	-14.2
Cash generated from Operations	43.6	34.1
Direct taxes paid (net of refund)	-8.0	-0.2
Net Cash from Operating Activities	35.6	33.9
Net Cash from Investing Activities	-25.3	-19.5
Net Cash from Financing Activities	-10.7	-14.3
Net Increase/decrease in Cash and Cash equivalents	-0.4	0.2
Add: Cash & Cash equivalents at the beginning of the period	1.6	1.4
Cash & Cash equivalents at the end of the period	1.1	1.6

Historical Financials

Profit & Loss Account

Particulars (INR Cr)	FY25	FY24	FY23	FY22
Total Income*	656.8	518.2	359.1	372.4
COGS	478.3	384.3	279.6	288.3
Gross Profit	178.6	133.8	79.5	84.1
Gross Profit Margin	27.2%	25.8%	22.1%	22.5%
Employee Expenses	63.3	52.4	39.1	36.6
Other Expenses	43.5	36.6	25.4	24.9
EBITDA	71.8	44.9	15.3	22.5
EBITDA Margin	10.9%	8.7%	4.3%	6.1%
Depreciation	8.5	7.5	5.1	4.5
Finance Cost	13.2	12.7	8.1	6.9
Exceptional Items	-	-7	10.8	-
Profit before Tax	50.1	17.7	-8.7	11.2
Tax expenses	13.0	5.2	-2.3	3.4
Profit for the year	37.1	12.5	-6.3	7.8
PAT Margins	5.7%	2.4%	-1.8%	2%
EPS	21.64	7.30	-3.84	4.71

Balance Sheet Statement

Assets (INR Cr)	Mar-25	Mar-24	Mar-23	Mar-22
Non-Current Assets
Property, Plant and Equipment	86.6	76.8	72.7	40.0
Capital work-in-progress	6.8	8.2	6.9	17.7
Other Intangible Asset	15.7	6.9	6.7	7.7
Intangible assets Under Development	5.3	14.3	13.8	10.3
Right of Use Asset	4.8	5.9	0.1	0.3
Financial Assets
(i) Investments	0.1	0.1	0.1	0.1
(ii) Loans	0.0	0.0	-	-
(iii) Other financial assets	11.5	7.3	1.1	0.9
Deferred Tax Assets(Net)	0.0	2.1	4.7	2.4
Other non-current assets	19.5	0.5	0.5	2.2
Total Non-Current Assets	150.3	122.1	106.8	81.6
Current Assets
Inventories	120.7	96.7	92.4	77.0
Financial Assets
(i) Trade receivables	109.5	89.2	67.6	67.8
(ii) Cash and cash equivalents	0.3	0.3	0.1	0.3
(iii) Other bank balances	0.8	1.2	1.3	1.1
(iv) Loans	0.1	0.0	-	-
(v) Other financial assets	8.8	6.1	6.8	5.2
Other Current assets	23.5	15.4	15.4	11.8
Current tax Assets (Net)	-	-	1.4	0.7
Total Current Assets	263.7	208.9	185.0	163.9
Asset held for sale	3.3	-	0.6	0.6
Total Assets	417.3	331.0	292.3	246.1

Liabilities (INR Cr)	Mar-25	Mar-24	Mar-23	Mar-22
Equity
Equity Share capital	3.4	3.4	3.4	3.3
Other Equity	156.5	121.1	108.3	104.1
Total Equity	159.9	124.5	111.7	107.4
Financial liabilities
(i) Borrowings	28.4	23.3	24.3	20.9
(ia) Lease liabilities	3.7	5.0	0.0	0.1
(ii) Other Financial liabilities	0.1	0.1	0.2	0.2
Deferred Tax Liabilities	1.5	-	-	-
Provisions	5.3	5.2	5.2	5.3
Total Non-Current Liabilities	39.0	33.6	29.7	26.5
Financial liabilities
(i) Borrowings	130.6	105.6	80.3	53.8
(ia) Lease liabilities	1.6	1.2	0.2	0.2
(ii) Trade Payables	59.9	47.3	53.1	47.6
(iii) Other financial liabilities	12.7	7.1	6.3	5.8
Provisions	4.1	3.5	2.7	2.4
Other current liabilities	7.3	7.2	8.3	2.5
Current tax liabilities (Net)	2.3	1.0	-	-
Total Current Liabilities	218.4	172.9	150.8	112.2
Total Equity and Liabilities	417.3	331.0	292.3	246.1

Cashflow Statement

Particulars (INR Cr)	FY25	FY24	FY23	FY22
Net Profit Before Tax*	50.1	17.7	-8.7	11.2
Adjustments for: Non-Cash Items / Other Investment or Financial Items	35.7	30.6	23.9	11.2
Operating profit before working capital changes	85.8	48.3	15.2	22.4
Changes in working capital	-42.2	-14.2	-6.4	16.2
Cash generated from Operations	43.6	34.1	8.8	38.6
Direct taxes paid (net of refund)	-8.0	-0.2	-0.7	-2.3
Net Cash from Operating Activities	35.6	33.9	8.2	36.3
Net Cash from Investing Activities	-25.3	-19.5	-29.3	-19.9
Net Cash from Financing Activities	-10.7	-14.3	21.2	-16.6
Net Increase/decrease in Cash and Cash equivalents	-0.4	0.2	0.1	-0.3
Add: Cash & Cash equivalents at the beginning of the period	1.6	1.4	1.3	1.6
Cash & Cash equivalents at the end of the period	1.1	1.6	1.4	1.3

Contact Information