Revenue and Profitability Trends
Over the seven-year period ending March 2025, Anuh Pharma’s net sales have shown a robust upward trend, rising from ₹320.66 crores in 2019 to ₹661.51 crores in 2025. This represents more than a doubling of sales, reflecting the company’s expanding market presence and operational scale. The total operating income mirrors this growth, with no other operating income reported, indicating that core business activities are the primary revenue drivers.
Despite fluctuations in raw material costs and other expenses, the company has maintained a positive operating profit margin. Operating profit before other income (PBDIT excl OI) increased from ₹29.53 crores in 2019 to ₹60.90 crores in 2025, although the margin percentage saw some variability, peaking at 11.61% in 2024 before moderating to 9.21% in 2025. Gross profit margins similarly fluctuated but remained above 10% in recent years, underscoring effective cost management amid rising input costs.
Profit after tax (PAT) has also grown, albeit with some volatility. PAT rose from ₹23.37 crores in 2019 to ₹47.35 crores in 2025, with margins ranging between 4.66% and 9.28% during this period. Earnings per share (EPS) followed a similar pattern, reflecting the company’s profitability trends and changes in equity capital, which doubled in 2020 due to a capital increase.
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Cost Structure and Expense Management
The company’s cost of raw materials has generally increased in line with sales growth, rising from ₹245.49 crores in 2019 to ₹463.28 crores in 2025. Purchase of finished goods and other expenses have also increased, with other expenses growing steadily from ₹38.05 crores to ₹78.20 crores over the same period. Employee costs have risen moderately, reflecting workforce expansion and inflationary pressures.
Despite these rising costs, Anuh Pharma has managed to keep interest expenses low, with interest payments remaining under ₹1 crore annually, and no long-term borrowings reported. Depreciation charges have increased as the company’s asset base expanded, but this has not significantly eroded profitability.
Balance Sheet and Asset Growth
Shareholders’ funds have grown substantially, from ₹162.21 crores in 2020 to ₹326.02 crores in 2025, supported by rising reserves and equity capital. The company maintains a conservative capital structure with negligible long-term debt and manageable short-term borrowings, which decreased sharply from ₹44.56 crores in 2020 to ₹10.50 crores in 2025.
On the asset side, total assets increased from ₹326.37 crores in 2020 to ₹504.55 crores in 2025. Net block of fixed assets has declined from ₹83.48 crores in 2020 to ₹49.70 crores in 2025, possibly due to depreciation outpacing capital expenditure. However, investments, both current and non-current, have risen significantly, indicating a strategic allocation of resources into financial assets.
Working capital has improved, with net current assets increasing from ₹60.25 crores in 2020 to ₹197.66 crores in 2025, reflecting better liquidity and operational efficiency. Trade payables and other current liabilities have also increased but remain proportionate to the company’s scale.
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Cash Flow and Financial Health
Cash flow from operating activities has been positive in most years, with ₹37 crores generated in 2025, although it dipped to negative in 2021. Investing activities have generally involved outflows, reflecting capital expenditure and investments, with ₹19 crores spent in 2025. Financing activities have seen consistent outflows, indicating debt repayments and possibly dividend payments.
Net cash inflow has improved to ₹12 crores in 2025, supporting a healthy closing cash balance of ₹19 crores. This liquidity position, combined with low debt levels, suggests a stable financial footing for the company.
Overall, Anuh Pharma’s historical performance reveals a company that has steadily expanded its revenue base and profitability while maintaining prudent financial management. Investors should note the fluctuations in margins and EPS, which warrant monitoring alongside market conditions and sectoral trends.
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