Revenue and Profit Growth
The company’s net sales have shown a robust upward trend, climbing from ₹500.33 crores in March 2020 to ₹1,750.41 crores by March 2025. This represents a compound growth trajectory reflecting strong operational expansion. Total operating income mirrors this growth, with no other operating income reported during this period, indicating that core business activities have driven revenue increases.
Operating profit before depreciation and interest (PBDIT) excluding other income rose significantly from ₹414.26 crores in March 2020 to ₹1,479.42 crores in March 2025. Including other income, operating profit reached ₹1,527.41 crores in the latest fiscal year, up from ₹437.65 crores five years prior. Despite rising interest expenses, which increased from ₹184.55 crores to ₹540.51 crores over the same period, the company’s profit before tax surged from ₹247.29 crores to ₹974.84 crores.
Profit after tax (PAT) followed a similar trajectory, increasing from ₹211.01 crores in March 2020 to ₹751.25 crores in March 2025. Earnings per share (EPS) adjusted for the face value change, rose from ₹22.33 in 2020 to ₹15.03 in 2025, reflecting the impact of share capital adjustments but still indicating solid profitability growth.
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Margins and Expense Management
The operating profit margin excluding other income has remained consistently high, fluctuating narrowly between 82.0% and 84.6% over the six-year period. This indicates efficient cost control relative to revenue growth. Gross profit margin has also been strong, peaking at 60.45% in March 2023 before settling at 56.38% in the latest year, suggesting stable profitability from core operations.
Employee costs have increased steadily from ₹64.81 crores in 2020 to ₹177.06 crores in 2025, reflecting scaling operations and possibly workforce expansion. Other expenses also rose but at a controlled pace, contributing to total expenditure excluding depreciation increasing from ₹86.07 crores to ₹270.99 crores. Despite these rising costs, the company has maintained a healthy PAT margin around 43% in the latest year, consistent with prior years.
Balance Sheet and Financial Position
Shareholder’s funds have more than doubled from ₹1,709.01 crores in March 2020 to ₹4,316.65 crores in March 2025, signalling strong equity growth. Total reserves have similarly expanded, supporting the company’s capital base. Total liabilities have increased in line with business growth, reaching ₹11,221.35 crores in 2025 from ₹3,734.00 crores in 2020, with short-term borrowings constituting a significant portion of this rise.
Non-current assets have grown steadily, with net block increasing from ₹3.63 crores to ₹8.54 crores, indicating ongoing investment in fixed assets. Cash and bank balances have fluctuated but remain substantial at ₹423.74 crores in the latest year, supporting liquidity. However, net current assets have been negative throughout, reflecting the company’s reliance on short-term financing to support operations.
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Cash Flow Trends
Cash flow from operating activities has been negative consistently, with the outflow increasing from ₹620 crores in 2021 to ₹1,404 crores in 2025. This is largely due to significant changes in working capital, which have expanded from a negative ₹876 crores to a negative ₹2,146 crores over the same period. Cash flow from investing activities has been mixed, with occasional inflows but mostly outflows in recent years.
Financing activities have provided substantial inflows, rising from ₹494 crores in 2021 to ₹1,461 crores in 2025, reflecting the company’s strategy to fund growth through external capital. Despite these financing inflows, net cash inflow/outflow has been slightly negative or marginally positive in recent years, indicating tight cash management.
Summary
Overall, Aptus Value Hou. has exhibited strong historical performance characterised by significant revenue and profit growth, robust margins, and expanding shareholder equity. The company’s increasing liabilities and negative operating cash flows highlight a reliance on external financing to support its expansion. Investors should weigh these factors alongside the company’s consistent profitability and operational efficiency when considering its long-term prospects.
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