Revenue and Profitability Trends
Over the past seven years, BF Utilities has seen its net sales grow substantially, from ₹336.27 crores in March 2017 to ₹969.32 crores in March 2024. This represents a near threefold increase, reflecting steady expansion in its core operations. The total operating income followed a similar pattern, with no other operating income reported, indicating reliance on primary business activities for revenue generation.
Operating profit margins have remained robust, with the operating profit (PBDIT) excluding other income rising from ₹250.77 crores in 2017 to ₹580.63 crores in 2024. The operating profit margin, while fluctuating, has generally stayed above 55%, peaking at 74.57% in 2017 and settling at 59.9% in the latest fiscal year. This suggests effective cost management despite increased selling and distribution expenses, which notably surged to ₹231.28 crores in 2024 from negligible levels in earlier years.
Profit before tax has shown a remarkable turnaround, moving from a loss of ₹23.37 crores in 2017 to a profit of ₹391.94 crores in 2024. Correspondingly, the profit after tax improved from a negative ₹29.31 crores in 2017 to a positive ₹303.51 crores in 2024. The consolidated net profit also reflects this recovery, rising to ₹147.36 crores in 2024 from a loss in 2017. Earnings per share have followed suit, increasing from a negative ₹7.78 to ₹39.13 over the same period, signalling enhanced shareholder value.
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Balance Sheet and Financial Position
BF Utilities’ balance sheet has undergone significant changes, with shareholder’s funds improving from a negative ₹223.26 crores in 2021 to a positive ₹55.36 crores in 2024, and further to ₹201.55 crores in 2025. This shift indicates a strengthening equity base. Total reserves have also turned positive, rising to ₹36.53 crores in 2024 and ₹182.72 crores in 2025, after several years of negative reserves.
Long-term borrowings have decreased from ₹1,690.48 crores in 2021 to ₹1,283.52 crores in 2024 and further down to ₹921.27 crores in 2025, reflecting efforts to reduce debt. Total debt similarly declined from ₹1,668.94 crores in 2020 to ₹1,205.72 crores in 2024 and ₹805.34 crores in 2025, signalling improved leverage ratios. The company’s total liabilities have remained relatively stable around ₹2,400 crores in recent years.
On the asset side, net block values have increased steadily, reaching ₹1,353.11 crores in 2024 and ₹1,291.27 crores in 2025, supporting the company’s operational capacity. Current assets have also grown, with cash and bank balances rising from ₹62.05 crores in 2020 to ₹194.56 crores in 2024 and ₹212.23 crores in 2025, enhancing liquidity.
Cash Flow and Operational Efficiency
Cash flow from operating activities has shown consistent improvement, increasing from ₹310 crores in 2020 to ₹583 crores in 2024 and ₹539 crores in 2025. This reflects stronger core business cash generation. Investing activities have generally been cash outflows, with ₹244 crores spent in 2024, indicating ongoing capital expenditure and asset development. Financing activities have been net outflows, consistent with debt repayment and deleveraging efforts.
Net cash inflow/outflow has stabilised, with zero net change in 2024 and a modest inflow of ₹8 crores in 2025, suggesting balanced cash management. The company’s ability to generate positive cash flows while reducing debt highlights improving financial discipline.
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Summary of Historical Performance
In summary, BF Utilities has transitioned from a period of losses and negative equity to a phase of growth and profitability. Revenue has nearly tripled over seven years, while operating and net profit margins have improved significantly. The company has strengthened its balance sheet by reducing debt and increasing reserves, alongside maintaining healthy cash flows from operations. Despite some volatility in expenses, particularly selling and distribution costs, the overall financial health has improved markedly.
Investors observing BF Utilities should note the company’s successful turnaround, evidenced by rising earnings per share and positive net profits after years of losses. The firm’s focus on deleveraging and asset growth positions it well for sustainable future performance, although monitoring expense trends and debt levels remains prudent.
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