How has been the historical performance of I T D C?

Revenue Growth and Operating Performance

Over the past six years, I T D C’s net sales have shown a generally upward trend, reaching ₹570.73 crores in March 2025, up from ₹176.87 crores in March 2021. This reflects a strong rebound following a dip in 2021, which was likely influenced by broader economic disruptions. The total operating income mirrors this pattern, with a significant increase from ₹289.40 crores in March 2022 to ₹570.73 crores in the latest fiscal year.

Operating profit before depreciation and interest (PBDIT) excluding other income improved markedly, turning positive after losses in 2021. The company posted an operating profit of ₹85.44 crores in March 2025, compared to a negative figure of ₹44.03 crores in March 2021. Including other income, operating profit rose to ₹106.41 crores in the latest year, underscoring enhanced operational efficiency and income diversification.

Profitability and Margins

The company’s profit before tax (PBT) has also shown a strong recovery, rising to ₹98.78 crores in March 2025 from a loss of ₹33.55 crores in March 2021. Correspondingly, profit after tax (PAT) improved significantly, reaching ₹81.36 crores in the latest fiscal year, compared to a negative PAT in 2021. Earnings per share (EPS) followed suit, climbing to ₹9.51 in March 2025 from a negative ₹4.03 in 2021.

Operating profit margins excluding other income have stabilised around 15%, a marked improvement from the negative margins recorded in 2021. The PAT margin similarly improved to 14.26% in March 2025, reflecting better cost control and revenue quality. These margin improvements indicate a healthier bottom line and enhanced shareholder value creation.

Balance Sheet and Financial Position

I T D C’s balance sheet reveals a steady increase in shareholder’s funds, rising to ₹363.78 crores in March 2025 from ₹281.04 crores in 2021. The company maintains a very low debt level, with total debt remaining below ₹1 crore throughout the period, underscoring a conservative capital structure. Deferred tax liabilities have increased moderately, while other long-term liabilities have fluctuated but remain manageable.

On the asset side, net block values have remained relatively stable, indicating consistent investment in fixed assets. Current assets have increased to ₹650.95 crores in March 2025, supported by a healthy cash and bank balance of ₹220.31 crores, which is a recovery from the dip in the previous years. Net current assets have also improved, reflecting better working capital management.

Cash Flow Trends

Cash flow from operating activities turned positive in the latest fiscal year at ₹52 crores, after negative cash flows in 2023 and 2024. This improvement is a positive sign of the company’s ability to generate cash internally. Investing activities showed a modest outflow of ₹4 crores in 2025, while financing activities reflected repayments or dividend payments with an outflow of ₹21 crores. The net cash inflow of ₹26 crores in 2025 further strengthens liquidity.

Summary of Historical Performance

In summary, I T D C has experienced a significant turnaround since 2021, with revenues more than tripling from ₹176.87 crores to ₹570.73 crores by March 2025. Profitability metrics have improved from losses to healthy profits, supported by better operating margins and effective cost management. The company’s balance sheet remains robust with minimal debt and growing reserves, while cash flow generation has strengthened, signalling improved operational health.

Investors analysing I T D C’s historical performance should note the resilience demonstrated through a difficult period and the subsequent recovery, which positions the company favourably for future growth prospects.

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