How has been the historical performance of Innova Captab?

Revenue and Profit Growth

Over the fiscal years ending March 2023 to March 2025, Innova Captab’s net sales have shown a steady increase, rising from ₹926.38 crores in March 2023 to ₹1,243.68 crores in March 2025. This represents a compound growth trend reflecting the company’s expanding market presence and sales capabilities. Correspondingly, the total operating income mirrored this growth, with no other operating income reported during this period.

The company’s operating profit before depreciation, interest, and tax (PBDIT) also improved significantly, climbing from ₹122.85 crores in March 2023 to ₹198.21 crores in March 2025. This increase was supported by a rising operating profit margin, which expanded from 12.27% to 14.97%, indicating enhanced operational efficiency and cost management.

Profit before tax surged from ₹91.80 crores in March 2023 to ₹171.02 crores in March 2025, while profit after tax rose from ₹67.95 crores to ₹128.26 crores over the same period. The net profit margin improved from 7.34% to 10.31%, underscoring the company’s ability to convert revenue growth into bottom-line gains effectively.

Cost Structure and Margins

Innova Captab’s cost of raw materials increased in line with sales, from ₹646.61 crores in March 2023 to ₹799.82 crores in March 2025, reflecting higher production volumes. Employee costs nearly doubled from ₹54.80 crores to ₹116.78 crores, signalling investment in human resources to support growth. Other expenses also rose substantially, from ₹66.37 crores to ₹126.64 crores, which may include administrative and operational overheads.

Despite rising costs, the company maintained healthy gross and operating profit margins, with gross profit margin improving from 11.11% to 15.74% and operating profit margin from 12.27% to 14.97%. This suggests effective cost control and pricing strategies amid expanding scale.

Balance Sheet Strength and Capitalisation

Innova Captab’s shareholder funds have grown markedly, from ₹276.51 crores in March 2023 to ₹959.42 crores in March 2025, supported by a substantial increase in reserves from ₹228.51 crores to ₹902.19 crores. This reflects retained earnings accumulation and a strengthening equity base. The equity capital remained stable at ₹57.23 crores during this period.

Total liabilities rose from ₹704.29 crores to ₹1,568.17 crores, with long-term borrowings increasing from ₹134.18 crores to ₹243.55 crores and short-term borrowings fluctuating but ending higher at ₹92.52 crores. The company’s total debt increased from ₹235.19 crores to ₹336.07 crores, indicating moderate leverage to finance growth initiatives.

On the asset side, net block (fixed assets) expanded significantly from ₹167.57 crores to ₹784.34 crores, signalling capital expenditure and capacity expansion. Current assets also rose from ₹442.47 crores to ₹695.69 crores, supported by increases in inventories and sundry debtors, consistent with higher sales volumes.

Cash Flow and Liquidity

Operating cash flow showed variability, with ₹67 crores in March 2023, peaking at ₹146 crores in March 2024, before moderating to ₹63 crores in March 2025. Investing activities consistently reflected cash outflows, notably ₹151 crores in March 2025, indicative of ongoing capital investments. Financing activities provided positive cash inflows, particularly ₹91 crores in March 2025, supporting the company’s funding needs.

Net cash inflow remained modest but positive across the years, with closing cash and cash equivalents increasing from ₹3 crores in March 2023 to ₹15 crores in March 2025, suggesting prudent liquidity management despite expansion.

Summary of Historical Performance

Innova Captab’s historical financial performance over the last three years reveals a company on a steady growth path, with rising revenues, improving profitability, and a strengthening balance sheet. The company has successfully managed to enhance its margins despite increased costs, while investing significantly in fixed assets and human capital to support future growth. Moderate leverage and positive cash flow trends further underpin its financial stability.

With earnings per share rising from ₹14.16 in March 2023 to ₹22.41 in March 2025, and book value per share increasing substantially, Innova Captab has delivered value to shareholders through both earnings growth and capital appreciation. The company’s consistent execution and financial discipline position it well for continued expansion in the competitive telecommunication sector.

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