Revenue and Profitability Trends
Over the three-year period ending March 2025, Last Mile Enter. has seen its net sales surge from ₹50.00 crores in March 2023 to ₹385.16 crores in March 2025. This remarkable growth reflects the company's expanding market presence and operational scale. Total operating income mirrored this trend, rising in tandem with net sales, as there was no other operating income reported during these years.
Despite the rapid revenue growth, the company’s operating profit margin excluding other income showed volatility. It declined from a healthy 9.86% in March 2023 to a negative margin of -1.85% in March 2024, before recovering to 2.0% in March 2025. This fluctuation was influenced by rising expenditure, particularly the purchase of finished goods, which accounted for the bulk of operating costs, increasing substantially from ₹0.07 crores in 2023 to ₹349.88 crores in 2025.
Other expenses also varied significantly, with a notable decrease from ₹45.15 crores in 2023 to ₹24.67 crores in 2025, indicating improved cost management. Employee costs increased moderately, reflecting the company’s scaling operations. The operating profit before depreciation, interest, and tax (PBDIT) excluding other income turned positive in the latest fiscal year at ₹7.69 crores, after a dip in 2024.
Incorporating other income, which rose from ₹3.20 crores in 2023 to ₹18.62 crores in 2025, the overall operating profit (PBDIT) improved significantly to ₹26.31 crores in March 2025. Profit before tax followed a similar trajectory, reaching ₹23.05 crores in 2025, up from ₹7.08 crores in 2023. Consequently, the consolidated net profit increased to ₹15.44 crores in 2025, more than tripling from ₹4.58 crores in 2023, despite a dip in earnings per share due to equity dilution.
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Balance Sheet and Financial Position
The company’s balance sheet has strengthened considerably, with total assets expanding from ₹45.07 crores in March 2023 to ₹539.09 crores in March 2025. Shareholder’s funds surged from ₹12.98 crores to ₹378.83 crores over the same period, supported by a substantial increase in reserves, which rose from a negative ₹1.60 crores in 2023 to ₹324.55 crores in 2025. This reflects retained earnings and capital infusion, enhancing the company’s net worth.
Long-term borrowings increased moderately to ₹20.70 crores in 2025, while short-term borrowings decreased from ₹23.12 crores in 2024 to ₹8.37 crores in 2025, indicating a shift towards more stable financing. Total liabilities grew in line with asset expansion, but the company maintained a manageable debt level, with total debt at ₹29.07 crores in 2025.
On the asset side, net block (fixed assets) increased to ₹11.03 crores, and capital work in progress appeared for the first time at ₹12.73 crores in 2025, signalling ongoing investments in infrastructure or capacity expansion. Current assets also grew robustly, driven by increases in inventories, sundry debtors, and short-term loans and advances, supporting the company’s operational needs.
Cash and bank balances remained modest, closing at ₹1.96 crores in 2025, with cash flow from operating activities showing negative figures due to significant working capital changes. However, financing activities provided strong inflows, helping maintain liquidity.
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Summary and Outlook
Last Mile Enter. has exhibited a dynamic growth trajectory with a more than sevenfold increase in net sales over three years, accompanied by a marked improvement in profitability and shareholder equity. The company’s ability to enhance operating profit despite rising costs and to expand its asset base significantly demonstrates operational scaling and financial strengthening.
While earnings per share have declined due to equity dilution, the overall net profit and reserves growth indicate a solid foundation for future expansion. The company’s balance sheet shows prudent management of debt and liabilities, with ongoing investments suggesting a focus on long-term growth.
Investors analysing Last Mile Enter. should consider both the impressive revenue growth and the fluctuations in operating margins, alongside the company’s evolving capital structure and cash flow dynamics. The historical performance underscores a company in transition, scaling operations while managing costs and financing strategically.
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