Revenue and Profitability Trends
Over the four-year period, Monte Carlo Fas. recorded net sales rising from ₹904.32 crores in March 2022 to ₹1,100.41 crores in March 2025, reflecting a compound growth trajectory despite minor fluctuations. The total operating income mirrored this pattern, with a notable jump between 2022 and 2023, followed by a slight dip and subsequent recovery.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income showed variability, peaking at ₹217.60 crores in March 2023 before settling at ₹186.50 crores in March 2025. Including other income, operating profit followed a similar trend, reaching ₹221.67 crores in the latest fiscal year.
Profit before tax (PBT) and profit after tax (PAT) exhibited significant swings. PBT rose sharply to ₹172.21 crores in March 2023 but declined to ₹113.91 crores by March 2025. Correspondingly, PAT peaked at ₹132.52 crores in 2023 before dropping to ₹81.17 crores in 2025. Earnings per share (EPS) followed this pattern, with the highest EPS recorded in 2023 at 63.93, decreasing to 39.16 in 2025.
Margins also reflected these fluctuations. Operating profit margin excluding other income was highest at 19.93% in 2022, dipped to 13.36% in 2024, and recovered to 16.95% in 2025. PAT margin similarly declined from 12.6% in 2022 to 7.38% in 2025, indicating pressure on net profitability.
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Cost Structure and Expenditure
The company’s expenditure profile reveals rising costs in raw materials and purchases of finished goods, which together constitute a significant portion of total operating expenses. Raw material costs decreased from ₹139.47 crores in 2023 to ₹107.24 crores in 2025, while purchases of finished goods showed a decline from ₹614.93 crores in 2023 to ₹534.05 crores in 2025. Employee costs steadily increased from ₹81.18 crores in 2022 to ₹122.49 crores in 2025, reflecting possible expansion or wage inflation.
Selling and distribution expenses also rose, reaching ₹43.35 crores in 2025 from ₹24.09 crores in 2022. Other expenses followed a similar upward trend, indicating increased operational outlays. Despite these rising costs, the company managed to maintain a positive operating profit, though margins were compressed compared to earlier years.
Balance Sheet and Financial Position
Monte Carlo Fas.’s balance sheet shows steady growth in shareholder’s funds, increasing from ₹687.26 crores in 2022 to ₹834.04 crores in 2025. Total reserves also expanded, indicating retained earnings accumulation. The company has successfully reduced long-term borrowings to zero by 2025, signalling improved financial health and reduced leverage.
However, short-term borrowings have increased substantially, from ₹60.10 crores in 2022 to ₹286.93 crores in 2025, which may suggest a shift in working capital financing strategy. Total liabilities rose accordingly, reflecting this increased short-term debt and other current liabilities.
On the asset side, net block (fixed assets net of depreciation) grew from ₹153.41 crores in 2022 to ₹187.61 crores in 2025, indicating ongoing capital investment. Non-current assets also increased, supported by rising non-current investments and loans. Current assets expanded significantly, driven by higher inventories and sundry debtors, which may reflect increased business scale or inventory stocking.
Cash Flow Analysis
Cash flow from operating activities has been positive in recent years, with ₹72 crores generated in 2025, though it was negative in 2023. Investing activities consistently showed cash outflows, reflecting capital expenditure and investment activities. Financing activities fluctuated, with outflows in 2024 and 2025, possibly due to debt repayments or dividend payments.
Overall, net cash inflow/outflow remained neutral in most years, indicating balanced cash management despite operational and investment demands. The company’s cash and bank balances have varied, with a low closing balance in 2025, suggesting reliance on working capital financing.
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Summary and Investor Considerations
Monte Carlo Fas. has shown commendable revenue growth and an ability to generate operating profits despite rising costs and margin pressures. The company’s reduction of long-term debt and growth in shareholder equity are positive indicators of financial stability. However, the increased reliance on short-term borrowings and fluctuating net profits suggest areas for cautious monitoring.
Investors should weigh the company’s solid asset base and expanding reserves against the volatility in profitability and cash flows. The earnings per share have seen significant variation, reflecting the cyclical nature of the business or market conditions. Overall, Monte Carlo Fas. presents a mixed but fundamentally sound financial profile with potential for growth if cost controls and working capital management are optimised.
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