Revenue and Profitability Trends
The trust's net sales surged markedly from ₹42.72 crores in the fiscal year ending March 2024 to ₹324.11 crores in March 2025, reflecting a robust expansion in its operating scale. This growth was accompanied by a corresponding rise in total operating income, which mirrored the net sales figures, as there was no other operating income reported in these years.
Operating expenses excluding depreciation increased from ₹11.88 crores in March 2024 to ₹42.41 crores in March 2025, driven primarily by higher manufacturing, selling, distribution, and other expenses. Despite this rise, the operating profit before depreciation and interest (PBDIT) excluding other income soared from ₹30.84 crores to ₹281.70 crores, indicating a significant improvement in operational efficiency and margin expansion.
Including other income, operating profit (PBDIT) rose to ₹295.94 crores in March 2025 from ₹36.31 crores the previous year. Interest costs, however, increased substantially to ₹61.70 crores, reflecting higher borrowings or financing costs. Depreciation also rose sharply to ₹65.26 crores, which impacted the profit before tax, though it still grew impressively to ₹168.99 crores from ₹22.07 crores.
Profit after tax (PAT) followed this upward trajectory, climbing to ₹136.73 crores in March 2025 from ₹18.41 crores in March 2024. The consolidated net profit similarly increased to ₹135.63 crores, with earnings per share (EPS) rising from ₹0.49 to ₹3.67, signalling enhanced shareholder value.
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Balance Sheet and Asset Growth
On the balance sheet front, shareholder's funds have grown steadily from ₹145.18 crores in March 2022 to ₹3,874.94 crores in March 2025, reflecting capital infusion and retained earnings accumulation. Reserves increased notably to ₹74.09 crores in the latest fiscal year, up from ₹18.42 crores the year before.
Total liabilities expanded significantly to ₹5,607.74 crores in March 2025 from ₹4,536.36 crores in March 2024, largely due to a rise in long-term borrowings which jumped to ₹1,367.08 crores from ₹323.55 crores. This increase in secured loans suggests strategic leveraging to support growth initiatives.
Asset growth was equally pronounced, with total assets rising to ₹5,607.74 crores in March 2025 from ₹4,536.36 crores the previous year. Non-current investments surged to ₹4,622.84 crores, indicating a focus on long-term value creation. The net block of fixed assets also increased, signalling ongoing capital expenditure and asset base expansion.
Current assets improved to ₹530.27 crores, supported by current investments of ₹293.23 crores, which were absent in prior years. This bolstered the net current assets position to ₹381.33 crores, a significant improvement from ₹116.01 crores in March 2024.
Cash Flow and Financial Health
Cash flow from operating activities turned positive in the latest fiscal year, reaching ₹280 crores compared to a negative ₹52 crores in March 2024. This reflects improved operational cash generation despite fluctuations in working capital. Investing activities continued to show substantial outflows, primarily due to capital investments, though these were lower than the previous year’s ₹4,008 crores outflow.
Financing activities provided a strong inflow of ₹832 crores, supporting the trust’s expansion and debt servicing needs. Despite these movements, the net cash position declined slightly to ₹19 crores at the end of March 2025 from ₹71 crores a year earlier, indicating active deployment of cash resources into growth and operations.
Operating profit margins excluding other income improved to 86.91% in March 2025 from 72.19% the year before, while the profit after tax margin remained stable around 42%, underscoring consistent profitability despite increased scale and expenses.
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Summary of Historical Performance
Overall, NDR INVIT Trust has exhibited a strong upward trajectory in financial performance over the recent years. The trust’s ability to multiply its operating income and net profit substantially within a single year highlights effective management and operational leverage. The balance sheet expansion, supported by increased borrowings and investments, indicates a strategic approach to growth and asset acquisition.
While interest and depreciation expenses have risen, the trust has maintained healthy profit margins and improved cash flow from operations, signalling sound financial health. The growth in earnings per share and book value per share further reflects enhanced shareholder returns and capital efficiency.
Investors analysing NDR INVIT Trust can note its robust revenue growth, expanding asset base, and improving profitability metrics as key indicators of its historical strength and potential for sustained performance in the future.
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