Revenue and Profit Trends
Nyssa Corp.'s net sales have experienced significant volatility over the past seven years. The company recorded its peak revenue in the fiscal year ending March 2022 at ₹17.02 crores, followed by a sharp decline to ₹7.83 crores in March 2024 and further down to ₹4.80 crores in March 2025. This downward trend in sales is indicative of operational headwinds or market challenges faced in recent years.
Operating profit margins have mirrored this volatility. The operating profit before other income (PBDIT excl. OI) swung from a positive ₹2.58 crores in March 2024 to a negative margin in March 2025, reflecting a contraction in core profitability. However, the inclusion of other income has helped maintain a positive operating profit, albeit reduced to ₹0.44 crores in the latest fiscal year.
Profit after tax (PAT) has similarly fluctuated, peaking at ₹2.35 crores in March 2024 before declining to ₹0.36 crores in March 2025. Earnings per share (EPS) followed this pattern, with a high of 0.78 in March 2024 dropping to 0.12 in March 2025. Despite these declines, the company has maintained a positive PAT margin of 7.5% in the latest year, suggesting some operational efficiency despite lower revenues.
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Cost Structure and Margins
The company's expenditure profile reveals a relatively stable cost base, with total expenditure excluding depreciation ranging from ₹4.93 crores in March 2025 to a high of ₹15.05 crores in March 2022. Raw material costs and purchase of finished goods have been significant components, particularly in years of higher sales. For instance, purchase of finished goods peaked at ₹11.23 crores in March 2022, aligning with the revenue peak.
Other expenses have gradually increased, reaching ₹3.14 crores in March 2025, which may have contributed to the pressure on operating margins. Employee costs have remained modest and stable, indicating controlled overheads. The gross profit margin has seen a steep decline from 40.74% in March 2024 to 9.17% in March 2025, underscoring the impact of reduced sales and rising costs on profitability.
Balance Sheet and Financial Position
Nyssa Corp. has maintained a consistent equity capital base of ₹3.00 crores throughout the period under review. Shareholders' funds have grown steadily from ₹24.14 crores in March 2020 to ₹30.50 crores in March 2025, supported by accumulated reserves increasing to ₹27.50 crores. This indicates a strengthening net worth despite operational challenges.
The company has successfully reduced its debt, with total debt eliminated by March 2025 after standing at ₹1.10 crores in March 2020. This deleveraging enhances financial stability and reduces interest burden, which was ₹0.51 crores in March 2020 and has since dropped to zero.
On the asset side, total assets have remained relatively stable, hovering around ₹37.5 crores in recent years. Non-current investments and long-term loans and advances constitute a significant portion of assets, reflecting a focus on long-term financial positioning. Current assets have decreased notably from ₹16.18 crores in March 2020 to ₹2.72 crores in March 2025, signalling a possible reduction in liquidity or working capital.
Cash Flow Analysis
Cash flow from operating activities has been inconsistent, with a negative outflow of ₹5.00 crores in March 2025 contrasting with positive inflows in previous years. Changes in working capital have been a key driver, with a significant negative impact in the latest year. Financing activities have offset this with a ₹5.00 crores inflow in March 2025, suggesting external funding or capital infusion to support operations.
Investing activities have remained neutral, indicating no major capital expenditure or asset sales during the period. The net cash position has remained flat, with no significant increase or decrease in cash and cash equivalents reported.
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Summary and Outlook
Nyssa Corp.'s historical performance reflects a company navigating through fluctuating market conditions and operational challenges. While revenues and profits peaked in the fiscal year ending March 2022, subsequent years have seen declines in sales and margins. The company’s ability to maintain positive net profit and strengthen its balance sheet by reducing debt is a positive sign.
However, the recent contraction in operating profit margins and negative cash flow from operations highlight areas requiring attention. Investors should monitor the company’s efforts to stabilise revenues and improve operational efficiency. The steady increase in reserves and shareholders' funds provides a cushion for future growth initiatives.
Overall, Nyssa Corp. presents a mixed picture with both strengths in financial solidity and challenges in top-line growth and cash generation.
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