Revenue and Profitability Trends
Over the seven-year period ending March 2025, Pulz Electronics’ net sales demonstrated notable volatility. The company’s revenue peaked at ₹44.89 crores in March 2023, before declining to ₹37.33 crores in March 2025. Earlier years showed a steep rise from ₹8.95 crores in March 2021 to ₹31.18 crores in March 2020, reflecting a recovery phase post a low base. The total operating income mirrored this pattern, with no other operating income recorded across the years.
Operating profit margins, excluding other income, have varied considerably. The margin improved from a negative 7.71% in March 2021 to a robust 28.41% in March 2024, before moderating to 22.48% in March 2025. Gross profit margins followed a similar trajectory, peaking at 30.09% in March 2024 and settling at 17.25% in the latest fiscal year. These fluctuations indicate periods of operational efficiency interspersed with challenges in cost management or pricing pressures.
Profit after tax (PAT) margins also reflected this variability, with a low of negative 3.58% in March 2021 and a high of 21.33% in March 2024. The PAT margin stood at 11.17% in March 2025, signalling a return to profitability after a loss-making year in 2021. Earnings per share (EPS) followed the profit trend, with a peak EPS of 6.18 in March 2023 and a decline to 1.91 in March 2025, influenced by changes in equity capital and net profit.
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Cost Structure and Expenditure
The company’s raw material costs have fluctuated in line with sales, peaking at ₹26.81 crores in March 2023 before dropping to ₹10.01 crores in March 2025. Notably, the purchase of finished goods was introduced in recent years, reaching ₹4.80 crores in March 2025, which was absent in earlier years. Employee costs have steadily increased from ₹1.30 crores in March 2021 to ₹3.86 crores in March 2025, reflecting possible workforce expansion or wage inflation.
Other expenses have also risen significantly, from ₹2.37 crores in March 2021 to ₹10.84 crores in March 2025, indicating increased operational overheads. Manufacturing expenses showed minor fluctuations but remained relatively stable. The total expenditure excluding depreciation rose from ₹9.64 crores in March 2021 to ₹28.94 crores in March 2025, consistent with the scale of operations.
Balance Sheet and Financial Position
Shareholder’s funds have grown steadily, from ₹12.94 crores in March 2021 to ₹33.38 crores in March 2025, supported by increases in equity capital and reserves. Equity capital doubled from ₹10.90 crores in March 2024 to ₹21.81 crores in March 2025, reflecting possible capital infusion or stock issuance. Total reserves, however, declined from ₹18.31 crores in March 2024 to ₹11.57 crores in March 2025.
Long-term borrowings remain minimal, rising slightly to ₹0.29 crores in March 2025, while total liabilities increased moderately to ₹40.72 crores. The company maintains a low debt profile, with total debt under ₹0.40 crores in the latest fiscal year. Net block of fixed assets has remained fairly consistent, around ₹3.30 crores in March 2025, with capital work in progress and intangible assets under development indicating ongoing investments.
Liquidity and Cash Flow Analysis
Current assets have expanded from ₹16.02 crores in March 2021 to ₹31.93 crores in March 2025, driven by increases in inventories, sundry debtors, cash and bank balances, and short-term loans and advances. Inventories rose to ₹14.21 crores, while cash and bank balances more than tripled to ₹8.69 crores over the period, enhancing liquidity.
Cash flow from operating activities showed improvement, with ₹2.00 crores generated in March 2025 compared to a negative outflow in March 2021. Investing activities consistently reflected cash outflows, peaking at ₹5.00 crores in March 2024, indicating ongoing capital expenditure. Financing activities remained neutral, with no significant inflows or outflows recorded.
Overall, Pulz Electronics has demonstrated a capacity to generate positive cash flows and maintain a stable financial position despite fluctuations in profitability and revenue.
Summary of Historical Performance
In summary, Pulz Electronics’ historical performance reveals a company that has navigated through periods of both growth and contraction. Revenue and profitability have shown marked variability, with recent years reflecting a recovery from losses and improved margins. The balance sheet indicates strengthening equity and manageable debt levels, while cash flow trends suggest improving operational efficiency and liquidity. Investors should consider these dynamics alongside sectoral and market conditions when evaluating the company’s prospects.
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