Revenue and Profitability Trends
Repro India’s net sales have exhibited notable volatility over the past seven years. After a dip to ₹138.04 crores in March 2021, sales rebounded sharply to ₹287.43 crores in March 2022 and further climbed to ₹465.95 crores by March 2025. However, the peak in March 2024 at ₹479.46 crores was followed by a slight decline in the latest fiscal year. This pattern suggests a recovery phase post the pandemic-affected years, with the company regaining momentum in its core operations.
Operating profit margins have mirrored this volatility. The company posted a negative operating margin of -4.41% in March 2021, reflecting operational challenges. This improved significantly to double-digit margins in subsequent years, peaking at 10.79% in March 2024 before easing to 6.83% in March 2025. Despite these fluctuations, Repro India managed to sustain positive operating profits in most years, except for the pandemic-impacted period.
Profit after tax (PAT) has been more erratic, with losses recorded in March 2021 and March 2022, followed by a return to profitability in March 2023 and March 2024. The latest fiscal year saw a marginal loss of ₹2.06 crores, indicating ongoing pressures. Earnings per share (EPS) followed a similar trajectory, swinging from a low of -35.88 in March 2021 to a positive 8.4 in March 2024, before slipping to -1.44 in March 2025.
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Balance Sheet and Financial Position
Repro India’s balance sheet reflects a steady increase in shareholder’s funds, rising from ₹253.94 crores in March 2021 to ₹382.20 crores in March 2025. This growth is supported by reserves that have expanded from ₹241.85 crores to ₹367.88 crores over the same period, indicating retained earnings and capital accumulation despite profit fluctuations.
The company’s total liabilities have remained relatively stable, with a slight increase from ₹434.37 crores in March 2021 to ₹509.79 crores in March 2025. Notably, total debt has decreased from ₹88.03 crores in March 2021 to ₹71.45 crores in March 2025, signalling some deleveraging efforts. However, short-term borrowings remain significant at ₹50.52 crores, which could imply liquidity management challenges.
Asset-wise, net block values have seen a moderate decline from ₹257.95 crores in March 2021 to ₹251.24 crores in March 2025, while capital work in progress and intangible assets under development have increased, suggesting ongoing investments in growth and innovation.
Cash Flow and Operational Efficiency
Cash flow from operating activities has shown resilience, with ₹50 crores generated in March 2025, up from ₹27 crores in March 2024. This improvement highlights better working capital management and operational cash generation. Conversely, cash flow from investing activities has consistently been negative, reflecting continued capital expenditure and investments, with ₹71 crores spent in the latest fiscal year.
Financing activities have contributed positively in recent years, with ₹23 crores inflow in March 2025, reversing prior years’ outflows. The net cash inflow remains modest at ₹1 crore in the latest year, maintaining a stable cash and cash equivalents position of ₹7 crores.
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Summary and Outlook
Repro India’s historical performance is characterised by a recovery from significant losses during the pandemic years to a phase of improved revenues and operating profitability. Despite recent setbacks in net profit, the company’s balance sheet remains robust with growing reserves and manageable debt levels. Cash flow trends indicate operational strength, though investment outflows continue to weigh on liquidity.
Investors should note the cyclical nature of the company’s earnings and the ongoing investments in intangible assets and capital projects, which may position Repro India for future growth. However, the recent dip in profitability and EPS warrants cautious monitoring of operational efficiencies and market conditions.
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