Revenue and Operating Performance Trends
The company’s net sales have shown a general upward trend from ₹218.53 crores in March 2019 to a peak of ₹1,375.71 crores in March 2024, before declining to ₹1,110.95 crores in March 2025. This growth trajectory reflects an expanding business scale, particularly notable between 2019 and 2024, where sales more than sextupled. However, the dip in the latest fiscal year suggests emerging headwinds or market adjustments.
Operating expenses have consistently outpaced revenues, with total expenditure excluding depreciation rising from ₹255.98 crores in 2019 to ₹1,166.98 crores in 2025. The largest cost component remains the purchase of finished goods, which scaled in line with sales, reaching over ₹1,000 crores in recent years. Employee costs have also increased steadily, reflecting workforce expansion or wage inflation.
Operating profit margins excluding other income have mostly been negative, except for a marginal positive margin of 0.39% in March 2024. The company recorded operating losses in most years, with the margin hitting a low of -17.14% in 2019 and -5.04% in 2025. Other income has provided some relief, contributing around ₹60 crores in recent years, which helped the company report a positive operating profit in 2024 but a marginal profit in 2025.
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Profitability and Earnings Analysis
Profit before tax has been highly volatile, with a remarkable spike to ₹1,114.77 crores in March 2022, largely influenced by exceptional items amounting to over ₹1,150 crores that year. Excluding such items, the company has mostly reported losses before tax, including a significant loss of ₹192.86 crores in March 2025. Correspondingly, profit after tax has mirrored this volatility, with a peak of ₹983.66 crores in 2022 but negative results in most other years, including a loss of ₹122.74 crores in 2025.
Earnings per share (EPS) have reflected these swings, with a high of ₹222.73 in 2022 and negative EPS in all other years, including a steep decline to -₹28.66 in 2025. The PAT margin has similarly fluctuated, reaching an extraordinary 154.95% in 2022 but remaining negative in other years, including -11.05% in the latest fiscal year.
Balance Sheet and Asset Management
The company’s total assets have decreased from ₹1,277.76 crores in 2022 to ₹963.16 crores in 2025, indicating some asset consolidation or disposals. Shareholders’ funds have also declined from ₹826.50 crores in 2022 to ₹669.87 crores in 2025, reflecting accumulated losses and reserve reductions. Notably, the company carries no long-term borrowings or secured loans in recent years, which may reduce financial risk.
Current assets have increased to ₹687.75 crores in 2025, supported by a substantial rise in current investments to ₹575.42 crores. However, net current assets remain positive at ₹361.35 crores, a significant improvement from negative positions in prior years. The book value per share has decreased from ₹258.25 in 2022 to ₹210.58 in 2025, consistent with the overall decline in net worth.
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Cash Flow and Liquidity Position
Cash flow from operating activities has been predominantly negative over the years, with the company reporting outflows in most fiscal periods, including a ₹207 crore outflow in 2022 and a smaller negative cash flow of ₹111 crores in 2023. However, in 2024, the company managed a positive operating cash flow of ₹38 crores, signalling some operational improvement. Investing activities have fluctuated, with significant inflows in 2022 but outflows in 2024.
Financing activities have generally been modest, with occasional inflows and outflows, and no long-term debt raised recently. The closing cash and cash equivalents have varied, peaking at ₹212 crores in 2022 but falling to ₹12.44 crores in 2025, indicating tighter liquidity in the latest year.
Summary of Historical Performance
Overall, Sastasundar Ven. has demonstrated a mixed financial history characterised by rapid revenue growth, persistent operating losses, and significant volatility in profitability due to exceptional items. The balance sheet shows a reduction in total assets and shareholders’ funds in recent years, while cash flow trends suggest ongoing challenges in generating consistent operational cash. Investors should weigh the company’s growth potential against its profitability and liquidity risks when considering exposure.
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