Revenue Growth and Operating Performance
Over the past six years, Skipper's net sales have surged impressively, rising from ₹1,581.51 crores in March 2021 to ₹4,624.48 crores in March 2025. This represents a near threefold increase, underscoring strong market demand and effective business expansion. The total operating income mirrors this trend, with no other operating income reported, indicating that core operations drive the revenue growth.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income has also shown a consistent upward trend, increasing from ₹143.71 crores in March 2021 to ₹451.66 crores in March 2025. The operating profit margin has remained relatively stable around 9.7% to 9.8%, reflecting efficient cost management despite rising raw material and manufacturing expenses.
Raw material costs have naturally escalated in line with sales, reaching ₹2,787.73 crores in the latest fiscal year. Employee costs and other expenses have also increased but remain proportionate to the scale of operations. Notably, manufacturing expenses saw a decline in earlier years but rose to ₹716.17 crores by March 2025, indicating increased production activity.
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Profitability and Margins
Skipper's profit before tax has grown substantially from ₹30.12 crores in March 2021 to ₹195.13 crores in March 2025. Correspondingly, profit after tax (PAT) increased from ₹21.08 crores to ₹145.83 crores over the same period. The consolidated net profit reflects this positive momentum, rising from ₹21.43 crores in March 2021 to ₹149.35 crores in March 2025.
The PAT margin has improved from 1.36% in March 2021 to 3.23% in March 2025, indicating enhanced profitability despite the company's expanding scale. Earnings per share (EPS) have also seen a marked increase, from ₹2.09 in March 2021 to ₹13.23 in March 2025, signalling strong value creation for shareholders.
Interest costs have risen in absolute terms, reaching ₹212.75 crores in March 2025, reflecting increased borrowings to support growth. However, the company has managed to maintain a healthy gross profit before depreciation and tax, which climbed to ₹258.43 crores in the latest fiscal year.
Balance Sheet and Financial Position
Skipper's total assets have expanded from ₹1,919.27 crores in March 2021 to ₹3,397.19 crores in March 2025, reflecting investments in fixed assets and working capital. The net block of assets increased steadily, reaching ₹716.58 crores, supported by capital work in progress which surged notably to ₹133.36 crores in the latest year.
Shareholders' funds have strengthened considerably, rising from ₹707.84 crores in March 2021 to ₹1,193.10 crores in March 2025. This growth is supported by reserves accumulation, which climbed to ₹1,181.82 crores. The book value per share has appreciated from ₹67.34 to ₹105.72, highlighting improved net worth per share.
On the liabilities side, total debt increased from ₹438.55 crores in March 2021 to ₹701.48 crores in March 2025, with both long-term and short-term borrowings rising to finance expansion. Trade payables and current liabilities also grew in line with business scale, indicating higher operational activity.
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Cash Flow and Liquidity
Cash flow from operating activities has fluctuated but remained positive, with ₹153 crores generated in March 2025. The company has invested heavily in capital expenditure, reflected in cash outflows from investing activities amounting to ₹200 crores in the latest year. Financing activities showed a positive inflow of ₹51 crores in March 2025, indicating fresh borrowings or capital infusion.
Despite these outflows, Skipper has maintained a stable cash position, with closing cash and cash equivalents rising to ₹5 crores in March 2025. Working capital changes have been variable, with a significant outflow of ₹280 crores in the latest year, suggesting increased inventory or receivables management needs.
Overall, Skipper's historical performance reveals a company on a growth path, balancing expansion with improving profitability and strengthening financial health. Investors may find the steady rise in earnings and net worth encouraging, although the rising debt levels warrant monitoring.
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