How has been the historical performance of Tirupati Starch?

Nov 24 2025 11:06 PM IST

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Tirupati Starch's historical performance shows mixed results, with net sales increasing from 364.21 Cr in Mar'23 to 386.22 Cr in Mar'25, despite a dip in Mar'24. Profitability improved significantly, with profit after tax rising to 7.53 Cr in Mar'25, while total assets and liabilities also grew during the period.

Revenue and Profitability Trends

Over the three-year period, Tirupati Starch’s net sales exhibited notable variation. The company recorded ₹364.21 crores in sales for the year ending March 2023, which declined to ₹306.11 crores in March 2024 before rebounding strongly to ₹386.22 crores by March 2025. This recovery in the latest fiscal year reflects a robust operational turnaround.

Operating profit before depreciation, interest, and tax (PBDIT) excluding other income showed a modest upward trajectory, rising from ₹21.02 crores in March 2023 to ₹24.72 crores in March 2025, despite a dip to ₹20.60 crores in March 2024. Including other income, operating profit improved significantly to ₹28.73 crores in March 2025 from ₹21.60 crores in March 2023.

Profit before tax (PBT) and profit after tax (PAT) followed a similar pattern. PBT decreased to ₹3.17 crores in March 2024 from ₹7.63 crores in March 2023 but surged to ₹10.17 crores in March 2025. Correspondingly, PAT dropped to ₹2.19 crores in March 2024 before climbing to ₹7.53 crores in March 2025. Earnings per share (EPS) reflected this volatility, with a low of ₹2.28 in March 2024 and a recovery to ₹7.85 in March 2025, though still slightly below the ₹8.12 recorded in March 2023.

Cost Structure and Margins

The company’s raw material costs closely tracked revenue movements, increasing from ₹260.47 crores in March 2023 to ₹288.63 crores in March 2025, with a dip in the intervening year. Other expenses showed a declining trend from ₹66.28 crores in March 2023 to ₹58.94 crores in March 2025, contributing to improved operating efficiency. Employee costs remained relatively stable around ₹17 crores annually.

Operating profit margins excluding other income were fairly consistent, ranging between 5.77% and 6.73%, while the PAT margin improved to 1.95% in March 2025 from 0.72% in March 2024, signalling enhanced bottom-line profitability.

Balance Sheet and Capital Structure

Tirupati Starch’s total assets expanded from ₹169.12 crores in March 2023 to ₹230.47 crores in March 2025, reflecting investments in fixed assets and capital work in progress. Net block increased substantially from ₹55.28 crores to ₹98.11 crores over the same period, indicating ongoing capacity enhancement.

Shareholders’ funds grew steadily from ₹46.02 crores in March 2023 to ₹60.85 crores in March 2025, supported by rising reserves. The company’s total debt peaked at ₹153.50 crores in March 2024 before reducing to ₹135.87 crores in March 2025, suggesting a cautious approach to leverage.

Current assets remained healthy, though net current assets turned negative in March 2025, primarily due to increased current liabilities. The book value per share improved from ₹49.11 in March 2023 to ₹56.91 in March 2025, reflecting value accretion for shareholders.

Cash Flow Dynamics

Operating cash flow demonstrated significant volatility, with a negative ₹34 crores in March 2024 contrasting with positive inflows of ₹23 crores and ₹48 crores in March 2023 and March 2025 respectively. Investing activities consistently absorbed cash, averaging around ₹25-31 crores annually, aligned with capital expenditure. Financing cash flows swung from a positive ₹58 crores in March 2024 to a negative ₹23 crores in March 2025, indicating repayment of borrowings or reduced external funding.

Overall, net cash inflow/outflow remained close to neutral, with a slight outflow of ₹6 crores in March 2024 and a modest inflow of ₹7 crores in March 2023, stabilising at zero in March 2025. Closing cash and bank balances declined from ₹8.26 crores in March 2023 to negligible levels by March 2025.

Summary and Outlook

In summary, Tirupati Starch’s historical performance over the last three years reveals a company navigating cyclical pressures with a capacity for recovery and growth. While revenue and profitability experienced fluctuations, the latest fiscal year showed marked improvement in sales, operating profit, and net earnings. The company’s balance sheet reflects ongoing investments and a prudent approach to debt management, though working capital management warrants attention given the negative net current assets in the most recent year.

Investors analysing Tirupati Starch should consider its demonstrated ability to rebound and enhance profitability alongside the challenges posed by volatile cash flows and leverage. The company’s improving book value per share and stable operating margins provide a foundation for potential future growth, contingent on market conditions and operational execution.

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