Revenue and Profitability Trends
In the fiscal year ending March 2025, Unicommerce reported consolidated net sales of ₹134.79 crores, reflecting a robust increase of approximately 30% compared to ₹103.58 crores in the previous year. The company did not record any other operating income in either year, indicating that its revenue growth is primarily driven by core business activities.
Operating expenses excluding depreciation rose to ₹108.31 crores from ₹89.17 crores, driven largely by a significant increase in other expenses, which nearly doubled from ₹24.21 crores to ₹47.16 crores. Interestingly, employee costs decreased marginally from ₹64.96 crores to ₹61.15 crores, suggesting operational efficiencies or workforce optimisation.
Despite higher expenses, Unicommerce's operating profit before depreciation and interest (PBDIT excluding other income) surged to ₹26.48 crores from ₹14.41 crores, boosting the operating profit margin from 13.91% to 19.65%. Including other income, operating profit rose to ₹31.89 crores, up from ₹20.26 crores the prior year.
Profit before tax increased by nearly 38% to ₹24.11 crores, while profit after tax improved to ₹17.62 crores from ₹13.12 crores, reflecting a steady PAT margin expansion to 13.07% from 12.67%. Consolidated net profit followed suit, rising to ₹17.68 crores. However, earnings per share (EPS) declined from ₹2.23 to ₹1.71, primarily due to an increase in equity capital from ₹5.89 crores to ₹10.33 crores, which diluted per-share earnings.
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Balance Sheet and Asset Base Developments
Unicommerce's total assets more than doubled from ₹106.60 crores in March 2024 to ₹228.24 crores in March 2025. This expansion was largely driven by a substantial increase in gross block assets, which rose sharply to ₹162.33 crores from ₹3.73 crores, reflecting significant capital expenditure and investment in fixed assets. Correspondingly, accumulated depreciation increased to ₹8.29 crores.
The net block value surged to ₹154.04 crores from a mere ₹0.48 crores, while intangible assets under development appeared on the balance sheet at ₹6.31 crores, indicating ongoing investments in intellectual property or software development.
Current assets decreased from ₹92.14 crores to ₹57.08 crores, with notable declines in other current assets and short-term loans and advances. The company’s net current assets turned negative to -₹83.81 crores from a positive ₹61.55 crores, largely due to a sharp rise in current liabilities, which ballooned to ₹140.89 crores from ₹30.60 crores. This increase was driven by higher trade payables and other current liabilities, suggesting a change in working capital management or supplier credit terms.
Shareholders’ funds increased modestly to ₹70.15 crores from ₹68.91 crores, supported by higher equity capital despite a slight reduction in reserves. The company maintained a very low debt profile, with total debt rising marginally to ₹0.45 crores, indicating a conservative approach to leverage.
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Cash Flow and Financial Position
Cash flow from operating activities showed a marked improvement, rising to ₹27 crores in the latest fiscal year from ₹6 crores previously. This was supported by a positive cash flow after changes in working capital of ₹28 crores, more than doubling the prior year’s ₹13 crores. However, cash flow from investing activities remained negative at ₹21 crores, reflecting ongoing capital investments, though this was an improvement from ₹29 crores the year before.
Financing activities resulted in a net outflow of ₹5 crores, compared to a smaller outflow of ₹1 crore in the previous year. The net cash position remained stable at ₹1 crore at the end of both fiscal years, despite a significant reduction in opening cash and cash equivalents from ₹26 crores to ₹1 crore, indicating tighter liquidity management.
Overall, Unicommerce’s historical performance reveals a company in expansion mode, investing heavily in fixed assets and intangible development while improving profitability and maintaining a conservative debt stance. The increase in operating margins and net profit underscores operational improvements, although the dilution in earnings per share and negative net current assets warrant close monitoring by investors.
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