Revenue and Profit Growth
Viviana Power’s net sales have surged impressively from ₹32.61 crores in the fiscal year ending March 2022 to ₹218.96 crores by March 2025. This represents a compound annual growth rate (CAGR) of over 80%, underscoring the company’s successful scaling of operations. Total operating income mirrored this trend, reflecting consistent business expansion without reliance on other operating income streams.
Operating profit before depreciation, interest, and tax (PBDIT) also exhibited robust growth, rising from ₹4.55 crores in March 2022 to ₹32.18 crores in March 2025. Despite a slight dip in operating profit margin from 17.67% in March 2024 to 14.7% in March 2025, the company maintained healthy profitability levels amid rapid expansion. Gross profit margin remained relatively stable, fluctuating modestly around 12-14% during this period.
Profit after tax (PAT) increased substantially from ₹2.80 crores in March 2022 to ₹20.69 crores in March 2025, with the consolidated net profit reaching ₹19.78 crores in the latest fiscal year. Earnings per share (EPS) followed suit, rising from a modest ₹0.25 in March 2022 to ₹31.5 in March 2025, reflecting enhanced shareholder value creation.
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Cost Structure and Expenses
The company’s raw material costs rose in line with sales, increasing from ₹11.14 crores in March 2022 to ₹135.23 crores in March 2025. Employee costs also grew steadily, reflecting workforce expansion to support business growth. Notably, manufacturing expenses were significant in earlier years but were reported as zero in the latest fiscal year, possibly indicating a change in accounting or operational structure.
Other expenses saw a sharp increase to ₹47.88 crores in March 2025 from just ₹1.24 crores in March 2022, which warrants further scrutiny for investors assessing cost management efficiency. Interest expenses rose moderately but remained manageable relative to earnings, supporting a positive net profit trend.
Balance Sheet and Financial Position
Viviana Power’s balance sheet reflects substantial strengthening. Shareholder’s funds increased from ₹18.05 crores in March 2023 to ₹60.50 crores in March 2025, driven by rising reserves and retained earnings. The company’s total liabilities expanded significantly, with total debt rising from ₹10.08 crores in March 2023 to ₹51.04 crores in March 2025, indicating increased leverage to finance growth.
Current liabilities surged to ₹142.18 crores in March 2025, largely due to a sharp rise in trade payables and short-term borrowings. Meanwhile, total current assets also increased substantially, led by a notable rise in sundry debtors and inventories, which may reflect higher sales volumes and working capital requirements.
Net block of fixed assets grew from ₹0.68 crores in March 2023 to ₹4.58 crores in March 2025, signalling ongoing capital investment. The book value per share improved markedly from ₹30.23 in March 2023 to ₹95.1 in March 2025, highlighting enhanced net asset value for shareholders.
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Cash Flow and Liquidity
Cash flow from operating activities remained negative over the last three years, with the latest fiscal year showing an outflow of ₹14 crores. This was primarily due to significant increases in working capital requirements, notably a ₹43 crore rise in working capital in March 2025. Investing activities also reflected cash outflows, mainly from capital expenditure and investments.
Financing activities provided substantial inflows, with ₹51 crores raised in March 2025, supporting the company’s expansion and working capital needs. Despite these cash flow challenges, the closing cash and bank balance improved slightly to ₹1.02 crores in March 2025 from negligible levels in prior years.
Overall, Viviana Power’s historical performance reveals a company in rapid growth mode, successfully scaling revenues and profits while managing a more leveraged balance sheet and working capital pressures. Investors should weigh the impressive top-line and bottom-line expansion against the rising debt and cash flow constraints when considering the stock’s prospects.
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