Revenue and Profitability Trends
Williamson Magor's net sales have experienced a steep decline from ₹45.93 crores in March 2019 to just ₹2.85 crores in March 2025. This sharp contraction in turnover reflects a significant reduction in operational scale or market demand over the period. Correspondingly, total operating income mirrored this downward trajectory, with no other operating income reported throughout these years.
Profitability has been volatile and largely negative in recent years. The company posted an operating profit (PBDIT) of ₹46.69 crores in March 2019, but this figure swung dramatically, culminating in a substantial operating loss of ₹228.59 crores by March 2025. The operating profit margin excluding other income plummeted to negative 9588.77% in the latest fiscal year, underscoring severe operational challenges.
Profit after tax (PAT) followed a similar pattern, with a positive ₹50.95 crores in March 2021 but turning into a loss of ₹181.39 crores by March 2025. Earnings per share (EPS) also reflected this downturn, moving from a positive ₹46.49 in March 2021 to a negative ₹165.5 in March 2025. These figures indicate sustained losses impacting shareholder value.
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Cost Structure and Expenses
Williamson Magor's cost structure reveals an unusual pattern, with employee costs remaining relatively low and stable, around ₹0.33 crores in March 2025. However, other expenses surged dramatically to ₹275.44 crores in the same year, a stark increase from ₹5.23 crores in March 2019. This spike in other expenses has been a major contributor to the company's operating losses.
Interest expenses have decreased over the years from ₹110.10 crores in March 2019 to ₹1.29 crores in March 2025, reflecting possible debt reduction or refinancing. Despite this, the company has struggled to generate positive gross profits, with gross profit margins swinging from negative to positive and back to deeply negative territory.
Balance Sheet and Financial Position
The company's balance sheet shows persistent negative shareholder funds, with net worth deteriorating from -₹112.50 crores in March 2021 to -₹227.51 crores in March 2025. Total reserves have also worsened, indicating accumulated losses over time. Total liabilities have fluctuated, with total debt reducing from ₹755.64 crores in March 2020 to ₹554.23 crores in March 2025, suggesting some deleveraging efforts.
Non-current assets have remained relatively stable, with net block assets declining from ₹1.07 crores in March 2020 to ₹0.07 crores in March 2025. The company holds significant non-current investments, which increased to ₹178.90 crores by March 2025, possibly reflecting strategic asset allocation.
Current assets have varied widely, with total current assets at ₹249.24 crores in March 2025 but net current assets remaining negative, indicating liquidity pressures. Cash and bank balances have been minimal, around ₹0.10 crores in the latest fiscal year.
Cash Flow Overview
Cash flow from operating activities has been inconsistent, with a positive ₹10 crores in March 2024 but negative cash flows in prior years, including a significant outflow of ₹130 crores in March 2021. Investing activities showed a notable inflow of ₹52 crores in March 2023, while financing activities generally reflected outflows, indicating repayments or reduced borrowings.
Overall, net cash inflows and outflows have been marginal, with closing cash and cash equivalents near zero in recent years, underscoring tight liquidity conditions.
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Summary and Investor Considerations
Williamson Magor's historical performance over the past six years has been marked by a steep decline in sales, persistent operating losses, and a deteriorating balance sheet. Despite some reduction in debt and interest expenses, the company faces significant challenges in restoring profitability and improving shareholder value. The negative earnings per share and shrinking net worth highlight the risks involved.
Investors should carefully weigh these financial trends against the company's strategic plans and market conditions before considering exposure. The volatile cash flows and liquidity constraints further emphasise the need for cautious analysis.
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