Revenue and Profitability Trends
The company’s net sales have demonstrated considerable variability, with a peak of over ₹8,200 crores in the fiscal year ending March 2019, followed by a sharp decline to just above ₹2,000 crores in March 2023. However, the latest fiscal year saw a robust recovery, with net sales surging to over ₹6,300 crores by March 2025. This rebound indicates a potential turnaround after a period of subdued performance.
Operating profit margins have mirrored this volatility. The margin was healthy at 7.79% in March 2019 but deteriorated sharply to negative territory in the years that followed, reaching a nadir of nearly -56.1% in March 2023. Encouragingly, the margin improved to 3.92% in the most recent fiscal year, signalling a return to operationa...
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