The following discussion is intended to convey managements perspective on our financial condition and results of operations for the financial year ended March 31, 2025 & March 31, 2024 , because our company was incorporated as of March 12, 2024 and the financial years ended March 31, 2024, and March 31, 2023, for the erstwhile sole proprietorship (M/s Anondita Healthcare) of our promoter, Mr. Anupam Ghosh, which was subsequently acquired by our company vide BTA dated April 01, 2024. One should read the following discussion and analysis of our financial condition and results of operations in conjunction with our chapter titled "Financial Statements as Restated" on page 247 of the Red Herring Prospectus. This discussion contains forward-looking statements and reflects our current views with respect to future events and our financial performance and involves numerous risks and uncertainties, including, but not limited to, those described in the section entitled "Risk Factors" on page 28 of this Red Herring Prospectus. Actual results could differ materially from those contained in any forward-looking statements and for further details regarding forward-looking statements, kindly refer the chapter titled "Forward-Looking Statements" on page 18 of this Red Herring Prospectus. Unless otherwise stated, the financial information of our Company used in this section has been derived from the Restated Financial Information. Our financial year ends on March 31 of each year. Accordingly, unless otherwise stated, all references to a particular financial year are to the 12-month period ended March 31 of that year.
In this section, unless the context otherwise requires, any reference to "we", "us" or "our" refers to Anondita
Medicare Limited, our Company. Unless otherwise indicated, financial information included herein are based on our "Restated Financial Statements" for the Financial Years 2025, 2024 & 2023 included in this Red Herring Prospectus beginning on page 247 of this Red Herring Prospectus.
Business Overview
Our Company is a manufacturer of male condoms with a variety of flavors, with our flagship product marketed and sold under the brand "COBRA". We have an installed production capacity of nearly 562 million condoms per annum, as per certificate issued by JP Sood, Chartered Engineer, dated June 04, 2025. Further, to follow sustainable production practices, our company uses CNG as a clean, environmentally friendly manufacturing fuel for its manufacturing plant situated at D-001, Sector 80, Gautam Budh Nagar, Noida, Uttar Pradesh, 201301.
Our Promoter, Mr. Anupam Ghosh, started his journey into this industry in the year 1999, by undertaking orders for the sale and packaging of condoms, via his proprietorship M/s Healthcare Products. Thereafter, in 2004 he set up his own condom manufacturing plant and started the manufacturing of condoms, under his proprietorship M/s Healthcare Products. Subsequently, in 2013, the name of the proprietorship was changed to M/s Anondita Healthcare. Later in 2024, the entire running business of this proprietorship, including all assets and liabilities, was transferred to our company, Anondita Medicare Limited, vide Business Transfer Agreement dated April 01, 2024.
Further, as we gained experience in the industry and having supplied our products to various pharma companies for last many years, we decided to venture out in the market by launching our own brand of condoms under the name of Cobra Condoms. Our new brand is 100% electronically tested showing attractive designs/pictures and has different flavors like Strawberry, Mint, Chocolate, Butterscotch, Coffee, Bubblegum. We use export quality packing material to uphold our standards and industry requirement. Encouraged by demand and overwhelming responses from consumers we have also started the production of female condoms.
About the Promoter
Mr. Anupam Ghosh, aged 55 years, is the Managing Director and Promoter of our company. He has been appointed as the Director of our Company since its incorporation i.e. March 12, 2024. Further, he was redesignated as the Managing Director of our company w.e.f. May 15, 2024 via shareholders resolution passed at the Extra Ordinary General Meeting of our company held on May 15, 2024. He has 25 years of experience in the healthcare products industry. He started his entrepreneurial journey in the year 1999 by packaging and sale of contraceptives and gloves, via his proprietorship firm namely M/s Healthcare Products. Thereafter, in the year 2004, he set up his own manufacturing plant for manufacturing condoms under this proprietorship concern. In the year 2013, this proprietorship firm was renamed to "M/s Anondita Healthcare", which was taken over by our company in the year 2024, vide Business Transfer Agreement dated April 01, 2024. His skills involve strategic planning & execution, product development & innovation and overall business development.
SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR AND STUB PERIOD
As per mutual discussion between the Board of the Company and BRLM, in the opinion of the Board of the Company there have not arisen any circumstances since the date of the last financial statements as disclosed in the Red Herring Prospectus and which materially and adversely affect or is likely to affect within the next twelve months except as follows:
The Board of Directors of our Company has approved and passed resolution on October 14, 2024 to authorize the Board of Directors to raise the funds by way of Initial Public Offering.
The Shareholders of our Company has approved and passed resolution on October 17, 2024 to authorize the company to raise the funds by way of Initial Public Offering.
The Shareholders of our company appointed Mr. Anupam Ghosh as Managing Director, in the Extra Ordinary General Meeting held on May 15, 2024.
The shareholders of our Company appointed Mrs. Sonia Ghosh and Mr. Reshant Ghosh as Whole Time Directors in the Extra-Ordinary General Meeting held on May 15, 2024.
The shareholders of our Company appointed Ms. Nishi Goel as Independent Director in the Extra-Ordinary General Meeting held on May 15, 2024.
The shareholders of our company appointed Mr. Lakhinder Singh as Non-Executive Non-Independent Director and Mr. Gaurav Kumar as Independent Director in the Extra-Ordinary General Meeting held on June 29, 2024.
The Board of Directors of our company in its board meeting held on May 15, 2024 appointed Ms. Nutan Agrawal as Company Secretary & Compliance Officer and Mrs. Sunita Naithani as Chief Financial Officer of the Company.
SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS
Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk
Factor" beginning on page 28 of this Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:
Changes, if any, in the regulations / regulatory framework / economic policies in India and / or in foreign countries, which affect national & international finance.
Companys results of operations and financial performance;
Performance of Companys competitors;
Significant developments in India ‘s economic and fiscal policies;
Failure to adapt to the changing needs of industry and in particular Fa?ade industry, may adversely affect our business and financial condition;
Volatility in the Indian and Global capital market;
DISCUSSION ON CONSOLIDATED RESULT OF OPERATION
(Amount in Rs. Lakhs)
Anondita Medicare Limited |
M/s Anondita Medicare (Proprietorship) |
||||||
S.No . |
Particulars |
For the financial year ending 31st March 2025 |
% of total inco me |
For the fina ncial year endi ng 31st Mar ch 2024 |
% of total inco me |
For the fina ncial year endi ng 31st Mar ch 2023 |
% of total income |
| 7699.07 | 99.8 | 4,64 | 99.7 | 3591 | |||
I |
Revenue from operations | 99.38% | |||||
| 2% | 3.21 | 4% | .49 | ||||
| 13.88 | 0.18 | 12.3 | 0.26 | 22.4 | |||
II |
Other Income | 0.62% | |||||
| % | 3 | % | 8 | ||||
| 7712.95 | 100. | 4,65 | 100. | 3613 | |||
III |
Total Income (I+II) | 100.00% | |||||
| 00% | 5.53 | 00% | .97 | ||||
IV |
Expenses: | ||||||
| 49.6 | 3204 | 68.8 | 2803 | ||||
| Cost of Consumption | 3,828.59 | 77.57% | |||||
| 4% | .05 | 2% | .25 | ||||
| 686.80 | 8.90 | 182. | 3.92 | 150. | |||
| Employee benefits expense | 4.16% | ||||||
| % | 40 | % | 22 | ||||
| 291.09 | 3.77 | 340. | 7.32 | 270. | |||
| Finance Costs | 7.50% | ||||||
| % | 61 | % | 97 | ||||
| Depreciation and Amortization | 92.68 | 1.20 | 65.6 | 1.41 | 62.5 | ||
| 1.73% | |||||||
| Expenses | % | 6 | % | 7 | |||
| 618.46 | 8.02 | 347. | 7.46 | 280. | |||
| Other expenses | 7.75% | ||||||
| % | 54 | % | 20 | ||||
| 5,517.61 | 71.5 | 4,14 | 88.9 | 3567 | |||
| Total Expenses (IV) | 98.71% | ||||||
| 4% | 0.27 | 3% | .21 | ||||
| 2195.34 | 28.4 | ||||||
VII |
Profit before exceptional and extraordinary items and tax | 6% | 515. | 11.0 | 46.7 | 1.29% | |
| 26 | 7% | 6 | |||||
| Exceptional and Extraordinary | |||||||
| - | - | - | - | ||||
| Items | - | ||||||
| 2195.34 | 28.4 | 515. | 11.0 | 46.7 | |||
IX |
Profit before tax | 1.29% | |||||
| 6% | 26 | 7 % | 6 | ||||
| 551.25 | 7.15 | 133. | 2.86 | 13.1 | |||
| Current Tax | 0.36% | ||||||
| % | 06 | % | 3 | ||||
| 2.43 | 0.03 | (2.26 | (0.05 | (1.06 | |||
| Deferred Tax | (0.03)% | ||||||
| % | ) | )% | ) | ||||
| 1641.66 | 21.2 | 384. | 8.26 | 34.6 | |||
X |
Profit (Loss) for the period from continuing operations |
8% | 47 | % | 9 | 0.96% | |
| Earnings Per Share | |||||||
| -Basic | NA | NA | |||||
| 14.59 | |||||||
| -Diluted | NA | NA | |||||
| 14.59 | |||||||
DISCUSSION ON STANDALONE RESULT OF OPERATION
(Amount in Rs. Lakhs)
Anondita Medicare Limited |
M/s Anondita Medicare (Proprietorship) |
||||||||
S.No. |
Particulars |
For the financial year ending 31st March 2025 | % of total income | For the financial year ending 31st March 2024 | % of total income | For the financial year ending 31st March 2024 | % of total income | For the financial year ending 31st March 2023 | % of total income |
I |
Revenue from operations |
6,051.52 | 99.82% | - | - | 4,643.21 | 99.74% | 3591.49 | 99.38% |
II |
Other Income | 36.38 | 0.18% | - | - | 12.33 | 0.26% | 22.48 | 0.62% |
III |
Total Income (I+II) |
6,087.90 | 100.00% | - | - | 4,655.53 | 100.00% | 3613.97 | 100.00% |
IV |
Expenses: |
- | |||||||
Cost of Consumption |
3,173.73 | (0.95)% | - | - | 3204.05 | 68.82% | 2803.25 | 77.57% | |
Employee benefits expense |
589.55 | 9.68% | - | - | 182.40 | 3.92% | 150.22 | 4.16% | |
| Finance Costs | 289.46 | 4.75% | - | - | 340.61 | 7.32% | 270.97 | 7.50% | |
Depreciation and Amortisation |
91.54 | 1.50% | - | - | 65.66 | 1.41% | 62.57 | 1.73% | |
Expenses Other expenses |
499.80 | 8.21% | 0.38 | - | 347.54 | 7.46% | 280.20 | 7.75% | |
Total Expenses (IV) |
4,644.07 | 76.28% | 0.38 | - | 4,140.27 | 88.93% | 3567.21 | 98.71% | |
VII |
Profit before exceptional and extraordinary items and tax |
1,443.84 | 23.72% | (0.38) | - | 515.26 | 11.07% | 46.76 | 1.29% |
Exceptional and Extraordinary Items |
- | - | - | - | - | - | - | - | |
IX |
Profit before tax |
1,443.84 | 23.72% | (0.38) | - | 515.26 | 11.07 % | 46.76 | 1.29% |
| Current Tax | 361.15 | 5.93% | - | 133.06 | 2.86% | 13.13 | 0.36% | ||
| Deferred Tax | 2.71 | 0.04% | (2.26) | (0.05)% | (1.06) | (0.03)% | |||
X |
Profit (Loss) for the period from continuing operations Earnings Per Share |
1,079.98 | 17.74% | (0.38) |
- | 384.47 | 8.26% | 34.69 | 0.96% |
| -Basic | 9.60 | (0.01) | NA | NA | |||||
| -Diluted | 9.60 | (0.01) | NA | NA |
Items for Restated Financial Statements
Our Significant Accounting Policies
For Significant accounting policies please refer to "Significant Accounting Policies", under the Chapter titled Restated Financial Statements beginning on page 247 of the Red Herring Prospectus.
Overview of Revenue & Expenditure
The following discussion on the results of operations should be read in conjunction with the Restated Financial Statements for the Financial Year ended March 31st 2025 and March 31st 2024 for company and restated financial statement s for the Sole proprietorship for the year ended on March 31, 2024 and March 31, 2023.
Our revenue and expenses are reported in the following manner:
Revenues
Revenue from operations
Our revenue relies on the manufacturing and selling of condoms.
Other Income
Other income includes profit arising from interest income of fixed income, foreign exchange fluctuation, rental income, and duty drawback.
Expenditure
Our total expenditure primarily consists of the cost of consumption, employee benefit expenses, finance costs, depreciation and amortization, and other expenses.
Cost of Consumption
The cost of Consumption includes Cost of material consumed, changes in the stock of raw materials, changes in the stock of work-in-progress, changes in the stock of raw materials, purchases during the year, and freight inward.
Employment Benefit Expenses
Our employee benefits expense primarily comprises salaries and wages, conveyance expenses, staff and welfare expenses, contributions to PF and ESI, and directors remuneration.
Finance Cost
Our finance cost includes interest expenses on secured loans, unsecured loans from banks and related parties, and bank charges.
Depreciation and Amortization Expenses
Depreciation and amortization expenses on fixed assets majorly include depreciation on plant & machinery, vehicles, furniture and fixtures, computers, and office equipment.
Other Expenses
Other Expenses majorly include Power & Fuel, Direct Manufacturing Expenses, Advertisement Expenses, Cartage Outward, Printing and Stationery, Power & Fuel, and Other Expenses.
RESTATED CONSOLIDATED FINANCIAL STATEMENTS
FISCAL YEAR ENDED MARCH 31, 2025, COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2024 (BASED ON RESTATED CONSOLIDATED FINANCIAL STATEMENTS) (ANONDITA HEALTHCARE PROPRIEORSHIP)
Revenues
Total Income
Total income for the financial year 2024-25 stood at Rs. 7,712.95 Lakhs whereas in the financial year 2023-24, it stood at Rs. 4,655.53 Lakhs representing an increase of 65.67%.
Reason: The increase in the total income of the company is due to a significant increase in the revenue of the company, general growth in the business operations of the Company and an increase in other income.
Revenue from operations
Net revenue from operations for the financial year 2024-2025 stood at Rs. 7,699.07 Lakhs whereas for the financial year 2023-24, it stood at Rs. 4,643.21 Lakhs representing an increase of 65.81%.
Reason: Theres an increase in "revenue from operation" because of an increase in the sale of condoms and business growth. Reason for increase in the sale of condoms are following:
1. As we began participating for 100% of the quantities in government tenders, this has led to an increase in government sales in FY 2024 25 compared to FY 2023 24, as detailed below.
(Amounts in Lakhs)
Particulars |
FY 2024-25 | FY 2023-24 |
| Sale of Products | 3,453.22 | 1,980.03 |
| Change | 1,473.19 |
|
| Year on Year Increase/(Decrease) | 74.40% |
|
Other Income
Other income for the financial year 2024-2025 stood at Rs. 13.38 Lakhs whereas for the financial year 2023-24, it stood at Rs. 12.33 Lakhs representing a increase of 12.60%.
Reason: There is an increase in ‘other income majorly because of duty drawback received, there is no such income increase from the last year are as following:
Particulars |
FY 2024-25 | FY 2023-24 |
| Discount Received | 4.81 | - |
| Interest income on fixed deposits | 3.95 | 11.44 |
| Foreign exchange fluctuation (net) | 1.36 | 0.63 |
Total Expenses
Total expenses for the financial year 2024-2025 stood at Rs. 5,517.61 Lakhs whereas for the financial year 2023-24, it stood at Rs. 4140.27 Lakhs representing an increase of 33.27%.
Reason: The increase in account of the increase in the cost of consumption, employee benefit expenses, and other expenses due to increases in revenue from the operation of the company.
Cost of Consumption
Cost of Consumption for the Financial Year 2024-2025, stood at Rs. 3,828.59 Lakhs whereas in the Financial Year 2023-2024 it stood at Rs. 3,204.05 Lakhs representing an increase of 19.49%.
Reason: There is an increase in the ‘cost of consumption due to increases in purchases during the year shown as follows:
Particulars |
FY 2024-25 | FY 2023-24 |
| Opening Raw Material | 122.24 | 102.78 |
| Opening Work in Progress | 504.84 | 424.86 |
| Opening Stock of Finished Goods | 446.41 | 220.01 |
| Add: Purchases | 3019.73 | 2,899.12 |
| Add: Purchases of Stock in Trade | 744.86 | - |
| Add: Freight Inward | 35.09 | 54.59 |
| Add: Power & Fuel | 219.19 | 117.11 |
| Add: Designing Charges | 1.36 | 4.45 |
| Add: Repair (Machinery) | 12.75 | 17.84 |
| Add: Job Work | 56.00 | 73.45 |
| Less: Closing Raw Material | (89.42) | (122.24) |
| Less: Closing Stock of Finished Goods | (585.02) | (83.07) |
| Less: Closing Work in Progress | (659.43) | (504.84) |
Total |
3,828.59 | 3,204.05 |
Employment Benefit Expenses
Employee benefit expenses for the financial year 2024-2025 stood at Rs. 686.80 Lakhs whereas for the financial year 2023-24, it stood at Rs. 182.40 Lakhs representing an increase of 276.52%.
Reason: There was an increase in ‘Employee benefit expenses because of mainly due to increase in Salaries & wages, Director Remuneration and contribution to PF & ESI, as the company hired more employees and promoted the old ones.
Particulars |
FY 2024-25 | FY 2023-24 |
| Salary & Wages Exp. | 454.51 | 102.96 |
| Contributions to provident and other funds | 37.02 | 7.48 |
| Director Remuneration | 104.39 | - |
Finance Cost
Finance costs for the financial year 2024-2025 stood at Rs. 291.09 Lakhs whereas for the financial year 2023-24, it stood at Rs. 340.61 Lakhs representing a decrease of 14.54%.
Reason: This was primarily due to a decrease in Interest paid on unsecured loans. The company decrease it unsecured loans amounting to Rs. 23.73 Lakhs in the financial year 2024-25 and also decrease in processing fees in the FY 24-25.
Depreciation and Amortization Expenses
The depreciation and amortization expenses for the financial year 2024-2025 stood at Rs. 92.68 Lakhs whereas for the financial year 2023-24, they stood at Rs. 65.66 Lakhs representing an increase of 41.15%.
Reason: The depreciation expense increased during the year compared to the previous year due to higher asset additions. In FY 2024 25, total additions amounted to Rs. 411.03 lakhs, compared to Rs. 44.60 lakhs in FY 2023 24.
Other Expenses
The other expenses for the financial year 2024-2025 stood at Rs. 618.46 Lakhs whereas for the financial year 2023-24, it stood at Rs. 347.54 Lakhs representing an increase of 77.95%.
Reason: There is an increase in ‘Other expenses because of majorly increase in Advertisement Expenses, Cartage Outward, late delivery charges, Rent and traveling and conveyance expenses, as shown below:
(Amounts in Lakhs)
Particulars |
FY 2024-25 FY 2023-24 |
|
| Advertisement Expense | 102.87 | 0.08 |
Y-o-Y increase/(decrease) |
- | |
| Cartage Outward | 64.46 | 26.92 |
Y-o-Y increase/(decrease) |
139.45% | |
| Late delivery charges | 37.30 | 34.67 |
Y-o-Y increase/(decrease) |
7.59% | |
| Rent | 59.55 | 3.54 |
Y-o-Y increase/(decrease) |
1582.20% | |
| Traveling and Conveyance | 42.63 | 24.32 |
Y-o-Y increase/(decrease) |
75.29% | |
Restated Profit before Tax
The restated profit before tax for the financial year 2024-2025 stood at Rs. 2,195.34 Lakhs whereas for the financial year 2023-24, it stood at Rs. 515.26 Lakhs representing an increase of 326.06%.
Reason: The total income earned during the financial year 2024-25 increased by 65.67% while the total expenses only rose by 33.27%.
Particulars |
FY 2024-25 | FY 2023-24 |
| Total Income | 7,712.95 | 4,655.53 |
| Less: Total Expenses | (5,517.61) | (4,140.27) |
Profit before tax |
2,195.34 | 515.26 |
Tax Expenses
The Tax Expenses for the financial year 2024-25 stood at Rs. 553.67 Lakhs, out of which the Current Tax was Rs. 551.25 Lakhs and the Deferred Tax was Rs. 2.43 Lakhs. In the Financial Year 2023-24, it stood at Rs. 130.80 Lakhs, out of which the current tax was Rs. 133.06 Lakhs and the deferred tax was Rs. (2.26) Lakhs, representing an increase of 178.18%.
Reason: The tax expenses were increased due to an increase in profit before tax.
Restated Profit after Tax
The restated profit after tax for the financial year 2024-2025 stood at Rs. 1,641.66 Lakhs whereas for the financial year 2023-24, it stood at Rs. 384.47 Lakhs representing an increase of 327.00%.
Reason for change in the Revenue from operation and Profit after tax
(Amount in Lakhs)
Particulars |
FY 2024-25 | FY 2023-24 |
| Revenue from Operation | 7,699.07 | 4,643.21 |
| Change in % | 65.81% |
|
| Total Cost | 5,517.61 | 4,140.27 |
| % Increase in Total Cost | 33.27% |
|
| Profit after tax | 1,641.66 | 384.47 |
| Pat Margin in % | 21.32% | 8.28% |
Increase in PAT Justification:
The increase in the profit after tax is attributed to:
1. The companys revenue increased by 30.33% in government sales, reaching Rs. 1,473.19 lakhs. This growth contributed significantly to the overall increase in revenue.
2. The raw material is purchased in bulk which help the company to get bulk discount, which reduced our expenses on the Cost of Goods Sold Expenses.
3. The companys R&D team is continuously working on improving the raw material formula for latex and other chemicals used in condom production. This innovation has reduced material waste and lowered latex usage, resulting in significantly lower production costs.
4. Effective cost control, resource optimization, and streamlined operations led to improved cost-effectiveness and higher profit margins.
FISCAL YEAR ENDED MARCH 31, 2024, COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2023 (BASED ON RESTATED CONSOLIDATED FINANCIAL STATEMENTS) (ANONDITA HEALTHCARE PROPRIEORSHIP)
Revenues
Total Income
Total income for the financial year 2023-24 stood at Rs. 4,655.53 Lakhs whereas in the financial year 2022-23, it stood at Rs. 3,613.97 Lakhs representing an increase of 28.82%.
Reason: The increase in the total income of the company is due to a significant increase in the revenue of the company, general growth in the business operations of the Company and an increase in other income.
Revenue from operations
Net revenue from operations for the financial year 2023-2024 stood at Rs. 4,643.21 Lakhs whereas for the financial year 2022-23, it stood at Rs. 3,591.49 Lakhs representing an increase of 29.28%.
Reason: Theres an increase in "revenue from operation" because of an increase in the sale of condoms and business growth. Company Reason for increase in the sale of condoms are following:
1. Previously we used to apply for 50% of the quantity provided in government tenders. We started participating for 100% quantities. This shift contributed to a 29.28% increase in sales in FY 2023-24 compared to FY 2022-23.
2. There was an approximate 9% increase in the prices of government orders in FY 2023-24 compared to FY 2022-23. This led to a rise in sales value, accompanied by an increase in margins
Particulars |
FY 2023-24 | FY 2022-23 |
| Sale of Products | 4,643.21 | 3,591.49 |
Total |
4,643.21 | 3,591.49 |
| Year on Year Increase/(Decrease) | 29.28% |
|
| 3. Increase in the sale of condoms | ||
Particulars |
FY 2023-24 | FY 2022-23 |
Revenue from Condoms (in Lakhs) |
4,538.31 | 3,121,25 |
| Qty Sold (Pcs No. in Crores) | 20.49 | 15.73 |
| Avg Rs. per unit | 2.21 | 1.98 |
Other Income
Other income for the financial year 2023-2024 stood at Rs. 12.33 Lakhs whereas for the financial year 2022-23, it stood at Rs. 22.48 Lakhs representing a decrease of 45.16 %.
Reason: There is a decrease in ‘other income majorly because no rental income earned during the financial year
2024 and decrease in some miscellaneous income are as following:
(Amounts in Lakhs)
Particulars |
FY 2023-24 | FY 2022-23 |
| Duty Drawback | - | 2.11 |
| Rental Income | - | 7.20 |
| Foreign exchange fluctuation (net) | 0.63 | 3.26 |
Expenditure
Total Expenses
Total expenses for the financial year 2023-2024 stood at Rs. 4,140.27 whereas for the financial year 2022-23, it stood at Rs. 3,567.21 Lakhs representing an increase of 16.06%.
Reason: The increase in account of the increase in the cost of consumption, employee benefit expenses, and other expenses due to increases in revenue from the operation of the company.
Cost of Consumption
Cost of Consumption for the Financial Year 2023-2024, stood at Rs. 3204.05 Lakhs Whereas in the Financial Year 2022-23 it stood at Rs. 2803.25 Lakhs representing an increase of 14.30%.
Reason: There is an increase in the ‘cost of consumption due to increases in purchases during the year shown as follows:
Particulars |
FY 2023-24 | FY 2022-23 |
| Opening Raw Material | 102.78 | 129.09 |
| Opening Work in Progress | 424.86 | 318.37 |
| Opening Stock of Finished Goods | 220.01 | 242.13 |
| Add: Purchases | 2,899.12 | 2,582.45 |
| Add: Freight Inward | 54.59 | 45.57 |
| Add: Power & Fuel | 117.11 | 96.25 |
| Add: Designing Charges | 4.45 | 3.54 |
| Add: Repair (Machinery) | 17.84 | 38.46 |
| Add: Job Work | 73.45 | 95.04 |
| Less: Closing Raw Material | (122.24) | (102.78) |
| Less: Closing Stock of Finished Goods | (83.07) | (220.01) |
| Less: Closing Work in Progress | (504.84) | (424.86) |
Total |
3,204.05 | 2,803.25 |
Employment Benefit Expenses
Employee benefit expenses for the financial year 2023-2024 stood at Rs. 182.40 Lakhs whereas for the financial year 2022-23, it stood at Rs. 150.22 Lakhs representing an increase of 21.43%.
Reason: There was an increase in ‘Employee benefit expenses because of mainly due to increase in Salaries & wages and contribution to PF & ESI, as the company hired more employees and promoted the old ones.
(Amounts in Lakhs)
Particulars |
FY 2023-24 | FY 2022-23 |
| Salary & Wages Exp. | 102.96 | 69.83 |
| Contributions to provident and other funds | 7.48 | 5.47 |
Finance Cost
Finance costs for the financial year 2023-2024 stood at Rs. 340.61 Lakhs whereas for the financial year 2022-23, it stood at Rs. 270.97 Lakhs representing an increase of 25.70%.
Reason: This was primarily due to an increase in Interest paid on secured and unsecured loans. The company had an opening balance of secured and unsecured loans amounting Rs. 2,266.27 in the financial year 2023-24 and during the year company took further long-term loans causing interest expenses to rise while in the financial year 2022-23 the opening balance of loans were much less as compared to the financial year 2023-24 and further loans taken nearly at the end of the financial year. (Amounts in Lakhs)
Particulars |
FY 2023-24 | FY 2022-23 |
| Interest on Loans-Secured and Unsecured | 314.81 | 244.78 |
| Opening balance of secured and Unsecured loans | 2,266.27 | 1,607.77 |
| Further addition in loans during the year | 135.02 | 658.50 |
Depreciation and Amortization Expenses
The depreciation and amortization expenses for the financial year 2023-2024 stood at Rs. 65.66 Lakhs whereas for the financial year 2022-23, they stood at Rs. 62.57 Lakhs representing an increase of 4.93%.
Reason: The depreciation charged on the opening WDV computer and software, furniture and fixtures, plant and machinery, office equipment, and vehicles. Further, during the year, additional plant and machinery, office equipment, and vehicles were also introduced by the company in the financial year 2023-24 and in the financial year 2022-23. In the financial year 2023-24, the WDV of the fixed assets was higher as compared to the financial year 2022-23.
(Amount in Lakhs)
Particulars |
FY 2023-24 | FY 2022-23 |
| Opening balance | 1,035.19 | 1,067.88 |
| Addition | 44.60 | 29.89 |
| Deletion | - | - |
| Less - Depreciation | (65.66) | (62.57) |
Ending balance of fixed assets |
1014.13 | 1035.19 |
Other Expenses
The other expenses for the financial year 2023-2024 stood at Rs. 347.54 Lakhs whereas for the financial year 2022-23, it stood at Rs. 280.20 Lakhs representing an increase of 24.03%.
Reason: There is an increase in ‘Other expenses because of majorly increase in commission, professional fees, late delivery charges, and traveling and conveyance expenses, as shown below:
(Amounts in Lakhs)
Particulars |
FY 2023-24 | FY 2022-23 |
| Commission | 52.53 | 39.86 |
Y-o-Y increase/(decrease) |
31.77% | |
| Professional fees | 43.17 | 6.92 |
Y-o-Y increase/(decrease) |
523.93% | |
| Late delivery charges | 34.67 | 20.84 |
Y-o-Y increase/(decrease) |
66.33% | |
| Insurance | 15.57 | 10.40 |
Y-o-Y increase/(decrease) |
49.73% | |
| Traveling and Conveyance | 24.32 | 19.83 |
Y-o-Y increase/(decrease) |
22.64% |
Restated Profit before Tax
The restated profit before tax for the financial year 2023-2024 stood at Rs. 515.26 Lakhs whereas for the financial year 2023-24, it stood at Rs. 46.76 Lakhs representing an increase of 1001.93%.
Reason: The total income earned during the financial year 2023-24 increased by 28.82% while the total expenses only rose by 16.06% however in the financial year 2022-23 total income rose by 55.38% while total expenses rose by 69.37%. As a result, profit before tax for the FY 22-23 was decreased as compare to our normal margin rose from the financial year 2022-23 to the financial year 2023-24.
(Amount in Lakhs)
Particulars |
FY 2023-24 | FY 2022-23 |
| Total Income | 4,655.53 | 3,613.97 |
| Less: Total Expenses | (4140.27) | (3567.21) |
Profit before tax |
515.26 | 46.76 |
Tax Expenses
The Tax Expenses for the financial year 2023-24 stood at Rs. 130.80 Lakhs, out of which the Current Tax was Rs. 133.06 Lakhs and the Deferred Tax was Rs. (2.26) Lakhs. In the Financial Year 2022-23, it stood at Rs. 12.07 Lakhs, out of which the current tax was Rs. 13.13 Lakhs and the deferred tax was Rs. (1.06) Lakhs, representing an increase of 1083.69%.
Reason: The tax expenses were increased due to an increase in profit before tax.
Restated Profit after Tax
The restated profit after tax for the financial year 2023-2024 stood at Rs. 384.47 Lakhs whereas for the financial year 2022-23, it stood at Rs. 34.69 Lakhs representing an increase of 1108.28%.
Reason for change in the Revenue from operation and Profit after tax
Particulars |
FY 2023-24 | FY 2022-23 |
| Revenue from Operation | 4,643.21 | 3,591.49 |
| Change in % | 29.28% |
|
| COGS | 3204.05 | 2803.25 |
| % of COGS from Revenue | 68.82% | 77.57% |
| Increase in the Cost (%) | 14.30% |
|
| Total Cost | 4140.27 | 3567.21 |
| % Increase in Total Cost | 16.06% |
|
| Profit after tax | 384.47 | 34.69 |
| Pat Margin in % | 8.28% | 0.97% |
Increase in PAT Justification:
The increase in the profit after tax is attributed to:
1. The revenue of the company was increased by 29.28 % and the Cost of Goods Sold also increased by 14.30%. However, the COGS expense also decreased by 8.75 % due to which it directly impacted the PAT Margin of the company.
2 . The raw material are purchased in bulk which help the company to get bulk discount, which reduced our expenses on the Cost of Goods Sold Expenses.
3. The companys R&D team developed an optimized raw material composition formula for latex and other chemicals used in condom production. This innovation reduced material waste and decreased latex consumption, which significantly lowered production costs. As a result, our gross margins increased by 9.05%, leading to a decrease in the cost of consumption.
4. In FY 2023-24, the prices of government orders increased by approximately 9% compared to FY 2022-23. This price adjustment contributed to higher sales values and improved profit margins.
5. Effective cost control, resource optimization, and streamlined operations led to improved cost-effectiveness and higher profit margins.
RESTATED STANDALONE FINANCIAL STATEMENTS
FISCAL YEAR ENDED MARCH 31, 2025, COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2024 (BASED ON RESTATED STANDALONE FINANCIAL STATEMENTS) (ANONDITA HEALTHCARE PROPRIEORSHIP)
Revenues
Total Income
Total income for the financial year 2024-25 stood at Rs. 6,087.90 Lakhs whereas in the financial year 2023-24, it stood at Rs. 4,655.53 Lakhs representing an increase of 30.77%.
Reason: The increase in the total income of the company is due to a significant increase in the revenue of the company, general growth in the business operations of the Company and an increase in other income.
Revenue from operations
Net revenue from operations for the financial year 2024-2025 stood at Rs. 6,051.52 Lakhs whereas for the financial year 2023-24, it stood at Rs. 4,643.21 Lakhs representing an increase of 30.33%.
Reason: Theres an increase in "revenue from operation" because of an increase in the sale of condoms and business growth. Reason for increase in the sale of condoms are following:
1. As we began participating for 100% of the quantities in government tenders, this has led to an increase in government sales in FY 2024 25 compared to FY 2023 24, as detailed below.
(Amounts in Lakhs)
Particulars |
FY 2024-25 | FY 2023-24 |
| Sale of Products | 3,453.22 | 1,980.03 |
| Change | 1,473.19 |
|
| Year on Year Increase/(Decrease) | 74.40% |
|
Other Income
Other income for the financial year 2024-2025 stood at Rs. 36.38 Lakhs whereas for the financial year 2023-24, it stood at Rs. 12.33 Lakhs representing a increase of 195.16 %.
Reason: There is an increase in ‘other income majorly because of interest received from the subsidiary, there is
| no such income in the last year are as following: | ||
(Amounts in Lakhs) |
||
Particulars |
FY 2024-25 | FY 2023-24 |
| Interest Income from Subsidiary | 29.68 | - |
| Interest income on fixed deposits | 3.95 | 11.44 |
| Foreign exchange fluctuation (net) | 1.36 | 0.63 |
Expenditure
Total Expenses
Total expenses for the financial year 2024-2025 stood at Rs. 4644.07 Lakhs whereas for the financial year 2023-24, it stood at Rs. 4140.27 Lakhs representing an increase of 12.17%.
Reason: The increase in account of the increase in the cost of consumption, employee benefit expenses, and other expenses due to increases in revenue from the operation of the company.
Cost of Consumption
Cost of Consumption for the Financial Year 2024-2025, stood at Rs. 3,173.73 Lakhs Whereas in the Financial Year 2023-2024 it stood at Rs. 3,204.05 Lakhs representing a decrease of 0.95%.
Reason: There is a decrease in the ‘cost of consumption due to development of a special composition formula, got success and developed an optimized raw material composition formula for latex and other chemicals used in condom production. This innovation reduced material waste and decreased latex consumption, which significantly lowered production costs during the year shown as follows:
Particulars |
FY 2024-25 | FY 2023-24 |
| Opening Raw Material | 122.24 | 102.78 |
| Opening Work in Progress | 504.84 | 424.86 |
| Opening Stock of Finished Goods | 83.07 | 220.01 |
| Add: Purchases | 3019.73 | 2,899.12 |
| Add: Freight Inward | 35.09 | 54.59 |
| Add: Power & Fuel | 219.19 | 117.11 |
| Add: Designing Charges | 1.36 | 4.45 |
| Add: Repair (Machinery) | 12.75 | 17.84 |
| Add: Job Work | 55.76 | 73.45 |
| Less: Closing Raw Material | (89.42) | (122.24) |
| Less: Closing Stock of Finished Goods | (131.44) | (83.07) |
| Less: Closing Work in Progress | (659.43) | (504.84) |
Total |
3,173.73 | 3,204.05 |
Employment Benefit Expenses
Employee benefit expenses for the financial year 2024-2025 stood at Rs. 589.55 Lakhs whereas for the financial year 2023-24, it stood at Rs. 182.40 Lakhs representing an increase of 223.21%.
Reason: There was an increase in ‘Employee benefit expenses because of mainly due to increase in Salaries & wages, Director Remuneration and contribution to PF & ESI, as the company hired more employees and promoted the old ones.
(Amounts in Lakhs)
Particulars |
FY 2024-25 | FY 2023-24 |
| Salary & Wages Exp. | 360.09 | 102.96 |
| Contributions to provident and other funds | 36.51 | 7.48 |
| Director Remuneration | 104.39 | - |
Finance Cost
Finance costs for the financial year 2024-2025 stood at Rs. 289.46 Lakhs whereas for the financial year 2023-24, it stood at Rs. 340.61 Lakhs representing a decrease of 15.02%.
Reason: This was primarily due to a decrease in Interest paid on unsecured loans. The company decrease it unsecured loans amounting to Rs. 23.73 Lakhs in the financial year 2024-25. (Amounts in Lakhs)
Particulars |
FY 2024-25 | FY 2023-24 |
| Interest on Loans Unsecured | 5.21 | 58.07 |
| Processing Charges | 13.65 | 23.66 |
Depreciation and Amortization Expenses
The depreciation and amortization expenses for the financial year 2024-2025 stood at Rs. 91.54 Lakhs whereas for the financial year 2023-24, they stood at Rs. 65.66 Lakhs representing an increase of 39.42%.
Reason: The depreciation expense increased during the year compared to the previous year due to higher asset additions. In FY 2024 25, total additions amounted to Rs. 408.73 lakhs, compared to Rs. 44.60 lakhs in FY 2023 24.
Other Expenses
The other expenses for the financial year 2024-2025 stood at Rs. 499.80 Lakhs whereas for the financial year 2023-24, it stood at Rs. 347.54 Lakhs representing an increase of 43.81%.
Reason: There is an increase in ‘Other expenses because of majorly increase in Advertisement Expenses, Cartage Outward, late delivery charges, Rent and traveling and conveyance expenses, as shown below:
(Amounts in Lakhs)
Particulars |
FY 2024-25 FY 2023-24 |
|
| Advertisement Expense | 56.80 | 0.08 |
Y-o-Y increase/(decrease) |
- | |
| Cartage Outward | 59.33 | 26.92 |
Y-o-Y increase/(decrease) |
120.44% | |
| Late delivery charges | 37.30 | 34.67 |
Y-o-Y increase/(decrease) |
7.59% | |
| Rent | 42.48 | 3.54 |
Y-o-Y increase/(decrease) |
1100.00% | |
| Traveling and Conveyance | 41.07 | 24.32 |
Y-o-Y increase/(decrease) |
68.89% | |
Restated Profit before Tax
The restated profit before tax for the financial year 2024-2025 stood at Rs. 1,443.84 Lakhs whereas for the financial year 2023-24, it stood at Rs. 515.26 Lakhs representing an increase of 180.21%.
Reason: The total income earned during the financial year 2024-25 increased by 30.77% while the total expenses only rose by 12.17%.
(Amount in Lakhs)
Particulars |
FY 2024-25 | FY 2023-24 |
| Total Income | 6,087.90 | 4,655.53 |
| Less: Total Expenses | (4,644.07) | (4,140.27) |
Profit before tax |
1,443.84 | 515.26 |
Tax Expenses
The Tax Expenses for the financial year 2024-25 stood at Rs. 363.85 Lakhs, out of which the Current Tax was Rs. 361.15 Lakhs and the Deferred Tax was Rs. 2.71 Lakhs. In the Financial Year 2023-24, it stood at Rs. 130.80 Lakhs, out of which the current tax was Rs. 133.06 Lakhs and the deferred tax was Rs. (2.26) Lakhs, representing an increase of 178.18%.
Reason: The tax expenses were increased due to an increase in profit before tax.
Restated Profit after Tax
The restated profit after tax for the financial year 2024-2025 stood at Rs. 1,079.98 Lakhs whereas for the financial year 2023-24, it stood at Rs. 384.47 Lakhs representing an increase of 180.90%.
Reason for change in the Revenue from operation and Profit after tax
(Amount in Lakhs)
Particulars |
FY 2024-25 | FY 2023-24 |
| Revenue from Operation | 6,051.52 | 4,643.21 |
| Change in % | 30.33% |
|
| Total Cost | 4,644.07 | 4140.27 |
| % Increase in Total Cost | 12.17% |
|
| Profit after tax | 1,079.98 | 384.47 |
| Pat Margin in % | 17.85% | 8.28% |
Increase in PAT Justification:
The increase in the profit after tax is attributed to:
1. The companys revenue increased by 30.33% in government sales, reaching Rs. 1,473.19 lakhs. This growth contributed significantly to the overall increase in revenue.
2. The raw material is purchased in bulk which help the company to get bulk discount, which reduced our expenses on the Cost of Goods Sold Expenses.
3. The companys R&D team is continuously working on improving the raw material formula for latex and other chemicals used in condom production. This innovation has reduced material waste and lowered latex usage, resulting in significantly lower production costs.
4. Effective cost control, resource optimization, and streamlined operations led to improved cost-effectiveness and higher profit margins.
FISCAL YEAR ENDED MARCH 31, 2024 (BASED ON RESTATED STANDALONE FINANCIAL STATEMENTS) FOR COMPANY
Revenue
Total Income
The company earned zero total income as the company was incorporated as on 31st March 2024.
Revenue from Operations
The company earned no revenue from operations as the company was incorporated as on 31st March 2024.
Other Income
The company earned no income from sources other than core operations as the company was incorporated on 31st March 2024.
Expenditure
Total expenses
Total expenses include cost of goods consumed, employee benefit expenses, finance cost, depreciation and amortization expenses, and other expenses.
Cost of Consumptions
The company generated no revenue and hence no cost of consumption including changes in inventories of finished goods, work-in-progress, and raw materials in the stub period 31st March 2024 at the time of incorporation.
Finance Cost
The company earned no finance cost as the company was incorporated on 31st March 2024.
Depreciation and amortization expense
The company earned no finance cost as the company was incorporated on 31st March 2024.
Other Expenses
The company incurred expenses like preliminary expenses written off and statutory auditors remunerations by the company at the time of incorporation amounting Rs. 0.38 lakhs.
Profit before tax
The company ran no operation as of 31st March 2024 i.e. date of incorporation, the company only incurred statutory expenses for compliance related to incorporation hence company was in a loss of Rs. 0.38 lakhs.
Tax Expenses
The company incurred no tax expenses as the company was incorporated on 31st March 2024.
Profit after tax
The profit after tax was amounted Rs. (0.38) lakhs.
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