You should read the following discussion of our financial condition and results of operations together with our Restated Financial Statements included in this Draft Prospectus. You should also read the chapter titled “Risk Factors” beginning on page 29 of this Draft Prospectus, which discusses several factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and is based on our Restated Financial Statements, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year (“Fiscal Year") are to the twelve-month period ended March 31 of that year.
The following discussion and analysis of our financial condition and results of operations for the financial years ended on 2025, 2024 and 2023 is based on, and should be read in conjunction with, our Restated Financial Statements, including the schedules, notes and significant accounting policies thereto, included in the chapter titled “Restated Financial Statements” beginning on page 168 of this Draft Prospectus.
In this section, unless the context otherwise requires, any reference to “we", “us" or “our" refers to Astron Multigrain Limited, our Company. Unless otherwise indicated, financial information included herein are based on our “Restated Financial Statements” for the financial years ended on 2025, 2024 and 2023 included in this Draft Prospectus beginning on page 168 of this Draft Prospectus.
Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction may be “Forward Looking Statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors.
Our Company was incorporated as “Astron Multigrain Private Limited” as a private limited company under the provisions of the Companies Act, 2013 vide Certificate of Incorporation dated August 1, 2018, issued by Registrar of Companies, Central Registration Centre. Thereafter, our Company was converted from a private limited company to public limited company pursuant to special resolution passed in the Extra-Ordinary General Meeting of the company dated October 16, 2023 and consequently, the name of our Company was changed from “Astron Multigrain Private Limited” to “Astron Multigrain Limited” and a fresh certificate of incorporation dated October 31, 2023 was issued to our Company by the Registrar of Companies, Ahmedabad. The Corporate Identification Number of our Company is U15549GJ2018PLC103488.
Our Company was incorporated by Mr. Jenish Parshottambhai Khunt and Ms. Poonam Jenish Khoont, being subscriber to Memorandum of Association. Mr. Jenish Parshottambhai Khunt and Ms. Poonam Jenish Khoont are the promoters of our Company since its inception.
Established in year 2018, the company is into manufacturing of instant noodles. We manufacture noodles on contract manufacturing basis for Gokul Snacks Private Limited who sells the product manufactured by us under their trade name. We also manufacture noodles for own brand sales which is sold under trade name “Astrons Swagy Noodles”. Our instant noodles is available in one variant - 1. Mast Masala (Classic flavour). Our Company is also engaged in manufacturing of noodle bhujiya and papad. Instant Noodles are pre-cooked noodles, sold in dried blocks with flavouring powder and/or seasoning oil. The “instant” aspect comes from the fact that they only require hot water to rehydrate and cook, significantly reducing preparation time compared to traditional noodles. Ready to eat noodles are making a niche for itself based on its popularity for being tasty and quick to make. Our instant noodles are consumed by:
? Young Adults and Students - due to their affordability, ease of preparation, and long shelf life, making them ideal for dorm rooms and budget-conscious living.
? Working Professionals - Individuals with busy schedules often turn to instant noodles for a quick and convenient meal or snack when time is limited.
? Low-to-Middle Income Households: Being an economical food option, making them accessible to a wide range of income levels, particularly in developing countries.
? Single-Person Households: For individuals living alone, instant noodles offer a simple and portion-controlled meal solution, minimizing food waste.
? Families: Instant noodles can be a quick and easy meal solution for children or a convenient snack option for the whole family. They are often customized with additional ingredients to make them more substantial.
? People in Regions with Limited Cooking Facilities: In situations where access to full kitchens is restricted (e.g., hostels, temporary housing, camping), instant noodles are a practical and easy-to-prepare food source.
We currently operate through our Registered Office and manufacturing unit set up located at Plot No. 17 To 21, Near Ram Hotel Village: Chordi, Gondal, Rajkot, Gujarat -360311, India with an installed capacity of 5110 MTA, where the production of our products consisting of instant noodles, noodle bhujiya and papad are carried out. Our manufacturing unit is accredited with FSSAI license under Food Safety and Standards Act, 2006. To demonstrate food safety commitment, our organization has received ISO 22000 -2018, for food safety management. Our in-house manufacturing enables us to minimize production time, bring cost effectiveness, have an effective control over every stage of manufacturing process that allows continuous monitoring of our products quality. We market and sell our products in B2B segment majorly in the states of Gujarat, Madhya Pradesh, Maharashtra and Bihar. Our products are sold to Super Stockiest who supplies to the wholesalers and further the same is distributed among retailers.
Since its inception, our Company is managed by our Promoters cum Directors Mr. Jenish Parshottambhai Khunt and Ms. Poonam Jenish Khoont, who individually have experience of 7 years and 5 years in the Ready to Eat Food Industry. Their involvement in day to day activities of our business operations including corporate strategy and planning, sales and marketing, production planning has helped the Company to set up efficient process thereby streamlining the operations from start. In a short span of time, we believe that our Promoters have established themselves as a trusted and reliable source for supply of Instant Noodles to our customers. We believe that our approach of timely supply of materials, quality control, logistics, inventory management, credit and delivery at cost effective prices to the customers has helped our Company to build strong relationship with our customers.
Unit of Measurement |
For the Year ended on |
|||
Particulars |
March 31, 2025 | March 31, 2024 | March 31, 2023 | |
Revenue from Operations(1) |
In t | 3,390.58 | 2,589.53 | 1,949.28 |
Growth in Revenue from Operations? |
In % | 30.93 | 32.85 | NA |
EBITDA(3) |
In t | 406.25 | 310.55 | 261.40 |
EBITDA Margin? |
In % | 11.98 | 11.99 | 13.41 |
PAT(5) |
In t | 230.71 | 198.38 | 123.96 |
PAT Margin(6) |
In % | 6.80 | 7.66 | 6.36 |
ROE(7) |
In % | 24.66 | 33.00 | 38.75 |
ROCE(8) |
In % | 23.73 | 19.36 | 20.32 |
RONW(9) |
In % | 21.95 | 24.18 | 32.46 |
Current Ratio(10) |
In Times | 1.51 | 1.40 | 1.08 |
Debt to Equity Ratio(11) |
In Times | 0.41 | 0.61 | 1.75 |
Debt Service Coverage Ratio(12) |
In Times | 2.26 | 1.54 | 1.40 |
Inventory Turnover Ratio(13) |
In Times | 4.26 | 3.55 | 2.98 |
*As certified by Statutory and Peer Review Auditor, M/s Piyush Kothari & Associates, Chartered Accountants, by way of their certificate dated September 19, 2025.
Notes:
1. Revenue from Operation means revenue from sales.
2. Growth in Revenue is calculated as Revenue from operations for the current year minus Revenue from operations for the previous year as a percentage of Revenue from operations for the previous year.
3. EBITDA is calculated as Profit Before Tax + Finance Cost + Depreciation and Amortization - Other Income.
4. EBITDA Margin is calculated as EBITDA divided by revenue from operations.
5. Profit After Tax (PA T) is calculated as Profit Before Tax - Taxes.
6. Profit after Tax (PAT) Margin is calculated as Profit after Tax divided by revenue from operations.
7. Return on Equity (ROE) is calculated as net profit after tax for the year / period divided by Average Shareholder Equity.
8. Return on Capital Employed (RoCE) is calculated as EBIT divided by capital employed, Capital Employed is defined as shareholders equity plus total borrowings [Current & Non - Current].
9. Return on Net Worth (RONW) is calculated as restated net profit after tax divided by restated Net worth as at the end of the year /period
10. Current Ratio is calculated as Current assets divided by Current liabilities.
11. Debt to Equity Ratio is calculated as Total Debt divided by Adjusted Net-Worth as per Restated Financial Statements.
12. Debt Service Coverage Ratio is calculated as EBITDA divided by Interest payment plus repayment of borrowings.
13. Inventory Turnover Ratio is calculated as Cost of Goods Sold divided by Average Inventories.
The Directors confirm that there have been no events or circumstances since the date of the last financial statements as disclosed in the Draft Prospectus which materially or adversely affect or is likely to affect the profitability of our Company, or the value of our assets, or our ability to pay liabilities within next twelve months.
Note:
> The present Issue has been authorized pursuant to a resolution of our Board dated September 5, 2025 and by Special Resolution passed under Section 62(1)(c) of the Companies Act, 2013 at an Extra Ordinary General Meeting of our Shareholders held on September 12, 2025.
For details in respect of Statement of Significant Accounting Policies, please refer Restated Financial Statements under chapter titled “Restated Financial Statements” beginning on page 168 of this Draft Prospectus.
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Sales are recognized on accrual basis, and only after transfer of goods or services to the customer.
Dividend on Investments is recognized on receipt basis.
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
Interest Subsidy received under Comprehensive Agro Business Policy 2016-21 of Government of Gujarat (GAICL, Gandhinagar), is accounted when received under other income group.
Our business is subjected to various risks and uncertainties, including those discussed in the chapter titled “Risk Factors” beginning on page 29 of this Draft Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:
1. Our ability to successfully implement our strategy, our growth and expansion, technological changes.
2. ability to retain and hire key employees or maintain good relations with our workforce;
3. A majority of our revenue is derived from Instant Noodles.
4. Dependence on the performance of our work force.
5. Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate;
6. Impact of any reduction in sales of our products;
7. Rapid Technological advancement and inability to keep pace with the change;
8. Increased competition in industries/sector in which we operate;
9. General economic and business conditions in India and in the markets in which we operate and in the local, regional and national economies;
10. Changes in laws and regulations relating to the Sectors in which we operate;
11. Occurrence of natural or man-made disasters could adversely affect our results of operations and financial condition; and
12. Our inability to successfully diversify our product offerings may adversely affect our growth and negatively impact our profitability.
The following table sets forth select financial data derived from our restated financial statement of Balance Sheet as at Fiscal 2025, 2024, and 2023:
(? In Lakhs)
Particulars |
For the year ended on |
||
| March 31, 2025 | March 31, 2024 | March 31, 2023 | |
Liabilities |
|||
Long-term Borrowings |
80.36 | 151.63 | 331.66 |
Long Term Provisions |
2.80 | 1.68 | 1.98 |
Short-Term Borrowings |
347.36 | 350.28 | 338.32 |
Trade Payable |
466.70 | 302.87 | 312.36 |
Short-term Provisions |
134.86 | 61.34 | 8.81 |
Assets |
|||
Property, Plant & Equipment and Intangible Assets |
656.68 | 708.98 | 694.95 |
Inventories |
663.86 | 594.53 | 576.35 |
Trade Receivables |
747.12 | 372.62 | 112.32 |
Cash & Cash Equivalents |
33.60 | 64.79 | 63.66 |
Short Term Loans & Advances |
4.17 | 0.23 | 1.62 |
COMPARISON OF FISCAL 2025 WITH FISCAL 2024
1. Liabilities Long-term Borrowings:
Long-term borrowings of our company consists of secured loans obtained from banks. Long term borrowing decreased from ? 151.63 Lakhs for the financial year ended March 31, 2024 to ? 80.36 Lakhs for the financial year ended March 31, 2025. This change was mainly due to the repayment of secured loans from bank and financial institutions.
Long-term Provisions:
Long-term provisions increased from ? 1.68 Lakhs for the financial year ended March 31, 2024 to ? 2.80 Lakhs for the financial year ended March 31, 2025. This change was mainly due to the increase in the provision for gratuity.
Short-term Borrowings:
Short-term borrowings decreased from ? 350.28 Lakhs for the financial year ended March 31, 2024 to ? 347.36 Lakhs for the financial year ended March 31, 2025. This change was mainly due to the decrease in the secured current maturity of long-term borrowings, secured borrowings from bank and financial institutions, and unsecured borrowings from related parties.
Trade Payables:
Trade payables increased from ? 302.87 Lakhs for the financial year ended March 31, 2024 to ? 466.70 Lakhs for the financial year ended March 31, 2025. This increase was primarily attributable to higher purchase volumes and extended credit terms.
Short-term Provisions:
Short-term provisions increased from ? 61.34 Lakhs for the financial year ended March 31, 2024 to ? 134.86 Lakhs for the financial year ended March 31, 2025. This change was mainly due to increase in provision for income tax, provision for audit fees and provision for gratuity.
2. Assets
Property Plant & Equipment and Intangible Assets:
Property Plant & Equipment and Intangible Assets decreased from ? 708.98 Lakhs for the financial year ended March 31, 2024 to ? 656.68 Lakhs for the financial year ended March 31, 2025. This change was mainly due to regular depreciation
charged during the period.
Inventories:
Inventories increased from ? 594.53 Lakhs for the financial year ended March 31, 2024 to ? 663.86 Lakhs for the financial year ended March 31, 2025. This change was mainly due to increase in purchase of materials.
Trade Receivables:
Trade receivables increased from ? 372.62 Lakhs for the financial year ended March 31, 2024 to ? 747.12 Lakhs for the financial year ended March 31, 2025. This change was mainly due to higher sales and the extension of credit days provided to customers.
Cash & Cash Equivalents:
Cash & cash equivalents decreased from ? 64.79 Lakhs for the financial year ended March 31, 2024 to ? 33.60 Lakhs for the financial year ended March 31, 2025. This change was mainly due to decreased in cash on hand.
Short Term Loans & Advances:
Short-term loans & advances increased from ? 0.23 Lakhs for the financial year ended March 31, 2024 to ? 4.17 Lakhs for the financial year ended March 31, 2025. This change was mainly due to increase in advance given during the current year.
COMPARISON OF FISCAL 2024 WITH FISCAL 2023
1. Liabilities Long-term Borrowings:
Long-term borrowings decreased from ? 331.66 Lakhs for the financial year ended March 31, 2023 to ? 151.63 Lakhs for the financial year ended March 31, 2024. This change was mainly due to repayment of secured loans from bank and financial institutions.
Long-term Provisions:
Long-term provisions decreased from ? 1.98 Lakhs for the financial year ended March 31, 2023 to ? 1.68 Lakhs for the financial year ended March 31 2024. This change was mainly due to decrease in provision for gratuity.
Short-term Borrowings:
Short-term borrowings increased from ? 338.32 Lakhs for the financial year ended March 31, 2023 to ? 350.28 Lakhs for the financial year ended March 31, 2024. This change was mainly due to increase in the secured current maturity of long term borrowings.
Trade Payables:
Trade payables decreased from ? 312.36 Lakhs for the financial year ended March 31, 2023 to ? 302.87 Lakhs for the financial year ended March 31, 2024. This change was mainly due to payment made to creditors.
Short-term Provisions:
Short-term Provisions increased from ? 8.81 Lakhs for the financial year ended March 31, 2023 to ? 61.34 Lakhs for the financial year ended March 31, 2024. This change was mainly due to increase in provision for income tax, provision for audit fees.
2. Assets
Property Plant & Equipment and Intangible Assets:
Property Plant & Equipment and Intangible Assets increased from ? 694.95 Lakhs for the financial year ended March 31, 2023 to ? 708.98 Lakhs for the financial year ended March 31, 2024. This change was mainly due to addition in plant and machineries, furniture and fixtures and building.
Inventories:
Inventories increased from ? 576.35 Lakhs for the financial year ended March 31, 2023 to ? 594.53 Lakhs for the financial year ended March 31, 2024. This change was mainly due to increase in purchase of materials.
Trade Receivables:
Trade receivables increased from ? 112.32 Lakhs for the financial year ended March 31, 2023 to ? 372.62 Lakhs for the
financial year ended March 31, 2024. This change was mainly due to due to higher sales and the extension of credit days provided to customers.
Cash & Cash Equivalents:
Cash & cash equivalents increased from ? 63.66 Lakhs for the financial year ended March 31, 2023 to ? 64.79 Lakhs for the financial year ended March 31, 2024. This change was mainly due to increase in cash on hand.
Short Term Loans & Advances:
Short-term loans & advances decreased from ? 1.62 Lakhs for the financial year ended March 31, 2023 to ? 0.23 Lakhs for the financial year ended March 31, 2024. This change was mainly due to payment of advances given in earlier years.
We have established a track record of delivering strong financial performance. The table below sets out details of our key financial and operational metrics based on the Restated Financial Statements for years ended on March 31, 2025, 2024 and 2023.
(?In Lakhs except %)
For the year ended on March 31, 2025 |
For the year ended on March 31, 2024 |
For the year ended on March 31, 2023 |
||||
Particulars |
Amount | % of Total Income | Amount | % of Total Income | Amount | % of Total Income |
Income |
||||||
Revenue From Operations |
3,390.58 | 99.97% | 2,589.53 | 97.70% | 1,949.28 | 99.95% |
Other Income |
0.97 | 0.03% | 61.06 | 2.30% | 1.03 | 0.05% |
Total Income |
3,391.55 | 100.00% | 2,650.58 | 100.00% | 1,950.30 | 100.00% |
Expenditure |
||||||
Cost of Materials Consumed |
2,715.95 | 80.08% | 2,069.10 | 78.06% | 1,599.34 | 82.00% |
Changes In Inventories Of Finished Goods, and Stock-InTrade |
(33.50) | (0.99)% | 10.96 | 0.41% | (87.69) | (4.50)% |
Employee Benefit Expenses |
98.08 | 2.89% | 74.62 | 2.82% | 74.69 | 3.83% |
Finance Cost |
43.52 | 1.28% | 60.80 | 2.29% | 62.46 | 3.20% |
Depreciation |
55.40 | 1.63% | 54.61 | 2.06% | 47.64 | 2.44% |
Other Expenses |
203.79 | 6.01% | 124.30 | 4.69% | 101.55 | 5.21% |
Total Expenditure |
3,083.24 | 90.91% | 2,394.38 | 90.33% | 1,797.97 | 92.19% |
Profit/(Loss) Before Exceptional and Extra Ordinary Item |
308.30 | 9.09% | 256.20 | 9.67% | 152.33 | 7.81% |
Prior Period Items |
- | - | - | - | - | - |
Profit/(Loss) Before Tax |
308.30 | 9.09% | 256.20 | 9.67% | 152.33 | 7.81% |
Tax Expense: |
||||||
Current Tax |
72.89 | 2.15% | 54.05 | 2.04% | 11.24 | 0.58% |
Deferred Tax |
4.71 | 0.14% | 3.78 | 0.14% | 17.14 | 0.88% |
Net Current Tax Expenses |
77.59 | 2.29% | 57.82 | 2.18% | 28.38 | 1.45% |
Profit/(Loss) for the Year |
230.71 | 6.80% | 198.38 | 7.48% | 123.96 | 6.36% |
Revenue from operations: Revenue from operations mainly consists of Sale of Products.
Other Income: Other income mainly includes Interest Income, Interest Subsidy Income, Interest on Income Tax Refund, Foreign Exchange Gain.
Expenses: Companys expense consist of Cost of material consumed, Changes in inventories of finished goods, and stock in trade, Employee benefit expenses, Finance cost, Depreciation, Other expenses and Tax expenses.
Cost of Material Consumed: Cost of Material consumed expenses primarily comprise of purchase of raw material and Direct Expenses for the Purchase of Raw Material.
Changes In Inventories of Finished Goods, and Stock-In-Trade: Changes in Inventories of finished goods & stock in trade i.e. difference between opening stock and closing stock of Stock-In-Trade & Finished Goods.
Employee Benefit Expenses: Employee benefit expenses include salaries and bonus, directors remuneration, contribution to provident funds, gratuity expenses and other employee benefit expenses.
Finance cost: Finance cost includes Interest expense and other finance charges
Depreciation: Depreciation includes depreciation on plant & machineries, furniture and fittings, computers and building.
Other Expenses: Other expenses includes manufacturing expenses, power and fuel expenses, freight expenses, job work charges, repair and maintenance to machinery, repair and maintenance to others, auditors remuneration, legal & professional fees, insurance expense, rent, rates & taxes, selling and distribution expenses and other miscellaneous expenses.
COMPARISON OF FINANCIAL PERFORMANCE OF FISCAL 2025 WITH 2024
The following description set forth information with respect to the key components of our profit and loss statement.
Total Income:
Our Total Income increased by 27.96% from ? 2,650.58 Lakhs for the financial year ended March 31, 2024 to ? 3,391.55 Lakhs for the financial year ended March 31, 2025. This was primarily attributable to the following:
Revenue from Operations:
Our Income from Revenue from Operations increased by 30.93% from ? 2,589.53 Lakhs for the financial year ended March 31, 2024 to ? 3,390.58 Lakhs for the financial year ended March 31, 2025. This was mainly attributable to higher receipts from Sale of Instant Noodles during the year.
Product wise Revenue Bifurcation
(t in lakhs)
Particulars |
As at March 31, 2025* |
As at March 31, 2024* |
||
| Amount | % of total revenue from operations | Amount | IGHT>% of total revenue from operations | |
Instant Noodles |
3049.98 | 89.95% | 2087.83 | 80.63% |
Noodle Bhujiya |
0.00 | - | 2.74 | 0.11% |
Papad |
227.11 | 6.70% | 254.82 | 9.83% |
Other |
113.49 | 3.35% | 244.15 | 9.43% |
Total |
3390.58 | 100.00% | 2589.53 | 100% |
*Rounded off Other Income:
Our Other Income decreased by 98.41% from ? 61.06 Lakhs for the financial year ended March 31, 2024 to ? 0.97 Lakhs for the financial year ended March 31, 2025. This was mainly due to income from interest subsidy received in fiscal year 2024.
Total Expenses:
Our Total Expenses increased by 28.77% from ? 2,394.38 Lakhs for the financial year ended March 31, 2024 to ? 3,083.24 Lakhs for the financial year ended March 31, 2025 due to factors describe below.
Cost of Material Consumed:
Our Cost of Material Consumed increased by 31.26% from t 2,069.10 Lakhs for the financial year ended March 31, 2024 to t 2,715.95 Lakhs for the financial year ended March 31, 2025. This increase was mainly due to the company made additional purchases to support the increase in sales.
Changes in Inventories of Finished Goods, and Stock-In-Trade:
Our Changes in Inventories of Finished Goods, and Stock-In-Trade decreased by 405.66% from t 10.96 Lakhs for the financial year ended March 31, 2024 to t (33.50) Lakhs for the financial year ended March 31, 2025. This decrease was mainly due to the company made additional purchases to support the increase in sales.
Employee Benefit Expenses:
Our Employee Benefit Expenses increased by 31.44% from t 74.62 Lakhs for the financial year ended March 31, 2024 to t 98.08 Lakhs for the financial year ended March 31, 2025. This increase was mainly due to increase in salaries and bonus from t 57.31 Lakhs for the financial year ended March 31, 2024 to t 85.67 Lakhs for the financial year ended March 31, 2025, decrease in directors remuneration from t 12.36 Lakhs for the financial year ended March 31, 2024 to t 6.36 Lakhs for the financial year ended March 31, 2025, decrease in other employee benefits expenses from t 4.74 Lakhs for the financial year ended March 31, 2024 to t 3.80 Lakhs for the financial year ended March 31, 2025, increase in contribution to provident funds from t 0.51 Lakhs for the financial year ended March 31, 2024 to t 0.55 Lakhs for the financial year ended March 31, 2025, increase in Gratuity Expenses from t 0.30 Lakhs for the financial year ended March 31, 2024 to t 1.69 Lakhs for the financial year ended March 31, 2025.
Finance Cost:
Our Finance Cost decreased by 28.42% from t 60.80 Lakhs for the financial year ended March 31, 2024 to t 43.52 Lakhs for the financial year ended March 31, 2025. This decrease was mainly due to decrease in interest payment to banks which was t 59.76 Lakhs for the financial year ended March 31, 2024 to t 42.70 Lakhs for the financial year ended March 31, 2025 and decrease in other finance charges which was t 1.04 Lakhs for the financial year ended on March 31, 2024 to t
0.82 Lakhs for the financial year ended on March 31, 2025.
Depreciation:
Our Depreciation expense increased by 1.45% from t 54.61 Lakhs for the financial year ended March 31, 2024 to t 55.40 Lakhs for the financial year ended March 31, 2025. This increase was mainly due to addition in the building during the year.
Other Expenses:
Our Other Expenses increased by 63.95% from t 124.30 Lakhs for the financial year ended March 31, 2024 to t 203.79 Lakhs for the financial year ended March 31, 2025. This increase was mainly due to increase in freight expense from t
0.17 Lakhs for the financial year ended March 31, 2024 to t 0.30 Lakhs for the financial year ended March 31, 2025, increase in job work charges from t 45.19 Lakhs for the financial year ended March 31, 2024 to t 165.03 Lakhs for the financial year ended March 31, 2025, increase in repairs & maintenance to machinery from t 1.81 Lakhs for the financial year ended March 31, 2024 to t 2.44 Lakhs for the financial year ended March 31, 2025, increase in repairs & maintenance to others from nil for financial year ended on March 31, 2024 to t 0.37 Lakhs for financial year ended March 31, 2025, and increase in other miscellaneous expense from t 1.29 Lakhs for the financial year ended March 31, 2024 to t 2.20 Lakhs for the financial year ended March 31, 2025.
Profit/ (Loss) Before Tax:
For the reasons discussed above, Restated profit before tax increased by 20.34% from t 256.20 Lakhs for the financial year ended March 31, 2024 to t 308.30 Lakhs for the financial year ended March 31, 2025.
Tax Expenses:
Our Tax Expenses increased by 34.18% from t 57.82 Lakhs for the financial year ended March 31, 2024 to t 77.59 Lakhs for the financial year March 31, 2025. This increase was primarily attributable to increase in current tax expense to t 72.89 Lakhs for the year ended March 31, 2025 compared to t 54.05 Lakhs for the year ended March 31, 2024, and increase in deferred tax to t 4.71 Lakhs for the year ended March 31, 2025 compared to t 3.78 Lakhs for the financial year ended March 31, 2024.
Profit/(Loss) After Tax:
Particulars |
For the year ended |
For the year ended |
Changes |
|||
March 31, 2025 |
March 31, 2024 |
(in %) |
||||
(? in lakhs) |
(? in lakhs) |
|||||
Revenue from Operations |
3,390.58 |
2,589.53 |
30.93% | |||
Cost of Material Consumed |
2,715.95 |
2,069.10 |
31.26% | |||
Changes In Inventories Of Finished Goods, and Stock-In-Trade |
(33.50) |
10.96 |
(405.66)% | |||
Employee Benefit Expenses |
98.08 |
74.62 |
31.44% | |||
Finance Costs |
43.52 |
60.80 |
(28.42)% | |||
Depreciation |
55.40 |
54.61 |
1.45% | |||
Other Expenses |
203.79 |
124.30 |
63.95% | |||
Tax Expenses |
77.59 |
57.82 |
34.19% | |||
For the various reasons discussed above, our company recorded a profit ? 230.71 Lakhs for the financial year ended March 31, 2025 compared to of ? 198.38 Lakhs for the financial year ended March 31, 2024.
The companys Profit After Tax (PAT) increased from ? 198.38 Lakhs in FY 2024 to ? 230.71 Lakhs in FY 2025. This growth was mainly driven by a 30.93% rise in revenue from operations, reaching ? 3390.58 Lakhs, supported by increased income from manufacturing of Instant Noodles.
Additionally, while the cost of material consumed increased by 31.26%, in line with the growth in sales, the company was able to control its finance costs, which saw a reduction of 28.42%. This reduction reflects better debt management and lower interest burdens. Employee benefit expenses and other expenses saw substantial increases of 31.44% and 63.95%, respectively, driven by additional operational requirements.
COMPARISON OF FINANCIAL PERFORMANCE OF FISCAL 2024 WITH FISCAL 2023
The following descriptions set forth information with respect to the key components of our profit and loss statement. Total Income:
Our Total Income increased by 35.91% from ? 1,950.30 Lakhs for the financial year ended March 31, 2023 to ? 2,650.58 Lakhs for the financial year ended March 31, 2024. This was primarily attributable to the following:
Revenue from Operations:
Our Income from Revenue from Operations increased by 32.85% from ? 1,949.28 Lakhs for the financial year ended March 31, 2023 to ? 2,589.53 Lakhs for the financial year ended March 31, 2024. This was mainly attributable to higher receipts from Sale of Products during the year.
Product wise Revenue Bifurcation
(? in lakhs)
Particulars |
As at March 31, 2024* |
As at March 31, 2023* |
||
| Amount | % of total revenue from operations | Amount | % of total revenue from operations | |
Instant Noodles |
2087.83 | 80.63% | 1719.46 | 88.21% |
Noodle Bhujiya |
2.74 | 0.11% | 6.36 | 0.32% |
Papad |
254.82 | 9.83% | 137.92 | 7.08% |
Other |
244.15 | 9.43% | 85.54 | 4.39% |
Total |
2589.53 | 100% | 1949.28 | 100.00% |
*Rounded off Other Income:
Our Other Income increased by 5,828.16% from ? 1.03 Lakhs for the financial year ended March 31, 2023 to ? 61.06 Lakhs for the financial year ended March 31, 2024. This was mainly due to income from interest subsidy received in fiscal year 2024.
Total Expenses:
Our Total Expenses increased by 33.17% from ? 1,797.97 Lakhs for the financial year ended March 31, 2023 to ? 2,394.38 Lakhs for the financial year ended March 31, 2024 due to factors describe below.
Cost of Material Consumed:
Our Cost of Material Consumed increased by 29.37% from t 1,599.34 Lakhs for the financial year ended March 31, 2023 to t 2,069.10 Lakhs for the financial year ended March 31, 2024. This increase was mainly due to the company made additional purchases to support the increase in sales.
Changes in Inventories of Finished Goods, and Stock-In-Trade:
Our Changes in Inventories of Finished Goods, and Stock-In-Trade increased by 112.50% from t (87.69) Lakhs for the financial year ended March 31, 2023 to t 10.96 Lakhs for the financial year ended March 31, 2024. This decrease was mainly due to lower inventory level at the end of the year.
Employee Benefit Expenses:
Our Employee Benefit Expenses decreased by 0.09% from t 74.69 Lakhs for the financial year ended March 31, 2023 to t 74.62 Lakhs for the financial year ended March 31, 2024. This decrease was mainly due to increase in salaries and bonus from t 54.78 Lakhs for the financial year ended March 31, 2023 to t 57.31 Lakhs for the financial year ended March 31, 2024, decrease in directors remuneration from t 19.22 Lakhs for the financial year ended March 31, 2023 to t 12.36 Lakhs for the financial year ended March 31, 2024, increase in other employee benefits expenses from t nil for the financial year ended March 31, 2023 to t 4.74 Lakhs for the financial year ended March 31, 2024, increase in contribution to provident funds from nil for the financial year ended March 31, 2023 to t 0.51 Lakhs for the financial year ended March 31, 2024, decrease in Gratuity Expenses from t 0.68 Lakhs for the financial year ended March 31, 2023 to t 0.30 Lakhs for the financial year ended March 31, 2024.
Finance Cost:
Our Finance Cost decreased by 2.66% from t 62.46 Lakhs for the financial year ended March 31, 2023 to t 60.80 Lakhs for the financial year ended March 31, 2024. This decrease was mainly due to increase in interest payment to banks which was t 57.09 Lakhs for the financial year ended March 31, 2023 to t 59.76 Lakhs for the financial year ended March 31, 2024 and decrease in other finance charges which was t 5.37 Lakhs for the financial year ended on March 31, 2023 to t 1.04 Lakhs for the financial year ended on March 31, 2024.
Depreciation:
Our Depreciation expense increased by 14.63% from t 47.64 Lakhs for the financial year ended March 31, 2023 to t 54.61 Lakhs for the financial year ended March 31, 2024. This increase was mainly due to addition in the plant & machineries, furniture and fixtures and building during the year.
Other Expenses:
Our Other Expenses increased by 22.40% from t 101.55 Lakhs for the financial year ended March 31, 2023 to t 124.30 Lakhs for the financial year ended March 31, 2024. This increase was mainly due to increase in manufacturing expenses from t 4.54 Lakhs for the financial year ended March 31, 2023 to t 5.69 Lakhs for the financial year ended March 31, 2024, increase in power and fuel expenses from t 14.71 Lakhs, decrease in freight expense from t 41.90 Lakhs for the financial year ended March 31, 2023 to t 0.17 Lakhs for the financial year ended March 31, 2024, increase in job work charges from t 14.45 Lakhs for the financial year ended March 31, 2023 to t 45.19 Lakhs for the financial year ended Maech 31, 2024, increase in repairs and maintenance from nil for the financial year ended March 31, 2023 to t 1.81 Lakhs for the financial year ended March 31, 2024, decrease in repairs and maintenance to others from t 0.30 Lakhs for the financial year 2023 to nil for the financial year ended March 31, 2024, increase in legal and professional fees from t 4.43 Lakhs for the financial year ended March 31, 2023 to t 18.54 Lakhs for the financial year ended March 31, 2024, increase in insurance expense from t 1.11 Lakhs for the financial year ended March 31, 2023 to t 1.71 fo r the financial year ended March 31, 2024, increase in rent, rates and taxes from t 6.00 Lakhs for the financial year ended March 31, 2023 to t 6.13 Lakhs for the financial year ended March 31, 2024, increase in selling and distribution expense from t 12.89 Lakhs to t 22.80 Lakhs for the financial year ended March 31, 2024, and increase in other miscellaneous expense from t 0.93 Lakhs to t 1.29 Lakhs for the financial year ended March 31, 2024.
Profit/ (Loss) Before Tax:
For the reasons discussed above, Restated profit before tax increased by 68.19% from t 152.33 Lakhs for the financial year ended March 31, 2023 to t 256.20 Lakhs for the financial year ended March 31, 2024.
Tax Expenses:
Our Tax Expenses increased by 103.74% from t 28.38 Lakhs for the financial year ended March 31, 2023 to t 57.82 Lakhs for the financial year March 31, 2024. This increase was primarily attributable to increase in current tax expense to t 54.05 Lakhs for the year ended March 31, 2024 compared to t 11.24 Lakhs for the year ended March 31, 2023, and decrease in deferred tax to t 3.78 Lakhs for the year ended March 31, 2024 compared to t 17.14 Lakhs for the financial year ended
March 31, 2023.
Profit/(Loss) After Tax:
Particulars |
For the year ended March 31, 2024 | For the year ended March 31, 2023 | Changes
(in %) |
Revenue from Operations |
2,589.53 | 1,949.28 | 32.85% |
Cost of Material Consumed |
2,069.10 | 1,599.34 | 29.37% |
Changes In Inventories Of Finished Goods, and Stock-In-Trade |
10.96 | (87.69) | 112.50% |
Employee Benefit Expenses |
74.62 | 74.69 | (0.09)% |
Finance Costs |
60.80 | 62.46 | (2.66)% |
Depreciation |
54.61 | 47.64 | 14.63% |
Other Expenses |
124.30 | 101.55 | 22.40% |
Tax Expenses |
57.82 | 28.38 | 103.74% |
For the various reasons discussed above, our company recorded a profit ? 198.38 Lakhs for the financial year ended March 31, 2024, compared to of ? 123.96 Lakhs for the financial year ended March 31, 2023.
The companys Profit After Tax (PAT) increased from ? 198.38 Lakhs in FY 2024 to ? 230.71 Lakhs in FY 2025. This growth was mainly driven by a 30.93% rise in revenue from operations, reaching ? 3390.58 Lakhs, supported by increased revenue from operations.
Additionally, while employee benefit expenses remained relatively stable with a slight decrease of 0.09%, finance costs were reduced by 2.66%, reflecting improved debt management. Depreciation increased by 14.63%, in line with the addition of new assets, but this was offset by a significant 22.40% rise in other expenses, largely due to additional operational requirements. Overall, the combination of increased revenue, better cost management, and improved operational measures resulted in a notable rise in profit after tax.
As per Restated Financial Statements
(?In Lakhs)
Particulars |
For the Year ended on |
||
| March 31, 2025 | March 31, 2024 | March 31, 2023 | |
Cash Flow from Operating Activities |
84.91 | 68.61 | 273.51 |
Cash Flow from Investing Activities |
(2.13) | (67.67) | (124.93) |
Cash Flow from Financing Activities |
(113.97) | 0.20 | (118.36) |
Cash Flow from Operating Activities
For the financial year ended on March 31, 2025
Our net cash generated from operating activities was ? 84.91 Lakhs for the year ended on March 31, 2025. Our operating profit before working capital changes was ? 405.44 Lakhs for the year ended on March 31, 2025 which was primarily adjusted against Depreciation of ? 55.44 Lakhs, Interest Paid of ? 42.70 Lakhs, and Interest Income of ? 0.97 Lakhs.
The main adjustments to operating profit before working capital changes included adjustments for (i) increase in Inventories by ? 69.33 Lakhs, (ii) increase in Trade Receivable by ? 374.50 Lakhs, (iii) increase in Short Term Loans & Advances by ? 3.94 Lakhs, (iv) increase in Long Term Loans & Advances by ? 6.72 Lakhs, (v) increase in Other Current Assets by ? 35.65 Lakhs, (vi) increase in Trade Payables by ? 163.83 Lakhs, (vii) increase in Other Current Liabilities by ? 8.08 Lakhs, (viii) increase in Short Term Provisions by ? 0.62 Lakhs, and (ix) decrease in Short Term Borrowings by ? 2.92 Lakhs.
For the financial year ended on March 31, 2024
Our net cash generated from operating activities was ? 68.61 Lakhs for the financial year ended on March 31, 2024. Our operating profit before working capital changes was ? 369.60 Lakhs for the year ended on March 31, 2024 which was primarily adjusted against Depreciation of ? 54.61 Lakhs, Interest Paid of ? 59.76 Lakhs, and Interest Income of ? 0.97 Lakhs.
The main adjustments to operating profit before working capital changes included adjustments for (i) increase in inventories by t 18.18 Lakhs, (ii) increase in Trade Receivables by t 260.30 Lakhs, (iii) decrease in Short Term Loans & Advances by t 1.39 Lakhs, (iv) increase in Long Term Loans & Advances by t 0.67 Lakhs, (v) decrease in Current Assets by t 3.75 Lakhs, (vi) decrease in Trade Payables by t 9.49 Lakhs, (vii) decrease in Other Current Liabilities by t 27.96 Lakhs, (viii) increase in Short Term Provisions by t 0.30 Lakhs, (ix) increase in Short Term Borrowings by t 11.96 Lakhs, and (x) Income Tax paid for March 31, 2024 amount to t 1.78 Lakhs.
For the financial year ended on March 31, 2023
Our net cash generated from operating activities was t 273.51 Lakhs for the financial year ended on March 31, 2023. Our operating profit before working capital changes was t 256.12 Lakhs for the year ended on March 31, 2023 which was primarily adjusted against Depreciation of t 47.64 Lakhs, Interest Paid of t 57.09 Lakhs, and Interest Income of t 0.93 Lakhs.
The main adjustments to operating profit before working capital changes included adjustments for (i) increase in Inventories by t 139.23 Lakhs, (ii) decrease in Trade Receivables by t 61.40 Lakhs, (iii) decrease in Short Term Loans & Advances by t 21.79 Lakhs, (iv) decrease in other Current Assets by t 18.27 Lakhs, (v) decrease in Trade Payables by t 84.15 Lakhs, (vi) decrease in Other Current Liabilities by t 12.94 Lakhs, (vii) increase in Short Term Provisions by t 0.05 Lakhs, and (viii) increase in Short Term Borrowings by t 152.18 Lakhs.
Cash Flows from Investing Activities
For the year ended March 31, 2025, net cash outflow from Investing activities were t 2.13 Lakhs. This was mainly due to Purchase of property, plant and equipment of t 3.10 Lakhs and Interest income of t 0.97 Lakhs.
For the year ended March 31, 2024, net cash outflow from Investing activities were t 67.67 Lakhs. This was mainly due to Purchase of property, plant and equipment of t 68.64 Lakhs and Interest income of t 0.97 Lakhs.
For the year ended March 31, 2023, net cash outflow from Investing activities were t 125.86 Lakhs. This was mainly due to Purchase of property, plant and equipment of t 125.86 Lakhs and Interest income of t 0.93 Lakhs.
Cash Flows from Financing Activities
For the year ended March 31, 2025, net cash outflow from Financing activities were t 113.97 Lakhs. This was mainly due to decrease in Long term borrowings of t 71.27 Lakhs and Interest paid of t 42.70 Lakhs.
For the year ended March 31, 2024, net cash inflow from Financing activities were t 0.20 Lakhs. This was mainly due to Proceeds from issue of new shares of t 240.00 Lakhs, decrease in Long term borrowings of t 180.04 Lakhs, and Interest paid of t 59.76 Lakhs.
For the year ended March 31, 2023, net cash outflow from Financing activities were t 118.36 Lakhs. This was mainly due to decrease in Long term borrowings of t 61.28 Lakhs and Interest paid of t 57.09 Lakhs.
For further information, Please refer “Annexure 33 - Statement of Related Party Transaction” under chapter titled “Restated Financial Statements” beginning on page no. 168 of this Draft Prospectus.
We do not have any other off-balance sheet arrangements, derivative instruments or other relationships with any entity that have been established for the purposes of facilitating off-balance sheet arrangements.
There are no qualifications in the audit report that require adjustments in the Restated Financial Statements Financial Market Risks
Market risk is the risk of loss related to adverse changes in market prices, including interest rate risk. We are exposed to interest rate risk, inflation and credit risk in the normal course of our business.
Interest Rate Risks
We are currently exposed interest to rate risks to the extent of outstanding loans. However, any rise in future borrowings may increase the risk.
Effect of Inflation
We are affected by inflation as it has an impact on the operating cost, staff costs etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.
Credit Risk
We are exposed to credit risk on monies owed to us by our customers. If our customers do not pay us promptly, or at all, we may have to make provisions for or write-off such amounts.
An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:
1. Unusual or infrequent events or transactions.
There has not been any unusual trend on account of our business activity. There are no Unusual or infrequent events or transactions in our Company. The transactions are as per usual business operations.
2. Significant economic changes that materially affected or are likely to affect income from continuing operations.
There are no significant economic changes that may materially affect or likely to affect income from continuing operations.
3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.
Apart from the risks as disclosed under chapter titled “Risk Factors” beginning on page 29 in the Draft Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.
4. Details of default, if any, including therein the amount involved, duration of default and present status, in repayment of statutory dues or repayment of debentures or repayment of deposits or repayment of loans from any bank or financial institution.
Except as disclosed in chapter titled “Restated Financial Statements” beginning on page 168 of this Draft Prospectus, there have been no defaults in payment of statutory dues or repayment of debentures and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company.
5. Material Frauds
There are no material frauds, as reported by our statutory auditor, committed against our Company, in the last three Fiscals.
6. Future changes in relationship between costs and revenues, in case of events such as future increase in labour or material costs or prices that will cause a material change are known
Other than as described in the sections titled “Risk Factors”, “Business Overview” and “Restated Financial Statements” beginning on page 29, 117 and 168 of this Draft Prospectus, to our knowledge there are no factors, which will affect the future relationship between costs and income or which are expected to have a material adverse impact on our operations and finances.
7. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or increased sales prices.
Other than as disclosed in this section and in chapter titled “Business Overview” beginning on page 117 of this Draft Prospectus, we have not announced and do not expect to announce in the near future any new business segments.
8. Significant dependence on a single or few Customers
The percentage of contribution of our Companys Top 1, 5 and Top 10 Customers have been mentioned under the chapter titled “Business Overview” on page 117 of this Draft Prospectus.
9. Status of any publicly announced New Products or Business Segment.
Please refer to the chapter titled “Business Overview” beginning on page 117 of this Draft Prospectus for new products or business segments.
10. Seasonality of business.
Our business is not subject to seasonality. For further information, see chapter titled “Industry Overview” and “Business Overview” beginning on page no. 107 and 117 respectively.
11. Competitive conditions.
Competitive conditions are as described under the chapter titled “Industry Overview” and “Business Overview" beginning on page no. 107 and 117, respectively of the Draft Prospectus.
CAPITALIZATION STATEMENT
The following table sets forth our capitalisation derived from our Restated Financial Statements as at March 31, 2025, and as adjusted for the Issue. This table should be read in conjunction with “Managements Discussion and Analysis of Financial Position and Results of Operations”, “Restated Financial Statements” and “Risk Factors” beginning on pages 214, 168, and 29 respectively.
Particulars |
Pre-Issue
Year Ended March 31, 2025 |
P o st Issue* |
Borrowings : |
||
Short Term Debt |
347.36 | [•] |
Long Term Debt (A) |
80.36 | [•] |
Total Borrowing (B) |
427.71 | [•] |
Shareholders Funds |
||
Equity Share Capital |
626.00 | [•] |
Reserves and Surplus |
424.96 | [•] |
Less: Miscellaneous Expenses not W/off |
- | |
Total Shareholders Funds (C) |
1,050.96 | [•] |
Long Term Debt/ Shareholders Funds (A/C) |
0.08 | [•] |
Total Borrowings / Shareholders Fund (B/C) |
0.41 | [•] |
* To be updated in the Prospectus prior to filing with RoC.
Note:
1. Short-term borrowings implies borrowings repayable within 12 months from the Balance Sheet date. Long-term borrowings are debts other than short-term borrowings and also includes the current maturities of long-term borrowings (included in Short term borrowing).
2. The above ratios have been computed on the basis of the Restated Summary Statement of Assets and Liabilities of the Company.
The above statement should be read with the Statement of Notes to the Restated Financial Information of the Company.
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