Industry Structure and Developments
The global process piping industry continues to demonstrate robust growth driven by the increasing demand for infrastructure development across key sectors such as oil and gas, power, chemicals, and other process industries. Within this framework, DEE Development Engineers Limited holds a prominent position as a leading provider of comprehensive piping solutions. The industry is characterized by rapid technological advancements and a growing emphasis on sustainability, which has led to an increased focus on high-efficiency and environmentally friendly solutions. As industries shift towards more complex and specialized piping systems, DEE Development Engineers Limited leverages its extensive technical expertise and over three decades of experience to address these evolving needs. The companys strategic investments in cutting-edge manufacturing technologies and a diversified product portfolio enable it to cater to the most demanding requirements of its global clientele, ensuring sustained growth and competitiveness in the industry. The Indian market, in particular, presents significant opportunities as the governments push towards infrastructure development and industrial expansion continues unabated, further solidifying DEE Development Engineers Limiteds leadership in the process piping domain.
As a leading company providing products and solutions for a broad spectrum of industries, DEE Development Engineers Limited is in a favourable position to participate in Indias growth story.
Strengths
Leading player in an industry with significant barriers to entry
We are an engineering company providing specialized process piping solutions for industries such as oil and gas, power (including nuclear), process industries and chemicals through engineering, procurement and manufacturing services. As part of our specialized process piping solutions, we also manufacture and supply piping products such as high-pressure piping systems, piping spools, high frequency induction pipe bends, Longitudinally Submerged Arc Welding pipes, industrial pipe fittings, pressure vessels, industrial stacks, modular skids and accessories including boiler superheater coils, de-super heaters and other customized manufactured components. Our leadership position can be attributed to factors such as our long
standing relationship with certain of our global customers, business experience, domain expertise and consistent quality of our products. We believe that such leadership position offers us competitive advantages such as product pricing, reduced costs due to economies of scale, our ability to scale our business, customer loyalty and increasing our client base.
Largest player in process piping solutions in India, in terms of installed capacity, providing specialized process piping solutions with strategically located state- of-the-art Manufacturing Facilities
Our Company currently is ranked as one of the leading process pipe solution providers in the world, in terms of technical capability to address complex process piping requirement arising from multiple industrial segments. At present, we are the largest player in process piping solutions in India, in terms of installed capacity. We have seven strategically located Manufacturing Facilities at Palwal in Haryana, Anjar in Gujarat, Barmer in Rajasthan. Numaligarh in Assam and Bangkok in Thailand, with three Manufacturing Facilities located at Palwal, Haryana. Our Barmer Satellite Facility is a dedicated facility set up to cater to the piping and erection requirements of the HPCL Rajasthan Refinery Limited. Our wholly owned subsidiary, DFIPL operates our Anjar Heavy Fabrication Facility. Our seven Manufacturing Facilities and the Anjar Heavy Fabrication Facility together span an area of approximately 436,967.87 square meters.
Our Manufacturing Facilities are equipped with modern equipment and systems which includes fully automated robotic welding systems, in-house non-destructive examination facilities such as radiography test, magnetic particle test, ultrasonic test, liquid penetrant test, visual test, semi-automatic shot blasting machines and separate fabrication shops for stainless steel and a clean room/ dust free manufacturing facility. Our engineering processes are technologically advanced which allow us to offer our customers latest products and advanced manufacturing processes. We have a history of setting up advanced equipment and technology, as well as carrying out improved processes before other players in the market. We are continuously looking to adopt newer technologies to improve and increase productivity, efficiency and economies of scale at our Manufacturing Facilities.
Our Chennai Engineering Facility is focused on engineering of specialized process piping solutions, improving our existing production processes, expanding capabilities and improving the quality of our existing products and engineering, coupled with material and cost efficiency. We believe quality is a key differentiator in our business. We have made efforts to adopt uniform manufacturing standards with robust controls across all our facilities. Our manufacturing infrastructure is complemented by our stringent quality and safety standards and processes which are evidenced by our multiple ISO certifications, and has also been certified to design, manufacture, inspect and test piping systems and for manufacture and supply of forged, seamless and welded fittings as per the Pressure Equipment Directive norms, it is also certified to manufacture and assemble power boilers, fabricate and assemble pressure piping and manufacture pressure vessels as per American Society of Mechanical Engineers Code Stamp Piping.
Long standing customer relationships with a strong order book
We have, through the three and a half decades of business operations, established long-term relationships with customers across industries we cater to. We believe that our ability to address the various and stringent client requirements over long periods enables us to obtain additional business from existing clients as well as new clients in an industry marked by high entry barriers. We have a balanced mix of domestic and overseas customers including certain Fortune 500 companies in India and various multinational corporations. Our customers include global companies such as JGC Corporation, Nooter Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries and John Cockerill S.A, and Indian companies such as Reliance Industries Limited, Thermax Babcock & Wilcox Energy Solutions Limited India, HPCL-Mittal Energy Limited, Toshiba JSW Power Systems Private Limited, UOP India Private Limited, Doosan Power Systems India Private Limited and Andritz Technologies Private Limited. One of the entry barriers to the industry in which we operate is the lead time required to build confidence and relationships with our customers.
We believe our customer relationships are led primarily by our ability to develop processes, meet stringent quality and technical specifications and manufacture customers products in a timely and cost-effective manner. As a result, we have a history of high customer retention and have been manufacturing products for certain customers for over a decade. Set forth below are the details of our customers with whom we have long standing relationships:
Customer |
Country | Number of years of association |
Reliance Industries Limited |
India | 12 |
Mitsubishi Heavy Industries |
Japan | 12 |
Toshiba JSW Power Systems Private Limited |
India | 10 |
Nooter Eriksen |
United States of America | 10 |
MAN Energy Solutions SE |
Germany | 11 |
John Cockerill S.A |
Belgium | 10 |
UOP India Private Limited |
India | 8 |
Wide range of specialized product offerings and services making us a comprehensive solution provider for our diversified customers spread across geographies and sectors
As an integrated manufacturing partner providing design- led-manufacturing solutions to our customers, we provide designs, engineering solutions, manufacturing and testing to ensure that our customers products meet robust standards in reliability, safety and performance.
We believe that our diversified product portfolio which includes piping spools, induction pipe bends, industrial pipe fittings, pressure vessels, modular piping (skids and modules), industrial stacks, wind turbine towers and pilot plants allows for limited dependence on individual products
and addresses different business cycles across industries where our products are used.
Strong focus on automation and process excellence with an experienced engineering team to drive operational efficiencies
Our Manufacturing Facilities have a good mix of automation and manual processes with automated equipment such as fully automated robotic welding systems, automatic GMAW welding system, fully CNC heat treatment furnaces (gas and electric), semi-automatic shot blasting and painting machines and in-house non-destructive examination facilities. Our automation capabilities enable us to combine operations and eliminate multiple operators in the production process in order to increase productivity, while controlling costs and maintaining consistent product quality. Further, our Manufacturing Facilities are adequately supported by sophisticated infrastructure and processes including induction heating method, in-house nondestructive examination facilities such as radiography test, magnetic particle test, ultrasonic test, liquid penetrant test, visual test, pneumatic test and hydro test. We believe that the company has sophisticated processes for welding such as no backing gas process. We also possess highly sophisticated non-destructive examination tools such as phased array ultrasonic testing, digital radiography, safe radiography and spectrometers for chemical analysis.
Opportunities
DEE Development Engineers Limited is strategically positioned to leverage several emerging opportunities within the global process piping industry. The continued expansion of infrastructure projects, particularly in fastgrowing emerging markets, presents a significant growth potential. The increasing demand for specialized, high- performance piping systems in critical sectors such as oil and gas, power, and chemicals aligns with DEEs core competencies. The companys expertise in handling complex metals and delivering customized solutions enables it to meet the evolving needs of these industries. Additionally, the global shift towards sustainability and environmentally friendly practices offers DEE an opportunity to innovate and provide eco-conscious piping solutions, further enhancing its competitive edge in the market. As governments and industries prioritize sustainable infrastructure, DEE is well-placed to capitalize on this trend by expanding its product offerings and capturing new market segments.
Increase in FDI inflow, mainly in the manufacturing sector. Due to stringent emission regulations in Power, Oil & Gas, Chemical, Steel and Cement Industries, the emission control equipment segment continues to see good demand. The Governments continued support to the Medium, Small, and Micro Enterprise (MSME) sectors provides subcontracting support for parts and services for the main sectors.
Threats
Despite the promising opportunities, DEE Development Engineers Limited faces several challenges that could impact its growth and operational efficiency. Volatility in raw material prices, particularly for key inputs like steel and specialized alloys, poses a risk to the companys profit margins and cost structures. The process piping industry is also subject to rigorous regulatory and compliance standards, which can lead to increased operational costs,
potential project delays, and the need for continuous investment in compliance measures. Moreover, the global economic landscape remains uncertain, with potential disruptions from geopolitical tensions, trade wars, and supply chain bottlenecks that could affect DEEs international operations. Additionally, the competitive nature of the industry, with new entrants and technological advancements, could pressure the company to constantly innovate and adapt. To navigate these threats, DEE must continue to invest in risk management strategies, maintain a focus on operational efficiency, and forge strategic partnerships to ensure its resilience and sustained growth in a challenging environment.
Volatility in commodity and crude oil prices due to global turmoil, the Russia-Ukraine war,
The Russia-Ukraine escalation led to energy price shock, with the European economies being impacted the most owing to their high dependency on natural gas flowing from Russia. However, the Eurozone has shown remarkable resilience in overcoming this shock, partly due to fiscal support measure as well as strategic adjustments in sourcing energy. The European central bank deployed budgetary support to households and firms in CY 2022 - to the tune of 1.3% of the regions GDP - to tide over the energy cost hike. Moreover, governments across the region took quick steps to increase gas flow from non-Russian pipelines. These measures, together with a mild winter in the region which saw a lower than anticipated demand for natural gas helped the region to display a high level of resiliency.
The Russia-Ukraine War, which was triggered by the 2022 Russian invasion of Ukraine, had a profound and far- reaching impact on global gas prices. As one of the major producers and exporters of oil and natural gas, Russias actions significantly disrupted energy markets worldwide. The ensuing economic sanctions and 21 geopolitical tensions further exacerbated the situation, leading to significant fluctuations in gas prices and greatly affecting economies, industries, and consumers around the globe.
and high inflation can increase input costs, impact profitability, and dampen export markets.
Cheaper Chinese imports, due to their overcapacity & slowing growth, are a threat to domestic manufacturing. Higher transportation costs for exports, mainly due to geopolitical tensions and disruption in maritime trade routes, could fluctuate and impact manufacturing output.
Segment wise performance
On the basis of nature of businesses, the Group has three reportable segments, as follows:
The piping segment which is mainly engaged in manufacturing of pre-fabricated engineering products, pipe fittings, piping systems.
The power segment, which is engaged in biomass-based power generation
The Heavy fabrication segment, which is engaged in Wind mill tower Manufacturing
No operating segments have been aggregated to form the above reportable operating segments.
The Executive Management Committee monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements.
Transfer prices between operating segments are on an arms length basis in a manner similar to transactions with third parties.
(Amount in INR Lacs)
Sr. Particulars No. |
Year ended 31 March 2024 | Year ended 31 March 2023 |
1* Segment revenue |
||
a) Piping division |
68,598.98 | 52,912.33 |
b) Power division |
8,243.10 | 7,403.65 |
c) Heavy fabrication |
3,602.11 | 1,817.88 |
Total |
80,444.19 | 62,133.86 |
Less: Inter segment revenue |
1,568.27 | 2,584.34 |
Revenue from operations |
78,875.92 | 59,549.52 |
* Based on Consolidated figures.
Growth Outlook
Amidst the difficult and uncertain external economic environment, the Indian government has delivered a balanced Union Budget which focuses on achieving an inclusive and sustainable growth while adhering to the fiscal glide path. Notwithstanding the external risk, there is a sustained momentum in economic activity supported by domestic drivers.
Capacity utilization in the manufacturing sector has surpassed its long period average. Thus, the stance taken by the government to not only emphasize on the top-down approach to growth i.e focusing on substantial capital outlay, but also to place focus on the bottom of the pyramid by trying to unleash the potential of the primary sector in the Union Budget should support Indias growth momentum in 2023.
Indias National Green Hydrogen Mission is aimed at developing green hydrogen production capacity of at least 5 MMT (Million Metric Tonne) annually with an associated renewable energy capacity addition of about 125 GW in the country. Over 8 trillion in total investments is envisaged for this initiative. The government has approved an outlay of 19,744 crore from FY 2023-24 to FY 202930 to make India a global hub for production, usage and export of green hydrogen and its derivatives.
Companies have so far announced plans for 48 renewable hydrogen projects in India that could produce a combined 3.5mn t/yr. If these announced projects are completed by 2030, they could provide 70% of Indias target to establish 5mn t/yr of renewable hydrogen capacity by 2030. Indias oil & gas PSUs (public sector organizations), such as Hindustan Petroleum Corporation Ltd, are targeting to build a combined green hydrogen generation capacity of 38,000 tonnes per annum by the next financial year which would require setting up a combined electrolyzer capacity of 279 MW by 2024-25. Companies have also expressed interest in setting set up electrolyser manufacturing facilities and have announced plans for 19 factories so far.
The government is planning consultation to create five large renewable hydrogen hubs that could be collectively worth USD 5 billion by 2030 through public- private partnerships. To reduce the transportation costs for making the project more financially viable, the production and consumption will have to be located closely.
With such initiatives related to players announcing plans for alternate energy, this would lead to further capex and open up more opportunities for the process piping players
I
DEE Development Engineers Limited remains optimistic about its future prospects, driven by the sustained demand for advanced process piping solutions across key industries such as oil and gas, power, and chemicals. The companys commitment to innovation, coupled with its extensive technical expertise and diversified product portfolio, positions it well to capitalize on emerging opportunities in both domestic and international markets. As the global economy gradually recovers and infrastructure development projects gain momentum, DEE is poised to benefit from the growing need for high-quality, customized piping systems. The companys focus on sustainability and its ability to adapt to evolving industry trends will further enhance its competitive advantage. While challenges such as raw material price volatility and regulatory complexities persist, DEEs robust risk management practices and strategic investments in technology and capacity expansion provide a solid foundation for sustained growth. Overall, DEE Development Engineers Limited is well-equipped to navigate the dynamic market environment and continue its trajectory of steady, long-term growth.
Risks and concerns
DEE Development Engineers Limited operates in a dynamic industry environment that presents several risks and concerns which could impact its operational and financial performance. One of the primary risks is the volatility in raw material prices, especially for steel and other specialized metals, which can lead to increased production costs and pressure on profit margins. Additionally, the company faces risks related to stringent regulatory and compliance requirements in the global markets it serves. Noncompliance or delays in meeting these standards could result in penalties, project delays, or reputational damage. The global nature of DEEs operations also exposes it to geopolitical risks, including trade restrictions, tariffs, and economic sanctions, which could disrupt supply chains and affect market access. Furthermore, the increasing competition within the process piping industry, coupled with rapid technological advancements, requires continuous investment in innovation and capacity to maintain a competitive edge. Lastly, macroeconomic factors such as currency fluctuations, interest rate changes, and global economic slowdowns could adversely affect demand for DEEs products and services. To mitigate these risks, the company remains focused on strengthening its risk management strategies, enhancing operational efficiencies, and maintaining financial prudence.
Internal Control Systems and Their adequacy
DEE Development Engineers Limited has established a robust internal control system designed to ensure the efficiency and effectiveness of its operations, the reliability of financial reporting, and compliance with applicable laws and regulations. The companys internal control framework is aligned with industry best practices and is regularly reviewed and updated to address emerging risks and challenges. These controls encompass a range of financial and operational processes, including the safeguarding of assets, accurate and timely recording of transactions, and adherence to policies and procedures.
The internal control system is supported by a well-structured internal audit function that operates independently and reports directly to the Audit Committee. Regular audits are conducted to assess the adequacy and effectiveness of the controls in place, identify areas for improvement, and ensure that any identified risks are promptly mitigated. The Audit Committee, comprising independent directors, provides oversight and ensures that the internal control system remains robust and responsive to the companys evolving needs.
Overall, DEE Development Engineers Limiteds internal control systems are considered adequate and effective in maintaining operational integrity, ensuring accurate financial reporting, and safeguarding the interests of stakeholders. Continuous efforts are made to enhance these controls to adapt to changing business environments and regulatory requirements.
Financial Performance with respect to operational performance
Total Income
Total income increased by 31.34% from 61,431.97 lakhs in Fiscal 2023 to 80,684.81 lakhs in Fiscal 2024 primarily due to operations at manufacturing facilities running at a higher capacity as compared to Fiscal 2023, additions of new facilities, better order book during Fiscal 2024 and writing back of excess liabilities pertaining to one of our customers pursuant to a settlement agreement.
Revenue from operations
Revenue from operations increased by 32.45% from 59,549.52 lakhs in Fiscal 2023 to 78,875.92 lakhs in Fiscal 2024 primarily due to increase in sale of finished goods from 28,361.86 lakhs in Fiscal 2023 to 43,473.30 lakhs in Fiscal 2024, increase in job work from 22,298.66 lakhs in Fiscal 2023 to 26,002.74 lakhs in Fiscal 2024 and increase in sale of electricity from 7,375.92 lakhs in Fiscal 2023 to 8,189.52 lakhs in Fiscal 2024.
Other income
Other income decreased by 3.91% from 1,882.45 lakhs in Fiscal 2023 to 1,808.89 lakhs in Fiscal 2024 primarily due to decrease in gain on foreign exchange (net) from 471.02 lakhs in Fiscal 2023 to 450.87 lakhs in Fiscal 2024, decrease in profit in sale of property, plant and equipment (net) from 197.97 lakhs in Fiscal 2023 to 3.03 lakhs in Fiscal 2024 and decrease in Miscellaneous income from 333.23 lakhs in Fiscal 2023 to 189.91 lakhs in Fiscal 2024. This was partially offset by a increase in amortization of deferred revenue from 215.03 lakhs in Fiscal 2023 to 321.27 lakhs in Fiscal 2024 and increase in interest income of bank from 153.12 lakhs in Fiscal 2023 to 252.34 lakhs in Fiscal 2024 and increase in Insurance claim received from 3.83 lakhs in Fiscal 2023 to 78.73 lakhs in Fiscal 2024
Expenses
Total expenses increased by 29.87% from 59,394.77 lakhs in Fiscal 2023 to 77,133.62 lakhs in Fiscal 2024 primarily due to an increase in the cost of raw materials consumed, increase in employee benefits expense and an increase in depreciation and amortization expenses.
Cost of raw materials consumed
Cost of materials consumed increased by 46.95% from 22,609.99 Lakhs in Fiscal 2023 to 33,225.60 lakhs in Fiscal 2024 primarily due to purchase of additional raw material.
Purchases of traded goods
Purchases of traded goods decreased by 99.40% from 288.98 lakhs in Fiscal 2023 to 1.73 lakhs in Fiscal 2024 primarily due to decrease in dealing in items of traded goods.
Change in inventories of finished goods, traded goods and work in progress
Inventories of finished goods, traded goods and work-inprogress increased by 50.34% from ( 3,876.74) lakhs in Fiscal 2023 to ( 5,828.15) lakhs in Fiscal 2024 primarily due to increase in the quantum of job work undertaken by the Company in Fiscal 2024 as compared to Fiscal 2023.
Employee benefits expense
Employee benefits expenses increased by 24.44% from 11,094.68 lakhs in Fiscal 2023 to 13,806.60 lakhs in Fiscal 2024 majorly due to increase in salaries, wages and bonus from 10,463.89 lakhs in Fiscal 2023 to 12,725.62 lakhs in Fiscal 2024 and due to expenses of employee stock option scheme of 266.24 lakhs in Fiscal 2024.
Finance costs
Finance costs increased by 33.83% from 2,990.22 lakhs in Fiscal 2023 to 4,001.91 lakhs in Fiscal 2024 primarily due to increase in interest expense on working capital loans 2,149.46 lakhs in Fiscal 2023 to 3,205.49 lakhs in Fiscal 2024.
Depreciation and amortisation expense
Depreciation and amortisation expenses increased by 19.46% from 3,772.72 lakhs in Fiscal 2023 to 4,506.79 lakhs in Fiscal 2024 primarily due to increase in depreciation on tangible assets from 3,524.35 lakhs in Fiscal 2023 to 4,010.09 lakhs in Fiscal 2024, and an increase in depreciation on right of use assets from 158.28 lakhs in Fiscal 2023 to 390.87 lakhs in Fiscal 2024, which is due to the addition of building and plant and machinery in our new facilities.
Other expenses
Other expenses increased by 21.78% from 22,514.92 lakhs in Fiscal 2023 to 27,419.14 lakhs in Fiscal 2024 primarily due to an increase in consumption of stores and spare parts from 5,323.30 lakhs in Fiscal 2023 to 7,195.56 lakhs in Fiscal 2024, an increase in fabrication and job charges from 5,212.51 lakhs in Fiscal 2023 to 6,349.83 lakhs in Fiscal 2024, an increase in power, fuel and water charges from 1,572.59 lakhs in Fiscal 2023 to 2,043.50 lakhs in Fiscal 2024, an increase in Radiography & inspection from 869.48 lakhs in Fiscal 2023 to 1,118.46 lakhs in Fiscal 2024.
Profit before tax
Our profit before tax increased by 74.32% from 2,037.20 lakhs in Fiscal 2023 to 3,551.19 lakhs in Fiscal 2024 primarily due to increase in revenue from operations.
Tax Expense
Total tax expense (current and deferred) increased by 25.75% from 739.98 lakhs in Fiscal 2023 to 930.54 lakhs in Fiscal 2024 primarily due to increase in total income.
Profit for the year
Profit for the year increased by 102.02% from 1,297.22 lakhs in Fiscal 2023 to 2,620.65 lakhs in Fiscal 2024 primarily due to an increase in total income.
Material developments in Human Resources / Industrial Relations front, including number of people employed
As a Company, we focus on fostering a culture of transparency and meritocracy for our employees. We also emphasise driving excellence through optimal organisational structures, HR systems, processes, and policies. Our commitment to our human resources drives all our developmental initiatives. We also empower our employees and workers to reach their full potential, challenging them to exceed their expectations. We aim to create a work environment and experience where individual skills and contributions are valued.
In the current financial year, the senior leadership teams prime focus was connecting with employees. The employees gained insight into the Companys vision and future growth plans through regular drills and seminars. They also had an opportunity to share their suggestions and feedback directly.
We strongly emphasise the employees career growth within the organisation. The employees wholeheartedly participated in this endeavour and utilised it to fulfil their
Financial Ratio
career aspirations. The process has strengthened our culture of meritocracy and enhanced cross-functional collaboration.
Motivation and retention of frontline sales and manufacturing teams is paramount to the Company. Various employee groups have conducted multiple dipstick surveys and focus group discussions. Multiple engagement initiatives have been undertaken based on these discussions and market benchmarking. The Company continues to promote a strong performance-driven culture through continual evaluation and an aggressive reward policy for performance differentiation. The Company has framed an Employee Stock Option Scheme (ESOP) with rules and regulations as an incentive to employees to increase productivity at all levels. The Industrial Relations in the Companys Units located at Palwal as well as in the Work Sites during the year under review was cordial.
S. No. |
Ratios |
Method for Calculation |
Year 2023-24 | Year 2022-23 | Percentage Variance | Reason for Variation for changes over 25% |
1 |
Debtors turnover ratio |
Revenue from operations/Average Trade Receivables |
4.30 | 3.65 | 17.76% | NA |
2 |
Inventory Turnover ratio |
Sale of Products/ Average Inventory |
1.26 | 1.09 | 16.23% | NA |
3 |
Interest coverage Ratio |
Profit Before interest and tax/ interest cost |
1.89 | 1.68 | 12.26% | NA |
4 |
Current Ratio |
Current Assets/Current Liabilities |
1.12 | 1.25 | -10.66% | NA |
5 |
Debt Equity Ratio |
Total Debts/Total Equity |
0.97 | 0.83 | 16.74% | NA |
6 |
Operating Profit Margin |
Profit Before interest and tax/ Total Income |
0.09 | 0.08 | 14.39% | NA |
7 |
Net Profit Margin |
Profit After Tax/ Revenue From Operations |
3.32% | 2.18% | 52.52% | Due to Revenue Growth & Operational Efficiency |
8 |
Return on Net Worth |
Profit After Tax/ Net Worth |
5.94% | 3.14% | 89.30% | Due to Revenue Growth & Operational Efficiency |
Note: "Net worth" means the aggregate value of the paid-up equity share capital and all reserves ; created out of the
profits and securities premium account and debit or credit balance of profit and loss account after deducting the aggregate value of the accumulated losses. Net worth represents equity attributable to equity holders of the parent and does not include amount attributable to non- controlling interests.
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