MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
You should read the following discussion of our financial condition and results of
operations together with our restated financial
statements included in this Prospectus. You should also read the section entitled
"Risk Factors" beginning on page 22, 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 consolidated 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 financial statements have been prepared in accordance with Indian GAAP, the
Companies Act and the SEBI (ICDR)
Regulations and restated as described in the report of our peer review auditors report
which is included in this Prospectus under
the section titled "Restated Financial Information" beginning on page 176 of
this Prospectus. The restated financial statements
have been prepared on a basis that differs in certain material respects from generally
accepted accounting principles in other
jurisdictions, including US GAAP and IFRS. We do not provide a reconciliation of our
restated financial statements to US
GAAP or IFRS and we have not otherwise quantified or identified the impact of the
differences between Indian GAAP and U.S.
GAAP or IFRS as applied to our restated financial statements.
This discussion contains forward-looking statements and reflects our current views with
respect to future events and financial
performance. Actual results may differ materially from those anticipated in these
forward-looking statements as a result of
certain factors such as those described under "Risk Factors" and "Forward
Looking Statements" beginning on pages 22 and
20 respectively, and elsewhere in this Prospectus Accordingly, the degree to which the
financial statements in this Prospectus
will provide meaningful information depend entirely on such potential investors level of
familiarity with Indian accounting
practices. Please also refer to section titled "Presentation of Financial, Industry
and Market data" beginning on page 18 of this
Prospectus.
Business Overview
We are primarily engaged in the business of manufacturing, distribution, marketing and
selling of bakery products
in savoury category which include breads, buns, pizza bases, Kulcha etc. under our brand American
Bakers
targeted primarily at local consumers.
Our company was originally incorporated as Private Limited Company under the Companies
Act, 2013 in the name
and style of "Q&T Foods Private Limited", on August 29, 2018.
Subsequently, our Company was converted into
Public Limited Company and the name of the company was changed to "Q&T
Foods Limited" pursuant to
shareholders resolution passed at an Extra Ordinary General Meeting held on May 27, 2024
and fresh certificate of
incorporation dated August 08, 2024 was issued by the Central Processing Centre. For
further details please refer
to chapter titled "History and Corporate Structure" beginning on
page 146 of this Prospectus.
We offer a diversified product portfolio catering to consumers with varied preferences.
Our Company manufactures
and sells varieties of "breads" such as Milk Bread, White Bread, Multigrain
Bread, Brown Bread under "Bread
category" and other Bakery products like Kulcha; Pav; Burger Bun, Pizza Base etc
primarily in the state of Uttar
Pradesh.
All our products are manufactured at our in-house, state of art manufacturing facility
accredited with ISO (ISO
22000:2018) and Hazard Analysis & Critical Control Points (HACCP) for quality
management systems situated at
an area of 10,750 sq. feet situated at Kh No. 378, Deenanathpur, Puti Post Dasna,
Ghaziabad, Uttar Pradesh -201015
and has 9,472 TPA installed capacity, which enables us to have an effective control over
the manufacturing process
and to ensure consistent quality of our products. Further, our manufacturing facility is
strategically located near to
majority of our customers allowing us to optimise our deliveries, reduce lead times and
facilitate greater interaction
with our customers. We believe that these factors contribute to enhanced customer service,
operational flexibility
and efficient management of our business operations.
Key Performance Indicators of our Company:
Financials KPIs of our Company
(Amount in Lakhs, except for percentage)
Particulars |
For the Financial year ended on |
||
| 31.03. 2026 | 31.03. 2025 | 31.03. 2024 | |
Revenue from operations |
5,477.63 | 4,683.07 | 4,021.53 |
Growth in Revenue from Operations (%) |
16.97 | 16.45 | 9.12 |
Total Income |
5,477.63 | 4,683.07 | 4,021.95 |
EBITDA |
836.59 | 482.09 | 376.83 |
EBITDA margin (%) |
15.27 | 10.29 | 9.37 |
PAT |
520.03 | 273.55 | 196.00 |
PAT Margin (%) |
9.49 | 5.84 | 4.87 |
ROE (%) |
53.95 | 57.71 | 134.07 |
ROCE (%) |
70.88 | 60.69 | 85.45 |
EPS (Basic & Diluted) |
10.84 | 5.83 | 4.26 |
Source: The Figure has been certified by our Peer review auditors M/s. Abhijit Dutt
& Associates; Chartered Accountants vide
their certificate dated July 21, 2026.
Notes:
i. Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.
ii. Growth in Revenue from Operations (%) is calculated as a percentage of Revenue from
Operations of the relevant period
minus Revenue from Operations of the preceding period, divided by Revenue from Operations
of the preceding period.
iii. EBITDA is calculated as profit for the period / year, plus tax expenses
(consisting of current tax, deferred tax and current
taxes relating to earlier years), Interest Expenses and depreciation and amortization
expenses minus other Income.
iv. EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations.
v. Profit After Tax Means Profit for the period/year as appearing in the Restated Financial Statements.
vi. PAT Margin (%) is calculated as Profit for the period/year divided by Revenue from Operations.
vii. RoE (Return on Equity) (%) is calculated as net profit after tax for the period/ year divided by Average Shareholder Equity.
viii. RoCE (Return on Capital Employed) (%) is calculated as earnings before interest
and taxes divided by average capital
employed. Capital Employed includes Equity Shares, Reserves and surplus, Long- Term
Borrowing.
SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL STATEMENTS
In the opinion of the Board of Directors of our Company, since the date of the last
financial statements disclosed in
this Prospectus, there have not arisen any circumstance that materially or adversely
affect or are likely to affect the
trading or profitability of our Company or the value of its assets or its ability to pay
its material liabilities within
the next twelve months except the following:
i) Appointment of Ms. Prachi Gupta w.e.f. December 31, 2025;
ii) Appointment of Ms. Pratibha Sabharwal w.e.f September 30, 2025.
iii) Resignation of Mr. Devesh Arora w.e.f August 30, 2025.
iv) Resignation of Ms. Sarvagya Goel as a Company Secretary w.e.f. January 15, 2025 and
appointment of Mr.
Satish Joshi w.e.f. February 02, 2026 as a Company Secretary.
v) Resignation of Mr. Ashish Gautam as Chief Financial Officer w.e.f. October 27, 2025
and appointment of Mr.
Debal Pratim Sur as Chief financial officer w.e.f. January 01, 2026.
vi) Approval of the Board of Directors on April 01, 2026 to issue of shares through
Initial Public Issue and
Increase of Borrowings power of the Company;
vii) Approval of the Shareholders in its EGM held on May 04, 2026 to issue of shares
through Initial Public Issue
and Increase of Borrowings power of the Company.
FACTORS AFFECTING OUR RESULTS OF OPERATIONS
Our business is subjected to various risks and uncertainties, including those discussed
in the section titled "Risk
Factors " beginning on page 22 of this Prospectus. Our results of operations
and financial conditions are affected by
numerous factors including the following:
- General economic and business conditions in the markets in which we operate and in
the local, regional, national
and international economies;
- Changes in consumer demand;
- Failure to successfully upgrade our product portfolio, from time to time;
- Any change in government policies resulting in increases in taxes payable by us; Our
ability to retain our key
managements persons and other employees;
- Our failure to keep pace with rapid changes in technology; Inflation, deflation,
unanticipated turbulence in interest
rates, equity prices or other rates or prices;
- Companys ability to successfully implement its growth strategy and expansion plans;
- Global distress due to pandemic, war or by any other reason;
- The occurrence of natural disasters or calamities;
- Inflation, deflation, unanticipated turbulence in interest rates, equity prices or
other rates or prices;
DISCUSSION ON RESULT OF OPERATION
The following discussion on result of operations should be read in conjunction with the
Restated Financial
Statements of our Company for the Financial Years ended March 31, 2026, 2025 and 2024.
SUMMARY OF MAJOR ITEMS OF INCOME AND EXPENDITURE
Revenues:
Income from operations:
Our principal component of revenue from operations. Revenue from operations include
revenue from sale of our
Bread and Bakery Items.
Our revenue from operations as a percentage of total revenue is as follows:
(Rs. In Lakhs)
Particulars |
31.03.2026 | 31.03.25 | 31.03.24 |
Revenue from Operations |
5477.63 | 4683.07 | 4,021.53 |
As a % of Total Revenue |
100.00% |
100.00% |
99.99% |
Other Income:
Our other income mainly includes sale of scrap.
(Rs. In Lakhs)
Particulars |
31.03.2026 | 31.03.25 | 31.03.24 |
Other Income |
0.00 | 0.00 | 0.42 |
As a % of Total Revenue |
0.00% |
0.00% |
0.01% |
Expenditure:
Our total expenditure primarily consists of Cost of Material, Employee benefit
expenses, Operating and Other
Expenses, finance cost, depreciation.
Employee benefits expense
Our employee benefits expense primarily comprise of salaries and wages expenses,
Provident Fund/ ESI/ Gratuity
Expense, staff welfare expenses and Director Remuneration.
Depreciation & Amortization
Depreciation includes depreciation on tangible assets like Land and Buildings, Motor
Vehicle, Plant and Machinery
and furniture & electrical fittings.
Other Expenses
Other Expenses includes Power and Fuel, Electricity and Water Expenses, Freight &
Cartage Expenses, Rent of
factory premises, Advertisement and Business promotion, Repairs & Maintenance of
Machinery, Postage and
Courier expense, Freight, Loading and Unloading expenses, Legal and Professional Fees,
Auditor remuneration,
printing & Stationary expense, Travelling & Conveyance expenses, telephone
expense, fees & subscription
expenses, miscellenous expenses and development expenses.
Statement of profits and loss
The following table sets forth, for the fiscal years indicated, certain items derived
from our Companys restated
financial statements, in each case stated in absolute terms and as a percentage of total
sales and/or total revenue:
(Rs. In Lakhs)
Particulars |
31.03.2026 | 31.03.25 | 31.03.24 |
Revenue from Operations |
5477.63 | 4,683.07 | 4,021.53 |
As a % of Total Revenue |
100.00% |
100.00 |
99.99 |
Other Income |
0.00 | 0.00 | 0.42 |
As a % of Total Revenue |
0.00% |
0.00 |
0.01 |
Total Income (A) |
5477.63 | 4683.07 | 4021.95 |
Expenditure |
|||
Cost of materials consumed |
4043.15 | 3580.02 | 3084.34 |
As a % of Total Revenue |
73.81% |
76.45 |
76.69 |
Changes in Inventories of stock in trade |
-1.70 | -0.16 | -3.43 |
As a % of Total Revenue |
-0.03 |
-0.00 |
-0.09 |
Employee Benefit Expenses |
291.35 | 296.69 | 253.38 |
As a % of Total Revenue |
5.32% |
6.34% |
6.30% |
Finance Cost |
91.29 | 91.06 | 73.68 |
As a % of Total Revenue |
1.67% |
1.94% |
1.83% |
Operational and Other Expenses |
297.32 | 309.65 | 310.18 |
As a % of Total Revenue |
5.43% |
6.61% |
7.71% |
Depreciation and Amortization Charges |
61.28 | 36.54 | 38.95 |
As a % of Total Revenue |
1.12% |
0.78% |
0.97% |
Total Expenditure (B) |
4782.70 | 4313.80 | 3757.09 |
As a % of Total Revenue |
87.31% |
92.11% |
93.41% |
Profit before exceptional and extraordinary items and tax (C=A-B) |
694.93 | 369.26 | 264.86 |
As a % of Total Revenue |
12.69% |
7.89% |
6.59% |
Exceptional items (D) |
0.00 | 0.00 | 0.00 |
Profit before extraordinary items and tax (E=C-D) |
694.93 | 369.26 | 264.86 |
Extraordinary items (F) |
0.00 | 0.00 | 0.00 |
Net Profit before Tax (G=E-F) |
694.93 | 369.26 | 264.86 |
213 Page
Particulars |
31.03.2026 | 31.03.25 | 31.03.24 |
As a % of Total Revenue |
12.69% |
7.89% |
6.59% |
Less: Provision for Taxes (H) |
|||
Current Tax |
172.53 | 91.63 | 70.58 |
As a % of Total Revenue |
3.15% |
1.96% |
1.75% |
Deferred Tax Liability/ (Assets) |
2.37 |
4.08 |
-1.72 |
As a % of Total Revenue |
0.04% |
0.09% |
-0.04% |
Earlier Tax |
0.00 | 0.00 | 0.00 |
As a % of Total Revenue |
0.00 |
0.00 |
0.00 |
Profit (Loss) for the period (G-H) |
520.03 | 273.55 | 196.00 |
As a % of Total Revenue |
9.49% |
5.84% |
4.87% |
COMPARISON OF FY 2025-26 WITH FY 2024-25:
Total Income
Our total income Increased by 16.97% to Rs. 5477.63 lakhs for the financial year
2025-26 from Rs. 4683.07 lakhs for
the financial year 2024-25 due to the factors described below:
Revenue from operations
Our revenue from operations increased by 16.97% to Rs. 5477.63 lakhs for the financial
year 2025-26 from Rs. 4683.07
lakhs for the financial year 2024-25. The Increase was mainly due to increase in our
business operations marginally.
Other Income
This was no other income in FY 2025-26 and FY 2024-25.
Total Expenses
Our total expenses increased by 10.87% to Rs. 4782.70 lakhs for the financial year
2025-26 from Rs. 4313.80 lakhs for
the financial year 2024-25, due to the factors described below:
Cost of Material Consumed:
Our costs of material consumed increased by 12.94% to Rs. 4043.15 lakhs in FY 2025-26
from Rs. 3580.02 lakhs in FY
2024-25. The increase in material consumption was due to increase in our business
operations.
Changes in inventories:
Our changes in inventories were increased by 974.00% to Rs. (1.70) lakhs for the
financial year 2025-26 from Rs. (0.16)
lakhs for the financial year 2024-25.
During FY 25-26, inventory of the finished goods at the beginning of the year was Rs.
11.83 Lakhs and closing inventory
was Rs. 13.53 Lakhs where Company had not used the stock entire raw material purchased
during the year thereby
closing stock was increased at the end of 31st March, 2026, accordingly, change in
inventory was negative during the
FY 25-26 by difference of opening and closing inventory balances by small margin of Rs.
1.70 Lakhs.
During FY 24-25, inventory at the beginning of the year was Rs. 11.67 Lakhs and closing
inventory was Rs. 11.83 Lakhs
where Company had not used the stock entire raw material purchased during the year thereby
closing stock was
increased at the end of 31st March, 2025, accordingly, change in inventory was negative
during the FY 24-25 by
difference of opening and closing inventory balances by small margin of Rs. 0.16 Lakhs.
Accordingly, during FY 23-24, inventory at the beginning of the year was Rs. 8.24 Lakhs
and closing inventory was Rs.
11.67 Lakhs thereby closing stock was increased at the end of 31st March, 2024,
accordingly, change in inventory was
negative during the FY 23-24 by difference of opening and closing inventory balances by
small margin of Rs. 3.43 Lakhs.
Following is the calculation of change in inventory during the period ended 31st March,
2026, 31st March, 2025 and
31st March, 2024.
(Amount in Rs. Lakh)
Particulars |
31.03.2026 | 31.03.2025 | 31.03.2024 |
Opening Inventory (A) |
11.83 | 11.67 | 8.24 |
Closing Inventory (B) |
13.53 | 11.83 | 11.67 |
Changes in Inventory (A-B) |
(1.70) | (0.16) | (3.43) |
Employee benefits expenses:
Our employee benefit expenses decreased by 1.80% to Rs. 291.35 lakhs for the financial
year 2025-26 from Rs. 296.69
lakhs for the financial year 2024-25. The decrease was mainly due to decrease in salaries
& incentives, directors
remuneration, staff welfare expenses. Decrease in our salary & wages was mainly due to
decrease in number of
employees as well as decrease in salaries and wages of employees.
Finance costs:
Our finance costs increased by 0.26% to Rs. 91.29 lakhs for the financial year 2025-26
from Rs. 91.06 lakhs for the
financial year 2024-25. The increase was mainly on account of increase in borrowings.
Increase in interest expense
was primarily due to higher utilization of our borrowings.
Depreciation and amortisation expense:
Our depreciation and amortization expense increased by 67.72% to Rs. 61.28 lakhs for
the financial year 2025-26
from Rs. 36.54 lakhs for the financial year 2024-25. This is due to increase in Fixed
assets.
Operational and Other expenses:
Our Operational and other expenses decreased by 3.98% to Rs. 297.32 lakhs for the
financial year 2025-26 from Rs.
309.65 lakhs for the financial year 2024-25. The decrease was mainly due to decrease in
other operational & Other
expenses.
Profit before tax:
Our profit before tax increased by 88.19% to Rs. 694.93 lakhs for the financial year
2025-26 from Rs. 369.26 lakhs for
the financial year 2024-25. The increase was mainly attributed to increase in business
operations.
Tax expenses:
]
Our tax expenses increased by 82.74% to Rs. 174.90 lakhs for the financial year 2025-26
from Rs. 95.71 lakhs for the
financial year 2024-25 which was due to increase in current tax expense by Rs. 79.19
lakhs. This is in line with
increase in profits.
Net profit after tax:
Our profit after tax increased by 90.10% to Rs. 520.03 lakhs for the financial year
2025-26 from Rs. 273.55 lakhs for
the financial year 2024-25 due to reasons mentioned above.
COMPARISON OF FY 2024-25 WITH FY 2023-24:
Total Income
Our total income Increased by 16.44% to Rs. 4683.07 lakhs for the financial year
2024-25 from Rs. 4021.95 lakhs for
the financial year 2023-24 due to the factors described below:
Revenue from operations
Our revenue from operations increased by 16.45% to Rs. 4683.07 lakhs for the financial
year 2024-25 from Rs. 4021.53
lakhs for the financial year 2023-24. The Increase was mainly due to increase in our
business operations marginally.
Other Income
Our other income decreased by 100.00% to Nil for the financial year 2024-25 from Rs.
0.42 lakhs for the financial
year 2023-24. This was mainly due to no other income.
Total Expenses
Our total expenses increased by 14.82% to Rs. 4313.80 lakhs for the financial year
2024-25 from Rs. 3757.09 lakhs for
the financial year 2023-24, due to the factors described below:
Cost of Material Consumed:
Our costs of material consumed increased by 16.07% to Rs. 3580.02 lakhs in FY 2024-25
from Rs. 3084.34 lakhs in FY
2023-24. The increase in material consumption was due to increase in our business
operations.
Changes in inventories:
Our changes in inventories were increased by 95.40% to Rs. (0.16) lakhs for the
financial year 2024-25 from Rs. (3.43)
lakhs for the financial year 2023-24.
During FY 24-25, inventory at the beginning of the year was Rs. 11.67 Lakhs and closing
inventory was Rs. 11.83 Lakhs
where Company had not used the stock entire raw material purchased during the year thereby
closing stock was
increased at the end of 31st March, 2025, accordingly, change in inventory was negative
during the FY 24-25 by
difference of opening and closing inventory balances by small margin of Rs. 0.16 Lakhs.
Accordingly, during FY 23-24, inventory at the beginning of the year was Rs. 8.24 Lakhs
and closing inventory was Rs.
11.67 Lakhs thereby closing stock was increased at the end of 31st March, 2024,
accordingly, change in inventory was
negative during the FY 23-24 by difference of opening and closing inventory balances by
small margin of Rs. 3.43 Lakhs.
Following is the calculation of change in inventory during the period ended 31st March, 2025 and 31st March, 2024
(Amount in Rs. Lakh)
Particulars |
31.03.2025 | 31.03.2024 |
Opening Inventory (A) |
11.67 | 8.24 |
Closing Inventory (B) |
11.83 | 1.67 |
Changes in Inventory (A-B) |
(0.16) | (3.43) |
Employee benefits expenses:
Our employee benefit expenses increased by 17.09% to Rs. 296.69 lakhs for the financial
year 2024-25 from Rs. 253.38
lakhs for the financial year 2023-24. The increase was mainly due to increase in salaries
& incentives, directors
remuneration, staff welfare expenses. Increase in our salary & wages was mainly due to
increase in number of
employees as well as increase in salaries and wages of employees.
Finance costs:
Our finance costs increased by 23.59% to Rs. 91.06 lakhs for the financial year 2024-25
from Rs. 73.68 lakhs for the
financial year 2023-24. The increase was mainly on account of increase in borrowings.
Increase in interest expense
was primarily due to higher utilization of our borrowings.
Depreciation and amortisation expense:
Our depreciation and amortization expense decreased by 6.19% to Rs. 36.54 lakhs for the
financial year 2024-25 from
Rs. 38.95 lakhs for the financial year 2023-24. This is due to increase in Fixed assets.
Operational and Other expenses:
Our Operational and other expenses decreased by 0.17% to Rs. 309.65 lakhs for the
financial year 2024-25 from Rs.
310.18 lakhs for the financial year 2023-24. The decrease was mainly due to decrease in
other operational & Other
expenses.
Profit before tax:
Our profit before tax increased by 39.42% to Rs. 369.26 lakhs for the financial year
2024-25 from Rs. 264.86 lakhs for
the financial year 2023-24. The increase was mainly attributed to increase in business
operations.
Tax expenses:
]
Our tax expenses increased by 38.99% to Rs. 95.71 lakhs for the financial year 2024-25
from Rs. 68.86 lakhs for the
financial year 2023-24 which was due to increase in current tax expense by Rs. 26.85
lakhs. This is in line with
increase in profits.
Net profit after tax:
Our profit after tax increased by 39.57% to Rs. 273.55 lakhs for the financial year
2024-25 from Rs. 196.00 lakhs for
the financial year 2023-24 due to reasons mentioned above.
CASH FLOWS
As per Restated Financial Statements
The table below is our cash flows for the financial years March 31, 2026, 2025 and 2024:
(Amount in Rs. Lakhs)
Particulars |
31.03.2026 | 31.03.2025 | 31.03.2024 |
Net Cash flow from Operative activities |
399.12 | 189.11 | (17.28) |
Net Cash Flow from Investing activities |
(375.30) | (306.60) | (148.03) |
Net Cash Flow from Financing activities |
1.94 | 122.06 | 175.94 |
Net Cash Flow for the Year |
25.76 | 4.57 | 10.62 |
Cash and cash equivalents at the beginning of the year / Period |
31.92 | 27.35 | 16.73 |
Cash and cash equivalents at the end of the year/ Period |
57.68 | 31.92 | 27.35 |
Cash Flows from Operating Activities
For Financial Year Ended March 31, 2026
Net cash generated from operating activities was Rs. 399.12 Lakhs in March 31, 2026.
Profit before tax was Rs. 694.93
Lakhs in March 31, 2026. Adjustments primarily consisted of Depreciation and Amortisation
of Rs. 61.28 Lakhs,
Interest Expense of Rs. 91.29 Lakhs and Gratuity Expense of Rs. 2.78 Lakhs.
Our operating profit before working capital adjustments was Rs. 850.28 Lakhs in March
31, 2026. The working
capital adjustments in March 31, 2026 included, increase in Trade receivables of Rs.
147.62 Lakhs, increase in short
term loans and advances and other current assets of Rs. 58.83 Lakhs, increase in other
current assets of Rs. 56.78
Lakhs, Increase in Inventories of Rs. 86.35 Lakhs, decrease in other current
liabilities of Rs. 18.97 Lakhs, Increase in
Short Term Provisions of Rs. 82.06 Lakhs, Increase in Trade payables of Rs. 7.87 Lakhs.
The adjustment of Direct
Taxes paid was Rs. 172.54 Lakhs.
For Financial Year Ended March 31, 2025
Net cash generated from operating activities was Rs. 189.11 Lakhs in March 31, 2025.
Profit before tax was Rs. 369.26
Lakhs in March 31, 2025. Adjustments primarily consisted of Depreciation and Amortisation
of Rs. 36.54 Lakhs,
Interest Expense of Rs. 91.06 Lakhs and Gratuity Expense of Rs. 6.03 Lakhs.
Our operating profit before working capital adjustments was Rs. 502.89 Lakhs in March
31, 2025. The working
capital adjustments in March 31, 2025 included, increase in Trade receivables of Rs. 65.53
Lakhs, Decrease in short
term loans and advances and other current assets of Rs. 1.05 Lakhs, Decrease in other
current assets of Rs. 2.03
Lakhs, Increase in Inventories of Rs. 200.53 Lakhs, Increase in other current liabilities
of Rs. 23.93 Lakhs, Increase in
Short Term Provisions of Rs. 16.08 Lakhs, Increase in Trade payables of Rs. 0.81 Lakhs.
The adjustment of Direct
Taxes paid was Rs. 91.62 Lakhs.
For Financial Year Ended March 31, 2024
Net cash used in operating activities was Rs. (17.28) Lakhs in March 31, 2024. Profit
before tax was Rs. 264.86 Lakhs
in March 31, 2024. Adjustments primarily consisted of Depreciation and Amortisation of Rs.
38.95 Lakhs, Interest
Expense of Rs. 73.68 Lakhs and Gratuity Expense of Rs. 4.95 Lakhs.
Our operating profit before working capital adjustments was Rs. 382.44 Lakhs in March
31, 2024. The working
capital adjustments in March 31, 2024 included, increase in Trade receivables of Rs.
303.47 Lakhs, Increase in short
term loans and advances and other current assets of Rs. 9.27 Lakhs, Decrease in other
current assets of Rs. 47.06
Lakhs, Increase in Inventories of Rs. 145.19 Lakhs, Increase in other current liabilities
of Rs. 4.23 Lakhs, Increase in
Short Term Provisions of Rs. 78.51 Lakhs, Increase in Trade payables of Rs. 4.75 Lakhs.
The adjustment of Direct
Taxes paid was Rs. 76.34 Lakhs.
Cash Flows from Investment Activities
For Financial Year Ended March 31, 2026
Net cash used in investing activities for the year ended March 31, 2026 was Rs.
(375.30) Lakhs. This was primarily
due to Purchase of Property, Plant and Equipment of Rs. (375.30) Lakhs.
For Financial Year Ended March 31, 2025
Net cash used in investing activities for the year ended March 31, 2025 was Rs.
(306.60) Lakhs. This was primarily
due to Purchase of Property, Plant and Equipment of Rs. (306.60) Lakhs.
For Financial Year Ended March 31, 2024
Net cash used in investing activities for the year ended March 31, 2024 was Rs.
(148.03) Lakhs. This was primarily
due to Purchase of property, plant & equipment of Rs. (148.03) Lakhs.
Cash Flows from Financing Activities
For Financial Year Ended March 31, 2026
Net cash generated from financing activities for the year ended March 31, 2026 was Rs.
1.94 Lakhs, primarily due
to repayment of Long-Term Borrowing of Rs. 229.78 Lakhs, increase in short term borrowings
of Rs. 323.01 Lakhs
and Interest Expense of Rs. 91.29 Lakhs.
For Financial Year Ended March 31, 2025
Net cash generated from financing activities for the year ended March 31, 2025 was Rs.
122.06 Lakhs, primarily due
to Issue of Share Capital of Rs. 19.80 Lakhs, Increase in Securities Premium Reserve of
Rs. 166.32 Lakhs, Proceeds
from Short Term Borrowings of Rs. 57.47 Lakhs, Repayment of Long-Term Borrowing of Rs.
30.47 Lakhs and Interest
Expense of Rs. 91.06 Lakhs.
For Financial Year Ended March 31, 2024
Net cash generated from financing activities for the year ended March 31, 2024 was Rs.
175.94 Lakhs, primarily due
to proceeds from Short Term Borrowings of Rs. 198.30 Lakhs, proceeds from Long Term
Borrowings of Rs. 51.32
Lakhs and Interest Expense of Rs. (73.68) Lakhs.
Related Party Transactions
Related party transactions with certain of our promoters, directors and their entities
and relatives primarily relate
to remuneration & loan. For further details of related parties kindly refer chapter
titled "Restated Financial
Statements" beginning on page 176 of this Prospectus.
Off-Balance Sheet Items
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.
OTHER MATTERS
Unusual or infrequent events or transactions
There are no transactions or events, which in our best judgement, would be considered
unusual or infrequent that
have significantly affected operations of the Company.
Significant economic changes that materially affected or are likely to affect income from continuing operations
There are no significant economic changes that materially affected Companys operations
or are likely to affect
income from continuing operations. Any slowdown in the growth of Indian economy or future
volatility in global
commodity prices, could affect the business, including the future financial performance,
shareholders funds and
ability to implement strategy and the price of the Equity Shares.
Known trends or uncertainties that have had or are expected to have a material adverse
impact on sales, revenue
or income from continuing operations
Other than as disclosed in the section titled "Risk Factors"
beginning on page 22 of this Prospectus to our
knowledge, there are no known trends or uncertainties that have or had or are expected to
have a material adverse
impact on revenues or income of our Company from continuing operations.
Future changes in relationship between costs and revenues in case of events such as
future increase in labour or
material cost or prices that will cause material change.
According to our knowledge, there are no future relationship between cost and income
that would be expected to
have a material adverse impact on our operations and revenues. However, increase in the
cost of the goods in which
the Company deals, will affect the profitability of the Company. Further, the Company may
not be able to pass on
the increase in prices of the services to the customers in full and this can be offset
through cost reduction.
The extent to which material increases in net sales or revenue are due to increased
sales volume, introduction of
new products or services or increased prices
The increase in revenue is by and large linked to increase in volume of all the
activities carried out by the Company.
Total turnover of each major industry segment in which the issuer company operates.
The Company is operating one business vertical i.e. manufacturing of bread and other
bakery items. Relevant
industry data, as available, has been included in the chapter titled "Industry
Overview" beginning on page 104 of
this Prospectus.
Status of any publicly announced new products/projects or business segments
Our Company has not announced any new projects or business segments, other than disclosed in the Prospectus.
The extent to which the business is seasonal
Our business and operations is not affected by seasonal factors.
Any significant dependence on a single or few suppliers or customers
The % of Contribution of our Companys customer and supplier vis a vis the total
revenue from operations and raw
materials/ finished goods cost respectively for the financial year ended on March 31, 2026
is as follows:
Particulars |
Customers | Suppliers |
Top 5 (%) |
13.08% | 22.39% |
Top 10 (%) |
25.01% | 36.07% |
Competitive Conditions
We have competition with Indian and international competitors and our results of
operations could be affected by
competition in the FMCG industry in India and international market in the future. We
expect competition to
intensify due to possible new entrants in the market, existing competitors further
expanding their operations and
our entry into new markets where we may compete with well-established unorganized
companies / entities. This
we believe may impact our financial condition and operations. For details, please refer to
the chapter titled "Risk
Factors" beginning on page 22 of this Prospectus.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
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