BVG India Limited (BVG India) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
BVG India Limited

BVG India Limited Consolidated Balance Sheet (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Non-current assets
Property, plant and equipment	2,515.69	1,659.54
Capital work-in-progress	15.51	705.77
Right-of-use asset	207.71	43.83
Investment property	68.61	69.45
Goodwill	0.15
Other intangible assets	19.78	15.03
Investments (equity method)	8.28	0.54
Other Investments	1.16	1.06
Other financial assets	412.73	457.65
Non-current tax assets	226.49	830.56
Deferred tax assets	1,217.37	1,028.69
Other non-current assets	120.30	132.45
Current assets
Inventories	417.37	314.21
Investments	43.89	40.36
Trade receivables	10,330.27	9,381.68
Cash and cash equivalents	1,596.66	615.44
Bank balances (other than cash)	103.05	25.36
Loans	13.13	11.93
Other financial assets	5,810.06	4,201.24
Other current assets	1,213.59	1,288.76
Total Assets	24,341.80	20,823.55
Equity
Equity share capital	257.10	257.10
Equity instruments	148.35	148.35
Other equity	13,271.90	11,366.04
Non-controlling interest	11.27	4.70
Non-current liabilities
Borrowings	754.14	1,043.63
Lease liabilities	158.97	35.72
Provisions	890.69	719.53
Current liabilities
Borrowings	4,078.04	3,556.84
Lease liabilities	64.72	20.57
Trade payables - Micro enterprises	196.64	253.59
Trade payables - Others	1,146.41	949.78
Other financial liabilities	2,157.44	1,851.15
Other current liabilities	1,073.04	520.78
Provisions	127.33	95.17
Current tax liabilities	5.76	0.60
Total Equity and Liabilities	24,341.80	20,823.55

BVG India Limited Consolidated Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Income
Revenue from contracts with customers	33,017.97	28,393.83
Other income	177.43	54.63
Total income	33,195.40	28,448.46
Expenses
Cost of materials consumed	3,553.38	3,550.15
Changes in inventories	29.03	-212.38
Employee benefits expenses	20,896.54	17,193.72
Finance costs	915.58	1,005.92
Depreciation and amortisation	293.80	249.86
Other expenses	4,897.61	4,391.91
Total expenses	30,585.94	26,179.18
Profit before tax	2,609.46	2,269.28
Current tax	-489.40	-436.89
Tax relating to earlier periods	39.35	-35.86
Deferred tax	61.12	59.70
Profit from continuing operations	2,220.53	1,856.23
Share of profit/loss (JV)	3.25	-0.11
Loss from discontinued operations	-232.44	-260.64
Tax benefit of discontinued operations	80.75	66.77
Profit/(loss) from discontinued operations	-151.69	-193.87
Profit for the year	2,072.09	1,662.25
Other Comprehensive Income
Items that will not be reclassified to Statement of Profit or Loss:
Re-measurement of defined benefit plan	-133.95	-91.22
Income tax effect relating to above item	46.81	31.88
Items that will be reclassified to Statement of Profit or Loss:
Exchange differences in translating the financial statements of foreign operations	0.33	-
Other Comprehensive Income	-86.81	-59.34
Total Comprehensive Income	1,985.28	1,602.91
Basic	17.26	14.41
Diluted	17.17	14.33
Earnings per equity share for profit from discontinued operations
Basic	-1.18	-1.51
Diluted	-1.18	-1.51
Earnings per equity share for profit from continuing and discontinued operations
Basic	16.08	12.90
Diluted	15.99	12.82

BVG India Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Cash Flows from Operating Activities
Net profit before tax
Continuing Operations	2,609.46	2,269.28
Discontinued Operations	-232.44	-260.64
Profit before tax including discontinued operations	2,377.02	2,008.64
Adjustments:
Depreciation and amortization	293.80	249.86
Gain/Loss on sale of assets	0.27	-0.50
Provision for doubtful debts	307.60	259.18
Interest income	-62.36	-40.48
Finance cost	915.58	1,005.92
Other non-cash items	-3.42	0.00
Exchange differences	0.33	0.00
Operating Profit before working capital changes	3,828.82	3,482.62
Movements in working capital :
(Increase) / decrease in inventorie	-103.16	-211.35
(Increase) / decrease in trade receivables	-1,256.16	-105.86
(Increase) / decrease in loans	-1.20	0.17
(Increase) / decrease in other financial assets	-1,588.46	-1,313.55
(Increase) / decrease in other assets	99.11	-180.96
(Increase) / decrease in margin money deposits	-27.09	470.08
Increase / (decrease) in trade payables	139.68	-11.39
Increase / (decrease) in other financial liabilities	307.67	2.57
Increase / (decrease) in other current liabilities	552.26	50.50
Increase / (decrease) in provisions	69.37	17.34
Working capital changes	-1,807.98	-1,282.45
Cash generated from operations	2,020.84	2,200.17
Direct taxes paid	159.17	-570.10
Net cash from operating activities	2,180.01	1,630.07
Cash Flows from Investing Activities
Purchase of fixed assets	-439.14	-570.73
Proceeds from sale of fixed assets	1.02	2.20
Purchase of on-current investments	-8.12	-7.86
Bank deposits movement	-18.04	112.02
Interest received	54.36	34.28
Acquisition of NCI	-1.38	-5.36
Net cash used in investing activities	-411.30	-435.45
Cash Flows from Financing Activities
Proceeds from Long Term borrowings	122.96	470.93
Repayment of Long Term borrowings	-412.45	-245.00
Proceeds from short term borrowings	521.20	-261.47
Proceeds on account of leases	-52.19	-30.34
Dividends paid	-77.09	-64.28
Issue of shares	8.90	0.00
Interest paid	-898.80	-1,004.16
Net cash from financing activities	-787.47	-1,134.32
Net Increase / (decrease) in cash and cash equivalents	981.24	60.30
Cash and cash equivalents at beginning of the year	615.42	555.12
Cash and cash equivalents at the end of the year	1,596.66	615.42

Here is a summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flows from Operating Activities:

For the year ended 31st March 2025, the company reported a net cash inflow of ₹2,180.01 million from operating activities, which is higher than the previous year’s ₹1,630.07 million, indicating stronger operational performance and improved cash generation.

The net profit before tax from continuing operations rose to ₹2,609.46 million from ₹2,269.28 million, though losses from discontinued operations reduced the total profit before tax to ₹2,377.02 million, still higher than the ₹2,008.64 million in the previous year. Significant non-cash adjustments added to this figure include depreciation and amortization of ₹293.80 million, provision for doubtful debts of ₹307.60 million, and a substantial finance cost of ₹915.58 million. Offsetting items include interest income of ₹62.36 million, which was deducted from the cash flow.

Before working capital changes, the operating profit stood at ₹3,828.82 million, up from ₹3,482.62 million. However, the company experienced a net outflow of ₹1,807.98 million due to working capital changes, driven by a sharp rise in trade receivables (₹1,256.16 million) and other financial assets (₹1,588.46 million). These increases imply the company tied up significant cash in credit sales and financial instruments. On the positive side, there were increases in current liabilities (₹552.26 million) and financial liabilities (₹307.67 million), partially offsetting the outflows.

Despite the working capital challenges, direct taxes paid were relatively low at ₹159.17 million, compared to a net tax refund in the previous year of ₹570.10 million, which contributed positively to the cash flow. The resulting net operating cash inflow of ₹2,180.01 million demonstrates a solid cash-generating capacity from core operations, albeit impacted by working capital expansion.

Cash Flows from Investing Activities:

The company saw a net outflow of ₹411.30 million from investing activities in FY 2025, slightly better than the ₹435.45 million outflow in FY 2024. The largest component was the purchase of fixed assets amounting to ₹439.14 million, indicating ongoing investment in infrastructure or capacity expansion. There were modest inflows from the sale of fixed assets (₹1.02 million) and interest received (₹54.36 million).

There was a small outflow from investment in non-current investments (₹8.12 million) and acquisition of non-controlling interest (NCI) of ₹1.38 million. The movement in bank deposits also led to a cash outflow of ₹18.04 million, in contrast to the previous year’s inflow from deposits of ₹112.02 million. Overall, the investing cash flows reflect continued capital expenditure with limited asset sales or investment redemptions.

Cash Flows from Financing Activities:

Cash flow from financing activities saw a net outflow of ₹787.47 million, though this was an improvement from the previous year’s outflow of ₹1,134.32 million. The company raised ₹122.96 million in long-term borrowings, but this was offset by repayments of ₹412.45 million, leading to a net reduction in long-term debt.

Interestingly, the company raised ₹521.20 million in short-term borrowings, a turnaround from a negative figure in the previous year, possibly to support working capital. Cash outflows also included lease payments (₹52.19 million), dividends paid (₹77.09 million), and a significant interest payment of ₹898.80 million. There was a small inflow from issue of shares (₹8.90 million). The high interest expense continues to be a major cash outlay, which impacts the overall financing position.

Net Change in Cash and Closing Balance:

As a result of the above activities, the company recorded a net increase in cash and cash equivalents of ₹981.24 million in FY 2025, significantly higher than the increase of ₹60.30 million in FY 2024. This indicates a much-improved cash position overall. Consequently, the closing cash and cash equivalents stood at ₹1,596.66 million, more than double the ₹615.42 million at the end of the previous year.

Financial Ratios of BVG India Limited

Particulars	31-03-2025	31-03-2024
Current ratio	2.21	2.19
Debt-Equity ratio	0.35	0.39
Debt Service Coverage ratio	2.89	2.24
Return on Equity ratio	15.15%	14.12%
Inventory turnover ratio	17.17	21.25
Trade receivables turnover ratio	3.35	2.98
Trade Payables turnover ratio	2.79	2.94
Net Capital turnover ratio	3.09	3.29
Net Profit ratio	6.28%	5.85%
Return on Capital employed	19.04%	20.00%
Return on investment	14.48%	15.73%

Here is a summary of the financial and operational metrics for BVG India Limited for the year 2025 & 2024:

Current Ratio (2.21 in 2025 vs 2.19 in 2024):

The current ratio, which measures the company’s ability to meet its short-term liabilities with its short-term assets, has marginally improved from 2.19 to 2.21. This indicates that the company maintains a stable liquidity position.

Debt-Equity Ratio (0.35 in 2025 vs 0.39 in 2024):

The decline in the debt-equity ratio from 0.39 to 0.35 indicates a reduction in reliance on debt financing relative to shareholder equity.

Debt Service Coverage Ratio (2.89 in 2025 vs 2.24 in 2024):

This ratio, which assesses the company’s ability to service its debt from operational earnings, has significantly improved from 2.24 to 2.89. A DSCR above 1 is generally considered good; thus, a value close to 3 is excellent.

Return on Equity (ROE) (15.15% in 2025 vs 14.12% in 2024):

ROE measures how efficiently the company is using shareholders’ equity to generate profit. The increase from 14.12% to 15.15% suggests improved profitability and efficient capital utilization, delivering higher returns to shareholders.

Inventory Turnover Ratio (17.17 in 2025 vs 21.25 in 2024):

This ratio has declined from 21.25 to 17.17, indicating that the company is turning over its inventory less frequently. A lower inventory turnover could signal slower movement of goods, potential overstocking, or reduced sales velocity.

Trade Receivables Turnover Ratio (3.35 in 2025 vs 2.98 in 2024):

An increase from 2.98 to 3.35 reflects improved collection efficiency. It means the company is collecting its receivables more frequently over the year, which enhances liquidity and reduces the risk of bad debts.

Trade Payables Turnover Ratio (2.79 in 2025 vs 2.94 in 2024):

The slight drop from 2.94 to 2.79 suggests that the company is taking slightly longer to pay its suppliers. While not significantly concerning, this trend might be part of a strategy to optimize cash flows.

Net Capital Turnover Ratio (3.09 in 2025 vs 3.29 in 2024):

This ratio, which measures how efficiently the company is using its working capital to generate revenue, has decreased from 3.29 to 3.09.

Net Profit Ratio (6.28% in 2025 vs 5.85% in 2024):

The net profit ratio has increased from 5.85% to 6.28%, reflecting better profitability. This improvement can be attributed to higher revenues or better cost control.

Return on Capital Employed (ROCE) (19.04% in 2025 vs 20.00% in 2024):

ROCE slightly declined from 20.00% to 19.04%, which may be due to increased capital employed without a proportionate rise in operating profit.

Return on Investment (ROI) (14.48% in 2025 vs 15.73% in 2024):

ROI has decreased from 15.73% to 14.48%, indicating a slight decline in efficiency in generating returns from investments.