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KRISHNA DEFENCE 2024-25 Annual Report Analysis

Fri, 10 Oct

KRISHNA DEFENCE has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

KRISHNA DEFENCE Income Statement Analysis

• Operating income during the year rose 83.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 96.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.9% in FY25 as against 14.8% in FY24.
• Depreciation charges increased by 23.4% and finance costs decreased by 10.4% YoY, respectively.
• Other income grew by 129.7% YoY.
• Net profit for the year grew by 124.0% YoY.
• Net profit margins during the year grew from 9.2% in FY24 to 11.3% in FY25.

KRISHNA DEFENCE Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	1,064	1,949	83.1%
Other income	Rs m	13	29	129.7%
Total Revenues	Rs m	1,077	1,977	83.6%
Gross profit	Rs m	158	310	96.1%
Depreciation	Rs m	22	27	23.4%
Interest	Rs m	17	15	-10.4%
Profit before tax	Rs m	132	297	125.1%
Tax	Rs m	34	77	128.3%
Profit after tax	Rs m	98	219	124.0%
Gross profit margin	%	14.8	15.9
Effective tax rate	%	25.7	26.1
Net profit margin	%	9.2	11.3

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KRISHNA DEFENCE Balance Sheet Analysis

• The company's current liabilities during FY25 stood at Rs 314 million as compared to Rs 253 million in FY24, thereby witnessing an increase of 23.7%.
• Current assets rose 16% and stood at Rs 1 billion, while fixed assets rose 51% and stood at Rs 360 million in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 2 billion as against Rs 1 billion during FY24, thereby witnessing a growth of 22%.

KRISHNA DEFENCE Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	987	1,243	26.0
Current Liabilities	Rs m	253	314	23.7
Long-term Debt	Rs m	12	0	-100.0
Total Liabilities	Rs m	1,335	1,631	22.2
Current assets	Rs m	1,096	1,271	16.0
Fixed Assets	Rs m	239	360	50.8
Total Assets	Rs m	1,335	1,631	22.2

KRISHNA DEFENCE Cash Flow Statement Analysis

• KRISHNA DEFENCE's cash flow from operating activities (CFO) during FY25 stood at Rs -114 million, an improvement of 252.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs 50 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs 16 million on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs -48 million from the Rs 50 million net cash flows seen during FY24.

KRISHNA DEFENCE Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	-32	-114	-
Cash Flow from Investing Activities	Rs m	-372	50	-
Cash Flow from Financing Activities	Rs m	454	16	-96.5%
Net Cash Flow	Rs m	50	-48	-

Current Valuations for KRISHNA DEFENCE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.6, an improvement from the EPS of Rs 7.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 828.0, stands at 56.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.9 times, while the price to sales ratio stands at 6.0 times.
• The company's price to cash flow (P/CF) ratio stood at 42.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	77.6	138.6
TTM Earnings per share	Rs	7.1	15.6
Diluted earnings per share	Rs	6.6	14.7
Price to Cash Flow	x	0.0	42.5
TTM P/E ratio	x	0.0	56.3
Price / Book Value ratio	x	3.9	8.4
Market Cap	Rs m	3,892	10,457
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for KRISHNA DEFENCE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 4.1x during FY25, from 4.3x during FY24. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 20.3x during FY25, from 8.7x during FY24. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 17.6% during FY25, from 9.9% during FY25. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 25.1% during FY25, from 14.9% during FY24. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 14.4% during FY25, from 8.6% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	4.3	4.1
Debtors’ Days	Days	894	355
Interest coverage	x	8.7	20.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.6	14.4
Return on equity	%	9.9	17.6
Return on capital employed	%	14.9	25.1

To see how KRISHNA DEFENCE has performed over the last 5 years, please visit here.

KRISHNA DEFENCE Share Price Performance

Over the last one year, KRISHNA DEFENCE share price has moved down from Rs 0.0 to Rs 0.0, registering a loss of Rs 0.0 or around 0.0%.

Overall, the NIFTY 50 is up 0.4% over the year.

(To know more, check out historical annual results for KRISHNA DEFENCE and quarterly results for KRISHNA DEFENCE)