Jindal Steel Analysis

Liquidity Ratios

Current Ratio
A current ratio above 1 typically indicates that a company can meet its
short-term obligations using its short-term assets. In 2020, the current
ratio was 0.7, which raised concerns. However, the company improved its
performance, maintaining a ratio around 1 or 0.9 from 2021 to 2024,
nearing the ideal level.

Quick/Liquidity Ratio
The quick ratio offers a stricter assessment of liquidity by excluding
inventory and bank overdrafts. The company’s quick ratio was 0.6 in
2020, a worrying indicator. It improved to over 1 in 2021 and 2022 but fell
below 1 again in 2023 and 2024, signalling that the company is not
maintaining sufficient quick assets in recent years.

Absolute Liquidity Ratio

The absolute liquidity ratio, which looks at only cash and cash equivalents
against current liabilities, suggests Jindal Steel has limited immediate
liquidity. Consistently low values below 1 over the years indicate potential
cash flow management vulnerabilities.

Defensive Interval Ratio

The defensive interval ratio shows how long the company can sustain
operations using liquid assets without needing cash inflows. This ratio
fluctuated between 65 and 189 times over the five years, but a declining
trend from 2021 to 2024 may raise concerns about the company’s ability
to withstand short-term disruptions.

Overall Liquidity Analysis of Jindal Steel

Overall, Jindal Steel's liquidity position appears solid, with a median
current ratio of 1.0785, slightly above 1. However, the persistently low
absolute liquidity ratio is concerning, as it indicates the company isn’t
holding enough cash, posing risks for its immediate liquidity. While the
defensive interval ratio suggests the company can sustain operations for a
reasonable time using liquid assets, its downward trend may worry
investors.

Activity Ratios

Inventory Turnover Ratio

A high inventory turnover ratio reflects efficient inventory management.
Jindal Steel’s average of 22 times per year suggests strong performance,
with the increasing trend indicating improved sales and inventory turnover
efficiency.

Average Inventory Holding Period

A shorter holding period is typically better, reflecting faster inventory
turnover. The company’s holding period reduced from 20 days in 2020 to
17 days in 2022, demonstrating better inventory management.

Debtors Turnover Ratio

A high debtors turnover ratio indicates efficient collection of receivables.
Jindal Steel’s average of 27 over the past five years is positive. However, a
sharp decline from 45 times in 2023 to 23 times in 2024 could be
concerning for investors.

Average Collection Period/Debtors Velocity

Jindal Steel’s average debtor collection period has been volatile, with
fluctuations averaging 8 days each year. The jump from 9 days to 17 days
in 2024 may raise red flags for investors.

Creditors Turnover Ratio

A higher creditors turnover ratio indicates the company is paying its
suppliers more frequently, which could reflect improved relationships or
better cash management. The rise from 2.75 times to 5.4 times over five
years suggests healthy supplier relationships but might affect payment
flexibility.

Creditors Payment Period

A shorter creditors payment period means the company is paying
creditors faster, which can benefit relationships but reduce cash flow
flexibility. With an average payment period of 80 days, the company has
maintained a high level of payment flexibility.

Operating Cycle
A shorter operating cycle is preferable as it means the company converts
inventory and receivables into cash more quickly. Jindal Steel reduced its
operating cycle from 33 days in 2020 to 24 days in 2022 and 2023, but a
rise back to 33 days in 2024 may concern investors.

Net Operating Cycle

A negative net operating cycle means the company collects cash from
customers before paying suppliers, indicating strong cash flow flexibility.
This is a positive indicator for both the company and investors.

Overall Activity Ratio Analysis

Jindal Steel’s operations are well-managed, with lower inventory holding
and debtor collection periods, along with longer creditor payment periods.
The negative net operating cycle highlights efficient cash flow
management, making the company’s operations look promising.

Efficiency Ratios

Fixed Asset Turnover Ratio

This ratio measures how effectively a company uses its fixed assets to
generate revenue. Jindal Steel has shown significant improvement, with
the ratio increasing from 0.14 times to 2.27 times, a positive indicator for
the company and investors.

Total Assets Turnover Ratio

This ratio reflects how efficiently the company utilizes its total assets to
generate revenue. While the upward trend shows progress, the ratio
remains below 1, indicating the company still has room for improvement
in asset utilization.

Net Worth Turnover Ratio

The net worth turnover ratio, which shows how effectively the company
uses its equity to generate sales, has been stable, remaining above 1.
With a median of 1.09, it suggests efficient use of shareholder funds but
remains close to the threshold.

Capital Employed Turnover Ratio

This ratio measures how effectively capital employed is used to generate
revenue. Although the trend is improving, the ratio has consistently
stayed below 1, indicating the company could use its overall capital more
efficiently.

Working Capital Turnover Ratio

This ratio shows how efficiently the company uses its working capital to
generate sales. The negative values in some years suggest issues
managing current assets and liabilities, while the sharp rise to 45 times in
2024 signals strong performance. However, the volatility over the years
remains a concern.

Overall Efficiency Ratios Analysis

Jindal Steel’s use of its assets and capital employed appears less efficient,
with many ratios below 1 or near the threshold. Despite recent
improvements in working capital efficiency, the volatility in key efficiency
ratios may raise concerns for investors.

Gearing/Solvency Ratios

Debt to Equity Ratio

The declining debt to equity ratio indicates that Jindal Steel is reducing its
dependence on debt in relation to equity, which is generally a positive
sign for investors. A lower ratio reflects a more conservative capital
structure and reduced financial risk. However, lower risk often correlates
with lower returns, which may not appeal to aggressive investors seeking
higher returns.

Debt to Total Funds

The reduction in this ratio indicates a smaller proportion of debt being
used to finance the company’s total funds, suggesting that Jindal Steel is
aiming to lower its fixed costs.

Debt to Asset Ratio

A decreasing debt to asset ratio indicates that the company is becoming
less leveraged over time, meaning a larger portion of its assets is being
financed through shareholders' equity.

Capital Gearing Ratio

The falling capital gearing ratio suggests that Jindal Steel is relying less on
fixed-interest debt, making its capital structure more flexible. A lower ratio
reduces financial risk, which benefits long-term stability. However, this
lower risk might be unattractive to aggressive investors looking for higher
returns.

Overall Gearing/Solvency Ratios Analysis

Jindal Steel's gearing ratios show a declining trend in debt usage,
indicating a move toward a more favourable capital structure. This is
generally beneficial for risk-averse investors, but may not appeal to those
seeking higher returns through riskier investments.

Asset to Proprietary Ratios

Fixed Assets to Proprietors Funds Ratio

The decline in this ratio indicates that the company has been selling off
fixed assets, as reflected by a decrease in both fixed assets and the ratio
itself.

Equity Multiplier
The equity multiplier has decreased due to a reduction in total assets,
largely driven by a significant decrease in fixed assets and investments.

Current Assets to Proprietor's Funds Ratio

This ratio increased in 2021 and 2022 due to a rise in quick current assets,
but decreased in 2023 and 2024 as the company reduced these assets.

Total Assets to Proprietor's Funds Ratio

This ratio has declined due to a reduction in total assets, particularly
driven by a decrease in fixed assets and investments.

Overall Asset to Proprietary Ratios Analysis

Jindal Steel exhibits a mixed trend in its asset-to-proprietor ratios, with
asset increases in 2021 and 2022 followed by a reduction in 2023 and
2024 due to asset sales.

Coverage Ratios

Interest Coverage Ratio

This ratio, which measures the company’s ability to cover interest
payments, has increased significantly, indicating stronger profitability. The
improvement is partly due to the company reducing its borrowed funds,
lowering its interest burden and boosting this ratio.

Debt Service Coverage Ratio

The Debt Service Coverage Ratio (DSCR) reflects the company’s ability to
cover total debt obligations with operating income. A DSCR above 1.0
shows that the company generates sufficient income to meet its debt
obligations. The substantial post-2020 increase in this ratio reflects
improved financial health, largely driven by a rise in EBIT.

Liability Coverage Ratio

This ratio measures the company’s ability to cover liabilities with cash
flow. An increase from 0.6 in 2020 to 1.7 in 2024 indicates stronger cash
flow management and financial stability.

Fixed Charge Coverage Ratio

This ratio assesses the company’s ability to cover fixed financing costs.
While it shows periods of strong performance, fluctuations indicate
changes in financial obligations. Overall, it reflects solid cost
management.

Cash Flow Coverage Ratio

This ratio measures the company’s ability to cover total debt obligations
with cash flow from operations. A peak in 2022 shows exceptional
operational performance, and while the ratio declined in 2023, it remains
strong, indicating effective cash flow management.

Cash Flow to Debt Ratio

The Cash Flow to Debt Ratio shows operational cash flow relative to total
debt. The ratio increased to 0.75 in 2022, signalling better cash flow
management relative to debt. Although it dipped slightly in 2023 and
2024, the company’s cash flow remains sufficient to manage debt
obligations.

Overall Coverage Ratios Analysis

Jindal Steel's coverage ratios show an overall positive trend, reflecting
improved operational efficiency and strong cash flow management.
Significant improvements in the Debt Service Coverage Ratio, Liability
Coverage Ratio, and Cash Flow Coverage Ratio demonstrate the
company’s increasing ability to meet debt obligations and maintain
financial stability. These trends are favourable for investors, suggesting
that the company is managing its debt well while enhancing operational
performance and cash flow generation.

Expense Ratios
Cost of Goods Sold Ratio
The Cost of Goods Sold (COGS) ratio represents the percentage of revenue
consumed by production costs. A lower ratio signifies better gross
margins. The sharp decline in 2021 suggests improved efficiency, while
the increase in 2023 reflects rising costs or pricing pressures. Despite
fluctuations, the consistently high ratio indicates that a large portion of
revenue is allocated to production costs.

Admin Expense Ratio

The Admin Expense Ratio reflects the portion of revenue spent on
administrative costs. A steady decline from 2020 to 2022 suggests
improved control over administrative expenses. The subsequent rise in
2023 and 2024 could indicate increased spending or investments, but the
ratio remains low, which is positive for investors.

Selling and Distribution Expense Ratio

This ratio shows the proportion of revenue spent on selling and
distributing products. Initial increases reflect higher costs in these areas,
but the company reduced these expenses in the last two years, which is
favourable for investors as the overall ratio remained low.

Finance Expense Ratio

The Finance Expense Ratio reflects the cost of financing relative to
revenue. Negative values in 2022 and 2024 indicate that the company
earned more from financial activities than it spent on financing costs,
which is a positive sign. However, fluctuations in finance expenses could
raise concerns about changes in interest and other financial incomes.

Overall Expense Ratios Analysis

Jindal Steel's high COGS ratio significantly impacts its margins. However,
the company is efficient in managing other operational expenses,
reflected in lower administrative, selling, distribution, and finance
expenses. The negative finance expense ratio in 2022 and 2024 is
particularly favourable for investors.

Profitability Ratios

Gross Profit Margin Ratio

The Gross Profit Margin Ratio shows the percentage of revenue exceeding
the cost of goods sold. Jindal Steel consistently has a low gross profit
margin, which is unfavorable for investors.

Operating Profit Margin Ratio

The Operating Profit Margin Ratio measures the portion of revenue left
after covering operating expenses. Jindal's operating profit margin is low,
with a median of 16.5%, which is not ideal for investors.

Operating Ratio / Operating Cost Ratio

This ratio reflects the percentage of revenue used to cover operating
expenses. A lower ratio indicates better efficiency, but Jindal Steel's
operating cost ratio is high, with a median of 85%, which is unfavorable
for investors.

Operating Expense Ratio

The Operating Expense Ratio shows the proportion of revenue spent on
operating expenses. Jindal Steel’s operating expense ratio is low, with a
median of 7%, which is a positive indicator for the company.

Net Profit Margin Ratio

The Net Profit Margin Ratio represents the percentage of revenue that
remains as profit after all expenses are deducted. Jindal has improved its
net profit margin over the past five years, although there was a dip after a
notable increase in 2021.

Overall Profitability Ratios Analysis

Jindal Steel has a low gross profit margin, but it has been improving over
the last five years. The company has efficiently reduced its operating
expenses, as reflected by its low operating expense ratios. Despite this, its
overall operating profit ratio is moderate, considering the high gross profit
margins.

Valuation Ratios

Earnings Per Share (EPS)

EPS showed significant growth from 2020 to 2022, reflecting strong
profitability and operational efficiency. However, the decline in 2023 raises
concerns about operational challenges or reduced sales. The recovery in
2024 indicates improved earnings.

Price Earning (PE) Ratio

The PE ratio reflects how much investors are willing to pay for each unit of
earnings. The low PE in 2022 suggests the stock was undervalued, likely
due to a drop in EPS. The rise in 2023 could be due to market optimism,
but the subsequent drop in 2024 hints at market re-evaluation.

Book Value Per Share

An increasing trend in book value per share indicates that the company
has been retaining earnings, which strengthens its financial position and is
a positive sign for shareholders.

Dividend Per Share (DPS) Ratio

Jindal began paying dividends in 2022 after not doing so in 2020 and
2021, with payouts ranging from 1-2 INR per share. This indicates a shift
toward returning value to shareholders and boosts investor confidence.
Dividend Payout Ratio
The rising dividend payout ratio shows that the company is starting to
share a portion of its earnings with shareholders, which, although still low,
is a positive trend for investors.

Retention Ratio
The retention ratio, which measures how much of the earnings are
retained by the business, has decreased, indicating that Jindal is returning
more earnings to shareholders via dividends, which is a positive sign.

Dividend Yield
High dividend yields in 2022, 2023, and 2024 suggest strong returns for
shareholders relative to the stock price, which is favorable for investors.

Earnings Yield
The earnings yield, which shows the return on investment from earnings
relative to the stock price, was high in 2022, indicating strong earnings
performance, but declined in 2023, reflecting potentially high stock prices.

Price to Book Value

A price-to-book value ratio above 1 for the past four years indicates
investor confidence in the company's equity and growth prospects. It also
suggests that Jindal's stock is not undervalued.

Price Earning Growth (PEG) Multiple

Fluctuations in the PEG ratio indicate varying investor expectations and
market conditions. Jindal appeared overvalued in 2020, undervalued in
2021 and 2022, and overvalued again in 2023 and 2024.

Overall Valuation Ratios Analysis

Jindal Steel saw a strong rise in EPS between 2020 and 2022, reflecting
solid profitability, though the drop in 2023 points to operational issues.
The recovery in 2024 suggests improved earnings. The PE ratio was low in
2022, signalling undervaluation, but rebounded in 2023 due to market
optimism before declining again in 2024. The book value per share has
steadily increased, demonstrating effective earnings retention.

The introduction of dividends in 2022, after none in 2020 and 2021, and a
consistent payout since, has bolstered shareholder confidence. While the
dividend payout ratio remains modest, the high dividend yield from 2022-
2024 signals strong returns relative to the stock price. Additionally, the
price-to-book value above 1 over the past four years suggests steady
investor confidence. Fluctuations in the PEG ratio reveal shifts in market
perception, with the stock swinging between being over- and undervalued
over the years.

Return Ratios

Return on Assets (ROA)

Jindal Steel's ROA has shown significant variation, from a low of 1.05% in
2020 to a peak of 11.48% in 2022, before dropping to 3.41% in 2023 and
recovering to 7.58% in 2024. These fluctuations reflect changing
efficiency in generating profits from assets over the years.

Return on Capital Employed (ROCE)

ROCE shows a positive trend, rising from 6.18% in 2020 to a peak of
21.40% in 2022, followed by a decline to 7.68% in 2023 and a recovery to
14.34% in 2024. This indicates an overall improvement in capital
utilization, though recent volatility raises concerns.

Return on Net Worth (RONW)

RONW started at 2.67% in 2020, peaked at 25.39% in 2021, then dropped
to 5.99% in 2023 before rising again to 12.26% in 2024. This reflects the
company's fluctuating ability to generate profits relative to shareholder
equity, with the 2021 peak demonstrating strong profitability.

Equity Multiplier
The equity multiplier, a measure of financial leverage, decreased from
2.55 in 2020 to 1.62 in 2024. This suggests that Jindal Steel is relying less
on debt compared to equity, indicating reduced financial risk and a more
conservative capital structure.

Growth in Equity
Equity growth has varied, starting at 2.67% in 2020, peaking at 25.39% in
2021, dropping to 22.41% in 2022, declining to 5.50% in 2023, and rising
to 11.79% in 2024. This reflects fluctuating shareholder value growth over
time.

Overall Return Ratios Assessment

Jindal Steel has shown positive trends in ROCE and RONW, indicating
improved capital utilization and profitability. However, the volatility in ROA
and financial leverage highlights the need for careful monitoring to ensure
sustained performance. Despite this volatility, the company has
demonstrated an overall improvement in efficiency and returns.

Du Pont Analysis

3 Factor

- Net Profit Margin Ratio:

This ratio represents the percentage of revenue remaining as profit after
all expenses. Jindal Steel has improved its net profit margin over the last
five years, though there was a dip after a substantial increase in 2021.

- Total Assets Turnover Ratio:

This metric measures how efficiently the company uses its assets to
generate revenue. While the ratio shows an upward trend, indicating
improved asset management, it remains below 1, signalling
underutilization of assets.

- Equity Multiplier:
The equity multiplier, which reflects financial leverage, has decreased
from 2.55 in 2020 to 1.62 in 2024. This reduction indicates that Jindal
Steel is relying less on debt, which can lower financial risk and suggest a
more conservative capital approach.

5 Factor

- Tax Burden:
Jindal Steel's tax burden fluctuated, starting at 70.22% in 2020, peaking
at 84.50% in 2023, and decreasing to 73.75% in 2024. A higher tax
burden implies that more earnings are directed toward taxes, limiting the
profit available for shareholders. These fluctuations indicate varying
impacts of tax on profitability.

- Interest Burden:
The interest burden, representing the share of earnings consumed by
interest payments, increased from 32.88% in 2020 to 87.95% in 2022,
before dropping to 70.93% in 2023 and rising again to 85.73% in 2024.
High interest burdens in certain years suggest a large portion of earnings
is being used to cover interest obligations, which may put pressure on net
profits and cash flow.

-Earnings Before Interest and Tax (EBIT) Margin:

This margin reflects operational efficiency. It rose from 10.27% in 2020 to
32.64% in 2021, then declined to 8.00% in 2023, before recovering to
16.95% in 2024. The peak in 2021 demonstrates strong operations, while
the 2023 decline could indicate higher costs or operational issues.

Total Assets Turnover Ratio:

This ratio continues to show an upward trend, pointing to better asset
utilization. However, it remains below 1, suggesting that the company still
has room to improve asset efficiency.

Equity Multiplier
The equity multiplier decreased from 2.55 in 2020 to 1.62 in 2024,
indicating reduced reliance on debt, which lowers financial risk and
signifies a more cautious approach to capital structure.

Comparative Analysis

Balance Sheet
1. The shareholders' fund increased by 12.17% in 2024, driven by a
decrease in the “Remeasurement of Defined Benefit Obligation/Plan” cost
and growth in retained earnings.
2. Borrowed funds decreased by 15% in 2023 and 13.5% in 2024 due to
significant debt repayments. Current maturities increased by 99.52% in
2023 but decreased by 59.25% in 2024.
3. Other non-current liabilities decreased by 52% in 2023, driven by the
repayment of other liabilities and a notable reduction in net deferred tax.
4. Capital work-in-progress surged by 185% in 2023 and 80% in 2024,
while tangible and intangible assets decreased, resulting in no significant
change in total fixed assets (after significant asset sales in 2021).
5. Long-term investments increased by 141.57% in 2023 and 39.76% in
2024.
6. Loans given out were reduced by 30% in 2023.
7. Other financial assets declined, largely due to a 99% reduction in
security deposits to related parties.
8. Capital advances increased by 72%, but overall other assets decreased
by 30% due to reductions in loans and other financial assets.
9. Quick current assets saw fluctuations: Investments rose by 132%, loans
dropped by 98%, cash increased by 25%, and other bank balances rose by
160%, leading to a net 45% decrease.
10. Non-quick current assets decreased by 22%, primarily due to a drop in
inventory.
11. Quick current liabilities fell by only 3.5%.
12. Non-quick current liabilities decreased by 36%, mainly due to
reductions in customer advances and bank overdrafts.
13. Due to a 38% decline in current assets and a 9.5% decrease in
liabilities, working capital turned negative, dropping by 113%.

Profit and Loss Statement

1. Jindal’s revenue grew by only 3.25% in 2023 and declined by 2.78% in

2024.
2. Opening stock increased by 68%, largely due to a 79% increase in
stock-in-trade, driving a 73% increase in the cost of goods sold in 2023.
3. Factory expenses also saw slight increases, contributing to a 25% rise in
the total cost of goods sold.
4. This led to a 44% drop in gross profit margin.
5. In 2024, purchases surged by 25%, pushing the cost of goods sold up
by 37%.
6. Factory expenses dropped by 7%, and minor reductions in other
expenses led to a 16.5% rise in gross profit.
7. Other operating income increased by 35% in 2023 due to a sharp rise in
recovery of doubtful and bad debts (167% and 388% respectively).
8. In 2024, other operating income fell by 21%, reflecting reduced
recoveries.
9. Administrative expenses rose by 20% in 2023 and 13% in 2024 due to a
50% increase in rent and a 95% rise in corporate social responsibility
expenses in 2023, as well as a 300% rise in research and development
and a 297% rise in taxes in 2024.
10. Selling and distribution expenses dropped by 27% in 2023 and 22% in
2024, mainly due to debt recoveries and lower freight costs.
11. Finance expenses fell by 197% and 347% in 2023 and 2024 as finance
income outpaced expenses.
12. Overall operating expenses decreased by 16% and 13% in 2023 and
2024, respectively.
13. However, the sharp rise in cost of goods sold in 2023 caused operating
profit to fall by 47%, but it rebounded by 28% in 2024.
14. Non-operating income dropped by 30% in 2023 but surged by 70% in
2024 due to fluctuations in profits from PPE sales and insurance claims.
15. Non-operating expenses decreased by a staggering 7500% in 2023
and by 100% in 2024, driven by changes in exceptional items and foreign
exchange fluctuations.
16. As a result, EBIT, PBT, and PAT dropped by approximately 70%, with
only minor changes in interest and tax.

Common Size Statement Analysis

Balance Sheet
1. Shareholders' funds increased from 54% in 2020 to 78% in 2024 of total
capital employed, reflecting greater reliance on internal funding.
2. Retained earnings increased from 45% to 72%.
3. Borrowed funds decreased from 28% in 2020 to 10.5% in 2024,
indicating significant debt repayments.
4. Other liabilities also dropped from 17% to 11%.
5. Fixed assets declined from 101% of total capital employed in 2020 to
65% in 2024, mainly due to asset sales.
6. Capital work-in-progress increased from 2% to 6.5%.
7. As a result, fixed assets as a percentage of total funds decreased from
104% to 74%, indicating a shift in focus toward working capital and other
non-current assets.
8. Total investments grew from 3.92% in 2020 to 12% in 2024.
9. Overall non-current assets fell slightly, from 109% to 98.13%.
10. Quick assets experienced fluctuations but stabilized.
11. Non-quick assets remained relatively stable.
12. Total current assets also fluctuated.
13. Quick current liabilities fell from 27% in 2020 to 21% in 2024.
14. Non-quick current liabilities dropped from 8.88% to 2% in 2024.
15. Working capital improved from -9.38% in 2020 to 2% in 2024,
primarily due to reduced current liabilities.

Trend Analysis

Balance Sheet
1. There has been a strong upward trend in retained earnings and other
comprehensive income, leading to growth in reserves and shareholders’
funds.
2. Secured loans have followed a downward trend, while unsecured loans
have risen, contributing to an overall decline in borrowed funds.
3. Lease liabilities and secured deposits have decreased, along with an
upward trend in interest charges, leading to a decline in other long-term
liabilities.
4. Total non-current liabilities and borrowed funds have decreased by 36%
over five years.
5. Total capital employed followed an upward trend, increasing by 35%.
6. Tangible asset values have fallen due to depreciation.
7. Capital work-in-progress has experienced a significant uptrend.
8. Right-of-use assets declined due to depreciation.
9. Intangible assets initially trended downward but rebounded in 2024 due
to investments in mining assets.
10. Total fixed assets followed a downward trend.
11. Investments have increased, mainly due to

rising investments in preference shares.

12. Loans given out have followed an upward trend.
13. Substantial investments in fixed deposits have driven an increase in
other financial assets.
14. Quick current assets rose by 17%, driven by cash, other bank
balances, and trade receivables, despite declines in assets held for sale
and current taxes.
15. Non-quick current assets rose by 50% over five years.
16. Quick current liabilities have been stable, with only a 7% increase.
17. Non-quick current liabilities have significantly decreased, dropping by
70%.
18. Working capital has increased by 126%, growing from a negative base
of -26%.

Profit and Loss Statement

1. Net sales have increased by 88.79%.
2. Opening stock rose by 75%, and purchases surged by 255%, with
closing stock up 135%.
3. This has caused the cost of goods sold to increase by 350%.
4. Factory expenses have followed an upward trend, rising by 178%.
5. Gross profit has increased by 208%.
6. Other operating income grew by 251%.
7. Administrative expenses and selling/distribution costs increased by
167% and 191%, respectively.
8. Finance expenses followed a downtrend, decreasing by 33%.
9. Operating expenses initially rose by 146% by 2022, but then fell to
106% in 2024.
10. Operating profit increased by 311%, following an upward trend.
11. Non-operating income surged by 21,115% in 2024.
12. Non-operating expenses fell by 43%.
13. EBIT grew by 311%.
14. Profit before tax rose by 813% in 2024, following an upward trend.
15. Profit after tax increased by 853%, continuing an uptrend.