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Madhya Bharat Agro Products Limited

ISIN : INE900L01010
NSE : MBAPL
Face Value : 10
Industry : Fertilizers

EPS : 2.84
EPS (TTM) : 3.20
Price to Earning (P/E) : 98.91
Book Value : 40.05
Price to Bookvalue (P/B) : 7.01
Dividend Yield : 0 %
Return on Equity (ROE) : 7.31 %
Return on Capital Employed (ROCE) : 12.16 %

Madhya Bharat share price (28-Mar-2025)
National Stock Exchange NSE
Open / Close	263 - 280.9 6.8 %
Low / High	250 - 288 15.2 %
Trade Volume	97,404
52 Week Low / High	0 - 0 NAN %

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Consolidated Standalone

CONSOLIDATED QUARTERLY RESULT FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

Date End	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
No of months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Net Sales	2130.3	2489.02	2862.89	2338.32	1490.25	2784.6	2437.8	1456.82	2003.51	2783.06
Total Income	2130.88	2492.05	2899.66	2349.8	1500.88	2792.16	2441.41	1544.92	2019.41	2800.38
Total Expenditure	1644.33	1943.41	2243.82	1891.02	1248.95	2380.21	2258.04	1316.89	1666.92	2420.19
Other Income	0.58	3.03	36.77	11.48	10.62	7.56	3.61	88.11	15.9	17.32
Operating Profit	486.55	548.64	655.84	458.78	251.93	411.95	183.37	228.03	352.49	380.19
Interest	34.3	38.31	41.33	50.4	55.89	82.82	43.79	79.91	87.8	66.42
PBDT	452.25	510.33	614.51	408.38	196.04	329.13	139.58	148.12	264.69	313.77
Depreciation	46.2	46.22	63.38	67.98	71.78	72.83	74.5	71.08	85.09	86.11
Profit Before Tax	406.05	464.11	551.13	340.4	124.26	256.3	65.08	77.04	179.6	227.66
Tax	119.38	138.61	164.02	97.65	51.88	107	52.08	63.27	64.74	89.28
Profit After Tax	286.67	325.5	387.11	242.75	72.38	149.3	13	13.77	114.86	138.38
Net Profit	286.67	325.5	387.11	242.75	72.38	149.3	13	13.77	114.86	138.38
Equity Capital	219.07	219.07	438.14	438.14	438.14	438.14	876.27	876.27	876.27	876.27
Face Value (IN RS)	10	10	10	10	10	10	10	10	10	10
Calculated EPS	13.09	14.86	8.84	5.54	1.65	3.41	0.15	0.16	1.31	1.58
Diluted Eps After Extraordinary Items	13.09	14.86	8.84	5.54	1.65	3.41	0.15	0.16	1.31	1.58
Diluted Eps Before Extraordinary Items	13.09	14.86	8.84	5.54	1.65	3.41	0.15	0.16	1.31	1.58

STANDALONE QUARTERLY RESULT FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

Date End	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
No of months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Net Sales	2130.3	2489.02	2862.89	2338.32	1490.25	2784.6	2437.8	1456.82	2003.51	2783.06
Total Income	2130.88	2492.05	2899.66	2349.8	1500.88	2792.16	2441.41	1544.92	2019.41	2800.38
Total Expenditure	1644.33	1943.41	2243.82	1891.02	1248.95	2380.21	2258.04	1316.89	1666.92	2420.19
Other Income	0.58	3.03	36.77	11.48	10.62	7.56	3.61	88.11	15.9	17.32
Operating Profit	486.55	548.64	655.84	458.78	251.93	411.95	183.37	228.03	352.49	380.19
Interest	34.3	38.31	41.33	50.4	55.89	82.82	43.79	79.91	87.8	66.42
PBDT	452.25	510.33	614.51	408.38	196.04	329.13	139.58	148.12	264.69	313.77
Depreciation	46.2	46.22	63.38	67.98	71.78	72.83	74.5	71.08	85.09	86.11
Profit Before Tax	406.05	464.11	551.13	340.4	124.26	256.3	65.08	77.04	179.6	227.66
Tax	119.38	138.61	164.02	97.65	51.88	107	52.08	63.27	64.74	89.28
Profit After Tax	286.67	325.5	387.11	242.75	72.38	149.3	13	13.77	114.86	138.38
Net Profit	286.67	325.5	387.11	242.75	72.38	149.3	13	13.77	114.86	138.38
Equity Capital	219.07	219.07	438.14	438.14	438.14	438.14	876.27	876.27	876.27	876.27
Face Value (IN RS)	10	10	10	10	10	10	10	10	10	10
Calculated EPS	13.09	14.86	8.84	5.54	1.65	3.41	0.15	0.16	1.31	1.58
Diluted Eps After Extraordinary Items	13.09	14.86	8.84	5.54	1.65	3.41	0.15	0.16	1.31	1.58
Diluted Eps Before Extraordinary Items	13.09	14.86	8.84	5.54	1.65	3.41	0.15	0.16	1.31	1.58

Consolidated Standalone

CONSOLIDATED ANNUAL RESULT FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

Date End	Mar 2022	Mar 2023	Mar 2024
No of months	12 months	12 months	12 months
Net Sales	4914.89	9820.52	8169.46
Total Income	4917.48	9872.39	8279.37
Total Expenditure	3849	7722.59	7204.08
Other Income	2.59	51.87	109.9
Operating Profit	1068.48	2149.8	1075.29
Interest	75.4	164.33	262.41
PBDT	993.08	1985.47	812.88
Depreciation	181.3	223.77	290.19
Profit Before Tax	811.78	1761.7	522.69
Tax	241.58	519.66	274.23
Profit After Tax	570.2	1242.04	248.46
Net Profit	570.2	1242.04	248.46
Equity Capital	219.07	438.14	876.27
Face Value (IN RS)	10	10	10
Reserves	1834.1	2845.71	2633.11
Calculated EPS	26.03	28.35	2.84
Diluted Eps After Extraordinary Items	26.03	28.35	2.84
Diluted Eps Before Extraordinary Items	26.03	28.35	2.84

STANDALONE ANNUAL RESULT FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

Date End	Mar 2022	Mar 2023	Mar 2024
No of months	12 months	12 months	12 months
Net Sales	4914.89	9820.52	8169.46
Total Income	4917.48	9872.39	8279.37
Total Expenditure	3849	7722.59	7204.08
Other Income	2.59	51.87	109.9
Operating Profit	1068.48	2149.8	1075.29
Interest	75.4	164.33	262.41
PBDT	993.08	1985.47	812.88
Depreciation	181.3	223.77	290.19
Profit Before Tax	811.78	1761.7	522.69
Tax	241.58	519.66	274.23
Profit After Tax	570.2	1242.04	248.46
Net Profit	570.2	1242.04	248.46
Equity Capital	219.07	438.14	876.27
Face Value (IN RS)	10	10	10
Reserves	1834.1	2845.71	2633.11
Calculated EPS	26.03	28.35	2.84
Diluted Eps After Extraordinary Items	26.03	28.35	2.84
Diluted Eps Before Extraordinary Items	26.03	28.35	2.84

Consolidated Standalone

CONSOLIDATED PROFIT / LOSS FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
No of Months	12 months	12 months	12 months	12 months
Gross Sales	185.71 Cr	491.49 Cr	982.05 Cr	816.95 Cr
Sales	131.1 Cr	283.46 Cr	508.1 Cr	493.21 Cr
Net Sales	185.71 Cr	491.49 Cr	982.05 Cr	816.95 Cr
Increase/Decrease in Stock	-3.41 Cr	-56.76 Cr	-29.63 Cr	-2.7 Cr
Raw Material Consumed	93.82 Cr	343.6 Cr	652.25 Cr	560 Cr
Opening Raw Materials	0	23.61 Cr	68.28 Cr	92.2 Cr
Purchases Raw Materials	117.43 Cr	388.27 Cr	676.18 Cr	549.44 Cr
Closing Raw Materials	23.61 Cr	68.28 Cr	92.2 Cr	81.64 Cr
Power & Fuel Cost	6.42 Cr	10.32 Cr	15.12 Cr	19.01 Cr
Electricity & Power	6.42 Cr	10.32 Cr	15.12 Cr	19.01 Cr
Employee Cost	10.88 Cr	17.75 Cr	27.59 Cr	20.29 Cr
Salaries, Wages & Bonus	10.36 Cr	16.94 Cr	26.33 Cr	18.84 Cr
Contributions to EPF & Pension Funds	26.39 Lk	38.69 Lk	49.53 Lk	73.13 Lk
Workmen and Staff Welfare Expenses	18.66 Lk	28.15 Lk	57.54 Lk	42.83 Lk
Other Manufacturing Expenses	11.3 Cr	29.38 Cr	44.21 Cr	43.22 Cr
Repairs and Maintenance	36.2 Lk	1.99 Cr	2.59 Cr	1.45 Cr
General and Administration Expenses	2.27 Cr	2.68 Cr	4.82 Cr	7.41 Cr
Rent , Rates & Taxes	26.14 Lk	33.77 Lk	70.5 Lk	1.26 Cr
Insurance	34.99 Lk	59.07 Lk	1.01 Cr	1.38 Cr
Professional and legal fees	24.37 Lk	21.33 Lk	35.97 Lk	86.2 Lk
Traveling and conveyance	51.94 Lk	73.27 Lk	1.41 Cr	2.18 Cr
Selling and Distribution Expenses	21.69 Cr	36.39 Cr	53.87 Cr	68.9 Cr
Advertisement & Sales Promotion	5.7 Lk	8.96 Lk	1.92 Cr	1.04 Cr
Freight and Forwarding	20.76 Cr	35.16 Cr	51.35 Cr	66.31 Cr
Miscellaneous Expenses	1.15 Cr	1.52 Cr	4.03 Cr	4.63 Cr
Loss on foreign exchange fluctuations	0	0	0	35.16 Lk
Total Expenditure	144.12 Cr	384.9 Cr	772.26 Cr	720.76 Cr
Other Income	15.38 Lk	25.85 Lk	5.19 Cr	11.34 Cr
Interest Received	5.82 Lk	14.81 Lk	1.33 Cr	4.33 Cr
Profit on sale of Fixed Assets	2.43 Lk	0	0	0
Provision Written Back	2.6 Lk	1.79 Lk	17.02 Lk	1.87 Lk
Foreign Exchange Gains	4.34 Lk	0	0	0
Operating Profit	41.75 Cr	106.85 Cr	214.98 Cr	107.53 Cr
Interest	3.8 Cr	7.54 Cr	16.43 Cr	26.24 Cr
Interest on Term Loan	2.69 Cr	2.96 Cr	3.08 Cr	0
Bank Charges etc	9.6 Lk	97 Lk	1.55 Cr	93.94 Lk
PBDT	37.95 Cr	99.31 Cr	198.55 Cr	81.29 Cr
Depreciation	9.37 Cr	18.13 Cr	22.38 Cr	29.02 Cr
Profit Before Taxation & Exceptional Items	28.58 Cr	81.18 Cr	176.17 Cr	52.27 Cr
Profit Before Tax	28.58 Cr	81.18 Cr	176.17 Cr	52.27 Cr
Provision for Tax	8.33 Cr	24.16 Cr	51.97 Cr	27.42 Cr
Current Income Tax	5.02 Cr	14.23 Cr	30.89 Cr	9.18 Cr
Deferred Tax	3.31 Cr	9.93 Cr	21.07 Cr	18.25 Cr
Profit After Tax	20.24 Cr	57.02 Cr	124.2 Cr	24.84 Cr
Consolidated Net Profit	20.24 Cr	57.02 Cr	124.2 Cr	24.84 Cr
Profit Balance B/F	91.56 Cr	110.71 Cr	166.63 Cr	267.84 Cr
Appropriations	111.8 Cr	167.73 Cr	290.84 Cr	292.68 Cr
Other Appropriation	1.09 Cr	1.1 Cr	23 Cr	46 Cr
Equity Dividend %	5	5	5	5
Earnings Per Share	9.24	26.03	28.35	2.84
Adjusted EPS	9.24	26.03	14.17	2.84

STANDALONE PROFIT / LOSS FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
No of Months	12 months	12 months	12 months	12 months
Gross Sales	185.71 Cr	491.49 Cr	982.05 Cr	816.95 Cr
Sales	131.1 Cr	283.46 Cr	508.1 Cr	493.21 Cr
Net Sales	185.71 Cr	491.49 Cr	982.05 Cr	816.95 Cr
Increase/Decrease in Stock	-3.41 Cr	-56.76 Cr	-29.63 Cr	-2.7 Cr
Raw Material Consumed	93.82 Cr	343.6 Cr	652.25 Cr	560 Cr
Opening Raw Materials	0	23.61 Cr	68.28 Cr	92.2 Cr
Purchases Raw Materials	117.43 Cr	388.27 Cr	676.18 Cr	549.44 Cr
Closing Raw Materials	23.61 Cr	68.28 Cr	92.2 Cr	81.64 Cr
Power & Fuel Cost	6.42 Cr	10.32 Cr	15.12 Cr	19.01 Cr
Electricity & Power	6.42 Cr	10.32 Cr	15.12 Cr	19.01 Cr
Employee Cost	10.88 Cr	17.75 Cr	27.59 Cr	20.29 Cr
Salaries, Wages & Bonus	10.36 Cr	16.94 Cr	26.33 Cr	18.84 Cr
Contributions to EPF & Pension Funds	26.39 Lk	38.69 Lk	49.53 Lk	73.13 Lk
Workmen and Staff Welfare Expenses	18.66 Lk	28.15 Lk	57.54 Lk	42.83 Lk
Other Manufacturing Expenses	11.3 Cr	29.38 Cr	44.21 Cr	43.22 Cr
Repairs and Maintenance	36.2 Lk	1.99 Cr	2.59 Cr	1.45 Cr
General and Administration Expenses	2.27 Cr	2.68 Cr	4.82 Cr	7.41 Cr
Rent , Rates & Taxes	26.14 Lk	33.77 Lk	70.5 Lk	1.26 Cr
Insurance	34.99 Lk	59.07 Lk	1.01 Cr	1.38 Cr
Professional and legal fees	24.37 Lk	21.33 Lk	35.97 Lk	86.2 Lk
Traveling and conveyance	51.94 Lk	73.27 Lk	1.41 Cr	2.18 Cr
Selling and Distribution Expenses	21.69 Cr	36.39 Cr	53.87 Cr	68.9 Cr
Advertisement & Sales Promotion	5.7 Lk	8.96 Lk	1.92 Cr	1.04 Cr
Freight and Forwarding	20.76 Cr	35.16 Cr	51.35 Cr	66.31 Cr
Miscellaneous Expenses	1.15 Cr	1.52 Cr	4.03 Cr	4.63 Cr
Loss on foreign exchange fluctuations	0	0	0	35.16 Lk
Total Expenditure	144.12 Cr	384.9 Cr	772.26 Cr	720.76 Cr
Other Income	15.38 Lk	25.85 Lk	5.19 Cr	11.34 Cr
Interest Received	5.82 Lk	14.81 Lk	1.33 Cr	4.33 Cr
Profit on sale of Fixed Assets	2.43 Lk	0	0	0
Provision Written Back	2.6 Lk	1.79 Lk	17.02 Lk	1.87 Lk
Foreign Exchange Gains	4.34 Lk	0	0	0
Operating Profit	41.75 Cr	106.85 Cr	214.98 Cr	107.53 Cr
Interest	3.8 Cr	7.54 Cr	16.43 Cr	26.24 Cr
Interest on Term Loan	2.69 Cr	2.96 Cr	3.08 Cr	0
Bank Charges etc	9.6 Lk	97 Lk	1.55 Cr	93.94 Lk
PBDT	37.95 Cr	99.31 Cr	198.55 Cr	81.29 Cr
Depreciation	9.37 Cr	18.13 Cr	22.38 Cr	29.02 Cr
Profit Before Taxation & Exceptional Items	28.58 Cr	81.18 Cr	176.17 Cr	52.27 Cr
Profit Before Tax	28.58 Cr	81.18 Cr	176.17 Cr	52.27 Cr
Provision for Tax	8.33 Cr	24.16 Cr	51.97 Cr	27.42 Cr
Current Income Tax	5.02 Cr	14.23 Cr	30.89 Cr	9.18 Cr
Deferred Tax	3.31 Cr	9.93 Cr	21.07 Cr	18.25 Cr
Profit After Tax	20.24 Cr	57.02 Cr	124.2 Cr	24.84 Cr
Consolidated Net Profit	20.24 Cr	57.02 Cr	124.2 Cr	24.84 Cr
Profit Balance B/F	91.56 Cr	110.71 Cr	166.63 Cr	267.84 Cr
Appropriations	111.8 Cr	167.73 Cr	290.84 Cr	292.68 Cr
Other Appropriation	1.09 Cr	1.1 Cr	23 Cr	46 Cr
Equity Dividend %	5	5	5	5
Earnings Per Share	9.24	26.03	28.35	2.84
Adjusted EPS	9.24	26.03	14.17	2.84

Consolidated Standalone

CONSOLIDATED CASH FLOW FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

Year End	Mar 2021	Mar 2022	Mar 2023	Mar 2024
No of Months	12 months	12 months	12 months	12 months
Profit Before Tax	28.58 Cr	81.18 Cr	176.17 Cr	52.27 Cr
Adjustment	12.96 Cr	25.57 Cr	34.1 Cr	43.79 Cr
Changes In working Capital	-6.66 Cr	-163.99 Cr	-249.52 Cr	62.09 Cr
Cash Flow after changes in Working Capital	34.88 Cr	-57.24 Cr	-39.25 Cr	158.14 Cr
Cash Flow from Operating Activities	30.05 Cr	-71.93 Cr	-70.04 Cr	149.04 Cr
Cash Flow from Investing Activities	-55.99 Cr	-13.06 Cr	-65.31 Cr	-93.65 Cr
Cash Flow from Financing Activitie	25.47 Cr	84.82 Cr	141.35 Cr	-61.36 Cr
Net Cash Inflow / Outflow	-48.03 Lk	-17.18 Lk	6 Cr	-5.97 Cr
Opening Cash & Cash Equivalents	95.03 Lk	18.27 Lk	1.09 Lk	6.01 Cr
Closing Cash & Cash Equivalent	47 Lk	1.09 Lk	6.01 Cr	4.22 Lk

STANDALONE CASH FLOW FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

Year End	Mar 2021	Mar 2022	Mar 2023	Mar 2024
No of Months	12 months	12 months	12 months	12 months
Profit Before Tax	28.58 Cr	81.18 Cr	176.17 Cr	52.27 Cr
Adjustment	12.96 Cr	25.57 Cr	34.1 Cr	43.79 Cr
Changes In working Capital	-6.66 Cr	-163.99 Cr	-249.52 Cr	62.09 Cr
Cash Flow after changes in Working Capital	34.88 Cr	-57.24 Cr	-39.25 Cr	158.14 Cr
Cash Flow from Operating Activities	30.05 Cr	-71.93 Cr	-70.04 Cr	149.04 Cr
Cash Flow from Investing Activities	-55.99 Cr	-13.06 Cr	-65.31 Cr	-93.65 Cr
Cash Flow from Financing Activitie	25.47 Cr	84.82 Cr	141.35 Cr	-61.36 Cr
Net Cash Inflow / Outflow	-48.03 Lk	-17.18 Lk	6 Cr	-5.97 Cr
Opening Cash & Cash Equivalents	95.03 Lk	18.27 Lk	1.09 Lk	6.01 Cr
Closing Cash & Cash Equivalent	47 Lk	1.09 Lk	6.01 Cr	4.22 Lk

Consolidated Standalone

CONSOLIDATED BALANCE SHEET FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Share Capital	21.91 Cr	21.91 Cr	43.81 Cr	87.63 Cr
Equity - Authorised	25 Cr	25 Cr	50 Cr	110 Cr
Equity - Issued	21.91 Cr	21.91 Cr	43.81 Cr	87.63 Cr
Equity Paid Up	21.91 Cr	21.91 Cr	43.81 Cr	87.63 Cr
Face Value	10	10	10	10
Total Reserves	127.45 Cr	183.41 Cr	284.57 Cr	263.31 Cr
Securities Premium	16.87 Cr	16.87 Cr	16.87 Cr	16.87 Cr
Profit & Loss Account Balance	110.71 Cr	166.63 Cr	267.84 Cr	246.68 Cr
Reserve excluding Revaluation Reserve	127.45 Cr	183.41 Cr	284.57 Cr	263.31 Cr
Shareholder's Funds	149.36 Cr	205.32 Cr	328.38 Cr	350.94 Cr
Secured Loans	41.36 Cr	32.37 Cr	41.43 Cr	29.59 Cr
Term Loans - Banks	49.38 Cr	41.72 Cr	55.13 Cr	29.59 Cr
Deferred Tax Assets / Liabilities	5.11 Cr	15.06 Cr	36.11 Cr	54.31 Cr
Deferred Tax Assets	3.25 Cr	12.17 Cr	6.59 Cr	14.71 Cr
Deferred Tax Liability	8.37 Cr	27.23 Cr	42.7 Cr	69.02 Cr
Other Long Term Liabilities	10.93 Lk	10.72 Lk	18.83 Cr	17.73 Cr
Long Term Provisions	15.46 Lk	21.67 Lk	31.25 Lk	49.6 Lk
Total Non-Current Liabilities	46.73 Cr	47.75 Cr	96.68 Cr	102.12 Cr
Trade Payables	21.72 Cr	35.91 Cr	14.3 Cr	61.72 Cr
Sundry Creditors	21.72 Cr	35.91 Cr	14.3 Cr	61.72 Cr
Other Current Liabilities	25.17 Cr	27.97 Cr	35.81 Cr	43.05 Cr
Advances received from customers	12.2 Cr	14.24 Cr	16.1 Cr	24.29 Cr
Interest Accrued But Not Due	0	0	0	52.21 Lk
Short Term Borrowings	20.83 Cr	121.95 Cr	267.42 Cr	245.66 Cr
Secured ST Loans repayable on Demands	9.55 Cr	121.36 Cr	266.6 Cr	245.64 Cr
Working Capital Loans- Sec	9.55 Cr	86.14 Cr	176.39 Cr	189.67 Cr
Short Term Provisions	59.36 Lk	14.96 Lk	28.58 Lk	76.58 Lk
Provision for Tax	56.76 Lk	10.28 Lk	20.77 Lk	28.69 Lk
Total Current Liabilities	68.32 Cr	185.97 Cr	317.82 Cr	351.2 Cr
Total Liabilities	264.41 Cr	439.04 Cr	742.88 Cr	804.26 Cr
Gross Block	142 Cr	228.03 Cr	300.4 Cr	391.05 Cr
Less: Accumulated Depreciation	56.86 Cr	74.97 Cr	97.25 Cr	126.03 Cr
Net Block	85.14 Cr	153.06 Cr	203.15 Cr	265.02 Cr
Capital Work in Progress	75.35 Cr	2.5 Cr	0	14.25 Cr
Long Term Loans & Advances	1.27 Cr	2.32 Cr	22.88 Cr	25.82 Cr
Other Non Current Assets	0	3.3 Lk	15.88 Cr	16.08 Cr
Total Non-Current Assets	161.76 Cr	157.92 Cr	241.91 Cr	321.17 Cr
Inventories	53.08 Cr	157.5 Cr	213.98 Cr	207.05 Cr
Raw Materials	23.61 Cr	68.28 Cr	92.2 Cr	81.64 Cr
Finished Goods	25.91 Cr	82.67 Cr	112.3 Cr	115 Cr
Stores and Spare	3.01 Cr	6.01 Cr	6.3 Cr	10.4 Cr
Sundry Debtors	27.3 Cr	73.81 Cr	199.13 Cr	185.79 Cr
Debtors more than Six months	0	98.66 Lk	3.88 Cr	2.91 Cr
Debtors Others	27.3 Cr	72.83 Cr	195.24 Cr	182.88 Cr
Cash and Bank	47 Lk	8.24 Cr	21.27 Cr	11.87 Cr
Cash in hand	48,000	47,000	54,000	54,000
Balances at Bank	46.52 Lk	8.24 Cr	21.27 Cr	11.87 Cr
Other Current Assets	19.61 Cr	33.65 Cr	1.4 Cr	1.5 Cr
Prepaid Expenses	30.75 Lk	59.28 Lk	69.03 Lk	1.5 Cr
Short Term Loans and Advances	2.2 Cr	7.92 Cr	65.19 Cr	76.88 Cr
Advances recoverable in cash or in kind	83.93 Lk	6.29 Cr	10.02 Cr	13.04 Cr
Total Current Assets	102.66 Cr	281.12 Cr	500.97 Cr	483.09 Cr
Net Current Assets (Including Current Investments)	34.34 Cr	95.15 Cr	183.15 Cr	131.89 Cr
Total Assets	264.41 Cr	439.04 Cr	742.88 Cr	804.26 Cr
Contingent Liabilities	3.72 Lk	3.72 Lk	37.75 Lk	39.41 Lk
Total Debt	70.21 Cr	163.66 Cr	322.55 Cr	289.62 Cr
Book Value	68.18	93.72	74.95	40.05
Adjusted Book Value	68.18	93.72	37.48	40.05

STANDALONE BALANCE SHEET FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Share Capital	21.91 Cr	21.91 Cr	43.81 Cr	87.63 Cr
Equity - Authorised	25 Cr	25 Cr	50 Cr	110 Cr
Equity - Issued	21.91 Cr	21.91 Cr	43.81 Cr	87.63 Cr
Equity Paid Up	21.91 Cr	21.91 Cr	43.81 Cr	87.63 Cr
Face Value	10	10	10	10
Total Reserves	127.45 Cr	183.41 Cr	284.57 Cr	263.31 Cr
Securities Premium	16.87 Cr	16.87 Cr	16.87 Cr	16.87 Cr
Profit & Loss Account Balance	110.71 Cr	166.63 Cr	267.84 Cr	246.68 Cr
Reserve excluding Revaluation Reserve	127.45 Cr	183.41 Cr	284.57 Cr	263.31 Cr
Shareholder's Funds	149.36 Cr	205.32 Cr	328.38 Cr	350.94 Cr
Secured Loans	41.36 Cr	32.37 Cr	41.43 Cr	29.59 Cr
Term Loans - Banks	49.38 Cr	41.72 Cr	55.13 Cr	29.59 Cr
Deferred Tax Assets / Liabilities	5.11 Cr	15.06 Cr	36.11 Cr	54.31 Cr
Deferred Tax Assets	3.25 Cr	12.17 Cr	6.59 Cr	14.71 Cr
Deferred Tax Liability	8.37 Cr	27.23 Cr	42.7 Cr	69.02 Cr
Other Long Term Liabilities	10.93 Lk	10.72 Lk	18.83 Cr	17.73 Cr
Long Term Provisions	15.46 Lk	21.67 Lk	31.25 Lk	49.6 Lk
Total Non-Current Liabilities	46.73 Cr	47.75 Cr	96.68 Cr	102.12 Cr
Trade Payables	21.72 Cr	35.91 Cr	14.3 Cr	61.72 Cr
Sundry Creditors	21.72 Cr	35.91 Cr	14.3 Cr	61.72 Cr
Other Current Liabilities	25.17 Cr	27.97 Cr	35.81 Cr	43.05 Cr
Advances received from customers	12.2 Cr	14.24 Cr	16.1 Cr	24.29 Cr
Interest Accrued But Not Due	0	0	0	52.21 Lk
Short Term Borrowings	20.83 Cr	121.95 Cr	267.42 Cr	245.66 Cr
Secured ST Loans repayable on Demands	9.55 Cr	121.36 Cr	266.6 Cr	245.64 Cr
Working Capital Loans- Sec	9.55 Cr	86.14 Cr	176.39 Cr	189.67 Cr
Short Term Provisions	59.36 Lk	14.96 Lk	28.58 Lk	76.58 Lk
Provision for Tax	56.76 Lk	10.28 Lk	20.77 Lk	28.69 Lk
Total Current Liabilities	68.32 Cr	185.97 Cr	317.82 Cr	351.2 Cr
Total Liabilities	264.41 Cr	439.04 Cr	742.88 Cr	804.26 Cr
Gross Block	142 Cr	228.03 Cr	300.4 Cr	391.05 Cr
Less: Accumulated Depreciation	56.86 Cr	74.97 Cr	97.25 Cr	126.03 Cr
Net Block	85.14 Cr	153.06 Cr	203.15 Cr	265.02 Cr
Capital Work in Progress	75.35 Cr	2.5 Cr	0	14.25 Cr
Long Term Loans & Advances	1.27 Cr	2.32 Cr	22.88 Cr	25.82 Cr
Other Non Current Assets	0	3.3 Lk	15.88 Cr	16.08 Cr
Total Non-Current Assets	161.76 Cr	157.92 Cr	241.91 Cr	321.17 Cr
Inventories	53.08 Cr	157.5 Cr	213.98 Cr	207.05 Cr
Raw Materials	23.61 Cr	68.28 Cr	92.2 Cr	81.64 Cr
Finished Goods	25.91 Cr	82.67 Cr	112.3 Cr	115 Cr
Stores and Spare	3.01 Cr	6.01 Cr	6.3 Cr	10.4 Cr
Sundry Debtors	27.3 Cr	73.81 Cr	199.13 Cr	185.79 Cr
Debtors more than Six months	0	98.66 Lk	3.88 Cr	2.91 Cr
Debtors Others	27.3 Cr	72.83 Cr	195.24 Cr	182.88 Cr
Cash and Bank	47 Lk	8.24 Cr	21.27 Cr	11.87 Cr
Cash in hand	48,000	47,000	54,000	54,000
Balances at Bank	46.52 Lk	8.24 Cr	21.27 Cr	11.87 Cr
Other Current Assets	19.61 Cr	33.65 Cr	1.4 Cr	1.5 Cr
Prepaid Expenses	30.75 Lk	59.28 Lk	69.03 Lk	1.5 Cr
Short Term Loans and Advances	2.2 Cr	7.92 Cr	65.19 Cr	76.88 Cr
Advances recoverable in cash or in kind	83.93 Lk	6.29 Cr	10.02 Cr	13.04 Cr
Total Current Assets	102.66 Cr	281.12 Cr	500.97 Cr	483.09 Cr
Net Current Assets (Including Current Investments)	34.34 Cr	95.15 Cr	183.15 Cr	131.89 Cr
Total Assets	264.41 Cr	439.04 Cr	742.88 Cr	804.26 Cr
Contingent Liabilities	3.72 Lk	3.72 Lk	37.75 Lk	39.41 Lk
Total Debt	70.21 Cr	163.66 Cr	322.55 Cr	289.62 Cr
Book Value	68.18	93.72	74.95	40.05
Adjusted Book Value	68.18	93.72	37.48	40.05

Consolidated Standalone

FINANCIAL RATIOS (CONSOLIDATED) FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Operational & Financial Ratios
Earnings Per Share (Rs)	9.24	26.03	28.35	2.84
CEPS(Rs)	13.52	34.3	16.73	6.15
DPS(Rs)	0.5	0.5	0.5	0.5
Book NAV/Share(Rs)	68.18	93.72	74.95	40.05
Tax Rate(%)	29.16	29.76	29.5	52.47
Margin Ratios
Core EBITDA Margin(%)	22.4	21.69	21.36	11.77
EBIT Margin(%)	17.43	18.05	19.61	9.61
Pre Tax Margin(%)	15.39	16.52	17.94	6.4
PAT Margin (%)	10.9	11.6	12.65	3.04
Cash Profit Margin (%)	15.95	15.29	14.93	6.59
Performance Ratios
ROA(%)	8.93	16.21	21.02	3.21
ROE(%)	14.47	32.15	46.54	7.31
ROCE(%)	16.61	30.15	37.77	12.16
Asset Turnover(x)	0.82	1.4	1.66	1.06
Sales/Fixed Asset(x)	1.36	2.66	3.72	2.36
Working Capital/Sales(x)	5.41	5.17	5.36	6.19
Efficiency Ratios
Fixed Capital/Sales(x)	0.73	0.38	0.27	0.42
Receivable days	54.11	37.54	50.72	85.99
Inventory Days	84.57	78.19	69.03	94.05
Payable days	55.48	36.66	14.72	24.9
Valuation Parameters
PER(x)	10.69	15.55	10.02	85.09
PCE(x)	7.31	11.8	16.99	39.25
Price/Book(x)	1.45	4.32	7.58	6.02
Yield(%)	0.51	0.12	0.09	0.21
EV/Net Sales(x)	1.54	2.12	2.84	2.93
EV/Core EBITDA(x)	6.85	9.75	12.98	22.24
EV/EBIT(x)	8.84	11.75	14.49	30.46
EV/CE(x)	1.08	2.37	3.76	3.73
M Cap / Sales	1.17	1.8	2.54	2.59
Growth Ratio
Net Sales Growth(%)	41.91	164.65	99.81	-16.81
Core EBITDA Growth(%)	19.48	155.93	101.2	-49.98
EBIT Growth(%)	31.98	174.02	117.09	-59.24
PAT Growth(%)	36.42	181.7	117.82	-80
EPS Growth(%)	36.42	181.7	8.91	-90
Financial Stability Ratios
Total Debt/Equity(x)	0.47	0.8	0.98	0.83
Current Ratio(x)	1.5	1.51	1.58	1.38
Quick Ratio(x)	0.73	0.66	0.9	0.79
Interest Cover(x)	8.52	11.77	11.72	2.99
Total Debt/Mcap(x)	0.32	0.18	0.13	0.14

FINANCIAL RATIOS (STANDALONE) FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

YEAR	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Operational & Financial Ratios
Earnings Per Share (Rs)	9.24	26.03	28.35	2.84
CEPS(Rs)	13.52	34.3	16.73	6.15
DPS(Rs)	0.5	0.5	0.5	0.5
Book NAV/Share(Rs)	68.18	93.72	74.95	40.05
Tax Rate(%)	29.16	29.76	29.5	52.47
Margin Ratios
Core EBITDA Margin(%)	22.4	21.69	21.36	11.77
EBIT Margin(%)	17.43	18.05	19.61	9.61
Pre Tax Margin(%)	15.39	16.52	17.94	6.4
PAT Margin (%)	10.9	11.6	12.65	3.04
Cash Profit Margin (%)	15.95	15.29	14.93	6.59
Performance Ratios
ROA(%)	8.93	16.21	21.02	3.21
ROE(%)	14.47	32.15	46.54	7.31
ROCE(%)	16.61	30.15	37.77	12.16
Asset Turnover(x)	0.82	1.4	1.66	1.06
Sales/Fixed Asset(x)	1.36	2.66	3.72	2.36
Working Capital/Sales(x)	5.41	5.17	5.36	6.19
Efficiency Ratios
Fixed Capital/Sales(x)	0.73	0.38	0.27	0.42
Receivable days	54.11	37.54	50.72	85.99
Inventory Days	84.57	78.19	69.03	94.05
Payable days	55.48	36.66	14.72	24.9
Valuation Parameters
PER(x)	10.69	15.55	10.02	85.09
PCE(x)	7.31	11.8	16.99	39.25
Price/Book(x)	1.45	4.32	7.58	6.02
Yield(%)	0.51	0.12	0.09	0.21
EV/Net Sales(x)	1.54	2.12	2.84	2.93
EV/Core EBITDA(x)	6.85	9.75	12.98	22.24
EV/EBIT(x)	8.84	11.75	14.49	30.46
EV/CE(x)	1.08	2.37	3.76	3.73
M Cap / Sales	1.17	1.8	2.54	2.59
Growth Ratio
Net Sales Growth(%)	41.91	164.65	99.81	-16.81
Core EBITDA Growth(%)	19.48	155.93	101.2	-49.98
EBIT Growth(%)	31.98	174.02	117.09	-59.24
PAT Growth(%)	36.42	181.7	117.82	-80
EPS Growth(%)	36.42	181.7	8.91	-90
Financial Stability Ratios
Total Debt/Equity(x)	0.47	0.8	0.98	0.83
Current Ratio(x)	1.5	1.51	1.58	1.38
Quick Ratio(x)	0.73	0.66	0.9	0.79
Interest Cover(x)	8.52	11.77	11.72	2.99
Total Debt/Mcap(x)	0.32	0.18	0.13	0.14

SHARE HOLDING PATTERN FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

Date	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters %	74.54	74.42	74.31	74.28	74.26	74.26	74.54	74.52	74.43	74.51
FII %	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DII %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public %	25.46	25.56	25.68	25.72	25.74	25.74	25.46	25.48	25.57	25.49

PEER COMPARISON FOR MADHYA BHARAT AGRO PRODUCTS LIMITED

No.	Name
1	Chambal Fertilizers & Chemicals Limited
2	Deepak Fertilizers and Petrochemicals Corporation Limited
3	Gujarat Narmada Valley Fertilizers and Chemicals Limited
4	Gujarat State Fertilizers & Chemicals Limited
5	Coromandel International Limited
6	Khaitan Chemicals & Fertilizers Limited
7	KOTHARI INDUSTRIAL CORPORATION LTD
8	National Fertilizers Limited
9	Rama Phosphates Limited
10	Rashtriya Chemicals and Fertilizers Limited
11	Mangalore Chemicals & Fertilizers Limited
12	Fertilizers and Chemicals Travancore Limited
13	Southern Petrochemicals Industries Corporation Limited
14	Aries Agro Limited
15	Madras Fertilizers Limited
16	Madhya Bharat Agro Products Limited
17	Nagarjuna Fertilizers and Chemicals Limited
18	Zuari Agro Chemicals Limited
19	Agro Phos India Limited
20	Krishana Phoschem Limited

CORPORATE ACTIONS FOR MADHYA BHARAT

Exchange Date	Purpose	Book Closure Dates
NSE 13-Sep-2024	DIV-RE 0.50 PER SH
NSE 20-Oct-2023	BONUS 1:1
NSE 18-Sep-2023	AGM/DIV-RS 0.50 PER SH
NSE 18-Oct-2022	BONUS 1:1
NSE 16-Sep-2022	AGM/DIV-RE 0.50 PER SH