Mar-21 Mar-20 Mar-19

12 mths 12 mths 12 mths

INCOME
Revenue From Operations [Gross] 12,113.65 10,820.57 10,389.49
Less: Excise/Sevice Tax/Other Levies 0 0 0
Revenue From Operations [Net] 12,113.65 10,820.57 10,389.49
Other Operating Revenues 265.18 166.11 92.96
Total Operating Revenues 12,378.83 10,986.68 10,482.45
Other Income 292.7 335.43 190.52
Total Revenue 12,671.53 11,322.11 10,672.97
EXPENSES
Cost Of Materials Consumed 5,509.69 5,052.67 4,944.77
Purchase Of Stock-In Trade 1,908.50 1,543.55 1,381.88
Changes In Inventories Of FG,WIP And Stock-In Trade -43.22 61.51 -49.02
Employee Benefit Expenses 402.85 368.87 321.64
Finance Costs 97.81 65.17 1.54
Depreciation And Amortisation Expenses 166.77 151.69 135
Other Expenses 2,249.69 2,189.39 2,221.05
Total Expenses 10,292.09 9,432.85 8,956.86
Mar-21 Mar-20 Mar-19
12 mths 12 mths 12 mths
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 2,379.44 1,889.26 1,716.11
Exceptional Items 0 19 0
Profit/Loss Before Tax 2,379.44 1,908.26 1,716.11
Tax Expenses-Continued Operations
Current Tax 622.53 416.86 581.36
Deferred Tax -3.12 7.1 12.55
Total Tax Expenses 619.41 423.96 593.91
Profit/Loss After Tax And Before ExtraOrdinary Items 1,760.03 1,484.30 1,122.20
Profit/Loss From Continuing Operations 1,760.03 1,484.30 1,122.20
Profit/Loss For The Period 1,760.03 1,484.30 1,122.20
Mar-21 Mar-20 Mar-19
12 mths 12 mths 12 mths
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 73.12 61.75 46.71
Diluted EPS (Rs.) 73.09 61.73 46.68
Equity Share Dividend 2,839.66 422.27 300.15
Tax On Dividend 0 0 61.7
Equity Dividend Rate (%) 15,750.00 3,500.00 1,500.00
Mar-18 Mar-17 Mar-21 Mar-20 Mar-19 Mar-18 Mar-17
12 mths 12 mths Total Revenue 12,671.53 11,322.11 10,672.97 9,459.99 8,559.15
Total Expenses 10,292.09 9,432.85 8,956.86 8,014.79 7,307.99
9,276.17 8,577.14 Profit/Loss For The Period 1,760.03 1,484.30 1,122.20 947.89 843.69
76.11 270.02
9,200.06 8,307.12
104 107.25
9,304.06 8,414.37
155.93 144.78
9,459.99 8,559.15

4,405.17 4,342.78 Source: Moneycontrol

1,372.46 904.78
-4.18 -49.25
294.87 241.68
1.45 1.34
119.76 96.43
1,825.26 1,770.23
8,014.79 7,307.99
Mar-18 Mar-17
12 mths 12 mths
1,445.20 1,251.16
0 0
1,445.20 1,251.16

499.56 390.2
-2.25 17.27
497.31 407.47
947.89 843.69
947.89 843.69
947.89 843.69
Mar-18 Mar-17
12 mths 12 mths

78.96 70.31
78.92 70.3
264.13 239.95
53.78 48.85
1,250.00 1,100.00
 Mar-21 Mar-20 Mar-19 Mar-18
12 mths 12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 24.09 24.05 24.03 24.01
Total Share Capital 24.09 24.05 24.03 24.01
Reserves and Surplus 3,267.34 4,216.19 4,015.42 3,211.27
Total Reserves and Surplus 3,267.34 4,216.19 4,015.42 3,211.27
Employees Stock Options 28.1 34.41 0 0
Total Shareholders Funds 3,319.53 4,274.65 4,039.45 3,235.28
NON-CURRENT LIABILITIES
Long Term Borrowings 721.55 722.13 0.26 0.3
Deferred Tax Liabilities [Net] 7.85 10.97 3.87 0
Other Long Term Liabilities 39.32 30.53 27.03 25.69
Total Non-Current Liabilities 768.72 763.63 31.16 25.99
CURRENT LIABILITIES
Short Term Borrowings 1,075.70 479.99 0 9.01
Trade Payables 1,191.09 955.98 1,032.54 866.36
Other Current Liabilities 695.34 596.39 361.3 319.61
Short Term Provisions 365.63 182.7 188.52 171.05
Total Current Liabilities 3,327.76 2,215.06 1,582.36 1,366.03
Total Capital And Liabilities 7,416.01 7,253.34 5,652.97 4,627.30
ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,360.02 1,416.02 1,283.85 1,008.31
Intangible Assets 8.54 8.37 7.62 7.97
Capital Work-In-Progress 111.66 38.92 64.91 200.28
Other Assets 35.28 36.14 36.13 14.99
Fixed Assets 1,515.50 1,499.45 1,392.51 1,231.55
Non-Current Investments 1,657.16 2,259.11 1,050.97 450.65
Deferred Tax Assets [Net] 0 0 0 8.68
Long Term Loans And Advances 70.73 192.03 15.55 86.74
Other Non-Current Assets 157.69 97.6 123.67 82.16
Total Non-Current Assets 3,401.08 4,048.19 2,582.70 1,859.78
CURRENT ASSETS
Current Investments 1,292.96 882.06 594.7 735.48
Inventories 991.28 633.53 718.89 594.58
Trade Receivables 198.36 242.23 350.96 230.32
Cash And Cash Equivalents 110.8 39.16 40.48 97.25
Short Term Loans And Advances 946.09 1,075.73 1,121.41 820.41
OtherCurrentAssets 475.44 332.44 243.83 289.48
Total Current Assets 4,014.93 3,205.15 3,070.27 2,767.52
Total Assets 7,416.01 7,253.34 5,652.97 4,627.30
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 547.05 241.37 245.43 295.08
Expenditure In Foreign Currency 1,510.19 293.26 194.8 165.31
Other Earnings 305.85 281.02 319.1 202.05
BONUS DETAILS
Bonus Equity Share Capital 21.94 21.94 21.94 21.94
Non-Current Investments Unquoted B 1,657.16 2,259.11 1,050.97 450.65
Mar-17 Mar-21 Mar-20 Mar-19 Mar-18 Mar-17
12 mths Total Shareholders Funds 3,319.53 4,274.65 4,039.45 3,235.28 2,581.98
Total Non-Current Liabilities 768.72 763.63 31.16 25.99 24.74
Total Current Liabilities 3,327.76 2,215.06 1,582.36 1,366.03 1,089.42
24 Total Non-Current Assets 3,401.08 4,048.19 2,582.70 1,859.78 1,691.26
24 Total Current Assets 4,014.93 3,205.15 3,070.27 2,767.52 2,004.88
2,557.98 Total Assets 7,416.01 7,253.34 5,652.97 4,627.30 3,696.14
2,557.98
0
2,581.98

0.44
0
24.3
24.74

0
643.82
271.12
174.48
1,089.42
3,696.14

812.47
11.6
29.77
15.25
869.09
514.18
6.43
116.52
185.04
1,691.26

85.73
602.61
126.41
53.55
791.94
344.64
2,004.88
3,696.14

355.58
 0
-

21.94
514.18
 Revenue Trend Tota
12,671.53

Shareholder Fund (in Crores)

Total Revenue (in Crore)

11,322.11 3,23

10,672.97 2,581.98

9,459.99

8,559.15

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-17 Jan

Revenue is increasing every year with an average growth rate of 10% Shareholder funds were incre

Expenses Trend Current Asse

10,292.09
Total Expenses (in Crores)

Amount (in Crores)

9,432.85
8,956.86 2,76

2,004.88
8,014.79
1,36
1,089.42
7,307.99

Jan-17 Jan

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Total Cu

Expenses are increasing every year with an average rate of 8% (2% lower Current Liabilities are increas
than revenue). This is a good indication as the gap between expenses and at 19%. This is worrisome as
revenue is increasing. become less than one.

Profit Trend Non Current A

1760.03
ofit for the year ( in Crores)

1484.3
Amount (in Crores)

1,122.20 1,85
1,691.26
947.89
843.69

24.74 25
 1760.03

Profit for the year ( in Crores)

1484.3

Amount (in Crores)

1,122.20 1,85
1,691.26
947.89
843.69

24.74 25

Jan-17 Jan

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Total Non-Cu

Profit has been increasing every year with an average growth rate of 20% Non Current Liabilities have i
which is a good sign. assets have been decreased
than 4 times the non current

Total Assets (in Crores)

3,696.14

Jan-17 Jan

Total Assets are increasing w

good sign.
 Total Shareholders Funds
4,274.65
4,039.45
Shareholder Fund (in Crores)

3,235.28 3,319.53

2,581.98

Assets increase

Liabilities increase

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Equity increase/decrease

Shareholder funds were increasing till 2020 with a sudden dip in 2021 Revenues increase

Expenses increase
Current Assets & Current Liabilities Trend
Profits increase

4,014.93

3,205.15 3,327.76
Amount (in Crores)

3,070.27
2,767.52
2,215.06
2,004.88
1,582.36
1,366.03
1,089.42

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

Total Current Liabilities Total Current Assets

Current Liabilities are increasing at 32% while current assets are increasing
at 19%. This is worrisome as if the trend continues, the current ratio will
become less than one.

Non Current Assets & Non Current Liabilit -

ies Trend
4,048.19
3,401.08
Amount (in Crores)

2,582.70

1,691.26 1,859.78

763.63 768.72

24.74 25.99 31.16

 3,401.08
Amount (in Crores)
2,582.70

1,859.78
1,691.26

763.63 768.72

24.74 25.99 31.16

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

Total Non-Current Liabilities Total Non-Current Assets

Non Current Liabilities have increased exponentially since 2020 while non current
assets have been decreased in 2021. Although the non current assets are still more
than 4 times the non current liabilities, the solvency risk has increased.

Total Assets
7,253.34 7,416.01

5,652.97
Total Assets (in Crores)

4,627.30

3,696.14

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

Total Assets are increasing with an annual growth rate of 19% which is a
good sign.
comfortable

concerning

comfortable

concerning

comfortable
 2021 2020 2019 2018 2017 Insights

Liquidity
Current ratio 1.21 1.45 1.94 2.03 1.84 Decreased
Acid-test ratio 0.91 1.16 1.49 1.59 1.29 Decreased
Leverage
Debt-to-equity ratio 1.23 0.70 0.40 0.43 0.43 Increased
Total-debt-to-total-assets ratio 0.55 0.41 0.29 0.30 0.30 Increased
Coverage
Interest Coverage ratio 5.63 5.17 4.81 5.18 4.84 Increased
Activity
Average collection period 5.71 7.81 12.00 8.89 5.39 Similar
Inventory turnover in days 28.55 20.42 24.58 22.94 25.70 Similar
Total asset turnover 1.71 1.56 1.89 2.04 2.32 Decreased
Profitability
Gross profit margin 57% 55% 54% 53% 49% Increased
Net profit margin 14% 13% 11% 10% 10% Increased
Return on investment 24% 20% 20% 20% 23% Similar
Return on equity 0.53 0.35 0.28 0.29 0.33 Increased
Du Pont Analysis
ROI 0.24 0.20 0.20 0.20 0.23 Similar
ROE 0.53 0.35 0.28 0.29 0.33 Increased

Note: Red means bad, Green means good, Yellow mean

Remarks

Liquidity problems increase with low value

Liquidity problems increase with ratio<1

Lower the better

Firm can more easily pay its debt

Efficiency to use assets has decreased

Higher the better

Higher the better

Higher the better

Higher the better

 Mar 21 Mar-20 Mar-19 Mar-18 Mar-17
12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From Operations [Gross] 96% 96% 97% 98% 100%

Less: Excise/Sevice Tax/Other Levies 0% 0% 0% 1% 3%

Revenue From Operations [Net] 96% 96% 97% 97% 97%

Other Operating Revenues 2% 1% 1% 1% 1%

Total Operating Revenues 98% 97% 98% 98% 98%

Note Other Income 2% 3% 2% 2% 2%

Total Revenue 100% 100% 100% 100% 100%

EXPENSES
Cost Of Materials Consumed 43% 45% 46% 47% 51%

Purchase Of Stock-In Trade 15% 14% 13% 15% 11%

Changes In Inventories Of FG,WIP And Stock-In T 0% 1% 0% 0% -1%

Employee Benefit Expenses 3% 3% 3% 3% 3%

Finance Costs 1% 1% 0% 0% 0%

Depreciation And Amortisation Expenses 1% 1% 1% 1% 1%

Other Expenses 18% 19% 21% 19% 21%

Total Expenses 81% 83% 84% 85% 85%

Mar-21 Mar-20 Mar-19 Mar-18 Mar-17

12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss Before Exceptional, ExtraOrdinary It 19% 17% 16% 15% 15%

Profit/Loss Before Tax 19% 17% 16% 15% 15%

Tax Expenses-Continued Operations

Current Tax 5% 4% 5% 5% 5%

Total Tax Expenses 5% 4% 6% 5% 5%

Profit/Loss After Tax And Before ExtraOrdinary I 14% 13% 11% 10% 10%

Profit/Loss From Continuing Operations 14% 13% 11% 10% 10%

Profit/Loss For The Period 14% 13% 11% 10% 10%

Mar-21 Mar-20 Mar-19 Mar-18 Mar-17

12 mths 12 mths 12 mths 12 mths 12 mths

EARNINGS PER SHARE

Basic EPS (Rs.) 1% 1% 0% 1% 1%

Diluted EPS (Rs.) 1% 1% 0% 1% 1%

Equity Share Dividend 22% 4% 3% 3% 3%

Tax On Dividend 0% 0% 1% 1% 1%

Equity Dividend Rate (%) 124% 31% 14% 13% 13%

Insights
Share of Cost of Raw Materials Consumed has decreased by 16% which is a good sign
Share of Equity share dividend has increased exponentially which will dilute Earnings per shar
Share of Equity dividend rate has also increased by 10 times which is a good sign
 Mar 21 Mar-20 Mar-19 Mar-18 Mar-17
12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 0% 0% 0% 1% 1%

Total Share Capital 0% 0% 0% 1% 1%

Reserves and Surplus 44% 58% 71% 69% 69%

Total Reserves and Surplus 44% 58% 71% 69% 69%

Employees Stock Options

Total Shareholders Funds 45% 59% 71% 70% 70%

NON-CURRENT LIABILITIES
Long Term Borrowings 10% 10% 0% 0% 0%

Other Long Term Liabilities 1% 0% 0% 1% 1%

Total Non-Current Liabilities 10% 11% 1% 1% 1%

CURRENT LIABILITIES
Short Term Borrowings 15% 7% 0% 0% 0%

Trade Payables 16% 13% 18% 19% 17%

Other Current Liabilities 9% 8% 6% 7% 7%

Short Term Provisions 5% 3% 3% 4% 5%

Total Current Liabilities 45% 31% 28% 30% 29%

Total Capital And Liabilities 100% 100% 100% 100% 100%

ASSETS
NON-CURRENT ASSETS
Tangible Assets 18% 20% 23% 22% 22%

Capital Work-In-Progress 2% 1% 1% 4% 1%

Other Assets 0% 0% 1% 0% 0%

Fixed Assets 20% 21% 25% 27% 24%

Non-Current Investments 22% 31% 19% 10% 14%

Long Term Loans And Advances 1% 3% 0% 2% 3%

Other Non-Current Assets 2% 1% 2% 2% 5%

Total Non-Current Assets 46% 56% 46% 40% 46%

CURRENT ASSETS
Current Investments 17% 12% 11% 16% 2%

Inventories 13% 9% 13% 13% 16%

Trade Receivables 3% 3% 6% 5% 3%

Cash And Cash Equivalents 1% 1% 1% 2% 1%

Short Term Loans And Advances 13% 15% 20% 18% 21%

OtherCurrentAssets 6% 5% 4% 6% 9%

Total Current Assets 54% 44% 54% 60% 54%

Total Assets 100% 100% 100% 100% 100%

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 7% 3% 4% 6% 10%

EXPENDITURE IN FOREIGN EXCHANGE

Expenditure In Foreign Currency 20% 4% 3% 4% 0%

REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS

Dividend Remittance In Foreign Currency
Other Earnings 4% 4% 6% 4%

BONUS DETAILS
Bonus Equity Share Capital 0% 0% 0% 0% 1%

NON-CURRENT INVESTMENTS
Non-Current Investments Unquoted Book Va 22% 31% 19% 10% 14%

CURRENT INVESTMENTS
Current Investments Unquoted Book Value 0% 0% 0% 0% 0%

Insights
Share of Total Shareholder funds have decreased by 36% which is a bad sign.
Share of Long Term Borrowings have increased which is a bad sign.
Share of Current Investments have increased which is a good sign.
The Firm's spending in foreign currency has increased which shows signs of expansion
hence positive sign.
 Mar 21 Mar-20 Mar-19 Mar-18 Mar-17
12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From Operations [Gross] 141% 126% 121% 108% 100%

Less: Excise/Sevice Tax/Other Levies 0% 0% 0% 28% 100%

Revenue From Operations [Net] 146% 130% 125% 111% 100%

Other Operating Revenues 247% 155% 87% 97% 100%

Total Operating Revenues 147% 131% 125% 111% 100%

Other Income 202% 232% 132% 108% 100%

Total Revenue 148% 132% 125% 111% 100%

EXPENSES
Cost Of Materials Consumed 127% 116% 114% 101% 100%

Purchase Of Stock-In Trade 211% 171% 153% 152% 100%

Changes In Inventories Of FG,WIP And Stock-In T 88% -125% 100% 8% 100%

Employee Benefit Expenses 167% 153% 133% 122% 100%

Finance Costs 7299% 4863% 115% 108% 100%

Depreciation And Amortisation Expenses 173% 157% 140% 124% 100%

Other Expenses 127% 124% 125% 103% 100%

Total Expenses 141% 129% 123% 110% 100%

Mar-21 Mar-20 Mar-19 Mar-18 Mar-17

12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss Before Exceptional, ExtraOrdinary It 190% 151% 137% 116% 100%

Exceptional Items
Profit/Loss Before Tax 190% 153% 137% 116% 100%

Tax Expenses-Continued Operations

Current Tax 160% 107% 149% 128% 100%

Deferred Tax -18% 41% 73% -13% 100%

Total Tax Expenses 152% 104% 146% 122% 100%

Profit/Loss After Tax And Before ExtraOrdinary I 209% 176% 133% 112% 100%

Profit/Loss From Continuing Operations 209% 176% 133% 112% 100%

Profit/Loss For The Period 209% 176% 133% 112% 100%

Mar-21 Mar-20 Mar-19 Mar-18 Mar-17

12 mths 12 mths 12 mths 12 mths 12 mths

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE
Basic EPS (Rs.) 104% 88% 66% 112% 100%

Diluted EPS (Rs.) 104% 88% 66% 112% 100%

VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS

STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 1183% 176% 125% 110% 100%

Tax On Dividend 0% 0% 126% 110% 100%

Equity Dividend Rate (%) 1432% 318% 136% 114% 100%

Insights
Revenue from other operations has increased by 2.5 times which is a good sign.
Income from other sources has also increased by 2 time which is a good sign.
Finance Costs has increased by 73 times which is a bad sign.
Profit has more than doubled in 4 years which is a good sign.
Equity share dividend and equity dividend rate has increased by more than 10 times which
is a great sign.
 Mar 21 Mar-20 Mar-19 Mar-18 Mar-17
12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 100% 100% 100% 100% 100%

Total Share Capital 100% 100% 100% 100% 100%

Reserves and Surplus 128% 165% 157% 126% 100%

Total Reserves and Surplus 128% 165% 157% 126% 100%

Total Shareholders Funds 129% 166% 156% 125% 100%

NON-CURRENT LIABILITIES
Long Term Borrowings 163989% 164120% 59% 68% 100%

Other Long Term Liabilities 162% 126% 111% 106% 100%

Total Non-Current Liabilities 3107% 3087% 126% 105% 100%

CURRENT LIABILITIES
Trade Payables 185% 148% 160% 135% 100%

Other Current Liabilities 256% 220% 133% 118% 100%

Short Term Provisions 210% 105% 108% 98% 100%

Total Current Liabilities 305% 203% 145% 125% 100%

Total Capital And Liabilities 201% 196% 153% 125% 100%

ASSETS
NON-CURRENT ASSETS
Tangible Assets 167% 174% 158% 124% 100%

Intangible Assets 74% 72% 66% 69% 100%

Capital Work-In-Progress 375% 131% 218% 673% 100%

Other Assets 231% 237% 237% 98% 100%

Fixed Assets 174% 173% 160% 142% 100%

Non-Current Investments 322% 439% 204% 88% 100%

Deferred Tax Assets [Net] 0% 0% 0% 135% 100%

Long Term Loans And Advances 61% 165% 13% 74% 100%

Other Non-Current Assets 85% 53% 67% 44% 100%

Total Non-Current Assets 201% 239% 153% 110% 100%

CURRENT ASSETS
Current Investments 1508% 1029% 694% 858% 100%

Inventories 164% 105% 119% 99% 100%

Trade Receivables 157% 192% 278% 182% 100%

Cash And Cash Equivalents 207% 73% 76% 182% 100%

Short Term Loans And Advances 119% 136% 142% 104% 100%

OtherCurrentAssets 138% 96% 71% 84% 100%

Total Current Assets 200% 160% 153% 138% 100%

Total Assets 201% 196% 153% 125% 100%

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 154% 68% 69% 83% 100%

BONUS DETAILS
Bonus Equity Share Capital 100% 100% 100% 100% 100%

NON-CURRENT INVESTMENTS
Non-Current Investments Unquoted B 322% 439% 204% 88% 100%

Insights
Long term borrowing which is a part of non current liabilities has increased by
more than 1600 times which has increased the solvency risk significantly.
Current Liabilities have tripled which is also a bad sign.
Work in Progress Capital has increased by 3.75 times which is a good sign as the
asset will be useful in future.
Current Investments have become 15 times in 4 years which is a good sign.
Balance Sheet Year 1 Year 2
Assets
Cash 167971 181210
Accounts Receivable 5100 5904
Inventory 7805 9601
PP&E 45500 42350
Total Assets 226376 239065

Liabilities
Accounts payable 3902 4800
Debt 50000 50000
Total Liabilities 53902 54800
Shareholder's equity
Equity capital 170000 170000
Retained earnings 2474 14265
Total Shareholder's equity 172474 184265
Total Liabilities & Shareholder's equity 226376 239065

Check 0 0

Cash flow statement

Operating cash flow
Net earnings (PAT) 2474 11791
Plus: Depreciation and Ammortization 19500 18150
Less: Changes in working capital 9003 1702
Cash from operations 12971 28239
Working capital Current assets - Current liabilities