Financial Statement Analysis

Ticker: MASE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Mangalam Seeds Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data

Standardized
Original:2015 A Original:2016 A Original:2017 A Original:2018 A Restated:2019 A Restated:2020 A Restated:2021 A Restated:2022 A Original:2023 A Current/LTM
For the period ending 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31 2023-9-30
Cash from Operating
Activities
+ Net Income 12.03 21.59 30.96 33.24 33.52 37.48 61.39 51.67 110.71 133.53
+ Depreciation & 2.17 3.45 4.75 5.03 4.39 4.00 7.82 8.88 11.67 12.29
Amortization
+ Non-Cash Items 0.44 0.38 -1.64 8.43 -0.80 25.68 1.35 -16.85 1.64
+ Other Non-Cash 0.44 0.38 -1.64 8.43 -0.80 25.68 1.35 -16.85 1.64
Adj
+ Chg in Non-Cash -20.09 -86.38 -82.18 -1.36 1.85 -10.97 -2.64 -71.62 -89.74
Work Cap
+ (Inc) Dec in Accts -4.93 -29.72 -71.80 19.38 21.21 -21.10 -1.64 2.14 -50.79
Receiv
+ (Inc) Dec in 17.38 -34.90 -8.51 -23.12 -15.37 8.16 3.79 -86.52 -22.48
Inventories
+ Inc (Dec) in Accts -20.82
Payable
+ Inc (Dec) in Other -11.72 -21.76 -1.88 2.38 -3.99 1.97 -4.79 12.77 -16.47
+ Net Cash From Disc 0.00 0.00 0.00 0.00 0.00 0.00
Ops
Cash from Operating -5.45 -60.95 -48.10 45.34 38.96 56.19 67.91 -27.92 34.29
Activities

Cash from Investing

Activities
+ Change in Fixed & -19.14 -8.90 -4.79 0.00 -42.74 -104.53 -38.65 -61.87 -19.88
Intang
+ Disp in Fixed & 0.00 0.00 0.14 0.00 0.00 0.05 1.68 0.28 0.20
Intang
+ Disp of Fixed Prod 0.14 0.00 0.05 1.68 0.28 0.20
Assets
+ Disp of Intangible 0.00 0.00 0.00 0.00 0.00 0.00
Assets
+ Acq of Fixed & -19.14 -8.90 -4.93 0.00 -42.74 -104.58 -40.33 -62.15 -20.08
Intang
+ Acq of Fixed Prod -8.90 -4.93 -42.74 -104.58 -40.33 -62.15 -20.08
Assets
+ Acq of Intangible 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Assets
+ Net Change in LT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investment
+ Dec in LT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investment
+ Inc in LT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investment
+ Net Cash From Acq 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
& Div
+ Cash from 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Divestitures
+ Cash for Acq of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Subs
+ Cash for JVs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
+ Other Investing 0.00 0.23 -22.10 -66.05 3.64 24.68 -30.42 34.12 -0.06
Activities

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 11/27/2023 23:42:23 1

 Financial Statement Analysis
Ticker: MASE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Mangalam Seeds Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data
Original:2015 A Original:2016 A Original:2017 A Original:2018 A Restated:2019 A Restated:2020 A Restated:2021 A Restated:2022 A Original:2023 A Current/LTM
For the period ending 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31 2023-9-30
+ Net Cash From Disc 0.00 0.00 0.00 0.00 0.00
Ops
Cash from Investing -19.14 -8.68 -26.89 -66.05 -39.10 -79.85 -69.07 -27.75 -19.94
Activities

Cash from Financing

Activities
+ Dividends Paid 0.00 0.00 -1.19 0.00 0.00 0.00 0.00 0.00 0.00
+ Cash From -1.88 18.28 -5.87 -0.53 3.86 18.48 5.53 79.30 -2.94
(Repayment) Debt
+ Cash From 18.28 -6.23 4.16 -6.99 -7.35 60.93 7.59
(Repay) ST Debt
+ Cash From LT 0.36 0.00 25.47 12.88 18.38 0.00
Debt
+ Repayments of LT 0.00 -0.30 0.00 0.00 0.00 -10.53
Debt
+ Cash (Repurchase) 22.08 63.63 85.54 0.00 0.00 0.00 0.00 0.00 0.00
of Equity
+ Increase in Capital 22.08 63.63 85.54 0.00 0.00 0.00 0.00 0.00 0.00
Stock
+ Decrease in 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital Stock
+ Other Financing -3.50 0.12 -0.24 3.61 0.00 0.00 0.00 0.00 0.00
Activities
+ Net Cash From Disc 0.00 0.00 0.00 0.00 0.00
Ops
Cash from Financing 16.70 82.03 78.23 3.08 3.86 18.48 5.53 79.30 -2.94
Activities

Effect of Foreign 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Exchange Rates

Net Changes in Cash -7.90 12.41 3.24 -17.63 3.71 -5.18 4.38 23.64 11.41

Cash Paid for Taxes 0.93 1.00 4.02 4.50 4.50 8.61 9.01 21.04
Cash Paid for Interest 2.91

Reference Items
EBITDA 17.84 29.32 42.73 47.41 47.12 55.05 88.72 82.50 160.19 198.22
Trailing 12M EBITDA 10.48 12.13 14.16 15.62 14.62 13.66 21.54 20.20 24.51 26.24
Margin
Free Cash Flow -24.59 -69.85 -53.03 -3.78 -48.39 27.58 -90.07 14.21
Free Cash Flow to -21.88 -66.54 -53.03 2.28 -39.67 35.65 -79.78 26.86
Firm
Free Cash Flow to -51.57 -58.77 0.07 -29.86 34.80 -10.48 11.46
Equity
Free Cash Flow per -9.02 -5.08 -0.34 -4.41 2.51 -8.20 1.29
Basic Share
Price to Free Cash 27.87 125.44 183.94
Flow
Cash Flow to Net -0.45 -2.82 -1.55 1.36 1.16 1.50 1.11 -0.54 0.31
Income

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 11/27/2023 23:42:23 2