Published Paper Details:

This study analyzes the financial performance of the company from the perspective of DuPont analysis and value-based financial ratios from FY2018 to FY2024. The results show a period of high performance from FY2018 to FY2022 with a high return on equity (ROE) of 38.22%, high return on assets (ROA) and net profit margin (NPM), and strong value creation as depicted through Economic Value Added (EVA) and Cash Value Added (CVA).The subsequent decline, with worsening ROE (8.44% in FY2024), ROA (2.97%), and NPM (2.98%), indicates a reduction in operating and financial efficiency. Value measures such as EVA and CVA depicted volatility, with CVA turning negative in FY2024 (-INR4,807 lakh), indicating cost overruns and erosion of shareholder value. Volatile Free Cash Flow to Equity (FCFE) and the Financial Leverage Index (FLI) reflect instability in cash flow management and rising solvency concerns. Although revenue growth has been evident since FY2019, profitability has declined, highlighting inefficiencies in scaling up operations. Overall, the analysis underscores the need for greater focus on cost control, capital management, and strategic use of debt to restore financial health and improve shareholder returns.