What does the CEO say?
Extract the narrative from shareholder letters in the annual report to map the story management wants you to believe.
Source: CEO Letters from the Annual Report
The Scorecard
What do the numbers say? Dissect consolidated audited financials — revenue quality, expense structure, and cash flows — to find the operational truth.
Source: Consolidated Audited Financials
The Context
What does management admit? The MD&A section often buries crucial context about challenges and competitive pressures in plain sight.
Source: MD&A Section
The Referee
What did the auditor flag? Independent verification highlights where the numbers required special scrutiny or where estimates carry risk.
Source: Auditor's Report
Scroll
FY24
The Narrative
Profitable Growth Amidst Industry Headwinds
Management cited industry headwinds while emphasizing volume-led growth and capital efficiency following their successful IPO.
Financials
Revenue
₹1,920 Cr
Net Profit (PAT)
₹111 Cr
Marketing Spend
₹661 Cr
Management Discussion & Analysis
THE SITUATION
The Indian economy demonstrated robust resilience with 8.2% growth, driven by surging consumer confidence and digital adoption. The company focused on aggressively scaling its ‘House of Brands’ architecture while navigating the complexities of expanding offline distribution.
Auditor's Report
Clean Report
S.R. Batliboi & Associates LLP
Focus Areas: 1
FY25
The Narrative
Strategic Pivot To Restore Growth
Increased competitive intensity forced a painful reorganization of the offline distribution model to survive.
Financials
Revenue
₹2,067 Cr
Net Profit (PAT)
₹73 Cr
Marketing Spend
₹743 Cr
Management Discussion & Analysis
THE SITUATION
Global economic growth moderated to 2.8% amid geopolitical instability and supply chain disruptions. The Indian BPC market became significantly more crowded, forcing a painful pivot from online-first growth toward offline distribution restructuring.