There is a huge cash in the books. But what is puzzling is there is also a huge debt in the books as well. Per latest annual report the long term borrowing is ~255 crore. As per notes section most of this is in foreign currency. The short term borrowing is 484 Crore. Most of this short term seems to be for working capital requirements. Creates some doubts as why such huge borrowing if there is such a huge cash.
The interest income from Financial Assets is 29 Crore as per the notes section in AR. The Interest expense ans other borrowing expense is 39 Crore. Clearly the higher cash in Balance Sheet is earning less than the debt expense in Balance sheet. Why not pay off the debt?
This could otentially be another “curious case of Polyplex corporation”