| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 18 | 22 | 22 | 45 |
| Reserves | 31 | 51 | 55 | 93 |
| Borrowings | 2 | 2 | 2 | 8 |
| Other Liabilities | 0 | 1 | 0 | 0 |
| Total Liabilities | 51 | 77 | 80 | 146 |
| AssetsFixed Assets | 0 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 12 | 60 | 65 | 106 |
| Other Assets | 40 | 16 | 15 | 39 |
| Total Assets | 51 | 77 | 80 | 146 |
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| ActivitiesCash from Operating | -10 | 6 | 1 | 2 |
| Cash from Investing | -12 | -50 | -3 | -32 |
| Cash from Financing | 37 | 24 | -0 | 49 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -10 | 6 | 1 | 2 |
| FCF Margin | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
TILAK · CYCLICAL_UNMODELABLE
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