Nifty

:

22795.90

Sensex

:

75311.06

-117.25 (-0.51%)
-424.90 (-0.56%)

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Nifty
Sensex

:
:

22795.90
75311.06

-117.25 (-0.51%)
-424.90 (-0.56%)

Anupam Rasayan India Ltd.

Chemicals

Rating :

N/A

BSE: 543275 | NSE: ANURAS

Watchlist

NSE BSE

733.85

06-Feb-2025

Open
High
Low
Previous Close

714.05
754.00
714.05
715.75

Volume
Traded Value (lacs)
52 Week High
52 Week Low

164966
1212.27
966.00
601.30

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

7,015.82
88.04
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

8,234.79
0.20%
2.47

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

15.28
22.77
11.16

EBITDA CAGR (%)

10 Years
5 Years
3 Years

16.30
24.15
4.54

PAT CAGR (%)

10 Years
5 Years
3 Years

12.43
19.30
-5.46

P:E (Median)

8 Years
5 Years
3 Years

-
-
60.81

P:BV (Average)

8 Years
5 Years
3 Years

-
-
3.76

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
-
24.54

Earnings Forecasts:

Description 2024 2025 2026 2027
Adj EPS 11.89 11.45 19.67 27.05
P/E Ratio 60.93 63.27 36.84 26.78
Revenue 1443 1364 1817 2197
EBITDA 381 351 487 611
Net Income 129 113 219 301
ROA 3.1 5 6.7 8.5
P/Bk Ratio 2.88 2.74 2.52 2.31
ROE 5.01 4.1 6.87 8.73
FCFF -739.01 341.82 43.63 260.32
FCFF Yield -8.27 3.83 0.49 2.91

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Dec 24 Dec 23 Var% Sep 24 Sep 23 Var% Jun 24 Jun 23 Var% Mar 24 Mar 23 Var%
Net Sales 212.09 214.71 -1.22% 190.67 317.07 -39.87% 163.95 288.46 -43.16% 308.46 371.34 -16.93%
Expenses 139.93 150.99 -7.32% 138.55 225.90 -38.67% 127.07 210.20 -39.55% 234.60 278.87 -15.87%
EBITDA 72.16 63.72 13.25% 52.12 91.17 -42.83% 36.88 78.26 -52.88% 73.86 92.47 -20.13%
EBIDTM 34.02% 29.68% 27.34% 28.75% 22.49% 27.13% 23.94% 24.90%
Other Income -2.89 1.43 - 3.85 3.53 9.07% 5.58 9.86 -43.41% 11.08 17.97 -38.34%
Interest 30.50 25.04 21.81% 25.35 20.18 25.62% 21.83 17.57 24.25% 24.59 19.95 23.26%
Depreciation 25.79 18.43 39.93% 19.78 17.94 10.26% 18.63 17.01 9.52% 18.50 16.81 10.05%
PBT 12.97 21.68 -40.18% 10.85 56.58 -80.82% 2.00 53.54 -96.26% 41.85 73.68 -43.20%
Tax -6.16 6.35 - -3.18 17.83 - 0.59 18.64 -96.83% 13.54 22.40 -39.55%
PAT 19.13 15.34 24.71% 14.03 38.75 -63.79% 1.41 34.89 -95.96% 28.32 51.28 -44.77%
PATM 9.02% 7.14% 7.36% 12.22% 0.86% 12.10% 9.18% 13.81%
EPS 1.74 1.40 24.29% 1.28 3.53 -63.74% 0.13 3.17 -95.90% 2.58 4.67 -44.75%

Description Dec 24 Dec 23 Var% Sep 24 Sep 23 Var% Jun 24 Jun 23 Var% Mar 24 Mar 23 Var%
Net Sales 390.14 295.52 32.02% 293.96 392.15 -25.04% 254.20 386.39 -34.21% 401.01 479.96 -16.45%
Expenses 265.84 216.44 22.82% 213.55 284.67 -24.98% 201.02 284.98 -29.46% 308.32 362.67 -14.99%
EBITDA 124.30 79.08 57.18% 80.42 107.48 -25.18% 53.18 101.41 -47.56% 92.69 117.29 -20.97%
EBIDTM 31.86% 26.76% 27.36% 27.41% 20.92% 26.25% 23.11% 24.44%
Other Income -3.55 2.38 - 1.93 3.46 -44.22% 6.07 12.37 -50.93% 12.04 24.26 -50.37%
Interest 31.96 25.13 27.18% 26.66 20.43 30.49% 22.38 17.80 25.73% 26.07 20.26 28.68%
Depreciation 29.29 20.43 43.37% 21.68 19.85 9.22% 20.65 18.68 10.55% 20.74 18.53 11.93%
PBT 59.50 35.90 65.74% 34.02 70.66 -51.85% 16.22 77.30 -79.02% 57.91 102.77 -43.65%
Tax 5.29 9.88 -46.46% 3.40 21.97 -84.52% 4.01 25.05 -83.99% 17.44 30.13 -42.12%
PAT 54.21 26.02 108.34% 30.62 48.69 -37.11% 12.21 52.25 -76.63% 40.47 72.64 -44.29%
PATM 13.89% 8.80% 10.42% 12.42% 4.80% 13.52% 10.09% 15.13%
EPS 2.56 1.68 52.38% 1.52 3.78 -59.79% 0.36 3.59 -89.97% 2.82 5.27 -46.49%

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 17 Mar 16 Mar 15 Mar 14 Mar 13
Net Sales 875.17 1,128.70 1,284.12 1,073.77 810.89 528.88 288.31 288.30 272.19 227.62 149.31 Net Sales Growth -26.55% -12.10% 19.59% 32.42% 53.32% 83.44% 0.00% 5.92% 19.58% 52.45% Cost Of Goods Sold 311.00 426.43 513.38 371.18 339.69 210.93 123.42 118.17 133.59 121.16 73.15 Gross Profit 564.17 702.27 770.75 702.58 471.19 317.96 164.88 170.12 138.61 106.46 76.16 GP Margin 64.46% 62.22% 60.02% 65.43% 58.11% 60.12% 57.19% 59.01% 50.92% 46.77% 51.01% Total Expenditure 640.15 821.69 916.65 769.98 617.88 400.09 217.85 208.43 204.39 178.66 111.71 Power & Fuel Cost - 0.00 0.00 0.00 0.00 0.00 25.29 20.10 18.33 17.38 16.10 % Of Sales - 0% 0% 0% 0% 0% 8.77% 6.97% 6.73% 7.64% 10.78% Employee Cost - 54.48 54.47 48.50 32.44 21.09 12.94 12.37 6.11 5.23 2.04 % Of Sales - 4.83% 4.24% 4.52% 4.00% 3.99% 4.49% 4.29% 2.24% 2.30% 1.37% Manufacturing Exp. - 265.63 273.05 288.27 202.75 130.03 37.10 33.94 8.46 5.42 1.31 % Of Sales - 23.53% 21.26% 26.85% 25.00% 24.59% 12.87% 11.77% 3.11% 2.38% 0.88% General & Admin Exp. - 52.80 44.79 38.52 26.00 21.39 10.28 13.91 9.49 5.67 4.57 % Of Sales - 4.68% 3.49% 3.59% 3.21% 4.04% 3.57% 4.82% 3.49% 2.49% 3.06% Selling & Distn. Exp. - 17.54 22.86 19.68 13.04 9.04 8.30 8.44 2.14 0.93 0.64 % Of Sales - 1.55% 1.78% 1.83% 1.61% 1.71% 2.88% 2.93% 0.79% 0.41% 0.43% Miscellaneous Exp. - 4.80 8.11 3.83 3.95 7.61 0.51 1.50 26.27 22.87 0.64 % Of Sales - 0.43% 0.63% 0.36% 0.49% 1.44% 0.18% 0.52% 9.65% 10.05% 9.31% EBITDA 235.02 307.01 367.47 303.79 193.01 128.79 70.46 79.87 67.80 48.96 37.60 EBITDA Margin 26.85% 27.20% 28.62% 28.29% 23.80% 24.35% 24.44% 27.70% 24.91% 21.51% 25.18% Other Income 17.62 25.91 2.19 7.34 26.61 16.56 10.91 7.88 5.97 1.60 0.08 Interest 102.27 87.40 61.86 30.83 68.54 45.26 21.25 21.51 13.96 21.94 19.21 Depreciation 82.70 71.87 65.56 60.12 51.65 28.71 15.38 12.56 9.56 4.52 3.60 PBT 67.67 173.65 242.24 220.18 99.42 71.37 44.74 53.68 50.26 24.09 14.87 Tax 4.79 56.35 73.71 69.41 29.50 18.38 9.95 11.03 13.93 5.64 4.00 Tax Rate 7.08% 32.45% 30.43% 31.52% 29.67% 25.75% 22.24% 20.55% 27.72% 23.41% 26.90% PAT 62.89 117.29 168.53 150.78 69.92 52.99 34.79 42.65 36.33 18.45 10.87 PAT before Minority Interest 62.89 117.29 168.53 150.78 69.92 52.99 34.79 42.65 36.33 18.45 10.87 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 7.19% 10.39% 13.12% 14.04% 8.62% 10.02% 12.07% 14.79% 13.35% 8.11% 7.28% PAT Growth -55.16% -30.40% 11.77% 115.65% 31.95% 52.31% -18.43% 17.40% 96.91% 69.73% EPS 5.72 10.67 15.33 13.72 6.36 4.82 3.17 3.88 3.31 1.68 0.99

Description TTM Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 16
Net Sales 1,339.31 1,475.07 1,601.90 1,073.77 810.89 528.88 287.80 Net Sales Growth -13.82% -7.92% 49.18% 32.42% 53.32% 83.77% Cost Of Goods Sold 554.87 614.39 703.56 369.90 338.96 210.53 118.17 Gross Profit 784.44 860.68 898.35 703.87 471.93 318.35 169.62 GP Margin 58.57% 58.35% 56.08% 65.55% 58.20% 60.19% 58.94% Total Expenditure 988.73 1,094.41 1,170.55 768.96 617.30 399.80 208.18 Power & Fuel Cost - 1.17 0.77 0.00 0.00 0.00 20.10 % Of Sales - 0.08% 0.05% 0% 0% 0% 6.98% Employee Cost - 75.14 68.90 48.50 32.44 21.09 12.37 % Of Sales - 5.09% 4.30% 4.52% 4.00% 3.99% 4.30% Manufacturing Exp. - 295.92 294.85 288.27 202.75 130.04 10.38 % Of Sales - 20.06% 18.41% 26.85% 25.00% 24.59% 3.61% General & Admin Exp. - 71.72 62.88 38.58 26.03 21.48 12.85 % Of Sales - 4.86% 3.93% 3.59% 3.21% 4.06% 4.46% Selling & Distn. Exp. - 29.53 30.76 19.84 13.05 9.04 2.93 % Of Sales - 2.00% 1.92% 1.85% 1.61% 1.71% 1.02% Miscellaneous Exp. - 6.53 8.82 3.87 4.07 7.62 31.38 % Of Sales - 0.44% 0.55% 0.36% 0.50% 1.44% 10.90% EBITDA 350.59 380.66 431.35 304.81 193.59 129.08 79.62 EBITDA Margin 26.18% 25.81% 26.93% 28.39% 23.87% 24.41% 27.67% Other Income 16.49 30.25 8.57 7.34 26.61 16.56 7.88 Interest 107.07 89.43 62.66 30.83 68.54 45.26 21.26 Depreciation 92.36 79.70 71.08 60.12 51.65 28.71 12.56 PBT 167.65 241.77 306.19 221.20 100.00 71.67 53.68 Tax 30.14 74.33 90.81 69.68 29.71 18.46 11.03 Tax Rate 17.98% 30.74% 29.66% 31.50% 29.71% 25.76% 20.55% PAT 137.51 128.60 180.85 152.18 70.30 53.21 42.65 PAT before Minority Interest 79.69 167.43 216.85 152.18 70.30 53.21 42.65 Minority Interest -57.82 -38.83 -36.00 0.00 0.00 0.00 0.00 PAT Margin 10.27% 8.72% 11.29% 14.17% 8.67% 10.06% 14.82% PAT Growth -31.11% -28.89% 18.84% 116.47% 32.12% 24.76% EPS 12.51 11.70 16.46 13.85 6.40 4.84 3.88

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 10 Mar 09 Mar 08
Shareholder's Funds 2,736.55 2,359.45 1,724.65 1,572.61 593.11 25.55 18.70 15.96 Share Capital 109.79 107.47 100.25 99.92 78.13 8.00 8.00 8.00 Total Reserves 2,532.30 2,241.01 1,620.25 1,472.05 514.99 17.55 10.70 7.96 Non-Current Liabilities 348.01 454.74 581.40 303.96 576.74 52.09 45.56 45.81 Secured Loans 189.56 280.24 360.52 58.01 265.21 45.31 38.73 40.17 Unsecured Loans 5.83 74.79 133.95 189.38 259.53 3.86 4.32 3.48 Long Term Provisions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Current Liabilities 1,266.35 754.83 580.12 427.25 498.71 13.66 10.63 15.14 Trade Payables 388.35 284.13 226.47 198.55 129.76 11.14 8.96 12.07 Other Current Liabilities 174.12 225.32 126.94 153.29 119.19 0.23 0.08 0.66 Short Term Borrowings 698.20 235.71 208.08 42.77 236.56 0.00 0.00 0.00 Short Term Provisions 5.68 9.66 18.63 32.63 13.19 2.29 1.59 2.41 Total Liabilities 4,350.91 3,569.02 2,886.17 2,303.82 1,668.56 91.30 74.89 76.91 Net Block 1,276.92 1,240.22 1,203.13 1,115.97 978.25 39.91 33.48 30.18 Gross Block 1,641.47 1,535.12 1,428.13 1,288.01 1,098.93 49.48 40.74 35.47 Accumulated Depreciation 364.54 294.89 225.00 172.04 120.68 9.57 7.26 5.29 Non Current Assets 2,305.29 1,638.14 1,442.41 1,207.65 1,113.25 41.86 33.72 30.41 Capital Work in Progress 578.90 113.49 42.78 42.45 100.75 0.51 0.23 0.23 Non Current Investment 159.42 158.43 148.15 0.01 0.41 1.45 0.00 0.00 Long Term Loans & Adv. 290.02 125.74 44.08 49.22 32.36 0.00 0.00 0.00 Other Non Current Assets 0.03 0.26 4.26 0.01 1.49 0.00 0.00 0.00 Current Assets 2,045.62 1,930.88 1,443.77 1,096.17 555.32 49.44 41.16 46.48 Current Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Inventories 991.31 879.95 863.02 491.21 296.73 26.02 24.73 21.94 Sundry Debtors 544.68 373.20 280.10 205.49 129.49 15.91 10.95 15.21 Cash & Bank 278.68 551.38 209.51 295.59 26.67 0.47 0.60 0.59 Other Current Assets 230.95 20.74 13.00 27.27 102.42 7.04 4.86 8.73 Short Term Loans & Adv. 205.16 105.61 78.14 76.60 87.39 6.93 4.75 8.61 Net Current Assets 779.27 1,176.05 863.65 668.92 56.60 35.78 30.53 31.34 Total Assets 4,350.91 3,569.02 2,886.18 2,303.82 1,668.57 91.30 74.89 76.91

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Shareholder's Funds 2,761.02 2,372.59 1,726.85 1,573.40 593.53 Share Capital 109.79 107.47 100.25 99.92 78.13 Total Reserves 2,556.77 2,254.15 1,622.45 1,472.85 515.41 Non-Current Liabilities 355.80 459.06 568.63 304.00 576.78 Secured Loans 192.22 280.24 360.52 58.01 265.21 Unsecured Loans 5.83 74.79 133.95 189.38 259.53 Long Term Provisions 1.49 1.10 0.00 0.00 0.00 Current Liabilities 1,315.21 810.79 595.07 429.10 499.73 Trade Payables 415.19 322.57 227.78 199.63 130.15 Other Current Liabilities 194.19 231.41 140.45 153.85 119.20 Short Term Borrowings 698.20 235.71 208.08 42.77 237.11 Short Term Provisions 7.63 21.10 18.75 32.85 13.26 Total Liabilities 4,601.66 3,777.92 2,890.55 2,306.50 1,670.04 Net Block 1,501.40 1,417.24 1,202.23 1,115.07 977.34 Gross Block 1,994.18 1,830.37 1,427.24 1,287.12 1,098.03 Accumulated Depreciation 492.78 413.14 225.01 172.06 120.69 Non Current Assets 2,375.05 1,666.73 1,443.92 1,207.54 1,112.53 Capital Work in Progress 609.35 120.34 43.70 43.22 100.95 Non Current Investment 1.45 1.42 148.82 0.02 0.40 Long Term Loans & Adv. 262.13 126.70 44.08 49.22 32.36 Other Non Current Assets 0.72 1.03 5.08 0.01 1.49 Current Assets 2,226.62 2,111.19 1,446.63 1,098.97 557.51 Current Investments 65.17 65.62 0.00 0.00 0.00 Inventories 1,055.33 931.47 863.19 492.22 297.04 Sundry Debtors 579.39 415.08 280.10 205.49 129.49 Cash & Bank 289.26 564.30 209.71 295.71 26.83 Other Current Assets 237.48 23.80 12.17 27.31 104.14 Short Term Loans & Adv. 207.93 110.92 81.46 78.24 89.08 Net Current Assets 911.40 1,300.40 851.56 669.87 57.78 Total Assets 4,601.67 3,777.92 2,890.55 2,306.51 1,670.04

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 10 Mar 09 Mar 08
Cash From Operating Activity 21.77 243.98 -171.45 0.89 94.75 0.00 11.99 5.82 PBT 173.65 242.24 220.18 99.42 71.37 0.00 3.87 3.73 Adjustment 142.22 146.01 84.90 119.65 80.94 0.00 8.08 6.86 Changes in Working Capital -265.06 -90.25 -441.05 -200.82 -48.42 0.00 0.03 -4.63 Cash after chg. in Working capital 50.80 297.99 -135.97 18.26 103.90 0.00 11.99 5.97 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -29.04 -54.01 -35.48 -17.36 -9.15 0.00 0.00 0.00 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.15 Cash From Investing Activity -361.63 -477.91 -411.90 -192.47 -178.00 0.00 -5.27 -4.52 Net Fixed Assets -571.76 -177.70 -140.45 -130.78 -1,149.69 -9.02 -5.27 Net Investments -0.99 -10.28 -148.14 0.40 1.04 -1.45 0.00 Others 211.12 -289.93 -123.31 -62.09 970.65 10.47 0.00 Cash from Financing Activity 397.60 375.54 384.36 415.77 101.85 0.00 -6.71 -0.99 Net Cash Inflow / Outflow 57.74 141.61 -198.99 224.19 18.60 0.00 0.02 0.31 Opening Cash & Equivalents 183.68 42.06 241.05 16.86 -1.74 0.00 0.59 0.28 Closing Cash & Equivalent 241.41 183.68 42.06 241.04 16.86 0.00 0.60 0.59

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Cash From Operating Activity 59.03 292.07 -171.23 1.46 94.94 PBT 241.77 307.66 221.20 100.00 71.67 Adjustment 146.58 149.34 84.90 119.65 80.94 Changes in Working Capital -282.07 -95.67 -441.57 -200.63 -48.44 Cash after chg. in Working capital 106.27 361.34 -135.47 19.02 104.17 Interest Paid 0.00 0.00 0.00 0.00 0.00 Tax Paid -47.24 -69.27 -35.76 -17.56 -9.23 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -392.11 -522.66 -412.04 -193.08 -178.20 Net Fixed Assets -571.76 -177.70 -140.45 -130.78 Net Investments -0.99 -10.28 -148.14 0.40 Others 180.64 -334.68 -123.45 -62.70 Cash from Financing Activity 395.07 370.64 384.36 415.77 101.87 Net Cash Inflow / Outflow 61.99 140.06 -198.91 224.15 18.62 Opening Cash & Equivalents 187.81 47.75 241.17 17.02 -1.60 Closing Cash & Equivalent 249.80 187.81 42.26 241.17 17.02

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 16 Mar 10 Mar 09 Mar 08
Book Value (Rs.) 240.66 218.53 171.63 157.32 113.00 29.45 31.94 23.36 19.93 ROA 2.96% 5.22% 5.81% 3.52% 3.54% 10.88% 8.25% 3.60% 3.31% ROE 4.70% 8.28% 9.16% 6.54% 10.12% 33.46% 30.98% 15.78% 15.99% ROCE 7.57% 10.73% 11.21% 9.97% 9.04% 22.19% 23.05% 16.46% 14.81% Fixed Asset Turnover 0.71 0.87 0.79 0.68 0.56 1.26 2.25 2.04 1.79 Receivable days 148.41 92.85 82.53 75.39 86.30 29.09 48.36 61.46 87.44 Inventory Days 302.56 247.71 230.17 177.33 169.80 79.52 91.37 109.62 126.08 Payable days 287.80 181.52 208.97 176.39 82.94 58.54 47.35 66.95 84.58 Cash Conversion Cycle 163.17 159.04 103.73 76.34 173.16 50.07 92.38 104.13 128.93 Total Debt/Equity 0.38 0.34 0.46 0.25 1.38 1.89 1.92 2.30 2.74 Interest Cover 2.99 4.92 8.14 2.45 2.58 3.50 2.45 1.63 1.73

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 16
Book Value (Rs.) 242.89 219.76 171.85 157.40 113.08 29.45 ROA 4.00% 6.50% 5.86% 3.54% 3.55% 8.86% ROE 6.66% 10.62% 9.24% 6.58% 10.15% 28.96% ROCE 9.54% 13.03% 11.27% 10.00% 9.03% 17.59% Fixed Asset Turnover 0.77 0.98 0.79 0.68 0.56 1.00 Receivable days 123.04 79.20 82.53 75.39 86.30 25.98 Inventory Days 245.81 204.46 230.37 177.63 169.92 90.26 Payable days 219.15 142.76 210.87 177.56 83.14 82.49 Cash Conversion Cycle 149.70 140.90 102.03 75.47 173.07 33.75 Total Debt/Equity 0.38 0.33 0.46 0.25 1.38 1.89 Interest Cover 3.70 5.91 8.20 2.46 2.58 3.53

Top Investors:

milan r thakkar

smallcap world fund, inc

vikasa india eif i fund

quant mutual fund - quant small cap fund

jayeshkumar virendrabhai patel

Annual Reports:

News Update:

Anupam Rasayan signs LoI to supply high-performance specialty chemical product
14th Feb 2025, 10:59 AM

The supply of this product will span over next 10 years, with cumulative sales projected to reach $195 million
Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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