DRS Dilip Roadlines Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: January 27, 2025, 10:59 pm

Market Cap	179 Cr.
Current Price	119
High / Low	161/75.4
Stock P/E	42.7
Book Value	37.2
Dividend Yield	0.00 %
ROCE	10.1 %
ROE	7.74 %
Face Value	10.0
PEG Ratio	0.50

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for DRS Dilip Roadlines Ltd

Competitors of DRS Dilip Roadlines Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Flomic Global Logistics Ltd	104 Cr.	57.2	84.0/52.7	29.3	24.1	0.00 %	8.64 %	5.18 %	10.0
DJ Mediaprint & Logistics Ltd	459 Cr.	113	212/42.7	63.3	11.0	0.06 %	19.0 %	16.2 %	10.0
Delhivery Ltd	18,476 Cr.	248	478/244	452	125	0.00 %	1.73 %	2.94 %	1.00
Chartered Logistics Ltd	86.4 Cr.	8.70	14.2/5.87	20.3	5.27	0.00 %	4.43 %	0.36 %	1.00
Cargotrans Maritime Ltd	33.5 Cr.	82.0	103/50.8	19.0	36.9	0.00 %	18.7 %	14.0 %	10.0
Industry Average	4,342.00 Cr	157.75		89.42	61.75	0.56%	9.89%	15.00%	6.81

All Competitor Stocks of DRS Dilip Roadlines Ltd

Quarterly Result

Metric
Sales
Expenses
Operating Profit
OPM %
Other Income
Interest
Depreciation
Profit before tax
Tax %
Net Profit
EPS in Rs

Last Updated: March 3, 2025, 4:42 pm

Below is a detailed analysis of the quarterly data for DRS Dilip Roadlines Ltd based on the most recent figures () and their trends compared to the previous period:

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Metric	Mar 2017	Mar 2022	Mar 2023
Sales	142	191	206
Expenses	131	181	195
Operating Profit	11	9	11
OPM %	8%	5%	5%
Other Income	0	2	1
Interest	3	1	2
Depreciation	8	4	5
Profit before tax	0	7	6
Tax %	306%	30%	28%
Net Profit	0	5	4
EPS in Rs	0.44	3.07	2.77
Dividend Payout %	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2022-2023
YoY Net Profit Growth (%)	-20.00%
Change in YoY Net Profit Growth (%)	0.00%

DRS Dilip Roadlines Ltd has shown a consistent positive trend in YoY Net Profit Growth (%) in the last 1 years from 2022-2023 to 2022-2023.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: Unknown

Month	Mar 2017	Mar 2022	Mar 2023
Equity Capital	7	15	15
Reserves	6	37	41
Borrowings	47	18	18
Other Liabilities	34	28	41
Total Liabilities	94	98	115
Fixed Assets	54	55	60
CWIP	0	0	0
Investments	0	1	3
Other Assets	40	41	52
Total Assets	94	98	115

Below is a detailed analysis of the balance sheet data for DRS Dilip Roadlines Ltd based on the most recent figures (Mar 2023) and their trends compared to the previous period:

For Equity Capital, as of Mar 2023, the value is ₹15.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2022) which recorded ₹15.00 Cr..
For Reserves, as of Mar 2023, the value is ₹41.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹37.00 Cr. (Mar 2022) to ₹41.00 Cr., marking an increase of 4.00 Cr..
For Borrowings, as of Mar 2023, the value is ₹18.00 Cr.. The value remains steady. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. There is no change compared to the previous period (Mar 2022) which recorded ₹18.00 Cr..
For Other Liabilities, as of Mar 2023, the value is ₹41.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹28.00 Cr. (Mar 2022) to ₹41.00 Cr., marking an increase of 13.00 Cr..
For Total Liabilities, as of Mar 2023, the value is ₹115.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹98.00 Cr. (Mar 2022) to ₹115.00 Cr., marking an increase of 17.00 Cr..
For Fixed Assets, as of Mar 2023, the value is ₹60.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹55.00 Cr. (Mar 2022) to ₹60.00 Cr., marking an increase of 5.00 Cr..
For CWIP, as of Mar 2023, the value is ₹0.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2022) which recorded ₹0.00 Cr..
For Investments, as of Mar 2023, the value is ₹3.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹1.00 Cr. (Mar 2022) to ₹3.00 Cr., marking an increase of 2.00 Cr..
For Other Assets, as of Mar 2023, the value is ₹52.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹41.00 Cr. (Mar 2022) to ₹52.00 Cr., marking an increase of 11.00 Cr..
For Total Assets, as of Mar 2023, the value is ₹115.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹98.00 Cr. (Mar 2022) to ₹115.00 Cr., marking an increase of 17.00 Cr..

Notably, the Reserves (₹41.00 Cr.) exceed the Borrowings (18.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2017	Mar 2022	Mar 2023
Cash from Operating Activity +	20	9	13
Cash from Investing Activity +	-15	-3	-15
Cash from Financing Activity +	-6	-2	-1
Net Cash Flow	-1	4	-3

Free Cash Flow

Month	Mar 2017	Mar 2022	Mar 2023
Free Cash Flow	-36.00	-9.00	-7.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2017	Mar 2022	Mar 2023
Debtor Days	50	20	27
Inventory Days
Days Payable
Cash Conversion Cycle	50	20	27
Working Capital Days	-29	-10	-13
ROCE %			10%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2019	Sep 2019	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024
Promoters	72.12%	72.12%	72.12%	72.12%	72.12%	72.12%	72.12%	72.12%	72.12%	72.12%	72.12%	72.12%
Public	27.88%	27.88%	27.88%	27.88%	27.89%	27.89%	27.88%	27.88%	27.88%	27.89%	27.88%	27.88%
No. of Shareholders	220	245	220	220	174	173	165	163	164	167	168	168

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 23	Mar 22	Mar 17
FaceValue	10.00	10.00	10.00
Basic EPS (Rs.)	2.78	3.08	0.46
Diluted EPS (Rs.)	2.78	3.08	0.46
Cash EPS (Rs.)	5.88	5.46	11.26
Book Value[Excl.RevalReserv]/Share (Rs.)	37.33	34.55	18.95
Book Value[Incl.RevalReserv]/Share (Rs.)	37.33	34.55	18.95
Revenue From Operations / Share (Rs.)	136.49	126.74	202.13
PBDIT / Share (Rs.)	7.95	7.62	15.77
PBIT / Share (Rs.)	4.85	5.24	4.95
PBT / Share (Rs.)	3.84	4.39	0.24
Net Profit / Share (Rs.)	2.78	3.08	0.43
NP After MI And SOA / Share (Rs.)	2.78	3.08	0.43
PBDIT Margin (%)	5.82	6.01	7.80
PBIT Margin (%)	3.55	4.13	2.44
PBT Margin (%)	2.81	3.46	0.12
Net Profit Margin (%)	2.03	2.42	0.21
NP After MI And SOA Margin (%)	2.03	2.42	0.21
Return on Networth / Equity (%)	7.45	8.90	2.31
Return on Capital Employeed (%)	10.46	12.07	8.09
Return On Assets (%)	3.63	4.74	0.32
Long Term Debt / Equity (X)	0.19	0.20	2.17
Total Debt / Equity (X)	0.32	0.34	3.32
Asset Turnover Ratio (%)	1.93	0.00	0.00
Current Ratio (X)	0.79	0.95	0.52
Quick Ratio (X)	0.78	0.94	0.51
Interest Coverage Ratio (X)	7.88	8.99	3.35
Interest Coverage Ratio (Post Tax) (X)	3.76	4.63	0.88
Enterprise Value (Cr.)	148.30	122.11	0.00
EV / Net Operating Revenue (X)	0.72	0.63	0.00
EV / EBITDA (X)	12.39	10.63	0.00
MarketCap / Net Operating Revenue (X)	0.65	0.59	0.00
Price / BV (X)	2.41	2.17	0.00
Price / Net Operating Revenue (X)	0.65	0.59	0.00
EarningsYield	0.03	0.04	0.00

After reviewing the key financial ratios for DRS Dilip Roadlines Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 23, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 22) which recorded 10.00.
For Basic EPS (Rs.), as of Mar 23, the value is 2.78. This value is below the healthy minimum of 5. It has decreased from 3.08 (Mar 22) to 2.78, marking a decrease of 0.30.
For Diluted EPS (Rs.), as of Mar 23, the value is 2.78. This value is below the healthy minimum of 5. It has decreased from 3.08 (Mar 22) to 2.78, marking a decrease of 0.30.
For Cash EPS (Rs.), as of Mar 23, the value is 5.88. This value is within the healthy range. It has increased from 5.46 (Mar 22) to 5.88, marking an increase of 0.42.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 23, the value is 37.33. It has increased from 34.55 (Mar 22) to 37.33, marking an increase of 2.78.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 23, the value is 37.33. It has increased from 34.55 (Mar 22) to 37.33, marking an increase of 2.78.
For Revenue From Operations / Share (Rs.), as of Mar 23, the value is 136.49. It has increased from 126.74 (Mar 22) to 136.49, marking an increase of 9.75.
For PBDIT / Share (Rs.), as of Mar 23, the value is 7.95. This value is within the healthy range. It has increased from 7.62 (Mar 22) to 7.95, marking an increase of 0.33.
For PBIT / Share (Rs.), as of Mar 23, the value is 4.85. This value is within the healthy range. It has decreased from 5.24 (Mar 22) to 4.85, marking a decrease of 0.39.
For PBT / Share (Rs.), as of Mar 23, the value is 3.84. This value is within the healthy range. It has decreased from 4.39 (Mar 22) to 3.84, marking a decrease of 0.55.
For Net Profit / Share (Rs.), as of Mar 23, the value is 2.78. This value is within the healthy range. It has decreased from 3.08 (Mar 22) to 2.78, marking a decrease of 0.30.
For NP After MI And SOA / Share (Rs.), as of Mar 23, the value is 2.78. This value is within the healthy range. It has decreased from 3.08 (Mar 22) to 2.78, marking a decrease of 0.30.
For PBDIT Margin (%), as of Mar 23, the value is 5.82. This value is below the healthy minimum of 10. It has decreased from 6.01 (Mar 22) to 5.82, marking a decrease of 0.19.
For PBIT Margin (%), as of Mar 23, the value is 3.55. This value is below the healthy minimum of 10. It has decreased from 4.13 (Mar 22) to 3.55, marking a decrease of 0.58.
For PBT Margin (%), as of Mar 23, the value is 2.81. This value is below the healthy minimum of 10. It has decreased from 3.46 (Mar 22) to 2.81, marking a decrease of 0.65.
For Net Profit Margin (%), as of Mar 23, the value is 2.03. This value is below the healthy minimum of 5. It has decreased from 2.42 (Mar 22) to 2.03, marking a decrease of 0.39.
For NP After MI And SOA Margin (%), as of Mar 23, the value is 2.03. This value is below the healthy minimum of 8. It has decreased from 2.42 (Mar 22) to 2.03, marking a decrease of 0.39.
For Return on Networth / Equity (%), as of Mar 23, the value is 7.45. This value is below the healthy minimum of 15. It has decreased from 8.90 (Mar 22) to 7.45, marking a decrease of 1.45.
For Return on Capital Employeed (%), as of Mar 23, the value is 10.46. This value is within the healthy range. It has decreased from 12.07 (Mar 22) to 10.46, marking a decrease of 1.61.
For Return On Assets (%), as of Mar 23, the value is 3.63. This value is below the healthy minimum of 5. It has decreased from 4.74 (Mar 22) to 3.63, marking a decrease of 1.11.
For Long Term Debt / Equity (X), as of Mar 23, the value is 0.19. This value is below the healthy minimum of 0.2. It has decreased from 0.20 (Mar 22) to 0.19, marking a decrease of 0.01.
For Total Debt / Equity (X), as of Mar 23, the value is 0.32. This value is within the healthy range. It has decreased from 0.34 (Mar 22) to 0.32, marking a decrease of 0.02.
For Asset Turnover Ratio (%), as of Mar 23, the value is 1.93. It has increased from 0.00 (Mar 22) to 1.93, marking an increase of 1.93.
For Current Ratio (X), as of Mar 23, the value is 0.79. This value is below the healthy minimum of 1.5. It has decreased from 0.95 (Mar 22) to 0.79, marking a decrease of 0.16.
For Quick Ratio (X), as of Mar 23, the value is 0.78. This value is below the healthy minimum of 1. It has decreased from 0.94 (Mar 22) to 0.78, marking a decrease of 0.16.
For Interest Coverage Ratio (X), as of Mar 23, the value is 7.88. This value is within the healthy range. It has decreased from 8.99 (Mar 22) to 7.88, marking a decrease of 1.11.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 23, the value is 3.76. This value is within the healthy range. It has decreased from 4.63 (Mar 22) to 3.76, marking a decrease of 0.87.
For Enterprise Value (Cr.), as of Mar 23, the value is 148.30. It has increased from 122.11 (Mar 22) to 148.30, marking an increase of 26.19.
For EV / Net Operating Revenue (X), as of Mar 23, the value is 0.72. This value is below the healthy minimum of 1. It has increased from 0.63 (Mar 22) to 0.72, marking an increase of 0.09.
For EV / EBITDA (X), as of Mar 23, the value is 12.39. This value is within the healthy range. It has increased from 10.63 (Mar 22) to 12.39, marking an increase of 1.76.
For MarketCap / Net Operating Revenue (X), as of Mar 23, the value is 0.65. This value is below the healthy minimum of 1. It has increased from 0.59 (Mar 22) to 0.65, marking an increase of 0.06.
For Price / BV (X), as of Mar 23, the value is 2.41. This value is within the healthy range. It has increased from 2.17 (Mar 22) to 2.41, marking an increase of 0.24.
For Price / Net Operating Revenue (X), as of Mar 23, the value is 0.65. This value is below the healthy minimum of 1. It has increased from 0.59 (Mar 22) to 0.65, marking an increase of 0.06.
For EarningsYield, as of Mar 23, the value is 0.03. This value is below the healthy minimum of 5. It has decreased from 0.04 (Mar 22) to 0.03, marking a decrease of 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of DRS Dilip Roadlines Ltd as of March 12, 2025 is: ₹100.32

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of March 12, 2025, DRS Dilip Roadlines Ltd is Overvalued by 15.70% compared to the current share price 119.00

Intrinsic Value of DRS Dilip Roadlines Ltd as of March 12, 2025 is: 185.24

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of March 12, 2025, DRS Dilip Roadlines Ltd is Undervalued by 55.66% compared to the current share price 119.00

Last 5 Year EPS CAGR: 84.65%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of -17.33, which is a positive sign. The company has higher reserves (28.00 cr) compared to borrowings (27.67 cr), indicating strong financial stability. The company has shown consistent growth in sales (179.67 cr) and profit (4.33 cr) over the years.	The stock has a low average ROCE of 3.33%, which may not be favorable. The stock has a high average Cash Conversion Cycle of 32.33, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in DRS Dilip Roadlines Ltd:
1. Net Profit Margin: 2.03%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 10.46% (Industry Average ROCE: 9.89%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 7.45% (Industry Average ROE: 15%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 3.76
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.78
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 42.7 (Industry average Stock P/E: 89.42)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.32
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

DRS Dilip Roadlines Ltd. is a Public Limited Listed company incorporated on 10/07/2009 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L60231TG2009PLC064326 and registration number is 064326. Currently company belongs to the Industry of Logistics - Warehousing/Supply Chain/Others. Company's Total Operating Revenue is Rs. 181.75 Cr. and Equity Capital is Rs. 15.06 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Logistics - Warehousing/Supply Chain/Others	No. 306, 3rd Floor, Secunderabad Telangana 500003	info@drsindia.in http://www.drsindia.in

Management
Name	Position Held
Mr. Anjani Kumar Agarwal	Managing Director & CEO
Mr. Sugan Chand Sharma	Whole Time Director
Mrs. Shamantha Dodla	Non Executive Director
Mr. Jonnada Vaghira Kumari	Ind. Non-Executive Director
Mr. Sridharan Chakrapani	Ind. Non-Executive Director

FAQ

What is the latest intrinsic value of DRS Dilip Roadlines Ltd?

The latest intrinsic value of DRS Dilip Roadlines Ltd as on 08 February 2025 is ₹100.32, which is 15.70% lower than the current market price of ₹119.00, indicating the stock is overvalued by 15.70%. The stock has a market capitalization of 179 Cr. and recorded a high/low of 161/75.4 during the current fiscal year 2024-2025. As of Mar 2023, the company has reserves of ₹41 Cr and total liabilities of 115 Cr.

What is the Market Cap of DRS Dilip Roadlines Ltd?

The Market Cap of DRS Dilip Roadlines Ltd is 179 Cr..

What is the current Stock Price of DRS Dilip Roadlines Ltd as on 08 February 2025?

The current stock price of DRS Dilip Roadlines Ltd as on 08 February 2025 is 119.

What is the High / Low of DRS Dilip Roadlines Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of DRS Dilip Roadlines Ltd stocks is 161/75.4.

What is the Stock P/E of DRS Dilip Roadlines Ltd?

The Stock P/E of DRS Dilip Roadlines Ltd is 42.7.

What is the Book Value of DRS Dilip Roadlines Ltd?

The Book Value of DRS Dilip Roadlines Ltd is 37.2.

What is the Dividend Yield of DRS Dilip Roadlines Ltd?

The Dividend Yield of DRS Dilip Roadlines Ltd is 0.00 %.

What is the ROCE of DRS Dilip Roadlines Ltd?

The ROCE of DRS Dilip Roadlines Ltd is 10.1 %.

What is the ROE of DRS Dilip Roadlines Ltd?

The ROE of DRS Dilip Roadlines Ltd is 7.74 %.

What is the Face Value of DRS Dilip Roadlines Ltd?

The Face Value of DRS Dilip Roadlines Ltd is 10.0.