Cash flow KFin Technologies Limited

Equities

KFINTECH

INE138Y01010

Financial Technology (Fintech)

Market Closed - NSE India S.E. Other stock markets 06:49:46 2026-01-21 am EST			5-day change	1st Jan Change
1,000.40 ^INR	-0.73%		-6.31%	-7.54%

Dec. 17	Centrum Broking Starts KFin Technologies at Buy with INR1,330 Price Target	MT
Nov. 28	Muthoot Microfin Limited Announces INR 4,500 Million Capital Raise Through A Private Placement of Secured, Rated, Listed Redeemable Non-Convertible Debentures Offering Coupon Rates Between 9.70% and 9.95% Per Annum	CI

3c2ca9296c79bd4c309970.FQmzvZfRXfIzp5G6RjGs8ZauEY89ATG7m21pMd6-Oog.dmr5xaSYKMVLkqGXLAaZvMnCJ-VxQH-C1wQrYajfDOtPTvHN55QZh16foQ

Published financial data: KFIN TECHNOLOGIES LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	4.81B	6.4B	7.2B	8.38B	10.91B
Interest And Invest. Income (Rev)	24.36M	48.76M	98.09M	231M	170M
Other Revenues, Total	4.31M	2.61M	2.21M	-	-
Total Revenues	4.84B	6.45B	7.3B	8.61B	11.08B
Cost of Goods Sold, Total	1.89B	2.32B	2.91B	3.21B	4.05B
Gross Profit	2.95B	4.12B	4.4B	5.4B	7.03B
Selling General & Admin Expenses, Total	63.89M	35.56M	53.03M	74.81M	90.98M
Depreciation & Amortization - (IS)	311M	370M	467M	525M	643M
Other Operating Expenses	726M	1.16B	1.26B	1.42B	1.98B
Other Operating Expenses, Total	1.1B	1.56B	1.78B	2.02B	2.71B
Operating Income	1.85B	2.56B	2.62B	3.37B	4.32B
Interest Expense, Total	-520M	-529M	-106M	-84.35M	-46.85M
Interest And Investment Income	8.2M	-	58.81M	10.57M	5.46M
Net Interest Expenses	-511M	-529M	-47.63M	-73.78M	-41.39M
Income (Loss) On Equity Invest.	-	-	-	-24.08M	-
Currency Exchange Gains (Loss)	-4.71M	-760K	1.51M	-3.74M	-2.07M
Other Non Operating Income (Expenses)	880K	1.14M	12.88M	3.53M	4.45M
EBT, Excl. Unusual Items	1.34B	2.03B	2.58B	3.28B	4.28B
Impairment of Goodwill	-669M	-	-	-	-
Gain (Loss) On Sale Of Investments	-7.21M	-130K	-	-	195M
Gain (Loss) On Sale Of Assets	990K	1.41M	-1.04M	100K	-
Asset Writedown	-	-	-	-4.8M	-1.74M
Other Unusual Items	11.8M	6.65M	940K	1.69M	3M
EBT, Incl. Unusual Items	675M	2.04B	2.58B	3.27B	4.48B
Income Tax Expense	1.32B	555M	625M	813M	1.15B
Earnings From Continuing Operations	-645M	1.49B	1.96B	2.46B	3.33B
Net Income to Company	-645M	1.49B	1.96B	2.46B	3.33B
Net Income - (IS)	-645M	1.49B	1.96B	2.46B	3.33B
Net Income to Common Incl Extra Items	-645M	1.49B	1.96B	2.46B	3.33B
Net Income to Common Excl. Extra Items	-645M	1.49B	1.96B	2.46B	3.33B
Per Share Items
Net EPS - Basic	-4.28	9.44	11.66	14.46	19.39
Basic EPS - Continuing Operations	-4.28	9.44	11.66	14.46	19.39
Basic Weighted Average Shares Outstanding	151M	157M	168M	170M	172M
Net EPS - Diluted	-4.28	9.36	11.52	14.34	19.27
Diluted EPS - Continuing Operations	-4.28	9.36	11.52	14.34	19.27
Diluted Weighted Average Shares Outstanding	151M	159M	170M	172M	173M
Normalized Basic EPS	5.55	8.07	9.62	12.03	15.6
Normalized Diluted EPS	5.55	8	9.5	11.94	15.49
Dividend Per Share	-	-	-	5.75	7.5
Payout Ratio	-	-	-	-	29.62
Supplemental Items
EBITDA	2.02B	2.71B	2.85B	3.62B	4.57B
EBITA	1.9B	2.58B	2.67B	3.44B	4.36B
EBIT	1.85B	2.56B	2.62B	3.37B	4.32B
EBITDAR	2.08B	2.74B	2.88B	3.67B	4.62B
Total Revenues (As Reported)	4.86B	6.46B	7.38B	8.62B	11.28B
Effective Tax Rate - (Ratio)	195.55	27.18	24.2	24.84	25.69
Total Current Taxes	23.71M	583M	646M	794M	1.11B
Total Deferred Taxes	1.3B	-28.83M	-17.18M	19.24M	42.63M
Normalized Net Income	837M	1.27B	1.61B	2.05B	2.68B
Interest on Long-Term Debt	520M	444M	103M	78.3M	39.67M
Non-Cash Pension Expense	2.84M	5.72M	1.99M	-390K	-260K
Supplemental Operating Expense Items
Advertising Expense	4.08M	5.46M	18.32M	28.57M	39.16M
Selling and Marketing Expenses	4.08M	5.46M	18.32M	28.57M	39.16M
Net Rental Expense, Total	59.81M	30.1M	34.71M	46.24M	51.82M
Imputed Operating Lease Interest Expense	62.48M	46.97M	18.5M	29.93M	40.81M
Imputed Operating Lease Depreciation	-2.67M	-16.87M	16.21M	16.31M	11.01M
Maintenance & Repair Expenses, Total	-	-	10.91M	12.23M	12.68M
Stock-Based Comp., COGS (Total)	12.16M	91.55M	82.9M	26.22M	139M
Total Stock-Based Compensation	12.16M	91.55M	82.9M	26.22M	139M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	229M	450M	718M	564M	382M
Short Term Investments	820K	300K	81.04M	1.95B	1.55B
Trading Asset Securities, Total	949M	931M	2.22B	1.46B	4.61B
Total Cash And Short Term Investments	1.18B	1.38B	3.02B	3.97B	6.54B
Accounts Receivable, Total	1.11B	1.13B	1.27B	1.52B	1.93B
Other Receivables	113M	96.34M	153M	124M	148M
Notes Receivable	2.69M	1.41M	-	-	-
Total Receivables	1.22B	1.22B	1.42B	1.64B	2.08B
Inventory	23.7M	23.91M	22.88M	14.73M	23.04M
Prepaid Expenses	51.63M	62.46M	145M	197M	169M
Other Current Assets, Total	15.64M	98.46M	144M	82.89M	131M
Total Current Assets	2.49B	2.79B	4.75B	5.91B	8.93B
Gross Property Plant And Equipment	1.09B	1.4B	1.57B	2.13B	2.51B
Accumulated Depreciation	-472M	-719M	-901M	-1.19B	-1.4B
Net Property Plant And Equipment	622M	681M	672M	936M	1.1B
Long-term Investments	-	10K	65.42M	50.96M	34.57M
Goodwill	5.25B	5.43B	5.43B	5.53B	5.53B
Other Intangibles, Total	453M	916M	1.21B	1.55B	1.7B
Deferred Tax Assets Long-Term	-	-	8.81M	3.83M	8.63M
Deferred Charges Long-Term	-	-	-	13.19M	18.19M
Other Long-Term Assets, Total	413M	443M	379M	197M	188M
Total Assets	9.23B	10.26B	12.51B	14.19B	17.51B
Liabilities
Accounts Payable, Total	253M	255M	261M	355M	670M
Accrued Expenses, Total	269M	373M	421M	486M	565M
Current Portion of Long-Term Debt	522M	-	1.3B	-	-
Current Portion of Leases	101M	121M	46.17M	107M	121M
Current Income Taxes Payable	12.98M	124M	154M	54.43M	183M
Unearned Revenue Current, Total	42.2M	55.67M	38.86M	50.24M	69.63M
Other Current Liabilities	35.6M	87.55M	104M	96.88M	101M
Total Current Liabilities	1.24B	1.02B	2.33B	1.15B	1.71B
Long-Term Debt	2.94B	1.23B	-	-	-
Long-Term Leases	263M	251M	252M	380M	344M
Pension & Other Post Retirement Benefits	61.35M	67.93M	2.71M	5.27M	15.75M
Deferred Tax Liability Non Current	1.25B	1.24B	1.23B	1.24B	1.28B
Other Non Current Liabilities	13.58M	23.07M	3.19M	3.78M	77.49M
Total Liabilities	5.76B	3.82B	3.81B	2.78B	3.43B
Common Stock, Total	1.51B	1.68B	1.69B	1.71B	1.72B
Additional Paid In Capital	2.28B	5.01B	5.26B	5.54B	5.77B
Retained Earnings	-581M	-512M	1.44B	3.9B	6.23B
Comprehensive Income and Other	255M	274M	305M	256M	359M
Total Common Equity	3.46B	6.44B	8.7B	11.41B	14.08B
Total Equity	3.46B	6.44B	8.7B	11.41B	14.08B
Total Liabilities And Equity	9.23B	10.26B	12.51B	14.19B	17.51B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	151M	168M	169M	171M	172M
ECS Total Common Shares Outstanding	151M	168M	169M	171M	172M
Book Value / Share	22.96	38.45	51.42	66.73	81.81
Tangible Book Value	-2.23B	93.57M	2.06B	4.34B	6.86B
Tangible Book Value Per Share	-14.81	0.56	12.19	25.36	39.85
Total Debt	3.83B	1.6B	1.6B	487M	465M
Net Debt	2.65B	215M	-1.42B	-3.49B	-6.07B
Debt Equivalent of Unfunded Proj. Benefit Obligation	63.06M	70.79M	-30K	12.83M	17.87M
Debt Equivalent Oper. Leases	478M	241M	278M	370M	415M
Equity Method Investments, Total	-	-	65M	40.92M	10.92M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	394M	582M	747M	981M	1.27B
Full Time Employees	4.9K	5.44K	5.13K	5.6K	5.94K
Accumulated Allowance for Doubtful Accounts (Supple)	144M	201M	160M	118M	85.08M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	-645M	1.49B	1.96B	2.46B	3.33B
Depreciation & Amortization - CF	233M	238M	293M	302M	333M
Amortization of Goodwill and Intangible Assets - (CF)	43.75M	22.68M	57.63M	65.97M	41.06M
Depreciation & Amortization, Total	277M	261M	351M	368M	374M
Amortization of Deferred Charges, Total - (CF)	33.81M	109M	116M	157M	268M
(Gain) Loss From Sale Of Asset	-990K	-1.41M	1.04M	-100K	-
(Gain) Loss on Sale of Investments - (CF)	7.21M	130K	-	-	-195M
Asset Writedown & Restructuring Costs	668M	-1.14M	-12.88M	4.4M	830K
(Income) Loss On Equity Investments - (CF)	-	-	-	24.08M	-
Stock-Based Compensation (CF)	12.16M	91.55M	82.9M	26.22M	139M
Provision and Write-off of Bad Debts	12.83M	80.87M	-15.64M	43.61M	19.98M
Other Operating Activities, Total	1.78B	533M	10.63M	3.01M	75.89M
Change In Accounts Receivable	-261M	-79.01M	-122M	-280M	-430M
Change In Accounts Payable	42.13M	-43.82M	7.14M	93.99M	319M
Change in Other Net Operating Assets	121M	90.47M	-142M	-8.2M	89.37M
Cash from Operations	2.05B	2.53B	2.23B	2.89B	3.99B
Capital Expenditure	-56.46M	-205M	-231M	-279M	-413M
Sale of Property, Plant, and Equipment	-	-	-	2.66M	4.73M
Cash Acquisitions	-	-241M	-	-110M	-
Sale (Purchase) of Intangible assets	-241M	-476M	-463M	-572M	-448M
Investment in Marketable and Equity Securities, Total	-762M	-278M	-1.5B	-1B	-2.54B
Other Investing Activities, Total	21.9M	45.97M	153M	186M	172M
Cash from Investing	-1.04B	-1.15B	-2.04B	-1.78B	-3.23B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-438M	-3.65B	-140M	-109M	-105M
Total Debt Repaid	-438M	-3.65B	-140M	-109M	-105M
Issuance of Common Stock	-	3.1B	212M	221M	177M
Repurchase of Common Stock	-	-	-	-	-
Issuance of Preferred Stock	-	200K	-	-	-
Repurchase of Preferred Stock	-	-	-	-1.34B	-
Common Dividends Paid	-	-	-	-	-985M
Common & Preferred Stock Dividends Paid	-	-	-	-	-985M
Other Financing Activities, Total	-456M	-602M	-	-38.79M	-39.54M
Cash from Financing	-894M	-1.15B	72.53M	-1.27B	-953M
Foreign Exchange Rate Adjustments	-2.37M	2.58M	4.99M	-3.28M	8.32M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	113M	221M	268M	-154M	-182M
Supplemental Items
Cash Interest Paid	456M	392M	-	38.79M	39.54M
Cash Income Tax Paid (Refund)	28.67M	497M	562M	657M	945M
Levered Free Cash Flow	801M	1.24B	1.19B	1.61B	2.68B
Unlevered Free Cash Flow	1.13B	1.57B	1.25B	1.67B	2.71B
Change In Net Working Capital	58.44M	-187M	238M	145M	-86.44M
Net Debt Issued / Repaid	-438M	-3.65B	-140M	-109M	-105M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	12.94	16.42	14.35	15.8	17.03
Return on Total Capital	14.93	20.88	17.83	19.01	20.42
Return On Equity %	-17.07	29.99	25.85	24.47	26.1
Return on Common Equity	-17.07	29.99	25.85	24.47	26.1
Margin Analysis
Gross Profit Margin %	61.03	63.94	60.21	62.71	63.48
SG&A Margin	1.32	0.55	0.73	0.87	0.82
EBITDA Margin %	41.74	42	38.98	42.1	41.23
EBITA Margin %	39.21	40.07	36.62	39.98	39.36
EBIT Margin %	38.3	39.72	35.83	39.22	38.99
Income From Continuing Operations Margin %	-13.33	23.04	26.81	28.59	30.03
Net Income Margin %	-13.33	23.04	26.81	28.59	30.03
Net Avail. For Common Margin %	-13.33	23.04	26.81	28.59	30.03
Normalized Net Income Margin	17.29	19.7	22.11	23.8	24.15
Levered Free Cash Flow Margin	16.56	19.2	16.25	18.74	24.17
Unlevered Free Cash Flow Margin	23.26	24.33	17.17	19.35	24.43
Asset Turnover
Asset Turnover	0.54	0.66	0.64	0.64	0.7
Fixed Assets Turnover	7.27	9.89	10.79	10.71	10.87
Receivables Turnover (Average Receivables)	4.67	5.73	6.02	6.02	6.33
Inventory Turnover (Average Inventory)	95.62	97.66	124.18	170.64	214.22
Short Term Liquidity
Current Ratio	2.02	2.75	2.04	5.14	5.22
Quick Ratio	1.94	2.56	1.91	4.89	5.04
Operating Cash Flow to Current Liabilities	1.66	2.49	0.96	2.52	2.33
Days Sales Outstanding (Average Receivables)	78.19	63.69	60.61	60.84	57.65
Days Outstanding Inventory (Average Inventory)	3.82	3.74	2.94	2.14	1.7
Average Days Payable Outstanding	44.01	39.87	32.47	35.22	46.15
Cash Conversion Cycle (Average Days)	38	27.56	31.08	27.76	13.21
Long Term Solvency
Total Debt/Equity	110.43	24.78	18.37	4.26	3.3
Total Debt / Total Capital	52.48	19.86	15.52	4.09	3.2
LT Debt/Equity	92.42	22.9	2.89	3.33	2.44
Long-Term Debt / Total Capital	43.92	18.35	2.44	3.19	2.36
Total Liabilities / Total Assets	62.45	37.22	30.45	19.57	19.59
EBIT / Interest Expense	3.57	4.84	24.57	40.01	92.19
EBITDA / Interest Expense	4.1	5.34	27.87	44.37	100.18
(EBITDA - Capex) / Interest Expense	3.99	4.95	25.7	41.07	91.36
Total Debt / EBITDA	1.8	0.57	0.54	0.13	0.1
Net Debt / EBITDA	1.24	0.08	-0.48	-0.93	-1.29
Total Debt / (EBITDA - Capex)	1.84	0.61	0.58	0.14	0.11
Net Debt / (EBITDA - Capex)	1.28	0.08	-0.52	-1.01	-1.42
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.51	33.19	13.25	17.92	28.72
Gross Profit, 1 Yr. Growth %	13.43	39.52	6.84	22.85	30.29
EBITDA, 1 Yr. Growth %	32.73	34.03	3.48	27.41	26.05
EBITA, 1 Yr. Growth %	35.77	36.13	2.54	28.83	26.72
EBIT, 1 Yr. Growth %	34.27	38.12	2.15	29.14	27.98
Earnings From Cont. Operations, 1 Yr. Growth %	-1.53K	-330.28	31.77	25.7	35.19
Net Income, 1 Yr. Growth %	-1.53K	-330.28	31.77	25.7	35.19
Normalized Net Income, 1 Yr. Growth %	57.27	51.79	27.02	26.9	30.62
Diluted EPS Before Extra, 1 Yr. Growth %	-1.63K	-318.69	23.08	24.48	34.38
Accounts Receivable, 1 Yr. Growth %	15.73	1.81	12.39	20.04	26.83
Inventory, 1 Yr. Growth %	50.48	0.89	-4.31	-35.62	56.42
Net Property, Plant and Equip., 1 Yr. Growth %	-12.38	9.51	-1.42	39.38	17.8
Total Assets, 1 Yr. Growth %	6.24	11.25	21.91	13.38	23.41
Tangible Book Value, 1 Yr. Growth %	5.95	-104.19	2.1K	110.17	58.15
Common Equity, 1 Yr. Growth %	-15.42	86.01	35.06	31.11	23.39
Cash From Operations, 1 Yr. Growth %	101.74	23.46	-11.58	29.49	37.91
Capital Expenditures, 1 Yr. Growth %	15.13	262.42	12.77	17.32	48.24
Levered Free Cash Flow, 1 Yr. Growth %	51.52	54.47	-4.13	36.87	66
Unlevered Free Cash Flow, 1 Yr. Growth %	30.63	39.28	-20.09	33.79	62.5
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	30.43
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	71.47	19.11	22.81	15.54	23.2
Gross Profit, 2 Yr. CAGR %	72.41	25.8	21.98	14.54	26.51
EBITDA, 2 Yr. CAGR %	78.3	33.38	18.7	14.78	26.73
EBITA, 2 Yr. CAGR %	79.24	35.95	18.69	14.89	27.77
EBIT, 2 Yr. CAGR %	77.16	36.18	18.78	14.81	28.56
Earnings From Cont. Operations, 2 Yr. CAGR %	168.39	473.09	74.19	28.7	30.36
Net Income, 2 Yr. CAGR %	168.39	473.09	74.19	28.7	30.36
Normalized Net Income, 2 Yr. CAGR %	86.29	54.51	38.89	26.96	28.74
Diluted EPS Before Extra, 2 Yr. CAGR %	71.22	478.17	64.06	23.78	29.33
Accounts Receivable, 2 Yr. CAGR %	7.75	8.55	6.97	16.15	23.39
Inventory, 2 Yr. CAGR %	121.97	23.21	-1.75	-21.51	0.35
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.6	-2.05	3.9	17.22	28.13
Total Assets, 2 Yr. CAGR %	-4.98	8.72	16.46	17.57	18.29
Tangible Book Value, 2 Yr. CAGR %	23.51	-78.94	-3.92	580.69	82.31
Common Equity, 2 Yr. CAGR %	-18.32	25.43	58.5	33.07	27.19
Cash From Operations, 2 Yr. CAGR %	79.92	57.82	4.48	7	33.63
Capital Expenditures, 2 Yr. CAGR %	93.5	104.27	102.16	16.74	31.88
Levered Free Cash Flow, 2 Yr. CAGR %	-	52.99	21.69	14.15	50.73
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	34.89	5.5	3.05	47.45
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	57.62	17.12	21.15	19.78
Gross Profit, 3 Yr. CAGR %	-	60.67	19.06	22.25	19.57
EBITDA, 3 Yr. CAGR %	-	62.12	23.2	21.5	18.42
EBITA, 3 Yr. CAGR %	-	63.53	24.13	21.94	18.7
EBIT, 3 Yr. CAGR %	-	63.05	23.73	22.1	19.04
Earnings From Cont. Operations, 3 Yr. CAGR %	-	155.04	251.09	56.24	30.83
Net Income, 3 Yr. CAGR %	-	155.04	251.09	56.24	30.83
Normalized Net Income, 3 Yr. CAGR %	-	74	44.76	34.77	28.17
Diluted EPS Before Extra, 3 Yr. CAGR %	-	85.78	245.22	49.64	27.21
Accounts Receivable, 3 Yr. CAGR %	-	5.74	9.81	11.16	19.61
Inventory, 3 Yr. CAGR %	-	70.67	13.26	-14.66	-1.23
Net Property, Plant and Equip., 3 Yr. CAGR %	-	0.59	-1.84	14.59	17.41
Total Assets, 3 Yr. CAGR %	-	0.15	12.95	15.42	19.48
Tangible Book Value, 3 Yr. CAGR %	-	-60.03	-0.74	24.72	318.46
Common Equity, 3 Yr. CAGR %	-	7.46	28.56	48.79	29.76
Cash From Operations, 3 Yr. CAGR %	-	58.69	30.1	12.23	16.45
Capital Expenditures, 3 Yr. CAGR %	-	138.51	67.57	70.3	26.41
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	30.92	26.26	29.32
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	13.29	13.94	19.95
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	39.21	19.51
Gross Profit, 5 Yr. CAGR %	-	-	-	40.27	21.98
EBITDA, 5 Yr. CAGR %	-	-	-	41.65	24.58
EBITA, 5 Yr. CAGR %	-	-	-	42.25	25.55
EBIT, 5 Yr. CAGR %	-	-	-	41.7	25.62
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	94	136.21
Net Income, 5 Yr. CAGR %	-	-	-	94	136.21
Normalized Net Income, 5 Yr. CAGR %	-	-	-	53.4	38.13
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	57.92	133.1
Accounts Receivable, 5 Yr. CAGR %	-	-	-	9.78	15.05
Inventory, 5 Yr. CAGR %	-	-	-	25.09	7.9
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	6.94	9.2
Total Assets, 5 Yr. CAGR %	-	-	-	6.78	15.06
Tangible Book Value, 5 Yr. CAGR %	-	-	-	24.24	26.59
Common Equity, 5 Yr. CAGR %	-	-	-	17.05	28.01
Cash From Operations, 5 Yr. CAGR %	-	-	-	35.55	31.5
Capital Expenditures, 5 Yr. CAGR %	-	-	-	79.22	53.16
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	38.31
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	25.71