Nifty

:

23140.50

Sensex

:

73895.74

77.40 (0.34%)
315.20 (0.43%)

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Nifty
Sensex

:
:

23140.50
73895.74

77.40 (0.34%)
315.20 (0.43%)

Innova Captab Ltd.

Pharmaceuticals & Drugs

Rating :

74/99

BSE: 544067 | NSE: INNOVACAP

Watchlist

NSE BSE

1281.00

25-Sep-2026

Open
High
Low
Previous Close

1295.3
1304.1
1274.5
1295.30

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

34476
44323728.7
1353.5
622

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

7,335.66
47.44
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

7,674.46
0.16%
6.53

Chart

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

Revenue CAGR (%)

10 Years
5 Years
3 Years

-
15.28
14.66

EBITDA CAGR (%)

10 Years
5 Years
3 Years

-
19.26
8.44

PAT CAGR (%)

10 Years
5 Years
3 Years

-
17.12
14.31

P:E (Median)

8 Years
5 Years
3 Years

-
-
38.79

P:BV (Average)

8 Years
5 Years
3 Years

-
-
4.67

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
-
24.57

Earnings Forecasts:

(Updated: 21-09-2026)

Description 2026 2027 2028 2029
Adj EPS 24.63 25.01 43.75 -
P/E Ratio 52.01 51.22 29.28 -
Revenue 1630.02 1998.97 2431.07 2945
EBITDA 242.92 310.6 392.8 -
Net Income 140.92 188.97 253.17 327
ROA 8.25 9.72 11.23 -
P/B Ratio 6.72 5.74 4.79 -
ROE 13.75 15.57 17.58 -
FCFF 35.36 150.24 128.46 263.13
FCFF Yield 0.51 2.18 1.87 3.83
Net Debt 298.54 158.1 57.6 -
BVPS 190.61 223.19 267.45 -

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Jun 26 Jun 25 Var% Mar 26 Mar 25 Var% Dec 25 Dec 24 Var% Sep 25 Sep 24 Var%
Net Sales 400.48 286.98 39.55% 358.28 242.52 47.73% 363.73 248.53 46.35% 289.83 240.18 20.67%
Expenses 346.43 252.16 37.38% 319.64 214.34 49.13% 316.73 216.03 46.61% 260.51 207.00 25.85%
EBITDA 54.05 34.82 55.23% 38.64 28.18 37.12% 46.99 32.49 44.63% 29.32 33.18 -11.63%
EBIDTM 13.50% 12.13% 10.78% 11.62% 12.92% 13.07% 10.12% 13.82%
Other Income 2.70 4.31 -37.35% 2.68 4.36 -38.53% 3.20 3.49 -8.31% 4.63 4.28 8.18%
Interest 4.03 2.77 45.49% 3.98 1.87 112.83% 3.47 0.13 2,569.23% 5.21 0.08 6,412.50%
Depreciation 9.68 9.08 6.61% 9.40 7.81 20.36% 9.41 3.08 205.52% 9.48 3.07 208.79%
PBT 43.03 27.29 57.68% 27.94 22.86 22.22% 37.33 32.77 13.92% 19.27 34.32 -43.85%
Tax 10.97 7.00 56.71% 5.53 5.73 -3.49% 9.43 8.37 12.66% 4.94 8.71 -43.28%
PAT 32.06 20.29 58.01% 22.40 17.13 30.76% 27.90 24.40 14.34% 14.33 25.61 -44.05%
PATM 8.01% 7.07% 6.25% 7.06% 7.67% 9.82% 4.95% 10.66%
EPS 5.60 3.55 57.75% 3.92 2.99 31.10% 4.88 4.27 14.29% 2.51 4.48 -43.97%

Description Jun 26 Jun 25 Var% Mar 26 Mar 25 Var% Dec 25 Dec 24 Var% Sep 25 Sep 24 Var%
Net Sales 470.85 351.54 33.94% 447.80 314.74 42.28% 450.29 316.46 42.29% 380.38 318.20 19.54%
Expenses 397.73 299.44 32.82% 382.71 267.06 43.30% 380.90 269.90 41.13% 328.52 268.47 22.37%
EBITDA 73.12 52.10 40.35% 65.09 47.69 36.49% 69.40 46.56 49.05% 51.86 49.73 4.28%
EBIDTM 15.53% 14.82% 14.54% 15.15% 15.41% 14.71% 13.63% 15.63%
Other Income 2.01 4.48 -55.13% 1.56 3.38 -53.85% 1.65 4.33 -61.89% 4.19 2.22 88.74%
Interest 4.43 2.86 54.90% 4.59 1.95 135.38% 3.95 0.17 2,223.53% 5.50 0.15 3,566.67%
Depreciation 11.71 11.04 6.07% 11.39 9.80 16.22% 11.42 5.13 122.61% 11.32 4.99 126.85%
PBT 58.98 42.68 38.19% 50.67 39.31 28.90% 55.68 45.59 22.13% 39.23 46.81 -16.19%
Tax 14.86 11.66 27.44% 10.33 10.75 -3.91% 13.53 11.38 18.89% 9.57 11.80 -18.90%
PAT 44.13 31.01 42.31% 40.35 28.57 41.23% 42.15 34.20 23.25% 29.67 35.00 -15.23%
PATM 9.37% 8.82% 9.01% 9.08% 9.36% 10.81% 7.80% 11.00%
EPS 7.71 5.42 42.25% 7.05 4.99 41.28% 7.37 5.98 23.24% 5.18 6.12 -15.36%

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19
Net Sales 1,412.32 1,298.81 958.06 864.93 858.67 785.46 410.66 373.32 356.78 Net Sales Growth 38.71% 35.57% 10.77% 0.73% 9.32% 91.27% 10.00% 4.64% Cost Of Goods Sold 1,019.40 726.63 541.64 505.56 528.35 520.43 273.02 223.68 286.46 Gross Profit 392.92 572.18 416.43 359.37 330.33 265.03 137.65 149.65 70.32 GP Margin 27.82% 44.05% 43.47% 41.55% 38.47% 33.74% 33.52% 40.09% 19.71% Total Expenditure 1,243.31 1,152.09 835.76 756.96 760.14 686.95 356.18 322.39 317.11 Power & Fuel Cost - 26.12 15.07 11.58 9.42 7.90 5.48 5.54 4.21 % Of Sales - 2.01% 1.57% 1.34% 1.10% 1.01% 1.33% 1.48% 1.18% Employee Cost - 111.09 62.74 50.11 43.60 37.39 22.33 20.24 17.11 % Of Sales - 8.55% 6.55% 5.79% 5.08% 4.76% 5.44% 5.42% 4.80% Manufacturing Exp. - 233.94 180.79 156.32 152.17 100.71 43.28 63.87 2.57 % Of Sales - 18.01% 18.87% 18.07% 17.72% 12.82% 10.54% 17.11% 0.72% General & Admin Exp. - 36.92 23.96 22.04 17.37 14.82 8.59 7.30 4.67 % Of Sales - 2.84% 2.50% 2.55% 2.02% 1.89% 2.09% 1.96% 1.31% Selling & Distn. Exp. - 10.70 2.35 4.81 4.38 4.05 2.18 0.84 1.62 % Of Sales - 0.82% 0.25% 0.56% 0.51% 0.52% 0.53% 0.23% 0.45% Miscellaneous Exp. - 6.69 9.22 6.54 4.87 1.65 1.30 0.93 0.46 % Of Sales - 0.52% 0.96% 0.76% 0.57% 0.21% 0.32% 0.25% 0.13% EBITDA 169.00 146.72 122.30 107.97 98.53 98.51 54.48 50.93 39.67 EBITDA Margin 11.97% 11.30% 12.77% 12.48% 11.47% 12.54% 13.27% 13.64% 11.12% Other Income 13.21 17.89 16.77 10.72 8.73 2.86 1.37 1.30 0.43 Interest 16.69 15.42 2.17 13.59 18.30 5.33 3.93 4.63 5.41 Depreciation 37.97 37.37 17.02 11.40 10.66 7.40 5.59 10.07 10.67 PBT 127.57 111.82 119.89 93.70 78.31 88.63 46.34 37.53 24.03 Tax 30.87 28.13 30.42 25.54 20.75 22.46 11.84 9.64 4.85 Tax Rate 24.20% 25.16% 25.37% 27.26% 26.50% 25.34% 25.55% 25.69% 20.18% PAT 96.69 83.69 89.47 68.16 57.55 66.18 34.50 27.89 19.18 PAT before Minority Interest 96.69 83.69 89.47 68.16 57.55 66.18 34.50 27.89 19.18 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 6.85% 6.44% 9.34% 7.88% 6.70% 8.43% 8.40% 7.47% 5.38% PAT Growth 10.59% -6.46% 31.26% 18.44% -13.04% 91.83% 23.70% 45.41% EPS 16.90 14.63 15.64 11.92 10.06 11.57 6.03 4.88 3.35

Description TTM Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19
Net Sales 1,749.32 1,630.02 1,243.68 1,081.31 926.38 800.53 410.66 373.32 355.81 Net Sales Growth 34.47% 31.06% 15.02% 16.72% 15.72% 94.94% 10.00% 4.92% Cost Of Goods Sold 1,135.93 827.16 639.36 579.35 552.63 529.46 273.02 223.68 221.78 Gross Profit 613.39 802.86 604.32 501.96 373.76 271.07 137.65 149.65 134.02 GP Margin 35.06% 49.25% 48.59% 46.42% 40.35% 33.86% 33.52% 40.09% 37.67% Total Expenditure 1,489.86 1,398.39 1,057.52 926.85 812.73 704.51 356.18 322.39 315.02 Power & Fuel Cost - 39.12 27.14 20.39 9.51 7.91 5.48 5.54 4.17 % Of Sales - 2.40% 2.18% 1.89% 1.03% 0.99% 1.33% 1.48% 1.17% Employee Cost - 167.20 116.78 90.66 54.80 40.46 22.33 20.24 18.10 % Of Sales - 10.26% 9.39% 8.38% 5.92% 5.05% 5.44% 5.42% 5.09% Manufacturing Exp. - 267.04 207.40 177.68 152.24 100.72 43.28 63.87 62.68 % Of Sales - 16.38% 16.68% 16.43% 16.43% 12.58% 10.54% 17.11% 17.62% General & Admin Exp. - 56.98 36.83 32.63 23.39 15.22 8.59 7.30 6.03 % Of Sales - 3.50% 2.96% 3.02% 2.52% 1.90% 2.09% 1.96% 1.69% Selling & Distn. Exp. - 30.75 18.38 15.67 14.24 6.93 2.18 0.84 0.83 % Of Sales - 1.89% 1.48% 1.45% 1.54% 0.87% 0.53% 0.23% 0.23% Miscellaneous Exp. - 10.14 11.63 10.47 5.93 3.81 1.30 0.93 1.42 % Of Sales - 0.62% 0.94% 0.97% 0.64% 0.48% 0.32% 0.25% 0.40% EBITDA 259.47 231.63 186.16 154.46 113.65 96.02 54.48 50.93 40.79 EBITDA Margin 14.83% 14.21% 14.97% 14.28% 12.27% 11.99% 13.27% 13.64% 11.46% Other Income 9.41 18.71 12.04 12.49 9.20 2.88 1.37 1.30 0.22 Interest 18.47 16.90 2.40 21.46 19.97 5.68 3.93 4.63 5.58 Depreciation 45.84 45.18 24.78 15.96 11.08 7.50 5.59 10.07 10.67 PBT 204.56 188.26 171.02 129.53 91.80 85.72 46.34 37.53 24.76 Tax 48.29 47.35 42.76 35.18 23.84 21.77 11.84 9.64 4.89 Tax Rate 23.61% 25.15% 25.00% 27.16% 25.97% 25.40% 25.55% 25.69% 19.75% PAT 156.30 140.92 128.26 94.34 67.95 63.95 34.50 27.89 19.88 PAT before Minority Interest 156.30 140.92 128.26 94.34 67.95 63.95 34.50 27.89 19.88 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 8.93% 8.65% 10.31% 8.72% 7.34% 7.99% 8.40% 7.47% 5.59% PAT Growth 21.37% 9.87% 35.96% 38.84% 6.25% 85.36% 23.70% 40.29% EPS 27.33 24.64 22.42 16.49 11.88 11.18 6.03 4.88 3.48

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19
Shareholder's Funds 886.65 812.97 723.72 268.32 210.83 144.82 110.35 82.05 Share Capital 57.23 57.23 57.23 48.00 12.00 12.00 12.00 12.00 Total Reserves 829.43 755.74 666.49 220.32 198.83 132.82 98.35 70.05 Non-Current Liabilities 246.18 262.01 217.95 191.49 84.10 9.64 14.42 41.99 Secured Loans 214.80 243.55 208.20 62.34 40.36 6.00 11.61 26.35 Unsecured Loans 0.00 0.00 0.00 71.83 26.99 0.00 0.00 13.13 Long Term Provisions 6.83 3.93 2.67 43.55 13.70 1.23 0.56 0.74 Current Liabilities 431.38 308.83 237.97 259.32 261.56 215.15 129.36 103.52 Trade Payables 287.75 176.15 153.51 148.08 140.43 112.23 71.71 59.84 Other Current Liabilities 47.09 52.85 35.62 12.80 21.90 68.96 11.63 8.98 Short Term Borrowings 76.86 56.70 22.82 97.93 97.97 33.43 36.30 26.24 Short Term Provisions 19.67 23.13 26.03 0.50 1.26 0.53 9.71 8.45 Total Liabilities 1,564.21 1,383.81 1,179.64 719.13 556.49 369.61 254.13 227.56 Net Block 648.07 637.47 163.56 161.37 161.21 79.14 73.16 78.50 Gross Block 744.53 696.65 208.24 194.75 185.06 95.61 83.23 118.99 Accumulated Depreciation 96.46 59.18 44.68 33.38 23.85 16.47 10.08 40.49 Non Current Assets 797.26 836.04 717.63 340.75 243.21 99.15 74.00 78.84 Capital Work in Progress 15.27 21.02 338.98 21.54 0.03 7.26 0.00 0.00 Non Current Investment 60.00 60.00 60.00 60.00 60.00 0.00 0.00 0.00 Long Term Loans & Adv. 34.53 111.78 154.90 97.58 21.69 12.75 0.85 0.34 Other Non Current Assets 39.39 5.77 0.20 0.26 0.28 0.00 0.00 0.00 Current Assets 766.96 547.77 462.01 378.38 313.28 270.46 180.13 148.72 Current Investments 41.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Inventories 204.21 139.94 93.99 97.27 105.29 91.44 65.49 33.17 Sundry Debtors 330.19 248.90 217.39 229.68 173.85 138.55 86.77 94.66 Cash & Bank 1.99 67.89 86.35 14.98 2.19 11.89 5.18 0.81 Other Current Assets 189.28 29.09 3.56 10.86 31.95 28.57 22.69 20.07 Short Term Loans & Adv. 128.41 61.94 60.72 25.58 26.61 26.05 21.61 17.68 Net Current Assets 335.58 238.94 224.04 119.06 51.72 55.31 50.77 45.20 Total Assets 1,564.22 1,383.81 1,179.64 719.13 556.49 369.61 254.13 227.56

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19
Shareholder's Funds 1,090.79 959.42 830.89 276.51 208.61 144.82 110.35 82.49 Share Capital 57.23 57.23 57.23 48.00 12.00 12.00 12.00 12.00 Total Reserves 1,033.57 902.19 773.67 228.51 196.61 132.82 98.35 70.49 Non-Current Liabilities 250.59 255.75 204.55 194.16 88.09 44.49 14.42 28.20 Secured Loans 214.80 243.55 208.20 62.34 40.36 6.00 11.61 26.35 Unsecured Loans 0.00 0.00 0.00 71.83 26.99 0.00 0.00 0.00 Long Term Provisions 11.92 9.90 9.14 46.82 18.23 36.09 0.56 0.42 Current Liabilities 516.68 376.44 293.98 277.55 315.47 215.15 129.36 117.32 Trade Payables 318.63 201.80 179.66 158.48 144.80 112.23 71.71 61.61 Other Current Liabilities 69.24 77.29 57.98 20.55 28.30 68.96 11.63 10.01 Short Term Borrowings 99.26 65.65 23.84 97.94 120.09 33.43 36.30 40.10 Short Term Provisions 29.55 31.69 32.50 0.58 22.27 0.53 9.71 5.59 Total Liabilities 1,858.06 1,591.61 1,329.42 748.22 612.17 404.46 254.13 228.01 Net Block 841.51 829.87 357.88 182.88 183.03 79.14 73.16 78.50 Gross Block 955.72 901.14 406.39 215.53 205.97 106.64 94.26 89.53 Accumulated Depreciation 114.21 71.27 48.51 32.65 22.93 27.50 21.10 11.03 Non Current Assets 913.00 865.06 721.17 305.75 212.17 134.01 74.00 79.71 Capital Work in Progress 15.50 22.52 340.79 21.54 0.03 7.26 0.00 0.00 Non Current Investment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Loans & Adv. 16.38 6.82 22.00 101.07 28.82 47.60 0.85 1.22 Other Non Current Assets 39.60 5.85 0.50 0.26 0.28 0.00 0.00 0.00 Current Assets 945.06 719.12 608.25 442.47 400.00 270.46 180.13 148.28 Current Investments 41.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Inventories 283.26 207.99 144.02 117.32 128.39 91.44 65.49 38.72 Sundry Debtors 437.29 331.64 288.49 265.22 212.69 138.55 86.77 90.83 Cash & Bank 3.87 68.17 86.75 18.88 2.44 11.89 5.18 1.83 Other Current Assets 179.37 33.22 8.91 13.45 56.49 28.57 22.69 16.91 Short Term Loans & Adv. 114.01 78.10 80.08 27.61 50.08 26.05 21.61 15.73 Net Current Assets 428.38 342.69 314.27 164.92 84.53 55.31 50.77 30.97 Total Assets 1,858.06 1,584.18 1,329.42 748.22 612.17 404.47 254.13 227.99

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 21
Cash From Operating Activity 34.11 19.80 111.67 39.28 41.56 PBT 111.82 119.89 93.70 78.31 46.34 Adjustment 41.11 9.38 22.31 23.58 9.59 Changes in Working Capital -98.25 -90.08 19.65 -43.70 -1.14 Cash after chg. in Working capital 54.68 39.20 135.66 58.19 54.80 Interest Paid 0.00 0.00 0.00 0.00 0.00 Tax Paid -20.57 -19.39 -23.99 -18.91 -13.23 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 -14.06 -99.75 -471.55 -87.53 -19.67 Net Fixed Assets -42.13 -170.45 -330.93 -113.42 Net Investments -41.28 0.00 0.00 -60.00 Others 69.35 70.70 -140.62 85.89 Cash from Financing Activity -33.99 83.86 368.13 51.29 -19.34 Net Cash Inflow / Outflow -13.94 3.92 8.25 3.03 2.56 Opening Cash & Equivalents 15.31 11.39 3.13 0.10 2.23 Closing Cash & Equivalent 1.37 15.31 11.39 3.13 4.80

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21
Cash From Operating Activity 116.52 63.84 146.34 67.12 58.90 41.57 PBT 188.26 171.02 129.53 91.80 85.72 46.34 Adjustment 57.64 27.38 37.16 25.92 15.29 9.59 Changes in Working Capital -103.13 -110.84 7.31 -31.06 -21.27 -1.14 Cash after chg. in Working capital 142.77 87.56 174.00 86.65 79.74 54.80 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -26.25 -23.71 -27.66 -19.53 -20.84 -13.23 Other Direct Exp. Paid 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 Cash From Investing Activity -107.12 -151.59 -498.97 -90.84 -188.12 -19.67 Net Fixed Assets -42.13 -170.45 -330.93 -31.20 -82.22 Net Investments -41.28 0.00 0.00 0.00 -60.00 Others -23.71 18.86 -168.04 -59.64 -45.90 Cash from Financing Activity -21.71 91.53 360.83 27.09 124.57 -19.34 Net Cash Inflow / Outflow -12.32 3.79 8.20 3.37 -4.64 2.56 Opening Cash & Equivalents 15.52 11.73 3.52 0.15 4.80 2.23 Closing Cash & Equivalent 3.20 15.52 11.73 3.52 0.15 4.80

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 21
Book Value (Rs.) 154.94 142.06 126.47 55.90 30.17 ROA 5.68% 6.98% 7.18% 9.02% 11.06% ROE 9.85% 11.64% 13.74% 24.02% 27.04% ROCE 10.84% 11.60% 14.62% 21.70% 28.42% Fixed Asset Turnover 1.81 2.12 4.30 4.53 4.59 Receivable days 80.91 88.75 94.22 85.66 100.13 Inventory Days 48.08 44.52 40.31 43.00 69.74 Payable days 116.51 111.08 108.87 99.66 122.96 Cash Conversion Cycle 12.48 22.19 25.66 29.00 46.92 Total Debt/Equity 0.36 0.40 0.33 0.88 0.31 Interest Cover 8.25 56.30 7.89 5.28 12.80

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21
Book Value (Rs.) 190.61 167.66 145.20 57.61 43.46 30.17 ROA 8.17% 8.78% 9.08% 9.99% 12.58% 10.48% ROE 13.75% 14.33% 17.04% 28.02% 36.19% 27.04% ROCE 15.04% 14.65% 19.06% 24.34% 30.64% 28.42% Fixed Asset Turnover 1.79 1.94 3.48 4.46 5.17 4.09 Receivable days 84.59 89.43 93.25 92.78 79.30 100.13 Inventory Days 54.04 50.76 44.01 47.70 49.63 69.74 Payable days 114.83 108.88 106.52 100.16 88.60 122.96 Cash Conversion Cycle 23.80 31.30 30.74 40.32 40.33 46.92 Total Debt/Equity 0.31 0.35 0.29 0.85 0.95 0.31 Interest Cover 12.14 72.11 7.04 5.60 16.09 12.80

Top Investors:

gian parkash aggarwal

archit aggarwal

kotak mahindra trustee co ltd a/c kotak multicap f

canara robeco mutual fund a/c canara robeco small

clarus capital i

360 one special opportunities fund - series 9

360 one special opportunities fund - series 10

sbi life insurance co. ltd

invesco india smallcap fund

Annual Reports:

News Update:

Innova Captab gets nod for brownfield expansion at Baddi facility
22nd Aug 2026, 17:17 PM

The company plans to add 2 oral solid dosage production lines with an investment of around Rs 45 crore
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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