AKC Steel Annual Report | Balance Sheet

AKC Steel Industries Limited (AKC Steel ) Return Comparision with Primex 40 Index

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AKC Steel Industries Limited

AKC STEEL INDUSTRIES LIMITED Balance Sheet (In Lakhs)

Particulars	2023	2022
ASSETS
1)NON-CURRENT ASSETS
(a)Property, plant and equipment	774.58	856.72
(b)Deferred tax Assets (Net)	4.64	-
(c)Other Non Current Assets	112.00	-
Total Non-Current Assets	891.22	856.72
2)CURRENT ASSETS
(a)Inventories	34.31	48.78
(b)Financial assets
(i)Investments	373.79	356.70
(ii)Trade receivables	69.71	95.50
(iii)Cash and cash equivalents	11.22	19.81
(iv)Other financial assets	27.19	182.55
(c)Current tax assets (Net)	8.33	9.29
(d)Other current assets	62.31	73.98
Total Current Assets	586.86	786.62
TOTAL ASSETS	1,478.08	1,643.34
EQUITY AND LIABILITIES
Equity
(a)Equity share capital	316.70	415.00
(b)Other equity	1,099.12	1,137.87
Total Equity	1,415.82	1,552.87
Liabilities
1)NON-CURRENT LIABILITIES
(a)Deferred tax liabilities (net)	-	13.01
Total Non-Current Liabilities	-	13.01
2)CURRENTLIABILITIES
(a)Financial liabilities
(i)Trade payables
Total outstanding dues of creditors other than micro enterprises and small enterprises	28.22	45.80
(ii)Other financial liabilities	19.04	11.62
(b)Other Current Liabilities	10.11	13.04
(c)Provisions	4.88	7.00
Total Current-Liabilities	62.26	77.45
TOTAL EQUITYANDLIABILITIES	1,478.08	1,643.34

AKC STEEL INDUSTRIES LIMITED Profit & Loss Statement (In Lakhs)

Particulars	2023	2022
INCOME:
Revenue From Operations Other	516.93	663.05
Income	139.69	133.61
Total Income(I +II)	656.62	796.66
EXPENSES:
Purchases of Stock in trade/Process Scrap	16.42	0.53
Changes in inventories of Process Scrap and Traded Goods	13.83	0.29
Employee benefits expense	67.85	52.13
Finance costs		5.71
Depreciation and amortisation expense	(50.74)	53.93
Other expenses	220.54	185.70
Total expenses(IV)	369.38	298.29
Profit/(loss) before exceptional items and tax(III-IV)
Exceptional Items	287.24	498.37
Tax expenses	287.24	498.37
Tax expense relating to earlier years MAT	78.19	102.87
Credit (Entitlement)/ Availed	2.06
Deferred Tax		(33.11)
Profit/(loss) for the period(V-VIII)	(17.15)	0.70
OTHER COMPREHENSIVE INCOME	224.14	361.69
A. (i)Items that will not be reclassified to profit or loss
(a)Re measurements of defined benefit liability/(asset)	(1.95)	0.35
(ii)Income taxes on items that will not be reclassified to profit orloss	(0.49)	(0.10)
Total Other Comprehensive Income for the period	(1.46)	0.25
Total Comprehensive Income for the period(IX+X)	222.68	361.94
Earnings per Equity Share (for discontinued &continuing operation)
(1) Basic	6.51	8.72
(2) Diluted	6.51	8.72

AKC STEEL INDUSTRIES LIMITED Consolidated Cash Flow Statement (In Lakhs)

Particulars	2023	2022
A.Cash flow from operating activities
Net Profit/(Loss) before extra ordinary items and tax	287.24	498.37
Adjustments for:
Depreciation and amortisation	50.74	53.93
Impairment of FA	37.38
Gainon Sale of FA	(2.97)
Profit on redemption of mutual fund (short term)	(1.33)
Investment in Mutual Funds -Fair Value Changes	(12.09)
Finance costs		5.71
Provisions	(4.07)	1.15
Operating profit/(loss)before working capital changes	354.90	559.16
Changes in working capital:
Adjustments for(increase)/decrease in operating assets:
Inventories	14.47	(2.39)
Trade receivables	25.78	11.99
Financial and Other Assets	167.03	(148.96)
Adjustments for increase/(decrease)in operating liabilities:
Trade payables	(17.58)	(0.67)
Financial and Other Liabilities	4.49	(48.04)
Cash generated from operations	549.10	371.09
Net income tax(paid)/refunds	(79.28)	(109.63)
Net cash flow from/(used in)operating activities(A)	469.82	261.46
B.Cash flow from investing activities
Additions to fixed assets	(7.31)	(7.80)
Sale of Fixed Assets Capital	4.30
Capital Advances	(112.00)
Refund of Loan Given		125.00
Sale of Mutual Funds	(251.33)
Investment in Mutual Funds	(255.00)	(356.70)
Net Cash flow from/(used in)investing activities(B)	(118.68)	(239.51)
C.Cash flow from financing activities
Repayment of Non Current borrowings		(50.00)
Buy Back Expenses	(313.93)
Tax on Buy Back	(45.80)
Finance cost		(5.71)
Net cash flow from/(used in)financing activities(C)	(359.73)	(55.71)
Net increase/(decrease)in Cash and cash equivalents(A+B+C)	(8.59)	(33.76)
Cash and cash equivalents at the beginning of the year	19.81	53.57
Cash and cash equivalents at the end of the year	11.22	19.81

Summary-

Operating Activities:

- Net profit before extraordinary items and tax decreased from Rs. 498.37 lakhs in 2022 to Rs. 287.24 lakhs in 2023.

- Operating profit before working capital changes declined to Rs. 354.90 lakhs from Rs. 559.16 lakhs.

- Adjustments included depreciation (Rs. 50.74 lakhs), impairment of fixed assets (Rs. 37.38 lakhs), and a gain on sale of fixed assets (Rs. 2.97 lakhs).

- Provisions amounted to Rs. 4.07 lakhs.

- Working capital changes showed mixed trends with notable increases in inventories, trade receivables, and financial assets.

Investing Activities:

- Additions to fixed assets were Rs. 7.31 lakhs.

- Sale of fixed assets generated Rs. 4.30 lakhs.

- Capital advances were Rs. 112.00 lakhs, and there was a refund of a loan given (Rs. 125.00 lakhs).

- Sale of mutual funds resulted in an outflow of Rs. 251.33 lakhs.

- Investments in mutual funds amounted to Rs. 255.00 lakhs.

Financing Activities:

- Repayment of non-current borrowings: Rs. 50.00 lakhs.

- Buyback expenses: Rs. 313.93 lakhs.

- Tax on buyback: Rs. 45.80 lakhs.

- Finance costs: Rs. 5.71 lakhs.

Net Cash Flow:

- Net increase/(decrease) in cash and cash equivalents: (Rs. 8.59 lakhs) in 2023, an improvement from (Rs. 33.76 lakhs) in 2022.

- Cash and cash equivalents at the beginning of the year: Rs. 19.81 lakhs.

- Cash and cash equivalents at the end of the year: Rs. 11.22 lakhs.

Annual Report

AKC Steel Industries Annual Report 2022-2023

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AKC Steel Industries Annual Report 2021-22