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×

Kores Limited Annual Report and Financials

Kores India Limited (Kores) Return Comparision with Primex 40 Index

Periods 1 Week 1 Month 3 Months 6 Months 1 Year 3 Years All Time
Primex-40
Kores India Limited

Kores (India) Limited Balance Sheet (Rs. In Lakhs)

PARTICULARS  31 March 2023  31 March 2022
ASSETS    
Property, Plant and Equipment and Intangible Assets    
Property, Plant and Equipment 19,588.63 19,603.85
Investment Property 335.11 360.06
Intangible Assets 83.7 96.07
Capital Work in Progress 357.05 298.81
  20,364.49 20,358.79
Non-Current Investment 534.97 78.51
Long-Term loans and Advances 16.15 14.54
Other non-current assets 256.42 279.76
  21,172.03 20,731.60
Current Assets    
Inventories 11,560.31 11,946.35
Trade Receivables 14,231.65 14,730.46
Cash and Cash Equivalents 847.31 1,023.25
Short-Term loans and Advances 4,033.96 4,546.54
Other Current Assets 22.88 24.66
  30,696.11 32,271.26
Total 51,868.14 53,002.86
EQUITY AND LIABILITIES    
Shareholders’ Funds    
Share Capital 1,300.00 1,300.00
Reserves & Surplus 14,047.11 11,830.74
Non Controlling Interest (Minority) 826.7 550.93
  16,173.81 13,681.67
Non-Current Liabilities    
Long-Term Borrowings 5,460.92 7,550.84
Deferred Tax Liability (Net) 1182.27 983.48
Other Long Term liabilities 1,130.91 1,148.51
Long-Term Provisions 811.20 1,038.35
  8,585.30 10,721.18
Current Liabilities    
Short-Term Borrowings 11,719.11 12,429.81
Trade Payables 13,167.89 14,370.08
Other Current Liabilities 1,527.89 1,461.37
Short-Term Provisions 694.14 338.75
  27,109.03 28,600.01
Total 51,868.14 53,002.86

Kores (India) Limited Profit & Loss Statement (Rs. In Lakhs)

PARTICULARS  31 March 2023  31 March 2022
REVENUE    
Revenue from Operations 94,616.67 76,044.46
Other Income 625.12 457.94
Total Revenue 95,241.79 76,502.40
EXPENSES    
Cost of materials consumed 38,781.86 31,693.34
Purchase of stock in trade 13,497.89 10,200.07
Changes in inventories of finished goods WIP and stock in trade -105.47 -1,093.62
Employee benefit Expenses 11,661.74 10,191.69
Finance costs 1,736.16 1,797.75
Depreciation and Amortization expenses 1,697.77 1,588.09
Other Expenses 24,133.59 19,455.55
Total Expenses (II) 91,403.54 73,832.87
Profit (Loss) before Extraordinary items and Tax 3,838.25 2,669.53
Profit (Loss) before Tax 3,838.25 2,669.53
Tax expenses    
For Current Tax 683.16 448.85
For Earlier Year Tax - 1.37
For Deferred Tax    
For Current Tax 198.79 845.31
Less : MAT Credit Entitlement - -406.6
Profit (Loss) for the year 2,956.30 1,780.60
Less : Minority Interests 274.33 166.13
Net Profit for the Period 2,681.97 1,614.47
Earning Per Share (Rs.)    
Basic 24.22 14.51
Diluted 24.22 14.51

Kores (India) Limited Consolidated Cash Flow Statement (Rs. In Lakhs)

Particulars  31 March 2023  31 March 2022
A) CASH FLOW FROM OPERATING ACTIVITIES    
a) Profit Before Taxation 3,838.25 2,669.53
Add :    
i) Depreciation 1,697.77 1,588.09
ii) Interest & Finance Charges 1,736.16 1,797.75
iii) Loss/(Profit) on Sale of Investment - -0.02
iv) Loss/(Profit) on Sale of Assets -45.77 0.3
  3,388.16 3,386.12
Less :    
i) Interest & Dividend Income 163.21 147.04
  -163.21 -147.04
(b) (Increase) / Decrease in Current assets    
i) Inventories 386.04 -2,183.47
ii) Sundry Debtors 498.8 -409.4
iii) Loans & Advances 452.97 -641.09
  1,337.81 -3,233.96
(c) Increase/(Decrease) in Current Liabilities -1,402.86 456.42
CASH GENERATED FROM OPERATING ACTIVITIES 6,998.15 3,131.07
Less : Income Tax Paid 601.36 -67.77
NET CASH GENERATED FROM OPERATING ACTIVITIES 6,396.79 3,198.84
B) CASH FLOW FROM INVESTMENT ACTIVITIES    
i) Purchase of Fixed Assets/Capital work in Progress -1,842.82 -1,482.38
ii) Capital Subsidy -2.19 -2.19
iii) Sale Proceeds of Fixed Assets 185.14 54.23
iv) (Increase) / Decrease in Investment (Net) -570.46 -1.25
v) Interest & Dividend Income 163.54 150.91
NET CASH USED IN INVESTING ACTIVITIES -2,066.79 -1,280.68
C) CASH FLOW FROM FINANCING ACTIVITIES    
i) Increase / (Decrease) in Cash Credit (Net) -1,026.31 551.75
ii) Increase / (Decrease) in Term Loans (Net) -1,407.00 -388.11
iii) Increase / (Decrease) in Unsecured Loans (Net) -367.3 -216.69
iv) Increase in Share Capital - 100
v) Interest Paid -1,687.33 -1,891.04
vi) Dividend Paid -18 -18
NET CASH USED IN FINANCING ACTIVITIES -4,505.94 -1,862.09
NET CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) -175.94 56.07
CASH & CASH EQUIVALENT AS AT BEGINNING OF THE YEAR 1,023.25 967.18
CASH & CASH EQUIVALENT AS AT END OF THE YEAR 847.31 1,023.25

Let 's break down the Cash Flow Statement for the years 2023 and 2022, activity-wise:

 Operating Activities:

- 2023: The company experienced a significant improvement in its operating cash flow compared to 2022, generating Rs. 6,396.79 lakhs. This increase was primarily driven by higher profits before taxation and adjustments for non-cash items such as depreciation. Additionally, there was a notable increase in current assets, albeit with a corresponding decrease in current liabilities, indicating effective management of working capital.

- 2022: Operating cash flow in 2022 amounted to Rs. 3,198.84 lakhs, reflecting a comparatively lower performance than in 2023. While profits before taxation were still positive, the increase in operating cash flow was less pronounced compared to 2023.

 Investment Activities:

- 2023: The company invested Rs. 2,066.79 lakhs in various activities, primarily directed towards capital expenditures and a reduction in investments. Despite the cash outflow, these investments are indicative of the company 's commitment to growth and development.

- 2022: Similar to 2023, investment activities in 2022 involved capital expenditures and reduced investments, albeit to a lesser extent, with a cash outflow of Rs. 1,280.68 lakhs.

 Financing Activities:

- 2023: Financing activities in 2023 saw a significant cash outflow of Rs. 4,505.94 lakhs, driven by decreases in borrowings and dividend payments. The decrease in borrowings suggests a potential focus on reducing debt or optimizing financing structures.

- 2022: While still notable, the cash outflow from financing activities was comparatively lower in 2022, amounting to Rs. 1,862.09 lakhs. This was primarily due to decreased borrowings during the year.

 Net Change in Cash:

- 2023: Despite the substantial cash outflows from investment and financing activities, the company experienced a decrease in cash of Rs. 175.94 lakhs. This resulted in an ending cash balance of Rs. 847.31 lakhs, indicating a tighter cash position compared to the previous year.

- 2022: In contrast, 2022 saw a net increase in cash of Rs. 56.07 lakhs, resulting in an ending cash balance of Rs. 1,023.25 lakhs. While positive, the increase was less significant compared to 2023.

Financial Ratios of Kores (India) Limited:

Particulars 2023
EBITDA  16.07 %
Networth  15.94 %
Debt/Equity Ratio 1.1
Return on Equity 0.1599
Total Assets  -0.87 %
Fixed Assets  0.39 %
Current Assets  -3.59 %
Current Liabilities  -3.90 %
Trade Receivables  -5.20 %
Trade Payables  -11.36 %
Current Ratio 1.24

Insights into the financial health and performance of the company in 2023:

1. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): The EBITDA margin of 16.07% indicates that the company 's operational profitability is at a moderate level, with 16.07% of its revenue converted into EBITDA.

2. Networth: The net worth percentage of 15.94% represents the proportion of total assets financed by shareholders ' equity. A higher net worth percentage signifies a stronger financial position, indicating that shareholders ' equity contributes significantly to the company 's assets.

3. Debt/Equity Ratio: With a debt/equity ratio of 1.1, the company has slightly more debt than equity in its capital structure. This ratio indicates the extent to which the company relies on debt financing versus equity financing. A ratio of 1.1 suggests a balanced mix of debt and equity.

4. Return on Equity (ROE): The return on equity of 15.99% indicates the company 's ability to generate profits from shareholders ' equity. This figure suggests that for every rupee of equity invested by shareholders, the company generated a return of 15.99%.

5. Total Assets: The negative percentage (-0.87%) suggests a slight decrease in total assets compared to the previous period. This could be due to various factors such as depreciation, write-offs, or asset sales.

6. Fixed Assets: The increase in fixed assets by 0.39% indicates investment in long-term assets such as property, plant, and equipment. This investment might be aimed at expanding production capacity or improving operational efficiency.

7. Current Assets: The decrease in current assets by -3.59% suggests a reduction in short-term assets like cash, inventory, and accounts receivable. This could indicate tighter working capital management or a change in business operations.

8. Current Liabilities: The decrease in current liabilities by -3.90% implies a reduction in short-term obligations such as accounts payable and short-term loans. This may signify improved liquidity or better management of short-term debts.

9. Trade Receivables: The decrease in trade receivables by -5.20% indicates a reduction in the average time taken by customers to pay their bills. This could lead to improved cash flows and lower credit risk.

10. Trade Payables: The decrease in trade payables by -11.36% suggests a reduction in the average time the company takes to pay its suppliers. While this may improve liquidity, it could also indicate strained supplier relationships.

11. Current Ratio: With a current ratio of 1.24, the company has slightly more current assets than current liabilities, indicating a healthy liquidity position. A current ratio above 1 suggests the company can meet its short-term obligations with its current assets.

Dividend History of Kores (India) Limited:

Particulars

2023

Dividend (final + interim) (In Rs.)

3

 

 

 

 

Annual Report

Kores (India) Limited Annual Report 2022-23

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