Absolute Projects Annual Reports, Balance Sheet and Financials

Absolute Projects (India) Limited Standalone Balance Sheet (Rs. in Crores)

Particulars	31-03-2025	31-03-2024
Non-current assets
Plant, property and equipment	15.22	10.42
Capital work in progress	2.00	-
Investment	0.04	0.24
Other financial assets	14.55	4.69
Other non current assets	1.51	1.29
Income tax assets	2.82	2.52
Current assets
Inventories	68.19	52.90
Trade receivables	71.10	17.63
Cash and cash equivalent	16.19	16.51
Bank balances other than cash	10.83	14.60
Other current assets	87.68	80.56
Total assets	290.15	201.36
Equity
Equity share capital	8.26	7.36
Other equity	99.23	49.52
Non-Current liabilities
Borrowings	48.31	3.75
Provisions	0.40	0.32
Deferred tax liabilities	0.25	0.28
Current liabilities
Borrowings	40.32	27.20
Trade payables – outstanding dues for micro and small enterprises	0.19	0.06
Trade payables – outstanding dues other than above	66.65	68.65
Other financial liabilities	4.43	9.72
Other current liabilities	18.24	33.17
Provisions	0.27	0.26
Current  tax liabilities	3.59	1.08
Total equity and liabilities	290.15	201.36

Absolute Projects (India) Limited Standalone Profit & Loss Statement (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	307.30	248.69
Other Income	8.80	2.91
Total Income	316.10	251.60
Expenses
Cost of materials consumed	48.00	30.49
Purchases of stock in trade	196.93	194.99
Changes in inventories of finished goods	-20.31	-23.85
Manufacturing expenses	43.98	20.65
Employee benefits expense	3.01	2.40
Finance costs	4.54	3.33
Depreciation & amortization expense	0.66	0.54
Other Expenses	5.81	3.31
Total Expenses	282.62	231.87
Profit/(loss) before tax	33.48	19.73
Current Tax expenses	8.38	4.93
Deferred tax expense	-0.01	0.03
Profit/ Loss for the period from continuing operation	25.11	14.77
Other comprehensive income for the year
Items that will not be classified to profit/loss
Remeasurement gain/(loss) on defined benefit plan	-0.04	0.03
Income tax relating to items above	0.01	-0.01
Total comprehensive income for the year	25.08	14.79
Earning per share
Basic	5.83	21.47
Diluted	5.83	21.47

Absolute Projects (India) Limited Standalone Cash Flow Statement (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net Profit/(loss) Before Tax	33.48	19.73
Adjustment for -:
Interest income	-1.79	-1.67
Finance costs	4.54	3.33
Depreciation and amortisation expense	0.66	0.54
Remeasurement gain/(loss) on defined benefit plan	-0.04	0.03
Rental income	-0.04	-0.08
Gain on sale of financial assets	-0.01	-
Gain on sale of fixed assets	-3.20	-
Expected credit loss on financial assets	1.35	0.02
Unrealised exchange gain/(loss)	-3.64	-0.39
Fair value change of financial instrument	0.01	-0.07
Adjustment for change in working capital
Trade receivables	-51.17	16.55
Inventories	-15.30	-27.02
Other financial assets	-0.01	0.16
Other current assets	-7.13	-33.74
Trade payables	-1.87	8.35
Provisions	0.09	-0.01
Other current liabilities	-14.93	32.05
Other financial liabilities	-5.28	-2.35
Cashflow generated from operations	-64.26	15.44
Direct taxes paid	-6.17	-3.84
Net Cash from/(used in) Operating Activities	-70.43	11.60
Cash Flow from Investing Activities
Purchase of PPE	-9.99	-0.08
Sale of PPE	5.50	-
(investment)/redemption of fixed deposits	3.97	-9.66
Sale/(purchase) of investment	-9.86	3.86
Interest received	1.79	1.67
Rental income	0.04	0.08
Net Cash from / (used in) Investing Activities	-8.55	-4.14
Cash Flow from Financing Activities
Proceeds from long term borrowings	44.56	-
Repayment of long term borrowings	-	-0.15
Proceeds from short term borrowing	13.12	7.59
Proceeds from issue of share capital	25.52	0.50
Finance costs paid	-4.54	-3.33
Net Cash from/(used in) Financing Activities	78.66	4.60
Net Increase/decrease in Cash & cash equivalents	-0.32	12.07
Cash and cash equivalents at the beginning of the year	16.51	4.45
Cash and cash equivalents at the end of the year	16.19	16.51

Summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities

Absolute Projects (India) Limited shows a significant decline in operating cash flow in FY 2024-25, with net cash used of ₹70.43 crores compared to a positive ₹11.60 crores in the previous year. Despite a higher net profit before tax of ₹33.48 crores, large increases in trade receivables (-₹51.17 crores), inventories (-₹15.30 crores), and other current assets (-₹7.13 crores) indicate heavy working capital outflows, which offset profits. Adjustments for non-cash items such as finance costs, depreciation, and unrealized exchange losses provide minor relief but are insufficient to generate positive operating cash.

 

Cash Flow from Investing Activities

Investing activities resulted in net cash outflow of ₹8.55 crores in FY 2024-25, slightly higher than ₹4.14 crores outflow last year. The outflow is primarily due to the purchase of property, plant, and equipment (₹9.99 crores) and sale/purchase of investments (-₹5.89 crores net), partially offset by proceeds from sale of PPE (₹5.50 crores) and interest received (₹1.79 crores). This indicates moderate capital expenditure for asset expansion while managing liquidity through asset sales.

 

Cash Flow from Financing Activities

Financing activities contributed a healthy net inflow of ₹78.66 crores in FY 2024-25, significantly higher than ₹4.60 crores last year. This was driven by fresh long-term borrowings (₹44.56 crores), short-term borrowings (₹13.12 crores), and a notable issue of share capital (₹25.52 crores), which more than compensated for finance costs paid (₹4.54 crores). This shows active leveraging and capital-raising to support operations and investments amid negative operating cash flow.

 

Net Increase/decrease in Cash & Cash Equivalents

Overall, cash and cash equivalents decreased slightly by ₹0.32 crores in FY 2024-25, ending at ₹16.19 crores, compared to a healthy increase of ₹12.07 crores the previous year. Despite strong financing inflows, heavy operating and investing outflows neutralized the net effect, keeping liquidity almost stable year-on-year

Financial ratios of Absolute Projects (India) Limited.

Particulars	31-03-2025	31-03-2024
Current ratio	1.90	1.30
Debt equity ratio	0.82	0.54
Debt service coverage ratio	0.33	0.54
Return on equity	30.56%	29.99%
Trade receivables ratio	6.93	9.67
Trade payable turnover ratio	3.54	3.54
Net capital turnover ratio	2.55	5.91
Net profit Ratio	8.17%	5.94%
EBITDA Ratio	12.59%	9.49%
EBIT Ratio	12.37%	9.27%
Return on capital employed	19.36%	26.18%

Summary of Financial Ratios for the year 2025 and 2024.

Current Ratio

The current ratio improved from 1.30 in FY 2023-24 to 1.90 in FY 2024-25, indicating a stronger short-term liquidity position and better ability to meet current liabilities with current assets. This suggests more buffer to cover obligations, although the improvement may also reflect slower utilization of working capital.

 

Debt Equity Ratio

The debt equity ratio increased from 0.54 to 0.82, showing higher reliance on debt financing relative to equity. While moderate leverage can enhance returns, the rising ratio signals increased financial risk, which needs careful monitoring, especially considering the low debt service coverage.

 

Debt Service Coverage Ratio

The DSCR declined from 0.54 to 0.33, indicating that the company’s earnings are insufficient to comfortably cover debt obligations. This highlights stress in meeting principal and interest payments from operational earnings, a potential concern for lenders.

 

Return on Equity

ROE slightly improved from 29.99% to 30.56%, reflecting efficient utilization of shareholders’ equity to generate profits. Despite increased leverage, the company maintained strong returns for equity holders.

 

Trade Receivables Ratio

The trade receivables ratio dropped from 9.67 to 6.93, indicating slower collection of receivables and potentially higher working capital tied up in credit sales. This aligns with the cash flow statement showing large operating outflows.

 

Trade Payable Turnover Ratio

The trade payable turnover remained stable at 3.54, suggesting consistent payment patterns to suppliers. No major change in supplier management or credit period is observed.

 

Net Capital Turnover Ratio

The net capital turnover fell sharply from 5.91 to 2.55, indicating lower efficiency in generating revenue from net capital employed. This may be due to higher working capital or asset base relative to sales growth.

 

Net Profit Ratio

Net profit margin improved from 5.94% to 8.17%, showing better cost control and profitability despite rising debt and working capital challenges.

 

EBITDA Ratio

EBITDA margin increased from 9.49% to 12.59%, reflecting improved operational efficiency and stronger earnings before depreciation, interest, and tax.

 

EBIT Ratio

EBIT margin rose from 9.27% to 12.37%, confirming the company’s improved ability to generate operating profit from sales after accounting for depreciation.

 

Return on Capital Employed

ROCE declined from 26.18% to 19.36%, showing reduced efficiency in generating returns from total capital employed. The decline may be due to increased debt and capital investment without proportional increase in operating profit.