Adret Retail Private Limited (Kapiva) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Adret Retail Private Limited

Adret Retail Private Limited Consolidated Balance Sheet (Rs in Crore)

Particulars	31-03-2024	31-03-2023
EQUITY AND LIABILITES
Share Capital	20.2	15.6
Reserve and Surplus	101.0	55.2
Non-Current Liabilities
Long term Borrowings	-	0.4
Long-term provisions	0.7	0.3
Current Liabilities
Short term Borrowings	11.3	7.5
Trade Payable	45.1	27.4
Short term Provisions	1.9	1.5
Other Current Liabilities	6.3	4.6
TOTAL EQUITY AND LIABILITES	186.4	112.3
ASSETS
Non-Current Assets
Tangible Assets	1.5	0.6
Intangible Assets	1.1	1.5
Long-term loans and advances	30.5	19.6
Other Non-Current Assets	1.6	26.1
Current Assets
Inventories	9.5	6.0
Trade Receivable	31.8	12.2
Cash and Bank Balances	101.1	42.3
Short term Loans and Advances	5.7	1.1
Other current assets	3.6	2.9
TOTAL ASSETS	186.4	112.3

Adret Retail Private Limited Consolidated Profit & Loss Statement (Rs in Crore)

Particulars	31-03-2024	31-03-2023
Revenue from Operation	228.5	114.5
Other Income	5.7	2.0
Total Revenue	234.2	116.5
Cost of Materials Consumed
Purchase of Stock in trade	71.7	42.4
Changes in inventories of finished goods, WIP and Stock in trade	-3.6	-0.3
Employee Benefits Expenses	46.3	32.9
Finance Costs	1.9	1.6
Depreciation and Amortization Expenses	0.9	0.6
Other Expenses	173.3	104.0
Total Expenses	290.5	181.1
Profit before Tax	-56.3	-64.6
Deferred Tax	-	-
Profit / (Loss) for the period	-56.3	-64.6
Earnings per Equity Share:
Basic	-166.12	-194.05

Adret Retail Private Limited Consolidated Cash Flow Statement (Rs in Crore)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Profit before extraordinary items and tax	-56.31	-64.58
Adjustments:
Adjustments for finance costs	1.88	1.56
Adjustments for depreciation and amortization expense	0.92	0.59
Other adjustments for which cash effects are investing or financing	-5.67	-1.91
Other adjustments to reconcile profit (loss)	3.69	5.96
Operating Profit before Working Capital Charges	-55.49	70.78
Adjustments for working capital
Adjustments for decrease (increase) in inventories	-3.59	-0.31
Adjustments for decrease (increase) in trade receivables	-19.82	-7.47
Adjustments for decrease (increase) in other current assets	-13.85	-9.73
Adjustments for increase (decrease) in trade payables	17.69	9.02
Adjustments for increase (decrease) in other current liabilities	2.62	0.89
Net cash flows from (used in) operating activities before extraordinary item	-72.44	-65.98
Income taxes paid	0.38	-0.01
Net cash flows from (used in) operations	-72.82	-65.97
Cash Flow from Investing Activities
Proceeds from sales of tangible assets	0.00	0.03
Purchase of tangible assets	1.45	1.27
Interest received	3.44	1.91
Other inflows (outflows) of cash	-30.87	-14.66
Net cash flows from (used in) investing activities	-28.88	-13.99
Cash Flow from Financing Activities	0.00	0.00
Proceeds from issuing shares	103.03	101.73
Proceeds from Borrowings	8.07	-15.19
Repayments of borrowings	4.64	4.72
Interest paid	1.88	1.55
Net cash flows from (used in) financing activities	104.58	80.27
Net Increase in Cash and Cash Equivalents	2.88	0.31
Cash & Cash Equivalents at The Beginning of The Year	0.29	-0.02
Cash & Cash Equivalents at the End of the Year	3.17	0.29

Summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flow from Operating Activities

The company continues to face negative cash flows from its core operations, reporting ₹-72.82 crore in FY24 compared to ₹-65.97 crore in FY23. This deterioration stems from sustained operating losses (profit before extraordinary items and tax at ₹-56.31 crore) and higher working capital pressures. In FY24, receivables and other current assets increased significantly (₹-19.82 crore and ₹-13.85 crore, respectively), which locked up more cash. Although trade payables and other liabilities provided some relief, they weren’t sufficient to offset the strain. Overall, this suggests the business model is still not generating positive operating cash and requires external support to sustain operations.

Cash Flow from Investing Activities

Cash flow from investing activities was ₹-28.88 crore in FY24, a deeper outflow compared to ₹-13.99 crore in FY23. While the company earned higher interest income (₹3.44 crore vs. ₹1.91 crore last year), it also spent more on tangible assets and had significantly higher other investing outflows (₹-30.87 crore vs. ₹-14.66 crore). This indicates continued capital allocation toward expansion or long-term projects, but it also places additional strain on liquidity when operating cash flows are negative.

Cash Flow from Financing Activities

Financing activities remained the strongest support for the company, with ₹104.58 crore of net inflows in FY24 compared to ₹80.27 crore in FY23. The major contributor was equity infusion, with share issuance proceeds of ₹103.03 crore. Borrowings also provided additional funds (₹8.07 crore), offset partially by repayments and interest costs. This reliance on external financing highlights that the company is still in a growth or turnaround stage, depending heavily on investors and lenders rather than self-sustained cash generation.

Net Increase in Cash and Cash Equivalents

Despite negative operating and investing cash flows, strong financing inflows helped the company end FY24 with a net positive cash increase of ₹2.88 crore, compared to a small gain of ₹0.31 crore in FY23. Cash and cash equivalents rose to ₹3.17 crore at year-end from ₹0.29 crore in the previous year. This improvement provides short-term liquidity comfort, but it is entirely dependent on external funding rather than operational strength.