Apollo Green Balance Sheet & Revenue

Apollo Green Energy Limited Consolidated Balance Sheet (Rs in Lakhs)

Apollo Green Energy Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Apollo Green Energy Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Summary of the Cash Flow Statement for the years 2025:

Cash Flow from Operating Activities

In FY 2024–25, the company generated a modest ₹200 lakhs of net cash inflow from operating activities compared to ₹1,419 lakhs in FY 2023–24. Although profit before tax increased slightly, operating cash flow weakened due to significant changes in working capital. The company experienced a sharp increase in trade receivables and a rise in other current financial assets, which resulted in substantial cash outflows. Additionally, a significant reduction in other liabilities contributed further to the working-capital drain. On the positive side, cash flow was supported by higher inventory release and lower finance costs compared to FY 2023–24. Non-cash adjustments such as depreciation, interest, and gains/losses on investments were broadly consistent with normal operating adjustments. However, overall, the large working-capital expansion in 2025 sharply reduced the net operating cash generated despite stable profitability.

In FY 2023–24, operating cash flow was stronger because the company benefitted from a large decrease in trade receivables and a significant increase in trade payables, both of which released cash into operations. The positive working-capital movement in that year helped compensate for higher finance costs. As a result, the company achieved a substantially higher operating cash inflow of ₹1,419 lakhs.

Cash Flow from Investing Activities

Investing activities show a significant cash outflow in FY 2024–25, amounting to ₹17,965 lakhs, compared to ₹3,508 lakhs in FY 2023–24. The primary reason for this large outflow is the major investment expenditure of ₹32,799 lakhs, representing deployment into financial assets, strategic investments, or long-term portfolio expansion. This outflow was partially offset by proceeds from the sale of stakes, interest income, and a substantial inflow from equity-method investments. Other inflows such as rental income and dividend income contributed positively but were relatively minor in scale.

In contrast, FY 2023–24 had much lower investment spending, with total cash outflow of only ₹3,508 lakhs. The company invested less aggressively that year, and it also realized higher proceeds from stake sales. Consequently, the strain on cash from investing activities was considerably lower in 2024.

Cash Flow from Financing Activities

Financing activities in FY 2024–25 generated a strong cash inflow of ₹18,288 lakhs, driven mainly by the issue of new equity shares amounting to ₹12,144 lakhs and net borrowings of ₹9,139 lakhs. Lease liability payments and interest payments partially offset these inflows but not significantly. The company relied heavily on financing to support its investing needs and to compensate for weak operating cash flows during the year.

In FY 2023–24, cash inflow from financing activities was much smaller at ₹555 lakhs. While the company raised borrowings that year, it did not issue equity. Higher interest payments also reduced the net inflow. The comparative analysis shows that FY 2024–25 required substantial external financing to support operations and investment expansion.

Net Change in Cash and Cash Equivalents

Despite weak operational performance and very large investment outflows, the company ended FY 2024–25 with a net increase of ₹522 lakhs in cash and cash equivalents, rising to ₹5,928 lakhs from ₹5,405 lakhs. This improvement was possible only because of the strong financing inflows through equity issuance and borrowings, which offset the high investment outflows and low operating cash generation.

Financial Ratios of Apollo Green Energy Limited

Summary of the financial ratios of Apollo Green Energy Limited for the year 2025 and 2024:

Current Ratio

The current ratio measures a company’s ability to meet its short-term liabilities with its short-term assets. A ratio of 1.20 in 2025 indicates that the company has ₹1.20 in current assets for every ₹1 of current liabilities, which suggests a reasonable liquidity position. In 2024, the ratio was higher at 1.34, meaning liquidity has slightly weakened in 2025, possibly due to increased current liabilities or reduced current assets such as trade receivables or inventories.

Debt-Equity Ratio

This ratio shows the proportion of debt financing relative to shareholders’ equity. A debt-equity ratio of 0.83 in 2025 indicates that the company uses ₹0.83 of debt for every ₹1 of equity. In 2024, it was 0.90, meaning leverage has improved slightly in 2025. This reduction suggests more conservative financing, reduced borrowings, or strengthened equity base.

Debt Service Coverage Ratio (DSCR)

DSCR measures the company’s ability to service its interest and principal obligations from operating profits. A DSCR of 0.75 in 2025 indicates that operating cash flow is insufficient to cover debt obligations fully, signaling potential stress. In contrast, 2024’s DSCR of 1.02 shows that the company was previously capable of meeting its debt payments comfortably. The decline in 2025 may point to reduced operating performance or higher finance costs.

Return on Equity (ROE)

ROE highlights the profitability generated from shareholders’ investments. The ROE of 8.06% in 2025 means the company earned ₹8.06 for every ₹100 invested by shareholders. In 2024, ROE was higher at 8.85%, suggesting that profitability relative to equity has declined. This could be due to increased equity capital, lower net profit, or a combination of both.

Inventory Turnover Ratio

This ratio shows how efficiently the company converts inventory into sales. The 167.00 turnover in 2025 indicates extremely fast inventory movement, meaning stock is being sold and replenished quickly. The 131.00 turnover in 2024 was slower. The improvement in 2025 may reflect better demand, reduced inventory levels, or more efficient supply chain management.

Trade Receivables Turnover Ratio

This measures how quickly the company collects receivables from customers. A ratio of 2.27 in 2025 suggests collections are slower compared to 3.12 in 2024. The decline indicates longer credit cycles or increased outstanding receivables, which may affect liquidity and cash flow.

Trade Payables Turnover Ratio

The ratio indicates how quickly the company pays its suppliers. A ratio of 2.99 in 2025 means the company is paying suppliers faster than in 2024 (6.01). The significant drop implies that in 2025, the company is settling dues more slowly, possibly using trade credit as a source of short-term financing or negotiating better credit terms.

Net Capital Turnover Ratio

This ratio measures the efficiency of using working capital (current assets − current liabilities) to generate revenue. A ratio of 6.40 in 2025, higher than 5.80 in 2024, indicates improved efficiency. The company generated more revenue for each rupee of working capital, suggesting better operational efficiency and use of short-term resources.

Net Profit Ratio

The net profit ratio shows how much profit the company earns from its sales. A ratio of 5.00% in 2025 means the company earns ₹5 profit for every ₹100 of sales, which is significantly higher than 2.59% in 2024. The improvement shows better cost management, higher margins, or increased revenue quality.

Return on Capital Employed (ROCE)

ROCE indicates the efficiency and profitability of capital employed (equity + debt). The 8.53% ROCE in 2025 reflects moderate returns but is lower than 14.88% in 2024. This decline suggests reduced profitability from capital investments or higher capital employed without a proportional increase in earnings.