Ashok Leyland Finance Annual Report | Balance Sheet

Ashok Leyland Finance Limited (Ashok Leyland Finance) Return Comparision with Primex 40 Index

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Ashok Leyland Finance Limited

Ashok Leyland Finance Balance Sheet (In Rs Lakhs)

Particulars	2022	2021
ASSETS
Non- Current Assets
Property, plant and equipment	4,977.12	5,309.66
Capital work-in-progress	111.11	228.78
Right-of-use asset	296.58	289.54
Goodwill	449.9	449.9
Other intangible assets	877.3	1,001.29
Intangible assets under development	83.16	143.07
Financial assets
(i) Investments	3,521.58	3,068.72
(ii) Trade receivables	0.03	0.31
(iii) Other financial assets	68.63	57.54
Income tax assets (net)	88.75	100.26
Other non-current assets	337.81	349.31
Total non- current assets	10,811.97	10,998.38
Current Assets
Inventories	2,075.20	2,142.29
Financial assets
(i) Investments	1298.05	-
(ii) Trade receivables	3111.02	2,816.00
(iii) Cash and cash equivalents	994.25	530.13
(iv) Bank balances other than (iii) above	52.71	292.82
(v) Loans	-	4.29
(vi) Other financial assets	995.58	825.14
Other current assets	931.37	840.86
Total current assets	9458.18	7,451.53
Asset classified as held for sale	63.63	-
TOTAL ASSETS	20,333.78	18,449.91
EQUITY AND LIABILITIES
Equity share capital	293.55	293.55
Other equity	7,043.35	6,683.65
Total shareholder 's funds	7,336.90	6,977.20
Non-current liabilities
Financial liabilities
(i) Borrowings	2,850.61	2,558.01
(ii) Lease Liabilities	34.42	22.12
(iii) Other financial liabilities	29.41	44.88
Contract liabilities	190.58	213.50
Provisions	200.21	189.57
Deferred tax liabilities (net)	144.36	189.57
Total non- current liabilities	3,449.59	3,198.87
Current Liabilities
Financial liabilities
(i) Borrowings	656.49	1,170.74
(ii) Lease Liabilities	12.36	7.94
(iii) Trade payables
a) Total outstanding dues of micro enterprises and small enterprises	59.84	37.18
b) Total outstanding dues of creditors other than micro enterprises and small enterprises	6,815.39	5,127.51
(iv) Other financial liabilities	699.73	771.93
Contract liabilities	416.20	479.43
Provisions	470.25	464.96
Other current liabilities	281.78	160.70
Current tax liabilities (net)	123.47	53.45
Total current liabilities	9,535.51	8,273.84
Liabilities directly associated with assets classified as held for sale	11.78	-
Total Equity and Liabilities	20,333.78	18,449.91

Ashok Leyland Finance Profit & Loss Statement (In Rs Lakhs)

Particulars	2022	2021
Revenue From Operations	21688.29	15301.45
Other Income	76.13	119.50
Total Income	21764.42	15420.95
EXPENSES
Cost of materials and services consumed	15913.16	11118.96
Purchases of stock-in-trade	896.90	746.66
Changes in inventories of finished goods, stock-in-trade and work-in-progress	-48.99	-462.31
Employee benefits expense	1694.60	1583.89
Finance costs	301.11	306.79
Depreciation and amortisation expense	752.76	747.71
Other expenses	2238.10	1779.11
Total expenses	21747.64	15820.81
Profit / (Loss) before exceptional items and tax	16.78	-399.86
Exceptional items	510.83	-12.05
Profit / (Loss) before tax	527.61	-411.91
Tax expense:
Current tax - Charge	10.11	0.02
Deferred tax - Credit	-24.33	-98.25
Total Tax Expense	-14.22	-98.23
Profit / (Loss) for the year	541.83	-313.68
Other Comprehensive (Loss) / Income
A (i) Items that will not be reclassified to Profit or Loss
Re-measurement of Defined Benefit Plans	-41.00	8.28
(ii) Income tax relating to items that will not be reclassified to Profit or Loss	14.33	-2.89
B (i) Items that will be reclassified to Profit or Loss
Effective portion of gain and loss on designated portion of hedging instruments in a cash flow hedge	34.99	3.81
(ii) Income tax relating to items that will be reclassified to Profit or Loss	-12.23	-1.33
Total Other Comprehensive (Loss) / Income	-3.91	7.87
Total Comprehensive Income / (Loss) for the year	537.92	-305.81
Earnings per equity share
(1) Basic	1.85	-1.07
(2) Diluted	1.84	-1.07

Ashok Leyland Finance Consolidated Cash Flow Statement (In Rs Lakhs)

Particulars	2022	2021
Cash flows from operating activities
Net Profit/ (Loss) before tax adjustments for:	541.83	-313.68
Adjustments for:
Income tax credit	-14.22	-98.23
Depreciation and amortisation expense	736.66	728.56
Depreciation of Right-of-use asset	16.1	19.15
Share based payment cost	-2.09	19.02
Impairment / (Reversal of) loss allowance, write off on trade receivable / other receivable (net)	-5.38	63.75
Impairment (reversal) / loss in the value of equity instruments in subsidiaries (net)	-537.83	11.74
Loss on fair valuation of investment	107.13	-
Reversal of provision for obligation	-33.26	-
Obligation relating to discontinued products of LCV division (net of reversal)	3.67	-78.76
Reversal of provision relating to long term investment	-1.17	-
Foreign exchange gain	-4.83	-22.06
Exchange loss on swap contracts	17.1	23.94
Profit on sale of Property, plant and equipment (PPE) and intangible assets – net	-3.02	-9.58
Profit on sale of Immovable Property	-	-6.92
Profit (net) in relation to EV and related expenses	-104.96	-
Provision relating to EMAAS business classified as asset held for sale	26.84	-
Profit on sale of investments – net	-13.31	-6.91
Net (gain) / loss arising on financial asset mandatorily measured at FVTPL	-2.36	6.85
Finance costs	301.11	306.79
Interest income	-21.91	-94.29
Dividend income	-0.07	-0.19
Gain on pre-closure of leases	-0.14	-0.1
Operating profit/ (loss) before working capital changes	1005.89	549.08
Adjustments for changes in :
Trade receivables	-291.6	-1,702.47
Inventories	20.85	-904.29
Other non-current and current financial assets	160.21	40.74
Other non-current and current assets	-97.4	8.49
Payment to escrow account	-9.59	-0.75
Related party advances / receivables (net)	-2.8	0.2
Trade payables	1,732.00	2,132.81
Non-current and current financial liabilities	-5.93	-9.75
Contract liabilities	-80.83	-168.15
Other current liabilities	98.68	76.16
Other non-current and current provisions	46.03	-78.82
Cash from / (used in) operations	2,575.51	-56.75
Income tax refund received (net)	71.42	77.88
Net cash from operating activities	2,646.93	21.13
Cash flows from investing activities
Purchase of PPE and intangible assets	-400.02	-656.08
Proceeds on sale of PPE and intangible assets including sale of immovable properties	6.7	39.51
Proceeds on surrender of Leasehold land	97.61	-
Purchase of non-current investments	-16.5	-367.68
Sale proceeds of non-current investments	0.07	-
(Purchase) / Proceeds from sale of current investments (net)	-1,283.82	6.91
Inter corporate deposits – repaid	-	500
Investment in bank deposits	-650	-600
Proceeds from bank deposits	750	-
Redemption of escrow account	2.82	-
Interest received	34.16	101.96
Dividend received	0.07	0.19
Net cash flow from investing activities	-1,458.91	-975.19
Cash flow from financing activities
Proceeds from non-current borrowings	650	1,250.88
Repayments of non-current borrowings	-12.5	-212.65
Proceeds from current borrowings	4,624.41	5,625.79
Repayments of current borrowings	-5,518.68	-6,173.92
Payments of Lease liability	-15.32	-12.15
Interest paid	-275.54	-271.98
Dividend paid	-176.13	-
Net cash (used in) / from financing activities	-723.76	205.97
Net cash inflow / (Outflow)	464.26	-748.09
Opening cash and cash equivalents	530.13	1,279.04
Exchange fluctuation on foreign currency bank balances	-0.14	-0.82
Closing cash and cash equivalent	994.25	530.13

Here is a summary of the Cash Flow Statement for the years 2022 and 2021:

1. Operating Activities:

- 2021: In 2021, the net cash from operating activities was Rs.21.13 lakhs, indicating a positive cash flow generated from the company 's core operations.

- 2022: The net cash from operating activities significantly improved in 2022 to Rs.2,646.93 lakhs. This substantial increase suggests a significant enhancement in the company 's operational efficiency and profitability.

2. Investing Activities:

- 2021: The net cash flow from investing activities in 2021 was -Rs.975.19 lakhs, indicating a substantial cash outflow due to investments in property, plant, equipment, and intangible assets, as well as other financial investments.

- 2022: In 2022, the net cash flow from investing activities remained negative but decreased to -Rs.1,458.91 lakhs. This indicates continued investment activities but at a slightly lower magnitude compared to 2021.

3. Financing Activities:

- 2021: The net cash (used in) / from financing activities in 2021 was Rs.205.97 lakhs, indicating a net inflow of cash from financing activities. This suggests that the company raised more funds through financing activities than it repaid.

- 2022: In 2022, the net cash (used in) / from financing activities turned negative, amounting to -Rs.723.76 lakhs. This indicates a net outflow of cash from financing activities, suggesting that the company repaid more debt or distributed more dividends than it raised through financing activities.

4. Overall Cash Position:

- 2021: The net cash inflow / (outflow) for 2021 was -Rs.748.09 lakhs, indicating a decrease in the company 's overall cash position compared to the beginning of the year.

- 2022: Conversely, the net cash inflow / (outflow) for 2022 was Rs.464.26 lakhs, indicating an improvement in the company 's overall cash position compared to the beginning of the year.

5. Opening and Closing Cash and Cash Equivalents:

- 2021: The opening cash and cash equivalents were Rs.1,279.04 lakhs, decreasing to Rs.530.13 lakhs by the end of the year.

- 2022: In 2022, the opening cash and cash equivalents remained the same at Rs.530.13 lakhs, but by the end of the year, it increased to Rs.994.25 lakhs, indicating a significant improvement in cash reserves.

Financial Ratios

Ratio	2022	2021
Debt equity ratio	0.49	0.54
Debt service coverage ratio	3.58	1.52
Current ratio	0.99	0.9
Trade receivable turnover ratio	7.32	7.64
Inventory turnover ratio	7.95	6.75
Trade payable turnover ratio	3.18	3.44
Net capital turnover ratio	-48.22	-12.76
Return on capital employed (%)	2.51	-2.28
Return on equity (%)	7.57	-4.41
Return on equity (%)	2.5	-2.05

Here is the summary of financial ratios for the year ending 2022 and 2021:

1. Debt Equity Ratio:

- 2022: 0.49

- 2021: 0.54

- Analysis: The Debt Equity Ratio measures the proportion of a company 's financing that comes from debt compared to equity. A decrease from 2021 to 2022 suggests a slight reduction in financial leverage, indicating a potentially improved financial risk profile.

2. Debt Service Coverage Ratio:

- 2022: 3.58

- 2021: 1.52

- Analysis: The Debt Service Coverage Ratio assesses a company 's ability to cover its debt obligations with its operating income. An increase from 2021 to 2022 indicates an improved ability to service debt from operating income, suggesting enhanced financial stability.

3. Current Ratio:

- 2022: 0.99

- 2021: 0.9

- Analysis: The Current Ratio measures a company 's ability to cover its short-term liabilities with its short-term assets. An increase in the current ratio from 2021 to 2022 indicates an improvement in short-term liquidity.

4. Trade Receivable Turnover Ratio:

- 2022: 7.32

- 2021: 7.64

- Analysis: The Trade Receivable Turnover Ratio evaluates how efficiently a company manages its receivables. A slight decrease from 2021 to 2022 suggests a slightly longer period to collect receivables.

5. Inventory Turnover Ratio:

- 2022: 7.95

- 2021: 6.75

- Analysis: The Inventory Turnover Ratio indicates how effectively a company manages its inventory. An increase from 2021 to 2022 suggests more efficient inventory management.

6. Trade Payable Turnover Ratio:

- 2022: 3.18

- 2021: 3.44

- Analysis: The Trade Payable Turnover Ratio measures how quickly a company pays its suppliers. A decrease from 2021 to 2022 suggests a slightly longer period to pay trade payables.

7. Net Capital Turnover Ratio:

- 2022: -48.22

- 2021: -12.76

- Analysis: The Net Capital Turnover Ratio assesses how efficiently a company utilizes its net capital to generate revenue. A more negative ratio in 2022 indicates potential inefficiencies or challenges in capital utilization.

8. Return on Capital Employed (ROCE):

- 2022: 2.51%

- 2021: -2.28%

- Analysis: ROCE measures the efficiency of capital utilization in generating profits. The positive shift from a negative value in 2021 to a positive value in 2022 indicates improved capital efficiency.

9. Return on Equity (ROE):

- 2022: 7.57%

- 2021: -4.41%

- Analysis: ROE evaluates the return generated on shareholders ' equity. The positive shift from a negative value in 2021 to a positive value in 2022 indicates improved profitability relative to equity.

10. Return on Assets (ROA):

- 2022: 2.5%

- 2021: -2.05%

- Analysis: ROA measures how efficiently assets are used to generate profits. The positive shift from a negative value in 2021 to a positive value in 2022 indicates improved asset efficiency.

Ashok Leyland Finance Annual Reports, Balance Sheet and Financials

Ashok Leyland Finance Limited (Ashok Leyland Finance) Return Comparision with Primex 40 Index

Ashok Leyland Finance Balance Sheet (In Rs Lakhs)

Ashok Leyland Finance Profit & Loss Statement (In Rs Lakhs)

Ashok Leyland Finance Consolidated Cash Flow Statement (In Rs Lakhs)

Financial Ratios

Dividend History (NA)

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