B9 Beverages Limited (BIRA) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
B9 Beverages Limited

B9 Beverages Limited Consolidated Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Non-current assets
Plant, property and equipment	4,292.80	4,314.59
Capital work in progress	278.69	151.62
Investment property	10.91	11.02
Goodwill	688.70	688.70
Intangible assets	776.30	666.88
Intangible assets under development	13.66	-
Loans	161.29	46.84
Other financial assets	285.16	543.18
Income tax effect	36.50	14.90
Other non-current tax assets	590.14	139.26
Current assets
Inventories	1,081.89	1,642.05
Investments	0.57	-
Trade receivables	1,088.00	1,696.84
Cash and cash equivalent	80.02	238.36
Bank balances other than cash and cash equivalent	1,644.32	1,743.37
Loans	46.84	44.39
Other financial assets	44.03	9.09
Other current assets	386.95	790.50
Total assets	11,506.77	12,741.59
Equity
Equity share capital	209.26	190.15
Instruments entirely equity in market	1,092.74	1,451.37
Other equity	-6,123.17	-22.93
Non-current liabilities
Borrowings	2,836.67	174.03
Lease liabilities	2,667.79	2,832.34
Provisions	115.32	69.15
Deferred tax liabilities	139.80	139.80
Current liabilities
Borrowings	3,101.57	2,972.02
Lease liabilities	716.89	651.32
Trade payables
Total outstanding dues of micro enterprises and small enterprises	237.00	283.30
Total outstanding dues of creditors other than above	4,140.16	2,587.80
Other financial liabilities	370.12	266.63
Other current liabilities	1,854.29	1,016.40
Provisions	21.64	13.35
Current tax liabilities	126.69	125.86
Total equity and liabilities	11,506.77	12,741.59

B9 Beverages Limited Consolidated Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Income
Revenue from Operations	6,385.31	8,243.23
Other Income	297.14	243.96
Total Income	6,682.45	8.487.19
Expenses
Costs of material consumed	2,009.16	2,476.21
Changes in inventories of work-in-progress and finished goods	333.64	-262.72
Excise duty on sale of goods	2,466.68	3,658.60
Employee benefits expense	1,824.96	1,149.88
Finance costs	1,600.36	965.99
Depreciation & amortization expense	1,437.20	1,214.18
Other Expenses	4,498.45	3,622.02
Total Expenses	14,170.45	12,824.16
Loss Before Tax	-7,488.00	-4,336.97
Current Tax	-	117.86
Deferred Tax	-	-
Loss after tax	7,488.00	4,454.83
Other comprehensive income
Items that will not to be reclassified to profit or loss
Re-measurement gains on defined benefits plans	-17.70	-3.37
Items that will be reclassified to profit or loss
Exchange differences in translation of foreign operations	-16.19	-143.56
Total Comprehensive Income for the Year	-7,521.89	-4,601.76
Earning per share
Basic & diluted	-125.99	-90.70

B9 Beverages Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Loss Before Tax	-7.488.00	-4,336.97
Adjustments:
Depreciation and amortization expense	1,437.20	1,214.18
Employee stock options expense	218.93	109.91
Provisions for expired inventory	111.80	138.90
Bad debts	0.00	77.90
Loss allowance	129.84	34.50
Provisions for doubtful advances/deposits	15.46	-
Interest income	-209.94	-82.88
PPE written off	16.78	46.54
Net gain on redemption of mutual funds	-0.67	-21.59
Gain on termination of lease liabilities	-24.03	-68.11
Finance costs	1,231.33	897.32
Unrealised foreign exchange gain	-16.19	-6.88
Adjustments for Changes in
Trade receivables	367.20	-607.53
Inventories	560.16	-1,039.15
Other financial and other current assets	421.80	-594.33
Trade payables, other financial liabilities and provisions	-2,405.31	1,386.06
Operating Loss After Working Capital Changes	-823.02	-2,852.13
Income tax refund (net)	-20.77	-6.36
Net Cash from Operating Activities	-843.79	-2,858.49
Cash Flow from Investing Activities
Purchase of plant, property and equipment	-1,473.42	-1,282.63
Interest received	206.65	68.98
Deposits made with banks	282.43	-1,194.05
Proceeds from sale of mutual funds	0.10	21.59
Loan(given)/repaid	-113.61	44.19
Net Cash used in Investing Activities	-1,097.85	-2,341.92
Cash Flow from Financing Activities
Proceeds from issue of instruments entirely equity in nature	895.55	6,077.08
Payments for transaction costs	-32.35	-83.74
Proceeds from non-current borrowings	2,823.53	390.00
Repayment of non-current borrowings	-150.00	-640.97
Payment of lease liabilities - principle	-687.57	-579.28
Payment of lease liabilities - interest	-572.39	-430.24
Proceeds from current borrowings (net)	129.55	1,062.58
Interest paid	-618.02	-445.02
Net Cash Flow from Financing Activities	1,783.30	5,350.41
Net Increase/decrease in Cash & cash equivalents	-158.34	150.00
Cash and cash equivalents at the beginning of the year	238.36	88.36
Cash and cash equivalents at the end of the year	80.02	238.36

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

Cash Flow from Operating Activities

During FY 2023–24, the company reported a net cash outflow from operating activities of ₹843.79 million, compared to a higher outflow of ₹2,858.49 million in FY 2022–23, indicating improvement in operational cash management despite continued losses. The company incurred a loss before tax of ₹7,488.00 million, wider than the previous year’s loss of ₹4,336.97 million. However, substantial non-cash adjustments such as depreciation and amortisation (₹1,437.20 million), finance costs (₹1,231.33 million), and employee stock option expenses (₹218.93 million) partially offset the accounting loss.

Working capital movements contributed positively overall, with reductions in inventories (₹560.16 million), trade receivables (₹367.20 million), and other current assets (₹421.80 million) releasing cash. However, a significant decrease in trade payables and other liabilities (₹2,405.31 million) led to cash outflow. After incorporating working capital changes and tax refunds, the net operating cash outflow reduced substantially compared to last year, reflecting better operational stabilization.

Cash Flow from Investing Activities

The company recorded a net cash outflow of ₹1,097.85 million from investing activities in FY 2023–24, lower than the ₹2,341.92 million outflow in the previous year. Major cash usage was towards purchase of property, plant and equipment amounting to ₹1,473.42 million, indicating continued capital expenditure. This was partially offset by interest received (₹206.65 million) and net maturity of bank deposits (₹282.43 million). The reduced investing outflow compared to FY 2022–23 suggests relatively controlled capital spending and improved liquidity management.

Cash Flow from Financing Activities

Financing activities generated a net cash inflow of ₹1,783.30 million during FY 2023–24, significantly lower than the ₹5,350.41 million inflow in FY 2022–23. The inflow was mainly driven by proceeds from non-current borrowings (₹2,823.53 million) and equity instruments issued (₹895.55 million). These were partly offset by lease liability payments (₹1,259.96 million including interest), interest payments (₹618.02 million), and repayment of borrowings (₹150.00 million). Compared to the previous year, the sharp decline in equity infusion indicates reduced external capital raising.

Net Change in Cash and Cash Equivalents

Overall, the company recorded a net decrease in cash and cash equivalents of ₹158.34 million in FY 2023–24, compared to an increase of ₹150.00 million in FY 2022–23. As a result, closing cash and cash equivalents declined to ₹80.02 million, down from ₹238.36 million at the beginning of the year. Although financing inflows supported liquidity, continued operating losses and capital expenditure led to a net cash reduction.