Bhishma Realty Annual Reports, Balance Sheet and Financials

Bhishma Realty Limited Consolidated Balance Sheet (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Non-current assets
Plant, property and equipment	3,784.55	4,192.79
Investment property	1,331.29	1,399.44
Goodwill	1,592.62	1,592.62
Other intangible assets	0.02	0.04
Right of use assets	121.23	197.65
Investment accounted for using the equity method	26,893.41	25,352.35
Investments	17,291.01	11,100.09
Other financial assets	0.67	16.59
Deferred tax assets	-	59.67
Other non-current assets	2,616.04	2,429.98
Current assets
Inventories	69,770.85	1,09,059.63
Investments	18,066.38	3,473.55
Trade receivables	1,802.29	1,447.12
Cash and cash equivalent	313.56	4,011.90
Bank balances other than above	7.21	6.41
Loans	1,500.00	1,500.00
Other financial assets	250.53	157.41
Current tax assets (net)	481.61	1,126.78
Other current assets	2,613.37	2,266.31
Total assets	1,48,436.64	1,69,390.33
Equity
Equity share capital	0.97	0.99
Other equity	80,232.77	45,571.70
Non-current liabilities
Lease liabilities	51.11	131.46
Other financial liabilities	52.23	48.59
Provisions	41.45	77.61
Deferred tax liabilities	52.38	-
Other non-current liabilities	36,232.09	31,119.50
Current liabilities
Lease liabilities	80.28	70.49
Trade payables – total outstanding dues of micro and small enterprises	-	25.42
Total outstanding dues other than above	-	26.96
Other financial liabilities	15,376.38	19,352.56
Other current liabilities	16,288.18	72,937.87
Provisions	28.73	27.18
Total equity and liabilities	1,48,436.64	1,69,390.33

Bhishma Realty Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	88,566.31	45,867.96
Other Income	2,527.77	2,527.14
Total Income	91,094.08	48,395.10
Expenses
Changes in inventories of finished goods and WIP	39,656.82	19,679.53
Employee benefits expense	2,254.95	1.20
Finance costs	12.74	14.26
Depreciation & amortization expense	535.75	370.13
Other Expenses	2,583.40	2,104.98
Total Expenses	45,043.66	22,170.10
Profit Before Tax	46,050.42	26,225.00
Current Tax	11.513.45	6,450.00
Deferred Tax	105.22	43.53
Share of profit in associate company	1,540.65	1,746.99
Profit for the year	35,972.40	21,478.46
Other comprehensive income
Remeasurement of defined benefit plan	27.13	-6.27
Share of other comprehensive income in associate accounted for using equity method	0.41	-0.79
Income tax relating to items that will not be reclassified to profit or loss	-6.83	1.58
Total income for the period	35,993.11	21,472.98
Earning per share
Basic & diluted	3,72,231.02	2,17,129.64

Bhishma Realty Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net Profit/(loss) Before Tax	45,591.07	27,971.99
Finance costs	12.74	4,313.62
Depreciation and amortisation expenses	535.75	442.64
Interest income	-921.39	-550.21
Profit on sale of PPE	-22.68	-0.94
Unwinding of discount on security deposit	-3.42	-3.42
Rental income	9.41	-
Net gain/loss on fair value changes of investments	-508.95	-425.18
Net Gain on sale of investments	-685.59	-907.45
Share of profit from associate	-1,540.65	-1,746.99
Dividend income	-256.19	-296.64
Impairment loss on value of investments	139.10	-
Sundry balances written off	0.12	-
Financial assets (written back)/write off	-139.10	154.47
Investment related expenses	2.77	63.02
Adjustments for (increase)/decrease in operating assets
Trade receivables	-355.18	-901.52
Inventories	39,330.63	10,057.32
Other non-current assets	-186.06	3,016.74
Other current assets	-347.06	-1,467.16
Other non-current financial assets	-	-
Other current financial assets	-81.96	-1.06
Adjustments for increase/(decrease) in operating liabilities
Trade payables	-52.38	-1,776.59
Other non-current liabilities	5,116.00	-88,597.48
Other non-current financial liabilities	-	-
Other current financial liabilities	-3,976.98	19,322.81
Other current liabilities	-56,649.69	72,887.00
provisions	-7.47	4.52
Cash generated from operations	27,002.84	41,559.49
Direct tax	-10,868.30	-6,591.61
Net Cash from/(used in) Operating Activities	16,134.54	34,967.88
Cash Flow from Investing Activities
Purchase of plant, property and equipment	-33.26	-550.76
Sale of PPE	35.26	10.50
Purchase of investment	-49.983.53	-44,314.53
Proceeds from sale of investments	30,425.09	52,295.79
Interest income	930.47	1,049.65
Investment related expenses	-47.31	-63.02
Dividend income	256.14	296.63
Net Cash from / (used in) Investing Activities	-18,417.14	8,724.26
Cash Flow from Financing Activities
Repayment of borrowings	-	-36,386.39
Interest paid	-0.91	-4,894.74
Dividend paid	-483.15	-197.84
Payment for buyback of shares	-848.91	-
Payment of lease liabilities – principal	-70.49	-71.12
Payment of lease liabilities – interest	-12.28	-7.71
Net Cash from/(used in) Financing Activities	-1,415.74	-41,557.80
Net Increase/decrease in Cash & cash equivalents	-3,698.34	2,134.34
Cash and cash equivalents at the beginning of the year	4,011.90	1,877.56
Cash and cash equivalents at the end of the year	313.56	4,011.90

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

Cash Flow from Operating Activities

During FY 2024-25, the company reported a strong Net Profit before tax of ₹45,591.07 lakhs compared to ₹27,971.99 lakhs in the previous year. After adjusting for depreciation of ₹535.75 lakhs, finance costs of ₹12.74 lakhs, and reducing non-operating incomes such as interest income of ₹921.39 lakhs, dividend income of ₹256.19 lakhs, share of profit from associate of ₹1,540.65 lakhs, and net gains on sale/fair valuation of investments, the operating performance remained solid. A major positive impact came from a reduction in inventories amounting to ₹39,330.63 lakhs. However, there were significant decreases in other current liabilities of ₹56,649.69 lakhs and other current financial liabilities of ₹3,976.98 lakhs. After all working capital adjustments, cash generated from operations stood at ₹27,002.84 lakhs. After payment of direct taxes of ₹10,868.30 lakhs, the company reported a net cash inflow from operating activities of ₹16,134.54 lakhs compared to ₹34,967.88 lakhs in the previous year. Although still positive, operating cash flow has declined compared to FY 2023-24.

 

Cash Flow from Investing Activities

During the year, the company made substantial investments. It purchased investments worth ₹49,983.53 lakhs while receiving ₹30,425.09 lakhs from sale of investments. It also received interest income of ₹930.47 lakhs and dividend income of ₹256.14 lakhs. Capital expenditure on plant and equipment was minimal at ₹33.26 lakhs. Overall, due to higher investment purchases compared to sales, the company reported a net cash outflow from investing activities of ₹18,417.14 lakhs, as against a net inflow of ₹8,724.26 lakhs in the previous year. This indicates aggressive investment deployment during FY 2024-25.

 

Cash Flow from Financing Activities

There were no major borrowings during the year, unlike the previous year where ₹36,386.39 lakhs were repaid. However, the company paid dividend of ₹483.15 lakhs and also incurred ₹848.91 lakhs towards buyback of shares. Lease liability payments including principal and interest totaled ₹82.77 lakhs. As a result, net cash outflow from financing activities stood at ₹1,415.74 lakhs compared to a significant outflow of ₹41,557.80 lakhs in FY 2023-24. The lower financing outflow this year indicates reduced debt repayment burden.

 

Net Increase / (Decrease) in Cash & Cash Equivalents

Due to lower operating inflow and heavy investment outflow, the company recorded a net decrease in cash and cash equivalents of ₹3,698.34 lakhs during FY 2024-25, compared to an increase of ₹2,134.34 lakhs in the previous year. Consequently, cash and cash equivalents reduced from ₹4,011.90 lakhs at the beginning of the year to ₹313.56 lakhs at the end of the year, reflecting significant cash utilization during the year. 

Financial ratios of Bhishma Realty Limited

Particulars	31-03-2025	31-03-2024
Current ratio	2.93	3.35
Debt equity ratio	1.29	1.24
Return on equity ratio	0.13	0.10
Inventory turnover ratio	7.84	8.40
Trade receivables ratio	26.95	23.18
Trade payables turnover ratio	16.12	16.52
Net capital turnover ratio	0.62	0.56
Net profit ratio	0.20	0.18
Return on capital employed	0.15	0.11
Return on Investments	8.77	6.65

Summary of the Financial ratios for the years 2025 and 2024:

Current Ratio

The current ratio declined to 2.93 in FY 2024-25 from 3.35 in FY 2023-24. Although the ratio has slightly decreased, it is still comfortably above 1, indicating that the company has sufficient current assets to meet its short-term liabilities. The reduction may suggest relatively higher current liabilities or lower current asset growth compared to last year, but overall liquidity remains strong.

 

Debt-Equity Ratio

The debt-equity ratio increased marginally to 1.29 from 1.24, indicating a slight increase in reliance on borrowed funds. This means the company is using a bit more debt compared to shareholders’ funds than in the previous year. While the increase is not significant, continuous monitoring is necessary to ensure financial leverage remains at a manageable level.

 

Return on Equity

Return on equity improved to 0.13 (13%) from 0.10 (10%), reflecting better profitability for shareholders. The company is generating higher returns on the capital invested by equity shareholders, indicating improved earnings performance during the year.

 

Inventory Turnover Ratio

Inventory turnover slightly decreased to 7.84 times from 8.40 times, suggesting that inventory is moving slightly slower than the previous year. This could indicate higher inventory holding or slower sales turnover, and efficient inventory management should remain a focus area.

 

Trade Receivables Ratio

The trade receivables ratio increased to 26.95 from 23.18, indicating improved collection efficiency. The company is either collecting receivables faster or generating higher sales relative to receivables, which positively impacts liquidity and cash flow.

 

Trade Payables Turnover Ratio

The trade payables turnover ratio slightly decreased to 16.12 from 16.52, meaning the company is taking marginally more time to pay its suppliers compared to last year. This may help manage cash flow but should be balanced to maintain healthy supplier relationships.

 

Net Capital Turnover Ratio

The net capital turnover ratio improved to 0.62 from 0.56, indicating better utilization of capital employed to generate revenue. This shows improved operational efficiency compared to the previous year.

 

Net Profit Ratio

The net profit ratio increased to 0.20 (20%) from 0.18 (18%), reflecting better cost control and improved profitability margins. The company is retaining a higher portion of its revenue as net profit.

 

Return on Capital Employed

ROCE improved to 0.15 (15%) from 0.11 (11%), indicating more efficient use of total capital (both debt and equity). This reflects improved operational performance and better returns on overall investments in the business.

 

 Return on Investments

Return on investments increased to 8.77% from 6.65%, showing better returns generated from the company’s investment portfolio. This indicates improved investment performance and effective capital allocation.