Imagine Marketing Limited (BOAT) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Imagine Marketing Limited

Imagine Marketing Limited Consolidated Balance Sheet (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Non-Current Assets
Property, plant and equipment	187.11	219.17
Right-of-use assets	185.41	280.41
Goodwill	1,783.84	1,783.84
Other Intangible assets	1,082.97	1,318.14
Intangible assets under development	22.43	-
Investments accounted for using the equity method	322.60	480.20
Other financial assets	38.51	42.37
Deferred tax assets (net)	362.87	553.91
Income tax assets (net)	123.75	220.11
Other non-current assets	3.51	3.40
Current Assets
Inventories	3,258.12	4,310.06
Investments	831.95	-
Trade receivables	2,545.41	1,507.96
Cash and cash equivalents	837.68	604.45
Bank balance other than cash and cash equivalents	1,990.00	1,935.00
Loans	0.54	0.04
Other financial assets	133.04	164.06
Other current assets	2,099.68	3,632.13
Total Assets	15,809.42	17,055.25
Equity
Equity share capital	96.15	96.15
Instruments entirely equity in nature	108.71	108.71
Other equity	4,506.36	3,868.00
Non-Current Liabilities
Borrowings	-	5,039.95
Lease liabilities	114.79	197.48
Provisions	31.93	22.53
Deferred tax liabilities (net)	107.60	166.89
Current Liabilities
Borrowings	5,648.81	3,561.92
Lease liabilities	83.23	82.93
Trade Payable
Total outstanding dues of micro and small enterprises	276.79	91.08
Total outstanding dues of creditors other than micro and small enterprises	3,434.56	2,109.57
Other financial liabilities	139.87	489.77
Other current liabilities	151.43	101.17
Provisions	1,109.19	1,119.10
Total Equity and Liabilities	15,809.42	17,055.25

Imagine Marketing Limited Consolidated Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Income
Revenue from operations	30,732.77	31,176.74
Other income	245.37	176.72
Total Income	30,978.14	31,353.46
Expenses
Purchases of stock-in-trade	20,697.81	22,711.25
Changes in inventories of stock-in-trade	1,051.94	391.69
Employee benefits expense	1,348.04	1,305.19
Finance costs	278.85	683.69
Depreciation and amortization expense	399.32	355.86
Other expenses	6,627.58	6,888.22
Total Expenses	30,403.54	32,335.90
Profit/(Loss)before exceptional items, share of profit/(losses) of associate join venture and tax	574.60	(982.53)
Share of profit of associate and joint venture (net of tax)	86.39	19.19
Profit/(loss) before exceptional item and tax	660.99	(962.53)
Add: Exceptional item on sale of investment in associate	86.03	-
Profit/(Loss) before tax	747.02	(962.53)
Current tax	4.32	6.84
Deferred tax	131.90	(172.53)
Profit/(Loss)for the year	610.80	(796.84)
Other Comprehensive Income
Re-measurements of the net defined benefit plans	(0.61)	4.32
Less- Income tax relating to items that will not be reclassified to profit and loss	0.15	(1.09)
Exchange differences in translating financial statements of foreign operations	(6.13)	56.20
Other Comprehensive Income for the year, net of tax	(6.67)	59.43
Total Comprehensive Income for the year	604.13	(737.41)
Profit/(loss) for the year attributable to:
Owners of the Company	610.80	(796.84)
Other comprehensive income for the year attributable to:
Owners of the Company	(6.67)	59.43
Total comprehensive income for the year attributable to:
Owners of the Company	604.13	(737.41)
Earnings/(Loss) per equity share (face value of Re. 1 each)
Basic (Rs.)	4.07	(5.31)
Diluted (Rs.)	4.05	(5.31)

Imagine Marketing Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Profit/(Loss)before tax	747.02	(962.53)
Adjustments for:
Share of profit of associates and joint venture (net of tax)	(86.39)	(19.91)
Exceptional item	86.03	-
Depreciation and amortization expense	399.32	355.86
Impairment expense	7.73	-
Share based payment expense	86.04	111.56
Interest on fixed deposits from banks	(170.29)	(137.26)
Interest income from others	(2.72)	(2.40)
Fair valuation (gain) from investments designated at FVTPL (net)	(23.82)	(0.15)
Gain on de-recognition of leases	(0.16)	(2.28)
Fair value loss on account of changes in financial liabilities	6.52	8.72
Finance cost	278.85	683.69
Provision/(Reversal) for loss allowance for trade receivables	18.67	(62.23)
Provision for doubtful advances	145.59	104.26
Provision/(Reversal)for slow and non-moving inventory (net)	(589.32)	758.33
Loss on Sale/Disposal of tangible and intangible assets (net)	0.20	1.07
Unrealized foreign exchange loss (net)	13.88	0.49
Loss of derivative contracts	14.51	-
Operating profit before working capital changes	931.66	837.22
Adjustments for :
Decrease/(Increase) in inventories	1,641.26	(366.64)
Decrease/(Increase) in trade receivables	(1,056.12)	1,312.34
Decrease/(Increase) in loans	(0.50)	0.41
Decrease/(Increase) in other financial assets	0.13	105.52
(Increase) in other current and non-current assets	1,386.75	2,06.45
Increase/(Decrease) in trade payables	1,336.57	(395.30)
Increase in other financial liabilities	36.47	9.42
Increase/(Decrease) in other current liabilities	50.25	(50.11)
Increase /(Decrease) in current and non-current provisions	(2.71)	466.01
Cash generated from operations	4,323.76	3,981.32
Taxes paid (net of refunds)	92.04	(47.25)
Net Cash flows from operating activities	4,415.79	3,934.08
Cash Flow from Investing Activities
Dividend received from joint venture	30.00	-
Sale of investment I associate/(Investment made in equity share of joint venture)(net of exceptional items)	127.96	(165.00)
(Investment in)/Redemption of mutual funds (net)	(808.13)	8.29
Acquisition of property, plant and equipment	(50.33)	(199.67)
Proceeds from sale of property, plant and equipment	0.01	78.87
Acquisition of intangible assets including expenditure on internally generated intangible assets	(22.84)	(82.85)
Redemption of fixed deposits	(4,995.00)	244.39
Investment in fixed deposits	5,075.00	(249.00)
Payment of deferred consideration	(470.85)	(224.53)
Interest on fixed deposits	176.38	215.32
Net cash flow (used in) investing activities	(937.71)	(374.18)
Cash Flow from Financing Activities
Proceeds from issue of equity shares, including securities premium	-	7.09
(Repayment) of short-term borrowings(net)	(2,959.58)	(3,767.96)
Principal repayment of lease liabilities	(85.02)	(87.74)
Interest repayment of lease liabilities	(21.50)	(24.66)
Interest and other borrowing costs paid	(172.56)	(612.40)
Net cash flow generated from financing activities	(3,238.66)	(4,485.67)
Effect of exchange differences on translation of foreign currency	(6.21)	56.20
Net increase/(decrease) in cash and cash equivalents	233.23	(869.58)
Cash and cash equivalents at the beginning of the year	604.45	1,474.03
Cash and cash equivalents at the end of the year	837.68	604.45

Here is a summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities

In FY 2025, the company reported a profit before tax of ₹747.02 million, a turnaround from the loss of ₹962.53 million in FY 2024. After adjustments for non-cash and non-operating items such as depreciation (₹399.32 million), finance costs (₹278.85 million), provisions for doubtful advances (₹145.59 million), and reversal of slow-moving inventory provisions (₹589.32 million), the operating profit before working capital changes stood at ₹931.66 million in FY 2025, slightly higher than ₹837.22 million in FY 2024.

Working capital adjustments provided a strong boost to cash flows. Notably, there was a reduction in inventories of ₹1,641.26 million, and an increase in trade payables of ₹1,336.57 million, though trade receivables increased by ₹1,056.12 million, creating some outflow. As a result, cash generated from operations rose to ₹4,323.76 million in FY 2025 compared to ₹3,981.32 million in FY 2024. After accounting for taxes, the net cash flow from operating activities was ₹4,415.79 million, higher than the ₹3,934.08 million achieved in FY 2024. This shows significant improvement in operational efficiency and working capital management.

Cash Flow from Investing Activities

The company’s investing activities showed moderate outflows in FY 2025 compared to FY 2024. The major movements include investment in mutual funds (₹808.13 million), payment of deferred consideration (₹470.85 million), and acquisition of property and intangible assets totaling ₹73.17 million. At the same time, the company redeemed fixed deposits worth ₹5,075 million, while also investing ₹4,995 million, balancing liquidity management. Additional inflows came from dividends from a joint venture (₹30 million) and proceeds from sale of investment in associate (₹127.96 million).

Overall, the company reported a net cash outflow of ₹937.71 million in FY 2025, compared to ₹374.18 million in FY 2024. The higher outflow reflects continued strategic investments, but these were partly offset by cash inflows from fixed deposit movements.

Cash Flow from Financing Activities

Financing activities showed a clear outflow trend. In FY 2025, the company repaid short-term borrowings worth ₹2,959.58 million, alongside lease liability repayments of ₹106.52 million (principal and interest), and borrowing costs of ₹172.56 million. Unlike FY 2024, there was no equity issuance in FY 2025. Consequently, the net outflow from financing activities stood at ₹3,238.66 million in FY 2025, lower than the ₹4,485.67 million outflow in FY 2024, but still a significant drain on cash resources.

Net Cash Position

Despite heavy outflows from investing and financing activities, strong cash inflows from operations ensured that the company ended FY 2025 on a positive note. The net increase in cash and cash equivalents was ₹233.23 million in FY 2025, reversing the sharp decline of ₹869.58 million in FY 2024.

Standalone Financial Ratios of Imagine Marketing Limited

Particulars	2025	2024
Current ratio	1.05	1.71
Debt-Equity ratio (CCPS Treated as financial liability)	1.10	1.82
Debt-Equity ratio (CCPS treated as Equity)	0.09	0.37
Debt Service coverage ratio	0.43	0.08
Return on equity ratio (in %) (CCPS treated as financial liability)	12.71%	-10.89%
Return on equity ratio (in %) (CCPS treated as equity)	6.36%	-5.38%
Inventory Turnover ratio	5.74	5.15
Trade receivables turnover ratio	15.17	14.81
Trade Payables turnover ratio	9.06	11.97
Net capital turnover ratio	51.72	6.19
Net profit ratio (in %)	2.10%	-1.73%
Return on capital employed (in %)	9.13%	-0.60%
Return on Investment (in %)	7.90%	6.21%

Here is a summary of the financial ratios for Imagine Marketing Limited for the year 2025 and 2024:

Current Ratio

The current ratio decreased from 1.71 in 2024 to 1.05 in 2025. This means the company now has just enough current assets to cover its current liabilities, compared to a stronger cushion last year.

Debt-Equity Ratio

When CCPS is treated as liability: The ratio fell from 1.82 to 1.10, showing reduced financial risk. The company is still dependent on debt, but the burden has come down.

When CCPS is treated as equity: The ratio dropped from 0.37 to 0.09, which indicates very low leverage. Under this treatment, the company looks financially very strong and almost debt-free.

Debt Service Coverage Ratio (DSCR)

The DSCR rose from 0.08 in 2024 to 0.43 in 2025. A ratio below 1 means earnings are not enough to cover debt obligations. However, the improvement shows that the company has strengthened its ability to service debt.

Return on Equity (ROE)

With CCPS as liability: ROE moved from -10.89% to 12.71%, a big turnaround. This means the company has shifted from eroding shareholder value to creating good returns.

With CCPS as equity: ROE improved from -5.38% to 6.36%, again showing that the company is now profitable and rewarding shareholders, although at a lower level than the liability treatment.

Inventory Turnover Ratio

The ratio increased from 5.15 to 5.74. This means the company is selling and replenishing its stock more quickly, which is a positive sign of operational efficiency and better demand management.

Trade Receivables Turnover Ratio

The ratio improved slightly from 14.81 to 15.17. This means the company is collecting dues from customers faster than last year, improving cash flow and reducing credit risk.

Trade Payables Turnover Ratio

The ratio fell from 11.97 to 9.06. This indicates the company is taking longer to pay its suppliers. While this can help with cash management, it may affect supplier relationships if stretched too far.

Net Capital Turnover Ratio

This ratio jumped from 6.19 to 51.72, which is a huge improvement. It means the company is using its working capital very efficiently to generate sales. This reflects much stronger operational management compared to last year.

Net Profit Ratio

The net profit margin improved from -1.73% in 2024 to 2.10% in 2025. This shows the company moved from a loss to a profit, indicating stronger cost control and revenue growth.

Return on Capital Employed (ROCE)

ROCE rose from -0.60% to 9.13%. This means the company is now generating positive returns on the overall capital invested, showing a strong recovery in efficiency and profitability.

Return on Investment (ROI)

The ROI increased from 6.21% to 7.90%. This suggests the company’s investments are giving better returns than before, reflecting stronger overall performance.