Calcutta Stock Annual Reports, Balance Sheet and Financials

The Calcutta Stock Exchange Limited Consolidated Balance Sheet (Rs in Thousands)

Particulars	31-03-2025	31-03-2024
Non - Current Assets
Property, Plant and Equipment	2,78,357	2,78,288
Intangible Assets	3,136	856
Non-Current Investments	7,84,073	6,94,639
Deferred Tax Assets	-	6,648
Long Term Loans and Advances	9,60,428	9,94,312
Other Non-Current Assets	4,18,126	5,21,023
Current Assets
Current Investments	1,96,522	97,466
Trade Receivables	11,524	10,763
Cash and Bank Balances	6,98,565	7,57,932
Short Term Loans and Advances	19,926	12,362
Other Current Assets	6,82,622	6,53,646
Total Assets	40,53,279	40,27,935
Equity and Liabilities
Share Capital	619	619
Reserves and Surplus	18,54,652	20,23,774
Total Equity	18,55,271	20,24,393
Non-Current Liabilities
Other Long Term Liabilities	9,41,994	9,43,423
Deferred Tax Liability	21	28
Current Liabilities
Total outstanding dues of creditors other than micro enterprises and small enterprises	7,753	14,460
Other Current Liabilities	10,19,668	10,19,355
Short Term Provisions	2,28,572	26,276
Total Equity & Liabilities	40,53,279	40,27,935

The Calcutta Stock Exchange Limited Consolidated Profit & Loss Statement (Rs in Thousands)

Particulars	31-03-2025	31-03-2024
Income :
Revenue from Operations	1,14,295	1,28,123
Other Income	1,53,701	1,42,703
Total Income	2,67,996	2,70,826
Expenses :
Employee Benefits Expense	1,19,345	1,01,092
Provision for VRS	2,09,544	-
Other Expenses	48,308	38,324
Depreciation and Amortization Expense	2,014	2,266
Contribution to SEBI	5,290	7,030
Contribution to Stock Exchange Investors ' Protection Fund	22,951	32,450
Total Expenses	4,07,452	1,81,162
Profit before Tax and contribution to Settlement Guarantee Fund and Investors ' Service Fund	(1,39,456)	89,664
Total Current Tax (Net) Pertaining to profit for the current year	21,189	26,172
Adjustment of tax relating to earlier years MAT Credit utilised during the year	2,142	12,360
Deferred Tax	6,642	(1,180)
Profit after tax before contribution to Settlement Guarantee Fund, Investors ' Service Fund and apportioned to General Reserve of	(1,69,429)	52,312
Contribution to Settlement Guarantee Fund  (net of tax)	34,560	28,771
Contribution to Investors ' Service Fund (net of tax)	13,586	15,220
Total of Contributions to Settement Guarantee Fund, Investors ' Service Fund	48,146	43,991
Profit after tax for the year	(2,17,575)	8,321
Earning Per Share
Basic and Diluted	(355.95)	13.61

The Calcutta Stock Exchange Limited Consolidated Cash Flow Statement (Rs in Thousands)

Particulars	31-03-2025	31-03-2024
Cash  Flow  from Operating  Activities
Profit  before  Tax  and  contribution  to  Settlement  Guarantee  Fund  Investors’  Service  Fund and	(1,39,456)	89,664
Adjustment  to reconcile  profit  before  tax  to net  cash  flows  :-
Depreciation  and  Amortization  expense	2,014	2,266
Provision  for  Doubtful  Debts  and  Advances	16,377	4,288
Sundry balance written off	382	458
Liabilities/Provisions no longer required, written back	-	(4,037)
Interest  on  Fixed  Deposits	(98,880)	(87,087)
Interest  on  Bonds	(29,239)	(26,414)
Interest  on  Income  Tax  Refunds	(8,780)	(644)
Dividend  Income  from  Investments	(6,657)	(6,338)
Provision for VRS expenditure	2,09,544	-
Profit  on  sale  of  Investments	(1,456)	(4,555)
Operating  (Loss)  /  profit  before  working  capital  changes	(56,151)	(32,399)
Movements  in  working  capital:
Increase  /  (Decrease)  in  Long Term Provision	(1,428)	-
Increase  /  (Decrease)  in  Short  Term  Provisions	(13,069)	5,085
Increase  in  Trade  Payables	(6,472)	4,031
Decrease  in  Other  Current  Liabilities	(15,558)	(1,02,308)
Decrease  in  SGF  -  Other  Current  Liabilities  on  account  of Shares  and  Fixed  Deposits	17,214	1,55,185
(Increase)  in  Trade  Receivables	(17,139)	2,271
(Increase)  in Long  Term  Loans  &  Advances	11,218	5,018
(Increase)  /  Decrease  in  Short  Term  Loans  &  Advances	(8,076)	(2,639)
Increase  in  SGF  - Other  Assets  on  account  of  Shares	(30,201)	(1,72,425)
Decrease  in  Other  Current  Assets	6,47,654	12,04,615
Cash  used  in operations	5,27,992	10,66,434
Payment  of  direct  taxes  (net)	5,299	(24,623)
Net  Cash  used  in Operating  Activities	5,33,291	10,41,811
Cash  Flow  from Investing  Activities
Proceeds  from  sale  of  property,  plant  and  equipment	-	142
Purchase  of  property,  plant  and  equipment	(3,860)	(381)
Proceeds  from  Sale  of  Current  Investments  (net)	1,457	4,555
Dividend  income  from  Investments	6,657	6,338
Investment  in  SGF  -  Fixed  Deposits	7,480	(15,814)
Investment  in  SGF  -  Other  Assets  on  account  of  Fixed  Deposits	5,506	33,054
Investment  in  Fixed  Deposits	(6,52,628)	(8,56,106)
Proceeds  from  maturity  of  Fixed  Deposits  /  Mutual  Fund  investments	12,649	(3,69,885)
Interest  on  Fixed  Deposits	98,879	87,087
Interest  on  Income  Tax  Refunds	8,780	644
Interest  on  Bonds	29,240	26,414
Net  cash  flow  from investing  activities	(4,85,840)	(10,83,952)
Cash Flow from Financing Activities
Dividend  Paid  on  equity  shares	(1,317)	(1,051)
Net  Cash  used in Financing  Activities	(1,317)	(1,051)
Net  (Decrease)  /  Increase  in Cash  and  Cash  Equivalents   (A+B+C)	46,134	(43,192)
Cash  and Cash  Equivalents  as  at  the  beginning  of  the  year	23,691	66,883
Cash  and Cash  equivalents  as  at  the  end  of  the  year	69,825	23,691

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

Cash Flow from Operating Activities

During the year ended 31 March 2025, the company reported net cash used in operating activities of ₹533,291 thousand, compared to ₹1,041,811 thousand in the previous year, indicating a significant reduction in operating cash outflows. The company recorded a loss before tax of ₹139,456 thousand as against a profit of ₹89,664 thousand in 2024. Operating cash flows were impacted by substantial non-cash adjustments, including provision for VRS expenditure of ₹209,544 thousand, provision for doubtful debts of ₹16,377 thousand, and depreciation and amortization of ₹2,014 thousand. These were partly offset by high non-operating income such as interest on fixed deposits of ₹98,880 thousand, interest on bonds of ₹29,239 thousand, and dividend income of ₹6,657 thousand.

Working capital movements contributed positively overall. A major inflow arose from a decrease in other current assets amounting to ₹647,654 thousand, though this was partly offset by an increase in trade receivables of ₹17,139 thousand and increase in SGF other assets of ₹30,201 thousand. After considering direct taxes paid of ₹5,299 thousand, operating activities resulted in a lower but still significant cash outflow compared to the previous year.

Cash Flow from Investing Activities

Net cash used in investing activities during 2025 amounted to ₹485,840 thousand, compared to ₹1,083,952 thousand in 2024, reflecting reduced investment outflows. Major cash outflows included investment in fixed deposits of ₹652,628 thousand and purchase of property, plant and equipment of ₹3,860 thousand. These were partially offset by interest income on fixed deposits of ₹98,879 thousand, interest on bonds of ₹29,240 thousand, interest on income tax refunds of ₹8,780 thousand, and proceeds from maturity of investments of ₹12,649 thousand. The lower net outflow indicates relatively moderated investment activity during the year.

Cash Flow from Financing Activities

Financing activities resulted in a net cash outflow of ₹1,317 thousand in 2025, compared to ₹1,051 thousand in 2024. The outflow was solely on account of dividend paid on equity shares, indicating limited reliance on external financing and no major borrowing or repayment activity during the year.

 

Net Change in Cash and Cash Equivalents

As a result of the above cash flows, cash and cash equivalents increased by ₹46,134 thousand during 2025, whereas they had declined by ₹43,192 thousand in the previous year. Cash and cash equivalents rose from ₹23,691 thousand at the beginning of the year to ₹69,825 thousand at the end of the year. The increase reflects reduced investment outflows and improved management of operating and investing cash flows. The closing balance primarily comprises own funds of ₹64,954 thousand, with smaller balances in Investors’ Service Fund and Settlement Guarantee Fund.

Financial Ratios of Calcutta Stock Exchange Limited

Particulars	2025	2024
Current Ratio (in times)	1.28	1.43
Return on Equity Ratio (in %)	-21.892%	0.416%
Trade Receivables Turnover Ratio (in times)	5.83	7.40
Trade Payable Turnover Ratio (in times)	2.88	3.23
Net Capital Turnover Ratio (in times)	0.32	0.28
Net Profit Ratio (in %)	-190.36%	6.49%
Return on Investment (in %)	7.68%	7.79%
Return on Capital Employed Ratio (in %)	-18.88%	3.77%

Summary of the financial and operational metrics for The Calcutta Stock Exchange Limited for the year 2025 and 2024:

 Current Ratio

The current ratio declined from 1.43 in 2024 to 1.28 in 2025, indicating a weakening of the company’s short-term liquidity position. Although the ratio remains above 1, the reduction suggests increased pressure on working capital and a lower margin of safety in meeting current obligations.

 

Return on Equity

Return on equity deteriorated sharply from a marginal positive 0.416% in 2024 to a negative (-21.892%) in 2025. This significant decline indicates that the company incurred losses during the year, resulting in erosion of shareholders’ funds and an adverse return to equity investors.

 

Trade Receivables Turnover Ratio

The trade receivables turnover ratio decreased from 7.40 times in 2024 to 5.83 times in 2025, reflecting slower collection of receivables. This indicates that customers are taking longer to pay, which negatively impacts cash flows and liquidity.

 

Trade Payables Turnover Ratio

The trade payables turnover ratio declined from 3.23 times to 2.88 times, indicating slower payments to suppliers in 2025. While extended credit from suppliers may ease short-term cash pressure, it may also affect supplier relationships if prolonged.

 

Net Capital Turnover Ratio

The net capital turnover ratio improved from 0.28 times in 2024 to 0.32 times in 2025, suggesting marginally better utilization of working capital to generate revenue. However, the ratio remains low, indicating overall inefficiency in capital usage.

 

Net Profit Ratio

The net profit ratio declined drastically from 6.49% in 2024 to (-190.36%) in 2025, indicating heavy losses during the year. The steep fall suggests significant cost overruns, reduced revenues, or exceptional losses, severely impacting overall profitability.

 

Return on Investment

Return on investment remained relatively stable, decreasing marginally from 7.79% in 2024 to 7.68% in 2025. This indicates that returns on investments were largely maintained despite overall losses, possibly due to stable investment income.

 

Return on Capital Employed

ROCE declined sharply from 3.77% in 2024 to a negative (-18.88%) in 2025, indicating inefficient utilization of capital employed and operating losses during the year. This reflects deterioration in operational performance and reduced returns from long-term funds.