Cochin International Airport Annual Reports, Balance Sheet and Financials

Cochin International Airport Limited Consolidated Balance Sheet (Rs in Lakhs)

 Cochin International Airport Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Cochin International Airport Limited Consolidated Cash Flow Statement (Rs in Lakhs)

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

Cash Flow from Operating Activities

In FY 2025, the company generated a profit before tax of ₹69,280 lakhs, higher than ₹59,847 lakhs in FY 2024, reflecting stronger profitability. After accounting for non-cash adjustments like depreciation, provisions, interest expenses, and unrealised gains, the operating profit before working capital changes increased to ₹80,533 lakhs compared to ₹74,467 lakhs last year. Working capital movements were mixed: trade receivables improved (cash inflow), payables rose (further inflow), but inventories and other assets increased, creating outflows. Net effect was positive, with cash generated from operations rising to ₹81,403 lakhs versus ₹71,948 lakhs in 2024. However, higher tax outflows of ₹16,548 lakhs (vs. ₹12,705 lakhs last year) reduced liquidity. Ultimately, net cash from operating activities stood at ₹64,855 lakhs, a healthy increase over the ₹59,243 lakhs in the previous year. This shows robust internal cash generation, strengthening the company’s ability to fund investments and payouts.

Cash Flow from Investing Activities

Investing activities continued to show heavy outflows in FY 2025, driven mainly by capital expenditure of ₹26,026 lakhs on property, plant, and equipment, higher than last year’s ₹17,262 lakhs. Bank deposit movements also contributed to outflows, though at a much smaller level (₹1,937 lakhs vs ₹27,590 lakhs in FY 2024). The company further deployed ₹3,000 lakhs into mutual funds, unlike FY 2024 where it redeemed large investments of ₹18,549 lakhs, creating inflows. On the positive side, interest income from deposits contributed ₹7,345 lakhs, up from ₹6,422 lakhs, and small inflows came from asset sales. As a result, net investing cash outflow widened to ₹23,420 lakhs in 2025, compared to ₹19,926 lakhs last year. This reflects the airport’s ongoing commitment to infrastructure expansion and reinvestment.

Cash Flow from Financing Activities

The financing side recorded continued outflows, primarily from dividend payments of ₹20,976 lakhs in FY 2025, higher than ₹16,515 lakhs in FY 2024. Debt repayment also weighed heavily, with term loan repayments of ₹12,246 lakhs compared to ₹10,654 lakhs last year. Interest payments were slightly lower at ₹3,849 lakhs against ₹4,689 lakhs in FY 2024. Current borrowings provided a small inflow of ₹256 lakhs, unlike the stronger inflow of ₹1,092 lakhs the year before. Importantly, FY 2024 included a one-time outflow of ₹8,583 lakhs related to refund of excess share application money from a rights issue, which did not recur in 2025. Even so, the overall net cash used in financing activities was ₹36,815 lakhs, slightly better than the ₹39,349 lakhs outflow in FY 2024. The heavy dividend payout reflects a shareholder-friendly stance but also reduces internal reserves for reinvestment.

Net Change in Cash and Closing Balance

After factoring all activities, FY 2025 ended with a net increase in cash of ₹4,620 lakhs, a marked turnaround from the marginal outflow of ₹32 lakhs in FY 2024. This improvement was possible because strong operating inflows more than offset heavy investing and financing outflows. Consequently, the closing cash balance rose to ₹8,131 lakhs, more than doubling the previous year’s ₹3,511 lakhs. This indicates improved liquidity, giving the company a stronger buffer for future obligations despite significant capital expenditure and dividend commitments.

Financial Ratios of Cochin International Airport Limited

 Summary of the financial ratios of Cochin International Airport Limited for the year 2025 & 2024:

Current Ratio

The current ratio declined slightly from 3.48 in 2024 to 3.21 in 2025, but it still reflects a very comfortable liquidity position. The company’s current assets are more than three times its current liabilities, showing strong short-term solvency and an ability to meet obligations with ease. The small drop suggests a marginal tightening of liquidity but nothing concerning.

Debt-Equity Ratio

The debt-equity ratio improved to 0.16 in 2025 from 0.22 in 2024, indicating lower reliance on debt financing. This reduction in leverage strengthens the balance sheet and reduces financial risk. The company is clearly becoming less dependent on borrowings, which also positions it well for future expansions without overstretching its financial structure.

Debt Service Coverage Ratio (DSCR)

The DSCR remained stable at 4.38 in 2025 compared to 4.35 in 2024. A ratio above 4 means the company generates over four times the cash required to service its debt obligations. This indicates excellent debt-servicing capacity, ensuring lenders’ confidence and reflecting strong operating cash flows.

Return on Equity (ROE)

ROE dipped slightly from 21.63% in 2024 to 20.49% in 2025. This indicates shareholders earned slightly lower returns on their equity. While still strong, the marginal fall suggests equity expanded faster than profits, or dividend payouts may have influenced the ratio. Nonetheless, the figure remains healthy for investors.

Trade Receivables Turnover Ratio

This ratio improved to 7.69 in 2025 from 7.07 in 2024, showing the company collected receivables more efficiently during the year. Faster collection strengthens cash flow and reduces credit risk, which is especially positive for an infrastructure-heavy business like an airport.

Trade Payables Turnover Ratio

The ratio rose to 6.60 in 2025 from 5.37 in 2024, meaning the company paid its suppliers more quickly than last year. While this reflects financial discipline and good supplier relationships, it also suggests less cash is being conserved through delayed payments, which slightly reduces short-term liquidity flexibility.

Net Capital Turnover Ratio

The net capital turnover ratio improved from 1.18 in 2024 to 1.28 in 2025, indicating better efficiency in using working capital to generate revenue. This improvement shows stronger utilization of short-term resources and an overall positive trend in operational efficiency.

Net Profit Ratio

The net profit margin rose significantly to 46.01% in 2025 from 43.38% in 2024. This demonstrates stronger profitability, with nearly half of revenue translating into net profits. Such high margins highlight strong cost control and operating leverage, a clear competitive advantage.

Return on Capital Employed (ROCE)

ROCE improved to 22.89% in 2025 from 20.91% in 2024, showing the company generated higher returns on the total capital invested in the business. This reflects stronger operating efficiency and indicates that capital is being deployed more productively.

Return on Investment (ROI)

ROI inched up slightly to 6.96% in 2025 from 6.89% in 2024. The improvement, though small, indicates that the company’s investments yielded marginally better returns this year. This stability suggests consistency in investment strategy and performance.