Core Energy Systems Annual Reports, Balance Sheet and Financials

Core Energy Limited Consolidated Balance Sheet (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Equity
Share Capital	244.29	216.71
Reserves & Surplus	22,759.71	3,640.84
Total Equity	23,004.00	3,857.54
Non-Current Liabilities
Long Term Borrowings	129.03	3,022.81
Lease liabilities	337.67	279.71
Current Liabilities
Borrowings	2,715.40	3,292.33
Lease liabilities	165.66	108.78
Trade Payables (Total outstanding dues of Micro & Small enterprises)	545.89	183.65
Trade Payables (Total Outstanding dues of creditors other than above)	2,940.02	472.97
Other financial liabilities	-	3.82
Other current liabilities	2,826.68	3,375.16
Short term Provisions	3,255.76	3,965.09
Total Equity & Liabilities	35,920.12	18,561.86
Non-Current Assets
Property, plant and equipment	1,241.77	813.50
Capital work in progress	12.09	-
Other intangible assets	0.79	0.94
Right of use assets	528.46	416.47
Other financial assets	1,127.49	612.09
Deferred tax assets	744.49	162.05
Goodwill on consolidation	7.94	7.94
Current Assets
Inventories	564.95	887.32
Investments	538.87	425.44
Trade Receivables	14,414.09	7,022.86
Cash & cash equivalents	9,061.34	2,960.19
Other financial assets	25.60	28.80
Other Current Assets	7,652.24	5,224.26
Total Assets	35,920.12	18,561.86

Core Energy Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	21,812.61	11,285.55
Other Income	713.58	260.94
Total Income	22,526.19	11,546.49
Expenses
Purchases of stock in trade	9,201.81	1,242.08
Changes in inventory	322.37	605.63
Employee Benefit Expenses	4,091.43	4,035.17
Finance Costs	1,006.95	867.31
Depreciation, amortization & obsolescence	284.11	250.12
Other Expenses	5,400.51	3,770.01
Total Expenses	2,0307.18	10,770.32
Profit Before Tax	2,219.01	776.17
Current Tax	714.26	667.69
Deferred Tax	-582.43	-98.85
Short provisions for earlier years	234.20	-
Profit/(Loss) for the period	1,852.99	207.33
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss in the subsequent period
Remeasurement gain/(loss) of defined benefit plan	0.02	6.28
Income tax relating to the above	0.01	1.58
Total Comprehensive Profit for the year, net of Tax	1,853.01	215.19
Earning per share
Basic	80.59	9.57
Diluted	80.31	9.52

Core Energy Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Profit Before Tax	2,219.01	776.17
Ind as impacts of non-cash nature
Depreciation on assets	125.00	117.10
Finance costs on lease liabilities	38.67	44.69
Fair value adjustment of rental security deposit	-5.31	4.52
Interest expense on debt component of OCPS	202.48	350.28
Loss on depreciation of financial liabilities	202.48	-
Fair value adjustment of security and retention deposits	103.09	19.39
Unamortised transaction costs	3.67	-3.67
Provision for ECL	29.52	-
Other impacts of non-cash nature
Depreciation and amortisation expenses	159.12	133.03
Adjustment for forex reserves	-12.56	9.42
Finance costs	765.80	472.34
Obsolete inventory written off	16.31	286.53
ESOP compensation	37.68	41.92
Gratuity	6.68	1.91
Leave encashment	16.90	-
Loss on sale of assets	0.34	-0.01
Defects liability expenses	69.54	676.53
Balances written off	44.17	-
Provisions not required written back	-157.35	-
Reversal of expense	-	17.25
Gain on sale of investments	-53.43	-41.53
Interest and dividend income	-355.19	-106.51
Foreign exchange gain	5.79	-6.78
Operating Profit Before Working Capital Changes	3,462.41	2,792.60
Movement in working capital
Decrease/(increase) in trade receivables	-7,420.74	-4,170.53
Decrease/(increase) in inventories	322.37	605.63
Increase/(decrease) in trade payables	2,779.32	14.17
Increase/(decrease) in other current liabilities	-548.48	2,514.40
Increase/(decrease) in financial liabilities	-3.82	-5.90
Increase/(decrease) in provisions	-661.41	-1800.06
Increase/(decrease) in financial assets	-622.16	-395.12
Increase/(decrease) in other current assets	-2,427.98	722.54
Cashflow (used in)/from Operations	-5,120.50	277.72
Income Tax Paid	-948.46	-667.69
Net Cash from Operating Activities	-6068.96	-389.97
Cash Flow from Investing Activities
Purchase of Fixed Assets including capital WIP	-604.79	-153.26
Sale of PPE	5.12	1.18
Increase/decrease in Investments	-60.00	-34.00
Interest and dividend	355.19	106.51
Net Cash from Investing Activities	-304.48	-79.57
Cash Flow from Financing Activities
Principle payment of lease liabilities	-109.95	-87.58
Interest paid on lease liabilities	-38.67	-44.69
Finance costs paid	-765.80	-472.34
Proceeds from issue of equity shares	27.58	-
Premium on issue of share capital	19,881.17	-
Premium paid on redemption of preference shares	-2639.94	-
Dividend paid	-0.45	-0.59
Increase/decrease in borrowings	-3,879.35	1,741.04
Net Cash from Financing Activities	12,474.59	1,135.84
Net Increase/decrease in Cash & Cash Equivalents	6,101.15	666.30
Cash and cash equivalents at the beginning of the year	2,960.19	2,293.89
Cash and cash equivalents at the end of the year	9,061.34	2,960.19

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 profit before tax of ₹2,219.01 lakhs as against ₹776.17 lakhs in the previous year. After adjusting for non-cash items such as depreciation and amortisation of ₹159.12 lakhs, finance costs of ₹765.80 lakhs, interest on OCPS of ₹202.48 lakhs, defects liability expenses of ₹69.54 lakhs, ESOP compensation of ₹37.68 lakhs, and other provisions, the operating profit before working capital changes increased to ₹3,462.41 lakhs. However, significant working capital outflows were observed due to an increase in trade receivables of ₹7,420.74 lakhs, other current assets of ₹2,427.98 lakhs, financial assets of ₹622.16 lakhs, and provisions of ₹661.41 lakhs, partially offset by an increase in trade payables of ₹2,779.32 lakhs and a reduction in inventories of ₹322.37 lakhs. Consequently, the company reported cash outflow from operations of ₹5,120.50 lakhs. After payment of income tax amounting to ₹948.46 lakhs, the net cash used in operating activities stood at ₹6,068.96 lakhs, compared to an outflow of ₹389.97 lakhs in FY 2023–24, indicating weak cash generation from core operations.

 

Cash Flow from Investing Activities

Net cash outflow from investing activities during FY 2024–25 amounted to ₹304.48 lakhs, as against ₹79.57 lakhs in the previous year. The outflow was primarily due to capital expenditure of ₹604.79 lakhs incurred towards purchase of fixed assets including capital work-in-progress. This was partially offset by interest and dividend income of ₹355.19 lakhs and proceeds from sale of property, plant and equipment amounting to ₹5.12 lakhs. The investing activities reflect continued investment in the company’s asset base, while income from investments supported liquidity to some extent.

 

Cash Flow from Financing Activities

During FY 2024–25, financing activities resulted in a net cash inflow of ₹12,474.59 lakhs, significantly higher than ₹1,135.84 lakhs recorded in the previous year. The major inflows were from issue of equity shares amounting to ₹27.58 lakhs and share premium received of ₹19,881.17 lakhs. These inflows were partially offset by repayment of borrowings of ₹3,879.35 lakhs, premium paid on redemption of preference shares of ₹2,639.94 lakhs, finance costs paid of ₹765.80 lakhs, and lease liability repayments including interest of ₹148.62 lakhs. The financing cash flows indicate that equity infusion was the principal source of funds during the year, supporting both operational and investment requirements.

 

Net Increase / (Decrease) in Cash and Cash Equivalents

As a result of the strong financing inflows, the company recorded a net increase in cash and cash equivalents of ₹6,101.15 lakhs during FY 2024–25, compared to an increase of ₹666.30 lakhs in the previous year. The opening cash and cash equivalents stood at ₹2,960.19 lakhs, which increased to ₹9,061.34 lakhs at the end of the year. The improvement in cash position was primarily driven by financing activities, while operating activities continued to consume cash.

Financial ratios of Era Infra Engineering Limited 

Particulars	31-03-2025	31-03-2024
Current ratio	2.67	1.43
Debt equity ratio	0.12	1.68
Debt service coverage ratio	1.65	0.21
Return on equity ratio	2.18	0.26
Inventory turnover ratio	3.17	0.39
Trade receivables ratio	0.51	0.54
Trade payables turnover ratio	0.99	0.32
Net capital turnover ratio	1.08	2.24
Net profit ratio	0.09	0.02
Return on capital employed	0.15	0.25
Return on Investments	0.04	0.04

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

Current Ratio

The current ratio improved significantly from 1.43 in FY 2023–24 to 2.67 in FY 2024–25, indicating a strong enhancement in the company’s short-term liquidity position. This improvement suggests that the company is better placed to meet its current liabilities with available current assets, reflecting improved working capital management during the year.

 

Debt Equity Ratio

The debt equity ratio declined sharply from 1.68 to 0.12, indicating a substantial reduction in reliance on borrowed funds. This significant deleveraging reflects a stronger capital structure, primarily due to repayment of borrowings and/or infusion of equity capital, thereby reducing financial risk and improving solvency.

 

Debt Service Coverage Ratio

The debt service coverage ratio improved from a weak 0.21 in the previous year to 1.65 in FY 2024–25. This indicates a marked improvement in the company’s ability to service its debt obligations from operating profits, reflecting better earnings capacity and lower debt servicing pressure.

 

Return on Equity

Return on equity increased substantially from 0.26 to 2.18, indicating improved profitability for equity shareholders. The increase suggests better utilisation of shareholders’ funds during the year, driven by improved profits and a strengthened equity base.

 

Inventory Turnover Ratio

The inventory turnover ratio improved significantly from 0.39 to 3.17, reflecting efficient inventory management and faster movement of stock. This indicates that inventories were converted into sales more effectively during FY 2024–25, reducing holding costs and obsolescence risk.

 

Trade Receivables Turnover Ratio

The trade receivables turnover ratio showed a marginal decline from 0.54 to 0.51, indicating a slight slowdown in collection of receivables. This suggests that credit management requires closer monitoring, as the company is taking marginally longer to realise cash from customers.

 

Trade Payables Turnover Ratio

The trade payables turnover ratio increased from 0.32 to 0.99, indicating quicker settlement of dues to suppliers. While this reflects improved creditworthiness and stronger relationships with vendors, it may also lead to increased working capital pressure if not balanced with receivables collections.

 

Net Capital Turnover Ratio

The net capital turnover ratio declined from 2.24 to 1.08, indicating lower efficiency in utilisation of net working capital to generate revenue. This decline suggests higher investment in working capital relative to sales during the year.

 

Net Profit Ratio

The net profit ratio improved from 0.02 to 0.09, reflecting improved operational efficiency and cost management. Although the margin remains relatively modest, the improvement indicates strengthening profitability compared to the previous year.

 

Return on Capital Employed

The return on capital employed declined from 0.25 to 0.15, indicating a reduction in returns generated from the total capital employed in the business. This may be due to an increase in capital base or lower operating efficiency relative to the capital invested during the year.

 

Return on Investments

The return on investments remained stable at 0.04 in both years, indicating consistent income generation from investments. This stability suggests that the investment portfolio performance remained unchanged during the period.