Devon Plantations Annual Reports 2023-24 | Balance Sheet | Financials

Devon Plantations and Industries Limited (Devon Plantations) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Devon Plantations and Industries Limited

Devon Plantations And Industries Limited Balance Sheet (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Equity
Share Capital	2,976	2,976
Reserve and Surplus	98,403	1,11,930
Minority Interest	1	1
Non Current Liabilities
Long term Borrowings	13	197
Current Liabilities
Short term Borrowings	-	1,387
Trade Payable
Due to Micro and small enterprises	-	5
Due of creditors other than micro and small enterprises	3,513	4,595
Other current liabilities	14,424	10,952
Short term provisions	2,997	2,777
Total Equity and Liabilities	1,22,327	1,34,820
Non-Current Assets
Property, Plant and Equipment	45,646	47,676
Non-Current Investments	18,320	19,808
Deferred Tax Assets (Net)	144	164
Long term loans and advances	551	525
Current Assets
Inventories	30,368	25,861
Trade Receivable	1,135	2,001
Cash And Cash Equivalents	19,802	32,368
Short term Loans and Advances	5,103	4,998
Other current assets	1,258	1,419
Total Assets	1,22,327	1,34,820

Devon Plantations And Industries Limited Profit & Loss Statement (Rs in Thousands)

Particulars	2023-24	2022-23
Income
Revenue from Operation	93,692	1,49,648
Other Income	7,183	11,869
Total Revenue	1,00,875	1,61,517
Expenses
Cost of Materials Consumed	22,411	62,726
Changes in Inventories of Finished goods, WIP and Stock in trade	-3,614	8,636
Employee benefit expenses	75,642	71,687
Finance Costs	34	109
Depreciation and Amortization Expenses	2,433	3,021
Other Expenses	16,717	22,476
Total Expenses	1,13,623	1,68,655
Profit before Tax	-12,748	-7,138
Previous year tax	-759	-2,142
Current tax	-	-27
Deferred tax	-20	-90
Profit / (Loss) for the period	-13,527	-9,397
Earnings per Equity Share:
Basic	-45.46	-31.58
Diluted	-45.46	-31.58

Devon Plantations And Industries Limited Consolidated Cash Flow Statement (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Net Profit/Loss before Tax	-13,527	-7,138
Adjustment for:
Depreciation & Amortization	2,433	3,021
Profit on sale of fixed assets and investments	-2,389	-5,831
Dividend Income	-1,132	-2,349
Rent received	-1,422	-739
Interest received	-1,325	-1,353
Operating Profit before Working Capital Charges	-17,362	-14,388
Adjustment for:
Trade receivables	866	72
Other current liabilities	3,433	-4,464
Short term loans and advances	-299	4,401
Trade payables	-1,086	-5,479
Inventories	-4,506	8,635
Other current assets	-91	5,314
Short term provisions	97	346
Tax paid	-973	-2,612
Net Cash From Operating Activates	-19,921	-8,175
Cash Flow from Investing Activities
Purchase of property, plant and equipment	-650	-2,231
Sale of Investments	4,126	17,341
Refund of capital and surplus	-	-17,694
Interest received	1,325	1,353
Rent received	1,422	739
Dividend received	1,132	2,349
Net Cash From Investing Activities	7,355	1,857
Cash Flow from Financing Activities
Increase/Decrease in long term borrowings	-	1,387
Dividend paid	-	-1,071
Net Cash From Financing Activities	-	316
Net Increase /(Decrease) In cash & Cash Equivalents	-12,566	-6,003
Cash & Cash equivalents at the beginning of the Year	32,368	38,371
Cash & Cash equivalents at the end of the Year	19,802	32,368

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flow from Operating Activities

The company reported a net loss before tax of ₹-13,527 thousand in 2024, which widened from a loss of ₹-7,138 thousand in 2023. After adjusting for non-cash items such as depreciation (₹2,433 thousand) and income from non-operational activities like profit on the sale of fixed assets (₹-2,389 thousand), dividend income (₹-1,132 thousand), and interest received (₹-1,325 thousand), the operating loss before working capital changes amounted to ₹-17,362 thousand in 2024, compared to ₹-14,388 thousand in 2023.

Working capital adjustments contributed to further cash movements:

Trade receivables improved slightly, providing ₹866 thousand, while trade payables decreased by ₹-1,086 thousand, leading to cash outflows.

Inventories increased by ₹-4,506 thousand, a significant outflow, while other current liabilities and current assets adjustments provided cash inflows.

After accounting for working capital changes, the net cash used in operating activities totaled ₹-19,921 thousand in 2024, compared to ₹-8,175 thousand in 2023. This indicates a substantial increase in operating cash outflows, driven by higher inventory levels and changes in working capital.

Cash Flow from Investing Activities

Investing activities resulted in a net cash inflow of ₹7,355 thousand in 2024, a recovery from ₹1,857 thousand in 2023. Key components included:

Proceeds from the sale of investments (₹4,126 thousand) contributed positively to cash flow.

The company also generated inflows from interest received (₹1,325 thousand), rent received (₹1,422 thousand), and dividend income (₹1,132 thousand), reflecting solid returns on financial investments.

There was a minor outflow due to the purchase of property, plant, and equipment (₹-650 thousand), significantly lower than the previous year 's investment outflow of ₹-2,231 thousand.

Cash Flow from Financing Activities

Financing activities were minimal in 2024, with no significant borrowings or major outflows. The company had a small net cash inflow of ₹316 thousand in 2023 from borrowings but no such activities in 2024. The absence of major financing activity reflects stable capital structure management, with no need for additional debt or equity financing.

Net Increase/(Decrease) in Cash & Cash Equivalents

The net decrease in cash and cash equivalents for 2024 was ₹-12,566 thousand, a larger outflow compared to ₹-6,003 thousand in 2023. The company started the year with ₹32,368 thousand in cash and cash equivalents and ended with ₹19,802 thousand, reflecting reduced liquidity by the end of the year due to increased cash outflows from operations.

Financial Ratios of Devon Plantations And Produce Home Finance Limited

Particulars	2023-24	2022-23
Current ratio	2.75	3.38
Debt-equity ratio	0.00013	0.00171
Return on equity ratio	-0.133	-0.082
Inventory turnover ratio	0.669	2.52
Trade receivables turnover ratio	59.75	73.46
Trade payables turnover ratio	5.53	8.55
Net capital turnover ratio	2.24	3.19
Net profit ratio	-0.144	-0.06
Return on capital employed	-0.13	-0.06
Return on Investments	-0.738	-0.474

Here is a summary of the financial and operational metrics for Devon Plantations And Industries Limited for the year 2024 & 2023:

Current Ratio

The current ratio measures the company’s ability to cover its short-term liabilities with its current assets. The ratio declined from 3.38 in 2022-23 to 2.75 in 2023-24. This suggests a slight decrease in liquidity, though the company remains capable of covering its short-term obligations. A ratio above 1 indicates the company still has more current assets than liabilities, but the reduction could signal less efficient use of current assets or increased short-term liabilities.

Debt-Equity Ratio

The debt-equity ratio measures the proportion of debt relative to shareholders ' equity. The ratio dropped significantly from 0.00171 in 2022-23 to 0.00013 in 2023-24, reflecting a very low reliance on debt. The company is almost entirely equity-financed, meaning it carries little financial risk from debt but may also miss out on potential growth opportunities through leveraging.

Return on Equity (ROE)

ROE reflects the company’s ability to generate profit relative to shareholders ' equity. The ratio worsened from -0.082 in 2022-23 to -0.133 in 2023-24, indicating an increased loss relative to equity. This negative ROE signals that the company is not generating sufficient profits, resulting in losses that reduce shareholders ' value.

Inventory Turnover Ratio

This ratio measures how efficiently the company sells and replaces its inventory. The ratio declined sharply from 2.52 in 2022-23 to 0.669 in 2023-24, indicating that inventory is moving much slower. This suggests either lower sales or excess stock, which can lead to higher carrying costs and inefficiency in managing inventory.

Trade Receivables Turnover Ratio

The trade receivables turnover ratio shows how quickly the company collects payments from its customers. The ratio decreased from 73.46 in 2022-23 to 59.75 in 2023-24, indicating that the company’s ability to collect receivables has slowed. Although the ratio remains relatively high, a decrease suggests slower payment collection, which may impact cash flow.

Trade Payables Turnover Ratio

This ratio reflects how quickly the company pays its suppliers. The ratio declined from 8.55 in 2022-23 to 5.53 in 2023-24, meaning the company is taking longer to settle its payables. While this could help with short-term liquidity, it may strain relationships with suppliers if payment delays become significant.

Net Capital Turnover Ratio

The net capital turnover ratio measures how efficiently the company uses its working capital to generate revenue. The ratio decreased from 3.19 in 2022-23 to 2.24 in 2023-24, indicating a decline in the company’s ability to generate revenue from its working capital. This suggests less efficient use of working capital compared to the previous year.

Net Profit Ratio

The net profit ratio shows how much of the company’s revenue turns into profit. The ratio worsened from -0.06 in 2022-23 to -0.144 in 2023-24, indicating deeper losses relative to revenue. This significant decline suggests that the company’s profitability has deteriorated, with increased costs or reduced margins.

Return on Capital Employed (ROCE)

ROCE measures the efficiency of the company in generating profit from its capital employed (equity and debt). The ratio fell from -0.06 in 2022-23 to -0.13 in 2023-24, indicating worsening returns on the capital invested in the business. The negative ROCE highlights poor performance in utilizing capital to generate profit.

Return on Investments (ROI)

ROI reflects the returns generated from investments. The ratio decreased from -0.474 in 2022-23 to -0.738 in 2023-24, indicating deeper losses from investments. This signals that the company is not generating sufficient returns from its investments, possibly due to poor investment decisions or unfavorable market conditions.