Ecom Express Annual Report and Financials

Ecom Express Limited Consolidated Balance Sheet (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Non-current assets
Property, plant and equipment	50,051.87	64,087.03
Right-of-use-assets	48,638.15	61,687.04
Other Intangible Assets	4,086.13	1,121.94
Intangible Assets under development	789.06	2,580.43
Other financial assets	3,654.06	3,917.22
Deferred tax assets (Net)	5,613.72	3,598.58
Income tax assets (Net)	5,248.84	6,209.27
Other non-current assets	168.65	173.20
Current assets
Trade receivables	27,330.80	25,898.24
Cash and cash equivalents	30,462.92	31,773.74
Other bank balances	13,682.30	16,716.23
Other financial assets	14,145.69	3,672.86
Income tax assets (Net)	-	3,024.66
Other current assets	3,069.10	5,893.76
Assets classified as held for sale	2,102.59	2,126.96
Total Assets	2,09,043.88	2,32,481.16
Equity
Equity share capital	253.52	253.52
Instruments entirely equity in nature	1.20	1.20
Other equity	26,531.03	48,487.14
Non controlling interest	-1,181.83	-1,037.46
Non-current liabilities
Borrowings	66,911.39	55,839.24
Lease liabilities	42,744.93	56,359.01
Provisions	2,993.31	2,916.83
Current liabilities
Borrowings	15,508.32	24,529.08
Lease liabilities	10,731.43	9,554.05
Trade Payables
total outstanding dues of micro and small enterprises	9,090.49	7,043.34
total outstanding dues of creditors other than micro and small enterprises	14,562.28	12,196.17
Other financial liabilities	13,858.48	10,990.13
Other current liabilities	2,918.21	2,227.52
Provisions	1,468.49	1,179.54
Liabilities directly associated with assets classified as held for sale	2,652.63	1,941.85
Total Equity and Liabilities	2,09,043.88	2,32,481.16

 

Ecom Express Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Income
Revenue from operations	2,60,730.44	2,54,815.13
Other income	4,558.73	2,737.51
Total income	2,65,289.17	2,57,552.64
Cost of Service	1,38,990.32	1,38,674.50
Employee benefits expense	60,329.60	66,400.46
Finance costs	8,597.97	8,760.17
Depreciation and amortization expense	22,161.38	21,163.34
Net loss on fair valuation of financial liability carried at fair value	10,838.68	5,293.54
Other expenses	51,237.23	49,991.09
Total expenses	2,92,155.18	2,90,283.10
Loss before tax from continuing operations	-26,866.01	-32,730.46
Deferred tax	-2,015.15	3,254.60
Loss from continuing operations	-24,850.86	-35,985.06
Disontinued operations
Loss from discontinued operations before tax	-720.59	-7,555.86
Tax expense of discontinued operations	16.05	-727.46
Loss from discontinued operations	-736.64	-6,828.40
Loss for the Year	-25,587.50	42,813.46
Other comprehensive income
Items that will not be reclassified to profit or loss
Re-measurements loss on defined benefit plans	-131.75	-168.09
Income tax relating to item that will not be reclassified to profit or loss	-	-119.70
Remeasurement gain on the defined benefit plan of dicontinued operations	-	12.13
Items that will be reclassified subsequently to profit or loss
Exchange difference on translation of discontinued operations	1.49	-238.38
Other Comprehensive income/(loss)-net of tax	-130.26	-514.04
Total comprehensive income for the year	-25,717.76	43,327.50
Earnings per equity share (in INR)
Basic	-432.70	-717.29
Diluted	-432.70	-717.29

Ecom Express Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Cash flows from operating activities
Loss before tax from continuing operations	-26,866.01	-32,730.46
Adjustments for:
Depreciation and amortisation expenses	22,161.38	21,163.34
Net loss on sale of property, plant and equipment	26.40	494.71
Net loss on fair valuation of financial liability carried at fair value	10,838.68	5,293.54
Interest income	-3,284.53	-2,284.80
Gain on modification/termination of leases contracts	-741.03	-113.44
Gain on Sale of Mutual Fund carried at fair value through profit & loss	-7.18	-58.38
Share based payment expense	3,617.28	2,130.85
Allowances for expected credit loss on financial profit or loss	160.20	23.18
Allowances/(reversal) for impaired recoverable on non-financial assets	-255.68	255.68
Bad debts written off	35.34	506.76
Interest costs	8,519.66	8,680.75
Operating profit before working capital changes	14,204.51	3,361.73
Movements in working capital
(Increase) in trade receivables	-1,628.10	9,653.06
(Increase) in other financial Assets	613.76	-2,411.18
(Increase) in other Current and non-current Assets	3,049.25	-2,801.66
Increase in trade payables	4,187.53	-2,598.10
Increase in other financial liabilities	4,750.08	-5,847.78
Increase in provisions	233.67	277.98
(Increase) in other Current and non-current liabilities	690.69	360.08
Cash generated by operations after working capital changes	26,101.39	-5.87
Income tax	4,633.04	-2,138.98
Net cash from operating activities from continued operations	30,734.43	-2,144.85
Net cash from operating activities from Discontinued operations	535.45	-3,110.74
Net cash from operating activities including discontinued operations	31,269.88	-5,255.59
Cash flows from investing activities
Purchase of property,plant,equipment & other intangible assets	-5,466.08	-34,963.99
Proceeds from disposal of property, plant and equipment & other intangible assets	6,053.92	33.21
Investment in subsidiary	-	-3,460.57
Investment In Mutual funds	-35,988.20	-2,70,874.45
Proceeds from mutual funds	35,995.38	2,70,932.83
Investments in fixed deposits	-42,781.40	-26,737.40
Proceeds from fixed deposits	34,873.94	44,421.20
Interest received	2,574.46	1,987.64
Net cash used in investing activities from continued operations	-4,737.98	-18,661.53
Net cash from investing activities from Discontinued operations	-84.59	313.06
Net cash used in investing activities including discontinued operations	-4,822.57	-18,348.47
Cash flows from financing activities
Proceeds from issue of equity Shares	-	4.54
Proceeds from issue of compulsorily convertible preference shares	12,060.44	32,938.34
Interest Paid	-3,308.69	-3,295.08
Interest received from net investment in finance lease	62.12	297.16
Repayment of interest portion of lease liabilities	-5,041.87	-5,220.33
Proceeds from non-current borrowings	-	9,456.59
Repayment of non-current borrowings	-13,347.72	-3,187.16
Proceeds from Current borrowings	-7,500.00	3,130.98
Repayment of principal portion of lease liabilities	-10,231.55	-8,757.58
Net cash used in financing activities from continued operations	-27,307.27	25,367.46
Net cash from financing activities from Discontinued operations	-379.09	2,948.31
Net cash used in financing activities including discontinued operations	-27,686.36	28,315.77
Net increase/(decrease) in cash and cash equivalents from continued operations	-1,310.82	4,561.08
Net increase/(decrease) in cash and cash equivalents from Discontinued operations	71.77	150.63
Net increase/(decrease) in cash and cash equivalents including Discontinued operations	-1,239.05	4,711.71
Cash and cash equivalents at the beginning of the year	31,773.74	27,212.66
Less: Transfer to assets held for sale	-71.77	-150.63
Cash and cash equivalents at the end of the year	30,462.92	31,773.74

 

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

Cash Flow from Operating Activities

2024: The company recorded a loss before tax of Rs. -26,866.01 lakhs. Despite the loss, adjustments for non-cash expenses like depreciation (Rs. 22,161.38 lakhs), loss on fair valuation of financial liabilities (Rs. 10,838.68 lakhs), and finance costs helped increase the operating cash flow. Working capital changes, such as an increase in trade receivables and other liabilities, generated Rs. 26,101.39 lakhs in cash. After accounting for income tax (Rs. 4,633.04 lakhs), the net cash generated from operating activities from continuing operations was Rs. 30,734.43 lakhs. Including discontinued operations, the total net cash from operating activities was Rs. 31,269.88 lakhs.

2023: Similarly, the previous year ended with a cash outflow from operations of Rs. -5,255.59 lakhs, indicating improved operating cash flow in 2024.

Cash Flow from Investing Activities

2024: The company made significant investments in property, plant, and equipment (Rs. -5,466.08 lakhs) and fixed deposits (Rs. -42,781.40 lakhs). However, proceeds from the disposal of assets and redemption of mutual funds and fixed deposits helped offset these expenditures, resulting in a net cash outflow of Rs. -4,737.98 lakhs from continuing operations and a total outflow of Rs. -4,822.57 lakhs, including discontinued operations.

2023: The prior year had a much larger cash outflow of Rs. -18,348.47 lakhs from investing activities due to higher investment in mutual funds and fixed deposits.

Cash Flow from Financing Activities

2024: Financing activities resulted in a substantial cash outflow of Rs. -27,307.27 lakhs from continued operations, driven by repayments of non-current borrowings (Rs. -13,347.72 lakhs), lease liabilities, and other financial costs. Proceeds from issuing compulsory convertible preference shares (Rs. 12,060.44 lakhs) partially offset these outflows. Including discontinued operations, the net cash outflow from financing activities was Rs. -27,686.36 lakhs.

2023: By contrast, the previous year saw an inflow of Rs. 28,315.77 lakhs in financing activities, largely due to proceeds from borrowings and equity issuance, which were less prominent in 2024.

Net Change in Cash and Cash Equivalents

2024: The combined effect of operating, investing, and financing activities resulted in a net decrease of Rs. -1,239.05 lakhs in cash and cash equivalents. After adjusting for discontinued operations and beginning balance, the year ended with Rs. 30,462.92 lakhs in cash and cash equivalents.

2023: In contrast, 2023 saw a net increase in cash of Rs. 4,711.71 lakhs, ending with Rs. 31,773.74 lakhs in cash and cash equivalents.