Electronica Finance Limited Annual Report | Revenue

Electronica Finance Limited (Electronica Finance) Return Comparision with Primex 40 Index

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Electronica Finance Limited

Electronica Finance Limited Balance Sheet (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Financial Assets
Cash and cash equivalents	7,391.76	5,791.15
Bank balances other than included in above	6,890.79	8,367.12
Other receivables	351.95	77.87
Loans	2,39,777.67	1,96,013.27
Investments	6.70	5.48
Other financial assets	3,743.14	389.21
Non financial assets
Current tax assets (net)	1,105.51	513.75
Deferred tax assets (net)	-	842.47
Investment property	400.34	463.19
Property, plant and equipment	12,556.30	8,980.62
Capital work in progress	99.05	99.05
Other Intangible assets	272.77	250.73
Other non financial assets	1,027.28	933.39
Total assets	2,73,623.26	2,22,727.30
Financial Liabilities
Other payables
Total outstanding dues of other than micro enterprises and small enterprises	867.71	518.50
Debt securities	30,881.59	12,995.65
Borrowings (Other than debt securities)	1,55,560.26	1,40,107.53
Sub ordinated liabilities	9,484.81	2,875.19
Other financial liabilities	31,900.31	27,214.79
Non financial liabilities
Current tax liabilities (net)	1,066.56	1,754.35
Deferred tax liabilities (net)	357.46	-
Provisions	439.16	393.55
Other non financial liabilities	227.04	493.31
Equity
Share capital	3,518.83	3,518.83
Other equity	39,319.53	32,855.60
Total liabilities and equity	2,73,623.26	2,22,727.30

Electronica Finance Limited Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Interest income	39,685.86	28,590.40
Fees and commission income	1,511.16	878.73
Lease income	789.55	233.85
Net gain on derecognition of financial assets at amortised cost	6,561.15	1,392.82
Sale of services	62.73	46.63
Recoveries of financial assets written off	80.21	41.57
Net gain on fair value changes	485.62	425.27
Total revenue from operations	49,176.28	31,609.27
Other income	4,539.19	1,121.75
Total income	53,715.47	32,731.02
Expenses
Finance costs	20,011.42	11,959.58
Customer loyalty bonus	783.01	1,525.16
Impairment on financial instruments	2,690.02	1,968.77
Employee benefit expenses	11,718.40	7,594.14
Depreciation, amortisation and impairment	1,116.99	752.37
Other expenses	8,624.48	3,321.16
Total expenses	44,944.32	27,121.18
Profit before tax	8,771.15	5,609.84
Current tax	1,069.11	1,346.58
Deferred tax charge / (credit)	1,199.40	86.25
Tax for previous years	108.66	-
Total Tax expense	2,377.17	1,432.83
Profit after tax	6,393.98	4,177.01
Other comprehensive income (OCI)
Items that will not be reclassified to profit and loss:
Remeasurement losses on defined benefit plans	(29.14)	(31.23)
Tax impact on above	7.34	7.86
Other comprehensive loss for the year (net of tax)	(21.80)	(23.37)
Total comprehensive income for the year	6,372.18	4,153.64
Earnings per share (Nominal value per share Rs.)
Basic	28.37	18.54
Diluted	22.05	14.41

Electronica Finance Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Profit before tax	8,771.15	5,609.84
Adjustments for:
Depreciation and amortisation	1116.99	752.37
Loss / (profit) on sale of fixed assets	-	-94.00
Other balances written off	3343.20	13.28
Credit balances written back	3238.59	386.55
Impairment on financial instruments	588.53	303.63
Loans written off	2101.49	1678.42
Stock option expenditure	91.76	16.27
Dividend income	-0.02	-0.04
Income from shares & mutual funds	-486.85	-120.79
Interest on margin money deposits	-238.47	-142.18
Net gain on fair value changes	-7046.77	-1818.09
Impairment loss on investment property	4.00	92.27
Finance cost	20011.42	11959.58
Operating profit before working capital changes	31,793.17	18,730.17
Movements in working capital
(Increase)/decrease in trade receivables	-3617.28	-77.87
(Increase)/decrease in loans	-42646.24	-72288.79
(Increase)/decrease in other financial assets	-3353.93	2171.78
(Increase)/decrease in other non-financial assets	-391.49	-424.67
Increase/(decrease) in other payables	352.48	419.25
Increase/(decrease) in other financial liabilities	5160.40	4260.55
Increase/(decrease) in provisions	23.81	143.84
Increase/(decrease) in other non-financial liabilities	-266.27	429.45
Cash generated from / (used in) operations	-12945.36	-46636.29
Direct taxes paid (net of refunds)	-2457.32	-860.35
Net cash flows used in operating activities (A)	-15402.68	-47496.64
Cash flows from investing activities
Purchase of property, plant and equipment (incl. capital work-in-progress)	-4713.48	-2707.23
Purchase of intangible assets	-72.85	-155.97
Proceeds from maturity of fixed deposits	25182.25	8199.29
Payments towards fixed deposits	-23623.36	-7900.00
Proceeds from sale of property, plant and equipment / investment property	127.19	4.19
Proceeds from sale of investments	96500.00	10396.52
Purchase of investments	-96501.22	-10396.06
Dividend received	0.02	0.04
Interest income	155.92	142.18
Income from mutual funds	486.85	120.79
Net cash flows (used in)/ from investing activities	-2458.68	-2296.26
Cash flows from financing activities
Repayment of debt securities	-6963.06	-6447.87
Repayment of borrowings other than debts securities	-108853.00	-22249.79
Proceeds from debt securities	24849.00	-
Proceeds from borrowing	123200.41	84550.00
Proceeds from sub-ordinate debts securities	7000.00	3000.00
Finance cost	-19296.49	-11959.58
Payment of lease liability	-474.88	-275.99
Net cash flows (used in)/ from Financing activities	19,461.97	4,616.77
Net Increase/(decrease) in cash and cash equivalents	1600.62	-3176.12
Cash and cash equivalents at the beginning of the year	5791.15	8967.27
Cash and cash equivalents at the end of the year	7391.76	5791.15
Components of cash and cash eqivalents:
Cash on hand	10.51	5.51
Balances with banks	7,381.25	5,785.64
Total	7391.76	5791.15

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

Cash Flow from Operating Activities

The net cash used in operating activities for 2024 was Rs. -15,402.68 lakhs, a substantial improvement compared to Rs. -47,496.64 lakhs in 2023. This change was driven by a net profit before tax of Rs. 8,771.15 lakhs and substantial adjustments, including depreciation of Rs. 1,116.99 lakhs, finance costs of Rs. 20,011.42 lakhs, and impairment on financial instruments at Rs. 588.53 lakhs. Further adjustments for working capital, however, significantly impacted cash flow; major movements included an increase in trade receivables (-Rs. 3,617.28 lakhs), loans (-Rs. 42,646.24 lakhs), and other financial assets (-Rs. 3,353.93 lakhs). Despite these outflows, the impact was partially mitigated by positive adjustments in financial liabilities (Rs. 5,160.40 lakhs) and provisions (Rs. 23.81 lakhs). Net taxes paid amounted to Rs. -2,457.32 lakhs, leading to an overall cash outflow in operating activities.

Cash Flow from Investing Activities

Investing activities led to a net outflow of Rs. -2,458.68 lakhs in 2024, slightly less than Rs. -2,296.26 lakhs in 2023. Major expenditures included purchases of property, plant, and equipment (Rs. 4,713.48 lakhs) and intangible assets (Rs. 72.85 lakhs). However, these outflows were partially offset by inflows from maturing fixed deposits (Rs. 25,182.25 lakhs) and sales of investments (Rs. 96,500.00 lakhs). The proceeds from property and equipment sales and investment income provided minor additional inflows.

Cash Flow from Financing Activities

Financing activities recorded a net inflow of Rs. 19,461.97 lakhs in 2024, significantly higher than the previous year’s inflow of Rs. 4,616.77 lakhs. Key financing inflows included proceeds from borrowing other than debt securities (Rs. 1,23,200.41 lakhs) and subordinate debt securities (Rs. 7,000.00 lakhs). This cash inflow was partly offset by the repayment of debt and finance costs totaling Rs. 6,963.06 and Rs. 19,296.49 lakhs, respectively.

Net Increase in Cash and Cash Equivalents

The cumulative impact of these activities resulted in a net increase in cash and cash equivalents of Rs. 1,600.62 lakhs by year-end, raising the closing balance to Rs. 7,391.76 lakhs from Rs. 5,791.15 lakhs the previous year. This change reflects improved liquidity and stronger cash management, given the higher inflows from financing activities.

Financial Ratios of Electronica Finance Limited

Particulars	2024	2023
Capital to risj weighted assets raio (CRAR)	18.31%	19.25%
Tier I CRAR	14.41%	16.92%
Tier II CRAR	3.90%	2.33%

Here is a summary of the financial and operational metrics for Electronica Finance Limited for the year 2024 and 2023:

Capital to Risk-Weighted Assets Ratio (CRAR)

2024: 18.31%

2023: 19.25%

CRAR, also known as the Capital Adequacy Ratio (CAR), measures a bank’s capital in relation to its risk-weighted assets (RWA). It ensures that banks have a buffer of capital to withstand unexpected losses, thus protecting depositors and enhancing financial stability. The slight reduction in CRAR from 19.25% to 18.31% in 2024 suggests a marginal decrease in the institution’s capital adequacy, potentially due to an increase in risk-weighted assets or a decline in capital levels.

Tier I CRAR

2024: 14.41%

2023: 16.92%

Tier I CRAR, or the core capital ratio, includes a bank’s core equity capital, which consists of common equity and disclosed reserves. This ratio is particularly significant as it reflects the bank’s capacity to absorb losses while remaining solvent. The decrease from 16.92% to 14.41% implies a reduction in core capital, possibly due to retained earnings being lower or higher risk-weighted assets.

Tier II CRAR

2024: 3.90%

2023: 2.33%

Tier II capital is supplementary and may include subordinated debt, hybrid instruments, and general loan-loss reserves. The increase from 2.33% to 3.90% suggests that the institution has strengthened its additional capital buffer, potentially through issuing subordinated debt or increasing reserves

Electronica Finance Limited Annual Report and Financials

Electronica Finance Limited (Electronica Finance) Return Comparision with Primex 40 Index

Electronica Finance Limited Balance Sheet (Rs in Lakhs)

Electronica Finance Limited Profit & Loss Statement (Rs in Lakhs)

Electronica Finance Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Financial Ratios of Electronica Finance Limited

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