Emaar India Limited (Emaar India) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Emaar India Limited

Emaar India Limited Consolidated Balance Sheet (Rs in Million)

Particulars	31-03-2024	31-03-2023
Non-current assets
Property, plant and equipment	1,645.12	1,345.94
Capital work-in-progress	19.59	221.70
Investment property	445.69	444.23
Intangible assets	56.17	65.37
Intangible assets	140.03	104.34
Investment accounted for using the equity method	32.20	32.57
Investments	0.02	0.02
Other bank balances	43.05	413.80
Other financial assets	1,876.46	1,858.17
Income-tax assets (net)	453.31	363.17
Deferred tax assets (net)	1.19	-
Other non-current assets	455.56	2,388.53
Current assets
Inventories	65,414.32	71,604.84
Investments	1,260.19	786.37
Trade receivables	1,779.33	1,493.75
Cash and cash equivalents	1,440.95	1,423.12
Other bank balances	6,073.51	4,423.66
Other financial assets	733.41	828.21
Other current assets	9,871.97	7,377.58
Total assets	91,742.07	95,173.37
Equity
Equity share capital	1,693.87	1,693.87
Other equity	-35,979.87	-35,609.48
Non-controlling interests	1,285.47	2,205.72
Non-current liabilities
Borrowings	50,326.88	56,250.34
Lease liabilities	128.26	110.92
Provisions	79.63	76.61
Deferred tax liabilities (net)	41.93	38.61
Current liabilities
Borrowings	28,469.39	22,235.00
Lease liabilities	46.61	28.01
Total outstanding dues of micro and small enterprises	119.57	368.30
Total outstanding dues of creditors other than micro and small enterprises	8,230.83	7,384.58
Other financial liabilities	6,486.13	6,212.88
Other current liabilities	26,842.37	29,463.24
Provisions	3,921.18	4,710.62
Current tax liabilities (net)	13.82	4.15
Total equity and liabilities	91,742.07	95,173.37

Emaar India Limited Consolidated Profit & Loss Statement (Rs in Million)

Particulars	31-03-2024	31-03-2023
Income
Revenue from Operation	27,893.12	17,408.37
Other Income	1,244.61	910.62
Total Income	29,137.73	18,318.99
Expenses
Cost incurred during the year	11,713.64	6,562.83
Decrease in inventories of plots, real estate properties and development rights	6,190.52	1,265.30
Employee Benefits Expenses	1,131.82	886.11
Finance Costs	6,774.27	6,638.38
Depreciation and Amortization Expenses	115.79	89.49
Other Expenses	4,517.40	2,953.85
Total Expenses	30,443.44	18,395.96
(Loss) before share in profit of joint ventures, exceptional items and tax	-1,305.71	-76.97
Share in profit/(loss) of joint ventures (net)	-0.37	0.23
(Loss) before exceptional items and tax	-1,306.08	-76.74
Exceptional items (net)	-	-1,283.85
(Loss) before tax after exceptional items	-1,306.08	-1,360.59
Current tax	33.68	32.32
Tax expense related to earlier years	-0.75	11.08
Deferred tax expense	1.83	4.39
(Loss) after tax for the year	-1,340.84	-1,408.38
Other comprehensive income:
Re-measurement gains on defined benefit plans	2.12	8.16
Exchange differences on translation of foreign operations	-	-54.12
Total comprehensive income for the year	-1,338.72	-1,454.34
Total comprehensive income is attributable to:
Equity holders of the Holding Company	-418.46	-1,442.66
Non-controlling interests	-920.26	-11.68
Earnings per Equity Share	-2.48	-8.25

Emaar India Limited Consolidated Cash Flow Statement (Rs in Million)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Profit/(loss) before tax after exceptional items	-1,306.08	-1,360.59
Adjustments:
Depreciation and amortization expense	115.79	89.49
Unrealized foreign exchange loss/(gain) (net	-12.68	-23.92
Share in profit/(loss) of joint ventures	0.37	-0.23
(Gain)/loss on disposal of property, plant and equipment, (net)	8.73	-1.77
Net gain on sale of current investment (including impact of fair valuation	-20.52	-11.39
Gain on exchange of land (net	-1,179.25	-131.86
Interest income	-90.18	-153.39
Finance costs excluding interest on lease liabilities	6,762.48	6,624.20
Interest on lease liabilities	11.79	14.18
Amounts written off	153.73	643.83
Income from forfeiture of customer advances	-42.11	-6.12
Claim income	-	-61.04
Exceptional items (refer note 50)	-	1,283.85
Provision for doubtful advances (net)	1,083.35	-
Unclaimed balances and excess provisions written back	-742.16	-136.49
Operating profit before working capital changes	4,743.26	6,768.75
Adjustments:
Trade payables and other financial liabilities	1,738.92	-2,541.05
Other current liabilities	-2,578.76	1,952.05
Provisions	-755.57	612.27
Inventories	7,500.94	1,482.06
Trade receivables	-285.57	739.53
Other financial assets and other assets	-1,736.01	207.31
Cash flows from operating activities after working capital changes	8,627.19	9,220.92
Income taxes refund/(paid) - net	-113.11	155.70
Net cash flows from operating activities	8,514.09	9,376.62
Cash Flow from Investing Activities
Purchase of property, plant and equipment (including capital work-in-progress, capital advances and capital creditors)	-187.47	-214.72
Proceeds from sale of property, plant and equipment	23.35	-
Purchase of intangible assets (including capital advances)	-4.455	-65.09
Purchase of current investments	-455.30	-495.12
Movement in bank deposits with maturity more than three months (net)	-1,279.10	-1,117.68
Interest income received	82.95	430.06
Net cash (used in) investing activities	-1,818.02	-1,462.56
Cash Flow from Financing Activities
Proceeds from issue of Compulsory Convertible Debentures	48.07	250.00
Proceeds from non-current borrowings	3,543.99	44,072.00
Repayment of non-current borrowings	-14,103.56	-16,372.96
Movement in current borrowings (net)	9,269.61	-16,518.32
Finance costs paid	-7,036.75	-20,007.31
Principal payment of lease liabilities	-24.70	22.48
Interest paid on lease liabilities	-11.79	-14.18
Net cash (used in) financing activities	-8,315.13	-8,613.25
Increase in cash and cash equivalents	-1,619.06	-699.19
Cash and cash equivalents as at the beginning of year	1,423.12	630.88
Cash and cash equivalents as at end of the year	-195.94	-68.31

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

Operating Activities:

Emaar India reported a strong positive cash flow from operating activities of ₹8,514 million in FY 2024, slightly lower than ₹9,377 million in FY 2023. Despite a net loss before tax, the cash inflows were supported by non-cash adjustments like high finance costs, provision for doubtful advances, and significant working capital movements, especially a sharp increase in inventory realization. This indicates improved operational efficiency and effective cash recovery from projects under development.

Investing Activities:

The company incurred a cash outflow of ₹1,818 million in FY 2024 (vs. ₹1,463 million in FY 2023), mainly due to higher fixed asset and deposit investments. Although interest income was received, the overall investing activity remained negative, reflecting continued capital deployment in long-term assets and reduced inflow from investment sales.

Financing Activities:

Financing activities resulted in a net cash outflow of ₹8,315 million in FY 2024, nearly flat compared to ₹8,613 million in FY 2023. This was primarily due to substantial repayments of borrowings and high interest payments, only partially offset by fresh borrowings. The financing structure reflects a deleveraging effort combined with high financing costs.

Net Cash Position:

The company ended FY 2024 with a negative cash and cash equivalents balance of ₹196 million, worsening from ₹68 million in FY 2023. This was due to the gap between operating inflows and heavy financing/investing outflows, indicating tight liquidity and reliance on external funding to maintain operations.

Standalone Financial Ratios of Emaar India Limited

Particulars	2024	2023
Current ratio	1.14	1.22
Debt-equity ratio	-1.90	-2.06
Debt service coverage ratio	0.21	0.12
Return on equity ratio	6.57%	3.44%
Inventory turnover ratio	0.38	0.17
Trade receivables turnover ratio	31.76	13.48
Trade payables turnover ratio	3.15	1.28
Net capital turnover ratio	2.64	1.03
Net profit ratio	-8.84%	-7.10%
Return on capital employed	10.16%	12.52%
Return on investment	0.55%	0.73%

Here is a summary of the financial and operational metrics for Emaar India for the year 2024 and 2023:

Current Ratio (2024: 1.14 | 2023: 1.22)

The current ratio measures the company 's ability to meet its short-term obligations with its short-term assets. Both years reflect a ratio slightly above 1, which is acceptable but not strong. A slight decline from 1.22 to 1.14 suggests a marginal weakening in liquidity.

Debt-Equity Ratio (2024: -1.90 | 2023: -2.06)

A negative debt-equity ratio typically indicates negative shareholders ' equity, meaning the company’s liabilities exceed its equity. Although the ratio improved slightly in 2024 (from -2.06 to -1.90).

Debt Service Coverage Ratio (DSCR) (2024: 0.21 | 2023: 0.12)

DSCR assesses the company’s ability to service debt from operating income. A ratio below 1 indicates insufficient earnings to cover debt payments. Though the 2024 DSCR improved to 0.21 from 0.12, it remains significantly low, suggesting continued strain in meeting debt obligations.

Return on Equity (ROE) (2024: 6.57% | 2023: 3.44%)

ROE measures profitability relative to shareholders’ equity. The improvement from 3.44% to 6.57% reflects enhanced efficiency in generating profits from equity. Despite the negative equity implied earlier, this jump indicates better utilization of retained earnings or improved net income in 2024.

Inventory Turnover Ratio (2024: 0.38 | 2023: 0.17)

This ratio measures how often inventory is sold and replaced during the year. The increase from 0.17 to 0.38 suggests improved inventory management in 2024, though the overall turnover remains low. Low turnover may still point to slow-moving stock or inefficient sales processes.

Trade Receivables Turnover Ratio (2024: 31.76 | 2023: 13.48)

A sharp rise in this ratio indicates the company collected receivables much more efficiently in 2024. The jump from 13.48 to 31.76 implies strong credit control and quicker cash inflows, which is a highly positive sign for working capital health.

Trade Payables Turnover Ratio (2024: 3.15 | 2023: 1.28)

This ratio reflects how quickly the company pays its suppliers. The rise from 1.28 to 3.15 shows that the company is settling its dues faster, which might improve supplier relationships but could also stress cash reserves if not matched by strong inflows.

Net Capital Turnover Ratio (2024: 2.64 | 2023: 1.03)

This ratio shows how effectively the company uses working capital to generate revenue. The improvement from 1.03 to 2.64 suggests significantly higher efficiency in 2024, meaning the company generated more revenue for every rupee of capital employed in operations.

Net Profit Ratio (2024: -8.84% | 2023: -7.10%)

A negative net profit ratio in both years signals consistent losses. Moreover, the worsening from -7.10% to -8.84% indicates deeper operational or cost structure issues in 2024, with a larger share of revenue being lost rather than turned into profit.

Return on Capital Employed (ROCE) (2024: 10.16% | 2023: 12.52%)

ROCE measures how efficiently capital is used to generate operating profit. The drop from 12.52% to 10.16% suggests a slight decline in operational efficiency or higher capital employed without proportional profit growth. While still positive, it may reflect increased asset base or reduced EBIT.

Return on Investment (ROI) (2024: 0.55% | 2023: 0.73%)

ROI assesses how effectively investments are generating returns. The decline from 0.73% to 0.55% implies lower returns on invested funds in 2024, which may reflect weaker market conditions, underperformance of investment assets, or lower income from non-core activities.