ICL Fincorp Annual Report | Balance Sheet for FY 2023-24

ICL Fincorp Limited (ICL Fincorp) Return Comparision with Primex 40 Index

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ICL Fincorp Limited

ICL Fincorp Limited Balance Sheet (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Financial Assets
Cash and cash equivalents	1,51,053.66	97,900.74
Bank balances other than above	50,135.41	53,195.10
Loans	47,82,673.93	40,30,443.40
Investments	66,865.62	47,086.51
Other Financial assets	4,00,898.27	3,43,887.64
Non-Financial Assets
Current tax assets	33,377.75	32,892.22
Deferred tax assets	49,810.93	41,529.54
Property, plant and equipment	4,66,819.59	3,25,518.70
Capital wotk in progress	3,652.41	3,631.72
Right of use assets	1,74,524.72	1,14,472.96
Goodwill	44,786.26	44,786.26
Other intangible assets	3,355.06	1,761.02
Other non-financial assets	1,51,532.91	1,39,479.71
Total Assets	63,79,486.52	52,76,585.52
Financial liabilities
Trade Payables
Total Outstanding dues of micro and small enterprises	11,301.59	632.41
Total outsstanding dues of creditors other than micro and small enterprises	30,434.79	13,749.97
Debt Securities	37,72,961.00	32,45,024.00
Borrowings (Other than Debt Securities)	4,63,154.88	2,08,965.68
Subordinate Liabilities	3,66,668.00	2,69,195.00
Lease liability	1,72,113.40	1,10,298.59
Other financial liabilities	5,22,458.85	4,41,299.16
Non-Financial liabilities
Provisions	54,661.08	63,041.51
Other non-financial liabilities	15,832.23	11,030.96
Equity
Equity Share capital	4,97,936.18	4,73,935.61
Other Equity	4,14,240.21	3,77,143.19
Equity attributable to equity holders of parent	9,12,176.39	8,51,078.80
Non-controlling interest	57,724.30	62,269.46
Total Liabilities and Equity	63,79,486.51	52,76,585.54

ICL Fincorp Limited Profit & Loss Statement (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Revenue from operations
Interest Income	14,23,995.62	11,21,886.20
Revenue from other Financial Services	7,581.75	8,923.47
Other income	25,365.46	(4,426.84)
Total Income	14,56,942.83	11,26,382.83
Expenses
Finance costs	5,67,402.69	4,70,580.89
Impairment of Financial Instruments	8,952.54	6,677.42
Employee benefits expense	3,55,296.74	2,87,068.15
Depreciation and amortization expense	1,32,272.47	1,10,241.63
Other expenses	3,82,515.63	2,09,412.77
Total Expenses	14,46,440.07	10,83,980.86
Profit/(loss) before tax	10,502.78	42,401.96
Current tax	17,695.18	21,413.01
(Excess)/Short provision of Previous Years	45.57	(319.38)
Deferred tax(Income)/Expense	-8,046.18	(9,054.02)
Profit/(loss) for the year	808.20	30,362.35
Other comprehensive income
Items that will not be re classified to profit or loss - Remeasurements of the defined benefit asset	-320.83	964.36
Income tax relating to items that will not be reclassified to profit or loss	323.63	(35.13)
Total other comprehensive income	2.80	929.23
Total comprehensive income for the year	811.01	31,291.59
Profit for the year attributable to
Equity holders of the parent	5,364.51	30,604.04
Non-Controlling Interest	-4,556.30	(241.69)
Other comprehensive income for the year, net of tax
Equity holders of the parent	-8.35	924.12
Non-Controlling Interest	11.15	5.11
Total comprehensive income for the year, net of tax
Equity holders of the parent	5,356.16	31,528.15
Non-Controlling Interest	-4,560.00	(236.58)
Earnings per equity share
Basic	0.02	0.64
Diluted	0.02	0.64

ICL Fincorp Limited Consolidated Cash Flow Statement (Rs in Thousands)

Particulars	31-03-2024	31-03-2023
Net Profit before tax	10,502.78	42,401.96
Adjustments for:
Depreciation and amortization expense	1,32,272.47	1,10,241.63
Impairment on financial instruments	8,952.54	6,677.42
Provision for Gratuity	4,946.73	3,124.68
Provision for loss on account of fraud	-9,571.93	4,080.90
Provision for TDS Default	65.82	-112.87
Net (Gain)/Loss on current investment due to market fluctuation	-19,950.83	9,256.57
Finance cost	21,143.62	13,591.92
Interest on Fixed deposit	-4,266.74	-1,366.89
Dividend on Investments	-1,043.73	-777.39
Lease payments	61,590.12	41,408.20
Profit/(Loss) on sale of Property,Plant and Equipment	-	-
Net (Gain)/Loss on sale of investments	-517.95	436.98
Operating profit before working capital changes	2,04,122.91	2,28,963.10
Changes in working capital :
Decrease / (increase) in non-financial asset	-12,053.19	-2,498.77
Decrease / (increase) in loans	-7,61,183.06	-5,20,339.89
Decrease / (increase) in investments	-19,779.10	-5,917.18
Decrease / (increase) in current tax assets	-22,249.74	1,175.45
Decrease / (increase) in other financial asset	-57,010.63	-87,036.45
Increase / (decrease) in trade payables	27,354.01	3,984.17
Increase / (decrease) in other financial liablities	81,159.69	76,977.77
Increase / (decrease) in Lease Liability (Net)	61,814.81	42,254.72
Increase / (decrease) in other non-financial liablities	4,801.27	-3,501.89
Cash generated from /(used in) operations	-4,93,023.05	-2,65,938.96
Net income Taxes Paid	-	-13,986.39
Net cash flow from/ (used in) operating activities	-4,93,023.05	-2,79,925.35
Cash flows from investing activities
Net Gain/(Loss) on sale of investments	517.95	-436.98
Net (Gain)/Loss on current investment due to market fluctuation	19,950.83	-9,256.57
Purchase of property,plant and equipments including CWIP	-2,22,185.89	-1,48,682.81
Dividend on Investments	1,043.73	777.39
Purchase of intangible assets	-2,120.04	-180.21
Sale of property,plant and equipments	-	-
Bank balance not considerd as cash and cash equivalents	3,059.69	2,160.00
Net cash flow from/ (used in) investing activities	-1,99,733.73	-1,55,619.18
Cash flows from financing activities
Proceed from Debt Security (Net)	5,27,937.00	5,61,164.00
Proceed from Borrowings (Net)	2,54,189.19	-69,920.16
Proceed from Subordinate Liabilities (Net)	97,473.00	-35,845.00
Finance cost	-21,143.62	-13,591.92
Interest on Fixed deposit	4,266.74	1,366.89
Proceeds from issue of equity share capital	60,001.43	76,465.23
Payment of Preference dividend	-4,290.00	-3,989.14
Lease payments	-61,590.12	-41,408.20
Right to Use Asset (Net)	-1,10,933.92	-78,285.63
Net cash flow from/ (used in) in financing activities	7,45,909.69	3,95,956.07
Net increase/(decrease) in cash and cash equivalents	53,152.91	-39,588.46
Cash and cash equivalents at the beginning of the year	97,900.74	1,37,489.21
Cash and cash equivalents at the end of the year	1,51,053.66	97,900.74
Components of cash and cash equivalents
Cash on hand	32,105.47	26,078.10
With banks	1,18,948.19	71,822.64
Total cash and cash equivalents	1,51,053.66	97,900.74

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 profit before tax of ₹10,502.78 thousand, significantly lower than ₹42,401.96 thousand in 2022-23. After adjustments for non-cash items like depreciation (₹1,32,272.47 thousand), impairment on financial instruments, and finance costs, the operating profit before working capital changes was ₹2,04,122.91 thousand, compared to ₹2,28,963.10 thousand in the previous year.

Working capital adjustments, such as the increase in loans (₹7,61,183.06 thousand) and other financial assets (₹57,010.63 thousand), caused a significant reduction in cash generated from operations. Despite increases in trade payables and financial liabilities, the company faced a significant cash outflow from operations, amounting to ₹-4,93,023.05 thousand, a further deterioration from ₹-2,65,938.96 thousand in 2022-23. No income taxes were paid in 2024, compared to ₹13,986.39 thousand in the previous year.

Cash Flow from Investing Activities

The net cash outflow from investing activities was ₹-1,99,733.73 thousand in 2023-24, an improvement from ₹-1,55,619.18 thousand in 2022-23. The primary cash outflow was due to the purchase of property, plant, and equipment (₹-2,22,185.89 thousand), which was significantly higher than the previous year. Additionally, the company invested in intangible assets and had a smaller bank balance not considered as cash equivalents. Gains from market fluctuations on investments (₹19,950.83 thousand) partially offset these expenses, but the outflows outweighed the inflows.

Cash Flow from Financing Activities

Financing activities generated a significant net inflow of ₹7,45,909.69 thousand, up from ₹3,95,956.07 thousand in 2022-23. This inflow was driven by proceeds from debt securities (₹5,27,937.00 thousand) and borrowings (₹2,54,189.19 thousand). Additionally, the company raised funds from equity share capital (₹60,001.43 thousand). However, outflows related to lease payments (₹-61,590.12 thousand), preference dividends, and finance costs partially offset these inflows.

Net Increase/Decrease in Cash and Cash Equivalents

Despite the large outflows from operating and investing activities, the inflows from financing activities led to a net increase in cash and cash equivalents of ₹53,152.91 thousand for 2023-24, compared to a net decrease of ₹-39,588.46 thousand in 2022-23. As a result, the closing cash balance increased from ₹97,900.74 thousand in 2023 to ₹1,51,053.66 thousand in 2024.

Components of Cash and Cash Equivalents

At the end of 2024, the company had ₹1,51,053.66 thousand in cash and cash equivalents, comprised of ₹32,105.47 thousand in cash on hand and ₹1,18,948.19 thousand in bank balances. This represents a substantial improvement in liquidity compared to the previous year’s closing balance of ₹97,900.74 thousand.

Financial Ratios of ICL Fincorp Limited

Particulars	2024	2023
Current Ratio	2.38	2.49
Quick ratio	0.19	0.23
Cash ratio	0.03	0.06
Operating profit margin (%)	41.78%	46.97%
Net Profit margin (%)	1.97%	3.90%
Leverage ratio	6.17	5.62
Capital Adequacy ratio	15.00%	16.74%

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

Current Ratio

The current ratio measures the company 's ability to cover short-term liabilities with its current assets. In 2024, the ratio slightly decreased to 2.38 from 2.49 in 2023. This small decline suggests a marginal reduction in the company’s liquidity position, but it remains above 1.0, indicating the company can still comfortably meet its short-term obligations.

Quick Ratio

The quick ratio, also known as the acid-test ratio, assesses the company 's ability to meet short-term liabilities with its most liquid assets (excluding inventory). The ratio fell from 0.23 in 2023 to 0.19 in 2024, indicating a decrease in liquidity when considering only the most liquid assets like cash and receivables. This decline suggests that the company has fewer quick assets relative to its short-term liabilities.

Cash Ratio

The cash ratio measures the company 's ability to cover its short-term liabilities solely with cash and cash equivalents. The ratio decreased from 0.06 in 2023 to 0.03 in 2024, reflecting a significant drop in the company’s immediate liquidity. This indicates that the company has less cash on hand to meet its short-term obligations, which could pose risks if it faces immediate financial needs.

Operating Profit Margin (%)

Operating profit margin measures the percentage of revenue left after covering operating expenses. The margin decreased from 46.97% in 2023 to 41.78% in 2024. This decline suggests that the company faced higher operating costs relative to its revenue, resulting in lower profitability from its core business operations.

Net Profit Margin (%)

The net profit margin reflects the percentage of revenue that translates into net profit. The margin fell from 3.90% in 2023 to 1.97% in 2024, indicating a sharp decline in overall profitability. This suggests that the company faced increased expenses or lower revenues, significantly impacting the bottom line.

Leverage Ratio

The leverage ratio shows the proportion of debt relative to equity. The leverage ratio increased from 5.62 in 2023 to 6.17 in 2024, indicating that the company has taken on more debt relative to its equity base. This higher leverage implies greater financial risk, as the company is more reliant on debt to finance its operations.

Capital Adequacy Ratio

The capital adequacy ratio measures a financial institution’s ability to withstand potential losses, expressed as the ratio of capital to risk-weighted assets. The ratio declined from 16.74% in 2023 to 15.00% in 2024. This decrease indicates a slightly weaker capital position, but the ratio still exceeds regulatory minimums, suggesting the company remains adequately capitalized to absorb potential losses.

ICL Fincorp Annual Reports, Balance Sheet and Financials

ICL Fincorp Limited (ICL Fincorp) Return Comparision with Primex 40 Index

ICL Fincorp Limited Balance Sheet (Rs in Thousands)

ICL Fincorp Limited Profit & Loss Statement (Rs in Thousands)

ICL Fincorp Limited Consolidated Cash Flow Statement (Rs in Thousands)

Financial Ratios of ICL Fincorp Limited

ICL Fincorp Annual Reports

ICL Fincorp Financials 2023-24

ICL Fincorp Annual Report 2021-22

ICL Fincorp Annual Report 2020-21

ICL Fincorp Annual Report 2019-20

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