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

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
ICL Fincorp Limited

CL Fincorp Limited Consolidated Balance Sheet (Rs. in Thousands)

Particulars	31-03-2025	31-03-2024
Financial Assets
Cash and cash equivalents	379,443.41	1,51,053.66
Bank balances other than above	119,151.45	50,135.41
Loans	6,573,305.13	47,82,673.93
Investments	186,889.40	66,865.62
Other Financial assets	425,231.74	4,00,898.27
Non-Financial Assets
Current tax assets	24,466.86	33,377.75
Deferred tax assets	61,080.85	49,810.93
Property, plant and equipment	468,830.33	4,66,819.59
Capital work in progress	-	3,652.41
Right of use assets	124,175.89	1,74,524.72
Goodwill	44,786.26	44,786.26
Other intangible assets	8,422.62	3,355.06
Other non-financial assets	113,367.21	1,51,532.91
Total Assets	8,529,151.16	63,79,486.51
Financial liabilities
Trade Payables:
Total Outstanding dues of micro and small enterprises	3,548.25	11,301.59
Total outstanding dues of creditors other than micro and small enterprises	41,024.47	30,434.79
Debt Securities	4,612,193.00	37,72,961.00
Borrowings (Other than Debt Securities)	876,330.04	4,63,154.88
Subordinate Liabilities	973,700.00	3,66,668.00
Lease liability	132,344.28	1,72,113.40
Other financial liabilities	590,826.82	5,22,458.85
Non-Financial liabilities
Provisions	80,723.43	54,661.09
Other non-financial liabilities	18,279.81	15,832.23
Equity
Equity Share capital	581,858.83	4,97,936.18
Other Equity	572,357.95	4,14,240.21
Non-controlling interest	45,964.28	57,724.30
Total Liabilities and Equity	8,529,151.16	63,79,486.51

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

Particulars	31-03-2025	31-03-2024
Revenue from operations
Interest Income	1,892,837.05	14,23,995.62
Revenue from other Financial Services	7,403.84	7,581.75
Other income	16,643.91	25,365.46
Total Income	1,916,884.81	14,56,942.84
Expenses
Finance costs	717,491.48	5,67,402.69
Impairment of Financial Instruments	-16,551.24	8,952.54
Employee benefits expense	453,040.94	3,55,296.74
Depreciation and amortization expense	150,745.43	1,32,272.47
Other expenses	561,141.15	3,82,515.63
Total Expenses	1,865,867.75	14,46,440.06
Profit/(loss) before tax	51,017.06	10,502.77
Current tax	36,501.47	17,695.18
(Excess)/Short provision of Previous Years	1,546.73	45.57
Deferred tax(Income)/Expense	-11,476.38	-8,046.18
Profit/(loss) for the year	24,445.23	808.20
Other comprehensive income
Items that will not be re classified to profit or loss:
Remeasurements of the defined benefit asset	494.97	-320.83
Income tax relating to items that will not be reclassified to profit or loss	-206.46	323.63
Total other comprehensive income	288.51	2.80
Total comprehensive income for the year	24,733.74	811.01
Profit for the year attributable to
Equity holders of the parent	36,243.42	5,364.50
Non-Controlling Interest	-11,798.19	-4,556.30
Other comprehensive income for the year, net of tax
Equity holders of the parent	250.34	-8.35
Non-Controlling Interest	38.17	11.15
Total comprehensive income for the year, net of tax
Equity holders of the parent	36,493.76	5,356.15
Non-Controlling Interest	-11,760.02	-4,545.15
Earnings per equity share
Basic	0.44	0.02
Diluted	0.44	0.02

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

Particulars	31-03-2025	31-03-2024
Net Profit before tax	51,017.06	10,502.77
Adjustments for:
Depreciation and amortization expense	150,745.43	1,32,272.47
Impairment on financial instruments	-16,551.24	8,952.54
Provision for Gratuity	5,706.14	4,946.73
Provision for loss on account of fraud	365.90	-9,571.93
Provision for TDS Default	-	65.82
Net (Gain)/Loss on current investment due to market fluctuation	-9,920.52	-19,950.83
Finance cost	19,944.87	21,143.62
Interest on Fixed deposit	-4,077.14	-4,266.74
Dividend on Investments	-856.57	-1,043.73
Lease payments	67,998.10	61,590.12
Net (Gain)/Loss on sale of investments	-884.32	-517.95
Operating profit before working capital changes	263,487.71	2,04,122.91
Changes in working capital :
Decrease / (increase) in non-financial asset	38,165.70	-12,053.19
Decrease / (increase) in loans	-1,774,079.96	-7,61,183.06
Decrease / (increase) in investments	-120,023.78	-19,779.10
Decrease / (increase) in current tax assets	-8,682.03	-22,249.74
Decrease / (increase) in other financial asset	-24,333.47	-57,010.63
Increase / (decrease) in trade payables	2,836.33	27,354.01
Increase / (decrease) in other financial liabilities	68,367.97	81,159.69
Increase / (decrease) in Lease Liability (Net)	-39,769.12	61,814.81
Increase / (decrease) in other non-financial liabilities	2,447.58	4,801.27
Net cash flow from/ (used in) operating activities	-1,591,583.08	-4,93,023.05
Cash flows from investing activities
Net Gain/(Loss) on sale of investments	884.32	517.95
Net (Gain)/Loss on current investment due to market fluctuation	9,920.52	19,950.83
Purchase of property ,plant and equipment’s including CWIP	-87,426.74	-2,22,185.89
Dividend on Investments	856.57	1,043.73
Purchase of intangible assets	-6,277.60	-2,120.04
Bank balance not considered as cash and cash equivalents	-69,016.04	3,059.69
Net cash flow from/ (used in) investing activities	-151,058.97	-1,99,733.73
Cash flows from financing activities
Proceed from Debt Security (Net)	839,232.00	5,27,937.00
Proceed from Borrowings (Net)	413,175.16	2,54,189.19
Proceed from Subordinate Liabilities (Net)	607,032.00	97,473.00
Finance cost	-19,944.87	-21,143.62
Interest on Fixed deposit	4,077.14	4,266.74
Proceeds from issue of equity share capital	209,806.63	60,001.43
Payment of Preference dividend	-4,230.00	-4,290.00
Lease payments	67,998.10	-61,590.12
Right to Use Asset (Net)	10,118.15	-1,10,933.92
Net cash flow from/ (used in) in financing activities	1,971,031.80	7,45,909.69
Net increase/(decrease) in cash and cash equivalents	228,389.76	53,152.91
Cash and cash equivalents at the beginning of the year	151,053.66	97,900.74
Cash and cash equivalents at the end of the year	379,443.41	1,51,053.66
Components of cash and cash equivalents
Cash on hand	39,185.91	32,105.47
With banks	340,257.50	1,18,948.19
Total cash and cash equivalents	379,443.41	1,51,053.66

Summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities

In FY25, the company earned a net profit before tax of ₹5,10,17,060 thousand, much higher than ₹1,05,02,770 thousand in FY24. After adjustments such as depreciation and amortization of ₹15,07,454 thousand, finance cost of ₹1,99,449 thousand, and lease payments of ₹6,79,981 thousand, the operating profit before working capital changes stood at ₹26,34,8771 thousand, compared to ₹20,41,2291 thousand last year. However, major increases in loans (₹1,77,40,7996 thousand) and investments (₹12,00,2378 thousand), along with higher tax assets and financial assets, created a heavy cash outflow. Thus, net cash used in operations was ₹15,91,58,308 thousand in FY25, against ₹4,93,02,305 thousand in FY24. This shows profits rose, but huge funds got tied up in lending and investments.

Cash Flow from Investing Activities

The company spent significantly on asset creation, with ₹8,74,2674 thousand on property, plant, and equipment and ₹6,2776 thousand on intangible assets. Small inflows came from dividends of ₹8,566 thousand and gains on investments, while bank balances not considered as cash reduced by ₹6,90,1604 thousand. Overall, the net cash outflow from investing activities stood at ₹1,51,05,897 thousand in FY25, compared to ₹1,99,73,373 thousand in FY24. This indicates continued heavy investment, but slightly less outflow than last year.

Cash Flow from Financing Activities

Financing activities were the biggest source of liquidity. The company raised ₹83,92,3200 thousand from debt securities, ₹41,31,752 thousand from borrowings, ₹60,70,320 thousand from subordinate liabilities, and ₹20,98,066 thousand from equity issue. On the outflow side, lease payments of ₹6,79,981 thousand and preference dividend of ₹42,300 thousand were made. Finally, net financing inflows stood at ₹1,97,10,3180 thousand in FY25, compared to ₹74,59,097 thousand in FY24. This highlights the company’s strong reliance on raising funds through debt and equity.

Net Cash Position

Because of large financing inflows, the company’s liquidity strengthened sharply. The net increase in cash and cash equivalents was ₹2,28,3898 thousand in FY25, much higher than ₹5,31,529 thousand in FY24. The closing balance rose to ₹37,94,4341 thousand, compared to ₹15,10,537 thousand last year. Out of this, ₹3,91,859 thousand was cash on hand and ₹34,02,575 thousand was with banks. Despite negative operating cash, the company ended the year with a strong cash position due to funding support.

Financial Ratios of ICL Fincorp Limited

Particulars	2025	2024
Current Ratio	2.99	2.38
Quick ratio	0.36	0.19
Cash ratio	0.20	0.03
Net Profit margin (%)	5.32%	1.97%
Leverage ratio	6.50	6.17
Capital Adequacy ratio	19.34%	15.00%

Summary of the financial ratios of ICL Fincorp Limited for the year 2025 and 2024:

Current Ratio

The current ratio improved from 2.38 in 2024 to 2.99 in 2025, meaning the company now has almost three times more current assets than current liabilities. This shows stronger short-term liquidity and a better ability to pay off obligations on time.

Quick Ratio

The quick ratio rose from 0.19 to 0.36. Although still below 1, the improvement suggests the company is becoming better at covering its short-term liabilities with liquid assets (excluding inventory). However, it still relies on inventory or other current assets for full coverage.

Cash Ratio

The cash ratio jumped significantly from 0.03 in 2024 to 0.20 in 2025. This means the company now has 20 paise in cash and near-cash assets for every ₹1 of short-term liability, compared to just 3 paise last year. Liquidity has improved a lot, showing stronger cash reserves.

Net Profit Margin (%)

The net profit margin improved sharply from 1.97% to 5.32%. This means that for every ₹100 of revenue, the company now keeps ₹5.32 as profit, compared to just ₹1.97 last year. It reflects much stronger cost control and higher profitability.

Leverage Ratio

The leverage ratio increased slightly from 6.17 to 6.50. This indicates the company is using more debt relative to equity. While leverage can help boost growth, higher levels also increase financial risk if not managed carefully.

Capital Adequacy Ratio

CAR improved from 15.00% to 19.34%, which is well above regulatory requirements. This shows the company has a strong capital base to absorb potential risks and losses, ensuring financial stability and investor confidence.

ICL Fincorp Annual Reports, Balance Sheet and Financials