IKF Finance Annual Report | Balance Sheet for FY 2023-24

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

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IKF Finance Limited

IKF Finance Limited Balance Sheet (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Financial Assets
Cash and cash equivalents	4,721.03	27,817.26
Bank Balance other than included above	3,549.17	6,098.78
Trade Receivables	145.64	-
Loans	4,14,297.53	2,68,920.04
Investments	12,406.62	21,247.83
Derivative financial instruments	62.79	-
Other financial assets	6,655.13	4,759.15
Non-financial assets
Current Tax Assets (Net)	43.25	400.55
Investment Property	130.03	72.14
Property, Plant and Equipment	350.47	363.00
Right of use asset	361.85	313.23
Capital Work in progress	47.59	-
Intangible assets under development	13.20	-
Intangible Assets	198.09	236.22
Goodwill	774.47	774.47
Other non-financial assets	4,329.92	3,387.49
Total assets	4,48,086.78	3,34,390.16
Financial Liabilities
Derivative financial instruments	-	5.40
total outstanding dues of creditors other than micro enterprises and small enterprises	157.85	113.02
Debt securities	20,999.05	26,640.67
Borrowings (other than debt securities)	3,07,465.24	2,13,081.79
Subordinated Liabilities	16,372.47	16,345.06
Other financial liabilities	6,963.88	4,026.93
Non-financial liabilities
Current tax liabilities (net)	114.33	-
Provisions	342.98	261.90
Deferred tax liabilities (Net)	639.43	464.37
Other non-financial liabilities	375.65	263.49
Equity
Equity share capital	7,015.65	6,457.51
Other equity	86,391.55	65,945.19
Non- Controlling Interest	1,248.72	784.84
Total liabilities and equity	4,48,086.80	3,34,390.17

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

Particulars	31-03-2024	31-03-2023
Revenue From operations
Interest income	56,709.99	36,550.27
Fees and commission income	1,212.21	890.61
Other Operating income	19.64	3.20
Other income	658.34	400.63
Total income	58,600.18	37,844.71
Expenses
Finance costs	28,476.10	19,217.55
Impairment on financial instruments	2,018.32	628.21
Employee benefits expenses	10,638.24	7,027.13
Depreciation, amortization and impairment	468.88	341.66
Others expenses	3,297.51	2,381.82
Total expenses	44,899.05	29,596.37
Profit before tax	13,701.12	8,248.34
Current Tax	3,327.22	1,717.24
Deferred Tax	181.51	366.23
Adjustment of tax relating to earlier periods	11.88	12.91
Profit for the period	10,180.51	6,151.96
Other comprehensive income
Items that will not be reclassified to profit or loss (specify items and amounts):
Remeasurements of the defined benefit plans	-4.36	17.82
Impact of changes in fair value of Financial Instruments	-	53.28
Income tax relating to items that will not be reclassified to profit or loss	-1.63	-3.13
Items that will not be reclassified to profit or loss	10.82	-
Items that will be reclassified to profit or loss:
Items that will be reclassified to profit or loss	-32.15	-
Income tax relating to items that will be reclassified to profit or loss	8.09	-
Other comprehensive income	-19.22	67.97
Total comprehensive income for the period	10,161.29	6,219.93
Attributable to:
Owners of the Company	9,923.50	6,133.80
Non-controlling interest	237.78	86.15
Earnings per share (equity share, par value of ₹10 each)
Basic	14.97	11.46
Diluted	14.97	11.45

IKF Finance Limited Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Profit before tax	13,701.12	8,248.33
Adjustments for:
Depreciation, amortization and impairment	468.88	341.66
Interest Income	-56,709.99	-36,553.47
Interest expenses	28,476.10	19,217.55
Impairment on financial instrument	2,018.32	628.21
Share based payment expense	1.08	-4.00
Provision for expenses	12.75	2.25
Employee benefit expenses	109.83	-31.35
Rental income on Investment property	-9.15	-7.63
(Profit)/ Loss on sale of property, plant and equipment	-344.17	1.14
(Profit)/ Loss on sale of immovable Property	288.33	3.15
Cash generated from / (used in) operations before working capital changes and adjustments for interest received and interest paid	-11,986.91	-8,415.15
Adjustments for changes in Working Capital:
Decrease / (Increase) in trade receivable	-145.64	-
Decrease / (Increase) in loans	-1,44,910.39	-79,896.38
Decrease / (Increase) in bank balances other than cash and cash equivalents	2,549.61	-3,565.14
Decrease / (Increase) in other financial assets	2,024.62	-297.93
Decrease / (Increase) in other non-financial assets	-942.43	-2,307.26
(Decrease) / Increase in trade payables	44.83	105.93
(Decrease) / Increase in other financial liabilities	2,868.23	626.06
(Decrease) / Increase in provisions	-93.21	33.69
(Decrease) / Increase in other non-financial liabilities	112.15	106.22
Interest received	50,391.90	33,600.98
Interest paid	-29,144.64	-19,393.29
Income tax paid (net of refunds)	-2,867.46	-1,929.74
Derivative financial instruments	-11.77	45.27
Net Cash generated from/(Used in) Operating Activities	-1,32,111.11	-81,025.71
Cash Flow from Investing Activities
Purchase of property, plant and equipment	-120.88	-131.47
Purchase of Investment property	-58.06	-
Rental income on Investment property	9.15	7.63
Proceeds from sale of property, plant and equipment	344.35	0.82
Proceeds from sale of Investment property	-288.33	38.85
Purchase of intangible assets	-43.40	-137.38
Purchase of investments in market instruments	8,841.20	-21,247.83
Net Cash generated from/(Used in) Investing Activities	8,684.05	-21,469.37
Cash Flow from Financing Activities
Proceeds from issue of equity shares (including securities premium)	12,000.01	25,506.83
Share issue expenses	-879.18	-
Amount received from debt securities	15,000.00	7,000.00
Repayment of debt securities	-19,889.84	-4,249.92
Amount received from borrowings other than debt securities	1,62,694.34	1,39,390.00
Repayment of borrowings other than debt securities	-68,329.30	-57,339.83
Amount received from subordinated Liabilities	-	14,000.00
Repayment of subordinated debt	-	-3,500.00
Payment of principal portion of lease liabilities	-219.12	-123.03
Payment of interest on lease liabilities	-46.08	-36.00
Net Cash generated from/(Used in) Financing Activities	1,00,330.83	1,20,648.04
Net Increase / (Decrease) in Cash and Cash Equivalents	-23,096.23	18,152.95
Cash and Cash Equivalents at the beginning of Year	27,817.26	9,664.31
Cash and Cash Equivalents at the end of the Year	4,721.03	27,817.26

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

Operating Activities:

In the fiscal year ending March 31, 2024, the company reported a profit before tax of ₹13,701.12 lakhs, a substantial increase from ₹8,248.33 lakhs in the previous year. However, after accounting for various adjustments, the cash flow from operating activities showed a net outflow of ₹1,32,111.11 lakhs, which is significantly worse compared to the net outflow of ₹81,025.71 lakhs in 2023.

The main adjustments impacting this were significant increases in interest income and interest expenses. Interest income surged to ₹56,709.99 lakhs from ₹36,553.47 lakhs, while interest expenses also increased to ₹28,476.10 lakhs from ₹19,217.55 lakhs. The net cash flow was further affected by a notable increase in loans (a net decrease of ₹1,44,910.39 lakhs compared to ₹79,896.38 lakhs), a decrease in other financial assets, and fluctuations in bank balances and other non-financial assets. These factors contributed to a substantial negative cash flow from operations, despite receiving ₹50,391.90 lakhs in interest and managing some adjustments in working capital.

Investing Activities:

Cash flow from investing activities improved, with a net inflow of ₹8,684.05 lakhs in 2024 compared to a significant net outflow of ₹21,469.37 lakhs in 2023. This positive shift was driven by several key factors.

Notably, the company received ₹344.35 lakhs from the sale of property, plant, and equipment and ₹38.85 lakhs from the sale of investment property. Additionally, the purchase of investments in market instruments yielded ₹8,841.20 lakhs, contrasting with a large outflow of ₹21,247.83 lakhs in the previous year. However, the company made purchases of tangible and intangible assets, which slightly offset the inflows. The net positive cash flow in investing activities indicates that the company has been more strategic in managing its investments and asset sales.

Financing Activities:

The cash flow from financing activities showed a significant net inflow of ₹1,00,330.83 lakhs in 2024, a decrease from the inflow of ₹1,20,648.04 lakhs in 2023.

This cash flow was primarily boosted by the proceeds from issuing equity shares (₹12,000.01 lakhs) and increased borrowing, including ₹15,000.00 lakhs from debt securities and ₹1,62,694.34 lakhs from other borrowings. However, there were substantial repayments of debt securities and borrowings (₹68,329.30 lakhs and ₹19,889.84 lakhs, respectively), along with payments related to lease liabilities. The company also made significant repayments of subordinated debt in the previous year. Despite these outflows, the overall financing cash flow remained robust due to the increased capital inflows and debt management.

Overall Cash Position:

The net decrease in cash and cash equivalents for the year was ₹23,096.23 lakhs, compared to an increase of ₹18,152.95 lakhs in the previous year. The closing cash balance decreased significantly from ₹27,817.26 lakhs at the beginning of the year to ₹4,721.03 lakhs by the end of the year

Dividend history of IKF Finance Limited (In Rs. Lakhs)

Particulars	2024	2023
Dividend (final + interim) (In Rs.)	-	-
Retained Earnings	29,925.98	22,518.93

IKF Finance Limited Annual Reports, Balance Sheet and Financials

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

IKF Finance Limited Balance Sheet (Rs in Lakhs)

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

IKF Finance Limited Cash Flow Statement (Rs in Lakhs)

IKF Finance Limited Annual Reports

IKF Finance Annual Report 2023-24

IKF Finance Annual Report 2022-23

IKF Finance Annual Report 2020-21

IKF Finance Annual Report 2019-20

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