India Carbon Limited (ICL ) Return Comparision with Primex 40 Index

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

Inox Neo Energies Limited Standalone Balance Sheet (Rs in crores)

Particulars	31-03-2025	31-03-2024
Non-Current Assets
Capital Work-in-progress	-	0.99
Investment in Subsidiaries	29.52	-
Deferred Tax Assets	0.01	-
Current Assets
Cash and cash equivalents	144.42	0.00
Bank Balance other than above	13.02	-
Loans	170.96	-
Other Financial Assets	7.38	-
Other Current Assets	0.04	0.00
Total Assets	365.35	1.00
Equity
Equity Share Capital	11.10	0.01
Other Equity	293.44	-0.74
Non-Current Liabilities
Provisions	0.05	-
Current Liabilities
Borrowings	57.62	1.05
Other Financial Liabilities	2.16	0.66
Provisions	0.00	-
Other Current Liabilities	0.47	0.01
Current Tax Liabilities	0.51	-
Total Equity and Liabilities	365.35	1.00

Inox Neo Energies Limited Standalone Profit & Loss Statement (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Revenue
Other Income	5.80	-
Total Income	5.80	-
Expenses
Employee Benefit Expenses	0.11	-
Finance Costs	1.10	0.13
Other Expenses	0.50	0.01
Total Expenses	1.71	0.13
Profit / (Loss) before Tax	4.09	-0.13
Current Tax	0.82	-
Deferred Tax	-0.01	-
Profit / (Loss) for the Year	3.28	-0.13
Total Comprehensive Income for the Period	3.28	-0.13
EPS – Basic & Diluted	0.89	-13.18

Inox Neo Energies Limited Cash Flow Statement (Rs in crores)

Particulars	31.03.2025	31.03.2024
Cash Flow from Operating Activities
Profit / (Loss) for the Year	3.28	-0.13
Adjustments for:
Interest Income	-3.13	-
Gain on Sale of Mutual Fund	-1.70	-
Tax Expenses	0.81	-
Finance Costs	1.10	0.13
Operating Profit/(Loss) before Working Capital Changes	0.36	-0.01
Movements in Working Capital:
Other Current Assets	-0.04	-
Other Financial Assets	-7.38	-
Other Financial Liabilities	0.52	0.01
Provisions	0.05	-
Other Current Liabilities	0.46	-
Cash Generated from/(used in) Operating Activities	-6.03	0.01
Income Taxes Paid	-0.31	-
Net Cash Generated from/(used in) Operating Activities	-6.35	0.01
Cash Flow from Investing Activities
Purchase of Investments	-29.52	-
Sale of Capital Work-in-progress	0.99	-
Inter Corporate Deposit Given	-459.15	-
Inter Corporate Deposit Received back	290.22	-
Interest Received	1.10	-
Purchase of Mutual Fund	-117.18	-
Sale of Mutual Fund	118.88	-
Investment in Fixed Deposit	-13.02	-
Net Cash Generated from/(used in) Investing Activities	-207.68	-
Cash Flow from Financing Activities
Shares Issued during the Period	11.09	-
Security Premium Received	290.90	-
Inter-corporate Deposit Received	168.98	0.01
Inter-corporate Deposit Paid back	-112.41	-
Finance Costs	-0.11	-0.01
Net Cash Generated from/(used in) Financing Activities	358.45	-0.01
Net Increase in Cash and Cash Equivalents	144.42	-
Cash and Cash Equivalents at the Beginning of the Year	-	-
Cash and Cash Equivalents at the End of the Year	144.42	-

Summary of the Cash Flow Statement for the year 2025 and 2024

Cash Flow from Operating Activities

The company reported a net cash outflow from operating activities of ₹6.35 crore in FY2024-25, compared with a marginal inflow of ₹0.01 crore in FY2023-24. Although it recorded a profit after tax of ₹3.28 crore, operating cash flows remained negative because a significant amount of cash was absorbed by working capital, particularly due to a ₹7.38 crore increase in other financial assets. After adjusting for non-cash and non-operating items such as interest income, gains on mutual fund sales, finance costs, and tax expenses, operating profit before working capital changes stood at only ₹0.36 crore. The negative operating cash flow indicates that the company 's core operations have not yet started generating meaningful cash and that profits were largely offset by investments in working capital.

Cash Flow from Investing Activities

The company reported a net cash outflow of ₹207.68 crore from investing activities, reflecting an aggressive investment strategy during the year. The largest outflow was ₹459.15 crore towards inter-corporate deposits, partially offset by ₹290.22 crore received back, resulting in a net deployment of funds through lending activities. The company also invested ₹29.52 crore in investments, ₹13.02 crore in fixed deposits, and made substantial purchases of mutual funds, although most mutual fund investments were redeemed during the year. It also realized ₹0.99 crore from the sale of capital work-in-progress and received ₹1.10 crore as interest income. Overall, the significant investing outflows suggest that the company deployed a large portion of its funds into financial assets and treasury investments to support its long-term capital allocation strategy.

Cash Flow from Financing Activities

The company generated a net cash inflow of ₹358.45 crore from financing activities, which was the primary source of funding during the year. This was mainly driven by a fresh equity issue of ₹11.09 crore and security premium of ₹290.90 crore, indicating substantial capital raised from shareholders. Additionally, the company received ₹168.98 crore through inter-corporate deposits, while repaying ₹112.41 crore during the year. Finance costs remained minimal at ₹0.11 crore. The strong financing inflows comfortably funded the company 's investing activities and demonstrate that the company relied predominantly on equity infusion and borrowings rather than internally generated cash.

Overall Cash Flow Analysis

Overall, the company 's cash and cash equivalents increased by ₹144.42 crore during FY2024-25, ending the year with a cash balance of ₹144.42 crore. The increase was entirely supported by substantial financing inflows, while operating activities consumed cash and investing activities involved significant capital deployment. The cash flow profile reflects a company in a growth or investment phase, where externally raised funds are being utilized to build investments and financial assets. Going forward, improving cash generation from core operations will be important to reduce dependence on external financing and support long-term financial sustainability.

Financial Ratios of Inox Neo Energies Limited

Particulars	31-03-2025	31-03-2024
Current Ratio	5.53	-
Debt Equity Ratio	0.19	-1.44
Debt Service Coverage Ratio	4.73	-0.05
Return on Equity Ratio	1.08%	18.13%
Return on Capital Employed	1.44%	0.86%

Summary of Financial Ratios:

Current Ratio

The company reported a current ratio of 5.53x as on March 31, 2025, indicating a very strong short-term liquidity position. A ratio well above 1 suggests that current assets are more than sufficient to meet current liabilities. The healthy liquidity is primarily attributable to the significant capital raised during the year, which strengthened the company 's cash position and overall working capital. Since comparable figures for FY2023-24 are not available, a year-on-year comparison cannot be made.

Debt-Equity Ratio

The debt-equity ratio stood at 0.19x in FY2024-25, reflecting a conservative capital structure with relatively low financial leverage. The ratio improved significantly from (1.44)x in FY2023-24, mainly due to the substantial equity infusion during the year through fresh share capital and security premium, which strengthened the company 's net worth. The lower leverage indicates reduced dependence on debt financing and an improved solvency position.

Debt Service Coverage Ratio (DSCR)

The company reported a Debt Service Coverage Ratio (DSCR) of 4.73x in FY2024-25, a significant improvement from (0.05)x in FY2023-24. The higher ratio indicates that the company generated sufficient earnings to comfortably meet its debt servicing obligations, including interest and principal repayments. The improvement was driven by the turnaround in profitability and relatively low finance costs during the year, reflecting a stronger debt repayment capacity.

Return on Equity (ROE)

The Return on Equity (ROE) declined sharply to 1.08% in FY2024-25 from 18.13% in FY2023-24. Despite the company reporting a profit during the year, the substantial increase in shareholders ' equity following the equity infusion significantly expanded the equity base, resulting in a lower return generated on shareholders ' funds. The decline indicates that the newly raised capital has not yet translated into proportionately higher earnings.

Return on Capital Employed (ROCE)

The Return on Capital Employed (ROCE) improved to 1.44% in FY2024-25 from 0.86% in FY2023-24, indicating a modest improvement in the company 's efficiency in utilizing its overall capital. The increase reflects better operating profitability during the year. However, the ratio remains relatively low, suggesting that a significant portion of the capital raised is yet to be deployed effectively to generate higher operating returns.

India Carbon Annual Reports, Balance Sheet and Financials

India Carbon Limited (ICL ) Return Comparision with Primex 40 Index

Inox Neo Energies Limited Standalone Balance Sheet (Rs in crores)

Inox Neo Energies Limited Standalone Profit & Loss Statement (Rs in Crores)

Summary of the Cash Flow Statement for the year 2025 and 2024

ICL
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