Inox Leasing Annual Report | Balance Sheet for FY 2023-24

Inox Leasing And Finance Limited (Inox Leasing) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Inox Leasing And Finance Limited

Inox Leasing and Finance Limited Balance Sheet (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Financial assets
Cash and cash equivalents	4,386.04	4,678.03
Bank balances other than (a) above	53,924.31	50,211.01
Trade receivables	1,88,201.16	1,86,421.98
Loans	28,087.77	40,718.69
Investments	458.41	2,901.77
Investment at Equity Method	86.04	86.29
Other financial assets	1,14,986.09	1,33,162.32
Non-financial assets
Inventory	2,81,612.45	2,61,545.83
Current tax assets (Net)	6,041.11	3,112.64
Deferred tax assets (Net)	55,391.70	56,064.37
Property, Plant and Equipment	5,59,362.94	4,53,286.89
Capital Work in Progress	1,39,531.05	1,30,532.77
Investment Property	330.11	338.18
Intangible asset	27,574.36	5,512.23
Intangible asset under development	3,713.42	1529.91
Goodwill	1,014.45	1011.3
Right-of-use asset	23,884.21	17,789.87
Other non-financial assets	83,002.92	64,895.83
Non-current assets held for sale	27,998.78	-
Total Assets	15,99,587.32	14,13,799.91
Financial liabilities
Trade Payables
Total outstanding dues to micro and small enterprises	5,887.36	939.78
Total outstanding dues of creditors other than micro and small enter-prises	96,328.90	1,21,421.36
Borrowings (Other than debt securities)	3,43,363.32	2,79,997.79
Other financial liabilities	1,11,215.47	91,485.93
Non-financial liabilities
Current Tax Liabilities	13.10	-
Provisions	8,811.04	7,291.53
Other non-financial liabilities	38,749.32	29,005.53
Deferred tax Liabilities (Net)	27,330.84	25,571.00
Non-current liabilities held for sale	16,969.13	-
Equity
Equity Share Capital	990.10	990.01
Other equity	4,29,832.83	4,25,037.78
Non Controlling Interests	5,20,097.31	4,32,059.19
Total Liabilities and Equity	15,99,588.72	14,13,799.90

Inox Leasing and Finance Limited Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Revenue
Sale of product	5,20,778.42	6,09,242.77
Sale of services	35,478.28	22,090.95
Interest income	4,210.87	2,515.22
Brokerage received	77.27	83
Profit/(Loss) attributable to change in fair value of Investment	-2,444.66	-895.86
Other income	29,740.92	19,857.78
Total revenue	5,87,841.10	6,52,893.86
Expenses
Cost of material consumed	2,32,669.61	2,36,086.67
Material extraction and processing cost	3,269.86	2,812.71
Change in stock	-13,345.39	-32,900.68
Finance costs	33,990.94	37,555.50
Power and fuel	78,002.35	95,536.96
Employees benefit expenses	46,116.73	41,189.89
Depreciation and amortisation expense	39,957.81	33,448.08
Other expenses	1,09,647.24	1,31,686.36
Total expenses	5,30,309.15	5,45,415.49
Less: Expenditure capitalised	-	3,332.65
Net Expenses	5,30,309.15	5,42,082.84
Share of loss of joint venture	-0.25	-0.52
Profit before tax and exceptional items	57,531.70	1,10,810.50
Exceptional itmes	1,368.77	-
Profit before tax	56,162.93	1,10,810.50
Current tax	18,508.30	52,356.46
Deferred tax charge/(benefits)	2,461.72	620.60
Taxes for earlier years	-218.28	-156.4
Profit for the year	35,411.18	57,989.84
Profit/(loss) from discontinued operations before tax	-579.00	-2067.66
Tax expense on discontinued operations	-365.99	-509.05
Net profit	35,198.17	56,431.23
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement profit/( loss) on defined benefit plans	-249.07	5.42
Income tax relating to remeasurement profit/(loss) on defined benefit plans	51.62	30.13
Items that will be reclassified to profit or loss:
Exchange difference in translating financial statements of foreign operations	494.66	1644.53
Gains and (losses) on effective portion of hedging instruments in a cash flow hedge	-	-6.47
Tax on above	-	1.63
Other comprehensive profif for the year	297.21	1675.24
Total comprehensive profit for the year	35,495.38	58,106.47
Profit/(loss) for the year attributable to:
- Owners of the Company	20,277.45	42,522.85
- Non-controlling interest	14,920.72	13,908.38
Other comprehensive income for the year attributable to:
- Owners of the Company	147.03	878.11
- Non-controlling interest	150.18	797.13
Total comprehensive income for the year attributable to:
- Owners of the Company	20,424.48	43,400.96
- Non-controlling interest	15,070.90	14,705.51
Basic and Diluted Earnings per equity share of Rs. 10/- each (in Rs.)	357.69	585.75

Inox Leasing and Finance Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Profit after tax but before exceptional item	35,198.17	56,431.23
Adjustments for:
Depreciation and amortisation expense	39,957.81	34,223.47
Adjustments from changes in Equity
Other Comprehensive Income	297.21	1675.24
On account of demerger of Renewable Energy Business	-	417
Investment entirely in nature of equity	-	-8,500.00
Elimination on sale of subsidiary	2,327.63	-
Operating profit before working capital changes	77,780.82	84,246.93
Changes in working capital
Changes in Inventory	-20,066.63	-66,443.84
Other loans	12,630.93	-10,397.69
Other financial assets	18,176.23	2,736.76
Other non- financial assets	-18,107.09	-23,258.00
Trade receivables	-1,779.18	-1,120.12
Tax Assets and Liabilities	-482.87	998.98
Other financial liabilities	19,729.54	12,436.07
Non-current liabilities held for sale	16,969.13	-
Provisions	1,518.21	1,072.11
Trade payables	-20,144.88	138.38
Other non- financial liabilities	9,743.79	-34,896.61
Net cash flow from operating activities	95,968.00	-34,487.00
Cash Flow from Investing Activities
Additions in PPE, Investment Property and ROU (net)	-1,80,118.92	-1,17,497.78
Consolidation adjustment on account of partial disinvestment of shares in Inox Wind Limited/ Change in shareholding in subsidiary company	-51,040.10	-
On Account of acquisitions of investments of shares in subsidiary	-488.42	-
Changes in WIP	-8,998.28	-43,742.13
Changes in Goodwill and Intangible	-24,248.79	-5,153.06
Proceeds from term desposit	-3,713.30	3,368.06
Proceeds from sale/ redemption of investments	1,04,926.58	1,01,427.62
Net cash used in investing activities	-1,63,681.22	-61,597.30
Cash Flow from Financing Activities
Proceeds from borrowings (net)	63,365.53	3,795.70
Dividend paid	-1,041.16	-776.49
Equity Share Premium	6,916.62	-
Reclassification of proceeds on fresh issue of shares to non-controlling interest	-152.42	-
Proceeds from issue of shares by IWEL group	82.65	88,901.98
Issue/conversion of Share Warrants	-1,750.00	-500
Forfeiture of Share Warrants	-	37.54
Net cash flow from financing activities	67,421.22	91,458.73
Increase in cash and cash equivalents	-292.00	-4,625.57
Cash and cash equivalents at the beginning of the year	4,678.03	9,303.60
Cash and cash equivalents at the end of the year	4,386.04	4,678.03
Cash and cash equivalents are comprise of the following:
Cash on hand	14.07	11.34
Balances with banks:
in current accounts	4,311.88	3,001.33
in cash credit accounts	60.08	1665.35
Total	4,386.04	4,678.03

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

Cash Flow from Operating Activities

The company’s profit after tax but before exceptional items decreased to ₹35,198.17 lakhs in FY 2024 from ₹56,431.23 lakhs in FY 2023. Despite this drop, the adjustments for non-cash items such as depreciation and amortization expense increased significantly to ₹39,957.81 lakhs from ₹34,223.47 lakhs, reflecting ongoing substantial capital investments.

Notably, there was a gain from the elimination of the sale of a subsidiary amounting to ₹2,327.63 lakhs. The operating profit before working capital changes, therefore, remained high at ₹77,780.82 lakhs, albeit slightly lower than ₹84,246.93 lakhs in the previous year.

Changes in working capital were varied. Inventory decreased by ₹20,066.63 lakhs, a positive indicator compared to the large decrease of ₹66,443.84 lakhs in FY 2023. However, there were other notable changes: an increase in other financial assets by ₹18,176.23 lakhs and an increase in other financial liabilities by ₹19,729.54 lakhs. Trade receivables saw a net outflow of ₹1,779.18 lakhs, compared to a smaller outflow in the previous year.

The net cash flow from operating activities showed a strong improvement to ₹95,968.00 lakhs, reversing the previous year 's outflow of ₹34,487.00 lakhs. This indicates a significant boost in operational cash generation, likely due to improved management of working capital and non-cash adjustments.

Cash Flow from Investing Activities

Investing activities showed a substantial outflow of ₹1,63,681.22 lakhs in FY 2024, compared to ₹61,597.30 lakhs in FY 2023. This increase in outflows was driven by significant additions to property, plant, and equipment (PPE), investment properties, and right-of-use (ROU) assets totaling ₹1,80,118.92 lakhs. The company also made consolidation adjustments due to partial disinvestment in Inox Wind Limited and acquisitions of subsidiary shares, contributing to the high outflow.

Proceeds from the sale or redemption of investments amounted to ₹1,04,926.58 lakhs, providing some inflow but insufficient to offset the large outflows from new investments and asset purchases. The net cash used in investing activities, therefore, reflects a substantial investment in growth and expansion, with a higher outflow compared to the previous year.

Cash Flow from Financing Activities

In financing activities, the company had a net cash inflow of ₹67,421.22 lakhs, a decrease from ₹91,458.73 lakhs in FY 2023. The decrease was largely due to lower proceeds from the issue of shares and equity share premiums. Notably, there were significant inflows from new borrowings totaling ₹63,365.53 lakhs, which helped to fund the company’s investment activities.

Dividend payments increased to ₹1,041.16 lakhs from ₹776.49 lakhs, and there were new equity share premiums of ₹6,916.62 lakhs. The net cash flow from financing activities reflects a mixed picture of substantial borrowing and dividend payouts, alongside a decrease in share-related inflows.

Inox Leasing Annual Reports, Balance Sheet and Financials

Inox Leasing And Finance Limited (Inox Leasing) Return Comparision with Primex 40 Index

Inox Leasing and Finance Limited Balance Sheet (Rs in Lakhs)

Inox Leasing and Finance Limited Profit & Loss Statement (Rs in Lakhs)

Inox Leasing and Finance Limited Consolidated Cash Flow Statement (Rs in Lakhs)

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