Lava Internationals Annual Report | Balance Sheet for FY 2023-24

Lava International Limited (Lava) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Lava International Limited

Lava International Limited Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Non-current assets
Property, plant and equipment	474.93	568.89
Capital work-in-progress	201.69	191.99
Intangible assets	10.51	21.77
Right of use asset	82.14	116.89
Investments accounted for using the equity method	60.62	60.87
Investments in equity instruments of other entities	57.86	65.00
Investments in Subsidiaries	3,716.14	3,716.14
Other financial assets	55.02	124.26
Deferred tax assets	364.45	310.23
Other non-current assets	32.21	208.12
Current assets
Inventories	3,841.49	6,202.38
Investments	3.06	28.73
Trade receivables	3,925.57	6,563.70
Cash and cash equivalents	524.03	822.59
Other bank balances	843.09	914.95
Other financial assets	174.83	209.68
Other current assets	2,938.27	2,566.80
Total assets	17,305.91	22,692.99
Equity
Equity share capital	2,705.63	2,705.63
Instruments entirely equity in nature	33.42	33.42
Securities premium reserve	5,690.34	5,690.34
Treasury shares	-63.34	-63.34
Foreign currency translation reserve	285.07	728.96
Share based payment reserve	381.16	372.14
Retained earnings	465.77	4,107.09
Other reserve	29.89	17.31
Non-controlling interest	-0.54	-22.83
Non-current liabilities
Borrowings	132.77	229.82
Lease liabilities	66.75	109.47
Provisions	61.95	59.34
Current liabilities
Borrowings	991.00	1,815.08
Lease liabilities	42.70	38.40
Trade Payables
Total outstanding dues of micro enterprises and small	229.93	132.17
Total outstanding dues of creditors other than micro enterprises	3,819.20	4,655.93
Other financial liabilities	1,637.98	1,512.84
Other current liabilities	479.00	326.02
Provisions	164.24	133.78
Current tax liabilities	152.99	110.87
Total equity and liabilities	17,305.91	22,692.44

Lava International Limited Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Income
Revenue from operations	36,460.55	49,026.55
Other income	209.43	273.84
Total income	36,669.98	49,300.39
Expenses
Cost of raw material and components consumed	17,858.78	16,913.71
Purchase of traded goods	10,633.47	22,995.29
Changes in inventories of finished goods, spares and stock in trade	2,181.57	667.83
Employee benefit expenses	1,808.66	1,999.17
Other expenses	3,157.10	4,211.03
Total expense	35,639.58	46,787.03
Earnings before share of loss	1,030.40	2,513.36
Depreciation and amortization expense	230.19	1,286.56
Finance costs	345.56	367.22
Profit before share of loss of an associate & joint venture and tax	454.65	859.58
Share of loss of joint venture, associates	0.23	0.22
Profit before tax	454.42	859.58
Current tax	170.12	118.19
Tax charge	0.06	-16.98
Deferred tax	-54.28	5.69
Profit for the year	115.90	106.90
Other comprehensive income
Re-measurement gains/ losses of defined benefit plan	0.18	-1.71
Income tax relating to this item	0.05	-0.43
Change in fair value of FVOCI equity instruments	-37.58	-
Exchange difference on translation of foreign operations	443.89	-35.25
Other comprehensive income/ loss for the year	406.54	-37.39
Total comprehensive income for the year	-68.02	789.85
Profit for the year is attributable to
Equity holders of holding company	316.77	752.62
Non-controlling interest	21.74	0.15
Other comprehensive income of the year is attributable to
Equity holders of holding company	-406.54	37.39
Total comprehensive income for the year is attributable to
Equity holders of holding company	-89.76	790.01
Non-controlling interest	21.74	-0.15
Earnings per equity share
Basic	0.59	1.39
Diluted	0.59	1.28

Lava International Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Cash flow from operating activities
Profit before tax	454.42	859.36
Adjustment to reconcile profit before tax to net cash flows
Depreciation	230.19	1,286.56
Profit/ loss on sale of property, plant and equipment	-0.65	-1.95
Unrealized foreign exchange gain/ loss	0.14	-65.60
Net gain on sale of mutual fund investments	0.22	-0.30
Share of loss/ profit of associate	0.23	0.22
Fair value gain/ loss on derivative financial instruments at FVTPL	-1.83	1.96
Provision for share based payment expenses	9.02	16.83
Provision for inventories obsolescence	-69.54	-20.25
Provision for the trade receivables and advances	4.15	-0.20
Amortization of prepaid security deposit	0.97	0.97
Interest expense	228.40	256.65
Interest income	-93.89	-74.77
Operating profit before working capital changes	761.83	2,259.47
Movements in working capital:
Increase/ decrease in trade payables and other liabilities	-418.51	205.50
Increase/ decrease in provisions	33.06	-10.73
Increase/ decrease in trade receivables	-790.33	-1,445.05
Increase/ decrease in inventories	2,430.43	-450.36
Increase/ decrease in other assets	-772.02	-327.76
Cash generated from operations	1,244.47	231.08
Income taxes paid	-114.96	-262.01
Net cash flow from/ used in operating activities	1,129.51	-30.93
Cash flow from investing activities
Purchase/sale of property, plant and equipment including capital WIP, intangible & capital advances	-101.57	219.98
Proceeds from sale of property, plant and equipment	0.65	3.16
Investment in equity shares of other companies	6.81	-4.49
Purchase of mutual fund investments	-63.00	-53.50
sale of mutual fund investments	88.92	25.00
Investment in bank deposits	-1,929.09	-2,859.66
Maturity of bank deposits	2,066.27	2,995.09
Interest received	124.28	49.22
Net cash flow from/ used in investing activities	193.27	374.81
Cash flow from financing activities
Proceeds from long-term borrowings	80.61	13.51
Movement in Long term borrowings	-457.45	-
Movement in short term borrowings	-544.28	-94.72
Interest paid on lease liability	-16.30	-18.68
Payment of principal portion of lease liabilities	-38.42	-33.80
Interest paid on borrowings	-202.30	-216.69
Net cash flow from/ used in Financing activities	-1,178.14	-350.38
Net increase in cash and cash equivalents	144.63	-6.49
Effect of exchange rates on translation of operating cash flows	-443.20	77.96
Cash and cash equivalents at the beginning of the year	822.59	751.11
Cash and cash equivalents at the end of the year	524.03	822.59
Components of Cash and cash equivalents
Cash on hands	2.33	5.94
On deposits account	308.13	751.54
Other Balances	213.57	65.11
Total Cash and Cash Equivalents	524.03	822.59

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

Cash Flow from Operating Activities:

In 2024, the company generated a profit before tax of ₹454.42 million, a decrease compared to ₹859.36 million in 2023. Several adjustments were made to reconcile this profit to the actual cash generated from operations. Key adjustments include depreciation of ₹230.19 million (down from ₹1,286.56 million in 2023) and interest expenses of ₹228.40 million, as well as a small loss on the sale of property, plant, and equipment of ₹0.65 million. On the other hand, provisions such as inventory obsolescence (-₹69.54 million) and trade receivables provisions (₹4.15 million) were factored in.

There were substantial changes in working capital as well. Notably, inventories decreased by ₹2,430.43 million in 2024, representing a significant inflow of cash, whereas trade receivables saw a cash outflow of ₹790.33 million, indicating higher outstanding payments from customers. Additionally, trade payables and other liabilities decreased by ₹418.51 million, leading to a cash outflow. After accounting for taxes paid of ₹114.96 million, the net cash generated from operating activities amounted to ₹1,129.51 million in 2024, compared to a slight cash outflow of ₹30.93 million in 2023. This improvement reflects better cash management and a significant reduction in inventories, which boosted liquidity.

Cash Flow from Investing Activities:

Investing activities resulted in a net inflow of ₹193.27 million in 2024, down from ₹374.81 million in 2023. The major outflows were related to the purchase of property, plant, and equipment (₹101.57 million), whereas inflows were driven by the maturity of bank deposits totaling ₹2,066.27 million. The company also received ₹124.28 million in interest income. Notably, there were smaller inflows from the sale of mutual fund investments (₹88.92 million) and the proceeds from the sale of property (₹0.65 million). Despite these inflows, the overall cash generation from investing activities was lower than the previous year, largely due to significant investments in bank deposits.

Cash Flow from Financing Activities:

Financing activities resulted in a net outflow of ₹1,178.14 million in 2024, a significant increase from the outflow of ₹350.38 million in 2023. This was mainly due to repayments of both long-term and short-term borrowings, which amounted to ₹457.45 million and ₹544.28 million, respectively. Additionally, the company incurred interest payments of ₹202.30 million and ₹16.30 million in interest on lease liabilities. Payments related to the principal portion of lease liabilities totaled ₹38.42 million. Despite a small inflow from long-term borrowings of ₹80.61 million, the overall cash outflow from financing activities increased significantly, indicating higher debt repayments.

Net Increase in Cash and Cash Equivalents:

The overall net increase in cash and cash equivalents was ₹144.63 million in 2024, compared to a slight decrease of ₹6.49 million in 2023. However, the company also experienced a negative impact from the translation of foreign exchange, which resulted in a loss of ₹443.20 million. As a result, the cash and cash equivalents at the end of the year decreased to ₹524.03 million, down from ₹822.59 million at the beginning of the year.

Components of Cash and Cash Equivalents:

The company’s cash reserves at the end of 2024 included ₹2.33 million in cash on hand, ₹308.13 million in deposit accounts, and ₹213.57 million in other balances, which contributed to the total of ₹524.03 million. This was a decline compared to the previous year, reflecting lower liquidity as a result of higher debt repayments and investing activities.

Lava Limited Annual Reports

Lava International Annual Report 2023-24

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Lava International Annual Report 2022-23

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Lava International Annual Report 2021-2022

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Lava International Annual Report 2020-2021

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Lava International Annual Report 2019-2020

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Recent News

Lava International Ltd restructures its board, excluding former chairman Hari Om Rai

Created at 24 May 2024 23:22

Lava International submits draft papers for its initial public offering (IPO).

Created at 15 Dec 2020 05:30

Lava Annual Reports, Balance Sheet and Financials

Lava International Limited (Lava) Return Comparision with Primex 40 Index

Lava International Limited Balance Sheet (Rs in Millions)

Lava International Limited Profit & Loss Statement (Rs in Millions)

Lava International Limited Consolidated Cash Flow Statement (Rs in Millions)

Lava Limited Annual Reports

Lava International Annual Report 2023-24

Lava International Annual Report 2022-23

Lava International Annual Report 2021-2022

Lava International Annual Report 2020-2021

Lava International Annual Report 2019-2020

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