Manikaran Power Annual Reports, Balance Sheet and Financials

Manikaran Power Limited Consolidated Balance Sheet (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Equity
Share Capital	3,622.26	3,535.32
Reserves & Surplus	17,511.92	13,975.05
Minority Interest	760.70	81.38
Non-Current Liabilities
Long Term Borrowings	5,173.68	287.68
Other long term liabilities	1,201.38	910.20
Current Liabilities
Short Term borrowings	2,551.17	1,407.74
Trade Payables	6,734.38	4,140.27
Other current liabilities	7,232.60	9,246.89
Short term Provisions	1,116.26	935.79
Total Equity & Liabilities	45,904.36	34,520.32
Non-Current Assets
Property, plant and equipment	8,601.17	2,587.99
Intangible assets	217.79	21.40
Capital work in progress	4,196.05	820.04
Long term loans and advances	332.00	1,083.9
Deferred tax assets (net)	941.81	233.43
Current Assets
Current Investments	5,211.71	4,814.86
Inventories	2,012.80	33.19
Trade Receivables	11,285.80	9,316.06
Cash & cash equivalents	4,268.96	2,852.24
Short Term Loans & Advances	8,836.27	12,664.83
Other Current Assets	-	92.37
Total Assets	45,904.36	34,520.32

Manikaran Power Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	4,71,041.50	4,77,521.77
Other Income	933.00	804.80
Total Income	4,71,974.50	4,78,326.57
Expenses
Cost of raw material consumed	704.11	-
Purchase of stock in trade	4,57,591.69	4,66,070.82
Changes in inventories of finished goods	-630.05	-0.23
Operational expenses	3,112.02	2,443.63
Employee Benefit Expenses	2,835.95	1,919.62
Finance Costs	818.79	186.53
Depreciation & amortization expense	1,390.03	537.08
Other Expenses	3,200.11	3,744.62
Total Expenses	4,69,022.65	4,74,902.07
Profit Before Tax	2,951.85	3,424.50
Current Tax	970.86	935.79
Deferred Tax	-1,471.68	25.64
Earlier year tax	-16.48	-0.06
Profit/(Loss) for the period	3,469.15	2,463.13
Add: Share of profit in associate	-	-29.57
Profit/(loss) for the period before minority interest	3,469.15	2,433.56
Less: Minority interest	-19.59	-12.50
Profit/(loss) for the period after adjustment of minority interest	3,488.74	2,446.06
Earnings per share
Basic	9.63	6.97
Diluted	9.63	6.97

Manikaran Power Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net Profit / (Loss) before extraordinary items and tax	3,327.64	3,424.49
Adjustments for:
Depreciation and amortization	1,390.03	537.09
Profit on sale of Current Investments (Mutual Funds)	-49.37	-
Finance Cost (Interest paid)	668.15	96.26
Interest income	-99.60	-318.97
Operating profit / (loss) before working capital changes	5,236.85	3,738.87
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Trade receivables	-1,969.74	-
Short-term loans and advances	3,828.56	6,863.23
Changes in other current assets	92.37	-2,509.80
Changes in Inventories	-1,979.61	-4.00
Adjustments for increase / (decrease) in operating liabilities:	-	-33.19
Trade payables	2,594.12	-4,453.95
Other current liabilities	-2,014.29	-8,944.77
Short term liabilities	145.40	-
Cash generated from operations	5,933.66	-5,343.61
Net income tax (paid) / refunds	-919.31	-800.77
Net cash flow from/(used in) operating activities	5,014.35	-6,144.38
Cash flow from investing activities
Capital expenditure on fixed assets, including capital advances	-5,228.76	-522.73
Adjustment in consolidation	-4,003.50	-11.75
Current investments	-396.85	599.10
Profit on sale of investments (Mutual Funds)	49.37	-
Advances realized	751.91	-
Interest received	99.60	318.97
Net cash flow from/(used in) investing activities	-8,728.23	383.59
Cash flow from financing activities
Proceeds from issue of equity shares including Premium	-521.87	-
Proceeds from borrowings	6,029.44	724.19
Finance Cost (Interest paid)	-668.15	-96.26
Security Deposit	291.18	186.31
Net cash flow from/(used in) financing activities	5,130.60	814.24
Net increase/ (decrease) in Cash and cash equivalents	1,416.72	-4,946.55
Cash and cash equivalents at the beginning of the year	2,852.22	7,798.79
Cash and cash equivalents at the end of the year	4,268.94	2,852.24

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

Operating Activities

In FY 2024–25, the company reported a slightly lower net profit before tax of ₹3,327.64 lakhs compared to ₹3,424.49 lakhs in FY 2023–24. Despite this, operating cash flow improved significantly due to higher non-cash expenses and better working capital management.

Depreciation rose sharply to ₹1,390.03 lakhs and finance costs increased to ₹668.15 lakhs, reflecting expansion and higher borrowings, while interest income declined. Operating profit before working capital changes increased to ₹5,236.85 lakhs.

Although trade receivables increased, the reduction in short-term loans and advances and higher trade payables supported liquidity. Consequently, cash generated from operations turned positive at ₹5,933.66 lakhs, and after tax payments, net cash flow from operating activities stood at ₹5,014.35 lakhs, marking a strong recovery from the previous year’s negative cash flow.

 

Investing Activities

Investing activities show aggressive capital deployment in FY 2024–25. Capital expenditure increased drastically to ₹5,228.76 lakhs compared to ₹522.73 lakhs in the previous year, suggesting expansion or modernization. Additionally, consolidation adjustments of ₹4,003.50 lakhs significantly impacted investing outflows.

The company also invested ₹396.85 lakhs in current investments, while it realized ₹751.91 lakhs from advances and ₹99.60 lakhs from interest income. Overall, net cash used in investing activities amounted to ₹8,728.23 lakhs, compared to a positive ₹383.59 lakhs in FY 2023–24.

This indicates a major investment phase during FY 2024–25, likely aimed at long-term growth.

 

Financing Activities

Financing cash flow strengthened significantly in FY 2024–25. The company raised ₹6,029.44 lakhs through borrowings compared to ₹724.19 lakhs in FY 2023–24, explaining the rise in finance cost. Interest payments amounted to ₹668.15 lakhs.

There was an outflow of ₹521.87 lakhs related to equity share transactions (possibly buyback or adjustment), while security deposits contributed ₹291.18 lakhs.

Overall, net cash from financing activities stood at ₹5,130.60 lakhs, substantially higher than ₹814.24 lakhs in the previous year. This suggests reliance on debt financing to support capital expenditure.

 

Net Cash Position

The company recorded a net increase in cash and cash equivalents of ₹1,416.72 lakhs in FY 2024–25, compared to a sharp decline of ₹4,946.55 lakhs in FY 2023–24. Closing cash balance improved to ₹4,268.94 lakhs from ₹2,852.24 lakhs last year.

Manikaran Power Limited Financial Ratios

Particulars	2025	2024
Current Ratio	2.13	1.94
Debt-Equity Ratio	0.48	0.40
Debt Service Coverage Ratio	2.70	2.78
Return on Equity Ratio	0.14	0.14
Inventory Turnover Ratio	2.49	-
Trade Receivables Turnover Ratio	46.39	37.46
Trade Payables Turnover Ratio	88.79	73.84
Net Capital Turnover Ratio	26.62	33.30
Return on Capital Employed	0.18	0.19

Summary of the Financial Ratios for the years 2025 and 2024:

Current Ratio:
The current ratio improved from 1.94 to 2.13, indicating better short-term liquidity. The company has ₹2.13 of current assets for every ₹1 of current liabilities, reflecting a comfortable ability to meet short-term obligations and improved working capital position.

Debt–Equity Ratio:
The debt-equity ratio increased from 0.40 to 0.48, showing a slight rise in leverage. Although borrowings have increased relative to equity, the ratio remains moderate, indicating a balanced capital structure and manageable financial risk.

Debt Service Coverage Ratio:
DSCR marginally declined from 2.78 to 2.70. This means the company generates 2.70 times its debt servicing obligations, which is still healthy and indicates strong capacity to meet interest and principal repayments.

Return on Equity:
ROE remained stable at 0.14 (14%) in both years. This shows consistent profitability and steady returns for shareholders without significant improvement or deterioration.

Inventory Turnover Ratio:
The ratio stands at 2.49 in 2025, while no comparable figure is available for 2024. This indicates that inventory is turned over approximately 2.5 times during the year, suggesting moderate efficiency in inventory management.

Trade Receivables Turnover Ratio:
The ratio improved significantly from 37.46 to 46.39, indicating faster collection from customers. This reflects improved credit control and stronger cash flow management.

Trade Payables Turnover Ratio:
The ratio increased from 73.84 to 88.79, meaning the company is paying suppliers more quickly than before. While this strengthens supplier relationships, it may slightly reduce short-term liquidity benefits from credit periods.

Net Capital Turnover Ratio:
The ratio declined from 33.30 to 26.62, indicating lower efficiency in using working capital to generate revenue. It suggests either higher working capital levels or relatively lower sales growth.

Return on Capital Employed:
ROCE slightly decreased from 0.19 (19%) to 0.18 (18%). Although there is a minor decline, the company continues to generate healthy returns on overall capital employed, indicating stable operational performance.