Manipal Payment and Identity Solution Annual Reports, Balance Sheet and Financials

Manipal Payment and Identity Solution Limited Balance Sheet (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Non-Current Assets
Property, plant and equipment	858.69	561.83
Right-of-use assets	1,068.01	574.54
Capital work-in-progress	120.82	38.27
Other intangible assets	2.90	3.25
Investments	0.40	0.40
Other financial assets	151.43	205.89
Non-current tax assets (net)	22.00	32.75
Deferred tax assets (net)	155.06	75.33
Other non-current assets	135.57	180.52
Current Assets
Inventories	978.17	984.10
Investments	1,718.74	-
Trade receivables	1,219.97	918.65
Cash and cash equivalents	300.84	5,046.32
Bank balances other than cash	551.98	390.31
Loans	-	1,001.14
Other financial assets	5,817.27	88.11
Other current assets	388.97	208.80
Total assets	13,490.82	10,310.21
Equity
Equity share capital	413.61	413.61
Other equity	5,717.36	3,309.05
Non-Current Liabilities
Borrowings	3,574.13	4,283.79
Lease Liabilities	686.51	396.21
Other financial liabilties	-	18.45
Provisions	15.96	7.84
Current Liabilities
Borrowings	1,154.53	210.95
Lease Liabilities	311.63	174.93
Trade Payables:
Total outstanding dues of micor and small enterprises	17.19	14.60
Total outstanding dues of creditors other than above	749.22	844.72
Other financial liabilties	274.41	251.52
Other current liabilities	174.58	130.36
Provisions	288.64	215.51
Current tax liabilities	113.05	38.67
Total Equity and Liabilities	13,490.82	10,310.21

Manipal Payment and Identity Solution Limited Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Income
Revenue from operations	10,991.97	10,291.72
Other income	210.71	195.66
Total income	11,202.68	10,487.38
Expenses
Cost of materials consumed	3,684.94	4,479.25
Purchase of stock-in-trade	288.93	369.77
Changes in inventories	17.54	166.74
Employee benefits expense	843.95	654.77
Finance costs	1,097.85	220.61
Depreciation & amortisation	496.54	281.32
Other expenses	2,705.62	1,948.29
Total expenses	9,135.37	8,120.75
Profit/Loss before exceptional items	2,067.31	2,366.63
Exceptional items	1,100.00	-
Profit/Loss after exceptional items	3,167.31	2,366.63
Current tax	812.60	587.65
Deferred tax	-50.18	-50.08
Profit for the year	2,404.89	1,829.06
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss:
Remeasurement gain/(loss) of defined benefit plans	-6.51	-14.24
Income tax relating to remeasurement of defined benefit plans	1.64	3.59
Items that will be reclassified subsequently to profit or loss:
Exchange differences in translating the financial statements of foreign operations	-0.13	-
Total Other Comprehensive Income	-5.00	-10.65
Total comprehensive income/(loss) for the year	2,399.89	1,818.41
Earnings per share
Basic	11.63	8.84
Diluted	11.43	8.83

Manipal Payment and Identity Solution Limited Cash Flow Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Profit Before Tax	3,167.31	2,366.63
Adjustments for:
Depreciation & amortisation	496.54	281.32
Loss on disposal/scrapping of assets	35.65	-
Interest expense (amortised cost)	1,006.29	151.44
Interest on lease liabilities	86.33	50.53
Interest income	-93.40	-153.28
Financial guruantee commission	-61.75	-0.17
Provision for Warranty	1.02	-18.99
Disposal of Investment	-1,104.39	-
Fair value Gain on Investment	-13.74	-
Provision for doubtful debts	-63.28	26.49
Provision for disputed matters	30.00	30.00
Bad debts written off	7.59	45.77
Employee share-based payment	54.65	4.08
Unrealised Exchange Gain/Loss	-7.63	-2.14
Operating profit before WC changes	3,541.19	2,781.68
Adjustments for:
(Increase)/Decrease in Trade Receivables	-245.29	329.14
(Increase)/Decrease in Inventories	5.93	307.50
(Increase)/Decrease in Loans & Assets	-307.37	-776.28
Increase/(Decrease) in Trade Payables	-85.08	-324.49
Increase/(Decrease) in Other Liabilities	3.12	168.55
Cash from operations	2,912.50	2,436.10
Direct Taxes (paid)/refund	-727.47	-532.02
Net Cash from Operating Activities	2,185.03	1,954.08
Cash Flow from Investing Activities
Payment for acquisitionof property plant and equipment and intangible assets	-623.68	-87.99
Deposits with banks	-88.02	-273.17
Receipt of Inter-corporate loan given	1001.14	39.41
Investment in Shares & Debentures	-4500	-
Investment in Mutual Funds	-1705	-
Income on Investments	4.39	-
Interest received	83.48	143.05
Net Cash from Investing Activities	-5,827.69	-178.70
Net proceeds from the borrowings from banks	-	-636.14
Proceeds from debentures issued	-	4,500.00
Repayment of debentures	-133.64	-195.15
Dividend paid	-	-41.36
Principat element of lease payments	-255.63	-149.18
Interest element of lease payments	-86.33	-50.53
Interest expense	-627.09	-150.93
Impact on account of common control business combination	-	-55.03
Net Cash from Financing Activities	-1,102.69	3,221.68
Net Increase/(Decrease) in Cash	-4,745.35	4,997.06
Cash and cash equivalents at the beginning of year	5,046.32	49.26
Effect of foreign exchange on cash and cash equivalents	-0.13	-
Cash and cash equivalents at the end of year	300.84	5,046.32

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

Cash Flow from Operating Activities
The cash flow from operating activities for the year ended 31 March 2025 begins with a profit before tax of ₹3,167.31 million as against ₹2,366.63 million in the previous year. To arrive at the operating cash flow, several non-cash and non-operating adjustments were made. Depreciation and amortisation of ₹496.54 million and interest expenses of ₹1,006.29 million were added back, while interest income of ₹93.40 million and financial guarantee commission of ₹61.75 million were deducted. Other adjustments included loss on disposal of assets amounting to ₹35.65 million, provision for warranty of ₹1.02 million, provision for doubtful debts of ₹63.28 million, fair value gain on investments of ₹13.74 million, provision for disputed matters of ₹30.00 million, bad debts written off of ₹7.59 million, and employee share-based payment expenses of ₹54.65 million. After all these adjustments, the operating profit before changes in working capital stood at ₹3,541.19 million compared with ₹2,781.68 million in the previous year. Changes in working capital included a decrease in trade receivables by ₹245.29 million, a decrease in inventories by ₹5.93 million, a decrease in loans and other assets by ₹307.37 million, a decrease in trade payables by ₹85.08 million, and a marginal increase in other liabilities by ₹3.12 million. After these changes, cash generated from operations was ₹2,912.50 million compared to ₹2,436.10 million in the previous year. After accounting for direct taxes paid of ₹727.47 million, the net cash generated from operating activities amounted to ₹2,185.03 million as against ₹1,954.08 million in the previous year.

Cash Flow from Investing Activities
The cash flow from investing activities shows a total outflow of ₹5,827.69 million in 2025 compared to a minor inflow of ₹178.70 million in 2024. The major components of investing activities include payment for the acquisition of property, plant, and equipment and intangible assets of ₹623.68 million, deposits with banks amounting to ₹88.02 million, and significant investments in shares, debentures, and mutual funds totalling ₹6,205 million. These outflows were partially offset by receipts from inter-corporate loans of ₹1,001.14 million, interest received of ₹83.48 million, and income on investments of ₹4.39 million.

Cash Flow from Financing Activities
The cash flow from financing activities resulted in a net outflow of ₹1,102.69 million in 2025 compared to an inflow of ₹3,221.68 million in 2024. There were no proceeds from borrowings or issue of debentures during the year, whereas in the previous year the company had raised ₹4,500 million through debentures. Outflows during the year included repayment of debentures amounting to ₹133.64 million, lease payments consisting of principal repayment of ₹255.63 million and interest of ₹86.33 million, and interest expense of ₹627.09 million. No dividend was paid during the year, while in the previous year ₹41.36 million was distributed as dividend.

Net Increase or Decrease in Cash and Cash Equivalents
After combining all three activities, the company recorded a net decrease in cash and cash equivalents of ₹4,745.35 million for the year ended 31 March 2025, in contrast to a net increase of ₹4,997.06 million in 2024. The cash and cash equivalents at the beginning of the year were ₹5,046.32 million, and after accounting for the effect of foreign exchange on cash and cash equivalents of ₹0.13 million, the closing balance stood at ₹300.84 million as of 31 March 2025. This represents the total cash and cash equivalents available at the end of the financial year.

Manipal Payment and Identity Solution Limited Financial Ratios:

Particulars	31-03-2025	31-03-2024
Current ratio	3.56	4.59
debt-Equity ratio	0.93	1.36
Debt services coverage ratio	1.84	3.97
Return on equity	49%	65%
Inventory turnover ratio	4,07	4.41
Trade receivables turnover ratio	10.28	9.31
Trade payables turnover ratio	4.88	4.6
Net capital turnover ratio	1.39	1.52
Net profit ratio	22%	18%
Return on capital employed	40%	42%
Return on Investments	20%	23%

Summary of the financial ratio of Manipal Payment & Identity Solution Limited for the years 2025 and 2024:

Current Ratio
The current ratio for the year ended 31 March 2025 is 3.56, compared to 4.59 in the previous year. This ratio shows the relationship between current assets and current liabilities, indicating the company’s ability to meet its short-term obligations using short-term resources. It is derived by dividing total current assets by total current liabilities.

Debt-Equity Ratio
The debt-equity ratio stands at 0.93 for the year 2025 as against 1.36 in 2024. This ratio measures the proportion of borrowed funds to shareholders’ equity and reflects the balance between debt financing and equity financing in the company’s capital structure.

Debt Service Coverage Ratio
The debt service coverage ratio is 1.84 in 2025 compared to 3.97 in 2024. This ratio indicates the company’s ability to generate enough earnings to cover its debt obligations, including interest and principal repayments. It is calculated by comparing earnings available for debt service with the total debt service requirement.

Return on Equity
The return on equity for the year 2025 is 49 percent, while it was 65 percent in 2024. This ratio measures how efficiently the company generates profit from shareholders’ funds. It is obtained by dividing net profit after tax by the average shareholders’ equity during the year.

Inventory Turnover Ratio
The inventory turnover ratio is 4.07 for 2025 compared to 4.41 for 2024. This ratio represents how frequently the company’s inventory is sold and replaced over the financial year. It is calculated by dividing the cost of goods sold by the average value of inventory.

Trade Receivables Turnover Ratio
The trade receivables turnover ratio for the year 2025 is 10.28 as compared to 9.31 for 2024. This ratio measures the efficiency with which the company collects payments from its customers. It is determined by dividing the net credit sales by the average trade receivables.

Trade Payables Turnover Ratio
The trade payables turnover ratio for the year ended 31 March 2025 is 4.88 compared to 4.60 in the previous year. This ratio indicates the rate at which the company settles its obligations to suppliers and creditors. It is calculated by dividing the total purchases or cost of goods sold by the average trade payables.

Net Capital Turnover Ratio
The net capital turnover ratio for 2025 is 1.39 as against 1.52 in 2024. This ratio shows the efficiency of the company in generating revenue from its working capital. It is obtained by dividing net sales by the working capital, which is the difference between current assets and current liabilities.

Net Profit Ratio
The net profit ratio for the year 2025 is 22 percent, whereas it was 18 percent in 2024. This ratio highlights the relationship between net profit and total revenue, showing the proportion of profit earned from overall sales. It is computed by dividing net profit after tax by total revenue and multiplying by one hundred.

Return on Capital Employed
The return on capital employed for 2025 is 40 percent compared to 42 percent for 2024. This ratio indicates how efficiently the company utilizes its capital employed to generate profits. It is calculated by dividing earnings before interest and tax by the capital employed.

Return on Investments
The return on investments for 2025 is 20 percent, while it was 23 percent for 2024. This ratio measures the income or gain earned on the company’s total investments during the year. It is derived by dividing income from investments by the total amount of investments made.