NCDEX e Market Annual Reports, Balance Sheet and Financials

NCDEX e Markets Limited Consolidated Balance Sheet (Rs. In Lakhs)

Particular	31-03-2025	31-03-2024
Non- Current assets
Property, Plant and Equipment	72	85
Right of use assets	106	212
Other intangible assets	935	1,110
Intangible assets under development	6	171
Investment in associates/ joint venture accounted for using the equity method	3,454	3,204
Others	275	420
Deferred tax assets (net)	108	26
Other non-current assets	14	9
Current assets
Trade receivables	945	1,088
Cash and cash equivalents	12,228	4,821
Bank balances other than above	4,382	4,083
Others	2,817	1,135
Investments	-	239
Other current assets	129	136
Current tax assets (net)	154	57
Total Assets	25,624	16,796
Equity
Share Capital	3,560	3,560
Other Equity	3,082	2,768
Non-current liabilities
Lease liabilities	-	122
Provisions	141	164
Current liabilities
Deposits	2,710	2,315
Lease liabilities	122	109
Total outstanding dues of micro enterprises and small enterprises	19	21
Total outstanding dues of creditors other than micro enterprises and small enterprises	199	221
Other liabilities	15,046	5,746
Other current liabilities	388	1,424
Provisions	358	346
Total equity and liabilities	25,625	16,796

NCDEX e Markets Limited Consolidated Profit & Loss (Rs. In Lakhs)

Particulars	31-03-2025	31-03-2024
Revenue from operations	4,563	4,508
Other Income	798	956
Total income	5,361	5,464
Expenses
Employee benefit expense	2,632	2,683
Finance cost	13	25
Depreciation and amortization expense	884	775
Other expenses	1,616	1,661
Total expenses	5,145	5,144
Profit / (loss) before exceptional items and income tax	216	320
Exceptional item Income/(Expense)	-	44
Profit / (loss) before tax and share of Profit / (loss) of a joint venture	216	364
Share of Profit / (Loss) from Joint Venture	110	41
Profit/(Loss) Before Tax	326	405
Current tax	97	112
Income tax for earlier periods written off/ (back)	(27)	-
Deferred tax (credit)/charge	(76)	44
Profit/(Loss) After Tax	332	249
Other Comprehensive Income (OCI)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:	(2)	0.05
Share of Other comprehensive income / (Loss) from Joint Venture	(24)	(21)
Re-measurement gains (losses) on defined benefit plans	6	5
Income tax effect
Total Comprehensive Income/(Loss) for the year, Net of Tax	313	233
Earnings per equity share (in Rs.)
Basic	0.93	0.70
Diluted	0.93	0.70

NCDEX e Markets Limited Consolidated Cash Flow Statement (Rs. In Lakhs)

Particular	31-03-2025	31-03-2024
Cash Flow From Operating Activities
Profit/(Loss) Before Ta	326	405
Adjustments for:
Depreciation and amortisation expense	884	775
Expected Credit Loss on receivables	(9)	11
(Profit) / Loss on sale of Property ,Plant and Equipment	(1)	(44)
(Profit) / Loss on sale of investments	(221)	(167)
Share of (Profit)/ Loss from Joint Venture	(110)	(41)
Interest income	(452)	(417)
Dividend Income	-	-
Interest cost on lease liability	13	25
Remeasurement of Lease Liabilities	-	(26)
Sundry balance written back	(54)	(0.36)
Operating Profit before Working Capital Changes	376	520
Movement in Working Capital
Decrease / (Increase) in trade receivables	152	(369)
Decrease / (Increase) in other current assets	92	439
Decrease / (Increase) in other non-current assets	(5)	7
Decrease / (Increase) other financial assets	(1,653)	968
Increase / (Decrease) in trade payables	(24)	12
Increase / (Decrease) in current financial liabilities	9,749	(1,934)
Increase / (Decrease) in other current liabilities	(1,035)	198
Increase / (Decrease) in provisions	(29)	(13)
Cash Flow Before Taxation	7,623	(170)
Direct Taxes Paid	(258)	(214)
Net Cash generating from Operating Activities	7,365	(385)
Cash Flows From Investing Activities
Purchase of PPE, Intangible Assets & Intangible assets under Development	(425)	(695)
Sale Proceeds from PPE Intangible Assets & Intangible assets under Development	1	156
Profit on redemption of Mutual Fund	221	167
Investment/Matured fixed deposits (original maturity of more than three months) net	(158)	668
Redemption of Bonds	239	16
Interest Received from Fixed deposit / Bonds/TF	426	542
Investment in joint venture company	(150)	(500)
Dividend Received	10	-
Net Cash From Investing Activities	165	356
Cash Flow From Financing Activities
Payment of lease Liabilities	(122)	(137)
Net Cash Generated From Financing Activities	(122)	(137)
Net Increase/(Decrease) in Cash and Cash Equivalents	7,408	(166)
Opening balance of cash and cash equivalents	4,821	4,987
Closing balance of cash and cash equivalents	12,228	4,821

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

Cash Flow from Operating Activities

In FY 2025, the company generated a strong positive cash flow of ₹7,365 lakhs from operations compared to a negative ₹385 lakhs in FY 2024. This big turnaround was mainly due to an increase in current financial liabilities (₹9,749 lakhs) and a reduction in trade receivables and other current assets, which improved working capital. Non-cash adjustments like depreciation (₹884 lakhs) and finance costs also added back to cash. On the other hand, interest income and profit from investments reduced the operating inflows slightly. Overall, the business operations showed a major improvement in generating cash.

Cash Flow from Investing Activities

The company recorded a small net inflow of ₹165 lakhs in FY 2025, lower than ₹356 lakhs in FY 2024. The inflows mainly came from interest received (₹426 lakhs), redemption of bonds (₹239 lakhs), and profit on redemption of mutual funds (₹221 lakhs). However, these were partly offset by purchase of assets (₹425 lakhs) and investment in a joint venture (₹150 lakhs). Compared to last year, inflows have reduced, but the company still managed to keep investing activities positive, showing a balanced approach between investing and generating returns.

Cash Flow from Financing Activities

Financing activities resulted in an outflow of ₹122 lakhs in FY 2025, almost the same as ₹137 lakhs in FY 2024. This mainly relates to the payment of lease liabilities. The stability in this section indicates that the company did not raise or repay major borrowings and continued with similar financing cash flows as last year.

Net Change in Cash and Cash Equivalents

With strong operating inflows and positive investing cash flows, the company reported a significant net increase of ₹7,408 lakhs in cash during FY 2025, compared to a decrease of ₹166 lakhs in FY 2024. As a result, closing cash and cash equivalents stood at ₹12,228 lakhs in FY 2025, a big jump from ₹4,821 lakhs in FY 2024. This indicates a strong improvement in liquidity and cash reserves.

NCDEX e Markets Limited Consolidated Financial Ratios

Particular	31-03-2025	31-03-2024
Current Ratio (in times)	1.10	1.14
Debt Equity Ratio (in times)	0.02	0.04
Debt Service Coverage Ratio (in times)	10.08	7.69
Return on Equity Ratio (in %)	5.12%	4.01%
Trade receivable Turnover Ratio (in times)	4.49	4.96
Trade Payable Turnover Ratio (in times)	7.02	7.03
Net Capital Turnover Ratio (in times)	2.52	3.27
Net Profit Ratio (in %)	7.28%	5.53%
Return on Capital Employed Ratio (in %)	5.85%	7.31%
Return on Investments (in%)	6.44	6.67

Summary of the financial ratio for the years 2025 and 2024

Current Ratio

The current ratio slightly dropped from 1.14 in 2024 to 1.10 in 2025. This shows the company still has just enough current assets to cover its short-term liabilities, but the liquidity cushion has become a bit tighter.

Debt-Equity Ratio

The ratio improved from 0.04 in 2024 to 0.02 in 2025, meaning the company has very low dependence on borrowed funds. It relies more on its own equity, which makes it financially stable and less risky.

Debt Service Coverage Ratio

The DSCR increased from 7.69 in 2024 to 10.08 in 2025. This means the company generated more than enough cash to comfortably service its debt obligations. A higher DSCR shows strong repayment ability.

Return on Equity

ROE improved from 4.01% in 2024 to 5.12% in 2025. This indicates the company provided better returns to its shareholders compared to the previous year, though the overall percentage is still moderate.

Trade Receivables Turnover Ratio

The ratio fell from 4.96 in 2024 to 4.49 in 2025. This suggests the company is taking slightly longer to collect payments from its customers, which may slow down cash inflows.

Trade Payables Turnover Ratio

The ratio stayed almost the same, 7.03 in 2024 vs 7.02 in 2025. This means the company’s payment cycle to suppliers remained steady, showing consistency in managing dues.

Net Capital Turnover Ratio

The ratio declined from 3.27 in 2024 to 2.52 in 2025. This shows the company generated less revenue from its working capital compared to last year, pointing to lower efficiency in utilization.

Net Profit Ratio

The net profit margin rose from 5.53% in 2024 to 7.28% in 2025. This improvement means the company is now earning more profit for every ₹100 of sales, showing stronger profitability.

Return on Capital Employed

ROCE decreased from 7.31% in 2024 to 5.85% in 2025. This means the overall efficiency of generating profit from total capital employed has reduced, even though net profit margin improved.

Return on Investments

The ROI remained almost flat, 6.67% in 2024 vs 6.44% in 2025. This indicates the company’s investments yielded similar returns in both years, with only a slight dip.