Onix Renewable Limited Annual Report and Financials

Onix Renewable Limited Balance Sheet (Rs in Thousand)

Particulars	31-03-2023	31-03-2022
Equity and liabilities
Shareholders ' funds
Share capital	15,500	15,500
Reserves and surplus	1,72,273.68	86,456.73
Long-term borrowings	1,05,135.90	58,876.91
Other long-term liabilities	65,582.75	81,592.90
Current liabilities
Short-term borrowings	40,093.70	39,976.48
Trade payables	4,20,471.76	73,301.03
Other current liabilities	51,637.17	5,416.44
Short-term provisions	25,930.38	3,416.15
Total equity and liabilities	8,96,625.34	3,64,536.64
Assets
Fixed Assets
Tangible assets	73,553.51	63,605.07
Tangible assets capital work-in-progress	39,328.61	11,978.10
Non-current investments	1,29,473.46	30,497.43
Deferred tax assets (net)	1,453.88	1,236.82
Current assets
Inventories	2,37,625.97	1,18,198.18
Trade receivables	1,59,792.30	68,441
Cash and bank balances	9,780.62	14,635.76
Other current assets	2,45,616.99	55,944.28
Total assets	8,96,625.34	3,64,536.64

Onix Renewable Limited Profit & Loss Statement (Rs in Thousand)

Particulars	31-03-2023	31-03-2022
Revenue from sale of products	14,64,550.07	9,98,587.67
Other income	2,008.42	616.54
Total revenue	14,66,558.49	9,99,204.21
Expenses
Purchases of stock-in-trade	9,79,567.29	8,99,558.88
Changes in inventories of finished goods, work-in-progress and stock-in-trade	-1,19,427.80	-49,161.91
Employee benefit expense	59,488.98	48,013.30
Finance costs	11,487.91	9,081.09
Depreciation expense	1,600.35	1,016.48
Total depreciation, depletion and amortisation expense	1,600.35	1,016.48
Other expenses	4,19,265.57	67,402.43
Total expenses	13,51,982.30	9,75,910.27
Total profit before prior period items, exceptional items, extraordinary items and tax	1,14,576.19	23,293.94
Total profit before extraordinary items and tax	1,14,576.19	23,293.94
Total profit before tax	1,14,576.19	23,293.94
Tax expense
Current tax	24,000	2,000
Deferred tax	-217.07	-1,162.05
Total tax expense	23,782.93	837.95
Total profit (loss) for period from continuing operations	90,793.26	22,455.99
Total profit (loss) for period before minority interest	90,793.26	22,455.99
Total profit (loss) for period	90,793.26	22,455.99
Earnings per equity share
Basic earning per equity share	58.58	14.49
Diluted earnings per equity share	58.58	14.49
Nominal value of per equity share	10	10

Onix Renewable Limited Consolidated Cash Flow Statement (Rs in Thousand)

 

Particulars	31-03-2023	31-03-2022
Cash flows from used in operating activities
Profit before extraordinary items and tax	1,14,576.19	23,293.94
Adjustments:
Adjustments for finance costs	11,487.91	9,081.09
Adjustments for depreciation and amortisation expense	1,600.35	1,016.48
Other adjustments for which cash effects are investing or financing cash flow	-562.47	-531.23
Other adjustments to reconcile profit (loss)	4.98	0
Total adjustments to profit (loss)	12,530.77	9,566.34
Adjustments for working capital
Adjustments for decrease (increase) in inventories	-1,19,427.80	-49,161.91
Adjustments for decrease (increase) in trade receivables	-91,351.30	93,211.85
Adjustments for decrease (increase) in other current assets	-1,89,672.71	26,600.73
Adjustments for increase (decrease) in trade payables	4,15,905.70	-1,26,616.46
Adjustments for increase (decrease) in other current liabilities	117.21	31,741.81
Total adjustments for working capital	15,571.10	-24,223.98
Total adjustments for reconcile profit (loss)	28,101.87	-14,657.64
Net cash flows from (used in) operations	1,42,678.06	8,636.30
Income taxes paid (refund)	-28,976.30	-4,861.26
Net cash flows from (used in) operating activities	1,13,701.76	3,775.04
Cash flows from used in investing activities
Proceeds from sales of tangible assets	1.5	0
Purchase of tangible assets	-38,905.78	-12,107.79
Interest received	562.47	531.23
Other inflows (outflows) of cash	-1,14,986.18	5,094.47
Net cash flows from (used in) investing activities	-1,53,327.99	-6,482.09
Cash flows from used in financing activities
Proceeds from issuing shares	0	28,000
Proceeds from borrowings	46,258.99	0
Repayments of borrowings	0	-6,086.60
Interest paid	-11,487.90	-9,081.09
Net cash flows from (used in) financing activities	34,771.09	12,832.31
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-4,855.14	10,125.26
Net increase (decrease) in cash and cash equivalents	-4,855.14	10,125.26
Cash and cash equivalents cash flow statement at end of period	9,780.62	14,635.76

 

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

Cash Flows from Operating Activities:

Profit before extraordinary items and tax:

 

31-03-2023: ₹1,14,576.19

 

31-03-2022: ₹23,293.94

 

The company had a significant increase in profit before tax and extraordinary items in 2023, indicating better operating performance compared to 2022.

 

Adjustments for Finance Costs:

 

31-03-2023: ₹11,487.91

 

31-03-2022: ₹9,081.09

 

The finance costs increased, showing a rise in interest expenses.

 

Adjustments for Depreciation and Amortisation Expense:

 

31-03-2023: ₹1,600.35

 

31-03-2022: ₹1,016.48

 

The increase in depreciation and amortization reflects a higher allocation of the cost of assets over time.

 

Other Adjustments for Investing or Financing Cash Flow:

 

31-03-2023: -₹562.47

 

31-03-2022: -₹531.23

 

Minor adjustments were made that involve cash flows classified as investing or financing.

 

Other Adjustments to Reconcile Profit (Loss):

 

31-03-2023: ₹4.98

 

31-03-2022: ₹0

 

This suggests additional minor adjustments in 2023.

 

Total Adjustments to Profit (Loss):

 

31-03-2023: ₹12,530.77

 

31-03-2022: ₹9,566.34

 

Total adjustments reflect an increase in 2023 due to higher finance costs, depreciation, and other factors.

 

Adjustments for Working Capital:

 

Adjustments for decrease (increase) in inventories:

 

31-03-2023: -₹1,19,427.80

 

31-03-2022: -₹49,161.91

 

Adjustments for decrease (increase) in trade receivables:

 

31-03-2023: -₹91,351.30

 

31-03-2022: ₹93,211.85

 

Adjustments for decrease (increase) in other current assets:

 

31-03-2023: -₹1,89,672.71

 

31-03-2022: ₹26,600.73

 

Adjustments for increase (decrease) in trade payables:

 

31-03-2023: ₹4,15,905.70

 

31-03-2022: -₹1,26,616.46

 

Adjustments for increase (decrease) in other current liabilities:

 

31-03-2023: ₹117.21

 

31-03-2022: ₹31,741.81

 

Significant movements in working capital items are observed, with large increases in trade payables and other current liabilities, contrasting with a significant decrease in trade receivables and other current assets.

 

Total Adjustments for Working Capital:

 

31-03-2023: ₹15,571.10

 

31-03-2022: -₹24,223.98

 

Positive adjustments in 2023 indicate better management of working capital.

 

Net Cash Flows from (Used in) Operations:

 

31-03-2023: ₹1,42,678.06

 

31-03-2022: ₹8,636.30

 

Substantial improvement in operating cash flow in 2023.

 

Income Taxes Paid (Refund):

 

31-03-2023: -₹28,976.30

 

31-03-2022: -₹4,861.26

 

Higher tax payments in 2023, consistent with increased profitability.

 

Net Cash Flows from (Used in) Operating Activities:

 

31-03-2023: ₹1,13,701.76

 

31-03-2022: ₹3,775.04

 

A significant increase in net operating cash flow reflects improved business operations.

 

Cash Flows from Investing Activities:

 

Proceeds from Sales of Tangible Assets:

 

31-03-2023: ₹1.5

 

31-03-2022: ₹0

 

Slight inflow from the sale of tangible assets in 2023.

 

Purchase of Tangible Assets:

 

31-03-2023: -₹38,905.78

 

31-03-2022: -₹12,107.79

 

Significant investment in tangible assets, indicating expansion or upgrades.

 

Interest Received:

 

31-03-2023: ₹562.47

 

31-03-2022: ₹531.23

 

Stable interest income over the years.

 

Other Inflows (Outflows) of Cash:

 

31-03-2023: -₹1,14,986.18

 

31-03-2022: ₹5,094.47

 

Significant outflows in 2023 due to other investing activities.

 

Net Cash Flows from (Used in) Investing Activities:

 

31-03-2023: -₹1,53,327.99

 

31-03-2022: -₹6,482.09

 

A large outflow in 2023 indicates heavy investment activity.

Cash Flows from Financing Activities:

Proceeds from Issuing Shares:

 

31-03-2023: ₹0

 

31-03-2022: ₹28,000

 

No new equity raised in 2023 compared to significant equity issuance in 2022.

 

Proceeds from Borrowings:

 

31-03-2023: ₹46,258.99

 

31-03-2022: ₹0

 

Substantial borrowings in 2023.

 

Repayments of Borrowings:

 

31-03-2023: ₹0

 

31-03-2022: -₹6,086.60

 

No repayments made in 2023.

 

Interest Paid:

 

31-03-2023: -₹11,487.90

 

31-03-2022: -₹9,081.09

 

Increase in interest payments, consistent with higher borrowings.

 

Net Cash Flows from (Used in) Financing Activities:

 

31-03-2023: ₹34,771.09

 

31-03-2022: ₹12,832.31

 

Positive cash flow from financing activities in 2023, largely driven by borrowings.

 

Net Increase (Decrease) in Cash and Cash Equivalents:

 

Before Effect of Exchange Rate Changes:

 

31-03-2023: -₹4,855.14

 

31-03-2022: ₹10,125.26

 

Overall decrease in cash and cash equivalents in 2023, in contrast to an increase in 2022.

 

Cash and Cash Equivalents at End of Period:

 

31-03-2023: ₹9,780.62

 

31-03-2022: ₹14,635.76

 

Ended the year 2023 with lower cash balances compared to 2022.