Paymate India Annual Reports, Balance Sheet and Financials

PayMate India Limited Consolidated Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Non-Current Assets
Property, plant and equipment	7.01	6.32
Other Intangible assets	-	14.61
Right-of-use assets	3.55	8.14
Other financial assets	11.92	6.78
Current Assets
Trade receivables	3.01	6.66
Cash and cash equivalents	62.05	7.29
Bank balances other than cash and cash equivalent	0.43	3.25
Other financial assets	197.28	201.51
Other current assets	309.91	346.13
Total Assets	595.16	600.69
Equity
Equity share capital	58.21	57.67
Other equity instrument	1,839.08	1,839.08
Other equity	-2,036.05	-1,724.04
Non-Controlling Interest	-1.99	-1.14
Non-Current Liabilities
Lease liabilities	-	4.64
Provisions	25.93	18.25
Current Liabilities
Borrowings	35.00	35.00
Lease liabilities	5.12	5.64
Trade Payable
Total outstanding dues of micro enterprise and small enterprises	0.01	0.14
Total outstanding dues of creditors other than micro and small enterprises	535.66	198.04
Other current liabilities	116.38	110.76
Provisions	17.81	55.51
Total Equity and Liabilities	595.16	600.69

PayMate India Limited Consolidated Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Revenue from operations	13,425.35	13,501.13
Other Income	14.78	14.83
Total Income	13,440.13	13,515.96
Expenses
Cost of services	13,412.96	13,389.61
Employee benefits expense	361.49	504.96
Finance costs	1.24	5.06
Depreciation and amortization expense	22.36	22.04
Other expenses	130.64	151.52
Total Expenses	13,928.69	14,073.19
Loss before tax	-488.56	-557.23
Tax expense	-	-
Loss after tax	-488.56	-557.23
Other Comprehensive income/(loss)
Items that will not be reclassified to statement of profit and loss
Re-measurement gains on defined benefit plans	0.23	2.80
Items that will or may be reclassified to profit or loss
Exchange differences on translating of financial                                    statements of foreign operations	-8.26	-1.05
Total Comprehensive Profit/(loss) for the year	-496.60	-555.47
Earning per equity share
Basic and diluted (Rs.)	-8.40	-9.67

PayMate India Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Loss for the year	-488.56	-557.23
Adjustments for:
Depreciation and Amortization	22.36	22.04
Finance costs	0.01	5.06
Interest Received	-6.2	-14.83
Provision for Gratuity	9.73	3.34
Provision for PLI	6.21	16.87
Unrealized Foreign exchange gain	-4.33	-
Share Based payments to employees	-11.13	163.43
Liabilities no longer required written back	-0.42	-1.33
Miscellaneous Income	3.80	6.86
Operating loss before working capital changes	-468.54	-355.79
Adjustments for (increase) / decrease in operating assets:
Trade receivables	3.65	52.30
Other financial assets	-0.91	13.47
Other non-financial assets	-19.73	-94.39
Provisions	-38.19	12.88
Trade payables	337.62	194.51
Other non- financial liabilities	5.62	47.51
Cash Generated from Operations	-180.48	-129.51
Net income tax (paid) / refunded	55.95	-5.54
Net Cash from Operating Activities	-124.53	-135.05
Cash Flow from Investing Activities
Capital expenditure on property plant and equipment, including capital advances	-3.30	-3.37
Interest Received	-6.20	5.39
Net Cash from Investing Activities	-9.50	2.01
Cash Flow from Financing Activities
Short term borrowings	-	35.00
Repayment of Lease Liabilities	-5.68	-5.05
Repayment of interest on lease liabilities	-1.23	-1.36
Issue of Share Capital	195.70	99.59
Finance costs paid	-0.01	-3.70
Net Cash from Financing Activities	189.79	124.48
Net increase/(decrease) in cash and cash equivalents	54.76	-8.56
Cash and cash equivalents at the beginning of the year	7.29	15.85
Cash and cash equivalents at the end of the year	62.05	7.29

Summary of the Cash Flow Statement of PayMate India Limited for the year ended 31st March, 2024, with all figures in ₹ Millions:

Cash Flow from Operating Activities

During FY 2023-24, the company reported a net cash outflow of ₹124.53 million from operating activities. This was mainly due to the operating loss for the year, along with adverse movements in provisions and non-financial assets, though partially offset by a significant increase in trade payables.

Cash Flow from Investing Activities

Cash used in investing activities stood at ₹9.50 million, primarily on account of capital expenditure and reduced interest income.

Cash Flow from Financing Activities

Financing activities provided a strong inflow of ₹188.79 million, largely attributable to the issue of share capital amounting to ₹195.70 million, offset slightly by lease liability repayments and interest payments.

Net Change in Cash and Cash Equivalents

As a result of the above, the company recorded a net increase of ₹54.76 million in cash and cash equivalents. The year-end cash balance improved significantly to ₹62.05 million, compared to ₹7.29 million at the beginning of the year.

 

PayMate India Limited Consolidated Ratio Analysis:

Particulars	31-03-2024	31-03-2023
Current Ratio	0.81	1.39
Debt Equity ratio	-0.25	0.20
Return on Equity Ratio	347.11%	-322.64%
Trade Receivables turnover ratio	2,776.70	432.04
Trade payables turnover ratio	36.56	132.85
Net capital Turnover Ratio	-97.78	84.51
Net profit ratio	-3.70%	-4.11%
Return on Capital employed	356.73%	-328.30%
Return on investment	-83.05%	-73.16%

Here is the summary of financial ratios for the year ended 2023-24

Current Ratio

2024:-0.81 | 2023: 1.39
The current ratio has fallen below 1, indicating that the company may struggle to cover its short-term obligations with its current assets. Last year’s ratio (1.39) suggested a more comfortable liquidity position, but the decline shows weakening short-term financial health.

Debt-Equity Ratio

2024:-0.25 | 2023: 0.20
A negative debt-equity ratio means the company’s net worth (equity) is negative, i.e., liabilities exceed shareholders’ funds. In 2023, the ratio was positive (0.20), but turning negative in 2024 reflects financial stress and erosion of equity.

Return on Equity (ROE)

2024: 347.11% | 2023: -322.64%
The ROE has shifted from negative to a very high positive, suggesting that the company generated a strong return for shareholders in 2024. However, such extreme values often arise from a low or negative equity base, so this improvement should be interpreted cautiously.

Trade Receivables Turnover Ratio

2024: 2,776.70 | 2023: 432.04
This ratio has shot up dramatically, indicating the company is collecting receivables extremely fast compared to last year. While this is positive for working capital efficiency, such abnormally high values may also indicate anomalies in revenue recognition or accounting adjustments.

Trade Payables Turnover Ratio

2024: 36.56 | 2023: 132.85
The ratio has declined, meaning the company is taking longer to pay its suppliers in 2024 compared to 2023. This could be a strategy to conserve cash, but if prolonged, it may strain supplier relationships.

Net Capital Turnover Ratio

2024: -97.78 | 2023: 84.51
A negative ratio in 2024 indicates that the company’s capital employed is negative, which signals financial instability. In 2023, the company utilized its capital efficiently to generate revenue, but the deterioration in 2024 is a red flag.

Net Profit Ratio

2024: -3.70% | 2023: -4.11%
The company continues to report losses, but the margin has slightly improved compared to last year. Although still negative, this shows a small step toward reducing losses.

Return on Capital Employed (ROCE)

2024: 356.73% | 2023: -328.30%
Similar to ROE, ROCE has turned strongly positive, indicating high returns generated on capital employed. Again, this may be due to a very low or negative capital base rather than strong profitability, so caution is required in interpretation.

Return on Investment (ROI)

2024: -83.05% | 2023: -73.16%
The ROI remains negative and has worsened compared to last year. This shows that investments are not generating adequate returns and continue to erode value.