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Philips India Annual Reports, Balance Sheet and Financials

Philips India Limited (Philips India) Return Comparision with Primex 40 Index

Periods 1 Week 1 Month 3 Months 6 Months 1 Year 3 Years All Time
Primex-40
Philips India Limited

 Philips India Limited Balance Sheet (Rs in Millions)

Particulars

31-03-2024

31-03-2023

Non-current assets

 

 

Property, Plant and Equipment

8,054

 2,526

Capital work-in-progress

249

1,158

Investment property

1,377

1,334

Trade Receivables

379

715

Other Financial Assets

161

159

Deferred tax assets (net)

836

633

Advance income tax (net of provision)

4,013

3,724

Other non-current assets

549

549

Current assets

 

 

Inventories

8,240

7,184

Contract Assets

371

0

Trade receivables

9,171

7,401

Investments

47

50

Cash and cash equivalents

2,728

2,118

Other Financial Assets

293

498

Other current assets

2,689

3,247

Total Assets

39,157

32,006

Equity and Liabilities

 

 

Equity share capital

575

575

Other Equity

14,321

11,768

Non-current liabilities

 

 

Contract Liabilities

1,534

1,099

Lease Liabilities

3,669

603

Other non-current liabilities

183

146

Provisions

3,200

2,809

Current liabilities

 

 

Contract Liabilities

4,031

4,176

Lease Liabilities

338

598

Trade Payables

 

 

Total outstanding dues of micro enterprises and small enterprises

242

134

Total outstanding dues of creditors other than micro enterprises and small enterprises

6,963

6,819

Other financial liabilities

406

410

Other current liabilities

2,690

1,921

Provision for taxation (net of advances)

267

313

Provisions

738

635

Total Equity and Liabilities

39,157

32,006

 Philips India Limited Profit & Loss Statement (Rs in Millions)

Particulars

31-03-2024

31-03-2023

Income

 

 

Revenue from operations

60,004

57,340

Other income

609

719

Total Income

60,613

58,059

Expenses

 

 

Cost of raw materials consumed

4,074

4,630

Purchases of stock-in-trade

21,310

19,803

Changes in inventories of work-in-progress, finished goods and stock-in-trade

-762

-562

Employee benefits expense

21,649

20,115

Finance costs

388

264

Depreciation and amortization expense

1,426

1,285

Other expenses

9,259

9,316

Total expenses

57,344

54,851

Profit before Tax

3,269

3,208

Current tax

-889

-827

Deferred tax expenses - credit / (charge)

195

219

Profit for the year

2,575

2,600

Other Comprehensive Income

 

 

Items that will not be reclassified subsequently to profit or Loss

 

 

Re-measurement gains / (losses) on defined benefit plans

-30

-120

Income tax effect on defined benefit plans

8

30

Other Comprehensive Income for the year

-22

-90

Total Comprehensive income for the year

2,553

2,510

Earnings per equity share

 

 

Basic and diluted earnings per equity share of Rs. 10 each

44.78

45.21

 Philips India Limited Cash Flow Statement (Rs in Millions)

Particulars

31-03-2024

31-03-2023

Cash generated from operating activities

 

 

Profit before tax

3269

3,208

Adjusted for:

 

 

Write off & other adjustment of Property, Plant & Equipment

47

9

Profit on sale of property

-

-16

Depreciation and amortization

1,426

1,285

Unrealized foreign exchange (gain) and loss (net)

25

21

Allowances for doubtful trade receivables & loans & advances

388

158

Liabilities no longer required written back

-39

-105

Interest on advances, current accounts and deposits

-415

-506

Lease Rental Income

-116

-109

Finance costs

388

264

Operating profit before working capital changes

4,973

4,209

Changes in

 

 

Trade receivables and other current and non-current assets (except inventories)

-621

289

Inventories

-1,057

-323

Trade payables and  other current, non-current liabilities and provisions

5,065

107

Cash generated from operations

8,360

4,282

Income tax paid (net of refunds)

-1,005

-869

Net Cash generated from operating activities

7,355

3,413

Cash generated from investing activities

 

 

Purchase of Property, Plant and Equipment

-6,049

-1,256

Proceeds from sale of Property, Plant & Equipment

-

32

Proceeds from redemption of Investments

39

59

Lease Rental Income

116

109

Interest received

65

527

Net Cash used in investing activities

-5,829

-529

Cash flow from financing activities

 

 

Finance costs

-286

-264

Proceeds from borrowings

3,150

-

Repayment of borrowings

-3,150

-

Principal repayment of lease liabilities

-631

-720

Dividend paid

-

-12,941

Net Cash used in financing activities

-917

-13,925

Increase / (Decrease) in cash and cash equivalents

610

-11,041

Cash and cash equivalents - Opening Balance

 

 

Cash and cash equivalents

299

2,524

Unpaid dividend

19

15

Deposits with Banks

1,800

10,620

Cash and cash equivalents - Closing Balance

 

 

Cash and cash equivalents

984

299

Unpaid dividend

94

19

Deposits with Banks

1,650

1,800

Net increase/(decrease) in cash and cash equivalents

610

-11,041

 

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

Cash Flow from Operating Activities: The cash flow from operating activities improved substantially, rising from Rs. 3,413 million in FY 2023 to Rs. 7,355 million in FY 2024. This increase is primarily driven by a higher operating profit before working capital changes, which rose from Rs. 4,209 million to Rs. 4,973 million. Key adjustments included a higher depreciation and amortization cost, up by Rs. 141 million, and increased allowances for doubtful receivables, which more than doubled. Additionally, there was a decrease in finance costs and a reduction in interest income, which was offset by significant increases in trade payables and other liabilities. This overall positive performance in cash generation reflects improved operational efficiency and better management of working capital.

Cash Flow from Investing Activities: The cash used in investing activities surged from Rs. 529 million in FY 2023 to Rs. 5,829 million in FY 2024. This sharp increase is mainly due to a significant rise in capital expenditures, with Rs. 6,049 million spent on purchasing Property, Plant, and Equipment compared to Rs. 1,256 million in the previous year. There were also notable decreases in interest received, down from Rs. 527 million to Rs. 65 million, and a drop in proceeds from the sale of assets. Despite receiving Rs. 39 million from the redemption of investments and Rs. 116 million in lease rental income, these inflows were insufficient to offset the large outflows, resulting in a substantial net cash outflow.

Cash Flow from Financing Activities: The financing activities also reflect a significant shift. The net cash used in financing activities decreased considerably from Rs. 13,925 million in FY 2023 to Rs. 917 million in FY 2024. This reduction is due to the absence of dividend payments, which had been substantial in the previous year (Rs. 12,941 million). Proceeds from borrowings and repayment of borrowings were balanced at Rs. 3,150 million each, while finance costs slightly increased, and principal repayments of lease liabilities decreased. The decrease in net cash used in financing activities indicates a more balanced approach to financing and a significant reduction in dividend payouts.

Net Increase in Cash and Cash Equivalents: Despite the large outflows in investing and financing activities, the cash and cash equivalents increased by Rs. 610 million in FY 2024, contrasting sharply with the Rs. 11,041 million decrease in the previous year. This improvement reflects the stronger cash generation from operating activities, partially offset by the high capital expenditures and changes in financing strategies. The ending cash position improved with cash and cash equivalents rising from Rs. 299 million at the beginning of the year to Rs. 984 million by the end, alongside a small increase in deposits with banks.

 

Financial Ratios of Philips India Limited

Particulars

2023-24

2022-23

Current ratio

1.5

1.4

Return on Equity ratio (in %)

18.91

14.81

Inventory turnover ratio

3.19

3.4

Trade receivables turnover ratio

6.79

6.82

Trade payables turnover ratio

3.61

3.36

Net capital turnover ratio

7.55

9.14

Net profit ratio (in %)

4.29

4.53

Return on capital employed (in %)

22.01

23.99

Return on investment (in %)

7.24

6.86

Here is a summary of the financial and operational metrics for Philips India Limited for the year 2024 and 2023:

Current Ratio: The current ratio has slightly improved from 1.4 in FY 2022-23 to 1.5 in FY 2023-24. This increase indicates a marginal enhancement in the company 's liquidity position, suggesting it has a better capacity to cover its short-term liabilities with its short-term assets. Although the ratio is above 1, indicating adequate liquidity, it is still essential to monitor this to ensure it remains sufficient to handle any potential financial strains.

Return on Equity (ROE): The ROE has increased significantly from 14.81% in FY 2022-23 to 18.91% in FY 2023-24. This notable rise demonstrates that the company has become more effective at generating profits from its shareholders ' equity. An improved ROE reflects higher profitability and efficient use of equity capital, which is a positive indicator for investors.

Inventory Turnover Ratio: The inventory turnover ratio has decreased slightly from 3.4 in FY 2022-23 to 3.19 in FY 2023-24. This decline suggests that the company is taking slightly longer to sell its inventory, potentially indicating either slower sales or higher inventory levels. While the ratio remains relatively stable, it 's crucial for the company to address any inefficiencies in inventory management to maintain a strong turnover.

Trade Receivables Turnover Ratio: The trade receivables turnover ratio has remained relatively stable, decreasing marginally from 6.82 in FY 2022-23 to 6.79 in FY 2023-24. This ratio indicates how efficiently the company is managing its receivables and collecting outstanding invoices. A stable ratio suggests consistent performance in managing receivables, although any further decline could imply slower collection periods.

Trade Payables Turnover Ratio: The trade payables turnover ratio has increased from 3.36 in FY 2022-23 to 3.61 in FY 2023-24. This increase signifies that the company is paying its suppliers more quickly, which could indicate improved liquidity or stronger supplier relationships. However, it also suggests that the company might be taking a shorter time to settle its trade payables, potentially affecting its working capital management.

Net Capital Turnover Ratio: The net capital turnover ratio has decreased from 9.14 in FY 2022-23 to 7.55 in FY 2023-24. This decline suggests that the company is generating less revenue per unit of net capital employed. A lower ratio indicates a reduction in capital efficiency, which could imply the need for better asset utilization or a review of capital allocation strategies.

Net Profit Ratio: The net profit ratio has slightly decreased from 4.53% in FY 2022-23 to 4.29% in FY 2023-24. This minor decline indicates a slight reduction in the company 's profitability relative to its total sales. While the decrease is not substantial, it suggests that the company 's profit margins have narrowed slightly, potentially due to increased costs or pricing pressures.

Return on Capital Employed (ROCE): The ROCE has decreased from 23.99% in FY 2022-23 to 22.01% in FY 2023-24. This reduction implies that the company’s efficiency in generating profits from its capital employed has decreased. Although still strong, the decline suggests that the company may need to focus on improving its capital utilization or cost management to sustain its high return levels.

Return on Investment (ROI): The ROI has improved from 6.86% in FY 2022-23 to 7.24% in FY 2023-24. This increase indicates that the company has enhanced its ability to generate returns on its investments. The improved ROI reflects better investment performance and effective utilization of invested capital, which is a positive sign for stakeholders.

Philips India Annual Report

Philips India Annual Report 2023-24

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Philips India Annual Report 2022-23

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Philips India Annual Report 2020-21

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