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

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

Plastene India Limited Consolidated Balance Sheet (Rs in Lakhs)

Particulars	31-03-2022	31-03-2021
Shareholder’s funds
Share capital	2,819.82	2,819.82
Reserves and surplus	14,041.04	13,497.38
Non-current liabilities
Long term borrowings	2,906.52	2,075.65
Deferred tax liabilities (net)	679.27	385.31
Long term provisions	140.22	147.99
Current Liabilities
Short term borrowings	15,865.28	13,675.20
Total outstanding dues of micro and small enterprises	283.46	267.30
Total outstanding dues of creditors other than micro and small enterprises	1,619.20	2,106.56
Other current liabilities	3,375.63	4,732.35
Short term provisions	236.99	235.89
Total	41,967.43	39,943.45
Non-current assets
Property, plant & equipment	7,895.85	43,332.52
Intangible assets	1.38	0.45
Capital WIP	-	3,434.31
Goodwill on consolidation	159.97	159.97
Non-current investments	1,863.29	1,863.29
Loans and advances	306.36	310.49
Other non current assets	5,760.81	5,533.20
Current Assets
Inventories	8,460.55	8,818.94
Trade receivables	14,182.05	9,793.22
Cash and bank balances	135.75	1,991.35
Loans and advances	2,660.50	2,921.77
Other current assets	540.92	783.94
Total	41,967.43	39,943.45

Plastene India Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2022	31-03-2021
Income
Revenue from Operations	56,482.42	43,325.03
Sale of services	410.25	485.43
Other operating income	2,149.66	1,618.23
Other income	728.11	234.48
Total Income	59,770.44	45,663.17
Expenses
Cost of raw material and components consumed	32,327.17	19,249.54
Purchase of traded goods	10,557.53	13,964.31
Changes in inventories of finished goods, work-in-progress	551.17	-1,675.10
Employee Benefits Expenses	2,909.77	2,549.96
Finance Costs	728.94	500.76
Depreciation and Amortization Expenses	2,059.00	2,010.64
Other Expenses	9,644.14	7,697.87
Total Expenses	58,777.72	44,297.98
Profit before tax and exceptional item	992.72	1,365.19
Exceptional item
Loss due to fire	-	363.40
Realisation of claim of earlier year	-	-
Profit before tax	992.72	1,001.79
Current tax	206.38	270.32
Deferred tax	293.96	-271.03
Mat credit	-119.77	-47.56
Profit for the year	612.15	1,050.06
Earnings per Equity Share (Basic & Diluted)	2.17	3.72

Plastene India Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2022	31-03-2021
Cash Flow From Operating Activites
Profit before tax	924.24	986.92
Adjustments:	728.94	500.76
Depreciation and amortization expense	2,059.00	2,010.64
Finance costs	-389.03	-77.80
Interest income	-8.05	-1.91
Balances written off		508.53
Liabilities no longer required written back	-36.95	-113.33
Unrealised loss on foreign exchange	-15.14	-0.76
Operating profit before working capital changes	3,263.00	3,813.04
Adjustments:
Trade payables	-434.28	-72.63
Other current liabilities	-835.52	1,445.49
Short term provisions	-42.18	26.46
Inventories	358.39	-1,997.49
Trade receivables	-4,321.14	4,515.85
Loans & advances	46.83	867.39
Other current and non-current assets	259.34	222.15
Cash generated from operations	-1,705.55	8,820.27
Direct taxes paid (net of refunds)	-51.00	-52.92
Net cash flows from operating activities	-1,756.55	8,767.35
Cash Flows From Investing Activities
Acquisition of PPE including capital advances	-910.00	-3,470.71
Investments in shares		-50.00
Redemption of bank deposits		132.15
Investment in bank deposits	1,664.60	-1,761.92
Sale proceeds from sale of PPE	59.08	52.08
Fixed assets- Adj due to fire
Interest received	389.03	77.80
Net cash (used in)/generated from investing activities	1,202.72	-5,020.60
Cash Flows From Financing Activities
Proceeds from long term borrowings	2,928.90	1,714.62
Repayment of long term borrowings	-2,168.59	-1,964.10
Repayment of short term borrowings	1,548.98	-1,376.94
Interest and finance charges paid	-1,946.44	-2,010.64
Net cash (used in)/generated from financing activities	362.84	-3,637.07
Increase in cash and cash equivalents	-190.99	109.68
Cash and cash equivalents as at the beginning of year	246.38	136.70
Cash and cash equivalents as at end of the year	55.39	246.38

Here is a summary of the Cash Flow Statement for the years 2022 and 2021:

Operating Activities:

In FY22, Plastene India reported a net cash outflow of ₹1,756.55 lakhs from operating activities, compared to a strong inflow of ₹8,767.35 lakhs in FY21. Although profit before tax was consistent, cash flow was severely impacted by negative working capital movements, particularly a significant rise in trade receivables and a drop in payables and current liabilities. This indicates potential inefficiencies in receivables collection and cash management.

Investing Activities:

The company recorded a net inflow of ₹1,202.72 lakhs from investing activities in FY22, as opposed to a net outflow of ₹5,020.60 lakhs in FY21. The shift was mainly due to lower capital expenditure and encashment of bank deposits, suggesting a more conservative investment stance, possibly to preserve liquidity amid operational stress.

Financing Activities:

Financing activities yielded a net inflow of ₹362.84 lakhs in FY22, reversing the ₹3,637.07 lakhs outflow in FY21. This improvement came from fresh long-term and short-term borrowings, though it was partially offset by substantial interest payments, highlighting ongoing debt servicing pressure.

Net Cash Position:

Overall, cash and cash equivalents decreased by ₹190.99 lakhs in FY22, ending the year at ₹55.39 lakhs. The drop reflects the deterioration in operating cash flow, despite positive movements in investing and financing activities.