Satya Micro Latest Annual Report | Balance Sheet and Financials

Satya Micro Capital Limited (Satya Micro) Return Comparision with Primex 40 Index

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Satya Micro Capital Limited

Satya Micro Capital Limited Balance Sheet (Rs in Million)

Particulars	31-03-2024	31-03-2023
Financial assets
Cash and cash equivalents	1,752.35	2,305.90
Bank balances other than cash and cash equivalents	4,413.49	2,092.55
Trade receivables	152.76	106.48
Loan portfolio	49,547.39	38,231.59
Investment	627.39	1,261.30
Other financial assets	1,565.21	1,229.17
Non-financial assets
Current tax assets (net)	147.72	141.44
Deferred tax assets (net)	123.59	1.29
Property, plant and equipment	339.64	160.45
Capital work-in-progress	895.95	612.12
Goodwill	39.44	39.44
Intangible assets	5.23	0.2
Other non-financial assets	631.21	410.5
Total assets	60,241.36	46,592.43
Financial liabilities
Derivative financial instruments	38.86	6.95
Trade payables
Total outstanding dues of micro enterprises and small enterprises	-	0.53
Total outstanding dues of creditors other than micro enterprises and small enterprises	337.31	103.46
Debt securities	10,112.69	10,360.69
Borrowings (other than debt securities)	34,046.05	25,142.47
Subordinated liabilities	3,550.15	1,160.89
Other financial liabilities	1,600.80	1,205.86
Non-financial liabilities
Current Tax liabilities (net)	128.81	-
Provisions	75.39	69.85
Deferred tax liabilities (net)	-	48.95
Other non-financial liabilities	168.64	115.84
Equity
Equity share capital	656.45	593.2
Instruments entirely equity in nature	2.50	49
Other equity	9,504.27	7,720.16
Equity attributable to equity holders of the holding company	10,163.22	8,362.36
Non-controlling interest	19.44	14.58
Total liabilities and equity	60,241.36	46,592.43

Satya Micro Capital Limited Profit & Loss Statement (Rs in Million)

Particulars	31-03-2024	31-03-2023
Revenue from operations
Interest income	10,225.24	5,792.52
Fee and commission income	1,107.50	491.88
Net gain on derecognition of financials instruments under amortised cost category	1,381.69	1,044.64
Total revenue from operations	12,714.43	7,329.04
Other income	154.64	56.00
Total income	12,869.07	7,385.04
Expenses
Finance cost	5,273.50	2,972.21
Net loss on fair value changes	31.91	6.95
Impairment on financial instruments	1,321.97	722.05
Employee benefits expenses	3,208.85	2,039.46
Depreciation and amortization	136.96	77.11
Other expenses	1,241.80	851.39
Total expenses	11,214.99	6,669.17
Profit before share of the profit/(loss) of associates accounted for using the equity method	1,654.08	715.87
Share of net profits/(losses) of associates accounted for using the equity method	-	-0.06
Profit before tax	1,654.08	715.81
Current year tax	587.58	69.93
Deferred tax charge/(credit)	-166.82	114.60
Profit for the year	1,233.32	531.28
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Re-measurement gains/(losses) on defined benefit plans	-17.60	-6.46
Income tax effect	4.43	1.63
Other comprehensive income	-13.17	-4.83
Total comprehensive income for the year	1,220.15	526.45
Net profit after tax attributable to:
Owners of the Holding Company	1,228.46	531.25
Non-controlling interest	4.86	0.03
Other comprehensive income attributable to:
Owners of the Holding Company	-13.17	-4.83
Total comprehensive income attributable to:
Owners of the Holding Company	1,215.29	526.42
Non-controlling interest	4.86	0.03
Earnings per equity share (EPS) (face value of 10 per equity share)
Basic (EPS) (amount in ₹)	19.70	10.57
Diluted (DEPS) (amount in ₹)	19.07	9.61

Satya Micro Capital Limited Consolidated Cash Flow Statement (Rs in Million)

Particulars	31-03-2024	31-03-2023
Cash flow from operating activities
Profit before tax	1,654.08	715.81
Adjustments for:
Depreciation and amortization	120.18	69.15
Depreciation of right-of-use asset	16.78	7.90
Share based payment to employees	14.12	16.13
Interest expense for leasing arrangements	3.46	2.04
Impairment of financial instruments	1,324.47	722.05
Net loss on fair value changes	31.91	6.95
Loss on sale of property plant and equipment	1.61	1.41
Unrealised exchange fluctuation loss (net)	76.14	-
Net gain on derecognition of financials instruments under amortised cost category	-1,381.69	-1,044.64
Operating profit before working capital changes	1,861.06	496.80
Movements in working capital:
Increase/(decrease) in trade payable & other financial liabilities	606.88	843.28
Increase/(decreases) in other non-financial liabilities	52.80	42.44
Increase/(decreases) in provisions	-12.06	33.27
(Increase)/decrease in bank balances other than cash and cash equivalents	-2,320.94	1,122.34
(Increase)/decrease in trade receivables	-46.28	-33.08
(Increase)/decrease in loan portfolio	-12,374.29	-15,792.30
(Increase)/decrease in other financial assets	1,045.65	385.73
(Increase)/decrease in other non-financial assets	-220.71	-124.19
Cash used in operations	-11,407.89	-13,025.71
Income-tax paid	-465.05	-169.34
Net cash used in operating activities	-11,872.94	-13,195.05
Cash flow from investing activities
Purchase of property, plant and equipment and capital WIP	-585.99	-753.81
Proceeds from derecognition of property, plant and equipment	13.07	1.08
Purchase of investment	-	-1,258.20
Proceeds from investment	370.44	43.04
Net cash used in investing activities	-202.48	-1,967.89
Cash flow from financing activities
Proceeds from issue of share capital (including premium and net of issue expenses)	571.46	2,308.71
Proceeds from debt securities	2,228.70	6,634.51
Repayment of debt securities	-2,476.70	-1,559.28
Proceeds from borrowings other than debt securities	27,106.29	21,047.65
Repayment of borrowings other than debt securities	-18,278.84	-12,241.72
Proceeds from subordinated liabilities	2,490.00	10.66
Repayment of subordinated liabilities	-100.75	-
Payment of lease liabilities	-18.29	-10.13
Net cash from financing activities	11,521.87	16,190.40
Net increase / (decrease) in cash and cash equivalents	-553.55	1,027.46
Cash and cash equivalents at the beginning of the year	2,305.90	1,278.44
Cash and cash equivalents at the end of the year	1,752.35	2,305.90
Components of cash and cash equivalents as at the end of the year
Cash on hand	16.56	17.27
Balance with banks - on current accounts	1,700.78	2,288.63
Deposits with original maturity of less than 3 months	35.01	-
Total cash and cash equivalents	1,752.35	2,305.90

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

Cash Flow from Operating Activities

The company generated a profit before tax of ₹1,654.08 million in 2024, up from ₹715.81 million in 2023. Key adjustments to this profit include:

Depreciation and amortization (₹120.18 million) and depreciation of right-of-use assets (₹16.78 million), reflecting the non-cash expense related to assets.

Impairment of financial instruments (₹1,324.47 million) suggests significant provisioning for bad loans or investments.

The company also recorded a net gain on derecognition of financial instruments (₹-1,381.69 million), contributing to the adjustments.

After adjustments, the operating profit before working capital changes amounted to ₹1,861.06 million. Changes in working capital had a notable impact on cash flows:

A decrease in the loan portfolio (₹-12,374.29 million) indicates a substantial outflow due to loans issued.

Increase in trade payables and other financial liabilities added ₹606.88 million to the cash inflows.

Bank balances other than cash and cash equivalents saw a decrease of ₹-2,320.94 million, representing a major cash outflow due to banking operations.

After accounting for the working capital changes, the company experienced a cash outflow from operations of ₹-11,407.89 million. Following the payment of income taxes (₹-465.05 million), the net cash used in operating activities was ₹-11,872.94 million, reflecting higher outflows compared to the previous year (₹-13,195.05 million in 2023).

Cash Flow from Investing Activities

Investing activities resulted in a net cash outflow of ₹-202.48 million in 2024, a notable improvement from ₹-1,967.89 million in 2023. Key movements included:

Proceeds from investments (₹370.44 million) contributed positively to cash inflow.

Purchases of property, plant, and equipment (PPE) (₹-585.99 million) created a cash outflow, reflecting capital expenditures for asset growth.

Despite the outflow for asset purchases, the company generated proceeds from investments, which minimized the overall cash used in investing activities.

Cash Flow from Financing Activities

Financing activities resulted in a net cash inflow of ₹11,521.87 million in 2024, compared to ₹16,190.40 million in 2023. Major inflows included:

Proceeds from borrowings other than debt securities (₹27,106.29 million) formed a significant portion of cash inflows.

Proceeds from subordinated liabilities (₹2,490 million) also contributed to the cash inflow.

Key outflows included:

Repayment of borrowings other than debt securities (₹-18,278.84 million), showing repayments of previously borrowed funds.

Interest and lease payments also contributed to outflows.

The positive cash flow from financing activities reflects the company’s ability to raise capital through borrowings and equity issuance.

Net Increase/(Decrease) in Cash and Cash Equivalents

Overall, the company experienced a net decrease in cash and cash equivalents of ₹-553.55 million in 2024, compared to an increase of ₹1,027.46 million in 2023. The net decrease is primarily due to significant outflows from operating activities, which were not fully offset by inflows from financing activities.

The company started the year with ₹2,305.90 million in cash and cash equivalents, which decreased to ₹1,752.35 million by the end of the year.

Components of Cash and Cash Equivalents

At the end of 2024, the cash and cash equivalents consisted of:

Cash on hand (₹16.56 million).

Balances with banks in current accounts (₹1,700.78 million).

Deposits with original maturity less than three months (₹35.01 million).

Financial Ratios of Satya Micro Capital Limited

Particulars	2024	2024
CRAR	22.16%	19.23%
Tier I CRAR	16.64%	17.50%
Tier II CRAR	5.52%	1.73%
Liquidity Coverage ratio (LCR)	94%	NA

Here is a summary of the financial and operational metrics for Satya Micro Capital Limited for the year 2024 and 2023:

Capital to Risk (Weighted) Assets Ratio (CRAR)

The CRAR measures a company’s capital adequacy in relation to its risk-weighted assets. In 2024, the CRAR was 22.16%, which is higher than the previous year at 19.23%. This indicates that the company has strengthened its capital base relative to its risk-weighted assets, ensuring better risk management and solvency.

Tier I CRAR

The Tier I CRAR represents the core capital (equity and disclosed reserves) of the company, which absorbs losses without ceasing operations. The ratio was 16.64% in 2024, slightly lower than 17.50% in the previous year, showing a stable but slightly reduced core capital level. Despite the decrease, it remains above regulatory requirements, indicating a strong core capital position.

Tier II CRAR

The Tier II CRAR includes subordinated debt and other supplementary capital elements that absorb losses in the event of liquidation. It increased significantly to 5.52% in 2024 from 1.73% in the previous year. This increase reflects a stronger supplementary capital position, contributing to overall financial stability.

Liquidity Coverage Ratio (LCR)

The Liquidity Coverage Ratio (LCR) measures a company’s ability to meet short-term liquidity needs using high-quality liquid assets. The LCR in 2024 was 94%, indicating that the company holds sufficient liquid assets to cover 94% of its net cash outflows over a 30-day period. Although the LCR for 2023 is not available (NA), the 2024 ratio reflects a robust liquidity position, ensuring the company can meet short-term financial obligations.

Satya Micro Latest Annual Report, Balance Sheet and Financials

Satya Micro Capital Limited (Satya Micro) Return Comparision with Primex 40 Index

Satya Micro Capital Limited Balance Sheet (Rs in Million)

Satya Micro Capital Limited Consolidated Cash Flow Statement (Rs in Million)

Financial Ratios of Satya Micro Capital Limited

Satya Micro Annual Report

Satya Micro Capital Annual Report 2023-24

Satya Micro Capital Annual Report 2022-23

Satya Micro Capital Annual Report 2020-21

Satya Micro Capital Annual Report 2019-20

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