Skyways Air Services Annual Reports, Balance Sheet and Financials

Skyways Air Services Limited Consolidated Balance Sheet (Rs. In Lakhs)

Particular	31-03-2025	31-03-2024
Non- Current assets
Property, Plant and Equipment	11,008.68	7,041.04
Capital work-in-progress	4,438.35	2,957.40
Goodwill	9,381.45	1,748.48
Other intangible assets	1,271.78	1,176.15
Intangible assets under development	1,563.31	1,099.59
Right-of-use assets	629.39	559.89
Investments	105.82	37.49
Other financial assets	5,401.47	4,196.41
Income tax assets (net)	2,323.32	706.25
Deferred tax assets (net)	27.74	338.40
Other non-current assets	903.53	868.85
Current assets
Inventories	71.70	40.72
Investments	2,661.47	1,952.36
Trade receivables	45,596.83	31,803.65
Cash and cash equivalents	14,122.33	7,015.09
Bank balances other than above	16,842.70	13,386.27
Loans	98.91	50.28
Other financial assets	878.05	597.13
Other current assets	14,837.35	3,459.92
Total Assets	1,32,164.18	79,035.42
Equity
Equity Share Capital	11,242.59	1,043.65
Other Equity	13,471.46	14,384.54
Non-controlling interest	14,517.86	3,179.81
Non-current liabilities
Borrowings	10,586.94	6,742.94
Lease liabilities	429.99	450.46
Other financial liabilities	159.01	135.60
Provisions	511.45	366.59
Current liabilities
Borrowings	45,256.20	28,990.59
Lease liabilities	224.84	176.93
Total outstanding dues of micro enterprises and small enterprises	456.04	184.23
Total outstanding dues other than above	24,087.90	20,751.55
Other financial liabilities	8,070.26	42.38
Other current liabilities	2,882.86	2,068.03
Provisions	90.59	439.98
Current tax liabilities	176.19	78.09
Total equity and liabilities	1,32,164.18	79,035.42

 

Skyways Air Services Limited Consolidated Profit & Loss (Rs. In Lakhs)

Particulars	31-03-2025	31-03-2024
Revenue from operations	2,24,782.49	1,28,911.01
Other Income	2,317.00	2,769.58
Total income	2,27,099.49	1,31,680.59
Expenses
Cost of services	2,01,606.81	1,13,725.85
Purchase of stock-in-trade	92.65	1.93
Change in inventories of stock-in-trade	(30.98)	0.10
Employee benefit expense	9,041.20	6,593.86
Finance cost	2,881.38	1,877.40
Depreciation and amortization expense	1,369.83	888.55
Other expenses	5,455.14	3,755.54
Total expenses	2,20,416.03	1,26,843.23
Profit before share of net profits from investments accounted for using equity method and tax	6,683.46	4,837.36
Share of net profit of associates	31.19	0.69
Profit Before Tax	6,714.65	4,838.05
Current tax	1,592.89	1,354.67
Deferred tax	310.20	41.80
Profit for the year	4,811.56	3,441.58
Other Comprehensive Income (OCI)
Items that will not be reclassified subsequently to profit or loss
Remeasurements of the defined benefit plans	(6.79)	(74.85)
Income tax relating to above	1.71	18.84
Items that may be reclassified to profit and loss
Exchange differences in translating the financial information of foreign operations	73.94	(27.55)
Total other comprehensive income/(loss) for the year	68.86	(83.56)
Total Comprehensive Income for the year	4,880.42	3,358.02
Earnings per equity share (in Rs.)
Basic	3.71	2.99
Diluted	3.71	2.99

 

Skyways Air Services Limited Consolidated Cash Flow Statement (Rs. In Lakhs)

Particular	31-03-2025	31-03-2024
Cash Flow From Operating Activities
Net Profit Before Tax as per statement of profit and loss	6,714.65	4,838.05
Adjustments for:
Depreciation and amortisation expense	1,369.83	888.55
Unrealised foreign exchange (gain) / loss (net)	35.57	(112.38)
(Gain)/Loss on disposal of property, plant and equipment	5.71	(9.42)
Property, plant and equipment written off	0.79	17.69
Net gain on sale of investment in subsidiaries	(424.44)	(600.81)
Interest income	(1,551.71)	(1,435.05)
Finance cost	2,881.38	1,877.40
Unrealised gain on current investments measured at FVTPL	(185.04)	(52.35)
Realised gain on current investments measured at FVTPL	-	(7.95)
Liabilities written back	(46.82)	(327.83)
Trade and other receivable balances written off	144.30	61.18
Allowance for expected credit loss	161.01	25.06
Impairment allowance for doubtful advances	130.97	100.00
Share of (profit)/loss of associates	(31.19)	(0.69)
Working capital adjustments:
(Increase)/ Decrease in trade receivables	3,698.48	(14,482.08)
(Increase)/ Decrease in inventories	(30.98)	0.10
(Increase)/ Decrease in other financial assets	(624.58)	650.43
(Increase)/ Decrease in other assets	(6,025.46)	(83.65)
Increase/ (Decrease) in provisions	(298.60)	49.51
Increase/ (Decrease) in trade payable	(3,921.46)	8,328.33
Increase/ (Decrease) in other financial liability	33.07	136.91
Increase/ (Decrease) in other liability	1,059.58	75.20
Cash generated from operations	3,095.06	(63.81)
Income Taxes Paid (net)	(2,894.01)	(840.36)
Net Cash inflow/(outflow)  from Operating Activities	201.05	(904.17)
Cash Flow From Investing Activities
Purchase of PPE (including capital work-in-progress)	(4,992.43)	(4,421.72)
Purchase of intangible assets	(897.20)	(984.95)
Payment towards acquisition of subsidiary (net)	(7,053.01)	(3,468.43)
Proceeds from sale of investment in mutual funds	-	757.95
Purchase of investment in mutual funds	(520.00)	(2,650.00)
Purchase of investment in associates	(37.14)	-
Proceeds from sale of investment in subsidiaries	489.68	1,368.40
Loan to employees	(7.29)	102.77
Loan to others	(35.00)	-
Bank withdrawal / (deposit) not considered as cash and cash equivalents (net)	(2,668.31)	(4,508.00)
Interest received	491.75	940.68
Net Cash outflow froms Investing Activities	(15,228.95)	(12,863.30)
Cash Flow From Financing Activities
Proceed from issue of share	7,577.45	-
Interest paid	(2,801.18)	(1,810.50)
Proceeds/payments to non-controlling shareholders (net of dividend paid)	(1,175.84)	100.85
Proceeds from borrowings	27,796.93	19,517.33
Repayment of borrowings	(7,687.32)	(2,148.20)
Payment of principal portion of lease liabilities	(266.86)	(152.78)
Payment of interest on lease liabilities	(52.76)	(56.63)
Share issue expenses	(825.20)	(3.99)
Dividends paid	(416.52)	(150.00)
Net Cash Inflow From Financing Activities	22,148.70	15,296.08
Net Increase/(Decrease) in Cash and Cash Equivalents	7,120.80	1,528.62
Opening balance of cash and cash equivalents	7,015.09	5,480.39
Exchange difference on translation of foreign currency cash  and cash equivalents	(13.56)	6.08
Closing balance of cash and cash equivalents	14,122.33	7,015.09

Summary of the Cash Flow Statement for the years 2025 and 2024

Cash Flow from Operating Activities

The company reported a net profit before tax of ₹6,71,465 lakhs in FY 2025, compared to ₹4,83,805 lakhs in FY 2024, showing improved profitability. After adding back non-cash expenses like depreciation (₹1,36,983 lakhs) and finance costs (₹2,88,138 lakhs), and adjusting for income like interest (₹1,55,171 lakhs) and gains on investments/subsidiaries, the operating profit improved. Working capital changes had mixed effects — receivables decreased significantly (positive ₹3,69,848 lakhs), but trade payables reduced (negative ₹3,92,146 lakhs) and other assets increased (negative ₹6,02,546 lakhs). After paying income taxes of ₹2,89,401 lakhs, the company generated only a small positive cash inflow of ₹20,105 lakhs, compared to a cash outflow of ₹90,417 lakhs last year. This shows improvement, but operating cash flow remains weak relative to net profit, mainly due to working capital pressures.

Cash Flow from Investing Activities

The company made heavy investments, leading to a net outflow of ₹15,22,895 lakhs in FY 2025, higher than the outflow of ₹12,86,330 lakhs in FY 2024. Major uses of cash included purchase of property, plant, and equipment (₹4,99,243 lakhs), acquisition of a subsidiary (₹7,05,301 lakhs), intangible assets (₹89,720 lakhs), and deposits in banks (₹2,66,831 lakhs). Although there were inflows like interest received (₹49,175 lakhs) and proceeds from sale of subsidiaries (₹48,968 lakhs), these were not enough to offset the large outflows. This shows that the company is aggressively expanding and reinvesting, but it puts pressure on liquidity.

Cash Flow from Financing Activities

Financing activities provided strong support, with a net inflow of ₹22,14,870 lakhs in FY 2025, higher than ₹15,29,608 lakhs in FY 2024. The main inflows came from borrowings (₹27,79,693 lakhs) and fresh equity raised (₹7,57,745 lakhs). However, there were outflows like repayment of borrowings (₹7,68,732 lakhs), interest paid (₹2,80,118 lakhs), dividends (₹41,652 lakhs), and lease payments. Overall, financing has been the key driver for liquidity, showing reliance on external funding for growth and investment.

Net Change in Cash and Closing Balance

After combining all three activities, the company achieved a net increase in cash of ₹7,12,080 lakhs in FY 2025, compared to an increase of only ₹1,52,862 lakhs in FY 2024. The closing cash balance stood at a healthy ₹14,12,233 lakhs, almost double last year’s ₹7,01,509 lakhs. This indicates that despite heavy investment outflows, strong financing activities helped boost the overall cash position.

Skyways Air Services Limited Standalone Financial Ratios

Particular	31-03-2025	31-03-2024
Current Ratio	0.88	1.06
Debt Equity Ratio	1.67	2.04
Debt Service Coverage Ratio	1.40	1.54
Return on Equity Ratio	18.30%	22.00%
Trade receivable Turnover Ratio	6.23	5.49
Trade Payable Turnover Ratio	7.79	5.95
Net Capital Turnover Ratio	(20.10)	37.58
Net Profit Ratio	2.42%	2.79%
Return on Capital Employed Ratio	21.19%	26.95%
Return on Investment	7.64%	6.23%

Summary of the financial ratio for the years 2025 and 2024

Current Ratio

The current ratio has fallen from 1.06 in FY 2023–24 to 0.88 in FY 2024–25. This means the company’s current assets are not enough to cover its short-term liabilities, showing some pressure on liquidity. Ideally, this ratio should be above 1. The company may need to improve its working capital management to ensure it can meet obligations comfortably.

Debt-Equity Ratio

The debt-equity ratio has improved from 2.04 to 1.67, which shows the company has slightly reduced its dependence on borrowed funds. Although the ratio is still on the higher side, meaning debt levels are significant compared to equity, the situation is moving in the right direction with reduced financial risk.

Debt Service Coverage Ratio

The DSCR has dipped slightly from 1.54 to 1.40. This means the company is still able to cover its interest and debt repayments from operating earnings, but with less comfort than the previous year. Since a ratio above 1 is considered safe, the company remains in a stable position, though continuous monitoring is needed.

Return on Equity

ROE has decreased from 22.00% to 18.30%, indicating that shareholders are earning a slightly lower return on their investment. Although the ratio has come down, it is still at a strong level, showing that the company is generating healthy profits relative to the equity base.

Trade Receivables Turnover Ratio

This ratio improved from 5.49 to 6.23, showing that the company is collecting money from customers faster than before. This strengthens cash flow and reduces the risk of bad debts. Efficient receivable management is a positive sign for the company’s working capital cycle.

Trade Payables Turnover Ratio

The payables turnover ratio increased from 5.95 to 7.79, which means the company is paying its suppliers more quickly than the previous year. While this improves supplier relationships, it also puts pressure on cash outflows. The company must balance timely payments with maintaining sufficient liquidity.

Net Capital Turnover Ratio

This ratio saw a major swing, falling from 37.58 to (20.10). A negative ratio indicates inefficiency in using working capital to generate revenue. This could be due to high liabilities, lower revenues, or mismanagement of current assets. The company must address this urgently to avoid strain on operations.

Net Profit Ratio

The net profit margin slipped from 2.79% to 2.42%, which means the company is earning less profit from every ₹100 of sales. While the decline is small, it shows cost pressures or reduced pricing power. Improving operational efficiency and cost management will help bring margins back up.

Return on Capital Employed

ROCE dropped from 26.95% to 21.19%, meaning the overall efficiency of using capital has declined. Even though it has reduced, it is still at a good level, showing that the company is generating healthy returns on the total capital invested.

Return on Investment

The ROI improved from 6.23% to 7.64%, which is a positive sign. It means the company’s investments are yielding better returns than before. This shows smart deployment of funds and better efficiency in generating value from investments.