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SMILE Microfinance Annual Reports, Balance Sheet and Financials

Smile Microfinance Limited (Smile Microfinance) Return Comparision with Primex 40 Index

Periods 1 Week 1 Month 3 Months 6 Months 1 Year 3 Years All Time
Primex-40
Smile Microfinance Limited

Smile Microfinance Limited Balance Sheet (Rs in Lakhs)

Particulars

31-03-2023

31-03-2022

ASSETS

 

 

Cash and cash equivalents

235.51

1,820.01

Bank Balances other than cash and cash equivalents

10,625.57

1,794.42

Receivables

-

24,859.99

Loans

-

11.37

Investments

18.71

107.25

Current tax assets (net)

229.63

2.4

Deferred tax assets (net)

4.25

44.57

Property, Plant and Equipment

0.24

3,999.85

Intangible assets

12.24

14,043.25

Right of Use

11,126.15

11.87

Other non-financial assets

14.3

298.02

Total Assets

11,126.15

30,570.29

LIABILITIES AND EQUITY

 

 

Trade Payables

 

 

total outstanding dues of micro enterprises and small enterprises

-

2.40

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

14.3

44.57

Debt Securities

-

3999.85

Borrowings (other than debt securities)

-

14043.25

Lease Liability

-

11.87

Other Financial liabilities

8.52

298.02

Provisions

119.3

506.88

Deferred Tax Liabilities (net)

0.07

 

Other non-financial liabilities

44.67

149.54

Equity

 

 

Equity share capital

1,733.96

1,733.96

Other equity

9,205.33

9,779.95

Total Liabilities and Equity

11,126.15

30,570.29

Smile Microfinance Limited Profit & Loss Statement (Rs in Lakhs)

Particulars

31-03-2023

31-03-2022

Interest income

447.74

6,757.94

Net Gain on derecognition of Financial Instruments under amortised cost category

-

2.55

Commission Income

-

67.1

Other operating income

0.88

35.77

Profit on Sale of Business

1482.8

-

Total Revenue from operations

1,931.42

6,863.36

Other Income

0.71

16.98

Total Income

1,932.13

6,880.34

Finance cost

170.26

3,672.63

Impairment of financial instruments

-39.67

1,666.05

Employee benefit expenses

199.94

2,794.41

Depreciation, amortization and impairment

3.77

106.32

Other expenses

763.64

1,304.05

Total Expenses

1,097.94

9,543.46

(Loss) / Profit before tax

834.19

-2,663.12

(Excess)/Expense (Provision) for tax relating to prior years

25

-140.82

Deferred tax

1383.52

-382.74

(Loss) / Profit for the year

-574.59

-2,139.56

Other Comprehensive Income

 

 

Remeasurement gains and (losses) on defined benefit obligations (net)

-

56.74

Income tax relating to items that will not be reclassified to profit or loss

-

-14.28

Other Comprehensive Income / (Loss)

-

42.46

Total Comprehensive (Loss) / Income for the year

-574.59

-2097.1

Earnings per equity share

 

 

Basic

-3.31

-12.34

Diluted

3.31

-12.34

Smile Microfinance Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars

31-03-2023

31-03-2022

(Loss) / Profit After Tax

-574.59

-2,139.56

Adjustments for:

 

 

Depreciation/ Amortisation

3.77

106.32

Tax Expenses

1,408.78

-523.56

Provision for Receivables under Financing Activity (Net)

-39.67

1,666.05

Finance Cost

170.26

3,672.63

Interest on Deposits

-329.74

-268.81

Operating Profit before Working Capital Changes

638.81

2,513.07

Changes In Working Capital:

 

 

Receivables under Financing Activity

24,899.66

17,133.64

Loans given to staff

11.37

0.42

Other financial assets

88.54

79.92

Other non-financial assets

143.68

-34.51

Adjustments for increase/(decrease) in Operating Liabilities:

 

 

Other Payables

-32.67

-83.16

Liability for Lease

-11.87

-31.33

Other financial Liabilities

-289.5

-92.9

Other non-financial Liabilities

-104.91

-100.94

Other Provisions

-387.58

83.8

Cash Flow Generated from Operations

24,955.54

19,468.01

Operational cash flows from Interest:

 

 

Interest Income on Deposits

329.74

268.81

Interest paid on borrowings

-99.32

-3,715.48

Net cash flow generated from/(used In) operations

25,185.96

16,021.34

Net Income Tax Paid

56.04

-90.55

Net Cash flows generated from/(used In) Operating Activities

25,242.00

15,930.79

Cash flow from Investing Activities

 

 

Bank Balance other than cash and cash equivalents (placed)/matured

-8,831.15

3,162.08

Proceeds from Sale of Property, plant & equipment

118.68

0.09

Capital Expenditure on Property, plant & equipment (including Capital Advances)

-

-46.26

Net Cash Flow (used in)/generated from Investing Activities

8712.47

3,115.91

Cash flow from Financing Activities

 

 

Proceeds from Long-Term Borrowings-Term Loans

 

14,600.00

Repayment from Long-Term Borrowings-Term Loans

 

-25,131.22

Repayment of Long-Term Borrowings-Debentures

-3,999.85

-6,854.00

Repayment of Securitisation Borrowings

-14,043.25

-3,164.98

(Repayment)/Proceeds of Short-Term Borrowings - Cash Credit (net)

 

 

Other Interest and charges paid

-70.93

-92.6

Net Cash Flow (used in)/generated from Financing Activities

18,114.03

20,642.80

Net (decrease) in Cash and cash equivalents

-1,584.50

-1,596.10

Cash and cash equivalents at the beginning of the year

1,820.01

3,428.23

Cash and Cash Equivalents at the end of the year

235.51

1,832.13

Reconciliation of Cash and cash equivalents with the Balance Sheet:

 

 

Cash and cash equivalents as per balance sheet

235.51

1,820.01

Less: Balances that does not meet the definition of Cash & Cash Equivalents as per Ind AS 7 Statement of Cash flows: Bank Overdraft

 

-12.12

Cash and cash equivalents as per Ind AS 7 Statement of Cash flows

235.51

1,832.13

Here is the analysis of cash flow statement of 2023 and 2022:

Operating Activities

(Loss) / Profit After Tax:

The company incurred a net loss of Rs. 574.59 lakhs in 2023 compared to a larger loss of Rs. 2,139.56 lakhs in 2022.

Adjustments for:

Depreciation/ Amortisation: There was a minimal depreciation expense of Rs. 3.77 lakhs in 2023 compared to Rs. 106.32 lakhs in 2022.

Tax Expenses: Tax expenses were significantly higher at Rs. 1,408.78 lakhs in 2023, reversing a tax benefit of Rs. 523.56 lakhs in 2022.

Provision for Receivables under Financing Activity (Net): There was a negative adjustment of Rs. 39.67 lakhs in 2023, indicating a reversal or decrease in provisions, compared to a provision increase of Rs. 1,666.05 lakhs in 2022.

Finance Cost: The finance cost decreased to Rs. 170.26 lakhs in 2023 from a much higher Rs. 3,672.63 lakhs in 2022.

Interest on Deposits: Interest income on deposits was Rs. 329.74 lakhs in 2023, an increase from Rs. 268.81 lakhs in 2022.

Operating Profit before Working Capital Changes:

The adjusted operating profit before working capital changes was Rs. 638.81 lakhs in 2023, significantly lower than Rs. 2,513.07 lakhs in 2022.

Changes in Working Capital:

Receivables under Financing Activity: The receivables increased significantly by Rs. 24,899.66 lakhs in 2023 compared to an increase of Rs. 17,133.64 lakhs in 2022.

Loans given to staff: Minor changes with Rs. 11.37 lakhs in 2023 compared to Rs. 0.42 lakhs in 2022.

Other financial assets: Increased by Rs. 88.54 lakhs in 2023 versus Rs. 79.92 lakhs in 2022.

Other non-financial assets: Increased by Rs. 143.68 lakhs in 2023, compared to a decrease of Rs. 34.51 lakhs in 2022.

Other Payables: Decreased by Rs. 32.67 lakhs in 2023, against a decrease of Rs. 83.16 lakhs in 2022.

Liability for Lease: Decreased by Rs. 11.87 lakhs in 2023 compared to a decrease of Rs. 31.33 lakhs in 2022.

Other financial Liabilities: Decreased by Rs. 289.50 lakhs in 2023 compared to a decrease of Rs. 92.90 lakhs in 2022.

Other non-financial Liabilities: Decreased by Rs. 104.91 lakhs in 2023 compared to a decrease of Rs. 100.94 lakhs in 2022.

Other Provisions: Decreased by Rs. 387.58 lakhs in 2023, contrasting with an increase of Rs. 83.80 lakhs in 2022.

Cash Flow Generated from Operations:

The total cash flow generated from operations was Rs. 24,955.54 lakhs in 2023, up from Rs. 19,468.01 lakhs in 2022.

Operational cash flows from Interest:

Interest Income on Deposits: Rs. 329.74 lakhs in 2023, up from Rs. 268.81 lakhs in 2022.

Interest paid on borrowings: Rs. 99.32 lakhs in 2023 compared to Rs. 3,715.48 lakhs in 2022.

Net cash flow generated from/ (used in) operations:

The net cash flow from operations was Rs. 25,185.96 lakhs in 2023, significantly higher than Rs. 16,021.34 lakhs in 2022.

Net Income Tax Paid:

Rs. 56.04 lakhs in 2023 compared to a tax payment of Rs. 90.55 lakhs in 2022.

Net Cash flows generated from/ (used In) Operating Activities:

The net cash flow from operating activities was Rs. 25,242.00 lakhs in 2023 compared to Rs. 15,930.79 lakhs in 2022.

Investing Activities

Bank Balance other than cash and cash equivalents (placed)/matured:

A significant decrease of Rs. 8,831.15 lakhs in 2023 compared to an increase of Rs. 3,162.08 lakhs in 2022.

Proceeds from Sale of Property, plant & equipment:

Rs. 118.68 lakhs in 2023 compared to a nominal Rs. 0.09 lakhs in 2022.

Capital Expenditure on Property, plant & equipment (including Capital Advances):

No capital expenditure recorded in 2023, compared to Rs. 46.26 lakhs in 2022.

Net Cash Flow (used in)/generated from Investing Activities:

The net cash flow from investing activities was Rs. 8,712.47 lakhs in 2023 compared to Rs. 3,115.91 lakhs in 2022.

Financing Activities

Proceeds from Long-Term Borrowings-Term Loans:

No proceeds recorded in 2023 compared to Rs. 14,600.00 lakhs in 2022.

Repayment from Long-Term Borrowings-Term Loans:

No repayments recorded in 2023 compared to Rs. 25,131.22 lakhs in 2022.

Repayment of Long-Term Borrowings-Debentures:

Rs. 3,999.85 lakhs in 2023 compared to Rs. 6,854.00 lakhs in 2022.

Repayment of Securitisation Borrowings:

Rs. 14,043.25 lakhs in 2023 compared to Rs. 3,164.98 lakhs in 2022.

Other Interest and charges paid:

Rs. 70.93 lakhs in 2023 compared to Rs. 92.60 lakhs in 2022.

Net Cash Flow (used in)/generated from Financing Activities:

Rs. 18,114.03 lakhs in 2023 compared to Rs. 20,642.80 lakhs in 2022.

Net (decrease) in Cash and cash equivalents:

A decrease of Rs. 1,584.50 lakhs in 2023 compared to a decrease of Rs. 1,596.10 lakhs in 2022.

Cash and cash equivalents at the beginning of the year:

Rs. 1,820.01 lakhs in 2023 compared to Rs. 3,428.23 lakhs in 2022.

Cash and Cash Equivalents at the end of the year:

Rs. 235.51 lakhs in 2023 compared to Rs. 1,832.13 lakhs in 2022.

Reconciliation of Cash and cash equivalents with the Balance Sheet:

Cash and cash equivalents as per balance sheet:

Rs. 235.51 lakhs in 2023 compared to Rs. 1,820.01 lakhs in 2022.

Less: Balances that do not meet the definition of Cash & Cash Equivalents as per Ind AS 7 Statement of Cash flows: Bank Overdraft:

No overdraft in 2023 compared to Rs. 12.12 lakhs in 2022.

Cash and cash equivalents as per Ind AS 7 Statement of Cash flows:

Rs. 235.51 lakhs in 2023 compared to Rs. 1,832.13 lakhs in 2022.

Dividend History 

Particulars

2023

2022

Dividend

19.45

-

Retained Earnings (Rs. In Lakhs)

3561.43

4136.02

Smile Microfinance Limited Recent Financial Performance:

Dividend per Share: The specific dividend per share figure for March 2023 is Rs. 19.45 & 2022 is not provided, Dividend per share represents the portion of a company 's earnings that is distributed to shareholders in the form of dividends. A higher dividend per share may indicate that the company is sharing more of its profits with shareholders.

Retained Earnings: Retained earnings for 2023 amounted to Rs. 3561.43 Lakhs, while in 2022, they were Rs. 4136.02 Lakhs. Retained earnings represent the portion of a company 's profits that is reinvested in the business rather than distributed as dividends. An increase in retained earnings suggests that the company has retained more of its profits for reinvestment or future growth.

To provide a more comprehensive analysis, it would be necessary to consider additional financial metrics such as revenue, net profit, assets, liabilities, and cash flows. Additionally, an analysis of trends over multiple years and a comparison to industry benchmarks and competitors would help in assessing the company 's financial health and performance.

Industry overview

The Financial Services Application Market size is estimated at USD 146.65 billion in 2024, and is expected to reach USD 271.75 billion by 2029, growing at a CAGR of 13.13% during the forecast period (2024-2029).With the rising trend of introducing various online solutions and innovations, like person-to-person payment, online transfers, alerts, and other services by financial institutions, financial services applications have gained significant importance. Moreover, using technology, such as artificial Intelligence, business intelligence tools, and automation tools, the financial services sector offers new convenience to users, such as digital account opening, chatbots, peer-to-peer payments, and digital loans. According to Accenture, artificial Intelligence will account for USD 1.2 trillion in the financial industry by 2035.

FAQ Related to Smile Microfinance Limited

Q.1) Is Smile Microfinance Limited is a private or public company?

Smile Microfinance Limited is an unlisted public company incorporated on 21 March, 1995.

Q.2) Do Smile Microfinance Limited Listed or not?

Smile Microfinance Limited is an unlisted company.

Q.3) In which field the work of Smile Microfinance Limited?

The company operates as a non-banking finance company. It provides micro finance services to women from poor segments of urban and rural areas.

Q.4) What is the state of the Smile Microfinance Limited incorporation?

 

The state of the Smile Microfinance Limited incorporation is Chennai, Tamil Nadu.

SMILE Microfinance Annual Report

Smile Microfinance Annual Report 2023-2024

Download

Smile Microfinance Annual Report 2022-2023

Download

Smile Microfinance Annual Report 2021-22

Download

Smile Microfinance Annual Report 2020-21

Download

Recent News

Northern Arc Capital to acquire Chennai-based SMILE Microfinance
Created at 24 Feb 2022 00:00
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