Solar91 Cleantech Annual Reports, Balance Sheet and Financials

Solar91 Cleantech Limited Consolidated Balance Sheet (Rs in Hundreds)

Particulars	31-03-2024	31-03-2023
Equity
Share Capital	1,547.30	1,547.30
Reserves & Surplus	463,856.37	255,082.75
Minority Interest	-888.41	-
Non-Current Liabilities
Long Term Borrowings	986,056.68	653,031.40
Long Term Provisions	6,038.98	-
Current Liabilities
Short Term borrowings	98,631.40	102,061.77
Trade Payables
Total outstanding dues of Micro & Small enterprises	776.60	3,889.88
Total Outstanding dues of creditors other than above	32,372.19	11,175.21
Other current liabilities	851,594.31	267,032.25
Short term Provisions	55,288.00	-
Total Equity & Liabilities	2,495,285.38	1,293,820.56
Non-Current Assets
Property, plant and equipment	457,172.73	14,662.98
Capital work in progress	20,680.59	133,023,35
Non Current Investments	3,622.82	200.00
Deferred tax assets	3,720.62	916.47
Other Non-Current Assets	3,775.68	-
Current Assets
Current Investments	270,633.40	38,940.87
Inventories	728,906.73	619,950.43
Trade Receivables	215,133.03	268,849.58
Cash & cash equivalents	423,500.49	115,392.88
Short Term Loans & Advances	380,581.35	94,193.03
Other Current Assets	7,557.93	6,690.97
Total Assets	2,495,285.38	1,293,820.56

Solar91 Cleantech Limited Consolidated Profit & Loss Statement (Rs in Hundreds)

Particulars	31-03-2024	31-03-2023
Income
Revenue from Operations	4,277,350.92	3,758,128.38
Other Income	20,052.46	8,818.11
Total Income	4,297,403.38	3,766,946.49
Expenses
Cost of material consumed	3,652,729.30	3,511,220.74
Employee Benefit Expenses	216,992.46	142,383.21
Finance Costs	62,726.57	31,713.55
Depreciation & amortization expense	7,992.48	3,983.44
Other Expenses	42,767.55	30,021.37
Total Expenses	3,983,208.37	3,719,312.61
Profit Before Tax	314,195.01	47,633.88
Current Tax	84,055.20	12,267.38
Deferred Tax	-2,804.16	-71.77
Minority Interest	2,358.41	-
Profit/(Loss) for the period	235,302.37	35,438.27
Earning per share
Basic	1,520.73	245.35
Diluted	1,520.73	245.35
Adjusted Earning per equity share
Basic	2.17	0.36
Diluted	2.17	0.36

Solar91 Cleantech Limited Consolidated Cash Flow Statement (Rs in Hundreds)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Net Profit Before Tax	314,195.01	47,633.88
Depreciation on assets	7,992.48	3,993.44
Provisions for gratuity	6,038.98	-
Prior period expenses	-26,526.75	-
Add:-
Trade payables	18,083.71	-
Short term provisions	55,288.00	-42.62
Other current liabilities	595,112.05	-
Trade receivables	53,716.55	-
Less:-
Trade payables	-	21,625.53
Other current liabilities	-	284,188.35
Inventory	108,956.30	-8,012.77
Other current assets	866.96	28,583.55
Current Investments	231,692.53	30,024.32
Trade receivables	-	44,136.10
Short term loans and advances	276,938.32	-
Cash Generated from Operations	405,423.90	-348,940.38
Direct Tax Paid	-84,056.20	-12,267.38
Net Cash from Operating Activities	321,368.70	-361,207.76
Cash Flow from Investing Activities
Purchase of Fixed Assets	-450,602.23	-143,502.91
Addition in capital WIP	112,342.76	-
Non-Current Investments	-10,952.82	-
Non-current assets	-3,775.68	-
Net Cash from Investing Activities	-352,887.97	-143,502.91
Cash Flow from Financing Activities
Borrowings	329,626.88	528,740.20
Share capital issued	9,000.00	272.50
Share Premium	-	84,525.45
Net Cash from Financing Activities	338,626.88	613,538.15
Net Increase/decrease in Cash & cash equivalents	307,107.61	108,827.48
Cash and cash equivalents at the beginning of the year	116,392.88	7,585.41
Cash and cash equivalents at the end of the year	423,500.49	116,392.80

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

Cash Flow from Operating Activities

The company’s operating activities generated a net profit before tax of ₹314,195.01 hundred in 2023–24, a substantial increase from the previous year. Several non-cash and working-capital adjustments influenced this figure. Depreciation and provisions, such as depreciation of ₹7,992.48 hundred and gratuity provision of ₹6,038.98 hundred, were added back since they do not involve cash outflow. Prior-period expenses of ₹26,526.75 hundred were deducted. Significant increases in trade payables, short-term provisions, other current liabilities, and trade receivables resulted in positive adjustments, improving cash inflows from operations. However, the company also saw major outflows due to rises in inventory, current investments, and short-term loans and advances. After these adjustments, the company generated ₹405,423.90 hundred from operations, compared with a negative cash generation in the previous year. After paying direct taxes of ₹84,056.20 hundred, the net cash from operating activities stood at ₹321,368.70 hundred, showing a strong turnaround from last year’s negative cash flow of ₹361,207.76 hundred.

Cash Flow from Investing Activities

The company continued to invest heavily in long-term assets during the year. A major outflow was the purchase of fixed assets amounting to ₹450,602.23 hundred, indicating expansion or modernization efforts. However, there was a positive inflow of ₹112,342.76 hundred due to a reduction in capital work-in-progress. Additional investments in non-current assets and non-current investments contributed to further cash outflows. Overall, the company recorded a net cash outflow of ₹352,887.97 hundred from investing activities in 2023–24, compared to a smaller outflow in the previous year. This indicates continued investment in the company’s long-term growth and infrastructure.

Cash Flow from Financing Activities

Financing activities significantly boosted the company’s liquidity during the year. The company raised ₹329,626.88 hundred through borrowings, representing the main source of financing inflow. Additionally, it issued share capital worth ₹9,000.00 hundred. There was no share premium received this year, unlike the previous year’s substantial premium inflow. As a result, the net cash from financing activities amounted to ₹338,626.88 hundred, lower than last year’s exceptionally high figure but still a strong contributor to overall cash availability.

Net Change in Cash and Cash Equivalents

Combining operational, investing, and financing activities, the company experienced a net increase of ₹307,107.61 hundred in cash and cash equivalents during 2023–24. This reflects a considerable improvement from the previous year. Cash and cash equivalents rose from ₹116,392.88 hundred at the beginning of the year to ₹423,500.49 hundred at year-end.

Financial ratios of Solar91 Cleantech Limited

Particulars	31-03-2024	31-03-2023
Current ratio	1.93	2.98
Debt equity ratio	2.33	2.94
Debt service coverage ratio	9.12	2.85
Return on equity ratio	0.51	0.14
Inventory turnover ratio	5.42	6.14
Trade receivables ratio	17.68	17.27
Trade payables turnover ratio	143.80	20.77
Net capital turnover ratio	4.42	4.94
Net profit ratio	0.06	0.01
Return on capital employed	0.47	0.09
Return on Investments	0.02	0.12

Summary of financial ratios of Solar91 Cleantech Limited for the year 2024 and 2023:

Current Ratio

The current ratio decreased from 2.98 in 2022–23 to 1.93 in 2023–24, indicating that the company’s ability to meet short-term obligations using current assets has weakened. Although a ratio above 1 still suggests that the company can cover its current liabilities, the reduction implies higher reliance on short-term funds or increased current liabilities.

Debt-Equity Ratio

The debt-equity ratio improved from 2.94 to 2.33, showing that the company reduced relative dependence on debt financing. While the ratio remains high—meaning debt still dominates capital structure—the decrease signals better financial stability and less risk for equity holders.

Debt Service Coverage Ratio (DSCR)

The DSCR increased sharply from 2.85 to 9.12, indicating a strong improvement in the company’s ability to meet its debt repayment obligations. A higher DSCR means operating profits are more than sufficient to service interest and principal payments. Return on Equity (ROE)

ROE improved substantially from 0.14 to 0.51, indicating that shareholders earned a significantly higher return on their investment compared to the previous year. This improvement results from increased net profits and stronger operational performance, demonstrating effective utilization of shareholders’ funds.

Inventory Turnover Ratio

The inventory turnover ratio declined from 6.14 to 5.42, showing that inventory moved slightly slower during the year. This could indicate reduced sales velocity, excess stock, or slower demand for products. Lower turnover may increase holding costs and tie up working capital.

Trade Receivables Turnover Ratio

The trade receivables turnover ratio increased marginally from 17.27 to 17.68, suggesting slightly better efficiency in collecting receivables. The company is converting credit sales into cash faster than before, indicating stronger credit management and improved customer payment behaviour.

Trade Payables Turnover Ratio

This ratio jumped significantly from 20.77 to 143.80, indicating that the company is paying its suppliers much faster than before. While quick payments may improve supplier relationships, such a drastic increase can also reduce cash available for operations if not managed carefully.

Net Capital Turnover Ratio

The net capital turnover ratio decreased from 4.94 to 4.42, reflecting a slight drop in how efficiently the company uses working capital to generate revenue. This may be due to higher working capital levels or slower growth in sales relative to net working capital.

Net Profit Ratio

The net profit ratio improved from 0.01 to 0.06, signifying enhanced profitability. Although still modest, the increase shows that the company managed to earn a higher margin on its sales, possibly through better cost control, higher sales volume, or improved pricing strategies.

Return on Capital Employed (ROCE)

ROCE rose from 0.09 to 0.47, indicating a major improvement in the efficiency with which the company uses its capital to generate profits. This reflects strong operational performance, better asset utilization, and increased operating profitability.

Return on Investments

Return on investments declined from 0.12 to 0.02, showing that the company earned significantly lower returns from its financial or non-operational investments. This may be due to reduced investment income, higher investment base, or market-related factors affecting returns.