Peerless General Finance | Balance Sheet for FY 2023-24

The Peerless General Finance and Investment Company Limited (Peerless General Finance) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
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The Peerless General Finance and Investment Company Limited

The Peerless General Finance & Investment Company Limited Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Financial Assets
Cash and cash equivalents	839.4	324.24
Bank Balances other than above	1,343.10	845.49
Trade Receivables	357.45	304.52
Other Receivables	106.33	39.02
Loans	7.17	729.2
Investments	18,064.81	17,608.54
Other Financial Assets	478.21	461.53
Non-Financial assets
Inventories	555.88	105.18
Income tax assets (net)	62.47	119.42
Deferred tax assets (net)	1.88	86.4
Investment property	197.46	643.15
Property, plant and equipment	2,015.16	1,426.03
Capital work-in-progress	1,007.65	457.4
Right of Use Asset	31.82	26.67
Intangible Assets under development	7.55	7.55
Goodwill (on Consolidation)	20.01	20.01
Other Intangible Assets	13.2	11.3
Other non-financial Assets	757.77	334.1
Asset Held for Sale	0.16	—
TOTAL ASSETS	25,867.48	23,549.73
LIABILITIES AND EQUITY
Financial Liabilities
Trade Payables
total outstanding dues of micro enterprises and small enterprises	42.05	30.57
total outstanding dues of creditors other than micro enterprises and small enterprises	426.4	266.81
total outstanding dues of micro enterprises and small enterprises	0.84	—
total outstanding dues of creditors other than micro enterprises and small enterprises	187.88	83.97
Borrowings	—	35.71
Deposits	—	0.01
Other financial Liabilities	97.75	93.98
Non-Financial Liabilities
Income tax liabilities (net)	431.72	429.52
Provisions	159.39	154.57
Deferred tax liabilities (net)	145.03	63.61
Other non-financial Liabilities	121.54	121.62
EQUITY
Equity share capital	331.56	331.56
Other equity	23,758.6 6	21,793.11
Equity attributable to the owners of the Holding Company	24,090.22	22,124.67
Non-controlling interest	164.66	144.69
TOTAL LIABILITIES AND EQUITY	25,867.48	23,549.73

The Peerless General Finance & Investment Company Limited Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Interest Income	812.28	862.61
Dividend Income	164.46	23.72
Net Gain on Fair value changes	2,089.09	87.3
Net Gain on derecognition of financial instruments under amortised cost category	-269.02	53.68
Revenue from Contract with Customers	4,136.14	3,655.60
Other Operating Revenue	87.47	59.55
Other income	690.87	1,295.31
Total income	7,711.29	6,037.77
Finance Costs	15.84	16.90
Impairment of Financial Instruments	5.75	19.23
Cost of Materials Consumed	787.54	712.97
Purchase of Stock in Trade	134.38	139.83
Changes in Inventories of finished goods, stock-in-trade and work-in-progress	-2.13	-6.9
Construction Project Expenses	1.81	8.08
Employee benefit expenses	1,248.06	1,092.80
Depreciation and amortization	140.72	129.5
Other Expenses	2,360.58	2,044.97
Total expenses	4,692.55	4,157.37
Profit/(Loss) before exceptional item and tax	3,018.74	1,880.40
Exceptional item	98.42	1.8
Profit/(Loss)before tax	3,117.16	1,882.20
Current tax	408.16	426.56
Income Tax for Earlier year	-150.6	-69.23
Deferred tax (credit)/charge	169.27	-17.29
Profit/(Loss)for the year from continuing operations	2,690.32	1,542.17
Share of profit /(Loss) of Joint Venture	160.26	7.98
Profit/(Loss) the year from continuing operations	2,850.58	1,550.15
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Actuarial gain (loss) on gratuity fund	-14.16	5.32
Fair Valuation of Equity Instruments	0.96	0.48
Deferred tax	3.32	-1.45
Total other comprehensive income for the year, net of tax	-9.88	4.34
Total comprehensive income for the year	2,840.70	1,554.49
Profit/(Loss) for the year attributable to
Owners of the Holding Company	2,830.10	1,526.95
Non-controlling interest	20.48	23.20
Other comprehensive income attributable to
Owners of the Holding Company	-9.63	3.86
Non-controlling interest	-0.25	0.48
Total comprehensive income attributable to
Owners of the Holding Company	2,820.47	1,530.81
Non-controlling interest	20.23	23.68
Earnings per equity share
Basic	859.75	467.54
Diluted	859.75	467.54

The Peerless General Finance & Investment Company Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	2024	2023
Profit/(Loss) before tax	3,117.16	1,882.20
Exceptional items- Reversal of Impairment on Property Plant and Equipment	-98.42	-
Depreciation and amortization	140.72	129.5
Profit on Sale of Property plant and equipment	1.49	-246.48
Profit on Sale of Investment Property	-58.62	-172.12
Profit on Sale of Investment	-8.61	-6.26
Interest Income	-1,045.62	-1,634.10
Dividend Income	-164.46	-23.72
Net (Gain)/Loss on Fair value changes	-2,089.09	-87.30
Net (Gain)/Loss on derecognition of financial instruments under amortized cost category	269.02	-53.68
Finance Costs	15.84	16.9
Impairment of Financial Instruments	5.75	19.23
Provision no longer required written back	-320.1	-31.96
Advances/Other Receivables Written Off	14.37	10.71
Loans written off	34.26	-
Amortization of Deferred Loss on Fair Valuation of Financial Instruments	0.04	0.13
Provision for Doubtful Debts	4.75	9.31
Provision for Claims and Contingencies	1.2	1.13
Operating Profit/(Loss) before Working Capital changes	-180.32	-186.51
Movements in working capital
Decrease (increase) in Trade Receivables	-52.93	-21.09
Decrease (increase) in other receivables	-86.43	-0.28
Decrease (increase) in Loans	687.77	-209.56
(Increase) Decrease in other financial assets	-16.68	29.25
(Increase) decrease in other non-financial asset	-423.67	-39.65
(Increase) decrease in inventories	-450.7	-26.4
(Decrease) increase in other non-financial liabilities	-0.08	49.79
(Decrease) increase in provisions	-5.3	9.76
(Decrease) increase in trade payables	171.07	-64.25
(Decrease) increase in other payables	104.75	-5.6
(Decrease) increase in other financial liabilities	37.59	12.69
(Decrease) increase in deposits	-0.01	-0.06
Cash flows from operating activities	-214.94	-451.90
Interest received	940.35	1,589.10
Dividend received	47.07	21.84
Refund/(Payment) of taxes	-201.74	-242.08
Net cash provided by/(used in) operating activities	570.74	916.96
Cash flows from investing activities
Purchase of Property Plant and Equipment including capital work-in-progress	-1,194.53	-455.69
Proceeds from sale of Property Plant and Equipment	10.56	429.33
Proceeds from sale of investment property	496.29	180.85
Purchase of investment property	-1.31	-0.24
Proceeds from sale of investments	41,641.21	13,827.27
Purchase of investments	-39,736.35	-14,387.20
Bank fixed deposits having maturity of more than three months matured	-497.61	-380.28
Dividend received	117.39	1.88
Interest received	105.27	45
Net cash provided by (used in) investing activities	940.92	-739.08
Cash flows from financing activities
Finance Costs	-15.84	-16.9
Repayment of borrowings	-35.71	-23.45
Repayment of Lease Liability (including interest expense)	-32.12	-13
Equity dividend paid (including tax on equity dividend paid)	-912.83	-80.73
Net cash (used in) financing activities	-996.5	-134.08
Net increase (decrease) in cash and cash equivalents	515.16	43.8
Cash and cash equivalents at beginning of the year	324.24	280.45
Cash and cash equivalents at end of the year	839.4	324.24
Component of cash and cash equivalents
Balances with banks:
– In current accounts	496.67	262.65
- In fixed deposits with original maturity of 3 months	331.67	36.39
Cash on hand	9.7	2.64
Cheques / Demand Drafts in hand	0.12	20.01
Stamps in hand	0.05	0.07
Remittance in Transit	1.19	2.48
Total cash and cash equivalents	839.4	324.24

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

Profit Before Tax

In 2024, the profit before tax stands at ₹3,117.16 million, an increase from ₹1,882.20 million in 2023. This growth signifies improved operational efficiency or higher revenue, indicating a positive shift in overall business performance.

Exceptional Items

For 2024, there was a reversal of impairment on Property, Plant, and Equipment amounting to ₹98.42 million, which did not occur in 2023. This adjustment suggests a recovery of previously impaired assets, positively impacting the profit.

Depreciation and Amortization

Depreciation and amortization increased slightly from ₹129.5 million in 2023 to ₹140.72 million in 2024. This rise could be due to the acquisition of new assets or changes in asset usage.

Profit/Loss on Sale of Assets

Profit on Sale of Property, Plant, and Equipment: In 2024, this amounted to ₹1.49 million, recovering from a loss of ₹246.48 million in 2023.

Profit on Sale of Investment Property: The loss decreased to ₹58.62 million in 2024 from ₹172.12 million in 2023, showing improved outcomes from property sales.

Profit on Sale of Investments: A slight loss of ₹8.61 million was recorded in 2024 compared to ₹6.26 million in 2023.

Income from Investments

Interest Income: Dropped to ₹1,045.62 million in 2024 from ₹1,634.10 million in 2023, indicating lower interest earnings or changes in investment strategy.

Dividend Income: Increased significantly to ₹164.46 million in 2024 from ₹23.72 million in 2023, reflecting a better performance or higher dividends from investments.

Fair Value Changes and Financial Instruments

Net (Gain)/Loss on Fair Value Changes: The loss significantly increased to ₹2,089.09 million from ₹87.30 million, indicating higher volatility or losses on investments held at fair value.

Net (Gain)/Loss on Derecognition of Financial Instruments: There was a gain of ₹269.02 million in 2024, compared to a loss of ₹53.68 million in 2023, suggesting better management of financial instrument portfolios.

Finance Costs and Provisions

Finance Costs: Decreased marginally from ₹16.90 million in 2023 to ₹15.84 million in 2024.

Provision for Doubtful Debts: Reduced to ₹4.75 million from ₹9.31 million, implying improved credit management.

Provision for Claims and Contingencies: Slightly increased to ₹1.20 million from ₹1.13 million, maintaining a consistent level of provisions.

Operating Profit/(Loss) Before Working Capital Changes

The loss narrowed to ₹180.32 million in 2024 from ₹186.51 million in 2023, indicating improved operational performance before accounting for working capital changes.

Working Capital Changes

Trade Receivables and Other Receivables: Increased, leading to a negative impact on cash flow, with higher decreases or increases in loans, inventories, and other assets and liabilities.

Trade Payables and Other Payables: Increased in 2024, which helps in improving liquidity.

Cash Flows from Operating Activities

The net cash provided by operating activities improved to ₹570.74 million in 2024 from ₹916.96 million in 2023, despite the operational loss. This indicates better cash management or working capital adjustments.

Cash Flows from Investing Activities

Net Cash Provided by Investing Activities: Increased significantly to ₹940.92 million in 2024 from a negative cash flow of ₹739.08 million in 2023, indicating strong investment returns or reduced cash outflows on asset purchases.

Cash Flows from Financing Activities

Net Cash Used in Financing Activities: Increased to ₹996.5 million from ₹134.08 million, primarily due to higher equity dividends paid, indicating a higher payout to shareholders.

13. Net Increase in Cash and Cash Equivalents

The net increase in cash and cash equivalents was ₹515.16 million in 2024, compared to ₹43.8 million in 2023. This growth reflects improved cash management and better cash inflows from operations and investments.

Cash and Cash Equivalents at Year-End

Balances with Banks: Improved to ₹839.4 million at the end of 2024 from ₹324.24 million in 2023, with significant increases in current accounts and fixed deposits.

Financial Ratios of The Peerless General Finance & Investment Company Limited

Particulars	2024	2023
Capital to risk-weighted assets Ratio	117.40%	119.64%
Tier I CRAR	117.40%	119.64%
Tier II CRAR	0.00%	0.00%
Liquidity coverage Ratio	15885.19%	13390.00%

Here is a summary of the financial and operational metrics for The Peerless General Finance & Investment Company Limited for the year 2024 & 2023:

Capital to Risk-Weighted Assets Ratio (CRAR)

2024: 117.40%

2023: 119.64%

Insight: The Capital to Risk-Weighted Assets Ratio (CRAR) is a measure of a bank 's capital strength, calculated as the ratio of its capital to its risk-weighted assets. A ratio of 117.40% in 2024, while slightly lower than 119.64% in 2023, remains substantially above the regulatory minimums. This indicates that the company is well-capitalized and able to absorb potential losses, ensuring a strong buffer against financial instability.

Tier I Capital Adequacy Ratio (Tier I CRAR)

2024: 117.40%

2023: 119.64%

Insight: The Tier I Capital Adequacy Ratio, which is the same as the overall CRAR in this case, reflects the proportion of core equity capital to risk-weighted assets. Maintaining a Tier I CRAR of 117.40% is indicative of a solid capital base, ensuring that the institution is well-positioned to support its ongoing operations and growth while managing risk effectively. The slight decline from 119.64% to 117.40% is minimal and unlikely to be a concern.

Tier II Capital Adequacy Ratio (Tier II CRAR)

2024: 0.00%

2023: 0.00%

Insight: Tier II Capital is supplementary capital that includes subordinated debt and other forms of funding. The fact that the Tier II CRAR remains at 0.00% for both years indicates that the company does not rely on supplementary capital, which may suggest a conservative approach or a strategic preference for Tier I capital.

Liquidity Coverage Ratio (LCR)

2024: 15,885.19%

2023: 13,390.00%

Insight: The Liquidity Coverage Ratio measures the company’s ability to cover its short-term liabilities with high-quality liquid assets. A ratio of 15,885.19% in 2024, up from 13,390.00% in 2023, reflects an exceptionally high level of liquidity. This indicates that the company holds an ample amount of liquid assets compared to its short-term obligations, providing a very strong buffer against liquidity risks and ensuring that it can meet its short-term financial obligations with ease.

Dividend History

Particulars	2024	2023
Dividend Per Share (In Rs.)	100.00	175.00
Retained earnings (Rs. In Millions)	9,362.25	8,181.71

Peerless General Finance Annual Report

Peerless General Finance Consolidated Financials 2023-24

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Peerless General Finance Financials, Balance Sheet & Revenue

The Peerless General Finance and Investment Company Limited (Peerless General Finance) Return Comparision with Primex 40 Index

The Peerless General Finance & Investment Company Limited Balance Sheet (Rs in Millions)

The Peerless General Finance & Investment Company Limited Profit & Loss Statement (Rs in Millions)

The Peerless General Finance & Investment Company Limited Consolidated Cash Flow Statement (Rs in Millions)

Financial Ratios of The Peerless General Finance & Investment Company Limited

Dividend History

Peerless General Finance Annual Report

Peerless General Finance Consolidated Financials 2023-24

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