Utkarsh Coreinvest Annual Report

Utkarsh Coreinvest Limited (Utkarsh Coreinvest) Return Comparision with Primex 40 Index

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Primex-40
Utkarsh Coreinvest Limited

Utkarsh CoreInvest Limited Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Financial assets
Cash and cash equivalents	28,464.66	25,125.64
Bank balance other than above	1,825.86	41.31
Loans	1,76,500.05	1,35,487.95
Investments	36,501.58	27,962.50
Other financial assets	2,774.43	1,869.93
Non-financial assets
Current tax assets (net)	311.59	190.47
Deferred tax assets (net)	1,519.58	883.56
Property, plant and equipment	5,014.85	5,165.24
Capital work-in-progress	102.84	18.32
Other intangible assets	241.71	266.52
Other non-financial assets	177.35	145.52
Total assets	2,53,434.50	1,97,156.96
Financial liabilities
Trade payables
Total outstanding due to micro and small enterprises	107.12	91.02
Total outstanding dues of creditors other than micro MSE	387.39	329.09
Borrowings (other than debt securities)	34,904.54	27,265.66
Lease liability	2,716.73	2,910.98
Deposits	1,79,975.81	1,40,540.71
Subordinated liabilities	2,098.12	2,342.01
Other financial liabilities	3,825.92	2,565.30
Non-financial liabilities
Current tax liabilities (net)	97.03	83.70
Provisions	130.02	120.44
Other non-financial liabilities	80.96	143.42
Equity
Equity share capital	987.44	984.21
Other equity	19,241.64	16,584.92
Non controlling interest	8,881.78	3,194.50
Total liabilities and equity	2,53,434.50	1,97,155.96

Utkarsh CoreInvest Limited Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Revenue from operations
Interest income	30,928.36	27,230.61
Fees and commission income	475.28	217.11
Other income	2,431.86	1,934.20
Total income	33,835.50	29,381.92
Expenses
Finance costs	12,981.62	10,247.12
Fees and commission expense	631.48	362.00
Net loss on fair value changes	-	14.89
Impairment on financial instruments	3,783.76	2,261.42
Employee benefits expenses	7,397.36	5,727.76
Depreciation and amortisation	1,088.92	742.27
Others expenses	3,568.30	2,712.46
Total expenses	29,451.44	22,067.92
Profit/(loss) before tax	4,384.06	7,314.00
Current tax	1,803.51	1,263.14
Deferred tax	-717.80	512.82
Profit for the year	3,298.35	5,538.04
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial gain/(loss) on defined benefit obligation	6.93	4.49
Income tax relating to items that will not be reclassified to profit or loss	-1.82	(1.130
Items that will be reclassified to profit or loss
Debt securities measured at FVTOCI - reclassified to other comprehensive Income	317.69	-481.60
Income tax relating to items that will be reclassified to profit or loss	-79.96	113.95
Other comprehensive income	242.84	-364.29
Total comprehensive income for the year	3,541.19	5,173.75
Profit for the year attributable to :
Equity holders of the parent	2,437.58	4,696.93
Non-controlling interest	861	541
Other comprehensive income for the year attributable to :
Equity holders of the parent	179.10	-308.83
Non-controlling interest	63.74	-55.46
Total comprehensive income for the year attributable to :
Equity holders of the parent	2,616.69	4,388.11
Non-controlling interest	924.50	785.64
Earnings per equity share ( INR 10.00 each)
Basic earnings	33.56	56.45
Diluted earnings	33.19	55.88

Utkarsh CoreInvest Limited Cash Flow Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Net profit before tax	4,384.06	7,314.00
Adjustments for:
Depreciation and amortisation	1,088.92	742.27
Impairment provision/ write offs	3,783.76	2,261.42
Net (gain) / loss in fair value changes	-	14.89
Interest expense	1,806.79	2,432.50
Interest income on investments	-2,112.40	-1,573.03
Employee share based expense	28.98	118.54
Foreign exchange (loss)	3.60	19.81
Operating cash flow before working capital changes	8,983.71	11,330.40
Adjustments for:
(Increase) in loans	-44,782.48	-38,315.28
(Increase) in other financial assets	-836.64	-692.86
Decrease/ (increase) in other non-financial asset	-83.94	70.25
Increase in deposits	39,435.10	36,315.67
Increase in other financial liability	1,260.59	1,250.75
Increase in other non-financial liability	-62.46	28.54
Increase in trade payables	74.40	10.95
Increase in provision	31.53	66.52
Cash generated from operations	4,019.81	10,364.93
Income tax paid	-1,911.34	-842.68
Net cash generated from operating activities	2,108.47	9,522.25
Cash flow from investing activities
Purchase of property, plant and equipments (including capital work in progress)	-563.24	-587.02
Proceeds from sale of property, plant and equipments	2.32	4.02
Purchase of intangible assets	-164.92	-150.98
Purchase of investments	-8,221.39	-29,786.73
Sale/(purchase) of non controlling interest	4,755.04	15.46
Proceeds from sale of investments	-	24,612.21
Deposit/withdrawal in other bank balances	-1,784.55	-4.46
Interest received	2,044.54	1,459.33
Net cash used in investing activities	-3,932.20	-4,438.17
Cash flow from financing activities
Issue of equity shares	59.19	10.62
Payment of lease liabilities	-710.06	-541.96
Proceeds from borrowings	7,643.90	5,498.40
Proceeds from issue of subordinated liabilities	-246.03	-1,500.49
Interest paid	-1,584.25	-2,107.83
Net cash (used in)/ from financing activities	5,162.75	1,358.74
Net increase/ (decrease) in cash and cash equivalent	3,339.02	6,442.82
Cash and Cash Equivalent at beginning of year	25,125.64	18,682.82
Cash and cash equivalents as at end of year	28,464.66	25,125.64

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

Cash Flow from Operating Activities: The net cash generated from operating activities decreased notably from Rs. 9,522.25 million in FY 2022-23 to Rs. 2,108.47 million in FY 2023-24. This decrease is primarily driven by a substantial reduction in net profit before tax, which fell from Rs. 7,314.00 million to Rs. 4,384.06 million. The decrease in profitability was partially offset by higher depreciation and amortization expenses, which increased from Rs. 742.27 million to Rs. 1,088.92 million, and significant impairment provisions, which rose from Rs. 2,261.42 million to Rs. 3,783.76 million.

Interest expense also declined from Rs. 2,432.50 million to Rs. 1,806.79 million, while interest income on investments significantly increased from Rs. 1,573.03 million to Rs. 2,112.40 million, reflecting higher returns on investments. Despite these adjustments, changes in working capital had a notable impact. Increased loans and other financial assets, combined with substantial increases in deposits, outpaced the cash generated from operations. Consequently, the cash flow from operating activities saw a sharp decline.

Cash Flow from Investing Activities: Cash used in investing activities decreased marginally from Rs. 4,438.17 million in FY 2022-23 to Rs. 3,932.20 million in FY 2023-24. Significant investments included purchases of property, plant, and equipment and intangible assets, though these were relatively stable compared to the previous year. A notable change was the purchase of investments, which significantly decreased from Rs. 29,786.73 million to Rs. 8,221.39 million, reflecting a reduced investment outlay. There was also a considerable inflow from the sale of investments in FY 2022-23 (Rs. 24,612.21 million), which did not recur in FY 2023-24. Cash inflows from the sale of non-controlling interests and interest received partially offset the outflows, but overall, investing activities still consumed a substantial amount of cash.

Cash Flow from Financing Activities: The cash flow from financing activities saw a significant improvement, with net cash inflows increasing from Rs. 1,358.74 million in FY 2022-23 to Rs. 5,162.75 million in FY 2023-24. This improvement was primarily due to increased proceeds from borrowings, which rose from Rs. 5,498.40 million to Rs. 7,643.90 million. Additionally, the issuance of equity shares contributed to the positive cash flow, though the payment of lease liabilities and interest paid also represented substantial outflows. The net increase in cash flow from financing activities indicates a stronger position in terms of liquidity and capital management compared to the previous year.

Net Increase in Cash and Cash Equivalents: Overall, the company experienced a net increase in cash and cash equivalents of Rs. 3,339.02 million in FY 2023-24, compared to Rs. 6,442.82 million in FY 2022-23. The ending cash and cash equivalents increased to Rs. 28,464.66 million from Rs. 25,125.64 million at the beginning of the year. This increase is primarily attributable to the positive cash flows from financing activities and, to a lesser extent, cash inflows from investing activities, which offset the decline in operating cash flows.

Utkarsh Coreinvest Financials & Audit Report 2022-2023

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