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

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Utkarsh Coreinvest Limited

Utkarsh CoreInvest Limited Consolidated Balance Sheet (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Financial assets
Cash and cash equivalents	33,317.37	28,464.66
Bank balance other than above	1,091.08	1,825.86
Loans	180,404.62	1,76,500.05
Investments	50,224.67	36,501.58
Other financial assets	2,333.15	2,774.43
Non-financial assets
Current tax assets (net)	782.70	311.59
Deferred tax assets (net)	3,015.25	1,519.58
Property, plant and equipment	5,961.74	5,014.85
Capital work-in-progress	630.05	102.84
Other intangible assets	210.41	241.71
Other non-financial assets	472.39	177.35
Total assets	278,443.43	2,53,434.50
Financial liabilities
Trade payables
Total outstanding due to micro and small enterprises	101.36	107.12
Total outstanding dues of creditors other than micro MSE	306.11	387.39
Borrowings (other than debt securities)	18,454.23	34,904.54
Lease liability	3,453.41	2,716.73
Deposits	222,352.97	1,79,975.81
Subordinated liabilities	5,158.86	2,098.12
Other financial liabilities	3,306.61	3,825.92
Non-financial liabilities
Current tax liabilities (net)	97.03	97.03
Provisions	58.74	130.02
Other non-financial liabilities	71.85	80.96
Equity
Equity share capital	993.72	987.44
Other equity	16,285.42	19,241.64
Equity attributable to equity holders of the parent	17,279.14	20,229.08
Non-controlling interest	7,803.12	8,881.78
Total liabilities and equity	278,443.43	2,53,434.50

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

Particulars	31-03-2025	31-03-2024
Revenue from operations
Interest income	38,453.66	30,928.36
Fees and commission income	440.40	475.28
Other income	2,662.13	2,431.86
Total income	41,556.19	33,835.50
Expenses
Finance costs	17,143.85	12,981.62
Fees and commission expense	1,218.64	631.48
Net loss on fair value changes	242.18	-
Impairment on financial instruments	13,698.54	3,783.76
Employee benefits expenses	8,536.41	7,397.36
Depreciation and amortization	1,354.79	1,088.92
Others expenses	4,916.40	3,568.30
Total expenses	47,110.81	29,451.44
Profit/(loss) before tax	-5,554.62	4,384.06
Current tax	264.86	1,803.51
Deferred tax	-1,596.53	-717.80
Profit for the year	-4,222.95	3,298.35
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial gain/(loss) on defined benefit obligation	33.85	6.93
Income tax relating to items that will not be reclassified to profit or loss	-8.55	-1.82
Items that will be reclassified to profit or loss
Debt securities measured at FVTOCI - reclassified to other comprehensive Income	-	317.69
Income tax relating to items that will be reclassified to profit or loss	-	-79.96
Other comprehensive income	25.30	242.84
Total comprehensive income for the year	-4,197.65	3,541.19
Profit for the year attributable to :
Equity holders of the parent	-3,126.17	2,437.58
Non-controlling interest	-1,096.78	860.77
Other comprehensive income for the year attributable to :
Equity holders of the parent	18.58	179.10
Non-controlling interest	6.72	63.74
Total comprehensive income for the year attributable to :
Equity holders of the parent	-3,107.59	2,616.69
Non-controlling interest	-1,090.06	924.50
Earnings per equity share ( INR 10.00 each)
Basic earnings	-42.66	33.56
Diluted earnings	-42.50	33.19

Utkarsh CoreInvest Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net profit before tax	-5554.62	4,384.06
Adjustments for:
Depreciation and amortization	1354.79	1,088.92
Impairment provision/ write offs	13698.54	3,783.76
Net (gain) / loss in fair value changes	242.18	-
Finance cost	17143.85	12,981.62
Interest income on investments	-2709.59	-2,112.40
Interest income on Loans	-34234.33	-27,916.56
Interest income on term deposits	-93.79	-75.07
Interest income on RBI Reverse Repo, TREPS Reverse Repo, Call / Term Lending)	-1415.95	-824.33
Employee share based expense	221.60	28.98
Impairment on non-financial asset	12.56	3.60
Profit/Loss on sale of property, plant and equipment	-2.40	-
Profit/Loss on sale of investments	-118.93	-
Operational cash flow from interest		-
Interest paid on deposits	-14116.38	-9,301,53
Interest receive on loans and advances	36351.36	29,301.84
Operating cash flow before working capital changes	10,778.88	11,342.89
Adjustments for:
(Increase) in loans	-19715.88	-46,182.78
(Increase) in other financial assets	-109.12	-836.32
Decrease/ (increase) in other non-financial asset	-295.04	-31.83
Increase in deposits	40883.13	37,561.80
Increase in other financial liability	-518.85	1,260.58
Increase in other non-financial liability	-9.11	-62.46
Increase in trade payables	-87.05	74.40
Increase in provision	-49.99	12.90
Cash flow from operations	30,876.98	3,139.19
Income tax paid	-735.97	-1911.30
Net cash generated from operating activities	30,141.01	1,227.89
Cash flow from investing activities
Purchase of property, plant and equipments (including capital work in progress)	-1388.32	-563.25
Proceeds from sale of property, plant and equipments	12.77	2.32
Purchase of intangible assets	-127.62	-164.92
Purchase of investments	-12881.03	-8,200.43
Acquisition by non-controlling interest	91.56	4,716.85
Deposits in other bank balance	-1578.57	-4,307.60
Withdrawal in other bank balances	2343.58	2529.26
Interest received	4120.36	2,908.92
Net cash used in investing activities	-9,407.28	-3,078.84
Cash flow from financing activities
Issue of equity shares	51.28	59.19
Share application money received	0.23	-
Payment to shareholders under shareholder agreement	-300.00	-
Payment of lease liabilities	-828.55	-710.06
Repayment of borrowings	-27695.48	22,160.00
Proceeds from borrowings	11540.00	-14,716.74
Proceeds from issue of subordinated liabilities	3,049.99	-
Repaypayment of subordinated liabilities	-	-246.02
Dividend paid	-170.59	-
Interest paid	-1527.90	-1,356.41
Net cash (used in)/ from financing activities	-15,881.02	5189.97
Net increase/ (decrease) in cash and cash equivalent	4,852.71	3,339.02
Cash and Cash Equivalent at beginning of year	28464.66	25,125.64
Cash and cash equivalents as at end of year	33317.37	28,464.66

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

Cash Flow from Operating Activities

In FY 2025, the company reported a loss before tax of ₹5,555 million, compared to a profit of ₹4,384 million in FY 2024. However, strong adjustments turned things around. Major additions included impairment provisions/write-offs of ₹13,699 million and finance costs of ₹17,144 million, while large deductions came from interest income on loans (₹34,234 million) and interest on investments (₹2,710 million). After these adjustments and interest flows, the operating profit before working capital changes stood at ₹10,779 million, almost in line with ₹11,343 million last year.

Working capital movements supported cash flows, especially an increase in deposits of ₹40,883 million, while new loans given reduced cash by ₹19,716 million. After factoring all changes, cash from operations came to ₹30,877 million, compared to ₹3,139 million in FY 2024. After paying ₹736 million in taxes, the company ended with a strong net operating cash inflow of ₹30,141 million, sharply higher than ₹1,228 million in the previous year. This shows a significant improvement in the company’s core cash generation.

Cash Flow from Investing Activities

In 2025, investing activities resulted in a net cash outflow of ₹9,407 million, compared to ₹3,079 million in 2024. The company spent ₹1,388 million on property, plant, and equipment, ₹128 million on intangible assets, and ₹12,881 million on investments. However, inflows included ₹4,120 million in interest income, ₹2,344 million from withdrawal of bank balances, and ₹92 million received from non-controlling interest acquisitions. Despite these inflows, the heavy purchase of investments led to an overall cash outflow from investing activities.

Cash Flow from Financing Activities

Financing activities showed a net outflow of ₹15,881 million in FY 2025, compared to an inflow of ₹5,190 million in FY 2024. Key outflows included repayment of borrowings (₹27,695 million), lease payments (₹829 million), and interest paid (₹1,528 million). On the positive side, the company raised ₹11,540 million from borrowings and ₹3,050 million from subordinated liabilities, and also issued equity shares worth ₹51 million. However, the repayments outweighed inflows, leading to a large net outflow.

Net Cash Position

Overall, the company recorded a net increase in cash of ₹4,853 million in FY 2025, compared to ₹3,339 million in FY 2024. The opening balance of cash was ₹28,465 million, and after all activities, the closing balance stood at ₹33,317 million.