Xerox India Annual Report for FY 2023-24 | Balance Sheet

Xerox India Limited (XEROX) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Xerox India Limited

Xerox India Limited Standalone Balance Sheet (Rs. In Lakhs)

Particular	31-03-2025	31-03-2024
Non- Current assets
Property, Plant and Equipment	752.13	1,105.77
Capital work-in-progress	10.20	23.05
Investment property	3.05	3.05
Intangible assets	-	0.04
Right of use of asset	179.20	8.80
Other financial assets	1,087.87	1,036.86
Deferred tax assets	2,360.03	2,243.13
Current tax assets	6,476.18	7,224.52
Other non-current assets	1,289.31	1,286.07
Assets classified as held for sale	24.05	24.05
Current assets
Inventories	9,454.70	9,751.01
Trade receivables	5,295.07	3,937.94
Contract assets	953.10	1,121.63
Cash and cash equivalents	13,203.06	13,911.17
Bank balances other than cash and cash equivalents	80.05	80.44
Other financial assets	365.82	383.55
Other current assets	1,597.71	1,609.14
Total Assets	43,131.53	43,750.22
Equity
Equity Share Capital	4,480.80	4,480.80
Other Equity	22,198.96	20,370.86
Non-current liabilities
Lease liabilities	98.22	-
Liability directly associated with assets classified as held for sale	2,250.00	2,250.00
Provisions	3,999.11	3,956.49
Deferred tax liabilities	250.13	340.15
Current liabilities
Lease liabilities	83.06	10.72
Total outstanding dues of micro enterprises and small enterprises	0.10	1.31
Total outstanding dues of creditor other than micro enterprise and small enterprises	7,319.18	8,670.76
Other financial liabilities	530.24	1,021.84
Other current liabilities	454.72	450.81
Contract liabilities	1,373.80	2,127.15
Provisions	93.21	69.33
Total equity and liabilities	43,131.53	43,750.22

Xerox India Limited Standalone Profit & Loss Account (Rs. In Lakhs)

Particulars	31-03-2025	31-03-2024
Revenue from operations	45,172.74	43,963.51
Other Income	1,069.74	761.67
Total income	46,242.48	44,725.18
Expenses
Purchase of goods and services	33,246.50	32,616.44
Change in inventories of goods	165.23	(1,560.16)
Employee benefit expense	5,559.35	6,262.62
Finance cost	32.88	33.29
Depreciation and amortization expense	460.77	704.00
Other expenses	4,453.86	4,196.76
Total expenses	43,917.59	42,252.95
Profit Before Tax	2,324.89	2,472.95
Current tax	698.44	347.20
Taxation related to earlier year	4.66	19.84
Deferred tax	(206.77)	259.90
Profit for the year	496.33	626.94
Other Comprehensive Income	1,828.10	1,845.29
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operation	-	4.63
Items that will not be reclassified to profit and loss:
Re-measurement of post- employment benefit obligations	(0.61)	(8.31)
Income tax effect	0.15	2.09
Total Comprehensive Income for the year	1,828.10	1,843.70
Earnings per equity share (in Rs.)
Basic and diluted	4.08	4.12

Xerox India Limited Standalone Cash Flow Statement (Rs. In Lakhs)

Particular	31-03-2025	31-03-2024
Cash Flow From Operating Activities
Profit Before Tax as per statement of profit and loss	2,324.89	2,472.23
Adjustments for:
Depreciation and amortisation expense	460.77	704.00
Finance costs	14.84	704.00
Interest income from financial assets at amortised cost	(696.59)	23.46
Interest income on taxes and other refund	(74.50)	-
Net gain on disposal of property, plant and equipment	-	(22.80)
Property, plant and equipment written off	88.28	2.84
Foreign currency translation reserve	-	4.63
Operating Profit before Working Capital Changes	2,117.69	2,660.29
Adjustments for:
(Decrease)/Increase in provisions, trade payables and other liabilities	(1,222.08)	1,046.45
Decrease/ (Increase) in inventory and other current assets	307.13	(1,828.73)
Decrease/ (Increase) in other non-current assets	(3.24)	62.04
(Decrease)/ Increase in trade payables & other financial liabilities	(1,844.39)	2,110.08
(Decrease)/ Increase in other current liabilities & provisions	(725.56)	937.17
(Decrease)/ Increase in other non-current liabilities & provisions	42.62	(180.38)
Cash generated from/ (used in )operations	(1,327.83)	4,806.92
Income tax refund/(paid) including tax deducted at source	119.74	(689.40)
Net Cash generating from/ (used in)Operating Activities	(1,208.09)	4,117.52
Cash Flow From Investing Activities
Purchase of PPE and intangible assets and capital work in progress	(129.94)	(291.61)
Proceeds from sales of PPE	20.28	26.28
Fixed deposits made	25.52	4.79
Interest received	666.38	516.12
Net Cash From/ (used in) Investing Activities	582.24	255.58
Cash Flow From Financing Activities
Payment of lease liabilities	(82.26)	(144.00)
Payment of interest on delay payment of taxes	-	(16.09)
Net Cash From/ (used in) Financing Activities	(82.26)	(160.09)
Net Increase/(decrease) in Cash and Cash Equivalents	(708.11)	4,213.01
Opening balance of cash and cash equivalents	13,911.17	9,698.16
Closing balance of cash and cash equivalents	13,203.06	13,911.17

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

Operating Activities

In FY25, profit before tax declined marginally to ₹2,32,489 lakhs from ₹2,47,223 lakhs in FY24. Depreciation dropped to ₹46,077 lakhs from ₹70,400 lakhs, while finance costs also reduced sharply, indicating lower debt obligations. Interest income rose significantly to ₹69,659 lakhs (vs ₹2,346 lakhs in FY24), boosting non-cash adjustments. However, major working capital outflows offset these positives. Trade payables decreased by ₹1,844 lakhs, other current liabilities by ₹726 lakhs, and provisions also fell, leading to large cash drains. Though inventory reduction added ₹307 lakhs inflow, the overall impact was negative. As a result, net operating cash flow stood at -₹1,208 lakhs in FY25, a sharp contrast to ₹4,117 lakhs inflow in FY24.

Investing Activities

Capital expenditure slowed to ₹12,994 lakhs in FY25 from ₹29,161 lakhs in FY24, reflecting cautious spending on fixed assets. Proceeds from asset sales remained stable at ₹2,028 lakhs versus ₹2,628 lakhs in FY24. Interest received increased strongly to ₹66,638 lakhs (from ₹51,612 lakhs), which supported cash inflows. Overall, investing activities generated ₹582 lakhs in FY25, higher than ₹256 lakhs in FY24, thanks to stronger interest income and reduced capex.

Financing Activities

Financing outflows were minimal in both years. Lease payments fell to ₹8,226 lakhs from ₹14,400 lakhs, and no interest on delayed tax payments was made in FY25 (vs ₹1,609 lakhs in FY24). Consequently, net financing outflow was only ₹82 lakhs in FY25, lower than ₹160 lakhs in FY24.

Xerox India Limited Standalone Financial Ratios

Particular	31-03-2025	31-03-2024
Current Ratio (in times)	3.14	2.49
Return on Equity Ratio	6.85%	7.43%
Inventory Turnover Ratio (in times)	113.00	114.00
Trade receivables turnover Ratio (in times)	56.00	57.00
Trade payables turnover ratio (in times)	88.00	87.00
Net Capital Turnover Ratio (in times)	2.29	2.48
Net Profit Ratio (in %)	4.05%	4.20%
Return on Capital Employed Ratio (in %)	9.51%	10.81%
Return on investment (%)	5.58%	5.25%

Summary of the financial ratio for the years 2025 and 2024:

Current Ratio

FY25: 3.14 | FY24: 2.49
The current ratio improved, indicating stronger liquidity and better short-term solvency. The company has over 3 times current assets against current liabilities, showing a comfortable cushion to meet obligations.

Return on Equity (ROE)

FY25: 6.85% | FY24: 7.43%
ROE declined slightly, meaning shareholders earned a lower return on their invested equity compared to last year. This reflects reduced profitability relative to net worth, though still within a reasonable range.

Inventory Turnover Ratio

FY25: 113.00 | FY24: 114.00
Inventory turnover remained stable, with only a minor dip. This indicates efficient inventory management, as the company is able to quickly sell and replace its stock.

Trade Receivables Turnover Ratio

FY25: 56.00 | FY24: 57.00
Receivable turnover ratio fell slightly, suggesting a small increase in the time taken to collect payments from customers. While still very strong, a continued fall could impact cash flows.

Trade Payables Turnover Ratio

FY25: 88.00 | FY24: 87.00
This ratio improved marginally, showing the company is paying its suppliers slightly quicker. While this strengthens vendor relations, it may reduce available free cash if payments are made too early.

Net Capital Turnover Ratio

FY25: 2.29 | FY24: 2.48
The ratio declined, implying the company is generating slightly less sales from its working capital. This suggests a dip in efficiency of capital utilization.

Net Profit Ratio (NPM)

FY25: 4.05% | FY24: 4.20%
Net profit margin decreased slightly, showing profitability per unit of revenue weakened. This could be due to higher costs, lower pricing power, or reduced efficiency.

Return on Capital Employed (ROCE)

FY25: 9.51% | FY24: 10.81%
ROCE fell, indicating weaker returns generated from overall capital employed (equity + debt). This shows lower efficiency in using capital to generate profits compared to FY24.

Return on Investment (ROI)

FY25: 5.58% | FY24: 5.25%
Unlike ROE and ROCE, ROI improved slightly. This means the company’s investments generated better returns in FY25, reflecting more efficient deployment of funds into income-generating assets.

Xerox India Annual Reports, Balance Sheet and Financials