Essel Mining & Industries Limited Financial Results for the Quarter Ended March 31, 2024

Essel Mining & Industries Limited has publicly released its audited financial results for the fourth quarter and the full fiscal year ended March 31, 2024. The company's performance reflects a dynamic period, with notable shifts in revenue, expenses, and profitability when compared to the previous fiscal year.

An examination of the company's Statement of Profit and Loss reveals key trends in its operational and financial metrics. For the quarter ended March 31, 2024, Essel Mining & Industries Limited reported a Revenue from Operations of ₹153,413.84 lakhs. This represents a decrease when compared to the ₹169,949.91 lakhs recorded in the corresponding quarter of the previous year (Q4 FY23). On an annual basis, the Revenue from Operations for the fiscal year ended March 31, 2024, stood at ₹639,798.89 lakhs, down from ₹689,988.44 lakhs in the fiscal year ended March 31, 2023.

Other Income for Q4 FY24 showed an increase, reaching ₹3,381.94 lakhs compared to ₹2,264.81 lakhs in Q4 FY23. For the full year, Other Income rose to ₹11,099.93 lakhs from ₹8,009.44 lakhs in the prior year. Consequently, the Total Income for Q4 FY24 was ₹156,795.78 lakhs, a decrease from ₹172,214.72 lakhs in Q4 FY23. The Total Income for the full fiscal year 2024 was ₹650,898.82 lakhs, compared to ₹697,997.88 lakhs for fiscal year 2023.

The detailed financial performance is summarized in the table below:

Statement of Profit and Loss

Particulars	Quarter Ended March 31, 2024 (₹ in Lakhs)	Quarter Ended March 31, 2023 (₹ in Lakhs)	Year Ended March 31, 2024 (₹ in Lakhs)	Year Ended March 31, 2023 (₹ in Lakhs)
Revenue from Operations	153,413.84	169,949.91	639,798.89	689,988.44
Other Income	3,381.94	2,264.81	11,099.93	8,009.44
Total Income	156,795.78	172,214.72	650,898.82	697,997.88
Cost of Materials Consumed	44,763.84	48,923.94	179,494.73	194,429.78
Employee Benefits Expense	4,518.81	4,144.94	17,329.92	16,221.11
Finance Costs	1,006.79	741.48	3,594.72	2,644.84
Depreciation, Amortisation and Impairment	2,949.78	2,717.44	11,428.44	10,728.44
Other Expenses	87,229.14	98,254.99	348,105.74	370,332.41
Profit Before Tax	16,327.42	17,431.93	90,945.27	103,641.30
Tax Expense	4,181.63	4,484.63	23,284.64	26,484.63
Profit After Tax	12,145.79	12,947.30	67,660.63	77,156.67
Other Comprehensive Income	-	-	-	-
Total Comprehensive Income	12,145.79	12,947.30	67,660.63	77,156.67

On the expenditure side, the Cost of Materials Consumed decreased to ₹44,763.84 lakhs in Q4 FY24 from ₹48,923.94 lakhs in Q4 FY23. For the full year, this cost was ₹179,494.73 lakhs, down from ₹194,429.78 lakhs. Employee Benefits Expense saw an increase, rising to ₹4,518.81 lakhs in Q4 FY24 and ₹17,329.92 lakhs for FY24. Finance Costs also increased, both quarterly (₹1,006.79 lakhs in Q4 FY24) and annually (₹3,594.72 lakhs in FY24). Depreciation, Amortisation, and Impairment expenses were higher at ₹2,949.78 lakhs for the quarter and ₹11,428.44 lakhs for the year. However, Other Expenses showed a reduction, amounting to ₹87,229.14 lakhs for Q4 FY24 and ₹348,105.74 lakhs for FY24.

The company's Profit Before Tax (PBT) for Q4 FY24 was ₹16,327.42 lakhs, a slight decrease from ₹17,431.93 lakhs in Q4 FY23. For the full fiscal year 2024, PBT stood at ₹90,945.27 lakhs, compared to ₹103,641.30 lakhs in FY23. After accounting for Tax Expense (₹4,181.63 lakhs for Q4 FY24 and ₹23,284.64 lakhs for FY24), the Profit After Tax (PAT) for Q4 FY24 was ₹12,145.79 lakhs, down from ₹12,947.30 lakhs in the same quarter of the previous year. The PAT for the full year FY24 was ₹67,660.63 lakhs, a decrease from ₹77,156.67 lakhs in FY23. The Total Comprehensive Income mirrored the PAT figures as Other Comprehensive Income was reported as nil for all periods.

The company's Balance Sheet as of March 31, 2024, indicates a strengthening financial position in certain areas. Total Equity increased to ₹418,491.15 lakhs from ₹361,030.52 lakhs as of March 31, 2023, primarily driven by a significant rise in Other Equity, which stood at ₹418,291.15 lakhs. Equity Share Capital remained unchanged at ₹200.00 lakhs.

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Total Liabilities saw a decrease, amounting to ₹71,905.67 lakhs as of March 31, 2024, compared to ₹80,246.05 lakhs a year earlier. This reduction was influenced by lower Borrowings (₹14,844.16 lakhs) and a decrease in Other Liabilities (₹44,342.44 lakhs). Consequently, Total Equity and Liabilities grew to ₹490,396.82 lakhs from ₹441,276.57 lakhs.

On the Assets side, Total Assets increased to ₹490,396.82 lakhs. This growth was supported by increases in Investments (₹134,381.22 lakhs), Property, Plant and Equipment (₹203,514.19 lakhs), Inventories (₹69,999.99 lakhs), and Trade Receivables (₹29,999.99 lakhs). Other Financial Assets also saw a modest increase.

Balance Sheet

Particulars	As at March 31, 2024 (₹ in Lakhs)	As at March 31, 2023 (₹ in Lakhs)
EQUITY AND LIABILITIES
Equity
Equity Share Capital	200.00	200.00
Other Equity	418,291.15	360,830.52
Total Equity	418,491.15	361,030.52
Liabilities
Financial Liabilities
Borrowings	14,844.16	15,792.31
Other Financial Liabilities	10,869.58	10,483.74
Non-Financial Liabilities
Provisions	1,849.49	1,786.61
Other Liabilities	44,342.44	52,183.39
Total Liabilities	71,905.67	80,246.05
Total Equity and Liabilities	490,396.82	441,276.57
ASSETS
Non-Current Assets
Financial Assets
Investments	134,381.22	112,849.19
Other Financial Assets	21,441.19	20,348.74
Non-Financial Assets
Property, Plant and Equipment	203,514.19	190,099.33
Other Assets (Non-Financial)	31,060.22	32,185.99
Current Assets
Inventories	69,999.99	59,847.78
Trade Receivables	29,999.99	25,945.54
Cash and Bank Balances	-	-
Other Assets (Current)	-	-
Total Assets	490,396.82	441,276.57

The Cash Flow Statement for the year ended March 31, 2024, highlights improved cash generation from core operations. Net Cash from Operating Activities increased significantly to ₹78,144.83 lakhs from ₹64,034.34 lakhs in the previous year. Net Cash used in Investing Activities was higher at ₹(23,021.94) lakhs, compared to ₹(14,944.24) lakhs in FY23, indicating increased investments. Net Cash used in Financing Activities also rose to ₹(46,462.26) lakhs from ₹(44,456.93) lakhs. This resulted in a Net Increase in Cash and Cash Equivalents of ₹8,660.63 lakhs for FY24, an improvement over the ₹4,633.17 lakhs increase in FY23. The specific figures for Cash and Cash Equivalents at the beginning and end of the year were not detailed in the provided summary.

Cash Flow Statement

Particulars	Year Ended March 31, 2024 (₹ in Lakhs)	Year Ended March 31, 2023 (₹ in Lakhs)
Net Cash from Operating Activities	78,144.83	64,034.34
Net Cash from Investing Activities	(23,021.94)	(14,944.24)
Net Cash from Financing Activities	(46,462.26)	(44,456.93)
Net Increase/Decrease in Cash and Cash Equivalents	8,660.63	4,633.17
Cash and Cash Equivalents at the Beginning of the Year	-	-
Cash and Cash Equivalents at the End of the Year	-	-

The company has noted that figures for the previous periods have been regrouped or reclassified wherever necessary to conform to the current period's presentation, ensuring comparability of the financial data.