Apollo Fashion International Unlisted Shares

Financial Report Summary

Apollo International Limited - Fashion Division - Summary of Financial Statements as of March 31, 2023

Balance Sheet:

• Equity and Liabilities: Total equity and liabilities stand at Rs. 18,872.78 Lacs as of March 31, 2023, compared to Rs. 15,344.74 Lacs in the previous year. Reserves and Surplus increased to Rs. 12,944.07 Lacs (Rs. 11,255.68 Lacs in 2022). Non-current liabilities totaled Rs. 140.74 Lacs (Rs. 124.34 Lacs in 2022), consisting of long-term borrowings (Rs. 20.54 Lacs), other long-term liabilities (Rs. 27.26 Lacs), and long-term provisions (Rs. 92.94 Lacs). Current liabilities increased significantly to Rs. 5,787.97 Lacs (Rs. 3,964.72 Lacs in 2022), mainly due to a rise in short-term borrowings to Rs. 3,499.98 Lacs. Trade payables were Rs. 1,928.10 Lacs.

• Assets: Total assets also stand at Rs. 18,872.77 Lacs. Non-current assets amounted to Rs. 3,063.91 Lacs (Rs. 2,727.72 Lacs in 2022), primarily consisting of property, plant, and equipment (Rs. 2,505.80 Lacs), non-current investments (Rs. 441.63 Lacs) and long-term loans and advances (Rs 109.34 Lacs). The Head Office account is valued at Rs. 6,262.19 Lacs (Rs. 3,186.50 Lacs in 2022). Current assets totaled Rs. 9,546.67 Lacs (Rs. 9,430.52 Lacs in 2022), with significant portions in inventories (Rs. 4,243.30 Lacs) and trade receivables (Rs. 4,668.25 Lacs). Cash and bank balances were significantly lower at Rs. 123.10 Lacs (Rs. 471.66 Lacs in 2022).

Statement of Profit and Loss:

• The company's revenue from operations increased to Rs. 20,842.63 Lacs for the year ended March 31, 2023 (Rs. 19,785.36 Lacs in 2022). Including other income, the total income was Rs. 20,881.51 Lacs.
• Total expenses were Rs. 19,193.12 Lacs (Rs. 17,347.75 Lacs in 2022). Key expenses included the cost of materials consumed (Rs. 9,474.67 Lacs), work bills, project supplies & expenses (Rs. 5,898.74 Lacs), and employee benefits expense (Rs. 2,058.47 Lacs). Finance cost amounted to Rs. 369.98 Lacs.
• The profit before tax was Rs. 1,688.39 Lacs, significantly lower compared to the previous year's Rs. 2,869.93 Lacs.

Notes to the Financial Statements:

• Reserves and Surplus: The surplus in the statement of profit & loss increased due to the profit after tax for the year of Rs. 1,688.39 Lacs.
• Long-term Borrowings: Primarily from vehicle loans from banks.
• Short-term Borrowings: Consists of packing credit, bill discounting, and other unsecured factoring, with a significant increase in overall short-term borrowings.
• Trade Payables: Represented by sundry creditors.
• Non-current Investments: Investment in subsidiary company, Adsal Exim Private Ltd., remained constant.
• Long Term Loans and Advances: Includes security deposits and loans/advances to related parties (Adsal Exim Private Limited).
• Revenue from Operations: Consists mainly of the sale of finished goods and export benefits.
• Cost of Materials Consumed: Inventory at the beginning of the period was Rs. 2,807.05 Lacs; purchases amounted to Rs. 9,876.56 Lacs.
• Changes in Inventories of Finished Goods: Showed a net increase in stock.
• Finance Cost: Primarily interest and other charges on borrowings.
• Other Expenses: Include selling commission, rent and hire charges, power & fuel, repair & maintenance, rates & taxes, traveling, conveyance & vehicle expenses, communication & IT Expenses, printing & stationary, legal & professional expenses, business promotion, Payments to Auditor and bank charges.

In summary, while the company saw an increase in revenue, the rise in expenses, particularly finance costs, significantly impacted the profit before tax, leading to a lower figure than the previous year. The balance sheet reflects growth in both assets and liabilities, with notable changes in short-term borrowings and cash balances.