Paymate India Limited Shares

Financial Report Summary

PayMate India Limited Consolidated Financial Statements Summary:

Overview:

This document presents the consolidated financial statements for PayMate India Limited (formerly known as PayMate India Private Limited) for the fiscal year ended March 31, 2023. The financials are presented in Indian Rupees (INR) in millions, unless otherwise stated. The report includes the balance sheet, statement of profit and loss, statement of changes in equity, cash flow statement, and notes to the financial statements, accompanied by an independent auditor's report.

Consolidated Balance Sheet Highlights (As at March 31, 2023):

• Total Assets: INR 600.69 million (vs. INR 603.14 million in 2022)
  • Non-current assets: INR 35.86 million (vs. INR 54.14 million in 2022)
    • Includes Property, Plant and Equipment, Intangible assets and Financial assets.
  • Current assets: INR 564.83 million (vs. INR 549.00 million in 2022)
    • Includes Trade receivables, Cash and cash equivalents and Other financial assets
• Total Equity: INR 172.71 million (vs. INR 463.64 million in 2022)
  • Equity share capital: INR 57.67 million (vs. INR 57.41 million in 2022)
  • Instruments in the nature of equity: INR 1,839.08 million (vs. INR 1,839.08 million in 2022)
  • Other equity: INR (1,724.04) million (vs. INR (1,432.85) million in 2022)
• Total Liabilities: INR 405.09 million (vs. INR 116.33 million in 2022)
  • Non-current liabilities: INR 22.89 million (vs. INR 23.17 million in 2022)
    • Includes Lease liabilities and Provisions
  • Current liabilities: INR 405.09 million (vs. INR 116.33 million in 2022)
    • Includes Borrowings, Lease liabilities and Trade payables

Consolidated Statement of Profit and Loss Highlights (For the year ended March 31, 2023):

• Total Income: INR 13,515.96 million (vs. INR 12,092.21 million in 2022)
  • Revenue from operations: INR 13,501.13 million (vs. INR 12,088.90 million in 2022)
• Total Expenses: INR 14,073.19 million (vs. INR 12,669.58 million in 2022)
  • Includes Cost of services, Employee benefit expense, Finance costs, and Depreciation
• Loss Before Tax: INR (557.23) million (vs. INR (577.37) million in 2022)
• Loss for the Year: INR (557.23) million (vs. INR (577.37) million in 2022)
• Other Comprehensive Income/Loss: INR 1.76 million (vs. INR (1.07) million in 2022)
• Total comprehensive income/(loss) for the year: INR (555.47) million (vs. INR (578.44) million in 2022)
• Basic and Diluted Loss per Equity Share: INR (9.69) (vs. INR (10.65) in 2022)

Cash Flow Statement Highlights (For the year ended March 31, 2023):

• Cash Flow from Operating Activities: INR (135.05) million (vs. INR (641.05) million in 2022)
• Cash Flow from Investing Activities: INR 2.01 million (vs. INR 5.96 million in 2022)
• Cash Flow from Financing Activities: INR 124.48 million (vs. INR 620.79 million in 2022)
• Net Decrease in Cash and Cash Equivalents: INR (8.56) million (vs. INR (14.30) million in 2022)
• Cash and Cash Equivalents at End of Year: INR 7.29 million (vs. INR 15.85 million in 2022)

Key Accounting Policies:

• The consolidated financial statements are prepared in accordance with Indian Accounting Standards (Ind AS).
• Assets and liabilities are classified as current or non-current based on expected realization or settlement within the normal operating cycle.
• Revenue is recognized when control of services is transferred to the customer, and collectability is reasonably assured.
• Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts.

Segment Information:

The Company operates primarily in providing B2B payment services. The chief operating decision maker reviews the operations as one operating segment. Revenue from operations is primarily from India, with some revenue from Singapore and the rest of the world.

Related Party Transactions:

The report details related party transactions, including those with subsidiaries and key management personnel. These include loans, interest income/expense, and remuneration.

Contingent Liabilities:

• Bank guarantees given to various parties amount to INR 0.50 million.
• Service tax demand is INR 1.19 million.

Financial Risk Management:

The Group is exposed to market risk, liquidity risk, and credit risk. The Group manages these risks through established policies and procedures, including monitoring credit limits, managing cash flows, and assessing the credit quality of counterparties. The group is exposed to foreign currency risk related to its foreign operations and revenues and expenses.

Equity Share Capital and Shareholding:

• The company has one class of equity shares with a par value of Rs. 1 per share.
• Major shareholders include Ajay Adiseshan, Probir Roy, Alexander Kuruvilla, Dhruv Singh and Uma Vishvanathan.
• Details of authorized, issued, subscribed and paid-up share capital are provided.

Auditor's Opinion:

The independent auditor's report from MSKA & Associates expresses an unqualified opinion on the consolidated financial statements, indicating that they present fairly, in all material respects, the financial position, financial performance, and cash flows of PayMate India Limited in accordance with Ind AS. The report includes discussion of internal financial controls, compliance with laws and regulations, and other matters.