Cash Flow Statement
 
FOR THE YEAR ENDED MARCH 31, 2013
(Rs. in crores)
  2012-2013   2011-2012
A. Cash flows from Operating Activities        
Profit after tax 301.81 1,242.23
Adjustments for:    
Depreciation / amortisation 1,817.62 1,606.74
Lease equalisation adjusted in income (4.52)  (4.52)
Loss / (profit) on sale of assets (net) (including assets scrapped / written off) 2.96 (1.79)
Profit on sale of investments (net) (43.91) (29.78)
Profit on sale of a division (82.25)
Provision for loan given to a subsidiary 245.00 130.00
Provision for loans and inter-corporate deposits (net) 5.29
Reversal of Provision for diminution in value of long-term investments (9.67)
Tax (credit) / expense (126.88) 98.80
Interest / dividend (net) (656.52) 674.32
Exchange differences 199.39 587.59
    1,346.51 3,061.36
Operating Profit before working capital changes 1,648.32  4,303.59
Adjustments for:    
Inventories 129.42 (696.84)
Trade receivables 890.28 (92.79)
Finance receivables 64.76 144.97
Other current and non-current assets (138.30) 33.80
Trade payables and acceptances (249.93) (78.02)
Other current and non-current liabilities (381.50) 171.32
Provisions 188.06 204.04
    502.79 (313.52)
Cash generated from operations 2,151.11  3,990.07
Income taxes credit / (paid) (net) 107.33 (336.48)
Net cash from operating activities 2,258.44  3,653.59
B. Cash flows from Investing Activities    
Payments for fixed assets (2,605.39)  (2,852.56)
Proceeds from sale of fixed assets 16.95 17.09
Proceeds from sale of a division 110.00
Loans to associates and subsidiaries (194.36) (86.92)
Advance towards investments in subsidiary companies (16.82) (122.86)
Advance towards investments in other companies (25.00)
Investments in joint venture (42.50)
Investments in subsidiary companies (186.12) (1,684.01)
Investments in associate companies (0.01) (4.45)
Investments - others (0.84)
Investments in mutual funds (purchased) / sold (net) (315.51) 114.78
Decrease in Investments in retained interests in securitisation transactions 0.63 0.18
Redemption of investments in subsidiary companies 1,378.95 4,146.98
Redemption of investments in associate companies 21.00
Redemption of investments - others 10.75 0.75
Decrease in short term inter-corporate deposits 43.53 16.04
Deposits of margin money / cash collateral (1.38) (5.85)
Realisation of margin money / cash collateral 91.25 364.24
Fixed / restricted deposits with scheduled banks made (205.85) (868.44)
Fixed / restricted deposits with scheduled banks realised 780.00 665.51
Interest received 404.07 331.11
Dividend received 1,660.65 180.63
Net cash from investing activities 991.50 144.72
C. Cash flows from Financing Activities    
Expenses on Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) conversion (0.23)
Premium on redemption of FCCN / CARS (including tax) (886.95) (0.97)
Brokerage and other expenses on Non-Convertible Debentures (NCD) (93.02) (76.69)
Premium paid on redemption of NCD (96.55)
Proceeds from issue of shares held in abeyance 0.16 0.02
Repayment of fixed deposits (1,868.38) (1,069.25)
Proceeds from long term borrowings 2,562.84 2,498.24
Repayment of long term borrowings (3,377.47) (74.94)
Proceeds from short term borrowings 11,873.79 4,442.26
Repayment of short term borrowings (10,177.80) (7,326.24)
Net change in other short term borrowings (with maturity up to three months) 1,287.75 316.61
Dividend paid (including dividend distribution tax) (1,460.41) (1,462.28)
Interest paid [including discounting charges paid, Rs. 345.06 crores
(2011-2012 Rs. 365.62 crores)]
(1,809.42) (1,482.35)
Net cash used in financing activities (4,045.69) (4,235.59)
Net decrease in cash and cash equivalents (795.75) (437.28)
Cash and cash equivalents as at March 31, (opening balance) 919.64 1,352.14
Exchange fluctuation on foreign currency bank balances 81.68 4.78
Cash and cash equivalents as at March 31, (closing balance) 205.57 919.64
Non-cash transactions :    
Foreign Currency Convertible Notes / Convertible Alternative Reference Securities converted to ordinary shares 232.83
In terms of our report attached For and on behalf of the Board
For DELOITTE HASKINS & SELLS
Chartered Accountants
CYRUS P MISTRY
Chairman
N N WADIA KARL SLYM
Managing Director
   R A MASHELKAR R PISHARODY
Executive Director
N VENKATRAM
Partner
N MUNJEE S B BORWANKAR
Executive Director
  RAVI KANT
Vice-Chairman
S BHARGAVA C RAMAKRISHNAN
Chief Financial Officer
  V K JAIRATH H K SETHNA
Company Secretary
R SPETH
Directors
Mumbai, May 29, 2013 Mumbai, May 29, 2013