Consolidated Cash Flow Statement
 
FOR THE YEAR ENDED MARCH 31, 2013
(Rs. in crores)
  2012-2013   2011-2012
A. Cash flows from Operating Activities          
Profit for the year 9,892.61 13,516.50
Adjustments for:
Depreciation (including lease equalisation adjusted in income) 7,564.78 5,620.86
Loss on sale of assets (including assets scrapped/written off ) 23.47 76.72
Profit on sale of investments (net) (79.85) (48.45)
Impairment of Intangibles and other costs 87.62 139.18
Provision for diminution in value of investments 0.41
Provision for inter corporate deposits (net) 5.29
Gain on settlement of deferred sales tax liability (138.29) (153.74)
Share of profit in respect of investments in associate companies (net) (113.79) (24.92)
Share of minority interest 83.67 82.33
Tax expense/(credit) 3,770.99 (40.04)
Interest/dividend (net) 2,822.17 2,470.96
Non-cash dividend income on mutual funds (14.56)
Profit on issue of shares by a subsidiary (47.36)
Exchange difference 434.17 854.86
  14,460.64 8,915.84
Operating Profit before working capital changes 24,353.25 22,432.34
Adjustments for:
Inventories (2,693.24) (2,718.98)
Trade receivables (2,727.65) (1,006.86)
Finance receivables (2,479.10) (5,652.07)
Other current and non-current assets (999.03) (980.94)
Trade payables 8,136.94 5,866.85
Other current and non-current liabilities (628.33) 2,321.06
Provisions 1,322.46 (109.14)
    (67.95) (2,280.08)
Cash generated from operations 24,285.30 20,152.26
Income taxes credit (net) (2,223.07) (1,767.94)
Net cash from operating activities 22,062.23 18,384.32
     
B. Cash flows from investing activities
Purchase of fixed assets (18,757.03) (13,875.55)
Sale of fixed assets 36.69 92.70
Advance towards investments (25.00)
Investment in associate companies (0.01) (8.76)
Investments in mutual fund sold/(made) (net) 160.70 (5,840.09)
Investments in subsidiary company (304.33)
(Increase)/decrease in Investments in retained interests in securitisation transactions (107.69) 0.18
Investments - others (5.50) (17.33)
Redemption of Investment in associates 21.00
Sale/redemption of investments - others 12.86 83.75
Deposits of margin money/cash collateral (251.21) (5.85)
Realisation of margin money/cash collateral 762.15 506.06
Fixed/restricted deposits with banks made (6,972.22) (2,560.76)
Fixed/restricted deposits with banks realised 836.65 877.51
Interest received 712.17 467.25
Dividend received from associates 56.25 46.60
Dividend/income on investments received 37.78 23.73
(Increase)/decrease in short term Inter-corporate deposit 44.83 (2.96)
Net cash used in investing activities (23,412.58) (20,542.85)
     
C. Cash flows from Financing Activities
Expenses on Foreign Currency Convertible Notes (FCCN) conversion (0.23)
Brokerage and other expenses on Non-Convertible Debentures (NCD) (93.02) (76.69)
Proceeds from issue of shares to minority shareholders (net of issue expenses) 0.56 138.54
Premium paid on redemption of FCCN/CARS (886.95) (0.97)
Premium paid on redemption of NCD (96.55)
Proceeds from issue of shares held in abeyance 0.16 0.02
Proceeds from long-term borrowings (net of issue expenses) 13,091.77 19,030.04
Repayment of long term borrowings (7,475.94) (4,664.13)
Proceeds from short-term borrowings 14,693.77 7,911.22
Repayment of short term borrowings (13,011.82) (10,345.65)
Net change in other short term borrowings (with maturity up to three months) 155.56 520.85
Repayment of fixed deposits (1,868.38) (1,069.25)
Dividend paid (including dividend distribution tax) (1,485.40) (1,479.33)
Dividend paid to minority shareholders (23.33) (23.78)
Interest paid [including discounting charges paid Rs. 568.49 crores (2011-2012 Rs. 624.31 crores)] (4,655.99) (3,373.69)
Net cash (used in)/from financing activities (1,655.79) 6,567.18
Net (decrease)/increase in cash and cash equivalents (3,006.14) 4,408.65
Cash and cash equivalents as at March 31, (opening balance) 14,833.02 9,345.41
Effect of foreign exchange on cash and cash equivalents 521.94 1,078.96
Cash and cash equivalents as at March 31, (closing balance) 12,348.82 14,833.02
Previous year figures have been restated, wherever necessary, to conform to this period's classification.
 
Non-cash transactions :
FCCN/CARS 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