Cash Flow Statement

(` in crores)
Year ended Year ended
March 31, 2018 March 31, 2017
Cash flows from operating activities:
Profit/(loss) after tax (1,034.85) (2,429.60)
Adjustments for:
Depreciation and amortisation expense 3,101.89 3,037.12
Allowances for trade and other receivables (109.19) 133.72
Inventory write down/(write back) 162.87 103.35
Provision for impairment of investment in a subsidiary - 123.17
Marked-to-market on investments measured at Fair value through profit or loss (2.03) (3.75)
Provision for impairment of capital work-in-progress and intangibles under development 962.98 -
Exceptional items - others - 147.93
Loss on sale of assets (net) (including assets scrapped / written off) 689.17 140.29
Profit on sale of investments at FVTPL (net) (103.17) (116.76)
Gain on fair value of below market interest loans (6.02) (46.52)
Tax expense / (credit) 87.93 76.33
Interest/dividend (net) 292.03 708.46
Foreign exchange (gain)/loss (net) 49.24 (212.10)
5,125.70 4,091.24
Cash flows from operating activities before changes in following assets and liabilities 4,090.85 1,661.64
Trade receivables (1,217.44) (199.07)
Loans and advances and other financial assets (1,091.81) (107.37)
Other current and non-current assets 429.86 (329.96)
Inventories (277.80) (571.77)
Trade payables and acceptances 2,763.65 2,313.77
Other current and non-current liabilities (138.51) 24.39
Other financial liabilities (957.23) (1,308.96)
Provisions 540.78 85.88
Cash generated from operations 4,142.35 1,568.55
Income taxes credit/(paid) (net) (8.41) (115.10)
Net cash from operating activities 4,133.94 1,453.45

Cash flows from investing activities:

Payments for property, plant and equipments (1,378.58) (1,958.81)
Payments for other intangible assets (1,444.37) (1,554.79)
Proceeds from sale of property, plant and equipments 28.15 17.11
Investments in Mutual Fund (purchased)/sold (net) 1,025.59 (537.40)
Investments in subsidiary companies (300.00) (139.08)
Investments in joint ventures (2.50) (0.01)
Loans to subsidiary companies - (0.07)
Investment in other companies (41.63) -
Repayment of loans to others - 0.75
(Increase)/Decrease in short term inter corporate deposit 60.00 20.00
Repayment of loans to joint operations - 132.50
Deposits with financial institution - (35.00)
Deposits/restricted deposits with banks (768.67) (114.72)
Realisation of deposits/restricted deposits with banks 657.71 379.00
Interest received 399.34 258.87
Dividend received 1,054.69 672.65
Net cash used in investing activities (710.27) (2,859.00)

Cash flows from financing activities

Proceeds from issue of shares held in abeyance 0.00* 4.55
Proceeds from long-term borrowings 1,621.80 4,070.52
Repayment of long-term borrowings (587.10) (2,596.22)
Proceeds from short-term borrowings 3,644.70 6,616.67
Repayment of short-term borrowings (6,823.28) (3,298.44)
Net change in other short-term borrowings (with maturity up to three months) 1,139.44 (1,578.83)
Dividend paid (including dividend distribution tax) (2.75) (73.00)
Interest paid [including discounting charges paid, ` 478.28 crores (March 31, 2017 ` 249.06 crores)] (2,098.44) (1,936.45)
Net cash (used in) / from financing activities (3,105.63) 1,208.80
Net increase /(decrease) cash and cash equivalents 318.04 (196.75)
Cash and cash equivalents as at April 1, (opening balance) 228.94 427.07
Exchange fluctuation on foreign currency bank balances (0.16) (1.38)
Cash and cash equivalents as at March 31, (closing balance) 546.82 228.94
Non-cash transactions:
Liability towards property, plant and equipment and other intangible assets purchased on credit/deferred credit 258.04 327.82
Increase / (decrease) in liabilities arising from financing activities on account of non-cash transactions :
Exchange differences 25.66 (124.06)
Amortisation / EIR adjustments of prepaid borrowings 13.73 13.90
* less than ` 50,000/-

As per our report of even date attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] N MUNJEE [DIN:00010180] GUENTER BUTSCHEK [DIN: 07427375]
Chartered Accountants Chairman CEO and Managing Director
Firm’s Registration No: 101248W/W-100022 V K JAIRATH [DIN:00391684] S B BORWANKAR [DIN: 01793948]
F S NAYAR [DIN:00003633] ED and Chief Operating Officer
P B BALAJI
YEZDI NAGPOREWALLA O P BHATT [DIN:00548091] Group Chief Financial Officer
Partner
H K SETHNA [FCS: 3507]
Membership No. 049265 R SPETH [DIN:03318908]
Company Secretary
Mumbai, May 23, 2018
Directors Mumbai, May 23, 2018

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