Consolidated Statement of Cash Flows

Con_CashFlows_Revised

Consolidated Statement Of Cash Flows
(₹ In Crore)
Particulars				For the year ended 31 March
Particulars				2025		2024

I.	Operating activities
		Profit before tax			10,223.53		10,040.04
		Adjustments to reconcile profit before tax to net cash flows:
		Add:
		i)	Depreciation and amortisation	414.23		364.77
		ii)	Loss on property, plant and equipment sold, demolished, discarded and scrapped	2.35		3.12
		iii)	Provision/Impairment for doubtful debts and advances/loans	142.42		(19.75)
		iv)	Bad debts written off	6.82		14.89
		v)	Share based payment to employees	67.32		40.53
		vi)	Exchange loss/(gain) on cash and cash equivalents	6.71		(0.19)
		vii)	Exchange loss/(gain) on trade receivables	0.07		(6.17)
		viii)	Exchange loss/(gain) on import payables	0.51		–
		ix)	Exchange loss/(gain) on borrowings	16.44		1.35
		x)	Interest adjustment on Government grant	1.79		1.60
		xi)	Interest expense (excluding financial services business)	66.30		52.13
					724.96		452.28
		Less:
		i)	Investment income included in above:
			Interest income on fixed income securities	123.81		195.55
			Interest income on fixed deposits	124.78		162.53
			Interest income on loans	8.38		–
			Interest income on exchange traded funds	436.49		443.19
			Interest income on fixed maturity plans	49.55		46.90
			Profit/(loss) on sale of other investments, net	31.05		(16.61)
			Gain on valuation and realisation of mutual funds measured at fair value through profit or loss	648.28		448.55
			Dividend income on other strategic investments	30.10		43.05
			Amortisation of premium/discount on acquisition of fixed income securities	1.35		96.50
				1,453.79		1,419.66
		ii)	Share of profits/(loss) of associate	(915.48)		267.59
		iii)	Government grants	2.65		2.65
		iv)	Surplus on sale of property, plant and equipment	3.23		5.87
					(544.19)		(1,695.77)
					10,404.30		8,796.55
		Change in assets and liabilities
		i)	(Increase)/decrease in inventories	(388.61)		(125.20)
		ii)	(Increase)/decrease in trade receivables	(51.64)		(308.01)
		iii)	(Increase)/decrease in loans and other assets	(9,848.16)		(1,210.99)
		iv)	Increase/(decrease) in liabilities and provisions	1,228.70		1,786.06
					(9,059.71)		141.86
		Annuity payments (net) to VRS/Welfare scheme optees			(0.12)		0.01
		Net cash flow from operating activities before income tax			1,344.47		8,938.42
			Income tax paid		(2,750.04)		(2,386.89)
		Net cash flow from/(used in) operating activities			(1,405.57)		6,551.53

II.	Investing activities
	i)	Sale of investments		9,803.85		12,911.48
	ii)	Purchase of investments		(11,896.59)		(10,546.72)
	iii)	Sale/(purchase) of liquid mutual funds, etc., net		1,425.49		(2,091.31)
	iv)	Changes in treasury shares by ESOP trust		51.01		(25.76)
	v)	(Increase)/decrease in other bank balances		22.88		53.99
	vi)	Deposits with Banks placed		(2,808.72)		(4,727.45)
	vii)	Deposits with Banks redeemed		3,424.53		4,336.95
	viii)	Purchase of property, plant and equipment (including advances)		(813.54)		(706.45)
	ix)	Sale proceeds of property plant and equipment		6.38		12.15
	x)	Loans given		(518.68)		–
	xi)	Expenditure on intangible assets (including under development)		(60.30)		(16.39)
				(1,363.69)		(799.51)
	xii)	Investment income
		Interest income on fixed income securities		123.81		195.55
		Interest income on fixed deposits		124.78		162.53
		Interest income on loans		8.38		–
		Dividend income on other strategic investments		30.10		43.05
				287.07		401.13
		(Increase)/decrease in interest receivable		20.35		54.65
				307.42		455.78

		Net cash flow from/(used in) investing activities			(1,056.27)		(343.73)

III.	Financing activities
	i)	Interest expense (excluding financial services business)		(66.30)		(52.13)
	ii)	Change in sales tax deferral liability		0.01		–
	iii)	Proceeds from borrowings		8,945.14		1,784.55
	iv)	Repayment from borrowings		(1,510.96)		–
	v)	Equity share buy-back (incl. tax and expenses)		(931.84)		(4,017.18)
	vi)	Issue of capital (including securities premium)		29.34		86.53
	vii)	Transaction costs on issue of shares		–		(2.30)
	viii)	Dividend paid (including payment of unclaimed dividend)		(2,235.32)		(3,960.20)

	Net cash flow from/(used in) financing activities				4,230.07		(6,160.73)

IV.	Change in foreign currency translation arising on consolidation				9.56		271.57

	Net change in cash and cash equivalents				1,777.79		318.64

		Cash and cash equivalents at the beginning of the year			560.45		241.62
		Add/(Less): Effects of exchange (loss)/gain on cash and cash equivalents			(6.71)		0.19
		Cash and cash equivalents at the end of the year [See note 11]			2,331.53		560.45

Change in liability arising from financing activity:
	At the beginning of the year				1,785.90		–
	Changes from financing cash flows				7,434.18		1,784.55
	Foreign exchange movement				16.44		1.35
	As at the end of the year				9,236.52		1,785.90

		On behalf of the Board of Directors
As per our report of even date
For S R B C & CO LLP Chartered Accountants ICAI Firm Registration Number: 324982E/E300003		Niraj Bajaj Chairman (DIN: 00028261)
	Dinesh Thapar Chief Financial Officer	Rajiv Bajaj Managing Director (DIN: 00018262)
per Paul Alvares Partner Membership Number: 105754 Pune: 29 May 2025	Rajiv Gandhi Company Secretary	Anami N. Roy Chairman – Audit Committee (DIN: 01361110)