Stand_CashFlow_rev

Statement Of Cash Flows

(₹ In Crore)

Particulars

For the year ended 31 March

2026

2025

      

I.

Operating activities

Profit before tax

13,071.59

11,051.89

Adjustments to reconcile profit before tax to net cash flows:

Add:

i)

Depreciation and amortisation expense

448.21

400.09

ii)

Loss on property, plant and equipment sold, demolished, discarded and scrapped

3.28

2.28

iii)

Provision for doubtful debts and advances

3.97

(4.92)

iv)

Bad debts written off

0.11

6.82

v)

Share based payment to employees

70.60

64.87

vi)

Exchange loss/(gain) on cash and cash equivalents

0.88

6.71

vii)

Exchange loss/(gain) on trade receivables

(41.92)

0.07

viii)

Exchange loss/(gain) on import payables

3.30

0.51

ix)

Exchange loss/(gain) on borrowings

–

16.44

x)

Exchange loss/(gain) on loans given

(252.35)

(16.02)

xi)

Loss/(gain) on fair valuation of derivative instrument

10.49

–

xii)

Interest adjustment on Government grant

1.99

1.79

xiii)

Interest income on Income-tax refund

(33.92)

–

xiv)

Interest expense

33.94

65.93

248.58

544.57

Less:

i)

Investment income included in above:

Interest income on fixed income securities

166.53

123.81

Interest income on fixed deposits

55.91

87.29

Interest income on loans

105.50

7.64

Interest income on exchange traded funds

432.53

436.49

Interest income on fixed maturity plans

52.77

49.55

Profit/(loss) on sale of other investments, net

12.79

31.05

Gain on valuation and realisation of mutual funds measured at fair value through profit or loss

484.34

633.28

Dividend income on other strategic investments

32.55

30.10

Amortisation of premium/discount on acquisition of fixed income securities

(6.16)

1.35

1,336.76

1,400.56

    

ii)

Government grants

2.65

2.65

iii)

Surplus on sale of property, plant and equipment

4.08

3.23

iv)

Gain on NPV settlement of deferred sales tax

34.53

–

(1,378.02)

(1,406.44)

11,942.15

10,190.02

Change in assets and liabilities

i)

(Increase)/decrease in inventories

(395.80)

(262.28)

ii)

(Increase)/decrease in trade receivables

(391.72)

(162.21)

iii)

(Increase)/decrease in loans and other assets

(736.53)

(867.26)

iv)

Increase/(decrease) in liabilities and provisions

1,628.81

1,048.93

104.76

(242.82)

Annuity payments (net) to VRS/Welfare scheme optees

(0.09)

(0.12)

Net cash flow from operating activities before income-tax

12,046.82

9,947.08

Income-tax paid (net of refunds)

(3,085.58)

(2,680.35)

Net cash flow from/(used in) operating activities

8,961.24

7,266.73

     

II.

Investing activities

i)

Investment in subsidiaries

(1,501.93)

(2,113.53)

ii)

Sale of investments

7,781.31

2,387.57

iii)

Purchase of investments

(8,848.93)

(4,047.32)

iv)

Sale/(purchase) of liquid mutual funds, etc., net

535.38

1,279.91

v)

Addition to investment property

(1.66)

–

vi)

Changes in treasury shares by ESOP trust

(39.00)

51.01

vii)

(Increase)/decrease in other bank balances

(15.32)

22.88

viii)

Deposits with Banks placed

–

(750.00)

ix)

Deposits with Banks redeemed

750.00

1,041.50

x)

Purchase of property, plant and equipment (including advances)

(430.38)

(725.31)

xi)

Sale proceeds of property plant and equipment

10.24

6.38

xii)

Loans given

(323.54)

(1,064.41)

xiii)

Expenditure on intangible assets (including under development)

(70.71)

(2.80)

(2,154.54)

(3,914.12)

xiv)

Investment income

Interest income on fixed income securities

166.53

123.81

Interest income on fixed deposits

55.91

87.29

Interest income on loans

105.50

7.64

Dividend income on other strategic investments

32.55

30.10

360.49

248.84

    

(Increase)/decrease in interest receivable

(142.32)

24.30

218.17

273.14

      

Net cash flow from/(used in) investing activities

(1,936.37)

(3,640.98)

    

III.

Financing activities

i)

Short term bank loan taken/(repaid)

(800.00)

(50.49)

ii)

Interest expense

(33.94)

(65.93)

iii)

Equity share buy-back (including tax and expenses)

–

(931.84)

iv)

Change in sales tax deferral liability

(0.02)

0.01

v)

Repayment of deferred sales tax liability (NPV basis)

(21.79)

–

vi)

Issue of capital (including securities premium)

93.48

29.34

vii)

Dividend paid (including payment of earlier unclaimed dividend)

(5,854.58)

(2,235.32)

     

Net cash flow from/(used in) financing activities

(6,616.85)

(3,254.23)

     

Net change in cash and cash equivalents

408.02

371.52

     

Cash and cash equivalents at the beginning of the year

813.42

448.61

Add/(Less): Effects of exchange (loss)/gain on cash and cash equivalents

(0.88)

(6.71)

Cash and cash equivalents at the end of the year [See note 11]

1,220.56

813.42

     

Change in liability arising from financing activity:

At the beginning of the year

800.00

834.05

Changes from financing cash flows

(800.00)

(50.49)

Foreign exchange movement

–

16.44

As at the end of the year

–

800.00

        

The accompanying notes are an integral part of the standalone financial statements.

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: 06 May 2026

Rajiv Gandhi

Company Secretary

Anami N. Roy

Chairman – Audit Committee

(DIN: 01361110)