Cash Flow Statement for the year ended 31st March, 2014

Rs. crores  
                    PreviousYear  
A. Cash Flow from Operating Activities:          
  Profit before tax   9,713.50     7,836.60
  Adjustments for:          
  Depreciation and amortisation expense 1,928.70     1,640.38  
  Impairment of fixed assets 0.33     4.01  
  (Profit)/Loss on assets sold/discarded 48.61     3.00  
  Provision for diminution in the value of investments 141.76     90.13  
  Provision for doubtful advances in the nature of loans 56.69     610.63  
  Profit on sale of non-current investments (24.78)     (12.33)  
  (Gain)/Loss on cancellation of forwards, swaps and options 18.01     127.93  
  Interest and income from current investments (348.46)     (330.62)  
  Income from non-current investments (481.02)     (702.35)  
  Finance costs 1,820.58     1,876.77  
  Provision for wealth tax 2.00     2.00  
  Exchange (gain)/loss on revaluation of foreign currency loans and swaps 360.51     440.75  
    3,522.93     3,750.30
  Operating Profit before Working Capital Changes   13,236.43     11,586.90
    Adjustments for:          
    Trade and other receivables 752.32     873.33  
    Inventories (749.87)     (398.95)  
    Trade payables and other liabilities 1,641.16     987.33  
        1,643.61     1,461.71
  Cash Generated from Operations   14,880.04     13,048.61
    Direct tax paid   (2,447.24)     (1,979.94)
  Net Cash Flow from/(used in) Operating Activities   12,432.80     11,068.67
           
B. Cash Flow from Investing Activities:          
    Purchase of fixed assets(1) (9,549.13)     (7,508.55)  
    Sale of fixed assets 24.50     14.51  
    Advance received against sale of asset 135.50     -  
    Purchase of investments in subsidiaries(2) (94.35)     (2,123.81)  
    Purchase of other non-current investments (451.37)     (255.41)  
    Sale of non-current investments 1,241.52     0.87  
    Sale/Redemption of investments in subsidiaries 54.95     231.32  
    (Purchase)/Sale of current investments (net) (1,697.44)     991.70  
    Inter-corporate deposits/Shareholders' loan given (131.40)     (127.30)  
    Repayment of inter-corporate deposits/shareholders' loan 45.00     50.00  
    Interest received 93.02     59.09  
    Dividend received 491.78     145.18  
           
  Net Cash Flow from/(used in) Investing Activities   (9,837.42)     (8,522.40)
           
C. Cash Flow from Financing Activities:          
  Issue of Equity Shares 0.01     0.02  
  Capital contributions received 2.74     5.58  
  Proceeds from borrowings 5,325.46     6,087.61  
  Repayment of borrowings (6,469.94)     (7,181.00)  
  Amount received/(paid) on cancellation of forwards, swaps and options (18.04)     (122.81)  
  Expenses (incurred)/reimbursed on issue of equity instruments 3.87     2.40  
  Distribution on Hybrid Perpetual Securities (266.13)     (265.76)  
  Interest paid(1 (1,503.41)     (1,456.42)  
  Dividend paid (776.97)     (1,165.46)  
  Tax on dividend paid (123.57)     (185.75)  
  Net Cash Flow from/(used in) Financing Activities   (3,825.98)     (4,281.59)
  Net increase/(decrease) in Cash and Cash Equivalents   (1,230.60)     (1,735.32)
  Opening Cash and Cash Equivalents   2,139.93(3)     3,874.78
  [Note 19, Page 163]          
  Closing Cash and Cash Equivalents   909.33     2,139.46
  [Note 19, Page 163]          

Additional information:

  1. Interest paid is exclusive of and purchase of fixed assets is inclusive of interest capitalised Rs.310.66 crores (2012-13: Rs.174.13 crores).
  2. Investment in subsidiaries represents the portion of purchase consideration discharged in cash during the year and includes application money on investments Rs.4.85 crores (2012-13: Rs.1,318.15 crores).
  3. Includes Rs.0.47 crore of Kalimati Investment Company Limited on amalgamation with Tata Steel Limited.
  4. Previous year figures have been recast/restated where necessary.
 
In terms of our report attached   For and on behalf of the Board  
For DELOITTE HASKINS & SELLS LLP   CYRUS P MISTRY Chairman
Chartered Accountants,   B MUTHURAMAN Vice Chairman
    NUSLI N WADIA  
    ISHAAT HUSSAIN  
    SUBODH BHARGAVA  
N VENKATRAM   JACOBUS SCHRAVEN Directors
Partner   ANDREW ROBB  
    MALLIKA SRINIVASAN  
    D K MEHROTRA  
    O P BHATT  
    KARL-ULRICH KOEHLER  
    KOUSHIK CHATTERJEE Group Executive Director
  A ANJENEYAN   (Finance & Corporate)
Mumbai, 14th May, 2014 Company Secretary T V NARENDRAN Managing Director