CONSOLIDATED STATEMENT OF CASH FLOWS

(` crore)
		Year ended March 31, 2019	Year ended March 31, 2018
A.	Cash flows from operating activities:
	Profit before taxes	15,807.12	21,168.20
	Adjustments for:
	Depreciation and amortisation expense	7,579.32	5,961.66
	Dividend income	(26.19)	(68.25)
	(Gain)/loss on sale of property, plant and equipment including intangible assets (net of loss on assets sold/scrapped/written off)	(266.40)	49.29
	Exceptional (Income)/Expenses	136.26	(9,599.12)
	(Gain)/loss on cancellation of forwards, swaps and options	(36.95)	79.33
	Interest income and income from current investments	(1,037.89)	(929.15)
	Finance costs	7,741.88	5,501.79
	Exchange (gain)/loss on revaluation of foreign currency loans and swaps	(1,150.77)	(1,376.77)
	Share of profit or loss of joint ventures and associates	(174.10)	(7.65)
	(Profit)/loss on disposal of discontinued operation	(222.27)	(174.10)
	(Profit)/loss on disposal of discontinued operation	-	(5.15)
	Other non cash items	(684.45)	(420.59)
		12,032.54	(981.06)
	Operating profit before changes in current/non current assets and liabilities	27,839.66	20,187.14
	Adjustments for:
	Non-current/current financial and other assets	(114.54)	(208.94)
	Inventories	(1,068.71)	(1,595.43)
	Non-current/current financial and other liabilities/provisions	3,773.76	(7,471.16)
		2,590.51	(9,275.53)
	Cash generated from operations	30,430.17	10,911.61
	Income taxes paid	(5,094.22)	(2,888.22)
	Net cash from/(used in) operating activities	25,335.95	8,023.39
B.	Cash flows from investing activities:
	Purchase of capital assets	(9,091.00)	(7,478.50)
	Sale of capital assets	466.69	179.05
	Purchase of non-current investments	(489.96)	(85.67)
	Sale of non-current investments	462.50	3,898.74
	(Purchase)/sale of current investments (net)	13,093.07	(8,555.08))
	Loans given	(242.47)	(46.22)
	Repayments of loans given	260.86	2.56
	Fixed/Restricted deposits with banks (placed)/realised	418.32	(85.33)
	Interest received	175.43	254.50
	Dividend received from associates and joint ventures	114.15	69.17
	Dividend received from others	34.19	41.93
	Acquisition of subsidiaries/undertakings	(35,282.46)	(255.00)
	Sale of subsidiaries/undertakings(i)	178.86	34.22
	Net cash from/(used in) investing activities	(29,901.82)	(12,025.63)
C.	Cash flows from financing activities:
	Proceeds from issue of equity shares (net of issue expenses(ii))	(6.03)	9,087.23
	Proceeds from borrowings	42,763.90	24,161.36
	Repayment of borrowings	(34,246.39)	(19,724.98)
	Repayment of finance lease obligations	(276.33)	(211.15)
	Amount received/(paid) on utilisation/cancellation of derivatives	(66.64)	(79.86)
	Distribution on hybrid perpetual securities	(265.39)	(267.10)
	Interest paid	(7,151.93)	(5,145.57)
	Dividend paid	(1,186.20)	(982.35)
	Tax on dividend paid	(237.69)	(197.64)
	Net cash from/(used in) financing activities	(672.70)	6,639.94
	Net increase /(decrease) in cash or cash equivalents	(5,238.57)	2,637.70
	Opening cash and cash equivalents (refer note16, page 350)(iii)	8,179.62	4,850.48
	Effect of exchange rate on translation of foreign currency cash and cash equivalents	34.48	295.32
	Closing cash and cash Equivalents (Refer Note 16, Page 350)	2,975.53	7,783.50

(i) Includes ₹91.62 crore (2017-18: Nil) received in respect of deferred consideration on disposal of a subsidiary during the year ended March 31, 2018.

(ii) During the year ended March 31, 2018, expenses incurred in connection with Rights Issue, 2018 was partly paid by the Company and was pending adjustment against actual utilisation from the issue proceeds. The same has been fully utilised during the year.

(iii) Includes `713.59 crore (2017-18: `18.19 crore) in respect of a subsidiary acquired during the year and excludes `317.47 crore (2017-18: Nil) in respect of subsidiaries disposed off/classified as held for sale.

iv) Significant non-cash movements in borrowings during the year include:

(a) addition on account of subsidiaries acquired during the year `986.65 crore (2017-18: `719.37 crore) and reduction on account of subsidiaries disposed off/classified as held for sale `758.50 crore (2017-18: Nil).
(b) exchange gain (including translation)₹344.86 crore (2017-18: loss `3,571.86 crore).
(c) amortisation/effective interest rate adjustments of upfront fees `626.30 crore (2017-18: `456.16 crore
(d) adjustment to finance lease obligations, decrease `26.35 crore (2017-18: increase `167.65 crore). )

D. Notes forming part of the consolidated financial statements

Note 1-53

Mumbai, April 25, 2019