MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

319 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Rupees crores 2023 2022 Inter corporate deposits refunded......................................................................................................................................................................................... 893.92 266.50 Purchase of investment in joint ventures and associates (including share application money)................................................ (62.05) (222.38) Purchase consideration paid on acquisition of subsidiaries net of cash acquired............................................................................... (586.58) (41.83) Consideration received on disposal of subsidiaries..................................................................................................................................................... 740.28 5.72 Consideration received on disposal (including partial sale of investment) of associates and joint ventures.................. 1,052.00 556.53 Net cash used in investing activities .............................................................................................................................................................................. (8,547.26) (3,225.82) C. CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from issue of shares to employees by ESOP trust............................................................................................................................. 0.53 0.92 Proceeds from borrowings........................................................................................................................................................................................................... 55,622.41 53,879.94 Repayments of borrowings.......................................................................................................................................................................................................... (37,572.29) (56,937.78) Net change in loans repayable on demand and cash credit................................................................................................................................ 516.71 (285.21) Proceeds from issue of Compulsorily Convertible Preference Shares......................................................................................................... 400.00 — Repayment of lease liabilities.................................................................................................................................................................................................... (750.78) (583.23) Dividends paid....................................................................................................................................................................................................................................... (1,284.75) (980.44) Dividend paid to non-controlling interests....................................................................................................................................................................... (237.38) (57.02) Transactions with non-controlling interest....................................................................................................................................................................... (13.94) (240.28) Interest, commitment and finance charges paid (excluding financial services business)................................................................ (734.40) (679.50) Net cash from /(used in) financing activities .......................................................................................................................................................... 15,946.11 (5,882.60) Net increase in cash and cash equivalents ............................................................................................................................................................... 324.83 139.13 Cash and cash equivalents at the beginning of the year...................................................................................................................................... 3,487.59 3,374.59 Cash and cash equivalents related to disposal of subsidiaries.......................................................................................................................... (352.87) (13.36) Unrealised gain /(loss) on foreign currency cash and cash equivalents (net)........................................................................................ 33.86 (12.77) Cash and cash equivalents at the end of the year (Refer note 16) .................................................................................................. 3,493.41 3,487.59 Notes to the Consolidated Cash Flow Statement for the year ended 31 st March, 2023. The above Cash Flow Statement has been prepared under the ‘indirect method’ as set out in Ind AS 7 - Statement of Cash Flow. The accompanying notes 1 to 49 are an integral part of the Consolidated Financial Statements Consolidated Cash Flow Statement | for the year ended 31 st March, 2023 (contd.) Directors: Vikram Singh Mehta Vishakha N. Desai T. N. Manoharan Haigreve Khaitan Shikha Sharma Nisaba Godrej Muthiah Murugappan Vijay Kumar Sharma CP Gurnani (DIN - 00041197) (DIN - 05292671) (DIN - 01186248) (DIN - 00005290) (DIN - 00043265) (DIN - 00591503) (DIN - 07858587) (DIN - 02449088) (DIN - 00018234) In terms of our report attached. For B S R & Co. LLP Chartered Accountants Firm’s Registration No : 101248W/W-100022 Venkataramanan Vishwanath Partner Membership No : 113156 Mumbai, 26 th May, 2023 Anand G. Mahindra Chairman (DIN - 00004695) Anish Shah Managing Director and CEO (DIN - 02719429) Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sector) (DIN - 00046823) Manoj Bhat Group Chief Financial Officer Narayan Shankar Company Secretary (ACS No. 8666) Mumbai, 26 th May, 2023 For Mahindra & Mahindra Limited