MAHINDRA & MAHINDRA LTD. Consolidated Accounts 363 Rupees crores 2025 2024 Changes in earmarked and margin account with banks (net)............................................................................................................................ 20.83 10.23 Inter corporate deposits placed............................................................................................................................................................................................... (471.00) (410.08) Inter corporate deposits refunded......................................................................................................................................................................................... 227.00 895.55 Purchase of investment in joint ventures and associates..................................................................................................................................... (29.10) (248.84) Purchase consideration paid for acquisition of subsidiaries net of cash acquired.............................................................................. — (52.87) Consideration received on disposal of subsidiaries..................................................................................................................................................... — 20.24 Consideration received on disposal (including partial sale of investment) of associates and joint ventures ................. 560.74 995.78 Net cash flow used in investing activities......................................................................................................................................... (18,626.11) (5,597.77) C. CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from issue of shares to employees by ESOP trust............................................................................................................................. 0.73 0.51 Proceeds from borrowings ......................................................................................................................................................................................................... 82,589.64 61,307.84 Repayments of borrowings ........................................................................................................................................................................................................ (64,227.06) (46,443.19) Net change in loans repayable on demand and cash credit .............................................................................................................................. (462.16) (362.03) Proceeds from issue of compulsorily convertible preference shares ......................................................................................................... 2,050.00 1,600.00 Repayment of lease liabilities (including interest) .................................................................................................................................................... (887.11) (785.50) Dividends paid (including payment of unclaimed dividends) .............................................................................................................................. (2,348.55) (1,810.54) Dividend paid to non-controlling interests ..................................................................................................................................................................... (457.88) (436.46) Transactions with non-controlling interests .................................................................................................................................................................. 12.47 (192.35) Interest, commitment and finance charges paid (excluding financial services business) .............................................................. (435.97) (596.87) Net cash flow from financing activities ..................................................................................................................................................................... 15,834.11 12,281.41 NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) .................................................................................................................... 383.81 1,053.69 Cash and cash equivalents at the beginning of the year............................................................................................................................ 4,530.10 3,493.41 Cash and cash equivalents related to disposal of subsidiaries.......................................................................................................................... — (4.97) Unrealised gain/(loss) on foreign currency cash and cash equivalents (net).......................................................................................... 9.98 (12.03) Cash and cash equivalents at the end of the year (Refer note 16).................................................................................................. 4,923.89 4,530.10 Notes to the Consolidated Statement of Cash Flows for the year ended 31st March, 2025. The above Consolidated Statement of Cash Flows has been prepared under the ‘indirect method’ as set out in Ind AS 7-Statement of Cash Flows. The accompanying notes 1 to 49 are an integral part of the Consolidated Financial Statements. Consolidated Statement of Cash Flows | for the year ended 31st March, 2025 (Continued) Directors: T. N. Manoharan Shikha Sharma Nisaba Godrej Muthiah Murugappan Padmasree Warrior Ranjan Pant Sat Pal Bhanoo (DIN - 01186248) (DIN - 00043265) (DIN - 00591503) (DIN - 07858587) (DIN - 10387032) (DIN - 00005410) (DIN - 10482731) 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, 5th May, 2025 Anand G. Mahindra Chairman (DIN - 00004695) Anish Shah Group CEO and Managing Director (DIN - 02719429) Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sector) (DIN - 00046823) Amarjyoti Barua Group Chief Financial Officer Divya Mascarenhas Interim Company Secretary (FCS No.10249) Mumbai, 5th May, 2025 For Mahindra & Mahindra Limited
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