Integrated Annual Report 2025-26 394 Consolidated Statement of Cash Flows | for the year ended 31st March, 2026 Rupees crores 2026 2025 A. CASH FLOW FROM OPERATING ACTIVITIES: Profit Before exceptional items, share of profit of associates and joint ventures and tax.......................................................... 23,512.79 17,542.20 Adjustments for: Depreciation, amortisation and impairment expense.......................................................................................................................................... 7,322.02 6,073.65 Loss/(Gain) on foreign exchange fluctuation and other adjustments (net)......................................................................................... 584.98 44.60 (Gain)/Loss on fair valuation of compulsorily convertible preference shares.................................................................................... (83.64) (18.18) Income from investments related to subsidiaries, associates and joint ventures........................................................................... (845.77) (461.07) Loss from investments related to subsidiaries, associates and joint ventures................................................................................. 581.54 30.84 Dividend on investments and interest income [excluding Rs. 18,848.53 crores (2025 : Rs. 16,886.59 crores) in respect of financial services business]..................................................................................................................................................................... (1,771.44) (1,242.50) Finance costs [excluding Rs. 8,919.26 crores (2025 : Rs. 8,401.88 crores) in respect of financial services business] 671.59 681.51 Equity-settled share-based payment expenses....................................................................................................................................................... 342.88 120.15 Gain on financial instruments measured at fair value (net)........................................................................................................................... (1,304.82) (388.15) Gain on property, plant and equipment sold / scrapped / written off (net)....................................................................................... (71.66) (333.21) 5,425.68 4,507.64 Operating profit before working capital changes........................................................................................................................................................ 28,938.47 22,049.84 Changes in: Trade and other receivables (3,515.76) (3,781.89) Financial services receivable (15,670.22) (17,170.29) Inventories (592.90) (1,646.35) Trade and other payables and provisions 8,763.19 8,485.19 (11,015.69) (14,113.34) Cash generated from operations............................................................................................................................................................................................. 17,922.78 7,936.50 Income taxes paid (net) ................................................................................................................................................................................................................ (6,265.42) (4,760.69) Net cash flow from operating activities...................................................................................................................................................................... 11,657.36 3,175.81 B. CASH FLOW FROM INVESTING ACTIVITIES: Payment to acquire property, plant & equipment and other intangible assets.................................................................................... (9,605.45) (10,391.95) Proceeds from sale of property, plant & equipment and other intangible assets.............................................................................. 493.43 582.96 Payment to acquire investments............................................................................................................................................................................................ (141,517.66) (90,594.98) Proceeds from sale of investments...................................................................................................................................................................................... 144,887.23 85,257.15 Interest received (excluding financial services business)....................................................................................................................................... 1,559.15 883.90 Dividends received from joint ventures and associates.......................................................................................................................................... 1,278.48 1,364.65 Dividends received from others............................................................................................................................................................................................... 8.99 9.55 Proceeds from capital reduction/ buy back of shares by joint venture...................................................................................................... — 59.71 Bank deposits placed (including earmarked and margin account with banks)...................................................................................... (30,981.40) (15,159.50) Bank deposits matured (including earmarked and margin account with banks).................................................................................. 15,869.93 9,074.76 Inter corporate deposits placed............................................................................................................................................................................................... (609.39) (471.00) Inter corporate deposits refunded......................................................................................................................................................................................... 296.30 227.00 Purchase of investment in joint ventures and associates..................................................................................................................................... (784.72) (29.10) Purchase consideration paid for acquisition of subsidiaries net of cash acquired.............................................................................. (885.43) — Consideration received on disposal of subsidiaries..................................................................................................................................................... 624.68 — Consideration received on disposal (including partial sale of investment) of associates and joint ventures.................. 1,658.47 560.74 Net cash flow used in investing activities................................................................................................................................................................. (17,707.39) (18,626.11)
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