Consolidated Cash Flow Statement for the Year Ended 31 March 2011 A. Cash Flow from Operating Activities Net profit before tax Adjustment for: Depreciation Exchange difference on translation of foreign currency accounts Dividend received from non trade investments Interest on fixed deposits Loss / (profit) on sale of investments Amortisation of employees compensation expenses Profit/(loss) on sale of fixed assets (net) Advances and other current assets written off Provision for doubtful debts / advances Operating profit before working capital changes Decrease / (increase) in debtors Decrease / (increase) in loans and advances Decrease / (increase) in other current assets (Decrease) / increase in current liabilities
Year ended 31 March 2011
(Amount in `) Year ended 31 March 2010
298,651,529
443,381,696
92,806,435 8,191,442 (61,325,014) (25,965,711) 27,625 (1,973,593) 229,281 8,031,279 40,236,812 358,910,085 216,331,730 2,031,354 (62,912,150) (62,653,603) 451,707,416 (134,348,163) 317,359,253
113,346,204 14,401,934 (17,139,311) (51,763,376) (9,264) (4,160,326) (2,233,965) 245,787 15,202,481 511,271,860 196,408,465 (18,736,668) (37,923,417) (91,845,069) 559,175,171 (104,204,199) (472,156) 454,498,816
Direct taxes paid Fringe benefit tax paid Net cash from operating activities (A) B. Cash Flow from Investing Activities Purchase of fixed assets/capital work in progress (45,540,104) (24,457,830) Sale of fixed assets 592,508 4,810,649 Purchase of current investments (5,340,842,827) (2,532,727,268) Proceeds on sale of current investments 5,039,722,690 1,736,659,362 Interest on fixed deposits 27,825,639 64,111,149 Tax paid (8,759,536) (17,449,748) Dividend received from non trade investments 61,325,014 17,139,311 Net cash from/ (used in) investing activities (B) (265,676,616) (751,914,375) C. Cash Flow from Financing Activities Dividend paid (including corporate dividend tax thereon) (102,554,724) (94,678,500) Advance pursuant to employee stock option scheme 885,600 400,000 Net cash used in financing activities (C) (101,669,124) (94,278,500) Net (decrease) / increase in cash and cash equivalents (A+B+C) (49,986,487) (391,694,059) Opening cash and cash equivalents 667,453,589 1,061,360,509 Effect of exchange rate change (2,212,861) Closing cash and cash equivalents (See note 2) 617,467,102 667,453,589 Notes: 1. The above cash flow statement has been prepared in accordance with the ‘Indirect method’ as set out in the Accounting Standard - 3 on Cash Flow Statements’ prescribed under Companies (Accounting Standard) Rules, 2006. 2. Cash and cash equivalents consist of cash in hand, remittance in transit, balances in current accounts and fixed deposits with scheduled banks/non scheduled banks. In terms of our report attached For DELOITTE HASKINS & SELLS Chartered Accountants (Registration No. 015125N)
For and on behalf of the Board of Directors
Sd/- Sd/- Sd/Jitendra Agarwal Janki Ballabh Vishnu R Dusad Partner Chairman Managing Director (Membership No. 87104) Sd/- Sd/Gurgaon Noida (U.P.) Pramod K Sanghi Poonam Bhasin May 1, 2011 May 1, 2011 Chief Financial Officer Company Secretary
128 | Annual Report 2011