CASH FLOW STATEMENT for the year ended 31st March, 2016

(₹ crore)

	Year ended 31st March, 2016		Year ended 31st March, 2015
A. Cash Flow from OperatingActivities:
Profit/(Loss) before tax		6,126.52		8,508.89
Adjustments for:
Depreciation and amortisation expense	1,933.11		1,997.59
Impairment of fixed assets	–		51.50
Income from other non-current investments	(107.08)		(119.60)
(Profit)/Loss on assets sold/discarded/written off	2.11		(0.97)
Provision for diminution in value of investments	–		0.01
Profit on sale of non-current investments	(3,507.52)		(1.70)
Exceptional (Income) / Expenses	1,582.55		(1,890.85)
(Gain)/Loss on cancellation of forwards, swaps and options	1.21		77.41
Interest and other income from current investments and guarantees	(266.51)		(489.13)
Finance costs	1,460.27		1,975.95
Provision for wealth tax	–		2.00
Exchange (gain) / loss on revaluation of foreign currency loans and swaps	5.59		546.83
		1,103.73		2,149.04
Operating Profit before Working.Capital Changes		7,230.25		10,657.93
Adjustments for:
Trade and other receivables	37.97		(1,250.50)
Inventories	959.70		(1,994.28)
Tradepayables and other liabilities	583.86		(507.98)
		1,581.53		(3,752.76)
Cash Generated from Operations		8,811.78		6,905.17
Direct taxpaid		(1,244.10)		(2,053.28)
Net Cash Flow from/(used in) OperatingActivities		7,567.68		4,851.89

B. Cash Flow from Investing Activities:
Purchase of fixed assets⁽¹⁾	(5,828.05)		(6,922.58)
Sale of fixed assets	30.20		1,050.12
Advance received against sale of asset	1.93		0.35
Purchase of other non-current investments	(423.38)		(224.81)
Purchase of investments in subsidiaries	(171.28)		(80.53)
Sale of Investments in Subsidiaries	0.06		66.63
Sale of other non-current investments	3,980.35		1,235.76
(Purchase) / Sale of current investments (net)	(3,139.69)		1,749.97
Inter-corporate deposits given	(44.69)		(2.00)
Repayment of inter-corporate deposits	62.92		476.91
Fixed/Restricted deposits with banks (placed)/realised	(1.98)		(10.65)
Interest received	21.31		155.74
Dividend received	107.08		122.99
Net Cash Flow from/(used in) Investing Activities		(5,405.22)		(2,382.10)

C. Cash Flow from Financing Activities:
Capital contributions received	7.90		10.19
Proceeds from borrowings	8,893.35		7,121.04
Repayment of borrowings	(7,754.55)		(6,724.26)
Amount received/(paid) on cancellation of forwards and swaps	(2.96)		(79.08)
Distribution on Hybrid Perpetual Securities	3.36		3.89
Expenses (incurred)/reinnbursed on issue of equity instruments	(266.49)		(266.13)
Interest paid ⁽¹⁾	(1,585.38)		(1,891.75)
Dividend.paid	(776.97)		(971.21)
Tax on dividend paid	(149.30)		(159.90)
Net Cash Flow from/(used in) Financing Activities		(1,631.04)		(2,957.21)
Net increase/(decrease) in Cash and Cash Equivalents		531.42		(487.42)
Opening Cash and Cash Equivalents [Note 19, Page 181]		421.93		909.33
EEffect of exchange rate on translation of foreign currency cash and cash equivalents		(0.12)		0.02
Closing Cash and Cash Equivalents [Note 19, Page 181]		953.23		421.93

Additional information:
(1) Interest paid is exclusive of and purchase of fixed assets is inclusive of interest capitalised ₹1,032.56 crore (2014-15: ₹647.25 crore) (2) Previous year figures have been recast / restated where necessary.

In terms of our report attached	For and on behalf of the Board of Directors
For DELOITTE HASKINS & SELLS LLP Chartered Accountants	sd/- CYRUS P. MISTRY Chairman (DIN: 00010178)	sd/- NUSLI N. WADIA Director (DIN: 00015731)	sd/- ISHAAT HUSSAIN Director (DIN: 00027891)	sd/- SUBODH BHARGAVA Director (DIN: 00035672)	sd/- JACOBUS SCHRAVEN Director (DIN: 01462126)	sd/- D. K. MEHROTRA Director (DIN: 00142711)
sd/- N. VENKATRAM Partner Mumbai, May 25, 2016	sd/- O. P. BHATT Director (DIN: 00548091)	sd/- ANDREW ROBB Director (DIN: 01911023)	sd/- KOUSHIK CHATTERJEE Group Executive Director Finance & Corporate) (DIN: 00004989)	sd/- T. V. NARENDRAN Managing Director (DIN: 03083605)	sd/- PARVATHEESAM K. Company Secretary (ACS: 15921)