` Crores

Particulars	For the year ended March 31, 2015	For the year ended March 31, 2014
A. Cash Flow from Operating Activities
Net Profit Before Tax	3,328.82	2,867.25
Adjustments for:
Add: Depreciation and amortisation	539.97	1,107.37
Loss on fixed assets sold/discarded	22.84	13.98
Loss on sale of non-trade current investments	0.21	1.26
Provision for diminution in value of investment:
Exceptional item: Long term trade investment - Non Current	155.04	-
Long term non trade investment	0.72	0.45
Finance cost	11.09	11.09
Provision for doubtful debts	0.70	0.85
	730.57	1,135.73
Less: Interest on long term and current non-trade investments	50.37	53.10
Interest on loans, deposits etc.	98.86	90.27
Profit on sale of fixed assets	0.68	0.68
Exchange differences	(0.03)	(3.02)
Dividend income:
On current Investments - Non-Trade	1.50	0.69
On long-term investments-Trade and Non trade	2.25	2.25
Profit on sale of non-trade current investments	320.08	300.65
	473.71	444.62
Operating profit before working capital changes	3,585.68	3,558.36
Changes in working capital:
Adjustment for (increase)/decrease in operating assets:
Add: Inventories	(145.94)	(32.79)
Trade receivables	(469.74)	(259.46)
Short-term loans and advances	(237.35)	(16.76)
Long-term loans and advances	(23.00)	(131.92)
Other current assets	(30.78)	-
	(906.81)	(440.93)
Adjustment for increase/(decrease) in operating liabilities:
Less: Trade payables	551.96	417.25
Other current liabilities	(6.53)	52.74
Other long-term liabilities	6.88	3.47
Short-term provisions	2.95	2.15
Long-term provisions	15.64	19.82
	570.90	495.43
Cash generated from operations	3,249.77	3,612.86
Less: Direct taxes paid	999.77	649.45
Net cash from operating activities	2,250.00	2,963.41
B. Cash Flow from Investing Activities
Proceeds from sale of fixed assets	2.71	4.05
Sale / (Purchase) of investments (net)	1,354.16	(8.66)
Investment in Associates	(167.90)	(0.16)
Investment in Subsidiaries	(87.49)	(157.18)
Inter corporate deposits received back	515.00	625.00
Inter corporate deposits paid	(295.00)	(605.00)
Interest received on long term and current non-trade investments	31.01	51.58
Interest received on loans, deposits etc.	98.86	90.27
Dividend income
On current Investments - Non-Trade	1.50	0.69
On long-term investments-Trade and Non trade	2.25	2.25
Capital expenditure on fixed assets, including capital advances	(1,155.68)	(936.80)
Payment of deferred credits	(287.34)	(685.36)
Net cash (used) in investing activities	12.08	(1,619.32)
C Cash Flow from Financing Activities
Interest paid	(11.09)	(11.82)
Dividends paid	(1,897.03)	(1,199.29)
Tax on dividend	(322.40)	(203.82)
Net cash (used) in financing activities	(2,230.52))	(1,414.93)
D Increase/(Decrease) in Cash and Cash Equivalents (A+B+C)	31.56	(70.84)
Cash and cash equivalents at the beginning of the year	66.41	134.95
Add: on account of amalgamation (refer note 36)	-	2.30
Cash and cash equivalents at the end of the year
Cash and bank balances	97.97	66.41
	97.97	66.41
Reconciliation
Cash and Bank balances as per Balance Sheet	159.25	117.50
Less: Unpaid dividend current account with Banks	61.28	51.09
Net Cash and cash equivalents at the end of the year	97.97	66.41

Accompanying notes forming part of the financial statements

In terms of our report attached For DELOITTE HASKINS & SELLS Chartered Accountants	For and on behalf of the Board of Directors
	Brijmohan Lall Munjal Chairman DIN - 0004134
Jaideep Bhargava Partner	Pawan Munjal Vice Chairman, Managing Director & CEO DIN - 00004223	Pradeep Dinodia Chairman-Audit Committee DIN - 00027995
New Delhi May 7, 2015	Ravi Sud Sr. Vice President & CFO	IIam C. Kamboj Asso. V. P. Legal & Company Secretary