Financial Analysis: ITC Ltd.

Ticker: ITC

Prepared by: edualpha

ITC Ltd.
Income Statement
All Numbers are in INR Crores, Except Per Share Data
Data for Period Ending March

2019 2020 2021

Revenue 49,862.1 51,393.5 53,155.1
Cost of Goods Sold (18,929.8) (19,334.9) (24,013.8)
Gross Profit 30,932.4 32,058.6 29,141.3
Employee benefits expense (4,177.9) (4,295.8) (4,463.3)
Other Operating Expenses (8,348.1) (8,502.6) (7,675.3)
EBITDA 18,406.4 19,260.2 17,002.7
Depreciation and Amortization (1,396.6) (1,644.9) (1,645.6)
Operating Profit (EBIT) 17,009.8 17,615.3 15,357.1
Interest Expense (45.4) (54.7) (44.6)
Other Income 2,173.8 2,597.9 2,632.6
Exceptional Items - (132.1) -
Share in profit/ (loss) of Associates and Joint Ventures 11.7 8.2 (6.9)
Earnings Before Taxes 19,149.8 20,034.6 17,938.2
Tax expense (6,313.9) (4,441.8) (4,555.3)
Net Income 12,835.9 15,592.8 13,382.9

Earnings Per Share

Basic 10.30 12.47 10.70
Diluted 10.24 12.45 10.70
Growth Rates
Revenue 3.1% 3.4%
Gross Profit 3.6% (9.1%)
EBITDA 4.6% (11.7%)
EBIT 3.6% (12.8%)
Net Income 21.5% (14.2%)
Diluted EPS 21.6% (14.1%)

Margins
Gross Profit 62.0% 62.4% 54.8%
EBITDA 36.9% 37.5% 32.0%
EBIT 34.1% 34.3% 28.9%
Net Income 25.7% 30.3% 25.2%

Effective Tax Rate 33.0% 22.2% 25.4%

Profitability
ITC Ltd.
Income Statement
All Numbers are in INR Crores, Except Per Share Data
Data for Period Ending March

2019 2020 2021

ROIC 19.2% 21.9% 18.1%
ROE 21.6% 24.9% 21.2%
ROA 17.9% 21.0% 17.7%

DuPont - ROE
Profit Margin 25.7% 30.3% 25.2%
Asset Turnover 69.4% 68.9% 70.3%
Financial Leverage 1.21 1.19 1.20
ROE 21.6% 24.9% 21.2%
ITC Ltd.
Segment level
All Numbers are in INR Crores, Except Per Share Data
Data for Period Ending March
2019 2020 2021
Segment Revenue:
FMCG - Cigarettes 22,913.3 23,679.1 22,557.3
% Growth 3.3% (4.7)%
FMCG - Others 12,517.1 12,875.1 14,756.9
% Growth 2.9% 14.6%
Total FMCG 35,430.3 36,554.2 37,314.2
Hotels 1,728.2 1,926.4 663.9
% Growth 11.5% (65.5)%
Agri Business 6,075.3 10,453.9 12,882.7
% Growth 72.1% 23.2%
Paperboards, Paper & Packaging 4,230.4 6,107.2 5,618.6
% Growth 44.4% (8.0)%
Others 1,884.2 2,202.8 2,393.9
% Growth 16.9% 8.7%
Gross Revenue 49,348.4 57,244.5 58,873.2

EBIT
FMCG - Cigarettes 15,411.8 15,838.5 13,498.4
FMCG - Others 325.6 424.9 838.0
Restructuring of Lifestyle Retailing Business 70.5 - -
FMCG - Total 15,807.8 16,263.4 14,336.4
Hotels 185.7 154.0 (563.9)
Agri Business 793.4 829.7 918.2
Paperboards, Paper and Packaging 1,239.2 1,305.3 1,098.7
Others 172.5 291.0 558.7
Total 18,198.5 18,843.4 16,348.1
Eliminations (13.8) (37.5)
Consolidated Total 18,184.7 18,805.9 16,348.1
Unallocated corporate expenses (Income) net of unallocated income 1,109.1 1,097.4 (1,641.6)
Total EBIT 17,075.6 17,708.5 17,989.7
ITC Ltd.
Segment level
All Numbers are in INR Crores, Except Per Share Data
Data for Period Ending March
2019 2020 2021
EBIT Margins
FMCG - Cigarettes 67.3% 66.9% 59.8%
FMCG - Others 2.6% 3.3% 5.7%
FMCG - Total 44.6% 44.5% 38.4%
Hotels 10.7% 8.0% (84.9)%
Agri Business 13.1% 7.9% 7.1%
Paperboards, Paper and Packaging 29.3% 21.4% 19.6%
Others 9.2% 13.2% 23.3%
Segment Total 36.9% 32.9% 27.8%

Capital Expenditure
FMCG - Cigarettes 171.4 138.9
FMCG - Others 1,324.9 859.9
FMCG - Total 1,496.3 998.8
Hotels 936.5 857.4
Agri Business 54.1 57.7
Paperboards, Paper and Packaging 258.7 247.9
Others 22.1 142.9
Segment Total 2,767.7 2,304.7
Unallocated 316.4 326.3
Total 3,084.0 2,630.9
ITC Ltd.
Balance Sheet
All Numbers are in INR Crores, Except Per Share Data
Data for Period Ending March
Common Size
2019 2020 2021 2019 2020 2021
Cash and Cash Equivalents 317.8 650.4 290.4 Cash and Cash Equivalents 0.4% 0.8% 0.4%
Investments 13,347.5 17,948.3 14,846.3 Investments 18.6% 23.2% 20.1%
Other Financial Assets 5,340.7 8,451.9 5,751.1 Other Financial Assets 7.4% 10.9% 7.8%
Accounts Receivables 4,035.3 2,562.5 2,501.7 Accounts Receivables 5.6% 3.3% 3.4%
Inventories 7,859.6 8,879.3 10,397.2 Inventories 10.9% 11.5% 14.1%
Other Current Assets 846.5 1,013.0 1,205.3 Other Current Assets 1.2% 1.3% 1.6%
Total Current Assets 31,747.3 39,505.3 34,992.0 Total Current Assets 44.2% 51.1% 47.4%

Property, Plant and Equipment 18,625.7 19,632.9 19,153.9 Property, Plant and Equipment 25.9% 25.4% 25.9%
Capital Work in Progress 4,126.2 3,251.6 4,004.5 Capital Work in Progress 5.7% 4.2% 5.4%
Investment Property - 385.4 376.6 Investment Property - 0.5% 0.5%
Right of Use Assets - 967.2 977.2 Right of Use Assets - 1.3% 1.3%
Goodwill 202.5 202.5 779.7 Goodwill 0.3% 0.3% 1.1%
Other Intangible Assets 545.9 530.2 2,017.9 Other Intangible Assets 0.8% 0.7% 2.7%
Financial Assets 14,089.5 11,069.4 9,867.9 Financial Assets 19.6% 14.3% 13.4%
Other Non Current Assets 2,461.3 1822.51 1,649.6 Other Non Current Assets 3.4% 2.4% 2.2%
Total Non Current Assets 40,051.1 37,861.7 38,827.3 Total Non Current Assets 55.8% 48.9% 52.6%

Total Assets 71,798.4 77,367.0 73,819.3 Total Assets 100.0% 100.0% 100.0%
ITC Ltd.
Balance Sheet
All Numbers are in INR Crores, Except Per Share Data
Data for Period Ending March
Common Size
2019 2020 2021 2019 2020 2021
Trade Payables 3,509.6 3,629.8 4,318.7 Trade Payables 4.9% 4.7% 5.9%
Borrowings 1.9 1.4 3.9 Borrowings 0.0% 0.0% 0.0%
Current Tax Liabilities 423.7 248.9 332.8 Current Tax Liabilities 0.6% 0.3% 0.5%
Lease Liabilities - 63.9 54.1 Lease Liabilities - 0.1% 0.1%
Other Financial Liabilities 1,187.2 1,394.9 1,491.9 Other Financial Liabilities 1.7% 1.8% 2.0%
Other Current Liabilities 4,889.7 4,220.9 4,488.4 Other Current Liabilities 6.8% 5.5% 6.1%
Total Current Liabilities 10,012.0 9,559.8 10,689.7 Total Current Liabilities 13.9% 12.4% 14.5%

Borrowings 8.2 5.9 5.6 Borrowings 0.0% 0.0% 0.0%

Lease Liabilities - 204.0 207.0 Lease Liabilities - 0.3% 0.3%
Deferred Tax Liabilities 2,052.1 1,627.2 1,736.4 Deferred Tax Liabilities 2.9% 2.1% 2.4%
Other Financial Liabilities 73.4 127.9 283.5 Other Financial Liabilities 0.1% 0.2% 0.4%
Other Non Current Liabilities 168.5 191.6 203.0 Other Non Current Liabilities 0.2% 0.2% 0.3%
Total Non Current Liabilities 2,302.1 2,156.5 2,435.5 Total Non Current Liabilities 3.2% 2.8% 3.3%

Share Capital 1,225.9 1,229.2 1,230.9 Share Capital 1.7% 1.6% 1.7%
Other Equity 57,915.0 64,044.0 59,116.5 Other Equity 80.7% 82.8% 80.1%
Non Controlling Interest 343.5 377.5 346.8 Non Controlling Interest 0.5% 0.5% 0.5%
Total Equity 59,484.3 65,650.7 60,694.2 Total Equity 82.8% 84.9% 82.2%

Total Liabilities and Equity 71,798.4 77,367.0 73,819.3 Total Liabilities and Equity 100.0% 100.0% 100.0%
Check - - -
ITC Ltd.
Balance Sheet
All Numbers are in INR Crores, Except Per Share Data
Data for Period Ending March
Common Size
2019 2020 2021 2019 2020 2021
Total Debt 10.0 275.2 270.5
Total Invested Capital 59,494.4 65,925.9 60,964.6
Net Debt (Cash) (307.8) (375.2) (19.9)

Sales 49,862.1 51,393.5 53,155.1

COGS (18,929.8) (19,334.9) (24,013.8)
EBITDA 18,406.4 19,260.2 17,002.7

Leverage Ratios
Debt / EBITDA 0.0x 0.0x 0.0x
Debt / Assets 0.0% 0.4% 0.4%
Debt / Total Capital 0.0% 0.4% 0.4%

Net Working Capital 2,731.2 2,960.3 3,472.4

Working Capital Ratios
Accounts Receivable Days 29.5 23.4 17.4
Accounts Payable Days 67.7 67.4 60.4
Inventory Days 151.5 158.0 146.5
Cash Conversion Cycle 113.4 114.0 103.5
NWC as % of Sales 5.5% 5.8% 6.5%

Other Current Assets as % of Sales 1.7% 2.0% 2.3%

Other Current Liabilities as % of Sales 9.8% 8.2% 8.4%
ITC Ltd.
Cash Flow Statement
All Numbers are in INR Crores, Except Per Share Data
Data for Period Ending March

2019 2020 2021

Cash Flow from Operations
Profit Before tax 19,149.8 20,034.6 17,938.2
Adjustments for:
Depreciation and Amortisation 1,396.6 1,644.9 1,645.6
Finance Costs 45.4 54.7 44.6
Interest Income (1,312.8) (1,522.1) (1,297.9)
Dividend Income (8.4) (8.3) (0.1)
Other Adjustments (408.3) (787.3) (1,004.0)
Working Capital Changes:
Increase in Trade Payables and Other Liabilities 638.6 (606.9) 1,112.6
(Increase) in Trade Receivables (754.7) 1,411.0 (65.6)
(Increase) in Inventories (359.4) (508.0) (1,459.8)
Taxes paid (net) (5,803.5) (5,022.9) (4,386.5)
Cash Flow from Operations 12,583.4 14,689.7 12,527.1

Cash Flow from Investing

Purchase of PP&E (3,169.1) (2,441.2) (1,836.6)
Sale of PP&E 27.8 27.0 2.5
Purchase of Investments (94,186.8) (79,835.4) (57,553.3)
Sale of Investments 92,154.1 75,835.1 62,796.5
Interest Received 1,184.0 1,513.4 1,274.9
Other Adjustments (1,555.6) (1,272.92) 998.84
Cash Flow from Investing (5,545.7) (6,174.0) 5,682.9

Cash Flow from Financing

Repayment of lease liabilities - (49.4) (54.7)
Repayment of Non-Current Borrowings (7.1) (3.4) (2.3)
Proceeds from issue of share capital 969.1 625.3 290.7
Interest Paid (98.1) (43.8) (41.2)
Dividend distribution tax (paid) / refund received (1,213.6) (1,407.4) 14.0
Dividend Paid (6,519.2) (7,301.6) (18,881.4)
Other Adjustments 0.2 (1.1) 41.2
Cash Flow from Financing (6,868.6) (8,181.5) (18,633.8)
Net Change in Cash 169.1 334.2 (423.8)
Opening Cash Balance 173.8 342.9 677.0
Cash and Cash Equivalents Acquired on Business Combination - 57.0
Closing Cash Balance 342.9 677.0 310.2

Sales 49,862.1 51,393.5 53,155.1

Net Income 12,835.9 15,592.8 13,382.9
CFO Margin 25.2% 28.6% 23.6%
Capex Margin 6.4% 4.7% 3.5%
Net Income/CFO 1.02 1.06 1.07
Free Cash Flow 9,414.3 12,248.5 10,690.5
Dividend Payout Ratio 50.8% 46.8% 141.1%
 ITC Limited
Statement of Consolidated Financial Results for the Quarter and Twelve Months ended 31st March, 2021
(₹ in Crores)

Preceding
Particulars 3 Months Corresponding 3 Months 3 Months Twelve Months Twelve Months
ended ended ended ended ended
31.03.2021# 31.03.2020# 31.12.2020 31.03.2021 31.03.2020

(Audited) (Audited) (Unaudited) (Audited) (Audited)

Gross Revenue from sale of products and services (i) 15282.94 12456.45 14050.64 52835.15 50968.50
Other operating revenue (ii) 121.43 104.19 73.84 319.97 424.97
REVENUE FROM OPERATIONS[(i)+(ii)] 1 15404.37 12560.64 14124.48 53155.12 51393.47
OTHER INCOME 2 579.49 667.76 545.69 2632.56 2597.89
TOTAL INCOME (1+2) 3 15983.86 13228.40 14670.17 55787.68 53991.36

EXPENSES
a) Cost of materials consumed 3684.02 3396.36 3532.31 13939.84 13810.70
b) Purchases of stock-in-trade 2442.29 991.88 1582.00 6836.87 4237.90
c)
Changes in inventories of finished goods, stock-in-trade, work-in-progress and intermediates 11.42 (352.47) 122.83 (645.27) (703.13)

d) Excise duty 1062.10 778.48 1044.76 3882.34 1989.42

e) Employee benefits expense 1144.60 1095.76 1143.51 4463.33 4295.79
f) Finance costs 2.88 14.68 12.61 44.58 54.68
g) Depreciation and amortization expense 408.51 413.23 413.49 1645.59 1644.91
h) Other expenses 2188.82 2147.01 1914.05 7675.31 8502.63
TOTAL EXPENSES 4 10944.64 8484.93 9765.56 37842.59 33832.90

PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) 5 5039.22 4743.47 4904.61 17945.09 20158.46
EXCEPTIONAL ITEMS 6 - - - - (132.11)
PROFIT BEFORE TAX (5+6) 7 5039.22 4743.47 4904.61 17945.09 20026.35
TAX EXPENSE 8 1222.38 817.01 1317.41 4555.29 4441.79
a) Current Tax 1263.12 952.89 1255.67 4463.74 4846.15
b) Deferred Tax
(40.74) (135.88) 61.74 91.55
(404.36)
PROFIT FOR THE PERIOD (7-8)
9 3816.84 3926.46 3587.20 13389.80 15584.56
SHARE OF PROFIT / (LOSS) OF ASSOCIATES AND JOINT VENTURES
10 2.78 0.26 (0.11) (6.92) 8.22

PROFIT AFTER TAX, SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES (9+10) 11 3819.62 3926.72 3587.09 13382.88 15592.78

OTHER COMPREHENSIVE INCOME 12 (36.19) (806.81) 79.25 206.91 (1469.97)

A (i) Items that will not be reclassified to profit or loss 42.23 (817.70) 85.10 261.51 (1490.98)
(ii)
Income tax relating to items that will not be reclassified to profit or loss (1.15) 4.90 (1.63) (1.38) 10.14

B (i) Items that will be reclassified to profit or loss (78.47) (1.75) (2.70) (42.96) 0.74
(ii)
Income tax relating to items that will be reclassified to profit or loss 1.20 7.74 (1.52) (10.26) 10.13

TOTAL COMPREHENSIVE INCOME (11+12) 13 3783.43 3119.91 3666.34 13589.79 14122.81

PROFIT FOR THE PERIOD ATTRIBUTABLE TO :

OWNERS OF THE PARENT 3755.47 3856.52 3526.55 13161.19 15306.23

NON-CONTROLLING INTERESTS 64.15 70.20 60.54 221.69 286.55

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO :

OWNERS OF THE PARENT 3718.81 3049.06 3605.80 13368.35 13835.90

NON-CONTROLLING INTERESTS 64.62 70.85 60.54 221.44 286.91

PAID UP EQUITY SHARE CAPITAL 14 1230.88 1229.22 1230.51 1230.88 1229.22

(Ordinary Shares of ` 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES 15 59116.46 64044.04
EARNINGS PER SHARE (of ` 1/- each) (not annualised): 16
(a) Basic (`) 3.05 3.14 2.87 10.70 12.47
(b) Diluted (`) 3.05 3.13 2.87 10.70 12.45
# The figures for the 3 months ended 31.03.2021 and corresponding 3 months ended 31.03.2020 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the respective financial
years.
 ITC Limited

(in Crores)
Balance Sheet CONSOLIDATED
Particulars As at As at
31st March, 2021 31st March, 2020
(Audited) (Audited)
A ASSETS

1 Non-current assets
(a) Property, Plant and Equipment 19153.94 19632.92
(b) Capital work-in-progress 4004.45 3251.61
(c) Investment Property 376.56 385.36
(d) Goodwill 779.73 202.53
(e) Other Intangible assets 2011.06 525.37
(f) Intangible assets under development 6.84 4.85
(g) Right of use assets 977.19 967.16
(h) Investment accounted for using the equity method 262.55 266.56
(i) Financial Assets
(i) Investments 9761.99 10448.46
(ii) Loans 4.07 5.27
(iii) Others 101.87 615.65
(j) Deferred tax assets (Net) 58.54 56.29
(k) Income Tax Assets (Net) 33.04 38.42
(l) Other non-current assets 1295.48 1461.24
Non-current assets 38827.31 37861.69

2 Current assets
(a) Inventories 10397.16 8879.33
(b) Biological assets other than bearer plants 110.06 86.20
(c) Financial Assets
(i) Investments 14846.33 17948.33
(ii) Trade receivables 2501.70 2562.48
(iii) Cash and cash equivalents 290.42 650.35
(iv) Other Bank Balances 4368.60 6626.99
(v) Loans 3.47 6.33
(vi) Others 1379.02 1818.54
(d) Other current assets 1095.23 926.80
Current assets 34991.99 39505.35

Total Assets 73819.30 77367.04

B EQUITY AND LIABILITIES

Equity
(a) Equity Share capital 1230.88 1229.22
(b) Other Equity 59116.46 64044.04
Attributable to the owners of the parent 60347.34 65273.26

Non-controlling interests 346.81 377.47

Total Equity 60694.15 65650.73

LIABILITIES

1 Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 5.58 5.90
(ii) Lease liabilities 206.96 204.00
(iii) Other financial liabilities 283.50 127.87
(b) Provisions 187.50 175.37
(c) Deferred tax liabilities (Net) 1736.39 1627.20
(d) Other non-current liabilities 15.54 16.20
Non-current liabilities 2435.47 2156.54

2 Current liabilities
(a) Financial Liabilities
(i) Borrowings 3.88 1.42
(ii) Trade payables

Total outstanding dues of micro enterprises and small 61.15 37.93

enterprises
Total outstanding dues of creditors other than micro
4257.58 3591.90
enterprises and small enterprises
(iii) Lease liabilities 54.06 63.87
(iv) Other financial liabilities 1491.85 1394.88
(b) Other current liabilities 4294.40 4072.72
(c) Provisions 194.01 148.18
(d) Current Tax Liabilities (Net) 332.75 248.87
Current liabilities 10689.68 9559.77

Total Equity and Liabilities 73819.30 77367.04

ITC Limited
Consolidated Cash Flow Statement for the year ended 31st March, 2021 (₹ in Crores)
For the year ended For the year ended
31st March, 2021 31st March, 2020

A. Cash Flow from Operating Activities

PROFIT BEFORE TAX 17938.17 20034.57
ADJUSTMENTS FOR :
Depreciation and amortization expense 1645.59 1644.91
Share based payments to employees 26.27 112.99
Finance costs 44.58 54.68
Interest Income (1297.91) (1522.13)
Dividend Income (0.07) (8.31)
Loss on sale of property, plant and equipment, lease termination - Net 54.61 56.68
Doubtful and bad debts 29.93 37.59
Doubtful and bad advances, loans and deposits 33.42 (2.68)
Share of (profit) / loss of associates and joint ventures 6.92 (8.22)

Net (gain)/loss arising on Financial Instrument mandatorily measured at Fair

Value through profit or loss (1144.02) (974.03)
Foreign currency translations and transactions - Net (6.42) (9.49)
Impairment of investment in joint venture (4.67) (611.77) (0.15) (618.16)
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 17326.40 19416.41
ADJUSTMENTS FOR :
Trade receivables, advances and other assets (65.60) 1411.00
Inventories and biological assets other than bearer plants (1459.78) (507.99)
Trade payables, other liabilities and provisions 1112.60 (412.78) (606.87) 296.14
CASH GENERATED FROM OPERATIONS 16913.62 19712.55
Income tax paid (4386.53) (5022.89)
NET CASH FROM OPERATING ACTIVITIES 12527.09 14689.66

B. Cash Flow from Investing Activities

Purchase of property, plant and equipment, Intangibles, ROU asset, etc. (1836.64) (2441.15)
Sale of property, plant and equipment 2.53 27.02
Purchase of current investments (55913.52) (77847.64)
Sale/redemption of current investments 61084.47 72405.47
Investment in associate (1.87) -
Purchase of non-current investments (1639.74) (1987.78)
Redemption proceeds of non- current investments 1712.05 3429.63

Payment towards business combination (2189.22) -

{Refer Note 5 to the consolidated financial results}
Dividend from associates and joint ventures 7.18 8.34
Dividend from others 0.07 8.31
Interest received 1274.92 1513.35
Investment in bank deposits (original maturity more than 3 months) (4691.92) (5602.32)
Redemption / maturity of bank deposits (original maturity more than 3 months) 6977.33 4321.20
Investment in deposit with housing finance companies (78.38) (712.16)
Redemption / maturity of deposit with housing finance companies 971.43 700.22
Loans given (2.44) (3.61)
Loans realised 6.66 7.10
NET CASH FROM / (USED IN) INVESTING ACTIVITIES 5682.91 (6174.02)

C. Cash Flow from Financing Activities

Proceeds from issue of share capital 290.65 625.30
Repayment of non-current borrowings (2.28) (3.42)
Payment of lease liabilities (54.73) (49.35)
ITC Limited
Consolidated Cash Flow Statement for the year ended 31st March, 2021 (₹ in Crores)
For the year ended For the year ended
31st March, 2021 31st March, 2020

Interest paid (41.23) (43.84)

Net increase/(decrease) in statutory restricted accounts balances 41.17 (1.13)
Dividend paid (18881.39) (7301.62)
Dividend distribution tax (paid) / refund received 13.98 (1407.42)
NET CASH USED IN FINANCING ACTIVITIES (18633.83) (8181.48)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (423.83) 334.16
OPENING CASH AND CASH EQUIVALENTS 677.04 342.88
CASH AND CASH EQUIVALENTS ACQUIRED ON BUSINESS COMBINATION [See Note 3 bel 56.95 -
CLOSING CASH AND CASH EQUIVALENTS 310.16 677.04

Notes :
1. The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Ind AS - 7 "Statement of Cash Flows".

2. CASH AND CASH EQUIVALENTS :

Cash and cash equivalents as above 310.16 677.04
Unrealised gain / (loss) on foreign currency cash and cash equivalents (23.62) (28.11)
Cash credit facilities 3.88 1.42
Cash and cash equivalents 290.42 650.35

3. Cash & Cash Equivalents include ₹ 56.95 Crores on acquisition of Sunrise during the period and is included
in the closing Cash and Cash Equivalents.

4. Net Cash Flow from Operating Activities includes an amount of ₹ 372.52 Crores (2020- ₹ 324.68 Crores) spent towards Corporate Social
Responsibility.