Income Statement (In INR Millions) 2018 2019 2020 2021 Avg

Revenue ₹ 3,908,230.00 ₹ 5,683,370.00 ₹ 5,966,790.00 ₹ 4,663,070.00

Sales Growth 45.4% 5.0% -21.8% 9.5%
Overall Sector Growth 7.20% 16.9% 3.9% -17.3% 1.2%

COGS (Inc. D&A) ₹ 3,133,970.00 ₹ 4,525,830.00 ₹ 4,681,550.00 ₹ 3,537,920.00

Depreciation & Amortization ₹ 167,060.00 ₹ 209,340.00 ₹ 222,030.00 ₹ 265,720.00
COGS Excluding D&A ₹ 2,966,910.00 ₹ 4,316,490.00 ₹ 4,459,520.00 ₹ 3,272,200.00 74.3%

Gross Income ₹ 774,260.00 ₹ 1,157,540.00 ₹ 1,285,240.00 ₹ 1,125,150.00

Gross Income Margin 19.81% 20.37% 21.54% 24.13%
Gross Income Growth 49.50% 11.03% -12.46%

OPEX ₹ 282,730.00 ₹ 488,610.00 ₹ 639,570.00 ₹ 569,200.00

Research & Development ₹ 7,980.00 ₹ - ₹ - ₹ - 0.2%
Other SG&A (OPEX) ₹ 274,750.00 ₹ 488,610.00 ₹ 639,570.00 ₹ 569,200.00 45.4%

Other Operating Expense ₹ 7,010.00 ₹ 13,550.00 ₹ 12,080.00 ₹ 6,800.00 0.9%

EBIT ₹ 484,520 ₹ 655,380 ₹ 633,590 ₹ 549,150

Non Operating Income ₹ 52,130.00 ₹ -6,200.00 ₹ -630.00 ₹ 79,120.00 2.9%

Non-Operating Interest Income ₹ 29,520.00 ₹ 49,520.00 ₹ 95,480.00 ₹ 103,660.00 6.4%
Unusual Expense ₹ -470.00 ₹ -7,680.00 ₹ -5,900.00 ₹ 2,760.00 -0.3%

Interest Expense ₹ 72,970 ₹ 155,140 ₹ 199,350 ₹ 179,720

Pretax Income ₹ 493,670 ₹ 551,240 ₹ 534,990 ₹ 549,450

Tax Expense ₹ 133,460 ₹ 153,900 ₹ 137,260 ₹ 17,220

Tax Rate 27% 28% 26% 3% 21%

Net Income (Excl. Equity Related) ₹ 360,210 ₹ 397,340 ₹ 397,730 ₹ 532,230

Net Income Margin 9% 7% 7% 11%
Net Income Growth 10% 0% 34%

EBITAD ₹ 733,700.0 ₹ 915,720.0 ₹ 956,370.0 ₹ 994,890.0

Charts

₹ 7,000,000.00 Revenue COGS (Cost Of Goods Sold)

₹ 5,000,000.00
₹ 6,000,000.00
₹ 5,000,000.00 ₹ 4,000,000.00
Amount

Amount

₹ 4,000,000.00 ₹ 3,000,000.00
₹ 3,000,000.00 ₹ 2,000,000.00
₹ 2,000,000.00
₹ 1,000,000.00
₹ 1,000,000.00
₹-
₹-
2018 2019 2020 2021
2018 2019 2020 2021

Gross Income OPEX (Operational Expence)

₹ 700,000.00
₹ 1,400,000.00
₹ 600,000.00
₹ 1,200,000.00
₹ 500,000.00
₹ 1,000,000.00
Amount

₹ 400,000.00
Amount

₹ 800,000.00
₹ 600,000.00 ₹ 300,000.00
₹ 400,000.00 ₹ 200,000.00
₹ 200,000.00 ₹ 100,000.00
₹- ₹-
2018 2019 2020 2021 2018 2019 2020 2021

Net Income
₹ 600,000

₹ 500,000

₹ 400,000
Amount

₹ 300,000

₹ 200,000

₹ 100,000

₹-
2018 2019 2020 2021

EBITAD
₹ 1,200,000.0

₹ 1,000,000.0

₹ 800,000.0
Amount

₹ 600,000.0

₹ 400,000.0

₹ 200,000.0

₹-
2018 2019 2020 2021

EBITAD/Net Income
₹ 1,800,000.0
₹ 1,600,000.0
₹ 1,400,000.0
₹ 1,200,000.0
₹ 1,000,000.0
₹ 800,000.0
₹ 600,000.0
₹ 400,000.0
₹ 200,000.0
₹-
2018 2019 2020 2021

EBITAD Net Income (Excl. Equity Related)

Income Statement (In INR Millions) 2022 2023 2024 2025
Revenue ₹ 5,106,959.87 ₹ 5,617,655.85 ₹ 6,291,774.55 ₹ 7,109,705.25
Sales Growth 10.0% 12.0% 13.0%
Overall Sector Growth 5.40% 6.1% 6.8% 7.5%

COGS ₹ 3,677,011.10 ₹ 3,988,535.66 ₹ 4,467,159.93 ₹ 5,047,890.73

Gross Income ₹ 1,429,948.76 ₹ 1,629,120.20 ₹ 1,824,614.62 ₹ 2,061,814.52

Gross Income Margin 72% 71% 71% 71%
Gross Income Growth 13.9% 12.0% 13.0%

OPEX ₹ 653,797.4 ₹ 753,873.8 ₹ 845,892.7 ₹ 957,182.6

Research & Development ₹ 2,627.9 ₹ 10,324.0 ₹ 11,562.9 ₹ 13,066.1
Other SG&A (OPEX) ₹ 649,452.2 ₹ 739,911.6 ₹ 828,701.0 ₹ 936,432.1
Depreciation & Amortization ₹ 1,717.2 ₹ 3,638.2 ₹ 5,628.8 ₹ 7,684.4

Other Operating Expense ₹ 12,988.19 ₹ 14,797.26 ₹ 16,572.93 ₹ 18,727.41

EBIT ₹ 763,163.21 ₹ 860,449.12 ₹ 962,148.99 ₹ 1,085,904.47

Non Operating Income ₹ 40,973.39 ₹ 46,680.39 ₹ 52,282.04 ₹ 59,078.71

Non-Operating Interest Income ₹ 91,608.88 ₹ 104,368.68 ₹ 116,892.93 ₹ 132,089.01
Unusual Expense ₹ -3,717.97 ₹ -4,235.83 ₹ -4,744.13 ₹ -5,360.86

Interest Expense ₹ 137,208.8 ₹ 137,904.8 ₹ 137,880.8 ₹ 137,848.8

Pretax Income ₹ 762,254.64 ₹ 877,829.23 ₹ 998,187.28 ₹ 1,144,584.24

Tax Expense ₹ 159,585.11 ₹ 183,781.72 ₹ 208,979.80 ₹ 239,629.37

Net Income (Excl. Equity Related) ₹ 602,669.53 ₹ 694,047.50 ₹ 789,207.48 ₹ 904,954.87

Net Income Margin 11.8% 12.4% 12.5% 12.7%
Net Income Growth 15.2% 13.7% 14.7%

EBITAD ₹ 901,180.7 ₹ 1,019,372.2 ₹ 1,141,696.9 ₹ 1,290,117.5

Assumptions

Revenue
Revenue Growth 9.5% 10.0% 12.0% 13.0%

COGS 72.0% 71.0% 71.0% 71.0%

OPEX
Research & Development 0.2% 0.2% 0.2% 0.2%
Other SG&A (OPEX) 45.4% 45.4% 45.4% 45.4%
Depreciation & Amortization Other Model Other Model Other Model Other Model

Other Operating Expense 0.9% 0.9% 0.9% 0.9%

Non Operating Income 2.9% 2.9% 2.9% 2.9%

Non-Operating Interest Income 6.4% 6.4% 6.4% 6.4%
Unusual Expense -0.3% -0.3% -0.3% -0.3%

Interest Payment Other Model Other Model Other Model Other Model

Tax Rate 21% 21% 21% 21%

Charts

Revenue COGS (Cost Of Goods Sold)

₹ 8,000,000.00 ₹ 6,000,000.00
₹ 7,000,000.00
₹ 5,000,000.00
₹ 6,000,000.00
₹ 4,000,000.00
₹ 5,000,000.00
Amount

Amount

₹ 4,000,000.00 ₹ 3,000,000.00
₹ 3,000,000.00 ₹ 2,000,000.00
₹ 2,000,000.00
₹ 1,000,000.00
₹ 1,000,000.00
₹- ₹-
2022 2023 2024 2025 2022 2023 2024 2025

Gross Income OPEX (Operational Expence)

₹ 2,500,000.00 ₹ 1,200,000.0

₹ 2,000,000.00 ₹ 1,000,000.0

₹ 1,500,000.00 ₹ 800,000.0
Amount

Amount

₹ 600,000.0
₹ 1,000,000.00
₹ 400,000.0
₹ 500,000.00
₹ 200,000.0
₹-
2022 2023 2024 2025 ₹-
2022 2023 2024 2025

Net Income
₹ 1,000,000.00
₹ 900,000.00
₹ 800,000.00
₹ 700,000.00
₹ 600,000.00
Amount

₹ 500,000.00
₹ 400,000.00
₹ 300,000.00
₹ 200,000.00
₹ 100,000.00
₹-
2022 2023 2024 2025

EBITAD
₹ 1,400,000.0

₹ 1,200,000.0

₹ 1,000,000.0
Amount

₹ 800,000.0

₹ 600,000.0

₹ 400,000.0

₹ 200,000.0

₹-
2022 2023 2024 2025

EBITAD/Net Income
₹ 2,500,000.0

₹ 2,000,000.0

₹ 1,500,000.0

₹ 1,000,000.0

₹ 500,000.0

₹-
2022 2023 2024 2025

EBITAD Net Income (Excl. Equity Related)

CAPEX and Depreciation (In INR Millions) Usefull Life (Years) 2022 2023 2024 2025

CAPEX
Broadband Connectivity Equip. 30 ₹ 1,000.00 ₹ 1,200.00 ₹ 1,440.00 ₹ 1,728.00
Equipments For Subsidiaries 20 ₹ 9,000.00 ₹ 9,900.00 ₹ 10,890.00 ₹ 11,979.00
Machinery 15 ₹ 18,508.48 ₹ 20,789.16 ₹ 20,971.61 ₹ 20,986.21
Gross CAPEX ₹ 28,508.48 ₹ 31,889.16 ₹ 33,301.61 ₹ 34,693.21

Depreciation
Broadband Connectivity Equip. ₹ 33.33 ₹ 73.33 ₹ 121.33 ₹ 178.93
Equipments For Subsidiaries ₹ 450.00 ₹ 945.00 ₹ 1,489.50 ₹ 2,088.45
Machinery ₹ 1,233.90 ₹ 2,619.84 ₹ 4,017.95 ₹ 5,417.03
Gross D&A ₹ 1,717.23 ₹ 3,638.18 ₹ 5,628.78 ₹ 7,684.41

Assumptions

Broadband Connectivity Equip. 20% 20% 20%

Equipments For Subsidiaries 10% 10% 10%

Manchinary Purchase Every Year 8% 8% 8% 8%

Charts

₹ 40,000.00

₹ 35,000.00

₹ 30,000.00

₹ 25,000.00

₹ 20,000.00
Machinery
₹ 15,000.00 Equipments For Subsidiaries
Broadband Connectivity Equip.
₹ 10,000.00

₹ 5,000.00

₹-
2022 2023 2024 2025

Gross CAPEX

₹ 9,000.00

₹ 8,000.00

₹ 7,000.00

₹ 6,000.00

₹ 5,000.00

₹ 4,000.00 Machinery
Equipments For Subsidiaries
₹ 3,000.00
Broadband Connectivity Equip.
₹ 2,000.00

₹ 1,000.00

₹-
2022 2023 2024 2025

Gross D&A
Balance Sheet (In INR Millions) 2021 2022 2023 2024 2025
(Historical)

Asset

Cash & Short Term Investments ₹ 1,698,430.00 ₹ 1,250,183.02 ₹ 1,111,537.99 ₹ 1,597,565.82 ₹ 2,152,217.38
Cash Only ₹ 173,970.00 ₹ 128,056.11 ₹ 113,854.72 ₹ 163,638.49 ₹ 220,451.39
Short-Term Investments ₹ 1,524,460.00 ₹ 1,122,126.90 ₹ 997,683.28 ₹ 1,433,927.33 ₹ 1,931,765.99

Accounts Receivable ₹ 589,220.00 ₹ 645,309.40 ₹ 709,840.34 ₹ 795,021.18 ₹ 898,373.93

Inventories ₹ 816,720.00 ₹ 1,123,531.17 ₹ 1,247,119.60 ₹ 1,396,773.95 ₹ 1,578,354.56

Other Current Assets ₹ 625,740.00 ₹ 685,305.83 ₹ 337,059.35 ₹ 844,296.79 ₹ 954,055.37

Tangible Assets ₹ 5,430,240.00 ₹ 5,457,031.25 ₹ 5,485,282.23 ₹ 5,512,955.06 ₹ 5,539,963.85

Accumulated Depreciation ₹ 1,665,740.00 ₹ 1,667,457.23 ₹ 1,671,095.41 ₹ 1,676,724.19 ₹ 1,684,408.61
Tangible Assets ₹ 7,095,980.00 ₹ 7,124,488.48 ₹ 7,156,377.64 ₹ 7,189,679.25 ₹ 7,224,372.46

Total Investments and Advances ₹ 2,123,820.00 ₹ 2,325,992.00 ₹ 2,145,452.97 ₹ 2,402,907.32 ₹ 2,715,285.27

LT Investment - Affiliate Companies ₹ 801,640.00 ₹ 877,950.21 ₹ 965,745.24 ₹ 1,081,634.66 ₹ 1,222,247.17
Other Long-Term Investments ₹ 1,322,180.00 ₹ 1,448,041.78 ₹ 1,179,707.73 ₹ 1,321,272.66 ₹ 1,493,038.10

Long-Term Note Receivable ₹ 24,840.00 ₹ 51,069.60 ₹ 67,411.87 ₹ 88,084.84 ₹ 113,755.28

Intangible Assets ₹ 1,449,740.00 ₹ 1,587,744.55 ₹ 1,746,519.01 ₹ 1,956,101.29 ₹ 2,210,394.46

Net Goodwill ₹ 102,120.00 ₹ 111,841.07 ₹ 123,025.18 ₹ 137,788.20 ₹ 155,700.66
Net Other Intangibles ₹ 1,347,620.00 ₹ 1,475,903.48 ₹ 1,623,493.83 ₹ 1,818,313.09 ₹ 2,054,693.79

Other Assets ₹ 441,900.00 ₹ 483,965.62 ₹ 532,362.18 ₹ 596,245.64 ₹ 673,757.58

Assets Adj ₹ 11,470.00 ₹ 845,055.51 ₹ 1,665,878.20 ₹ 965,851.89 ₹ 335,182.69

Total Assets ₹ 13,212,120.00 ₹ 13,610,132.43 ₹ 13,382,585.54 ₹ 15,189,951.89 ₹ 16,836,157.69

Liabilities

ST Debt & Current Portion LT Debt ₹ 894,940.00 ₹ 980,131.69 ₹ 1,078,144.85 ₹ 1,207,522.24 ₹ 1,364,500.13
Short Term Debt ₹ 600,810.00 ₹ 658,002.68 ₹ 723,802.95 ₹ 810,659.30 ₹ 916,045.01
Current Portion of Long Term Debt ₹ 294,130.00 ₹ 322,129.01 ₹ 354,341.91 ₹ 396,862.94 ₹ 448,455.12

Accounts Payable ₹ 1,088,970.00 ₹ 1,192,631.91 ₹ 1,311,895.10 ₹ 1,469,322.51 ₹ 1,660,334.44

Other Current Liabilities ₹ 791,400.00 ₹ 866,735.44 ₹ 953,408.99 ₹ 1,067,818.06 ₹ 1,206,634.41

Long-Term Debt ₹ 1,706,310.00 ₹ 1,715,110.00 ₹ 1,723,810.00 ₹ 1,723,510.00 ₹ 1,723,110.00

Provision for Risks & Charges ₹ 26,250.00 ₹ 28,748.81 ₹ 31,623.69 ₹ 35,418.53 ₹ 40,022.94

Deferred Taxes ₹ 358,540.00 ₹ 392,670.36 ₹ 431,937.40 ₹ 483,769.89 ₹ 546,659.97

Deferred Taxes - Credit ₹ 370,010.00 ₹ 405,232.22 ₹ 445,755.44 ₹ 499,246.10 ₹ 564,148.09
Deferred Taxes - Debit ₹ 11,470.00 ₹ 12,561.86 ₹ 13,818.05 ₹ 15,476.21 ₹ 17,488.12

Taxes (Income Tax Payable) ₹ 11,840.00 ₹ 12,967.08 ₹ 14,263.79 ₹ 15,975.44 ₹ 18,052.25

Other Liabilities ₹ 339,550.00 ₹ 371,872.66 ₹ 409,059.92 ₹ 458,147.11 ₹ 517,706.24

Total Liabilities ₹ 5,217,800.00 ₹ 5,560,867.94 ₹ 5,954,143.74 ₹ 6,461,483.79 ₹ 7,077,020.38

Equity

Total Shareholders' Equity ₹ 7,001,720.00 ₹ 7,801,720.00 ₹ 8,001,720.00 ₹ 8,601,720.00 ₹ 9,001,720.00

Common Equity (Stock Par) ₹ 5,041,130.00 ₹ 5,841,130.00 ₹ 6,041,130.00 ₹ 6,641,130.00 ₹ 7,041,130.00
Retained Earnings ₹ 1,960,590.00 ₹ 1,960,590.00 ₹ 1,960,590.00 ₹ 1,960,590.00 ₹ 1,960,590.00

Minority Interest (Accumulated) ₹ 992,600.00 ₹ 1,092,600.00 ₹ 1,092,600.00 ₹ 1,092,600.00 ₹ 1,092,600.00

Total Equity ₹ 7,994,320.00 ₹ 8,894,320.00 ₹ 9,094,320.00 ₹ 9,694,320.00 ₹ 10,094,320.00

Liabilities and Shareholder's Equity ₹ 13,212,120.00 ₹ 14,455,187.94 ₹ 15,048,463.74 ₹ 16,155,803.79 ₹ 17,171,340.38

Balance Sheet Check ₹ - ₹ - ₹ - ₹ - ₹ -

Assumptions

Assets
Cash 10.2% 10.2% 10.2% 10.2%
Short Term Investments 89.8% 89.8% 89.8% 89.8%
AR 12.6% 12.6% 12.6% 12.6%
Other Current Assets 13.4% 6.0% 13.4% 13.4%
Inventories 22.0% 22.2% 22.2% 22.2%
Other Current Assets 13.4% 13.4% 13.4% 13.4%
LT Investment - Affiliate Companies 17.2% 17.2% 17.2% 17.2%
Other Long-Term Investments 28.4% 21.0% 21.0% 21.0%
Long-Term Note Receivable 1.00% 1.20% 1.40% 1.60%
Net Goodwill 2.2% 2.2% 2.2% 2.2%
Net Other Intangibles 28.9% 28.9% 28.9% 28.9%
Other Assets 9.5% 9.5% 9.5% 9.5%
Other Adjustments ₹ 845,055.51 ₹ 1,665,878.20 ₹ 965,851.89 ₹ 335,182.69

Liabilities
Short Term Debt 12.88% 12.88% 12.88% 12.88%
Current Portion of Long Term Debt 6.3% 6.3% 6.3% 6.3%
Accounts Payable 23.4% 23.4% 23.4% 23.4%
Other Current Liabilities 17.0% 17.0% 17.0% 17.0%
Provision for Risks & Charges 0.6% 0.6% 0.6% 0.6%
Deferred Taxes - Credit 7.9% 7.9% 7.9% 7.9%
Deferred Taxes - Debit 0.2% 0.2% 0.2% 0.2%
Tax Rate (Income Tax) 0.3% 0.3% 0.3% 0.3%
Other Liabilities 7.3% 7.3% 7.3% 7.3%

Debt
Net Borrowings ₹ 9,000.00 ₹ 9,000.00 ₹ - ₹ -
Debt Repayments ₹ 200.00 ₹ 300.00 ₹ 300.00 ₹ 400.00
Interest Rate 8.0% 8.0% 8.0% 8.0%
Interest Payment ₹ 137,208.80 ₹ 137,904.80 ₹ 137,880.80 ₹ 137,848.80

Debt
Minority Interest (Accumulated) Increase 10.1% 10.1% 10.1% 10.1%

Charts

₹ 18,000,000.00

₹ 16,000,000.00

₹ 14,000,000.00

₹ 12,000,000.00 Other Assets

Intangible Assets
₹ 10,000,000.00 Long-Term Note Receivable

₹ 8,000,000.00 Total Investments and Advances

Tangible Assets
₹ 6,000,000.00 Other Current Assets

₹ 4,000,000.00 Inventories
Accounts Receivable
₹ 2,000,000.00 Cash & Short Term Investments

₹-
2021 2022 2023 2024

Net Assets
₹ 8,000,000.00

₹ 7,000,000.00

₹ 6,000,000.00

Other Liabilities
₹ 5,000,000.00
Taxes (Income Tax Payable)
₹ 4,000,000.00 Deferred Taxes
Provision for Risks & Charges
₹ 3,000,000.00 Long-Term Debt
Other Current Liabilities
₹ 2,000,000.00
Accounts Payable

₹ 1,000,000.00 ST Debt & Current Portion LT Debt

₹-
2021 2022 2023 2024

Net Liabilities
₹ 25,000,000.00

₹ 20,000,000.00

₹ 15,000,000.00

Total Equity
₹ 10,000,000.00 Minority Interest (Accumulated)
Total Shareholders' Equity

₹ 5,000,000.00

₹-
2021 2022 2023 2024

Net Equity
Cash Flow Statement (In INR Millions) 2022 2023 2024 2025
Net Income ₹ 602,669.53 ₹ 694,047.50 ₹ 789,207.48 ₹ 904,954.87

Operating Activities
Depreciation ₹ 1,717.23 ₹ 3,638.18 ₹ 5,628.78 ₹ 7,684.41
Changes in AR (Accounts Receivable) ₹ -56,089.40 ₹ -64,530.94 ₹ -85,180.84 ₹ -103,352.75
Changes in AP (Accounts Payable) ₹ 103,661.91 ₹ 119,263.19 ₹ 157,427.41 ₹ 191,011.93
Funds from Operation ₹ 604,386.76 ₹ 697,685.68 ₹ 794,836.26 ₹ 912,639.29
Net Operating Cash Flow ₹ 653,676.51 ₹ 756,056.11 ₹ 872,711.62 ₹ 1,007,982.88

Investing Activities
CAPEX ₹ -1,665,740.00 ₹ -1,667,457.23 ₹ -1,671,095.41 ₹ -1,676,724.19
Net Assets from Acquisitions ₹ -4,000.00 ₹ - ₹ - ₹ -
Sale of Fixed Assets & Businesses ₹ 20,000.00 ₹ 22,000.00 ₹ 24,000.00 ₹ 25,000.00
Purchase/Sale of Investments ₹ -875,470.00 ₹ -174,810.00 ₹ -172,810.00 ₹ -170,000.00
Purchase of Investments ₹ 898,660.00 ₹ 200,000.00 ₹ 200,000.00 ₹ 200,000.00
Sale of Investments ₹ 23,190.00 ₹ 25,190.00 ₹ 27,190.00 ₹ 30,000.00
Net Investing Cash Flow ₹ -2,525,210.00 ₹ -1,820,267.23 ₹ -1,819,905.41 ₹ -1,821,724.19

Free Cash Flow ₹ -1,871,533.49 ₹ -1,064,211.13 ₹ -947,193.79 ₹ -813,741.32

Financing Activities
New Debt ₹ 9,000.00 ₹ 9,000.00 ₹ - ₹ -
Cash Dividends Paid ₹ -39,210.00 ₹ -39,210.00 ₹ -39,210.00 ₹ -39,210.00
Change in Capital Stock ₹ 800,000.00 ₹ 200,000.00 ₹ 600,000.00 ₹ 400,000.00
Issuance/Reduction of Debt, Net ₹ -200.00 ₹ -300.00 ₹ -300.00 ₹ -400.00
Other Funds ₹ 20.00 ₹ 20.00 ₹ 20.00 ₹ 20.00
Net Financing Cash Flow ₹ 769,610.00 ₹ 169,510.00 ₹ 560,510.00 ₹ 360,410.00

Net Cash Flow ₹ -448,246.98 ₹ -138,645.02 ₹ 486,027.83 ₹ 554,651.56

Charts

CFO (Cash From Operation) Cash from Investing Activities

₹ 1,200,000.00 ₹ 500,000.00

₹ 1,000,000.00 ₹-
2022 2023 2024 2025
₹ 800,000.00 ₹ -500,000.00

₹ 600,000.00 ₹ -1,000,000.00

₹ 400,000.00 ₹ -1,500,000.00

₹ 200,000.00 ₹ -2,000,000.00

₹- ₹ -2,500,000.00
2022 2023 2024 2025
₹ -200,000.00 ₹ -3,000,000.00
Depreciation Changes in AR (Accounts Receivable) CAPEX Net Assets from Acquisitions
Changes in AP (Accounts Payable) Funds from Operation Sale of Fixed Assets & Businesses Purchase/Sale of Investments

CFO (Cash From Operation)

₹ 1,000,000.00

₹ 800,000.00

₹ 600,000.00

₹ 400,000.00

₹ 200,000.00

₹-
2022 2023 2024 2025
₹ -200,000.00
New Debt Cash Dividends Paid
Change in Capital Stock Issuance/Reduction of Debt, Net
Other Funds

Free Cash Flow Net Cash Flow

₹- ₹ 800,000.00
2022 2023 2024 2025
₹ 600,000.00
₹ -500,000.00 ₹ 400,000.00

₹ 200,000.00
₹ -1,000,000.00 Free Cash Flow Net Cash Flow
₹-
2022 2023 2024 2025
₹ -200,000.00
₹ -1,500,000.00
₹ -400,000.00

₹ -2,000,000.00 ₹ -600,000.00

Free Cash Flow/ Net Cash Flow

₹ 1,000,000.00

₹ 500,000.00

₹-
2022 2023 2024 2025
₹ -500,000.00

₹ -1,000,000.00

₹ -1,500,000.00

₹ -2,000,000.00
Free Cash Flow Net Cash Flow