Q.

Is there any change in the approach adopted by the company in respect of these decisions over the
last 3 years? Therefore, you will need to refer to annual reports for 3 years.

Investment decision:

Investment activities 2013-2014 in 2014-2015 in 2015-2016 in % change in

Cr. Cr. Cr. 3 years
Net cash used in investing activities (1214.32) (1884.08) (522.06) -57.01%
Purchase of fixed assets (1014.97) (952.90) (775.85) -23.56%
Sale of fixed assets (including advance 52.94 51.75 132.46
received) 150.21%
Investment in subsidiaries, associates (3640.36) (2581.79) (2943.20)
and joint ventures -19.15%
Interest received 491.35 558.31 429.18 -12.65%
Dividend received from subsidiaries 863.06 850.70 1007.91 16.78%
Dividend received from other 4.19 3.49 113.44
investments 2607.40%

We understand that investing on fixed assets and long term investments are reduced, due that there
interest received was decreased. Investments are reduced due to repayment of long term borrowings.
They invested in other businesses which are good, so that their dividend received from other
investments are increased drastically.

Finance decision:

Financial activities 2013-2014 in 2014-2015 in 2015-2016 in % change in

Cr. Cr. Cr. 3 years
Share capital, Reserves and surplus 33661.83 37084.58 40718.33 20.96%
Net cash from financial activities 504.05 (1436.55) (2567.21) -609.32%
Issue of share capital 144.05 98.89 70.19 -51.27%
Proceeds from long term borrowings 4165.87 5109.83 1589.22 -61.85%
Repayment of long term borrowings (4981.69) (3929.44) (1420.79) -71.48%

We understand that repayment of long term borrowings are more than proceeds, so the net cash from
financial activities are reduced and less cash to invest in other businesses. But the share capital was
increased because of dividends received from other investments in business.

Dividend decision:

Dividend activities 2013-2014 in 2014-2015 in 2015-2016 in change in 3

Cr. Cr. Cr. years
PAT 5493.13 5056.18 5311.46 3.30%
Dividends paid (1140.85) (1322.73) (1512.33) 32.56%
Equity share outstanding 92,69,12,658 92,95,62,061 93,14,78,845 45,66,187
Earnings per share 46.9545859 40.1635368 40.7860041 -13.13%
Return on equity 13.83 12.78 13.16

We understand that dividends paid by company increased in 3 years. EPS and ROE is reduced in last
3 years due to increase in dividends paid.
Working capital decision:

Working capital activities 2013-2014 in 2014-2015 in 2015-2016 in % change in

Cr. Cr. Cr. 3 years
Current assets 51114.61 58400.85 66283.56 29.68%
Current liabilities 38361.51 40477.52 47285.98 23.26%
Working capital 12753.1 17923.33 18997.58 48.96%
PAT 5493.13 5056.18 5311.46 3.30%
Current ratio 1.33 1.44 1.40

We understand that current assets are increased more than current liabilities in 3. Their working
capital is also increased nearly with 50%, so we can say they are reducing their liabilities to hold
ownership within the company. Current ratio is increased in last 3 years.