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86
Sixty-Seventh Annual Report 2011-2012
a.
The net cash from operations was
`
3,653.59 crores as
compared to
`
1,505.56 crores in the previous year. The
cash generated from operations before working capital
changes was
`
4,304.49 crores as compared to
`
4,656.71
crores in the previous year. There was net outflow of
`
314.42 duirng the year towards working capital
mainly attributable to increase in inventory on account
to volumes.
b.
The net cash inflow from investing activity was
`
144.72
crores as compared to net cash outflow of
`
2,521.88 crores
for the previous year. There was redemption of preference
shares by TML Holdings Singapore, resulting in cash inflow
of
`
4,146.98 crores.
c.
The net change in financing activity was outflow of
`
4,235.59 crores against inflow of
`
1,648.42 crores for last
year. The Company had raised equity through raising of
equity through QIP last year
`
3,249.80 crores. Further there
has been an outf low of dividends and interest
of
`
2,944.63 crores (last year
`
2,197.14 crores). There has
been a net decrease on account of borrowings of
`
1,290.98
crores as compared to inflow of
`
592.17 crores in last year.
Opportunities and Risks
Opportunities
Infrastructure Growth:
The Government of India has been
focusing on improving road infrastructure through two main
umbrella programs – National Highway Development Project
(NHDP) and Pradhan Mantri Gram Sadak Yojna (PMGSY). While
National Highways Authority of India (NHAI) has till date
awarded 65% of the projects by road length (the plan is to
upgrade, widen and strengthen 55,000 km of road network),
35% still remains to be awarded. Of the awarded projects,
36% of the work has been completed and work on the
remaining 29% is underway. The Government has planned in
budget for FY 2012-13, to award a further 8,800 km of projects,
higher than original ly planned. Under the PMGSY, the
Government aims to develop 368,368 km of rural roads. Of
StandaloneCash Flow
(
`
in crores)
FY
2011-12
FY
Change
(a) Net cash from (used
in) operating activities 3,653.59 1,505.56 2,148.03
Profit for the year
1,242.23
1,811.82
Adjustments for cash
flow from operations
3,062.26
2,844.89
Changes in working
capital
(314.42) (2,646.29)
Direct taxes paid
(336.48)
(504.86)
(b) Net cash from (used
in) investing activities 144.72 (2,521.88) 2,666.60
Purchase of fixed
assets (Net)
(2,835.47)
(2,381.65)
Net investments,
short term deposit,
margin money and
loans given
262.21
329.69
Redemption of
preference shares
in a subsidiary
4,146.98 -
Investments / loans
in subsidiary /
associates / JV
(1,940.74) (853.07)
Dividend and
interest received
511.74
383.15
(c) Net cash from
(used in) financing
activities
(4,235.59) 1,648.42 (5,882.01)
Proceeds from issue
of shares / previous
year through QIP
0.02
3,253.39
Interest and
dividend paid
(2,944.63) (2,197.14)
Net Borrowings (net
of issue expenses)
(1,290.98)
592.17
Net increase in cash
and cash equivalent
(437.28)
632.10
Effect of exchange
fluctuation on
cash flows
4.78
3.77
Cash and cash
equivalent,
beginning of the
year
1,352.14 716.27
Cash and cash
equivalent, end of
the year
919.64 1,352.14
2010-11