Other liabilities
These mainly includes liability for advance received from customers of Rs.896.35 crores as at March 31, 2018, as compared to Rs.850.40 crores as at March 31, 2017. Deferred revenue were Rs.441.32 crores as at March 31, 2018, as compared to Rs.428.05 crores as at March 31, 2017. Statutory dues (GST, VAT, Excise, Service Tax, Octroi etc.) were Rs.781.12 crores as at March 31, 2018, as compared to Rs.803.11 crores as at March 31, 2017.
Deferred tax liability represent timing differences where current benefit in tax will be offset by a debit in the statement of profit and loss. The amount increased to Rs.154.61 crores as at March 31, 2018, as compared to Rs.147.58 crores as at March 31, 2017.
Standalone Cash Flow
- Increase in net cash from operations reflects better performance in Fiscal 2018. The cash from operations before working capital changes was Rs.4,090.85 crores in Fiscal 2018 compared to Rs.1,661.64 crores in Fiscal 2017. There was marginal net inflow of Rs.51.50 crores in Fiscal 2018 towards working capital changes.
- The net cash used in investing activities was Rs.710.27 crores in Fiscal 2018 compared to Rs.2,859.00 crores in Fiscal 2017, mainly attributable to:
- Decrease in Investments in mutual funds in Fiscal 2018 was Rs.1,025.59 crores as compared to increase in investments by Rs.537.40 crores in Fiscal 2017.
- The cash used for payments for fixed assets was Rs.2,794.80 crores (net) in Fiscal 2018 compared to Rs.3,496.49 crores in Fiscal 2017.
- Outflow by way of investments in subsidiary companies resulting of Rs.300 crores in Fiscal 2018 as compared to Rs.139.08 crores.
- Inflow due to dividends and interest in Fiscal 2018 was Rs.1,454.03 crores as compared to Rs.931.52 crores in Fiscal 2017.
- There was an outflow (net) of Rs.110.96 crores in Fiscal 2018 compared to an inflow of Rs.229.28 crores for Fiscal 2017 towards Fixed / restricted deposits.
- The net change in financing activity was an outflow of Rs.3,105.63 in Fiscal 2018 against inflow of Rs.1,208.80 crores in Fiscal 2017. The outflow is attributable to:
- Long-term borrowings (net) – inflow of Rs.1,034.70 crores in Fiscal 2018 as compared to Rs.1,474.30 crores.
- Short-term borrowings (net) – outflow of Rs.2,039.14 crores in Fiscal 2018 as compared to inflow of Rs.1,739.40 crores.
- In Fiscal 2017, the Company paid dividend of Rs.73.00 crores.
- In Fiscal 2018, interest payment was Rs.2,098.44 crores as compared to Rs.1,936.45 crores in Fiscal 2017.
- There has been positive Free cash flows of Rs.1,339 crores in Fiscal 2018 due to improved performance.
FINANCIAL PERFORMANCE OF JAGUAR LAND ROVER (AS PER IFRS)
The financial statements of Jaguar Land Rover are prepared in accordance with International Financial Reporting Standards (IFRS) applicable in the United Kingdom. This information is given to enable the readers to understand the performance of Jaguar Land Rover on a consolidated basis for the Jaguar Land Rover group.
Revenues for Jaguar Land Rover for Fiscal 2018 were GB£25,786 million, an increase of 5.9% compared to the GB£24,339 million in Fiscal 2017, driven primarily by increased wholesale volumes and favourable mix, reflecting the introduction of the Range Rover Velar.
Material and other cost of sales in Fiscal 2018 were of GB£16,328 million, up 8.3% compared to the GB£15,071 million in Fiscal 2017 (and increased as a proportion of revenue to 63.3% in Fiscal 2018 compared to 61.9% in Fiscal 2017) primarily driven by the increase in sales volumes and a generally stronger Euro vs the Pound Sterling.
Employee costs increased by 9.3% to GB£2,722 million in Fiscal 2018 compared to GB£2,490 million in Fiscal 2017, primarily reflecting increase in employees to support increased product development activities and increased production related to the launch of new models and increasing sales.
Other expenses (net of income) increased by 8.6% to GB£5,426 million in Fiscal 2018 compared to GB£4,997 million in Fiscal 2017 primarily reflecting an increase in fixed marketing costs, primarily related to the launch of new models, and higher engineering, related to increased R&D activities, and an increase in freight costs related to the increase in volumes.
Product development costs capitalized increased by 12.9% to GB£1,610 million in Fiscal 2018 compared to GB£1,426 million in Fiscal 2017 primarily related to the development of future models, technologies and production facilities.