SML Mahindra Cash Flow Statement

Financials in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	1,217	1,079	198.35	-997.61	-1,335
Depreciation & Amortization	472.74	464.32	413.55	424.22	449.13
Other Amortization	10.79	10.84	10.77	11.04	12.55
Loss (Gain) From Sale of Assets	-1.62	-10.77	-0.02	-0.46	-1.78
Asset Writedown & Restructuring Costs	5.76	5.21	0.97	7.49	3.64
Provision & Write-off of Bad Debts	4.77	4.12	1.53	0.43	2.65
Other Operating Activities	664.38	278.01	244.17	241.05	199.48
Change in Accounts Receivable	-961.87	-934.29	43	-377.88	9.8
Change in Inventory	7.12	-1,605	-1,250	-353.39	78.34
Change in Accounts Payable	383.02	405.72	469.97	623.13	167.11
Change in Other Net Operating Assets	-27.02	-193.24	768.71	235.86	-52.58
Operating Cash Flow	1,775	-496.8	900.63	-186.13	-466.59
Capital Expenditures	-619.82	-424.26	-413.06	-190.24	-194.84
Sale of Property, Plant & Equipment	2.54	52.29	0.02	0.48	1.84
Investment in Securities	-16.12	9.86	-17.98	104.21	-108.5
Other Investing Activities	23.99	-95.89	10.16	15.91	19.37
Investing Cash Flow	-609.41	-458	-420.87	-69.64	-282.13
Short-Term Debt Issued	-	1,260	-	744.24	1,270
Long-Term Debt Issued	580.93	492.57	306.73	100	-
Total Debt Issued	580.93	1,753	306.73	844.24	1,270
Short-Term Debt Repaid	-1,250	-	-104.44	-	-
Long-Term Debt Repaid	-289.52	-195.3	-507.36	-459.09	-439.25
Total Debt Repaid	-1,539	-195.3	-611.79	-459.09	-439.25
Net Debt Issued (Repaid)	-958.27	1,558	-305.06	385.15	831.07
Common Dividends Paid	-229.46	-0.03	-0.05	-0.09	-0.1
Other Financing Activities	-294.87	-289.49	-246.46	-210.82	-228.12
Financing Cash Flow	-1,483	1,268	-551.57	174.25	602.85
Net Cash Flow	-317.19	313.29	-71.82	-81.52	-145.87
Free Cash Flow	1,155	-921.06	487.56	-376.37	-661.43
Free Cash Flow Margin	4.81%	-4.19%	2.68%	-4.07%	-11.19%
Free Cash Flow Per Share	79.81	-63.65	33.69	-26.01	-45.70
Cash Interest Paid	292.78	289.52	246.51	210.9	228.22
Cash Income Tax Paid	4.64	13.67	-61.53	-105.58	5.21
Levered Free Cash Flow	443.41	-1,848	141.45	-404.84	-478.54
Unlevered Free Cash Flow	619.81	-1,672	271.71	-275.73	-339.12
Change in Working Capital	-598.75	-2,327	31.3	127.71	202.66

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.