Shardul Securities 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	329.91	978.09	22.07	96.3	155.46
Depreciation & Amortization, Total	4.39	3.91	3.68	3.59	3.58
Gain (Loss) On Sale of Investments	180.58	-157.9	-79.75	-107.62	-193.93
Change in Accounts Receivable	11.2	0.52	-1.98	-10.67	1.98
Change in Accounts Payable	-11.18	7.4	-5.43	5.59	21.42
Change in Other Net Operating Assets	-154.22	42.66	-105.27	-32.5	1.03
Other Operating Activities	-61.83	40.31	-16.22	1.25	40.44
Operating Cash Flow	-359.45	213.19	-182.79	82.93	-96.96
Capital Expenditures	-6.72	-4.6	-1.71	-0.64	-0.3
Investment in Securities	101.68	-261.99	165.32	-242.12	207.35
Other Investing Activities	22.99	13.39	14.03	17.52	8.98
Investing Cash Flow	117.95	-240.09	177.64	-225.03	216.03
Long-Term Debt Issued	132.7	98.88	-	-	-
Total Debt Issued	132.7	98.88	-	-	-
Net Debt Issued (Repaid)	132.7	98.88	-	-	-
Common Dividends Paid	-	-	-0.46	-0.41	-0.33
Financing Cash Flow	132.7	98.88	-0.46	-0.41	-0.33
Net Cash Flow	-108.79	71.98	-5.61	-142.51	118.74
Free Cash Flow	-366.17	208.6	-184.5	82.29	-97.25
Free Cash Flow Margin	-59.58%	12.06%	-278.42%	53.45%	-41.08%
Free Cash Flow Per Share	-4.18	2.38	-2.11	0.94	-1.11
Cash Income Tax Paid	157.05	595.84	8.95	9.72	2.5

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.