Adani Energy Solutions 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	10,600	11,373	12,563	12,046	12,240
Depreciation & Amortization	18,652	17,360	15,791	14,098	13,217
Other Amortization	407.7	400.9	286.8	173.4	72.1
Loss (Gain) on Sale of Assets	-38	-37.3	2	41.2	-
Loss (Gain) on Sale of Investments	-1,259	-431	-212.4	-101.2	-460
Change in Accounts Receivable	3,273	-6,048	-3,950	-1,054	-391.6
Change in Inventory	-4,761	-1,034	982	-158.5	3,129
Change in Accounts Payable	9,672	929.7	2,196	4,335	-4,023
Change in Other Net Operating Assets	10,279	12,090	-15,016	-8,763	-4,032
Other Operating Activities	40,294	25,602	24,790	20,167	17,820
Operating Cash Flow	86,952	60,376	37,770	40,966	37,843
Operating Cash Flow Growth	44.02%	59.85%	-7.80%	8.25%	-30.40%
Capital Expenditures	-93,781	-54,295	-47,022	-41,909	-39,523
Cash Acquisitions	-25,816	-347.9	-431	-1,435	-5,632
Divestitures	8,150	-	-	-	-
Investment in Securities	-22,161	1,885	-10,051	-408.1	-10,886
Other Investing Activities	-22,699	3,290	4,187	4,652	2,341
Investing Cash Flow	-152,276	-49,430	-46,987	-39,480	-40,253
Short-Term Debt Issued	-	3,613	7,312	-	7,309
Long-Term Debt Issued	72,518	54,590	51,696	82,116	25,366
Total Debt Issued	72,518	58,202	59,008	82,116	32,676
Short-Term Debt Repaid	-5,654	-	-	-5,111	-
Long-Term Debt Repaid	-41,926	-31,629	-35,991	-55,958	-13,562
Total Debt Repaid	-47,580	-31,629	-35,991	-61,068	-13,562
Net Debt Issued (Repaid)	24,938	26,573	23,017	21,048	19,113
Issuance of Common Stock	83,731	-	38,500	-	-
Repurchase of Common Stock	-	-	-30,755	-3.4	-6,800
Common Dividends Paid	-	-857.8	-	-	-13.9
Other Financing Activities	-28,917	-31,147	-21,530	-23,393	-19,746
Financing Cash Flow	79,752	-5,432	9,232	-2,349	-7,447
Miscellaneous Cash Flow Adjustments	54.7	0.7	0.9	116.5	163
Net Cash Flow	14,483	5,514	15.9	-746.3	-9,693
Free Cash Flow	-6,829	6,081	-9,252	-942.5	-1,680
Free Cash Flow Margin	-2.87%	3.66%	-6.96%	-0.84%	-1.69%
Free Cash Flow Per Share	-5.83	5.45	-8.31	-0.86	-1.53
Cash Interest Paid	29,766	32,220	22,125	23,651	19,887
Cash Income Tax Paid	2,287	3,001	2,456	2,669	2,525
Levered Free Cash Flow	-51,864	-33,216	-42,637	-10,726	6,765
Unlevered Free Cash Flow	-32,269	-16,336	-25,514	3,923	18,596
Change in Working Capital	18,463	5,939	-15,788	-5,642	-5,318

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