Valiant Laboratories Cash Flow Statement

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

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Net Income	50.7	-22.01	3.2	289.98	340.74
Depreciation & Amortization	21.04	20.93	19.66	15.63	24.26
Loss (Gain) From Sale of Assets	2.14	-0.05	-	-	-0.59
Provision & Write-off of Bad Debts	8.05	8.48	-	-	-
Other Operating Activities	0.34	45.07	-0.3	3.31	-10.28
Change in Accounts Receivable	-281.83	-272.42	428.41	222.01	-791.1
Change in Inventory	-218.5	60.27	30.27	27.62	21.15
Change in Accounts Payable	442.03	147.89	-213.69	80.24	480.6
Change in Other Net Operating Assets	-184.16	24.99	-248.69	-78.28	72.9
Operating Cash Flow	-160.18	13.13	18.85	560.51	137.68
Operating Cash Flow Growth	-	-30.34%	-96.64%	307.12%	-
Capital Expenditures	-620.92	-1,139	-458.7	-376.81	-88.2
Sale of Property, Plant & Equipment	0.66	0.56	-	-	0.59
Investment in Securities	-168.76	610.3	-980.07	-136.97	-
Other Investing Activities	769.21	-	-	-37.91	-143.25
Investing Cash Flow	-19.81	-527.68	-1,439	-551.68	-230.85
Short-Term Debt Issued	-	154.68	13.88	-	-
Long-Term Debt Issued	-	296.86	152.63	3.72	-
Total Debt Issued	61.95	451.54	166.5	3.72	19.21
Short-Term Debt Repaid	-	-	-	-12.81	-
Total Debt Repaid	-678.28	-	-	-12.81	-440.25
Net Debt Issued (Repaid)	-616.34	451.54	166.5	-9.09	-421.04
Issuance of Common Stock	810.06	-	1,359	-	733.49
Other Financing Activities	-6.51	-5.01	-0.78	-0.25	-0.88
Financing Cash Flow	187.21	446.53	1,524	-9.34	311.57
Miscellaneous Cash Flow Adjustments	-0	-0	0	-	0
Net Cash Flow	7.22	-68.02	104.57	-0.51	218.39
Free Cash Flow	-781.1	-1,125	-439.85	183.7	49.48
Free Cash Flow Growth	-	-	-	271.26%	-
Free Cash Flow Margin	-41.98%	-84.37%	-24.16%	5.50%	1.58%
Free Cash Flow Per Share	-15.94	-25.90	-11.57	5.64	1.52
Cash Interest Paid	3.26	1.75	0.78	0.25	0.36
Cash Income Tax Paid	-	-24.65	-9.82	88	115.88
Levered Free Cash Flow	-757.83	-1,355	-400.31	290.4	-
Unlevered Free Cash Flow	-755.8	-1,354	-399.83	291.98	-
Change in Working Capital	-242.46	-39.28	-3.7	251.59	-216.45

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.