V-MARC India 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	360.95	268.53	104.46	49.92	57.93
Depreciation & Amortization	181.57	90.08	25.51	25.75	18.87
Other Operating Activities	261.45	181.69	71.39	39.88	40.48
Change in Accounts Receivable	-1,406	-878.1	103.37	-315.6	226.44
Change in Inventory	-133.49	-414.69	-159.22	-130.12	-136.43
Change in Accounts Payable	424.7	857.96	307.59	28.25	-96.58
Change in Other Net Operating Assets	535.64	466.3	-116.05	268.39	-90.14
Operating Cash Flow	225.27	571.78	337.05	-33.54	20.57
Operating Cash Flow Growth	-60.60%	69.64%	-	-	-78.48%
Capital Expenditures	-578.7	-621.12	-517.14	-25.42	-23.09
Sale of Property, Plant & Equipment	1.57	-	-	-	-
Other Investing Activities	12.16	5.92	25.46	-168.5	3.49
Investing Cash Flow	-610.14	-690.69	-332.99	-193.91	-19.6
Long-Term Debt Issued	201.99	307.78	91.3	56.89	24.06
Net Debt Issued (Repaid)	201.99	307.78	91.3	56.89	24.06
Issuance of Common Stock	468.33	-	-	223.91	8.4
Other Financing Activities	-272.82	-187.06	-95.95	-52.39	-43.41
Financing Cash Flow	397.51	120.72	-4.65	228.41	-10.94
Miscellaneous Cash Flow Adjustments	-0	0	-0	-0	-
Net Cash Flow	12.64	1.82	-0.6	0.95	-9.97
Free Cash Flow	-353.43	-49.34	-180.09	-58.95	-2.52
Free Cash Flow Margin	-3.91%	-0.87%	-7.22%	-3.25%	-0.14%
Free Cash Flow Per Share	-14.47	-2.17	-7.90	-2.59	-0.15
Cash Interest Paid	272.82	187.06	95.95	52.39	43.41
Cash Income Tax Paid	134.43	90.17	30.17	18.01	20.77
Levered Free Cash Flow	-761.08	-632.7	-403.27	-120.03	-58.35
Unlevered Free Cash Flow	-587.15	-514.09	-335.69	-83.08	-27.45
Change in Working Capital	-578.69	31.48	135.69	-149.09	-96.71

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