ZF Steering Gear (India) Cash Flow Statement

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

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Net Income	153.9	149.2	436.9	245.4	182.7
Depreciation & Amortization	473.1	422.5	333.7	318.5	308.7
Other Amortization	-	5.3	3.4	3.3	5.2
Loss (Gain) From Sale of Assets	-0.1	-0.7	-32.3	5.9	1
Loss (Gain) From Sale of Investments	19.3	-128.8	-231.5	-47.5	-143.4
Other Operating Activities	90.7	73.6	-15.1	46.4	69.7
Change in Accounts Receivable	102.7	-130.3	-8.8	-165.9	-119.5
Change in Inventory	0.6	-1.7	-90	-6.3	-203.5
Change in Accounts Payable	153.2	78.7	21.3	79.6	-25
Change in Other Net Operating Assets	-11.9	-75.3	-68.6	9.3	75.8
Operating Cash Flow	981.5	392.5	349	488.7	151.7
Operating Cash Flow Growth	150.06%	12.46%	-28.59%	222.15%	-
Capital Expenditures	-1,098	-590.3	-941.8	-396.6	-332.7
Sale of Property, Plant & Equipment	3.4	3	44.8	2.1	2.6
Investment in Securities	181.8	-84.4	365	-240.2	161.6
Other Investing Activities	20.9	17	9.8	8.8	6.9
Investing Cash Flow	-886.5	-654.7	-522.2	-625.9	-161.6
Long-Term Debt Issued	145.6	576.2	1,110	638.9	253.9
Total Debt Issued	145.6	576.2	1,110	638.9	253.9
Long-Term Debt Repaid	-138	-376.1	-722.8	-514.3	-281.5
Net Debt Issued (Repaid)	7.6	200.1	387.6	124.6	-27.6
Common Dividends Paid	-0.8	-72.3	-47.5	-	-0.8
Other Financing Activities	-61.5	29.4	-54.6	-7.2	-3.1
Financing Cash Flow	-54.7	157.2	285.5	117.4	-31.5
Net Cash Flow	40.3	-105	112.3	-19.8	-41.4
Free Cash Flow	-116.1	-197.8	-592.8	92.1	-181
Free Cash Flow Margin	-2.00%	-4.00%	-12.40%	2.04%	-5.78%
Free Cash Flow Per Share	-12.79	-21.80	-65.33	10.15	-19.95
Cash Interest Paid	-	65.6	10.1	7.2	3.1
Cash Income Tax Paid	-	75.5	98.9	67.4	46.1
Levered Free Cash Flow	-152.53	-130.03	-449.23	39.81	-360.8
Unlevered Free Cash Flow	-102.28	-89.53	-443.54	43.69	-359.43
Change in Working Capital	244.6	-128.6	-146.1	-83.3	-272.2

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