RKFORGENSE7 June 2022

Ramkrishna Forgings Limited has informed the Exchange about Investor Presentation under Regulation 30 of SEBI LODR Regulations.

Ramkrishna Forgings Limited

RAMERISHNA FORGINGS LIMITED

Date: 7 June, 2022

To The Listing Department BSE Limited P] Towers Dalal Street Mumbai - 460 001

To The Listing Department National Stock Exchange of India Limited “Exchange Plaza” C-1, Block G Bandra- Kurla Complex, Bandra (E) Mumbai- 400051

BSE SCRIP CODE: 532527

NSE SYMBOL: RKFORGE

Dear Sir/Madam,

Sub:

Disclosure under Regulation 30 Disclosure __Requirements) Analysts /Institutional Investors Meetings

the of Regulations,

_SEBI

2015

(Listing Obligations and for Presentation

In terms of Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we hereby wish to submit a copy of the Investor Presentation of the Company.

same

The www.ramkrishnaforgings.com.

also

being made available

the

website

the Company at

We request you to take the aforementioned infermation on record and oblige.

Thanking You.

Yours truly,

For

Ramkrishna Forgings Limited

‘ Woon

Rajesh Mundhra Company Secretary & Compliance Offic ACS 12991

“4

REGISTERED & CORPORATE OFFICE

23 CIRCUS AVENUE, KOLKATA 700017, WEST BENGAL, INDIA PHONE : (+91 33)4082 0900 / 7122 0900, FAX : (+91 33)4082 0998 / 7122 0998, EMAIL : info@ramkrishnaforgings.com, WEB : www.ramkrishnaforgings.com CIN NO. :L74210WB1981PLC034281

[ ] 2022

Confidential

Corporate Presentation June 2022

Disclaimer

Important Notice:

THIS PRESENTATION IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF RAMKRISHNA FORGINGS LIMITED (THE “COMPANY or RKFL”) OR ITS SUBSIDIARIES, TOGETHER WITH THE COMPANY, THE “GROUP”

The material that follows is a presentation of general background information about the Company’s activities as at the date of the presentation or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This presentation has been prepared by and is the sole responsibility of the Company.

This presentation is for general information purposes only and should not be considered as a recommendation that any investor should subscribe to or purchase the Company’s equity shares or other securities.

This presentation includes statements that are, or may be deemed to be, “forward looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”,“ estimates”,“ anticipates”,“ projects”,“ expects”,“ intends”,“ may”,“ will”,“ or “ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend Important factors that could cause our actual results, on circumstances that may or may not occur in the future. performances and achievements to be materially different from any of the forward-looking statements include, among others:

• •

• • •

•

if we are unable to manage any adverse effects of COVID-19 on our business; concentration of revenue amongst a limited number of customers and a decline in revenue from those customers; changes in requirements of OEM/Tier-1 automotive or other customers that are unfavourable to us; reduction in our sales on account of intense competition, downturns in the commercial vehicle industry or damage to our reputation; if we are unable to reduce costs or increase prices as needed; failure of suppliers to deliver necessary raw materials of appropriate quality and in a timely manner; failure to retain or recruit contract workers and employees, particularly skilled workers and senior management at reasonable rates; failure to meet performance requirements and any subsequent civil claims or costs incurred from product recalls or cancellation of orders;

• • • •

•

restrictive covenants in our financing agreements limiting our operations and financial flexibility; failure to execute our strategies; failure to achieve the targeted returns on our investments in increasing our installed manufacturing capacity; shortfall in our expectations with regard to the acquisition of other companies or growth in our investments in certain markets, products and product lines; and failure to realise payments from our customers in a timely manner.

Forward looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved.

The Company, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. . The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this presentation, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Company may alter, modify or otherwise change in any manner the content of this presentation without obligation to notify any person of such revision or changes.

This document is just a presentation and is not intended to be and does not constitute a “prospectus” or “disclosure document” or “offer document” or a “private placement offer letter” or an “offering memorandum” or an or a solicitation of any offer to purchase or sell any securities. It is clarified that this presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from any person, including the Indian public (including any section thereof) or from persons residing in any other jurisdiction, including the United States, for the subscription to or sale of any securities, including the Company’s equity shares. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities.

This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India.

Who are we?

Vision, mission and core values

To be the most dependable and preferred supplier of forged and rolled components

for the railways, automobile, mining, earthmoving, oil exploration, farm equipment,

wind energy, bearing and general engineering industry by providing world class

products at competitive prices through a knowledge-based happy organization

Create value for all business associates, shareholders and customers in all the areas

of business in which we are associated with and to become an active partner in

employee well-being and philanthropic causes

Customer centric approach

Continual improvements in systems

Commitment to human development

RKFL by the numbers

17 Countries served

41.5% Export revenue mix 4.8% YoY increase

1,87,100T

Installed capacity

77.2% Capacity utilisation

1,11,742T

Sales volume 42.2% YoY increase

₹2,320cr

Revenue 80.0% YoY increase

2.0% Total turnover from EV

₹517cr

EBITDA 132.1% YoY increase

22.3%

EBITDA margin 5.0% YoY increase

14.3% ROCE

18.4% ROE

2.6x Net debt to EBITDA

Notes: Numbers rounded off; All figures are consolidated for the year ended March 31, 2022, T: Tonnes per annum, While the financials are in lakh, for the ease of presentation numbers are represented in crores

About us

Key highlights



Manufacturer and supplier of a variety of auto and non-auto components

Global presence with footprints in North America and Europe

2nd largest forging player in India with over 30 years’ of experience (1)

Promoter possessing multi-decade forgings industry experience

Continued focus on diversification with foray into EV

Longstanding relationship with marquee customers

Industries served

Automotive

Non- Automotive

OEMs

Tier I auto companies

General enging. & steel

Oil and gas exploration

Railways

Farm equipment

Mining

Note: 1. 2. 3.

T: Tonnes per annum In terms of revenue in FY22, as per industry reports https://www.icra.in/Rationale/ShowRationaleReport/?Id=106178 Based on consolidated numbers

Range of products forged

Installed capacity

Weight range of products forged (in kgs)

Press 1 – 12,500 T

Press 2 – 6,300 T

Press 3 – 4,500 T

Press 4 – 3,150 T

Press 5 – 2,000 T

Press 6 – 7,000 T

Hollow spindle line

80-200

40-65

20-40

10-20

05-10

40-65

15-25

Revenue mix(3)

Manufacturing

facilities in India

A (stable) / A1

Long term rating by

ICRA(2)

28.9%

71.1%

17.8%

23.1%

82.2%

76.9%

FY20

FY21

FY22

Auto

Non-Auto

Brief corporate journey

Launched IPO

Company incorporation

2004

1981

Commenced ring rolling press line with machining facilities

Commissioned 2 press lines with annual installed capacities of 3,150 MTs and 4,500 MTs

Commenced supplies to leading Tier I customer in North America

Commissioned a hollow spindle line with annual installed capacity of 10,200T

2017

2020

2021

2014

2013

2015

2007

2006

Investment from UTI Venture Funds Management Company (Ascent Capital Limited)

Raised ₹ 2,000 mn via QIP

In-house R&D team received accreditation from DSIR

Received equity and debt funding from IFC

Equity funding from Wayzata for automated press

Commissioned 2 of its press lines with annual installed capacities of 6,300 MTs and 12,500 MTs

Commissioned pressline with annual installed capacity of 17,000T

Commissioned a warm forging line with an annual installed capacity of 9,900 T and a fabrication facility

Note:

Year represents calendar years

What differentiates us?

Diversified product profile offering (1/3)

Front Axle & Steering

I Beam

Knuckle

Steering Arm

Tie Rod Arm

Engine

Suspension & Chassis

Transmission

Sector Shaft

Front Hub

Crankshaft

Camshaft

Connecting Rod

Piston

Pitman Arm

BC Lever Assembly

Transmission Gears

Mounting Brackets

Yokes

UJ Cross

Transmission Shafts

Rear Axle

Crown Wheel

Pinion

Differential Case

Differential Case Cover

Spindle

Rear Axle Shaft

Spider

Differential Gear & Differential Pinion

Diversified product profile offering (2/3)

Tractors & Tillers

Earth Moving

1,2,3 & 4 Cyl Forged Crankshafts

Bucket

Backhoe Bucket

Shovel

Track Link

Track Roller

Bucket Tooth

Crown Wheel & Pinion

Rear Axle Shafts

Transmission Shafts & Gears

Pivot Pin

Prop Shaft

Bearing Centre

Diversified product profile offering (3/3)

Railways

Energy

Bogie Frame

Bogie Bolster

Wing Nut

Valve Bonnet

Draw Gear Assembly

Screw Coupling

Hanger Anti Roll Bar Assembly

T Bolt Socket Joint

Toothed Crusher Hammer

Global footprint

Turkey, Istanbul Sales representative office

Detroit, USA Sales office

Germany Sales representative office

Shelbyville, USA Warehousing facility

Hagerstown, USA Warehousing facility Westerloo, Belgium Warehousing facility

Monterrey, Mexico Warehousing facility

Italy Sales representative office

Toluca, Mexico Engineering support office + Warehouse facilities

Sao Paulo, Brazil Sales representative office

With consistently growing exports (1)

India Headquarters – Kolkata 6 manufacturing facilities ▪ Jamshedpur – 3 ▪ Seraikela – Kharswan – 2 ▪ Howrah, West Bengal - 1

FY22

41.5%

FY20

39.6%

36.1%

FY21

Note: 1.

Rounded off to nearest decimal place Exports as a % of total revenue from operations on a consolidated basis

State-of-the-art manufacturing facilities…

Rolling

✓ Rolling facility with robotics which can roll crown wheels upto 500mm diameter and a capacity to forge components from 15-70 kgs

✓ Ability to forge one component in 25-40

◼ 6 large modern facilities in India >> Strategic location benefits coupled with

economies of scale

◼ Technology led operations >> Better solutions, optimum yield and enhanced

quality of products

◼ Extensive manufacturing capabilities >> Ability to manufacture diverse

products

◼ Agile, flexible operations >> Customized customer-centric solutions

seconds

Forging

Machined

✓ First company in India to have fully automated

12,500 T wedge press line

✓ Capability to manufacture complex and heavy-

forged components

Accreditations and certifications

ISO 9001:2015 QMS

IATF 16949:2016 QMS for Automotive Production

ISO 14001:2015 Environmental Management

✓ State of the art machinery and capabilities

which includes turning

✓ Center, gear hobbing, shaping, shaving,

broaching and rolling

ISO 45001:2018 Occupational Health and Safety Management

ISO/TS 22163:2017 Quality & Business Management Systems For Railways

EN 15085-2:2020 Welding of Railway Vehicles and Components

…that are strategically located providing us the competitive edge

Strategically located procurement and manufacturing base

Proximity to automobile manufacturing hubs and key suppliers

✓ RKFL’s facilities in eastern India are

located in close proximity to automobile manufacturing hubs and key suppliers of raw material

✓ Less chance of supply

interruption

✓ Lower logistics cost

✓ Reduced working capital

requirements

Proximity to key export hubs

✓ Reduces logistics cost

✓ 302km(1) to Kolkata port

✓ 270km(1) to Haldia port

All facilities located within the same region

✓ Better integration resulting in efficient

processes

✓ Improved coordination

✓ Overall cost savings, including

administrative costs

Jharkhand

West Bengal

Jamshedpur facility

Seraikela-Kharswan facility

Howrah facility

Kolkata Port

Haldia Port

Availability of labor

✓ Eastern region is the industrial center

of India

✓ Low cost labor easily available

✓ Lower dependency on migrant

laborers

Note: 1.

Approximate distance from Jamshedpur facility

Ports for export Manufacturing facilities

Technology leadership powered by in-house R&D and testing capabilities

In-house R&D and testing capabilities

Digital tools

Impact

Auto CAD

Unigraphics

Commercial computer aided design and drafting software application

Leading CAD/CAE/CAM software product

VeraCAD

FaroArm

Graphically interactive design software for stretch roll segments

Facilitates precise 3D measurements of both large and small parts while in production

Forge® Nxt

DEFORM

64 Member R&D Team(1)

Best-in-class testing facility

◼ National Accreditation Board for

Testing and Calibration Laboratories accreditation for technical competence

Product innovation

Enhanced product quality

Cost benefits

Process improvements

◼ TS16949 certifications pertaining to

quality management systems

Simulates hot and cold- forming processes

Enables designers to analyze metal forming, heat treatment, machining and mechanical joining processes

Reduced manufacturing time

Improved customer satisfaction

Note: 1.

As of March 31, 2022

Visionary management team…

Mahabir Prasad Jalan

Chairman and Wholetime Director

Naresh Jalan

Managing Director

Chaitanya Jalan

Wholetime Director

Lalit Kumar Khetan Wholetime Director, Chief Financial Officer

Rajesh Mundhra Company Secretary & Sr. GM Finance

Milesh Gandhi Vice President – Marketing & Sales

…backed by a strong governance structure

Committed board of directors

Mahabir Prasad Jalan Chairman and Wholetime Director

Naresh Jalan Managing Director

Chaitanya Jalan Wholetime Director

Lalit Kumar Khetan Wholetime Director

Pawan Kumar Kedia Wholetime Director

Padam Kumar Khaitan Non-Executive, Independent Director

Partha Sarathi Bhattacharya Non-Executive, Independent Director

Amitabh Guha Non-Executive Independent Director

Ram Tawakya Singh Non-Executive, Independent Director

Ranaveer Sinha Non-Executive, Independent Director

Rekha Shreeratan Bagry Non-Executive, Additional Independent Director

Sandipan Chakrovortty Non-Executive, Independent Director

Strong governance standards

9 independent directors as against statutory requirement of 7 directors

Audit committee comprising of all independent directors

Nomination and remuneration committee comprising of all independent directors

Sanjay Kothari Non-Executive, Additional Independent Director

Yudhisthir Lal Madan Non-Executive, Independent Director

S R Batliboi & Co LLP

Presence of a Big 4 auditor

Strong operating and financial performance (1/2)

Substantial capacity augmentation with highest revenue clocking in last 3 financial years, much ahead of pre-Covid levels…

Capacity utilisation

54.6%

62.0%

77.2%

187k

150k

153k

2019/20

2020/21

Installed capacity

2021/22

₹ / crores

2,320

1,216

2019/20

1,289

2020/21

2021/22

Consolidated revenue

…leading to growth in profitability

EBITDA margins

17.0%

17.3%

207

2019/20

223

2020/21

Consolidated EBITDA

22.3%

517

2021/22

₹ / crores

PAT margins

0.8%

1.6%

2019/20

2020/21

Consolidated PAT

₹ / crores

8.5%

198

2021/22

Note:

Rounded off to the nearest whole number, k represents ‘000, , While the financials are in lakh, for the ease of presentation numbers are represented in crores

Strong operating and financial performance (2/2)

Improving operating and financial leverage…

Opex as % of revenue

78.8%

82.3%

₹ / crores

69.1%

1,602

1.4x

4.8x

4.9x

958

1,061

0.9x

2.6x

2019/20

2020/21

Opex

2021/22

2019/20

2020/21

2021/22

2019/20

2020/21

2021/22

Fixed assets to turnover ratio

Net Debt to EBITDA (Consolidated)

… leading to a higher ROCE and ROE

4.3%

2019/20

5.1%

2020/21 ROCE

14.3%

2021/22

18.4%

2021/22

1.1%

2019/20

2.3%

2020/21

ROE

Note:

Rounded off to the nearest whole number, , While the financials are in lakh, for the ease of presentation numbers are represented in crores Opex = Total Expenses excluding Depreciation & Interest / Revenue Fixed assets to turnover ratio = Revenue / Fixed Assets ROCE = EBIT less other income / (Net debt + equity)

ROE = Net profit / Net worth Net debt = Long term borrowings + short term borrowings – cash & cash equivalents – bills discounted

Delivering highest EBITDA in the last 8 quarters

Q42021/22 shows the results of a strong execution oriented approach leading to a good post Covid recovery and a strong turnaround

Consolidated revenue and EBITDA for last 8 quarters

EBITDA margin (%)

-4.2% -1.2%

18.0%

18.8% 20.8%

20.4%

22.7%

22.6%

23.5%

₹ / crores

20.7%

719

520

403

421

579

601

252

114

-5

106

131

141

149

Q12020/21

Q22020/21

Q32020/21

Q42020/21

Q12021/22

Q22021/22

Q32021/22

Q42021/22

Revenue

EBITDA

Note:

Rounded off to the nearest whole number, While the financials are in lakh, for the ease of presentation numbers are represented in crores

Key ESG targets for RKFL

RKFL for environment consciousness The vision is to commit to preserving and protecting the environment across its operations

50%

2050

80%

100%

30%

50%

Renewable energy mix by 2028

Achieve Carbon neutrality across Scope 1 & 2

Of suppliers in same states as RKFL plants by 2024

Recycling of water by 2025

Reduction in specific water use by 2025

Decrease in overall waste through 3 R’s

RKFL for communities The vision is to be the employer and partner of choice for our employees and suppliers and help local communities thrive

100%

ZERO

Upskilling

Key Suppliers will be audited in 2024

Accidents by enhancing safety practices by 2024

Program to be launched in 2023

2 Days

100

100%

Paid volunteering leave for all employees starting 2023

Employ and train people from local villages by 2030

Employees sensitized on ESG and Human Rights by 2025

RKFL for the long run The vision is to operate ethically and responsibly with transparency

10%

Zero

Increase in Women representation on Board by 2030

Gender pay disparity by 2030

TCFD

Alignment 2030

Strategy for future growth

Multiple vectors to accentuate growth and increase profit

Clearly identified growth strategies

Continued growth in forging content in vehicles with existing customer base(1)

Continued focus on diversification

Continued investment in innovation and technology

Continued cost and process optimization driving operating leverage

▪ ▪

▪

2011/12

2016/17

2021/22

Geographical – Further diversification into international markets Sector – Increasing the gamut of products that are currently manufactured towards non- automotive customers Product – Diversification into high margin, niche products and EV

Enhancing R&D capabilities to further provide competitive edge with respect to quality and cost

Investment in modern technology and equipments solidifying the competitive edge

Accelerated efforts to optimize and improve process efficiency

Focus on achieving economies of scale

Note: 1.

Number to the right indicate number of different types of forging parts manufactured by RKFL

Growing presence in EV globally

Europe 1 Customer

❑ 1 Programs

India / Asia Pacific ▪ 3 Customer

✓ 6 Programs

❑ 3 Programs

North America 1 Customer

✓ 4 Programs

❑ 2 Programs

✓ Programs in Serial Productions

❑ Programs in Order book

In 2021/22, 2.0% of total turnover on a consolidated basis came from EV segment

Appendix

Organisation structure and shareholding

Latest organisation structure(1)

Latest shareholding (2)

Ramkrishna Forgings Limited

Globe All India Services Limited (100% subsidiary)

Ramkrishna Aeronautics Private Limited (100% subsidiary)

Ramkrishna Forgings LLC (100% subsidiary)

33.5%

46.2%

1.4%

13.5%

5.4%

Promoter & Promoter Group DII FII AIF Others

₹ 2,587 Cr Market Cap as on June 2, 2022(3)

Note: 1. 2. 3.

The subsidiaries contributed to 1.65% of the total gross revenues from operations of the overall holding company as per FY21 annual report As of March 31, 2022 As per BSE website

Financial snapshot

RKFL Consolidated Q42020/21 vs Q42021/22

₹ /crores

RKFL Consolidated 2020/21 vs 2021/22

₹ /crores

Total revenue

EBITDA

PBT

PAT

↑ 38.1%

520

719

↑80.0%

1,289

2,320

↑ ₹ 43 cr

106

149

↑ ₹ 22 cr

↑ ₹ 50 cr

↑ ₹ 294 cr

↑ ₹ 221 cr

↑ ₹ 177 cr

223

517

253

198

Note:

Rounded off to the nearest whole number, While the financials are in lakh, for the ease of presentation numbers are represented in crores

Consolidated financials – Balance sheet

Assets (₹ /crores)

Non - Current Assets

Property Plant & Equipments

CWIP

Goodwill

Intangible assets

Right of use asset

Financial Assets

(i) Trade receivables

(ii) Investments

(iii) Loans

(iv) Other Financial Assets

Non - Current Assets (Net)

Deferred tax Assets (net)

Other Non Current Assets

Current Assets

Inventories

Financial Assets

(i) Investments

(ii) Trade receivables

(iii) Cash and cash equivalents

(iv) Bank balances other than (ii) above

(v) Loans

(vi) Other financial assets

Current Tax Assets (Net)

Other Current Assets

Total Assets

2019/20

2020/21

2021/22

Equity and Liabilities (₹ /crores)

2019/20

2020/21

2021/22

1,437

1,160

219

1,551

1,224

276

1,677

1,436

129

Total Equity

Share Capital

Reserves & Surplus

Non-Current Liabilities

Financial Liabilities

(i) Borrowings

(ii) Lease Liabilities

Provisions

Deferred Tax Liabilities

Other Non Current Liabilities

Current Liabilities

Financial Liabilities

(i) Borrowings

(ii) Lease Liabilities

(iii) Trade Payables

(iv) Other Financial Liabilities

Other Current Liabilities

Provisions

Current tax liabilities (net)

876

843

559

479

883

851

757

670

1,078

1,046

982

869

794

1,065

1,423

402

214

159

559

433

722

608

1,806

709

891

792

359

343

2,229

1,153

438

573

2,704

Note:

Rounded off to the nearest whole number, While the financials are in lakh, for the ease of presentation numbers are represented in crores

3,484

Total Equity & Liabilities

2,229

2,704

3,484

Consolidated financials – Income statement

₹ /crores

Revenue from operations

Cost of goods sold (1)

Gross profit

Gross profit margin

Employee cost

Power and fuel

Other expenses

EBITDA

EBITDA margin

Other income

Depreciation and amortisation expense

EBIT

EBIT margin

Finance cost

Profit before tax

Profit before tax margin

Tax

Profit after tax

Profit after tax margin

2019/20

2020/21

2021/22

1,216

594

622

51.2%

103

215

207

17.0%

121

7.7%

1.2%

0.8%

1,289

640

648

50.3%

236

223

17.3%

117

112

8.7%

2.5%

1.6%

2,320

1,161

1,160

50.0%

127

152

363

517

22.3%

169

349

15.1%

253

10.9%

198

8.5%

Note: 1.

Rounded off to the nearest whole number, While the financials are in lakh, for the ease of presentation numbers are represented in crores Cost of Goods Sold Includes; Cost of materials consumed, Cost of Services, Trading Purchases (Increase) / Decrease in inventories of finished goods, work in progress scrap and traded group

Consolidated financials – Cash flow statement

₹ /crores

Cash flow from operating activities

PBT

Depreciation

Adjustments (including finance costs)

(Increase)/ Decrease in working capital

Less: Taxes paid

Net cash flow from operating activities

Cash flow from investing activities

Net proceeds from purchase/ sale of property (including intangible assets)

Others

Net cash flows used in investing activities

Cash flow from financing activities

Issue / (Buyback) of shares and related items

Interest and borrowing costs paid

Net proceeds from/ (repayment of) long term borrowings

Net proceeds from/ (repayment of) short term borrowings

Dividends

Others

Net cash flows used in financing activities

Net increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at year end

2019/20

2020/21

2021/22

121

(7)

254

(228)

(4)

(231)

(3)

(5)

(78)

(22)

117

(80)

(1)

140

(231)

(222)

(16)

(78)

177

–

(0)

147

253

169

(410)

(48)

(300)

(55)

(354)

(98)

243

124

(5)

280

(31)

Note:

Rounded off to the nearest whole number, While the financials are in lakh, for the ease of presentation numbers are represented in crores

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