Statement of Cash Flows

for the year ended 31st March, 2024

(` in Crores)
Year Year
Particulars
2023-24 2022-23
(A) CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 7,005.04 5,489.60
Adjustments for :
Depreciation and amortisation expense 734.49 755.83
Interest income (135.48) (94.69)
Dividend income (142.76) (70.48)
Finance costs 115.42 93.06
Allowance for doubtful debts and advances (net) 84.12 33.67
Bad debts written off (net) 1.23 1.34
Deferred income arising from government grant (5.29) (1.54)
Net unrealised foreign exchange loss 9.19 4.46
Net gain on disposal of property, plant and equipment and other intangible assets (1.89) (11.45)
Net gain on modification/termination of leases (3.99) (3.14)
Net gain arising on financial assets measured at fair value through profit or loss (FVTPL) (222.02) (118.62)
Share based payment expense (net) 19.03 11.97
Net fair valuation (gain)/loss on earnout and derivatives (49.25) 26.82
Reversal for expected credit loss on government grants (10.90) (27.58)
Operating Profit before working capital changes 7,396.94 6,089.25
Adjustments for :
(Increase) in trade receivables (256.43) (581.98)
Decrease in financial assets 20.95 162.81
Decrease/(Increase) in inventories 247.03 (44.18)
(Increase) in other assets (203.53) (2.88)
Increase/(Decrease) in trade payables 272.32 (441.98)
(Decrease)/Increase in other financial liabilities (27.37) 388.32
Increase in other liabilities and provisions 19.97 66.97
Cash generated from Operating activities 7,469.88 5,636.33
Income Tax paid (net of refund) (1,732.04) (1,414.68)
Net Cash generated from Operating activities 5,737.84 4,221.65
(B) CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and other intangible assets (1,968.33) (1,057.27)
Sale of property, plant and equipment 4.35 16.28
Payment for acquiring right-of-use assets (202.87) (166.67)
Investment in subsidiary and associate companies (262.77) (398.46)
Payment of earnout (37.71) -
Purchase of non-current investments - others (211.86) (145.66)
Sale of non-current investments 0.50 376.61
Purchase of term deposits (1,435.98) (1,218.84)
Proceeds from maturity of term deposits 1,316.84 1,000.19
Sale of current investments (net) 272.02 67.44
Interest received 105.64 61.05
Dividend received from subsidiary and associate companies 136.82 54.97
Dividend received from others 20.16 13.48
Net Cash used in Investing activities (2,263.19) (1,396.88)

Integrated Annual Report 2023-24   323

Statement of Cash Flows (Contd.)
for the year ended 31st March, 2024
(` in Crores)
Year Year
Particulars
2023-24 2022-23
(C) CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings - 74.25
Acceptances (net) (83.65) (8.97)
Repayment of principal portion of lease liabilities (248.01) (214.20)
Finance costs (including interest on lease liabilities) paid (111.35) (91.52)
Proceeds from ESOP Trust/(Purchase) of treasury shares by ESOP Trust (net) 0.91 (35.57)
Dividend paid (2,532.38) (1,908.86)
Net Cash used in Financing activities (2,974.48) (2,184.87)
(D) NET INCREASE IN CASH AND CASH EQUIVALENTS [A+B+C] 500.17 639.90
Add : Cash and cash equivalents as at 1st April 2,704.49 2,064.59
Cash and cash equivalents as at 31st March 3,204.66 2,704.49

Notes :
(a) The above Standalone Statement of Cash Flows has been prepared under the “Indirect Method” as set out in the Indian Accounting Standard
(Ind AS 7) - Statement of Cash Flows.

(` in Crores)
As at As at
Particulars
31.03.2024 31.03.2023
(b) Cash and Cash Equivalents comprise of :
Cash on hand 0.01 0.02
Balances with Banks :
- Current Accounts 113.18 44.21
- Cash Credit Accounts 1.11 49.13
- Deposits with original maturity of less than 3 months 124.10 25.01
Cheques, draft on hand 87.56 38.07
Cash and cash equivalents (Refer note 11A) 325.96 156.44
 Add : I nvestments in Fixed Maturity Plans (with original maturity of less than 3 months) - 111.57
(Refer note 5(II)(B)(a))
Add : Investments in Liquid Mutual Funds (Refer note 5(II)(B)(b)) 2,878.70 2,436.48
Cash and cash equivalents in Standalone Statement of Cash Flows 3,204.66 2,704.49

324  Asian Paints Limited

Consolidated Statement of Cash Flows
for the year ended 31st March, 2024
(₹ in Crores)
Year Year
Particulars
2023-24 2022-23
(A) CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 7,347.77 5,688.83
Adjustments for :
Depreciation and amortisation expense 853.00 858.02
Interest income (169.93) (120.80)
Dividend income (20.16) (13.48)
Finance costs 205.17 144.45
Allowances for doubtful debts and advances (net) 116.64 63.91
Bad debts written off (net) 9.20 3.44
Deferred income arising from government grant (5.29) (1.54)
Net unrealised foreign exchange loss 8.00 21.94
Net gain on disposal of property, plant and equipment and other intangible assets (2.08) (11.72)
Net gain on modification/ termination of leases (5.50) (2.96)
Net gain arising on financial assets measured at fair value through profit or loss (FVTPL) (229.63) (120.61)
Share based payment expense (net) 21.84 13.38
Share of profit in Associates (133.00) (93.85)
Fair valuation (gain) / loss on earnout, derivatives and gross obligation towards further stake (63.68) 28.85
acquisition
Fair valuation gain on previously held equity interest, pursuant to acquisition of controlling (33.96) -
stake in Obgenix Software Private Limited (White Teak)
Impairment loss on Goodwill in Causeway Lanka - 24.66
Reversal for expected credit loss on government grants (10.90) (27.58)
Effect of exchange rates on translation of operating cashflows 41.11 4.88
Operating Profit before working capital changes 7,928.60 6,459.82
Adjustments for :
(Increase) in trade receivables (361.89) (833.94)
Decrease in financial assets 23.12 156.75
Decrease/(Increase) in inventories 314.94 (55.98)
(Increase) in other assets (260.89) (26.71)
Increase/(Decrease) in trade payables 268.58 (538.97)
Increase in other financial liabilities 16.40 441.10
Increase in other liabilities and provisions 9.79 85.64
Cash generated from Operating activities 7,938.65 5,687.71
Income Tax paid (net of refund) (1,835.05) (1,494.28)
Net Cash generated from Operating activities 6,103.60 4,193.43

(B) CASH FLOW FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment and other intangible assets (2,199.01) (1,273.37)
Sale of property, plant and equipment 5.13 25.92
Payment for acquiring right-of-use assets (297.07) (172.24)
Purchase of non-current investments (212.24) (146.07)
Sale of non-current investments 0.50 376.61
Sale of current investments (net) 239.99 69.43
Purchase of term deposits (net) (206.25) (118.71)
Investment in Associate - (179.62)
Amount paid towards acquiring controlling stake in White Teak and Harind Chemicals and (75.00) -
Pharmaceuticals Private Limited (net)
Payment of earnout (37.71) -
Interest received 135.49 87.15
Dividend received from Associate 108.37 42.78
Dividend received from others 20.17 13.48
Net Cash used in Investing activities (2,517.63) (1,274.64)

418   Asian Paints Limited

Consolidated Statement of Cash Flows (Contd.)
for the year ended 31st March, 2024
(₹ in Crores)
Year Year
Particulars
2023-24 2022-23
(C) CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings 5.91 94.00
Repayment of non-current borrowings (14.17) (15.55)
Proceeds from current borrowings (net) 94.98 159.76
Acceptances (net) (83.65) (8.97)
Amount infused by non-controlling shareholders in subsidiary 40.60 -
Repayment of principal portion of lease liabilities (285.63) (255.72)
Finance costs (including interest on lease liabilities) paid (190.57) (141.95)
Proceeds from ESOP Trust/(Purchase) of treasury shares by ESOP Trust (net) 0.91 (35.57)
Dividend paid (including dividend paid to non-controlling shareholders) (2,550.88) (1,936.05)
Net Cash used in Financing activities (2,982.50) (2,140.05)

(D) NET INCREASE IN CASH AND CASH EQUIVALENTS [A+B+C] 603.47 778.74
Add : Cash and cash equivalents as at 1st April 3,054.33 2,283.29
Net effect of exchange (loss) on cash and cash equivalents (30.85) (7.70)
Cash and cash equivalents as at 31 March
st
3,626.95 3,054.33
Notes :

(a) The above Consolidated Statement of Cash Flows has been prepared under the “Indirect Method” as set out in the Indian Accounting Standard
(Ind AS 7) - Statement of Cash Flows.

(₹ in Crores)
As at As at
Particulars
31.03.2024 31.03.2023
(b) Cash and Cash Equivalents comprises of :
Cash on hand 1.05 0.38
Balances with Banks :
- Current Accounts 558.59 341.98
- Cash Credit Accounts 11.05 81.78
- Deposits with original maturity of less than 3 months 166.40 58.38
Cheques, drafts on hand 92.25 40.58
Cash and cash equivalents 829.34 523.10
Add : Investments in Fixed Maturity Plans (with original maturity of less than 3 months) - 111.57
Add : Investments in Liquid Mutual Funds 2,945.59 2,535.46
Add : Investments in Government Securities (with original maturity of less than 3 months) 12.13 -
Less : Loan repayable on demand - Cash Credit / Overdraft Accounts (160.11) (115.80)
Cash and cash equivalents in Consolidated Statement of Cash Flows 3,626.95 3,054.33

Integrated Annual Report 2023-24   419