on account of increase in taxable profit. As a result, total tax expense amounted to % 156.52 million in Fiscal 2020
compared to 2 112.73 million in Fiscal 2019.

Restated Profit after Tax for the Year

We recorded a restated profit after tax for the year of 526.34 million in Fiscal 2020 compared to = 309.41 million
in Fiscal 2019.

Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA)

EBITDA was % 1,265.05 million in Fiscal 2020 compared to EBITDA of % 799.88 million in Fiscal 2019, while
EBITDA Margin was 32.27% in Fiscal 2020 compared to 28.04% in Fiscal 2019.

  

For reconciliation of EBITDA and EBITDA Margin, see “Management's Discussion and Analysis of Financial
Condition and Results of Operations — Results of Operations - Non GAAP Measures - Reconciliation of EBITDA
and EBITDA Margin to Restated (Loss) / Profit after Tax” on page 310.

LIQUIDITY AND CAPITAL RESOURCES

We have historically financed the expansion of our business and operations primarily through capital infusion by
investors and internal accruals. From time to time, we may obtain loan facilities to finance our short-term working
capital requirements.

CASH FLOWS

The following table sets forth certain information relating to our cash flows in the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

 

7 Three Months ended June
Fiscal a
eer 2019 [ 2020 [| 2021 2020 2021
(@ million)
Net cash from/ (used in) operating activities 332.86 | 572.11 | 898.53 (63.04) (248.59)
Net cash from (used in) investing activities (53.00) | 484.65) | (472.58) 164.79 391.89
Net cash from (used in) financing activities (08.98) | (437.70) | (371.39) 67.02) (67.85)
Net increase/ (decrease) in cash and cash equivalents | (29.12) | (50.24) 54.56 44.73 55.44
ca and cash equivalents at the end of the period! | 93.3) | cxg.9n)| 27.64 17.81 83.08

 

 

 

 

Operating Activities
Three Months ended June 30, 2021

In the three months ended June 30, 2021, net cash used in operating activities was = 248.59 million. Restated loss
before tax for the year was = 183.74 million in the three months ended June 30, 2021 and adjustments to reconcile
loss before tax to operating profit before working capital changes primarily consisted of depreciation of plant,
property and equipment and amortisation of intangible assets of % 23.23 million; interest recognized on lease
liability of = 56.92 million; and depreciation recognised on lease assets of = 137.24 million. This was partially
offset by adjustments for interest recognized on interest free lease deposits of = 5.09 million and other income
from lease accounting of = 82.75 million. The main working capital adjustments in the three months ended June
30, 2021 included increase in inventories of % 234.40 million, increase in loans and advance and other assets 2
104.06 million, recovery of receivable of 784.69 million and increased payable and other current liabilities of
246.84 million.

Three Months ended June 30, 2020

In the three months ended June 30, 2020, net cash used in operating activities was = 63.04 million. Restated loss
before tax for the year was = 245.16 million in the three months ended June 30, 2020 and adjustments to reconcile
loss before tax to operating profit before working capital changes primarily consisted of depreciation of plant,
property and equipment and amortisation of intangible assets of = 20.19 million; interest recognized on lease
liability of = 50.96 million; and depreciation recognised on lease assets of = 125.72 million. This was partially
offset by adjustments for interest recognized on interest free lease deposits of 95.65 million and other income

325
