Depreciation and amortization expense

Our depreciation and amortization expense increased by % 269.95 million, or 18.10%, from = 1,491.53 million in
Fiscal 2018 to 2 1,761.48 million in Fiscal 2019, primarily as a result of increase in property, plant and equipment
(on account of commercialization of the equipment bought in the previous fiscal), leading to higher depreciation.

Our depreciation and amortization expense accounted for 9.79% of our total income in Fiscal 2018, compared to
9.62% in Fiscal 2019.

Finance costs

Our finance costs increased by % 280.66 million, or 24.95%, from = 1,124.83 million in Fiscal 2018 to = 1,405.49
million in Fiscal 2019, primarily as a result of increase in interest expenses on our long term borrowings at
amortised cost (which was partially offset by a decrease in interest expenses on short term borrowings) and our
other borrowing costs, on account of increased borrowings during this period to meet our high working capital
requirements during this period.

Our finance costs accounted for 7.39% of our total income in Fiscal 2018, compared to 7.67% in Fiscal 2019.
Profit before tax

Our profit before tax increased by 2 964.38 million, or 221.47%, from % 435.45 million in Fiscal 2018 to =
1,399.83 million in Fiscal 2019, primarily as a result of growth in our business, as reflected in our EBITDA and
EBITDA margin.

Our profit before tax accounted for 2.86% of our total income in Fiscal 2018, compared to 7.64% in Fiscal 2019.
Tax expenses

Our total tax expenses increased by % 306.05 million, or 254.81%, from 120.11 million in Fiscal 2018 to 7426.16
million in Fiscal 2019, which was due to higher income tax payments.

Profit after tax

Our profit after tax increased by 2 658.33 million, or 208.77%, from = 315.34 million in Fiscal 2018 to = 973.67
million in Fiscal 2019, primarily as a result of the factors discussed above, as adjusted for tax expenses.

Our profit after tax accounted for 2.07% of our total income in Fiscal 2018, compared to 5.32% in Fiscal 2019.
Financial Condition, Liquidity and Capital Resources

Our business requires working capital, part of which would be met through additional borrowings in the future.
In many cases, significant amounts of working capital are required to finance the procurement of raw materials,
labour and the upkeep of our production facilities before payments are received from customers. Additionally, our
working capital requirements have been high in recent years due to the general growth of our business and the recent
setting up of a new manufacturing unit in Pune in Fiscal 2019 to cater to our storage solutions business. All of
these factors may result, or have resulted, in increases in our working capital needs.

Our primary liquidity requirements have been, and will continue to be, to finance our working capital andcapital
expenditure requirements which we have primarily met from internal accruals and bank borrowings.

Cash Flows
The following table sets forth selected items from our restated cash flow statement for the periods indicated:

(in & million)

 

Particulars ‘Nine months Fiscal
ended December 2020 2019 2018
31,
2020
Net cash from operating activities 2,420.59 3,053.70 3,600.02 2,826.99
Net cash used in investing activities (454.66) (1,370.65) (3,584.09) (2,107.40)
Net cash used in financing activities (2,254.01) (1,279.32) (182.34) (603.12)

 

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