ADANI ENTERPRISES LIMITED

Consolidated Statement of Cash flows

Particulars

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit Before Tax
Continuing Operations
Discontinued Operations - Excluding Share of Jointly Controlled
Entity
Adjustments for :
Depreciation, Amortisation & Impairment
Impairment in value of Investments
Dividend Income from Non Current Investments
Dividend Income from Current Investments
Profit from Partnership Firm
Net Gain on Sale of Current / Non Current Investments
Gain on Sale of Subsidiaries / Associates / Jointly Controlled
Entities (net) Incentives
Government
(Profit) / Loss on Sale of Property, Plant & Equipments (net)
Bad Debts / Provision for Doubtful Debts, Loans & Advances
Write off due to reversal of reimbursement claim                                
Liabilities no longer required written back
Unrealised Exchange Rate Difference
Stamp Duty on account of Scheme of Arrangement
Finance Costs
Interest Income
Operating Profit before Working Capital Changes
Adjustments for :
Trade Receivables & Other Financial Assets
Inventories
Other Current & Non-Current Assets
Other Current & Non-Current Liabilities
Trade Payables, Other Financial Liabilities & Provisions
Cash Generated from Operations
Direct Taxes Paid (net)
Net Cash from Operating Activities (A)

B. CASH FLOW FROM INVESTING ACTIVITIES

Capital Expenditure on Property, Plant & Equipments, Intangible Assets and Investment Properties (after adjustment of
increase / decrease
Investment of Controlled
in Jointly Capital Work-in-Progress and Capital
Entities & Associates Advances)
(including Share Application Money)
Proceeds from Sale / Disposal of Property, Plant & Equipments
Non Current Loans advanced
Non Current Loans received back
Current Loans (advanced to) / received back (net)
Withdrawal / (Investments) in Other Bank Deposits (net)
Sale / (Purchase) of Current Investments (net)
Profit from Partnership Firm
Dividend from Current Investments
Dividend from Non Current Investments
Proceeds from Sale of Investments in Subsidiaries
Interest Received
Proceeds from Sale of Non Current Investments
Net Cash Generated from / (used in) Investing Activities (B)

C. CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from Long Term Borrowings
Repayment of Long Term Borrowings
Proceeds / (Repayment) from Short Term Borrowings (net)
Transaction with Non Controlling Interests
Government Grant received
Finance Costs paid
Payment of Lease Liabilities
Stamp Duty paid on account of Scheme of Arrangement
Dividend paid (Including Dividend Tax)
Interim Dividend paid (Including Dividend Tax)
Net Cash used in Financing Activities (C)

D. OTHERS
Exchange Difference arising on conversion taken to Foreign
Currency
Net Cash Translation
Flow from Reserve
Others (D)

E. On account of Demerger of Gas Sourcing and Distribution (E)

undertaking during the Year (Refer Note : 38)

Net Increase in Cash and Cash Equivalents (A+B+C+D+E)

Cash and Cash Equivalents at the beginning of the year

Cash and Cash Equivalents at the end of the year
Cash and Cheques on Hand
Balances with Scheduled Banks
- On Current Accounts
- On Fixed Deposit Accounts - (original maturity less than three months)
Cash and Cash Equivalents at the end of the year

Q-1
Major sources
Proceeds from Sale / Disposal of Property, Plant & Equipments
Non Current Loans received back
Current Loans (advanced to) / received back (net)
Interest Received
Proceeds from Long Term Borrowings
Proceeds / (Repayment) from Short Term Borrowings (net)
Transaction with Non Controlling Interests
Government Grant received
Exchange Difference arising on conversion taken to Foreign
Currency Translation Reserve
TOTAL

Major Uses
Capital Expenditure on Property, Plant & Equipments, Intangible Assets and Investment Properties (after adjustment of increase /
decrease of Capital Work-in-Progress and Capital Advances)
Investment in Jointly Controlled Entities & Associates (including Share Application Money)
Non Current Loans advanced
Withdrawal / (Investments) in Other Bank Deposits (net)
Sale / (Purchase) of Current Investments (net)
Repayment of Long Term Borrowings
Proceeds / (Repayment) from Short Term Borrowings (net)
Finance Costs paid
Payment of Lease Liabilities
Stamp Duty paid on account of Scheme of Arrangement
Dividend paid (Including Dividend Tax)
Interim Dividend paid (Including Dividend Tax)
TOTAL

Q-2 Cash flow from operation[CFO compared to NI]

Is CFO>NI

Reasons:
Depreciation, Amortisation & Impairment
Unrealised Exchange Rate Difference
Finance Costs
Trade Receivables & Other Financial Assets
Inventories
Other Current & Non-Current Liabilities
Trade Payables, Other Financial Liabilities & Provisions
Write off due to reversal of reimbursement claim                                
but, (Negative Effects)
Interest Income
Other Current & Non-Current Assets
Trade Payables, Other Financial Liabilities & Provisions
Direct Taxes Paid (net)
Trade Receivables & Other Financial Assets
Gain on Sale of Subsidiaries / Associates / Jointly Controlled
Entities (net)

Q-3 CFO>capex
 Q-4 CFO>capex + dividend

Q-5 Excess cash invested

Reasons:
Investment in Jointly Controlled Entities & Associates (including Share Application Money)
*
** Withdrawal / (Investments) in Other Bank Deposits (net)
Sale / (Purchase) of Current Investments (net)

Q-6 Sources of cash for dividends +capex

Proceeds from Sale / Disposal of Property, Plant & Equipments
Government Grant received
Proceeds from Long Term Borrowings
Proceeds / (Repayment) from Short Term Borrowings (net)

Q-7,8 Other major items affecting the cf

Interest Received
Exchange Difference arising on conversion taken to Foreign
Currency Translation Reserve

TRENDS
Income
Comments

CFO( continuing operations)

Comments

Capex
Comments

Dividends
Comments

Net borrowings

Comments
Working capital
Comments
Trade Receivables & Other Financial Assets
Inventories
Trade Payables, Other Financial Liabilities & Provisions

ASSUMPTIONS

* Assumed that investment in joint operations subsidiary is voluntary in nature and not out of some contractual obligation
** Assumed Investment in Bank deposits is for Investment Purposes out of free cash flow and not as part of contractual
obligation or for immediate payment purposes
 (INR In Crore)

For the Year Ended For the Year Ended For the Year Ended Trend Analysis
March 31, 2020 March 31, 2019 March 31, 2018
Trendline

1,122.33 367.94 439.22

- 142.98 68.72

601.79 1,087.25 1,357.56

- 0.35 -
- -2.75 -4.37
-0.02 -0.02 -0.03
- -0.03 1.02
-11.76 -32.39 -30.35
- -537.82 -2.02
-54.02 -49.64 -96.46
-42.54 0.20 12.27
131.08 65.70 17.82
- - 185.51
-23.15 -5.44 -5.55
410.04 -80.11 204.73
- 25.00 -
1,572.32 1,637.34 1,848.81
-524.26 -489.89 -534.60
3,181.81 2,128.67 3,462.28

455.16 -2,108.66 -532.25

172.59 -369.23 -713.12
-472.69 -381.82 406.00
253.85 158.48 282.07
-870.03 4,110.17 287.51
2,720.69 3,537.61 3,192.49
-267.13 -210.91 -250.10
2,453.56 3,326.70 2,942.39

-2,901.16 -1,772.32 -7,305.00

-253.15 -324.06 -79.94
179.66 7.09 10.98
-1,540.08 -753.29 -494.46
1,973.73 797.70 43.27
279.38 1,906.75 -260.59
-480.05 -44.55 -176.62
-40.38 36.01 5.52
- 0.03 -1.02
0.02 0.02 0.03
- 2.75 4.37
- 1,269.52 -
459.06 476.25 546.99
- 207.23 -
-2,322.97 1,809.13 -7,706.47

3,274.08 3,031.47 11,982.13

-3,255.49 -2,002.76 -8,483.52
1,161.34 -5,633.26 3,086.83
63.60 26.98 100.59
293.77 103.01 212.49
-1,532.16 -1,605.82 -1,726.00
-40.41 - -
- -25.00 -
-53.03 -53.03 -52.95
-132.60 - -
-220.90 -6,158.41 5,119.57

1,241.12 677.78 57.62

1,241.12 677.78 57.62

- -90.78 -

1,150.81 -435.58 413.11

973.88 1,409.46 996.35

2,124.69 973.88 1,409.46
0.89 21.47 46.78

1,590.91 585.02 838.64

532.89 367.39 524.04
2,124.69 973.88 1,409.46
 179.66 7.09 10.98
1,973.73 797.70 43.27
279.38 1,906.75 N.A
459.06 476.25 546.99
3,274.08 3,031.47 11,982.13
1,161.34 N.A 3,086.83
63.60 26.98 100.59
293.77 103.01 212.49
1,241.12 677.78 57.62

8925.74 7027.03 16040.9

-2,901.16 -1,772.32 -7,305.00

-253.15 -324.06 -79.94

-1,540.08 -753.29 -494.46
-480.05 -44.55 -176.62
-40.38 N.A N.A
-3,255.49 -2,002.76 -8,483.52
N.A. -5,633.26 3,086.83
-1,532.16 -1,605.82 -1,726.00
-40.41 - -
- -25.00 -
-53.03 -53.03 -52.95
-132.60 - -
-10,228.51 -12,214.09 -15,231.66
-

Yes Yes Yes

601.79 1087.25 1357.56

410.04 N.A. 204.73
1572.32 1637.34 1848.81
455.16 N.A. N.A.
172.59 N.A. N.A.
253.85 158.48 282.07
N.A. 4110.17 287.51
N.A. N.A. 185.51

-524.26 -489.89 -534.6

-472.69 -381.82 N.A.
-870.03 N.A. N.A.
-267.13 -210.91 -250.1
N.A. -2108.66 -532.25
N.A.
-537.82 -2.02

No Yes No
 No Yes No

Yes Yes Yes

-253.15 -324.06 -79.94

-480.05 -44.55 -176.62
-40.38 N.A N.A

179.66 7.09 10.98

1,161.34 3,086.83
293.77 103.01 212.49
3,274.08 3,031.47 11,982.13

459.06 476.25 546.99

1241.12 677.78 57.62

Increasing Decreasing -
Income increasing rapidly Income going down Profit

Increasing Decreasing -
Going up Going down Positive

Increasing Decreasing -
(Investment Exceeds (Investment Exceeds Amount Invested
Depreciation) Depreciation)

Increasing Increasing -
Going Up Significantly Going Up Paid Rs. 52.95 Cr.

Decreasing Significant Decrease -

Borrower Payer Borrower

Significant Decrease Significant increase Uses

Decrease Decrease Uses
Significant Decrease Significant increase Sources
Trend Analysis Vertical Analysis

Volume based 2020 2019 2018

46% 11% 15%

0% 4% 2%

25% 33% 46%

0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% -1% -1%
0% -16% 0%
-2% -1% -3%
-2% 0% 0%
5% 2% 1%
0% 0% 6%
-1% 0% 0%
17% -2% 7%
0% 1% 0%
64% 49% 63%
-21% -15% -18%
130% 64% 118%

19% -63% -18%

7% -11% -24%
-19% -11% 14%
10% 5% 10%
-35% 124% 10%
111% 106% 108%
-11% -6% -8%
100% 100% 100%

125% -98% 95%

11% -18% 1%
-8% 0% 0%
66% -42% 6%
 -85% 44% -1%
-12% 105% 3%
21% -2% 2%
2% 2% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 70% 0%
-20% 26% -7%
0% 11% 0%
100% 100% 100%

-1482% -49% 234%

1474% 33% -166%
-526% 91% 60%
-29% 0% 2%
-133% -2% 4%
694% 26% -34%
18% 0% 0%
0% 0% 0%
24% 1% -1%
60% 0% 0%
100% 100% 100%

100% 100% 100%

100% 100% 100%

0% 21% 0%
100% 100% 100%

46% 145% 71%

100% 100% 100%
0% 2% 3%

75% 60% 60%

25% 38% 37%
100% 100% 100%
- - - -
EXHIBIT 2 ADANI ENTERPRISES LIMITED, Consolidated Statement of Cash flows
` In Crore
Particulars For the For the For the Year
Year Year Ended
Ended Ended March 31,
March March 31, 2018
31, 2020 2019
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax
Continuing Operations 1122.33 367.94 439.22
Discontinued Operations - Excluding Share of Jointly - 142.98 68.72
Controlled
Adjustments for :
Entity
Depreciation, Amortisation & Impairment 601.79 1087.25 1357.56
Impairment in value of Investments - 0.35 -
Dividend Income from Non Current Investments - -2.75 -4.37
Dividend Income from Current Investments -0.02 -0.02 -0.03
Profit from Partnership Firm - -0.03 1.02
Net Gain on Sale of Current / Non Current Investments -11.76 -32.39 -30.35
Gain on Sale of Subsidiaries / Associates / Jointly Controlled - -537.82 -2.02
Entities
Government (net) Incentives -54.02 -49.64 -96.46
(Profit) / Loss on Sale of Property, Plant & Equipments (net) -42.54 0.2 12.27
Bad Debts / Provision for Doubtful Debts, Loans & Advances 131.08 65.7 17.82
Write off due to reversal of reimbursement claim                        - - 185.51
         
Liabilities no longer required written back -23.15 -5.44 -5.55
Unrealised Exchange Rate Difference 410.04 -80.11 204.73
Stamp Duty on account of Scheme of Arrangement - 25 -
Finance Costs 1572.32 1637.34 1848.81
Interest Income -524.26 -489.89 -534.6
Operating Profit before Working Capital Changes 3181.81 2128.67 3462.28
Adjustments for :
Trade Receivables & Other Financial Assets 455.16 -2108.66 -532.25
Inventories 172.59 -369.23 -713.12
Other Current & Non-Current Assets -472.69 -381.82 406
Other Current & Non-Current Liabilities 253.85 158.48 282.07
Trade Payables, Other Financial Liabilities & Provisions -870.03 4110.17 287.51
Cash Generated from Operations 2720.69 3537.61 3192.49
Direct Taxes Paid (net) -267.13 -210.91 -250.1
Net Cash from Operating Activities 2453.56 3326.7 2942.39
(A)
B. CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditure on Property, Plant & Equipments, -2901.16 -1772.32 -7305
Intangible Assets
Investment andControlled
in Jointly InvestmentEntities
Properties (after adjustment -253.15
& Associates -324.06 -79.94
of increaseShare
(including / Application
Proceeds
decrease of from Sale
Capital / DisposalMoney)
of Property,
Work-in-Progress Plant &Advances) 179.66
and Capital 7.09 10.98
Equipments
Non Current Loans advanced -1540.08 -753.29 -494.46
Non Current Loans received back 1973.73 797.7 43.27
Current Loans (advanced to) / received back (net) 279.38 1906.75 -260.59
Withdrawal / (Investments) in Other Bank Deposits (net) -480.05 -44.55 -176.62
Sale / (Purchase) of Current Investments (net) -40.38 36.01 5.52
Profit from Partnership Firm - 0.03 -1.02
Dividend from Current Investments 0.02 0.02 0.03

Dividend from Non Current Investments - 2.75 4.37

Proceeds from Sale of Investments in Subsidiaries - 1269.52 -
Interest Received 459.06 476.25 546.99
Proceeds from Sale of Non Current Investments - 207.23 -
Net Cash Generated from / (used in) Investing Activities -2322.97 1809.13 -7706.47
(B) FLOW FROM FINANCING ACTIVITIES
C. CASH
Proceeds from Long Term Borrowings 3274.08 3031.47 11982.13
Repayment of Long Term Borrowings -3255.49 -2002.76 -8483.52
Proceeds / (Repayment) from Short Term Borrowings (net) 1161.34 -5633.26 3086.83
Transaction with Non Controlling Interests 63.6 26.98 100.59
Government Grant received 293.77 103.01 212.49
Finance Costs paid -1532.16 -1605.82 -1726
Payment of Lease Liabilities -40.41 - -
Stamp Duty paid on account of Scheme of Arrangement - -25 -
Dividend paid (Including Dividend Tax) -53.03 -53.03 -52.95
Interim Dividend paid (Including Dividend Tax) -132.6 -
Net Cash used in Financing Activities -220.9 -6158.41 5119.57
(C)
D. OTHERS
Exchange Difference arising on conversion taken to Foreign 1241.12 677.78 57.62
Currency Translation
Net Cash Flow Reserve
from Others 1241.12 677.78 57.62
E. On(D)
account of Demerger of Gas Sourcing and Distribution - -90.78 -
(E) in Cash and Cash Equivalents (A+B+C+D+E)
Net Increase 1150.81 -435.58 413.11
undertaking during the Year (Refer Note : 38)
Cash and Cash Equivalents at the beginning of the year 973.88 1409.46 996.35
Cash and Cash Equivalents at the end of the year 2124.69 973.88 1409.46
Cash and Cheques on Hand 0.89 21.47 46.78
Balances with Scheduled Banks
- On Current Accounts 1590.91 585.02 838.64
- On Fixed Deposit Accounts - (original maturity less than 532.89 367.39 524.04
three
Cash and Cash Equivalents at the end of the year 2124.69 973.88 1409.46
months)