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Indian GAAP | US GAAP

Statement of cash flows

Six months ended Year ended
September 30, 2000



(unaudited)
September 30, 1999



(unaudited)
March 31, 2000



(Audited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 59,613,559 $ 28,031,390 $ 61,344,528
Adjustments to reconcile net income to net cash provided by operating activities
Loss/(gain) on sale of property, plant and equipment



1,199
(10,749) (20,153)
Depreciation 9,316,317 4,641,216 12,268,169
Deferred tax expense/(benefit) (310,863) 364,526 (850,891)
Amortization of deferred stock compensation expense



2,551,592




2,543,102




5,117,635
Changes in assets and liabilities
Trade accounts receivable (21,593,452) (10,569,981) (11,176,837)
Prepaid expenses and other current assets (910,657) (1,747,042) (2,390,039)
Income taxes 476,763 807,392 923,180
Accounts payable (932,253) (22,642) 901,535
Client deposits 1,636,186 70,122 407,204
Unearned revenue 11,942,126 1,770,266 (569,439)
Other accrued liabilities 2,212,335 2,294,235 5,435,835
Net cash provided by operating activities 64,002,852 28,171,835 71,390,727
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditure on property, plant and equipment (41,139,302) (12,965,199) (35,926,030)
Proceeds from sale of property, plant and equipment 5,294 13,250 23,555
Loans to employees (1,003,080) (2,028,437) (6,828,525)
Purchase of investments (5,092,505) - (3,000,000)
Net cash used in investing activities (47,229,593) (14,980,386) (45,731,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of equity shares 22,617 (475,821) 406,862
ADR issue expenses - - (777,923)
Payment of cash dividends (4,945,052) (2,526,872) (2,526,872)
Net cash used in financing activities (4,922,435) (3,002,693) (2,897,933)
Effect of exchange rate changes on cash (11,974,862) (4,932,605) (5,037,271)
Net increase in cash and cash equivalents during the period



(124,038)




5,256,151




17,724,523
Cash and cash equivalents at the beginning of the period 116,599,486 98,874,963 98,874,963
Cash and cash equivalents at the end of the period $ 116,475,448 $ 104,131,114 $ 116,599,486
Supplementary information:
Cash paid towards taxes $ 6,206,710 $ 3,498,991 $ 7,270,137

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