Indian GAAP | US GAAP
Statement of cash flows
| Six months ended | Year ended | ||
|---|---|---|---|
| September 30, 2000 | September 30, 1999 | March 31, 2000 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | (unaudited) | (unaudited) | (audited) |
| 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 |
