Indian GAAP | US GAAP
Statements of Cash Flows (Expressed in United States dollars except share data)
| Quarter ended | Year ended | ||
|---|---|---|---|
| June 30, 2000 | June 30, 1999 | March 31, 2000 | |
| (unaudited) | (unaudited) | (audited) | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | 26,831,673 | 13,310,879 | 61,344,528 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Loss (gain) on sale of property, plant and equipment | 1,019 | (1,110) | (20,153) |
| Depreciation | 3,999,662 | 2,173,425 | 12,268,169 |
| Deferred tax benefit | (118,795) | 336,126 | (850,891) |
| Amortization of stock compensation expense | 1,275,796 | 1,250,100 | 5,117,635 |
| Changes in assets and liabilities | |||
| Trade accounts receivable | (19,931,177) | (4,575,880) | (11,176,837) |
| Prepaid expenses and other current assets | (474,461) | (903,176) | (2,390,039) |
| Income taxes | 1,086,769 | 1,145,409 | 923,180 |
| Accounts payable | (504,367) | (19,749) | 901,535 |
| Client deposits | (93,666); | (2,835) | 407,204 |
| Unearned revenue | 10,365,210 | 603,147 | (569,439) |
| Other accrued liabilities | (1,879,605) | 122,303 | 5,435,835 |
| Net cash provided by operating activities | 20,558,058 | 13,438,639 | 71,390,727 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from issuance of equity shares | 22,617 | - | 406,862 |
| ADR issue expenses | - | (471,498) | (777,923) |
| Payment of cash dividends | (4,731,969) | - | (2,526,872) |
| Net cash used in financing activities | (4,709,352) | (471,498) | (2,897,933) |
| Effect of exchange rate changes on cash | (4,627,274) | (3,952,172) | (5,037,271) |
| Net increase in cash and cash equivalents during the year | (10,842,729); | 3,737,654 | 17,724,523 |
| Cash and cash equivalents at the beginning of the year | 116,599,486 | 98,874,963 | 98,874,963 |
| Cash and cash equivalents at the end of the year | 105,756,757 | 102,612,617 | 116,599,486 |
| Supplementary information: | |||
| Cash paid towards taxes | 1,890,063 | 1,060,893 | 7,270,137 |
