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Operating Profit Before Working Capital Changes (Indirect Method)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
\text{Operating Profit Before WCC} = \text{Net Profit Before Tax & Extraordinary Items} + \text{Non-cash Expenses} - \text{Non-cash Incomes} + \text{Non-operating Expenses} - \text{Non-operating Incomes}
This is the first step in the indirect method of calculating cash flow from operating activities. It adjusts the net profit for items that do not involve cash (like depreciation, amortization) and items that relate to investing or financing activities (like interest income/expense, gain/loss on sale of assets).

Cash Generated from Operations (Indirect Method)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
\text{Cash Generated from Operations} = \text{Operating Profit Before WCC} + \text{Decrease in Current Assets (excluding Cash & C/E)} - \text{Increase in Current Assets (excluding Cash & C/E)} + \text{Increase in Current Liabilities (excluding Bank O/D)} - \text{Decrease in Current Liabilities (excluding Bank O/D)}
This formula further adjusts the 'Operating Profit Before Working Capital Changes' for changes in current assets (excluding cash and cash equivalents) and current liabilities (excluding bank overdraft). A decrease in current assets or an increase in current liabilities implies a cash inflow, and vice-versa.

Net Cash Flow from Operating Activities (Indirect Method)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
Net Cash Flow from Operating Activities=Cash Generated from Operations−Income Tax Paid±Cash Impact of Extraordinary Items\text{Net Cash Flow from Operating Activities} = \text{Cash Generated from Operations} - \text{Income Tax Paid} \pm \text{Cash Impact of Extraordinary Items}
This is the final calculation for cash flow from operating activities, arrived at by deducting income tax paid and adjusting for any cash flows related to extraordinary items from the 'Cash Generated from Operations'.

Net Cash Flow from Investing Activities

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
\text{Net Cash Flow from Investing Activities} = \text{Proceeds from Sale of Fixed Assets & Investments} - \text{Purchase of Fixed Assets & Investments} + \text{Interest Received} + \text{Dividends Received}
This formula aggregates cash inflows and outflows related to the acquisition and disposal of long-term assets (property, plant, equipment, and investments) and other non-operating income like interest and dividends received.

Net Cash Flow from Financing Activities

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
\text{Net Cash Flow from Financing Activities} = \text{Proceeds from Issuance of Shares & Debentures} - \text{Redemption of Debentures & Preference Shares} - \text{Repayment of Loans} - \text{Interest Paid} - \text{Dividends Paid}
This formula calculates the net cash flow from activities that result in changes in the size and composition of the owner's capital and borrowings of the enterprise, including issuance/redemption of shares/debentures, loan repayments, interest paid, and dividends paid.

Net Increase/Decrease in Cash and Cash Equivalents

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
\text{Net Change in Cash & C/E} = \text{Net Cash Flow from Operating Activities} + \text{Net Cash Flow from Investing Activities} + \text{Net Cash Flow from Financing Activities}
This formula sums up the net cash flows from all three activities (operating, investing, and financing) to determine the overall increase or decrease in the company's cash and cash equivalents during the period.

Closing Cash and Cash Equivalents

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
\text{Closing Cash & C/E} = \text{Opening Cash & C/E} + \text{Net Change in Cash & C/E}
This formula reconciles the opening balance of cash and cash equivalents with the net change during the period to arrive at the closing balance, which should match the balance sheet figure.

Net Profit Before Tax and Extraordinary Items (NPTBEI)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
NPTBEI=Net Profit After Tax+Income Tax Expense+Proposed Dividend (Current Year)+Interim Dividend+Transfer to Reserves−Transfer from Reserves+Extraordinary Losses−Extraordinary Gains\text{NPTBEI} = \text{Net Profit After Tax} + \text{Income Tax Expense} + \text{Proposed Dividend (Current Year)} + \text{Interim Dividend} + \text{Transfer to Reserves} - \text{Transfer from Reserves} + \text{Extraordinary Losses} - \text{Extraordinary Gains}
Calculates the profit figure before considering tax and extraordinary items, which serves as the base for the indirect method of calculating cash flow from operating activities. It adjusts the net profit after tax for non-operating and non-cash items related to tax, dividends, reserves, and extraordinary events.

Operating Profit Before Working Capital Changes (OPBWCC)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
OPBWCC=NPTBEI+Non-Cash Expenses (e.g., Depreciation, Amortization, Loss on Sale of Asset)−Non-Cash Incomes (e.g., Gain on Sale of Asset)+Non-Operating Expenses (e.g., Interest Expense)−Non-Operating Incomes (e.g., Interest Income, Dividend Income)\text{OPBWCC} = \text{NPTBEI} + \text{Non-Cash Expenses (e.g., Depreciation, Amortization, Loss on Sale of Asset)} - \text{Non-Cash Incomes (e.g., Gain on Sale of Asset)} + \text{Non-Operating Expenses (e.g., Interest Expense)} - \text{Non-Operating Incomes (e.g., Interest Income, Dividend Income)}
Derives the profit figure from core operations before considering the impact of changes in current assets and liabilities. It adjusts Net Profit Before Tax and Extraordinary Items for non-cash items (like depreciation) and non-operating items (like interest and dividend income/expense) that are classified under investing or financing activities.

Cash Generated from Operations (CGO)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
CGO=OPBWCC±Adjustments for Working Capital Changes\text{CGO} = \text{OPBWCC} \pm \text{Adjustments for Working Capital Changes}
Calculates the cash generated from the company's primary revenue-generating activities before tax and extraordinary items. It adjusts Operating Profit Before Working Capital Changes for changes in current assets (decrease added, increase subtracted) and current liabilities (increase added, decrease subtracted), excluding cash and cash equivalents, bank overdrafts, and provisions for tax/dividend.

Net Cash Flow from Operating Activities (NCFOA)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
NCFOA=Cash Generated from Operations−Income Tax Paid±Cash Flow related to Extraordinary Items\text{NCFOA} = \text{Cash Generated from Operations} - \text{Income Tax Paid} \pm \text{Cash Flow related to Extraordinary Items}
Represents the net cash generated or used by the company's core business operations after accounting for income tax paid and any cash flows related to extraordinary items. This is the final figure for operating activities.

Net Cash Flow from Investing Activities (NCFIA)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
NCFIA=(Proceeds from Sale of Fixed Assets+Proceeds from Sale of Investments+Interest Received+Dividends Received)−(Purchase of Fixed Assets+Purchase of Investments)\text{NCFIA} = (\text{Proceeds from Sale of Fixed Assets} + \text{Proceeds from Sale of Investments} + \text{Interest Received} + \text{Dividends Received}) - (\text{Purchase of Fixed Assets} + \text{Purchase of Investments})
Calculates the net cash generated or used from the acquisition and disposal of long-term assets and other investments not included in cash equivalents. It includes cash inflows from sales and cash outflows from purchases of such assets, along with investment income received.

Net Cash Flow from Financing Activities (NCFFA)

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
NCFFA=(Proceeds from Issue of Shares/Debentures+Proceeds from Long-Term Borrowings)−(Redemption of Debentures/Preference Shares+Repayment of Long-Term Loans+Interest Paid+Dividends Paid)\text{NCFFA} = (\text{Proceeds from Issue of Shares/Debentures} + \text{Proceeds from Long-Term Borrowings}) - (\text{Redemption of Debentures/Preference Shares} + \text{Repayment of Long-Term Loans} + \text{Interest Paid} + \text{Dividends Paid})
Determines the net cash generated or used from changes in the size and composition of the owner's capital and borrowings of the enterprise. It includes cash inflows from issuing equity/debt and cash outflows for repaying debt, paying interest, and distributing dividends.

Cash and Cash Equivalents at End of Period

Topic: AS 3 - Cash Flow StatementsChapter: Chapter 2
Cash & Cash Equivalents (End)=Cash & Cash Equivalents (Beginning)+Net Increase/Decrease in Cash & Cash Equivalents\text{Cash \& Cash Equivalents (End)} = \text{Cash \& Cash Equivalents (Beginning)} + \text{Net Increase/Decrease in Cash \& Cash Equivalents}
Calculates the total balance of cash and cash equivalents held by the company at the end of the financial period by adding the net change during the period to the opening balance.

Net Profit Before Tax and Extraordinary Items (NPBT & EI)

Topic: Cash Flow StatementChapter: Chapter 2
NPBT&EI=(P&LClose−P&LOpen)+PDCurr+IDCurr+PTCurr+TRRes−RTP&LNPBT \& EI = (P\&L_{Close} - P\&L_{Open}) + PD_{Curr} + ID_{Curr} + PT_{Curr} + TR_{Res} - RT_{P\&L}
This is the starting point for calculating cash flow from operating activities using the indirect method. It adjusts the change in the Profit & Loss (P&L) balance for appropriations and non-operating/non-cash items that affect profit but are not cash flows from core operations. P&LCloseP\&L_{Close} = Closing Balance of P&L Statement; P&LOpenP\&L_{Open} = Opening Balance of P&L Statement; PDCurrPD_{Curr} = Proposed Dividend for Current Year; IDCurrID_{Curr} = Interim Dividend paid during the year; PTCurrPT_{Curr} = Provision for Tax made during the year; TRResTR_{Res} = Transfer to Reserves; RTP&LRT_{P\&L} = Refund of Tax (if credited to P&L).

Operating Profit Before Working Capital Changes (OPBWCC)

Topic: Cash Flow StatementChapter: Chapter 2
OPBWCC=NPBT&EI+NonCashExp+NonOperExp−NonCashInc−NonOperIncOPBWCC = NPBT \& EI + NonCashExp + NonOperExp - NonCashInc - NonOperInc
This formula adjusts the Net Profit Before Tax and Extraordinary Items for non-cash expenses (e.g., Depreciation, Amortisation) and non-operating expenses (e.g., Interest Expense, Loss on Sale of Assets), and non-cash/non-operating incomes (e.g., Profit on Sale of Assets, Interest Income, Dividend Income). These adjustments convert accrual-based profit to a cash-basis operating profit before considering working capital changes.

Cash Generated from Operations (CGO)

Topic: Cash Flow StatementChapter: Chapter 2
CGO=OPBWCC+ΔCADec−ΔCAInc+ΔCLInc−ΔCLDecCGO = OPBWCC + \Delta CA_{Dec} - \Delta CA_{Inc} + \Delta CL_{Inc} - \Delta CL_{Dec}
This calculates the cash generated from core operations by adjusting the Operating Profit Before Working Capital Changes for changes in current assets and current liabilities. ΔCADec\Delta CA_{Dec} = Decrease in Current Assets (excluding cash & cash equivalents); ΔCAInc\Delta CA_{Inc} = Increase in Current Assets (excluding cash & cash equivalents); ΔCLInc\Delta CL_{Inc} = Increase in Current Liabilities (excluding bank overdraft, tax provision, dividend provision); ΔCLDec\Delta CL_{Dec} = Decrease in Current Liabilities (excluding bank overdraft, tax provision, dividend provision).

Income Tax Paid

Topic: Cash Flow StatementChapter: Chapter 2
TaxPaid=ProvTax,Open+ProvTax,P&L−ProvTax,CloseTax_{Paid} = Prov_{Tax, Open} + Prov_{Tax, P\&L} - Prov_{Tax, Close}
This formula helps determine the actual cash outflow for income tax during the period, often derived from a Provision for Tax account. ProvTax,OpenProv_{Tax, Open} = Opening balance of Provision for Tax; ProvTax,P&LProv_{Tax, P\&L} = Provision for Tax made during the year (charged to P&L); ProvTax,CloseProv_{Tax, Close} = Closing balance of Provision for Tax.

Net Cash Flow from Operating Activities

Topic: Cash Flow StatementChapter: Chapter 2
NCFOper=CGO−TaxPaid±ExtraordinaryItemsNCF_{Oper} = CGO - Tax_{Paid} \pm Extraordinary_{Items}
This is the final figure for cash flow from operating activities, obtained by subtracting income tax paid and adjusting for any cash flows related to extraordinary items from the Cash Generated from Operations.

Net Increase/Decrease in Cash & Cash Equivalents

Topic: Cash Flow StatementChapter: Chapter 2
ΔCCE=NCFOper+NCFInvest+NCFFin\Delta CCE = NCF_{Oper} + NCF_{Invest} + NCF_{Fin}
This formula sums up the net cash flows from all three activities (Operating, Investing, and Financing) to arrive at the overall change in cash and cash equivalents during the period. NCFOperNCF_{Oper} = Net Cash Flow from Operating Activities; NCFInvestNCF_{Invest} = Net Cash Flow from Investing Activities; NCFFinNCF_{Fin} = Net Cash Flow from Financing Activities.

Closing Cash & Cash Equivalents

Topic: Cash Flow StatementChapter: Chapter 2
CCEClose=CCEOpen+ΔCCECCE_{Close} = CCE_{Open} + \Delta CCE
This formula reconciles the opening balance of cash and cash equivalents with the net change during the period to arrive at the closing balance, which should match the balance sheet figure. CCEOpenCCE_{Open} = Opening Cash & Cash Equivalents; ΔCCE\Delta CCE = Net Increase/Decrease in Cash & Cash Equivalents.

Net Profit Before Tax and Extraordinary Items (NPBT)

Topic: Cash Flow StatementChapter: Chapter 2
NPBT=Net Profit after Tax+Income Tax Expense+Proposed Dividend (current year)+Interim Dividend+Transfer to Reserves−Transfer from Reserves\text{NPBT} = \text{Net Profit after Tax} + \text{Income Tax Expense} + \text{Proposed Dividend (current year)} + \text{Interim Dividend} + \text{Transfer to Reserves} - \text{Transfer from Reserves}
This formula calculates the starting point for the operating activities section under the indirect method, by reversing appropriations and tax from the net profit for the period.

Cash Generated from Operations (before Working Capital Changes)

Topic: Cash Flow StatementChapter: Chapter 2
Cash Generated (pre-WC)=NPBT+Depreciation+Amortisation+Loss on Sale of Fixed Asset/Investment−Gain on Sale of Fixed Asset/Investment+Interest Expense−Interest Income−Dividend Income\text{Cash Generated (pre-WC)} = \text{NPBT} + \text{Depreciation} + \text{Amortisation} + \text{Loss on Sale of Fixed Asset/Investment} - \text{Gain on Sale of Fixed Asset/Investment} + \text{Interest Expense} - \text{Interest Income} - \text{Dividend Income}
This calculates the cash generated from core operations by adjusting NPBT for non-cash items (like depreciation) and non-operating items (like interest/dividend income/expense) that are already included in the profit but do not represent operating cash flows.

Net Impact of Working Capital Changes

Topic: Cash Flow StatementChapter: Chapter 2
Net WC Impact=(Decrease in Current Assets)+(Increase in Current Liabilities)−(Increase in Current Assets)−(Decrease in Current Liabilities)\text{Net WC Impact} = (\text{Decrease in Current Assets}) + (\text{Increase in Current Liabilities}) - (\text{Increase in Current Assets}) - (\text{Decrease in Current Liabilities})
This calculates the net cash flow arising from changes in current assets (excluding cash and cash equivalents) and current liabilities (excluding bank overdraft and provision for tax). A decrease in current assets or an increase in current liabilities leads to a cash inflow, and vice-versa.

Cash Flow from Operating Activities (CFO)

Topic: Cash Flow StatementChapter: Chapter 2
CFO=(Cash Generated (pre-WC)±Net WC Impact)−Income Tax Paid±Cash Flow from Extraordinary Items (Operating)\text{CFO} = (\text{Cash Generated (pre-WC)} \pm \text{Net WC Impact}) - \text{Income Tax Paid} \pm \text{Cash Flow from Extraordinary Items (Operating)}
This is the final cash flow figure from operating activities, derived by adjusting the cash generated from operations for working capital changes, income tax paid, and any operating extraordinary items.

Cash Flow from Investing Activities (CFI)

Topic: Cash Flow StatementChapter: Chapter 2
CFI=(Proceeds from Sale of Fixed Assets+Proceeds from Sale of Investments+Interest Received+Dividends Received)−(Purchase of Fixed Assets+Purchase of Investments)±Cash Flow from Extraordinary Items (Investing)\text{CFI} = (\text{Proceeds from Sale of Fixed Assets} + \text{Proceeds from Sale of Investments} + \text{Interest Received} + \text{Dividends Received}) - (\text{Purchase of Fixed Assets} + \text{Purchase of Investments}) \pm \text{Cash Flow from Extraordinary Items (Investing)}
This calculates the net cash flow from the acquisition and disposal of long-term assets and other investments not included in cash equivalents, as well as interest and dividends received.

Cash Flow from Financing Activities (CFF)

Topic: Cash Flow StatementChapter: Chapter 2
CFF=(Proceeds from Issue of Shares/Debentures+Proceeds from Long-term Borrowings)−(Redemption of Shares/Debentures+Repayment of Long-term Borrowings+Interest Paid+Dividends Paid)±Cash Flow from Extraordinary Items (Financing)\text{CFF} = (\text{Proceeds from Issue of Shares/Debentures} + \text{Proceeds from Long-term Borrowings}) - (\text{Redemption of Shares/Debentures} + \text{Repayment of Long-term Borrowings} + \text{Interest Paid} + \text{Dividends Paid}) \pm \text{Cash Flow from Extraordinary Items (Financing)}
This calculates the net cash flow from changes in the size and composition of the owner's capital and borrowings of the enterprise, including interest and dividends paid.

Basic Earnings Per Share (EPS)

Topic: Preparation of Financial StatementsChapter: Chapter 2
Basic EPS=Net Profit attributable to equity shareholdersWeighted average number of equity shares outstanding during the period\text{Basic EPS} = \frac{\text{Net Profit attributable to equity shareholders}}{\text{Weighted average number of equity shares outstanding during the period}}
This formula calculates the portion of a company's profit allocated to each outstanding share of common stock. It is a key profitability metric disclosed on the face of the Statement of Profit and Loss. 'Net Profit attributable to equity shareholders' is typically profit after tax and preference dividends. 'Weighted average number of equity shares outstanding' accounts for changes in share capital during the period.

Diluted Earnings Per Share (EPS)

Topic: Preparation of Financial StatementsChapter: Chapter 2
Diluted EPS=Adjusted Net Profit attributable to equity shareholdersWeighted average number of equity shares outstanding (diluted)\text{Diluted EPS} = \frac{\text{Adjusted Net Profit attributable to equity shareholders}}{\text{Weighted average number of equity shares outstanding (diluted)}}
Diluted EPS reflects the potential dilution that could occur if all outstanding convertible securities (like convertible debentures, preference shares, or employee stock options) were exercised or converted into equity shares. The numerator is adjusted for the after-tax effect of interest or dividends on such potential equity shares, and the denominator includes the additional shares that would be issued upon conversion/exercise.

Depreciation (Straight-Line Method)

Topic: Preparation of Financial StatementsChapter: Chapter 2
Annual Depreciation=Cost of Asset−Salvage ValueUseful Life of Asset\text{Annual Depreciation} = \frac{\text{Cost of Asset} - \text{Salvage Value}}{\text{Useful Life of Asset}}
The Straight-Line Method is a simple way to allocate the cost of a tangible asset over its useful life. It results in the same amount of depreciation expense being recognized each year. 'Cost of Asset' includes purchase price and all directly attributable costs to bring the asset to its working condition. 'Salvage Value' is the estimated residual value of the asset at the end of its useful life.

Depreciation (Written Down Value Method)

Topic: Preparation of Financial StatementsChapter: Chapter 2
Annual Depreciation=Written Down Value at beginning of year×Depreciation Rate\text{Annual Depreciation} = \text{Written Down Value at beginning of year} \times \text{Depreciation Rate}
The Written Down Value (WDV) method, also known as the Reducing Balance Method, charges a higher amount of depreciation in the initial years and a lower amount in later years. The 'Written Down Value' is the cost of the asset less accumulated depreciation to date. The 'Depreciation Rate' is a fixed percentage applied to the WDV each year.

Cost of Materials Consumed

Topic: Preparation of Financial StatementsChapter: Chapter 2
Cost of Materials Consumed=Opening Stock of Raw Materials+Purchases of Raw Materials−Closing Stock of Raw Materials\text{Cost of Materials Consumed} = \text{Opening Stock of Raw Materials} + \text{Purchases of Raw Materials} - \text{Closing Stock of Raw Materials}
Calculates the cost of raw materials used in production during the accounting period, a key component of the Statement of Profit and Loss.

Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade

Topic: Preparation of Financial StatementsChapter: Chapter 2
Changes in Inventories=(Opening Stock−Closing Stock) of Finished Goods+(Opening Stock−Closing Stock) of Work-in-Progress+(Opening Stock−Closing Stock) of Stock-in-Trade\text{Changes in Inventories} = (\text{Opening Stock} - \text{Closing Stock}) \text{ of Finished Goods} + (\text{Opening Stock} - \text{Closing Stock}) \text{ of Work-in-Progress} + (\text{Opening Stock} - \text{Closing Stock}) \text{ of Stock-in-Trade}
Represents the net change in the value of inventories (finished goods, work-in-progress, and stock-in-trade) during the period, used in the Statement of Profit and Loss to adjust for production not yet sold or sales from previous production.

Total Expenses (for Statement of Profit and Loss)

Topic: Preparation of Financial StatementsChapter: Chapter 2
Total Expenses=Cost of Materials Consumed+Purchases of Stock-in-Trade+Changes in Inventories+Employee Benefits Expense+Finance Costs+Depreciation and Amortisation Expense+Other Expenses\text{Total Expenses} = \text{Cost of Materials Consumed} + \text{Purchases of Stock-in-Trade} + \text{Changes in Inventories} + \text{Employee Benefits Expense} + \text{Finance Costs} + \text{Depreciation and Amortisation Expense} + \text{Other Expenses}
Aggregates all expense categories incurred by the company during the accounting period to arrive at the total expenses before tax.

Profit Before Tax (PBT)

Topic: Preparation of Financial StatementsChapter: Chapter 2
PBT=(Revenue from Operations+Other Income)−Total Expenses\text{PBT} = (\text{Revenue from Operations} + \text{Other Income}) - \text{Total Expenses}
Calculates the company's profit before deducting income tax expense, indicating operational and other income profitability.

Profit After Tax (PAT)

Topic: Preparation of Financial StatementsChapter: Chapter 2
PAT=Profit Before Tax−Tax Expense\text{PAT} = \text{Profit Before Tax} - \text{Tax Expense}
Calculates the company's net profit after deducting income tax expense, representing the final profit attributable to shareholders.

Closing Balance of Reserves and Surplus

Topic: Preparation of Financial StatementsChapter: Chapter 2
Closing R&S=Opening R&S+Profit for the year−Appropriations (e.g., Dividends, Transfer to General Reserve)+Transfers from other reserves\text{Closing R\&S} = \text{Opening R\&S} + \text{Profit for the year} - \text{Appropriations (e.g., Dividends, Transfer to General Reserve)} + \text{Transfers from other reserves}
Calculates the cumulative balance of profits and other reserves available to the company at the end of the accounting period, reflecting retained earnings and other reserve movements.

Depreciation Expense (Straight Line Method)

Topic: Preparation of Financial StatementsChapter: Chapter 2
Depreciation=Cost of Asset−Salvage ValueUseful Life of Asset\text{Depreciation} = \frac{\text{Cost of Asset} - \text{Salvage Value}}{\text{Useful Life of Asset}}
Calculates the annual depreciation expense by evenly distributing the depreciable amount (cost minus salvage value) over the asset's estimated useful life.

Depreciation Expense (Written Down Value Method)

Topic: Preparation of Financial StatementsChapter: Chapter 2
Depreciation=Written Down Value (WDV) at beginning of period×Rate of Depreciation\text{Depreciation} = \text{Written Down Value (WDV) at beginning of period} \times \text{Rate of Depreciation}
Calculates the annual depreciation expense as a fixed percentage of the asset's book value (Written Down Value) at the beginning of the period, resulting in higher depreciation in earlier years.
Chapter 2 Formulas — CA Intermediate | Kartavvya