My fault, wasn't thinking when i wrote the previous post. Re-reading the last annual report, i realized most of them are covered with loans.
The cash at hand at the end of the quarter does not mean much if you don't know the amount of stock/ liability. They might have used their own cash instead of borrowings for some stock to reduce the amount of interest they are paying.
Dec.Quarter Result Misinterpreted ?, page-7
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