While companies have been returning more cash to shareholders (through dividends and buybacks) in FY22, cash balances continue to build up for corporate India. Based on the FY22 financials, adjusted for announced acquisitions and capex in FY23, 45 of the S&P BSE 500 companies can return more than Rs. 689 billion to their shareholders, which is almost 41% of their on-balance-sheet cash for the fiscal year-end.

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