Unlike other questions where expected free cash flow is projected to future years and NPV is discounted to year 0 at present.
Here real free cash flow is historical value and therefore NPV is calculated in reverse order at present year 0.
The free cash flow of 141840 at the end of March 2010 is compounded @ 12.5% for 2 yrs to give present value of 179516 (1418401.125^2)
The free cash flow of 259705 at the end of March 2011 is compounded at same rate for 1 years to give present value of 292169
Where the free cash flow for the year end of March 2012 remains 303626.
Total Present Value = 775310
On the other hand investment made at the beginning of April 2009 if invested elsewhere with return of 12.5% the amount would be equal to 6000001.125^3 = 854297
Hence, there is deficit of 78987 to cover to expected return.