Balance Sheet 2013 2014 2015 2016

Shareholders Funds
Share Capital 4130.53 4130.53 4130.53 4130.53
Reserves and Surplus 36894.11 38535.82 39374.25 35150.73
Non-Current Liabilities
Long-Term Borrowings 13485.55 13632.22 14025.56 15980.72
Deferred Tax Liabilities (Net) 1728.53 2040.46 2395.19 0
Other Long Term Liabilities 1271.12 1381.3 1239.22 1289.98
Long-Term Provisions 4204.16 3901.28 3705.34 3642.85
Current Liabilities
Short-Term Borrowings 8015.02 10634.48 14195.16 15530.31
Trade Payables 3322.04 3205.34 3606.38 4002.66
Other Current Liabilities 8654.7 12478.51 14016.53 15805.26
Short-Term Provisions 2512.7 2021.95 2638.71 2736.4
TOTAL 84218.46 91961.89 99326.87 98269.44

ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets 15234.63 25256.52 34658.4 42716.2
Intangible Assets 1542.77 1514.13 1510.21 1546.2
Capital Work-in-Progress 35890.85 33650.54 29195.82 24884.26
Non-Current Investments 718.36 720.2 919.07 1243.04
Deferred Tax Assets (Net) 0 0 0 707.85
Long-Term Loans and Advances 3165.17 3794.32 4507.25 4958.44
Other Non-Current Assets 50.7 135.43 53.83 39.84
Current Assets
Inventories 16008.21 15200.82 17736.37 15134.94
Trade Receivables 4424.18 5481.98 3192 2833.19
Cash and Bank Balances 3850.35 2855.95 2305.24 297.65
Short-Term Loans and Advances 990.69 1160.51 3056.33 2128.91
Other Current Assets 2342.55 2191.49 2192.35 1778.92
TOTAL 84218.46 91961.89 99326.87 98269.44

Cash Flow Statement 2013 2014 2015 2016

Cash flow from Operating Activities
Net Profit before taxation 3240.66 3224.55 2358.91 -7198.44
Add / ( Less ) Adjustments for :
Depreciation 1406.4 1599.49 1790.42 2121.96
Interest and Finance Charges 747.66 967.64 1454.23 2046.75
Bad debts written-of 0.34 7.71 0.33 0.27
Provision for Others 1085.89 -652.28 336.6 159.48
Profit on sale of Investments 0 0 -199.81 -7.31
Profit on sale of Fixed Assets -25.44 -7.78 -11.4 25.18
Interest Income -826.46 -584.13 -475.1 -337.04
Dividend Income -59.46 -124.91 -103 -70.85
Operating cash flow before working capital 5569.59 4430.29 5151.18 -3260
Adjustment for changes in:
(Increase) /Decrease in Inventories -2265.84 807.39 -2535.55 2600.45
(Increase) / Decrease in Sundry Debtors 329.51 -1077.04 2275.04 380.14
(Increase) /Decrease in Loans and Advances -704.44 -337.49 -2043.04 547.76
Increase in Current liabilities 731.59 2761.96 334.19 2141.96
(Increase) /Decrease in Other Current Asset -269.2 62.27 81.99 440.68
Cash generated from Operations 3391.21 6647.38 3263.81 2850.99
Direct Taxes Paid -986.73 -764.29 -519.69 -33.12
Net Cash from Operating Activities 2404.48 5883.09 2744.12 2817.87
Cash flow from Investing Activities
Purchase of fixed assets -9120.44 -8871.46 -6326.72 -6205.37
Proceeds friom sale of Fixed Assets 38.84 34.42 93.16 75
Loans to Other Companies 2.26 0.14 1.21 -3.51
Decrease in Term Deposits with Banks 2512.23 932.08 495.84 1989.36
Purchase/Sale of Investments (net) -33.32 -1.84 0.94 -316.66
Interest received 835.84 589.63 472.07 295.35
Dividend received 59.46 124.91 103 70.85
Net Cash from / ( used in ) Investing Activit -5705.13 -7192.12 -5160.5 -4094.98
Cash flow from Financing Activities
Proceeds from Issue of Share Capital
Prime Minister's Trophy Award Fund 0 1.25 1.34 0.32
Increase in Reserve & Surplus 4.26 0 0 0
Increase/( Decrease ) in Borrowings (net) 5142.92 3344.01 4682.9 3164.23
Interest and Finance Charges Paid -747.57 -929.2 -1421.08 -1781.39
Dividend Paid -991.32 -999.6 -722.84 -103.26
Tax on Dividend -160.76 -169.75 -143.77 -21.02
Net Cash from / ( used in ) Financing Activit 3247.53 1246.71 2396.55 1258.88
Net Increase or Decrease in cash Equivalen -53.12 -62.32 -19.83 -18.23
Income Statement 2013 2014 2015
Revenue from Operations 49986.9 52375.7 51129.38
Less : Excise Duty -5388.64 44598.26 -5677.29 46698.41 -5418.6 45710.78
Other Income 964.44 881.41 1020.78
Total Revenue 45562.7 47579.82 46731.56
Expenses
Cost of Materials Consumed 21198.48 19271.16 18522.9
Purchase of Stock in Trade 3.21 0.78 0.48
Changes in Inventories of Finished Goods 894.63 -1408.12
Work in Progress and Stock in Trade -2016.09
Employee Benefits Expense 8637.2 9578.51 9736.33
Finance Costs 747.66 967.64 1454.23
Depreciation and Amortisation Expense 1402.98 1716.69 1773.28
Other Expenses 12160.81 42134.25 13035.06 45464.47 14205.32 44284.42
3428.45 2115.35 2447.14
Add/Less(-): Adjustments pertaining to Earlier Yea 41.53 150.08 -88.23
Profit before Tax and Exceptional Items 3469.98 2265.43 2358.91
Foreign Exchange Loss (+)/ Gain(-) -229.32 -97.14 0
Compensation received for Non Performance of C 0 1056.26 959.12 0
Profit before Tax 3240.66 3224.55 2358.91
Less : Tax Expense
Current Tax 1057.96 683.26 499.15
Deferred Tax 12.44 331.97 282.76
MAT Credit 0 -520.11 -499.15
Earlier Years -0.09 1070.31 112.95 608.07 -16.53 266.23
Profit After Tax 2170.35 2616.48 2092.68
 2016
43909.53
-4823.29 39086.24
580.6
39666.84

17150.61
0
540.61

9893.81
2046.75
2099.54
15118.45 46849.77
-7182.93
-15.51
-7198.44
0
0
-7198.44

0
-2984.67
0
-76.51 -3061.18
-4137.26
Balance Sheet 2013 2014 2015 2016
Equities & Liabilites
SHAREHOLDER'S FUNDS
Share capital 971.41 971.41 971.41 971.41
Reserves and Surplus 54,238.27 60,176.58 65692.48 69,505.31
55,209.68 61,147.99 66,663.89 70,476.72
HYBRID PERPETUAL SECURITIES 2,275.00 2,275.00 2275 2275
NON-CURRENT LIABILITIES
Long-term borrowings 23,565.57 23,808.09 23900.37 23,457.77
Deferred tax liabilities (net) 1,843.74 2,038.98 2250.41 2,179.83
Other long-term liabilities 380.87 983.52 1087.74 842.66
Long-term provisions 2,113.42 1,905.05 2875.92 2,888.18
27,903.60 28,735.64 30114.44 29,368.44
CURRENT LIABILITIES
Short-term borrowings 70.94 43.69 34.88 5,261.02
Trade payables
(i) Total outstanding
creditors other than dues
microof micro 14.9
enterprises and small enterprises 7,691.23
6,369.91 8,263.61 5801.98 7,706.13
Other current liabilities 8,503.54 8,671.67 9111.52 6,115.81
Short-term provisions 1,544.26 1,902.81 1675.41 2,005.03
16,488.65 18,881.78 16623.79 21,087.99

TOTAL 101,876.93 111,040.41 115,677.12 123,208.15

Assets
NON-CURRENT ASSETS
Fixed assets
i) Tangible assets 24,650.54 24,064.43 25071.38 24,901.24
ii) Intangible assets 224.51 201.32 177.14 527.35
iii)
iv) Capital work-in-progress
Intangibles assets under 8,722.29 18,509.40 23036.67 26,953.90
development 28.47
33,597.34 42,775.15 48285.19 52,410.96
Non-current investments 49,984.80 52,318.56 52164.24 52,360.42
Long-term loans and advances 6,574.15 4,080.07 3166.77 3,787.88
Other non-current assets 190.04 302.03 211.75 227.4
90,346.33 99,475.81 103827.95 108,786.66
Current Assets
Current investments 434 2,343.24 1000.08 4,320.17
Inventories 5,257.94 6,007.81 8042 7,083.81
Trade receivables 796.92 770.81 491.46 632.8
Cash and bank balances 2,218.11 961.16 478.59 1,014.67
Short-term loans and advances 2,207.83 1,299.20 1781.77 1,243.48
Other current assets 615.8 182.38 55.27 126.56
11,530.60 11,564.60 11849.17 14,421.49
TOTAL 101,876.93 111,040.41 115,677.12 123,208.15

CASH FLOW STATEMENT 2013 2014

Cash Flow from Operating Activities:
Profit before tax 7,836.60 9,713.50

Adjustments for Depreciation and

amortisation
expense 1,640.38 1928.7
Impairment of fixed assets 4.01 0.33
Reversal of Impairment of fixed assets
(Profit)/Loss on assets sold/dis-
carded 3.00 48.61
Provision for diminution in the
value of investments 90.13 141.76
Provision for doubtful advances
in the on
Profit nature
sale of
of loans
non-current 610.63 56.69
assets

Profit on sale of non-current

investments (12.33) -24.87
(Gain)/Loss on cancellation of
forwards, swaps and options 127.93 18.01
Interest and income from
current investments (330.62) -348.46
Income from non-current
investments (702.35) -481.02
Finance costs 1,876.77 1820.58
Provision for wealth tax 2.00 2

Exchange (gain)/loss on reval-

uation of foreign currency loans
and swaps 440.75 360.51
3,750.30 3522.93
Operating Profit before Working
Capital Changes 11,586.90 13236.43
Adjustments for: Trade and
other receivables 873.33 752.32
Inventories (398.95) -749.87
Trade payables and other
liabilities 987.33 1,461.71 1641.46 1643.61
Cash Generated from Operations 13,048.61 14880.04
Direct tax paid (1,979.94) -2447.24
Net Cash Flow from/(used in)
Operating Activities 11,068.67 12432.8

Cash Flow from Investing Activities:

Purchase of fixed assets(2) (7,508.55) (9,549.13)
Sale of fixed assets 14.51 24.5
Advance received against sale of
assets 135.5
Purchase of investments in
subsidiaries(3) (2,123.81) (94.35)
Purchase of other non-current
investments (255.41) (451.37)
Sale of non-current investments 0.87 1241.52
Sale/Redemption of investments
in subsidiaries 231.32 54.95
(Purchase)/Sale of current
investments (net) 991.70 -1,697.44
Inter-corporate deposits/
Shareholders' loan given (127.30) (131.40)
Repayment of inter-corporate
deposits/shareholders' loan 50.00 45.00
Fixed/Restricted deposits with
banks(placed)/realised
Interest received 59.09 93.02
Dividend received 145.18 491.78
Net Cash Flow from/(used in)
Investing Activities (8,522.40) -9837.42

Cash Flow from Financing Activities:

Issue of Equity Shares 0.02 0.01
Capital contributions received 5.58 2.74
Proceeds from borrowings 6,087.61 5235.46
Repayment of borrowings (7,181.00) -6469.94

Amount received/(paid) on
cancellation of forwards, swaps
and options (122.81) -18.04
Expenses (incurred)/reimbursed
on
issue of equity instruments 2.40 3.87
Distribution on Hybrid Perpetual
Securities (265.76) -266.13
Interest paid(2) (1,456.42) -1503.41
Dividend paid (1,165.46) -776.97
Tax on dividend paid (185.75) -123.57
Net Cash Flow from/(used in)
Financing Activities (4,281.59) -3825.98
Net increase/(decrease) in
Cash and Cash Equivalents (1,735.32) -1230.6
Opening Cash and Cash Equivalents 3,900.53 2139.93
Cash and Cash Equivalents
Closing Cash and Cash Equivalents 2,165.21 909.33
INCOME STATEMENT 2013
Revenue
Revenue from operations 42,317.24
Less: Excise duty 4,117.81
38,199.43
Other income 902.04
Total Revenue 39,101.47
Expenses
Raw materials
Purchase consumed
of finished, semi-finished 9,877.40
and other Products
Changes in inventories of finished goods, 453.34
work-in-progress and stock-in-trade -404.6
Employee benefits expense 3,608.52
Depreciation and amortisation expense 1,640.38
Finance costs 1,876.77
Other expenses 14,414.66
Less: Expenditure (other than interest) transf- 31,466.47
erred to capital and other accounts 876.13
Total Expenses 30,590.34
Profit before Exceptional Items and Tax 8,511.13
Exceptional Items
Profit on sale of non-current investments 12.33
Profit on sale of non-current assets
Provision for diminution in the value of
investements/doubtful advances -686.86
Provision / Reversal for impairment of
non-current assets
Provision for demands and claims
Employee Seperation Compensation
-674.53
Profit before Tax 7,836.60
Tax Expense
(a) Current tax 1,770.54
(b) MAT credit -399.84
(c) Deferred tax 1,402.93
2,773.63
Profit after Tax 5,062.97
 2015 2016
8,508.89 6,126.52

1,997.59
51.50 1,933.11
(136.29) -

(0.97) (107.08)

180.50 2.11

17.92 -
(1,146.86) (3,507.52)

(807.81) 1,582.55

77.41 1.21

(489.13) (266.51)

(119.60) 1,460.27
1,975.95 -
2.00 5.59

546.83
2,149.04 1,103.73

10,657.93 7,230.25

(886.42) 37.97
(1,994.28) 959.70

(872.06) (3,752.76) 583.86 1,581.53

6,905.17 8,811.78
 (2,053.28) (1,244.10)

4,851.89 7,567.68

(6,922.58) (5,828.05)
1,050.12 30.20

0.35 1.93

(224.81) (423.38)

(80.53) (171.28)
1,235.76 0.06

66.63 3,980.35

1,749.97 (3,139.69)

(2.00) (44.69)

476.91 62.92

(10.65) (1.98)
155.74 21.31
122.99 107.08

(2,382.10) (5,405.22)

-
10.19 7.90
7,121.04 8,893.35
(6,724.26) (7,754.55)

(79.08) (2.96)

3.89 3.36

(266.13) (266.49)
(1,891.75) (1,585.38)
(971.21) (776.97)
(159.90) (149.30)

(2,957.21) (1,631.04)

(487.42) 531.42
909.33 421.93
0.02 (0.12)
421.93 953.23
 2014 2015
46,309.34 46,577.26
4,598.31 4,792.26
41,711.03 41,785.00
787.64 582.78
42,498.67 42,367.78

9,677.71 11,678.60
352.63 688.32
(155.18) (715.94)
3,673.08 4,601.92
1,928.70 1,997.59
1,820.58 1,975.95
16,375.81 16,109.99
33,673.33 36,336.43
1,029.92 586.69
32,643.41 35,749.74
9,855.26 6,618.04

806.10
1,146.86

-141.76 (198.40)

136.29

-141.76 1,890.85
9713.5 8,508.89

3,098.02 1,908.60
- (117.21)
203.29 278.38
3301.31 2,069.77
6412.19 6,439.12
 2016
42,686.29
4,475.95
38,210.34
3,890.70
42,101.04

9,700.01
991.54
142.97
4,324.90
1,933.11
1,460.27
16,438.06
34,990.86
598.89
34,391.97
7,709.07

104.29

(199.03)

(51.51)
(880.05)
(556.25)
(1,582.55)
6,126.52

1,433.06
(152.17)
(55.32)
1,225.57
4,900.95
BALANCE SHEET 2013 2014 2015 2016
EQUITY AND LIABILITIES
Shareholders funds
(a) Share capital 86.91 296.50 296.50 296.50
(b) Reserves and surplus 12936.88 33382.32 33761.37 43612.06
13023.79 33678.82 34057.87 43908.56
Non-current liabilities
(a) Long-term borrowings 1179.16 20534.22 21770.63 23316.42
(b) Deferred tax liabilities (net) 10.40 - - -
(c) Other long-term liabilities 2.32 393.33 202.59 1197.53
(d) Long-term provisions 1.81 2.26 1.81 1.81
1193.69 20929.81 21975.03 24515.76
Current liabilities
(a) Short-term borrowings 3651.91 13234.09 13113.72 16275.29
(b) Trade payables 244.30 2413.30 2878.81 3421.19
(c) Other current liabilities 280.74 12417.39 5529.19 7771.72
(d) Short-term provisions 40.88 816.27 979.78 86.71
4217.83 28881.05 22501.50 27554.91
Total 18435.31 83489.68 78534.40 95979.23
ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible assets 1468.57 22488.90 21987.70 30537.99
(ii) Intangible assets 86.02 95.13 138.16 141.06
(iii) Capital work-in-progress 363.30 17327.33 17422.16 13567.15
1917.89 39911.36 39548.02 44246.20
(b) Non-current investments 14565.86 22419.11 26088.30 31762.29
(c) Long-term loans and advances 454.89 9905.52 3319.22 3421.28
(d) Other non-current assets - 104.40 70.39 63.15
16938.64 72340.39 69025.93 79492.92
Current assets
(a) Current investments 127.70 348.08 376.27 698.90
(b) Inventories 756.02 5678.70 5442.07 5026.14
(c) Trade receivables 140.44 1303.65 1157.69 1429.12
(d) Cash and bank balances 24.88 2110.36 464.14 642.56
(e) Short-term loans and advances 292.44 1283.44 1719.51 8201.61
(f)Other current assets 155.19 425.06 348.79 487.98
1496.67 11149.29 9508.47 16486.31
Total 18435.31 83489.68 78534.40 95979.23
INCOME STATEMENT 2013 2014 2015 2016
GROSS REVENUE FROM OPERATIONS 2448.30 30086.07 34312.88 31738.91
Less: Excise duty -100.67 -1549.54 -1810.47 -1928.29
Net revenue from operations 2347.63 28536.53 32502.41 29810.62
Other income 341.99 1817.06 2008.86 8823.82
Total Revenue 2689.62 30353.59 34511.27 38634.44
EXPENSES:
Cost of materials consumed 224.59 17945.59 18849.69 17164.00
Purchases of stock-in-trade 105.78 819.25 998.46 1045.24
Changes in inventories of finished goods, work-in-progress -205.77 -556.86 263.80 131.54
and stock-in-trade
Power & fuel 557.48 4673.67 4433.05 4361.42
Employee benefits expense 184.62 559.08 650.13 603.53
Finance costs 469.23 3564.96 3655.93 3541.36
Depreciation and amortisation expense 147.91 1504.79 1011.67 1217.97
Other expenses 1139.08 2783.88 2678.64 2599.07
Total expenses 2622.92 31294.36 32541.37 30664.13
(Loss)/Profit before exceptional items and tax 66.70 -940.77 1969.90 7970.31
Exceptional items -9.71 -130.88 -2.43 -2490.41
(Loss)/Profit before tax 56.99 -1071.65 1967.47 5479.90
Tax (benefit)/expense:
Current Tax for the year - - 45.13 8.02
Less: MAT credit entitlement 10.92 -189.12 -45.13 -
Tax adjustments related to previous years - -1565.97 - -
Net current tax (benefit)/expense 10.92 -1755.09 - 8.02
Deferred tax for the year -74.70 -392.65 40.27 -
Net tax (benefit)/expense -63.78 -2147.74 -40.27 -8.02
Profit for the year 120.77 1076.09 1927.20 5471.88

CASH FLOW STATEMENT 2013 2014 2015 2016

A. CASH FLOW FROM OPERATING ACTIVITIES
(Loss) / Profit before tax 56.99 -1071.65 1967.47 5479.90
Adjusted for :
- Exceptional items (Impairment of assets) - 66.84 2.43 2466.63
- Depreciation and amortisation expense 147.91 1504.79 1011.67 1217.97
- Dividend income -316.69 -1289.45 -1446.35 -8489.89
- Interest income -3.58 -349.92 -246.84 -189.82
Foreclosure Income - - -200.00 -
- Finance costs (excluding net loss on foreign currency transaction 279.04 3198.54 3503.45 3408.71
- Foreign exchange loss (net) 70.09 831.77 103.37 3.46
- Net gain on sale of current investments -12.00 -155.39 -45.47 -42.33
- Loss /(Profit) on sale of fixed assets -0.63 6.62 1.22 -0.88
- Provision for doubtful trade receivables/advances 0.07 247.01 320.40 5.01
Provision for diminuation on non-current investment written
back - - - -4.50
- Unclaimed liabilities written back - -42.01 -18.22 -37.06
164.21 4018.80 2985.66 -1662.70
Operating profit before working capital changes 221.20 2947.15 4953.13 3817.20
Adjusted for:
- Trade receivables and other assets 312.24 -161.51 -122.43 -459.98
- Inventories 1.27 794.74 237.08 415.93
- Trade payables and other liabilities -342.26 -649.99 -281.02 3690.14
Loans and advances - - -455.68 -69.93
-28.75 -16.76 -622.05 3576.16
Cash generated from operations 192.45 2930.39 4331.08 7393.36
Income taxes paid (net) -320.75 -98.02 -90.64 -30.82
Net cash generated from operating activities -128.30 2832.37 4240.44 7362.54
B. CASH FLOW FROM INVESTING ACTIVITIES
Payment towards share application money in a subsidiary compan- -56.21 -155.77 -8020.69
Payment towards Preference Shares in a subsidiary company -373.95 -118.49 3000.00 -
Foreclosure Income - - 65.00 135.00
Payment for acquisition of VAL's power business through slump
rate - - -2893.00 -
Payment for fixed assets including capital advances -340.67 -1258.98 -1416.47 -592.37
Sale of fixed assets 2.30 16.65 5.88 6.90
Purchase of current investments -7875.67 -44167.90 -33154.07 -39344.47
Sale of current investments 7955.72 44650.02 33171.35 39064.17
Proceeds from forward covers - - 282.58 57.54
Loans to related parties - -3177.14 -385.99 -307.61
Loans repaid by related parties - 267.45 8.57 75.03
Interest received 3.58 378.21 330.18 187.85
Dividend on investments 316.69 1289.45 1446.35 1906.32
Bank balances not considered as cash and cash equivalents
- Placed -0.59 -2538.33 -4008.00 -7.45
- Matured - 2173.59 5580.69 11.65
Net cash (used in)/from investing activities -312.59 -2541.68 1877.30 -6828.13
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Long-term borrowings - 7620.06 13140.00 6325.02
Repayment of Long-term borrowings - -4482.89 -14466.65 -4806.81
Net changes in other Short-term borrowings -369.35 -
Proceeds from Short-term borrowings 4719.49 46403.68 48670.40 41400.86
Repayment of Short-term borrowings -3517.82 -46087.54 -48888.93 -38356.36
Repayment of Long-term borrowings to related party - -324.02 -15.79 -7.52
Interest and finance charges paid -256.64 -2776.57 -3595.34 -3200.92
Dividend and tax thereon paid -181.74 -858.33 -1037.64 -1735.82
Net Cash from financing activities 393.94 -505.61 -6193.95 -381.55
Net increase/(decrease) in cash and cash equivalents -46.95 -214.92 -76.21 152.86
Cash and cash equivalents at the beginning of the year 62.50 15.55 289.72 213.99
Add: Pursuant to Scheme of Amalgamation - 489.09 0.48 -
Cash and cash equivalents at the end of the year 15.55 289.72 213.99 366.85
Add: Bank balances not considered as cash and cash equivalents 9.33 1820.64 250.15 275.71
Closing balance of Cash and bank balances 24.88 2110.36 464.14 642.56
Balance Sheet 2013 2014 2015 2016
Shareholders Funds
Share Capital 845.06 845.06 845.06 845.06
Reserves and Surplus 31430.68 36572.55 42508.01 36540.13

Non-Current Liabilities

Deferred Tax Liabilities (Net) 1279.86 1658.11 2518.62 2571.3

Other Long Term Liabilities 28.23 56.37 132.08 111.79
Current Liabilities

Trade Payables 484.59 510.32 630.79 778.77

Other Current Liabilities 572.12 1018.48 1045.91 14283.03
Short-Term Provisions 824.87 1015.78 1311.52 113.76

TOTAL 35465.41 41676.67 48991.99 55243.84

ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets 8473.69 9023.43 9329.05 9821.27
Intangible Assets 10.05 123.82 117.12 120.06
Capital Work-in-Progress 1081.85 1540.94 2004.71 2362.84
Non-Current Investments 2.7 2.81 0 0
Long-Term Loans and Advances 2137.48 2939.36 4337.32 5850.3
Current Assets
Current Investments 14537.18 22503.58 27253.59 35182.4
Inventories 1111.09 1198.24 1211.75 1058.22
Trade Receivables 402.87 399.51 658.82 244.06
Cash and Bank Balances 6942.1 3031.42 3531.51 52.73
Short-Term Loans and Advances 373.32 334.93 364.14 441.58
Other Current Assets 393.08 578.63 183.99 110.38

TOTAL 35465.41 41676.67 48992 55243.84

Cash Flow Statement 2013 2014 2015 2016
Cash flow from Operating Activities
Net Profit before taxation 7820.12 7969.71 9570.12 8610.38
Add / ( Less ) Adjustments for :
Depreciation and amortisation 647.24 784.81 644.5 712.41
Finance Cost 29.1 44.94 23.51 16.93
Intrest Income -867.95 -675.52 -305.33 -438.98
Mark to Market adjustment on financial -535.78 -1324.28 -2783.62 -1843.17
Net unrealised exchange (gain )/loss -0.92 1.68 1.4 -0.45
Provision for diminution in value of investments 2.81
Provision for expenses written back -0.71 -6.24 -45.1
Profit on sale of Fixed Assets 19.26 18.88 3.31 11.97
Profit on sale of current investment -570.62 171.03 319 -393.68
Operating cash flow before working capi 6540.45 6990.54 7469.46 6630.31
(Increase) in Inventories -313.15 -87.15 -13.51 153.53
(Increase) / Decrease in Trade receivable -70.42 1.68 -260.71 415.21
(Increase) in short term Loans and Adva -139.87 38.39 -80.31 -77.44
(Increase) in Long term Loans and Advan 43.83 -8.16 -22.7 -27.08
(Increase) /Decrease in Other Current As 0 0 -16.75 -0.58
(Increase)/Decrease in trade payables 73.92 107.56 126.71 193.08
(Increase)/Decrease in other current liabi 211.68 109.99 286.24 1054.77
(Increase)/Decrease in other long term lia 11.08 28.14 75.71 -20.29
Income tax paid during the year -1605.83 -1644.52 -2033.44 -1821.61
Net Cash from Operating Activities 4751.69 5536.47 5530.7 6499.9
Cash flow from Investing Activities(seee)
Purchase of fixed assets -1755.82 -1813.05 -1617.35 -1596.56
Intrest and dividents received 573.1 729.16 767.82 513.17
Bank balance not considered as cash and cash equivatent
Placed -6520.17 -462.25 -3590 -410
Martured 5094.52 4311.2 2911.64 3889.64
Purchase of current investments -24675.87 -30150.63 -44989.37 -44480.64
sales of current investments 24047.23 23325.87 42703.98 38788.64
Sales of fixed assets 3.24 38.9 6.32 17.47
Net Cash from / ( used in ) Investing Acti -3233.77 -4020.8 -3806.96 -3278.28

Cash flow from Financing Activities

Proceeds from Issue of Share Capital
Intrest and finance charged paid -29.1 -44.94 -23.51 -16.93
dividend and tax thereon paid -1227.69 -1532.46 -1878.5 -3203.87
Net cash used in financing activities -1256.79 -1577.4 -1902.01 -3220.8
Net increase in Cash and Cash equivalent 261.13 -61.73 -178.27 0.86
Cash and Cash equivalent at the end of t 290.18 228.45 50.18 51.04
Cash and Cash equivalent at the beginnin 29.05 290.18 228.45 50.18
-61.73 -178.27 0.86
Reconcilliation Cash and cash equivalent with the balance sheet
Cash and cash equivalent as per balance 6942.1 3031.42 3531.51 52.73
Less -bank balance not considered as cas 6651.92 2802.97 3481.33 1.69
Cash and bank balance as at the end of t 290.18 228.45 50.18 51.04
Income Statement 2013 2014 2015 2016
Revenue from Operations (gross) 13658.14 14933.05 16100.08 15508.23
Less : Excise Duty -958.3 -1297.01 -1311.69 -1281.79
Revenue from Operations (net) 12699.84 13636.04 14788.39 14226.44
Other Income 2032.15 1899.39 2821.05 2729.42
Total Revenue 14731.99 15535.43 17609.44 16955.86
Expenses
Cost of Materials Consumed 793.06 501.26 468.45 51.34
Purchase of traded goods 0 0 52.3 0
Changes in Inventories of Finished Goods, -112.54 -155.16 -145.45 183.46
Employee Benefits Expense 649.91 680.06 868.91 786.17
Finance Costs 29.1 44.94 23.51 16.93
Depreciation and Amortisation Expense 647.04 784.59 644.19 712.62
Other Expenses 4887.77 5648.36 6124.6 6564.85
Total Expenses 6894.34 7504.05 8036.51 8315.37
Profit before Tax and Exceptional Items 7837.65 8031.38 9572.93 8640.49
Exceptional items 17.53 61.67 2.81 30.11
Profit before tax 7855.18 8093.05 9575.74 8670.6
Tax expense (benefit) 0 0 0 0
Current Tax expenses 1542.98 1640.05 1984.55 1805.24
(less) MAT credit -798.47 -964 -1449.66 -1410.47
Short/(Excess) provision for tax relating to p 10.57 0 0 0
Net current tax expense 744.51 676.05 534.89 394.77
Deferred tax 165.56 389.04 857.23 49.03
Net current tax expense/(benefit) 910.07 1065.09 1392.12 443.8
Profit for the year 6899.48 6904.62 8178 8166.58
Eearing per equity share basic and diluted 16.33 16.34 19.35 19.33
Balance Sheet.
Particulars 31-March 2016
EQUITY AND LIABILITIES
Shareholders' Funds:
Share Capital 396.47
Reserves & Surplus 29,714.57
30,111.04
Non-current Liabilities:
Deferred Tax Liability (Net) 122.22
Other Long term Liabilities 50.48
Long Term Provisions 20.96
193.66

Current Liabilities:
Short-term Borrowings 1,496.95
Trade Payables

Outstanding dues of micro and

small enterprises 0.31
Other than micro & small enterprises 324.11
324.42
Other current Liabilities 1,217.40
Short term Provisions 2.10
3365.29 3,040.87
TOTAL 33,345.57
ASSETS:
NON-CURRENT ASSETS:
Fixed Assets:
Tangible Assets 1,638.48
Intangible Assets 268.49
Capital Work in Progress 9,722.88
11,629.85
Non-current investments 695.41
Long term Loans and Advances 1,739.17
Other non-current assets 5.06
14,069.49
CURRENT ASSETS:
Inventories 636.96
Trade receivables 1,896.08
Cash and bank balances 14,763.57
Short term Loans and Advances 1,239.08
Other Current Assets 740.39
19,276.08
TOTAL 33,345.57
Cash Flow Statement. 2016 2015
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax from continuing operations 4,506.01 9,768.51
Profit before tax from discontinued operations (0.74) (0.67)
Adjustments for :
Depreciation & Amortisation (incl impairment) 225.60 191.87
Interest on deposits with banks (1,601.71) (1,964.59)
Other Interest income (66.45) (220.93)
Prov for bad & doubtful advances & Misc.losses writt 2.34 5.03
Profit/loss on sale of fixed assets (net) 1.29 (2.08)
Unamortised expenditure written off 0.31 -
Operating profit before working capital adjustments 3,066.65 7,777.14
Increase(-)/Decrease(+) in Inventories 54.92 (10.69)
Increase(-)/Decrease(+) in Trade Receivables (143.75) (303.91)
Increase(-)/Decrease(+) in Short term Borrowings 1,496.95
Increase(-)/Decrease(+) in Short term and
Long term Loans & Advances 108.34 (180.04)
Increase(-)/Decrease(+) in accrued interest on deposit 267.34 (282.03)
Increase(-)/Decrease(+) in Assets held for disposal 0.02 0.16
Increase(+)/Decrease(-) in long term, Short term Liabilities
and trade payables 185.08 39.24
Increase(+)/Decrease(-) in long term and Short term P 10.92 (1.25)
Cash Generated from Operations 5,046.47 7,038.62
Interest (Finance Cost) 65.44 -
Direct taxes (Net) (1,737.28) (3,031.40)
Net Cash Flow from Operating Activities 3,374.63 4,007.22
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Tangible and Intangible Assets (820.28) (181.15)
Increase(-)/Decrease(+) in Capital work in progress (2,024.15) (2,433.14)
Increase(-)/Decrease(+) in Capital advances 158.95 (38.24)
Purchase of Investments (133.48) (311.56)
Interest on deposits with Banks 1,601.71 1,964.59
Other interest income 66.46 220.93
Sale/Deletion of Fixed Assets 31.40 6.39
Increase(-)/Decrease (+) in Investment in term deposits -
with more than three months 5,379.83 1,523.27
Increase(-)/Decrease(+) in Bank Deposits offered
as security for BG/LCs (1,734.72) 935.73
Net Cash flow from Investing Activities 2,525.72 1,686.82
Interest (Finance Cost) (65.44) -
Payment of dividends (4,876.60) (2,874.42)
Tax on dividend (992.77) (574.71)
Increase(-)/Decrease (+) in balances with banks for
unpaid dividend (119.76) (0.17)
Net cash used in Financing Activities (6,054.57) (3,449.30)
NET INCREASE IN CASH AND CASH (154.22)
EQUIVALENTS (A + B + C) 2,244.74
Cash & Cash equivalents at the end of the year 34.47 7,925.69
Cash & Cash equivalents at the beginning of the year 188.69 5,680.95
(154.22) 2,244.74
Components of Cash & Cash equivalents:
Cash & cheques on hand 0.07 0.09
Balances with Scheduled banks
in current account 34.40 88.60
in Term deposits with original maturity less than 3 m - 7,837.00
34.47 7,925.69
31-March 2015 31st March

396.47 4,74,00,300
31,935.27 (13,23,53,475)
32,331.74

98.40
40.10
10.60
149.1 149.10

226.28 85,534

1,140.84 34,10,33,886
621.88 3,75,617
1,989.00
34,469.84

1,243.14 2,39,46,872
90.55 1,14,82,404
7,710.03 20,44,40,494
9,043.72 23,98,69,770
561.93
969.06 2,550
5.37 Nil
10,580.08

691.88 0
1,752.33 Nil
18,443.14 1,70,68,160
1,994.66 37,152
1,007.75 Nil
23,889.76
34,469.84
 2014 2013

(74,08,141) (95,72,865)

24,30,873 24,35,056
(60,948) (47,955)

0 30,00,000
(50,38,216) (41,85,764)
36,839 0

20,307 8,16,812

13,32,50,003 9,76,48,347
1,59,879 39,790
12,84,28,812 9,43,19,185

12,84,28,812 9,43,19,185

(1,73,03,328) 0
(9,49,22,943) (9,43,67,258)

60,948 47,955

(54,670) (6,53,995)
(11,22,19,993) (9,49,73,298)
 0 0
1,62,08,819 (6,54,113)

1,63,59,495 1,50,676
1,50,676 8,04,789
1,62,08,819 (6,54,113)

1,491 8,107

1,63,58,004 1,42,569
0 0
1,63,59,495 1,50,676
2014 31st march 2013

5,00,000
-2,62,65,760
(8,49,53,175)

-
Nil 2,62,37,220
4,35,770
-

-
-

30,28,090
-
34,14,95,037
25,69,77,632 34,99,550

23,98,72,320

-
34,99,550
-
-
1,71,05,312
25,69,77,632 34,99,550
Gross Revenue from Operations 6,457.27
Less : Excise duty 1.47
Net Revenue from operations
Other Income
Total Revenue (I + II)
Expenses:
Consumption of raw materials
Consumption of Stores & Spares
Changes in inventories of finished
goods and work-in-progress
Employee Benefit expense
Power, Electricity and Water
Repairs & Maintenance
Royalty & Other Levies
Selling Expenses
Finance cost
Depreciation & Amortisation
Other Expenses
Total Expenses
Profit before exceptional and
extraordinary items and tax (III-IV)
Exceptional items
Profit before extraordinary
items and tax (V-VI)
Extraordinary Items
Profit before tax (VII-VIII)
Tax expense:
(1) Current tax 1,566.31
Earlier years (net) (112.94)
(2) Deferred tax 23.82

Profit for the year from continuing

operations after tax (IX-X)
Profit from discontinuing
operations before tax
Tax expense of discontinuing
operations
Profit from discontinuing
operations after tax (XII-XIII)
Profit for the year (XI + XIV)
Earning per equity share:
(Face value Rs.1/- each)
(i) Basics
(ii) Diluted
 reporting period reporting period
31-March-2016 31-March-2015
12,362.47
6.06
6,455.80 12,356.41
1,774.39 2,265.40
8,230.19 14,621.81

9.73 27.67
282.37 320.17

63.12 (16.99)
671.31 700.09
67.67 64.22
119.26 104.14
882.31 1,390.11
417.12 1,168.30
65.44 -
207.75 162.23
753.32 820.35
3,539.40 4,740.29

4,690.79 9,881.52
184.78 113.01

4,506.01 9,768.51
- -
4,506.01 9,768.51

3,384.21
(33.76)
(4.24)
1,477.19 3,346.21

3,028.82 6,422.30

(0.74) (0.67)

(0.25) (0.23)

(0.49) (0.44)
3,028.33 6,421.86
7.64 16.20
7.64 16.20
 reporting period the current
31st March, 2014 reporting period 31st march 2013
-

60,948 -
60,948 -

Nil -
-
36,839

11,12,246
52,529
21,934
9,70,600
Nil

24,30,873
28,44,068 2,62,65,760
74,69,089 2,62,65,760

(74,08,141) -2,62,65,760

(74,08,141) -2,62,65,760
-
-2,62,65,760

-
-
Nil

-2,62,65,760
(15.63) -525.32
(15.63)
Balance sheet
Note no 2013 2014 2015 2016
Equity and liabilities
Shareholders fund
Share capital 2 563.18 1,067.19 1067.19 1,067.19
Reserves and surplus 3 19,374.19 23,216.99 24657.41 20,685.77
19,937.37 24,284.18 25724.6 21,752.96
(2) Non-current liabilities
Long-term borrowings 4 15,434.26 21,054.32 25496.89 25,871.16
Deferred tax Liabilities (Net) 5 3,450.23 1,908.51 2966.59 1,224.69
Other Long term liabilities 6 194.06 466.40 236.1 166.45
Long-term provisions 7 39.51 40.67 56.78 1,017.42
19,118.06 23,470 28756.36 28,279.72
(3) Current liabilities
Short-term borrowings 8 1,109.53 3,920.66 264.34 2,069.90
Trade payables 9 9,274.36 9,991.25 12515.39 10,997.66
Other current liabilities 10 4,873.98 6,415.97 7278.11 8,414.42
Short-term provisions 11 302.05 343.72 353.6 251.78
15,559.92 20,671.60 20411.44 21,733.76
TOTAL 54,615.35 68,425.68 74892.4 ###
ASSETS
(1) Non-current assets 41,974.92
Fixed assets 12 61.82
Tangible assets 27,604.47 37,225.12 38,497.56 6,203.54
Intangible assets 34.32 69.96 71.83 235.78
Capital work-in-progress 5,033.97 6,789.66 7,593.85 48,476.06
Intangible assets under development 40.57 67.81 196.01 4,473.63
32,713.33 44,152.55 46,359.25 4,858.16
Non-current investments 13 4,495.61 4,312.85 4,197.28 259.79
Long-term loans and advances 14 3,083.99 4,961.47 5,311.91 58,067.64
Other non-current assets 15 0.08
40,293.01 53426.87 55,868.44
(2) Current assets
Current investments 16 140.45 67.7 - 6,775.50
Inventories 17 4,799.10 6,196.57 8,584.74 2,510.71
Trade receivables 18 1,862.20 2,218.74 2,026.83 596.31
Cash and Cash Equivalents 19 1,401.79 465.72 1,795.06 3,625.83
Short-term loans and advances 14 6,118.80 6,050.08 6,617.33 190.45
14,322.34 14,998.81 19,023.96 13,698.80
TOTAL 54,615.35 68,425.68 ### ###
Cash Flow Statement
2013 2014 2015
CASH FLOW FROM OPERATING ACTIVITIES
NET PROFIT BEFORE TAX 2,504.12 0 1,955.33 3,248.92
Adjustments for :
Depreciation and amortisation 1,973.89 2,725.88 2,784.50
Loss /(Profit) on sale of Fixed Assets 2.30 4.46 (44.18)
Income from Current Investments (16.79) -17.15 (2.64)
Profit on sale of Long Term Investment (15.79) -6.56 (70.91)
Interest Income (222.41) -245.16 (223.20)
Dividend Income (5.89) -22.23 (57.16)
Interest Expenses 1,270.68 2,124.92 2,191.05
Unrealised exchange (gain) / loss (141.97) 197.06 120.63
Amortisation of Employees Share Payments 5.70 396.40
Provision for Diminution in Value of Investme 0.58
2,850.30 4,761.22 5,094.49
Operating profit before working capital changes 5,354.42 6,716.55 8,343.41
Adjustments for : (2,388.17)
Decrease/ (Increase) in Inventories 379.98 -829.05 191.91
Increase in Trade Receivables and Loans a (1,220.75) 2,037.28 (1,651.87)
(Decrease)/ Increase in Liabilities and Provi (106.71) 2,297.81 2,559.88
(947.48) 1,089.58 16.11
Cash flow before taxation 4,406.94 5,626.97 (1,272.14)
Direct Taxes Paid (482.28) -352.79 7,071.27
NET CASH GENERATED FROM OPERATING ACTIVITIE 3,924.66 5,274.18 (710.79)
CASH FLOW FROM INVESTING ACTIVITIES 6,360.48
Purchase of fixed assets and capital advances (4,556.89) (4,410.07)
Investment in subsidiaries, associates and Joint Ventures (268.20) -645.55 (4,451.59)
Purchase of Other Long Term Investments (Net) - (56.06) 138.47
Purchase/Sale of Current Investments (Net) 77.56 92.72 (292.41)
Proceeds from sale of Fixed Assets 7.53 10.93 88.75
Interest received 282.88 248.26 70.34
Dividend received 5.89 22.23 277.49
NET CASH USED IN INVESTING ACTIVITIES (4,451.23) (4,737.54) 4,168.95
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Long Term Borrowings 5,237.87 3879.81 11,072.71
Repayment of Long Term Borrowings (3,872.30) -4,267 (6,708.80)
Short term borrowings (net) 336.71 2,564.64 (3,660.21)
Interest Paid (1,351.38) -2,228.01 (2,165.35)
Dividend Paid (including Corporate Dividend Tax) (226.92) -315.45 (343.72)
NET CASH GENERATED FROM FINANCING ACTIVITIE 123.98 -366.37 (1,805.37)
NET INCREASE IN CASH AND CASH EQUIVALENTS(A+ (402.59) 170.27 386.16
CASH AND CASH EQUIVALENTS - OPENING BALANCE 605.66 203.07 423.50
CASH AND CASH EQUIVALENTS - CLOSING BALANCE 203.07 423.5 809.66
Add : Margin Money / Fixed Deposit Balance (In Lien) 1,179.39 961.97
Add : Balance in debenture interest/ installments/dividend 515.88 23.43
payment accounts 19.33
CASH AND CASH EQUIVALENTS ( As per Note 19) 1,401.79 465.72
* Includes current and non current 446.64
# Cash and Cash Equivalents (refer note 19) 588.24 23.14
Less : Earmarked balances included above 385.17
Cash and Cash Equivalents considered for Cash Flow 203.07
Cash and bank balances
Income Statement
Note No
2013 2014 2015 2016
Revenue from operations 20 38,867.59 49,295.43 50,393.31 40,858.96
Less: Excise duty 3,375.78 3,997.71 4,305.99 4,152.04
35,491.81 45,297.72 46,087.32 36,706.92
Other income 21 331.05 331.05 466.77 310.19
Total Revenue 35,752.69 45,628.77 46,554.09 37,017.11

Cost of materials consumed 22,590.37 26,705.82 27,345.60 19,067.94

Purchases of traded goods 10.00 494.81 385.64 152.72
Changes in inventories of Finished goods, Work-in-progress a (1,666.93) 1,061.97
Stock-in-Trade 22 (172.46) -244.10
Employee benefits expense 23 670.97 799.58 946.83 956.46
Finance costs 24 1,724.48 2,740.13 2,908.69 2,687.34
Depreciation and amortization 12 1,973.89 2,725.88 2,784.50 2,551.45
Other expenses 25 6,084.11 8,759.02 10,204.54 9,745.31
Total expenses 32,881.36 41,981.14 42,908.87 36,223.19
V Profit before Exceptional Items and Tax 2,871.33 3,647.63 3,645.22 793.92
VI Exceptional Items 5,860.45
Exchange Loss (net) 26(6) (367.21) 1,692.30
VII Profit before tax (V-VI) 2,504.12 1,955.33 396.30 (5,066.53)
VIII Tax Expenses: 3,248.92 6.71
Current tax 5(a) 501.40 409.80 718.88 (6.71)
Deferred tax 495.60 620.82 1,082.44 115.44
Less: MAT Credit Entitlement 5(b) (294.10) -409.80 (718.88) (1,683.69)
702.90 620.82 1,082.44 (1,568.25)
Profit 1,801.22 1,334.51 2,166.48 (3,498.28)
X Earnings per equity share: 26(15)
Basic 79.28 53.86 88.24 (146.11)
Diluted (see note) 79.28 53.86 88.24 (146.11)
 2016

(5,066.53)

2,551.45
0.33
(2.66)
-
(246.46)
(18.29)
2,260.28
316.00
5,860.61

10,721.26
5,654.73

1,809.24
(483.88)
79.69
(1,885.78)
2.79
(477.94)
5,176.79
(153.86)
5,022.93

(3,904.41)
1.60
(1,283.46)
0.29
155.56
(5,030.42)

5,863.06 11,072.71
(5,343.28) (6,708.80)
1,805.65 (3,660.21)
(2,311.14) (2,165.35)
(353.60) (343.72)
(339.31) (1,805.37)
(346.80) 386.16
809.66 423.50
462.86 809.66
110.06 961.97
23.39 23.43

596.31 1,795.06