Berger Edited 18-19

REPORT OF THE DIRECTORS AND MANAGEMENT DISCUSSION AND ANALYSIS
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INDEPENDENT AUDITOR’S REPORT
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Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
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EQUITY AND LIABILITIES
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Total Equity 2,372.35 2,143.61
Liabilities
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1,386.49 1,294.31
Total liabilities 1,464.91 1,361.09
Total equity and liabilities 3,837.26 3,504.70
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Chartered Accountants
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112
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2019
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Notes Year Ended Year Ended
March 31, 2019 March 31, 2018
Income
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Total income 5,569.18 4,885.90
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Tax expense
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253.23 229.97
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Other comprehensive income/(loss) for the year, net of tax (II) (2.05) 1.16
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NOTES TO IND AS FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2019
1. Corporate Information
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3.9. Research and Development

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3.10. Borrowing Costs

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3.11. Leases
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3.21. Cash dividend to equity holders of the Company

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3.22. Operating Segments

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3.23. Business Combinations

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3.24. Changes in accounting policies and disclosures
New and amended standards

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Ind AS 115 Revenue from Contracts with Customers

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Appendix B to Ind AS 21 Foreign Currency Transactions and Advance Considerations

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3.25 Standards Issued but not yet effective

1. IND AS 116 – Leases
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3. Amendments to Ind AS 109: Prepayment Features with Negative Compensation
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4. Amendments to Ind AS 19: Plan Amendment, Curtailment or Settlement
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DQQXDOUHSRUWLQJSHULRGWKDWEHJLQVRQRUDIWHU$SULO7KH&RPSDQ\GRHVQRWH[SHFWWKLVDPHQGPHQWWRKDYHDQ\
VLJQL¿FDQWLPSDFWRQLWV,QG$6¿QDQFLDOVWDWHPHQWV
130
5. Amendments to Ind AS 28: Long-term interests in associates and joint ventures

7KHDPHQGPHQWVFODULI\WKDWDQHQWLW\DSSOLHV,QG$6WRORQJWHUPLQWHUHVWVLQDQDVVRFLDWHRUMRLQWYHQWXUHWRZKLFKWKH
HTXLW\PHWKRGLVQRWDSSOLHGEXWWKDWLQVXEVWDQFHIRUPSDUWRIWKHQHWLQYHVWPHQWLQWKHDVVRFLDWHRUMRLQWYHQWXUHORQJWHUP
LQWHUHVWV7KLVFODUL¿FDWLRQLVUHOHYDQWEHFDXVHLWLPSOLHVWKDWWKHH[SHFWHGFUHGLWORVVPRGHOLQ,QG$6DSSOLHVWRVXFK
ORQJWHUPLQWHUHVWV
7KHDPHQGPHQWVDOVRFODUL¿HGWKDWLQDSSO\LQJ,QG$6DQHQWLW\GRHVQRWWDNHDFFRXQWRIDQ\ORVVHVRIWKHDVVRFLDWHRU
MRLQWYHQWXUHRUDQ\LPSDLUPHQWORVVHVRQWKHQHWLQYHVWPHQWUHFRJQLVHGDVDGMXVWPHQWVWRWKHQHWLQYHVWPHQWLQWKHDVVRFLDWH
RUMRLQWYHQWXUHWKDWDULVHIURPDSSO\LQJ,QG$6,QYHVWPHQWVLQ$VVRFLDWHVDQG-RLQW9HQWXUHV
7KHDPHQGPHQWVVKRXOGEHDSSOLHGUHWURVSHFWLYHO\LQDFFRUGDQFHZLWK,QG$6IRUDQQXDOUHSRUWLQJSHULRGVRQRUDIWHU
$SULO7KH&RPSDQ\GRHVQRWH[SHFWWKLVDPHQGPHQWWRKDYHDQ\VLJQL¿FDQWLPSDFWRQLWV,QG$6¿QDQFLDOVWDWHPHQWV
Annual improvement to Ind AS (2018);
7KHVHLPSURYHPHQWVLQFOXGH
1. Amendments to Ind AS 103: Party to a Joint Arrangements obtains control of a business that is a Joint Operation
7KHDPHQGPHQWVFODULI\WKDWZKHQDQSDUW\WRDMRLQWDUUDQJHPHQWREWDLQVFRQWURORIDEXVLQHVVWKDWLVDMRLQWRSHUDWLRQLW
DSSOLHVWKHUHTXLUHPHQWVIRUDEXVLQHVVFRPELQDWLRQDFKLHYHGLQVWDJHVLQFOXGLQJUHPHDVXULQJSUHYLRXVO\KHOGLQWHUHVWV
LQWKHDVVHWVDQGOLDELOLWLHVRIWKHMRLQWRSHUDWLRQDWIDLUYDOXH,QGRLQJVRWKHDFTXLUHUUHPHDVXUHVLWVHQWLUHSUHYLRXVO\
KHOGLQWHUHVWLQWKHMRLQWRSHUDWLRQ
$QHQWLW\DSSOLHVWKRVHDPHQGPHQWVWREXVLQHVVFRPELQDWLRQVIRUZKLFKWKHDFTXLVLWLRQGDWHLVRQRUDIWHUWKHEHJLQQLQJ
RIWKH¿UVWDQQXDOUHSRUWLQJSHULRGEHJLQQLQJRQRUDIWHU$SULO7KHVHDPHQGPHQWVDUHFXUUHQWO\QRWDSSOLFDEOHWR
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2. Amendments to Ind AS 111: Joint Arrangements
$SDUW\WKDWSDUWLFLSDWHVLQEXWGRHVQRWKDYHMRLQWFRQWURORIDMRLQWRSHUDWLRQPLJKWREWDLQMRLQWFRQWURORIWKHMRLQW
RSHUDWLRQLQZKLFKWKHDFWLYLW\RIWKHMRLQWRSHUDWLRQFRQVWLWXWHVDEXVLQHVVDVGH¿QHGLQ,QG$67KHDPHQGPHQWV
FODULI\WKDWWKHSUHYLRXVO\KHOGLQWHUHVWVLQWKDWMRLQWRSHUDWLRQDUHQRWUHPHDVXUHG
$QHQWLW\DSSOLHVWKRVHDPHQGPHQWVWRWUDQVDFWLRQVLQZKLFKLWREWDLQVMRLQWFRQWURORQRUDIWHUWKHEHJLQQLQJRIWKH
¿UVWDQQXDOUHSRUWLQJSHULRGEHJLQQLQJRQRUDIWHU$SULO7KHVHDPHQGPHQWVDUHFXUUHQWO\QRWDSSOLFDEOHWRWKH
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3. Amendments to Ind AS 12: Income Taxes
7KHDPHQGPHQWVFODULI\WKDWWKHLQFRPHWD[FRQVHTXHQFHVRIGLYLGHQGVDUHOLQNHGPRUHGLUHFWO\WRSDVWWUDQVDFWLRQVRU
HYHQWVWKDWJHQHUDWHGGLVWULEXWDEOHSUR¿WVWKDQWRGLVWULEXWLRQVWRRZQHUV7KHUHIRUHDQHQWLW\UHFRJQLVHVWKHLQFRPHWD[
FRQVHTXHQFHVRIGLYLGHQGVLQ6WDWHPHQWRI3UR¿WDQG/RVV2WKHU&RPSUHKHQVLYH,QFRPHRUHTXLW\DFFRUGLQJWRZKHUH
WKHHQWLW\RULJLQDOO\UHFRJQLVHGWKRVHSDVWWUDQVDFWLRQVRUHYHQWV
$QHQWLW\DSSOLHVWKRVHDPHQGPHQWVIRUDQQXDOUHSRUWLQJSHULRGVEHJLQQLQJRQRUDIWHU$SULO6LQFHWKH&RPSDQ\¶V
FXUUHQW SUDFWLFH LV LQ OLQH ZLWK WKHVH DPHQGPHQWV WKH &RPSDQ\ GRHV QRW H[SHFW DQ\ HIIHFW RQ LWV ,QG$6 ¿QDQFLDO
VWDWHPHQWV
4. Amendments to Ind AS 23: Borrowing Costs
7KHDPHQGPHQWVFODULI\WKDWDQHQWLW\WUHDWVDVSDUWRIJHQHUDOERUURZLQJVDQ\ERUURZLQJRULJLQDOO\PDGHWRGHYHORS
DTXDOLI\LQJDVVHWZKHQVXEVWDQWLDOO\DOORIWKHDFWLYLWLHVQHFHVVDU\WRSUHSDUHWKDWDVVHWIRULWVLQWHQGHGXVHRUVDOHDUH
FRPSOHWH
$QHQWLW\DSSOLHVWKRVHDPHQGPHQWVWRERUURZLQJFRVWVLQFXUUHGRQRUDIWHUWKHEHJLQQLQJRIWKHDQQXDOUHSRUWLQJSHULRG
LQZKLFKWKHHQWLW\¿UVWDSSOLHVWKRVHDPHQGPHQWV$QHQWLW\DSSOLHVWKRVHDPHQGPHQWVIRUDQQXDOUHSRUWLQJSHULRGV
EHJLQQLQJRQRUDIWHU$SULO6LQFHWKH&RPSDQ\¶VFXUUHQWSUDFWLFHLVLQOLQHZLWKWKHVHDPHQGPHQWVWKH&RPSDQ\
GRHVQRWH[SHFWDQ\HIIHFWRQLWV,QG$6¿QDQFLDOVWDWHPHQWV
131
NOTES TO IND AS FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
Note 4(a) - Property, plant and equipment

` in Crores
Gross Block at Cost Depreciation / Amortisation Net Block
On Deletions
Particulars As at As at As at As at As at As at
For the (accumulated
April 1, Additions Deletions March April 1, March 31, March 31, March
Year upto the date
2018 31, 2019 2018 2019 2019 31, 2018
of sale)
/DQG
)UHHKROG 10.07 12.73 - 12.73 10.07
/HDVHKROG 25.40 34.12 0.41 0.34 0.75 33.37 8.31
%XLOGLQJV
)UHHKROG 374.57 32.97 407.54 15.09 51.47 356.07 338.19
/HDVHKROG 12.96 0.95 0.27 1.22 11.74 12.01
3ODQW (35.79) 771.75 (34.02) 249.09 522.66 481.52
(TXLSPHQW
)XUQLWXUHDQG 27.32 3.32 30.38 9.23 (0.14) 12.55 17.83 18.09
)L[WXUHV
&RPSXWHU 47.02 49.00 19.39 23.93 25.07 27.63
2I¿FH 10.57 3.11 13.50 2.23 6.23 7.27 6.41
(TXLSPHQW
9HKLFOHV 10.71 3.94 13.05 1.90 2.27 (0.94) 3.23 9.82 8.81
TOTAL 1,181.83 207.44 (44.24) 1,345.03 270.79 119.04 (41.36) 348.47 996.56 911.04
3DUWO\RQOHDVHKROGODQG
L,QFOXGHVIROORZLQJDVVHWV&RORU%DQNJLYHQXQGHURSHUDWLQJOHDVHDUUDQJHPHQWV
` in Crores
On Deletions
Particulars As at As at As at As at As at As at
April 1, Additions Deletions March 31, April 1, March 31, March 31, March 31,
Year upto the date
2018 2019 2018 2019 2019 2018
of sale)
3ODQW
213.91 43.73 (35.45) 222.19 41.00 (33.74) 115.79
(TXLSPHQW
&RPSXWHU 23.14 2.53 20.03 12.11 5.15 (5.39) 11.03
Total 237.05 46.26 (41.09) 242.22 120.64 46.15 (39.13) 127.66 114.56 116.41
LL $OVRUHIHUQRWH
LLL )RU3URSHUW\SODQWDQGHTXLSPHQWH[LVWLQJRQ$SULOLHLWVGDWHRIWUDQVLWLRQWR,QG$6WKH&RPSDQ\KDVXVHGSUHYLRXV*$$3
FDUU\LQJYDOXHVDVGHHPHGFRVW6XEVHTXHQWO\PHDVXUHPHQWLVDWFRVW
LY )RUFKDUJHFUHDWHGRQ3URSHUW\SODQWDQGHTXLSPHQWUHIHUQRWHLLL
132
Note 4(a)(i)
7LWOHGHHGVRILPPRYDEOHSURSHUWLHVVHWRXWLQ1RWHDDERYHDUHLQWKHQDPHRIWKH&RPSDQ\H[FHSWWKRVHPHQWLRQHGEHORZZKLFKZHUH
WUDQVIHUUHGWRDQGYHVWHGLQWKH&RPSDQ\SXUVXDQWWRWKHUHVSHFWLYH6FKHPHVRI$UUDQJHPHQWLQHDUOLHU\HDUV
` in Crores
Gross Carrying Amount Net Carrying Amount
No. of title As at 31st As at 31st As at 31st As at 31st
Particulars Held in the name of
deeds March, March, March, March,
2019 2018 2019 2018
1 %HUJHU$XWR
)UHHKROGODQGDW5LVKUD:HVW%HQJDO
,QGXVWULDO&RDWLQJV/LPLWHG
/HDVHKROGODQGDW3DQDML*RD 1 0.35 0.35 5DMGRRW3DLQWV3ULYDWH/LPLWHG
/HDVHKROGODQGDW6LNDQGUDEDG 1 0.27 0.27 0.14 0.15 5DMGRRW3DLQWV3ULYDWH/LPLWHG
8WWDU3UDGHVK
/HDVHKROGODQGDW&KDQGLJDUK 1 0.05 0.05 0.03 0.03 5DMGRRW3DLQWV3ULYDWH/LPLWHG
Note 4(b) - Intangible assets

` in Crores
As at As at As at For the On Deletions As at As at As at
Particulars April 1, March April 1, Year (accumulated March 31, March 31, March 31,
Additions Deletions
2018 31, 2019 2018 upto the date 2019 2019 2018
of sale)
&RPSXWHU6RIWZDUH 13.17 (0.17) 19.20 8.88 3.13 (0.17) 11.84 7.36 4.29
TOTAL 13.17 6.20 (0.17) 19.20 8.88 3.13 (0.17) 11.84 7.36 4.29
L )RU3URSHUW\SODQWDQGHTXLSPHQWH[LVWLQJRQ$SULOLHLWVGDWHRIWUDQVLWLRQWR,QG$6WKH&RPSDQ\KDVXVHGSUHYLRXV*$$3
Note 4(c) - Capital work in progress

` in Crores
Gross Block at Cost
Particulars As at As at
Additions Capitalisation
April 1, 2018 March 31, 2019
%XLOGLQJV 4.31 (32.97) 79.64
3ODQW (TXLSPHQW 82.94 124.23 (139.15) 68.02
2WKHUDVVHWV 0.02 7.31 0.07
TOTAL 87.27 239.84 (179.38) 147.73
133
Note 4(d) - Property, plant and equipment

` in Crores
Gross Block at Cost Depreciation Net Block
On Deletions
Particulars As at As at As at As at As at
April 1, Additions Deletions March 31, April 1, March 31, March 31,
Year upto the date
2017 2018 2017 2018 2018
of sale)
/DQG
)UHHKROG 10.07 10.07 - 10.07
/HDVHKROG 0.45 8.72 0.19 0.22 0.41 8.31
%XLOGLQJV
)UHHKROG 374.57 21.92 36.38 338.19
/HDVHKROG 12.96 0.34 0.95 12.01
3ODQW (TXLSPHQW 102.79 679.89 (0.20) 198.37 481.52
)XUQLWXUHDQG)L[WXUHV 21.79 (0.03) 27.32 (0.02) 9.23 18.09
&RPSXWHU 10.73 (0.14) 47.02 10.20 9.32 (0.13) 19.39 27.63
2I¿FH(TXLSPHQW 2.13 (0.03) 10.57 2.32 (0.01) 4.16 6.41
9HKLFOHV 3.79 10.71 1.04 2.14 1.90 8.81
TOTAL 1,046.65 138.10 (2.92) 1,181.83 163.78 108.65 (1.64) 270.79 911.04
$OVRUHIHUQRWHDL
3DUWO\RQOHDVHKROGODQG
L,QFOXGHVIROORZLQJDVVHWV&RORU%DQNJLYHQXQGHURSHUDWLQJOHDVHDUUDQJHPHQWV
` in Crores
Gross Block at Cost Depreciation Net Block
As at Additions Deletions As at As at For the On Deletions As at As at
Particulars April 1, March 31, April 1, Year (accumulated March 31, March 31,
2017 2018 2017 upto the date 2018 2018
of sale)
3ODQW (TXLSPHQW 171.41 42.50 213.91 39.40
&RPSXWHU 19.21 3.93 23.14 4.31 12.11 11.03
Total 190.62 46.43 - 237.05 76.93 43.71 - 120.64 116.41
LLDOVRUHIHUQRWH
LLL )RU3URSHUW\SODQWDQGHTXLSPHQWH[LVWLQJRQ$SULOLHLWVGDWHRIWUDQVLWLRQWR,QG$6WKH&RPSDQ\KDVXVHGSUHYLRXV*$$3
LY)RUFKDUJHFUHDWHGRQ3URSHUW\SODQWDQGHTXLSPHQWUHIHUQRWHLLL
134
Note 4(e) - Intangible assets

` in Crores
Gross Block at Cost Amortisation Net Block
On Deletions
Particulars As at As at As at As at As at
April 1, Additions Deletions March 31, April 1, March 31, March 31,
Year upto the date
2017 2018 2017 2018 2018
of sale)
&RPSXWHU6RIWZDUH 1.49 13.17 3.27 8.88 4.29
TOTAL 11.68 1.49 - 13.17 5.61 3.27 - 8.88 4.29
L )RU3URSHUW\SODQWDQGHTXLSPHQWH[LVWLQJRQ$SULOLHLWVGDWHRIWUDQVLWLRQWR,QG$6WKH&RPSDQ\KDVXVHGSUHYLRXV*$$3
Note 4(f) - Capital work-in-progress

` in Crores
Gross Block at Cost
Particulars As at As at
Additions Capitalisation
April 1, 2017 March 31, 2018
%XLOGLQJV 10.10 4.31
3ODQW (TXLSPHQW 154.43 (117.14) 82.94
2WKHUDVVHWV 0.02
TOTAL 56.23 169.14 (138.10) 87.27
135
Note 5a. Financial assets - Investments
Number of shares ` in Crores

Nominal
Value As at As at As at As at
per unit Currency March 31, March 31, March 31, March 31,
2019 2018 2019 2018
Non Current
$WIDLUYDOXHWKURXJKSUR¿WDQGORVV
(TXLW\6KDUHV8QTXRWHG)XOO\3DLG
6KDNWLNXQM$SDUWPHQWV/LPLWHG 1.00 ` 0.00 0.00
At cost:
(TXLW\6KDUHV8QTXRWHG)XOO\3DLG
,QYHVWPHQWLQ6XEVLGLDULHV
%HHSHH&RDWLQJV3ULYDWH/LPLWHG 10.00 ` 2.50 2.50
%HUJHU-HQVRQ 1LFKROVRQ1HSDO3ULYDWH/LPLWHG 100.00 1(3$/(6(
583((
%HUJHU3DLQWV&\SUXV/LPLWHG 1.71 (852
/HVV,PSDLUPHQWORVV5HIHUQRWH
/XVDNR7UDGLQJ/LPLWHG 1.71 (852
6%/6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG 10.00 `
IRUPHUO\NQRZQDV6DERR&RDWLQJV3ULYDWH/LPLWHG
UHIHUQRWHLLL
6DERR+HVVH:RRG&RDWLQJV3ULYDWH/LPLWHGUHIHUQRWHLL 1.00 ` 1.50
%HUJHU5RFN3DLQWV3ULYDWH/LPLWHGUHIHUQRWHL 1.00 `
,QYHVWPHQWLQ-RLQW9HQWXUHV
%HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 100.00 ` 2.71 2.71
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/WG ` 135.24
)RUPHUO\%1%&RDWLQJV,QGLD3ULYDWH/LPLWHG
%1%&RDWLQJV,QGLD/LPLWHG
Total 331.80 303.18
Aggregate amount of Unquoted Investments 331.80 303.18
Aggregate amount of impairment in value of Investment 56.60 28.00
1RWH
L 7KH&RPSDQ\KDVVXEVFULEHGWRHTXLW\VKDUHVRI%HUJHU5RFN3DLQWV3ULYDWH/LPLWHG³%HUJHU5RFNÚHSUHVHQWLQJRIWKH
SDLGXSHTXLW\VKDUHFDSLWDORI%HUJHU5RFNXSRQLQFRUSRUDWLRQRI%HUJHU5RFNRQ6HSWHPEHU
LL 7KH&RPSDQ\KDVDFTXLUHGRIWKHSDLGXSHTXLW\VKDUHFDSLWDORI6DERR+HVVH:RRG&RDWLQJ3ULYDWH/LPLWHGDIWHUFORVHRI
EXVLQHVVKRXUVRQ-DQXDU\
LLL 'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\KDGDFTXLUHGRIWKHSDLGXSHTXLW\VKDUHFDSLWDORI6%/6SHFLDOW\&RDWLQJV3ULYDWH
/LPLWHG>IRUPHUO\NQRZQDV6DERR&RDWLQJV3ULYDWH/LPLWHG³6&3/´@DIWHUFORVHRIEXVLQHVVKRXUVRQ-XQH
5HIHU1RWH

Note 5b. Financial assets - Loans and Deposits

8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
` in Crores
Non-Current Current
As at As at As at As at
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
6HFXULW\GHSRVLWV 19.99
Total 16.42 19.99 7.98 1.96
5HIHUQRWHIRUVHFXULW\GHSRVLWVJLYHQWRUHODWHGSDUW\
1RWHF )LQDQFLDODVVHWV2WKHU¿QDQFLDODVVHWV
` in Crores
Non-Current Current
%DQNGHSRVLWVZLWKRULJLQDOPDWXULW\PRUHWKDQWZHOYH
0.09 0.07 0.07
PRQWKV
$GYDQFHVWRUHODWHGSDUWLHVLQFOXGHV6KDUH$SSOLFDWLRQ
PRQH\SHQGLQJDOORWPHQW 4.14 2.44
5HIHU1RWH
,QWHUHVWDFFUXHGRQGHSRVLWV
2WKHUUHFHLYDEOHV 2.34 1.99
Total 4.14 2.53 3.27 2.89
LQFOXGHVGHSRVLWVSOHGJHGDJDLQVWEDQNJXDUDQWHHV

%HUJHU3DLQWV&\SUXV/LPLWHG
4.14 2.44
ZKROO\RZQHGVXEVLGLDU\
4.14 2.44
LQFOXGHVUHFHLYDEOHIURPUHODWHGSDUWLHV
%HUJHU3DLQWV%DQJODGHVK/LPLWHG 0.42 0.39
%HUJHU-HQVRQ 1LFKROVRQ1HSDO3ULYDWH/LPLWHG 1.79 1.30
Total 2.21 1.69
Note 6. Income Tax Assets (net)

` in Crores
Non-Current
As at As at
March 31, 2019 March 31, 2018
$GYDQFHSD\PHQWRILQFRPHWD[>QHWRISURYLVLRQIRUWD[RI`&URUHV
19.33
0DUFK±`&URUHV@
Total 19.33 46.14
137
Note 7. Other Assets

` in Crores
Non-Current Current
&DSLWDODGYDQFHV 22.21
$GYDQFHVRWKHUWKDQFDSLWDODGYDQFHV 12.17
3UHSD\PHQWV 4.01
6XEVLG\UHFHLYDEOH
%DODQFHVZLWKVWDWXWRU\JRYHUQPHQWDXWKRULWLHV
Total 32.84 31.05 169.09 208.83
,QWKHSUHYLRXV\HDU([FLVHGXW\GLVFORVHGLQ6WDWHPHQWRI3UR¿WDQG/RVVIRUWKHWKUHHPRQWKVSHULRGHQGHG-XQHLVQHWRI
H[FLVHGXW\EHQH¿WRI`FURUHV6XEVHTXHQWWRWKHLPSOHPHQWDWLRQRI*67ZHI-XO\WKH&RPSDQ\KDVFODLPHGVXEVLG\DYDLODEOH
XQGHU6FKHPHRI%XGJHWDU\6XSSRUWXQGHU*675HJLPHWRWKHHOLJLEOHXQLWVORFDWHGLQVSHFL¿HG6WDWHVDPRXQWLQJWR`FURUHV
0DUFK`FURUHV
Note 8. Inventories
DWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
` in Crores
As at As at
March 31, 2019 March 31, 2018
5DZPDWHULDOV>,QFOXGLQJLQWUDQVLW`FURUHV0DUFK`FURUHV@
3DFNLQJPDWHULDOV>,QFOXGLQJLQWUDQVLW`FURUH0DUFK`FURUH@ 19.49
:RUNLQSURJHVV 79.24
)LQLVKHGJRRGV
7UDGHGJRRGV>,QFOXGLQJLQWUDQVLW`FURUHV0DUFK`FURUHV@ 71.71
6WRUHVDQG6SDUHV 11.53 10.39
Total 1,149.13 939.36

Note 9a. Financial assets - Current Investments
Number of units ` in Crores

Nominal
Value As at As at As at As at
` per unit March March March 31, March 31,
31, 2019 31, 2018 2019 2018
$WIDLUYDOXHWKURXJKSUR¿WDQGORVV)973/
,QYHVWPHQWVLQ0XWXDO)XQGV8QTXRWHG
$[LV8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
'636DYLQJV)XQG'LUHFW*URZWK3ODQ 10
)UDQNOLQ,QGLD/LTXLG)XQG6XSHU,QVWLWXWLRQDO3ODQ'LUHFW*URZWK 1000
)UDQNOLQ,QGLD6DYLQJV)XQG5HWDLO2SWLRQ'LUHFW*URZWK 10
+')&8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10 33.31
,&,&,3UXGHQWLDO8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
.RWDN6DYLQJV)XQG'LUHFW3ODQ*URZWK 10 24.14
87,/LTXLG&DVK3ODQ,QVWLWXWLRQDO'LUHFW3ODQ*URZWK 1000
87,8OWUD6KRUW7HUP)XQG'LUHFW*URZWK3ODQ 1000 5.55
.RWDN/RZ'XUDWLRQ)XQG'LUHFW*URZWK 10
,&,&,3UXGHQWLDO6DYLQJV)XQG'LUHFW3ODQ*URZWK 100
%LUOD6XQOLIH)ORDWLQJ5DWH)XQG/RQJWHUP'LUHFW*URZWK 100 15.95
,')&8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
,&,&,3UXGHQWLDO,QFRPH2SSRUWXQLW\)XQG'LUHFW3ODQ*URZWK 10 11.42
%LUOD6XQOLIH6DYLQJV)XQG'LUHFW*URZWK 100 35.23
%LUOD6XQOLIH6KRUW7HUP)XQG'LUHFW*URZWK 10
%LUOD6XQOLIH&DVK3OXV'LUHFW*URZWK 100
,&,&,3UXGHQWLDO0RQH\0DUNHW)XQG'LUHFW*URZWK 10 2.95
/ 7/LTXLG)XQG'LUHFW3ODQ*URZWK 10 3.35
.RWDN)ORDWHU6KRUW7HUP'LUHFW*URZWK 1000 3.19
+')&)03')XQG'LUHFW*URZWK 10 22.13
87,7UHDVXU\$GYDQWDJH)XQG,QVWLWXWLRQDO2SWLRQ 1000
'LUHFW*URZWK
%LUOD6XQOLIH)ORDWLQJ5DWH)XQG6KRUWWHUP'LUHFWJURZWK 10 17.93
)UDQNOLQ,QGLD6KRUW7HUP,QFRPH3ODQ:HHNO\'LYLGHQG 1000 4.33 3.95
)UDQNOLQ,QGLD8OWUD6KRUW7HUP%RQG)XQG'LUHFW*URZWK 10 25.33
+')&/LTXLG)XQG'LUHFW*URZWK 1000 2.54
87,0RQH\0DUNHW)XQG,QVWLWXWLRQDO'LUHFW*URZWK 1000 3.47
Aggregate amount of Unquoted Investments 245.51 227.59

Aggregate amount of Repurchase price of Unquoted Investments 245.51 227.59
5HIHUQRWHIRUGHWHUPLQDWLRQRIIDLUYDOXH
139
Note 9b. Financial Assets - Trade receivables

8QVHFXUHG
` in Crores
Non-Current Current
8QVHFXUHGFRQVLGHUHGJRRG 574.33
7UDGHUHFHLYDEOHVFUHGLWLPSDLUHG 4.29
4.29 574.33
Impairment allowance
(allowance for bad and doubtful debts)
7UDGHUHFHLYDEOHVFUHGLWLPSDLUHG (4.29)
Total - - 574.33 598.01
,QFOXGHVGHEWVGXHIURPUHODWHGSDUWLHV
%HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 1.52
6DERR&RDWLQJV3ULYDWH/LPLWHGQRZNQRZQDV6%/
1.13
6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/WG
)RUPHUO\%1%&RDWLQJV,QGLD3ULYDWH/LPLWHG%1% 5.40
&RDWLQJV,QGLD/LPLWHG
%HUJHU3DLQWV2YHUVHDV/LPLWHG 1.10
%HUJHU5RFN3DLQWV3ULYDWH/LPLWHG
7UDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGJHQHUDOO\KDVFUHGLWSHULRGIURPWRGD\V
)RUWHUPVDQGFRQGLWLRQVUHODWLQJWRUHODWHGSDUW\UHFHLYDEOHVUHIHU1RWH
Note 9c. Financial assets - Cash and Cash Equivalents

` in Crores
Non-Current
As at As at
March 31, 2019 March 31, 2018
%DODQFHVZLWKEDQNV
±2QFXUUHQWDFFRXQWV 12.40
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQWKUHHPRQWKV
&KHTXHVGUDIWVRQKDQG 14.24 10.30
&DVKRQKDQG
Total 27.24 64.18
Note 9d. Financial assets - Other bank balances

` in Crores
As at As at
March 31, 2019 March 31, 2018
±%DODQFHZLWKEDQNVLQ8QSDLG'LYLGHQG$FFRXQW 5.72 5.54
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIQRWOHVVWKDQWKUHHPRQWKVEXWOHVVWKDQWZHOYHPRQWKV
Total 104.53 56.39
'HSRVLWVDW%DQNVHDUQLQWHUHVWEHWZHHQWR0DUFKWRDQGDUHPDGHIRUSHULRGVEHWZHHQWR
GD\V0DUFKSHULRGVEHWZHHQWRGD\V
140
)RUWKHSXUSRVHRIWKHVWDWHPHQWRIFDVKÀRZVFDVKDQGFDVKHTXLYDOHQWVFRPSULVHWKHIROORZLQJ
` in Crores
As at As at
March 31, 2019 March 31, 2018
%DODQFHVZLWKEDQNV
±2QFXUUHQWDFFRXQWV 12.40
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQWKUHHPRQWKV
&KHTXHVGUDIWVRQKDQG 14.24 10.30
&DVKRQKDQG
27.24 64.18
/HVV±%DQN2YHUGUDIW5HIHU1RWHD (3.02)
Total 27.24 61.16
Note - 10. Equity

` in Crores
As at As at
March 31, 2019 March 31, 2018
Authorised Share Capital
(TXLW\6KDUHVRI`HDFK
120.00 120.00
0DUFK(TXLW\6KDUHVRI`HDFK
Issued Share Capital
(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
97.12 97.11
0DUFK(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
Subscribed and Paid-up Share Capital
(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
97.11 97.10
0DUFK(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
a) The reconciliation of share capital is given below:
As at March 31, 2019 As at March 31, 2018

No. of Shares ` in Crores No. of Shares ` in Crores
$WWKHEHJLQQLQJRIWKH\HDU 97.10 97.10
$GG6KDUHVLVVXHGRQH[HUFLVHRI(PSOR\HH6WRFN2SWLRQV
0.01 0.00
5HIHU1RWH
$WWKHHQGRIWKH\HDU 97,11,29,711 97.11 97,10,31,428 97.10
5HIHU1RWH
b) Terms/Rights attached to equity shares

7KH&RPSDQ\KDVRQO\RQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`HDFK+ROGHURIHDFKHTXLW\VKDUHLVHQWLWOHGWRRQHYRWHSHU
VKDUH7KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKH
DSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJH[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQRIWKH
&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDO
DPRXQWV7KHGLVWULEXWLRQZLOOEHLQSURSRUWLRQWRWKHQXPEHURIHTXLW\VKDUHVKHOGE\WKHVKDUHKROGHUV
141
c) Equity shares held by the holding company and/or the subsidiaries/associates of holding company
` in Crores
As at As at
March 31, 2019 March 31, 2018
8.3DLQWV,QGLD3ULYDWH/LPLWHG+ROGLQJ&RPSDQ\
-HQVRQ 1LFKROVRQ$VLD/LPLWHG8.
&LWODQG&RPPHUFLDO&UHGLWV/LPLWHG
:DQJ,QYHVWPHQW)LQDQFH3YW/WG
%LJJ,QYHVWPHQW )LQDQFH3YW/WG
d) Details of shareholders holding more than 5 percent of equity shares in the Company
As at March 31, 2019 As at March 31, 2018

No. of Shares % holding No. of Shares % holding
8.3DLQWV,QGLD3ULYDWH/LPLWHG+ROGLQJ&RPSDQ\ 50.11% 50.11%
-HQVRQ 1LFKROVRQ$VLD/LPLWHG8. 14.49%
$V SHU UHFRUGV RI WKH &RPSDQ\ LQFOXGLQJ LWV UHJLVWHU RI VKDUHKROGHUVPHPEHUV DQG RWKHU GHFODUDWLRQV UHFHLYHG IURP VKDUHKROGHUV
UHJDUGLQJ EHQH¿FLDO LQWHUHVW WKH DERYH VKDUHKROGLQJ UHSUHVHQWV ERWK OHJDO DQG EHQH¿FLDO RZQHUVKLS RI VKDUHV DV GHFODUHG XQGHU WKH
UHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FW
e) Shares reserved for issue under Employee Stock Options:
)RUGHWDLOVRIVKDUHVUHVHUYHGIRULVVXHXQGHUWKH(PSOR\HH6WRFN2SWLRQ3ODQ(623RIWKH&RPSDQ\UHIHU1RWH
Note - 11. Other equity

` in Crores
As at As at
March 31, 2019 March 31, 2018
Reserves & Surplus
6HFXULWLHV3UHPLXP 112.34
5HWDLQHGHDUQLQJV
*HQHUDO5HVHUYH
Other reserves
6KDUHEDVHGSD\PHQW5HVHUYH 2.20
&DSLWDO5HVHUYH 0.02 0.02
&DSLWDOUHGHPSWLRQ5HVHUYH 0.04 0.04
Total other equity 2,275.24 2,046.51
Securities Premium3UHPLXPUHFHLYHGRQHTXLW\VKDUHVLVVXHGLQFOXGLQJWKRVHXQGHU(PSOR\HH6WRFN2SWLRQ3ODQDUHUHFRJQLVHGLQWKH
VHFXULWLHVSUHPLXPDFFRXQWQHWRIXWLOL]DWLRQIRUERQXVVKDUHVLVVXHG
Retained Earnings5HWDLQHGHDUQLQJVLQFOXGHVVXUSOXVLQWKH6WDWHPHQWRI3UR¿WDQG/RVV,QG$6UHODWHGDGMXVWPHQWVDVRQWKHGDWHRI
WUDQVLWLRQUHPHDVXUHPHQWJDLQVORVVHVRQGH¿QHGEHQH¿WSODQVDQG5HYDOXDWLRQ5HVHUYHWKDWKDGDULVHQIURPUHYDOXDWLRQRI/HDVHKROG
/DQG)UHHKROG/DQGDQG)UHHKROG%XLOGLQJVRIWKH&RPSDQ\LQDQGGRQHE\DSSURYHGYDOXHUV7KHDIRUHPHQWLRQHG
UHYDOXDWLRQUHVHUYHLVQRWDIUHHUHVHUYHDVSHUWKH&RPSDQLHV$FWDQGKHQFHLVQRWDYDLODEOHIRUGLVWULEXWLRQDVGLYLGHQG
General Reserve8QGHUWKHHUVWZKLOH,QGLDQ&RPSDQLHV$FWDJHQHUDOUHVHUYHZDVFUHDWHGWKURXJKDQDQQXDOWUDQVIHURIQHWLQFRPH
DWDVSHFL¿HGSHUFHQWDJHLQDFFRUGDQFHZLWKDSSOLFDEOHUHJXODWLRQVWRHQVXUHWKDWLIDGLYLGHQGGLVWULEXWLRQLQDJLYHQ\HDULVPRUHWKDQ
142
RIWKHSDLGFDSLWDORIWKH&RPSDQ\IRUWKDW\HDUWKHWRWDOGLYLGHQGGLVWULEXWLRQLVOHVVWKDQWKHWRWDOGLVWULEXWDEOHUHVXOWVIRUWKDW\HDU
&RQVHTXHQWWRLQWURGXFWLRQRI&RPSDQLHV$FWWKHUHTXLUHPHQWWRPDQGDWRULO\WUDQVIHUDVSHFL¿HGSHUFHQWDJHRIWKHQHWSUR¿WWR
JHQHUDOUHVHUYHKDVEHHQZLWKGUDZQ
Share based payment reserve7KH&RPSDQ\KDVWZR(PSOR\HH6WRFN2SWLRQ3ODQV(623XQGHUZKLFKRSWLRQVWRVXEVFULEHIRUWKH
&RPSDQ\¶VVKDUHVKDYHEHHQJUDQWHGWRVSHFL¿FHPSOR\HHV
7KH 6KDUH EDVHG SD\PHQW UHVHUYH LV XVHG WR UHFRJQLVH WKH YDOXH RI HTXLW\VHWWOHG VKDUHEDVHG SD\PHQWV WR HPSOR\HHV DV SDUW
RIWKHLUUHPXQHUDWLRQ7KH\HDUHQGEDODQFHLVQHWRIRSWLRQVH[HUFLVHGE\WKHFRQFHUQHGHPSOR\HHV5HIHUWR1RWHIRUIXUWKHUGHWDLOV
RIWKHVHSODQV
Capital redemption reserve5HSUHVHQWVDPRXQWHTXDOWRWKHIDFHYDOXHRIHTXLW\VKDUHVWUDQVIHUUHGDWWKHWLPHRIEX\EDFNRIVKDUHV
1RWH2WKHU¿QDQFLDOOLDELOLWies
` in Crores
Non-Current Current
D2WKHU¿QDQFLDOOLDELOLWLHVDWDPRUWL]HGFRVW
,QWHUHVWDFFUXHGEXWQRWGXHRQERUURZLQJV 0.04
8QSDLG'LYLGHQGVWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQ
5.72 5.54
DQG3URWHFWLRQ)XQGDVDQGZKHQGXH
'HSRVLWV 11.94 3.54 44.37
&DSLWDOFUHGLWRUV 35.03 33.41
$FFUXHGHPSOR\HHOLDELOLWLHV 40.77
2WKHUSD\DEOHV 2.39
E)LQDQFLDOJXDUDQWHHFRQWUDFWV>UHIHUQRWHLLL@ 2.09 2.02
Total 11.94 3.54 130.41 113.95
Note 13. Provisions

` in Crores
Non-Current Current
3URYLVLRQIRUHPSOR\HHEHQH¿WV
3URYLVLRQIRUJUDWXLW\5HIHU1RWH 1.43 2.12
3URYLVLRQIRUOHDYHHQFDVKPHQW 17.24
Others
3URYLVLRQIRUGHFRPPLVVLRQLQJ
2.92
5HIHU1RWHDEHORZ
Total 3.16 2.92 18.67 15.98
(a) Provision for decommissioning

` in Crores
$WWKHEHJLQQLQJRIWKH\HDU 2.92 2.71
'LVFRXQWXQZLQGLQJIRUWKH\HDU 0.24 0.21
$WWKHHQGRIWKH\HDU 3.16 2.92
3URYLVLRQIRUGHFRPPLVVLRQLQJGLVPDQWOLQJRI3URSHUW\3ODQWDQG(TXLSPHQW
143
Note 14a. Deferred tax assets & liabilities (net)

` in Crores
6WDWHPHQWRI3UR¿WDQG/RVVDQG
Other Comprehensive Income
(expence/income)
As at As at Year ended Year ended
Nature - (liability) / asset March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Deferred tax liabilities
$ULVLQJRXWRIWHPSRUDU\GLIIHUHQFHVLQGHSUHFLDEOHDVVHWV
)LQDQFLDO$VVHWVDWIDLUYDOXHWKURXJKSUR¿WDQGORVV 1.54 (0.51)
Others 9.59
Total (A) 71.50 64.59 (6.91) 0.94
Deferred tax assets
([SHQVHVDOORZDEOHRQSD\PHQWDFWXDOEDVLVIRUWD[SXUSRVHV 5.53 (3.17)

'HFRPPLVVLRQLQJOLDELOLW\ 0.21 (0.37) 0.35
2WKHUVWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH 1.35 0.25 (1.10)
Others
Total (B) 10.63 5.99 (4.64) (0.55)
Net deferred tax (liabilities)/assets (B-A) (60.87) (58.60) 2.27 (1.49)
Reconciliation of deferred tax liabilities (net)

` in Crores
As at As at
March 31, 2019 March 31, 2018
2SHQLQJEDODQFH
7D[H[SHQVHLQFRPHGXULQJWKHSHULRGUHFRJQLVHGLQ6WDWHPHQWRI3UR¿WDQG/RVV 3.37 (2.11)
7D[H[SHQVHLQFRPHGXULQJWKHSHULRGUHFRJQLVHGLQ2&, (1.10)
&ORVLQJEDODQFH 60.87 58.60
'XULQJWKH\HDUHQGHG0DUFKDQG0DUFKWKH&RPSDQ\KDVSDLGGLYLGHQGWRLWVVKDUHKROGHUV7KLVKDVUHVXOWHGLQ
SD\PHQWRI'LYLGHQG'LVWULEXWLRQ7D[''7WRWKHWD[DWLRQDXWKRULWLHV7KH&RPSDQ\EHOLHYHVWKDW''7UHSUHVHQWVDGGLWLRQDOSD\PHQW
WRWD[DWLRQDXWKRULW\RQEHKDOIRIWKHVKDUHKROGHUV
144
1RWH E 5HFRQFLOLDWLRQ RI WD[ H[SHQVH DQG WKH DFFRXQWLQJ SUR¿W PXOWLSOLHG E\ ,QGLD¶V GRPHVWLF WD[ UDWH IRU 0DUFK DQG
March 31, 2018:
,QFRPHWD[RQWKH&RPSDQ\
VWD[DEOHSUR¿WGLIIHUVIURPWKHWKHRUHWLFDODPRXQWWKDWZRXOGKDYHDULVHQKDGWKHHQDFWHGUDWHRIFRUSRUDWH
WD[LQ,QGLDEHLQJDSSOLHGWRVXFKWD[DEOHSUR¿WVDVH[SODLQHGEHORZ
` in Crores
Year Ended Year Ended
March 31, 2019 March 31, 2018
$FFRXQWLQJ3UR¿WEHIRUHLQFRPHWD[
3UR¿WEHIRUHLQFRPHWD[PXOWLSOLHGE\VWDQGDUGUDWHRIFRUSRUDWHWD[LQ,QGLDRI0DUFK
241.90 229.04

(IIHFWVRI
3HUPDQHQWGLIIHUHQFHVDIIHFWLQJLQFRPHWD[H[SHQVH
±$GGLWLRQDOGHGXFWLRQDOORZHGLQUHVSHFWRI5 'DFWLYLWLHVFDUULHGRXWE\WKHFRPSDQ\ (3.51) (2.22)
±'LVDOORZDQFHRIH[FHSWLRQDOLWHPLPSDLUPHQWUHIHU1RWH 10.00
±8WLOLVDWLRQRIXQUHFRJQLVHGWD[ORVVHVRI%-1,QGLDRQDPDOJDPDWLRQ
±2WKHUPLVFHOODQHRXVGLVDOORZDQFHV 3.74 4.57
Net effective income tax 252.13 230.59
7D[H[SHQVHUHSRUWHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
&XUUHQWWD[
'HIHUUHGWD[ 3.37 (2.11)
,QFRPHWD[H[SHQVHFUHGLWUHFRJQLVHGLQ2WKHU&RPSUHKHQVLYH,QFRPH (1.10)
252.13 230.59
Note 14(c). Current tax liabilities (net)

` in Crores
Year Ended Year Ended
March 31, 2019 March 31, 2018
3URYLVLRQIRULQFRPHWD[>QHWRIDGYDQFHWD[RI`&URUHV
3.54 3.54
0DUFK`&URUHV@
Total 3.54 3.54
Note 15. Other liabilities

` in Crores
Non-Current Current
Others
$GYDQFHIURPFXVWRPHUV
6WDWXWRU\OLDELOLWLHV
2WKHUOLDELOLWLHV 2.45 1.72 1.11
Total 2.45 1.72 50.39 85.00
145
Note 16a. Financial Liabilities- Current borrowings

` in Crores
As at As at
March 31, 2019 March 31, 2018
Secured
)URP%DQNV
%DQNRYHUGUDIW 3.02
&DVKFUHGLW 53.74 140.25
:RUNLQJFDSLWDOGHPDQGORDQ
Unsecured
&RPPHUFLDO3DSHU
Total 215.34 143.27
&DVK&UHGLWVIURPEDQNVDUHVHFXUHGE\ZD\RI¿UVWFKDUJHRQERRNGHEWVDQGRWKHUFXUUHQWDVVHWVUDQNLQJSDULSDVVXEHWZHHQWKHOHQGHUV
¿UVWSDULSDVVXFKDUJHRYHUHQWLUHFXUUHQWDVVHWV&DVK&UHGLWLVUHSD\DEOHRQGHPDQGDQGFDUULHVLQWHUHVWDWWRSHUDQQXP
0DUFKSHUDQQXP
:RUNLQJ&DSLWDOGHPDQGORDQIURPEDQNVDUHVHFXUHGE\ZD\RI¿UVWFKDUJHRQERRNGHEWVDQGRWKHUFXUUHQWDVVHWVUDQNLQJSDULSDVVX
EHWZHHQWKHOHQGHUV¿UVWSDULSDVVXFKDUJHRYHUHQWLUHFXUUHQWDVVHWV:RUNLQJFDSLWDOGHPDQGORDQLVUHSD\DEOHZLWKLQ$SULO
DQGFDUULHVLQWHUHVWDWSHUDQQXP0DUFK1LO
&RPPHUFLDOSDSHUFDUULHVLQWHUHVWDWSHUDQQXP0DUFK1LODQGLVUHSD\DEOHE\$SULO
Amendments to Ind AS 7 Statement of Cash Flows:
7KHDPHQGPHQWVWR,QG$6UHTXLUHHQWLWLHVWRSURYLGHGLVFORVXUHRIFKDQJHVLQWKHLUOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHVLQFOXGLQJ
ERWKFKDQJHVDULVLQJIURPFDVKÀRZVDQGQRQFDVKFKDQJHVVXFKDVIRUHLJQH[FKDQJHJDLQVRUORVVHV7KH&RPSDQ\KDVSURYLGHGWKH
LQIRUPDWLRQIRUERWKWKHFXUUHQWDQGWKHFRPSDUDWLYHSHULRGLVDVXQGHU
&KDQJHVLQOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHV
` in Crores
Particulars April 1, 2018 &DVKÀRZV Exchange difference March 31, 2019
Current Borrowings
%DQNRYHUGUDIW 3.02 (3.02)
&DVKFUHGLW 140.25 53.74
6HFXUHG/RDQ
&RPPHUFLDOSDSHU
Particulars April 1, 2017 &DVKÀRZV Exchange difference March 31, 2018

Current Borrowings
%DQNRYHUGUDIW 5.19 (2.17) 3.02
&DVKFUHGLW 30.20 110.05 140.25
%X\HUV
&UHGLW

Note 16b. Financial Liabilities- Trade Payables

` in Crores
As at As at
March 31, 2019 March 31, 2018
L7RWDORXWVWDQGLQJGXHVRIPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHVUHIHUQRWHEHORZ
LL7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV
$FFHSWDQFHV
2XWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQDFFHSWDQFHV

>LQFOXGHV5VFURUHV0DUFK`FURUHVSD\DEOHWRUHODWHGSDUWLHV@
Total 921.76 914.73
Total (i + ii) 968.14 932.57
` in Crores
As at As at
March 31, 2019 March 31, 2018
'LVFORVXUHXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FWDUHSURYLGHGDV
XQGHUWRWKHH[WHQWWKH&RPSDQ\KDVUHFHLYHGLQWLPDWLRQIURPWKHVXSSOLHUVUHJDUGLQJWKHLUVWDWXVXQGHU
WKH$FW
3ULQFLSDODPRXQWUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU 44.24

,QWHUHVWGXHWKHUHRQUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU 2.14 1.51
46.38 17.84
'HOD\HGSD\PHQWRI3ULQFLSDODPRXQWSDLGEH\RQGDSSRLQWHGGDWHGXULQJWKH
27.00
HQWLUH¿QDQFLDO\HDU
,QWHUHVWDFWXDOO\SDLGXQGHU6HFWLRQRIWKH$FWGXULQJWKHHQWLUHDFFRXQWLQJ\HDU
$PRXQWRI,QWHUHVWGXHDQGSD\DEOHIRUWKHSHULRGRIGHOD\LQPDNLQJWKHSD\PHQWZKLFKKDYHEHHQSDLG
0.24 0.33
EXWEH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDUEXWZLWKRXWDGGLQJLQWHUHVWVSHFL¿HGXQGHUWKLV$FW
$PRXQWRI,QWHUHVWGXHDQGSD\DEOHIRUWKHSHULRGZKHUHSULQFLSDOKDVEHHQSDLGEXWLQWHUHVWXQGHUWKH
0.30
060('$FWQRWSDLG
,QWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU 0.43
7KH DPRXQW RI IXUWKHU LQWHUHVW UHPDLQLQJ GXH DQG SD\DEOH HYHQ LQ VXFFHHGLQJ \HDUV XQWLO VXFK GDWH
ZKHQWKHLQWHUHVWGXHVDVDERYHDUHDFWXDOO\SDLGWRWKH0LFURDQG6PDOO(QWHUSULVHVIRUWKHSXUSRVHRI 2.14 1.51
GLVDOORZDQFHVDVGHGXFWLEOHH[SHQGLWXUHXQGHU6HFWLRQRIWKLV$FW
Terms and conditions of the above trade payables:

7UDGHSD\DEOHVDUHQRQLQWHUHVWEHDULQJDQGDUHQRUPDOO\VHWWOHGRQGD\VWHUPV
)RUWHUPVDQGFRQGLWLRQVRIWUDQVDFWLRQVZLWKUHODWHGSDUWLHVUHIHU1RWH
147
1RWH7KHFDUU\LQJYDOXHDQGIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWVE\FDWHJRU\DVDWHQGRIWKH\HDUDUHDVIROORZV
Note 17a. Financial Assets

` in Crores
As at As at
March 31, 2019 March 31, 2018
Financial Assets - Non Current
$W)DLU9DOXHWKURXJKSUR¿WRUORVV
,QYHVWPHQWV 0.00 0.00
$W$PRUWLVHG&RVW
D/RDQVDQGGHSRVLWV 19.99
E2WKHU¿QDQFLDODVVHWV 4.14 2.53
20.56 22.52
$W'HHPHG&RVW6XEVHTXHQWDGGLWLRQVDWFRVW
D,QYHVWPHQWV
7RWDO1RQFXUUHQW¿QDQFLDODVVHWVD 352.36 325.70
)LQDQFLDODVVHWVFXUUHQW
$WIDLUYDOXHWKURXJKSUR¿WRUORVV
D,QYHVWPHQWV 245.51 227.59
$W$PRUWLVHGFRVW
D7UDGHUHFHLYDEOHV 574.33
E&DVKDQGFDVKHTXLYDOHQWV 27.24
F%DQNEDODQFHVRWKHUWKDQEDERYH 104.53
G/RDQVDQGGHSRVLWV
H2WKHU¿QDQFLDODVVHWV 3.27
7RWDO&XUUHQW¿QDQFLDODVVHWVE 962.86 951.02
7RWDO¿QDQFLDODVVHWVDE 1,315.22 1,276.72
5HIHU1RWH

Note 17b. Financial liabilities

` in Crores
As at As at
March 31, 2019 March 31, 2018
Financial Liabilities - Non Current
$W$PRUWLVHG&RVW
D2WKHU)LQDQFLDO/LDELOLWLHV
'HSRVLWV 11.94 3.54
Total Non Current Financial Liabilities (a) 11.94 3.54
)LQDQFLDO/LDELOLWLHV&XUUHQW
$WIDLUYDOXHWKURXJKSUR¿WDQGORVV
2WKHU)LQDQFLDOOLDELOLWLHV
)RUHLJQH[FKDQJHIRUZDUGFRQWUDFWV
)LQDQFLDOJXDUDQWHHFRQWUDFWV 2.09 2.02
$W$PRUWLVHG&RVW
D%RUURZLQJV 215.34 143.27
E7UDGH3D\DEOHV
L7RWDORXWVWDQGLQJGXHVRIPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV
LL7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV 914.73
F2WKHU)LQDQFLDOOLDELOLWLHV
,QWHUHVWDFFUXHGEXWQRWGXHRQERUURZLQJV 0.04
8QSDLG'LYLGHQGVWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGDVDQGZKHQGXH 5.72 5.54
Others
'HSRVLWV 44.37
&DSLWDOFUHGLWRUV 35.03 33.41
$FFUXHGHPSOR\HHOLDELOLWLHV 40.77
2WKHUSD\DEOHV 2.39
7RWDO&XUUHQW¿QDQFLDOOLDELOLWLHVE 1,313.89 1,189.79
7RWDO¿QDQFLDOOLDELOLWLHVDE 1,325.83 1,193.33
$OVRUHIHU1RWHIRUIDLUYDOXHKHLUDUFK\
149
Note 18. Distribution made and proposed

` in Crores
As at As at
March 31, 2019 March 31, 2018
Dividends on equity shares declared and paid:
)LQDOGLYLGHQGIRU0DUFK`SHUVKDUH0DUFK`SHUVKDUH
'LYLGHQG'LVWULEXWLRQ7D[RQ¿QDOGLYLGHQG 35.93 34.59
210.71 204.52
Proposed dividends on equity shares:
)LQDOGLYLGHQGIRU0DUFK`SHUVKDUH0DUFK`SHUVKDUH
'LYLGHQG'LVWULEXWLRQ7D[RQSURSRVHGGLYLGHQG 37.93 35.93
222.44 210.71
$VDW0DUFKSURSRVHGGLYLGHQGRQHTXLW\VKDUHVDUHVXEMHFWWRDSSURYDOLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ3HQGLQJVXFK
DSSURYDOSURSRVHGGLYLGHQGDQGGLYLGHQGGLVWULEXWLRQWD[WKHUHRQKDYHQRWEHHQUHFRJQLVHGLQWKHVH,QG$6¿QDQFLDOVWDWHPHQWV
Note 19. Revenue from Operations

` in Crores
Year ended Year ended
March 31, 2019 March 31, 2018
6DOHRISURGXFWVQHWRIUHEDWHVDQGGLVFRXQWVLQFOXGLQJH[FLVHGXW\>UHIHUQRWHEHORZ@ 5,457.05 4,792.67
&RQWUDFWUHYHQXH 3.35
2WKHURSHUDWLQJUHYHQXH
6FUDSVDOHV 10.79
Others
Total 5,515.55 4,839.37
5HYHQXHIURPRSHUDWLRQVIRUSHULRGXSWR-XQHLQFOXGHVH[FLVHGXW\)URP-XO\RQZDUGVH[FLVHGXW\DQGPRVWLQGLUHFWWD[HV
LQ,QGLDKDYHEHHQUHSODFHGE\*RRGVDQG6HUYLFH7D[*677KH&RPSDQ\FROOHFWV*67IURPLWVFXVWRPHUVRQEHKDOIRIWKH*RYHUQPHQW
DQGKHQFH*67LVQRWLQFOXGHGLQ5HYHQXHIURPRSHUDWLRQV5HYHQXHIURPRSHUDWLRQVLQFOXGHVH[FLVHGXW\FROOHFWHGIURPFXVWRPHUVRI
`1LO0DUFK`FURUHV5HYHQXHIURPRSHUDWLRQVQHWRIH[FLVHGXW\LV`0DUFK`FURUHV,Q
YLHZRIWKHDIRUHVDLGFKDQJHLQLQGLUHFWWD[HV5HYHQXHIURPRSHUDWLRQVIRU\HDUHQGHG0DUFKLVQRWFRPSDUDEOHZLWKWKHDPRXQW
UHSRUWHGIRUWKH\HDUHQGHG0DUFK
5HYHQXHIURPVDOHRISURGXFWVDUHUHFRJQLVHGZKHQJRRGVDUHWUDQVIHUUHGDWDSRLQWLQWLPH
&RQWUDFWUHYHQXHLVUHFRJQLVHGRYHUDSHULRGRIWLPH
150
Note 20. Other income

` in Crores
March 31, 2019 March 31, 2018
,QWHUHVW,QFRPH
,QYHVWPHQWLQ'HSRVLWVZLWKEDQNVFDUULHGDWDPRUWLVHGFRVW 4.70
Others
'LYLGHQGLQFRPHIURPVXEVLGLDU\
2WKHUQRQRSHUDWLQJLQFRPH
1HWJDLQRQVDOHRIPXWXDOIXQGLQYHVWPHQWVPHDVXUHGDW)973/
)DLUYDOXHJDLQRQPXWXDOIXQGLQYHVWPHQWVPHDVXUHGDW)973/ 4.41
Others 22.92
Total 53.63 46.53
Note 21. Cost of materials consumed

` in Crores
March 31, 2019 March 31, 2018
5DZ0DWHULDOV&RQVXPHG
2SHQLQJ6WRFN
3XUFKDVHV
&ORVLQJVWRFN
2,722.99 2,108.05
3DFNLQJ0DWHULDO&RQVXPHG
2SHQLQJ6WRFN 19.49
3XUFKDVHV 427.91
&ORVLQJVWRFN (19.49)
427.04 362.38
Cost of materials consumed* 3,150.03 2,470.43
$OVRUHIHUQRWHIRUH[SHQVHVRQUHVHDUFKDQGGHYHORSPHQW
151
1RWH,QFUHDVHLQLQYHQWRULHVRI¿QLVKHGJRRGVZRUNLQSURJUHVVDQGWUDGHGJRRGV

` in Crores
March 31, 2019 March 31, 2018
Opening Stock
:RUNLQSURJUHVV
)LQLVKHGJRRGV 517.71
7UDGHGJRRGV 71.71
630.69 637.63
Closing Stock
:RUNLQSURJUHVV 79.24
)LQLVKHGJRRGV
7UDGHGJRRGV 71.71
799.36 630.69
,QFUHDVHLQ([FLVH'XW\RQ6WRFNRI)LQLVKHG*RRGV
,QFUHDVHLQLQYHQWRULHVRI¿QLVKHGJRRGVZRUNLQSURJUHVVDQGWUDGHGJRRGV (168.67) (87.66)
,QFOXGHVUHYHUVDORIH[FLVHGXW\RQ,QYHQWRU\DVDW0DUFK'XHWRLPSOHPHQWDWLRQRI*67LQWKHSUHYLRXV\HDUWKHUHLVQR
H[FLVHGXW\HOHPHQWRQWKHLQYHQWRU\DVDW0DUFKDQG0DUFK
1RWH(PSOR\HHEHQH¿WVH[SHQVH
` in Crores
March 31, 2019 March 31, 2018
6DODULHVDQGZDJHV
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV5HIHU1RWH
(PSOR\HHVWRFNRSWLRQFRVW5HIHU1RWH
6WDIIZHOIDUHH[SHQVHV 22.45
Total 311.67 269.84
$OVRUHIHUQRWHQRIRUH[SHQVHVRQUHVHDUFKDQGGHYHORSPHQW
Note 24. Finance Costs

` in Crores
March 31, 2019 March 31, 2018
,QWHUHVWRQGHEWDQGERUURZLQJV 20.55 15.99
8QZLQGLQJRIGLVFRXQWRQSURYLVLRQV5HIHU1RWH 0.24 0.21
Total 20.79 16.20
152
Note 25. Depreciation and amortization expense

` in Crores
March 31, 2019 March 31, 2018
'HSUHFLDWLRQRIWDQJLEOHDVVHWV 119.04
$PRUWL]DWLRQRILQWDQJLEOHDVVHWV 3.13 3.27
Total 122.17 111.92
Note 26. Other expenses

` in Crores
March 31, 2019 March 31, 2018
)UHLJKWRFWURLDQGGHOLYHU\ 307.53
3RZHUDQGIXHODOVRUHIHUQRWH 40.00
&RQVXPSWLRQRIVWRUHV 9.93
5HSDLUV
3ODQWDQGPDFKLQHU\ 15.02
%XLOGLQJ
2WKHUV 3.01
5HQW5HIHU1RWH 50.70
5DWHVDQG7D[HV 5.19 7.01
7UDYHOOLQJ
$GYHUWLVHPHQWDQG6DOHV3URPRWLRQ([SHQVHV 222.23
,QVXUDQFH 2.00
3URFHVVLQJ&KDUJHV 49.04 44.12
'LUHFWRUV
VLWWLQJIHHV 0.01 0.02
)RUHLJQ([FKDQJH/RVVQHW 1.43
&RPPLVVLRQWR1RQ([HFXWLYH'LUHFWRUV 0.45 0.45
/RVVRQVDOHGLVFDUGRI3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWV
$XGLW)HHV5HIHU1RWH
&65H[SHQGLWXUH5HIHU1RWH 13.47 10.43
0LVFHOODQHRXV([SHQVHVDOVRUHIHUQRWH
Total 979.87 922.21
%DGGHEWVZULWWHQRII`&URUHV0DUFK`&URUHV
Note 26.1 Auditor's Remuneration

` in Crores
March 31, 2019 March 31, 2018
As Auditor:
$XGLWIHHV 0.47 0.47
7D[DXGLWIHH 0.04 0.04
0LVFHOODQHRXVFHUWL¿FDWHVDQGRWKHUPDWWHUV
5HLPEXUVHPHQWRIH[SHQVHV 0.02
Total 0.65 0.61
153
Note 26.2 Details of CSR expenditure:

` in Crores
March 31, 2019 March 31, 2018
D*URVVDPRXQWUHTXLUHGWREHVSHQWE\WKH&RPSDQ\GXULQJWKH\HDU 12.19 10.34
E$PRXQWVSHQWGXULQJWKH\HDU
L&RQVWUXFWLRQ$FTXLVWLRQRIDQDVVHW
LL3XUSRVHVRWKHUWKDQLDERYH 13.47 10.43
Total 13.47 10.43
&RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ H[SHQVHG ` FURUHV 0DUFK ` FURUHV LQFOXGHV &RPSDQ\¶V RZQ SURJUDPPH IRU
SURPRWLQJHPSOR\PHQWHQKDQFLQJYRFDWLRQDOVNLOOSURJUDPPHQDPHG
L7UDLQ

Note 26.3. Exceptional Items

` in Crores
March 31, 2019 March 31, 2018
,PSDLUPHQWLQVXEVLGLDU\
Total (28.60) -
7KH&RPSDQ\KDGLQDQHDUOLHU\HDUSURYLGHGIRULPSDLUPHQWDPRXQWLQJWR`FURUHVLQWKHFDUU\LQJYDOXHRILWVLQYHVWPHQWLQLWVZKROO\
RZQHGVXEVLGLDU\%HUJHU3DLQWV&\SUXV/LPLWHG%3&/RQDFFRXQWRIORVVHVVXVWDLQHGE\WKHXOWLPDWHZKROO\RZQHGVXEVLGLDU\%HUJHU3DLQWV
2YHUVHDV/LPLWHG%32/GXHWRGRZQWXUQLQ5XVVLDQHFRQRP\ZKLFKZHUHUHÀHFWHGLQWKHFRQVROLGDWHG¿QDQFLDOSRVLWLRQRIWKH&RPSDQ\
%32/FRQWLQXHVWRPDNHORVVHVDQGKHQFHWKH&RPSDQ\KDVPDGHDQDVVHVVPHQWRIWKHIDLUYDOXHOHVVFRVWVWRVHOORIIWKHLQYHVWPHQWVLQ
%HUJHU3DLQWV2YHUVHDV/LPLWHGWDNLQJLQWRDFFRXQWPDQDJHPHQW
VEHVWHVWLPDWHRIWKHHVWLPDWHGIDLUYDOXHOHVVFRVWVWRVHOORIIWKHFDUU\LQJ
YDOXHRIDVVHWVDQGOLDELOLWLHVRIWKHZKROO\RZQHGVXEVLGLDU\%DVHGRQWKHDERYHDQGDVPDWWHURISUXGHQFHDIXUWKHUSURYLVLRQRI`
FURUHVKDVEHHQUHFRJQLVHGLQWKHFXUUHQW\HDUWRZDUGVLPSDLUPHQWRIVXFKLQYHVWPHQWDQGKDVEHHQDFFRXQWHGIRUDVDQH[FHSWLRQDOLWHP
LQWKH6WDWHPHQWRI3UR¿WDQG/RVV
154
Note 27. Earnings Per Share (EPS)
%DVLF(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WIRUWKH\HDUDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\E\WKHZHLJKWHGDYHUDJH
QXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU
'LOXWHG(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\E\WKHZHLJKWHGDYHUDJHQXPEHU
RIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDUSOXVWKHZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVWKDWZRXOGEHLVVXHGRQFRQYHUVLRQRIDOO
WKHGLOXWLYHSRWHQWLDOHTXLW\VKDUHVLQWRHTXLW\VKDUHV
7KHIROORZLQJWDEOHUHÀHFWVWKHLQFRPHDQGHDUQLQJVSHUVKDUHGDWDXVHGLQWKHEDVLFDQGGLOXWHG(36FRPSXWDWLRQV
` in Crores
March 31, 2019 March 31, 2018
1HW3UR¿WDIWHUWD[IRUFDOFXODWLRQRI%DVLFDQG'LOXWHG(DUQLQJV3HU6KDUH `LQFURUHV, 439.03
:HLJKWHGDYHUDJHQXPEHURIVKDUHV,,
%DVLF
'LOXWHGUHIHUQRWHEHORZ
(DUQLQJSHUHTXLW\VKDUH>QRPLQDOYDOXHRI5HSHUVKDUH>,,,@
%DVLF 4.52 4.45

'LOXWHG 4.52 4.45
1HW3UR¿WDIWHUWD[IRUFDOFXODWLRQRI%DVLFDQG'LOXWHG(DUQLQJV3HU6KDUHLVQHWRIIH[FHSWLRQDO
LWHPUHIHUQRWHIRUGHWDLOV
(IIHFWRIGLOXWLRQ
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJ%DVLF(DUQLQJV3HU6KDUH

'LOXWLRQ6WRFNRSWLRQVJUDQWHGXQGHU(623
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJGLOXWHG(36
1RWH6LJQL¿FDQWDFFRXQWLQJMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQV
7KH SUHSDUDWLRQ RI WKH &RPSDQ\¶V ,QG$6 ¿QDQFLDO VWDWHPHQWV UHTXLUHV PDQDJHPHQW WR PDNH MXGJHPHQWV HVWLPDWHV DQG DVVXPSWLRQV
WKDWDIIHFWWKHUHSRUWHGDPRXQWVRIUHYHQXHVH[SHQVHVDVVHWVDQGOLDELOLWLHVDQGWKHDFFRPSDQ\LQJGLVFORVXUHVDQGWKHGLVFORVXUHRI
FRQWLQJHQWOLDELOLWLHV8QFHUWDLQW\DERXWWKHVHDVVXPSWLRQVDQGHVWLPDWHVFRXOGUHVXOWLQRXWFRPHVWKDWUHTXLUHDPDWHULDODGMXVWPHQWWRWKH
FDUU\LQJDPRXQWRIDVVHWVDQGOLDELOLWLHVDIIHFWHGLQIXWXUHSHULRGV
Judgements, Estimates and assumptions

7KHNH\DVVXPSWLRQVFRQFHUQLQJWKHIXWXUHDQGRWKHUNH\VRXUFHVRIHVWLPDWLRQXQFHUWDLQW\DWWKHUHSRUWLQJGDWHWKDWKDYHDVLJQL¿FDQW
ULVNRIFDXVLQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQWKHQH[W¿QDQFLDO\HDUDUHGHVFULEHGEHORZ
7KH &RPSDQ\ EDVHG LWV DVVXPSWLRQV DQG HVWLPDWHV RQ SDUDPHWHUV DYDLODEOH ZKHQ WKH )LQDQFLDO 6WDWHPHQWV ZHUH SUHSDUHG ([LVWLQJ
FLUFXPVWDQFHVDQGDVVXPSWLRQVDERXWIXWXUHGHYHORSPHQWVKRZHYHUPD\FKDQJHGXHWRPDUNHWFKDQJHVRUFLUFXPVWDQFHVDULVLQJWKDW
DUH EH\RQG WKH FRQWURO RI WKH &RPSDQ\ 6XFK FKDQJHV DUH UHÀHFWHG LQ WKH DVVXPSWLRQV ZKHQ WKH\ RFFXU ,Q WKH SURFHVV RI DSSO\LQJ
WKH&RPSDQ\¶VDFFRXQWLQJSROLFLHVPDQDJHPHQWKDVPDGHWKHIROORZLQJMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQVZKLFKKDYHWKHPRVW
VLJQL¿FDQWHIIHFWRQWKHDPRXQWVUHFRJQLVHGLQWKH,QG$6)LQDQFLDO6WDWHPHQWV
'H¿QHG(PSOR\HU%HQH¿WSODQV
7KHFRVWDQGWKHSUHVHQWYDOXHRIWKHGH¿QHGEHQH¿WJUDWXLW\SODQDQGRWKHUSRVWHPSOR\PHQWOHDYHHQFDVKPHQWEHQH¿WDUHGHWHUPLQHG
XVLQJDFWXDULDOYDOXDWLRQV$QDFWXDULDOYDOXDWLRQLQYROYHVPDNLQJYDULRXVDVVXPSWLRQVWKDWPD\GLIIHUIURPDFWXDOGHYHORSPHQWVLQIXWXUH
7KHVHLQFOXGHWKHGHWHUPLQDWLRQRIDSSURSULDWHGLVFRXQWUDWHHVWLPDWLQJIXWXUHVDODU\LQFUHDVHVDQGPRUWDOLW\UDWHV'XHWRWKHFRPSOH[LWLHV
LQYROYHGLQWKHYDOXDWLRQDQGLWVORQJWHUPQDWXUHDGH¿QHGEHQH¿WREOLJDWLRQLVKLJKO\VHQVLWLYHWRFKDQJHVLQWKHVHDVVXPSWLRQV$OO
DVVXPSWLRQVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH)RUIXUWKHUGHWDLOVUHIHU1RWH
155
)DLUYDOXHPHDVXUHPHQWRI¿QDQFLDOLQVWUXPHQWVDQGJXDUDQWHHV
:KHQWKHIDLUYDOXHVRI¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVUHFRUGHGLQWKH%DODQFH6KHHWFDQQRWEHPHDVXUHGEDVHGRQTXRWHGSULFHVLQ
DFWLYHPDUNHWVWKHLUIDLUYDOXHLVPHDVXUHGXVLQJYDOXDWLRQWHFKQLTXHVLQFOXGLQJWKH'&)PRGHO7KHLQSXWVWRWKHVHPRGHOVDUHWDNHQIURP
REVHUYDEOHPDUNHWVZKHUHSRVVLEOHEXWZKHUHWKLVLVQRWIHDVLEOHDGHJUHHRIMXGJHPHQWLVUHTXLUHGLQHVWDEOLVKLQJIDLUYDOXHV-XGJHPHQWV
LQFOXGHFRQVLGHUDWLRQVRILQSXWVVXFKDVOLTXLGLW\ULVNFUHGLWULVNDQGYRODWLOLW\&KDQJHVLQDVVXPSWLRQVDERXWWKHVHIDFWRUVFRXOGDIIHFW
WKHUHSRUWHGIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV6HH1RWHIRUIXUWKHUGLVFORVXUHV
Depreciation on Property, Plant and Equipment

3URSHUW\ SODQW DQG HTXLSPHQW UHSUHVHQW D VLJQL¿FDQW SURSRUWLRQ RI WKH DVVHW EDVH RI WKH &RPSDQ\7KH FKDUJH LQ UHVSHFW RI SHULRGLF
GHSUHFLDWLRQLVGHULYHGDIWHUGHWHUPLQLQJDQHVWLPDWHRIDQDVVHW¶VH[SHFWHGXVHIXOOLIHDQGWKHH[SHFWHGUHVLGXDOYDOXHDWWKHHQGRILWVOLIH
7KHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRIFRPSDQ\
VDVVHWVDUHGHWHUPLQHGE\PDQDJHPHQWDWWKHWLPHWKHDVVHWLVDFTXLUHGDQGUHYLHZHG
SHULRGLFDOO\LQFOXGLQJDWHDFK¿QDQFLDO\HDUHQG7KHOLYHVDUHEDVHGRQKLVWRULFDOH[SHULHQFHZLWKVLPLODUDVVHWVDVZHOODVDQWLFLSDWLRQRI
IXWXUHHYHQWVZKLFKPD\LPSDFWWKHLUOLIHVXFKDVFKDQJHVLQWHFKQRORJ\
Decommissioning Liability
'HFRPPLVVLRQLQJ/LDELOLW\KDVEHHQUHFRJQLVHGIRULWHPVRISURSHUW\SODQWDQGHTXLSPHQWEXLOWRULQVWDOOHGRQVSHFL¿HGOHDVHKROGODQG
WKHWHUPVRIZKLFKVDLGOHDVHVLQFOXGHGHFRPPLVVLRQLQJRIVXFKDVVHWVRQH[SLU\RIWKHOHDVHSULRUWRKDQGLQJRYHUWRWKHOHVVRU7KH
GHFRPPLVVLRQLQJFRVWVDVDWWKHHQGRIWKHOHDVHSHULRGKDYHEHHQHVWLPDWHGEDVHGRQFXUUHQWFRVWVE\WKH&RPSDQ\
VRZQWHFKQLFDO
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WKHOHDVHSHULRGLVQRZGLVFRXQWHGWRWKHSUHVHQWYDOXHRIVXFKOLDELOLW\E\DSSO\LQJ&RPSDQ\
VZHLJKWHGDYHUDJHFRVWRIFDSLWDO
Impairment of Investment
7KHFDUU\LQJDPRXQWRIWKH&RPSDQ\¶VLQYHVWPHQWVDUHDVVHVVHGDWWKHHQGRIHDFKUHSRUWLQJSHULRGWRGHWHUPLQHZKHWKHUWKHUHLVDQ\
LQGLFDWLRQWKDWDQDVVHWPD\EHLPSDLUHG,IDQ\VXFKLQGLFDWLRQH[LVWVWKHQWKH&RPSDQ\HVWLPDWHVWKHUHFRYHUDEOHDPRXQWRIWKHDVVHW
7KHUHFRYHUDEOHDPRXQWRIWKHDVVHWLVFRPSXWHGDVWKHKLJKHURIDQDVVHW¶VRUFDVKJHQHUDWLQJXQLW¶VIDLUYDOXHOHVVFRVWVWRVHOODQGLWV
YDOXHLQXVH6XFKIDLUYDOXHLVGHULYHGXVLQJYDOXDWLRQWHFKQLTXHVLHWKH'LVFRXQWHG&DVK)ORZ'&)PRGHORUPDQDJHPHQW¶VEHVW
HVWLPDWHRIWKHHVWLPDWHGIDLUYDOXHRIWKHFDUU\LQJYDOXHRIDVVHWVDQGOLDELOLWLHV7KHLQSXWVWRWKH'LVFRXQWHG&DVK)ORZPRGHOVDUH
WDNHQIURPREVHUYDEOHPDUNHWVZKHUHSRVVLEOHEXWZKHUHWKLVLVQRWIHDVLEOHDGHJUHHRIMXGJPHQWLVUHTXLUHGLQHVWDEOLVKLQJIDLUYDOXHV
.H\DVVXPSWLRQVRQZKLFKPDQDJHPHQWKDVEDVHGLWVGHWHUPLQDWLRQRIUHFRYHUDEOHDPRXQWLQFOXGHVHVWLPDWHGORQJWHUPJURZWKUDWHV
ZHLJKWHGDYHUDJHFRVWRIFDSLWDOHVWLPDWHGRSHUDWLQJPDUJLQVHWF&DVKÀRZSURMHFWLRQVWDNHLQWRDFFRXQWSDVWH[SHULHQFHDQGUHSUHVHQW
PDQDJHPHQW
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Note 29. Information on joint ventures
'HVFULSWLRQRI&RPSDQ\
VLQWHUHVWLQWKHMRLQWYHQWXUH&RPSDQLHV
As at As at
March 31, 2019 March 31, 2018
Proportion of Country of Proportion of Country of
Name of the entity Interest Incorporation Interest Incorporation
%HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG ,QGLD ,QGLD
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/WG)RUPHUO\
%1%&RDWLQJV,QGLD3ULYDWH/LPLWHG%1%&RDWLQJV,QGLD/LPLWHG 49.00% ,QGLD 49.00% ,QGLD
6XUH¿UH0DQDJHPHQW6HUYLFHV/WG606 75.00% 8QLWHG.LQJGRP 75.00% 8QLWHG.LQJGRP

1RWH*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQH¿WSODQV
, 'H¿QHGEHQH¿WSODQV
(a) Gratuity
L 7KHIROORZLQJWDEOHVXPPDUL]HVWKHFRPSRQHQWVRIQHWGH¿QHGEHQH¿WH[SHQVHWRZDUGVJUDWXLW\UHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿W
DQGORVVDQG2&,DQGWKHIXQGHGVWDWXVDQGDPRXQWVUHFRJQLVHGLQWKH%DODQFH6KHHW
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
&KDQJHVLQWKHSUHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQ
3UHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQDVDW\HDUEHJLQQLQJ 31.53 30.14
&XUUHQW6HUYLFH&RVW 2.70
,QWHUHVW&RVW 2.30 2.10
3DVW6HUYLFHFRVW3ODQDPHQGPHQWV
5HPHDVXUHPHQWVJDLQVORVVHV
$FWXDULDOJDLQVORVVHVDULVLQJIURPFKDQJHVLQ¿QDQFLDODVVXPSWLRQV 0.43 (1.09)

$FWXDULDOJDLQVORVVHVDULVLQJIURPFKDQJHVLQH[SHULHQFH
%HQH¿WV3DLG (2.77)
3UHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQDVDW\HDUHQG 37.10 31.53
Changes in fair value of plan assets
)DLU9DOXHRI3ODQ$VVHWVDVDW\HDUEHJLQQLQJ 29.41

,QWHUHVW,QFRPH 2.39 2.03
5HPHDVXUHPHQWVJDLQVORVVHV
5HWXUQRQSODQDVVHWVH[FOXGLQJDPRXQWLQFOXGHGLQQHW,QWHUHVWH[SHQVH 0.11 (0.09)

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%HQH¿WV3DLG (2.77)
Fair Value of Plan Assets as at year end 35.67 29.41
Amounts Recognised in the Balance Sheet
3UHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQDWWKH\HDUHQG 37.10 31.53

)DLU9DOXHRIWKH3ODQ$VVHWVDWWKH\HDUHQG 29.41
(Liability) Recognised in the Balance Sheet (1.43) (2.12)
157
1RWH*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQH¿WSODQV&RQWG
` in Crores
Particulars
March 31, 2019 March 31, 2018
([SHQVHUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
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OHDVHDJUHHPHQWV+RZHYHUWKHFRUUHVSRQGLQJOHDVHUHQWDOVPD\EHUHFHLYDEOHIRUDVKRUWHUSHULRGRUPD\EHZDLYHGRIIUHIXQGHGRQ
DFKHLYHPHQWRIFHUWDLQVDOHVWDUJHWVE\WKHFRQFHUQHGGHDOHUV7KHPLQLPXPDJJUHJDWHOHDVHSD\PHQWVWREHUHFHLYHGLQIXWXUHLVFRQVLGHUHG
DV` 1LO$FFRUGLQJO\WKHGLVFORVXUHRIWKHPLQLXPOHDVHSD\PHQWVUHFHLYDEOHDWWKH%DODQFHVKHHWGDWHLVQRWPDGH7KHDPRXQWVUHFHLYHG
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Note 33. Commitment and Contingencies

a. Commitments
` in Crores
As at As at
March 31, 2019 March 31, 2018
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SURYLGHGIRUQHWRIDGYDQFHV
b. Contingent Liabilities
L &ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHGDVGHEWV
` in Crores
As at As at
Legal claim contingency
March 31, 2019 March 31, 2018
6DOHV7D[
([FLVH'XW\6HUYLFH7D[&XVWRPV 21.05 25.79
49.58 54.24
7KH&RPSDQ\KDVEHHQDGYLVHGE\LWVODZ\HUVWKDWQRQHRIWKHFODLPVDUHWHQDEOHDQGLVWKHUHIRUHFRQWHVWLQJWKHVDPHDQGKHQFHKDVQRW
EHHQSURYLGHGIRULQWKHERRNV7KHIXWXUHFDVKÀRZVRQDFFRXQWRIWKHDERYHFDQQRWEHGHWHUPLQHGXQOHVVWKHMXGJHPHQWVGHFLVLRQVDUH
UHFHLYHGIURPWKHXOWLPDWHMXGLFLDOIRUXPV1RUHLPEXUVHPHQWVLVH[SHFWHGWRDULVHWRWKH&RPSDQ\LQUHSHFWRIDERYHFDVHV
7KHUHDUHQXPHURXVLQWHUSUHWDWLYHLVVXHVUHODWLQJWRWKH6XSUHPH&RXUW6&MXGJHPHQWGDWHG)HEUXDU\RQ3URYLGHQW)XQG3)
RQWKHLQFOXVLRQRIDOORZDQFHVIRUWKHSXUSRVHRI3)FRQWULEXWLRQDVZHOODVLWVDSSOLFDELOLW\RIHIIHFWLYHGDWH7KHLPSDFWLVQRWH[SHFWHG
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` in Crores
As at As at
March 31, 2019 March 31, 2018
*XUDQWHHVH[FOXGLQJ¿QDQFLDOJXDUDQWHHV
LL2XWVWDQGLQJ%DQNJXDUDQWHHV 30.23
Financial guarantees
LLL&RUSRUDWHJXDUDQWHHVLVVXHGE\WKH&RPSDQ\WRFHUWDLQEDQNVIRUORDQVWDNHQE\VRPHRI

LWVVXEVLGLDULHVDQGDPRXQWRXWVWDQGLQJDVDWWKH\HDUHQG5HIHUQRWHDDQGEEHORZ

D 7KH&RPSDQ\KDVPRUWJDJHGFHUWDLQLPPRYDEOHSURSHUWLHVZLWK6WDQGDUG&KDUWHUHG%DQNDQGKDVDOVRFUHDWHGFKDUJHRQFHUWDLQ
¿[HGPRYHDEOHDVVHWVZLWK'%6%DQNLQUHODWLRQWRORDQH[WHQGHGWRLWVVXEVLGLDU\0V/XVDNR7UDGLQJ/LPLWHG
E 7KHORDQLVXWLOLVHGE\WKHVDLGVXEVLGLDU\IRULWVEXVLQHVVSXUSRVHV$OVRUHIHUQRWHDQG
34a. Disclosure in respect of Related Parties pursuant to Ind AS 24

List of Related Parties
I. Parent and Subsidiary Companies:
Name of related parties Nature of relationship Principal Place of business

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%HHSHH&RDWLQJV3ULYDWH/LPLWHG :KROO\2ZQHG6XEVLGLDU\ ,QGLD
%HUJHU3DLQWV&\SUXV/LPLWHG :KROO\2ZQHG6XEVLGLDU\ &\SUXV
/XVDNR7UDGLQJ/LPLWHG :KROO\2ZQHG6XEVLGLDU\ &\SUXV
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%HUJHU5RFN3DLQWV3ULYDWH/LPLWHG 6XEVLGLDU\ ,QGLD
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6ROWKHUP([WHUQDO,QVXODWLRQV/LPLWHG :KROO\2ZQHG6XEVLGLDU\RI%ROL[6$ 8QLWHG.LQJGRP
6ROWKHUP,QVRODWLRQV7KHUPLTXH([WHULHXUH6$6 :KROO\2ZQHG6XEVLGLDU\RI%ROL[6$ )UDQFH
6XUH¿UH0DQDJHPHQW6HUYLFHV/LPLWHG -RLQW9HQWXUHRI%ROL[6$ 8QLWHG.LQJGRP

II. Other related parties with whom transactions have taken place during the year:
a) Key Management Personnel
Name of related parties Nature of relationship

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0V5LVKPD.DXU ([HFXWLYHGLUHFWRUDQGUHODWLYHRI0U.XOGLS6LQJK'KLQJUD
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0U.DPDO5DQMDQ'DV ,QGHSHQGHQW'LUHFWRU
0U1DUHVK*XMUDO ,QGHSHQGHQW'LUHFWRU
0U'KLUHQGUD6ZDUXS ,QGHSHQGHQW'LUHFWRU
0U*RSDO.ULVKQD3LOODL ,QGHSHQGHQW'LUHFWRU
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0UV6RQX+DODQ%KDVLQ ,QGHSHQGHQW'LUHFWRUZHI)HEUXDU\
b) Others

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%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH -RLQW9HQWXUHRIWKH&RPSDQ\
/LPLWHG
-HQVRQ 1LFKROVRQ$VLD/LPLWHG )HOORZ6XEVLGLDU\
%HUJHU3DLQWV%DQJODGHVK/LPLWHG )HOORZ6XEVLGLDU\
&LWODQG&RPPHUFLDO&UHGLWV/LPLWHG )HOORZ6XEVLGLDU\
:DQJ,QYHVWPHQW)LQDQFH3ULYDWH/LPLWHG )HOORZ6XEVLGLDU\

II. Other related parties with whom transactions have taken place during the year: (Contd)
.DQZDU3URSHUWLHV3ULYDWH/LPLWHG )HOORZ6XEVLGLDU\
%HUJHU3DLQWV3URYLGHQW)XQG&RYHUHG 3RVWHPSOR\PHQWEHQH¿WSODQRIWKH&RPSDQ\
%HUJHU3DLQWV2I¿FHUV1RQ0DQDJHPHQW&DWHJRU\ 3RVWHPSOR\PHQWEHQH¿WSODQRIWKH&RPSDQ\
6XSHUDQQXDWLRQ)XQG
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%$,&/(PSOR\HHV6XSHUDQQXDWLRQ)XQG 3RVWHPSOR\PHQWEHQH¿WSODQRIWKH&RPSDQ\
%$,&/(PSOR\HHV*UDWXLW\)XQG 3RVWHPSOR\PHQWEHQH¿WSODQRIWKH&RPSDQ\
6HDZDUG3DFNDJLQJ3ULYDWH/LPLWHG (QWLW\FRQWUROOHGE\.H\0DQDJHULDO3HUVRQQHO
)OH[3URSHUWLHV3ULYDWH/LPLWHG (QWLW\FRQWUROOHGE\.H\0DQDJHULDO3HUVRQQHO
:D]LU(VWDWHV3ULYDWH/LPLWHG (QWLW\FRQWUROOHGE\.H\0DQDJHULDO3HUVRQQHO
%LJJ,QYHVWPHQW )LQDQFH3ULYDWH/LPLWHG (QWLW\FRQWUROOHGE\.H\0DQDJHULDO3HUVRQQHO
.6')DPLO\7UXVW 0U.XOGLS6LQJK'KLQJUD6HWWORU7UXVWHH
*%6'KLQJUD)DPLO\7UXVW 0U*XUEDFKDQ6LQJK'KLQJUD6HWWORU7UXVWHH
0UV0HHWD'KLQJUD 6SRXVHRI0U.XOGLS6LQJK'KLQJUD
0UV9LQX'KLQJUD 6SRXVHRI0U*XUEDFKDQ6LQJK'KLQJUD
0UV-HVVLPD.XPDU 'DXJKWHURI0U.XOGLS6LQJK'KLQJUD
0V'LSWL'KLQJUD 'DXJKWHURI0U.XOGLS6LQJK'KLQJUD
0UV6XQDLQD.RKOL 'DXJKWHURI0U*XUEDFKDQ6LQJK'KLQJUD
0UV$QVKQD6DZKQH\ 'DXJKWHURI0U*XUEDFKDQ6LQJK'KLQJUD
7KHSDUWLHVKROGPRUHWKDQRIWKHHTXLW\VKDUHVLQWKH&RPSDQ\UHIHU1RWHG
34b. Disclosure in respect of Related Parties pursuant to Ind AS 24

A. During the year the following transactions were carried out with the related parties in the ordinary course of business:
` in Crores
Transaction Related Party Year ended Year ended
March 31, 2019 March 31, 2018
6DOHRI*RRGVLQFOXGHVVDOHRIUDZPDWHULDOVSDFNLQJ %HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 0.70 1.57
PDWHULDOVLQWHUPHGLDWHVWUDGHGJRRGVDQGVWRUHV
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH 21.23
/LPLWHG
%HUJHU5RFN3DLQWV3ULYDWH/LPLWHG 4.52
:D]LU(VWDWHV3ULYDWH/LPLWHG 0.04
%HUJHU3DLQWV2YHUVHDV/LPLWHG 2.90 1.10
8.3DLQWV,QGLD3ULYDWH/LPLWHG 0.37 0.40
6%/6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG 1.75
0U.XOGLS6LQJK'KLQJUD 0.03 0.03
0U*XUEDFKDQ6LQJK'KLQJUD 0.00 0.00
6HDZDUG3DFNDJLQJ3ULYDWH/LPLWHG 0.00
5R\DOW\,QFRPH %HUJHU-HQVRQ 1LFKROVRQ1HSDO3ULYDWH/LPLWHG 1.97
&RQVXOWDQF\,QFRPH %HUJHU3DLQWV%DQJODGHVK/LPLWHG 0.21 0.29

A. During the year the following transactions were carried out with the related parties in the ordinary course of business: (Contd)
` in Crores
March 31, 2019 March 31, 2019
6RIWZDUH/LFHQVH,QFRPH %HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/LPLWHG 2.53
,QWHUHVW,QFRPH 6%/6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG 0.09
3XUFKDVHRI*RRGVLQFOXGHVSXUFKDVHRIUDZ 8.3DLQWV,QGLD3ULYDWH/LPLWHG
PDWHULDOVSDFNLQJPDWHULDOVDQGWUDGHGJRRGV
6HDZDUG3DFNDJLQJ3ULYDWH/LPLWHG 45.99
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/LPLWHG
3URFHVVLQJ&KDUJHV 8.3DLQWV,QGLD3ULYDWH/LPLWHG 22.00
%HHSHH&RDWLQJV3ULYDWH/LPLWHG 25.29 24.45
5HQW([SHQVHV 8.3DLQWV,QGLD3ULYDWH/LPLWHG 2.45 3.94
)OH[3URSHUWLHV3ULYDWH/LPLWHG 0.15
%HHSHH&RDWLQJV3ULYDWH/LPLWHG 0.07
.DQZDU3URSHUWLHV3ULYDWH/LPLWHG 0.55
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/LPLWHG 0.07
6HFXULW\'HSRVLW5HIXQGHG 8.3DLQWV,QGLD3ULYDWH/LPLWHG 0.11 0.11
6DOHRI3URSHUW\SODQWDQGHTXLSPHQW %HUJHU5RFN3DLQWV3ULYDWH/LPLWHG
&RUSRUDWH*XDUDQWHH,QFRPH /XVDNR7UDGLQJ/LPLWHG 1.39 0.91
3URFHVVLQJ,QFRPH %HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/LPLWHG 3.09 2.22
6KDUHG6HUYLFHV,QFRPH %HUJHU5RFN3DLQWV3ULYDWH/LPLWHG
5HQGHULQJRI0DQSRZHU6HUYLFHV 8.3DLQWV,QGLD3ULYDWH/LPLWHG 0.02 0.02
0DFKLQHU\5HQWDO,QFRPH %HHSHH&RDWLQJV3ULYDWH/LPLWHG 0.43 0.39
:DUHKRXVH5HQWDO,QFRPH %HUJHU5RFN3DLQWV3ULYDWH/LPLWHG 0.10
&RQWULEXWLRQWR3URYLGHQW)XQG %HUJHU3DLQWV3URYLGHQW)XQG&RYHUHG 15.21
&RQWULEXWLRQWR*UDWXLW\)XQG %$,&/(PSOR\HHV*UDWXLW\)XQG 0.05
&RQWULEXWLRQWR6XSHUDQQXDWLRQ)XQG %HUJHU3DLQWV2I¿FHUV1RQ0DQDJHPHQW&DWHJRU\
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'LUHFWRUV
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0U*RSDO.ULVKQD3LOODL 0.07 0.07
6KRUW7HUP/RDQ*LYHQ 6%/6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG 4.00

A. During the year the following transactions were carried out with the related parties in the ordinary course of business: (Contd)
` in Crores
March 31, 2019 March 31, 2018
6KRUW7HUP/RDQ5HSDLG 6%/6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG 4.00
(TXLW\&RQWULEXWLRQ %HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/LPLWHG 39.20
%HUJHU3DLQWV&\SUXV/LPLWHG 10.12
/XVDNR7UDGLQJ/LPLWHG 0.53 1.29
&RUSRUDWH*XDUDQWHH2EOLJDWLRQ /XVDNR7UDGLQJ/LPLWHG
6KDUH$SSOLFDWLRQ0RQH\3HQGLQJ$OORWPHQW %HUJHU3DLQWV&\SUXV/LPLWHG 4.14 2.44
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0U6ULMLW'DVJXSWD 1.54 1.40
0U$QLUXGGKD6HQ 1.11 0.94
0U.DQZDUGLS6LQJK'KLQJUD 0.45 0.23
0V5LVKPD.DXU 0.45 0.23
'LYLGHQG3D\PHQW 8.3DLQWV,QGLD3ULYDWH/LPLWHG
-HQVRQ 1LFKROVRQ$VLD/LPLWHG 25.32
Others
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,PSDLUPHQWRI,QYHVWPHQW %HUJHU3DLQWV&\SUXV/LPLWHG
QHWWHGRIIZLWKWKHUHVSHFWLYHH[SHQVHVLQWKH¿QDQFLDOVWDWHPHQWV
B. Balances outstanding at the year end (including commitments):

` in Crores
Outstanding Related Party As at As at
March 31, 2019 March 31, 2018
Payable 8.3DLQWV,QGLD3ULYDWH/LPLWHG 25.22 24.79
%HHSHH&RDWLQJV3ULYDWH/LPLWHG 10.35
6HDZDUG3DFNDJLQJ3ULYDWH/LPLWHG 12.93 9.45
%HUJHU3DLQWV2I¿FHUV1RQ0DQDJHPHQW&DWHJRU\ 0.05
6XSHUDQQXDWLRQ)XQG
%HUJHU3DLQWV0DQDJHPHQW6WDII6XSHUDQQXDWLRQ)XQG 0.12
%$,&/(PSOR\HHV6XSHUDQQXDWLRQ)XQG 0.01
%ROL[6$ 0.11
)OH[3URSHUWLHV3ULYDWH/LPLWHG 0.01 0.00
:D]LU(VWDWHV3ULYDWH/LPLWHG 0.00 0.00
0U$EKLMLW5R\ 0.52
0U6ULMLW'DVJXSWD 0.04
0U$QLUXGGKD6HQ 0.04 0.05
0U.DQZDUGLS6LQJK'KLQJUD 0.03 0.05
0V5LVKPD.DXU 0.02 0.04
170
B. Balances outstanding at the year end (including commitments): (Contd.)

` in Crores
Outstanding Related Party As at As at
March 31, 2019 March 31, 2018
Receivable %HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 1.52
%HUJHU-HQVRQ 1LFKROVRQ1HSDO3ULYDWH/LPLWHG
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH 5.40
/LPLWHG
Security Deposit Receivable 8.3DLQWV,QGLD3ULYDWH/LPLWHG 0.22 0.33
.DQZDU3URSHUWLHV3ULYDWH/LPLWHG
Share Application Money Pending Allotment %HUJHU3DLQWV&\SUXV/LPLWHG 4.14 2.44
Corporate Guarantee Obligation /XVDNR7UDGLQJ/LPLWHG 2.09 2.02
Corporate Guarantee outstanding /XVDNR7UDGLQJ/LPLWHG
$OVR5HIHU1RWHIRUGHWDLOVRIVHFXULW\JLYHQ
%HHSHH&RDWLQJV3ULYDWH/LPLWHG
C. Details of remuneration to Key Managerial Personnel is given below

` in Crores
Particulars Year ended Year ended
March 31, 2019 March 31, 2018
6KRUWWHUPHPSOR\HHEHQH¿WV
3RVWHPSOR\PHQWEHQH¿WV 0.51
6KDUHEDVHGSD\PHQW 0.17
6.65 5.38
7KHDPRXQWVGLVFORVHGLQWKHWDEOHDUHWKHDPRXQWVUHFRJQLVHGDVDQH[SHQVHGXULQJWKHUHSRUWLQJSHULRGUHODWHGWRNH\PDQDJHPHQW
SHUVRQQHO1RVKDUHRSWLRQVKDYHEHHQJUDQWHGWRWKHQRQH[HFXWLYHPHPEHUVRIWKH%RDUGRI'LUHFWRUVXQGHUWKLVVFKHPH5HIHUWR1RWH
IRUIXUWKHUGHWDLOVRIWKHVFKHPH
5HIHU1RWH
5HIHU1RWHDIRUGHWDLOVRILQYHVWPHQWVKHOG
Notes:
7HUPVDQGFRQGLWLRQVRIWUDQVDFWLRQVZLWKUHODWHGSDUWLHV
7KHWUDQVDFWLRQVZLWKUHODWHGSDUWLHVDUHPDGHRQWHUPVHTXLYDOHQWWRWKRVHWKDWSUHYDLOLQDUP¶VOHQJWKWUDQVDFWLRQV2XWVWDQGLQJEDODQFHV
DWWKH\HDUHQGDUHXQVHFXUHGDQGLQWHUHVWIUHHDQGVHWWOHPHQWRFFXUVLQFDVKH[FHSWDVRWKHUZLVHPHQWLRQHG
171
Note 35. Segment Information
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UHJXODWRU\HQYLURQPHQWFXVWRPHUVDQGGLVWULEXWLRQPHWKRGVWKHUHDUHQRUHSRUWDEOHVHJPHQWVRWKHUWKDQ3DLQWV
Note 36. Fair Value Hierarchy
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/HYHO4XRWHG3ULFHVXQDGMXVWHGLQDFWLYHPDUNHWVIRULGHQWLFDODVVHWVRUOLDELOLWLHV
/HYHO,QSXWVRWKHUWKDQTXRWHGSULFHVLQFOXGHGZLWKLQ/HYHOWKDWDUHREVHUYDEOHIRUWKHDVVHWRUOLDELOLW\HLWKHUGLUHFWO\LHDVSULFHV
RULQGLUHFWO\LHGHULYHGIURPSULFHV
/HYHO,QSXWVIRUWKHDVVHWRUOLDELOLW\WKDWDUHQRWEDVHGRQREVHUYDEOHPDUNHWGDWDXQREVHUYDEOHLQSXWV
D )LQDQFLDODVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVVDW0DUFK
` in Crores
Level 1 Level 2 Level 3 Total
)LQDQFLDO$VVHWV
,QYHVWPHQWLQ0XWXDO)XQGV 245.51 245.51
,QYHVWPHQWLQXQTXRWHGHTXLW\LQVWUXPHQWV 0.00 0.00
)LQDQFLDO/LDELOLWLHV
)LQDQFLDO*XDUDQWHH&RQWUDFWV 2.09 2.09
)LQDQFLDODVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVVDW0DUFK
` in Crores
Level 1 Level 2 Level 3 Total
)LQDQFLDO$VVHWV
,QYHVWPHQWLQ0XWXDO)XQGV 227.59 227.59
,QYHVWPHQWLQXQTXRWHGHTXLW\LQVWUXPHQWV 0.00 0.00
)LQDQFLDO*XDUDQWHH&RQWUDFWV 2.02 2.02
UHIHU1RWH
'HVFULSWLRQRIVLJQL¿FDQWXQREVHUYDEOHLQSXWVWRYDOXDWLRQ
Valuation technique 6LJQL¿FDQWXQREVHUYDEOHWHFKQLTXHV

)LQDQFLDO*XDUDQWHH&RQWUDFWV$OVRUHIHUQRWHLLL '&)0HWKRG ,QWHUHVWVDYHGDSSURDFK
(b) Financial instruments at amortized cost

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UHDVRQDEOHDSSUR[LPDWLRQRIWKHLUIDLUYDOXHVVLQFHWKH&RPSDQ\GRHVQRWDQWLFLSDWHWKDWWKHFDUU\LQJDPRXQWVZRXOGEHVLJQL¿FDQWO\
GLIIHUHQWIURPWKHYDOXHVWKDWZRXOGHYHQWXDOO\EHUHFHLYHGRUVHWWOHG
F 'XULQJWKH\HDUWKHUHKDVEHHQQRWUDQVIHUIURPRQHOHYHOWRDQRWKHU
G $OVRUHIHUQRWHDDQGE
172
Note 37. Financial risk management objectives and policies
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VSULQFLSDO¿QDQFLDOOLDELOLWLHVRWKHUWKDQGHULYDWLYHVFRPSULVHERUURZLQJVDQGWUDGHSD\DEOHV7KHPDLQSXUSRVHRIWKHVH
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As at As at
March 31, 2019 March 31, 2018
%RUURZLQJVQRWHD 215.34 143.27
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Net debt 188.10 79.09
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As at As at
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REPORT OF THE DIRECTORS AND MANAGEMENT DISCUSSION AND ANALYSIS

PAINT INDUSTRY STRUCTURE AND DEVELOPMENT

FOCUS AND OUTLOOK FOR 2019 - 20

OPPORTUNITIES AND THREATS

RISKS AND CONCERNS

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

1HW3UR¿W0DUJLQ  9.2  9.0

BERGER ROCK PAINTS PRIVATE LIMITED

ACQUISITION OF EQUITY SHARES IN SABOO HESSE WOOD COATINGS PRIVATE LIMITED

ADEQUACY OF INTERNAL FINANCIAL CONTROLS RELATED TO FINANCIAL STATEMENTS

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NAME OF KMPs DESIGNATION NO. OF EQUITY SHARES ALLOTTED

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TRANSFER OF SHARES TO INVESTOR EDUCATION AND PROTECTION FUND

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SUBSIDIARY AND JOINT VENTURES

CONSOLIDATED FINANCIAL STATEMENTS

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MEETINGS OF THE BOARD OF DIRECTORS AND ATTENDANCE THEREAT

WHISTLE BLOWER POLICY

B. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

C. COMPENSATION & NOMINATION & REMUNERATION COMMITTEE

BUSINESS RESPONSIBILITY REPORT

STATEMENT OF DECLARATION BY INDEPENDENT DIRECTORS

POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND

LOANS, COMMITMENTS AND CONTINGENCIES, INVESTMENTS

RELATED PARTY TRANSACTIONS

POLICY TO DETERMINE MATERIAL EVENTS

POLICY FOR PRESERVATION OF DOCUMENTS

Conservation of Energy & Technology Absorption

Foreign Exchange Earnings and Outgo

STATEMENT OF EVALUATION OF BOARD OF DIRECTORS AND COMMITTEES THEREOF

SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTING

Structure of the Board of Directors

Name of Directors Non-executive Executive Independent Lady

INFORMATION AS TO REMUNERATION OF DIRECTORS AND EMPLOYEES

Name of Directors/KMPs Remuneration Ratio as to that of the Percentage increase in

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LISTING WITH STOCK EXCHANGES

TO THE MEMBERS OF BERGER PAINTS INDIA LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements

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Responsibilities of Management for the Standalone Ind AS Financial Statements

Report on Other Legal and Regulatory Requirements

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Total income 5,569.18 4,885.90

Total expense 4,848.32 4,224.09

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