Beruflich Dokumente
Kultur Dokumente
July 5, 2019
Dear Sirs,
- Annual Report for the year 2018-19 along with AGM Notice
- Admission Slip with Proxy Form
Thanking you,
Yours faithfully,
for Ashok Leyland Limited
Company Secretary
/ŶƚŚŝƐŶŶƵĂůZĞƉŽƌƚ͕ǁĞŚĂǀĞĚŝƐĐůŽƐĞĚĨŽƌǁĂƌĚͲůŽŽŬŝŶŐŝŶĨŽƌŵĂƟŽŶƚŽĞŶĂďůĞ
investors to fully appreciate our prospects and take informed investment
ĚĞĐŝƐŝŽŶƐ͘dŚŝƐƌĞƉŽƌƚĂŶĚŽƚŚĞƌƐƚĂƚĞŵĞŶƚƐͲǁƌŝƩĞŶĂŶĚŽƌĂůͲƚŚĂƚǁĞ
ƉĞƌŝŽĚŝĐĂůůLJŵĂŬĞ͕ĐŽŶƚĂŝŶĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐƚŚĂƚƐĞƚŽƵƌĂŶƟĐŝƉĂƚĞĚ
ƌĞƐƵůƚƐďĂƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚƉůĂŶƐĂŶĚĂƐƐƵŵƉƟŽŶƐ͘tĞŚĂǀĞƚƌŝĞĚ͕ǁŚĞƌĞ
ƉŽƐƐŝďůĞ͕ƚŽŝĚĞŶƟĨLJƐƵĐŚƐƚĂƚĞŵĞŶƚƐďLJƵƐŝŶŐǁŽƌĚƐƐƵĐŚĂƐ͚ĂŶƟĐŝƉĂƚĞ͕͛
͚ĞdžƉĞĐƚ͕͚͛ƉƌŽũĞĐƚ͕͚͛ŝŶƚĞŶĚ͕͚͛ƉůĂŶ͕͚͛ďĞůŝĞǀĞ͕͛ĂŶĚǁŽƌĚƐŽĨƐŝŵŝůĂƌƐƵďƐƚĂŶĐĞŝŶ
ĐŽŶŶĞĐƟŽŶǁŝƚŚĂŶLJĚŝƐĐƵƐƐŝŽŶŽĨĨƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞ͘
tĞĐĂŶŶŽƚ͕ŽĨĐŽƵƌƐĞ͕ŐƵĂƌĂŶƚĞĞƚŚĂƚƚŚĞƐĞĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐǁŝůů
ďĞƌĞĂůŝƐĞĚ͕ĂůƚŚŽƵŐŚǁĞďĞůŝĞǀĞǁĞŚĂǀĞďĞĞŶƉƌƵĚĞŶƚŝŶŽƵƌĂƐƐƵŵƉƟŽŶƐ͘
ĐŚŝĞǀĞŵĞŶƚŽĨƌĞƐƵůƚƐŝƐƐƵďũĞĐƚƚŽƌŝƐŬƐ͕ƵŶĐĞƌƚĂŝŶƟĞƐ͕ĂŶĚƉŽƚĞŶƟĂůůLJ
ŝŶĂĐĐƵƌĂƚĞĂƐƐƵŵƉƟŽŶƐ͘^ŚŽƵůĚŬŶŽǁŶŽƌƵŶŬŶŽǁŶƌŝƐŬƐŽƌƵŶĐĞƌƚĂŝŶƟĞƐ
ŵĂƚĞƌŝĂůŝƐĞ͕ŽƌƐŚŽƵůĚƵŶĚĞƌůLJŝŶŐĂƐƐƵŵƉƟŽŶƐƉƌŽǀĞŝŶĂĐĐƵƌĂƚĞ͕ĂĐƚƵĂůƌĞƐƵůƚƐ
ĐŽƵůĚǀĂƌLJŵĂƚĞƌŝĂůůLJĨƌŽŵƚŚŽƐĞĂŶƟĐŝƉĂƚĞĚ͕ĞƐƟŵĂƚĞĚ͕ŽƌƉƌŽũĞĐƚĞĚ͘ZĞĂĚĞƌƐ
ƐŚŽƵůĚďĞĂƌƚŚŝƐŝŶŵŝŶĚ͘
tĞƵŶĚĞƌƚĂŬĞŶŽŽďůŝŐĂƟŽŶƚŽƉƵďůŝĐůLJƵƉĚĂƚĞĂŶLJĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͕
ǁŚĞƚŚĞƌĂƐĂƌĞƐƵůƚŽĨŶĞǁŝŶĨŽƌŵĂƟŽŶ͕ĨƵƚƵƌĞĞǀĞŶƚƐ͕ŽƌŽƚŚĞƌǁŝƐĞ͘
CHAIRMAN’S MESSAGE
Dear Shareholder,
With great pride, I would like to share that in ďƵƚ/ŚĂǀĞŶŽĚŽƵďƚƚŚĂƚǁĞǁŝůůďĞŝŶƚŚĂƚƉŽƐŝƟŽŶ
2018-19, Ashok Leyland has achieved its Vision to soon.
be among the global top 10 players in medium and
ŚĞĂǀLJƚƌƵĐŬƐĂŶĚƚŽƉϱŝŶďƵƐĞƐ͘dŚŝƐŝƐĂƐŝŐŶŝĮĐĂŶƚ Moving on, you will be pleased to note that your
achievement in the annals of our Company ŽŵƉĂŶLJĐŽŶƟŶƵĞĚƚŽŵĂŬĞƐƚƌŝĚĞƐŝŶϮϬϭϴͲϭϵŝŶ
considering the ever-changing market dynamics its growth journey. Some of the high points are:
ĂŶĚŝŶĐƌĞĂƐŝŶŐĐŽŵƉĞƟƟǀĞƉƌĞƐƐƵƌĞƐ͘zŽƵǁŝůůďĞ Æ Sale of 131,936 medium and heavy commercial
happy to note that not only did we achieve the ǀĞŚŝĐůĞƐŝŶƚŚĞĚŽŵĞƐƟĐŵĂƌŬĞƚƌĞŐŝƐƚĞƌŝŶŐĂŶ
ǀŽůƵŵĞĂƐƉŝƌĂƟŽŶďƵƚŚĂǀĞĂůƐŽƉŽƐŝƟŽŶĞĚŽŶĞ
increase of 13.2% over last year despite the
ŽĨƚŚĞǁŝĚĞƐƚƌĂŶŐĞŽĨĐŽŵƉĞƟƟǀĞǀĞŚŝĐůĞƐŝŶƚŚĞ
ĚĂŵƉĞŶŝŶŐĞīĞĐƚŽĨƌĞǀŝƐŝŽŶŝŶĂdžůĞůŽĂĚŶŽƌŵƐ
medium and heavy duty segment. On your behalf,
I would like to take this opportunity to record our ĂŶĚE&ůŝƋƵŝĚŝƚLJĐƌŝƐŝƐ͘tŝƚŚŝŶƚŚŝƐ͕ĂƩĂŝŶŝŶŐ
ƐŝŶĐĞƌĞĂƉƉƌĞĐŝĂƟŽŶƚŽƚŚĞƟƌĞůĞƐƐĞīŽƌƚƐŽĨƚŚĞ ŵĂƌŬĞƚůĞĂĚĞƌƐŚŝƉŝŶϰdžϮŚĂƵůĂŐĞƐĞŐŵĞŶƚǁŝƚŚ
team, ably supported by various partners across a 40% share is laudatory. In the Bus segment,
the spectrum for this feat. Not to rest on its laurels, ƚŚĞƌĞŚĂƐďĞĞŶĂƐŝŐŶŝĮĐĂŶƚŵĂƌŬĞƚƐŚĂƌĞ
ƚŚĞƚĞĂŵŚĂƐĐŽŵĞƵƉǁŝƚŚĂŵŽƌĞĂŵďŝƟŽƵƐ increase in South, and we have also sustained
Vision to be among global Top 10 in commercial leadership in the private medium duty
vehicles, which is a giant leap from where we are, segment.
ǁĞĂŶƟĐŝƉĂƚĞĐŽŶƟŶƵĂŶĐĞŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶ tŝƚŚĂůůŽĨƵƐĐŽŵŵŝƫŶŐƚŽƌĞƐƉŽŶĚĨĂƐƚĞƌŝŶ
infrastructure, revival of defence mobility spending ŵĞĞƟŶŐĐƵƐƚŽŵĞƌŶĞĞĚƐĂŶĚĂŝŵŚŝŐŚĞƌŝŶŽƵƌ
and the much-needed relief to the liquidity ĂƐƉŝƌĂƟŽŶƐ͕/ĞŶǀŝƐŝŽŶĂŐƌĞĂƚĞƌƐŚŽŬ>ĞLJůĂŶĚŝŶ
ĐŚĂůůĞŶŐĞƐŽĨE&Ɛ͘tŚŝůĞƚŚĞĞdžƉĞĐƚĞĚƉƌĞͲďƵLJ the near future.
ŝŶ&zϮϬŽŶĂĐĐŽƵŶƚŽĨŝŶƚƌŽĚƵĐƟŽŶŽĨ^s/ĨƌŽŵ
ŶĞdžƚLJĞĂƌĐŽƵůĚƉƌŽǀŝĚĞƚŚĞƐƵƌŐĞŝŶĚĞŵĂŶĚ /ǁŽƵůĚĂůƐŽůŝŬĞƚŽƚŚĂŶŬŽƵƌĞdžƚĞŶĚĞĚĨĂŵŝůLJ
in the second half of this year, it is important of shareholders, customers, dealers, suppliers,
that the government and the industry bodies ĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐĂŶĚƐƚƌĂƚĞŐŝĐƉĂƌƚŶĞƌƐĨŽƌƚŚĞŝƌ
ĐŽŶƐƵůƚĂƟǀĞůLJƉƌŽǀŝĚĞĂůŽŶŐͲƚĞƌŵĚŝƌĞĐƟŽŶŽƌĂ guidance and support.
policy guideline to the auto sector that include
Thank you,
policy pronouncements such as vehicle scrappage,
cab code or bus body code. This would provide the
impetus to Indian Commercial Vehicle sector to
transit to the global premier league and also help
ŽƉƟŵŝƐĞƌĞƐŽƵƌĐĞƐ͘ zŽƵƌƐƐŝŶĐĞƌĞůLJ͕
It is my strong belief that our ability to overcome
challenges and not be daunted by the hurdles
ĂŚĞĂĚƐƚĞŵƐĨƌŽŵƚŚĞƵŶŇŝŶĐŚŝŶŐƐƵƉƉŽƌƚŽĨ
our dedicated and capable people across the Dheeraj G Hinduja
ŽƌŐĂŶŝƐĂƟŽŶ͘DLJĂƉƉƌĞĐŝĂƟŽŶƚŽĞĂĐŚŽŶĞŽĨ Chairman
ƚŚĞŵĨŽƌĞŶĂďůŝŶŐŽƵƌĐŽŶƟŶƵŝŶŐƐƵĐĐĞƐƐŝŶŽƵƌ
endeavours. July 1, 2019
,ŝƐƚŽƌŝĐĂůWĞƌƐƉĞĐƟǀĞŽĨƚŚĞŽŵƉĂŶLJ ...................................................................................................................... 06
EŽƟĐĞƚŽ^ŚĂƌĞŚŽůĚĞƌƐ .................................................................................................................................................. 08
^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ .................................................................................................................................. 91
EŽƚĞƐĂŶŶĞdžĞĚƚŽĂŶĚĨŽƌŵŝŶŐƉĂƌƚŽĨƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ .......................................................................... 95
dŚĞĚŵŝƐƐŝŽŶ^ůŝƉĂŶĚWƌŽdžLJ&ŽƌŵĂƌĞďĞŝŶŐƐĞŶƚƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŶŶƵĂůZĞƉŽƌƚ
` in Crores
WĂƌƟĐƵůĂƌƐ 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Sales Volume
Vehicles (numbers) 63,926 94,106 101,990 114,611 89,337 104,902
Engines (numbers) 19,050 17,377 16,170 21,757 17,441 14,023
Spare parts and others 885 1,062 1,554 1,815 1,213 1,392
Assets
&ŝdžĞĚĂƐƐĞƚƐ 4,811 4,992 5,462 5,971 5,841 5,376
Non-Current Investments 326 1,230 1,534 2,338 2,405 2,240
Long term loans and advances 201 385 608 499 1,002 983
Other non-current assets 4 3 7 12 33 20
Non-Current Assets 5,342 6,610 7,611 8,820 9,281 8,619
Current Investments - - - - 384 408
Inventories 1,638 2,209 2,231 1,896 1,189 1,398
Trade Receivables 1,022 1,164 1,231 1,419 1,299 1,243
Cash and Bank balances 519 180 33 14 12 751
Short Term loans and Advances 759 334 727 871 472 564
Other current assets 2 96 83 76 171 328
Current assets 3,940 3,983 4,305 4,276 3,527 4,692
Total 9,282 10,593 11,916 13,096 12,808 13,311
Financed by
Share capital 133 133 266 266 266 285
Reserves and surplus 3,523 3,830 3,946 4,189 4,182 4,834
^ŚĂƌĞŚŽůĚĞƌƐĨƵŶĚƐ 3,656 3,963 4,212 4,455 4,448 5,119
Long term borrowings 2,118 2,348 2,293 2,738 3,297 2,566
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJͲEĞƚ 385 444 490 527 407 510
>ŽŶŐͲƚĞƌŵƉƌŽǀŝƐŝŽŶƐĂŶĚ>ŝĂďŝůŝƟĞƐ 114 78 77 80 70 99
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 2,617 2,870 2,860 3,345 3,774 3,175
Short-term borrowings - - 102 767 587 25
Trade payables 2,332 2,309 2,571 2,485 2,214 2,828
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 423 1,034 1,750 1,735 1,697 1,908
Short-term provisions 254 417 421 309 88 256
ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 3,009 3,760 4,844 5,296 4,586 5,017
Total 9,282 10,593 11,916 13,096 12,808 13,311
Basic Earnings Per Share (`) 3.18 2.37* 2.13* 1.63* 0.11* 1.20*
Dividend per share (`) (Face value `1/- each) 1.50 2.00 1.00 0.60 - 0.45
Employees (numbers) 13,662 15,812 15,734 14,668 11,552 11,204
*Post Bonus Issue
EŽƚĞ͗&ŝŐƵƌĞƐĨŽƌƚŚĞƉĞƌŝŽĚƐƉƌŝŽƌƚŽϮϬϭϬͲϭϭŚĂǀĞďĞĞŶƌĞͲĐůĂƐƐŝĮĞĚͬƌĞͲĂƌƌĂŶŐĞĚͬƌĞͲŐƌŽƵƉĞĚ͕ǁŚĞƌĞǀĞƌŵĂƚĞƌŝĂů͕ĂƐƉĞƌZĞǀŝƐĞĚ^ĐŚĞĚƵůĞ
Ͳ///ͬs/ƚŽƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯͬϭϵϱϲĂŶĚƚŚĞLJŵĂLJŶŽƚďĞƐƚƌŝĐƚůLJĐŽŵƉĂƌĂďůĞǁŝƚŚĮŐƵƌĞƐĨŽƌĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϬͲϭϭƚŽĮŶĂŶĐŝĂůLJĞĂƌ
2014-15.
` in Crores
WĂƌƟĐƵůĂƌƐ 2015-16 2016-17 2017-18** 2018-19
Sales Volume
Vehicles (numbers) 140,457 145,066 174,873 197,366
Engines (numbers) 15,551 16,491 18,751 21,859
Spare parts and others 1,273 1,694 1,950 1,880
Assets
Property, Plant and Equipment, CWIP, Goodwill, Tangible and Intangible Assets 4,868 5,177 5,971 6,272
Investments 1,980 2,002 2,451 2,637
Trade Receivables# - - - -
Loans and Other Financial assets 135 182 60 73
ĚǀĂŶĐĞƚĂdžĂƐƐĞƚĂŶĚŽƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ 610 579 791 1,056
Non-Current Assets 7,593 7,940 9,273 10,038
Inventories 1,625 2,631 1,758 2,685
Investments - 877 3,155 -
Trade Receivables 1,251 1,064 945 2,505
Cash and Bank balances 1,593 912 1,042 1,374
>ŽĂŶƐĂŶĚŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ 196 211 414 487
Other current assets (including Contract assets$) 516 282 749 1,135
Current assets 5,181 5,977 8,063 8,186
ƐƐĞƚƐĐůĂƐƐŝĮĞĚĂƐŚĞůĚĨŽƌƐĂůĞ - 123 - -
Total 12,774 14,040 17,336 18,224
Financed by
Equity Share capital 285 285 293 294
Other Equity 5,123 5,841 6,953 8,039
Equity 5,408 6,126 7,246 8,333
ŽƌƌŽǁŝŶŐƐĂŶĚŽƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ 1,995 1,194 514 333
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJͲEĞƚ 329 127 298 249
KƚŚĞƌEŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐĂŶĚƉƌŽǀŝƐŝŽŶƐ;ŝŶĐůƵĚŝŶŐŽŶƚƌĂĐƚůŝĂďŝůŝƟĞƐ$) 152 172 459 520
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 2,476 1,493 1,271 1,102
ŽƌƌŽǁŝŶŐƐĂŶĚŽƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ 1,517 2,172 1,894 1,700
Trade payables 2,563 3,117 4,888 5,019
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐĂŶĚƉƌŽǀŝƐŝŽŶƐ;ŝŶĐů͘ƵƌƌĞŶƚdĂdžůŝĂďŝůŝƟĞƐͲŶĞƚĂŶĚŽŶƚƌĂĐƚ 810 1,132 2,037 2,070
ůŝĂďŝůŝƟĞƐͿ$
ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 4,890 6,421 8,819 8,789
>ŝĂďŝůŝƟĞƐĚŝƌĞĐƚůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂƐƐĞƚƐĐůĂƐƐŝĮĞĚĂƐŚĞůĚĨŽƌƐĂůĞ - - - -
Total 12,774 14,040 17,336 18,224
Basic Earnings Per Share (`) 1.37* 4.24* 5.87* 6.76*
Dividend per share (`) (Face value ` 1 each) 0.95 1.56 2.43 3.10@
Employees (numbers) 10,352 11,906 11,865 11,966
# ĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
**WƵƌƐƵĂŶƚƚŽƚŚĞĂŵĂůŐĂŵĂƟŽŶŽĨƚŚƌĞĞǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŽĨƚŚĞŽŵƉĂŶLJǁŝƚŚƚŚĞŽŵƉĂŶLJĨƌŽŵƉƌŝůϭ͕ϮϬϭϳ͘
NOTICE is hereby given that the seventieth Annual General eligible, and in respect of whom the Company has
Meeting of Ashok Leyland Limited will be held on Wednesday, received a notice in writing under Section 160 of the
July 31, 2019 at 2.45 p.m. at Kamaraj Memorial Hall, 498-500, Act from a member proposing his candidature for the
Anna Salai, Teynampet, Chennai - 600 006 to transact the office of Director, be and is hereby re-appointed as an
following businesses: Independent Director of the Company, not liable to retire
by rotation and to hold office for a second term of 5 (five)
ORDINARY BUSINESS
consecutive years on the Board of the Company from
1. To receive, consider and adopt: :ƵůLJϮϲ͕ϮϬϭϵƚŝůů:ƵůLJϮϱ͕ϮϬϮϰ͘͟
a) the Audited Standalone Financial Statements 6. To consider and if thought fit, to pass with or without
of the Company for the financial year ended modification(s), the following resolution as a Special
March 31, 2019, together with the Reports of the Resolution:
Board of Directors and the Auditors thereon; and
“RESOLVED that pursuant to the provisions of Sections
b) the Audited Consolidated Financial Statements of 149 and 152, read with Schedule IV and other applicable
the Company for the financial year ended March 31, ƉƌŽǀŝƐŝŽŶƐ͕ŝĨĂŶLJ͕ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞ƚŚĞĐƚ͟Ϳ͕
2019 together with the Report of Auditors thereon. the Companies (Appointment and Qualification of
Directors) Rules, 2014, and the applicable provisions
2. To declare a dividend for the year ended March 31, 2019.
ŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;>ŝƐƚŝŶŐ
3. To appoint a Director in place of Mr. Dheeraj G Hinduja Obligations and Disclosure Requirements) Regulations,
(DIN: 00133410) who retires by rotation and being 2015 (including any statutory modification(s) or
eligible, offers himself for re-appointment. re-enactment(s) thereof, for the time being in force),
Mr. Sanjay K Asher (DIN: 00008221), who was appointed
SPECIAL BUSINESS
as an Independent Director and who holds office of
4. To consider and if thought fit, to pass with or without Independent Director upto July 25, 2019 and being
modification(s), the following resolution as a Special eligible, and in respect of whom the Company has
Resolution: received a notice in writing under Section 160 of the
Act from a member proposing his candidature for the
“RESOLVED that pursuant to the provisions of Sections
office of Director, be and is hereby re-appointed as an
149 and 152, read with Schedule IV and other applicable
Independent Director of the Company, not liable to retire
ƉƌŽǀŝƐŝŽŶƐ͕ŝĨĂŶLJ͕ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞ƚŚĞĐƚ͟Ϳ͕
by rotation and to hold office for a second term of 5 (five)
the Companies (Appointment and Qualification of
consecutive years on the Board of the Company from
Directors) Rules, 2014, and the applicable provisions
:ƵůLJϮϲ͕ϮϬϭϵƚŝůů:ƵůLJϮϱ͕ϮϬϮϰ͘͟
ŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;>ŝƐƚŝŶŐ
Obligations and Disclosure Requirements) Regulations, 7. To consider and if thought fit, to pass with or without
2015 (including any statutory modification(s) or modification(s), the following resolution as an Ordinary
re-enactment(s) thereof, for the time being in force), Resolution:
Dr. Andreas H Biagosch (DIN: 06570499), who was
“RESOLVED that pursuant to the applicable provisions
appointed as an Independent Director and who holds
ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞Đƚ͟Ϳ͕ĂŶĚƚŚĞZƵůĞƐŵĂĚĞ
office of Independent Director upto July 25, 2019 and
thereunder (including any statutory modifications or
being eligible, and in respect of whom the Company has
re-enactment(s) thereof, for the time being in force)
received a notice in writing under Section 160 of the
Mr. Gopal Mahadevan (DIN : 01746102) who was
Act from a member proposing his candidature for the
appointed by the Board of Directors as an Additional
office of Director, be and is hereby re-appointed as an
Director of the Company with effect from
Independent Director of the Company, not liable to retire
May 24, 2019 and who holds office up to the date of this
by rotation and to hold office for a second term of 5 (five)
Annual General Meeting of the Company, being eligible
consecutive years on the Board of the Company from
for appointment and in respect of whom the Company
:ƵůLJϮϲ͕ϮϬϭϵƚŝůů:ƵůLJϮϱ͕ϮϬϮϰ͘͟
has received a notice in writing from a member under
5. To consider and if thought fit, to pass with or without Section 160 of the Act proposing his candidature for
modification(s), the following resolution as a Special the office of Director of the Company, be and is hereby
Resolution: appointed as a Director of the Company, liable to retire
by rotation.
“RESOLVED that pursuant to the provisions of Sections
149 and 152, read with Schedule IV and other applicable RESOLVED FURTHER that pursuant to the provisions of
ƉƌŽǀŝƐŝŽŶƐ͕ŝĨĂŶLJ͕ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞ƚŚĞĐƚ͟Ϳ͕ Sections 196, 197, 203 and other applicable provisions, if
the Companies (Appointment and Qualification of any, of the Act including the relevant Rules as applicable
Directors) Rules, 2014, and the applicable provisions and relevant (including any statutory modification(s)
ŽĨƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;>ŝƐƚŝŶŐ or re-enactment thereof for the time being in force),
Obligations and Disclosure Requirements) Regulations, read with Schedule V of the Act and Article 142 of the
2015 (including any statutory modification(s) or Articles of Association of the Company, approval of the
re-enactment(s) thereof, for the time being in force), members of the Company be and is hereby accorded to
Mr. Jean Brunol (DIN: 03044965), who was appointed the appointment of Mr. Gopal Mahadevan as Whole-time
as an Independent Director and who holds office of Director ("WTD") designated as "Whole-time Director
Independent Director upto July 25, 2019 and being and Chief Financial Officer" of the Company for a period
of five years from May 24, 2019 to May 23, 2024, on the such financial year, in such manner as agreed
following terms and conditions: to between the Nomination and Remuneration
Committee/Board of Directors and WTD, however,
A. Fixed Compensation
not exceeding the maximum limits specified in this
Basic Salary, Perquisites, Allowances, Retiral behalf under Schedule V to the Act.
benefits, etc.: ` 34,500,000/- (Rupees Three Crores
Forty-Five Lakhs only) per annum with liberty to RESOLVED FURTHER THAT for the purpose of
the Nomination and Remuneration Committee and giving effect to this resolution, the Nomination and
the Board of Directors to alter and vary the terms Remuneration Committee and/or the Board of Directors
and conditions of the fixed compensation in such be and are hereby authorised to do all such acts,
manner as may be agreed between the Company deeds, matters and things as they may in their absolute
and the WTD. discretion deem necessary, expedient, usual and proper
in the best interest of the Company.”
The annual increments will be decided and
approved by the Nomination and Remuneration 8. To consider and if thought fit, to pass with or without
Committee and the Board of Directors based on his modification(s), the following resolution as an Ordinary
and the Company’s performance. Resolution:
B. Annual Performance Pay/Commission “RESOLVED that pursuant to the provisions of Section
148(3) and other applicable provisions, if any,
In addition, Annual Performance Pay and
of the Companies Act, 2013 and the Rules made
Commission, shall be based on the Company’s
thereunder (including any statutory modification(s) or
performance and contributions made by the
re-enactment(s) thereof for the time being in force),
WTD, as may be decided by the Nomination
the remuneration payable to Messers Geeyes & Co., Cost
and Remuneration Committee and the Board of
Directors. Accountants, (Firm Registration No. 000044), appointed
by the Board of Directors as Cost Auditors to conduct the
C. Others audit of the cost records of the Company for the financial
a) Perquisites, allowances, insurance, retiral year ended March 31, 2019, amounting to `700,000/-
benefits including Gratuity and Provident Fund, (Rupees Seven Lakhs only) plus applicable taxes and
etc., shall be as per the Policy of the Company. reimbursement of out-of-pocket expenses incurred in
connection with the aforesaid audit, be and is hereby
b) Club fee as per Company Policy in force, as ratified.”
applicable to the Senior Management personnel
of the Company.
c) For the purpose of calculating the perquisites By Order of the Board
and allowances, these shall be evaluated as per
the Income Tax Rules, wherever applicable. In Chennai N Ramanathan
the absence of any such rules, perquisites and
May 24, 2019 Company Secretary
allowances shall be evaluated at actual cost
incurred by the Company in providing such
perquisites and allowances. ZĞŐŝƐƚĞƌĞĚKĸĐĞ͗
1, Sardar Patel Road, Guindy
d) No sitting fee for meetings of the Board or
Committees thereof attended by him during his Chennai - 600 032
tenure as WTD. CIN: L34101TN1948PLC000105
Tel: +91 44 2220 6000 Fax: +91 44 2220 6001
D. Overall Remuneration
E-mail: secretarial@ashokleyland.com
The Board may revise the remuneration payable Website: www.ashokleyland.com
to WTD, during any financial year, during currency
of the tenure of office, in such manner as may
be agreed to between the Nomination and NOTES:
Remuneration Committee/Board of Directors 1. The Dividend of ` 3.10/- per share has been recommended
and WTD, subject to the condition that the by the Board of Directors for the year ended March 31, 2019,
remuneration by way of salary, perquisites, annual subject to approval of shareholders. Dividend, if approved at
performance pay, commission, allowances and
ƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ;͞'D͟Ϳ͕ƐŚĂůůďĞƉĂŝĚͬĐƌĞĚŝƚĞĚ
other benefits, shall be within the limits permissible
before August 24, 2019.
under Section 197 of the Act.
2. The Register of Members and the Share Transfer books of
E. Minimum Remuneration
the Company will remain closed from Thursday, July 25, 2019
In the event of any loss or inadequacy of profits to Wednesday, July 31, 2019 (both days inclusive) for the
for any financial year, the Nomination and purpose of determining the Members eligible for dividend.
Remuneration Committee/Board of Directors shall
approve the remuneration payable to WTD, during
already given is to be given in Form SH-14. Form SH-13 and a.m. IST and ends on Tuesday, July 30, 2019 at 5.00
Form SH-14 are available on the Company’s website for p.m. IST. During this period, a person whose name is
download. recorded in the Register of Members or in the Register
ŽĨĞŶĞĮĐŝĂƌLJKǁŶĞƌƐŵĂŝŶƚĂŝŶĞĚďLJƚŚĞĚĞƉŽƐŝƚŽƌŝĞƐ͕
15. The Register of Directors and Key Managerial Personnel and
ĂƐŽŶƚŚĞĐƵƚͲŽīĚĂƚĞ͕ŝ͘Ğ͕͘tĞĚŶĞƐĚĂLJ͕:ƵůLJϮϰ͕ϮϬϭϵ
ƚŚĞŝƌƐŚĂƌĞŚŽůĚŝŶŐŵĂŝŶƚĂŝŶĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϳϬŽĨƚŚĞĐƚ͕ ƐŚĂůůďĞĞŶƟƚůĞĚƚŽĂǀĂŝůƚŚĞĨĂĐŝůŝƚLJŽĨƌĞŵŽƚĞĞͲǀŽƟŶŐ͘
ǁŝůůďĞĂǀĂŝůĂďůĞĨŽƌŝŶƐƉĞĐƟŽŶďLJƚŚĞŵĞŵďĞƌƐĂƚƚŚĞ'D͘ dŚĞƌĞŵŽƚĞͲǀŽƟŶŐŵŽĚƵůĞƐŚĂůůďĞĚŝƐĂďůĞĚďLJE^>ĨŽƌ
ϭϲ͘ DĞŵďĞƌƐĂƌĞƌĞƋƵĞƐƚĞĚƚŽŝŶƟŵĂƚĞĐŚĂŶŐĞƐ͕ŝĨĂŶLJ͕ ǀŽƟŶŐƚŚĞƌĞĂŌĞƌ͘
pertaining to their name, postal address, email address, ;ŝǀͿ WƌŽĐĞƐƐĨŽƌŵĞŵďĞƌƐŽƉƟŶŐĨŽƌƌĞŵŽƚĞĞͲǀŽƟŶŐ͗
telephone/mobile numbers, Permanent Account Number,
^ŵĂŶĚĂƚĞƐ͕ŶŽŵŝŶĂƟŽŶƐ͕ƉŽǁĞƌŽĨĂƩŽƌŶĞLJ͕ďĂŶŬĂĐĐŽƵŶƚ dŚĞŝŶƐƚƌƵĐƟŽŶƐĨŽƌƐŚĂƌĞŚŽůĚĞƌƐǀŽƟŶŐĞůĞĐƚƌŽŶŝĐĂůůLJ
ĚĞƚĂŝůƐ͕ĞƚĐ͕͘ƚŽƚŚĞŝƌĞƉŽƐŝƚŽƌLJWĂƌƟĐŝƉĂŶƚ;ƐͿŝŶĐĂƐĞƚŚĞ are as under:
shares are held by them in electronic form and to Integrated ^ƚĞƉϭ͗>ŽŐͲŝŶƚŽE^>ĞͲsŽƟŶŐƐLJƐƚĞŵĂƚŚƩƉƐ͗ͬͬǁǁǁ͘
Registry Management Services Private Limited, “Kences ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵͬ
dŽǁĞƌƐ͕͟ϮŶĚ&ůŽŽƌ͕EŽ͘ϭ͕ZĂŵĂŬƌŝƐŚŶĂ^ƚƌĞĞƚ͕EŽƌƚŚhƐŵĂŶ
^ƚĞƉϮ͗ĂƐƚLJŽƵƌǀŽƚĞĞůĞĐƚƌŽŶŝĐĂůůLJŽŶE^>ĞͲsŽƟŶŐ
Road, T Nagar, Chennai - 600 017 in case the shares are held
system.
by them in physical form.
ĞƚĂŝůƐŽŶ^ƚĞƉϭŝƐŵĞŶƟŽŶĞĚďĞůŽǁ͗,ŽǁƚŽ>ŽŐͲŝŶƚŽ
ϭϳ͘ DĞŵďĞƌƐǁŚŽŚŽůĚƐŚĂƌĞƐŝŶƉŚLJƐŝĐĂůĨŽƌŵŝŶŵƵůƟƉůĞĨŽůŝŽƐ E^>ĞͲsŽƟŶŐǁĞďƐŝƚĞ͍
ŝŶŝĚĞŶƟĐĂůŶĂŵĞƐŽƌũŽŝŶƚŚŽůĚŝŶŐŝŶƚŚĞƐĂŵĞŽƌĚĞƌŽĨ
ŶĂŵĞƐĂƌĞƌĞƋƵĞƐƚĞĚƚŽƐĞŶĚƚŚĞƐŚĂƌĞĐĞƌƟĮĐĂƚĞƐƚŽƚŚĞ ;ŝͿ sŝƐŝƚƚŚĞĞͲsŽƟŶŐǁĞďƐŝƚĞŽĨE^>͘KƉĞŶǁĞď
ŽŵƉĂŶLJͬZd͕ĨŽƌĐŽŶƐŽůŝĚĂƟŽŶŝŶƚŽĂƐŝŶŐůĞĨŽůŝŽ͘ browser by typing the following URL: ŚƩƉƐ͗ͬͬǁǁǁ͘
ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵͬ either on a Personal Computer
ϭϴ͘ ƐƉĞƌZĞŐƵůĂƟŽŶϰϬŽĨ^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ĂƐĂŵĞŶĚĞĚ͕ or on a mobile.
ƐĞĐƵƌŝƟĞƐŽĨůŝƐƚĞĚĐŽŵƉĂŶŝĞƐĐĂŶďĞƚƌĂŶƐĨĞƌƌĞĚŽŶůLJŝŶ
ĚĞŵĂƚĞƌŝĂůŝƐĞĚĨŽƌŵǁŝƚŚĞīĞĐƚĨƌŽŵƉƌŝůϭ͕ϮϬϭϵ͕ĞdžĐĞƉƚŝŶ ;ŝŝͿ KŶĐĞƚŚĞŚŽŵĞƉĂŐĞŽĨĞͲsŽƟŶŐƐLJƐƚĞŵŝƐ
ĐĂƐĞŽĨƌĞƋƵĞƐƚƌĞĐĞŝǀĞĚĨŽƌƚƌĂŶƐŵŝƐƐŝŽŶŽƌƚƌĂŶƐƉŽƐŝƟŽŶŽĨ ůĂƵŶĐŚĞĚ͕ĐůŝĐŬŽŶƚŚĞŝĐŽŶ͞>ŽŐŝŶ͟ǁŚŝĐŚŝƐ
ƐĞĐƵƌŝƟĞƐ͘/ŶǀŝĞǁŽĨƚŚŝƐĂŶĚƚŽĞůŝŵŝŶĂƚĞĂůůƌŝƐŬƐĂƐƐŽĐŝĂƚĞĚ ĂǀĂŝůĂďůĞƵŶĚĞƌ͚^ŚĂƌĞŚŽůĚĞƌƐ͛ƐĞĐƟŽŶ͘
ǁŝƚŚƉŚLJƐŝĐĂůƐŚĂƌĞƐĂŶĚĨŽƌĞĂƐĞŽĨƉŽƌƞŽůŝŽŵĂŶĂŐĞŵĞŶƚ͕ ;ŝŝŝͿ ŶĞǁƐĐƌĞĞŶǁŝůůŽƉĞŶ͘zŽƵǁŝůůŚĂǀĞƚŽĞŶƚĞƌLJŽƵƌ
members holding shares in physical form are requested to hƐĞƌ/͕LJŽƵƌWĂƐƐǁŽƌĚĂŶĚĂsĞƌŝĮĐĂƟŽŶŽĚĞĂƐ
ĐŽŶƐŝĚĞƌĐŽŶǀĞƌƟŶŐƚŚĞŝƌŚŽůĚŝŶŐƐƚŽĚĞŵĂƚĞƌŝĂůŝƐĞĚĨŽƌŵ͘ shown on the screen.
19. Subject to receipt of requisite number of votes, the ůƚĞƌŶĂƟǀĞůLJ͕ŝĨLJŽƵĂƌĞƌĞŐŝƐƚĞƌĞĚĨŽƌE^>
ZĞƐŽůƵƟŽŶƐƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞƉĂƐƐĞĚŽŶƚŚĞĚĂƚĞŽĨƚŚĞ e-services i.e., IDEAS, you can log-in at ŚƩƉƐ͗ͬͬ
AGM, i.e., Wednesday, July 31, 2019. eservices.nsdl.com/ǁŝƚŚLJŽƵƌĞdžŝƐƟŶŐ/^ůŽŐŝŶ͘
KŶĐĞLJŽƵůŽŐͲŝŶƚŽE^>ĞͲƐĞƌǀŝĐĞƐĂŌĞƌƵƐŝŶŐLJŽƵƌ
ϮϬ͘ ƐƉĂƌƚŽĨŽŵƉĂŶLJ͛Ɛ'K'ZEŝŶŝƟĂƟǀĞ͕ŵĞŵďĞƌƐǁŚŽ ůŽŐͲŝŶĐƌĞĚĞŶƟĂůƐ͕ĐůŝĐŬŽŶĞͲsŽƟŶŐĂŶĚLJŽƵĐĂŶ
have not registered their e-mail ID are requested to update proceed to Step 2 i.e. Cast your vote electronically.
the same with the Company, if held in physical form(or) to
the Depository, if held in demat mode. ;ŝǀͿ zŽƵƌhƐĞƌ/ĚĞƚĂŝůƐĂƌĞŐŝǀĞŶďĞůŽǁ͗
21. The Route Map for the venue of the AGM is enclosed. DĂŶŶĞƌŽĨŚŽůĚŝŶŐ zŽƵƌhƐĞƌ/ŝƐ͗
shares i.e. Demat (NSDL
ϮϮ͘ sŽƟŶŐƚŚƌŽƵŐŚĞůĞĐƚƌŽŶŝĐŵĞĂŶƐ͗
or CDSL) or Physical
;ŝͿ /ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϬϴŽĨƚŚĞĐƚ (a) For Members 8 Character DP ID followed by 8
and the Rule 20 of the Companies (Management and who hold shares Digit Client ID
ĚŵŝŶŝƐƚƌĂƟŽŶͿZƵůĞƐ͕ϮϬϭϰ͕ĂƐĂŵĞŶĚĞĚĨƌŽŵƟŵĞƚŽ in demat account
ƟŵĞĂŶĚZĞŐƵůĂƟŽŶϰϰŽĨƚŚĞ^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ &ŽƌĞdžĂŵƉůĞ͕ŝĨLJŽƵƌW/
with NSDL.
is IN300*** and Client ID is
the Company provides the members the facility to
12****** then your user ID is
ĞdžĞƌĐŝƐĞƚŚĞŝƌƌŝŐŚƚƚŽǀŽƚĞĂƚƚŚĞ'DďLJĞůĞĐƚƌŽŶŝĐ
IN300***12******.
means and the businesses may be transacted through
ĞͲǀŽƟŶŐƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJEĂƟŽŶĂů^ĞĐƵƌŝƟĞƐ (b) For Members ϭϲŝŐŝƚĞŶĞĮĐŝĂƌLJ/
Depository Limited (NSDL). who hold shares
&ŽƌĞdžĂŵƉůĞŝĨLJŽƵƌĞŶĞĮĐŝĂƌLJ/
in demat account
;ŝŝͿ dŚĞĨĂĐŝůŝƚLJĨŽƌǀŽƟŶŐ͕ƚŚƌŽƵŐŚďĂůůŽƚƉĂƉĞƌƐŚĂůůďĞ is 12************** then your
with CDSL.
ŵĂĚĞĂǀĂŝůĂďůĞĂƚƚŚĞ'DĂŶĚŵĞŵďĞƌƐĂƩĞŶĚŝŶŐƚŚĞ user ID is 12**************
AGM who have not already cast their vote by remote (c) For Members EVEN Number followed by Folio
ĞͲǀŽƟŶŐƐŚĂůůďĞĂďůĞƚŽĞdžĞƌĐŝƐĞƚŚĞŝƌƌŝŐŚƚĂƚƚŚĞ'D͘ holding shares in Number registered with the
Physical Form. company
;ŝŝŝͿ dŚĞ͞ĐƵƚͲŽīĚĂƚĞ͟ĨŽƌĚĞƚĞƌŵŝŶŝŶŐƚŚĞĞůŝŐŝďŝůŝƚLJĨŽƌ
ǀŽƟŶŐĞŝƚŚĞƌƚŚƌŽƵŐŚĞůĞĐƚƌŽŶŝĐǀŽƟŶŐƐLJƐƚĞŵŽƌďĂůůŽƚ &ŽƌĞdžĂŵƉůĞ͕ŝĨĨŽůŝŽŶƵŵďĞƌŝƐ
ŝƐĮdžĞĚĂƐtĞĚŶĞƐĚĂLJ͕:ƵůLJϮϰ͕ϮϬϭϵ͘dŚĞĞͲǀŽƟŶŐ 001*** and EVEN is 101456 then
period commences on Saturday, July 27, 2019 at 9.00 user ID is 101456001***
b) WŚLJƐŝĐĂůhƐĞƌZĞƐĞƚWĂƐƐǁŽƌĚ͍͟;/ĨLJŽƵĂƌĞ (iii) In case of any queries, you may refer the Frequently
ŚŽůĚŝŶŐƐŚĂƌĞƐŝŶƉŚLJƐŝĐĂůŵŽĚĞͿŽƉƟŽŶ ƐŬĞĚYƵĞƐƟŽŶƐ;&YƐͿĨŽƌŵĞŵďĞƌƐĂŶĚĞͲǀŽƟŶŐƵƐĞƌ
available on ǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ. ŵĂŶƵĂůĨŽƌŵĞŵďĞƌƐĂǀĂŝůĂďůĞĂƚƚŚĞĚŽǁŶůŽĂĚƐĞĐƟŽŶ
of ǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ or call on toll free no.: 1800-
ĐͿ /ĨLJŽƵĂƌĞƐƟůůƵŶĂďůĞƚŽŐĞƚƚŚĞƉĂƐƐǁŽƌĚďLJ 222-990 or send a request at ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶ͘
ĂĨŽƌĞƐĂŝĚƚǁŽŽƉƟŽŶƐ͕LJŽƵĐĂŶƐĞŶĚĂƌĞƋƵĞƐƚ
at ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶŵĞŶƟŽŶŝŶŐLJŽƵƌĚĞŵĂƚ Ϯϯ͘ dŚĞǀŽƟŶŐƌŝŐŚƚƐŽĨƐŚĂƌĞŚŽůĚĞƌƐƐŚĂůůďĞŝŶƉƌŽƉŽƌƟŽŶ
account number/folio number, your PAN, to their shares of the paid-up equity share capital of the
your name and your registered address. ŽŵƉĂŶLJĂƐŽŶƚŚĞĐƵƚͲŽīĚĂƚĞŝ͘Ğ͕͘:ƵůLJϮϰ͕ϮϬϭϵ͘ƉĞƌƐŽŶ͕
whose name is recorded in the Register of Members or
;ǀŝŝͿ ŌĞƌĞŶƚĞƌŝŶŐLJŽƵƌƉĂƐƐǁŽƌĚ͕ƟĐŬŽŶŐƌĞĞƚŽ ŝŶƚŚĞZĞŐŝƐƚĞƌŽĨďĞŶĞĮĐŝĂůŽǁŶĞƌƐŵĂŝŶƚĂŝŶĞĚďLJƚŚĞ
͞dĞƌŵƐĂŶĚŽŶĚŝƟŽŶƐ͟ďLJƐĞůĞĐƟŶŐŽŶƚŚĞĐŚĞĐŬ ĚĞƉŽƐŝƚŽƌŝĞƐŽŶƚŚĞĐƵƚŽīĚĂƚĞŽŶůLJƐŚĂůůďĞĞŶƟƚůĞĚƚŽĂǀĂŝů
ďŽdž͘ ƚŚĞĨĂĐŝůŝƚLJŽĨǀŽƟŶŐ͕ĞŝƚŚĞƌƚŚƌŽƵŐŚƌĞŵŽƚĞĞͲǀŽƟŶŐŽƌ
;ǀŝŝŝͿ EŽǁ͕LJŽƵǁŝůůŚĂǀĞƚŽĐůŝĐŬŽŶ͞>ŽŐŝŶ͟ďƵƩŽŶ͘ ǀŽƟŶŐĂƚƚŚĞDĞĞƟŶŐƚŚƌŽƵŐŚĞůĞĐƚƌŽŶŝĐǀŽƟŶŐƐLJƐƚĞŵŽƌ
poll paper.
;ŝdžͿ ŌĞƌLJŽƵĐůŝĐŬŽŶƚŚĞ͞>ŽŐŝŶ͟ďƵƩŽŶ͕,ŽŵĞƉĂŐĞ
ŽĨĞͲsŽƟŶŐǁŝůůŽƉĞŶ͘ Ϯϰ͘ DĞŵďĞƌƐǁŚŽŚĂǀĞĂůƌĞĂĚLJĞdžĞƌĐŝƐĞĚƚŚĞŝƌǀŽƟŶŐƚŚƌŽƵŐŚ
ƌĞŵŽƚĞĞͲǀŽƟŶŐĐĂŶĂƩĞŶĚƚŚĞ'D͕ďƵƚĐĂŶŶŽƚǀŽƚĞĂŐĂŝŶ͘
ĞƚĂŝůƐŽŶ^ƚĞƉϮŝƐŐŝǀĞŶďĞůŽǁ͗
Ϯϱ͘ zŽƵƌŽŵƉĂŶLJŚĂƐĂƉƉŽŝŶƚĞĚDĞƐƐĞƌƐŚĂŶĚƌĂΘ
,ŽǁƚŽĐĂƐƚLJŽƵƌǀŽƚĞĞůĞĐƚƌŽŶŝĐĂůůLJŽŶE^>ĞͲsŽƟŶŐƐLJƐƚĞŵ͍
ƐƐŽĐŝĂƚĞƐ͕WƌĂĐƟƐŝŶŐŽŵƉĂŶLJ^ĞĐƌĞƚĂƌŝĞƐ;&ŝƌŵZĞŐ͘EŽ͘
;ŝͿ ŌĞƌƐƵĐĐĞƐƐĨƵůůŽŐŝŶĂƚ^ƚĞƉϭ͕LJŽƵǁŝůůďĞĂďůĞƚŽƐĞĞƚŚĞ WϮϬϭϳdEϬϲϱϳϬϬͿ͕ŚĞŶŶĂŝ͕ĂƐƚŚĞ^ĐƌƵƟŶŝnjĞƌƚŽƐĐƌƵƟŶŝnjĞ
,ŽŵĞƉĂŐĞŽĨĞͲsŽƟŶŐ͘ůŝĐŬŽŶĞͲsŽƟŶŐ͘dŚĞŶ͕ĐůŝĐŬŽŶ ƚŚĞǀŽƟŶŐĂƚƚŚĞŵĞĞƟŶŐĂŶĚƚŚĞƌĞŵŽƚĞĞͲǀŽƟŶŐƉƌŽĐĞƐƐ͕
ĐƟǀĞsŽƟŶŐLJĐůĞƐ͘ in a fair and transparent manner.
Ϯϳ͘ ƐƉĞƌZĞŐƵůĂƟŽŶϰϰŽĨƚŚĞ^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ƚŚĞ The Company has received notices in writing from a member
ƌĞƐƵůƚƐŽĨƚŚĞĞͲǀŽƟŶŐĂƌĞƚŽďĞƐƵďŵŝƩĞĚƚŽƚŚĞ^ƚŽĐŬ under Section 160 of the Act proposing the candidature of
džĐŚĂŶŐĞƐǁŝƚŚŝŶϰϴŚŽƵƌƐŽĨƚŚĞĐŽŶĐůƵƐŝŽŶŽĨƚŚĞ'D͘ Dr. Andreas H Biagosch, Mr. Jean Brunol and Mr. Sanjay K Asher
dŚĞƌĞƐƵůƚƐĚĞĐůĂƌĞĚĂůŽŶŐǁŝƚŚ^ĐƌƵƟŶŝnjĞƌ͛ƐƌĞƉŽƌƚƐŚĂůůďĞ for the office of Independent Directors of the Company.
placed on the Company’s website www.ashokleyland.com The Company has also received declarations from Dr. Andreas
and the website of NSDL ǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ. The H Biagosch, Mr. Jean Brunol, and Mr. Sanjay K Asher that they
ƌĞƐƵůƚƐƐŚĂůůĂůƐŽďĞĚŝƐƉůĂLJĞĚŽŶƚŚĞEŽƟĐĞŽĂƌĚĂƚƚŚĞ meet with the criteria of independence as prescribed both
ZĞŐŝƐƚĞƌĞĚŽĸĐĞŽĨƚŚĞŽŵƉĂŶLJ͘ under sub-section (6) of Section 149 of the Act and under
EXPLANATORY STATEMENT SEBI Listing Regulations.
ƐƌĞƋƵŝƌĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϬϮŽĨŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞ƚŚĞ In the opinion of the Board, Dr. Andreas H Biagosch,
Đƚ͟Ϳ͕ƚŚĞĨŽůůŽǁŝŶŐĞdžƉůĂŶĂƚŽƌLJƐƚĂƚĞŵĞŶƚƐĞƚƐŽƵƚĂůůŵĂƚĞƌŝĂů Mr. Jean Brunol, and Mr. Sanjay K Asher fulfil the conditions for
ĨĂĐƚƐƌĞůĂƟŶŐƚŽƚŚĞďƵƐŝŶĞƐƐĞƐŵĞŶƟŽŶĞĚƵŶĚĞƌ/ƚĞŵEŽƐ͘ϰƚŽϴ appointment as Independent Directors as specified in the Act
ŽĨƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƟĐĞ͘ and the SEBI Listing Regulations and are independent of the
management.
Item Nos. 4, 5 and 6
Details of Directors whose re-appointment as Independent
Dr. Andreas H Biagosch (DIN: 06570499), Mr. Jean Brunol
Directors is proposed at Item Nos. 4 to 6, are provided in
(DIN: 03044965) and Mr. Sanjay K Asher (DIN:00008221)
ƚŚĞ͞ŶŶĞdžƵƌĞ͟ƚŽƚŚĞEŽƚŝĐĞƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐ
were appointed as Independent Directors on the Board of
of SEBI Listing Regulations and the Secretarial Standard on
ƚŚĞŽŵƉĂŶLJƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϰϵŽĨƚŚĞ
'ĞŶĞƌĂůDĞĞƚŝŶŐƐ;͞^^ͲϮ͟ͿŝƐƐƵĞĚďLJƚŚĞ/ŶƐƚŝƚƵƚĞŽĨŽŵƉĂŶLJ
Đƚ͕ƌĞĂĚǁŝƚŚƚŚĞŽŵƉĂŶŝĞƐ;ƉƉŽŝŶƚŵĞŶƚĂŶĚYƵĂůŝĮĐĂƟŽŶ
Secretaries of India. Copy of draft letters of appointment of
of Directors) Rules, 2014 and the erstwhile Clause 49 of the
Dr. Andreas H Biagosch, Mr. Jean Brunol, and Mr. Sanjay K
>ŝƐƟŶŐŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞƐƚŽĐŬĞdžĐŚĂŶŐĞƐ͘dŚĞLJŚŽůĚŽĸĐĞĂƐ
Asher setting out the terms and conditions of appointment are
/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJƟůů:ƵůLJϮϱ͕ϮϬϭϵ͘
available for inspection by the members at the registered office
dŚĞEŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ;EZͿŽĨ of the Company.
the Board of Directors, based on the report of performance
None of the Directors and Key Managerial Personnel of the
ĞǀĂůƵĂƟŽŶŽĨ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ͕ŚĂƐƌĞĐŽŵŵĞŶĚĞĚƚŚĞ
Company and their relatives is, in any way, concerned or
re-appointment of Dr. Andreas H Biagosch, Mr. Jean Brunol and
interested, financially or otherwise, in the resolutions Nos. 4, 5
Mr. Sanjay K Asher as Independent Directors for a second term of
ĂŶĚϲĞdžĐĞƉƚƌ͘ŶĚƌĞĂƐ,ŝĂŐŽƐĐŚ͕Dƌ͘:ĞĂŶƌƵŶŽů͕
ϱ;ĮǀĞͿĐŽŶƐĞĐƵƟǀĞLJĞĂƌƐŽŶƚŚĞŽĂƌĚŽĨƚŚĞŽŵƉĂŶLJĨƌŽŵ
Mr. Sanjay K Asher and their relatives, respectively.
July 26, 2019 upto July 25, 2024.
The Board recommends the Special Resolutions set out at Item
dŚĞŽĂƌĚ͕ďĂƐĞĚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞĞǀĂůƵĂƟŽŶŽĨ/ŶĚĞƉĞŶĚĞŶƚ
ŝƌĞĐƚŽƌƐĂŶĚĂƐƉĞƌƚŚĞƌĞĐŽŵŵĞŶĚĂƟŽŶŽĨƚŚĞEZ͕ĐŽŶƐŝĚĞƌƐ Nos. 4, 5 and 6 of the Notice, for approval by the members.
ƚŚĂƚ͕ŐŝǀĞŶƚŚĞŝƌďĂĐŬŐƌŽƵŶĚĂŶĚĞdžƉĞƌŝĞŶĐĞĂŶĚĐŽŶƚƌŝďƵƟŽŶƐ Item No. 7
ŵĂĚĞďLJƚŚĞŵĚƵƌŝŶŐƚŚĞŝƌƚĞŶƵƌĞ͕ƚŚĞĐŽŶƟŶƵĞĚĂƐƐŽĐŝĂƟŽŶ
of Dr. Andreas H Biagosch, Mr. Jean Brunol and Mr. Sanjay K Pursuant to the recommendation of the Nomination and
ƐŚĞƌǁŽƵůĚďĞďĞŶĞĮĐŝĂůƚŽƚŚĞŽŵƉĂŶLJĂŶĚŝƚŝƐĚĞƐŝƌĂďůĞ Remuneration Committee, the Board of Directors, at
ƚŽĐŽŶƟŶƵĞƚŽĂǀĂŝůƚŚĞŝƌƐĞƌǀŝĐĞƐĂƐ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ͘ its meeting held on May 24, 2019 appointed Mr. Gopal
Accordingly, it is proposed to re-appoint Dr. Andreas H Biagosch, Mahadevan, ("Mr. Gopal") (DIN: 01746102) as an Additional
Mr. Jean Brunol, and Mr. Sanjay K Asher as Independent Directors Director of the Company and also designated him as a
ŽĨƚŚĞŽŵƉĂŶLJ͕ŶŽƚůŝĂďůĞƚŽƌĞƟƌĞďLJƌŽƚĂƟŽŶĂŶĚƚŽŚŽůĚŽĸĐĞ Whole-time Director ("WTD") and Chief Financial Officer of the
ĨŽƌĂƐĞĐŽŶĚƚĞƌŵŽĨϱ;ĮǀĞͿĐŽŶƐĞĐƵƟǀĞLJĞĂƌƐŽŶƚŚĞŽĂƌĚŽĨ Company for period of five years from May 24, 2019 to May 23,
the Company. 2024, subject to the approval of the shareholders at this Annual
General Meeting.
^ĞĐƟŽŶϭϰϵŽĨƚŚĞĐƚĂŶĚƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ĞĐƵƌŝƟĞƐĂŶĚ
džĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;>ŝƐƟŶŐKďůŝŐĂƟŽŶƐĂŶĚŝƐĐůŽƐƵƌĞ Keeping in view that Mr. Gopal brings with him a rich and varied
ZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ;͞^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͟Ϳ ĞdžƉĞƌŝĞŶĐĞŽĨŽǀĞƌϯϬLJĞĂƌƐĂĐƌŽƐƐ/ŶĚƵƐƚƌŝĞƐ͕ŝƚǁŽƵůĚďĞŝŶƚŚĞ
inter alia prescribe that an independent director of a Company interest of the Company to appoint him as WTD of the Company.
ƐŚĂůůŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂŽĨŝŶĚĞƉĞŶĚĞŶĐĞĂƐƉƌŽǀŝĚĞĚŝŶ^ĞĐƟŽŶ Brief profile of Mr. Gopal
ϭϰϵ;ϲͿŽĨƚŚĞĐƚ͘^ĞĐƟŽŶϭϰϵ;ϭϬͿŽĨƚŚĞĐƚƉƌŽǀŝĚĞƐƚŚĂƚĂŶ
ŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐŚĂůůŚŽůĚŽĸĐĞĨŽƌĂƚĞƌŵŽĨƵƉƚŽĮǀĞ Mr. Gopal is a member of the Institute of Chartered
ĐŽŶƐĞĐƵƟǀĞLJĞĂƌƐŽŶƚŚĞŽĂƌĚĂŶĚƐŚĂůůďĞĞůŝŐŝďůĞĨŽƌ Accountants of India and a qualified Company Secretary
ƌĞͲĂƉƉŽŝŶƚŵĞŶƚŽŶƉĂƐƐŝŶŐĂƐƉĞĐŝĂůƌĞƐŽůƵƟŽŶďLJƚŚĞŽŵƉĂŶLJ ǁŝƚŚŽǀĞƌϯϬLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶ&ŝŶĂŶĐĞĨƵŶĐƚŝŽŶĂĐƌŽƐƐĂ
ƐƉĞĐƚƌƵŵŽĨŝŶĚƵƐƚƌŝĞƐ͘Dƌ͘'ŽƉĂůŚĂƐŚĂĚĞdžƚĞŶƐŝǀĞĞdžƉĞƌŝĞŶĐĞ ZƵůĞƐ͕ƌĞŵƵŶĞƌĂƟŽŶƉĂLJĂďůĞƚŽƚŚĞĐŽƐƚĂƵĚŝƚŽƌƐŝƐƌĞƋƵŝƌĞĚƚŽďĞ
in manufacturing, internet services, financial services and ƌĂƟĮĞĚďLJƚŚĞŵĞŵďĞƌƐŽĨƚŚĞŽŵƉĂŶLJŝŶƚŚĞŐĞŶĞƌĂůŵĞĞƟŶŐ͘
project companies. During his career, he has also been involved dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƚŝƚƐŵĞĞƟŶŐŚĞůĚŽŶ
in restructuring and M&A. He has worked with renowned May 18, 2018 had considered and approved the appointment of
ŽƌŐĂŶŝƐĂƚŝŽŶƐůŝŬĞdŚĞƌŵĂdž>ƚĚ͕ŵĂƌĂZĂũĂĂƚƚĞƌŝĞƐ>ƚĚ͕ DĞƐƐĞƌƐ'ĞĞLJĞƐΘŽ͕͘ŽƐƚĐĐŽƵŶƚĂŶƚƐ;ZĞŐŝƐƚƌĂƟŽŶEŽ͘ϬϬϬϰϰͿ
Sify, Sanmar Group and TTK Pharma Ltd. He is a member of ĂƐƚŚĞĐŽƐƚĂƵĚŝƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϴͲϭϵ
the board of several companies in Ashok Leyland Group of ŽŶĂƌĞŵƵŶĞƌĂƟŽŶŽĨ`700,000/- (Rupees Seven Lakhs only) plus
companies. He has received several awards and recognitions. ĂƉƉůŝĐĂďůĞ'ŽŽĚƐĂŶĚ^ĞƌǀŝĐĞƚĂdžĂŶĚŽƵƚŽĨƉŽĐŬĞƚĞdžƉĞŶƐĞƐƚŚĂƚ
In one of the earlier organisations, Mr. Gopal had also handled may be incurred.
HR and Strategy as additional responsibilities. Mr. Gopal joined
Ashok Leyland in July 2013, as CFO and has been one of the None of the Directors and Key Managerial Personnel of the
core team members leading the turnaround and growth of the ŽŵƉĂŶLJĂŶĚƚŚĞŝƌƌĞůĂƟǀĞƐ͕ŝƐ͕ŝŶĂŶLJǁĂLJ͕ĐŽŶĐĞƌŶĞĚŽƌ
Company. ŝŶƚĞƌĞƐƚĞĚ͕ĮŶĂŶĐŝĂůůLJŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶƚŚŝƐƌĞƐŽůƵƟŽŶ͘
dŚĞŽĂƌĚƌĞĐŽŵŵĞŶĚƐƚŚĞƌĞƐŽůƵƟŽŶƐĞƚŽƵƚĂƚ/ƚĞŵEŽ͘ϴĨŽƌƚŚĞ
Mr. Gopal holds 120,000 by shares in the Company as per the
ĂƉƉƌŽǀĂůͬƌĂƟĮĐĂƟŽŶŽĨƚŚĞŵĞŵďĞƌƐ͘
ĚĞĐůĂƌĂƟŽŶŐŝǀĞŶďLJŚŝŵ͘
dŚĞƚĞƌŵƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞƌĞƐŽůƵƟŽŶƐƐŚĂůůĐŽŶƐƟƚƵƚĞƚŚĞ
ǁƌŝƩĞŶŵĞŵŽƌĂŶĚƵŵƐĞƫŶŐŽƵƚƚŚĞƚĞƌŵƐŽĨĂƉƉŽŝŶƚŵĞŶƚ͘
The approval of the members is being sought for the By Order of the Board
appointment of Mr. Gopal as Director and as WTD and the
ƌĞŵƵŶĞƌĂƟŽŶƉĂLJĂďůĞƚŽŚŝŵĨŽƌĂƉĞƌŝŽĚŽĨĮǀĞLJĞĂƌƐĨƌŽŵ Chennai N Ramanathan
May 24, 2019 to May 23, 2024. May 24, 2019 Company Secretary
None of the Directors and Key Managerial Personnel of the
ŽŵƉĂŶLJĂŶĚƚŚĞŝƌƌĞůĂƟǀĞƐŝƐĐŽŶĐĞƌŶĞĚŽƌŝŶƚĞƌĞƐƚĞĚ͕
ĮŶĂŶĐŝĂůůLJŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶƚŚĞƌĞƐŽůƵƟŽŶEŽ͘ϳĞdžĐĞƉƚDƌ͘'ŽƉĂů ZĞŐŝƐƚĞƌĞĚKĸĐĞ͗
ĂŶĚŚŝƐƌĞůĂƟǀĞƐ͘ 1, Sardar Patel Road, Guindy
Chennai - 600 032
Item No. 8
CIN: L34101TN1948PLC000105
WƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϰϴŽĨŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ dĞů͗нϵϭϰϰϮϮϮϬϲϬϬϬ&Ădž͗нϵϭϰϰϮϮϮϬϲϬϬϭ
and Rule 14 of the Companies (Audit and Auditors) Rules, 2014,
E-mail: secretarial@ashokleyland.com
the Company is required to appoint a cost auditor to audit the cost
records of the applicable products of the Company. As per the said Website: www.ashokleyland.com
EĂŵĞŽĨƚŚĞŝƌĞĐƚŽƌ Mr. Dheeraj G Hinduja Dr. Andreas H Biagosch Mr. Jean Brunol Mr. Sanjay K Asher Mr. Gopal Mahadevan
Date of Birth and Age July 27, 1971; 47 years May 22, 1955; 64 years March 23, 1952; 67 years November 26, 1963; 55 years DĂLJϮϬ͕ϭϵϲϲ͖ϱϯzĞĂƌƐ
Date of Appointment September 3, 1996 May 10, 2013 October 20, 2010 December 21, 2010 May 24, 2019
YƵĂůŝĮĐĂƟŽŶƐ BSC, MBA Mechanical Engineering Graduate of the Ecole Normale B.Com, LLB, FCA B.Com, ACA
and Business Supérieure de Saint Cloud,
ĚŵŝŶŝƐƚƌĂƟŽŶ holding the highest General
Physics’ degree in France
;ŐƌĠŐĂƟŽŶͿ͖
^ƚĂƚĞŽĐƚŽƌĂƚĞŝŶKƉƟĐƐĂŶĚ
Image Processing;
Master’s in Business
ĚŵŝŶŝƐƚƌĂƟŽŶĨƌŽŵZĞƐĞĂƌĐŚ
ĞŶƚĞƌĨŽƌdžĞĐƵƟǀĞDĂŶĂŐŝŶŐ
Director (CRC).
džƉĞƌƟƐĞŝŶ^ƉĞĐŝĮĐ Various strategies and ZĞƟƌĞĚĨƌŽŵDĐ<ŝŶƐĞLJ Mr. Jean Brunol was a Senior WƌĂĐƟƐŝŶŐĚǀŽĐĂƚĞƐŝŶĐĞϭϵϴϵǁŝƚŚDͬƐ KǀĞƌϯϬLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶ&ŝŶĂŶĐĞ
ĨƵŶĐƟŽŶĂůĂƌĞĂƐ leadership level in variety of & Company in July 2012 Vice President Business Crawford Bayley & Co., which is a leading ĨƵŶĐƟŽŶĂĐƌŽƐƐĂƐƉĞĐƚƌƵŵŽĨŝŶĚƵƐƚƌŝĞƐ͘
ďƵƐŝŶĞƐƐĨƵŶĐƟŽŶƐ͘ ĂŌĞƌƐĞƌǀŝŶŐϮϴLJĞĂƌƐ ΘKƉĞƌĂƟŽŶƐ^ƚƌĂƚĞŐLJ͕ ůĂǁĮƌŵ͘,ĞǁĂƐĂĚŵŝƩĞĚĂƐĂ^ŽůŝĐŝƚŽƌ ,ĞŚĂƐŚĂĚĞdžƚĞŶƐŝǀĞĞdžƉĞƌŝĞŶĐĞŝŶ
of service at McKinsey Member of Federal Mogul in the year 1993 and is presently a Senior manufacturing, internet services,
& Company. He was a Strategy Board; Federal Partner of M/s Crawford Bayley & Co. He ĮŶĂŶĐŝĂůƐĞƌǀŝĐĞƐĂŶĚƉƌŽũĞĐƚ
member of McKinsey’s DŽŐƵůŽƌƉŽƌĂƟŽŶŝŶĐŚĂƌŐĞ ǁĂƐĂŶŝŶǀŝƚĞĞƚŽƚŚĞŽŵŵŝƩĞĞĨŽƌŵĞĚ companies. During his career, he has
džĞĐƵƟǀĞŽĂƌĚĨŽƌ of worldwide Business and by the Government of India, Department also been involved in restructuring and
NOTICE TO SHAREHOLDERS
12 years, serving in KƉĞƌĂƟŽŶƐ^ƚƌĂƚĞŐLJĂƐǁĞůů of Disinvestment for the purposes of M&A. He has worked with renowned
ĚŝīĞƌĞŶƚƌŽůĞƐƐƵĐŚ ĂƐ/ŶƚĞƌŶĂƟŽŶĂůKƉĞƌĂƟŽŶƐ͘ ƐƚĂŶĚĂƌĚŝƐŝŶŐƚŚĞƚƌĂŶƐĂĐƟŽŶĚŽĐƵŵĞŶƚƐŝŶ ŽƌŐĂŶŝƐĂƟŽŶƐůŝŬĞdŚĞƌŵĂdž>ƚĚ͕ŵĂƌĂ
as chairing the Client Based in Paris and in Detroit ƌĞůĂƟŽŶƚŽƉƌŝǀĂƟƐĂƟŽŶŽĨƚŚĞƉƵďůŝĐƐĞĐƚŽƌ ZĂũĂĂƩĞƌŝĞƐ>ƚĚ͕^ŝĨLJ͕^ĂŶŵĂƌ'ƌŽƵƉ
ŽŵŵŝƩĞĞ͕ĐŚĂŝƌŝŶŐƚŚĞ he managed the restructuring enterprises of the Government of India. and TTK Pharma Ltd. He is a member
Professional Standards ŽĨ&ĞĚĞƌĂůDŽŐƵůKƉĞƌĂƟŽŶƐ of the board of several companies in
ŽŵŵŝƩĞĞ͕ĂŶĚůĞĂĚŝŶŐ in Europe, development of the Ashok Leyland Group of companies.
all of McKinsey’s industry ŽŵƉĂŶLJŝŶƐŝĂWĂĐŝĮĐĂƐǁĞůů He has received several awards and
ƉƌĂĐƟĐĞƐǁŽƌůĚǁŝĚĞ͘ as South America, Mergers and ƌĞĐŽŐŶŝƟŽŶƐ͘/ŶŽŶĞŽĨƚŚĞĞĂƌůŝĞƌ
He was also a member of ĐƋƵŝƐŝƟŽŶƐŽĨƚŚĞĐŽƌƉŽƌĂƟŽŶ ŽƌŐĂŶŝƐĂƟŽŶƐ͕Dƌ͘'ŽƉĂůŚĂĚĂůƐŽ
all of the Firm’s personnel and Global advanced ŚĂŶĚůĞĚ,ZĂŶĚ^ƚƌĂƚĞŐLJĂƐĂĚĚŝƟŽŶĂů
ĐŽŵŵŝƩĞĞƐ͘ Technology reengineering. ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͘Dƌ͘'ŽƉĂůũŽŝŶĞĚƐŚŽŬ
He was previously Senior Vice Leyland in July 2013, as CFO and has
President Business Strategy been one of the core team members
ĂŶĚ/ŶƚĞƌŶĂƟŽŶĂůKƉĞƌĂƟŽŶƐ leading the turnaround and growth of
at IVECO a leading Commercial the Company.
Vehicle Manufacturers and
based in Italy. Prior to his
appointment in the Company,
he was the CEO of the World
Leader of high technology
ďĂƩĞƌŝĞƐ^&d͘
(b) Corporate Social (b) Corporate ;ĂͿ ƵĚŝƚŽŵŵŝƩĞĞ ;ĂͿ ƵĚŝƚŽŵŵŝƩĞĞ ;ĂͿ ƵĚŝƚŽŵŵŝƩĞĞ
Responsibility Social ;ďͿ ŽŵƉĞŶƐĂƟŽŶ ;ďͿ EŽŵŝŶĂƟŽŶZĞŵƵŶĞƌĂƟŽŶ ;ďͿ KƉĞƌĂƟŶŐŽŵŵŝƩĞĞ
ŽŵŵŝƩĞĞ Responsibility ŽŵŵŝƩĞĞ ŽŵŵŝƩĞĞ 3) Hinduja Leyland Finance Limited
2) Hinduja Tech Limited ŽŵŵŝƩĞĞ (c) Strategy & 3) Balakrishna Industries Ltd. ;ĂͿ ƵĚŝƚŽŵŵŝƩĞĞ
;ĂͿ EŽŵŝŶĂƟŽŶĂŶĚ ϮͿ ŝdžƚƌŽŶ^ Technology ;ĂͿ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶ ;ďͿ ƌĞĚŝƚŽŵŵŝƩĞĞ
ZĞŵƵŶĞƌĂƟŽŶ (a) Audit ŽŵŵŝƩĞĞΎ ŽŵŵŝƩĞĞ (c) Asset Liability Management
ŽŵŵŝƩĞĞ ŽŵŵŝƩĞĞ ϰͿ &ŝŶŽůĞdž/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ŽŵŵŝƩĞĞΎ
3) Hinduja Leyland Finance ;ĂͿ EŽŵŝŶĂƟŽŶZĞŵƵŶĞƌĂƟŽŶ ;ĚͿ ĂƉŝƚĂůZĂŝƐŝŶŐŽŵŵŝƩĞĞ
Limited ŽŵŵŝƩĞĞ 4) Optare PLC
;ĂͿ EŽŵŝŶĂƟŽŶĂŶĚ 5) Sudarshan Chemical Industries Limited ;ĂͿ ƵĚŝƚŽŵŵŝƩĞĞ
ZĞŵƵŶĞƌĂƟŽŶ ;ĂͿ ƵĚŝƚŽŵŵŝƩĞĞ 5) Hinduja Housing Finance Limited
ŽŵŵŝƩĞĞ ;ďͿ EŽŵŝŶĂƟŽŶZĞŵƵŶĞƌĂƟŽŶ ;ĂͿ EŽŵŝŶĂƟŽŶĂŶĚ
(b) Corporate Social ŽŵŵŝƩĞĞ ZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ
Responsibility ;ĐͿ ^ƚĂŬĞŚŽůĚĞƌƐ͛ZĞůĂƟŽŶƐŚŝƉ ;ďͿ ƵĚŝƚŽŵŵŝƩĞĞ
ŽŵŵŝƩĞĞΎ ŽŵŵŝƩĞĞΎ (c) Risk Management
6) Tribhovandas Bhimji Zaveri Limited ŽŵŵŝƩĞĞΎ
;ĂͿ EŽŵŝŶĂƟŽŶZĞŵƵŶĞƌĂƟŽŶ 6) Global TVS Bus Body Builders
ŽŵŵŝƩĞĞ Limited
;ĂͿ EŽŵŝŶĂƟŽŶĂŶĚ
ZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ
Number of NIL NIL NIL NIL 120,000
Shares held
ΎŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚͬŽŵŵŝƩĞĞ
&ŽƌŽƚŚĞƌĚĞƚĂŝůƐƐƵĐŚĂƐŶƵŵďĞƌŽĨŵĞĞƟŶŐƐŽĨƚŚĞŽĂƌĚĂƩĞŶĚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͕ƌĞŵƵŶĞƌĂƟŽŶĚƌĂǁŶŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂĨŽƌĞƐĂŝĚĚŝƌĞĐƚŽƌƐ͕ƌĞĨĞƌƚŽƚŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞƌĞƉŽƌƚ͘
ROUTE MAP TO THE AGM VENUE
sĞŶƵĞ͗ Kamaraj Memorial Hall, 498-500, Anna Salai, Teynampet, Chennai - 600 006
Church Park
Rani Seethai
Hall
US Consulate
Stella Maris
College
KAMARAJ
MEMORIAL
HALL
Teynampet E3
Police Staon Reserve Bank
College
Narada Gana N
Sabha
W E
>ĂŶĚŵĂƌŬ͗EĞdžƚƚŽdĞLJŶĂŵƉĞƚϯWŽůŝĐĞ^ƚĂƟŽŶ
To the Members,
WZ&KZDEͬKWZd/KE^
zŽƵƌŝƌĞĐƚŽƌƐŚĂǀĞƉůĞĂƐƵƌĞŝŶƉƌĞƐĞŶƟŶŐƚŚĞƐĞǀĞŶƟĞƚŚŶŶƵĂůZĞƉŽƌƚŽĨƐŚŽŬ>ĞLJůĂŶĚ>ŝŵŝƚĞĚ;͞>ͬ͟͟ƚŚĞŽŵƉĂŶLJ͟ͿĂůŽŶŐǁŝƚŚƚŚĞ
ĂƵĚŝƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵ͘
FINANCIAL RESULTS
(` in Crores)
Standalone Consolidated
2018-19 2017-18 2018-19 2017-18
ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ 29,054.95 26,633.00 33,196.84 29,917.11
Other Income 109.94 196.58 128.06 199.14
Total Income 29,164.89 26,829.58 33,324.90 30,116.25
WƌŽĮƚĞĨŽƌĞƚĂdž 2,496.80 2,385.83 2,871.66 2,564.93
>ĞƐƐ͗dĂdžĞdžƉĞŶƐĞƐ 513.60 668.10 677.06 751.11
WƌŽĮƚĂŌĞƌƚĂdž 1,983.20 1,717.73 2,194.60 1,813.82
WƌŽĮƚͬ;>ŽƐƐͿĨƌŽŵĚŝƐĐŽŶƟŶƵĞĚŽƉĞƌĂƟŽŶƐ
WƌŽĮƚĨŽƌƚŚĞƉĞƌŝŽĚ 1,983.20 1,717.73 2,194.60 1,813.82
ĂůĂŶĐĞƉƌŽĮƚĨƌŽŵůĂƐƚLJĞĂƌ 3,728.11 2,594.27 - -
dƌĂŶƐĨĞƌƐ͗
Ͳ & ƌŽŵĞďĞŶƚƵƌĞZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞƚŽ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ 37.50 62.50
WƌŽĮƚĂǀĂŝůĂďůĞĨŽƌĂƉƉƌŽƉƌŝĂƟŽŶ 5,748.81 4,374.50
ƉƉƌŽƉƌŝĂƟŽŶ͗
Dividend paid during the year 713.23 456.54
ŽƌƉŽƌĂƚĞŝǀŝĚĞŶĚƚĂdžƚŚĞƌĞŽŶ 146.61 92.94
WƵƌƐƵĂŶƚƚŽĂŵĂůŐĂŵĂƟŽŶ - (74.72)
dƌĂŶƐŝƟŽŶĂĚũƵƐƚŵĞŶƚŽŶĂĐĐŽƵŶƚŽĨĂĚŽƉƟŽŶŽĨ/E^ϭϭϱ (0.47) -
Other Comprehensive Income arising from re-measurement of (42.59) (22.19)
ĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ;ŶĞƚŽĨƚĂdžͿ
ĂůĂŶĐĞŽĨƉƌŽĮƚĐĂƌƌŝĞĚƚŽĂůĂŶĐĞƐŚĞĞƚ 4,845.91 3,728.11
Earnings per share (Face value of `1/-)
- Basic and diluted (`) 6.76/6.76 5.87/5.85 7.08/7.08 6.02/6.00
FINANCE zŽƵƌŽŵƉĂŶLJŐŽƚƚŚĞ͚>ĞĂƉǀĂƵůƚ>KĂǁĂƌĚϮϬϭϴ͚ĨŽƌƚŚĞďĞƐƚ
ďůĞŶĚĞĚůĞĂƌŶŝŶŐƉƌŽŐƌĂŵĨƌŽŵdĂƚĂ/ŶƐƟƚƵƚĞŽĨ^ŽĐŝĂů^ĐŝĞŶĐĞƐ
>ŽŶŐdĞƌŵ&ƵŶĚŝŶŐ͗ (TISS), ‘Tamilnadu Best Employer Brand Award 2018’ and awards in
;ĂͿ ^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϰĚŝīĞƌĞŶƚĐĂƚĞŐŽƌŝĞƐŝŶ͚DĞŐĂŽƌƉŽƌĂƚĞ&ŝůŵ&ĞƐƟǀĂů^ĞŵŝŶĂƌĂŶĚ
ǁĂƌĚƐϮϬϭϴ͛ŝŶƐƟƚƵƚĞĚďLJ>ĞĂƌŶŝŶŐĂŶĚKZŽƵŶĚƚĂďůĞ͘
During the year, your Company fully redeemed Non-
ŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ;EƐͿ^ĞƌŝĞƐ>ϮϮŽĨ`150 Crores CORPORATE GOVERNANCE
on due date. No fresh NCDs were issued during the year.
There are no outstanding debentures as on March 31, 2019. zŽƵƌŽŵƉĂŶLJŝƐĐŽŵŵŝƩĞĚƚŽŵĂŝŶƚĂŝŶƚŚĞŚŝŐŚĞƐƚƐƚĂŶĚĂƌĚ
of Corporate Governance and adhere to Corporate Governance
(b) Rupee Term Loans ŐƵŝĚĞůŝŶĞƐ͕ĂƐůĂŝĚŽƵƚŝŶ^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͘ůůƚŚĞŝƌĞĐƚŽƌƐ
zŽƵƌŽŵƉĂŶLJƌĞƉĂŝĚƐĞĐƵƌĞĚƌƵƉĞĞƚĞƌŵůŽĂŶŽĨ`68.75 ĂŶĚƚŚĞ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŚĂǀĞĂĸƌŵĞĚŝŶǁƌŝƟŶŐ
Crores on due dates. No fresh rupee term loans were their compliance with and adherence to the Code of Conduct
availed during the year. adopted by the Company.
Bench (Hon’ble NCLT). The Hon’ble NCLT vide Order dated ĐŚĂŶŐĞŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐǁŚŝĐŚŵĂLJĂīĞĐƚƚŚĞŝƌƐƚĂƚƵƐĂƐ
ĞĐĞŵďĞƌϭϳ͕ϮϬϭϴ͕ƐĂŶĐƟŽŶĞĚƚŚĞƐĐŚĞŵĞŽĨĂŵĂůŐĂŵĂƟŽŶŽĨ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌĚƵƌŝŶŐƚŚĞLJĞĂƌ͘dŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐ
>sĐŽŵƉĂŶŝĞƐǁŝƚŚƐŚŽŬ>ĞLJůĂŶĚ>ŝŵŝƚĞĚ͘dŚĞĐĞƌƟĮĞĚĐŽƉLJŽĨ of appointment of the Independent Directors are placed on the
ƚŚĞKƌĚĞƌŽĨƚŚĞ,ŽŶ͛ďůĞE>dĚĂƚĞĚĞĐĞŵďĞƌϮϬ͕ϮϬϭϴǁĂƐĮůĞĚ website of the Company ŚƩƉƐ͗ͬͬǁǁǁ͘ĂƐŚŽŬůĞLJůĂŶĚ͘ĐŽŵͬĞŶͬ
with the Registrar of Companies by LCV companies and companies-act-2013-compliance
ƐŚŽŬ>ĞLJůĂŶĚ>ŝŵŝƚĞĚĂŶĚƚŚĞƐĐŚĞŵĞďĞĐĂŵĞĞīĞĐƟǀĞĨƌŽŵ
Dƌ͘ŚĞĞƌĂũ',ŝŶĚƵũĂ͕ŚĂŝƌŵĂŶƌĞƟƌĞƐďLJƌŽƚĂƟŽŶĂƚƚŚĞ
December 21, 2018, with the Appointed Date being from
ĨŽƌƚŚĐŽŵŝŶŐŶŶƵĂů'ĞŶĞƌĂůDĞƫŶŐ;'DͿĂŶĚďĞŝŶŐĞůŝŐŝďůĞ͕
April 1, 2018.
ŽīĞƌƐŚŝŵƐĞůĨĨŽƌƌĞͲĂƉƉŽŝŶƚŵĞŶƚ͘
During the year under review, in pursuance to the approval Dƌ͘'ŽƉĂůDĂŚĂĚĞǀĂŶǁĂƐĂƉƉŽŝŶƚĞĚĂƐĂŶĚĚŝƟŽŶĂůŝƌĞĐƚŽƌĂŶĚ
ƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞDŝŶŝƐƚƌLJŽĨŝǀŝůǀŝĂƟŽŶ͕ƚŚĞŽŵƉĂŶLJŚĂƐ ĚĞƐŝŐŶĂƚĞĚĂƐĂtŚŽůĞͲƟŵĞŝƌĞĐƚŽƌĂŶĚŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌĨŽƌ
acquired the balance shares from individual shareholders of ĂƉĞƌŝŽĚŽĨĮǀĞLJĞĂƌƐĨƌŽŵDĂLJϮϰ͕ϮϬϭϵƚŽDĂLJϮϯ͕ϮϬϮϰ͕ƐƵďũĞĐƚ
ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚŵĂŬŝŶŐŝƚĂǁŚŽůůLJͲŽǁŶĞĚƐƵďƐŝĚŝĂƌLJ to the approval of the shareholders at this AGM.
(100%) of the Company.
dŚĞƌĞƐŽůƵƟŽŶƐƐĞĞŬŝŶŐĂƉƉƌŽǀĂůŽĨƚŚĞŵĞŵďĞƌƐĨŽƌƚŚĞ
ƵƌŝŶŐƚŚĞLJĞĂƌƐŚŽŬ>ĞLJůĂŶĚ:ŽŚŶĞĞƌĞŽŶƐƚƌƵĐƟŽŶƋƵŝƉŵĞŶƚ re-appointment of Mr. Dheeraj G Hinduja, Chairman, Dr. Andreas
Company Private Limited (ALJD) reduced its paid-up capital from H Biagosch, Mr. Jean Brunol and Mr. Sanjay K Asher, Independent
`5,150,363,000 to `355,842,460 and returned the money to the Directors and appointment of Mr. Gopal Mahadevan as Director
ƐŚĂƌĞŚŽůĚĞƌƐ͘&ƵƌƚŚĞƌ͕>:ŚĂƐŝŶŝƟĂƚĞĚǀŽůƵŶƚĂƌLJůŝƋƵŝĚĂƟŽŶ ĂŶĚtŚŽůĞͲƟŵĞŝƌĞĐƚŽƌŚĂǀĞďĞĞŶŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŚĞŶŽƟĐĞŽĨ
process and has appointed a liquidator under Insolvency and the AGM of the Company along with brief details about them.
Bankruptcy Code, 2016.
dŚĞŽŵƉĂŶLJŚĂƐĂůƐŽĚŝƐĐůŽƐĞĚƚŚĞŝƌĞĐƚŽƌ͛ƐĨĂŵŝůŝĂƌŝƐĂƟŽŶ
ƌĞƉŽƌƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞĂŶĚĮŶĂŶĐŝĂůƉŽƐŝƟŽŶŽĨĞĂĐŚŽĨƚŚĞ programme on its website ŚƩƉƐ͗ͬͬǁǁǁ͘ĂƐŚŽŬůĞLJůĂŶĚ͘ĐŽŵͬ
subsidiaries, associates and joint venture companies is provided ĚŽĐƵŵĞŶƚƐͬϭϯϬϱϭϱϵͬϭϯϭϮϰϯϲͬ&ĂŵŝůŝĂƌŝƐĂƟŽŶͲƉƌŽŐƌĂŵŵĞͲ
ŝŶƚŚĞŶŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘WƵƌƐƵĂŶƚƚŽ for-Directors-update-Mar-2019.pdf/b5316f0d-f0f7-1ca1-730c-
ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϮϵ;ϯͿŽĨƚŚĞĐƚ͕ƌĞĂĚǁŝƚŚZƵůĞϱŽĨƚŚĞ f55a98a7d98f
Companies (Accounts) Rules, 2014, a statement containing salient
ĨĞĂƚƵƌĞƐŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐƐƵďƐŝĚŝĂƌŝĞƐ͕ ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞEŽŶͲdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJŚĂĚ
ƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐŝŶ&ŽƌŵKͲϭŝƐĂƩĂĐŚĞĚƚŽƚŚĞ ŶŽƉĞĐƵŶŝĂƌLJƌĞůĂƟŽŶƐŚŝƉŽƌƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚƚŚĞŽŵƉĂŶLJ͕ŽƚŚĞƌ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͘ ƚŚĂŶƐŝƫŶŐĨĞĞƐ͕ĐŽŵŵŝƐƐŝŽŶĂŶĚƌĞŝŵďƵƌƐĞŵĞŶƚŽĨĞdžƉĞŶƐĞƐ
ŝŶĐƵƌƌĞĚďLJƚŚĞŵĨŽƌĂƩĞŶĚŝŶŐŵĞĞƟŶŐƐŽĨƚŚĞŽŵƉĂŶLJ͘
WƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϯϲŽĨƚŚĞĐƚ͕ƚŚĞĮŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͕ĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ WƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐϮ;ϱϭͿĂŶĚϮϬϯŽĨƚŚĞĐƚ͕
ĂůŽŶŐǁŝƚŚƌĞůĞǀĂŶƚĚŽĐƵŵĞŶƚƐĂŶĚƐĞƉĂƌĂƚĞĂƵĚŝƚĞĚĮŶĂŶĐŝĂů the Key Managerial Personnel of the Company are Mr. Gopal
statements in respect of the subsidiaries are available on the DĂŚĂĚĞǀĂŶ͕tŚŽůĞͲƟŵĞŝƌĞĐƚŽƌĂŶĚŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌĂŶĚ
website of the Company. Mr. N Ramanathan, Company Secretary.
DIRECTORS AND KEY MANAGERIAL PERSONNEL PERFORMANCE EVALUATION OF THE BOARD, ITS
COMMITTEES AND DIRECTORS
ƵƌŝŶŐƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕Dƌ͘sŝŶŽĚ<ĂƐĂƌŝ͕ŚŝĞĨdžĞĐƵƟǀĞ
KĸĐĞƌĂŶĚDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚDƌ͘:ĂůĂũŝZĂŽ͕/ŶĚĞƉĞŶĚĞŶƚ WƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĂŶĚZĞŐƵůĂƟŽŶϰŽĨƚŚĞ
ŝƌĞĐƚŽƌƐƚĞƉƉĞĚĚŽǁŶĨƌŽŵƚŚĞŽĂƌĚǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞ ^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐĐĂƌƌŝĞĚŽƵƚ
close of the business hours on March 31, 2019. Mr. Sudhindhar K ĂŶŶƵĂůƉĞƌĨŽƌŵĂŶĐĞĞǀĂůƵĂƟŽŶŽĨŝƚƐŽǁŶƉĞƌĨŽƌŵĂŶĐĞ͕ƚŚĞ
Khanna, Independent Director stepped down from the Board with ŝƌĞĐƚŽƌƐ/ŶĚŝǀŝĚƵĂůůLJĂƐǁĞůůĂƐƚŚĞĞǀĂůƵĂƟŽŶŽĨƚŚĞǁŽƌŬŝŶŐŽĨŝƚƐ
ĞīĞĐƚĨƌŽŵƚŚĞĐůŽƐĞŽĨƚŚĞďƵƐŝŶĞƐƐŚŽƵƌƐŽŶƉƌŝůϱ͕ϮϬϭϵ͘dŚĞ ŽŵŵŝƩĞĞƐ͘dŚĞŵĞƚŚŽĚŽůŽŐLJĂŶĚĐƌŝƚĞƌŝĂŝŶǁŚŝĐŚƚŚĞĞǀĂůƵĂƟŽŶ
ŽĂƌĚǁŝƐŚĞƐƚŽƉůĂĐĞŽŶƌĞĐŽƌĚŝƚƐĂƉƉƌĞĐŝĂƟŽŶĨŽƌƚŚĞǀĂůƵĂďůĞ ŚĂƐďĞĞŶĐĂƌƌŝĞĚŽƵƚŚĂƐďĞĞŶĞdžƉůĂŝŶĞĚŝŶƚŚĞŽƌƉŽƌĂƚĞ
ĐŽŶƚƌŝďƵƟŽŶƐŵĂĚĞďLJƚŚĞŵƚŽƚŚĞŽĂƌĚĂŶĚƚŚĞŽŵƉĂŶLJ͘ 'ŽǀĞƌŶĂŶĐĞZĞƉŽƌƚĂƩĂĐŚĞĚĂƐŶŶĞdžƵƌĞ to this report.
Dr. Andreas H Biagosch, Mr. Jean Brunol and Mr. Sanjay K Asher REMUNERATION POLICY OF THE COMPANY
were appointed as Independent Directors on the Board of the dŚĞŽďũĞĐƟǀĞŽĨƚŚĞZĞŵƵŶĞƌĂƟŽŶWŽůŝĐLJŝƐƚŽĂƩƌĂĐƚ͕ŵŽƟǀĂƚĞ
ŽŵƉĂŶLJǁŝƚŚĞīĞĐƚĨƌŽŵ:ƵůLJϮϲ͕ϮϬϭϰĨŽƌĂƉĞƌŝŽĚŽĨĮǀĞLJĞĂƌƐ ĂŶĚƌĞƚĂŝŶƋƵĂůŝĮĞĚĂŶĚĞdžƉĞƌƚŝŶĚŝǀŝĚƵĂůƐƚŚĂƚƚŚĞŽŵƉĂŶLJ
ƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϰϵŽĨƚŚĞĐƚ͕ƌĞĂĚǁŝƚŚƚŚĞ ŶĞĞĚƐŝŶŽƌĚĞƌƚŽĂĐŚŝĞǀĞŝƚƐƐƚƌĂƚĞŐŝĐĂŶĚŽƉĞƌĂƟŽŶĂůŽďũĞĐƟǀĞƐ͕
ŽŵƉĂŶŝĞƐ;ƉƉŽŝŶƚŵĞŶƚĂŶĚYƵĂůŝĮĐĂƟŽŶŽĨŝƌĞĐƚŽƌƐͿZƵůĞƐ͕ ǁŚŝůƐƚĂĐŬŶŽǁůĞĚŐŝŶŐƚŚĞƐŽĐŝĞƚĂůĐŽŶƚĞdžƚĂƌŽƵŶĚƌĞŵƵŶĞƌĂƟŽŶ
ϮϬϭϰĂŶĚƚŚĞĞƌƐƚǁŚŝůĞůĂƵƐĞϰϵŽĨƚŚĞ>ŝƐƟŶŐŐƌĞĞŵĞŶƚĞŶƚĞƌĞĚ and recognising the interests of Company’s stakeholders.
ǁŝƚŚƚŚĞƐƚŽĐŬĞdžĐŚĂŶŐĞƐ͘dŚĞEZĂŶĚŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͕ŽŶƚŚĞ
ďĂƐŝƐŽĨƚŚĞƌĞƉŽƌƚŽĨƉĞƌĨŽƌŵĂŶĐĞĞǀĂůƵĂƟŽŶŽĨ/ŶĚĞƉĞŶĚĞŶƚ dŚĞŽŵƉĂŶLJ͛ƐƉŽůŝĐLJŽŶĚŝƌĞĐƚŽƌƐ͛ĂƉƉŽŝŶƚŵĞŶƚĂŶĚƌĞŵƵŶĞƌĂƟŽŶ
Directors, has recommended re-appointment of ĂŶĚŽƚŚĞƌŵĂƩĞƌƐƉƌŽǀŝĚĞĚŝŶ^ĞĐƟŽŶϭϳϴ;ϯͿŽĨƚŚĞĐƚŚĂƐďĞĞŶ
Dr. Andreas H Biagosch, Mr. Jean Brunol and Mr. Sanjay K Asher as disclosed in the Corporate Governance report, which forms part of
/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐĨŽƌĂƐĞĐŽŶĚƚĞƌŵŽĨϱ;ĮǀĞͿĐŽŶƐĞĐƵƟǀĞ the Board’s Report.
years on the Board of the Company from July 26, 2019 and upto AUDITORS
July 25, 2024.
Price Waterhouse & Co Chartered Accountants LLP (FRN 304026E/
dŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJŚĂǀĞƐƵďŵŝƩĞĚ ϯϬϬϬϬϵͿ͕ŚĞŶŶĂŝ͕^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJŚŽůĚŽĸĐĞ
ĂĚĞĐůĂƌĂƟŽŶƵŶĚĞƌ^ĞĐƟŽŶϭϰϵ;ϳͿŽĨƚŚĞĐƚĂŶĚ^/>ŝƐƟŶŐ ƟůůƚŚĞĐŽŶĐůƵƐŝŽŶŽĨ^ĞǀĞŶƚLJƚŚŝƌĚŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐŽĨ
ZĞŐƵůĂƟŽŶƐƚŚĂƚĞĂĐŚŽĨƚŚĞŵŵĞĞƚƐƚŚĞĐƌŝƚĞƌŝĂŽĨŝŶĚĞƉĞŶĚĞŶĐĞ ƚŚĞŽŵƉĂŶLJ͘dŚĞƌĞƋƵŝƌĞŵĞŶƚƚŽƉůĂĐĞƚŚĞŵĂƩĞƌƌĞůĂƟŶŐƚŽ
as providĞĚŝŶ^ĞĐƟŽŶϭϰϵ;ϲͿŽĨƚŚĞĐƚĂŶĚƚŚĞƌĞŚĂƐďĞĞŶŶŽ ĂƉƉŽŝŶƚŵĞŶƚŽĨĂƵĚŝƚŽƌƐĨŽƌƌĂƟĮĐĂƟŽŶďLJDĞŵďĞƌƐĂƚĞǀĞƌLJ'D
20 Ashok Leyland Limited
BOARD'S REPORT
has been done away by the Companies (Amendment) Act, 2017 During the year, the Company reached out to employees through
ǁŝƚŚĞīĞĐƚĨƌŽŵDĂLJϳ͕ϮϬϭϴ͘ĐĐŽƌĚŝŶŐůLJ͕ŶŽƌĞƐŽůƵƟŽŶŝƐďĞŝŶŐ ĞͲůĞĂƌŶŝŶŐŵŽĚƵůĞƐĂŶĚĂǁĂƌĞŶĞƐƐƐĞƐƐŝŽŶƐĨŽƌĐƌĞĂƟŶŐŐƌĞĂƚĞƌ
ƉƌŽƉŽƐĞĚĨŽƌƌĂƟĮĐĂƟŽŶŽĨĂƉƉŽŝŶƚŵĞŶƚŽĨƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐĂƚ ĂǁĂƌĞŶĞƐƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŽŵƉĂŶLJ͛Ɛ͛WŽůŝĐLJŽŶ^ĞdžƵĂů
the ensuing AGM and a note in respect of same has been included Harassment at workplace.
ŝŶƚŚĞEŽƟĐĞĨŽƌƚŚŝƐ'D͘
dŚĞŽŵƉĂŶLJŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ&ŽƌĞŝŐŶdžĐŚĂŶŐĞ
The Auditor’s Report to the shareholders on the standalone and DĂŶĂŐĞŵĞŶƚĐƚ͕ϭϵϵϵĂŶĚƚŚĞZĞŐƵůĂƟŽŶƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌǁŝƚŚ
ĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ respect to downstream investments made in its subsidiaries.
ϮϬϭϵĚŽĞƐŶŽƚĐŽŶƚĂŝŶĂŶLJƋƵĂůŝĮĐĂƟŽŶ͕ŽďƐĞƌǀĂƟŽŶŽƌĂĚǀĞƌƐĞ
comment. BOARD MEETINGS HELD DURING THE YEAR
ƌĞůĂƟŶŐƚŽŽŶƐĞƌǀĂƟŽŶŽĨŶĞƌŐLJ͕dĞĐŚŶŽůŽŐLJďƐŽƌƉƟŽŶ͕&ŽƌĞŝŐŶ The Directors also wish to thank all the employees for their
džĐŚĂŶŐĞĂƌŶŝŶŐƐĂŶĚKƵƚŐŽĂƌĞĨƵƌŶŝƐŚĞĚŝŶŶŶĞdžƵƌĞ to this ĐŽŶƚƌŝďƵƟŽŶ͕ƐƵƉƉŽƌƚĂŶĚĐŽŶƟŶƵĞĚĐŽŵŵŝƚŵĞŶƚƚŚƌŽƵŐŚŽƵƚƚŚĞ
Report. year.
ACKNOWLEDGEMENT
dŚĞŝƌĞĐƚŽƌƐǁŝƐŚƚŽĞdžƉƌĞƐƐƚŚĞŝƌĂƉƉƌĞĐŝĂƟŽŶĨŽƌƚŚĞĐŽŶƟŶƵĞĚ For and on behalf of the Board of Directors
ĐŽͲŽƉĞƌĂƟŽŶŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂ͕'ŽǀĞƌŶŵĞŶƚƐŽĨǀĂƌŝŽƵƐ
^ƚĂƚĞƐŝŶ/ŶĚŝĂ͕ďĂŶŬĞƌƐ͕ĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐ͕ƐŚĂƌĞŚŽůĚĞƌƐ͕
customers, dealers and suppliers and also, the valuable assistance
Chennai Dheeraj G Hinduja
and advice received from the joint venture partners, Hinduja
ƵƚŽŵŽƟǀĞ>ŝŵŝƚĞĚ͕ƚŚĞ,ŝŶĚƵũĂ'ƌŽƵƉĂŶĚĂůůƚŚĞƐŚĂƌĞŚŽůĚĞƌƐ͘ May 24, 2019 Chairman
ΎZĞƐŝŐŶĞĚǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŚŽƵƌƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϵ͘
#ZĞƐŝŐŶĞĚǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŚŽƵƌƐŽŶƉƌŝůϱ͕ϮϬϭϵ͘
dŚĞĂďŽǀĞƌĞŵƵŶĞƌĂƟŽŶĞdžĐůƵĚĞƐŐƌĂƚƵŝƚLJĂŶĚůĞĂǀĞĞŶĐĂƐŚŵĞŶƚĂŵŽƵŶƟŶŐƚŽ`5.81 Crores.
Ύϱϲϵ͕ϭϳϱŽƉƟŽŶƐĞdžĞƌĐŝƐĞĚĂƚ`ϴϬͬͲƉĞƌŽƉƟŽŶĂŶĚϳ͕ϰϱϰ͕ϬϬϬŽƉƟŽŶƐĞdžĞƌĐŝƐĞĚĂƚ`ϭͬͲƉĞƌŽƉƟŽŶ
;ŝǀͿ ĞƚĂŝůƐŽĨŽŵƉůĂŝŶƚƐͬŽƚŚĞƌŽƌƌĞƐƉŽŶĚĞŶĐĞƐ
ƵƌŝŶŐƚŚĞLJĞĂƌ͕ϯϲϴĐŽŵƉůĂŝŶƚůĞƩĞƌƐĂŶĚϱ͕ϵϯϳĐŽƌƌĞƐƉŽŶĚĞŶĐĞƐǁĞƌĞƌĞĐĞŝǀĞĚĨƌŽŵŝŶǀĞƐƚŽƌƐ;ŝŶĐůƵĚŝŶŐϯϭůĞƩĞƌƐĨƌŽŵƚŚĞ^ƚŽĐŬ
džĐŚĂŶŐĞƐͬ^/^KZ^ͬDͬE>dͿ͘
Pending as on >ĞƩĞƌƐƌĞƉůŝĞĚͬ Pending as on
^ƵďũĞĐƚDĂƩĞƌŽĨŽŵƉůĂŝŶƚƐ >ĞƩĞƌƐZĞĐĞŝǀĞĚ
March 31, 2018 completed March 31, 2019
EŽŶͲƌĞĐĞŝƉƚŽĨ^ŚĂƌĞĞƌƟĮĐĂƚĞƐ - 235 235 -
Non-Receipt of Dividend/Interest - 84 84 -
Non-Receipt of Annual Report - 33 33 -
Transfer of shares - 2 2 -
Procedure for transmission of shares - 5 5 -
>ŽƐƐŽĨ^ŚĂƌĞĞƌƟĮĐĂƚĞƐ - 3 3 -
Refund of shares from IEPF Authority - 5 5 -
hŶĐůĂŝŵĞĚ^ŚĂƌĞĞƌƟĮĐĂƚĞƐ - 1 1 -
Total - 368 368 -
Dr. Andreas H Biagosch Independent, 4 3 69th AGM “The Music July 17, 2018 NIL
Non- 2017-18 Academy,
džĞĐƵƟǀĞ 2.45 pm
DĂĚƌĂƐ͟
Mr. Jean Brunol Independent, 4 4 68th AGM New July 21, 2017 ĚŽƉƟŽŶŽĨ
Non- 2016-17 N0.168 (Old ŶĞǁƌƟĐůĞƐŽĨ
No.306), 2.45 pm
džĞĐƵƟǀĞ ƐƐŽĐŝĂƟŽŶŝŶ
TTK Road, conformity with
Mr. Jose Maria Alapont Independent, 4 3 ZŽLJĂƉĞƩĂŚ͕ Companies Act,
Non- Chennai - 2013
džĞĐƵƟǀĞ 600 014
67th AGM July 21, 2016 (i) Approval
&ŽƵƌŵĞĞƟŶŐƐǁĞƌĞŚĞůĚĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚƚŚĞĚĂƚĞƐŽŶ of issue
ǁŚŝĐŚƚŚĞƐĂŝĚŵĞĞƟŶŐƐǁĞƌĞŚĞůĚĂƌĞDĂLJϭϳ͕ϮϬϭϴ͕:ƵůLJϭϲ͕ 2015-16 3.00 pm
of further
2018, November 12, 2018 and February 13, 2019. ƐĞĐƵƌŝƟĞƐ
dŚĞŶĞĐĞƐƐĂƌLJƋƵŽƌƵŵǁĂƐƉƌĞƐĞŶƚĨŽƌĂůůƚŚĞŵĞĞƟŶŐƐ͘ (ii) Approval of
Mr. N Ramanathan, Company Secretary is the Secretary to issue of Non-
ƚŚĞŽŵŵŝƩĞĞ͘ ŽŶǀĞƌƟďůĞ
Debentures
ďͿ dĞĐŚŶŽůŽŐLJŽŵŵŝƩĞĞ on Private
dŚĞŽŵƉĂŶLJŚĂƐŝŶƉůĂĐĞĂdĞĐŚŶŽůŽŐLJŽŵŵŝƩĞĞ͕ Placement
comprising of Dr. Andrew C Palmer as the Chairman of the (iii) Approval of
ŽŵŵŝƩĞĞ͕ƌ͘ŶĚƌĞĂƐ,ŝĂŐŽƐĐŚ͕Dƌ͘:ĞĂŶƌƵŶŽůĂŶĚ Ashok Leyland
Dƌ͘:ŽƐĞDĂƌŝĂůĂƉŽŶƚĂƐŵĞŵďĞƌƐŽĨƚŚĞŽŵŵŝƩĞĞ͘ Employees
dŚĞdĞĐŚŶŽůŽŐLJŽŵŵŝƩĞĞĐŽŶƐŝĚĞƌƐĂŶĚĂƉƉƌŽǀĞƐŬĞLJ ^ƚŽĐŬŽƉƟŽŶ
decisions with regard to product planning and choice of Plan 2016
technology thereof and helps to prepare the Company to
be in step with or be ahead of emerging global product and EŽdžƚƌĂͲKƌĚŝŶĂƌLJ'ĞŶĞƌĂůDĞĞƟŶŐǁĂƐŚĞůĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
technology trends. 2018-19.
137.10 135.00
7,000 134.65 ` 140
143.20 123.10 122.85
112.45 Price in ₹
Numbers
2,000 ` 40
1,000 ` 20
0 0
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
Price in ₹
Numbers
0 `0
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
ũ͘ ZĞŐŝƐƚƌĂƌĂŶĚ^ŚĂƌĞdƌĂŶƐĨĞƌŐĞŶƚƐ
Integrated Registry Management Services Private Limited, 2nd Floor, Kences Towers, 1 Ramakrishna Street, North Usman Road, T
EĂŐĂƌ͕ŚĞŶŶĂŝͲϲϬϬϬϭϳĚĞĂůǁŝƚŚĂůůĂƐƉĞĐƚƐŽĨŝŶǀĞƐƚŽƌƐĞƌǀŝĐŝŶŐƌĞůĂƟŶŐƚŽƐŚĂƌĞƐŝŶďŽƚŚƉŚLJƐŝĐĂůĂŶĚĚĞŵĂƚĨŽƌŵ͘
Ŭ͘ ^ŚĂƌĞdƌĂŶƐĨĞƌ^LJƐƚĞŵ
dŚĞŽĂƌĚŚĂƐĂƵƚŚŽƌŝƐĞĚƚŚĞKĂŶĚDĂŶĚ&KƚŽĂƉƉƌŽǀĞĂůůƌŽƵƟŶĞƚƌĂŶƐĨĞƌƐ͕ƚƌĂŶƐŵŝƐƐŝŽŶƐ͕ĞƚĐ͕͘ŽĨƐŚĂƌĞƐ͘^ƵĐŚĂƉƉƌŽǀĂůŝƐ
ďĞŝŶŐŐŝǀĞŶĂƚĨƌĞƋƵĞŶƚŝŶƚĞƌǀĂůƐ;ϱϮƟŵĞƐĚƵƌŝŶŐϮϬϭϴͲϭϵͿ͘dƌĂŶƐĨĞƌƐ͕ƚƌĂŶƐŵŝƐƐŝŽŶƐ͕ĞƚĐ͕͘ǁĞƌĞŐĞŶĞƌĂůůLJĂƉƉƌŽǀĞĚǁŝƚŚŝŶĮŌĞĞŶĚĂLJƐ͘
ZĞƋƵĞƐƚƐĨŽƌĚĞŵĂƚĞƌŝĂůŝƐĂƟŽŶǁĞƌĞĐŽŶĮƌŵĞĚǁŝƚŚŝŶĮŌĞĞŶĚĂLJƐ͘
ů͘ ĞƚĂŝůƐŽĨhŶĐůĂŝŵĞĚ^ĞĐƵƌŝƟĞƐ^ƵƐƉĞŶƐĞĐĐŽƵŶƚ
/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨZĞŐƵůĂƟŽŶϯϰ;ϯͿĂŶĚ^ĐŚĞĚƵůĞsWĂƌƚ&ŽĨ^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ƚŚĞŽŵƉĂŶLJƌĞƉŽƌƚƐƚŚĞ
following details in respect of equity shares lying in the suspense account which were issued in dematerialised form pursuant to the
public issue of the Company
;ĐͿ ŽŵŵŽĚŝƚLJƌŝƐŬƐĨĂĐĞĚďLJƚŚĞůŝƐƚĞĚĞŶƟƚLJĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚŚŽǁƚŚĞLJŚĂǀĞďĞĞŶŵĂŶĂŐĞĚ͗
WƌŝĐĞƐĨŽƌƚŚĞĐŽŵŵŽĚŝƟĞƐĂƌĞŵĂŶĂŐĞĚƚŚƌŽƵŐŚůŽŶŐƚĞƌŵĐŽŶƚƌĂĐƚͬƉĞƌŝŽĚŝĐƐĞƩůĞŵĞŶƚďĂƐĞĚŽŶĐŽŵŵŽĚŝƚLJƚƌĞŶĚƐ͘
dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚŚĂǀĞĞdžƉŽƐƵƌĞŚĞĚŐĞƚŚƌŽƵŐŚĐŽŵŵŽĚŝƚLJ͘
Ɛ͘ WůĂŶƚ>ŽĐĂƟŽŶƐ
Ennore Hosur - Unit I Hosur - Unit II
Kathivakkam High Road ϭϳϱ,ŽƐƵƌ/ŶĚƵƐƚƌŝĂůŽŵƉůĞdž ϳϳůĞĐƚƌŽŶŝĐŽŵƉůĞdž
Ennore, Chennai - 600 057 Hosur - 635 126 Perandapalli Village
Tamil Nadu Tamil Nadu Hosur - 635 109, Tamil Nadu
Ennore (Foundry) Hosur - Unit IIA Alwar
Kathivakkam High Road Cab Panel Press Shop Plot No.SPL 298
Ennore ^/WKd/ŶĚƵƐƚƌŝĂůŽŵƉůĞdž Matsya Indl. Area
Chennai - 600 057 Mornapalli village, Hosur - 635 109 Alwar - 301 030
Tamil Nadu Tamil Nadu Rajasthan
Bhandara Pantnagar Sriperumbudur (Foundry)
Plot No.1 MIDC Industrial Area Village WůŽƚEŽ͘ϭ͕^ĞĐƚŽƌy// Plot No K2, SIPCOT Industrial Estate
Gadegaon, Sakoli Taluk II E, Pantnagar Arneri Village, Sriperumbudur
Bhandara - 441 904 Pin - 263 153 Kanchipuram District
Maharashtra hƩĂƌĂŬŚĂŶĚ Pin - 602 105
Technical Centre
Vellivoyalchavadi
Via Manali New Town
Chennai - 600 103
Tamil Nadu
ƚ͘ ĚĚƌĞƐƐĨŽƌŽƌƌĞƐƉŽŶĚĞŶĐĞ
ZĞŐŝƐƚƌĂƌΘ^ŚĂƌĞdƌĂŶƐĨĞƌŐĞŶƚƐ Integrated Registry Management Services Tel : 91-44-2814 0801/03
(R&TA) Private Limited &Ădž͗ϵϭͲϰϰͲϮϴϭϰϮϰϳϵ
;ŵĂƩĞƌƐƌĞůĂƟŶŐƚŽ^ŚĂƌĞƐ͕ 2nd Floor, Kences Towers e-mail: csdstd@integratedindia.in
Dividends, Annual Reports) 1, Ramakrishna Street
North Usman Road
T Nagar, Chennai - 600 017
&ŽƌĂŶLJŽƚŚĞƌŐĞŶĞƌĂůŵĂƩĞƌƐŽƌŝŶ Secretarial Department Tel. : 91-44-2220 6000
ĐĂƐĞŽĨĂŶLJĚŝĸĐƵůƟĞƐͬŐƌŝĞǀĂŶĐĞƐ Ashok Leyland Limited &Ădž͗ϵϭͲϰϰͲϮϮϮϬϲϬϬϭ
No.1 Sardar Patel Road e-mail: secretarial@ashokleyland.com
Guindy, Chennai - 600 032 csdstd@integratedindia.in
Website address www.ashokleyland.com
ŵĂŝů/ŽĨ/ŶǀĞƐƚŽƌ secretarial@ashokleyland.com
'ƌŝĞǀĂŶĐĞƐ^ĞĐƟŽŶ
EĂŵĞŽĨƚŚĞŽŵƉůŝĂŶĐĞKĸĐĞƌ N Ramanathan, Company Secretary
DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE COMPANY’S
CODE OF CONDUCT
dŚŝƐŝƐƚŽĐŽŶĮƌŵƚŚĂƚĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵĂůůŵĞŵďĞƌƐŽĨƚŚĞŽĂƌĚĂŶĚƚŚĞ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůŚĂǀĞ
ĂĸƌŵĞĚŝŶǁƌŝƟŶŐƚŚĞŝƌĂĚŚĞƌĞŶĐĞƚŽƚŚĞŽĚĞŽĨŽŶĚƵĐƚĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
tĞŚĂǀĞĞdžĂŵŝŶĞĚĂůůƌĞůĞǀĂŶƚƌĞĐŽƌĚƐŽĨ^,K<>z>E>/D/d͕;/E͗>ϯϰϭϬϭdEϭϵϰϴW>ϬϬϬϭϬϱͿŚĂǀŝŶŐŝƚƐZĞŐŝƐƚĞƌĞĚKĸĐĞĂƚ
EŽ͘ϭ͕^ĂƌĚĂƌWĂƚĞůZŽĂĚ'ƵŝŶĚLJ͕ŚĞŶŶĂŝͲϲϬϬϬϯϮ͕ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĐĞƌƟĨLJŝŶŐĐŽŵƉůŝĂŶĐĞŽĨƚŚĞĐŽŶĚŝƟŽŶƐŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ
ŵĞŶƟŽŶĞĚƵŶĚĞƌZĞŐƵůĂƟŽŶϭϳƚŽϮϳĂŶĚĐůĂƵƐĞƐ;ďͿƚŽ;ŝͿŽĨƌĞŐƵůĂƟŽŶϰϲ;ϮͿĂŶĚƉĂƌĂ͕ĂŶĚŽĨ^ĐŚĞĚƵůĞsƚŽƚŚĞ^ĞĐƵƌŝƟĞƐĂŶĚ
džĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;^/Ϳ;>ŝƐƟŶŐKďůŝŐĂƟŽŶƐĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱƌĞĂĚǁŝƚŚZĞŐƵůĂƟŽŶϯϰ;ϯͿŽĨ
ƚŚĞ^/;>ŝƐƟŶŐKďůŝŐĂƟŽŶƐĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱĂƐĂŵĞŶĚĞĚĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵ͘
tĞŚĂǀĞŽďƚĂŝŶĞĚĂůůƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞdžƉůĂŶĂƟŽŶƐ͕ǁŚŝĐŚƚŽƚŚĞďĞƐƚŽĨŽƵƌŬŶŽǁůĞĚŐĞĂŶĚďĞůŝĞĨǁĞƌĞŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ
ĐĞƌƟĮĐĂƟŽŶ͘
dŚĞĐŽŵƉůŝĂŶĐĞŽĨƚŚĞĐŽŶĚŝƟŽŶƐŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞŽŵƉĂŶLJ͛ƐŵĂŶĂŐĞŵĞŶƚ͘KƵƌĞdžĂŵŝŶĂƟŽŶ
ǁĂƐůŝŵŝƚĞĚƚŽƚŚĞƉƌŽĐĞĚƵƌĞƐĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶƚŚĞƌĞŽĨ͕ĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJĨŽƌĞŶƐƵƌŝŶŐƚŚĞĐŽŵƉůŝĂŶĐĞŽĨƚŚĞĐŽŶĚŝƟŽŶƐ
ŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ͘dŚŝƐĞƌƟĮĐĂƚĞŝƐŶĞŝƚŚĞƌĂŶĂƐƐƵƌĂŶĐĞĂƐƚŽƚŚĞĨƵƚƵƌĞǀŝĂďŝůŝƚLJŽĨƚŚĞŽŵƉĂŶLJŶŽƌŽĨƚŚĞĞĸĐŝĞŶĐLJŽƌ
ĞīĞĐƟǀĞŶĞƐƐǁŝƚŚǁŚŝĐŚƚŚĞŵĂŶĂŐĞŵĞŶƚŚĂƐĐŽŶĚƵĐƚĞĚƚŚĞĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJ͘/ƚŝƐŶĞŝƚŚĞƌĂŶĂƵĚŝƚŶŽƌĂŶĞdžƉƌĞƐƐŝŽŶŽĨŽƉŝŶŝŽŶŽŶ
ƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͘
/ŶŽƵƌŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐĂŶĚƚŚĞƌĞƉƌĞƐĞŶƚĂƟŽŶƐŵĂĚĞďLJƚŚĞ
DĂŶĂŐĞŵĞŶƚ͕ǁĞĐĞƌƟĨLJƚŚĂƚƚŚĞŽŵƉĂŶLJŚĂƐĐŽŵƉůŝĞĚǁŝƚŚƚŚĞĐŽŶĚŝƟŽŶƐŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĂƐƐƟƉƵůĂƚĞĚƵŶĚĞƌƚŚĞ
^/;>ŝƐƟŶŐKďůŝŐĂƟŽŶƐĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱĂƐĂŵĞŶĚĞĚĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵ͘
CS R Sridharan
FCS No. 4775
Chennai CP No. 3239
May 24, 2019 UIN : S2003TN063400
16,323
13,708
19,586 17,725
20,425 21,033
19,002 13,151 115,613
16,405 102,826
14,951 79,223 84,607
62,673 60,512 53,291
51,914
40,728 36,867
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
M&HCV Bus M&HCV Trucks
DΘ,sdƌƵĐŬƐĞŐŵĞŶƚ
zŽƵƌŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽƚŚĞ'ůŽďĂůdŽƉϭϬŝŶDΘ,sdƌƵĐŬƐ;хϳ͘ϱƚ'stͿĨŽƌƚŚĞĮƌƐƚƟŵĞĞǀĞƌ͘zŽƵƌŽŵƉĂŶLJĂůƐŽĐƌŽƐƐĞĚϭϬϬ
ƚŚŽƵƐĂŶĚŵĂƌŬŝŶĚŽŵĞƐƟĐDΘ,sƚƌƵĐŬƐĂůĞƐŝŶƚŚĞĐƵƌƌĞŶƚĮŶĂŶĐŝĂůLJĞĂƌĨŽƌƚŚĞƐĞĐŽŶĚLJĞĂƌŝŶĂƌŽǁ͘^ĂůĞƐŐƌĞǁϭϮ͘ϰйƚŽϭϭϱ͕ϲϭϯ
ĨŽƌDΘ,sƚƌƵĐŬƐŝŶƐƉŝƚĞŽĨƚŚĞƵŶĐĞƌƚĂŝŶƚLJĐĂƵƐĞĚďLJƚŚĞƌĞǀŝƐŝŽŶŽĨĂdžůĞůŽĂĚŶŽƌŵƐĂŶĚƚŚĞůŝƋƵŝĚŝƚLJĐƌƵŶĐŚĨĂĐĞĚďLJE&ƐŝŶƚŚĞ
second half of last year.
zŽƵƌŽŵƉĂŶLJĐŽŶĚƵĐƚĞĚůĂƌŐĞƐĐĂůĞEĂƟŽŶĂůĂŶĚZĞŐŝŽŶĂůdžƉŽƐƚŽƐŚŽǁĐĂƐĞŝƚƐǁŝĚĞƉƌŽĚƵĐƚƉŽƌƞŽůŝŽĂŶĚƚĞĐŚŶŽůŽŐŝĐĂůĞĚŐĞ͘
There were many new product launches in M&HCVs which were well received during the year, namely model 4123 helped your
Company regain some of the lost market share in the MAV segment. The Guru 10T, Boss 1616 sleeper launches helped your Company
ŐĂƌŶĞƌĂĚĚŝƟŽŶĂůŵĂƌŬĞƚƐŚĂƌĞŝŶƚŚĞ/sƐĞŐŵĞŶƚ͘/ŶƚŚĞ,ĂƵůĂŐĞĂŶĚƟƉƉĞƌƐĞŐŵĞŶƚ͕LJŽƵƌŽŵƉĂŶLJŐƌĞǁĨĂƐƚĞƌƚŚĂŶƚŚĞŝŶĚƵƐƚƌLJ͕
ƌĞŐŝƐƚĞƌŝŶŐϰϴйŐƌŽǁƚŚŽǀĞƌůĂƐƚLJĞĂƌ͕ƌĞƐƉĞĐƟǀĞůLJ͘
Annual Report 2018-19 49
ANNEXURE E TO THE BOARD'S REPORT
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
zŽƵƌŽŵƉĂŶLJůĂƵŶĐŚĞĚƚŚĞŶͲŚĂŶĐĂƌĚĂƐƉĂƌƚŽĨ in the Country and having product segments of Cylinder
ƵƐƚŽŵĞƌ^ŽůƵƟŽŶƐƵƐŝŶĞƐƐǁŚŝĐŚŚĂƐďĞĞŶĨŽƌŵĞĚƚŽ Block, Head and Tractor Housings. For the year 2018-19
ƉƌŽǀŝĚĞƐŽůƵƟŽŶƐŽǀĞƌƚŚĞůŝĨĞĐLJĐůĞŽĨƚŚĞƚƌƵĐŬ͘^ŽĨĂƌ ƚŚĞ&ŽƵŶĚƌLJĚŝǀŝƐŝŽŶĂĐŚŝĞǀĞĚƚŚĞŚŝŐŚĞƐƚĞǀĞƌƉƌŽĚƵĐƟŽŶ
54,000+ customers have been enrolled on the En-Dhan card of 106,054 MT (increase of 9% over last year) and sales
ƉƌŽŐƌĂŵ͘zŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞĚŝƚƐĨŽĐƵƐŽŶĞŶŚĂŶĐĞĚ ;ŝŶĐůƵĚŝŶŐĐĂƉƟǀĞĐŽŶƐƵŵƉƟŽŶͿŽĨϵϳ͕ϲϰϱDd;ŝŶĐƌĞĂƐĞŽĨϮй
ƐĞƌǀŝĐĞŽīĞƌŝŶŐƐƚŚƌŽƵŐŚǀĂƌŝŽƵƐŝŶŝƟĂƟǀĞƐƐƵĐŚĂƐ^>d͕ over last year).
^ĞƌǀŝĐĞDĂŶĚŝĂŶĚdžƉƌĞƐƐďĂLJĨŽƌĨĂƐƚĞƌƐĞƌǀŝĐĞ. Overall Summary
/ŶƐƵŵŵĂƌLJ͕ĚƵƌŝŶŐ&zϮϬϭϴͲϭϵ͕LJŽƵƌŽŵƉĂŶLJƌĞĐŽƌĚĞĚƚŽƚĂů
M&HCV Bus segment ǀĞŚŝĐůĞƐĂůĞƐŽĨϭϴϱ͕ϬϲϱƵŶŝƚƐŝŶƚŚĞĚŽŵĞƐƟĐŵĂƌŬĞƚĂŶĚ
zŽƵƌŽŵƉĂŶLJŵĂŝŶƚĂŝŶĞĚŝƚƐ'ůŽďĂůϰƚŚƉŽƐŝƟŽŶŝŶǀŽůƵŵĞ ϭϮ͕ϯϬϭƵŶŝƚƐŝŶƚŚĞĞdžƉŽƌƚŵĂƌŬĞƚ͘zŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞƐ
ƐĂůĞƐ͘/ŶƚŚĞĚŽŵĞƐƟĐDΘ,sƵƐƐĞŐŵĞŶƚ͕LJŽƵƌŽŵƉĂŶLJ to strengthen its market share across Trucks, Buses and LCV
ĐŽŶƟŶƵĞƐƚŽŵĂŝŶƚĂŝŶŽǀĞƌĂůůůĞĂĚĞƌƐŚŝƉ͕ǁŝƚŚĂŵĂƌŬĞƚ segments of the Indian commercial vehicle industry.
ƐŚĂƌĞŽĨϰϭ͘Ϯй͘zŽƵƌŽŵƉĂŶLJƌĞŐĂŝŶĞĚƚŚĞůĞĂĚĞƌƐŚŝƉŝŶ C. OPPORTUNITIES AND THREATS
STU segment with strong order wins from IRT, Karnataka & &zϮϬϭϵͲϮϬŝƐĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂŚĞĂůƚŚLJŐƌŽǁƚŚƌĂƚĞĨŽƌ
UPSRTC STUs, thereby registering a growth of 88.2% over ĐŽŵŵĞƌĐŝĂůǀĞŚŝĐůĞƐĂƐƉĞƌZ/^/>ƐƚƵĚLJ͘dŚĞŝŵƉůĞŵĞŶƚĂƟŽŶ
ƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘zŽƵƌŽŵƉĂŶLJůĂƵŶĐŚĞĚŶĞǁƉƌŽĚƵĐƚƐ ŽĨƚŚĞ^s/ĞŵŝƐƐŝŽŶŶŽƌŵƐǁŝƚŚĞīĞĐƚĨƌŽŵƉƌŝůϮϬϮϬ͕ŝƐ
ůŝŬĞsŝŬŝŶŐ>ŝƚĞĨŽƌƐƚĂīƚƌĂŶƐƉŽƌƚĂƟŽŶŝŶDsƉƌŝǀĂƚĞĂŶĚ ĞdžƉĞĐƚĞĚƚŽŝŶĐƌĞĂƐĞǀĞŚŝĐůĞdK;dŽƚĂůŽƐƚŽĨKǁŶĞƌƐŚŝƉͿ͘
ǀĂƌŝĂŶƚƐŽĨ>LJŶdž^ŵĂƌƚŝŶ/sƉƌŝǀĂƚĞƐĞŐŵĞŶƚƐ͘zŽƵƌŽŵƉĂŶLJ Empirical evidence in the past suggests a pre-buy in the
ƐƵƉƉůŝĞĚϭϬϬ>LJŶdž^ŵĂƌƚďƵƐĞƐĨŽƌƚŚĞϮϬϭϴ,ŽĐŬĞLJtŽƌůĚ ŵĂƌŬĞƚďĞĨŽƌĞƐƵĐŚƌĞŐƵůĂƚŽƌLJĐŚĂŶŐĞƐ͘zŽƵƌŽŵƉĂŶLJ
Cup held in Bhubaneswar. ĞdžƉĞĐƚƐƚŚĞƐĂŵĞƚŽƚĂŬĞƉůĂĐĞĚƌŝǀŝŶŐŐƌŽǁƚŚŝŶDΘ,s
demand.
LCV segment
The vehicle scrappage policy, termed as a Voluntary Vehicle
/Ŷ&zϮϬϭϴͲϭϵ͕LJŽƵƌŽŵƉĂŶLJƌĞĂĐŚĞĚĂƌĞĐŽƌĚƐĂůĞŽĨϱϰ͕ϱϬϴ
ŇĞĞƚDŽĚĞƌŶŝƐĂƟŽŶWƌŽŐƌĂŵŵĞ;sͲsDWͿ͕ŝƐĐƵƌƌĞŶƚůLJ
ǀĞŚŝĐůĞƐǁŝƚŚĂŐƌŽǁƚŚŽĨϮϱ͘ϱйŽǀĞƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘zŽƵƌ ƵŶĚĞƌŐŽŝŶŐĂĚĚŝƟŽŶĂůƌŽƵŶĚƐŽĨĚŝƐĐƵƐƐŝŽŶǁŝƚŚƐƚĂŬĞŚŽůĚĞƌƐ
ŽŵƉĂŶLJůĂƵŶĐŚĞĚƚŚĞK^dĨĂĐĞůŝŌ͕WĂƌƚŶĞƌϭϳŌ͕DŝdZ ďĞĨŽƌĞŝŵƉůĞŵĞŶƚĂƟŽŶĂƐůĂǁ͘dŚĞŝŶŝƟĂůŝŶƚĞŶƚǁĂƐƚŽƌŽůů
ƵƐĞƐĨŽƌĚŽŵĞƐƟĐŵĂƌŬĞƚĂŶĚWĂƌƚŶĞƌ>,ĨŽƌĞdžƉŽƌƚŵĂƌŬĞƚ ŝƚŽƵƚŝŶ&zϮϬϮϬͲϮϭ͕ǁŝƚŚĂŵĂŶĚĂƚĞƚŽƐĐƌĂƉĐŽŵŵĞƌĐŝĂů
;hĂŶĚtĞƐƚĨƌŝĐĂͿ͘dŚĞƐĂŵĞŵŽĚĞůŝƐĞdžƉĞĐƚĞĚƚŽďĞ vehicles which have completed 20 years of service. Details on
ůĂƵŶĐŚĞĚŝŶŽƚŚĞƌ'ĐŽƵŶƚƌŝĞƐ͘zŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞƐƚŽ ƚŚŝƐĂƌĞƐƟůůĂǁĂŝƚĞĚ͘
deliver best-in-industry SSI/CSI, lowest defect, best-in-class tŝƚŚƚŚĞŝŶƚƌŽĚƵĐƟŽŶŽĨƐĂĨĞƚLJƌĞŐƵůĂƟŽŶƐŝŶƚŚĞĐĂďŝŶ͕
ůŽǁǁĂƌƌĂŶƚLJĂŶĚƐĞƌǀŝĐĞƌĞƚĞŶƟŽŶƚŚƌŽƵŐŚŝƚƐϱϰϬнĞdžĐůƵƐŝǀĞ ĨƵůůLJďƵŝůƚƚƌƵĐŬƐĂŶĚďƵƐĞƐĂƌĞůŝŬĞůLJƚŽƐĞĞĂŶƵƉƐŚŝŌ͘dŚĞƌĞ
LCV outlets, thereby achieving service market share of 67%. are a series of policies (e.g., bus body code, truck code)
WŽǁĞƌ^ŽůƵƟŽŶƐƵƐŝŶĞƐƐ ǁŚŝĐŚĐŽŶƟŶƵĞƚŽŽīĞƌŽƉƉŽƌƚƵŶŝƟĞƐĨŽƌƚŚĞsŝŶĚƵƐƚƌLJƚŽ
zŽƵƌŽŵƉĂŶLJĂĐŚŝĞǀĞĚĂůůƟŵĞŚŝŐŚǀŽůƵŵĞƐ͕ƌĞǀĞŶƵĞ ĞŶŚĂŶĐĞƉƌŽĚƵĐƚŽīĞƌŝŶŐƐĂŝŵĞĚƚŽŝŵƉƌŽǀĞƌŽĂĚͲƐĂĨĞƚLJ͕
ĂŶĚƉƌŽĮƚĂďŝůŝƚLJŝŶƚŚĞƉŽǁĞƌƐŽůƵƟŽŶƐďƵƐŝŶĞƐƐĨŽƌƚŚĞ ĚƌŝǀĞƌĐŽŵĨŽƌƚ͕ĂŶĚĨƵĞůĞĸĐŝĞŶĐLJ͘
LJĞĂƌ&zϮϬϭϴͲϭϵ͘dŚĞƐƚƌŽŶŐĞĐŽŶŽŵŝĐŐƌŽǁƚŚĐŽƵƉůĞĚǁŝƚŚ ƌƵĚĞƉƌŝĐĞƐĐŽŶƟŶƵĞƚŽďĞǀŽůĂƟůĞ͘tŝƚŚĚĂŝůLJƌĞǀŝƐŝŽŶ
intensive infrastructure development by the government in prices, sharp increase in crude prices will lead to high
ĚƌŽǀĞĚĞŵĂŶĚĨŽƌĚŝĞƐĞůŐĞŶƐĞƚƐŝŶŝŶĚƵƐƚƌŝĂůĂƉƉůŝĐĂƟŽŶƐ͘ ĚŽŵĞƐƟĐƌĞƚĂŝůƉƌŝĐĞƐǁŚŝĐŚĐŽƵůĚƉŽƐĞƚŽďĞĂƚŚƌĞĂƚƚŽƚŚĞ
zŽƵƌŽŵƉĂŶLJƐŽůĚϮϭ͕ϴϱϵĞŶŐŝŶĞƐŝŶ&zϮϬϭϴͲϭϵƚŚĞƌĞďLJ ŐƌŽǁƚŚŝŶƚŚĞŽǀĞƌĂůůůŽŐŝƐƟĐƐŝŶĚƵƐƚƌLJ͘dŚŝƐŝƐĂĐƌŝƟĐĂůĨĂĐƚŽƌ
registering a growth of 16.6% over last year. ŝŶƚŚĞdK;dŽƚĂůĐŽƐƚŽĨŽƉĞƌĂƟŽŶͿĨŽƌĂĐŽŵŵĞƌĐŝĂůǀĞŚŝĐůĞ
operator.
ŌĞƌŵĂƌŬĞƚ
tŝƚŚƚŚĞĨŽƌŵĂƟŽŶŽĨĂƐƚĂďůĞŐŽǀĞƌŶŵĞŶƚĂƚƚŚĞĐĞŶƚƌĞ͕
ŌĞƌŵĂƌŬĞƚďƵƐŝŶĞƐƐŽĨLJŽƵƌŽŵƉĂŶLJŚĂƐďĞĞŶĚĞůŝǀĞƌŝŶŐ ƉŽůŝĐLJĐŽŶƟŶƵŝƚLJƚŽǁĂƌĚƐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͕ƌŽĂĚ
consistent growth over last few years. Revenues of Spare ĐŽŶƐƚƌƵĐƟŽŶĂŶĚŵŝŶŝŶŐĂĐƟǀŝƟĞƐŝƐĞdžƉĞĐƚĞĚƚŚĞƌĞďLJŚĂǀŝŶŐ
Parts business of your Company clocked 21.50% growth over ĂƉŽƐŝƟǀĞŝŵƉĂĐƚŽŶƚŚĞŽŵŵĞƌĐŝĂůsĞŚŝĐůĞd/s͘
ůĂƐƚLJĞĂƌďĂĐŬĞĚďLJŝŵƉƌŽǀĞĚƉĞŶĞƚƌĂƟŽŶŝŶŵƵůƟƉůĞƉƌŽĚƵĐƚ D. RISK MANAGEMENT
ŐƌŽƵƉƐ͕ĞŶŚĂŶĐĞĚŶĞƚǁŽƌŬƌĞĂĐŚ͕ƐƉĞĐŝĮĐŝŶŝƟĂƟǀĞƐŝŶƐƵƉƉůLJ
ƵƌŝŶŐƚŚĞLJĞĂƌ͕LJŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞĚƚŽŐĂŝŶƐĂůĞƐ
ĐŚĂŝŶ͕ƉĂĐŬĂŐŝŶŐĂŶĚǁĂƌĞŚŽƵƐĞŽƉĞƌĂƟŽŶƐ;WƌŽũĞĐƚ^WZ<Ϳ͘
volume, despite headwinds such as liquidity crisis, changes in
dŚĞŝŐŝƚĂůŝŶŝƟĂƟǀĞͲ>ĞLJ<ĂƌƚĐŽŶƟŶƵĞƐƚŽĨƵůĮůůƚŚĞƉƌŽŵŝƐĞ ƌĞŐƵůĂƚŽƌLJŶŽƌŵƐƉĞƌƚĂŝŶŝŶŐƚŽĂdžůĞůŽĂĚĂŶĚŽƚŚĞƌĐŚĂůůĞŶŐĞƐ
of on-demand availability of Spares. ĨĂĐĞĚďLJƚŚĞsŝŶĚƵƐƚƌLJ͘KƵƌĂďŝůŝƚLJƚŽƉƌŽĂĐƟǀĞůLJƌĞƐƉŽŶĚ
ĞĨĞŶĐĞ ƚŽƚŚĞĞdžƚĞƌŶĂůƌŝƐŬƐƚŚƌŽƵŐŚĂƉƉƌŽƉƌŝĂƚĞďƵƐŝŶĞƐƐƐƚƌĂƚĞŐŝĞƐ͕
For the year 2018-19, your Company supplied 260 units ǁĂƐŬĞLJƚŽŵĂŶĂŐĞƚŚĞƐĞĐŚĂůůĞŶŐĞƐ͘zŽƵƌŽŵƉĂŶLJŚĂƐ
(including IO) of completely built up units (CBUs) and 1357 ŵĂĚĞƐŝŐŶŝĮĐĂŶƚƉƌŽŐƌĞƐƐƚŚƌŽƵŐŚŝŶǀĞƐƚŵĞŶƚƐŝŶƚĞĐŚŶŽůŽŐLJ
ǀĞŚŝĐůĞŬŝƚƐ͘zŽƵƌŽŵƉĂŶLJŝƐƚŚĞƉƌŽƵĚŵĂŶƵĨĂĐƚƵƌĞƌŽĨ to meet the upcoming BS-VI emission norms, including
ƚŚĞĮƌƐƚ/ŶĚŝĂŶǀĞŚŝĐůĞƚŽĐůĞĂƌƚŚĞƐŝĚĞŵŝŶĞďůĂƐƚƚĞƐƚŽĨ ƚŚƌƵƐƚŽŶĂůƚĞƌŶĂƚĞĨƵĞůƚĞĐŚŶŽůŽŐŝĞƐ͘/ƚĐŽŶƟŶƵĞƐƚŽǁŽƌŬ
DWsϰdžϰ͘ĞĨĞŶĐĞďƵƐŝŶĞƐƐŽĨLJŽƵƌŽŵƉĂŶLJǁŝůůĐŽŶƟŶƵĞ ŽŶŝŶŶŽǀĂƟǀĞĂŶĚĐŽƐƚͲĞīĞĐƟǀĞƚĞĐŚŶŽůŽŐLJƐŽůƵƟŽŶƐ
ĞdžƉĂŶĚŝŶŐƚŚĞƉƌŽĚƵĐƚĂŶĚĂƉƉůŝĐĂƟŽŶƌĂŶŐĞǁŚŝůĞĞŶŚĂŶĐŝŶŐ and vehicles through strategic partnerships to meet the
regulatory requirements.
ŝŶĚŝŐĞŶŝƐĞĚĂŶĚĐŽƐƚĞīĞĐƟǀĞĚĞĨĞŶĐĞĐĂƉĂďŝůŝƟĞƐ͘
zŽƵƌŽŵƉĂŶLJŚĂƐĂŶŝŶĐůƵƐŝǀĞ͕ǁĞůůŝŶƚĞŐƌĂƚĞĚĂŶĚ
Foundry Division
standardised Enterprise Risk Management (ERM) framework
dŚĞ/ŶĚŝĂŶĨŽƵŶĚƌLJŝŶĚƵƐƚƌLJŵĂŶƵĨĂĐƚƵƌĞƐĐĂƐƟŶŐƐĨŽƌ ĂĐƌŽƐƐƚŚĞŽƌŐĂŶŝƐĂƟŽŶ͘dŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉƌŽĐĞƐƐ
ĂƉƉůŝĐĂƟŽŶƐŝŶƵƚŽ͕dƌĂĐƚŽƌ͕ZĂŝůǁĂLJƐ͕DĂĐŚŝŶĞƚŽŽůƐ͕ ĞŶĂďůĞƐďƵƐŝŶĞƐƐƚŽŝĚĞŶƟĨLJĂŶĚƉƌŽĂĐƟǀĞůLJĂĚĚƌĞƐƐƌŝƐŬ
ĞĨĞŶĐĞ͕ĂƌƚŚDŽǀŝŶŐ͕dĞdžƟůĞ͕ĞŵĞŶƚ͕ůĞĐƚƌŝĐĂů͕ ĂŶĚŽƉƉŽƌƚƵŶŝƟĞƐ͕ĂƐƐĞƐƐŝŶŐƚŚĞŵŝŶƚĞƌŵƐŽĨůŝŬĞůŝŚŽŽĚĂŶĚ
Power machinery, Pumps, Valves, etc. The Foundry Division of ƉŽƚĞŶƟĂůŝŵƉĂĐƚ͕ĚĞƚĞƌŵŝŶŝŶŐŽƵƌƌĞƐƉŽŶƐĞƐƚƌĂƚĞŐLJ͕ĂŶĚ
LJŽƵƌŽŵƉĂŶLJŝƐŵĂŝŶůLJĐĂƚĞƌŝŶŐƚŽƚŚĞĂƵƚŽŵŽƟǀĞŝŶĚƵƐƚƌLJ monitoring them on a regular basis.
- Finance costs halved to `70.38 Crores during the year zŽƵƌŽŵƉĂŶLJŚĂƐŝŶǀĞƐƚĞĚ`124 Crores in Hinduja
ƌĞŇĞĐƟŶŐƚŚĞĞĸĐŝĞŶƚŵĂŶĂŐĞŵĞŶƚŽĨǁŽƌŬŝŶŐĐĂƉŝƚĂů Leyland Finance Limited, `43 Crores in Ashok Leyland (UAE)
ĂƐǁĞůůĂƐďĞƩĞƌĐĂƐŚŇŽǁƐĨŽƌŵĞĞƟŶŐƚŚĞĐĂƉŝƚĂů LLC, `18 Crores in Optare Plc, `10 Crores in Albonair (India)
ĞdžƉĞŶĚŝƚƵƌĞ͕ŝŶǀĞƐƚŵĞŶƚƐĂŶĚůŽŶŐͲƚĞƌŵůŽĂŶƌĞƉĂLJŵĞŶƚ Private Limited, `ϲƌŽƌĞƐŝŶƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚ͕
commitments through internal accruals. `1 Crore in Ashley Alteams India Limited and `1 Crore in
- ĞƉƌĞĐŝĂƟŽŶ for the year is at `621.01 Crores which other Companies. Thus your Company has invested
ŝƐŚŝŐŚĞƌƚŚĂŶůĂƐƚLJĞĂƌƌĞŇĞĐƟŶŐƚŚĞŝŵƉĂĐƚŽĨ `203 Crores in cash in Joint Venture/Associates/Subsidiaries
ĐĂƉŝƚĂůŝƐĂƟŽŶŽĨĂƐƐĞƚƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ during the year. There had also been impairments to the
- KƚŚĞƌĞdžƉĞŶƐĞƐ at `3,141 Crores are at around the tune of `7 Crores during the year Ashok Leyland (Chile) SA `4
ƐĂŵĞůĞǀĞůƐŽĨůĂƐƚLJĞĂƌĚĞƐƉŝƚĞŝŶĐƌĞĂƐĞŝŶĂĐƟǀŝƚLJ ƌŽƌĞƐ͕ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚ`3 Crores.
ůĞǀĞůƐďLJĂďŽƵƚϭϬй͘ůŽƐƵƌĞŽĨƌĞŐŝŽŶĂůƐĂůĞƐŽĸĐĞƐ
ƚŚƌŽƵŐŚŽƵƚ/ŶĚŝĂĐŽŶƐĞƋƵĞŶƚƚŽŝŶƚƌŽĚƵĐƟŽŶŽĨ'^d Current assets as at March 31, 2019 were at `8,186 Crores
has resulted in lesser movement of chassis there when compared with previous year level of `8,063 Crores.
by lesser costs. Notwithstanding this, stringent cost The increase of `123 Crores was driven by increase in
control measures implemented during the year has also inventory of `926 Crores, increase in receivables of `1,561
resulted in huge savings in costs. Crores, increase in cash and cash equivalents of `331 Crores,
- Total Capital Employed by your Company increased ŝŶĐƌĞĂƐĞŝŶŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐďLJ`75 Crores (primarily
by 5% from `17,336 Crores to `18,224 Crores grants and escrow bank balance), increase in other current
ƌĞŇĞĐƟŶŐƚŚĞŝŶĐƌĞĂƐĞŝŶĂĐƟǀŝƚLJůĞǀĞůƐ͘ assets by `375 Crores (balances with customs, port trust,
ĐĞŶƚƌĂůĞdžĐŝƐĞĞƚĐ͕͘ͿĂŶĚŝŶĐƌĞĂƐĞŝŶĐŽŶƚƌĂĐƚĂƐƐĞƚƐďLJ
dŽƚĂůƐŚĂƌĞŚŽůĚĞƌƐ͛ĨƵŶĚƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϵĂŌĞƌƉƌŽǀŝĚŝŶŐ
`ϭϭƌŽƌĞƐŽīƐĞƚďLJƌĞĚƵĐƟŽŶŝŶŝŶǀĞƐƚŵĞŶƚƐŝŶŵƵƚƵĂů
for dividend to the tune of `860 Crores stood at `8,332
ƌŽƌĞƐƌĞŇĞĐƟŶŐĂŶŝŶĐƌĞĂƐĞŽĨ`1,087 Crores over March funds by `3,155 Crores.
31, 2018 amount of `ϳ͕ϮϰϱƌŽƌĞƐ͘dŚŝƐŝŶĐƌĞĂƐĞƌĞŇĞĐƚƐƚŚĞ
Liquidity
ĐƵƌƌĞŶƚLJĞĂƌƉƌŽĮƚŽĨ`ϭ͕ϵϴϯƌŽƌĞƐŽīƐĞƚďLJĚŝǀŝĚĞŶĚ
`860 Crores as well as transfer to other comprehensive zŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞĚǁŝƚŚƚŚĞ͞ĂƐŚĂŶĚĐĂƌƌLJ͟ƐLJƐƚĞŵ
income `43 Crores and other favourable adjustments for ŽĨƐĂůĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌǁŚŝĐŚŚĂƐďĞĞŶĞīĞĐƟǀĞƐŝŶĐĞDĂLJ
`7 Crores. ϮϬϬϵ͘dŚŝƐŚĂƐĞŶĂďůĞĚLJŽƵƌŽŵƉĂŶLJƚŽďĞƩĞƌŵĂŶĂŐĞ
;DĂŶĂŐĞŵĞŶƚĂŶĚĚŵŝŶŝƐƚƌĂƟŽŶͿZƵůĞƐ͕ϮϬϭϰ
/͘ Z'/^dZd/KEEKd,Zd/>^͗
i. CIN L34101TN1948PLC000105
ŝŝ͘ ZĞŐŝƐƚƌĂƟŽŶĂƚĞ September 7, 1948
ŝŝŝ͘ EĂŵĞŽĨƚŚĞŽŵƉĂŶLJ Ashok Leyland Limited
ŝǀ͘ ĂƚĞŐŽƌLJͬ^ƵďͲĂƚĞŐŽƌLJŽĨƚŚĞŽŵƉĂŶLJ Company limited by shares/Subsidiary of Foreign Company
ǀ͘ ĚĚƌĞƐƐŽĨƚŚĞZĞŐŝƐƚĞƌĞĚŽĸĐĞĂŶĚĐŽŶƚĂĐƚĚĞƚĂŝůƐ No.1, Sardar Patel Road, Guindy
Chennai - 600 032, Tamilnadu, India
secretarial@ashokleyland.com
WŚ͗ϬϰϰͲϮϮϮϬϲϬϬϬ͕&Ădž͗ϬϰϰͲϮϮϮϬϲϬϬϭ
vi. Whether listed Company zĞƐ
ǀŝŝ͘ EĂŵĞ͕ĚĚƌĞƐƐĂŶĚŽŶƚĂĐƚĚĞƚĂŝůƐŽĨZĞŐŝƐƚƌĂƌĂŶĚ Integrated Registry Management Services Private Limited
dƌĂŶƐĨĞƌŐĞŶƚ͕ŝĨĂŶLJ 2nd Floor, Kences Towers
1, Ramakrishna Street, North Usman Road
T. Nagar, Chennai - 600 017
dĞů͗ϬϰϰͲϮϴϭϰϬϴϬϭͬϬϯ͕&Ădž͗ϬϰϰͲϮϴϭϰϮϰϳϵ
e-mail: csdstd@integratedindia.in
56
Sl. EĂŵĞŽĨƚŚĞŽŵƉĂŶLJ ĚĚƌĞƐƐŽĨƚŚĞŽŵƉĂŶLJ /Eͬ'>E ,ŽůĚŝŶŐͬ йŽĨ Applicable
No shares ^ĞĐƟŽŶ
^ƵďƐŝĚŝĂƌLJͬ
under
held
Associate Companies
Company Act, 2013
1. ,ŝŶĚƵũĂƵƚŽŵŽƟǀĞ>ŝŵŝƚĞĚ͕h͘< EĞǁĞĂůĂŶĚ,ŽƵƐĞ͕ϴϬ,ĂLJŵĂƌŬĞƚ͕>ŽŶĚŽŶ͕^tϭz Not applicable Holding 50.88 2(46)
4TE
>ĞĞĚƐ͕EŽƌƚŚzŽƌŬƐŚŝƌĞ͕>^ϮϱϲWd
13. Optare Group Limited Unit 3, Hurricane Way South Sherburn in Elmet, Not applicable Subsidiary 99.11 2(87)(ii)
>ĞĞĚƐ͕EŽƌƚŚzŽƌŬƐŚŝƌĞ͕>^ϮϱϲWd
14. Jamesstan Investments Limited Unit 3, Hurricane Way South Sherburn in Elmet, Not applicable Subsidiary 99.11 2(87)(ii)
>ĞĞĚƐ͕EŽƌƚŚzŽƌŬƐŚŝƌĞ͕>^ϮϱϲWd
15. Optare Holding Limited Unit 3, Hurricane Way South Sherburn in Elmet, Not applicable Subsidiary 99.11 2(87)(ii)
>ĞĞĚƐ͕EŽƌƚŚzŽƌŬƐŚŝƌĞ͕>^ϮϱϲWd
16. Optare (Leeds) Limited Unit 3, Hurricane Way South Sherburn in Elmet, Not applicable Subsidiary 99.11 2(87)(ii)
>ĞĞĚƐ͕EŽƌƚŚzŽƌŬƐŚŝƌĞ͕>^ϮϱϲWd
17. East Lancashire Bus Builders Limited Unit 3, Hurricane Way South Sherburn in Elmet, Not applicable Subsidiary 99.11 2(87)(ii)
>ĞĞĚƐ͕EŽƌƚŚzŽƌŬƐŚŝƌĞ͕>^ϮϱϲWd
Sl. EĂŵĞŽĨƚŚĞŽŵƉĂŶLJ ĚĚƌĞƐƐŽĨƚŚĞŽŵƉĂŶLJ /Eͬ'>E ,ŽůĚŝŶŐͬ йŽĨ Applicable
No shares ^ĞĐƟŽŶ
^ƵďƐŝĚŝĂƌLJͬ
under
held
Associate Companies
Company Act, 2013
18. Global TVS Bus Body Builders Limited TVS Building, 7-B West Veli Street, Madurai - 625 001 U35202TN1998PLC041466 Subsidiary 66.67 2(87)(ii)
19. Hinduja Tech GmbH ŚĂƌůĞƐͲĚĞͲ'ĂƵůůĞͲWůĂƚnjϭ&͕ϱϬϲϳϵ͕<ŽůŶ Not applicable Subsidiary 62.00 2(87)(ii)
20. Hinduja Technologies Inc., USA 39555, Orchard Hill Place, Suite 600, Novi, Michigan Not applicable Subsidiary 62.00 2(87)(ii)
48375
21. Hinduja Tech Limited Triton Square, C3 - C7, Tiruvika Industrial Estate, U72400TN2009PLC072067 Subsidiary 61.99 2(87)(ii)
Guindy Chennai - 600 032
22. Hinduja Housing Finance Limited No. 27A, Developed Industrial Estate Guindy, Chennai U65922TN2015PLC100093 Subsidiary 61.84 2(87)(ii)
- 600032
23. Hinduja Leyland Finance Limited No.1, Sardar Patel Road U65993TN2008PLC069837 Subsidiary 61.84 2(87)(ii)
Guindy, Chennai - 600 032
24. HLF Services Limited No.1, Sardar Patel Road, Guindy Chennai - 600 032 U67190TN2010PLC076750 Subsidiary 54.00 2(87)(ii)
25. ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚ No.1, Sardar Patel Road, Guindy, Chennai - 600 032 U66030TN2008PLC122350 Wholly owned 100.00 2(87)(ii)
subsidiary
26. Ashok Leyland (UAE) LLC W͘K͘Ždžϯϭϯϳϲ͕EͲϭϳϲ͕Z<DĂŶĂŵŵĂ,ŝŐŚǁĂLJ͕ZĂƐ Not applicable Associate 49.00 2(6)
Al Khaimah, UAE
27. Mangalam Retail Services Limited y/&ůŽŽƌ͕ĂƐƚǁŝŶŐdŚĂĂůĂŵƵƚŚƵEĂƚĂƌĂũĂŶƵŝůĚŝŶŐ͕ϭ͕ U51909MH2006PLC288018 Associate 37.48 2(6)
Gandhi Irwin Road, Egmore Chennai - 600 008
28. Lanka Ashok Leyland PLC Panagoda, Homagama, Sri Lanka Not applicable Associate 27.85 2(6)
29. Ashok Leyland Defence Systems Limited No.1, Sardar Patel Road, Guindy Chennai - 600 032 U34200TN2008PLC080987 Associate 48.49 2(6)
30. Rajalakshmi Wind Energy Limited Old No.16, New No.18, Rutlandgate 4th Street, U40105TN2010PLC077414 Associate 26.00 2(6)
Nungambakkam Chennai - 600006
31. Ashley Alteams India Limited No.1, Sardar Patel Road Guindy, Chennai - 600032 U27310TN2006PLC065084 Joint Venture 50.00 2(6)
32. ƐŚŽŬ>ĞLJůĂŶĚ:ŽŚŶĞĞƌĞŽŶƐƚƌƵĐƟŽŶ AG1 Ragamalika, Old No.2, New No.26 Kumaran U29253TN2009PTC072136 Joint Venture 4.85 2(6)
ANNEXURE G TO THE BOARD’S REPORT
Equipment Company Private Limited$ Colony Main Road, Vadapalani Chennai - 6 00026
*amalgamated with Ashok Leyland Limited on December 21, 2018;
$ƵŶĚĞƌǀŽůƵŶƚĂƌLJůŝƋƵŝĚĂƟŽŶ
A PROMOTERS
Banks
c) Central Government - - - - - - - - -
d) State Governments 1,849,470 360,000 2,209,470 0.08 1,849,470 360,000 2,209,470 0.08 -
e) Venture capital Funds - - - - - - - - -
f) Insurance Companies 31,193,167 500 31,193,667 1.07 49,482,383 500 49,482,883 1.69 0.62
g) FIIs 3,602,714 89,620 3,692,334 0.13 1,304,888 89,620 1,394,508 0.05 (0.08)
h) Foreign Venture Capital - - - - - - - - -
Investors
i) Any other (Specify) - 4,847,105 - 4,847,105 0.17 10,423,551 - 10,423,551 0.36 0.19
Alternate Investment
Funds
Sub Total B(1) 306,634,918 556,070 307,190,988 10.49 272,520,700 556,070 273,076,770 9.30 (1.17)
ĂƚĞŐŽƌLJŽĨ^ŚĂƌĞŚŽůĚĞƌ EƵŵďĞƌŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞďĞŐŝŶŶŝŶŐ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞĞŶĚ % Change
ŽĨƚŚĞLJĞĂƌƉƌŝůϭ͕ϮϬϭϴ ŽĨƚŚĞLJĞĂƌDĂƌĐŚϯϭ͕ϮϬϭϵ during the
Demat Physical Total йŽĨdŽƚĂů Demat Physical Total йŽĨdŽƚĂů year
Shares Shares
(2) EŽŶͲ/ŶƐƟƚƵƟŽŶƐ
a Bodies Corporate - - - - - - - - -
(i) Indian 61,310,846 487,606 61,798,452 2.11 110,001,661 464,502 110,466,163 3.76 1.66
(ii)Overseas 2,000 - 2,000 0.00 2,000 - 2,000 0.00 -
b Individuals
(i) Individual Shareholders 232,288,801 18,801,526 251,090,327 8.58 356,487,253 15,596,131 372,083,384 12.68 4.13
holding Nominal Share
Capital upto `1 Lakh
(ii) Individual Shareholders 12,877,838 909,160 13,786,998 0.47 13,791,607 909,160 14,700,767 0.50 0.03
holding Nominal Share
ĂƉŝƚĂůŝŶĞdžĐĞƐƐŽĨ`1
Lakh
c Any other
i. Clearing Members 6,707,414 - 6,707,414 0.23 9,260,496 - 9,260,496 0.32 0.09
ii. Trusts 8,629,478 - 8,629,478 0.29 14,438,970 - 14,438,970 0.49 0.20
iii. Corporate Body Foreign 1,200,000 - 1,200,000 0.04 199,000 - 199,000 0.01 (0.03)
Bodies
iv. NRI 12,035,011 42,410 12,077,421 0.41 17,820,047 36,822 17,856,869 0.61 0.20
ǀ͘ &ŽƌĞŝŐŶEĂƟŽŶĂůƐ 8,397 - 8,397 0.00 11,485 - 11,485 0.00 0.00
vi. Limited Liability partner 1,223,576 - 1,223,576 0.04 981,251 - 981,251 0.03 (0.01)
ship
ǀŝŝ͘ hŶĐůĂŝŵĞĚ^ĞĐƵƌŝƟĞƐ^ƵƐ 1,196,261 - 1,196,261 0.04 1,150,351 - 1,150,351 0.04 (0.00)
A/c
ANNEXURE G TO THE BOARD’S REPORT
viii. IEPF authority 2,242,867 - 2,242,867 0.08 2,470,507 - 2,470,507 0.08 0.01
ŝdž͘ &ŽƌĞŝŐŶWŽƌƞŽůŝŽ/ŶǀĞƐƚŽƌ 736,288,161 - 736,288,161 25.15 594,166,502 - 594,166,502 20.24 (4.86)
Corporate
Sub Total B(2) 1,076,010,650 20,240,702 1,096,251,352 37.45 1,120,781,130 17,006,615 1,137,787,745 38.76 1.42
Total Public Shareholding 1,382,645,568 20,796,772 1,403,442,340 47.95 1,393,301,830 17,562,685 1,410,864,515 48.06 0.25
(B)= (B)(1)+(B)(2)
C ^ŚĂƌĞƐŚĞůĚďLJƵƐƚŽĚŝĂŶƐĨŽƌ 352,157,140 44,500 352,201,640 12.03 353,158,140 44,500 353,202,640 12.03 0.03
GDRs and ADRs##
59
##329,200,140 shares held on behalf of the promoters
ANNEXURE G TO THE BOARD’S REPORT
ŝŝͿ ^ŚĂƌĞŚŽůĚŝŶŐŽĨWƌŽŵŽƚĞƌƐ
ǀͿ ^ŚĂƌĞŚŽůĚŝŶŐŽĨŝƌĞĐƚŽƌƐĂŶĚ<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů
$ƌĞƐŝŐŶĞĚǁŝƚŚĞīĞĐƚĨƌŽŵŽŶƉƌŝůϱ͕ϮϬϭϵ͘
͘ ZĞŵƵŶĞƌĂƟŽŶƚŽ<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů
` in Lakhs
s//͘ WE>d/^ͬWhE/^,DEdͬKDWKhE/E'K&K&&E^
dŚĞƌĞǁĞƌĞŶŽƉĞŶĂůƟĞƐͬƉƵŶŝƐŚŵĞŶƚƐͬĐŽŵƉŽƵŶĚŝŶŐŽĨŽīĞŶĐĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵ͘
On behalf of the Board of Directors
To
The Members
^,K<>z>E>/D/d
No. 1, Sardar Patel Road
Guindy, Chennai - 600 032
DLJƌĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞŝƐƚŽďĞƌĞĂĚĂůŽŶŐǁŝƚŚƚŚŝƐůĞƩĞƌ͘
ϭ͘ DĂŝŶƚĞŶĂŶĐĞŽĨƐĞĐƌĞƚĂƌŝĂůƌĞĐŽƌĚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͘DLJƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶ
on these secretarial records based on my audit.
Ϯ͘ /ŚĂǀĞĨŽůůŽǁĞĚƚŚĞĂƵĚŝƚƉƌĂĐƟĐĞƐĂŶĚƉƌŽĐĞƐƐĞƐĂƐǁĞƌĞĂƉƉƌŽƉƌŝĂƚĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚƚŚĞĐŽƌƌĞĐƚŶĞƐƐŽĨƚŚĞ
ĐŽŶƚĞŶƚƐŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂůƌĞĐŽƌĚƐ͘dŚĞǀĞƌŝĮĐĂƟŽŶǁĂƐĚŽŶĞŽŶƚĞƐƚďĂƐŝƐƚŽĞŶƐƵƌĞƚŚĂƚĐŽƌƌĞĐƚĨĂĐƚƐĂƌĞƌĞŇĞĐƚĞĚŝŶƐĞĐƌĞƚĂƌŝĂů
ƌĞĐŽƌĚƐ͘/ďĞůŝĞǀĞƚŚĂƚƚŚĞƉƌŽĐĞƐƐĞƐĂŶĚƉƌĂĐƟĐĞƐ͕/ĨŽůůŽǁĞĚƉƌŽǀŝĚĞĂƌĞĂƐŽŶĂďůĞďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘
ϯ͘ /ŚĂǀĞŶŽƚǀĞƌŝĮĞĚƚŚĞĐŽƌƌĞĐƚŶĞƐƐĂŶĚĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨĮŶĂŶĐŝĂůƌĞĐŽƌĚƐĂŶĚŽŽŬƐŽĨĐĐŽƵŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͘
ϰ͘ tŚĞƌĞĞǀĞƌƌĞƋƵŝƌĞĚ͕/ŚĂǀĞŽďƚĂŝŶĞĚƚŚĞDĂŶĂŐĞŵĞŶƚƌĞƉƌĞƐĞŶƚĂƟŽŶĂďŽƵƚƚŚĞĐŽŵƉůŝĂŶĐĞŽĨůĂǁƐ͕ƌƵůĞƐĂŶĚƌĞŐƵůĂƟŽŶƐĂŶĚ
happening of events etc.
ϱ͘ dŚĞĐŽŵƉůŝĂŶĐĞŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨŽƌƉŽƌĂƚĞĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞůĂǁƐ͕ƌƵůĞƐ͕ƌĞŐƵůĂƟŽŶƐ͕ƐƚĂŶĚĂƌĚƐŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ
ŵĂŶĂŐĞŵĞŶƚ͘DLJĞdžĂŵŝŶĂƟŽŶǁĂƐůŝŵŝƚĞĚƚŽƚŚĞǀĞƌŝĮĐĂƟŽŶŽĨƉƌŽĐĞĚƵƌĞƐŽŶƚĞƐƚďĂƐŝƐ͘
ϲ͘ dŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚƌĞƉŽƌƚŝƐŶĞŝƚŚĞƌĂŶĂƐƐƵƌĂŶĐĞĂƐƚŽƚŚĞĨƵƚƵƌĞǀŝĂďŝůŝƚLJŽĨƚŚĞŽŵƉĂŶLJŶŽƌŽĨƚŚĞĞĸĐĂĐLJŽƌĞīĞĐƟǀĞŶĞƐƐǁŝƚŚ
ǁŚŝĐŚƚŚĞŵĂŶĂŐĞŵĞŶƚŚĂƐĐŽŶĚƵĐƚĞĚƚŚĞĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJ͘
(vi) I am informed that the Company, during the year, was not I further report that
ƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƌĞŐƵůĂƟŽŶƐĂŶĚ
ͻ dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJŝƐĚƵůLJ
consequently not required to maintain any books, papers,
ĐŽŶƐƟƚƵƚĞĚǁŝƚŚƉƌŽƉĞƌďĂůĂŶĐĞŽĨdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐ͕
ŵŝŶƵƚĞŬƐŽƌŽƚŚĞƌƌĞĐŽƌĚƐŽƌĮůĞĂŶLJĨŽƌŵƐͬƌĞƚƵƌŶƐ
under: EŽŶͲdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ͘dŚĞ
ĐŚĂŶŐĞƐŝŶƚŚĞĐŽŵƉŽƐŝƟŽŶŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ
Ă͘ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;/ƐƐƵĞŽĨ that took place during the period under review were
ĂƉŝƚĂůĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϬϵ carried out in compliance with the provisions of the Act.
ď͘ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;/ƐƐƵĞĂŶĚ ͻ ĚĞƋƵĂƚĞŶŽƟĐĞŝƐŐŝǀĞŶƚŽĂůůƚŚĞŝƌĞĐƚŽƌƐƚŽƐĐŚĞĚƵůĞ
>ŝƐƟŶŐŽĨĞďƚƐĞĐƵƌŝƟĞƐͿZĞŐƵůĂƟŽŶƐϮϬϬϴ ƚŚĞŽĂƌĚDĞĞƟŶŐƐ͕ĂŐĞŶĚĂĂŶĚĚĞƚĂŝůĞĚŶŽƚĞƐŽŶ
Đ͘ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;ĞůŝƐƟŶŐŽĨ agenda were sent at least seven days in advance,
ƋƵŝƚLJ^ŚĂƌĞƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϬϵ͖ĂŶĚ ĂŶĚĂƐLJƐƚĞŵĞdžŝƐƚƐĨŽƌƐĞĞŬŝŶŐĂŶĚŽďƚĂŝŶŝŶŐĨƵƌƚŚĞƌ
ŝŶĨŽƌŵĂƟŽŶĂŶĚĐůĂƌŝĮĐĂƟŽŶƐŽŶƚŚĞĂŐĞŶĚĂŝƚĞŵƐ
Ě͘ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;ƵLJďĂĐŬŽĨ
ďĞĨŽƌĞƚŚĞŵĞĞƟŶŐĂŶĚĨŽƌŵĞĂŶŝŶŐĨƵůƉĂƌƟĐŝƉĂƟŽŶĂƚ
^ĞĐƵƌŝƟĞƐͿZĞŐƵůĂƟŽŶƐ͕ϭϵϵϴ͖
ƚŚĞŵĞĞƟŶŐ͘
;ǀŝŝͿ /ŶĂĚĚŝƟŽŶƚŽƚŚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚ&ĂĐƚŽƌLJĂŶĚ>ĂďŽƵƌ
ͻ ĂƐĞĚŽŶƚŚĞŵŝŶƵƚĞƐŵĂĚĞĂǀĂŝůĂďůĞƚŽƵƐ͕ǁĞƌĞƉŽƌƚ
Laws as is applicable to a factory, based on the study of the
that majority decision is carried through and that there
systems and processes in place and a review of the reports
ǁĞƌĞŶŽĚŝƐƐĞŶƟŶŐǀŽƚĞƐĨƌŽŵĂŶLJŽĂƌĚŵĞŵďĞƌƚŚĂƚ
of (1) the heads of the Departments; (2) Occupier/Manager
of the factories located in Ennore, Sriperumbudur; Hosur was required to be captured and recorded as part of the
(3 units), Bhandara, Alwar, Pantnagar, Vellivoyalchavadi minutes.
which manufacture Automobiles and Spare Parts; (3) the I further report that there are adequate systems and
ĐŽŵƉůŝĂŶĐĞƌĞƉŽƌƚƐŵĂĚĞďLJƚŚĞĨƵŶĐƟŽŶĂůŚĞĂĚƐŽĨǀĂƌŝŽƵƐ ƉƌŽĐĞƐƐĞƐŝŶƚŚĞŽŵƉĂŶLJĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚƚŚĞƐŝnjĞĂŶĚ
ĚĞƉĂƌƚŵĞŶƚƐǁŚŝĐŚĂƌĞƐƵďŵŝƩĞĚƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ŽƉĞƌĂƟŽŶƐŽĨƚŚĞŽŵƉĂŶLJƚŽŵŽŶŝƚŽƌ͕ƌĞƉŽƌƚĚĞǀŝĂƟŽŶƐƚŽ
of the Company; (4) a test check on the licences and returns ƚŚĞŽĂƌĚ͕ƚĂŬĞĐŽƌƌĞĐƟǀĞĂĐƟŽŶƐĂŶĚĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞ
made available on other applicable laws, I report that the ǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁƐ͕ƌƵůĞƐ͕ƌĞŐƵůĂƟŽŶƐĂŶĚŐƵŝĚĞůŝŶĞƐ͘
Company has complied with the provisions of the following
ŝŶĚƵƐƚƌLJƐƉĞĐŝĮĐƐƚĂƚƵƚĞƐĂŶĚƚŚĞƌƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌĂƐ I further report that during the audit period, following events
ǁĞůůĂƐŽƚŚĞƌůĂǁƐƚŽƚŚĞĞdžƚĞŶƚŝƚŝƐĂƉƉůŝĐĂďůĞƚŽƚŚĞŵ͗ took place in the Company:
ͻ DŽƚŽƌsĞŚŝĐůĞƐĐƚ͕ϭϵϴϴ i. M/s Ashok Leyland Vehicles Limited, Ashley Powertrain
Limited and Ashok Leyland Technologies Limited merged
ͻ dŚĞDŽƚŽƌdƌĂŶƐƉŽƌƚtŽƌŬĞƌƐĐƚ͕ϭϵϲϭ
ǁŝƚŚƐŚŽŬ>ĞLJůĂŶĚ>ŝŵŝƚĞĚƉƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶƐϮϯϬƚŽ
ͻ dŚĞdžƉůŽƐŝǀĞĐƚ͕ϭϴϴϰ 232 and other applicable provisions of the Companies
Act, 2013 with Ashok Leyland Limited as approved by
ͻ dŚĞWĞƚƌŽůĞƵŵĐƚ͕ϭϵϯϰ
ƚŚĞEĂƟŽŶĂůŽŵƉĂŶLJ>ĂǁdƌŝďƵŶĂů͕ŚĞŶŶĂŝĞŶĐŚ
ͻ dŚĞŶǀŝƌŽŶŵĞŶƚ;WƌŽƚĞĐƟŽŶͿĐƚ͕ϭϵϴϲ on 17th December 2018 and the object Clause of the
ͻ dŚĞtĂƚĞƌ;WƌĞǀĞŶƟŽŶĂŶĚŽŶƚƌŽůŽĨWŽůůƵƟŽŶͿĐƚ͕ DĞŵŽƌĂŶĚƵŵŽĨƐƐŽĐŝĂƟŽŶǁĂƐĂŵĞŶĚĞĚĂĐĐŽƌĚŝŶŐůLJ͘
1974 ŝŝ͘ WƵƌƐƵĂŶƚƚŽƉƌŽǀŝƐŝŽŶƐŽĨZĞŐƵůĂƟŽŶϯϬŽĨ>KZ͕
ͻ dŚĞŝƌ;WƌĞǀĞŶƟŽŶĂŶĚŽŶƚƌŽůŽĨWŽůůƵƟŽŶͿĐƚ͕ϭϵϴϭ approval of shareholders were obtained twice during
ƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁďLJǁĂLJŽĨƐƉĞĐŝĂůƌĞƐŽůƵƟŽŶ
/ŚĂǀĞĂůƐŽĞdžĂŵŝŶĞĚĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞĐůĂƵƐĞƐ
of the following: a. on 30.1.2019 for approval of Ashok Leyland
ŵƉůŽLJĞĞƐ^ƚŽĐŬKƉƟŽŶWůĂŶϮϬϭϴĂŶĚ
;ŝͿ ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďLJdŚĞ/ŶƐƟƚƵƚĞŽĨ
Company Secretaries of India. ď͘ ŽŶϮϰ͘ϯ͘ϮϬϭϵĨŽƌƉĂLJŵĞŶƚŽĨƌĞŵƵŶĞƌĂƟŽŶƚŽ
Managing Director Mr. Vinod K Dasari.
;ŝŝͿ dŚĞ>ŝƐƟŶŐŐƌĞĞŵĞŶƚƐĞŶƚĞƌĞĚŝŶƚŽďLJƚŚĞŽŵƉĂŶLJ
ǁŝƚŚ^>ŝŵŝƚĞĚĂŶĚEĂƟŽŶĂů^ƚŽĐŬdžĐŚĂŶŐĞŽĨ/ŶĚŝĂ
Limited.
During the period under review the Company has complied
ǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕ZƵůĞƐ͕ZĞŐƵůĂƟŽŶƐ͕'ƵŝĚĞůŝŶĞƐ͕ Place : Chennai B. CHANDRA
^ƚĂŶĚĂƌĚƐ͕ĞƚĐ͕͘ŵĞŶƟŽŶĞĚĂďŽǀĞ͘ Date : May 24, 2019 ACS No.: 20879, C P No.: 7859
S. ^ZƉƌŽũĞĐƚŽƌĂĐƟǀŝƚLJ Sector in which the >ŽĐĂƟŽŶƐ;hŶŝƚͿ Amount Outlay Amount Spent ƵŵƵůĂƟǀĞ ŵŽƵŶƚƐƉĞŶƚ͗
No ŝĚĞŶƟĮĞĚ project is covered (Budget) on the project džƉĞŶĚŝƚƵƌĞƵƉƚŽ Direct or through
Project or or programs ƌĞƉŽƌƟŶŐƉĞƌŝŽĚ ŝŵƉůĞŵĞŶƟŶŐ
Program wise agency
1. ƌĂĚŝĐĂƟŶŐŚƵŶŐĞƌ͕ Health Vellivoyalchavadi, 19.8 11.10 11.10 Direct/
ƉŽǀĞƌƚLJ͕ŵĂůŶƵƚƌŝƟŽŶ͕ Hosur 1, Corporate /ŵƉůĞŵĞŶƟŶŐ
ƉƌŽŵŽƟŶŐƉƌĞǀĞŶƟǀĞ KĸĐĞĂƚŚĞŶŶĂŝ͕ Agency
ŚĞĂůƚŚĐĂƌĞĂŶĚƐĂŶŝƚĂƟŽŶ Bhandara
and making available safe
drinking water
2. WƌŽŵŽƟŶŐĞĚƵĐĂƟŽŶ ĚƵĐĂƟŽŶ Vellivoyalchavadi, 24.2 18.57 18.57 Direct/
including special Hosur 1, Corporate /ŵƉůĞŵĞŶƟŶŐ
ĞĚƵĐĂƟŽŶĂŶĚ KĸĐĞĂƚŚĞŶŶĂŝ͕ Agency
employment enhancing DĂƌŬĞƟŶŐůŽĐĂƟŽŶƐ͕
ǀŽĐĂƟŽŶƐŬŝůůƐĞƐƉĞĐŝĂůůLJ Bhandara, Alwar,
among children, women, Ennore
ĞůĚĞƌůLJĂŶĚĚŝīĞƌĞŶƚůLJ
abled and livelihood
enhancement projects
3. Ensuring environmental Environment Vellivoyalchavadi, NIL 3.26 3.26 Direct/
sustainability, ecological Hosur 1, Corporate /ŵƉůĞŵĞŶƟŶŐ
ďĂůĂŶĐĞ͕ƉƌŽƚĞĐƟŽŶŽĨ KĸĐĞĂƚŚĞŶŶĂŝ͕ Agency
ŇŽƌĂĂŶĚĨĂƵŶĂ͕ĂŶŝŵĂůƐ Bhandara, Hosur 2,
welfare, agro forestry, Ennore
ĐŽŶƐĞƌǀĂƟŽŶŽĨŶĂƚƵƌĂů
resources and maintaining
equality of soil, air and
water
ΎKƵƚŽĨϰ͕ϯϬϳ͕ϱϮϱŽƉƟŽŶƐϭ͕ϳϬϳ͕ϱϮϱŽƉƟŽŶƐůĂƉƐĞĚŽŶƉƌŝůϭ͕ϮϬϭϵŽŶĂĐĐŽƵŶƚŽĨƌĞƐŝŐŶĂƟŽŶŽĨĂŶĞŵƉůŽLJĞĞ͘
(vi) DĞƚŚŽĚĂŶĚƐŝŐŶŝĮĐĂŶƚĂƐƐƵŵƉƟŽŶƐƵƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌƚŽĞƐƟŵĂƚĞƚŚĞĨĂŝƌǀĂůƵĞŽĨŽƉƟŽŶƐŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƟŽŶ
WĂƌƟĐƵůĂƌƐ GRANT - 1 GRANT - 2 GRANT - 3 GRANT - 4
a) The weighted-average values of share 76.45 86.55 106.85 118.30
price (`)
ďͿ džĞƌĐŝƐĞWƌŝĐĞ;`) 80.00 1.00 83.50 109.00
ĐͿ džƉĞĐƚĞĚǀŽůĂƟůŝƚLJ 33.8% to 43.2% 38.5% 37.7% to 42.9% 37.52% to 39.7%
ĚͿ džƉĞĐƚĞĚŽƉƟŽŶůŝĨĞ ϲƚŽϭϬzĞĂƌƐ ϲƚŽϳzĞĂƌƐ ϲƚŽϭϬzĞĂƌƐ ϲƚŽϭϬzĞĂƌƐ
ĞͿ džƉĞĐƚĞĚĚŝǀŝĚĞŶĚƐ 1.31 1.16 1.46 2.05
f) The risk-free interest rate 6.65% to 6.78% 6.42% 6.44% to 6.66% 7.42% to 7.58%
g) The method used and the NA NA NA NA
ĂƐƐƵŵƉƟŽŶƐŵĂĚĞƚŽŝŶĐŽƌƉŽƌĂƚĞƚŚĞ
ĞīĞĐƚƐŽĨĞdžƉĞĐƚĞĚĞĂƌůLJĞdžĞƌĐŝƐĞ͖
ŚͿ ,ŽǁĞdžƉĞĐƚĞĚǀŽůĂƟůŝƚLJǁĂƐ ĂƐĞĚŽŶ,ŝƐƚŽƌŝĐĂůƐŚĂƌĞƉƌŝĐĞǀŽůĂƟůŝƚLJ͘
ĚĞƚĞƌŵŝŶĞĚ͕ŝŶĐůƵĚŝŶŐĂŶĞdžƉůĂŶĂƟŽŶ
ŽĨƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚĞdžƉĞĐƚĞĚ
ǀŽůĂƟůŝƚLJǁĂƐďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂů
ǀŽůĂƟůŝƚLJ
i) Whether and how any other features zĞƐ͘ĂƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚ͛ƐďĞƐƚĞƐƟŵĂƚĞĨŽƌƚŚĞĞīĞĐƚƐŽĨŶŽŶƚƌĂŶƐĨĞƌĂďŝůŝƚLJ͕
ŽĨƚŚĞŽƉƟŽŶŐƌĂŶƚǁĞƌĞŝŶĐŽƌƉŽƌĂƚĞĚ ĞdžĞƌĐŝƐĞƌĞƐƚƌŝĐƟŽŶƐĂŶĚďĞŚĂǀŝŽƌĂůĐŽŶƐŝĚĞƌĂƟŽŶƐ͘
into the measurement of fair value,
ƐƵĐŚĂƐŵĂƌŬĞƚĐŽŶĚŝƟŽŶ
(vi) DĞƚŚŽĚĂŶĚƐŝŐŶŝĮĐĂŶƚĂƐƐƵŵƉƟŽŶƐƵƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌƚŽĞƐƟŵĂƚĞƚŚĞĨĂŝƌǀĂůƵĞŽĨŽƉƟŽŶƐŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐ
ŝŶĨŽƌŵĂƟŽŶ
WĂƌƟĐƵůĂƌƐ GRANT - 1
a) The weighted-average values of share 91.40
price (`)
ďͿ džĞƌĐŝƐĞWƌŝĐĞ;`) 91.40
ĐͿ džƉĞĐƚĞĚǀŽůĂƟůŝƚLJ 37.40 % & 40.48%
ĚͿ džƉĞĐƚĞĚŽƉƟŽŶůŝĨĞ 9 to 11 years
ĞͿ džƉĞĐƚĞĚĚŝǀŝĚĞŶĚƐ 2.66%
f) The risk-free interest rate 7.19% & 7.29%
g) The method used and the Binomial Model
ĂƐƐƵŵƉƟŽŶƐŵĂĚĞƚŽŝŶĐŽƌƉŽƌĂƚĞƚŚĞ
ĞīĞĐƚƐŽĨĞdžƉĞĐƚĞĚĞĂƌůLJĞdžĞƌĐŝƐĞ͖
ŚͿ ,ŽǁĞdžƉĞĐƚĞĚǀŽůĂƟůŝƚLJǁĂƐ ĂƐĞĚŽŶ,ŝƐƚŽƌŝĐĂůƐŚĂƌĞƉƌŝĐĞǀŽůĂƟůŝƚLJ͘
ĚĞƚĞƌŵŝŶĞĚ͕ŝŶĐůƵĚŝŶŐĂŶĞdžƉůĂŶĂƟŽŶ
ŽĨƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚĞdžƉĞĐƚĞĚ
ǀŽůĂƟůŝƚLJǁĂƐďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂů
ǀŽůĂƟůŝƚLJ
i) Whether and how any other features zĞƐ͘ĂƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚ͛ƐďĞƐƚĞƐƟŵĂƚĞĨŽƌƚŚĞĞīĞĐƚƐŽĨŶŽŶͲƚƌĂŶƐĨĞƌĂďŝůŝƚLJ͕
ŽĨƚŚĞŽƉƟŽŶŐƌĂŶƚǁĞƌĞŝŶĐŽƌƉŽƌĂƚĞĚ ĞdžĞƌĐŝƐĞƌĞƐƚƌŝĐƟŽŶƐĂŶĚďĞŚĂǀŝŽƵƌĂůĐŽŶƐŝĚĞƌĂƟŽŶƐ͘
into the measurement of fair value,
ƐƵĐŚĂƐŵĂƌŬĞƚĐŽŶĚŝƟŽŶ
ǁŝƚŚƚŚĞŽĚĞŽĨƚŚŝĐƐŝƐƐƵĞĚďLJƚŚĞ/ŶƐƟƚƵƚĞŽĨŚĂƌƚĞƌĞĚ
ZĞƉŽƌƚŽŶƚŚĞĂƵĚŝƚŽĨƚŚĞ^ƚĂŶĚĂůŽŶĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ
ĐĐŽƵŶƚĂŶƚƐŽĨ/ŶĚŝĂƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐ
^ƚĂŶĚĂƌĚƐ;/ŶĚ^ͿĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
ƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽŽƵƌĂƵĚŝƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^
Opinion ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĂŶĚƚŚĞ
ZƵůĞƐƚŚĞƌĞƵŶĚĞƌ͕ĂŶĚǁĞŚĂǀĞĨƵůĮůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂů
1. We have audited the accompanying standalone Ind AS ƌĞƐƉŽŶƐŝďŝůŝƟĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨAshok Leyland Limited (“the ƚŚĞŽĚĞŽĨƚŚŝĐƐ͘tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞ
Company”), which comprise the balance sheet as at March ŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĸĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐ
ϯϭ͕ϮϬϭϵ͕ĂŶĚƚŚĞƐƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ;ŝŶĐůƵĚŝŶŐ ĨŽƌŽƵƌŽƉŝŶŝŽŶ͘
KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞͿ͕ƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶ ŵƉŚĂƐŝƐŽĨDĂƩĞƌ
ĞƋƵŝƚLJĂŶĚƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚŇŽǁƐĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͕
ĂŶĚŶŽƚĞƐƚŽƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐĂƐƵŵŵĂƌLJ
ϰ͘ t
ĞĚƌĂǁLJŽƵƌĂƩĞŶƟŽŶƚŽEŽƚĞϯ͘ϭϴƚŽƚŚĞƐƚĂŶĚĂůŽŶĞ
ŽĨƐŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĂŶĚŽƚŚĞƌĞdžƉůĂŶĂƚŽƌLJ
/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚŝĐŚƐƚĂƚĞƐƚŚĂƚĚƵƌŝŶŐƚŚĞ
ŝŶĨŽƌŵĂƟŽŶ͘
LJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵ͕ƚŚĞEĂƟŽŶĂůŽŵƉĂŶLJ>Ăǁ
dƌŝďƵŶĂůĂƉƉƌŽǀĞĚƚŚĞ^ĐŚĞŵĞŽĨŵĂůŐĂŵĂƟŽŶďĞƚǁĞĞŶ
Ϯ͘ /ŶŽƵƌŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚ ƚŚĞŽŵƉĂŶLJĂŶĚƚŚƌĞĞŽĨŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ƚŚĞ͚^ĐŚĞŵĞ͛Ϳ͕
ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞĂĨŽƌĞƐĂŝĚ ƐƵďƐĞƋƵĞŶƚůLJĮůĞĚǁŝƚŚƚŚĞƌĞůĞǀĂŶƚƌĞŐƵůĂƚŽƌLJĂƵƚŚŽƌŝƟĞƐ͕
ƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŐŝǀĞƚŚĞŝŶĨŽƌŵĂƟŽŶ ĂŶĚŚĂƐďĞĐŽŵĞĞīĞĐƟǀĞŽŶƚŚĞƐĂŝĚĚĂƚĞŽĨĂƉƉƌŽǀĂů͘
required by the Companies Act, 2013 (“the Act”) in the dŚĞĮŐƵƌĞƐĚŝƐĐůŽƐĞĚŝŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂů
ŵĂŶŶĞƌƐŽƌĞƋƵŝƌĞĚĂŶĚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŝŶ ƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴŚĂǀĞďĞĞŶ
ĐŽŶĨŽƌŵŝƚLJǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ ƌĞƐƚĂƚĞĚƚŽŐŝǀĞĞīĞĐƚƚŽƚŚĞ^ĐŚĞŵĞ͘KƵƌŽƉŝŶŝŽŶŝƐŶŽƚ
ŝŶ/ŶĚŝĂ͕ŽĨƚŚĞƐƚĂƚĞŽĨĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJĂƐĂƚDĂƌĐŚ ŵŽĚŝĮĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚŝƐŵĂƩĞƌ͘
ϯϭ͕ϮϬϭϵ͕ĂŶĚƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ĐŽŵƉƌŝƐŝŶŐŽĨ
ƉƌŽĮƚĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿ͕ĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJ <ĞLJĂƵĚŝƚŵĂƩĞƌƐ
ĂŶĚŝƚƐĐĂƐŚŇŽǁƐĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͘
ϱ͘ <
ĞLJĂƵĚŝƚŵĂƩĞƌƐĂƌĞƚŚŽƐĞŵĂƩĞƌƐƚŚĂƚ͕ŝŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂů
Basis for opinion
ũƵĚŐŵĞŶƚ͕ǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĮĐĂŶĐĞŝŶŽƵƌĂƵĚŝƚŽĨƚŚĞ
ƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘
3. We conducted our audit in accordance with the Standards dŚĞƐĞŵĂƩĞƌƐǁĞƌĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌĂƵĚŝƚŽĨ
ŽŶƵĚŝƟŶŐ;^ƐͿƐƉĞĐŝĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞ ƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞĂŶĚ
Đƚ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƟĞƐƵŶĚĞƌƚŚŽƐĞ^ƚĂŶĚĂƌĚƐĂƌĞĨƵƌƚŚĞƌ ŝŶĨŽƌŵŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶĂŶĚǁĞĚŽŶŽƚƉƌŽǀŝĚĞĂ
ĚĞƐĐƌŝďĞĚŝŶƚŚĞƵĚŝƚŽƌƐ͛ZĞƐƉŽŶƐŝďŝůŝƟĞƐĨŽƌƚŚĞƵĚŝƚŽĨ ƐĞƉĂƌĂƚĞŽƉŝŶŝŽŶŽŶƚŚĞƐĞŵĂƩĞƌƐ͘
ƚŚĞ^ƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐĞĐƟŽŶŽĨŽƵƌ
<ĞLJĂƵĚŝƚŵĂƩĞƌĚĞƐĐƌŝƉƟŽŶ ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƩĞƌ
I. Impairment
Ă͘ ĂƌƌLJŝŶŐǀĂůƵĞŽĨ/ŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐŽĨ ƐƉĂƌƚŽĨŽƵƌĂƵĚŝƚ͕ŽƵƌƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
ƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ͻ t
ĞŽďƚĂŝŶĞĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚĂƐƐĞƐƐĞĚƚŚĞ
; ZĞĨĞƌƚŽEŽƚĞϭ͘ϭϳ͕EŽƚĞϭ͘ϭϭĂŶĚEŽƚĞϭ͘ƚŽƚŚĞ ĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨ
ƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐƚŚĞ ŵĂŶĂŐĞŵĞŶƚ͛ƐŬĞLJŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚŽŝĚĞŶƟĨLJǁŚĞƚŚĞƌ
ƌĞĐŽŐŶŝƟŽŶ͕ǀĂůƵĂƟŽŶĂŶĚĚŝƐĐůŽƐƵƌĞŵĞƚŚŽĚƐŽĨĞƋƵŝƚLJ ƚŚĞƌĞĂƌĞĂŶLJŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚĂŶĚǁŚĞƌĞƐƵĐŚ
instruments in subsidiaries, joint ventures and associates, ŝŶĚŝĐĂƚŽƌƐĞdžŝƐƚƐ͕ƚŚĞŵĞƚŚŽĚďLJǁŚŝĐŚƚŚĞƌĞĐŽǀĞƌĂďůĞ
͚/ŵƉĂŝƌŵĞŶƚ>ŽƐƐĞƐ͛ĂŶĚ͚ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐƌĞƐƉĞĐƟǀĞůLJ ĂŵŽƵŶƚŝƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ͘^ƉĞĐŝĮĐĂůůLJ͕
ũƵĚŐĞŵĞŶƚƐĂŶĚŬĞLJƐŽƵƌĐĞƐŽĨĞƐƟŵĂƟŽŶƵŶĐĞƌƚĂŝŶƚLJ͛Ϳ ǁĞĨŽĐƵƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌŽůƐƚŽĐŽŶĐůƵĚĞŽŶƚŚĞ
/ŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐ;ŝŶĐůƵĚŝŶŐƚĞƌŵŝŶĂů
ŽŵƉĂŶLJ͕ƚŚĞŐƌŽƐƐĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ ĐĂƐŚŇŽǁͿĂŶĚŬĞLJĂƐƐƵŵƉƟŽŶƐƵƐĞĚŝŶĂƌƌŝǀŝŶŐĂƚƚŚĞ
ŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐŝƐ/EZ recoverable amount.
ϯ͕ϬϮϲ͘ϱϭĐƌŽƌĞƐĂŐĂŝŶƐƚǁŚŝĐŚĂĐƵŵƵůĂƟǀĞŝŵƉĂŝƌŵĞŶƚ ͻ tĞĞǀĂůƵĂƚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
ƉƌŽǀŝƐŝŽŶŽĨ/EZϲϱϲ͘ϵϰĐƌŽƌĞƐŝƐŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚDĂƌĐŚ - terminal growth rate by comparing with the long-
31, 2019. term outlook based on the relevant macroeconomic
ĞƚĞƌŵŝŶĂƟŽŶŽĨĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐŝƐĂ ŽƵƚůŽŽŬĨŽƌƚŚĞŐĞŽŐƌĂƉŚLJŝŶǁŚŝĐŚƚŚĞĞŶƟƟĞƐĂƌĞ
ŬĞLJĂƵĚŝƚŵĂƩĞƌĂƐƚŚĞĂŵŽƵŶƚƐĂƌĞƐŝŐŶŝĮĐĂŶƚƚŽƚŚĞ ŽƉĞƌĂƟŶŐ͘
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĚĞƚĞƌŵŝŶĂƟŽŶŽĨƌĞĐŽǀĞƌĂďůĞ - discount rate by comparing it with an independently
ǀĂůƵĞĂŶĚͬŽƌŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚŝŶǀŽůǀĞƐƐŝŐŶŝĮĐĂŶƚ calculated discount rate.
management judgement.
- budgets considering growth and other cash
dŚĞŬĞLJŝŶƉƵƚƐĂŶĚũƵĚŐĞŵĞŶƚƐŝŶǀŽůǀĞĚŝŶƚŚĞŵŽĚĞůĨŽƌ ŇŽǁƉƌŽũĞĐƟŽŶƐƉƌŽǀŝĚĞĚďLJƚŚĞŽŵƉĂŶLJ͛Ɛ
ŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶĐůƵĚĞĨƵƚƵƌĞ management and compared these with the actual
ĐĂƐŚŇŽǁƐŽĨƚŚĞƌĞƐƉĞĐƟǀĞĞŶƟƟĞƐ͕ƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞĂŶĚ ƌĞƐƵůƚƐŽĨĞĂƌůŝĞƌLJĞĂƌƐƚŽĂƐƐĞƐƐƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ
the long-term growth rates used. ŽĨĨŽƌĞĐĂƐƚ͘
<ĞLJĂƵĚŝƚŵĂƩĞƌĚĞƐĐƌŝƉƟŽŶ ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƩĞƌ
ď͘
ĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞŶĞƚĂƐƐĞƚƐŽĨĐĂƐŚŐĞŶĞƌĂƟŶŐƵŶŝƚ Ͳ ƚŚĞĐŽŵƉĞƚĞŶĐĞ͕ĐĂƉĂďŝůŝƟĞƐĂŶĚŽďũĞĐƟǀŝƚLJŽĨ
;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůͿŽĨ>ŝŐŚƚĐŽŵŵĞƌĐŝĂůǀĞŚŝĐůĞďƵƐŝŶĞƐƐ ƚŚĞŵĂŶĂŐĞŵĞŶƚ͛ƐĞdžƉĞƌƚŝŶǀŽůǀĞĚŝŶƚŚĞǀĂůƵĂƟŽŶ
process.
; ZĞĨĞƌƚŽEŽƚĞϭ͘ϭϭĂŶĚEŽƚĞϭ͘ƚŽƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ
^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐƚŚĞ͚/ŵƉĂŝƌŵĞŶƚ ͻ t
ĞĂůŽŶŐǁŝƚŚƚŚĞĂƵĚŝƚŽƌƐ͛ĞdžƉĞƌƚƐĞǀĂůƵĂƚĞĚƚŚĞ
>ŽƐƐĞƐ͛ĂŶĚ͚ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐũƵĚŐĞŵĞŶƚƐĂŶĚŬĞLJ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞŵĞĂƐƵƌĞŵĞŶƚŵŽĚĞůĂŶĚ
ƐŽƵƌĐĞƐŽĨĞƐƟŵĂƟŽŶƵŶĐĞƌƚĂŝŶƚLJ͛ŽŶƚŚĞƌĞĐŽŐŶŝƟŽŶ͕ ƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨŬĞLJĂƐƐƵŵƉƟŽŶƐůŝŬĞƚĞƌŵŝŶĂůŐƌŽǁƚŚ
ǀĂůƵĂƟŽŶĂŶĚĚŝƐĐůŽƐƵƌĞŵĞƚŚŽĚƐͿ͘ rate, discount rate, etc.
/ŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ ͻ t
ĞƉĞƌĨŽƌŵĞĚŽƵƌŽǁŶŝŶĚĞƉĞŶĚĞŶƚƐĞŶƐŝƟǀŝƚLJ
ŽŵƉĂŶLJ͕ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŶĞƚĂƐƐĞƚƐŽĨĐĂƐŚͲ ĐĂůĐƵůĂƟŽŶƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝŵƉĂĐƚŽĨĐŚĂŶŐĞƐŝŶŬĞLJ
ŐĞŶĞƌĂƟŶŐƵŶŝƚ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůͿŽĨƚŚĞ>ŝŐŚƚ ĂƐƐƵŵƉƟŽŶƐŽŶŽƵƌŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚ͘
ŽŵŵĞƌĐŝĂůsĞŚŝĐůĞďƵƐŝŶĞƐƐ;͚>s͛ͿŝƐ/EZϲϴϴ͘ϬϱĐƌŽƌĞƐ
ͻ t
ĞĞǀĂůƵĂƚĞĚƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞĚŝƐĐůŽƐƵƌĞƐŵĂĚĞŝŶ
as at March 31, 2019.
ƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ƐƉĞƌ/ŶĚ^ϯϲ͕/ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ͕ƚŚĞŽŵƉĂŶLJ
ĂƐĞĚŽŶƚŚĞĂďŽǀĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚ͕ǁĞĚŝĚŶŽƚŝĚĞŶƟĨLJ
ŝƐƌĞƋƵŝƌĞĚƚŽĂƐƐĞƐƐĂŶŶƵĂůůLJŝŵƉĂŝƌŵĞŶƚŽĨŐŽŽĚǁŝůů
ĂŶLJƐŝŐŶŝĮĐĂŶƚĞdžĐĞƉƟŽŶƐŝŶƚŚĞŵĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƐƐŵĞŶƚ
ĂĐƋƵŝƌĞĚŝŶďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ͘
ŝŶƌĞůĂƟŽŶƚŽƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐŝŶ
dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŶĞƚĂƐƐĞƚƐŽĨĐĂƐŚͲŐĞŶĞƌĂƟŶŐ ƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚƚŚĂƚŽĨĐĂƌƌLJŝŶŐ
ƵŶŝƚ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůͿŽĨ>sďƵƐŝŶĞƐƐŝƐĂŬĞLJĂƵĚŝƚ ǀĂůƵĞŽĨŶĞƚĂƐƐĞƚƐŽĨ>sďƵƐŝŶĞƐƐ͘
ŵĂƩĞƌĚƵĞƚŽƚŚĞĂŵŽƵŶƚŝŶǀŽůǀĞĚĂŶĚƚŚĞƵŶĚĞƌůLJŝŶŐ
ĐŽŵƉůĞdžŝƚLJŽĨƚŚĞŵĞĂƐƵƌĞŵĞŶƚŵŽĚĞů͘
The key inputs and judgements involved in the carrying
ǀĂůƵĞĂƐƐĞƐƐŵĞŶƚŽĨ>sďƵƐŝŶĞƐƐŝŶĐůƵĚĞĨƵƚƵƌĞĐĂƐŚ
ŇŽǁƐŽĨƚŚĞďƵƐŝŶĞƐƐ͕ƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞĂŶĚƚŚĞůŽŶŐͲƚĞƌŵ
growth rates used.
//͘ ƐƐĞƐƐŵĞŶƚŽĨƉƌŽǀŝƐŝŽŶĨŽƌǁĂƌƌĂŶƚLJŽďůŝŐĂƟŽŶƐ
;ZĞĨĞƌƚŽEŽƚĞϭ͘ϭϰ͕EŽƚĞϭ͘Ϯϭ͕EŽƚĞϭ͘ϯϬĂŶĚEŽƚĞϭ ƐƉĂƌƚŽĨŽƵƌĂƵĚŝƚ͕ŽƵƌƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
ƚŽƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐ
ͻ tĞŽďƚĂŝŶĞĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚĂƐƐĞƐƐĞĚƚŚĞ
ƚŚĞ͚WƌŽǀŝƐŝŽŶƐʹtĂƌƌĂŶƟĞƐ͛ĨŽƌƌĞĐŽŐŶŝƟŽŶĂŶĚǀĂůƵĂƟŽŶ
ĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐ
ŵĞƚŚŽĚƐ͕EŽŶͲƵƌƌĞŶƚWƌŽǀŝƐŝŽŶƐĂŶĚƵƌƌĞŶƚWƌŽǀŝƐŝŽŶƐ
ŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐŬĞLJŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞŐĂƌĚƐƚŽ
ƌĞƐƉĞĐƟǀĞůLJ͕ĂŶĚ͚ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐũƵĚŐĞŵĞŶƚƐĂŶĚŬĞLJ
ƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƌĞĐŽƌĚŝŶŐŽĨǁĂƌƌĂŶƚLJĐůĂŝŵƐ͕
ƐŽƵƌĐĞƐŽĨĞƐƟŵĂƟŽŶƵŶĐĞƌƚĂŝŶƚLJʹWƌŽǀŝƐŝŽŶĨŽƌƉƌŽĚƵĐƚ ƉƌŽǀŝƐŝŽŶŝŶŐŽĨǁĂƌƌĂŶƚLJ͕ĂŶĚƚŚĞƉĞƌŝŽĚŝĐƌĞǀŝĞǁŽĨ
ǁĂƌƌĂŶƚLJ͛ƌĞƐƉĞĐƟǀĞůLJ͘Ϳ provision created.
/ŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞ ͻ tĞĂůƐŽŝŶǀŽůǀĞĚŽƵƌĂƵĚŝƚŽƌƐ͛ƐƉĞĐŝĂůŝƐƚƚŽǀĞƌŝĨLJƚŚĞ
ĐŽŵƉĂŶLJŚĂƐƌĞĐŽŐŶŝƐĞĚĂƉƌŽǀŝƐŝŽŶŽĨ`ϰϭϱ͘ϱϲĐƌŽƌĞƐĨŽƌ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞƉƌŽĐĞƐƐĂŶĚĐŽŶƚƌŽůƐĂƌŽƵŶĚ/d
ǁĂƌƌĂŶƚLJŽďůŝŐĂƟŽŶƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϵ͘ ƐLJƐƚĞŵƐĂƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ͘^ƉĞĐŝĮĐĂůůLJ͕
tĞĚĞƚĞƌŵŝŶĞĚƚŚŝƐŵĂƩĞƌĂƐŬĞLJĂƵĚŝƚŵĂƩĞƌƐŝŶĐĞƚŚĞ ǁĞĨŽĐƵƐĞĚŽŶĐŽŶƚƌŽůƐĂƌŽƵŶĚƉĞƌŝŽĚŝĐƌĞǀŝĞǁŽĨ
ƉƌŽĚƵĐƚǁĂƌƌĂŶƚLJŽďůŝŐĂƟŽŶƐĂŶĚĞƐƟŵĂƟŽŶƐƚŚĞƌĞŽĨ warranty provision and that around the appropriateness
are determined by management using a model which ĂŶĚĂĚĞƋƵĂĐLJŽĨƉƌŽǀŝƐŝŽŶ͘
ŝŶĐŽƌƉŽƌĂƚĞƐŚŝƐƚŽƌŝĐĂůŝŶĨŽƌŵĂƟŽŶŽŶƚŚĞƚLJƉĞŽĨƉƌŽĚƵĐƚ͕ ͻ t
ĞĞǀĂůƵĂƚĞĚƚŚĞŵŽĚĞůƵƐĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ
ŶĂƚƵƌĞ͕ĨƌĞƋƵĞŶĐLJĂŶĚĂǀĞƌĂŐĞĐŽƐƚŽĨǁĂƌƌĂŶƚLJĐůĂŝŵƐ͕ ĨŽƌƉƌŽǀŝƐŝŽŶŝŶŐŽĨǁĂƌƌĂŶƚLJƚŽĞǀĂůƵĂƚĞŽŶƚŚĞ
ƚŚĞĞƐƟŵĂƚĞƐƌĞŐĂƌĚŝŶŐƉŽƐƐŝďůĞĨƵƚƵƌĞŝŶĐŝĚĞŶĐĞƐŽĨ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞŵĞƚŚŽĚŽůŽŐLJĨŽůůŽǁĞĚďLJƚŚĞ
ƉƌŽĚƵĐƚĨĂŝůƵƌĞƐĂŶĚĚŝƐĐŽƵŶƚƌĂƚĞ͘ŚĂŶŐĞƐŝŶĞƐƟŵĂƚĞĚ ŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŵĂƚŚĞŵĂƟĐĂůĂĐĐƵƌĂĐLJŽĨƚŚĞ
ĨƌĞƋƵĞŶĐLJĂŶĚĂŵŽƵŶƚŽĨĨƵƚƵƌĞǁĂƌƌĂŶƚLJĐůĂŝŵƐĐĂŶ ŵŽĚĞů͘dŽƚŚŝƐĞīĞĐƚǁĞĞǀĂůƵĂƚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
ŵĂƚĞƌŝĂůůLJĂīĞĐƚǁĂƌƌĂŶƚLJĞdžƉĞŶƐĞƐ͘
Ͳ ƚŚĞŝŶƉƵƚƐƚŽƚŚĞŵŽĚĞůǁĞƌĞǀĞƌŝĮĞĚŽŶĂƐĂŵƉůĞ
basis with historical cost inputs on actual claims
ŝŶĐƵƌƌĞĚĂŶĚŚŝƐƚŽƌŝĐĂůƐĂůĞƐĚĂƚĂŽĨƚŚĞŽŵƉĂŶLJ͘
Ͳ ǁ
ĞĐŽŵƉĂƌĞĚƚŚĞĂŵŽƵŶƚŽĨƉƌŽǀŝƐŝŽŶƐĨƌŽŵƉƌŝŽƌ
year with actual claims processed during the period,
ŝŶŽƌĚĞƌƚŽǀĞƌŝĨLJƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨƚŚĞĨŽƌĞĐĂƐƚ͘
Ͳ ƚ ŚĞĚŝƐĐŽƵŶƚƌĂƚĞƵƐĞĚĨŽƌĂƌƌŝǀŝŶŐĂƚƚŚĞƉƌĞƐĞŶƚ
ǀĂůƵĞŽĨŽďůŝŐĂƟŽŶǁĂƐǀĞƌŝĮĞĚĨŽƌƌĞĂƐŽŶĂďůĞŶĞƐƐ
ĂŶĚƚŚĞŵĂƚŚĞŵĂƟĐĂůĂĐĐƵƌĂĐLJŽĨƚŚĞƉƌĞƐĞŶƚǀĂůƵĞ
ŽĨƚŚĞŽďůŝŐĂƟŽŶǁĂƐǀĞƌŝĮĞĚ͘
ĂƐĞĚŽŶƚŚĞĂďŽǀĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚ͕ǁĞĐŽŶƐŝĚĞƌƚŚĞ
ƉƌŽǀŝƐŝŽŶĨŽƌǁĂƌƌĂŶƚLJŽďůŝŐĂƟŽŶƐƚŽďĞƌĞĂƐŽŶĂďůĞ͘
<ĞLJĂƵĚŝƚŵĂƩĞƌĚĞƐĐƌŝƉƟŽŶ ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƩĞƌ
///͘ &ŝƌƐƚƟŵĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨ/ŶĚ^ϭϭϱZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚƵƐƚŽŵĞƌƐĂŶĚĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƟŵŝŶŐŽĨ
ƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶŝŶƚŚĞƉƌŽƉĞƌƉĞƌŝŽĚ
;ZĞĨĞƌƚŽEŽƚĞϭ͘Ϯ͕EŽƚĞϮ͘ϭĂŶĚEŽƚĞϯ͘ϳƚŽƚŚĞƐƚĂŶĚĂůŽŶĞ ƐƉĂƌƚŽĨŽƵƌĂƵĚŝƚ͕ŽƵƌƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐƚŚĞ͚ZĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ
ƉŽůŝĐLJ͕͛ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐĂŶĚŝƚƐƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐͿ ͻ t
ĞŽďƚĂŝŶĞĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚĂƐƐĞƐƐĞĚƚŚĞ
īĞĐƟǀĞƉƌŝůϭ͕ϮϬϭϴ͕ŽŶĂĐĐŽƵŶƚŽĨĂĚŽƉƟŽŶŽĨŶĞǁƌĞǀĞŶƵĞ ĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐ
ƐƚĂŶĚĂƌĚ/ŶĚ^ϭϭϱʹZĞǀĞŶƵĞĨƌŽŵĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌ͕ ŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐŬĞLJŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞŐĂƌĚƐƚŽ
ƚŚĞŽŵƉĂŶLJŚĂƐĐŚĂŶŐĞĚŝƚƐƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶƉŽůŝĐLJǁŝƚŚ ƌĞĐŽŐŶŝƟŽŶŽĨƌĞǀĞŶƵĞ͘
ƌĞŐĂƌĚƐƚŽƟŵŝŶŐŽĨƌĞĐŽŐŶŝƟŽŶďĂƐĞĚŽŶƚŚĞƐĂƟƐĨĂĐƟŽŶŽĨƚŚĞ
ŝĚĞŶƟĮĞĚƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƟŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ͘ ͻ t
ĞĂůƐŽŝŶǀŽůǀĞĚŽƵƌĂƵĚŝƚŽƌƐ͛ƐƉĞĐŝĂůŝƐƚƚŽǀĞƌŝĨLJƚŚĞ
ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞƉƌŽĐĞƐƐĂŶĚĐŽŶƚƌŽůƐĂƌŽƵŶĚ/d
tĞĨŽĐƵƐĞĚŽŶƚŚŝƐĂƌĞĂďĞĐĂƵƐĞƌĞǀĞŶƵĞƌĞƋƵŝƌĞƐƐŝŐŶŝĮĐĂŶƚ systems as established by the management.
ƟŵĞĂŶĚƌĞƐŽƵƌĐĞƚŽĂƵĚŝƚĚƵĞƚŽƚŚĞŵĂŐŶŝƚƵĚĞ͕ƌĞǀĞŶƵĞ
ƚƌĂŶƐĂĐƟŽŶƐŶĞĂƌƚŽƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͕ƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ ͻ t
ĞƚĞƐƚĞĚŵĂŶĂŐĞŵĞŶƚ͛ƐĞǀĂůƵĂƟŽŶŽĨ/ŶĚ^ϭϭϱĂŶĚ
ϭϭϱĂŶĚƚŚĞĂĚĞƋƵĂĐLJŽĨĚŝƐĐůŽƐƵƌĞƐŝŶƚŚŝƐƌĞƐƉĞĐƚŚĂƐďĞĞŶ tested on a sample basis management’s workings on
ĐŽŶƐŝĚĞƌĞĚĂƐŬĞLJĂƵĚŝƚŵĂƩĞƌ͘ ƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨŵƵůƟƉůĞƉĞƌĨŽƌŵĂŶĐĞ
ŽďůŝŐĂƟŽŶƐĂŶĚƌĞůĂƚĞĚǀĂƌŝĂďůĞĐŽŶƐŝĚĞƌĂƟŽŶ͘
ͻ t
ĞŚĂǀĞƚĞƐƚĞĚ͕ŽŶĂƐĂŵƉůĞďĂƐŝƐ͕ǁŚĞƚŚĞƌƌĞǀĞŶƵĞ
ƚƌĂŶƐĂĐƟŽŶƐŶĞĂƌƚŽƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞŚĂǀĞďĞĞŶ
recognised in the appropriate period by comparing
ƚŚĞƚƌĂŶƐĂĐƟŽŶƐƐĞůĞĐƚĞĚǁŝƚŚƌĞůĞǀĂŶƚƵŶĚĞƌůLJŝŶŐ
ĚŽĐƵŵĞŶƚĂƟŽŶ͕ŝŶĐůƵĚŝŶŐŐŽŽĚƐĚĞůŝǀĞƌLJŶŽƚĞƐĂŶĚ
ƚŚĞƚĞƌŵƐŽĨƐĂůĞƐ͘tĞŚĂǀĞŝŶƐƉĞĐƚĞĚƚŚĞƵŶĚĞƌůLJŝŶŐ
ĚŽĐƵŵĞŶƚĂƟŽŶƚŽǀĞƌŝĨLJƚŚĂƚƚŚĞĐŽŶƚƌŽůĂŶĚŽǁŶĞƌƐŚŝƉ
ŚĂƐďĞĞŶƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞĐƵƐƚŽŵĞƌ͘
ͻ t
ĞĂůƐŽĐŽŶƐŝĚĞƌĞĚƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞŽŵƉĂŶLJ͛Ɛ
ƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŝƐĐůŽƐƵƌĞƐŝŶ
ƌĞůĂƟŽŶƚŽ/ŶĚ^ϭϭϱ͘
ĂƐĞĚŽŶƚŚĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚĂďŽǀĞ͕ǁĞĚŝĚŶŽƚĮŶĚ
ĂŶLJŵĂƚĞƌŝĂůĞdžĐĞƉƟŽŶƐǁŝƚŚƌĞŐĂƌĚƐƚŽƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ
ŝŶĐůƵĚŝŶŐƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ϭϭϱ͕ĂŶĚƚŚŽƐĞƌĞůĂƟŶŐƚŽ
ƉƌĞƐĞŶƚĂƟŽŶĂŶĚĚŝƐĐůŽƐƵƌĞƐ͘
KƚŚĞƌ/ŶĨŽƌŵĂƟŽŶ ZĞƐƉŽŶƐŝďŝůŝƟĞƐŽĨŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚŽƐĞĐŚĂƌŐĞĚǁŝƚŚ
ŐŽǀĞƌŶĂŶĐĞĨŽƌƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
ϲ͘ d ŚĞŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ
ŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶ͘dŚĞŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶĐŽŵƉƌŝƐĞƐƚŚĞ ϳ͘ d ŚĞŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ
ŝŶĨŽƌŵĂƟŽŶŝŶĐůƵĚĞĚŝŶƚŚĞŶŶƵĂůƌĞƉŽƌƚ͕ďƵƚĚŽĞƐŶŽƚ ŵĂƩĞƌƐƐƚĂƚĞĚŝŶƐĞĐƟŽŶϭϯϰ;ϱͿŽĨƚŚĞĐƚǁŝƚŚƌĞƐƉĞĐƚ
ŝŶĐůƵĚĞƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŽƵƌ ƚŽƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞƐĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂů
auditors’ report thereon. ƐƚĂƚĞŵĞŶƚƐƚŚĂƚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞĮŶĂŶĐŝĂů
ƉŽƐŝƟŽŶ͕ĮŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚĐĂƐŚ
KƵƌŽƉŝŶŝŽŶŽŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ŇŽǁƐŽĨƚŚĞŽŵƉĂŶLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐ
ĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶĂŶĚǁĞĚŽŶŽƚĞdžƉƌĞƐƐ principles generally accepted in India, including the
ĂŶLJĨŽƌŵŽĨĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘ ĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐƐƉĞĐŝĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͘
dŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚLJĂůƐŽŝŶĐůƵĚĞƐŵĂŝŶƚĞŶĂŶĐĞŽĨĂĚĞƋƵĂƚĞ
/ŶĐŽŶŶĞĐƟŽŶǁŝƚŚŽƵƌĂƵĚŝƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ ĂĐĐŽƵŶƟŶŐƌĞĐŽƌĚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞŽƚŚĞƌ ĐƚĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐŽĨƚŚĞĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚĨŽƌ
ŝŶĨŽƌŵĂƟŽŶĂŶĚ͕ŝŶĚŽŝŶŐƐŽ͕ĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞŽƚŚĞƌ ƉƌĞǀĞŶƟŶŐĂŶĚĚĞƚĞĐƟŶŐĨƌĂƵĚƐĂŶĚŽƚŚĞƌŝƌƌĞŐƵůĂƌŝƟĞƐ͖
ŝŶĨŽƌŵĂƟŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƚĂŶĚĂůŽŶĞ ƐĞůĞĐƟŽŶĂŶĚĂƉƉůŝĐĂƟŽŶŽĨĂƉƉƌŽƉƌŝĂƚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͖
/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶ ŵĂŬŝŶŐũƵĚŐŵĞŶƚƐĂŶĚĞƐƟŵĂƚĞƐƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůĞĂŶĚ
the audit or otherwise appears to be materially misstated. ƉƌƵĚĞŶƚ͖ĂŶĚĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨ
/Ĩ͕ďĂƐĞĚŽŶƚŚĞǁŽƌŬǁĞŚĂǀĞƉĞƌĨŽƌŵĞĚ͕ǁĞĐŽŶĐůƵĚĞƚŚĂƚ ĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ͕ƚŚĂƚǁĞƌĞŽƉĞƌĂƟŶŐ
ƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚŝƐŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶ͕ ĞīĞĐƟǀĞůLJĨŽƌĞŶƐƵƌŝŶŐƚŚĞĂĐĐƵƌĂĐLJĂŶĚĐŽŵƉůĞƚĞŶĞƐƐŽĨ
ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘ ƚŚĞĂĐĐŽƵŶƟŶŐƌĞĐŽƌĚƐ͕ƌĞůĞǀĂŶƚƚŽƚŚĞƉƌĞƉĂƌĂƟŽŶĂŶĚ
ƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
We have nothing to report in this regard ƚŚĂƚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁĂŶĚĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
ϭ͘ t
ĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚ DĞĂŶŝŶŐŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂů
ƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƐŚŽŬ>ĞLJůĂŶĚ>ŝŵŝƚĞĚ statements
;͞ƚŚĞŽŵƉĂŶLJ͟ͿĂƐŽĨDĂƌĐŚϯϭ͕ϮϬϭϵŝŶĐŽŶũƵŶĐƟŽŶǁŝƚŚ
ŽƵƌĂƵĚŝƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ ϲ͘ ĐŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞ
ƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘ ƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐĂƉƌŽĐĞƐƐĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞ
DĂŶĂŐĞŵĞŶƚ͛ƐZĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐ ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƌĞŐĂƌĚŝŶŐƚŚĞƌĞůŝĂďŝůŝƚLJŽĨĮŶĂŶĐŝĂů
ƌĞƉŽƌƟŶŐĂŶĚƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌ
ĞdžƚĞƌŶĂůƉƵƌƉŽƐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ
Ϯ͘ d ŚĞŽŵƉĂŶLJ͛ƐŵĂŶĂŐĞŵĞŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĞƐƚĂďůŝƐŚŝŶŐ
ĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͘ĐŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ
ĂŶĚŵĂŝŶƚĂŝŶŝŶŐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐďĂƐĞĚŽŶƚŚĞ
ǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚĞƐƚŚŽƐĞ
ŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚ
policies and procedures that (1) pertain to the maintenance
ďLJƚŚĞŽŵƉĂŶLJĐŽŶƐŝĚĞƌŝŶŐƚŚĞĞƐƐĞŶƟĂůĐŽŵƉŽŶĞŶƚƐŽĨ
ŽĨƌĞĐŽƌĚƐƚŚĂƚ͕ŝŶƌĞĂƐŽŶĂďůĞĚĞƚĂŝů͕ĂĐĐƵƌĂƚĞůLJĂŶĚĨĂŝƌůLJ
ŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚĂƚĞĚŝŶƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞŽŶƵĚŝƚŽĨ
ƌĞŇĞĐƚƚŚĞƚƌĂŶƐĂĐƟŽŶƐĂŶĚĚŝƐƉŽƐŝƟŽŶƐŽĨƚŚĞĂƐƐĞƚƐŽĨƚŚĞ
/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐŝƐƐƵĞĚ
ĐŽŵƉĂŶLJ͖;ϮͿƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚƌĂŶƐĂĐƟŽŶƐ
ďLJƚŚĞ/ŶƐƟƚƵƚĞŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽĨ/ŶĚŝĂ;//Ϳ͘
ĂƌĞƌĞĐŽƌĚĞĚĂƐŶĞĐĞƐƐĂƌLJƚŽƉĞƌŵŝƚƉƌĞƉĂƌĂƟŽŶŽĨ
dŚĞƐĞƌĞƐƉŽŶƐŝďŝůŝƟĞƐŝŶĐůƵĚĞƚŚĞĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ
ĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ
ĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͕ĂŶĚƚŚĂƚƌĞĐĞŝƉƚƐĂŶĚĞdžƉĞŶĚŝƚƵƌĞƐ
ƚŚĂƚǁĞƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůLJĨŽƌĞŶƐƵƌŝŶŐƚŚĞŽƌĚĞƌůLJ
ŽĨƚŚĞĐŽŵƉĂŶLJĂƌĞďĞŝŶŐŵĂĚĞŽŶůLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
ĂŶĚĞĸĐŝĞŶƚĐŽŶĚƵĐƚŽĨŝƚƐďƵƐŝŶĞƐƐ͕ŝŶĐůƵĚŝŶŐĂĚŚĞƌĞŶĐĞ
ĂƵƚŚŽƌŝƐĂƟŽŶƐŽĨŵĂŶĂŐĞŵĞŶƚĂŶĚĚŝƌĞĐƚŽƌƐŽĨƚŚĞ
ƚŽĐŽŵƉĂŶLJ͛ƐƉŽůŝĐŝĞƐ͕ƚŚĞƐĂĨĞŐƵĂƌĚŝŶŐŽĨŝƚƐĂƐƐĞƚƐ͕ƚŚĞ
ĐŽŵƉĂŶLJ͖ĂŶĚ;ϯͿƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƌĞŐĂƌĚŝŶŐ
ƉƌĞǀĞŶƟŽŶĂŶĚĚĞƚĞĐƟŽŶŽĨĨƌĂƵĚƐĂŶĚĞƌƌŽƌƐ͕ƚŚĞĂĐĐƵƌĂĐLJ
ƉƌĞǀĞŶƟŽŶŽƌƟŵĞůLJĚĞƚĞĐƟŽŶŽĨƵŶĂƵƚŚŽƌŝƐĞĚĂĐƋƵŝƐŝƟŽŶ͕
ĂŶĚĐŽŵƉůĞƚĞŶĞƐƐŽĨƚŚĞĂĐĐŽƵŶƟŶŐƌĞĐŽƌĚƐ͕ĂŶĚƚŚĞƟŵĞůLJ
ƵƐĞ͕ŽƌĚŝƐƉŽƐŝƟŽŶŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂƐƐĞƚƐƚŚĂƚĐŽƵůĚŚĂǀĞĂ
ƉƌĞƉĂƌĂƟŽŶŽĨƌĞůŝĂďůĞĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶ͕ĂƐƌĞƋƵŝƌĞĚ
ŵĂƚĞƌŝĂůĞīĞĐƚŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
under the Act.
/ŶŚĞƌĞŶƚ>ŝŵŝƚĂƟŽŶƐŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞ
Auditors’ Responsibility
ƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ
ϯ͘ KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶLJ͛Ɛ
ϳ͘ ĞĐĂƵƐĞŽĨƚŚĞŝŶŚĞƌĞŶƚůŝŵŝƚĂƟŽŶƐŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů
ŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂů
ĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞ
statements based on our audit. We conducted our audit
ƉŽƐƐŝďŝůŝƚLJŽĨĐŽůůƵƐŝŽŶŽƌŝŵƉƌŽƉĞƌŵĂŶĂŐĞŵĞŶƚŽǀĞƌƌŝĚĞ
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞŽŶƵĚŝƚŽĨ/ŶƚĞƌŶĂů
ŽĨĐŽŶƚƌŽůƐ͕ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐĚƵĞƚŽĞƌƌŽƌŽƌĨƌĂƵĚ
&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ;ƚŚĞ͞'ƵŝĚĂŶĐĞ
ŵĂLJŽĐĐƵƌĂŶĚŶŽƚďĞĚĞƚĞĐƚĞĚ͘ůƐŽ͕ƉƌŽũĞĐƟŽŶƐŽĨĂŶLJ
EŽƚĞ͟ͿĂŶĚƚŚĞ^ƚĂŶĚĂƌĚƐŽŶƵĚŝƟŶŐĚĞĞŵĞĚƚŽďĞ
ĞǀĂůƵĂƟŽŶŽĨƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽ
ƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚƚŽƚŚĞĞdžƚĞŶƚ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽĨƵƚƵƌĞƉĞƌŝŽĚƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞƌŝƐŬ
ĂƉƉůŝĐĂďůĞƚŽĂŶĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ͕ďŽƚŚ
ƚŚĂƚƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂů
ĂƉƉůŝĐĂďůĞƚŽĂŶĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐĂŶĚďŽƚŚ
ƐƚĂƚĞŵĞŶƚƐŵĂLJďĞĐŽŵĞŝŶĂĚĞƋƵĂƚĞďĞĐĂƵƐĞŽĨĐŚĂŶŐĞƐ
ŝƐƐƵĞĚďLJƚŚĞ//͘dŚŽƐĞ^ƚĂŶĚĂƌĚƐĂŶĚƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞ
ŝŶĐŽŶĚŝƟŽŶƐ͕ŽƌƚŚĂƚƚŚĞĚĞŐƌĞĞŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ
require that we comply with ethical requirements and plan
policies or procedures may deteriorate.
ĂŶĚƉĞƌĨŽƌŵƚŚĞĂƵĚŝƚƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚ
ǁŚĞƚŚĞƌĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞ Opinion
ƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĂƐĞƐƚĂďůŝƐŚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĂŶĚ
ŝĨƐƵĐŚĐŽŶƚƌŽůƐŽƉĞƌĂƚĞĚĞīĞĐƟǀĞůLJŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͘ 8. In our opinion, the Company has, in all material respects, an
ĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐLJƐƚĞŵǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽ
ϰ͘ KƵƌĂƵĚŝƚŝŶǀŽůǀĞƐƉĞƌĨŽƌŵŝŶŐƉƌŽĐĞĚƵƌĞƐƚŽŽďƚĂŝŶĂƵĚŝƚ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐƵĐŚŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚ
ĞǀŝĚĞŶĐĞĂďŽƵƚƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůLJ
ĐŽŶƚƌŽůƐƐLJƐƚĞŵǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚ as at March 31, 2019, based on the internal control over
ƚŚĞŝƌŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐ͘KƵƌĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚďLJƚŚĞŽŵƉĂŶLJ
ĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚĞĚ ĐŽŶƐŝĚĞƌŝŶŐƚŚĞĞƐƐĞŶƟĂůĐŽŵƉŽŶĞŶƚƐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽů
ŽďƚĂŝŶŝŶŐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚ ƐƚĂƚĞĚŝŶƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞŽŶƵĚŝƚŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂů
ƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂƐƐĞƐƐŝŶŐƚŚĞƌŝƐŬƚŚĂƚĂ ŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐŝƐƐƵĞĚďLJƚŚĞ/ŶƐƟƚƵƚĞŽĨ
ŵĂƚĞƌŝĂůǁĞĂŬŶĞƐƐĞdžŝƐƚƐ͕ĂŶĚƚĞƐƟŶŐĂŶĚĞǀĂůƵĂƟŶŐƚŚĞ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽĨ/ŶĚŝĂ͘
ĚĞƐŝŐŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůďĂƐĞĚ
on the assessed risk. The procedures selected depend on the For Price Waterhouse & Co Chartered Accountants LLP
ĂƵĚŝƚŽƌ͛ƐũƵĚŐĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌŝƐŬƐŽĨ &ŝƌŵZĞŐŝƐƚƌĂƟŽŶEƵŵďĞƌ͗ϯϬϰϬϮϲͬͲϯϬϬϬϬϵ
ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚĞƚŚĞƌ Chartered Accountants
ĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
^ƵďƌĂŵĂŶŝĂŶsŝǀĞŬ
5. We believe that the audit evidence we have obtained is WĂƌƚŶĞƌ
ƐƵĸĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌĂƵĚŝƚ DĞŵďĞƌƐŚŝƉEƵŵďĞƌ͗ϭϬϬϯϯϮ
ŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐLJƐƚĞŵ
ǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
Mumbai
DĂLJϮϰ͕ϮϬϭϵ
iii. The Company has granted unsecured loans, to a subsidiary EĂŵĞŽĨ EĂƚƵƌĞŽĨ Amount WĞƌŝŽĚƚŽ Forum where
company and to a company covered in the register Statute ƵĞƐ (in crores) which the the dispute is
ŵĂŝŶƚĂŝŶĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϴϵŽĨƚŚĞĐƚ͘dŚĞŽŵƉĂŶLJ amount pending
ŚĂƐŶŽƚŐƌĂŶƚĞĚĂŶLJƐĞĐƵƌĞĚͬƵŶƐĞĐƵƌĞĚůŽĂŶƐƚŽĮƌŵƐͬ relates
>>WƐͬŽƚŚĞƌƉĂƌƟĞƐĐŽǀĞƌĞĚŝŶƚŚĞƌĞŐŝƐƚĞƌŵĂŝŶƚĂŝŶĞĚƵŶĚĞƌ State and ^ĂůĞƐƚĂdž ϰϮϭ͘ϯϴ Various Appellate
^ĞĐƟŽŶϭϴϵŽĨƚŚĞĐƚ͘ Central and ƉĞƌŝŽĚƐĨƌŽŵ Authority -
^ĂůĞƐdĂdž Value ϭϵϴϱͲϮϬϭϳ upto
;ĂͿ /ŶƌĞƐƉĞĐƚŽĨƚŚĞĂĨŽƌĞƐĂŝĚůŽĂŶƐ͕ƚŚĞƚĞƌŵƐĂŶĚ Act added Commissioner
ĐŽŶĚŝƟŽŶƐƵŶĚĞƌǁŚŝĐŚƐƵĐŚůŽĂŶƐǁĞƌĞŐƌĂŶƚĞĚĂƌĞ dĂdž >ĞǀĞů
not prejudicial to the Company’s interest. Ϯϳ͘ϲϯ Various Appellate
ƉĞƌŝŽĚƐĨƌŽŵ Authority -
;ďͿ /ŶƌĞƐƉĞĐƚŽĨƚŚĞĂĨŽƌĞƐĂŝĚůŽĂŶƐ͕ƚŚĞƐĐŚĞĚƵůĞŽĨ ϭϵϴϳͲϮϬϭϯ Tribunal
ƌĞƉĂLJŵĞŶƚŽĨƉƌŝŶĐŝƉĂůĂŶĚƉĂLJŵĞŶƚŽĨŝŶƚĞƌĞƐƚŚĂƐ 1.09 Various High Court
ďĞĞŶƐƟƉƵůĂƚĞĚ͕ĂŶĚƚŚĞƉĂƌƟĞƐĂƌĞƌĞƉĂLJŝŶŐƚŚĞ ƉĞƌŝŽĚƐĨƌŽŵ
ƉƌŝŶĐŝƉĂůĂŵŽƵŶƚƐ͕ĂƐƐƟƉƵůĂƚĞĚ͕ĂŶĚĂƌĞĂůƐŽƌĞŐƵůĂƌŝŶ 2006 - 2011
ƉĂLJŵĞŶƚŽĨŝŶƚĞƌĞƐƚĂƐĂƉƉůŝĐĂďůĞ͘ Central džĐŝƐĞ ϱϮ͘ϳϱ Various Appellate
džĐŝƐĞ duty ƉĞƌŝŽĚƐĨƌŽŵ Authority -
;ĐͿ /ŶƌĞƐƉĞĐƚŽĨƚŚĞĂĨŽƌĞƐĂŝĚůŽĂŶƐ͕ƚŚĞƌĞŝƐŶŽĂŵŽƵŶƚ Act, and 1993 - 2016 upto
ǁŚŝĐŚŝƐŽǀĞƌĚƵĞĨŽƌŵŽƌĞƚŚĂŶŶŝŶĞƚLJĚĂLJƐ͘ ϭϵϰϰ Cess Commissioner
thereon >ĞǀĞů
ŝǀ͘ /ŶŽƵƌŽƉŝŶŝŽŶ͕ĂŶĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚ 0.12 Various Appellate
ĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐĐŽŵƉůŝĞĚǁŝƚŚ ƉĞƌŝŽĚƐĨƌŽŵ Authority -
ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϴϱĂŶĚϭϴϲŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ ϭϵϵϲͲϮϬϭϰ Tribunal
ϮϬϭϯŝŶƌĞƐƉĞĐƚŽĨƚŚĞůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐŵĂĚĞ͕ĂŶĚ
ϱ͘ϲϳ Various Supreme
guarantees and security provided by it.
ƉĞƌŝŽĚƐĨƌŽŵ Court
2008-2011
WĂƌƟĐƵůĂƌƐ EŽƚĞEŽ͘ As at As at
March 31, 2019 March 31, 2018
;ZĞĨĞƌEŽƚĞϯ͘ϭϴͿ
` Crores ` Crores
ASSETS
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ 1.1 ϰ͕ϴϬϱ͘ϵϴ ϰ͕ϴϭϭ͘ϰϯ
Capital work-in-progress 1.1 Ϯϳϰ͘ϲϰ Ϯϯϰ͘ϯϯ
Goodwill ϰϰϵ͘ϵϬ ϰϰϵ͘ϵϬ
Other Intangible assets 1.2 358.63 Ϯϴϲ͘ϲϰ
Intangible assets under development 1.2 382.98 188.31
Financial Assets
(i) Investments 1.3 2,636.50 Ϯ͕ϰϱϭ͘ϱϭ
(ii) Trade receivables ϭ͘ϰ Ϭ͘ϭϰ 0.03
;ŝŝŝͿ >ŽĂŶƐ 1.5 ϯϭ͘ϳϭ ϯϯ͘ϱϰ
;ŝǀͿ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ 1.6 ϰϭ͘ϰϰ 26.20
ĚǀĂŶĐĞƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ ϭ͘ϳ ϭϬϮ͘ϯϰ 91.00
Other non-current assets 1.8 953.80 ϳϬϬ͘Ϭϯ
ϭϬ͕Ϭϯϴ͘Ϭϲ ϵ͕ϮϳϮ͘ϵϮ
Current assets
Inventories 1.9 Ϯ͕ϲϴϰ͘ϲϳ ϭ͕ϳϱϴ͘ϯϯ
Financial Assets
(i) Investments 1.10 - 3,155.16
(ii) Trade receivables 1.11 2,505.53 ϵϰϰ͘ϳϴ
(iii) Cash and cash equivalents 1.12A ϭ͕ϯϲϰ͘ϵϴ ϭ͕Ϭϯϭ͘ϰϳ
;ŝǀͿ ĂŶŬďĂůĂŶĐĞƐŽƚŚĞƌƚŚĂŶ;ŝŝŝͿĂďŽǀĞ ϭ͘ϭϮ 8.61 10.69
;ǀͿ >ŽĂŶƐ 1.13 ϮϮ͘ϰϲ Ϯϰ͘ϭϬ
;ǀŝͿ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ ϭ͘ϭϰ ϰϲϱ͘Ϭϲ ϯϵϬ͘ϯϰ
Contract Assets 1.15 ϭϭ͘Ϭϰ -
Other current assets 1.16 1,123.99 ϳϰϴ͘ϲϬ
ϴ͕ϭϴϲ͘ϯϰ ϴ͕Ϭϲϯ͘ϰϳ
TOTAL ASSETS ϭϴ͕ϮϮϰ͘ϰϬ ϭϳ͕ϯϯϲ͘ϯϵ
EQUITY AND LIABILITIES
ƋƵŝƚLJ
ƋƵŝƚLJ^ŚĂƌĞĐĂƉŝƚĂů ϭ͘ϭϳ 293.55 ϮϵϮ͘ϳϭ
KƚŚĞƌƋƵŝƚLJ 1.18 8,038.88 6,952.83
ϴ͕ϯϯϮ͘ϰϯ ϳ͕Ϯϰϱ͘ϱϰ
>ŝĂďŝůŝƟĞƐ
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
;ŝͿ ŽƌƌŽǁŝŶŐƐ 1.19 Ϯϵϴ͘ϰϬ 512.55
;ŝŝͿ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ 1.20 ϯϰ͘ϱϵ ϭ͘ϰϰ
WƌŽǀŝƐŝŽŶƐ 1.21 Ϯϰϵ͘ϲϯ Ϯϱϱ͘Ϭϰ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ 1.22 Ϯϰϵ͘ϳϯ 298.58
ŽŶƚƌĂĐƚůŝĂďŝůŝƟĞƐ 1.23 269.02 -
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϭ͘Ϯϰ ϭ͘ϲϰ ϮϬϯ͘ϳϰ
ϭ͕ϭϬϯ͘Ϭϭ ϭ͕Ϯϳϭ͘ϯϱ
ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
;ŝͿ ŽƌƌŽǁŝŶŐƐ 1.25 100.00 100.00
(ii) Trade payables 1.26
ĂͿ dŽƚĂůŽƵƚƐƚĂŶĚŝŶŐĚƵĞƐŽĨŵŝĐƌŽĂŶĚƐŵĂůůĞŶƚĞƌƉƌŝƐĞƐ ϭϮ͘ϵϰ ϭϭ͘ϵϳ
b) Total outstanding dues other than micro and small enterprises 5,005.99 ϰ͕ϴϳϱ͘ϵϯ
;ŝŝŝͿ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭ͘Ϯϳ ϭ͕ϲϬϬ͘ϯϰ ϭ͕ϳϵϯ͘ϵϱ
ŽŶƚƌĂĐƚůŝĂďŝůŝƟĞƐ 1.28 ϳϵϬ͘Ϯϯ -
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 1.29 ϰϳϲ͘ϲϵ ϭ͕Ϯϭϳ͘ϱϳ
WƌŽǀŝƐŝŽŶƐ 1.30 ϴϬϮ͘ϳϳ ϴϬϴ͘ϰϵ
ƵƌƌĞŶƚƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ - 11.59
ϴ͕ϳϴϴ͘ϵϲ ϴ͕ϴϭϵ͘ϱϬ
TOTAL EQUITY AND LIABILITIES ϭϴ͕ϮϮϰ͘ϰϬ ϭϳ͕ϯϯϲ͘ϯϵ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
'ŽƉĂůDĂŚĂĚĞǀĂŶ For and on behalf of the Board
ŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
N Ramanathan Dheeraj G Hinduja
Company Secretary Chairman
DĂLJϮϰ͕ϮϬϭϵ͕ŚĞŶŶĂŝ /E͗ϬϬϭϯϯϰϭϬ
dŚŝƐŝƐƚŚĞĂůĂŶĐĞ^ŚĞĞƚƌĞĨĞƌƌĞĚƚŽŝŶŽƵƌƌĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞ͘
For PRICE WATERHOUSE & CO CHARTERED ACCOUNTANTS LLP
&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEƵŵďĞƌͲϯϬϰϬϮϲͬͲϯϬϬϬϬϵ
Chartered Accountants
^ƵďƌĂŵĂŶŝĂŶsŝǀĞŬ
WĂƌƚŶĞƌ
DĞŵďĞƌƐŚŝƉEƵŵďĞƌͲϭϬϬϯϯϮ
DĂLJϮϰ͕ϮϬϭϵ
Mumbai
WĂƌƚŶĞƌ
DĞŵďĞƌƐŚŝƉEƵŵďĞƌͲϭϬϬϯϯϮ
DĂLJϮϰ͕ϮϬϭϵ
Mumbai
NOTES ANNEXED TO AND FORMING PART
OF THE STANDALONE FINANCIAL STATEMENTS
ϭ͘ 'ĞŶĞƌĂůŝŶĨŽƌŵĂƟŽŶ
Company Background:
ƐŚŽŬ>ĞLJůĂŶĚ>ŝŵŝƚĞĚ;͞ƚŚĞŽŵƉĂŶLJ͟ͿŝƐĂƉƵďůŝĐůŝŵŝƚĞĚĐŽŵƉĂŶLJŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚĚŽŵŝĐŝůĞĚŝŶ/ŶĚŝĂĂŶĚŐŽǀĞƌŶĞĚďLJƚŚĞ
ŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞Đƚ͟Ϳ͘dŚĞŽŵƉĂŶLJ͛ƐƌĞŐŝƐƚĞƌĞĚŽĸĐĞŝƐƐŝƚƵĂƚĞĚĂƚϭ͕^ĂƌĚĂƌWĂƚĞůZŽĂĚ͕'ƵŝŶĚLJ͕ŚĞŶŶĂŝ͕dĂŵŝůEĂĚƵ͕/ŶĚŝĂ͘
dŚĞŵĂŝŶĂĐƟǀŝƟĞƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƚŚŽƐĞƌĞůĂƟŶŐƚŽŵĂŶƵĨĂĐƚƵƌĞĂŶĚƐĂůĞŽĨĂǁŝĚĞƌĂŶŐĞŽĨĐŽŵŵĞƌĐŝĂůǀĞŚŝĐůĞƐ͘dŚĞŽŵƉĂŶLJ
ĂůƐŽŵĂŶƵĨĂĐƚƵƌĞƐĞŶŐŝŶĞƐĨŽƌŝŶĚƵƐƚƌŝĂůĂŶĚŵĂƌŝŶĞĂƉƉůŝĐĂƟŽŶƐ͕ĨŽƌŐŝŶŐƐĂŶĚĐĂƐƟŶŐƐ͘
ϭ͘ ^ŝŐŶŝĮĐĂŶƚĐĐŽƵŶƟŶŐWŽůŝĐŝĞƐ
ϭ͘ϭĂƐŝƐŽĨWƌĞƉĂƌĂƟŽŶĂŶĚWƌĞƐĞŶƚĂƟŽŶ
dŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ŶŽƟĮĞĚƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶĐĐŽƵŶƟŶŐ
Standards) Rules, 2015.
dŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶƚŚĞŚŝƐƚŽƌŝĐĂůĐŽƐƚďĂƐŝƐĞdžĐĞƉƚĨŽƌĐĞƌƚĂŝŶĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞ
ŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͕ĂƐĞdžƉůĂŝŶĞĚŝŶƚŚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐďĞůŽǁ͘
,ŝƐƚŽƌŝĐĂůĐŽƐƚŝƐŐĞŶĞƌĂůůLJďĂƐĞĚŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶŐŝǀĞŶŝŶĞdžĐŚĂŶŐĞĨŽƌŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘&ĂŝƌǀĂůƵĞŝƐƚŚĞ
ƉƌŝĐĞƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚƚŽƐĞůůĂŶĂƐƐĞƚŽƌƉĂŝĚƚŽƚƌĂŶƐĨĞƌĂůŝĂďŝůŝƚLJŝŶĂŶŽƌĚĞƌůLJƚƌĂŶƐĂĐƟŽŶďĞƚǁĞĞŶŵĂƌŬĞƚƉĂƌƟĐŝƉĂŶƚƐĂƚ
ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌƚŚĂƚƉƌŝĐĞŝƐĚŝƌĞĐƚůLJŽďƐĞƌǀĂďůĞŽƌĞƐƟŵĂƚĞĚƵƐŝŶŐĂŶŽƚŚĞƌǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞ͘/Ŷ
ĞƐƟŵĂƟŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶĂƐƐĞƚŽƌĂůŝĂďŝůŝƚLJ͕ƚŚĞŽŵƉĂŶLJƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĐŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝĨŵĂƌŬĞƚ
ƉĂƌƟĐŝƉĂŶƚƐǁŽƵůĚƚĂŬĞƚŚŽƐĞĐŚĂƌĂĐƚĞƌŝƐƟĐƐŝŶƚŽĂĐĐŽƵŶƚǁŚĞŶƉƌŝĐŝŶŐƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘&ĂŝƌǀĂůƵĞĨŽƌ
ŵĞĂƐƵƌĞŵĞŶƚĂŶĚͬŽƌĚŝƐĐůŽƐƵƌĞƉƵƌƉŽƐĞƐŝŶƚŚĞƐĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐĚĞƚĞƌŵŝŶĞĚŽŶƐƵĐŚĂďĂƐŝƐ͕ĞdžĐĞƉƚĨŽƌƐŚĂƌĞͲ
ďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƟŽŶƐƚŚĂƚĂƌĞǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨ/ŶĚ^ϭϬϮ͕ůĞĂƐŝŶŐƚƌĂŶƐĂĐƟŽŶƐƚŚĂƚĂƌĞǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨ/ŶĚ^ϭϳ͕ĂŶĚ
ŵĞĂƐƵƌĞŵĞŶƚƐƚŚĂƚŚĂǀĞƐŽŵĞƐŝŵŝůĂƌŝƟĞƐƚŽĨĂŝƌǀĂůƵĞďƵƚĂƌĞŶŽƚĨĂŝƌǀĂůƵĞ͕ƐƵĐŚĂƐŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞŝŶ/ŶĚ^ϮŽƌǀĂůƵĞŝŶƵƐĞ
in Ind AS 36.
/ŶĂĚĚŝƟŽŶ͕ĨŽƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐƉƵƌƉŽƐĞƐ͕ĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞĐĂƚĞŐŽƌŝƐĞĚŝŶƚŽ>ĞǀĞůϭ͕Ϯ͕ŽƌϯďĂƐĞĚŽŶƚŚĞĚĞŐƌĞĞƚŽ
ǁŚŝĐŚƚŚĞŝŶƉƵƚƐƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞŽďƐĞƌǀĂďůĞĂŶĚƚŚĞƐŝŐŶŝĮĐĂŶĐĞŽĨƚŚĞŝŶƉƵƚƐƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŝŶ
ŝƚƐĞŶƟƌĞƚLJ͕ǁŚŝĐŚĂƌĞĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͗
ͻ >ĞǀĞůϭŝŶƉƵƚƐĂƌĞƋƵŽƚĞĚƉƌŝĐĞƐ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƟǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƟĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐƚŚĂƚƚŚĞĞŶƟƚLJĐĂŶĂĐĐĞƐƐĂƚƚŚĞ
ŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͖
ͻ >ĞǀĞůϮŝŶƉƵƚƐĂƌĞŝŶƉƵƚƐ͕ŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶĐůƵĚĞĚǁŝƚŚŝŶ>ĞǀĞůϭ͕ƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕ĞŝƚŚĞƌ
ĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͖ĂŶĚ
ͻ >ĞǀĞůϯŝŶƉƵƚƐĂƌĞƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘
ůůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŚĂǀĞďĞĞŶĐůĂƐƐŝĮĞĚĂƐĐƵƌƌĞŶƚŽƌŶŽŶͲĐƵƌƌĞŶƚĂƐƉĞƌƚŚĞŽŵƉĂŶLJ͛ƐŶŽƌŵĂůŽƉĞƌĂƟŶŐĐLJĐůĞĂŶĚŽƚŚĞƌĐƌŝƚĞƌŝĂ
ƐĞƚŽƵƚŝŶƚŚĞƐĐŚĞĚƵůĞ///ƚŽƚŚĞĐƚ͘ĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨƉƌŽĚƵĐƚƐĂŶĚƚŚĞƟŵĞďĞƚǁĞĞŶƚŚĞĂĐƋƵŝƐŝƟŽŶŽĨĂƐƐĞƚƐĨŽƌƉƌŽĐĞƐƐŝŶŐ
ĂŶĚƚŚĞŝƌƌĞĂůŝƐĂƟŽŶŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐĚĞƚĞƌŵŝŶĞĚŝƚƐŽƉĞƌĂƟŶŐĐLJĐůĞĂƐƚǁĞůǀĞŵŽŶƚŚƐĨŽƌƚŚĞƉƵƌƉŽƐĞ
ŽĨĐƵƌƌĞŶƚʹŶŽŶͲĐƵƌƌĞŶƚĐůĂƐƐŝĮĐĂƟŽŶŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐ͘
dŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶ/ŶĚŝĂŶZƵƉĞĞƐ;`ͿǁŚŝĐŚŝƐƚŚĞĨƵŶĐƟŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞŽŵƉĂŶLJĂŶĚĂůů
ǀĂůƵĞƐĂƌĞƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚĐƌŽƌĞƐ͕ĞdžĐĞƉƚǁŚĞƌĞŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ͘
dŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƉƉƌŽǀĞĚĨŽƌŝƐƐƵĞďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶDĂLJϮϰ͕ϮϬϭϵ͘
ZĞĐĞŶƚĂĐĐŽƵŶƟŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐ
dŚĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚ;/ŶĚ^Ϳϭϭϲ͕>ĞĂƐĞŝƐĂƉƉůŝĐĂďůĞĨƌŽŵ&zϮϬϭϵͲϮϬ͕ƚŚĞŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚƚŚĞĂĚŽƉƟŽŶŽĨ/ŶĚ
^ϭϭϲĚŽĞƐŶŽƚŚĂǀĞĂŶLJƐŝŐŶŝĮĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
/ŶƌĞƐƉĞĐƚŽĨǀĂƌŝŽƵƐĂŵĞŶĚŵĞŶƚƐƚŽŽƚŚĞƌĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ͕ƚŚĞŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚĂĚŽƉƟŽŶŽĨƚŚŽƐĞĚŽĞƐŶŽƚŚĂǀĞ
ĂŶLJƐŝŐŶŝĮĐĂŶƚŝŵƉĂĐƚĨŽƌƚŚĞĐŽŵƉĂŶLJ͘
dŚĞƐŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĂƌĞĚĞƚĂŝůĞĚďĞůŽǁ͘
ϭ͘ϮZĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ
/ŶĚ^ϭϭϱŝƐĂƉƉůŝĐĂďůĞĨƌŽŵ&zϮϬϭϴͲϭϵĂŶĚŝƚƌĞƉůĂĐĞƐ/ŶĚ^ϭϴ͘/ƚĂƉƉůŝĞƐ͕ǁŝƚŚůŝŵŝƚĞĚĞdžĐĞƉƟŽŶƐ͕ƚŽĂůůƌĞǀĞŶƵĞĂƌŝƐŝŶŐĨƌŽŵ
ĐŽŶƚƌĂĐƚƐǁŝƚŚŝƚƐĐƵƐƚŽŵĞƌƐ͘/ŶĚ^ϭϭϱĞƐƚĂďůŝƐŚĞƐĂĮǀĞͲƐƚĞƉŵŽĚĞůƚŽĂĐĐŽƵŶƚĨŽƌƌĞǀĞŶƵĞĂƌŝƐŝŶŐĨƌŽŵĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ
ĂŶĚƌĞƋƵŝƌĞƐƚŚĂƚƌĞǀĞŶƵĞďĞƌĞĐŽŐŶŝƐĞĚĂƚĂŶĂŵŽƵŶƚƚŚĂƚƌĞŇĞĐƚƐƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶƚŽǁŚŝĐŚĂŶĞŶƟƚLJĞdžƉĞĐƚƐƚŽďĞĞŶƟƚůĞĚŝŶ
ĞdžĐŚĂŶŐĞĨŽƌƚƌĂŶƐĨĞƌƌŝŶŐŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƚŽĂĐƵƐƚŽŵĞƌ͘
/ŶĚ^ϭϭϱƌĞƋƵŝƌĞƐĞŶƟƟĞƐƚŽĞdžĞƌĐŝƐĞũƵĚŐĞŵĞŶƚ͕ƚĂŬŝŶŐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶĂůůŽĨƚŚĞƌĞůĞǀĂŶƚĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐǁŚĞŶ
ĂƉƉůLJŝŶŐĞĂĐŚƐƚĞƉŽĨƚŚĞŵŽĚĞůƚŽĐŽŶƚƌĂĐƚƐǁŝƚŚƚŚĞŝƌĐƵƐƚŽŵĞƌƐ͘dŚĞƐƚĂŶĚĂƌĚĂůƐŽƐƉĞĐŝĮĞƐƚŚĞĂĐĐŽƵŶƟŶŐĨŽƌƚŚĞŝŶĐƌĞŵĞŶƚĂů
ĐŽƐƚƐŽĨŽďƚĂŝŶŝŶŐĂĐŽŶƚƌĂĐƚĂŶĚƚŚĞĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽĨƵůĮůůŝŶŐĂĐŽŶƚƌĂĐƚ͘
dŚĞŽŵƉĂŶLJŚĂƐĂƉƉůŝĞĚŵŽĚŝĮĞĚƌĞƚƌŽƐƉĞĐƟǀĞĂƉƉƌŽĂĐŚŝŶĂĚŽƉƟŶŐƚŚĞŶĞǁƐƚĂŶĚĂƌĚĂŶĚĂĐĐŽƌĚŝŶŐůLJ͕ƚŚĞZĞǀĞŶƵĞĨƌŽŵ
ŽƉĞƌĂƟŽŶƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵŝƐŶŽƚĐŽŵƉĂƌĂďůĞǁŝƚŚƉƌĞǀŝŽƵƐLJĞĂƌƌĞƉŽƌƚĞĚ͘dŚĞŝŵƉĂĐƚŽŶƌĞǀĞŶƵĞŝĨƚŚĞŽŵƉĂŶLJ
` Crores
^Z/Wd/KE 'ZK^^ZZz/E'DKhEd;K^dͿ WZ/d/KEͬDKZd/^d/KE EdZZz/E'
DKhEd
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ Ϭϭ͘Ϭϰ͘ϮϬϭϴ ĚĚŝƟŽŶƐͬ ŝƐƉŽƐĂůƐ 31.03.2019 hƉƚŽ Charge during ŝƐƉŽƐĂůƐ hƉƚŽ 31.03.2019
;WWͿ Adjustment 31.03.2018 the year 31.03.2019
Freehold land ϳϲϬ͘ϴϳ ϲ͘ϰϭ 28.85 ϳϯϴ͘ϰϯ - - - - ϳϯϴ͘ϰϯ
ƵŝůĚŝŶŐƐ 1,388.69 111.22 ϰ͘ϴϬ ϭ͕ϰϵϱ͘ϭϭ ϭϱϳ͘ϰϰ ϱϵ͘ϯϳ ϯ͘Ϯϰ Ϯϭϯ͘ϱϳ ϭ͕Ϯϴϭ͘ϱϰ
ϳ͘ &ƌĞĞŚŽůĚůĂŶĚŝŶĐůƵĚĞƐƉƵƌĐŚĂƐĞŽĨůĂŶĚĨƌŽŵŶĚŚƌĂWƌĂĚĞƐŚ/ŶĚƵƐƚƌŝĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚĂŶĚdĞůĞŶŐĂŶĂ^ƚĂƚĞ/ŶĚƵƐƚƌŝĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ͕ƚŚĞ
ƟƚůĞŽĨǁŚŝĐŚǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞŽŵƉĂŶLJ͛ƐŶĂŵĞƵƉŽŶĨƵůĮůŵĞŶƚŽĨĐĞƌƚĂŝŶĐŽŶĚŝƟŽŶƐ͘
ϴ͘ džƉĞŶƐĞƐĐĂƉŝƚĂůŝƐĞĚ` Ϯ͘ϯϱĐƌŽƌĞƐͲZĞĨĞƌEŽƚĞƐϮ͘ϰ͕Ϯ͘ϱĂŶĚϮ͘ϳƚŽƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ϭ͘ϭ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚĂŶĚĂƉŝƚĂůtŽƌŬͲ/ŶͲWƌŽŐƌĞƐƐΈcontd.Ή
` Crores
^Z/Wd/KE 'ZK^^ZZz/E'DKhEd;K^dͿ WZ/d/KEͬDKZd/^d/KE EdZZz/E'
DKhEd
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ Ϭϭ͘Ϭϰ͘ϮϬϭϳ ĚĚŝƟŽŶƐ ĐƋƵŝƐŝƟŽŶ ŝƐƉŽƐĂůƐ Adjustments# # 31.03.2018 hƉƚŽ Charge ŝƐƉŽƐĂůƐ hƉƚŽ 31.03.2018
;WWͿ through ϯϭ͘Ϭϯ͘ϮϬϭϳ during the 31.03.2018
ƵƐŝŶĞƐƐ year
ŽŵďŝŶĂƟŽŶ
;ZĞĨĞƌEŽƚĞ
3.18)
Freehold land ϲϮϰ͘ϳϬ ϭϯ͘ϭϳ - - 123.00 ϳϲϬ͘ϴϳ - - - - ϳϲϬ͘ϴϳ
ƵŝůĚŝŶŐƐ ϭ͕ϯϯϵ͘ϯϰ 52.95 - 3.60 - 1,388.69 101.62 59.13 3.31 ϭϱϳ͘ϰϰ 1,231.25
ƵŝůĚŝŶŐƐŐŝǀĞŶŽŶůĞĂƐĞ 11.23 - - - - 11.23 Ϭ͘ϰϱ Ϭ͘Ϯϰ - 0.69 ϭϬ͘ϱϰ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ 3,226.61 258.69 ϭϲϰ͘ϵϴ 93.89 - 3,556.39 ϱϴϲ͘ϰϭ ϰϮϳ͘ϭϭ ϵϮ͘ϳϰ ϵϮϬ͘ϳϴ 2,635.61
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŐŝǀĞŶŽŶ 0.03 - - - - 0.03 0.01 # - 0.01 0.02
lease
&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐ ϰϭ͘ϲϮ ϭϭ͘ϵϰ 0.30 0.51 - 53.35 ϭϳ͘ϱϴ ϳ͘ϭϴ Ϭ͘ϰϬ Ϯϰ͘ϯϲ 28.99
&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐŐŝǀĞŶŽŶ 0.22 - - - - 0.22 0.10 0.05 - 0.15 Ϭ͘Ϭϳ
lease
Vehicles ϰϰ͘ϮϬ ϰϯ͘ϰϱ 0.11 3.83 - 83.93 ϭϬ͘ϵϰ 15.18 ϯ͘ϰϵ 22.63 61.30
ŝƌĐƌĂŌŐŝǀĞŶŽŶůĞĂƐĞ ϲϬ͘ϳϱ - - - - ϲϬ͘ϳϱ 12.99 ϲ͘ϰϵ - ϭϵ͘ϰϴ ϰϭ͘Ϯϳ
KĸĐĞƋƵŝƉŵĞŶƚ ϱϮ͘ϯϳ ϭϴ͘ϵϰ Ϭ͘ϰϯ 3.83 - ϲϳ͘ϵϭ ϭϰ͘ϴϴ 15.09 ϯ͘ϱϳ Ϯϲ͘ϰϬ ϰϭ͘ϱϭ
KĸĐĞƋƵŝƉŵĞŶƚŐŝǀĞŶŽŶůĞĂƐĞ 0.01 - - 0.01 - - 0.01 - 0.01 - -
TOTAL ϱ͕ϰϬϭ͘Ϭϴ ϯϵϵ͘ϭϰ ϭϲϱ͘ϴϮ ϭϬϱ͘ϲϳ ϭϮϯ͘ϬϬ ϱ͕ϵϴϯ͘ϯϳ ϳϰϰ͘ϵϵ ϱϯϬ͘ϰϳ ϭϬϯ͘ϱϮ ϭ͕ϭϳϭ͘ϵϰ ϰ͕ϴϭϭ͘ϰϯ
Capital work-in-progress Ϯϯϰ͘ϯϯ
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
ηη&ƌĞĞŚŽůĚůĂŶĚůŽĐĂƚĞĚĂƚ,LJĚĞƌĂďĂĚ͕ǁŚŝĐŚǁĂƐĐůĂƐƐŝĮĞĚĂƐĂƐƐĞƚŚĞůĚĨŽƌƐĂůĞŝŶ&zϮϬϭϲͲϭϳŝƐŶŽǁƌĞĐůĂƐƐŝĮĞĚ͘
Notes:
ϭ͘ ƉŽƌƟŽŶŽĨƚŚĞƵŝůĚŝŶŐƐŝŶŚĂŶĚĂƌĂǀĂůƵĞĚĂƚ`ϵ͘ϱϬĐƌŽƌĞƐŝƐŽŶĂůĂŶĚ͕ƚŚĞƟƚůĞĨŽƌǁŚŝĐŚŝƐLJĞƚƚŽďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞŽŵƉĂŶLJ͘
Ϯ͘ dŚĞƟƚůĞŽĨůĂŶĚĂŶĚďƵŝůĚŝŶŐƐĂĐƋƵŝƌĞĚƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ͕ǁŚŝĐŚĂƌĞŝŶƚŚĞŶĂŵĞŽĨƚŚĞĂŵĂůŐĂŵĂƟŶŐĐŽŵƉĂŶLJ͕ĂƌĞLJĞƚƚŽďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞŶĂŵĞŽĨƚŚĞ
NOTES ANNEXED TO AND FORMING PART
ŽŵƉĂŶLJ͘&ƵƌƚŚĞƌ͕ƚŚŝƐŝŶĐůƵĚĞƐĂůĂŶĚ͕ƚŚĞƟƚůĞŽĨǁŚŝĐŚǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞŽŵƉĂŶLJ͛ƐŶĂŵĞƵƉŽŶĨƵůĮůŵĞŶƚŽĨĐĞƌƚĂŝŶĐŽŶĚŝƟŽŶƐ͘
ϯ͘ ŽƐƚŽĨƵŝůĚŝŶŐƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴŝŶĐůƵĚĞƐ͗
a) `Ϭ͘ϬϯĐƌŽƌĞƐďĞŝŶŐĐŽƐƚŽĨƐŚĂƌĞƐŝŶ,ŽƵƐŝŶŐŽͲŽƉĞƌĂƟǀĞ^ŽĐŝĞƚLJƌĞƉƌĞƐĞŶƟŶŐŽǁŶĞƌƐŚŝƉƌŝŐŚƚƐŝŶƌĞƐŝĚĞŶƟĂůŇĂƚƐĂŶĚĨƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐƚŚĞƌĞĂƚ͘
b) `ϭ͘ϯϮĐƌŽƌĞƐƌĞƉƌĞƐĞŶƟŶŐĐŽƐƚŽĨƌĞƐŝĚĞŶƟĂůŇĂƚƐŝŶĐůƵĚŝŶŐƵŶĚŝǀŝĚĞĚŝŶƚĞƌĞƐƚŝŶůĂŶĚ͘
OF THE STANDALONE FINANCIAL STATEMENTS
ϰ͘ ĚĚŝƟŽŶƐƚŽWWĂŶĚĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐŝŶĐůƵĚĞĞdžĐŚĂŶŐĞ;ŐĂŝŶͿͬůŽƐƐĂŐŐƌĞŐĂƟŶŐƚŽ`ϲ͘ϮϱĐƌŽƌĞƐĐĂƉŝƚĂůŝƐĞĚĂƐƵŶĚĞƌ͗
ƵŝůĚŝŶŐ`ϭ͘ϮϵĐƌŽƌĞƐ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ`ϰ͘ϳϲĐƌŽƌĞƐ͕&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐ`Ϭ͘ϬϰĐƌŽƌĞƐ͕sĞŚŝĐůĞƐĂŶĚĂŝƌĐƌĂŌ;ƌĞĨĞƌηͿ͕KĸĐĞĞƋƵŝƉŵĞŶƚ`0.08 crores, Capital Work in
progress `0.08 crores.
ϱ͘ &ŽƌĚĞƚĂŝůƐŽĨĂƐƐĞƚƐŐŝǀĞŶĂƐƐĞĐƵƌŝƚLJĂŐĂŝŶƐƚďŽƌƌŽǁŝŶŐƐ͕ZĞĨĞƌEŽƚĞϯ͘ϭϭ;ĂͿ͘
ϭϬϳ
ĨƵůĮůŵĞŶƚŽĨĐĞƌƚĂŝŶĐŽŶĚŝƟŽŶƐ͘
ϭ͘Ϯ Kd,Z/EdE'/>^^d^E/EdE'/>^^d^hEZs>KWDEd
` Crores
^Z/Wd/KE 'ZK^^ZZz/E'DKhEd;K^dͿ WZ/d/KEͬDKZd/^d/KE EdZZz/E'
DKhEd
Intangible assets Ϭϭ͘Ϭϰ͘ϮϬϭϴ ĚĚŝƟŽŶƐͬ ŝƐƉŽƐĂůƐ 31.03.2019 hƉƚŽ Charge during ŝƐƉŽƐĂůƐ hƉƚŽ 31.03.2019
Adjustment 31.03.2018 the year 31.03.2019
ŽŵƉƵƚĞƌƐŽŌǁĂƌĞ
Ͳ ĞǀĞůŽƉĞĚ ϵϰ͘ϴϴ - - ϵϰ͘ϴϴ 39.98 13.31 - 53.29 ϰϭ͘ϱϵ
` Crores
^Z/Wd/KE 'ZK^^ZZz/E'DKhEd;K^dͿ WZ/d/KEͬDKZd/^d/KE EdZZz/E'
DKhEd
Intangible assets Ϭϭ͘Ϭϰ͘ϮϬϭϳ ĚĚŝƟŽŶƐͬ ĐƋƵŝƐŝƟŽŶ ŝƐƉŽƐĂůƐ 31.03.2018 hƉƚŽ Charge during ŝƐƉŽƐĂůƐ hƉƚŽ 31.03.2018
Adjustment through ϯϭ͘Ϭϯ͘ϮϬϭϳ the year 31.03.2018
ƵƐŝŶĞƐƐ
ŽŵďŝŶĂƟŽŶ
;ZĞĨĞƌEŽƚĞ
3.18)
ŽŵƉƵƚĞƌƐŽŌǁĂƌĞ
Ͳ ĞǀĞůŽƉĞĚ ϵϰ͘ϴϴ - - - ϵϰ͘ϴϴ 26.65 13.33 - 39.98 ϱϰ͘ϵϬ
- Acquired 52.55 39.66 0.29 - 92.50 Ϯϳ͘ϴϭ ϭϮ͘ϵϳ - ϰϬ͘ϳϴ ϱϭ͘ϳϮ
Others
Technical knowhow
Ͳ ĞǀĞůŽƉĞĚ 165.20 - - - 165.20 ϰϭ͘ϰϮ 20.38 - 61.80 ϭϬϯ͘ϰϬ
- Acquired ϭϰϰ͘ϭϵ (0.02) - Ϭ͘ϯϳ ϭϰϯ͘ϴϬ ϰϲ͘ϮϮ 21.33 Ϭ͘ϯϳ ϲϳ͘ϭϴ ϳϲ͘ϲϮ
TOTAL ϰϱϲ͘ϴϮ ϯϵ͘ϲϰ Ϭ͘Ϯϵ Ϭ͘ϯϳ ϰϵϲ͘ϯϴ ϭϰϮ͘ϭϬ ϲϴ͘Ϭϭ Ϭ͘ϯϳ ϮϬϵ͘ϳϰ Ϯϴϲ͘ϲϰ
Intangible assets under ϭϴϴ͘ϯϭ
development
Notes:
ϭ͘ ĚĚŝƟŽŶƐƚŽ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂŶĚ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞ͗
ĂͿ džĐŚĂŶŐĞ;ŐĂŝŶͿͬůŽƐƐĂŐŐƌĞŐĂƟŶŐƚŽ`Ϭ͘ϯϬĐƌŽƌĞƐĐĂƉŝƚĂůŝƐĞĚĂƐƵŶĚĞƌ͗
^ŽŌǁĂƌĞ`0.25 crores, Technical Knowhow `(0.02) crores, Intangible assets under development `Ϭ͘ϬϳĐƌŽƌĞƐ͘
ďͿ džƉĞŶƐĞƐĐĂƉŝƚĂůŝƐĞĚ`ϭϮϴ͘ϴϵĐƌŽƌĞƐͲZĞĨĞƌEŽƚĞƐϮ͘ϰ͕Ϯ͘ϱĂŶĚϮ͘ϳƚŽƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
Ϯ͘ &ŽƌĂŵŽƵŶƚŽĨĐŽŶƚƌĂĐƚƵĂůĐŽŵŵŝƚŵĞŶƚƐĨŽƌƚŚĞĂĐƋƵŝƐŝƟŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͕ZĞĨĞƌEŽƚĞϯ͘ϭϬ;ĂͿ͘
NOTES ANNEXED TO AND FORMING PART
OF THE STANDALONE FINANCIAL STATEMENTS
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
Notes: March 31, 2019 March 31, 2018
ϭ͘ WĂƌƟĐƵůĂƌƐ ` Crores ` Crores
ŐŐƌĞŐĂƚĞǀĂůƵĞŽĨƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ ϯ͕ϮϵϮ͘ϴϳ 3,123.98
ŐŐƌĞŐĂƚĞǀĂůƵĞŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ Ϭ͘ϱϳ Ϭ͘ϱϳ
ŐŐƌĞŐĂƚĞǀĂůƵĞŽĨŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐ ϲϱϲ͘ϵϰ ϲϳϯ͘Ϭϰ
Ϯ͘ /ŶǀĞƐƚŵĞŶƚƐĂƌĞĨƵůůLJƉĂŝĚͲƵƉƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘
ϯ͘ dŚĞĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐŝŶƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚĐĂŶďĞĚŝƐƉŽƐĞĚŽīͬĞŶĐƵŵďĞƌĞĚŽŶůLJǁŝƚŚƚŚĞĐŽŶƐĞŶƚŽĨďĂŶŬƐͬĮŶĂŶĐŝĂů
ŝŶƐƟƚƵƟŽŶƐǁŚŽŚĂǀĞŐŝǀĞŶůŽĂŶƐƚŽƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ͘
ϰ͘ >ŽĐŬͲŝŶĐŽŵŵŝƚŵĞŶƚŝŶƚŚĞƐŚĂƌĞŚŽůĚĞƌƐĂŐƌĞĞŵĞŶƚ͗ůƐŽƌĞĨĞƌEŽƚĞϯ͘ϭϬ;ĐͿ
WĂƌƟĐƵůĂƌƐ No of Shares
,ŝŶĚƵũĂ>ĞLJůĂŶĚ&ŝŶĂŶĐĞ>ŝŵŝƚĞĚ Ϯ͕ϴϰ͕ϳϮ͕ϳϰϯ
,ŝŶĚƵũĂdĞĐŚ>ŝŵŝƚĞĚ ϳϵ͕ϵϵϬ͕ϬϬϬ
ϱ͘ ΨZĞĨĞƌEŽƚĞϯ͘ϭϴƌĞůĂƟŶŐƚŽĂŵĂůŐĂŵĂƟŽŶǁŝƚŚƚŚĞŽŵƉĂŶLJ͘
ϲ͘ ϱϭйƐƚĂŬĞŝŶƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚĂĐƋƵŝƌĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘
ϭ͘ϱ EKEͳhZZEd&/EE/>^^d^ͳ>KE^
;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚͿ
Security deposits ϯϭ͘ϳϭ ϯϯ͘ϱϰ
ϯϭ͘ϳϭ ϯϯ͘ϱϰ
Note:
dŚĞƐĞĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ
ϭ͘ϲ EKEͳhZZEdKd,Z&/EE/>^^d^
;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
a) Other receivables *
Considered good 8.28 ϳ͘ϴϳ
ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϰ͘ϯϰ -
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂŵŽƵŶƚƐ ϰ͘ϯϰ -
ϴ͘Ϯϴ ϳ͘ϴϳ
ďͿ ĞƌŝǀĂƟǀĞƐŶŽƚĚĞƐŝŐŶĂƚĞĚĂƐŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞ - ϭ͘ϳϲ
c) Others
ŝ͘ ŵƉůŽLJĞĞĂĚǀĂŶĐĞƐ 2.11 Ϯ͘ϯϰ
ŝŝ͘ ĂƌŵĂƌŬĞĚďĂŶŬďĂůĂŶĐĞ;ĞƐĐƌŽǁďĂŶŬĂĐĐŽƵŶƚƐͿ 16.88 -
iii. Other advances ϭϰ͘ϭϳ ϭϰ͘Ϯϯ
ϯϯ͘ϭϲ ϭϲ͘ϱϳ
ϰϭ͘ϰϰ Ϯϲ͘ϮϬ
KĨƚŚĞŵƉůŽLJĞĞĂĚǀĂŶĐĞƐĂďŽǀĞ͕
ƵĞĨƌŽŵŝƌĞĐƚŽƌƐͬKĸĐĞƌƐη 0.00 0.00
ΎŝŶĐůƵĚĞƐƌĞĐĞŝǀĂďůĞŽŶƐĂůĞŽĨǁŝŶĚŵŝůůƵŶĚĞƌƚĂŬŝŶŐŽĨƚŚĞŽŵƉĂŶLJ͘
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
Notes:
ϭ͘ dŚĞƐĞ;ĞdžĐĞƉƚĚĞƌŝǀĂƟǀĞƐͿĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘ĞƌŝǀĂƟǀĞƐĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐͬŽƚŚĞƌ
comprehensive income.
Ϯ͘ DŽǀĞŵĞŶƚŝŶĂůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞƐŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ March 2019 March 2018
Opening - -
ĚĚ͗ĚĚŝƟŽŶƐ ϰ͘ϯϰ -
>ĞƐƐ͗hƟůŝƐĂƟŽŶƐͬZĞǀĞƌƐĂůƐ - -
Closing ϰ͘ϯϰ -
ϭ͘ϳ EKEͳhZZEdͳsEdy^^d^ΈEdΉ
ĚǀĂŶĐĞŝŶĐŽŵĞƚĂdž;ŶĞƚŽĨƉƌŽǀŝƐŝŽŶͿ ϭϬϮ͘ϯϰ 91.00
ϭϬϮ͘ϯϰ ϵϭ͘ϬϬ
ϭ͘ϵ INVENTORIES
(a) Raw materials and components 816.56 ϴϲϯ͘ϲϰ
(b) Work-in-progress 391.28 ϯϳϱ͘ϳϬ
(c) Finished goods 1,229.33 Ϯϳϭ͘Ϭϵ
(d) Stock-in-trade
Spare parts and auto components (including works made) ϭϰϵ͘ϱϲ ϭϲϰ͘ϱϴ
(e) Stores, spares and consumable tools ϵϳ͘ϵϰ 83.32
Ϯ͕ϲϴϰ͘ϲϳ ϭ͕ϳϱϴ͘ϯϯ
Notes :
ϭ͘ 'ŽŽĚƐŝŶƚƌĂŶƐŝƚŝŶĐůƵĚĞĚĂďŽǀĞĂƌĞĂƐďĞůŽǁ͗ March 2019 March 2018
(a) Raw materials and components 21.06 ϯϰ͘ϰϰ
(b) Stock-in-trade
Spares parts and auto components (including works made) 0.35 -
(c) Stores spares and consumables tools - -
Ϯ͘ ŵŽƵŶƚŽĨŝŶǀĞŶƚŽƌŝĞƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞdžƉĞŶƐĞĂŶĚǁƌŝƚĞĚŽǁŶŽĨŝŶǀĞŶƚŽƌŝĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞ`ϮϬ͕ϲϳϵ͘ϱϳĐƌŽƌĞƐ
;ϮϬϭϳͲϭϴ͗`ϭϴ͕ϰϯϭ͘ϬϴĐƌŽƌĞƐͿ͘
ϭ͘ϭϰ hZZEd&/EE/>^^d^ͳKd,Z^
;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
ĂͿ /ŶƚĞƌĞƐƚĂĐĐƌƵĞĚ͗
Ͳ >ŽĂŶƐƚŽƌĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯ͘ϴͿ
Considered good 0.03 Ϭ͘Ϭϰ
- Others Ϯ͘ϳϮ 1.55
ďͿ ŵƉůŽLJĞĞĂĚǀĂŶĐĞƐ 18.91 ϭϳ͘ϯϰ
ĐͿ ĞƌŝǀĂƟǀĞƐŶŽƚĚĞƐŝŐŶĂƚĞĚĂƐŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞ Ϯ͘ϰϴ ϭϮ͘ϳϳ
ĚͿ ĞƌŝǀĂƟǀĞƐĚĞƐŝŐŶĂƚĞĚĂƐŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞ 3.00 11.65
ĞͿ ĂƌŵĂƌŬĞĚďĂŶŬďĂůĂŶĐĞ;ĞƐĐƌŽǁďĂŶŬĂĐĐŽƵŶƚƐͿ ϲϭ͘ϳϳ ϳ͘ϭϱ
ĨͿ ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯ͘ϴͿ
ŝ͘ ĚǀĂŶĐĞƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJη - -
ii. Other advances ϯ͘ϳϬ 2.65
ϯ͘ϳϬ Ϯ͘ϲϱ
ŐͿ hŶďŝůůĞĚƌĞǀĞŶƵĞ - 22.58
h) Revenue grants receivable
Considered good ϯϱϭ͘ϲϰ Ϯϵϴ͘Ϭϰ
ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů 15.60 15.60
ϯϲϳ͘Ϯϰ ϯϭϯ͘ϲϰ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞ 15.60 15.60
ϯϱϭ͘ϲϰ Ϯϵϴ͘Ϭϰ
ŝͿ KƚŚĞƌƐ;ŝŶĐůƵĚĞƐĞdžƉĞŶƐĞƐƌĞĐŽǀĞƌĂďůĞ͕ĞƚĐ͘Ϳ
Considered good 20.81 ϭϲ͘ϱϳ
ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů 20.86 Ϭ͘ϳϵ
ϰϭ͘ϲϳ ϭϳ͘ϯϲ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂŵŽƵŶƚ 20.86 Ϭ͘ϳϵ
ϮϬ͘ϴϭ ϭϲ͘ϱϳ
ϰϲϱ͘Ϭϲ ϯϵϬ͘ϯϰ
KĨƚŚĞŵƉůŽLJĞĞĂĚǀĂŶĐĞƐĂďŽǀĞ
ƵĞĨƌŽŵŝƌĞĐƚŽƌƐͬKĸĐĞƌƐη # 0.01
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
Notes:
ϭ͘ d ŚĞƐĞ;ĞdžĐĞƉƚĚĞƌŝǀĂƟǀĞƐͿĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘ĞƌŝǀĂƟǀĞƐĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐͬŽƚŚĞƌ
comprehensive income.
Ϯ͘ DŽǀĞŵĞŶƚŝŶůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ March 2019 March 2018
Opening 15.60 ϭ͘ϳϰ
ĚĚ͗ĚĚŝƟŽŶƐ - 13.86
>ĞƐƐ͗hƟůŝƐĂƟŽŶƐͬZĞǀĞƌƐĂůƐ - -
Closing 15.60 15.60
ϯ͘ DŽǀĞŵĞŶƚŝŶůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞ;ŽƚŚĞƌƐͿŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ March 2019 March 2018
Opening Ϭ͘ϳϵ -
ĚĚ͗ĚĚŝƟŽŶƐ ϮϬ͘Ϭϳ Ϭ͘ϳϵ
>ĞƐƐ͗hƟůŝƐĂƟŽŶƐͬZĞǀĞƌƐĂůƐ - -
Closing 20.86 Ϭ͘ϳϵ
ϭ͘ϮϬ EKEͳhZZEdͳKd,Z&/EE/>>//>/d/^
a) Capital creditors - 0.29
b) Others ϯϰ͘ϱϵ 1.15
ϯϰ͘ϱϵ ϭ͘ϰϰ
Note:
dŚĞƐĞĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘
ϭ͘Ϯϭ EKEͳhZZEdWZKs/^/KE^
ĂͿ WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽLJĞĞďĞŶĞĮƚƐ
i. Compensated absences 92.31 ϳϱ͘ϴϬ
ŝŝ͘ KƚŚĞƌƐŝŶĐůƵĚŝŶŐƉŽƐƚƌĞƟƌĞŵĞŶƚďĞŶĞĮƚƐ ϯϱ͘ϳϱ ϱϯ͘ϴϳ
b) Others
ŝ͘ WƌŽĚƵĐƚǁĂƌƌĂŶƟĞƐ ϭϬϯ͘ϴϳ ϭϬϳ͘ϴϯ
ŝŝ͘ KƚŚĞƌƐ;ŝŶĐůƵĚŝŶŐůŝƟŐĂƟŽŶŵĂƩĞƌƐͿ ϭϳ͘ϳϬ ϭϳ͘ϱϰ
Ϯϰϵ͘ϲϯ Ϯϱϱ͘Ϭϰ
Note:
DŽǀĞŵĞŶƚŝŶWƌŽǀŝƐŝŽŶĨŽƌƉƌŽĚƵĐƚǁĂƌƌĂŶƟĞƐŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ March 2019 March 2018
Opening ϭϬϳ͘ϴϯ 26.56
ĚĚ͗ĚĚŝƟŽŶƐ;ŶĞƚŽĨƵƟůŝƐĂƟŽŶƐͿ (3.96) ϴϭ͘Ϯϳ
Closing ϭϬϯ͘ϴϳ ϭϬϳ͘ϴϯ
dŚŝƐƉƌŽǀŝƐŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚŽŶĐĞƚŚĞƉƌŽĚƵĐƚƐĂƌĞƐŽůĚ͘dŚĞĞƐƟŵĂƚĞĚƉƌŽǀŝƐŝŽŶƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚŚŝƐƚŽƌŝĐĂůŝŶĨŽƌŵĂƟŽŶ͕
ĨƌĞƋƵĞŶĐLJĂŶĚĂǀĞƌĂŐĞĐŽƐƚŽĨǁĂƌƌĂŶƚLJĐůĂŝŵƐĂŶĚƚŚĞĞƐƟŵĂƚĞƌĞŐĂƌĚŝŶŐƉŽƐƐŝďůĞĨƵƚƵƌĞŝŶĐŝĚĞŶĐĞŽĨĐůĂŝŵƐ͘dŚĞƉƌŽǀŝƐŝŽŶĨŽƌ
ǁĂƌƌĂŶƚLJĐůĂŝŵƐƌĞƉƌĞƐĞŶƚƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐďĞƐƚĞƐƟŵĂƚĞŽĨƚŚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐ͘dŚĞŽƵƚƐƚĂŶĚŝŶŐ
ƉƌŽǀŝƐŝŽŶĨŽƌƉƌŽĚƵĐƚǁĂƌƌĂŶƟĞƐĂƐĂƚƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞŝƐĨŽƌƚŚĞďĂůĂŶĐĞƵŶĞdžƉŝƌĞĚƉĞƌŝŽĚŽĨƚŚĞƌĞƐƉĞĐƟǀĞǁĂƌƌĂŶƟĞƐŽŶƚŚĞ
ǀĂƌŝŽƵƐƉƌŽĚƵĐƚƐǁŚŝĐŚƌĂŶŐĞĨƌŽŵϭƚŽϮϰŵŽŶƚŚƐ͘
DŽǀĞŵĞŶƚŝŶWƌŽǀŝƐŝŽŶĨŽƌŽƚŚĞƌƐ;ŝŶĐůƵĚŝŶŐůŝƟŐĂƟŽŶŵĂƩĞƌƐͿŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ March 2019 March 2018
Opening ϭϳ͘ϱϰ -
ĚĚ͗ĚĚŝƟŽŶƐ 0.16 ϭϳ͘ϱϰ
>ĞƐƐ͗hƟůŝƐĂƟŽŶƐͬZĞǀĞƌƐĂůƐ - -
Closing ϭϳ͘ϳϬ ϭϳ͘ϱϰ
ϭ͘Ϯϰ Kd,ZEKEͳhZZEd>//>/d/^
ĂͿ /ŶĐŽŵĞƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞ;ZĞĨĞƌŶŽƚĞϯ͘ϳͿ - ϮϬϯ͘ϳϰ
b) Others ϭ͘ϲϰ -
ϭ͘ϲϰ ϮϬϯ͘ϳϰ
ϭ͘Ϯϱ hZZEd&/EE/>>//>/d/^ͳKZZKt/E'^
hŶƐĞĐƵƌĞĚďŽƌƌŽǁŝŶŐƐ
^ŚŽƌƚƚĞƌŵůŽĂŶƐĨƌŽŵďĂŶŬƐ 100.00 100.00
ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ
Notes:
ϭ͘ dŚĞƐĞĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘
Ϯ͘ ŽŵŵĞƌĐŝĂůƉĂƉĞƌͲŵĂdžŝŵƵŵďĂůĂŶĐĞŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌŝƐ`ϭ͕ϯϬϬƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗`1,500 Crores).
ϯ͘ EĞƚĚĞďƚƌĞĐŽŶĐŝůŝĂƟŽŶ͗
Cash and cash equivalents ϭ͕ϯϲϰ͘ϵϴ ϭ͕Ϭϯϭ͘ϰϳ
>ŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐ - 3,155.16
Current borrowings (100.00) (100.00)
EŽŶͲĐƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ (536.31) ;ϭ͕ϭϰϱ͘ϴϵͿ
ĞƌŝǀĂƟǀĞƐƐĞƚͬ;>ŝĂďŝůŝƚLJͿ Ϯ͘ϰϴ (25.35)
EĞƚĚĞďƚ ϳϯϭ͘ϭϱ Ϯ͕ϵϭϱ͘ϯϵ
` Crores
Other assets >ŝĂďŝůŝƟĞƐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ Total
Cash and bank >ŝƋƵŝĚ EŽŶͲĐƵƌƌĞŶƚ Current ĞƌŝǀĂƟǀĞ
ŽǀĞƌĚƌĂŌ investments borrowings borrowings Asset /
;>ŝĂďŝůŝƚLJͿ
EĞƚĚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ 908.08 ϴϳϳ͘ϭϳ ;Ϯ͕ϯϰϭ͘ϰϳͿ ;ϭϵϴ͘ϲϰͿ ;ϭϮϳ͘ϵϱͿ (882.81)
ĂƐŚŇŽǁƐ;ŶĞƚͿ 123.22 Ϯ͕ϮϮϵ͘ϰϲ ϭ͕ϭϳϯ͘ϳϴ ϵϴ͘ϲϰ 105.81 ϯ͕ϳϯϬ͘ϵϭ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞĂĚũƵƐƚŵĞŶƚƐ Ϭ͘ϭϳ - Ϯ͘ϴϳ - - ϯ͘Ϭϰ
WƌŽĮƚͬ;ůŽƐƐͿŽŶƐĂůĞŽĨůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐ;ŶĞƚͿ - ϰϯ͘ϯϳ - - - ϰϯ͘ϯϳ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ - - ;ϲϴ͘ϯϳͿ ;ϴϬ͘ϰϳͿ - ;ϭϰϴ͘ϴϰͿ
Interest paid - - ϴϳ͘ϯϬ ϴϬ͘ϰϳ - ϭϲϳ͘ϳϳ
Other non-cash movements
- Fair value adjustments - 5.16 - - (3.21) 1.95
EĞƚĚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭ͕Ϭϯϭ͘ϰϳ ϯ͕ϭϱϱ͘ϭϲ ;ϭ͕ϭϰϱ͘ϴϵͿ ;ϭϬϬ͘ϬϬͿ ;Ϯϱ͘ϯϱͿ Ϯ͕ϵϭϱ͘ϯϵ
As at As at
March 31, 2019 March 31, 2018
` Crores ` Crores
ϭ͘Ϯϲ hZZEd&/EE/>>//>/d/^ͳdZWz>^
Trade payables - including acceptances
a) dŽƚĂůŽƵƚƐƚĂŶĚŝŶŐĚƵĞƐŽĨŵŝĐƌŽĞŶƚĞƌƉƌŝƐĞƐĂŶĚƐŵĂůůĞŶƚĞƌƉƌŝƐĞƐZĞĨĞƌEŽƚĞϯ͘ϭϱ ϭϮ͘ϵϰ ϭϭ͘ϵϳ
ďͿ dŽƚĂůŽƵƚƐƚĂŶĚŝŶŐĚƵĞƐŽĨĐƌĞĚŝƚŽƌƐŽƚŚĞƌƚŚĂŶŵŝĐƌŽĞŶƚĞƌƉƌŝƐĞƐĂŶĚ 5,005.99 ϰ͕ϴϳϱ͘ϵϯ
small enterprises
ϱ͕Ϭϭϴ͘ϵϯ ϰ͕ϴϴϳ͘ϵϬ
Note:
dŚĞƐĞĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘
ϭ͘Ϯϳ hZZEdͳKd,Z&/EE/>>//>/d/^
ĂͿ ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐͲƚĞƌŵĚĞďƚƐ 233.96 ϲϭϯ͘ϳϯ
b) Interest accrued but not due on borrowings 3.22 ϭϳ͘ϰϴ
ĐͿ hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚƐ 8.61 10.69
ĚͿ ŵƉůŽLJĞĞďĞŶĞĮƚƐ ϰϱϮ͘ϴϮ 293.21
e) Capital creditors 135.61 ϭϭϱ͘ϰϰ
ĨͿ ĞƌŝǀĂƟǀĞƐŶŽƚĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐ - 39.88
ŐͿ ĞƌŝǀĂƟǀĞƐĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐ 5.50 5.86
h) Others * ϳϲϬ͘ϲϮ ϲϵϳ͘ϲϲ
ϭ͕ϲϬϬ͘ϯϰ ϭ͕ϳϵϯ͘ϵϱ
Ύ/ŶĐůƵĚĞ͗
ͲĐĐƌƵĞĚĞdžƉĞŶƐĞƐͬůŝĂďŝůŝƟĞƐ ϰϵϯ͘Ϭϭ 688.63
ͲZĞĨƵŶĚůŝĂďŝůŝƟĞƐ;ZĞĨĞƌŶŽƚĞϯ͘ϳͿ Ϯϲϳ͘ϯϬ -
Notes:
ϭ͘ ZĞĨĞƌEŽƚĞϯ͘ϭϭĨŽƌƐĞĐƵƌŝƚLJĂŶĚƚĞƌŵƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐ͘
Ϯ͘ d ŚĞƐĞ;ĞdžĐĞƉƚĚĞƌŝǀĂƟǀĞƐͿĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘ĞƌŝǀĂƟǀĞƐĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐͬŽƚŚĞƌ
comprehensive income.
Ϯ͘ϯ ,E'^/E/EsEdKZ/^K&&/E/^,'KK^͕^dK<ͳ/EͳdZEtKZ<ͳ/Eͳ
PROGRESS
Changes in inventories
- Finished goods and stock-in-trade ;ϵϰϯ͘ϮϮͿ ϰϴϮ͘ϯϲ
- Work-in-progress (15.58) ϳϵϮ͘ϳϰ
EĞƚĐŚĂŶŐĞ ;ϵϱϴ͘ϴϬͿ ϭ͕Ϯϳϱ͘ϭϬ
Ϯ͘ϲ WZ/d/KEEDKZd/^d/KEyWE^
Ϳ WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
;ŝͿ ƵŝůĚŝŶŐƐ ϱϵ͘ϯϳ 59.13
;ŝŝͿ WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ ϰϮϱ͘ϰϱ ϰϮϳ͘ϭϭ
;ŝŝŝͿ &ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐ 8.25 ϳ͘ϭϴ
(iv) Vehicles 19.28 15.18
;ǀͿ KĸĐĞĞƋƵŝƉŵĞŶƚ 18.32 15.09
(vi) Assets given on lease
Ͳ ƵŝůĚŝŶŐƐ Ϭ͘Ϯϰ Ϭ͘Ϯϰ
Ͳ WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ - #
Ͳ ŝƌĐƌĂŌ ϭϬ͘ϳϰ ϲ͘ϰϵ
Ͳ &ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐ 0.05 0.05
(A) ϱϰϭ͘ϳϬ ϱϯϬ͘ϰϳ
Ϳ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
;ŝͿ ŽŵƉƵƚĞƌƐŽŌǁĂƌĞ
Ͳ ĞǀĞůŽƉĞĚ 13.31 13.33
- Acquired ϮϬ͘Ϭϳ ϭϮ͘ϵϳ
(ii) Technical knowhow
Ͳ ĞǀĞůŽƉĞĚ 22.09 20.38
- Acquired Ϯϯ͘ϴϰ 21.33
(B) ϳϵ͘ϯϭ ϲϴ͘Ϭϭ
(A + B) ϲϮϭ͘Ϭϭ ϱϵϴ͘ϰϴ
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
Ϯ͘ϴ yWd/KE>/dD^
ĂͿ /ŵƉĂŝƌŵĞŶƚƌĞǀĞƌƐĂůͬ;ůŽƐƐͿŝŶƚŚĞǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐ;ŶĞƚͿ;ŝŶĐůƵĚŝŶŐŝŵƉĂĐƚŽĨ
ĐĂƉŝƚĂůƌĞĚƵĐƟŽŶͿ
Ͳ ƐŚŽŬ>ĞLJůĂŶĚ;ŚŝůĞͿ^͘ ;ϯ͘ϳϲͿ -
Ͳ ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚ ;ϯ͘ϰϭͿ -
Ͳ ƐŚŽŬ>ĞLJůĂŶĚ;h<Ϳ>ŝŵŝƚĞĚ;ůŝƋƵŝĚĂƚĞĚŽŶƉƌŝůϭϬ͕ϮϬϭϴͿ - 0.68
Ͳ KƉƚĂƌĞW> - (265.08)
Ͳ ƐŚŽŬ>ĞLJůĂŶĚ:ŽŚŶĞĞƌĞŽŶƐƚƌƵĐƟŽŶƋƵŝƉŵĞŶƚŽŵƉĂŶLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ ϯ͘ϰϬ -
;ŶĞƚŽĨƌĞǀĞƌƐĂůŽĨŝŵƉĂŝƌŵĞŶƚƉƌŽǀŝƐŝŽŶ`Ϯϯ͘ϮϳĐƌŽƌĞƐƉƌŽǀŝĚĞĚŝŶĞĂƌůŝĞƌ
years)
;ϯ͘ϳϳͿ ;Ϯϲϰ͘ϰϬͿ
b) Impairment reversal / (loss) allowance on loans (including interest)
Ͳ KƉƚĂƌĞW> - ϮϰϮ͘ϯϳ
ĐͿ īĞĐƚŽĨƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞŽŶĐŽŶǀĞƌƐŝŽŶŽĨůŽĂŶƚŽĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝŶ
subsidiary
Ͳ KƉƚĂƌĞW> - ϭϬ͘ϭϰ
ĚͿ ;>ŽƐƐͿŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚƐ
Ͳ ƐŚŽŬ>ĞLJůĂŶĚ;h<Ϳ>ŝŵŝƚĞĚ;ƐŝŶĐĞůŝƋƵŝĚĂƚĞĚŽŶƉƌŝůϭϬ͕ϮϬϭϴͿ - (0.68)
ĞͿ ;>ŽƐƐͿŽŶƐĂůĞŽĨŝŵŵŽǀĂďůĞƉƌŽƉĞƌƟĞƐ ;ϭϱ͘ϵϰͿ -
ĨͿ WƌŽǀŝƐŝŽŶĨŽƌŽďůŝŐĂƟŽŶ
Ͳ KƉƚĂƌĞW> (18.06) -
ŐͿ KďůŝŐĂƟŽŶƌĞůĂƟŶŐƚŽĚŝƐĐŽŶƟŶƵĞĚƉƌŽĚƵĐƚƐŽĨ>sĚŝǀŝƐŝŽŶ ;ϭϳ͘ϬϵͿ ;ϭϮ͘ϳϯͿ
;ϱϰ͘ϴϲͿ ;Ϯϱ͘ϯϬͿ
ϯ͘ϭ͘Ϯ /ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞĨŽƌƚŚĞLJĞĂƌƌĞĐŽŶĐŝůĞĚƚŽƚŚĞĂĐĐŽƵŶƟŶŐƉƌŽĮƚ͗
WƌŽĮƚďĞĨŽƌĞƚĂdž Ϯ͕ϰϵϲ͘ϴϬ Ϯ͕ϯϴϱ͘ϴϯ
/ŶĐŽŵĞƚĂdžƌĂƚĞ ϯϰ͘ϵϰϰй ϯϰ͘ϲϬϴй
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ ϴϳϮ͘ϰϴ 825.69
īĞĐƚŽĨŝŶĐŽŵĞƚŚĂƚŝƐƚĂdžĞĚĂƚůŽǁĞƌƌĂƚĞ ;Ϭ͘ϮϳͿ (0.22)
īĞĐƚŽĨƉƌĞǀŝŽƵƐůLJƵŶƌĞĐŽŐŶŝƐĞĚĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĂŶĚĚĞĚƵĐƟďůĞƚĞŵƉŽƌĂƌLJ (16.39) (13.23)
ĚŝīĞƌĞŶĐĞƐ
īĞĐƚŽĨĐŽŶĐĞƐƐŝŽŶƐĂŶĚŽƚŚĞƌĂůůŽǁĂŶĐĞƐ;ŝŶĐůƵĚŝŶŐƚĂdžŚŽůŝĚĂLJĂŶĚǁĞŝŐŚƚĞĚ ;ϮϯϮ͘ϴϳͿ ;ϭϰϭ͘ϲϵͿ
ĚĞĚƵĐƟŽŶĨŽƌƌĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚĞdžƉĞŶĚŝƚƵƌĞͿ
īĞĐƚŽĨĞdžĐĞƉƟŽŶĂůŝƚĞŵƐ͕ďĞŶĞĮƚƐƌĞĐŽŐŶŝƐĞĚƵƉŽŶĂŵĂůŐĂŵĂƟŽŶ͕ĚŝƐĂůůŽǁĂŶĐĞƐĂŶĚ ;ϭϴϬ͘ϬϳͿ ;ϱ͘ϰϭͿ
reversals (net)
īĞĐƚŽĨƚĂdžĂďůĞͬĚĞĚƵĐƟďůĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐĂŶĚƚĂdžŚŽůŝĚĂLJďĞŶĞĮƚƌĞůĂƟŶŐƚŽĞĂƌůŝĞƌ ϳϬ͘ϳϮ -
years (net)
īĞĐƚŽŶĚĞĨĞƌƌĞĚƚĂdžďĂůĂŶĐĞƐĚƵĞƚŽƚŚĞĐŚĂŶŐĞŝŶŝŶĐŽŵĞƚĂdžƌĂƚĞĨƌŽŵĮŶĂŶĐŝĂůLJĞĂƌ - 2.96
ϮϬϭϳͲϭϴĂƚϯϰ͘ϲϬϴйƚŽĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϴͲϭϵĂƚϯϰ͘ϵϰϰй
Others
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĮƚŽƌůŽƐƐ ϱϭϯ͘ϲϬ ϲϲϴ͘ϭϬ
ϯ͘ϭ͘ϯ /ŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
Current tax - 0.02
Deferred tax
ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗
&ĂŝƌǀĂůƵĞƌĞŵĞĂƐƵƌĞŵĞŶƚŽĨŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚƐĞŶƚĞƌĞĚŝŶƚŽĨŽƌĐĂƐŚŇŽǁŚĞĚŐĞƐ (0.08) ;Ϯ͘ϮϳͿ
ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ϮϮ͘ϴϳ 12.10
A ϮϮ͘ϳϵ ϵ͘ϴϯ
ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƌĞĐůĂƐƐŝĮĞĚĨƌŽŵĞƋƵŝƚLJƚŽƉƌŽĮƚŽƌůŽƐƐ͗
ZĞůĂƟŶŐƚŽĐĂƐŚŇŽǁŚĞĚŐĞƐ Ϯ͘Ϯϳ 9.22
B Ϯ͘Ϯϳ ϵ͘ϮϮ
dŽƚĂůŝŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;нͿ Ϯϱ͘Ϭϲ ϭϵ͘Ϭϱ
ϯ͘ϭ͘ϰ ŶĂůLJƐŝƐŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐͬůŝĂďŝůŝƟĞƐ͗
` Crores
March 31, 2019 Opening Recognised in Recognised hŶƵƐĞĚ Closing balance
balance ƉƌŽĮƚŽƌůŽƐƐ in other ƚĂdžĐƌĞĚŝƚƐ
comprehensive - availed /
income ƵƟůŝƐĞĚ
ĞĨĞƌƌĞĚƚĂdž;ůŝĂďŝůŝƟĞƐͿͬĂƐƐĞƚƐŝŶƌĞůĂƟŽŶƚŽ͗
WƌŽƉĞƌƚLJ͕WůĂŶƚΘƋƵŝƉŵĞŶƚĂŶĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ;ϳϮϯ͘ϬϵͿ ;ϮϬϯ͘ϳϬͿ - - ;ϵϮϲ͘ϳϵͿ
sŽůƵŶƚĂƌLJƌĞƟƌĞŵĞŶƚƐĐŚĞŵĞĐŽŵƉĞŶƐĂƟŽŶ 13.31 (6.96) - - 6.35
džƉĞŶĚŝƚƵƌĞĂůůŽǁĞĚƵƉŽŶƉĂLJŵĞŶƚƐ 60.23 ;Ϯϲ͘ϰϳͿ ϮϮ͘ϴϳ - 56.63
hŶƵƐĞĚƚĂdžĐƌĞĚŝƚ;DdĐƌĞĚŝƚĞŶƟƚůĞŵĞŶƚͿ ϯϱϯ͘ϳϯ - - 159.19 512.92
ĂƐŚŇŽǁŚĞĚŐĞƐ ;Ϯ͘ϮϳͿ - 2.19 - (0.08)
KƚŚĞƌƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐ ;Ϭ͘ϰϵͿ ϭϬϭ͘ϳϯ - - ϭϬϭ͘Ϯϰ
;Ϯϵϴ͘ϱϴͿ ;ϭϯϱ͘ϰϬͿ Ϯϱ͘Ϭϲ ϭϱϵ͘ϭϵ ;Ϯϰϵ͘ϳϯͿ
ϯ͘Ϯ͘ϳ DŽǀĞŵĞŶƚƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƉůĂŶĂƐƐĞƚƐǁĞƌĞĂƐĨŽůůŽǁƐ͗
Gratuity
KƉĞŶŝŶŐĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ ϮϮϰ͘ϰϯ Ϯϭϵ͘ϰϮ
WƵƌƐƵĂŶƚƚŽďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ - ϭ͘ϰϴ
Interest on plan assets 20.02 ϭϲ͘ϭϰ
Remeasurements due to Actual return on plan assets less interest on plan assets 2.36 ;Ϭ͘ϰϵͿ
ŽŶƚƌŝďƵƟŽŶƐ 112.60 20.20
ĞŶĞĮƚƐƉĂŝĚ ;ϰϬ͘ϬϳͿ (32.32)
ůŽƐŝŶŐĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ ϯϭϵ͘ϯϰ ϮϮϰ͘ϰϯ
dŚĞŽŵƉĂŶLJĨƵŶĚƐƚŚĞĐŽƐƚŽĨƚŚĞŐƌĂƚƵŝƚLJĞdžƉĞĐƚĞĚƚŽďĞĞĂƌŶĞĚŽŶĂLJĞĂƌůLJďĂƐŝƐƚŽ>ŝĨĞ/ŶƐƵƌĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ͕ǁŚŝĐŚ
manages the plan assets.
The actual return on plan assets was ` ϮϮ͘ϯϴĐƌŽƌĞƐ;ϮϬϭϳͲϭϴ͗` 15.65 crores).
&ƵŶĚĂŶĚƉůĂŶĂƐƐĞƚƉŽƐŝƟŽŶĂƌĞĂƐĨŽůůŽǁƐ͗
WůĂŶĂƐƐĞƚĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϭ͕ϭϳϲ͘ϭϯ ϭ͕Ϭϲϰ͘ϭϰ
WƌĞƐĞŶƚǀĂůƵĞŽĨďĞŶĞĮƚŽďůŝŐĂƟŽŶĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϭ͕ϭϲϬ͘ϯϰ ϭ͕Ϭϰϵ͘ϯϳ
ƐƐĞƚƌĞĐŽŐŶŝnjĞĚŝŶĂůĂŶĐĞ^ŚĞĞƚ - -
dŚĞƉůĂŶĂƐƐĞƚƐĂƌĞƉƌŝŵĂƌŝůLJŝŶǀĞƐƚĞĚŝŶŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƟĞƐ
ƐƐƵŵƉƟŽŶƐĨŽƌƉƌĞƐĞŶƚǀĂůƵĞŽďůŝŐĂƟŽŶŽĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŐƵĂƌĂŶƚĞĞ͗
ŝƐĐŽƵŶƚƌĂƚĞ ϳ͘ϲϰй ϳ͘ϲϴй
ZĞŵĂŝŶŝŶŐƚĞƌŵƚŽŵĂƚƵƌŝƚLJŽĨƉŽƌƞŽůŝŽ;LJĞĂƌƐͿ 11.80 11.80
džƉĞĐƚĞĚŐƵĂƌĂŶƚĞĞĚŝŶƚĞƌĞƐƚƌĂƚĞ;йͿ
First year 8.65% 8.55%
dŚĞƌĞĂŌĞƌ 8.50% 8.50%
ƩƌŝƟŽŶƌĂƚĞ 3.00% 3.00%
^ŝŐŶŝĮĐĂŶƚĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƟŽŶĨŽƌƚŚĞĚĞƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞĚĞĮŶĞĚŽďůŝŐĂƟŽŶŝƐĚŝƐĐŽƵŶƚ
ƌĂƚĞ͘dŚĞƐĞŶƐŝƟǀŝƚLJĂŶĂůLJƐŝƐďĞůŽǁŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƌĞĂƐŽŶĂďůLJƉŽƐƐŝďůĞ
ĐŚĂŶŐĞƐŽĨƚŚĞƌĞƐƉĞĐƟǀĞĂƐƐƵŵƉƟŽŶŽĐĐƵƌƌŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘
WƌĞƐĞŶƚǀĂůƵĞŽĨďĞŶĞĮƚŽďůŝŐĂƟŽŶĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌͲ/ŶƚĞƌĞƐƚŐƵĂƌĂŶƚĞĞŽŶůLJ 3.38 ϰ͘ϲϵ
/ĨƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞŝƐϱϬďĂƐŝƐƉŽŝŶƚƐŚŝŐŚĞƌͬůŽǁĞƌ͕ƚŚĞĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶǁŽƵůĚ͗
decrease by 0.15 0.18
increase by 0.16 0.19
ŽŶƐĞƋƵĞŶƚƚŽŵĞƌŐĞƌŽĨ>sĞŶƟƟĞƐW&ĐŽŶƚƌŝďƵƟŽŶǁŚŝĐŚǁĂƐŚŝƚŚĞƌƚŽŵĂĚĞƚŽZĞŐŝŽŶĂů
WƌŽǀŝĚĞŶƚ&ƵŶĚŝƐŶŽǁŵĂĚĞƚŽŽŵƉĂŶLJĂĚŵŝŶŝƐƚĞƌĞĚƚƌƵƐƚĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘
ϯ͘ϯ͘ϭ ĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
WƌŽĮƚĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJƐŚĂƌĞŚŽůĚĞƌƐ 1,983.20 ϭ͕ϳϭϳ͘ϳϯ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĞƋƵŝƚLJƐŚĂƌĞƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƟŽŶŽĨďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ Ϯ͕ϵϯϰ͕ϲϳϳ͕Ϯϭϴ Ϯ͕ϵϮϲ͕ϳϳϬ͕ϯϵϯ
ϯ͘ϯ͘Ϯ ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
dŚĞĞĂƌŶŝŶŐƐĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĞƋƵŝƚLJƐŚĂƌĞƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƟŽŶŽĨ
ĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂƌĞĂƐĨŽůůŽǁƐ͗
WƌŽĮƚĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJƐŚĂƌĞŚŽůĚĞƌƐ 1,983.20 ϭ͕ϳϭϳ͘ϳϯ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĞƋƵŝƚLJƐŚĂƌĞƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƟŽŶŽĨďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌ Ϯ͕ϵϯϰ͕ϲϳϳ͕Ϯϭϴ Ϯ͕ϵϮϲ͕ϳϳϬ͕ϯϵϯ
share
Adjustments :
ŝůƵƟǀĞĞīĞĐƚͲEƵŵďĞƌŽĨƐŚĂƌĞƐƌĞůĂƟŶŐƚŽĞŵƉůŽLJĞĞƐƚŽĐŬŽƉƟŽŶƐ ϭϮϴ͕ϰϵϭ ϳ͕ϳϲϮ͕ϲϯϵ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĞƋƵŝƚLJƐŚĂƌĞƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƟŽŶŽĨĚŝůƵƚĞĚĞĂƌŶŝŶŐƐ Ϯ͕ϵϯϰ͕ϴϬϱ͕ϳϬϵ Ϯ͕ϵϯϰ͕ϱϯϯ͕ϬϯϮ
per share
ϯ͘ϰ SHARE BASED PAYMENTS
ϯ͘ϰ͘ϭ ĞƚĂŝůƐŽĨĞŵƉůŽLJĞĞƐƐƚŽĐŬŽƉƟŽŶƉůĂŶŽĨƚŚĞŽŵƉĂŶLJ
dŚĞŽŵƉĂŶLJŚĂƐŵƉůŽLJĞĞƐ^ƚŽĐŬKƉƟŽŶƐWůĂŶ;^KWͿƐĐŚĞŵĞŐƌĂŶƚĞĚƚŽĞŵƉůŽLJĞĞƐǁŚŝĐŚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞ
ƐŚĂƌĞŚŽůĚĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞƉůĂŶ͕ĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐŵĂLJďĞŐƌĂŶƚĞĚŽƉƟŽŶƐƚŽƉƵƌĐŚĂƐĞ
ĞƋƵŝƚLJƐŚĂƌĞƐŽĨƚŚĞŽŵƉĂŶLJŝĨƚŚĞLJĂƌĞŝŶƐĞƌǀŝĐĞŽŶĞdžĞƌĐŝƐĞŽĨƚŚĞŐƌĂŶƚ͘ĂĐŚĞŵƉůŽLJĞĞƐŚĂƌĞŽƉƟŽŶĐŽŶǀĞƌƚƐŝŶƚŽŽŶĞĞƋƵŝƚLJ
ƐŚĂƌĞŽĨƚŚĞŽŵƉĂŶLJŽŶĞdžĞƌĐŝƐĞĂƚƚŚĞĞdžĞƌĐŝƐĞƉƌŝĐĞĂƐƉĞƌƚŚĞƐĐŚĞŵĞ͘dŚĞŽƉƟŽŶƐĐĂƌƌLJŶĞŝƚŚĞƌƌŝŐŚƚƐƚŽĚŝǀŝĚĞŶĚŶŽƌǀŽƟŶŐ
ƌŝŐŚƚƐ͘KƉƟŽŶƐĐĂŶďĞĞdžĞƌĐŝƐĞĚĂƚĂŶLJƟŵĞĨƌŽŵƚŚĞĚĂƚĞŽĨǀĞƐƟŶŐƚŽƚŚĞĚĂƚĞŽĨƚŚĞŝƌĞdžƉŝƌLJ͘
dŚĞĨŽůůŽǁŝŶŐƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚĂƌƌĂŶŐĞŵĞŶƚƐǁĞƌĞŝŶĞdžŝƐƚĞŶĐĞĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌLJĞĂƌ͗
KƉƟŽŶƐĞƌŝĞƐ EƵŵďĞƌ Grant date džƉŝƌLJĚĂƚĞ džĞƌĐŝƐĞƉƌŝĐĞ Fair value at
` grant date
`
^KWϭΎ Ϯ͕ϴϰϱ͕ϴϳϱ September 29, 2016 April 1, 2026 80.00 ϯϳ͘ϰϯ
^KWϮ ϳ͕ϰϱϰ͕ϬϬϬ :ĂŶƵĂƌLJϮϱ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϮϰ 1.00 ϴϬ͘Ϭϰ
^KWϯ;ZĞĨĞƌEŽƚĞďĞůŽǁͿ 2,000,000 :ƵůLJϭϵ͕ϮϬϭϳ :ƵůLJϭϵ͕ϮϬϮϳ 83.50 ϱϳ͘ϰϮ
^KWϰ;ZĞĨĞƌEŽƚĞďĞůŽǁͿ 1,000,000 EŽǀĞŵďĞƌϭϯ͕ϮϬϭϴ EŽǀĞŵďĞƌϭϯ͕ϮϬϮϴ 109.00 ϱϱ͘ϰϳ
^KWϱ;ZĞĨĞƌEŽƚĞďĞůŽǁͿ 13,100,000 March 20, 2019 March 20, 2030 ϵϭ͘ϰϬ ϰϬ͘ϭϵ
Ύ^KWϭůĂƉƐĞĚĂƐŝƚĨĂŝůƐƚŽĐŽŵƉůLJǁŝƚŚǀĞƐƟŶŐĐŽŶĚŝƟŽŶƐ͘
Note:
hŶĚĞƌ^KWϯ͕^KWϰĂŶĚ^KWϱƐŚĂƌĞƐǀĞƐƚŽŶǀĂƌLJŝŶŐĚĂƚĞƐǁŝƚŚŝŶƚŚĞĞdžƉŝƌLJĚĂƚĞŵĞŶƟŽŶĞĚĂďŽǀĞǁŝƚŚĂŶŽƉƟŽŶůŝĨĞŽĨ
ϱLJĞĂƌƐĂŌĞƌǀĞƐƟŶŐ͘
ϯ͘ϰ͘Ϯ &ĂŝƌǀĂůƵĞŽĨƐŚĂƌĞŽƉƟŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐƚŽĐŬŽƉƟŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞĮŶĂŶĐŝĂůLJĞĂƌŝƐ`ϰϭ͘Ϯϳ;ϮϬϭϳͲϭϴ͗`ϱϱ͘ϰϳͿ͘KƉƟŽŶƐǁĞƌĞ
ƉƌŝĐĞĚƵƐŝŶŐĂďŝŶŽŵŝĂůŽƉƟŽŶƉƌŝĐŝŶŐŵŽĚĞů͘tŚĞƌĞƌĞůĞǀĂŶƚ͕ƚŚĞĞdžƉĞĐƚĞĚůŝĨĞƵƐĞĚŝŶƚŚĞŵŽĚĞůŚĂƐďĞĞŶĂĚũƵƐƚĞĚďĂƐĞĚŽŶ
DĂŶĂŐĞŵĞŶƚ͛ƐďĞƐƚĞƐƟŵĂƚĞĨŽƌƚŚĞĞīĞĐƚƐŽĨŶŽŶͲƚƌĂŶƐĨĞƌĂďŝůŝƚLJ͕ĞdžĞƌĐŝƐĞƌĞƐƚƌŝĐƟŽŶƐĂŶĚďĞŚĂǀŝŽƌĂůĐŽŶƐŝĚĞƌĂƟŽŶƐ͘džƉĞĐƚĞĚ
ǀŽůĂƟůŝƚLJŝƐďĂƐĞĚŽŶƚŚĞŚŝƐƚŽƌŝĐĂůƐŚĂƌĞƉƌŝĐĞǀŽůĂƟůŝƚLJ͘
/ŶƉƵƚƐŝŶƚŽƚŚĞŵŽĚĞů͗ ϮϬϭϳͲϭϴ ϮϬϭϴͲϭϵ
^KWϯ ^KWϰ ^KWϱ
Grant date share price 106.85 118.30 ϵϭ͘ϰϬ
džĞƌĐŝƐĞƉƌŝĐĞ 83.50 109.00 ϵϭ͘ϰϬ
džƉĞĐƚĞĚǀŽůĂƟůŝƚLJ ϯϳ͘ϳϬйƚŽϰϮ͘ϵϬй ϯϳ͘ϱϮйƚŽϯϵ͘ϳϬй ϯϳ͘ϰϬйƚŽϰϬ͘ϰϴй
KƉƟŽŶůŝĨĞ;ZĞĨĞƌEŽƚĞϯ͘ϰ͘ϭͿ 6 - 10 years 6 - 10 years 9- 11 years
ŝǀŝĚĞŶĚLJŝĞůĚ ϭ͘ϰϲ 2.05 2.66
ZŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚƌĂƚĞ ϲ͘ϰϰйƚŽϲ͘ϲϲй ϳ͘ϰϮйƚŽϳ͘ϱϴй ϳ͘ϭϵйƚŽϳ͘Ϯϵй
ϯ͘ϰ͘ϰ ^ŚĂƌĞŽƉƟŽŶƐǀĞƐƚĞĚďƵƚŶŽƚĞdžĞƌĐŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
Eŝů;zĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͗^KWϮͲϯ͕ϳϮϳ͕ϬϬϬŽƉƟŽŶƐͿ
ϯ͘ϰ͘ϱ ^ŚĂƌĞŽƉƟŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ
dŚĞƐŚĂƌĞŽƉƟŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌŚĂĚĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨ`ϵϭ͘ϳϮ;ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͗
`ϯϬ͘ϰϬͿĂŶĚĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƌĞŵĂŝŶŝŶŐĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨϵ͘ϱLJĞĂƌƐ;ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͗ϲ͘ϵLJĞĂƌƐͿ͘
EŽŶͲĐĂŶĐĞůůĂďůĞŽƉĞƌĂƟŶŐůĞĂƐĞĐŽŵŵŝƚŵĞŶƚƐ
EŽƚůĂƚĞƌƚŚĂŶϭLJĞĂƌ ϰ͘ϴϴ ϰ͘ϳϵ
>ĂƚĞƌƚŚĂŶϭLJĞĂƌďƵƚŶŽƚůĂƚĞƌƚŚĂŶϱLJĞĂƌƐ ϱ͘ϯϰ ϰ͘ϲϳ
>ĂƚĞƌƚŚĂŶϱLJĞĂƌƐ - -
;ϭͿ &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͗
dŚĞŽŵƉĂŶLJƵŶĚĞƌƚĂŬĞƐƚƌĂŶƐĂĐƟŽŶƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂŶĚƚŚƵƐŝƚŝƐĞdžƉŽƐĞĚƚŽĞdžĐŚĂŶŐĞƌĂƚĞ
ŇƵĐƚƵĂƟŽŶƐ͘dŚĞŽŵƉĂŶLJĂĐƟǀĞůLJŵĂŶĂŐĞƐŝƚƐĐƵƌƌĞŶĐLJƌĂƚĞĞdžƉŽƐƵƌĞƐ͕ĂƌŝƐŝŶŐĨƌŽŵƚƌĂŶƐĂĐƟŽŶƐĞŶƚĞƌĞĚĂŶĚ
ĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐ͕ƚŚƌŽƵŐŚĂĐĞŶƚƌĂůŝƐĞĚƚƌĞĂƐƵƌLJĚŝǀŝƐŝŽŶĂŶĚƵƐĞƐĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐĨŽƌĞŝŐŶ
ĐƵƌƌĞŶĐLJĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐĂŶĚĐƵƌƌĞŶĐLJƐǁĂƉƐƚŽŵŝƟŐĂƚĞƚŚĞƌŝƐŬƐĨƌŽŵƐƵĐŚĞdžƉŽƐƵƌĞƐ͘dŚĞƵƐĞŽĨĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ
is subject to limits and regular monitoring by Management.
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĚĞŶŽŵŝŶĂƚĞĚŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚŵŽŶĞƚĂƌLJůŝĂďŝůŝƟĞƐĂƚƚŚĞĞŶĚ
ŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚĂƌĞĂƐĨŽůůŽǁƐ͘
ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϵ;ĂůůĂŵŽƵŶƚƐĂƌĞŝŶĞƋƵŝǀĂůĞŶƚ` in Crores):
Currency >ŝĂďŝůŝƟĞƐ Assets
Gross džƉŽƐƵƌĞ EĞƚůŝĂďŝůŝƚLJ Gross džƉŽƐƵƌĞ EĞƚĂƐƐĞƚ EĞƚŽǀĞƌĂůů
ĞdžƉŽƐƵƌĞ hedged using ĞdžƉŽƐƵƌĞŽŶ ĞdžƉŽƐƵƌĞ hedged using ĞdžƉŽƐƵƌĞŽŶ ĞdžƉŽƐƵƌĞŽŶ
ĚĞƌŝǀĂƟǀĞƐ the currency ĚĞƌŝǀĂƟǀĞƐ the currency the currency
- net assets /
;ŶĞƚůŝĂďŝůŝƟĞƐͿ
h^ ϱϯϬ͘ϯϳ ϮϯϬ͘ϳϮ 299.65 ϮϮϬ͘ϴϰ ϭϯϱ͘ϳϴ 85.06 ;Ϯϭϰ͘ϱϵͿ
hZ ϭϯ͘ϭϰ 9.28 3.86 ϳ͘ϯϮ - ϳ͘ϯϮ ϯ͘ϰϲ
'W ϯ͘ϰϳ 0.53 Ϯ͘ϵϰ - - - ;Ϯ͘ϵϰͿ
:Wz 2.16 ϭ͘Ϯϰ 0.92 - - - (0.92)
Others 1.53 - 1.53 2.11 - 2.11 0.58
ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ;ĂůůĂŵŽƵŶƚƐĂƌĞŝŶĞƋƵŝǀĂůĞŶƚ` in Crores):
Currency >ŝĂďŝůŝƟĞƐ Assets
Gross džƉŽƐƵƌĞ EĞƚůŝĂďŝůŝƚLJ Gross džƉŽƐƵƌĞ EĞƚĂƐƐĞƚ EĞƚŽǀĞƌĂůů
ĞdžƉŽƐƵƌĞ hedged using ĞdžƉŽƐƵƌĞŽŶ ĞdžƉŽƐƵƌĞ hedged using ĞdžƉŽƐƵƌĞŽŶ ĞdžƉŽƐƵƌĞŽŶ
ĚĞƌŝǀĂƟǀĞƐ the currency ĚĞƌŝǀĂƟǀĞƐ the currency the currency
- net assets /
;ŶĞƚůŝĂďŝůŝƟĞƐͿ
h^ 982.10 121.12 860.98 Ϯϭϴ͘ϱϰ ϳϴ͘ϯϱ ϭϰϬ͘ϭϵ ;ϳϮϬ͘ϳϵͿ
hZ 11.58 2.08 9.50 9.59 - 9.59 0.09
'W 0.33 - 0.33 Ϭ͘ϰϵ - Ϭ͘ϰϵ 0.16
:Wz 125.20 ϰϬ͘ϯϲ ϴϰ͘ϴϰ ϱ͘ϰϮ - ϱ͘ϰϮ ;ϳϵ͘ϰϮͿ
Others ϰ͘ϲϮ - ϰ͘ϲϮ ϭ͘ϴϰ - ϭ͘ϴϰ ;Ϯ͘ϳϴͿ
EŽƚĞͲ^ŽŵĞŽĨƚŚĞĚĞƌŝǀĂƟǀĞƐƌĞƉŽƌƚĞĚƵŶĚĞƌƚŚŝƐĐŽůƵŵŶĂƌĞŶŽƚĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐďƵƚŚĂǀĞďĞĞŶƚĂŬĞŶƚŽ
ĞĐŽŶŽŵŝĐĂůůLJŚĞĚŐĞƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞ͘
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƐĞŶƐŝƟǀŝƚLJĂŶĂůLJƐŝƐ͗
DŽǀĞŵĞŶƚŝŶƚŚĞĨƵŶĐƟŽŶĂůĐƵƌƌĞŶĐŝĞƐŽĨƚŚĞǀĂƌŝŽƵƐŽƉĞƌĂƟŽŶƐŽĨƚŚĞŽŵƉĂŶLJĂŐĂŝŶƐƚŵĂũŽƌĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐŵĂLJŝŵƉĂĐƚ
ƚŚĞŽŵƉĂŶLJ͛ƐƌĞǀĞŶƵĞƐĨƌŽŵŝƚƐŽƉĞƌĂƟŽŶƐ͘ŶLJǁĞĂŬĞŶŝŶŐŽĨƚŚĞĨƵŶĐƟŽŶĂůĐƵƌƌĞŶĐLJŵĂLJŝŵƉĂĐƚƚŚĞŽŵƉĂŶLJ͛ƐĐŽƐƚŽĨ
ŝŵƉŽƌƚƐĂŶĚĐŽƐƚŽĨďŽƌƌŽǁŝŶŐƐĂŶĚĐŽŶƐĞƋƵĞŶƚůLJŵĂLJŝŶĐƌĞĂƐĞƚŚĞĐŽƐƚŽĨĮŶĂŶĐŝŶŐƚŚĞŽŵƉĂŶLJ͛ƐĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ͘
dŚĞĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐĞŶƐŝƟǀŝƚLJŝƐĐĂůĐƵůĂƚĞĚĨŽƌĞĂĐŚĐƵƌƌĞŶĐLJďLJĂŐŐƌĞŐĂƟŽŶŽĨƚŚĞŶĞƚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞĞdžƉŽƐƵƌĞ
ŽĨĂĐƵƌƌĞŶĐLJĂŶĚĂƉĂƌĂůůĞůĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐƐŚŝŌŝŶƚŚĞĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐŽĨĞĂĐŚĐƵƌƌĞŶĐLJďLJϮй͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐ
DĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌĞĂƐŽŶĂďůLJƉŽƐƐŝďůĞĐŚĂŶŐĞŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐ͘
dŚĞƐĞŶƐŝƟǀŝƚLJŽĨƉƌŽĮƚŽƌůŽƐƐƚŽĐŚĂŶŐĞƐŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƐĂƌŝƐĞƐŵĂŝŶůLJĨƌŽŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĚĞŶŽŵŝŶĂƚĞĚĮŶĂŶĐŝĂůƐ
ŝŶƐƚƌƵŵĞŶƚƐĂŶĚƚŚĞŝŵƉĂĐƚŽŶƚŚĞŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŽĨĞƋƵŝƚLJĂƌŝƐĞƐĨƌŽŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐĚĞƐŝŐŶĂƚĞĚĂƐ
ĐĂƐŚŇŽǁŚĞĚŐĞƐ͘dŚĞĨŽůůŽǁŝŶŐƚĂďůĞĚĞƚĂŝůƐƚŚĞŽŵƉĂŶLJ͛ƐƐĞŶƐŝƟǀŝƚLJŵŽǀĞŵĞŶƚŝŶƚŚĞŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐ
ĞdžƉŽƐƵƌĞƐ;ŶĞƚͿ͗
` Crores
h^ŝŵƉĂĐƚ
March 31, 2019 March 31, 2018
WƌŽĮƚŽƌůŽƐƐ ϰ͘Ϯϵ ϭϰ͘ϰϱ
ƋƵŝƚLJ ϰ͘ϴϲ ϯϰ͘ϴϲ
` Crores
hZŝŵƉĂĐƚ
WƌŽĮƚŽƌůŽƐƐ Ϭ͘Ϭϳ #
ƋƵŝƚLJ Ϭ͘Ϭϳ Ϭ͘Ϯϰ
` Crores
'WŝŵƉĂĐƚ
WƌŽĮƚŽƌůŽƐƐ 0.06 #
ƋƵŝƚLJ 0.10 0.01
` Crores
:WzŝŵƉĂĐƚ
WƌŽĮƚŽƌůŽƐƐ 0.02 1.59
ƋƵŝƚLJ 0.02 ϭ͘ϰϱ
` Crores
/ŵƉĂĐƚŽĨŽƚŚĞƌĐƵƌƌĞŶĐŝĞƐ
WƌŽĮƚŽƌůŽƐƐ 0.01 0.06
ƋƵŝƚLJ 0.01 0.06
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞĚĞƚĂŝůƐƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͗
` Crores
March 31, 2019 Foreign currency EŽƟŽŶĂů Fair value Maturity date Hedge Weighted Average
ƌĂƟŽ rate
ĂƐŚŇŽǁŚĞĚŐĞƐ͗
ƵLJh^ h^ Ϭ͘ϰϭ Ϯϴ͘ϱϳ (0.16) May 2019 - Aug 2019 ϭ͗ϭ h^ϭ͗/EZϳϬ͘ϰϮ
^Ğůůh^ͲƵLJ'W 'W 0.02 2.05 (0.03) May 2019 ϭ͗ϭ 'Wϭ͗h^ϭ͘ϯϯϱ
&ĂŝƌǀĂůƵĞŚĞĚŐĞƐ͗
ƵLJh^ h^ ϯ͘Ϯϳ ϮϮϲ͘ϰϱ ;ϰ͘ϲϳͿ April 2019 - Oct 2019 ϭ͗ϭ h^ϭ͗/EZϳϭ͘ϯϵ
^Ğůůh^ h^ 1.96 ϭϯϱ͘ϳϴ 2.68 April 2019 - Sep 2019 ϭ͗ϭ h^ϭ͗/EZϳϭ͘ϬϬ
^Ğůůh^ͲƵLJhZ hZ Ϭ͘Ϭϳ ϱ͘Ϯϳ (0.11) April 2019 - May 2019 ϭ͗ϭ hZϭ͗h^ϭ͘ϭϰϳϱ
ƵLJhZͲ^Ğůů/EZ hZ 0.05 ϰ͘Ϭϭ ;Ϭ͘ϭϰͿ April 2019 - May 2019 ϭ͗ϭ hZϭ͗/EZϴϭ͘Ϭϭ
^Ğůůh^ͲƵLJ'W 'W 0.01 0.53 (0.01) April 2019 - May 2019 ϭ͗ϭ 'Wϭ͗h^ϭ͘ϯϮϯϱ
ƵLJ:WzͲ^Ğůů/EZ :Wz 1.98 ϭ͘Ϯϰ (0.06) April 2019 - May 2019 ϭ͗ϭ :Wzϭ͗/EZϬ͘ϲϱϰϭ
` Crores
March 31, 2018 Foreign currency EŽƟŽŶĂů Fair value Maturity date Hedge Weighted Average
ƌĂƟŽ rate
ĂƐŚŇŽǁŚĞĚŐĞƐ͗
ƵLJh^ h^ 0.35 23.11 0.18 DĂLJϮϬϭϴͲ:ƵŶĞϮϬϭϴ ϭ͗ϭ h^ϭ͗/EZϲϱ͘ϭϲ
^Ğůůh^ h^ 16.03 ϭ͕Ϭϰϰ͘ϳϴ 5.35 April 2018 - Feb 2019 ϭ͗ϭ h^ϭ͗/EZϲϲ͘ϳϭ
^Ğůůh^ͲƵLJhZ hZ 0.15 12.12 Ϭ͘Ϯϰ DĂLJϮϬϭϴͲ:ƵŶĞϮϬϭϴ ϭ͗ϭ hZϭ͗h^ϭ͘ϮϮϭϰ
^Ğůůh^ͲƵLJ'W 'W 0.01 0.58 0.02 April 2018 ϭ͗ϭ 'Wϭ͗h^ϭ͘ϯϲϳϯ
^Ğůůh^ͲƵLJ:Wz h^ 0.10 6.52 0.29 DĂLJϮϬϭϴͲ:ƵŶĞϮϬϭϴ ϭ͗ϭ h^ϭ͗:WzϭϭϬ͘ϭϱ
&ĂŝƌǀĂůƵĞŚĞĚŐĞƐ͗
ƵLJh^ h^ 1.66 108.11 0.69 ƉƌŝůϮϬϭϴͲ:ƵŶĞϮϬϭϴ ϭ͗ϭ h^ϭ͗/EZϲϱ͘Ϯϱ
^Ğůůh^ h^ 1.20 ϳϴ͘ϯϱ ;ϭ͘ϬϳͿ ƉƌŝůϮϬϭϴͲ:ƵŶĞϮϬϭϴ ϭ͗ϭ h^ϭ͗/EZϲϰ͘ϰϱ
^Ğůůh^ͲƵLJhZ hZ 0.03 2.08 0.06 April 2018 ϭ͗ϭ hZϭ͗h^ϭ͘ϮϬϯϲ
^Ğůůh^ͲƵLJ:Wz h^ 0.01 0.62 0.03 April 2018 ϭ͗ϭ h^ϭ͗:WzϭϭϬ͘ϰϲ
Note:
/ŶĐůƵĚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚƵŶĚĞƌ͚ŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ͛ĂŶĚ͚ŽƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͛͘ZĞĨĞƌEŽƚĞƐϭ͘ϭϰĂŶĚϭ͘Ϯϳ
;ϮͿ /ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͗
dŚĞŽŵƉĂŶLJŝƐĞdžƉŽƐĞĚƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬƉĞƌƚĂŝŶŝŶŐƚŽĨƵŶĚƐďŽƌƌŽǁĞĚĂƚďŽƚŚĮdžĞĚĂŶĚŇŽĂƟŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚĞƌŝƐŬŝƐ
ŵĂŶĂŐĞĚďLJƚŚĞŽŵƉĂŶLJďLJŵĂŝŶƚĂŝŶŝŶŐĂŶĂƉƉƌŽƉƌŝĂƚĞŵŝdžďĞƚǁĞĞŶĮdžĞĚĂŶĚŇŽĂƟŶŐƌĂƚĞďŽƌƌŽǁŝŶŐƐďLJƚŚĞƵƐĞŽĨŝŶƚĞƌĞƐƚ
ƌĂƚĞƐǁĂƉĐŽŶƚƌĂĐƚƐ͘,ĞĚŐŝŶŐĂĐƟǀŝƟĞƐĂƌĞĞǀĂůƵĂƚĞĚƌĞŐƵůĂƌůLJƚŽĂůŝŐŶǁŝƚŚŝŶƚĞƌĞƐƚƌĂƚĞǀŝĞǁƐĂŶĚĚĞĮŶĞĚƌŝƐŬĂƉƉĞƟƚĞ͕ĞŶƐƵƌŝŶŐ
ƚŚĞŵŽƐƚĐŽƐƚͲĞīĞĐƟǀĞŚĞĚŐŝŶŐƐƚƌĂƚĞŐŝĞƐ͘&ƵƌƚŚĞƌ͕ŝŶĂƉƉƌŽƉƌŝĂƚĞĐĂƐĞƐ͕ƚŚĞŽŵƉĂŶLJĂůƐŽĞīĞĐƚƐĐŚĂŶŐĞƐŝŶƚŚĞďŽƌƌŽǁŝŶŐ
ĂƌƌĂŶŐĞŵĞŶƚƐƚŽĐŽŶǀĞƌƚŇŽĂƟŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐƚŽĮdžĞĚŝŶƚĞƌĞƐƚƌĂƚĞƐ͘
dŚĞĞdžƉŽƐƵƌĞŽĨĐŽŵƉĂŶLJ͛ƐďŽƌƌŽǁŝŶŐƐƚŽŝŶƚĞƌĞƐƚƌĂƚĞĐŚĂŶŐĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚĂƌĞĂƐĨŽůůŽǁƐ͗
March 31, 2019 March 31, 2018
` Crores ` Crores
sĂƌŝĂďůĞƌĂƚĞŽƌƌŽǁŝŶŐƐ 56.25 255.35
&ŝdžĞĚƌĂƚĞŽƌƌŽǁŝŶŐƐΎ ϰϳϱ͘ϰϰ ϴϲϰ͘ϭϯ
ϱϯϭ͘ϲϵ ϭ͕ϭϭϵ͘ϰϴ
ΎŝŶĐůƵĚĞƐǀĂƌŝĂďůĞƌĂƚĞďŽƌƌŽǁŝŶŐƐƐƵďƐĞƋƵĞŶƚůLJĐŽŶǀĞƌƚĞĚƚŽĮdžĞĚƌĂƚĞďŽƌƌŽǁŝŶŐƐƚŚƌŽƵŐŚƐǁĂƉĐŽŶƚƌĂĐƚƐ
/ŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƟǀŝƚLJĂŶĂůLJƐŝƐ
dŚĞƐĞŶƐŝƟǀŝƚLJĂŶĂůLJƐŝƐďĞůŽǁŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞĞdžƉŽƐƵƌĞƚŽŝŶƚĞƌĞƐƚƌĂƚĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘
&ŽƌŇŽĂƟŶŐƌĂƚĞůŝĂďŝůŝƟĞƐ͕ƚŚĞĂŶĂůLJƐŝƐŝƐƉƌĞƉĂƌĞĚĂƐƐƵŵŝŶŐƚŚĂƚƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŝĂďŝůŝƚLJĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ
ǁĂƐŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞǁŚŽůĞLJĞĂƌ͘ϮϱďĂƐŝƐƉŽŝŶƚŝŶĐƌĞĂƐĞŽƌĚĞĐƌĞĂƐĞŝƐƵƐĞĚǁŚĞŶƌĞƉŽƌƟŶŐŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬŝŶƚĞƌŶĂůůLJƚŽ
ŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĂŶĚƌĞƉƌĞƐĞŶƚƐDĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌĞĂƐŽŶĂďůLJƉŽƐƐŝďůĞĐŚĂŶŐĞŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐ͘
/ĨŝŶƚĞƌĞƐƚƌĂƚĞƐŚĂĚďĞĞŶϮϱďĂƐŝƐƉŽŝŶƚƐŚŝŐŚĞƌͬůŽǁĞƌ͕ƚŚĞŽŵƉĂŶLJ͛ƐƉƌŽĮƚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵǁŽƵůĚĚĞĐƌĞĂƐĞͬ
increase by ` Ϭ͘ϭϰĐƌŽƌĞƐ;ϮϬϭϳͲϭϴ͗ĚĞĐƌĞĂƐĞͬŝŶĐƌĞĂƐĞďLJ` Ϭ͘ϲϰĐƌŽƌĞƐͿ͘dŚŝƐŝƐŵĂŝŶůLJĂƩƌŝďƵƚĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͛ƐĞdžƉŽƐƵƌĞƚŽ
interest rates on its variable rate borrowings.
;ϯͿ &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƟǀŝƚLJĂŶĂůLJƐŝƐĨŽƌƐǁĂƉĐŽŶƚƌĂĐƚƐ͗
dŚĞŽŵƉĂŶLJŚĂƐƚĂŬĞŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉ;&/Z^ͿĐŽŶƚƌĂĐƚƐĨŽƌŚĞĚŐŝŶŐŝƚƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂŶĚŝŶƚĞƌĞƐƚ
ƌĂƚĞƌŝƐŬƐƌĞůĂƚĞĚƚŽĐĞƌƚĂŝŶĞdžƚĞƌŶĂůĐŽŵŵĞƌĐŝĂůďŽƌƌŽǁŝŶŐƐ͘dŚŝƐ&/Z^ĐŽŶƚƌĂĐƚƐĂƌĞĐŽŵƉŽƐŝƚĞĐŽŶƚƌĂĐƚƐĨŽƌďŽƚŚƚŚĞĨŽƌĞŝŐŶ
ĐƵƌƌĞŶĐLJĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬƐĂŶĚƚŚƵƐƚŚĞŵĂƌŬͲƚŽͲŵĂƌŬĞƚǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚĨŽƌďŽƚŚƚŚĞƌŝƐŬƐƚŽŐĞƚŚĞƌ͘dŚĞŵĂƌŬͲƚŽͲ
market gain/(loss) as at March 31, 2019 is ` Ϯ͘ϰϴĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϴ͗`;Ϯϱ͘ϯϱͿĐƌŽƌĞƐͿ͘/ĨƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJŵŽǀĞŵĞŶƚ
is 2% higher/ lower and interest rate movement is 200 basis points higher/ lower with all other variables remaining constant,
ƚŚĞŽŵƉĂŶLJ͛ƐƉƌŽĮƚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵǁŽƵůĚĂƉƉƌŽdžŝŵĂƚĞůLJĚĞĐƌĞĂƐĞͬŝŶĐƌĞĂƐĞďLJ`Eŝů;ϮϬϭϳͲϭϴ͗ĚĞĐƌĞĂƐĞͬ
increase by ` ϲ͘ϰϱĐƌŽƌĞƐͿ͘
;ϰͿ ƋƵŝƚLJƉƌŝĐĞƌŝƐŬ͗
ƋƵŝƚLJƉƌŝĐĞƌŝƐŬŝƐƌĞůĂƚĞĚƚŽƚŚĞĐŚĂŶŐĞŝŶŵĂƌŬĞƚƌĞĨĞƌĞŶĐĞƉƌŝĐĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƐŝŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƟĞƐ͘dŚĞĨĂŝƌǀĂůƵĞ
ŽĨƐŽŵĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚƐĞdžƉŽƐĞƐƚŚĞŽŵƉĂŶLJƚŽĞƋƵŝƚLJƉƌŝĐĞƌŝƐŬƐ͘/ŶŐĞŶĞƌĂů͕ƚŚĞƐĞƐĞĐƵƌŝƟĞƐĂƌĞŶŽƚŚĞůĚĨŽƌ
trading purposes.
(B) Credit risk
ƌĞĚŝƚƌŝƐŬƌĞĨĞƌƐƚŽƚŚĞƌŝƐŬƚŚĂƚĂĐŽƵŶƚĞƌƉĂƌƚLJǁŝůůĚĞĨĂƵůƚŽŶŝƚƐĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƟŽŶƐƌĞƐƵůƟŶŐŝŶĮŶĂŶĐŝĂůůŽƐƐƚŽƚŚĞ
ŽŵƉĂŶLJ͘dŚĞŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚĂƉŽůŝĐLJŽĨŽŶůLJĚĞĂůŝŶŐǁŝƚŚĐƌĞĚŝƚǁŽƌƚŚLJĐŽƵŶƚĞƌƉĂƌƟĞƐĂŶĚŽďƚĂŝŶŝŶŐƐƵĸĐŝĞŶƚĐŽůůĂƚĞƌĂů͕
ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ĂƐĂŵĞĂŶƐŽĨŵŝƟŐĂƟŶŐƚŚĞƌŝƐŬŽĨĮŶĂŶĐŝĂůůŽƐƐĨƌŽŵĚĞĨĂƵůƚƐ͘dŚĞŽŵƉĂŶLJ͛ƐĞdžƉŽƐƵƌĞĂŶĚƚŚĞĐƌĞĚŝƚ
ƌĂƟŶŐƐŽĨŝƚƐĐŽƵŶƚĞƌƉĂƌƟĞƐĂƌĞĐŽŶƟŶƵŽƵƐůLJŵŽŶŝƚŽƌĞĚĂŶĚƚŚĞĂŐŐƌĞŐĂƚĞǀĂůƵĞŽĨƚƌĂŶƐĂĐƟŽŶƐĐŽŶĐůƵĚĞĚŝƐƐƉƌĞĂĚĂŵŽŶŐƐƚ
ĂƉƉƌŽǀĞĚĐŽƵŶƚĞƌƉĂƌƟĞƐ͘
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĐŽŶƐŝƐƚŽĨĂůĂƌŐĞŶƵŵďĞƌŽĨĐƵƐƚŽŵĞƌƐ͕ƐƉƌĞĂĚĂĐƌŽƐƐĚŝǀĞƌƐĞŝŶĚƵƐƚƌŝĞƐĂŶĚŐĞŽŐƌĂƉŚŝĐĂůĂƌĞĂƐ͘KŶŐŽŝŶŐ
ĐƌĞĚŝƚĞǀĂůƵĂƟŽŶŝƐƉĞƌĨŽƌŵĞĚŽŶƚŚĞĮŶĂŶĐŝĂůĐŽŶĚŝƟŽŶŽĨĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĂŶĚ͕ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ĐƌĞĚŝƚŐƵĂƌĂŶƚĞĞĐŽǀĞƌ
ŝƐƚĂŬĞŶ͘dŚĞŽŵƉĂŶLJŽƉĞƌĂƚĞƐƉƌĞĚŽŵŝŶĂŶƚůLJŽŶĐĂƐŚĂŶĚĐĂƌƌLJďĂƐŝƐĞdžĐĞƉƟŶŐƐĂůĞƚŽ^ƚĂƚĞdƌĂŶƐƉŽƌƚhŶĚĞƌƚĂŬŝŶŐ;^dhͿ͕
'ŽǀĞƌŶŵĞŶƚƉƌŽũĞĐƚĐƵƐƚŽŵĞƌƐďĂƐĞĚŽŶƚĞŶĚĞƌƚĞƌŵƐĂŶĚĐĞƌƚĂŝŶĞdžƉŽƌƚĐƵƐƚŽŵĞƌƐǁŚŝĐŚĂƌĞŽŶĐƌĞĚŝƚďĂƐŝƐ͘dŚĞĂǀĞƌĂŐĞ
ĐƌĞĚŝƚƉĞƌŝŽĚŝƐŝŶƚŚĞƌĂŶŐĞŽĨϳĚĂLJƐƚŽϵϬĚĂLJƐ͘,ŽǁĞǀĞƌ͕ŝŶƐĞůĞĐƚĐĂƐĞƐ͕ĐƌĞĚŝƚŝƐĞdžƚĞŶĚĞĚǁŚŝĐŚŝƐďĂĐŬĞĚďLJ^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚͬ
ĂŶŬŐƵĂƌĂŶƚĞĞͬ>ĞƩĞƌŽĨĐƌĞĚŝƚĂŶĚŽƚŚĞƌĨŽƌŵƐ͘dŚĞŽŵƉĂŶLJ͛ƐƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĐŽŶƐŝƐƚƐŽĨĂůĂƌŐĞŶƵŵďĞƌŽĨ
ĐƵƐƚŽŵĞƌƐ͕ĂĐƌŽƐƐŐĞŽŐƌĂƉŚŝĞƐ͕ŚĞŶĐĞƚŚĞŽŵƉĂŶLJŝƐŶŽƚĞdžƉŽƐĞĚƚŽĐŽŶĐĞŶƚƌĂƟŽŶƌŝƐŬ͘
dŚĞŽŵƉĂŶLJŵĂŬĞƐĂŶĂůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐƵƐŝŶŐƐŝŵƉůŝĮĞĚĂƉƉƌŽĂĐŚĨŽƌĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĂŶĚŽŶĂĐĂƐĞƚŽĐĂƐĞ
basis.
ŐĞĂŶĂůLJƐŝƐŽĨdƌĂĚĞƌĞĐĞŝǀĂďůĞƐ
As at March 31, 2019 As at March 31, 2018
` Crores ` Crores
Gross Allowance EĞƚ Gross Allowance EĞƚ
EŽƚƵĞ 1,911.21 - 1,911.21 611.65 - 611.65
ƵĞůĞƐƐƚŚĂŶϲŵŽŶƚŚƐ ϯϭϰ͘ϯϵ - ϯϭϰ͘ϯϵ 129.90 0.05 129.85
ƵĞŐƌĞĂƚĞƌƚŚĂŶϲŵŽŶƚŚƐ 352.80 ϳϮ͘ϳϯ ϮϴϬ͘Ϭϳ 266.20 62.89 203.31
Ϯ͕ϱϳϴ͘ϰϬ ϳϮ͘ϳϯ Ϯ͕ϱϬϱ͘ϲϳ ϭ͕ϬϬϳ͘ϳϱ ϲϮ͘ϵϰ ϵϰϰ͘ϴϭ
džƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĨŽƌŽƚŚĞƌƚŚĂŶƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐŚĂƐďĞĞŶĂƐƐĞƐƐĞĚĂŶĚďĂƐĞĚŽŶůŝĨĞͲƟŵĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ͕
loss allowance provision has been made.
dŚĞĐƌĞĚŝƚƌŝƐŬŽŶůŝƋƵŝĚĨƵŶĚƐĂŶĚĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐůŝŵŝƚĞĚďĞĐĂƵƐĞƚŚĞĐŽƵŶƚĞƌƉĂƌƟĞƐĂƌĞďĂŶŬƐǁŝƚŚŚŝŐŚ
ĐƌĞĚŝƚͲƌĂƟŶŐƐ͘
;Ϳ >ŝƋƵŝĚŝƚLJƌŝƐŬ
>ŝƋƵŝĚŝƚLJƌŝƐŬƌĞĨĞƌƐƚŽƚŚĞƌŝƐŬƚŚĂƚƚŚĞŽŵƉĂŶLJĐĂŶŶŽƚŵĞĞƚŝƚƐĮŶĂŶĐŝĂůŽďůŝŐĂƟŽŶƐ͘dŚĞŽďũĞĐƟǀĞŽĨůŝƋƵŝĚŝƚLJƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ŝƐƚŽŵĂŝŶƚĂŝŶƐƵĸĐŝĞŶƚůŝƋƵŝĚŝƚLJĂŶĚĞŶƐƵƌĞƚŚĂƚĨƵŶĚƐĂƌĞĂǀĂŝůĂďůĞĨŽƌƵƐĞĂƐƉĞƌƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞŽŵƉĂŶLJŚĂƐŽďƚĂŝŶĞĚ
ĨƵŶĚĂŶĚŶŽŶͲĨƵŶĚďĂƐĞĚǁŽƌŬŝŶŐĐĂƉŝƚĂůůŝŵŝƚƐĨƌŽŵǀĂƌŝŽƵƐďĂŶŬƐ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂĐĐĞƐƐƚŽĨƵŶĚƐĨƌŽŵĚĞďƚ
ŵĂƌŬĞƚƐƚŚƌŽƵŐŚĐŽŵŵĞƌĐŝĂůƉĂƉĞƌƉƌŽŐƌĂŵƐ͕ŶŽŶͲĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ͕ĂŶĚŽƚŚĞƌĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͘dŚĞŽŵƉĂŶLJŝŶǀĞƐƚƐŝƚƐ
ƐƵƌƉůƵƐĨƵŶĚƐŝŶďĂŶŬĮdžĞĚĚĞƉŽƐŝƚĂŶĚŵƵƚƵĂůĨƵŶĚƐ͕ǁŚŝĐŚĐĂƌƌLJŵŝŶŝŵĂůŵĂƌŬƚŽŵĂƌŬĞƚƌŝƐŬƐ͘
dŚĞĐŽŵƉĂŶLJŚĂĚĂĐĐĞƐƐƚŽƚŚĞĨŽůůŽǁŝŶŐƵŶĚƌĂǁŶďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͗
March 31, 2019 March 31, 2018
` Crores ` Crores
džƉŝƌŝŶŐǁŝƚŚŝŶŽŶĞLJĞĂƌ;ďĂŶŬŽǀĞƌĚƌĂŌĂŶĚŽƚŚĞƌĨĂĐŝůŝƟĞƐͿ
- Secured 900.00 900.00
Ͳ hŶƐĞĐƵƌĞĚ 826.00 810.00
Total ϭ͕ϳϮϲ͘ϬϬ ϭ͕ϳϭϬ͘ϬϬ
dŚĞŽŵƉĂŶLJĂůƐŽĐŽŶƐƚĂŶƚůLJŵŽŶŝƚŽƌƐĨƵŶĚŝŶŐŽƉƟŽŶƐĂǀĂŝůĂďůĞŝŶƚŚĞĚĞďƚĂŶĚĐĂƉŝƚĂůŵĂƌŬĞƚƐǁŝƚŚĂǀŝĞǁƚŽŵĂŝŶƚĂŝŶŝŶŐ
ĮŶĂŶĐŝĂůŇĞdžŝďŝůŝƚLJ͘
dŚĞƚĂďůĞďĞůŽǁƐƵŵŵĂƌŝƐĞƐƚŚĞŵĂƚƵƌŝƚLJƉƌŽĮůĞƌĞŵĂŝŶŝŶŐĐŽŶƚƌĂĐƚƵĂůŵĂƚƵƌŝƚLJƉĞƌŝŽĚĂƚƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞĨŽƌŝƚƐŶŽŶͲ
ĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐďĂƐĞĚŽŶƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚŇŽǁƐ͘
` Crores
ƵĞŝŶϭƐƚLJĞĂƌ ƵĞŝŶϮŶĚƚŽ ƵĞĂŌĞƌ Total Carrying
5th year 5th year amount
DĂƌĐŚϯϭ͕ϮϬϭϵ
Trade payables 5,018.93 - - 5,018.93
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭ͕ϯϲϰ͘ϵϴ 38.28 Ϭ͘Ϭϰ ϭ͕ϰϬϯ͘ϯϬ
ŽƌƌŽǁŝŶŐƐ 333.96 200.81 ϵϳ͘ϱϵ 632.36
ϲ͕ϳϭϳ͘ϴϳ Ϯϯϵ͘Ϭϵ ϵϳ͘ϲϯ ϳ͕Ϭϱϰ͘ϱϵ
DĂƌĐŚϯϭ͕ϮϬϭϴ
Trade payables ϰ͕ϴϴϳ͘ϵϬ - - ϰ͕ϴϴϳ͘ϵϬ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭ͕ϭϯϰ͘ϰϴ ϭ͘ϰϰ - 1,135.92
ŽƌƌŽǁŝŶŐƐ ϳϭϯ͘ϳϯ ϰϭϰ͘ϵϲ ϵϳ͘ϱϵ 1,226.28
ϲ͕ϳϯϲ͘ϭϭ ϰϭϲ͘ϰϬ ϵϳ͘ϱϵ ϳ͕ϮϱϬ͘ϭϬ
dŚĞƚĂďůĞďĞůŽǁƐƵŵŵĂƌŝƐĞƐƚŚĞŵĂƚƵƌŝƚLJƉƌŽĮůĞĨŽƌŝƚƐĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐďĂƐĞĚŽŶƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĐŽŶƚƌĂĐƚƵĂůŶĞƚ
ĐĂƐŚŝŶŇŽǁƐĂŶĚŽƵƞůŽǁƐŽŶĚĞƌŝǀĂƟǀĞůŝĂďŝůŝƟĞƐƚŚĂƚƐĞƩůĞŽŶĂŶĞƚďĂƐŝƐ͕ĂŶĚƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚŐƌŽƐƐŝŶŇŽǁƐĂŶĚŽƵƞůŽǁƐŽŶ
ƚŚŽƐĞĚĞƌŝǀĂƟǀĞƐƚŚĂƚƌĞƋƵŝƌĞŐƌŽƐƐƐĞƩůĞŵĞŶƚ͘tŚĞŶƚŚĞĂŵŽƵŶƚƉĂLJĂďůĞŽƌƌĞĐĞŝǀĂďůĞŝƐŶŽƚĮdžĞĚ͕ƚŚĞĂŵŽƵŶƚĚŝƐĐůŽƐĞĚŚĂƐ
ďĞĞŶĚĞƚĞƌŵŝŶĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƉƌŽũĞĐƚĞĚŝŶƚĞƌĞƐƚƌĂƚĞƐĂƐŝůůƵƐƚƌĂƚĞĚďLJƚŚĞLJŝĞůĚĐƵƌǀĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘
` Crores
ƵĞŝŶϭƐƚLJĞĂƌ ƵĞŝŶϮŶĚƚŽϱƚŚ Carrying amount
year
DĂƌĐŚϯϭ͕ϮϬϭϵ
Currency and interest rate swaps - - -
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐ 5.50 - 5.50
ϱ͘ϱϬ Ͳ ϱ͘ϱϬ
DĂƌĐŚϯϭ͕ϮϬϭϴ
Currency and interest rate swaps 39.88 - 39.88
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐ 5.86 - 5.86
ϰϱ͘ϳϰ Ͳ ϰϱ͘ϳϰ
ϯ͘ϲ͘ϯ ĂƚĞŐŽƌŝĞƐŽĨ&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐ͗
` Crores
As at As at
March 31, 2019 March 31, 2018
Financial assets
a. DĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͗
Cash and cash equivalents ϭ͕ϯϲϰ͘ϵϴ ϭ͕Ϭϯϭ͘ϰϳ
Other bank balances 8.61 10.69
Trade Receivables Ϯ͕ϱϬϱ͘ϲϳ ϵϰϰ͘ϴϭ
>ŽĂŶƐ;ŶĞƚŽĨĂůůŽǁĂŶĐĞͿ ϱϰ͘ϭϳ ϱϳ͘ϲϰ
Others 501.02 390.36
b. DĂŶĚĂƚŽƌŝůLJŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ;&sdW>ͿͬŽƚŚĞƌ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;K/Ϳ͗
Investments - 3,155.16
ĞƌŝǀĂƟǀĞƐĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐĞĂĐĐŽƵŶƟŶŐƌĞůĂƟŽŶƐŚŝƉƐ 3.00 11.65
ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐŶŽƚĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐĞƌĞůĂƟŽŶƐŚŝƉƐ Ϯ͘ϰϴ ϭϰ͘ϱϯ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
a. DĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͗
ŽƌƌŽǁŝŶŐƐ 632.36 1,226.28
dƌĂĚĞWĂLJĂďůĞƐ 5,018.93 ϰ͕ϴϴϳ͘ϵϬ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭ͕ϯϵϱ͘ϰϳ 1,135.92
b. DĂŶĚĂƚŽƌŝůLJŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ;&sdW>ͿͬŽƚŚĞƌ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;K/Ϳ͗
ĞƌŝǀĂƟǀĞƐĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐĞĂĐĐŽƵŶƟŶŐƌĞůĂƟŽŶƐŚŝƉƐ 5.50 5.86
ĞƌŝǀĂƟǀĞƐŶŽƚĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐĞĂĐĐŽƵŶƟŶŐƌĞůĂƟŽŶƐŚŝƉƐ - 39.88
ϯ͘ϳ͘ϲ ŚĂŶŐĞƐŝŶĂĐĐŽƵŶƟŶŐƉŽůŝĐLJͲŽŶĂĐĐŽƵŶƚŽĨĂĚŽƉƟŽŶŽĨ/E^ϭϭϱ
dŚĞŽŵƉĂŶLJĂƉƉůŝĞĚ/ŶĚ^ϭϭϱĨŽƌƚŚĞĮƌƐƚƟŵĞďLJƵƐŝŶŐƚŚĞŵŽĚŝĮĞĚƌĞƚƌŽƐƉĞĐƟǀĞŵĞƚŚŽĚŽĨĂĚŽƉƟŽŶǁŝƚŚƚŚĞĚĂƚĞŽĨŝŶŝƟĂů
ĂƉƉůŝĐĂƟŽŶŽĨƉƌŝůϭ͕ϮϬϭϴ͘hŶĚĞƌƚŚŝƐŵĞƚŚŽĚ͕ƚŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝƐĞĚƚŚĞĐƵŵƵůĂƟǀĞĞīĞĐƚŽĨŝŶŝƟĂůůLJĂƉƉůLJŝŶŐ/ŶĚ^ϭϭϱĂƐ
ĂŶĂĚũƵƐƚŵĞŶƚƚŽƚŚĞŽƉĞŶŝŶŐďĂůĂŶĐĞŽĨƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂƐĂƚƉƌŝůϭ͕ϮϬϭϴ͘ŽŵƉĂƌĂƟǀĞƉƌŝŽƌƉĞƌŝŽĚŚĂƐŶŽƚďĞĞŶĂĚũƵƐƚĞĚ͘
dŚĞŽŵƉĂŶLJŚĂƐĂƉƉůŝĞĚƚŚĞƌĞǀĞŶƵĞƐƚĂŶĚĂƌĚŽŶůLJƚŽĐŽŶƚƌĂĐƚƐƚŚĂƚĂƌĞŶŽƚĐŽŵƉůĞƚĞĚĂƐĂƚƚŚĞĚĂƚĞŽĨŝŶŝƟĂůĂƉƉůŝĐĂƟŽŶ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞĂŵŽƵŶƚƐďLJǁŚŝĐŚĞĂĐŚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚůŝŶĞŝƚĞŵŝƐĂīĞĐƚĞĚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌĞŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϵďLJƚŚĞĂƉƉůŝĐĂƟŽŶŽĨ/ŶĚ^ϭϭϱĂƐĐŽŵƉĂƌĞĚǁŝƚŚƚŚĞƉƌĞǀŝŽƵƐƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘>ŝŶĞ
ŝƚĞŵƐƚŚĂƚǁĞƌĞŶŽƚĂīĞĐƚĞĚďLJƚŚĞĐŚĂŶŐĞƐŚĂǀĞŶŽƚďĞĞŶŝŶĐůƵĚĞĚ͘ƐĂƌĞƐƵůƚ͕ƚŚĞƐƵďͲƚŽƚĂůƐĂŶĚƚŽƚĂůƐĚŝƐĐůŽƐĞĚĐĂŶŶŽƚďĞ
ƌĞĐĂůĐƵůĂƚĞĚĨƌŽŵƚŚĞŶƵŵďĞƌƐƉƌŽǀŝĚĞĚ͘dŚĞĂĚũƵƐƚŵĞŶƚƐĂƌĞĞdžƉůĂŝŶĞĚŝŶŵŽƌĞĚĞƚĂŝůďLJƐƚĂŶĚĂƌĚďĞůŽǁ͘
ďͿ KƚŚĞƌƌĞůĂƚĞĚƉĂƌƟĞƐ
&ĞůůŽǁƐƵďƐŝĚŝĂƌŝĞƐ
'ƵůĨKŝů>ƵďƌŝĐĂŶƚƐ/ŶĚŝĂ>ŝŵŝƚĞĚ
,ŝŶĚƵũĂŶĞƌŐLJ;/ŶĚŝĂͿ>ŝŵŝƚĞĚ
^ƚƵĂƌƚ/ŶĚŝĂWƌŝǀĂƚĞ>ŝŵŝƚĞĚ
Associates
ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚ .................................................................................................................... ƵƉƚŽĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ
>ĂŶŬĂƐŚŽŬ>ĞLJůĂŶĚW>
DĂŶŐĂůĂŵZĞƚĂŝů^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ
:ŽŝŶƚsĞŶƚƵƌĞƐ
ƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ
ƵƚŽŵŽƟǀĞ/ŶĨŽƚƌŽŶŝĐƐ>ŝŵŝƚĞĚ ....................................................................................................ůŝƋƵŝĚĂƚĞĚŽŶƉƌŝůϱ͕ϮϬϭϳ
ƐŚŽŬ>ĞLJůĂŶĚ:ŽŚŶĞĞƌĞŽŶƐƚƌƵĐƟŽŶƋƵŝƉŵĞŶƚŽŵƉĂŶLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚůŽŶŐǁŝƚŚ'ƵůĨƐŚůĞLJDŽƚŽƌ>ŝŵŝƚĞĚ
;ƵŶĚĞƌůŝƋƵŝĚĂƟŽŶͿ
,ŝŶĚƵũĂdĞĐŚ>ŝŵŝƚĞĚ
ŶƟƟĞƐǁŚĞƌĞĐŽŶƚƌŽůĞdžŝƐƚ
ƐŚŽŬ>ĞLJůĂŶĚĚƵĐĂƟŽŶĂůdƌƵƐƚ
W
ŚŽĞŶŝdžZdƌƵƐƚ ...................................................................................................................................... upto April 1, 2018
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐ'ƌĂƚƵŝƚLJ&ƵŶĚ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐ^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐŶŶŽƌĞWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ
ƐŚŽŬ>ĞLJůĂŶĚ^ĞŶŝŽƌdžĞĐƵƟǀĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐ,ŽƐƵƌWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐŚĂŶĚĂƌĂWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐůǁĂƌWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ
ŶŶŽƌĞ&ŽƵŶĚƌŝĞƐ>ŝŵŝƚĞĚŵƉůŽLJĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ
ŶŶŽƌĞ&ŽƵŶĚƌŝĞƐŵƉůŽLJĞĞƐWĞŶƐŝŽŶĐƵŵ/ŶƐƵƌĂŶĐĞ&ƵŶĚ
ŶŶŽƌĞ&ŽƵŶĚƌŝĞƐWĞŶƐŝŽŶĐƵŵ/ŶƐƵƌĂŶĐĞ&ƵŶĚ
ŶŶŽƌĞ&ŽƵŶĚƌŝĞƐ^ĞŶŝŽƌdžĞĐƵƟǀĞƐ^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ
<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů
Dƌ͘ŚĞĞƌĂũ',ŝŶĚƵũĂ͕ŚĂŝƌŵĂŶ
Dƌ͘sŝŶŽĚ<ĂƐĂƌŝ͕KĂŶĚDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ ....................................................................................upto March 31, 2019
Note:
dƌĂŶƐĂĐƟŽŶǁŝƚŚZĂũĂůĂŬƐŚŵŝtŝŶĚŶĞƌŐLJ>ŝŵŝƚĞĚ;ĞƌƐƚǁŚŝůĞƐŚŽŬ>ĞLJůĂŶĚtŝŶĚŶĞƌŐLJ>ŝŵŝƚĞĚͿŚĂƐŶŽƚďĞĞŶĚŝƐĐůŽƐĞĚĂƐďĞŝŶŐǁŝƚŚ
ĂƐƐŽĐŝĂƚĞƐŝŶĐĞƚŚĞĐŽŵƉĂŶLJĚŽĞƐŶŽƚŚĂǀĞƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞŽǀĞƌZĂũĂůĂŬƐŚŵŝtŝŶĚŶĞƌŐLJ>ŝŵŝƚĞĚ͕ĂůƚŚŽƵŐŚƚŚĞĐŽŵƉĂŶLJŚŽůĚƐϮϲй
ŽĨƚŚĞĞƋƵŝƚLJƐŚĂƌĞĐĂƉŝƚĂůŽĨZĂũĂůĂŬƐŚŵŝtŝŶĚŶĞƌŐLJ>ŝŵŝƚĞĚ͘
ϭϰϯ
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞĐŽŵƉĂŶLJ͘
ϯ͘ϴ ZĞůĂƚĞĚƉĂƌƚLJĚŝƐĐůŽƐƵƌĞ;ŽŶƟŶƵĞĚͿ
d) ZĞůĂƚĞĚWĂƌƚLJďĂůĂŶĐĞƐͲƐƵŵŵĂƌLJ
` Crores
Subsidiaries Fellow Subsidiaries Associates :ŽŝŶƚsĞŶƚƵƌĞƐ Holding Company ŶƟƟĞƐǁŚĞƌĞ Key Management Total
ĐŽŶƚƌŽůĞdžŝƐƚ WĞƌƐŽŶŶĞů
ĂůĂŶĐĞƐĂƐŽŶ 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
March 31
1 Trade receivables 69.80 20.39 ϱ͘ϳϰ ϰ͘ϳϰ ϮϮ͘ϳϴ Ϯϵ͘ϯϳ 0.28 0.08 - - 0.28 0.23 - - 98.88 ϱϰ͘ϴϭ
ĞͿ ^ŝŐŶŝĮĐĂŶƚZĞůĂƚĞĚWĂƌƚLJdƌĂŶƐĂĐƟŽŶƐ
` Crores
dƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ 2019 2018
ϭ WƵƌĐŚĂƐĞŽĨƌĂǁŵĂƚĞƌŝĂůƐ͕ĐŽŵƉŽŶĞŶƚƐĂŶĚƚƌĂĚĞĚŐŽŽĚƐ;ŶĞƚŽĨ'^dͬEsdͬsdͿ
ƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ ϳϯ͘ϵϰ 60.09
'ƵůĨKŝů>ƵďƌŝĐĂŶƚƐ/ŶĚŝĂ>ŝŵŝƚĞĚ 136.88 118.88
'ůŽďĂůds^ƵƐŽĚLJƵŝůĚĞƌƐ>ŝŵŝƚĞĚ ϳϵ͘ϰϭ ϵϴ͘Ϭϰ
Ϯ ^ĂůĞƐĂŶĚƐĞƌǀŝĐĞƐ;ŶĞƚŽĨĞdžĐŝƐĞĚƵƟĞƐͬ'^dͿ
'ƵůĨƐŚůĞLJDŽƚŽƌ>ŝŵŝƚĞĚ ϴϱϳ͘ϳϰ 826.06
ƐŚŽŬ>ĞLJůĂŶĚ;hͿ>> ϭϯϰ͘ϴϲ ϯϰϬ͘Ϭϳ
>ĂŶŬĂƐŚŽŬ>ĞLJůĂŶĚW> ϮϮϰ͘ϯϱ 510.98
ϯ KƚŚĞƌKƉĞƌĂƟŶŐ/ŶĐŽŵĞ
ƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ 1.60 1.61
ϰ KƚŚĞƌĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚͬ;ƌĞĐŽǀĞƌĞĚͿ;ŶĞƚͿ
,ŝŶĚƵũĂƵƚŽŵŽƟǀĞ>ŝŵŝƚĞĚ͕hŶŝƚĞĚ<ŝŶŐĚŽŵ 3.60 ϯ͘Ϭϳ
'ƵůĨƐŚůĞLJDŽƚŽƌ>ŝŵŝƚĞĚ 19.29 11.86
,>&^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ 18.01 21.88
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ ;ϭ͘ϭϰͿ Ϭ͘ϳϴ
,ŝŶĚƵũĂdĞĐŚ>ŝŵŝƚĞĚ ϰϳ͘ϰϲ ϯϲ͘ϲϰ
>ĂŶŬĂƐŚŽŬ>ĞLJůĂŶĚW> ;Ϭ͘ϳϲͿ ϭ͘ϳϯ
Albonair GmbH ϭϮ͘ϰϲ ϭϳ͘Ϯϱ
ƐŚŽŬ>ĞLJůĂŶĚ;hͿ>> 1.98 ϳ͘ϴϮ
ϱ /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌŝŶĐŽŵĞ
Optare plc - ϭϰ͘ϭϮ
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ Ϭ͘ϳϴ Ϭ͘ϳϭ
ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚ 2.25 2.25
,ŝŶĚƵũĂŶĞƌŐLJ;/ŶĚŝĂͿ>ŝŵŝƚĞĚ ϯ͘ϰϯ ϳ͘ϴϲ
ϲ WƵƌĐŚĂƐĞŽĨĂƐƐĞƚƐ
,ŝŶĚƵũĂdĞĐŚ>ŝŵŝƚĞĚ - Ϭ͘ϳϴ
ϳ ^ĂůĞŽĨĂƐƐĞƚƐ
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ 1.69 -
ϴ ŝǀŝĚĞŶĚƉĂLJŵĞŶƚ
,ŝŶĚƵũĂƵƚŽŵŽƟǀĞ>ŝŵŝƚĞĚ͕hŶŝƚĞĚ<ŝŶŐĚŽŵ 362.93 232.99
ϵ ŝǀŝĚĞŶĚŝŶĐŽŵĞ
>ĂŶŬĂƐŚŽŬ>ĞLJůĂŶĚW> ϭ͘ϱϰ 1.29
ϭϬ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞƐƌĞůĞĂƐĞĚ
Optare plc - ϰϭϮ͘ϲϬ
ϭϭ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞƐƵƟůŝƐĞĚ
Optare plc 2.31 Ϯϰϭ͘ϴϬ
Albonair GmbH ϭϱ͘ϰϳ ϳϮ͘Ϭϲ
ϭϮ /ŶǀĞƐƚŵĞŶƚŝŶƐŚĂƌĞƐŽĨ
ƐŚŽŬ>ĞLJůĂŶĚ;hͿ>> ϰϯ͘ϭϳ -
,ŝŶĚƵũĂ>ĞLJůĂŶĚ&ŝŶĂŶĐĞ>ŝŵŝƚĞĚ ϭϮϰ͘Ϯϱ ϰϵϯ͘ϳϱ
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ - ϯ͘ϱϰ
KƉƚĂƌĞƉůĐ;ŝŶĐůƵĚŝŶŐĐŽŶǀĞƌƐŝŽŶŽĨůŽĂŶƚŽĞƋƵŝƚLJͿ 18.06 512.82
` Crores
dƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ 2019 2018
13 Loans / advance given
KƉƚĂƌĞƉůĐ Ͳ ϮϬ͘ϳϲ
,ŝŶĚƵũĂŶĞƌŐLJ;/ŶĚŝĂͿ>ŝŵŝƚĞĚ ϭϰϱ͘ϬϬ Ϯϳϯ͘ϬϬ
14 Loans / advance repaid
KƉƚĂƌĞƉůĐ;>ŽĂŶĐŽŶǀĞƌƚĞĚƚŽƋƵŝƚLJͿ Ͳ Ϯϲϯ͘ϱϭ
,ŝŶĚƵũĂŶĞƌŐLJ;/ŶĚŝĂͿ>ŝŵŝƚĞĚ ϭϰϱ͘ϬϬ Ϯϳϯ͘ϬϬ
ϭϱ ZĞĐĞŝƉƚŽĨŵŽŶĞLJĂŌĞƌĐĂƉŝƚĂůƌĞĚƵĐƟŽŶ;`ϭϵ͘ϴϳĐƌŽƌĞƐͿĨƌŽŵ:ŽŝŶƚsĞŶƚƵƌĞ
ƐŚŽŬ>ĞLJůĂŶĚ:ŽŚŶĞĞƌĞŽŶƐƚƌƵĐƟŽŶƋƵŝƉŵĞŶƚŽŵƉĂŶLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ ϯ͘ϰϬ Ͳ
ϭϲ ŽŵŵŝƐƐŝŽŶĂŶĚƐŝƫŶŐĨĞĞƐƚŽŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů
Dƌ͘ŚĞĞƌĂũ',ŝŶĚƵũĂ ϭϬ͘ϭϮ ϴ͘ϭϭ
ϭϳ ŽŶƚƌŝďƵƟŽŶƚŽĞŵƉůŽLJĞĞƌĞůĂƚĞĚƚƌƵƐƚƐŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐŶŶŽƌĞWƌŽǀŝĚĞŶƚ&ƵŶĚ ϱϮ͘ϵϴ ϱϬ͘Ϯϰ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐ,ŽƐƵƌWƌŽǀŝĚĞŶƚ&ƵŶĚ ϯϲ͘ϴϯ ϯϰ͘ϭϮ
ƐŚŽŬ>ĞLJůĂŶĚ^ĞŶŝŽƌdžĞĐƵƟǀĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ ϰϲ͘ϱϰ ϰϭ͘ϯϮ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐ'ƌĂƚƵŝƚLJ&ƵŶĚ ϭϭϮ͘ϰϵ ϮϬ͘Ϭϵ
ƐŚŽŬ>ĞLJůĂŶĚ^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ ϭϲ͘ϵϭ ϭϳ͘Ϭϴ
ϭϴ ZĞŵƵŶĞƌĂƟŽŶƚŽŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůΎ
Dƌ͘sŝŶŽĚ<ĂƐĂƌŝ
^ŚŽƌƚƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĮƚƐ;ŝŶĐůƵĚĞƐĞdžͲŐƌĂƟĂŽĨ`ϵƌŽƌĞƐͿ ϮϬ͘ϵϳ ϭϭ͘ϴϱ
KƚŚĞƌůŽŶŐƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĮƚƐ Ͳ ϲ͘ϵϳ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚ Ͳ ϰϴ͘ϴϳ
KƚŚĞƌďĞŶĞĮƚƐƉĂŝĚη ϱ͘ϴϭ Ͳ
ηŽƚŚĞƌďĞŶĞĮƚƐƉĂŝĚŝŶĐůƵĚĞƐŐƌĂƚƵŝƚLJΘĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
ΎĨŽƌ&zϮϬϭϳͲϭϴ͕ŝƚĞdžĐůƵĚĞƐĐŽŶƚƌŝďƵƟŽŶĨŽƌŐƌĂƚƵŝƚLJĂŶĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐĂƐƚŚĞ
ŝŶĐƌĞŵĞŶƚĂůůŝĂďŝůŝƚLJŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚĨŽƌďLJƚŚĞŽŵƉĂŶLJĂƐĂǁŚŽůĞ͘
Ĩ͘ ĞƚĂŝůƐŽĨĂĚǀĂŶĐĞƐŝŶƚŚĞŶĂƚƵƌĞŽĨůŽĂŶƐ;ĞdžĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚͿ
` Crores
EĂŵĞŽĨƚŚĞ DĂƌĐŚϮϬϭϵ DĂƌĐŚϮϬϭϴ
ĐŽŵƉĂŶLJ
^ƚĂƚƵƐ KƵƚƐƚĂŶĚŝŶŐ DĂdžŝŵƵŵ /ŶǀĞƐƚŵĞŶƚ ŝƌĞĐƚ ^ƚĂƚƵƐ KƵƚƐƚĂŶĚŝŶŐ DĂdžŝŵƵŵ /ŶǀĞƐƚŵĞŶƚ ŝƌĞĐƚ
ĂŵŽƵŶƚ ůŽĂŶ ŝŶƐŚĂƌĞƐ ŝŶǀĞƐƚŵĞŶƚ ĂŵŽƵŶƚ ůŽĂŶ ŝŶƐŚĂƌĞƐ ŝŶǀĞƐƚŵĞŶƚ
ŽƵƚƐƚĂŶĚŝŶŐ ŽĨƚŚĞ ŝŶƐŚĂƌĞƐŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ŽĨƚŚĞ ŝŶƐŚĂƌĞƐŽĨ
ĚƵƌŝŶŐƚŚĞ ŽŵƉĂŶLJ ƐƵďƐŝĚŝĂƌŝĞƐ ĚƵƌŝŶŐƚŚĞ ŽŵƉĂŶLJ ƐƵďƐŝĚŝĂƌŝĞƐ
LJĞĂƌ ŽĨƚŚĞ LJĞĂƌ ŽĨƚŚĞ
ŽŵƉĂŶLJ ŽŵƉĂŶLJ
ůďŽŶĂŝƌ'ŵď, ^ƵďƐŝĚŝĂƌLJ ϯ͘ϴϴ ϰ͘ϮϬ Ͳ ϰ͘ϭϱ ^ƵďƐŝĚŝĂƌLJ ϰ͘Ϭϰ ϰ͘Ϭϰ Ͳ ϰ͘ϭϱ
KƉƚĂƌĞƉůĐ ^ƵďƐŝĚŝĂƌLJ Ͳ Ͳ Ͳ ϮϮϬ͘ϬϮ ^ƵďƐŝĚŝĂƌLJ Ͳ Ϯϲϯ͘ϱϭ Ͳ ϮϮϬ͘ϬϮ
Ő͘ ŝƐĐůŽƐƵƌĞĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌƐĞĐƟŽŶϭϴϲ;ϰͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ͗
ϯ͘ϭϬ COMMITMENTS
ĂͿ ĂƉŝƚĂůĐŽŵŵŝƚŵĞŶƚƐ;ŶĞƚŽĨĂĚǀĂŶĐĞƐͿŶŽƚƉƌŽǀŝĚĞĚĨŽƌ
[including ` Ϭ͘ϵϰƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗` ϭ͘ϭϮƌŽƌĞƐͿŝŶƌĞƐƉĞĐƚŽĨŝŶƚĂŶŐŝďůĞ ϯϯϴ͘ϲϰ ϭϰϵ͘ϯϱ
ĂƐƐĞƚƐ
ďͿ hŶĐĂůůĞĚůŝĂďŝůŝƚLJŽŶƉĂƌƚůLJƉĂŝĚƐŚĂƌĞƐͬŝŶǀĞƐƚŵĞŶƚƐ # #
c) Other commitments
i) Financial support given to certain subsidiaries, joint ventures, etc.
ZĞĨĞƌEŽƚĞϯ͘ϴ;ŐͿ;ŝŝŝͿ - -
ŝŝͿ >ŽĐŬͲŝŶĐŽŵŵŝƚŵĞŶƚŝŶƐŚĂƌĞŚŽůĚĞƌƐĂŐƌĞĞŵĞŶƚZĞĨĞƌEŽƚĞϭ͘ϯ - -
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞĐŽŵƉĂŶLJ͘
dŚĞŽƵƞůŽǁŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞŝƐŶŽƚƉƌĂĐƟĐĂďůĞƚŽĂƐĐĞƌƚĂŝŶŝŶǀŝĞǁŽĨƚŚĞƵŶĐĞƌƚĂŝŶƟĞƐŝŶǀŽůǀĞĚ͘
ϯ͘ϭϭ d/>^K&EKEͳhZZEdKZZKt/E'^͗
As at March 31, 2019 As at March 31, 2018
EŽŶ Current Total WĂƌƟĐƵůĂƌƐŽĨZĞĚĞŵƉƟŽŶͬ EŽŶ Current Total
Current DĂƚƵƌŝƟĞƐ ` Crores Repayment Current DĂƚƵƌŝƟĞƐ ` Crores
` Crores ` Crores ` Crores ` Crores
Ă͘ ^ĞĐƵƌĞĚďŽƌƌŽǁŝŶŐƐ͗
ŝ͘ ĞďĞŶƚƵƌĞƐĞƌŝĞƐ
ϵ͘ϲϬй>ϮϮ - - - :ƵŶĞϮϭ͕ϮϬϭϴ - 150.00 150.00
Ͳ Ͳ Ͳ Ͳ ϭϱϬ͘ϬϬ ϭϱϬ͘ϬϬ
ŝŝ͘ dĞƌŵůŽĂŶƐ͗
d>ͲϭϭΎ 56.25 56.25 ZĞƉĂLJĂďůĞŝŶϭϲYƵĂƌƚĞƌůLJĞƋƵĂů 56.25 ϲϴ͘ϳϱ 125.00
ŝŶƐƚĂůůŵĞŶƚƐĂŌĞƌĂŵŽƌĂƚŽƌŝƵŵ
ŽĨϯLJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨĮƌƐƚ
draw down.
Ͳ ϱϲ͘Ϯϱ ϱϲ͘Ϯϱ ϱϲ͘Ϯϱ ϲϴ͘ϳϱ ϭϮϱ͘ϬϬ
ŝŝŝ͘ ůŽĂŶƐ
Ͳϭϰ - 10.01 10.01 ƉƌŝůϮϰ͕ϮϬϭϵ ϵ͘ϰϯ 58.35 ϲϳ͘ϳϴ
Ͳ ϭϬ͘Ϭϭ ϭϬ͘Ϭϭ ϵ͘ϰϯ ϱϴ͘ϯϱ ϲϳ͘ϳϴ
iv. ^/WKd^ŽŌ 31.18 - 31.18 August 1, 2025 31.18 31.18
loan
ϯϭ͘ϭϴ Ͳ ϯϭ͘ϭϴ ϯϭ͘ϭϴ ϯϭ͘ϭϴ
Ύ&ƵůůLJƉƌĞƉĂŝĚŽŶƉƌŝůϰ͕ϮϬϭϵ
;ŝͿ
ĞďĞŶƚƵƌĞƐĂŐŐƌĞŐĂƟŶŐ` Eŝů;ϮϬϭϴ͗` ϭϱϬ͘ϬϬƌŽƌĞƐͿĂƌĞƐĞĐƵƌĞĚďLJĂĮƌƐƚĐŚĂƌŐĞŽŶƉĂƌŝͲƉĂƐƐƵďĂƐŝƐŽŶĂůůWƌŽƉĞƌƚLJ͕WůĂŶƚ
ĂŶĚƋƵŝƉŵĞŶƚ;WWͿŽĨƚŚĞŽŵƉĂŶLJĂŐŐƌĞŐĂƟŶŐ` Eŝů;ϮϬϭϴ͗` ϱ͕Ϭϴϴ͘ϵϯƌŽƌĞƐͿĞdžĐůƵĚŝŶŐĐĞƌƚĂŝŶŝŵŵŽǀĂďůĞƉƌŽƉĞƌƟĞƐ
;ƌĞƐŝĚĞŶƟĂůďƵŝůĚŝŶŐƐĂŶĚĐĞƌƚĂŝŶŝŵŵŽǀĂďůĞĂƐƐĞƚƐͿĂŶĚŵŽǀĂďůĞWWƐƵĐŚĂƐĂŝƌĐƌĂŌŽĨƚŚĞŽŵƉĂŶLJ͘
;ŝŝͿ Ă͘ ĮƌƐƚƉĂƌŝƉĂƐƐƵŵŽƌƚŐĂŐĞĂŶĚĐŚĂƌŐĞŝŶĨĂǀŽƌŽĨůĞŶĚĞƌƐ͕ŝŶĂĨŽƌŵƐĂƟƐĨĂĐƚŽƌLJƚŽƚŚĞůĞŶĚĞƌƐ͕ŽŶƚŚĞĞŶƟƌĞ>s
ĚŝǀŝƐŝŽŶŝŵŵŽǀĂďůĞƉƌŽƉĞƌƟĞƐŝŶĐůƵĚĞĚůĞĂƐĞŚŽůĚůĂŶĚŝŶdĂŵŝůŶĂĚƵ͕ƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞ͘
ď͘ ĮƌƐƚƉĂƌŝƉĂƐƐƵĐŚĂƌŐĞďLJǁĂLJŽĨŚLJƉŽƚŚĞĐĂƟŽŶŝŶĨĂǀŽƌŽĨƚŚĞůĞŶĚĞƌƐ͕ŝŶĂĨŽƌŵƐĂƟƐĨĂĐƚŽƌLJƚŽƚŚĞůĞŶĚĞƌƐ͕ŽĨ
ĂůůƚŚĞ>sĚŝǀŝƐŝŽŶΖƐŵŽǀĂďůĞƐŝŶĐůƵĚŝŶŐŵŽǀĂďůĞƉůĂŶƚĂŶĚŵĂĐŚŝŶĞƌLJ͕ŵĂĐŚŝŶĞƌLJƐƉĂƌĞƐ͕ƚŽŽůƐĂŶĚĂĐĐĞƐƐŽƌŝĞƐ͕
ĨƵƌŶŝƚƵƌĞ͕ĮdžƚƵƌĞƐ͕ǀĞŚŝĐůĞƐĂŶĚĂůůŽƚŚĞƌŵŽǀĂďůĞĮdžĞĚĂƐƐĞƚƐ͕ƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞůŽĐĂƚĞĚĂƚŚŽƐƵƌƉůĂŶƚ͘
;ŝŝŝͿ d ŚĞĂďŽǀĞ>ŽĂŶƐĂƌĞƐĞĐƵƌĞĚďLJǁĂLJŽĨƐĞĐƵƌŝƚLJŽǀĞƌƚŚĞĐƵƌƌĞŶƚĂŶĚĨƵƚƵƌĞŵŽǀĂďůĞĮdžĞĚĂƐƐĞƚƐŽĨ>sŝǀŝƐŝŽŶ
`ϱϰ͘ϲϱĐƌŽƌĞƐ;ϮϬϭϳͲϭϴ͗` ϳϱ͘ϳϮĐƌŽƌĞƐͿ͘
;ŝǀͿ d ŚĞĂďŽǀĞ^/WKdƐŽŌůŽĂŶƐŚĂůůďĞƐĞĐƵƌĞĚďLJǁĂLJŽĨ&ŝƌƐƚŚĂƌŐĞŽŶƚŚĞ&ŝdžĞĚƐƐĞƚƐĐƌĞĂƚĞĚͬƉƌŽƉŽƐĞĚƚŽďĞĐƌĞĂƚĞĚ
ĂŶĚƚŚĞƐĂŵĞƐŚĂůůďĞŽŶWĂƌŝƉĂƐƐƵǁŝƚŚŽƚŚĞƌ&ŝƌƐƚŚĂƌŐĞ,ŽůĚĞƌƐŽĨ>sŝǀŝƐŝŽŶ͘
ď͘ hŶƐĞĐƵƌĞĚďŽƌƌŽǁŝŶŐƐ͗
ŝ͘ ůŽĂŶƐ
As at March 31, 2019 As at March 31, 2018
EŽŶ Current Total WĂƌƟĐƵůĂƌƐŽĨZĞĚĞŵƉƟŽŶͬ EŽŶ Current Total
Current DĂƚƵƌŝƟĞƐ ` Crores Repayment Current DĂƚƵƌŝƟĞƐ ` Crores
` Crores ` Crores ` Crores ` Crores
Ͳϭϯ ϰϲ͘ϭϬ ϰϲ͘ϭϬ 92.20 3 equal instalments on 86.90 ϰϯ͘ϰϱ 130.35
September 10, 2020, 2019, 2018
ͲϭϮ 138.31 ϭϬϯ͘ϳϯ ϮϰϮ͘Ϭϰ :ƵŶĞϮϲ͕ϮϬϮϬͲ`138.31 crores 228.11 ϵϳ͘ϳϲ ϯϮϱ͘ϴϳ
ĂŶĚ:ƵŶĞϮϲ͕ϮϬϭϵ͕ϮϬϭϴ`ϭϬϯ͘ϳϯ
crores each
Ͳϭϭ - - - 3 equal installments on March - 65.18 65.18
Ϯϱ͕ϮϬϭϵ͕ϮϬϭϴ͕ϮϬϭϳ
ͲϬϭ - - - ϯĞƋƵĂůŝŶƐƚĂůůŵĞŶƚƐŽŶ:ƵŶĞϭϭ͕ - ϭϮϰ͘ϭϭ ϭϮϰ͘ϭϭ
ϮϬϭϴĂŶĚ:ƵŶĞϵ͕ϮϬϭϳ͕ϮϬϭϲ
ϭϴϰ͘ϰϭ ϭϰϵ͘ϴϯ ϯϯϰ͘Ϯϰ ϯϭϱ͘Ϭϭ ϯϯϬ͘ϱϬ ϲϰϱ͘ϱϭ
dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞĂďŽǀĞďŽƌƌŽǁŝŶŐƐ;ĂƐƌĞŇĞĐƚĞĚŝŶEŽƚĞƐϭ͘ϭϵ͕ϭ͘ϮϱĂŶĚϭ͘ϮϳͿĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƵƐŝŶŐ
ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚǁŚŝůĞƚŚĞĂďŽǀĞďŽƌƌŽǁŝŶŐƐƌĞƉƌĞƐĞŶƚƐƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐ͘
ϯ͘ϭϯ͘Ϯ ĂƌŶŝŶŐƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ
ĂͿdžƉŽƌƚŽĨŐŽŽĚƐͲ&KǀĂůƵĞ ϭ͕ϰϴϲ͘ϴϴ ϭ͕ϵϲϳ͘ϭϵ
b) Interest and dividend 6.28 Ϯϰ͘Ϭϱ
c) Others 68.30 ϭϬϭ͘ϰϲ
ϭ͕ϱϲϭ͘ϰϲ Ϯ͕ϬϵϮ͘ϳϬ
ϯ͘ϭϯ͘ϯ ƵĚŝƚŽƌƐΖƌĞŵƵŶĞƌĂƟŽŶ
/ŶĐůƵĚĞĚƵŶĚĞƌƐĞůůŝŶŐĂŶĚĂĚŵŝŶŝƐƚƌĂƟŽŶ
ĞdžƉĞŶƐĞƐͲŶĞƚZĞĨĞƌEŽƚĞϮ͘ϳ
ŝͿ &ŽƌĮŶĂŶĐŝĂůĂƵĚŝƚ 1.00 0.80
ŝŝͿ & ŽƌŽƚŚĞƌƐĞƌǀŝĐĞƐͲƌĞǀŝĞǁŽĨ Ϭ͘ϴϳ Ϭ͘ϳϴ
ĂĐĐŽƵŶƚƐ͕ĐĞƌƟĮĐĂƟŽŶǁŽƌŬ͕ĞƚĐ͘Ύ
ŝŝŝͿ &ŽƌƌĞŝŵďƵƌƐĞŵĞŶƚŽĨĞdžƉĞŶƐĞƐ 0.12 0.06
ΎŝŶĐůƵĚĞƐĨĞĞƐĨŽƌYϭ&zϭϳͲϭϴƉĂŝĚƚŽŽƚŚĞƌĂƵĚŝƚŽƌƐ
ϯ͘ϭϯ͘ϱ /ŵƉĂĐƚŽĨĞdžĐŚĂŶŐĞ;ŐĂŝŶͿͬůŽƐƐĨŽƌƚŚĞLJĞĂƌŝŶ
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĚƵĞƚŽ͗
ĂͿ dƌĂŶƐůĂƟŽŶͬƐĞƩůĞŵĞŶƚ;ŶĞƚͿ 65.03 (60.60)
ďͿ ŵŽƌƟƐĂƟŽŶŽĨĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞ 13.90 ϰ͘ϵϬ
ĐͿ džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŽŶƐǁĂƉĐŽŶƚƌĂĐƚƐ 2.63 (3.21)
ĚͿ ĞƉƌĞĐŝĂƟŽŶŽŶĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞ ϲϬ͘ϯϰ ϰϰ͘ϱϯ
capitalised
ϯ͘ϭϰ ACCOUNTING FOR LONG TERM MONETARY ITEMS IN FOREIGN CURRENCY FORWARD CONTRACTS
džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŝŶůŽŶŐƚĞƌŵŵŽŶĞƚĂƌLJŝƚĞŵƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ͗
dŚĞŽŵƉĂŶLJŚĂƐĞůĞĐƚĞĚƚŚĞŽƉƟŽŶƵŶĚĞƌ/ŶĚ^ϭϬϭ͚&ŝƌƐƚͲƟŵĞĚŽƉƟŽŶŽĨ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ͛ĂŶĚŚĂƐĐŽŶƟŶƵĞĚ
ƚŚĞƉŽůŝĐLJĂĚŽƉƚĞĚĨŽƌĂĐĐŽƵŶƟŶŐŽĨĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐĂƌŝƐŝŶŐĨƌŽŵƚƌĂŶƐůĂƟŽŶŽĨůŽŶŐƚĞƌŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJŵŽŶĞƚĂƌLJ
ŝƚĞŵƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƵƉƚŽDĂƌĐŚϯϭ͕ϮϬϭϲ͘ĐĐŽƌĚŝŶŐůLJ͕ĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŽŶƚƌĂŶƐůĂƟŽŶ
ŽƌƐĞƩůĞŵĞŶƚŽĨůŽŶŐƚĞƌŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJŵŽŶĞƚĂƌLJŝƚĞŵƐĂƚƌĂƚĞƐĚŝīĞƌĞŶƚĨƌŽŵƚŚŽƐĞĂƚǁŚŝĐŚƚŚĞLJǁĞƌĞŝŶŝƟĂůůLJƌĞĐŽƌĚĞĚ
ŽƌĂƐĂƚƉƌŝůϭ͕ϮϬϬϳ͕ŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽĂĐƋƵŝƐŝƟŽŶŽĨĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐĂƌĞĂĚũƵƐƚĞĚƚŽƚŚĞĐŽƐƚŽĨƚŚĞĂƐƐĞƚƐ͘/ŶŽƚŚĞƌ
ĐĂƐĞƐ͕ƐƵĐŚĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐ͕ĂƌŝƐŝŶŐĞīĞĐƟǀĞƉƌŝůϭ͕ϮϬϭϭ͕ĂƌĞĂĐĐƵŵƵůĂƚĞĚŝŶ͞&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJŵŽŶĞƚĂƌLJŝƚĞŵƚƌĂŶƐůĂƟŽŶ
ĚŝīĞƌĞŶĐĞ͟ĂŶĚĂŵŽƌƟnjĞĚďLJƌĞĐŽŐŶŝƟŽŶĂƐŝŶĐŽŵĞŽƌĞdžƉĞŶƐĞŝŶĞĂĐŚLJĞĂƌŽǀĞƌƚŚĞďĂůĂŶĐĞƚĞƌŵƟůůƐĞƩůĞŵĞŶƚŽĐĐƵƌƐďƵƚŶŽƚ
beyond March 31, 2020.
Accordingly,
ĂͿ & ŽƌĞŝŐŶĞdžĐŚĂŶŐĞůŽƐƐƌĞůĂƟŶŐƚŽĂĐƋƵŝƐŝƟŽŶŽĨĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐ͕ĐĂƉŝƚĂůŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵ
aggregated ` 22.66 Crores [year ended March 31, 2018 `ϲ͘ϱϱƌŽƌĞƐ͘
ďͿ
ŵŽƌƟnjĞĚŶĞƚĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞůŽƐƐŝŶƌĞƐƉĞĐƚŽĨůŽŶŐƚĞƌŵŵŽŶĞƚĂƌLJŝƚĞŵƐƌĞůĂƟŶŐƚŽŽƚŚĞƌƚŚĂŶĂĐƋƵŝƐŝƟŽŶŽĨ
ĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐ͕ĐŚĂƌŐĞĚƚŽƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵŝƐ` 13.90 Crores [year
ended March 31, 2018 ` ϰ͘ϵϬƌŽƌĞƐ͘
ĐͿ d ŚĞƵŶͲĂŵŽƌƟƐĞĚŶĞƚĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŝŶƌĞƐƉĞĐƚŽĨůŽŶŐƚĞƌŵŵŽŶĞƚĂƌLJŝƚĞŵƐƌĞůĂƟŶŐƚŽŽƚŚĞƌƚŚĂŶĂĐƋƵŝƐŝƟŽŶŽĨ
ĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐ͕ŝƐĂůŽƐƐŽĨ` ϴ͘ϭϲƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϵĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͗ůŽƐƐŽĨ` ϳ͘ϳϳƌŽƌĞƐ͘dŚĞƐĞ
ĂŵŽƵŶƚƐĂƌĞƌĞŇĞĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞΗKƚŚĞƌƋƵŝƚLJΗ͘
ϯ͘ϭϱ THE INFORMATION REQUIRED TO BE DISCLOSED UNDER THE MICRO, SMALL AND MEDIUM ENTERPRISES
s>KWDEdd͕ϮϬϬϲ,^EdZD/EKEd,^/^K&/E&KZDd/KEs/>>t/d,d,KDWEz͘
THE AMOUNT OF PRINCIPAL AND INTEREST OUTSTANDING IS GIVEN BELOW:
` Crores
WĂƌƟĐƵůĂƌƐ March 2019 March 2018
ŝͿ WƌŝŶĐŝƉĂůĂŵŽƵŶƚƉĂŝĚĂŌĞƌĂƉƉŽŝŶƚĞĚĚĂƚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ ϰ͘ϰϰ ϳ͘ϰϱ
ŝŝͿ ŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚĚƵĞĂŶĚƉĂLJĂďůĞĨŽƌƚŚĞĚĞůĂLJĞĚƉĂLJŵĞŶƚŽĨƉƌŝŶĐŝƉĂůĂŵŽƵŶƚ 0.08 0.10
ŝŝŝͿ WƌŝŶĐŝƉĂůĂŵŽƵŶƚƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚĂƐĂƚLJĞĂƌĞŶĚ;ŽǀĞƌĚƵĞͿ 0.06 0.26
ŝǀͿ WƌŝŶĐŝƉĂůĂŵŽƵŶƚƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚĂƐĂƚLJĞĂƌĞŶĚ;ŶŽƚĚƵĞͿ 12.88 ϭϭ͘ϳϭ
v) Interest due and payable on principal amount unpaid as at the year end 0.01 #
ǀŝͿ dŽƚĂůĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚĂŶĚƵŶƉĂŝĚĂƐĂƚLJĞĂƌĞŶĚ 0.31 0.22
ǀŝŝͿ &ƵƌƚŚĞƌŝŶƚĞƌĞƐƚƌĞŵĂŝŶŝŶŐĚƵĞĂŶĚƉĂLJĂďůĞĨŽƌĞĂƌůŝĞƌLJĞĂƌƐ 0.22 0.12
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘
ϯ͘ϭϲ d/>^K&>/'/>yWE/dhZ/EhZZKE/Eͳ,Kh^Z^Z,Es>KWDEdΈZΘΉ&/>/d/^͗
` Crores
WĂƌƟĐƵůĂƌƐ /ŶĐůƵĚĞĚŝŶEŽƚĞƐ ƉƉƌŽǀĞĚZΘĨĂĐŝůŝƟĞƐ
to the Standalone
Financial Statements
March 2019 March 2018
;ŝͿ ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ
;ĂͿ >ĂŶĚ 1.1 and 1.2 0.20 Ϭ͘ϭϰ
;ďͿ ƵŝůĚŝŶŐƐ - Ϯϱ͘ϳϬ 6.83
- Ϯϱ͘ϵϬ ϲ͘ϵϳ
(c) Capital equipments ϭϭϵ͘ϯϱ ϲϮ͘ϱϰ
;ŝŝͿ ZĞǀĞŶƵĞĞdžƉĞŶĚŝƚƵƌĞ;ŶĞƚͿ
(a) Salaries/wages * Ϯ͘ϰ 262.81 211.26
(b) Material/consumables/spares * Ϯ͘ϳ ϭϴϳ͘Ϯϲ ϭϬϰ͘Ϭϴ
;ĐͿ hƟůŝƟĞƐΎ Ϯ͘ϳ 13.88 12.32
;ĚͿ KƚŚĞƌĞdžƉĞŶĚŝƚƵƌĞĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽZΘΎ Ϯ͘ϳ 80.95 ϲϴ͘ϴϰ
;ĞͿ dŽƚĂůƌĞǀĞŶƵĞĞdžƉĞŶĚŝƚƵƌĞ;dŽƚĂůŽĨ;ŝŝͿ;ĂͿƚŽ;ŝŝͿ;ĚͿͿ ϱϰϰ͘ϵϬ ϯϵϲ͘ϱϬ
;ŝŝŝͿ dŽƚĂůZΘĞdžƉĞŶĚŝƚƵƌĞ
;dŽƚĂůŽĨ;ŝͿ;ĐͿĂŶĚ;ŝŝͿ;ĞͿͿ ϲϲϰ͘Ϯϱ ϰϱϵ͘Ϭϰ
;ŝǀͿ >ĞƐƐ͗ŵŽƵŶƚƌĞĐĞŝǀĞĚďLJZΘĨĂĐŝůŝƟĞƐΎ 2.1 and 2.9 6.12 6.55
;ǀͿ EĞƚĂŵŽƵŶƚŽĨZΘĞdžƉĞŶĚŝƚƵƌĞ;ŝŝŝͿͲ;ŝǀͿ ϲϱϴ͘ϭϯ ϰϱϮ͘ϰϵ
Notes:
;ϭͿ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞĐůĂŝŵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĚŽĞƐŶŽƚŝŶĐůƵĚĞ͗
Ă͘ džƉĞŶĚŝƚƵƌĞŽŶ;ŝͿƵŝůĚŝŶŐƐ`ϲ͘ϯϭƌŽƌĞƐΘ;ŝŝͿĂƉŝƚĂůƋƵŝƉŵĞŶƚ`ϴ͘ϲϳƌŽƌĞƐďĞŝŶŐŝŶĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌďƵƚ
not capitalized as on March 31, 2019.
ď͘ džƉĞŶĚŝƚƵƌĞĐůĂŝŵĞĚƵƉŽŶŝŶĐƵƌƌĞŶĐĞĚƵƌŝŶŐƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌƐďƵƚĐĂƉŝƚĂůŝnjĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌŝƐ`Ϭ͘ϳϲƌŽƌĞƐ
;ϮͿ Ύ ŝŶĐůƵĚĞƐĂŶĂŵŽƵŶƚŝŶƌĞƐƉĞĐƚŽĨ;ŝŝͿ;ĂͿʹ`ϱϲ͘ϭϭƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗`Ϯϴ͘ϵϳƌŽƌĞƐͿ͖;ŝŝͿ;ďͿ`ϭϰϲ͘ϬϮƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗
`ϰϳ͘ϵϭƌŽƌĞƐͿ;ŝŝͿ;ĐͿ`Ϭ͘ϳϯƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗`EŝůͿĂŶĚ;ŝŝͿ;ĚͿ`ϯϭ͘ϰϯƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗`ϭϲ͘ϳϵƌŽƌĞƐͿĂŶĚ;ŝǀͿ` 0.52
ƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗Ϭ͘ϭϮƌŽƌĞƐͿĐĂƉŝƚĂůŝnjĞĚŝŶŬƐ͘
dŚĞ^ĐŚĞŵĞŽĨĂŵĂůŐĂŵĂƟŽŶŽĨƚŚĞƚŚƌĞĞǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐǀŝnj͘ƐŚŽŬ>ĞLJůĂŶĚsĞŚŝĐůĞƐ>ŝŵŝƚĞĚ͕ƐŚůĞLJWŽǁĞƌƚƌĂŝŶ
>ŝŵŝƚĞĚĂŶĚƐŚŽŬ>ĞLJůĂŶĚdĞĐŚŶŽůŽŐŝĞƐ>ŝŵŝƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞEĂƟŽŶĂůŽŵƉĂŶLJ>ĂǁdƌŝďƵŶĂů
ŽŶĞĐĞŵďĞƌϭϳ͕ϮϬϭϴĂŶĚĮůĞĚǁŝƚŚƌĞŐŝƐƚƌĂƌŽĨĐŽŵƉĂŶŝĞƐŽŶĞĐĞŵďĞƌϮϭ͕ϮϬϭϴ͕ƚŚĞ^ĐŚĞŵĞŚĂƐďĞĐŽŵĞĞīĞĐƟǀĞĨƌŽŵ
ƚŚĞĂƉƉŽŝŶƚĞĚĚĂƚĞŝ͘Ğ͕͘Ɖƌŝůϭ͕ϮϬϭϴ͘dŚĞŵĞƌŐĞƌŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚƵŶĚĞƌƚŚĞ͚ƉŽŽůŝŶŐŽĨŝŶƚĞƌĞƐƚƐ͛ŵĞƚŚŽĚŝŶĂĐĐŽƌĚĂŶĐĞ
ǁŝƚŚƉƉĞŶĚŝdžŽĨ/ŶĚ^ϭϬϯ͚ƵƐŝŶĞƐƐŽŵďŝŶĂƟŽŶƐ͛ĂŶĚĐŽŵƉĂƌĂƟǀĞƐŚĂǀĞďĞĞŶƌĞƐƚĂƚĞĚĨŽƌŵĞƌŐĞƌĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐ
ŽĨƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌŝ͘Ğ͘Ɖƌŝůϭ͕ϮϬϭϳ͘ĐĐŽƌĚŝŶŐůLJ͕ƌĞƐƵůƚƐŽĨƚŚĞƚŚƌĞĞǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚŝŶĂůů
ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚƐƉƌĞƐĞŶƚĞĚ͘dŚĞĐŽŵƉĂƌĂƟǀĞĮŶĂŶĐŝĂůƌĞƐƵůƚƐŽĨƚŚĞƐĞĐŽŵƉĂŶŝĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞ
ŝŶĐůƵĚĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďĂƐĞĚŽŶĂƵĚŝƚĞĚĮŶĂŶĐŝĂůƐ͘
ĐĐŽƵŶƟŶŐƚƌĞĂƚŵĞŶƚ
dŚĞŽŵƉĂŶLJŚĂƐĨŽůůŽǁĞĚƚŚĞĂĐĐŽƵŶƟŶŐƚƌĞĂƚŵĞŶƚƉƌĞƐĐƌŝďĞĚŝŶƚŚĞƐĂŝĚĂƉƉƌŽǀĞĚ^ĐŚĞŵĞŽĨŵĂůŐĂŵĂƟŽŶ͕ĂƐĨŽůůŽǁƐ͗
ŝ͘ d ŚĞŵĞƌŐĞƌŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚƵŶĚĞƌƚŚĞ͚ƉŽŽůŝŶŐŽĨŝŶƚĞƌĞƐƚƐ͛ŵĞƚŚŽĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƉƉĞŶĚŝdžŽĨ/ŶĚ^ϭϬϯ
͚ƵƐŝŶĞƐƐŽŵďŝŶĂƟŽŶƐ͛
ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞŽŵƉĂŶLJŚĂƐƌĞĐŽƌĚĞĚĂůůƚŚĞĂƐƐĞƚƐ͕ůŝĂďŝůŝƟĞƐĂŶĚƌĞƐĞƌǀĞƐŽĨƚŚĞĂŵĂůŐĂŵĂƟŶŐĐŽŵƉĂŶLJĂƚƚŚĞŝƌ
ƌĞƐƉĞĐƟǀĞŬǀĂůƵĞƐ;'ƌŽƐƐŽĨĞůŝŵŝŶĂƟŽŶͿĂƐĂƉƉĞĂƌŝŶŐŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJĂƐŽŶ
Ɖƌŝůϭ͕ϮϬϭϳ͕ƚŚĞĚĞƚĂŝůƐŽĨǁŚŝĐŚĂƌĞĂƐĨŽůůŽǁƐ͗
` Crores
WĂƌƟĐƵůĂƌƐ
ASSETS
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂŶĚĐĂƉŝƚĂůǁŽƌŬͲŝŶƉƌŽŐƌĞƐƐ ϭϴϳ͘ϯϬ
Goodwill ϰϰϵ͘ϵϬ
Other Intangible assets 0.29
EŽŶͲĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ -
EŽŶĐƵƌƌĞŶƚĮŶĂŶĐŝĂů>ŽĂŶƐ ϭϯϰ͘ϬϬ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ ϭ͘ϯϰ
KƚŚĞƌƐŶŽŶĐƵƌƌĞŶƚĮŶĂŶĐŝĂůĂƐƐĞƚ ϭϰ͘Ϭϱ
ĞƌŝǀĂƟǀĞƐ/ŶƐƚƌƵŵĞŶƚƐ -
ĚǀĂŶĐĞƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ 19.22
Other non-current assets ϮϮϱ͘ϲϳ
Inventories 32.29
Current Investment -
Trade receivables 192.39
Cash and cash equivalents ϯϵ͘ϰϳ
Other Financial assets - Current 18.31
Other Current assets 5.26
` Crores
WĂƌƟĐƵůĂƌƐ
LIABILITIES
ŽƌƌŽǁŝŶŐƐ ϯϱϳ͘ϲϮ
Trade payables ϰϴϬ͘ϮϬ
KƚŚĞƌ&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϱϲ͘ϳϳ
KƚŚĞƌůŝĂďŝůŝƟĞƐĂŶĚƉƌŽǀŝƐŝŽŶƐ 100.99
RESERVES
Retained earnings ;ϳϰ͘ϳϮͿ
ϯ͘ϭϵ GOODWILL
` Crores
As at As at
March 31, 2019 March 31, 2018
'ƌŽƐƐ'ŽŽĚǁŝůůĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ϰϰϵ͘ϵϬ -
ĚĚ͗WƵƌƐƵĂŶƚƚŽďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ ϰϰϵ͘ϵϬ
'ƌŽƐƐ'ŽŽĚǁŝůůĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϰϰϵ͘ϵϬ ϰϰϵ͘ϵϬ
Opening / Closing accumulated impairment - -
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ'ŽŽĚǁŝůů ϰϰϵ͘ϵϬ ϰϰϵ͘ϵϬ
ůůŽĐĂƟŽŶŽĨŐŽŽĚǁŝůůƚŽĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚƐ
WƵƌƐƵĂŶƚƚŽďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ͕>ŝŐŚƚŽŵŵĞƌĐŝĂůsĞŚŝĐůĞĚŝǀŝƐŝŽŶ;>sĚŝǀŝƐŝŽŶͿŝƐŝĚĞŶƟĮĞĚĂƐĂƐĞƉĂƌĂƚĞĐĂƐŚŐĞŶĞƌĂƟŶŐ
ƵŶŝƚ͘'ŽŽĚǁŝůůŚĂƐďĞĞŶĂůůŽĐĂƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚƚĞƐƟŶŐƉƵƌƉŽƐĞƐƚŽƚŚŝƐĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚ͘
ĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚƐƚŽǁŚŝĐŚŐŽŽĚǁŝůůŝƐĂůůŽĐĂƚĞĚĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂŶŶƵĂůůLJĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞ͕ŽƌŵŽƌĞ
ĨƌĞƋƵĞŶƚůLJǁŚĞŶƚŚĞƌĞŝƐĂŶŝŶĚŝĐĂƟŽŶƚŚĂƚƚŚĞƵŶŝƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘/ĨƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚŝƐ
ůĞƐƐƚŚĂŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞƵŶŝƚ͕ƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐĂůůŽĐĂƚĞĚĮƌƐƚƚŽƌĞĚƵĐĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂŶLJŐŽŽĚǁŝůů
ĂůůŽĐĂƚĞĚƚŽƚŚĂƚƵŶŝƚ͘dŚĞŽŵƉĂŶLJďĞůŝĞǀĞƐƚŚĂƚĂŶLJƌĞĂƐŽŶĂďůĞĨƵƌƚŚĞƌĐŚĂŶŐĞŝŶƚŚĞŬĞLJĂƐƐƵŵƉƟŽŶƐŽŶǁŚŝĐŚƌĞĐŽǀĞƌĂďůĞ
ĂŵŽƵŶƚŝƐďĂƐĞĚ͕ǁŽƵůĚŶŽƚĐĂƵƐĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƚŽĞdžĐĞĞĚŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
ůƐŽZĞĨĞƌEŽƚĞƐϭ͘ϭϲĂŶĚϭ͘
ϯ͘ϮϬ dŚĞĮŐƵƌĞƐĨŽƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĮĞĚͬƌĞŐƌŽƵƉĞĚǁŚĞƌĞǀĞƌŶĞĐĞƐƐĂƌLJĨŽƌďĞƩĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐ
and comparability.
^ƵďƌĂŵĂŶŝĂŶsŝǀĞŬ
WĂƌƚŶĞƌ
DĞŵďĞƌƐŚŝƉEƵŵďĞƌͲϭϬϬϯϯϮ
DĂLJϮϰ͕ϮϬϭϵ
Mumbai
ĐŽŶƐŽůŝĚĂƚĞĚĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚŝƚƐĐŽŶƐŽůŝĚĂƚĞĚĐĂƐŚ
Consolidated
<ĞLJĂƵĚŝƚŵĂƩĞƌĚĞƐĐƌŝƉƟŽŶ ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƩĞƌ
dŚĞŬĞLJŝŶƉƵƚƐĂŶĚũƵĚŐĞŵĞŶƚƐŝŶǀŽůǀĞĚŝŶƚŚĞŵŽĚĞůĨŽƌ Ͳ ƚŚĞĐŽŵƉĞƚĞŶĐĞ͕ĐĂƉĂďŝůŝƟĞƐĂŶĚŽďũĞĐƟǀŝƚLJŽĨƚŚĞ
ŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚŽĨŐŽŽĚǁŝůůĂŶĚƚŚĞĐĂƌƌLJŝŶŐ ŵĂŶĂŐĞŵĞŶƚ͛ƐĞdžƉĞƌƚŝŶǀŽůǀĞĚŝŶƚŚĞǀĂůƵĂƟŽŶ
ǀĂůƵĞĂƐƐĞƐƐŵĞŶƚŽĨ>sďƵƐŝŶĞƐƐŝŶĐůƵĚĞĨƵƚƵƌĞĐĂƐŚ process.
ŇŽǁƐŽĨƚŚĞƌĞƐƉĞĐƟǀĞĞŶƟƟĞƐĂŶĚ>sďƵƐŝŶĞƐƐ͕ƚŚĞ ͻ tĞĂůŽŶŐǁŝƚŚƚŚĞĂƵĚŝƚŽƌƐ͛ĞdžƉĞƌƚƐĞǀĂůƵĂƚĞĚƚŚĞ
ĚŝƐĐŽƵŶƚƌĂƚĞĂŶĚƚŚĞůŽŶŐͲƚĞƌŵŐƌŽǁƚŚƌĂƚĞƐƵƐĞĚ͘ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞŵĞĂƐƵƌĞŵĞŶƚŵŽĚĞůĂŶĚ
ƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨŬĞLJĂƐƐƵŵƉƟŽŶƐůŝŬĞƚĞƌŵŝŶĂůŐƌŽǁƚŚ
ƌĂƚĞ͕ĚŝƐĐŽƵŶƚƌĂƚĞ͕ĞƚĐ͘
ͻ tĞƉĞƌĨŽƌŵĞĚŽƵƌŽǁŶŝŶĚĞƉĞŶĚĞŶƚƐĞŶƐŝƟǀŝƚLJ
ĐĂůĐƵůĂƟŽŶƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝŵƉĂĐƚŽĨĐŚĂŶŐĞƐŝŶŬĞLJ
ĂƐƐƵŵƉƟŽŶƐŽŶŽƵƌŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚ͘
ͻ tĞĞǀĂůƵĂƚĞĚƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞĚŝƐĐůŽƐƵƌĞƐŵĂĚĞŝŶ
ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ĂƐĞĚŽŶƚŚĞĂďŽǀĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚ͕ǁĞĚŝĚŶŽƚŝĚĞŶƟĨLJ
ĂŶLJƐŝŐŶŝĮĐĂŶƚĞdžĐĞƉƟŽŶƐŝŶƚŚĞŵĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƐƐŵĞŶƚŝŶ
ƌĞůĂƟŽŶƚŽƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨ'ŽŽĚǁŝůůĂŶĚƚŚĂƚŽĨĐĂƌƌLJŝŶŐ
ǀĂůƵĞŽĨŶĞƚĂƐƐĞƚƐŽĨ>sďƵƐŝŶĞƐƐ͘
//͘ ƐƐĞƐƐŵĞŶƚŽĨƉƌŽǀŝƐŝŽŶĨŽƌǁĂƌƌĂŶƚLJŽďůŝŐĂƟŽŶƐ
;ZĞĨĞƌƚŽEŽƚĞϭ͘ϭϴ͕EŽƚĞϭ͘ϮϮ͕EŽƚĞϭ͘ϯϬĂŶĚEŽƚĞ ƐƉĂƌƚŽĨŽƵƌĂƵĚŝƚ͕ŽƵƌƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
ϭƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
ͻ t
ĞŽďƚĂŝŶĞĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚĂƐƐĞƐƐĞĚƚŚĞ
ƌĞŐĂƌĚŝŶŐƚŚĞ^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͕EŽŶͲƵƌƌĞŶƚ
ĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐ
WƌŽǀŝƐŝŽŶƐĂŶĚƵƌƌĞŶƚWƌŽǀŝƐŝŽŶƐƌĞƐƉĞĐƟǀĞůLJ͕͚WƌŽǀŝƐŝŽŶƐ
ŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐŬĞLJŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞŐĂƌĚƐƚŽ
ʹtĂƌƌĂŶƟĞƐ͛ĨŽƌƌĞĐŽŐŶŝƟŽŶĂŶĚǀĂůƵĂƟŽŶŵĞƚŚŽĚƐ
ƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƌĞĐŽƌĚŝŶŐŽĨǁĂƌƌĂŶƚLJĐůĂŝŵƐ͕
ĂŶĚ͚ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐũƵĚŐĞŵĞŶƚƐĂŶĚŬĞLJƐŽƵƌĐĞƐŽĨ ƉƌŽǀŝƐŝŽŶŝŶŐŽĨǁĂƌƌĂŶƚLJĂŶĚƚŚĞƉĞƌŝŽĚŝĐƌĞǀŝĞǁŽĨ
ĞƐƟŵĂƟŽŶƵŶĐĞƌƚĂŝŶƚLJʹWƌŽǀŝƐŝŽŶĨŽƌƉƌŽĚƵĐƚǁĂƌƌĂŶƚLJ͛ provision created.
ĨŽƌŵĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƌƟŽŶǁŝƚŚƌĞƐƉĞĐƚƚŽĞƐƟŵĂƟŽŶŽĨ
ǁĂƌƌĂŶƚLJƌĞƐƉĞĐƟǀĞůLJ͘Ϳ ͻ t
ĞĂůƐŽŝŶǀŽůǀĞĚŽƵƌĂƵĚŝƚŽƌƐ͛ƐƉĞĐŝĂůŝƐƚƚŽǀĞƌŝĨLJƚŚĞ
ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞƉƌŽĐĞƐƐĂŶĚĐŽŶƚƌŽůƐĂƌŽƵŶĚ/d
/ŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞ ƐLJƐƚĞŵƐĂƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ͘^ƉĞĐŝĮĐĂůůLJ͕
'ƌŽƵƉĐĂƌƌŝĞƐĂƉƌŽǀŝƐŝŽŶŽĨ`ϰϭϱ͘ϱϲĐƌŽƌĞƐĨŽƌǁĂƌƌĂŶƚLJ ǁĞĨŽĐƵƐĞĚŽŶĐŽŶƚƌŽůƐĂƌŽƵŶĚƉĞƌŝŽĚŝĐƌĞǀŝĞǁŽĨ
ŽďůŝŐĂƟŽŶƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͘ warranty provision and that around the appropriateness
tĞĚĞƚĞƌŵŝŶĞĚƚŚŝƐŵĂƩĞƌĂƐŬĞLJĂƵĚŝƚŵĂƩĞƌƐŝŶĐĞƚŚĞ ĂŶĚĂĚĞƋƵĂĐLJŽĨƚŚĞƉƌŽǀŝƐŝŽŶ͘
ƉƌŽĚƵĐƚǁĂƌƌĂŶƚLJŽďůŝŐĂƟŽŶƐĂŶĚĞƐƟŵĂƟŽŶƐƚŚĞƌĞŽĨ ͻ t
ĞĞǀĂůƵĂƚĞĚƚŚĞŵŽĚĞůƵƐĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ
ĂƌĞĚĞƚĞƌŵŝŶĞĚďLJŵĂŶĂŐĞŵĞŶƚƵƐŝŶŐĂŵŽĚĞůǁŚŝĐŚ ĨŽƌƉƌŽǀŝƐŝŽŶŝŶŐŽĨǁĂƌƌĂŶƚLJƚŽĞǀĂůƵĂƚĞŽŶƚŚĞ
ŝŶĐŽƌƉŽƌĂƚĞƐŚŝƐƚŽƌŝĐĂůŝŶĨŽƌŵĂƟŽŶŽŶƚŚĞƚLJƉĞŽĨƉƌŽĚƵĐƚ͕ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞŵĞƚŚŽĚŽůŽŐLJĨŽůůŽǁĞĚďLJƚŚĞ
ŶĂƚƵƌĞ͕ĨƌĞƋƵĞŶĐLJĂŶĚĂǀĞƌĂŐĞĐŽƐƚŽĨǁĂƌƌĂŶƚLJĐůĂŝŵƐ͕ ŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŵĂƚŚĞŵĂƟĐĂůĂĐĐƵƌĂĐLJŽĨƚŚĞ
ƚŚĞĞƐƟŵĂƚĞƐƌĞŐĂƌĚŝŶŐƉŽƐƐŝďůĞĨƵƚƵƌĞŝŶĐŝĚĞŶĐĞƐŽĨ ŵŽĚĞů͘dŽƚŚŝƐĞīĞĐƚǁĞĞǀĂůƵĂƚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
ƉƌŽĚƵĐƚĨĂŝůƵƌĞƐĂŶĚĚŝƐĐŽƵŶƚƌĂƚĞ͘ŚĂŶŐĞƐŝŶĞƐƟŵĂƚĞĚ
ĨƌĞƋƵĞŶĐLJĂŶĚĂŵŽƵŶƚŽĨĨƵƚƵƌĞǁĂƌƌĂŶƚLJĐůĂŝŵƐĐĂŶ Ͳ ƚ ŚĞŝŶƉƵƚƐƚŽƚŚĞŵŽĚĞůǁĞƌĞǀĞƌŝĮĞĚŽŶĂ
ŵĂƚĞƌŝĂůůLJĂīĞĐƚǁĂƌƌĂŶƚLJĞdžƉĞŶƐĞƐ͘ ƐĂŵƉůĞďĂƐŝƐǁŝƚŚŚŝƐƚŽƌŝĐĂůĐŽƐƚŝŶƉƵƚƐŽŶĂĐƚƵĂů
ĐůĂŝŵƐŝŶĐƵƌƌĞĚĂŶĚŚŝƐƚŽƌŝĐĂůƐĂůĞƐĚĂƚĂŽĨƚŚĞ
,ŽůĚŝŶŐŽŵƉĂŶLJ͘
Ͳ ǁĞĐŽŵƉĂƌĞĚƚŚĞĂŵŽƵŶƚŽĨƉƌŽǀŝƐŝŽŶƐĨƌŽŵƉƌŝŽƌ
LJĞĂƌǁŝƚŚĂĐƚƵĂůĐůĂŝŵƐƉƌŽĐĞƐƐĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͕
ŝŶŽƌĚĞƌƚŽǀĞƌŝĨLJƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨƚŚĞĨŽƌĞĐĂƐƚ͘
Ͳ ƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞƵƐĞĚĨŽƌĂƌƌŝǀŝŶŐĂƚƚŚĞƉƌĞƐĞŶƚ
ǀĂůƵĞŽĨŽďůŝŐĂƟŽŶǁĂƐǀĞƌŝĮĞĚĨŽƌƌĞĂƐŽŶĂďůĞŶĞƐƐ
ĂŶĚƚŚĞŵĂƚŚĞŵĂƟĐĂůĂĐĐƵƌĂĐLJŽĨƚŚĞƉƌĞƐĞŶƚǀĂůƵĞ
ŽĨƚŚĞŽďůŝŐĂƟŽŶǁĂƐǀĞƌŝĮĞĚ͘
ĂƐĞĚŽŶƚŚĞĂďŽǀĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚ͕ǁĞĐŽŶƐŝĚĞƌƚŚĞ
ƉƌŽǀŝƐŝŽŶĨŽƌǁĂƌƌĂŶƚLJŽďůŝŐĂƟŽŶƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞ,ŽůĚŝŶŐ
ŽŵƉĂŶLJƚŽďĞƌĞĂƐŽŶĂďůĞ͘
<ĞLJĂƵĚŝƚŵĂƩĞƌĚĞƐĐƌŝƉƟŽŶ ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƩĞƌ
///͘ &ŝƌƐƚƟŵĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨ/ŶĚ^ϭϭϱZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚƵƐƚŽŵĞƌƐĂŶĚĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƟŵŝŶŐŽĨ
ƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶŝŶƚŚĞƉƌŽƉĞƌƉĞƌŝŽĚ
;ZĞĨĞƌƚŽEŽƚĞϭ͘ϲ͕EŽƚĞϮ͘ϭĂŶĚEŽƚĞϯ͘ϳƚŽƚŚĞ ƐƉĂƌƚŽĨŽƵƌĂƵĚŝƚ͕ŽƵƌƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
ĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐƚŚĞ ͻ tĞŽďƚĂŝŶĞĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚĂƐƐĞƐƐĞĚƚŚĞ
͚ZĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶƉŽůŝĐLJ͕͛ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ ĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐ
and its related disclosures ƌĞƐƉĞĐƟǀĞůLJ͘Ϳ ŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐŬĞLJŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞŐĂƌĚƐƚŽ
īĞĐƟǀĞƉƌŝůϭ͕ϮϬϭϴ͕ŽŶĂĐĐŽƵŶƚŽĨĂĚŽƉƟŽŶŽĨŶĞǁ ƌĞĐŽŐŶŝƟŽŶŽĨƌĞǀĞŶƵĞ͘
ƌĞǀĞŶƵĞƐƚĂŶĚĂƌĚ/ŶĚ^ϭϭϱʹZĞǀĞŶƵĞĨƌŽŵĐŽŶƚƌĂĐƚƐ ͻ tĞĂůƐŽŝŶǀŽůǀĞĚŽƵƌĂƵĚŝƚŽƌƐ͛ƐƉĞĐŝĂůŝƐƚƚŽǀĞƌŝĨLJƚŚĞ
ǁŝƚŚĐƵƐƚŽŵĞƌ͕ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŚĂƐĐŚĂŶŐĞĚŝƚƐ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞƉƌŽĐĞƐƐĂŶĚĐŽŶƚƌŽůƐĂƌŽƵŶĚ/d
ƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶƉŽůŝĐLJǁŝƚŚƌĞŐĂƌĚƐƚŽƟŵŝŶŐŽĨ ƐLJƐƚĞŵƐĂƐĞƐƚĂďůŝƐŚĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ͘
ƌĞĐŽŐŶŝƟŽŶďĂƐĞĚŽŶƚŚĞƐĂƟƐĨĂĐƟŽŶŽĨƚŚĞŝĚĞŶƟĮĞĚ
ƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƟŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ͘ ͻ tĞƚĞƐƚĞĚŵĂŶĂŐĞŵĞŶƚ͛ƐĞǀĂůƵĂƟŽŶŽĨ/ŶĚ^ϭϭϱĂŶĚ
ƚĞƐƚĞĚŽŶĂƐĂŵƉůĞďĂƐŝƐŵĂŶĂŐĞŵĞŶƚ͛ƐǁŽƌŬŝŶŐƐŽŶ
tĞĨŽĐƵƐĞĚŽŶƚŚŝƐĂƌĞĂďĞĐĂƵƐĞƌĞǀĞŶƵĞƌĞƋƵŝƌĞƐ ƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨŵƵůƟƉůĞƉĞƌĨŽƌŵĂŶĐĞ
ƐŝŐŶŝĮĐĂŶƚƟŵĞĂŶĚƌĞƐŽƵƌĐĞƚŽĂƵĚŝƚĚƵĞƚŽƚŚĞ ŽďůŝŐĂƟŽŶƐĂŶĚƌĞůĂƚĞĚǀĂƌŝĂďůĞĐŽŶƐŝĚĞƌĂƟŽŶ͘
ŵĂŐŶŝƚƵĚĞ͕ƌĞǀĞŶƵĞƚƌĂŶƐĂĐƟŽŶƐŶĞĂƌƚŽƚŚĞƌĞƉŽƌƟŶŐ
ĚĂƚĞ͕ƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ϭϭϱĂŶĚƚŚĞĂĚĞƋƵĂĐLJŽĨ ͻ tĞŚĂǀĞƚĞƐƚĞĚ͕ŽŶĂƐĂŵƉůĞďĂƐŝƐ͕ǁŚĞƚŚĞƌƌĞǀĞŶƵĞ
ĚŝƐĐůŽƐƵƌĞƐŝŶƚŚŝƐƌĞƐƉĞĐƚŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƐŬĞLJ ƚƌĂŶƐĂĐƟŽŶƐŶĞĂƌƚŽƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞŚĂǀĞďĞĞŶ
ĂƵĚŝƚŵĂƩĞƌĨŽƌƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͘ ƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞƉĞƌŝŽĚďLJĐŽŵƉĂƌŝŶŐ
ƚŚĞƚƌĂŶƐĂĐƟŽŶƐƐĞůĞĐƚĞĚǁŝƚŚƌĞůĞǀĂŶƚƵŶĚĞƌůLJŝŶŐ
ĚŽĐƵŵĞŶƚĂƟŽŶ͕ŝŶĐůƵĚŝŶŐŐŽŽĚƐĚĞůŝǀĞƌLJŶŽƚĞƐĂŶĚ
ƚŚĞƚĞƌŵƐŽĨƐĂůĞƐ͘tĞŚĂǀĞŝŶƐƉĞĐƚĞĚƚŚĞƵŶĚĞƌůLJŝŶŐ
ĚŽĐƵŵĞŶƚĂƟŽŶƚŽǀĞƌŝĨLJƚŚĂƚƚŚĞĐŽŶƚƌŽůĂŶĚŽǁŶĞƌƐŚŝƉ
ŚĂƐďĞĞŶƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞĐƵƐƚŽŵĞƌ͘
ͻ tĞĂůƐŽĐŽŶƐŝĚĞƌĞĚƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŝƐĐůŽƐƵƌĞƐŝŶ
ƌĞůĂƟŽŶƚŽ/ŶĚ^ϭϭϱ͘
ĂƐĞĚŽŶƚŚĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚĂďŽǀĞ͕ǁĞĚŝĚŶŽƚĮŶĚ
ĂŶLJŵĂƚĞƌŝĂůĞdžĐĞƉƟŽŶƐǁŝƚŚƌĞŐĂƌĚƐƚŽƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ
ŝŶĐůƵĚŝŶŐƚƌĂŶƐŝƟŽŶƚŽ/ŶĚ^ϭϭϱ͕ĂŶĚƚŚŽƐĞƌĞůĂƟŶŐƚŽ
ƉƌĞƐĞŶƚĂƟŽŶĂŶĚĚŝƐĐůŽƐƵƌĞƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞ,ŽůĚŝŶŐ
Company.
ϱ͘ dŚĞĨŽůůŽǁŝŶŐ<ĞLJƵĚŝƚDĂƩĞƌƐǁĞƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĂƵĚŝƚƌĞƉŽƌƚĚĂƚĞĚDĂLJϮϮ͕ϮϬϭϵ͕ĐŽŶƚĂŝŶŝŶŐĂŶƵŶŵŽĚŝĮĞĚĂƵĚŝƚŽƉŝŶŝŽŶ
ŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŽĨ,ŝŶĚƵũĂ>ĞLJůĂŶĚ&ŝŶĂŶĐĞ>ŝŵŝƚĞĚ͕ĂƐƵďƐŝĚŝĂƌLJŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŝƐƐƵĞĚďLJĂŶ
ŝŶĚĞƉĞŶĚĞŶƚĮƌŵŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ͕ŝƐƌĞƉƌŽĚƵĐĞĚďLJƵƐĂƐƵŶĚĞƌ͗
<ĞLJĂƵĚŝƚŵĂƩĞƌĚĞƐĐƌŝƉƟŽŶ ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƩĞƌ
/͘ ůĂƐƐŝĮĐĂƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐͲƵƐŝŶĞƐƐŵŽĚĞůĂƐƐĞƐƐŵĞŶƚ
/ŶĚ^ϭϬϵ͕&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͕ĐŽŶƚĂŝŶƐƚŚƌĞĞ KƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚ͗
ƉƌŝŶĐŝƉĂůĐůĂƐƐŝĮĐĂƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚĐĂƚĞŐŽƌŝĞƐ ͻ ƐƐĞƐƐŝŶŐƚŚĞĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŽƉĞƌĂƟŶŐ
ĨŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ͘ĮŶĂŶĐŝĂůĂƐƐĞƚ͕ƐƵĐŚĂƐůŽĂŶƐƚŽ ĞīĞĐƟǀĞŶĞƐƐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐĨŽƌĐůĂƐƐŝĮĐĂƟŽŶŽĨ
ĐƵƐƚŽŵĞƌƐ͕ŝƐĐůĂƐƐŝĮĞĚŝŶƚŽĂŵĞĂƐƵƌĞŵĞŶƚĐĂƚĞŐŽƌLJĂƚ ĮŶĂŶĐŝĂůĂƐƐĞƚƐŽŶƚŚĞďĂƐŝƐŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐŝŶƚĞŶƚ͘
ŝŶĐĞƉƟŽŶĂŶĚŝƐƌĞĐůĂƐƐŝĮĞĚŽŶůLJŝŶƌĂƌĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͘
dŚĞĂƐƐĞƐƐŵĞŶƚĂƐƚŽŚŽǁĂŶĂƐƐĞƚƐŚŽƵůĚďĞĐůĂƐƐŝĮĞĚ ͻ &ŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĐůĂƐƐŝĮĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͕ǁĞ
ŝƐŵĂĚĞŽŶƚŚĞďĂƐŝƐŽĨďŽƚŚƚŚĞĞŶƟƚLJ͛ƐďƵƐŝŶĞƐƐŵŽĚĞů ƚĞƐƚĞĚĐŽŶƚƌŽůƐŽǀĞƌƚŚĞĐůĂƐƐŝĮĐĂƟŽŶŽĨƐƵĐŚĂƐƐĞƚƐĂŶĚ
ĨŽƌŵĂŶĂŐŝŶŐƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚĂŶĚƚŚĞĐŽŶƚƌĂĐƚƵĂůĐĂƐŚ ƐƵďƐĞƋƵĞŶƚŵĞĂƐƵƌĞŵĞŶƚŽĨĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘
ŇŽǁĐŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͘ &ƵƌƚŚĞƌ͕ǁĞƚĞƐƚĞĚŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐŽǀĞƌŵŽŶŝƚŽƌŝŶŐŽĨ
ƐƵĐŚĮŶĂŶĐŝĂůĂƐƐĞƚƐƚŽĐŚĞĐŬǁŚĞƚŚĞƌƚŚĞƌĞŚĂǀĞďĞĞŶ
dŚĞŵĂŶĂŐĞŵĞŶƚŚĂƐĂƐƐĞƐƐĞĚŝƚƐďƵƐŝŶĞƐƐŵŽĚĞůŽŶƚŚĞ ĂŶLJƐƵďƐĞƋƵĞŶƚƐĂůĞƐŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐĐůĂƐƐŝĮĞĚĂƚ
ďĂƐŝƐŽĨŝƚƐďƵƐŝŶĞƐƐƉůĂŶĂŶĚŚŝƐƚŽƌLJŽĨƐĂůĞƐŽĨĮŶĂŶĐŝĂů ĂŵŽƌƟƐĞĚĐŽƐƚ͘
ĂƐƐĞƚƐĂŶĚĐŽŶƐĞƋƵĞŶƚůLJ͕ĐůĂƐƐŝĮĞĚĂŶĚŵĞĂƐƵƌĞĚĐĞƌƚĂŝŶ
ĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ ͻ &ŽƌĮŶĂŶĐŝĂůĂƐƐĞƚƐĐůĂƐƐŝĮĞĚĂƐĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌ
ŝŶĐŽŵĞĞīĞĐƟǀĞϭƉƌŝůϮϬϭϴ͘tĞŝĚĞŶƟĮĞĚďƵƐŝŶĞƐƐ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĞĨĞƌƚŚĞƐĞĐƟŽŶŽŶ͞sĂůƵĂƟŽŶŽĨ
ŵŽĚĞůĂƐƐĞƐƐŵĞŶƚĂƐĂŬĞLJĂƵĚŝƚŵĂƩĞƌďĞĐĂƵƐĞŽĨ ĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͟ĨŽƌƚŚĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚ͘
ƚŚĞŵĂŶĂŐĞŵĞŶƚũƵĚŐĞŵĞŶƚŝŶǀŽůǀĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐ ͻ dĞƐƚŽĨĚĞƚĂŝůƐŽǀĞƌŽĨĐůĂƐƐŝĮĐĂƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨ
ƚŚĞŝŶƚĞŶƚĨŽƌƐĞůůŝŶŐͬŚŽůĚŝŶŐĂĮŶĂŶĐŝĂůĂƐƐĞƚǁŚŝĐŚ ĮŶĂŶĐŝĂůĂƐƐĞƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŵĂŶĂŐĞŵĞŶƚ͛ƐŝŶƚĞŶƚ͘
ĐŽƵůĚůĞĂĚƚŽĚŝīĞƌĞŶƚĐůĂƐƐŝĮĐĂƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ ͻ tĞƐĞůĞĐƚĞĚĂƐĂŵƉůĞŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐƐŽůĚĚƵƌŝŶŐ
ŽƵƚĐŽŵĞƐŽĨƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚŝƚƐƐŝŐŶŝĮĐĂŶĐĞƚŽƚŚĞ ƚŚĞLJĞĂƌ͕ƚŽĞǀĂůƵĂƚĞƚŚĞĂĐĐŽƵŶƟŶŐƵŶĚĞƌ/ŶĚ^ϭϬϵ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͘ ĂŶĚƚŽǀĞƌŝĨLJŝĨƚŚĞƌĞŚĂǀĞďĞĞŶƐĂůĞƐŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ
ĐůĂƐƐŝĮĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘
<ĞLJĂƵĚŝƚŵĂƩĞƌĚĞƐĐƌŝƉƟŽŶ ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƩĞƌ
//͘ sĂůƵĂƟŽŶŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĂŶĚŵĞĂƐƵƌĞĚ KƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞ͗
ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕
ͻ KďƚĂŝŶĞĚĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĨĂŝƌǀĂůƵĂƟŽŶ
ĂĐĐŽƵŶƚĨŽƌĂƐŝŐŶŝĮĐĂŶƚƉĂƌƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐĂƐƐĞƚƐ͘
ŵĞƚŚŽĚŽůŽŐLJ͖
dŚĞǀĂůƵĂƟŽŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐ
ͻKďƚĂŝŶĞĚǀĂůƵĂƟŽŶƌĞƉŽƌƚƐ͕ĐŽŶƐŝĚĞƌĞĚďLJƚŚĞŽŵƉĂŶLJ͖
ďĂƐĞĚŽŶĂĐŽŵďŝŶĂƟŽŶŽĨŵĂƌŬĞƚĚĂƚĂĂŶĚǀĂůƵĂƟŽŶ
ŵŽĚĞůƐǁŚŝĐŚŽŌĞŶƌĞƋƵŝƌĞƐŝŐŶŝĮĐĂŶƚŵĂŶĂŐĞŵĞŶƚ ͻ ŶŐĂŐŝŶŐŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĂƟŽŶƐƉĞĐŝĂůŝƐƚƐƚŽĂƐƐŝƐƚƵƐŝŶ
ũƵĚŐĞŵĞŶƚ͘ ƚŚĞĞǀĂůƵĂƟŽŶŽĨǀĂůƵĂƟŽŶŵŽĚĞůƐƵƐĞĚďLJƚŚĞŽŵƉĂŶLJ͘
tĞŝĚĞŶƟĮĞĚĂƐƐĞƐƐŝŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨĮŶĂŶĐŝĂů ͻ ƐƐĞƐƐĞĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞǀĂůƵĂƟŽŶ
ŝŶƐƚƌƵŵĞŶƚƐĂƐĂŬĞLJĂƵĚŝƚŵĂƩĞƌďĞĐĂƵƐĞŽĨƚŚĞĚĞŐƌĞĞ ŵĞƚŚŽĚŽůŽŐLJĂŶĚƚĞƐƟŶŐƚŚĞŬĞLJŝŶƉƵƚƐƵƐĞĚ͘
ŽĨĐŽŵƉůĞdžŝƚLJŝŶǀŽůǀĞĚŝŶǀĂůƵŝŶŐĐĞƌƚĂŝŶĮŶĂŶĐŝĂů
ŝŶƐƚƌƵŵĞŶƚƐĂŶĚďĞĐĂƵƐĞŽĨƚŚĞƐŝŐŶŝĮĐĂŶƚĚĞŐƌĞĞŽĨ
ũƵĚŐĞŵĞŶƚĞdžĞƌĐŝƐĞĚďLJŵĂŶĂŐĞŵĞŶƚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ
ŝŶƉƵƚƐƵƐĞĚŝŶƚŚĞǀĂůƵĂƟŽŶŵŽĚĞůƐ͘
III. Impairment of Financial assets
dŚĞĚĞƚĞƌŵŝŶĂƟŽŶŽĨůŽĂŶŝŵƉĂŝƌŵĞŶƚŝƐ KƵƌĂƵĚŝƚĂƉƉƌŽĂĐŚŝŶĐůƵĚĞĚ͗
ŝŶŚĞƌĞŶƚůLJũƵĚŐŵĞŶƚĂůĂŶĚƌĞůŝĞƐŽŶŵĂŶĂŐĞŵĞŶƚ͛ƐďĞƐƚ ͻ ǀĂůƵĂƟŶŐĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨŝŵƉĂŝƌŵĞŶƚƉƌŝŶĐŝƉůĞƐ
ĞƐƟŵĂƚĞŽĨĂǀĂƌŝĞƚLJŽĨŝŶƉƵƚƐ͘ ƵŶĚĞƌ/ŶĚ^ϭϬϵ͖
WƵƌƐƵĂŶƚƚŽ/ŶĚ^ϭϬϵ͕ƚŚĞŽŵƉĂŶLJ͛ƐŝŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞ ͻ ƐƐĞƐƐŝŶŐƚŚĞĚĞƐŝŐŶĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶŽĨĐŽŶƚƌŽůƐ
ŝƐĚĞƌŝǀĞĚĨƌŽŵĞƐƟŵĂƚĞƐŝŶĐůƵĚŝŶŐŚŝƐƚŽƌŝĐĂůĚĞĨĂƵůƚĂŶĚůŽƐƐ over loan impairment process and management review
ƌĂƟŽƐ͘DĂŶĂŐĞŵĞŶƚĞdžĞƌĐŝƐĞƐũƵĚŐĞŵĞŶƚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ ƉƌŽĐĞƐƐĞƐŽǀĞƌƚŚĞĐĂůĐƵůĂƟŽŶŽĨƉƌŽǀŝƐŝŽŶƐ͖
ƋƵĂŶƚƵŵŽĨůŽƐƐďĂƐĞĚŽŶĂƌĂŶŐĞŽĨĨĂĐƚŽƌƐ͗
ͻ ƐƐĞƐƐŵĂŶĂŐĞŵĞŶƚƌĞǀŝĞǁĐŽŶƚƌŽůƐŽǀĞƌŵĞĂƐƵƌĞŵĞŶƚ
ϭ͘ ^ĞŐŵĞŶƚĂƟŽŶŽĨƚŚĞůŽĂŶƐƚŽĐƵƐƚŽŵĞƌƐ ĂŶĚĚŝƐĐůŽƐƵƌĞƐ͖
Ϯ͘ >ŽĂŶƐƚĂŐŝŶŐĐƌŝƚĞƌŝĂ ͻ ŶŐĂŐĞŝŶĚĞƉĞŶĚĞŶƚŵŽĚĞůůŝŶŐƐƉĞĐŝĂůŝƐƚƚŽƚĞƐƚƚŚĞ
ŵĞƚŚŽĚŽůŽŐLJĂŶĚƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨĂƐƐƵŵƉƟŽŶƐ͖
ϯ͘ ĂůĐƵůĂƟŽŶŽĨƉƌŽďĂďŝůŝƚLJŽĨĚĞĨĂƵůƚĂŶĚůŽƐƐŐŝǀĞŶĚĞĨĂƵůƚ
ͻ DŽĚĞůĐĂůĐƵůĂƟŽŶƐǁĞƌĞƚĞƐƚĞĚƚŚƌŽƵŐŚƌĞͲƉĞƌĨŽƌŵĂŶĐĞ
ϰ͘ WƌŽďĂďŝůŝƚLJŽĨĞĐŽŶŽŵŝĐĨĂĐƚŽƌƐ
ǁŚĞƌĞƉŽƐƐŝďůĞ͘
ϱ͘ ŽŵƉůĞdžŝƚLJŽĨĚŝƐĐůŽƐƵƌĞƐ
ͻ dĞƐƚŽĨĚĞƚĂŝůƐŽǀĞƌŽĨĐĂůĐƵůĂƟŽŶŽĨŝŵƉĂŝƌŵĞŶƚĂůůŽǁĂŶĐĞ
dŚĞƌĞŝƐĂůƐŽĂůĂƌŐĞŝŶĐƌĞĂƐĞŝŶƚŚĞĚĂƚĂŝŶƉƵƚƐƌĞƋƵŝƌĞĚƵŶĚĞƌ ĨŽƌĂƐƐĞƐƐŝŶŐĐŽŵƉůĞƚĞŶĞƐƐĂŶĚĂĐĐƵƌĂĐLJŽĨĚĂƚĂ͘
the expected credit loss model.
ͻ sĞƌŝĨLJƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨŵĂŶĂŐĞŵĞŶƚƐũƵĚŐŵĞŶƚ
ŝŶƌĞƐƉĞĐƚŽĨĐĂůĐƵůĂƟŽŶŵĞƚŚŽĚŽůŽŐŝĞƐ͕ƐĞŐŵĞŶƚĂƟŽŶ͕
ĞĐŽŶŽŵŝĐĨĂĐƚŽƌƐ͕ƚŚĞƉĞƌŝŽĚŽĨŚŝƐƚŽƌŝĐĂůůŽƐƐƌĂƚĞƐƵƐĞĚ͕
ĂŶĚƚŚĞǀĂůƵĂƟŽŶŽĨƌĞĐŽǀĞƌLJĂƐƐĞƚƐĂŶĚĐŽůůĂƚĞƌĂů͘
/s͘ /d^LJƐƚĞŵĂŶĚĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ
dŚĞŽŵƉĂŶLJ͛ƐŬĞLJĮŶĂŶĐŝĂůĂĐĐŽƵŶƟŶŐĂŶĚƌĞƉŽƌƟŶŐ KƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚ͗
processes are highly dependent on the automated
ͻ dĞƐƚĐŽŶƚƌŽůƐŽǀĞƌƚŚĞŝŶĨŽƌŵĂƟŽŶƚĞĐŚŶŽůŽŐLJ
ĐŽŶƚƌŽůƐŝŶŝŶĨŽƌŵĂƟŽŶƐLJƐƚĞŵƐ͕ƐƵĐŚƚŚĂƚƚŚĞƌĞĞdžŝƐƚƐĂ
ĞŶǀŝƌŽŶŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƐLJƐƚĞŵĂĐĐĞƐƐĂŶĚĐŚĂŶŐĞ
ƌŝƐŬƚŚĂƚŐĂƉƐŝŶƚŚĞ/dĐŽŶƚƌŽůĞŶǀŝƌŽŶŵĞŶƚĐŽƵůĚƌĞƐƵůƚ
ŵĂŶĂŐĞŵĞŶƚ͖
ŝŶƚŚĞĮŶĂŶĐŝĂůĂĐĐŽƵŶƟŶŐĂŶĚƌĞƉŽƌƟŶŐƌĞĐŽƌĚƐďĞŝŶŐ
materially misstated. ͻ dĞƐƚĐŽŶƐŝĚĞƌĞĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞĂĐĐĞƐƐƌŝŐŚƚƐ
ŐƌĂŶƚĞĚƚŽĂƉƉůŝĐĂƟŽŶƐƌĞůĞǀĂŶƚƚŽĮŶĂŶĐŝĂůĂĐĐŽƵŶƟŶŐ
ƵƚŽŵĂƚĞĚĂĐĐŽƵŶƟŶŐƉƌŽĐĞĚƵƌĞƐĂŶĚ/dĞŶǀŝƌŽŶŵĞŶƚ
ĂŶĚƌĞƉŽƌƟŶŐƐLJƐƚĞŵƐĂŶĚƚŚĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨ
ĐŽŶƚƌŽůƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĐŽŶƚƌŽůƐŽǀĞƌƉƌŽŐƌĂŵ
ĐŽŶƚƌŽůƐŽǀĞƌŐƌĂŶƟŶŐ͕ƌĞŵŽǀĂůĂŶĚĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨ
ĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŚĂŶŐĞƐ͕ĂĐĐĞƐƐƚŽƉƌŽŐƌĂŵƐĂŶĚ
ĂĐĐĞƐƐƌŝŐŚƚƐ͖
ĚĂƚĂĂŶĚ/dŽƉĞƌĂƟŽŶƐ͕ĂƌĞƌĞƋƵŝƌĞĚƚŽďĞĚĞƐŝŐŶĞĚ
ĂŶĚŽƉĞƌĂƚĞĞīĞĐƟǀĞůLJƚŽĞŶƐƵƌĞĂƉƉƌŽƉƌŝĂƚĞĮŶĂŶĐŝĂů ͻ ǀĂůƵĂƟŶŐƚŚĞĚĞƐŝŐŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨ
ƌĞƉŽƌƟŶŐ͘ ĂƵƚŽŵĂƚĞĚĐŽŶƚƌŽůƐĐƌŝƟĐĂůƚŽĮŶĂŶĐŝĂůĂĐĐŽƵŶƟŶŐĂŶĚ
ƌĞƉŽƌƟŶŐ͘&ŽƌĂŶLJŝĚĞŶƟĮĞĚĚĞĮĐŝĞŶĐŝĞƐ͕ƚĞƐƚĞĚƚŚĞ
ŽŶƐĞƋƵĞŶƚůLJ͕ǁĞŝĚĞŶƟĮĞĚ/dƐLJƐƚĞŵƐĂŶĚĐŽŶƚƌŽůƐŽǀĞƌ
ĚĞƐŝŐŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨĐŽŵƉĞŶƐĂƟŶŐ
ĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĂƐĂŬĞLJĂƵĚŝƚŵĂƩĞƌ͘
ĐŽŶƚƌŽůƐĂŶĚ͕ǁŚĞƌĞŶĞĐĞƐƐĂƌLJ͕ĞdžƚĞŶĚĞĚƚŚĞƐĐŽƉĞŽĨŽƵƌ
ƐƵďƐƚĂŶƟǀĞĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐ͘
KƚŚĞƌ/ŶĨŽƌŵĂƟŽŶ ŵĂŶĂŐĞŵĞŶƚĞŝƚŚĞƌŝŶƚĞŶĚƐƚŽůŝƋƵŝĚĂƚĞƚŚĞ'ƌŽƵƉŽƌƚŽ
ĐĞĂƐĞŽƉĞƌĂƟŽŶƐ͕ŽƌŚĂƐŶŽƌĞĂůŝƐƟĐĂůƚĞƌŶĂƟǀĞďƵƚƚŽĚŽƐŽ͘
ϲ͘ dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞ
ĨŽƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶ͘dŚĞŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶĐŽŵƉƌŝƐĞƐ ϭϭ͘ dŚĞƌĞƐƉĞĐƟǀĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞĐŽŵƉĂŶŝĞƐŝŶĐůƵĚĞĚ
ƚŚĞŝŶĨŽƌŵĂƟŽŶŝŶĐůƵĚĞĚŝŶƚŚĞŶŶƵĂůƌĞƉŽƌƚ͕ďƵƚĚŽĞƐŶŽƚ ŝŶƚŚĞ'ƌŽƵƉĂŶĚŽĨŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞ
ŝŶĐůƵĚĞƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŽƵƌ ƌĞƐƉŽŶƐŝďůĞĨŽƌŽǀĞƌƐĞĞŝŶŐƚŚĞĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐƉƌŽĐĞƐƐŽĨ
auditors’ report thereon. ƚŚĞ'ƌŽƵƉĂŶĚŽĨŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͘
ƵĚŝƚŽƌƐ͛ƌĞƐƉŽŶƐŝďŝůŝƟĞƐĨŽƌƚŚĞĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^
ϳ͘ KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
ĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶĂŶĚǁĞĚŽŶŽƚ
ĞdžƉƌĞƐƐĂŶLJĨŽƌŵŽĨĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘
ϭϮ͘KƵƌŽďũĞĐƟǀĞƐĂƌĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚ
ϴ͘ /ŶĐŽŶŶĞĐƟŽŶǁŝƚŚŽƵƌĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ ǁŚĞƚŚĞƌƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞŽƚŚĞƌ ĂǁŚŽůĞĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌ
ŝŶĨŽƌŵĂƟŽŶĂŶĚ͕ŝŶĚŽŝŶŐƐŽ͕ĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞŽƚŚĞƌ ĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĂŶĚƚŽŝƐƐƵĞĂŶĂƵĚŝƚŽƌƐ͛ƌĞƉŽƌƚƚŚĂƚ
ŝŶĨŽƌŵĂƟŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ŝŶĐůƵĚĞƐŽƵƌŽƉŝŶŝŽŶ͘ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŝƐĂŚŝŐŚůĞǀĞůŽĨ
/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶ ĂƐƐƵƌĂŶĐĞ͕ďƵƚŝƐŶŽƚĂŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚ
ƚŚĞĂƵĚŝƚŽƌŽƚŚĞƌǁŝƐĞĂƉƉĞĂƌƐƚŽďĞŵĂƚĞƌŝĂůůLJŵŝƐƐƚĂƚĞĚ͘ in accordance with SAs will always detect a material
/Ĩ͕ďĂƐĞĚŽŶƚŚĞǁŽƌŬǁĞŚĂǀĞƉĞƌĨŽƌŵĞĚĂŶĚƚŚĞƌĞƉŽƌƚƐ ŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞŶŝƚĞdžŝƐƚƐ͘DŝƐƐƚĂƚĞŵĞŶƚƐĐĂŶĂƌŝƐĞĨƌŽŵ
ŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐĂƐĨƵƌŶŝƐŚĞĚƚŽƵƐ;ZĞĨĞƌƉĂƌĂŐƌĂƉŚϭϳ ĨƌĂƵĚŽƌĞƌƌŽƌĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚŵĂƚĞƌŝĂůŝĨ͕ŝŶĚŝǀŝĚƵĂůůLJ
ďĞůŽǁͿ͕ǁĞĐŽŶĐůƵĚĞƚŚĂƚƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨ ŽƌŝŶƚŚĞĂŐŐƌĞŐĂƚĞ͕ƚŚĞLJĐŽƵůĚƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŽ
ƚŚŝƐŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘ ŝŶŇƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐƚĂŬĞŶŽŶƚŚĞďĂƐŝƐ
ŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
We have nothing to report in this regard.
ϭϯ͘ƐƉĂƌƚŽĨĂŶĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^Ɛ͕ǁĞĞdžĞƌĐŝƐĞ
ZĞƐƉŽŶƐŝďŝůŝƟĞƐŽĨDĂŶĂŐĞŵĞŶƚĂŶĚƚŚŽƐĞĐŚĂƌŐĞĚǁŝƚŚ ƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐŵĞŶƚĂŶĚŵĂŝŶƚĂŝŶƉƌŽĨĞƐƐŝŽŶĂůƐĐĞƉƟĐŝƐŵ
ŐŽǀĞƌŶĂŶĐĞĨŽƌƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ ƚŚƌŽƵŐŚŽƵƚƚŚĞĂƵĚŝƚ͘tĞĂůƐŽ͗
ĐŽŶĐůƵƐŝŽŶƐĂƌĞďĂƐĞĚŽŶƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚ ŝŶĐŽŵĞ;ĐŽŵƉƌŝƐŝŶŐŽĨƉƌŽĮƚͬůŽƐƐĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ
ƵƉƚŽƚŚĞĚĂƚĞŽĨŽƵƌĂƵĚŝƚŽƌƐ͛ƌĞƉŽƌƚ͘,ŽǁĞǀĞƌ͕ĨƵƚƵƌĞ ŝŶĐŽŵĞͿŽĨ`ϯϴϯ͘ϭϯĐƌŽƌĞƐĂŶĚŶĞƚĐĂƐŚŇŽǁƐĂŵŽƵŶƟŶŐ
ĞǀĞŶƚƐŽƌĐŽŶĚŝƟŽŶƐŵĂLJĐĂƵƐĞƚŚĞ'ƌŽƵƉĂŶĚŝƚƐ ƚŽZƐ͘ϮϬϵ͘ϳϲĐƌŽƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͕ĂƐ
ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐƚŽĐĞĂƐĞƚŽĐŽŶƟŶƵĞĂƐĂ ĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
going concern. dŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂůƐŽŝŶĐůƵĚĞƚŚĞ
'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ĐŽŵƉƌŝƐŝŶŐ
ͻ ǀĂůƵĂƚĞƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƟŽŶ͕ƐƚƌƵĐƚƵƌĞĂŶĚ ŽĨƉƌŽĮƚͬůŽƐƐĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿŽĨ`Ϯ͘ϯϳ
ĐŽŶƚĞŶƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂů crores and `ϵ͘ϮϳĐƌŽƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕
ƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚǁŚĞƚŚĞƌƚŚĞ ϮϬϭϵĂƐĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂů
ĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞƉƌĞƐĞŶƚƚŚĞ ƐƚĂƚĞŵĞŶƚƐ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚƌĞĞĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚ
ƵŶĚĞƌůLJŝŶŐƚƌĂŶƐĂĐƟŽŶƐĂŶĚĞǀĞŶƚƐŝŶĂŵĂŶŶĞƌƚŚĂƚ ƚǁŽũŽŝŶƚǀĞŶƚƵƌĞƐƌĞƐƉĞĐƟǀĞůLJ͕ǁŚŽƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐͬ
ĂĐŚŝĞǀĞƐĨĂŝƌƉƌĞƐĞŶƚĂƟŽŶ͘ ĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŚĂǀĞŶŽƚďĞĞŶĂƵĚŝƚĞĚďLJƵƐ͘dŚĞƐĞ
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŽƚŚĞƌĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŚĂǀĞ
ͻ KďƚĂŝŶƐƵĸĐŝĞŶƚĂƉƉƌŽƉƌŝĂƚĞĂƵĚŝƚĞǀŝĚĞŶĐĞƌĞŐĂƌĚŝŶŐ ďĞĞŶĂƵĚŝƚĞĚďLJŽƚŚĞƌĂƵĚŝƚŽƌƐǁŚŽƐĞƌĞƉŽƌƚƐŚĂǀĞďĞĞŶ
ƚŚĞĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŽĨƚŚĞĞŶƟƟĞƐŽƌďƵƐŝŶĞƐƐ ĨƵƌŶŝƐŚĞĚƚŽƵƐďLJƚŚĞDĂŶĂŐĞŵĞŶƚ͕ĂŶĚŽƵƌŽƉŝŶŝŽŶŽŶ
ĂĐƟǀŝƟĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉĂŶĚŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶƐŽĨĂƌ
ventures to express an opinion on the consolidated as it relates to the amounts and disclosures included
/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘tĞĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ ŝŶƌĞƐƉĞĐƚŽĨƚŚĞƐĞƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚ
ĚŝƌĞĐƟŽŶ͕ƐƵƉĞƌǀŝƐŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞĂƵĚŝƚ ĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚŽƵƌƌĞƉŽƌƚŝŶƚĞƌŵƐŽĨƐƵďͲƐĞĐƟŽŶ
ŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƐƵĐŚĞŶƟƟĞƐŝŶĐůƵĚĞĚ ;ϯͿŽĨ^ĞĐƟŽŶϭϰϯŽĨƚŚĞĐƚŝŶĐůƵĚŝŶŐƌĞƉŽƌƚŽŶKƚŚĞƌ
ŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ /ŶĨŽƌŵĂƟŽŶŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĂĨŽƌĞƐĂŝĚƐƵďƐŝĚŝĂƌŝĞƐ͕
ǁŚŝĐŚǁĞĂƌĞƚŚĞŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŽƌƐ͘&ŽƌƚŚĞ ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ͕ŝƐďĂƐĞĚƐŽůĞůLJŽŶƚŚĞƌĞƉŽƌƚƐ
ŽƚŚĞƌĞŶƟƟĞƐŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ ŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐ͘
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚŝĐŚŚĂǀĞďĞĞŶĂƵĚŝƚĞĚďLJ
ŽƚŚĞƌĂƵĚŝƚŽƌƐ͕ƐƵĐŚŽƚŚĞƌĂƵĚŝƚŽƌƐƌĞŵĂŝŶƌĞƐƉŽŶƐŝďůĞ ϭϴ͘ tĞĚŝĚŶŽƚĂƵĚŝƚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŽĨĂ
ĨŽƌƚŚĞĚŝƌĞĐƟŽŶ͕ƐƵƉĞƌǀŝƐŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨ ƐƵďƐŝĚŝĂƌLJ͕ĂŶĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŽĨƚǁŽƐƵďƐŝĚŝĂƌŝĞƐƚŚĂƚ
ƚŚĞĂƵĚŝƚƐĐĂƌƌŝĞĚŽƵƚďLJƚŚĞŵ͘tĞƌĞŵĂŝŶƐŽůĞůLJ ƌĞŇĞĐƚƚŽƚĂůĂƐƐĞƚƐŽĨZƐ͘Ϯϯϵ͘ϮϮĐƌŽƌĞƐĂŶĚŶĞƚĂƐƐĞƚƐŽĨ
ƌĞƐƉŽŶƐŝďůĞĨŽƌŽƵƌĂƵĚŝƚŽƉŝŶŝŽŶ͘ `ϯϮ͘ϬϴĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϵ͕ƚŽƚĂůƌĞǀĞŶƵĞŽĨ
`ϰϱϲ͘ϳϭĐƌŽƌĞƐ͕ƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ĐŽŵƉƌŝƐŝŶŐ
ϭϰ͘tĞĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚŽƐĞĐŚĂƌŐĞĚǁŝƚŚŐŽǀĞƌŶĂŶĐĞŽĨƚŚĞ ŽĨƉƌŽĮƚͬůŽƐƐĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿŽĨ`;ϭ͘ϭϵͿ
,ŽůĚŝŶŐŽŵƉĂŶLJĂŶĚƐƵĐŚŽƚŚĞƌĞŶƟƟĞƐŝŶĐůƵĚĞĚŝŶƚŚĞ ĐƌŽƌĞƐĂŶĚŶĞƚĐĂƐŚŇŽǁƐĂŵŽƵŶƟŶŐƚŽ`ϭ͘ϲϬĐƌŽƌĞƐĨŽƌƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨǁŚŝĐŚǁĞĂƌĞƚŚĞ LJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͕ĂƐĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ
ŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŽƌƐƌĞŐĂƌĚŝŶŐ͕ĂŵŽŶŐŽƚŚĞƌŵĂƩĞƌƐ͕ƚŚĞ /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^
ƉůĂŶŶĞĚƐĐŽƉĞĂŶĚƟŵŝŶŐŽĨƚŚĞĂƵĚŝƚĂŶĚƐŝŐŶŝĮĐĂŶƚĂƵĚŝƚ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂůƐŽŝŶĐůƵĚĞƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨƚŽƚĂů
ĮŶĚŝŶŐƐ͕ŝŶĐůƵĚŝŶŐĂŶLJƐŝŐŶŝĮĐĂŶƚĚĞĮĐŝĞŶĐŝĞƐŝŶŝŶƚĞƌŶĂů
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ĐŽŵƉƌŝƐŝŶŐŽĨƉƌŽĮƚͬůŽƐƐĂŶĚŽƚŚĞƌ
ĐŽŶƚƌŽůƚŚĂƚǁĞŝĚĞŶƟĨLJĚƵƌŝŶŐŽƵƌĂƵĚŝƚ͘
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿŽĨ`;Ϭ͘ϮϰͿĐƌŽƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϵĂƐĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^
15. We also provide those charged with governance with a ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶƌĞƐƉĞĐƚŽĨĂũŽŝŶƚǀĞŶƚƵƌĞ͕ǁŚŽƐĞ
statement that we have complied with relevant ethical ĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŚĂǀĞŶŽƚďĞĞŶĂƵĚŝƚĞĚďLJƵƐ͘
ƌĞƋƵŝƌĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚƚŽĐŽŵŵƵŶŝĐĂƚĞ
ǁŝƚŚƚŚĞŵĂůůƌĞůĂƟŽŶƐŚŝƉƐĂŶĚŽƚŚĞƌŵĂƩĞƌƐƚŚĂƚŵĂLJ
dŚĞƐĞĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĂƌĞƵŶĂƵĚŝƚĞĚĂŶĚŚĂǀĞďĞĞŶ
ƌĞĂƐŽŶĂďůLJďĞƚŚŽƵŐŚƚƚŽďĞĂƌŽŶŽƵƌŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚ
ĨƵƌŶŝƐŚĞĚƚŽƵƐďLJƚŚĞDĂŶĂŐĞŵĞŶƚ͕ĂŶĚŽƵƌŽƉŝŶŝŽŶŽŶ
ǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ƌĞůĂƚĞĚƐĂĨĞŐƵĂƌĚƐ͘
ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶƐŽĨĂƌĂƐŝƚ
relates to the amounts and disclosures included in respect
ϭϲ͘ &ƌŽŵƚŚĞŵĂƩĞƌƐĐŽŵŵƵŶŝĐĂƚĞĚǁŝƚŚƚŚŽƐĞĐŚĂƌŐĞĚǁŝƚŚ
ŽĨƚŚĞƐĞƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞĂŶĚŽƵƌƌĞƉŽƌƚŝŶ
ŐŽǀĞƌŶĂŶĐĞ͕ǁĞĚĞƚĞƌŵŝŶĞƚŚŽƐĞŵĂƩĞƌƐƚŚĂƚǁĞƌĞŽĨŵŽƐƚ
ƚĞƌŵƐŽĨƐƵďͲƐĞĐƟŽŶ;ϯͿŽĨ^ĞĐƟŽŶϭϰϯŽĨƚŚĞĐƚŝŶĐůƵĚŝŶŐ
ƐŝŐŶŝĮĐĂŶĐĞŝŶƚŚĞĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂů
ƌĞƉŽƌƚŽŶKƚŚĞƌ/ŶĨŽƌŵĂƟŽŶŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞ
ƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚĂŶĚĂƌĞƚŚĞƌĞĨŽƌĞƚŚĞŬĞLJ
ĂĨŽƌĞƐĂŝĚƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞ͕ŝƐďĂƐĞĚƐŽůĞůLJŽŶ
ĂƵĚŝƚŵĂƩĞƌƐ͘tĞĚĞƐĐƌŝďĞƚŚĞƐĞŵĂƩĞƌƐŝŶŽƵƌĂƵĚŝƚŽƌƐ͛
ƌĞƉŽƌƚƵŶůĞƐƐůĂǁŽƌƌĞŐƵůĂƟŽŶƉƌĞĐůƵĚĞƐƉƵďůŝĐĚŝƐĐůŽƐƵƌĞ ƐƵĐŚƵŶĂƵĚŝƚĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶ͘/ŶŽƵƌŽƉŝŶŝŽŶĂŶĚ
ĂďŽƵƚƚŚĞŵĂƩĞƌŽƌǁŚĞŶ͕ŝŶĞdžƚƌĞŵĞůLJƌĂƌĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐďLJ
ǁĞĚĞƚĞƌŵŝŶĞƚŚĂƚĂŵĂƩĞƌƐŚŽƵůĚŶŽƚďĞĐŽŵŵƵŶŝĐĂƚĞĚ ƚŚĞDĂŶĂŐĞŵĞŶƚ͕ƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶͬ
ŝŶŽƵƌƌĞƉŽƌƚďĞĐĂƵƐĞƚŚĞĂĚǀĞƌƐĞĐŽŶƐĞƋƵĞŶĐĞƐŽĨĚŽŝŶŐ ĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĂƌĞŶŽƚŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉ͘
ƐŽǁŽƵůĚƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŽŽƵƚǁĞŝŐŚƚŚĞƉƵďůŝĐ
ŝŶƚĞƌĞƐƚďĞŶĞĮƚƐŽĨƐƵĐŚĐŽŵŵƵŶŝĐĂƟŽŶ͘ KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕
ĂŶĚŽƵƌƌĞƉŽƌƚŽŶKƚŚĞƌ>ĞŐĂůĂŶĚZĞŐƵůĂƚŽƌLJZĞƋƵŝƌĞŵĞŶƚƐ
KƚŚĞƌDĂƩĞƌ ďĞůŽǁ͕ŝƐŶŽƚŵŽĚŝĮĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞŵĂƩĞƌƐ
ǁŝƚŚƌĞƐƉĞĐƚƚŽŽƵƌƌĞůŝĂŶĐĞŽŶƚŚĞǁŽƌŬĚŽŶĞĂŶĚƚŚĞ
ϭϳ͘ tĞĚŝĚŶŽƚĂƵĚŝƚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶ ƌĞƉŽƌƚƐŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐĂŶĚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ
ŽĨƚŚƌĞĞƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĮǀĞ ĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶͬĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĐĞƌƟĮĞĚďLJƚŚĞ
ƐƵďƐŝĚŝĂƌŝĞƐƚŚĂƚƌĞŇĞĐƚƚŽƚĂůĂƐƐĞƚƐŽĨ`ϮϮ͕ϱϲϲ͘ϭϳĐƌŽƌĞƐ Management.
ĂŶĚŶĞƚĂƐƐĞƚƐŽĨ`Ϯ͕ϴϱϴ͘ϴϯĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϵ͕
ƚŽƚĂůƌĞǀĞŶƵĞŽĨ`ϰ͕ϵϱϭ͘ϱϵĐƌŽƌĞƐ͕ƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ ϭϵ͘ dŚĞĨŽůůŽǁŝŶŐƉĂƌĂŐƌĂƉŚǁĂƐŝŶĐůƵĚĞĚŝŶƚŚĞĂƵĚŝƚƌĞƉŽƌƚ
ĚĂƚĞĚDĂLJϮϭ͕ϮϬϭϵ͕ĐŽŶƚĂŝŶŝŶŐĂŶƵŶŵŽĚŝĮĞĚĂƵĚŝƚŽƉŝŶŝŽŶ ĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ
ŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŽĨKƉƚĂƌĞWůĐ͕Ă /ŶĚŝĂ͕ŶŽŶĞŽĨƚŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞ'ƌŽƵƉĐŽŵƉĂŶŝĞƐ͕ŝƚƐ
ƐƵďƐŝĚŝĂƌLJŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJŝƐƐƵĞĚďLJĂŶŝŶĚĞƉĞŶĚĞŶƚ ĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚ
ĮƌŵŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ͕ƌĞƉƌŽĚƵĐĞĚďLJƵƐĂƐƵŶĚĞƌ͗ ŝŶ/ŶĚŝĂŝƐĚŝƐƋƵĂůŝĮĞĚĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϵĨƌŽŵďĞŝŶŐ
ĂƉƉŽŝŶƚĞĚĂƐĂĚŝƌĞĐƚŽƌŝŶƚĞƌŵƐŽĨ^ĞĐƟŽŶϭϲϰ;ϮͿŽĨ
͞dŚĞŝŵƉĂĐƚŽĨƵŶĐĞƌƚĂŝŶƟĞƐĚƵĞƚŽƚŚĞh<ĞdžŝƟŶŐƚŚĞ the Act.
European Union on our audit
ǀŝ͘ tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů
hŶĐĞƌƚĂŝŶƟĞƐƌĞůĂƚĞĚƚŽƚŚĞĞīĞĐƚƐŽĨƌĞdžŝƚĂƌĞƌĞůĞǀĂŶƚ ĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ
ƚŽƵŶĚĞƌƐƚĂŶĚŝŶŐŽƵƌĂƵĚŝƚŽĨƚŚĞƐƉĞĐŝĂůƉƵƌƉŽƐĞ 'ƌŽƵƉ͕ŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ
ĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶ͘ůůĂƵĚŝƚƐĂƐƐĞƐƐĂŶĚĐŚĂůůĞŶŐĞƚŚĞ /ŶĚŝĂĂŶĚƚŚĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƐƵĐŚĐŽŶƚƌŽůƐ͕
ƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨĞƐƟŵĂƚĞƐŵĂĚĞďLJƚŚĞĚŝƌĞĐƚŽƌƐ͕ƐƵĐŚĂƐ ƌĞĨĞƌƚŽŽƵƌƐĞƉĂƌĂƚĞƌĞƉŽƌƚŝŶŶŶĞdžƵƌĞ͘
ƌĞĐŽǀĞƌĂďŝůŝƚLJŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ ǀŝŝ͘ tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŽƚŚĞƌŵĂƩĞƌƐƚŽďĞŝŶĐůƵĚĞĚŝŶ
ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨ ƚŚĞƵĚŝƚŽƌƐ͛ZĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚZƵůĞϭϭŽĨ
ƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ůůŽĨƚŚĞƐĞĚĞƉĞŶĚ ƚŚĞŽŵƉĂŶŝĞƐ;ƵĚŝƚĂŶĚƵĚŝƚŽƌƐ͛ͿZƵůĞƐ͕ϮϬϭϰ͕ŝŶ
ŽŶĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚĂŶĚƚŚĞ ŽƵƌŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚ
ŐƌŽƵƉ͛ƐĨƵƚƵƌĞƉƌŽƐƉĞĐƚƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞ͘ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͗
ŝǀ͘ /ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞĂĨŽƌĞƐĂŝĚĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^
ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚƚŚĞĐĐŽƵŶƟŶŐ ^ƵďƌĂŵĂŶŝĂŶsŝǀĞŬ
^ƚĂŶĚĂƌĚƐƐƉĞĐŝĮĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͘
Partner
ǀ͘ KŶƚŚĞďĂƐŝƐŽĨƚŚĞǁƌŝƩĞŶƌĞƉƌĞƐĞŶƚĂƟŽŶƐƌĞĐĞŝǀĞĚ DĞŵďĞƌƐŚŝƉEƵŵďĞƌϭϬϬϯϯϮ
ĨƌŽŵƚŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJĂƐŽŶ
DĂƌĐŚϯϭ͕ϮϬϭϵƚĂŬĞŶŽŶƌĞĐŽƌĚďLJƚŚĞŽĂƌĚŽĨ DƵŵďĂŝ
ŝƌĞĐƚŽƌƐŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨ DĂLJϮϰ͕ϮϬϭϵ
ƚŚĞƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐŽĨŝƚƐƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ͕
ŝŶĐŽŶĚŝƟŽŶƐ͕ŽƌƚŚĂƚƚŚĞĚĞŐƌĞĞŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶ
policies or procedures may deteriorate. ƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƐŝdžƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ͕ƚǁŽĂƐƐŽĐŝĂƚĞ
Opinion ĐŽŵƉĂŶŝĞƐĂŶĚƚǁŽũŽŝŶƚǀĞŶƚƵƌĞƐ͕ǁŚŝĐŚĂƌĞĐŽŵƉĂŶŝĞƐ
ŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ŝƐďĂƐĞĚŽŶƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞƉŽƌƚƐ
ϴ͘ /ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͕ŝƚƐƐƵďƐŝĚŝĂƌLJ ŽĨƚŚĞĂƵĚŝƚŽƌƐŽĨƐƵĐŚĐŽŵƉĂŶŝĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͘KƵƌ
ĐŽŵƉĂŶŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͕ǁŚŝĐŚ ŽƉŝŶŝŽŶŝƐŶŽƚƋƵĂůŝĮĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚŝƐŵĂƩĞƌ.
ĂƌĞĐŽŵƉĂŶŝĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ŚĂǀĞ͕ŝŶĂůůŵĂƚĞƌŝĂů
ƌĞƐƉĞĐƚƐ͕ĂŶĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐLJƐƚĞŵ
ǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐƵĐŚŝŶƚĞƌŶĂů
ĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞ
For Price Waterhouse & Co Chartered Accountants LLP
ŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůLJĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϵ͕ďĂƐĞĚŽŶƚŚĞ
ŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĐƌŝƚĞƌŝĂĞƐƚĂďůŝƐŚĞĚ &ŝƌŵZĞŐŝƐƚƌĂƟŽŶEƵŵďĞƌ͗ϯϬϰϬϮϲͬͲϯϬϬϬϬϵ
ďLJƚŚĞŽŵƉĂŶLJĐŽŶƐŝĚĞƌŝŶŐƚŚĞĞƐƐĞŶƟĂůĐŽŵƉŽŶĞŶƚƐŽĨ Chartered Accountants
ŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚĂƚĞĚŝŶƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞŽŶƵĚŝƚŽĨ
/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐŝƐƐƵĞĚďLJ ^ƵďƌĂŵĂŶŝĂŶsŝǀĞŬ
ƚŚĞ/ŶƐƟƚƵƚĞŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽĨ/ŶĚŝĂ͘ Partner
DĞŵďĞƌƐŚŝƉEƵŵďĞƌϭϬϬϯϯϮ
KƚŚĞƌDĂƩĞƌƐ
DƵŵďĂŝ
ϵ͘ KƵƌĂĨŽƌĞƐĂŝĚƌĞƉŽƌƚƐƵŶĚĞƌ^ĞĐƟŽŶϭϰϯ;ϯͿ;ŝͿŽĨƚŚĞĐƚŽŶ
ƚŚĞĂĚĞƋƵĂĐLJĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƚŚĞŝŶƚĞƌŶĂů DĂLJϮϰ͕ϮϬϭϵ
WĂƌƟĐƵůĂƌƐ As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
Note No. ` Crores ` Crores
ASSETS
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ 1.1 ϱ͕ϬϳϬ͘ϴϱ ϱ͕Ϭϲϵ͘ϰϳ
ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ 1.1 Ϯϵϰ͘ϲϯ Ϯϱϭ͘ϭϭ
'ŽŽĚǁŝůů ϭ͕ϭϭϱ͘ϱϲ ϭ͕ϭϬϳ͘ϳϰ
KƚŚĞƌ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ϭ͘Ϯ ϱϬϵ͘Ϭϲ ϰϭϴ͘ϵϯ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚ ϭ͘Ϯ ϯϴϮ͘ϵϴ ϭϴϴ͘ϯϭ
/ŶǀĞƐƚŵĞŶƚƐͲĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐĞƋƵŝƚLJŵĞƚŚŽĚ 1.3 ϭϬϮ͘ϭϭ ϵϳ͘Ϯϯ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ
;ŝͿ /ŶǀĞƐƚŵĞŶƚƐ 1.3 ϳϱϳ͘Ϭϭ ϴϲϵ͘ϲϭ
;ŝŝͿ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϭ͘ϰ Ϭ͘ϭϰ Ϭ͘Ϭϯ
;ŝŝŝͿ >ŽĂŶƐ 1.5 ϭϮ͕ϵϮϮ͘ϯϮ ϵ͕ϵϯϱ͘ϲϵ
;ŝǀͿ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ ϭ͘ϲ ϯϮϭ͘ϯϬ ϭϴϬ͘ϰϰ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ ϭ͘ϳĂ ϭϬ͘ϯϬ ϭϰϭ͘ϳϴ
ĚǀĂŶĐĞƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ ϭ͘ϴ ϭϴϴ͘ϰϰ ϭϯϭ͘ϴϯ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϭ͘ϵ ϵϱϵ͘ϳϯ ϳϬϰ͘Ϯϳ
ϮϮ͕ϲϯϰ͘ϰϯ ϭϵ͕Ϭϵϲ͘ϰϰ
Current assets
Inventories ϭ͘ϭϬ ϯ͕Ϭϲϯ͘ϰϯ Ϯ͕ϮϬϳ͘ϲϴ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ
;ŝͿ /ŶǀĞƐƚŵĞŶƚƐ 1.11 ϲϯϮ͘ϳϲ ϯ͕ϰϭϱ͘ϳϰ
;ŝŝͿ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϭ͘ϭϮ Ϯ͕ϳϭϳ͘ϭϴ ϭ͕ϭϳϱ͘ϱϭ
;ŝŝŝͿ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ 1.13a ϭ͕ϳϲϳ͘ϯϵ ϭ͕Ϯϭϴ͘Ϭϰ
;ŝǀͿ ĂŶŬďĂůĂŶĐĞƐŽƚŚĞƌƚŚĂŶ;ŝŝŝͿĂďŽǀĞ ϭ͘ϭϯď ϵ͘ϵϬ ϭϮ͘ϰϳ
;ǀͿ >ŽĂŶƐ ϭ͘ϭϰ ϲ͕ϱϱϯ͘ϲϯ ϱ͕ϭϭϳ͘ϵϴ
;ǀŝͿ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ 1.15 ϰϵϴ͘ϮϮ ϰϱϴ͘ϭϯ
Contract Assets ϭ͘ϭϲ ϭϮ͘ϳϲ Ͳ
Other current assets ϭ͘ϭϳ ϭ͕ϮϯϮ͘Ϯϭ ϴϭϲ͘ϬϬ
ϭϲ͕ϰϴϳ͘ϰϴ ϭϰ͕ϰϮϭ͘ϱϱ
TOTAL ASSETS ϯϵ͕ϭϮϭ͘ϵϭ ϯϯ͕ϱϭϳ͘ϵϵ
EQUITY AND LIABILITIES
ƋƵŝƚLJ
ƋƵŝƚLJƐŚĂƌĞĐĂƉŝƚĂů ϭ͘ϭϴ Ϯϵϯ͘ϱϱ ϮϵϮ͘ϳϭ
KƚŚĞƌĞƋƵŝƚLJ ϭ͘ϭϵ ϴ͕ϰϱϮ͘ϬϮ ϳ͕ϭϮϳ͘ϴϴ
ƋƵŝƚLJĂƩƌŝďƵƚĂďůĞƚŽŽǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ ϴ͕ϳϰϱ͘ϱϳ ϳ͕ϰϮϬ͘ϱϵ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ ϭ͕Ϭϳϱ͘Ϭϳ ϴϮϱ͘ϯϯ
dŽƚĂůĞƋƵŝƚLJ ϵ͕ϴϮϬ͘ϲϰ ϴ͕Ϯϰϱ͘ϵϮ
>ŝĂďŝůŝƟĞƐ
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
;ŝͿ ŽƌƌŽǁŝŶŐƐ ϭ͘ϮϬ ϭϯ͕ϬϬϵ͘ϲϱ ϭϬ͕ϮϮϴ͘Ϭϵ
;ŝŝͿ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭ͘Ϯϭ ϭϮϮ͘ϴϳ Ϯϵ͘ϵϳ
Provisions ϭ͘ϮϮ ϯϭϲ͘ϴϳ ϯϭϯ͘ϯϮ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ ϭ͘ϳď Ϯϱϳ͘ϳϲ Ϯϵϴ͘ϱϭ
ŽŶƚƌĂĐƚůŝĂďŝůŝƟĞƐ ϭ͘Ϯϯ Ϯϲϵ͘ϬϮ Ͳ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϭ͘Ϯϰ ϵ͘Ϯϰ ϮϭϬ͘ϳϬ
ϭϯ͕ϵϴϱ͘ϰϭ ϭϭ͕ϬϴϬ͘ϱϵ
ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
;ŝͿ ŽƌƌŽǁŝŶŐƐ ϭ͘Ϯϱ Ϯ͕ϭϯϳ͘ϳϱ ϭ͕ϵϭϵ͘ϮϬ
;ŝŝͿ dƌĂĚĞƉĂLJĂďůĞƐ ϭ͘Ϯϲ
ĂͿ dŽƚĂůŽƵƚƐƚĂŶĚŝŶŐĚƵĞƐŽĨDŝĐƌŽĂŶĚ^ŵĂůůŶƚĞƌƉƌŝƐĞƐ ϭϯ͘ϳϵ ϭϮ͘ϰϮ
ďͿ dŽƚĂůŽƵƚƐƚĂŶĚŝŶŐĚƵĞƐŽƚŚĞƌƚŚĂŶDŝĐƌŽĂŶĚ^ŵĂůůŶƚĞƌƉƌŝƐĞƐ ϱ͕ϭϲϱ͘Ϯϯ ϱ͕Ϭϰϭ͘ϭϭ
;ŝŝŝͿ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭ͘Ϯϳ ϲ͕ϬϭϮ͘ϰϳ ϱ͕Ϯϵϭ͘ϯϯ
ŽŶƚƌĂĐƚůŝĂďŝůŝƟĞƐ ϭ͘Ϯϴ ϴϭϰ͘ϴϬ Ͳ
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϭ͘Ϯϵ ϱϲϮ͘Ϭϱ ϭ͕Ϯϴϭ͘Ϭϳ
Provisions ϭ͘ϯϬ ϲϬϵ͘ϱϬ ϲϯϰ͘Ϭϭ
ƵƌƌĞŶƚƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ 1.31 Ϭ͘Ϯϳ ϭϮ͘ϯϰ
ϭϱ͕ϯϭϱ͘ϴϲ ϭϰ͕ϭϵϭ͘ϰϴ
TOTAL EQUITY AND LIABILITIES ϯϵ͕ϭϮϭ͘ϵϭ ϯϯ͕ϱϭϳ͘ϵϵ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
dŚŝƐŝƐƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐƌĞĨĞƌƌĞĚƚŽŝŶŽƵƌƌĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞ͘
For PRICE WATERHOUSE & CO CHARTERED ACCOUNTANTS LLP
&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEƵŵďĞƌͲϯϬϰϬϮϲͬͲϯϬϬϬϬϵ
Chartered Accountants
^ƵďƌĂŵĂŶŝĂŶsŝǀĞŬ
Partner
DĞŵďĞƌƐŚŝƉEƵŵďĞƌͲϭϬϬϯϯϮ
DĂLJϮϰ͕ϮϬϭϵ
DƵŵďĂŝ
B. KƚŚĞƌƋƵŝƚLJ
` Crores
Shares Reserves and Surplus
ZĞĐŽŐŶŝƟŽŶŽĨƐŚĂƌĞ Ͳ Ͳ Ͳ Ͳ Ͳ ϱϯ͘ϲϱ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϱϯ͘ϲϱ Ͳ
ďĂƐĞĚƉĂLJŵĞŶƚƐ
/ƐƐƵĞŽĨĞƋƵŝƚLJƐŚĂƌĞƐƚŽ Ͳ Ͳ ϲ͘ϴϭ Ͳ Ͳ ;Ϭ͘ϮϲͿ Ͳ Ͳ ;ϭϬ͘ϬϯͿ ;ϭϱϲ͘ϱϵͿ Ͳ Ͳ Ͳ ;ϭϲϬ͘ϬϳͿ ϭϵϯ͘ϯϭ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
;E/ͿĂŶĚĐŚĂŶŐĞŝŶ
ŝŶƚĞƌĞƐƚƐďĞƚǁĞĞŶƚŚĞ
owners and NCI
dƌĂŶƐĨĞƌƚŽͬĨƌŽŵƌĞƚĂŝŶĞĚ Ͳ Ͳ Ͳ Ͳ ;ϲϮ͘ϱϬͿ Ͳ Ͳ Ͳ ϯϵ͘ϳϴ ϳ͘ϴϱ ϭϰ͘ϴϳ Ͳ Ͳ Ͳ Ͳ
earnings
dƌĂŶƐĨĞƌƚŽͬĨƌŽŵ'ĞŶĞƌĂů Ͳ Ͳ Ͳ Ͳ Ͳ ;Ϯ͘ϭϯͿ Ϯ͘ϭϯ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
Reserve
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨ Ͳ Ϯϲϯ͘ϴϳ ϭ͕ϵϵϭ͘ϱϬ ϯ͘ϯϯ ϯϳ͘ϱϬ ϳϬ͘ϭϮ ϵϱϰ͘Ϯϰ ;ϳ͘ϳϳͿ ϴϴ͘ϯϴ ϯ͕ϳϮϰ͘ϰϬ ;ϭ͘ϱϬͿ Ͳ ϯ͘ϴϭ ϳ͕ϭϮϳ͘ϴϴ ϴϮϱ͘ϯϯ
DĂƌĐŚϯϭ͕ϮϬϭϴ
KE^K>/d^ddDEdK&,E'^/EYh/dz
B. KƚŚĞƌƋƵŝƚLJ ` Crores
WĂƌƟĐƵůĂƌƐ Shares Reserves and Surplus /ƚĞŵƐŽĨKƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ
pending income
Allotment
Capital ^ĞĐƵƌŝƟĞƐ Capital ĞďĞŶƚƵƌĞ Share 'ĞŶĞƌĂů &ŽƌĞŝŐŶ Statutory Retained &ŽƌĞŝŐŶ &Ăŝƌ īĞĐƟǀĞ ƩƌŝďƵƚĂďůĞ EŽŶͲ
Reserve Premium ZĞĚĞŵƉƟŽŶ ZĞĚĞŵƉƟŽŶ KƉƟŽŶ Reserve currency Reserve Earnings currency ǀĂůƵĂƟŽŶ ƉŽƌƟŽŶŽĨ ƚŽŽǁŶĞƌƐŽĨ controlling
Reserve Reserve Reserve Outstanding monetary ƚƌĂŶƐůĂƟŽŶ on loan ĂƐŚ&ůŽǁ the Company interests
Account item reserve ƌĞůĂƟŶŐƚŽ ,ĞĚŐĞƐ
ƚƌĂŶƐůĂƟŽŶ ĮŶĂŶĐŝŶŐ
ĚŝīĞƌĞŶĐĞ ĂĐƟǀŝƟĞƐ
Balance at the Ͳ Ϯϲϯ͘ϴϳ ϭ͕ϵϵϭ͘ϱϬ ϯ͘ϯϯ ϯϳ͘ϱϬ ϳϬ͘ϭϮ ϵϱϰ͘Ϯϰ ;ϳ͘ϳϳͿ ϴϴ͘ϯϴ ϯ͕ϳϮϰ͘ϰϬ ;ϭ͘ϱϬͿ Ͳ ϯ͘ϴϭ ϳ͕ϭϮϳ͘ϴϴ ϴϮϱ͘ϯϯ
ďĞŐŝŶŶŝŶŐŽĨƉƌŝůϭ͕ϮϬϭϴ
dƌĂŶƐŝƟŽŶĂĚũƵƐƚŵĞŶƚŽŶ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;Ϭ͘ϰϳͿ Ͳ Ͳ Ͳ ;Ϭ͘ϰϳͿ Ͳ
ĂĐĐŽƵŶƚŽĨĂĚŽƉƟŽŶŽĨ/ŶĚ
AS 115
WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ϯ͕Ϭϳϴ͘ϳϬ Ͳ Ͳ Ͳ Ϯ͕Ϭϳϴ͘ϳϬ ϭϭϱ͘ϵϬ
Other comprehensive income Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϰϭ͘ϴϬͿ ϯ͘ϰϵ ϭϯϵ͘ϰϳ ;ϰ͘ϬϵͿ ϵϳ͘Ϭϳ ϴϲ͘ϰϰ
dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ϯ͕Ϭϯϲ͘ϵϬ ϯ͘ϰϵ ϭϯϵ͘ϰϳ ;ϰ͘ϬϵͿ Ϯ͕ϭϳϱ͘ϳϳ ϮϬϮ͘ϯϰ
Income for the year
džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŽŶ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϭϰ͘ϮϵͿ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϭϰ͘ϮϵͿ Ͳ
ƚƌĂŶƐůĂƟŽŶŽĨŽƵƚƐƚĂŶĚŝŶŐůŽĂŶ
ďĂůĂŶĐĞƐ
džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞĂŵŽƌƟƐĞĚ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϯ͘ϵϬ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϯ͘ϵϬ Ͳ
dƌĂŶƐĂĐƟŽŶǁŝƚŚŽǁŶĞƌƐ
Dividends including tax Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϴϱϵ͘ϴϰͿ Ͳ Ͳ Ͳ ;ϴϱϵ͘ϴϰͿ Ͳ
thereon
ZĞĐŽŐŶŝƟŽŶŽĨƐŚĂƌĞďĂƐĞĚ Ͳ Ͳ Ͳ Ͳ Ͳ ϯ͘ϰϴ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϯ͘ϰϴ Ͳ
payments
KŶŝƐƐƵĞŽĨƐŚĂƌĞƐ Ͳ Ͳ ϳ͘ϴϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϳ͘ϴϬ
/ƐƐƵĞŽĨĞƋƵŝƚLJƐŚĂƌĞƐƚŽ Ͳ Ͳ ;Ϭ͘ϬϭͿ Ͳ Ͳ ;Ϭ͘ϰϬͿ Ͳ Ͳ ;Ϯϯ͘ϭϱͿ Ϯϭ͘ϯϰ Ϭ͘Ϭϭ Ͳ Ͳ ;Ϯ͘ϮϭͿ ϰϳ͘ϰϬ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
;E/ͿĂŶĚĐŚĂŶŐĞŝŶŝŶƚĞƌĞƐƚƐ
ďĞƚǁĞĞŶƚŚĞŽǁŶĞƌƐĂŶĚE/
dƌĂŶƐĨĞƌƚŽͬĨƌŽŵŐĞŶĞƌĂů Ͳ Ͳ Ͳ Ͳ Ͳ ;ϲϰ͘ϬϵͿ ϲϰ͘Ϭϵ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
reserves
dƌĂŶƐĨĞƌƚŽͬĨƌŽŵƌĞƚĂŝŶĞĚ Ͳ Ͳ Ͳ Ͳ ;ϯϳ͘ϱϬͿ Ͳ Ͳ Ͳ ϲϬ͘ϲϯ ;Ϯϯ͘ϭϯͿ Ͳ Ͳ Ͳ Ͳ Ͳ
earnings
Balance at the end of Ͳ Ϯϲϯ͘ϴϳ ϭ͕ϵϵϵ͘Ϯϵ ϯ͘ϯϯ Ͳ ϵ͘ϭϭ ϭ͕Ϭϭϴ͘ϯϯ ;ϴ͘ϭϲͿ ϭϮϱ͘ϴϲ ϰ͕ϴϵϵ͘ϮϬ Ϯ͘ϬϬ ϭϯϵ͘ϰϳ ;Ϭ͘ϮϴͿ ϴ͕ϰϱϮ͘ϬϮ ϭ͕Ϭϳϱ͘Ϭϳ
&KZd,zZEDZ,ϯϭ͕ϮϬϭϵ
DĂƌĐŚϯϭ͕ϮϬϭϵ
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
'ŽƉĂůDĂŚĂĚĞǀĂŶ For and on behalf of the Board
ŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
N Ramanathan Dheeraj G Hinduja
Company Secretary Chairman
DĂLJϮϰ͕ϮϬϭϵ͕ŚĞŶŶĂŝ /E͗ϬϬϭϯϯϰϭϬ
dŚŝƐŝƐƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨŚĂŶŐĞƐŝŶƋƵŝƚLJƌĞĨĞƌƌĞĚƚŽŝŶŽƵƌƌĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞ͘
For PRICE WATERHOUSE & CO CHARTERED ACCOUNTANTS LLP
&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEƵŵďĞƌͲϯϬϰϬϮϲͬͲϯϬϬϬϬϵ
Chartered Accountants
^ƵďƌĂŵĂŶŝĂŶsŝǀĞŬ
Partner
DĞŵďĞƌƐŚŝƉEƵŵďĞƌͲϭϬϬϯϯϮ
DĂLJϮϰ͕ϮϬϭϵ
ϭϲϳ
DƵŵďĂŝ
NOTES ANNEXED TO AND FORMING PART
OF THE CONSOLIDATED FINANCIAL STATEMENTS
ϭ͘ 'ĞŶĞƌĂůŝŶĨŽƌŵĂƟŽŶ
Background:
ƐŚŽŬ>ĞLJůĂŶĚ>ŝŵŝƚĞĚ;͞ƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͟ͿŝƐĂƉƵďůŝĐůŝŵŝƚĞĚĐŽŵƉĂŶLJŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚĚŽŵŝĐŝůĞĚŝŶ/ŶĚŝĂĂŶĚŐŽǀĞƌŶĞĚďLJ
ƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞Đƚ͟Ϳ͘dŚĞWĂƌĞŶƚŽŵƉĂŶLJ͛ƐƌĞŐŝƐƚĞƌĞĚŽĸĐĞŝƐƐŝƚƵĂƚĞĚĂƚϭ͕^ĂƌĚĂƌWĂƚĞůZŽĂĚ͕'ƵŝŶĚLJ͕ŚĞŶŶĂŝ͕dĂŵŝů
EĂĚƵ͕/ŶĚŝĂ͘dŚĞWĂƌĞŶƚŽŵƉĂŶLJŚĂƐĞůĞǀĞŶƐƵďƐŝĚŝĂƌŝĞƐ͕ƚŚƌĞĞũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚƚŚƌĞĞĂƐƐŽĐŝĂƚĞƐ͘dŚĞŵĂŝŶĂĐƟǀŝƟĞƐŽĨƚŚĞ
WĂƌĞŶƚŽŵƉĂŶLJĂůŽŶŐǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐƌĞůĂƚĞƚŽŵĂŶƵĨĂĐƚƵƌĞ͕ƐĂůĞ͕ǀĞŚŝĐůĞĂŶĚŚŽƵƐŝŶŐĮŶĂŶĐĞ
ĂŶĚƐĞƌǀŝĐĞƐƌĞůĂƚĞĚƚŽĂǁŝĚĞƌĂŶŐĞŽĨĐŽŵŵĞƌĐŝĂůǀĞŚŝĐůĞƐ͘ůƐŽZĞĨĞƌEŽƚĞϯ͘ϭϰ͘dŚĞWĂƌĞŶƚŽŵƉĂŶLJĂůƐŽŵĂŶƵĨĂĐƚƵƌĞƐĞŶŐŝŶĞƐ
ĨŽƌŝŶĚƵƐƚƌŝĂůĂŶĚŵĂƌŝŶĞĂƉƉůŝĐĂƟŽŶƐ͕ĨŽƌŐŝŶŐƐĂŶĚĐĂƐƟŶŐƐ͘dŚĞWĂƌĞŶƚŽŵƉĂŶLJƚŽŐĞƚŚĞƌǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐŝƐŚĞƌĞŝŶĂŌĞƌ
ƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞'ƌŽƵƉ͘͟
ϭ͘ ^ŝŐŶŝĮĐĂŶƚĐĐŽƵŶƟŶŐWŽůŝĐŝĞƐ
ϭ͘ϭ ĂƐŝƐŽĨWƌĞƉĂƌĂƟŽŶĂŶĚWƌĞƐĞŶƚĂƟŽŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ŶŽƟĮĞĚƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶ
ĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐͿZƵůĞƐ͕ϮϬϭϱ͘
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶƚŚĞŚŝƐƚŽƌŝĐĂůĐŽƐƚďĂƐŝƐĞdžĐĞƉƚĨŽƌĐĞƌƚĂŝŶĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐƚŚĂƚ
ĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͕ĂƐĞdžƉůĂŝŶĞĚŝŶƚŚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐďĞůŽǁ͘
,ŝƐƚŽƌŝĐĂůĐŽƐƚŝƐŐĞŶĞƌĂůůLJďĂƐĞĚŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶŐŝǀĞŶŝŶĞdžĐŚĂŶŐĞĨŽƌŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘&ĂŝƌǀĂůƵĞŝƐƚŚĞ
ƉƌŝĐĞƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚƚŽƐĞůůĂŶĂƐƐĞƚŽƌƉĂŝĚƚŽƚƌĂŶƐĨĞƌĂůŝĂďŝůŝƚLJŝŶĂŶŽƌĚĞƌůLJƚƌĂŶƐĂĐƟŽŶďĞƚǁĞĞŶŵĂƌŬĞƚƉĂƌƟĐŝƉĂŶƚƐĂƚ
ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌƚŚĂƚƉƌŝĐĞŝƐĚŝƌĞĐƚůLJŽďƐĞƌǀĂďůĞŽƌĞƐƟŵĂƚĞĚƵƐŝŶŐĂŶŽƚŚĞƌǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞ͘/Ŷ
ĞƐƟŵĂƟŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶĂƐƐĞƚŽƌĂůŝĂďŝůŝƚLJ͕ƚŚĞ'ƌŽƵƉƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĐŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝĨŵĂƌŬĞƚ
ƉĂƌƟĐŝƉĂŶƚƐǁŽƵůĚƚĂŬĞƚŚŽƐĞĐŚĂƌĂĐƚĞƌŝƐƟĐƐŝŶƚŽĂĐĐŽƵŶƚǁŚĞŶƉƌŝĐŝŶŐƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘&ĂŝƌǀĂůƵĞ
ĨŽƌŵĞĂƐƵƌĞŵĞŶƚĂŶĚͬŽƌĚŝƐĐůŽƐƵƌĞƉƵƌƉŽƐĞƐŝŶƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐĚĞƚĞƌŵŝŶĞĚŽŶƐƵĐŚĂďĂƐŝƐ͕ĞdžĐĞƉƚĨŽƌ
ƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƟŽŶƐƚŚĂƚĂƌĞǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨ/ŶĚ^ϭϬϮ͕ůĞĂƐŝŶŐƚƌĂŶƐĂĐƟŽŶƐƚŚĂƚĂƌĞǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨ/ŶĚ
^ϭϳ͕ĂŶĚŵĞĂƐƵƌĞŵĞŶƚƐƚŚĂƚŚĂǀĞƐŽŵĞƐŝŵŝůĂƌŝƟĞƐƚŽĨĂŝƌǀĂůƵĞďƵƚĂƌĞŶŽƚĨĂŝƌǀĂůƵĞ͕ƐƵĐŚĂƐŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞŝŶ/ŶĚ^ϮŽƌ
ǀĂůƵĞŝŶƵƐĞŝŶ/ŶĚ^ϯϲ͘
/ŶĂĚĚŝƟŽŶ͕ĨŽƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐƉƵƌƉŽƐĞƐ͕ĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞĐĂƚĞŐŽƌŝƐĞĚŝŶƚŽ>ĞǀĞůϭ͕Ϯ͕ŽƌϯďĂƐĞĚŽŶƚŚĞĚĞŐƌĞĞƚŽ
ǁŚŝĐŚƚŚĞŝŶƉƵƚƐƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞŽďƐĞƌǀĂďůĞĂŶĚƚŚĞƐŝŐŶŝĮĐĂŶĐĞŽĨƚŚĞŝŶƉƵƚƐƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ
ŝŶŝƚƐĞŶƟƌĞƚLJ͕ǁŚŝĐŚĂƌĞĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͗
ͻ >ĞǀĞůϭŝŶƉƵƚƐĂƌĞƋƵŽƚĞĚƉƌŝĐĞƐ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƟǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƟĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐƚŚĂƚƚŚĞĞŶƟƚLJĐĂŶĂĐĐĞƐƐĂƚ
ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͖
ͻ >ĞǀĞůϮŝŶƉƵƚƐĂƌĞŝŶƉƵƚƐ͕ŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶĐůƵĚĞĚǁŝƚŚŝŶ>ĞǀĞůϭ͕ƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕
ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͖ĂŶĚ
ͻ >ĞǀĞůϯŝŶƉƵƚƐĂƌĞƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘
ůůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŚĂǀĞďĞĞŶĐůĂƐƐŝĮĞĚĂƐĐƵƌƌĞŶƚŽƌŶŽŶͲĐƵƌƌĞŶƚĂƐƉĞƌƚŚĞ'ƌŽƵƉ͛ƐŶŽƌŵĂůŽƉĞƌĂƟŶŐĐLJĐůĞĂŶĚŽƚŚĞƌ
ĐƌŝƚĞƌŝĂƐĞƚŽƵƚŝŶƚŚĞ^ĐŚĞĚƵůĞ///ƚŽƚŚĞĐƚ͘ĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨƉƌŽĚƵĐƚƐĂŶĚƚŚĞƟŵĞďĞƚǁĞĞŶƚŚĞĂĐƋƵŝƐŝƟŽŶŽĨĂƐƐĞƚƐĨŽƌ
ƉƌŽĐĞƐƐŝŶŐĂŶĚƚŚĞŝƌƌĞĂůŝƐĂƟŽŶŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ƚŚĞ'ƌŽƵƉŚĂƐĚĞƚĞƌŵŝŶĞĚŝƚƐŽƉĞƌĂƟŶŐĐLJĐůĞĂƐƚǁĞůǀĞŵŽŶƚŚƐĨŽƌ
ƚŚĞƉƵƌƉŽƐĞŽĨĐƵƌƌĞŶƚʹŶŽŶͲĐƵƌƌĞŶƚĐůĂƐƐŝĮĐĂƟŽŶŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐ͘
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶ/ŶĚŝĂŶZƵƉĞĞƐ;`ͿĂŶĚĂůůǀĂůƵĞƐĂƌĞƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚĐƌŽƌĞƐ͕ĞdžĐĞƉƚ
where otherwise indicated.
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƉƉƌŽǀĞĚĨŽƌŝƐƐƵĞďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶDĂLJϮϰ͕ϮϬϭϵ͘
ZĞĐĞŶƚĂĐĐŽƵŶƟŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐ͗
dŚĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚ;/ŶĚ^Ϳϭϭϲ͕>ĞĂƐĞƐŝƐĂƉƉůŝĐĂďůĞĨƌŽŵ&zϮϬϭϵͲϮϬ͕ƚŚĞŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚƚŚĞĂĚŽƉƟŽŶ
ŽĨ/ŶĚ^ϭϭϲĚŽĞƐŶŽƚŚĂǀĞĂŶLJƐŝŐŶŝĮĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞ'ƌŽƵƉŚĂƐŶŽƚĞĂƌůLJĂĚŽƉƚĞĚĂŶLJ
ƐƚĂŶĚĂƌĚƐŽƌĂŵĞŶĚŵĞŶƚƐƚŚĂƚŚĂǀĞďĞĞŶŝƐƐƵĞĚďƵƚĂƌĞŶŽƚLJĞƚĞīĞĐƟǀĞ͘
/ŶƌĞƐƉĞĐƚŽĨǀĂƌŝŽƵƐĂŵĞŶĚŵĞŶƚƐƚŽŽƚŚĞƌĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ͕ƚŚĞŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚĂĚŽƉƟŽŶŽĨƚŚŽƐĞĚŽĞƐŶŽƚŚĂǀĞ
ĂŶLJƐŝŐŶŝĮĐĂŶƚŝŵƉĂĐƚĨŽƌƚŚĞ'ƌŽƵƉ͘
dŚĞƐŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĂƌĞĚĞƚĂŝůĞĚďĞůŽǁ͘
ϭ͘Ϯ ĂƐŝƐŽĨĐŽŶƐŽůŝĚĂƟŽŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉŝŶĐŽƌƉŽƌĂƚĞƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJĂŶĚŝƚƐ
ƐƵďƐŝĚŝĂƌŝĞƐ͘dŚĞWĂƌĞŶƚŽŵƉĂŶLJŚĂƐĐŽŶƚƌŽůŽǀĞƌƚŚĞƐƵďƐŝĚŝĂƌŝĞƐĂƐŝƚŝƐĞdžƉŽƐĞĚ͕ŽƌŚĂƐƌŝŐŚƚƐ͕ƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐ
ŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞŝŶǀĞƐƚĞĞ͖ĂŶĚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĂīĞĐƚŝƚƐƌĞƚƵƌŶƐƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞƐƵďƐŝĚŝĂƌŝĞƐ͘
tŚĞŶƚŚĞWĂƌĞŶƚŽŵƉĂŶLJŚĂƐůĞƐƐƚŚĂŶĂŵĂũŽƌŝƚLJŽĨƚŚĞǀŽƟŶŐƌŝŐŚƚƐŽĨĂŶŝŶǀĞƐƚĞĞ͕ŝƚŚĂƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞǁŚĞŶƚŚĞ
ǀŽƟŶŐƌŝŐŚƚƐĂƌĞƐƵĸĐŝĞŶƚƚŽŐŝǀĞŝƚƚŚĞƉƌĂĐƟĐĂůĂďŝůŝƚLJƚŽĚŝƌĞĐƚƚŚĞƌĞůĞǀĂŶƚĂĐƟǀŝƟĞƐŽĨƚŚĞŝŶǀĞƐƚĞĞƵŶŝůĂƚĞƌĂůůLJ͘dŚĞWĂƌĞŶƚ
ůĂƐƐĞƐŽĨWƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ hƐĞĨƵůůŝĨĞ;LJĞĂƌƐͿ
Buildings ϮϬͲϯϬ
EŽŶͲĨĂĐƚŽƌLJƐĞƌǀŝĐĞŝŶƐƚĂůůĂƟŽŶƐ͗
Ͳ /ŶĐƵƐƚŽŵĞƌƉƌĞŵŝƐĞƐ ϭϮ
Ͳ >ĞĂƐĞŝŵƉƌŽǀĞŵĞŶƚƐ Primary lease period or 3
LJĞĂƌƐ͕ǁŚŝĐŚĞǀĞƌŝƐĞĂƌůŝĞƌ
YƵĂůŝƚLJĞƋƵŝƉŵĞŶƚ͕ĐĂŶƚĞĞŶĂƐƐĞƚƐ͕ŵĂũŽƌ:ŝŐƐĂŶĚĮdžƚƵƌĞƐĂŶĚŚĂŶĚƚŽŽůƐ ϱͬϭϮ
Other plant and machinery ϮϬ
WĂƩĞƌŶƐĂŶĚĚŝĞƐ 5
&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐ ϴ
&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐͲůĞĂƐĞŝŵƉƌŽǀĞŵĞŶƚƐ 3
ŝƌĐƌĂŌ ϭϴ
sĞŚŝĐůĞƐ͗
Ͳ dƌƵĐŬƐĂŶĚďƵƐĞƐ ϱͬϭϬ
Ͳ ĂƌƐĂŶĚŵŽƚŽƌĐLJĐůĞƐ ϯͬϱ
KĸĐĞĞƋƵŝƉŵĞŶƚ ϱͲϮϬ
KĸĐĞĞƋƵŝƉŵĞŶƚʹĂƚĂƉƌŽĐĞƐƐŝŶŐƐLJƐƚĞŵ;ŝŶĐůƵĚŝŶŐƐĞƌǀĞƌƐͿ ϯͲϲ
ůĂƐƐĞƐŽĨ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ hƐĞĨƵůůŝĨĞ;LJĞĂƌƐͿ
ŽŵƉƵƚĞƌ^ŽŌǁĂƌĞ͗
ĐƋƵŝƌĞĚ ϯͲϭϬ
Developed ϱͬϭϬ
dĞĐŚŶŝĐĂů<ŶŽǁŚŽǁ͗
ĐƋƵŝƌĞĚ ϱͬϲ
Developed ϲͬϭϬ
ϭ͘ϭϱ /ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ
ƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͕ƚŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJŝŶĚŝĐĂƟŽŶƚŚĂƚŝƚƐĂƐƐĞƚƐ;ƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ͕ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĐĂƌƌŝĞĚĂƚĐŽƐƚͿŚĂǀĞƐƵīĞƌĞĚ
ĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐ͘/ĨĂŶLJŝŶĚŝĐĂƟŽŶŽĨŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨ
ƐƵĐŚĂƐƐĞƚƐŝƐĞƐƟŵĂƚĞĚĂŶĚŝŵƉĂŝƌŵĞŶƚŝƐƌĞĐŽŐŶŝƐĞĚ͕ŝĨƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚĞdžĐĞĞĚƐƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ZĞĐŽǀĞƌĂďůĞ
ĂŵŽƵŶƚŝƐŚŝŐŚĞƌŽĨƚŚĞĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐŽĨĚŝƐƉŽƐĂůĂŶĚǀĂůƵĞŝŶƵƐĞ͘/ŶĂƐƐĞƐƐŝŶŐǀĂůƵĞŝŶƵƐĞ͕ƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐ
ĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌƉƌĞƐĞŶƚǀĂůƵĞƵƐŝŶŐĂƉƌĞͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚƌĞŇĞĐƚƐĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƟŵĞǀĂůƵĞŽĨ
ŵŽŶĞLJĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĮĐƚŽƚŚĞĂƐƐĞƚĨŽƌǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐŚĂǀĞŶŽƚďĞĞŶĂĚũƵƐƚĞĚ͘
Building `ϰ͘ϵϲĐƌŽƌĞƐ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ`ϭϱ͘ϬϲĐƌŽƌĞƐ͕&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐ`Ϭ͘ϭϳĐƌŽƌĞƐ͕KĸĐĞĞƋƵŝƉŵĞŶƚ`Ϭ͘ϮϰĐƌŽƌĞƐ͕ĂƉŝƚĂůtŽƌŬŝŶƉƌŽŐƌĞƐƐ`Ϭ͘ϯϱĐƌŽƌĞƐ
ϱ͘ &ŽƌĚĞƚĂŝůƐŽĨĂƐƐĞƚƐŐŝǀĞŶĂƐƐĞĐƵƌŝƚLJĂŐĂŝŶƐƚďŽƌƌŽǁŝŶŐƐͲZĞĨĞƌEŽƚĞϯ͘ϭϯ
ϲ͘ &ŽƌĂŵŽƵŶƚŽĨĐŽŶƚƌĂĐƚƵĂůĐŽŵŵŝƚŵĞŶƚƐĨŽƌƚŚĞĂĐƋƵŝƐŝƟŽŶŽĨWW͕ZĞĨĞƌEŽƚĞϯ͘ϭϮ
ϳ͘ & ƌĞĞŚŽůĚůĂŶĚŝŶĐůƵĚĞƐƉƵƌĐŚĂƐĞŽĨůĂŶĚĨƌŽŵŶĚŚƌĂWƌĂĚĞƐŚ/ŶĚƵƐƚƌŝĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ͕ĂŶĚdĞůĞŶŐĂŶĂ^ƚĂƚĞ/ŶĚƵƐƚƌŝĂů/ŶĨƌĂƐƚƌƵĐƚƵƌĞŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ͕ƚŚĞƟƚůĞŽĨ
ǁŚŝĐŚǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͛ƐŶĂŵĞƵƉŽŶĨƵůĮůŵĞŶƚŽĨĐĞƌƚĂŝŶĐŽŶĚŝƟŽŶƐ͘
OF THE CONSOLIDATED FINANCIAL STATEMENTS
ϴ͘ džƉĞŶƐĞƐĐĂƉŝƚĂůŝƐĞĚ`Ϯ͘ϯϱĐƌŽƌĞƐͲZĞĨĞƌEŽƚĞƐϮ͘ϯ͕Ϯ͘ϰĂŶĚϮ͘ϲƚŽƚŚĞŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ϭ͘ϭ W
ZKWZdz͕W>EdEYh/WDEdEW/d>tKZ<Ͳ/EͲWZK'Z^^
` Crores
DESCRIPTION 'ZK^^ZZz/E'DKhEd;K^dͿ WZ/d/KEͬDKZd/^d/KE NET
ZZz/E'
AMOUNT
WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ Ϭϭ͘Ϭϰ͘ϮϬϭϳ ĚĚŝƟŽŶƐ ĚũƵƐƚŵĞŶƚƐΎ ZĞĐůĂƐƐŝĮĐĂƟŽŶη Disposals ϯϭ͘Ϭϯ͘ϮϬϭϴ Upto Charge ĚũƵƐƚŵĞŶƚƐΎ Disposals Upto Upto
;WWͿ ϯϭ͘Ϭϯ͘ϮϬϭϳ during the ϯϭ͘Ϭϯ͘ϮϬϭϴ ϯϭ͘Ϭϯ͘ϮϬϭϴ
year
&ƌĞĞŚŽůĚůĂŶĚ ϲϰϳ͘ϯϱ ϭϯ͘ϭϳ Ͳ ϭϮϯ͘ϬϬ Ϭ͘ϯϱ ϳϴϯ͘ϭϳ Ͳ Ͳ Ͳ Ͳ Ͳ ϳϴϯ͘ϭϳ
Buildings ϭ͕ϰϳϲ͘ϳϭ ϲϭ͘ϰϱ Ϭ͘ϱϱ Ͳ ϱ͘ϵϲ ϭ͕ϱϯϮ͘ϳϱ ϭϭϭ͘ϵϮ ϲϱ͘ϱϲ Ϭ͘Ϭϴ ϯ͘ϵϲ ϭϳϯ͘ϲϬ ϭ͕ϯϱϵ͘ϭϱ
Buildings given on lease ϭϭ͘Ϯϯ Ͳ Ͳ Ͳ Ͳ ϭϭ͘Ϯϯ Ϭ͘ϰϱ Ϭ͘Ϯϰ Ͳ Ͳ Ϭ͘ϲϵ ϭϬ͘ϱϰ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ ϯ͕ϰϳϯ͘Ϯϱ ϮϳϬ͘ϭϰ Ϯϰ͘Ϭϯ Ͳ ϵϱ͘ϭϯ ϯ͕ϲϳϮ͘Ϯϵ ϲϭϱ͘ϰϭ ϰϯϴ͘ϱϲ ϭϮ͘ϯϬ ϵϯ͘ϭϵ ϵϳϯ͘Ϭϴ Ϯ͕ϲϵϵ͘Ϯϭ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŐŝǀĞŶ Ϭ͘Ϭϰ Ͳ Ͳ Ͳ Ͳ Ϭ͘Ϭϰ Ϭ͘Ϭϭ η Ͳ Ͳ Ϭ͘Ϭϭ Ϭ͘Ϭϯ
on lease
&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐ ϱϲ͘ϲϮ ϭϳ͘Ϭϳ ϯ͘ϵϮ Ͳ ϭ͘ϭϳ ϳϲ͘ϰϰ Ϯϯ͘ϭϵ ϭϬ͘ϭϵ ϯ͘ϲϰ Ϭ͘ϳϰ ϯϲ͘Ϯϴ ϰϬ͘ϭϲ
&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐŐŝǀĞŶ Ϭ͘ϮϮ Ͳ Ͳ Ͳ Ͳ Ϭ͘ϮϮ Ϭ͘ϭϬ Ϭ͘Ϭϱ Ͳ Ͳ Ϭ͘ϭϱ Ϭ͘Ϭϳ
on lease
sĞŚŝĐůĞƐ ϴϮ͘ϵϳ ϰϴ͘ϳϲ ;Ϭ͘ϭϰͿ Ͳ ϰ͘ϭϳ ϭϮϳ͘ϰϮ ϭϵ͘ϯϲ Ϯϭ͘ϲϴ ϰ͘ϲϳ ϯ͘ϳϬ ϰϮ͘Ϭϭ ϴϱ͘ϰϭ
ŝƌĐƌĂŌŐŝǀĞŶŽŶůĞĂƐĞ ϲϬ͘ϳϱ Ͳ Ͳ Ͳ Ͳ ϲϬ͘ϳϱ ϭϮ͘ϵϵ ϲ͘ϰϵ Ͳ Ͳ ϭϵ͘ϰϴ ϰϭ͘Ϯϳ
KĸĐĞƋƵŝƉŵĞŶƚ ϲϳ͘ϳϲ Ϯϯ͘ϲϴ ;ϭ͘ϮϭͿ Ͳ ϰ͘ϭϬ ϴϲ͘ϭϯ Ϯϭ͘ϳϰ ϭϴ͘ϴϮ ;Ϭ͘ϳϯͿ ϯ͘ϳϯ ϯϲ͘ϭϬ ϱϬ͘Ϭϯ
KĸĐĞƋƵŝƉŵĞŶƚŐŝǀĞŶŽŶ Ϭ͘Ϭϭ Ͳ Ͳ Ͳ Ϭ͘Ϭϭ Ͳ Ϭ͘Ϭϭ Ͳ Ͳ Ϭ͘Ϭϭ Ͳ Ͳ
lease
Electrical and other ϭ͘ϭϰ Ϭ͘ϭϮ Ͳ Ͳ Ͳ ϭ͘Ϯϲ Ϭ͘ϲϯ Ϭ͘ϮϬ Ͳ Ͳ Ϭ͘ϴϯ Ϭ͘ϰϯ
ŝŶƐƚĂůůĂƟŽŶƐŽŶůĞĂƐĞŚŽůĚ
premises
TOTAL ϱ͕ϴϳϴ͘Ϭϱ ϰϯϰ͘ϯϵ Ϯϳ͘ϭϱ ϭϮϯ͘ϬϬ ϭϭϬ͘ϴϵ ϲ͕ϯϱϭ͘ϳϬ ϴϬϱ͘ϴϭ ϱϲϭ͘ϳϵ ϭϵ͘ϵϲ ϭϬϱ͘ϯϯ ϭ͕ϮϴϮ͘Ϯϯ ϱ͕Ϭϲϵ͘ϰϳ
ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ Ϯϱϭ͘ϭϭ
ΎĚũƵƐƚŵĞŶƚƐŝŶĐůƵĚĞĐƵƌƌĞŶĐLJŵŽǀĞŵĞŶƚƐƌĞůĂƟŶŐƚŽĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐ͘
η&ƌĞĞŚŽůĚůĂŶĚůŽĐĂƚĞĚĂƚ,LJĚĞƌĂďĂĚ͕ǁŚŝĐŚǁĂƐĐůĂƐƐŝĮĞĚĂƐĂƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞŝŶƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϲͲϭϳŝƐŶŽǁƌĞĐůĂƐƐŝĮĞĚ͘
ηηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞĐŽŵƉĂŶLJ͘
Notes:
ϭ͘ ƵŝůĚŝŶŐƐŝŶĐůƵĚĞŶŽŶͲĨĂĐƚŽƌLJƐĞƌǀŝĐĞŝŶƐƚĂůůĂƟŽŶƐŽĨŐƌŽƐƐǀĂůƵĞ`ϭϵϮ͘ϭϭƌŽƌĞƐ͘
Ϯ͘ ƉŽƌƟŽŶŽĨƚŚĞƵŝůĚŝŶŐƐŝŶŚĂŶĚĂƌĂǀĂůƵĞĚĂƚ` ϵ͘ϱϬĐƌŽƌĞƐŝƐŽŶĂůĂŶĚ͕ƚŚĞƟƚůĞĨŽƌǁŚŝĐŚŝƐLJĞƚƚŽďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͘
NOTES ANNEXED TO AND FORMING PART
ϯ͘ dŚĞƟƚůĞŽĨůĂŶĚĂŶĚďƵŝůĚŝŶŐƐĂĐƋƵŝƌĞĚƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ͕ǁŚŝĐŚĂƌĞŝŶƚŚĞŶĂŵĞŽĨƚŚĞĂŵĂůŐĂŵĂƟŶŐĐŽŵƉĂŶLJ͕ĂƌĞLJĞƚƚŽďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞŶĂŵĞŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͘
ϰ͘ ŽƐƚŽĨƵŝůĚŝŶŐƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴŝŶĐůƵĚĞƐ͗
ĂͿ `Ϭ͘ϬϯĐƌŽƌĞƐďĞŝŶŐĐŽƐƚŽĨƐŚĂƌĞƐŝŶ,ŽƵƐŝŶŐŽͲŽƉĞƌĂƟǀĞ^ŽĐŝĞƚLJƌĞƉƌĞƐĞŶƟŶŐŽǁŶĞƌƐŚŝƉƌŝŐŚƚƐŝŶƌĞƐŝĚĞŶƟĂůŇĂƚƐĂŶĚĨƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐƚŚĞƌĞĂƚ͘
ďͿ ` ϭ͘ϯϮĐƌŽƌĞƐƌĞƉƌĞƐĞŶƟŶŐĐŽƐƚŽĨƌĞƐŝĚĞŶƟĂůŇĂƚƐŝŶĐůƵĚŝŶŐƵŶĚŝǀŝĚĞĚŝŶƚĞƌĞƐƚŝŶůĂŶĚ͘
ϱ͘ ĚĚŝƟŽŶƐƚŽWWĂŶĚĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐŝŶĐůƵĚĞĞdžĐŚĂŶŐĞ;ŐĂŝŶͿͬůŽƐƐĂŐŐƌĞŐĂƟŶŐƚŽ`ϲ͘ϮϱĐƌŽƌĞƐĐĂƉŝƚĂůŝƐĞĚĂƐƵŶĚĞƌ͗
OF THE CONSOLIDATED FINANCIAL STATEMENTS
Building `ϭ͘ϮϵĐƌŽƌĞƐ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ`ϰ͘ϳϲĐƌŽƌĞƐ͕&ƵƌŶŝƚƵƌĞĂŶĚĮƫŶŐƐ`Ϭ͘ϬϰĐƌŽƌĞƐ͕sĞŚŝĐůĞƐĂŶĚĂŝƌĐƌĂŌ;ηηͿůĂŬŚƐ͕KĸĐĞĞƋƵŝƉŵĞŶƚ`Ϭ͘ϬϴĐƌŽƌĞƐ͕ĂƉŝƚĂůtŽƌŬŝŶƉƌŽŐƌĞƐƐ
`Ϭ͘ϬϴĐƌŽƌĞƐ͘
ϲ͘ &ŽƌĚĞƚĂŝůƐŽĨĂƐƐĞƚƐŐŝǀĞŶĂƐƐĞĐƵƌŝƚLJĂŐĂŝŶƐƚďŽƌƌŽǁŝŶŐƐͲZĞĨĞƌEŽƚĞϯ͘ϭϯ
ϭϴϱ
ǁŚŝĐŚǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞWĂƌĞŶƚŽŵƉĂŶLJΖƐŶĂŵĞƵƉŽŶĨƵůĮůŵĞŶƚŽĨĐĞƌƚĂŝŶĐŽŶĚŝƟŽŶƐ͘
ϭ͘Ϯ Kd,Z/EdE'/>^^d^E/EdE'/>^^d^hEZs>KWDEd
` Crores
DESCRIPTION 'ZK^^ZZz/E'DKhEd;K^dͿ WZ/d/KEͬDKZd/^d/KE NET
ZZz/E'
AMOUNT
KƚŚĞƌ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ Ϭϭ͘Ϭϰ͘ϮϬϭϴ ĚĚŝƟŽŶƐ ĐƋƵŝƐŝƟŽŶ ĚũƵƐƚŵĞŶƚƐΎ Disposals ϯϭ͘Ϭϯ͘ϮϬϭϵ Upto Charge ĚũƵƐƚŵĞŶƚƐΎ Disposals Upto Upto
ƚŚƌŽƵŐŚďƵƐŝŶĞƐƐ ϯϭ͘Ϭϯ͘ϮϬϭϴ during the ϯϭ͘Ϭϯ͘ϮϬϭϵ ϯϭ͘Ϭϯ͘ϮϬϭϵ
ĐŽŵďŝŶĂƟŽŶ year
ŽŵƉƵƚĞƌƐŽŌǁĂƌĞ
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
Nos. ` Crores Nos. ` Crores
I) /ŶǀĞƐƚŵĞŶƚŝŶƋƵŝƚLJ/ŶƐƚƌƵŵĞŶƚƐ;ƵŶƋƵŽƚĞĚ͕ƵŶůĞƐƐ
ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĮĞĚͿ
ϭͿ ƐƐŽĐŝĂƚĞƐ;ĂĐĐŽƵŶƚĞĚƵŶĚĞƌĞƋƵŝƚLJŵĞƚŚŽĚͿ
a) ƋƵŝƚLJ^ŚĂƌĞƐŽĨ`ϭϬĞĂĐŚ
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ
ŽƐƚŽĨĐƋƵŝƐŝƟŽŶ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůŽĨ ϱ͕ϬϮϳ͕ϱϲϳ ϱ͘Ϭϯ ϱ͕ϬϮϳ͕ϱϲϳ ϱ͘Ϭϯ
`Ϭ͘ϬϮĐƌŽƌĞƐͿ
ĚĚͬ>ĞƐƐ͗'ƌŽƵƉƐŚĂƌĞŽĨƉƌŽĮƚͬ;ůŽƐƐͿ Ϯ͘ϳϳ ϭ͘ϵϲ
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚ ϳ͘ϴϬ ϲ͘ϵϵ
ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚΎ
ŽƐƚŽĨĐƋƵŝƐŝƟŽŶ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůŽĨ ϭ͕ϵϲϬ͕ϬϬϬ ϭ͘ϵϲ
`ϭ͘ϭϮĐƌŽƌĞƐͿ
>ĞƐƐ͗'ƌŽƵƉƐŚĂƌĞŽĨ>ŽƐƐ ϭ͘ϯϵ
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚ Ͳ Ϭ͘ϱϳ
DĂŶŐĂůĂŵZĞƚĂŝů^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ
ŽƐƚŽĨĐƋƵŝƐŝƟŽŶ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůŽĨ ϯϳ͕ϰϳϬ Ϭ͘Ϭϰ ϯϳ͕ϰϳϬ Ϭ͘Ϭϰ
`Ϭ͘ϬϭĐƌŽƌĞƐͿ
ĚĚ͗'ƌŽƵƉƐŚĂƌĞŽĨWƌŽĮƚη Ͳ Ͳ
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚ Ϭ͘Ϭϰ Ϭ͘Ϭϰ
b) ƋƵŝƚLJƐŚĂƌĞƐŽĨ^ƌŝůĂŶŬĂŶZƵƉĞĞƐϭϬĞĂĐŚ
>ĂŶŬĂƐŚŽŬ>ĞLJůĂŶĚ͕W>;YƵŽƚĞĚͿ
ŽƐƚŽĨĐƋƵŝƐŝƟŽŶ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůŽĨ ϭ͕ϬϬϴ͕ϯϯϮ Ϭ͘ϱϳ ϭ͕ϬϬϴ͕ϯϯϮ Ϭ͘ϱϳ
`Ϭ͘ϮϭĐƌŽƌĞƐͿ
ĚĚ͗'ƌŽƵƉƐŚĂƌĞŽĨWƌŽĮƚ Ϯϴ͘ϰϱ ϯϰ͘ϰϳ
>ĞƐƐ͗ŝǀŝĚĞŶĚ/ŶĐŽŵĞ ϭ͘ϱϰ ϭ͘Ϯϵ
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚ Ϯϳ͘ϰϴ ϯϯ͘ϳϱ
2) :ŽŝŶƚsĞŶƚƵƌĞƐ;ĂĐĐŽƵŶƚĞĚƵŶĚĞƌĞƋƵŝƚLJŵĞƚŚŽĚͿ
ĂͿ ƋƵŝƚLJ^ŚĂƌĞƐŽĨ`ϭϬĞĂĐŚ
,ŝŶĚƵũĂdĞĐŚ>ŝŵŝƚĞĚ
ŽƐƚŽĨĐƋƵŝƐŝƟŽŶ;ŝŶĐůƵĚŝŶŐŐŽŽĚǁŝůůŽĨ ϵϱ͕ϰϱϬ͕ϬϬϬ ϵϳ͘ϯϳ ϵϱ͕ϰϱϬ͕ϬϬϬ ϵϳ͘ϯϳ
`ϯϳĐƌŽƌĞƐͿ
>ĞƐƐ͗'ƌŽƵƉƐŚĂƌĞŽĨ>ŽƐƐ ϳϬ͘ϬϮ ϳϴ͘ϴϴ
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚ Ϯϳ͘ϯϱ ϭϴ͘ϰϵ
ƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ
ŽƐƚŽĨĐƋƵŝƐŝƟŽŶ ϳϮ͕ϮϬϮ͕ϴϭϮ ϰϮ͘ϳϳ ϳϭ͕ϮϬϬ͕ϬϬϬ ϰϭ͘ϳϳ
>ĞƐƐ͗'ƌŽƵƉƐŚĂƌĞŽĨ>ŽƐƐ ϯϬ͘ϴϱ 31.33
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚ ϭϭ͘ϵϮ ϭϬ͘ϰϰ
ƐŚŽŬ>ĞLJůĂŶĚ:ŽŚŶĞĞƌĞŽŶƐƚƌƵĐƟŽŶƋƵŝƉŵĞŶƚ
ŽŵƉĂŶLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ
ŽƐƚŽĨĐƋƵŝƐŝƟŽŶ ϭϳ͕ϳϵϮ͕ϭϮϯ ϭϳ͘ϴϭ Ϯϱϳ͕ϱϭϴ͕ϭϱϬ Ϯϱϳ͘ϱϮ
>ĞƐƐ͗'ƌŽƵƉƐŚĂƌĞŽĨ>ŽƐƐ 13.31 ϮϬϱ͘Ϭϲ
>ĞƐƐ͗/ŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚ
;ƵƟůŝƐĞĚĨƌŽŵƉƌŽǀŝƐŝŽŶĨŽƌŽďůŝŐĂƟŽŶŵĂĚĞ
ŝŶƚŚĞƉƌŝŽƌLJĞĂƌƐͿ ϰ͘ϱϬ ϱϮ͘ϰϲ
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ/ŶǀĞƐƚŵĞŶƚ Ͳ Ͳ
ϯͿ KƚŚĞƌŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ;ĂƚĨĂŝƌǀĂůƵĞ
ƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐͿ
a) ƋƵŝƚLJ^ŚĂƌĞƐŽĨ`ϭϬĞĂĐŚ
ZĂũĂůĂŬƐŚŵŝtŝŶĚŶĞƌŐLJ>ŝŵŝƚĞĚ;ĞƌƐƚǁŚŝůĞƐŚŽŬ ϳ͕ϴϭϮ͕ϵϱϬ ϵ͘ϭϮ ϳ͕ϴϭϮ͕ϵϱϬ ϵ͘ϭϮ
>ĞLJůĂŶĚtŝŶĚŶĞƌŐLJ>ŝŵŝƚĞĚͿ
ŚĞŶŶĂŝtŝůůŝŶŐĚŽŶŽƌƉŽƌĂƚĞ&ŽƵŶĚĂƟŽŶη ϭϬϬ Ͳ ϭϬϬ Ͳ
ϭ͘ϱ EKEͳhZZEd&/EE/>^^d^ͳ>KE^
;^ĞĐƵƌĞĚ͕ŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
ĂͿ >ŽĂŶƚŽĐƵƐƚŽŵĞƌƵŶĚĞƌĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
Considered good ϭϯ͕ϭϴϴ͘ϴϴ ϭϬ͕Ϭϲϳ͘ϴϬ
ŽŶƐŝĚĞƌĞĚŽƵďƞƵů ϵϰ͘ϴϴ ϵϭ͘ϱϬ
ϭϯ͕Ϯϴϯ͘ϳϲ ϭϬ͕ϭϱϵ͘ϯϬ
;hŶƐĞĐƵƌĞĚ͕ŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
ďͿ >ŽĂŶƚŽĐƵƐƚŽŵĞƌƵŶĚĞƌĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϲϮ͘ϯϰ ϰϱ͘ϲϵ
ϲϮ͘ϯϰ ϰϱ͘ϲϵ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌůŽĂŶƐ;ĂƐƉĞƌĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐŵŽĚĞůͿ ϰϲϭ͘ϲϲ ϯϭϮ͘Ϭϳ
ĐͿ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ ϯϳ͘ϴϴ ϰϮ͘ϳϳ
ϭϮ͕ϵϮϮ͘ϯϮ ϵ͕ϵϯϱ͘ϲϵ
Notes:
ϭ͘ > ŽĂŶƚŽĐƵƐƚŽŵĞƌƵŶĚĞƌĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌ ϰ͕ϭϵϮ͘ϴϴ Ͳ
comprehensive income
Ϯ͘ dŚĞƐĞĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚĞdžĐĞƉƚEŽƚĞϭĂďŽǀĞ͘
ϯ͘ ZĞĨĞƌEŽƚĞϯ͘ϲĨŽƌĚŝƐĐůŽƐƵƌĞƐƌĞůĂƟŶŐƚŽĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ͘
ϰ͘ DŽǀĞŵĞŶƚŝŶĂůůŽǁĂŶĐĞĨŽƌůŽĂŶƐŝƐĂƐĨŽůůŽǁƐ͗ Opening ĚĚŝƟŽŶƐ;ŶĞƚͿ Closing
DĂƌĐŚϮϬϭϵ ϯϭϮ͘Ϭϳ ϭϰϵ͘ϱϵ ϰϲϭ͘ϲϲ
DĂƌĐŚϮϬϭϴ ϭϴϬ͘ϵϴ ϭϯϭ͘Ϭϵ ϯϭϮ͘Ϭϳ
ϭ͘ϲ EKEͳhZZEd&/EE/>^^d^ͳKd,Z^ As at As at
;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
ĂͿ KƚŚĞƌƌĞĐĞŝǀĂďůĞΎ
Considered good ϴ͘ϱϯ ϳ͘ϴϳ
ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϰ͘ϯϰ Ͳ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂŵŽƵŶƚƐ ϰ͘ϯϰ Ͳ
ϴ͘ϱϯ ϳ͘ϴϳ
ďͿ ĂƌŵĂƌŬĞĚďĂŶŬďĂůĂŶĐĞ;ĞƐĐƌŽǁďĂŶŬĂĐĐŽƵŶƚƐͿ ϭϲ͘ϵϬ Ϭ͘ϭϲ
ĐͿ ĞƌŝǀĂƟǀĞƐŶŽƚĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐ Ͳ ϭ͘ϳϲ
ĚͿ KƚŚĞƌƐ
ŝͿ ŵƉůŽLJĞĞĂĚǀĂŶĐĞƐ Ϯ͘ϭϭ Ϯ͘ϯϰ
ŝŝͿ KƚŚĞƌĂĚǀĂŶĐĞƐ ϭϳϲ͘ϳϲ Ϯϯ͘ϯϴ
ŝŝŝͿ ĂŶŬĚĞƉŽƐŝƚƐŚĞůĚĂƐƐĞĐƵƌŝƚLJ;ƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐͿ ϭϭϳ͘ϬϬ ϭϰϰ͘ϵϯ
ĐŽůůĂƚĞƌĂůƚŽǁĂƌĚƐƐĞĐƵƌŝƟƐĂƟŽŶͬĂƐƐŝŐŶŵĞŶƚŽĨƌĞĐĞŝǀĂďůĞƐ
ϯϮϭ͘ϯϬ ϭϴϬ͘ϰϰ
KĨƚŚĞĞŵƉůŽLJĞĞĂĚǀĂŶĐĞƐŵĞŶƟŽŶĞĚĂďŽǀĞ͕
ƵĞĨƌŽŵŝƌĞĐƚŽƌƐͬKĸĐĞƌƐη Ͳ Ͳ
ΎŝŶĐůƵĚĞƐƌĞĐĞŝǀĂďůĞŽŶƐĂůĞŽĨǁŝŶĚŵŝůůƵŶĚĞƌƚĂŬŝŶŐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͘
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉ͘
Notes:
ϭ dŚĞƐĞ;ĞdžĐĞƉƚĚĞƌŝǀĂƟǀĞƐͿĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘ĞƌŝǀĂƟǀĞƐĂƌĞĐĂƌƌŝĞĚĂƚ
ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ͘
Ϯ DŽǀĞŵĞŶƚŝŶĂůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞƐŝƐĂƐĨŽůůŽǁƐ͗ DĂƌĐŚϮϬϭϵ DĂƌĐŚϮϬϭϴ
KƉĞŶŝŶŐďĂůĂŶĐĞ Ͳ Ͳ
ĚĚŝƟŽŶƐ ϰ͘ϯϰ Ͳ
hƟůŝƐĂƟŽŶƐͬZĞǀĞƌƐĂůƐ Ͳ Ͳ
ůŽƐŝŶŐďĂůĂŶĐĞ ϰ͘ϯϰ Ͳ
ϭ͘ϳb &ZZdy>//>/d/^ΈEdΉ
ŝͿ ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ ϭ͕Ϭϵϳ͘ϯϭ ϳϮϱ͘ϴϰ
ŝŝͿ ĞĨĞƌƌĞĚƚĂdž;ĂƐƐĞƚƐͿΎ ;ϴϯϵ͘ϱϱͿ ;ϰϮϳ͘ϯϯͿ
Ϯϱϳ͘ϳϲ Ϯϵϴ͘ϱϭ
Ύ /ŶĐůƵĚĞƐhŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐ;DdĐƌĞĚŝƚĞŶƟƚůĞŵĞŶƚͿŽĨ
`ϱϭϮ͘ϲϰĐƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗`ϯϱϯ͘ϵϬĐƌŽƌĞƐͿ͘
Note:
ZĞĨĞƌEŽƚĞϯ͘ϮĨŽƌĚĞƚĂŝůƐŽĨĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐĂŶĚĂƐƐĞƚƐ͘
ϭ͘ϴ EKEͳhZZEdsEdy^^d^ΈEdΉ
ĚǀĂŶĐĞŝŶĐŽŵĞƚĂdž;ŶĞƚŽĨƉƌŽǀŝƐŝŽŶͿ ϭϴϴ͘ϰϰ ϭϯϭ͘ϴϯ
ϭϴϴ͘ϰϰ ϭϯϭ͘ϴϯ
ϭ͘ϵ Kd,ZEKEͳhZZEd^^d^
;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ
ĂͿ WƌĞƉĂLJŵĞŶƚƐƵŶĚĞƌŽƉĞƌĂƟŶŐůĞĂƐĞƐ Ϯϱϵ͘ϵϬ Ϯϱϱ͘Ϯϯ
ďͿ ĂƉŝƚĂůĚǀĂŶĐĞƐ
ĚǀĂŶĐĞƐƚŽƌĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌNŽƚĞϯ͘ϵͿ
ŝͿ ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϯ͘ϰϴ Ͳ
Others
ŝͿ ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϮϬϯ͘ϵϳ ϲϯ͘ϲϰ
ŝŝͿ ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů Ϯ͘ϱϴ ϭ͘ϯϮ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂĚǀĂŶĐĞƐ Ϯ͘ϱϴ ϭ͘ϯϮ
ϮϬϯ͘ϵϳ ϲϯ͘ϲϰ
ĐͿ ĂůĂŶĐĞƐǁŝƚŚĐƵƐƚŽŵƐ͕ƉŽƌƚƚƌƵƐƚ͕ĐĞŶƚƌĂůĞdžĐŝƐĞĞƚĐ͘
ŝͿ ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϭϳ͘Ϭϵ ϭ͘ϳϮ
ŝŝͿ ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϯϲ͘ϳϳ ϰϱ͘Ϭϲ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂŵŽƵŶƚƐ ϯϲ͘ϳϳ ϰϱ͘Ϭϲ
ϭϳ͘Ϭϵ ϭ͘ϳϮ
ĚͿ KƚŚĞƌƐ
i. Sales tax paid under protest ϮϬϯ͘ϮϬ ϭϴϱ͘ϴϬ
ŝŝ͘ KƚŚĞƌĂĚǀĂŶĐĞƐ;ŝŶĐůƵĚĞƐƉƌĞƉĂŝĚĞdžƉĞŶƐĞƐ͕ĞƚĐͿη ϮϳϮ͘Ϭϵ ϭϵϳ͘ϴϴ
ϰϳϱ͘Ϯϵ ϯϴϯ͘ϲϴ
ϵϱϵ͘ϳϯ ϳϬϰ͘Ϯϳ
ηKƚŚĞƌĂĚǀĂŶĐĞƐŝŶĐůƵĚĞƐĂĚǀĂŶĐĞƉĂŝĚƚŽǁĂƌĚƐϭϳϬĂĐƌĞƐŽĨůĂŶĚĂůůŽƩĞĚďLJ^ƚĂƚĞ/ŶĚƵƐƚƌŝĞƐWƌŽŵŽƟŽŶŽƌƉŽƌĂƟŽŶŽĨdĂŵŝů
EĂĚƵ;^/WKdͿ͕ǁŚŝĐŚŝƐŝŶƚŚĞƉƌŽĐĞƐƐŽĨƌĞŐŝƐƚƌĂƟŽŶ͘
Note :
DŽǀĞŵĞŶƚŝŶůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂŵŽƵŶƚƐƚŽǁĂƌĚƐĐĂƉŝƚĂůĂĚǀĂŶĐĞƐŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ DĂƌĐŚϮϬϭϵ DĂƌĐŚϮϬϭϴ
KƉĞŶŝŶŐďĂůĂŶĐĞ ϭ͘ϯϮ Ϯ͘ϰϵ
ĚĚŝƟŽŶƐ ϭ͘Ϯϲ Ͳ
hƟůŝƐĂƟŽŶƐͬZĞǀĞƌƐĂůƐ Ͳ ϭ͘ϭϳ
ůŽƐŝŶŐďĂůĂŶĐĞ Ϯ͘ϱϴ ϭ͘ϯϮ
DŽǀĞŵĞŶƚŝŶůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂŵŽƵŶƚƐƚŽǁĂƌĚƐĂůĂŶĐĞƐǁŝƚŚĐƵƐƚŽŵƐ͕ƉŽƌƚƚƌƵƐƚ͕ĐĞŶƚƌĂůĞdžĐŝƐĞĞƚĐ͘ŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ DĂƌĐŚϮϬϭϵ DĂƌĐŚϮϬϭϴ
KƉĞŶŝŶŐďĂůĂŶĐĞ ϰϱ͘Ϭϲ ϭϰ͘Ϯϴ
ĚĚŝƟŽŶƐΎ Ϭ͘Ϭϲ ϯϬ͘ϳϴ
hƟůŝƐĂƟŽŶƐͬZĞǀĞƌƐĂůƐ ϴ͘ϯϱ Ͳ
ůŽƐŝŶŐďĂůĂŶĐĞ ϯϲ͘ϳϳ ϰϱ͘Ϭϲ
Ύ/ŶĐůƵĚĞƐĂůůŽǁĂŶĐĞŽĨ`Eŝů;DĂƌĐŚϮϬϭϴ` Ϯϴ͘ϳϴƌŽƌĞƐͿŵŽǀĞĚĨƌŽŵĐƵƌƌĞŶƚ͘
ϭ͘ϭϭ hZZEd&/EE/>^^d^ͳ/Es^dDEd^
;hŶƋƵŽƚĞĚͿ
ŝͿ /ŶǀĞƐƚŵĞŶƚƐŝŶŵƵƚƵĂůĨƵŶĚƐ;hŶŝƚƐ͗ϮϬϭϵ͗Eŝů͕ϮϬϭϴ͗ϲϮ͕ϱϴϮ͕ϮϴϬͿ Ͳ ϯ͕ϭϱϱ͘ϭϲ
;ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐͿ
ŝŝͿ /ŶǀĞƐƚŵĞŶƚƐŝŶƉĂƐƐƚŚƌŽƵŐŚƐĞĐƵƌŝƟĞƐ;ƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐͿ ϯϮϱ͘ϱϵ ϭϳϳ͘ϳϳ
;ĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚͿ
ŝŝŝͿ /ŶǀĞƐƚŵĞŶƚƐŝŶŶŽŶͲĐŽŶǀĞƌƟďůĞƌĞĚĞĞŵĂďůĞĚĞďĞŶƚƵƌĞƐ ϯϬϳ͘ϭϳ ϴϮ͘ϴϭ
;ƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐͿ;ĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚͿ
ϲϯϮ͘ϳϲ ϯ͕ϰϭϱ͘ϳϰ
Note:
/ŶǀĞƐƚŵĞŶƚƐĂƌĞĨƵůůLJƉĂŝĚƵƉ͘
ϭ͘ϭϮ hZZEd&/EE/>^^d^ͳdZZ/s>^
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐͲƵŶƐĞĐƵƌĞĚ
Considered good
ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯ͘ϵͿ Ϯϴ͘ϵϰ ϯϰ͘ϰϮ
Others Ϯ͕ϲϴϴ͘Ϯϰ ϭ͕ϭϰϭ͘Ϭϵ
^ŝŐŶŝĮĐĂŶƚŝŶĐƌĞĂƐĞŝŶĐƌĞĚŝƚƌŝƐŬͲKƚŚĞƌƐ ϰϴ͘ϴϮ ϰϯ͘ϱϬ
ƌĞĚŝƚŝŵƉĂŝƌĞĚͲKƚŚĞƌƐ Ϯϰ͘ϭϴ ϭϳ͘ϵϳ
>ĞƐƐ͗>ŽƐƐůůŽǁĂŶĐĞ ϳϯ͘ϬϬ ϲϭ͘ϰϳ
Ϯ͕ϳϭϳ͘ϭϴ ϭ͕ϭϳϱ͘ϱϭ
Notes:
ϭ͘ DŽǀĞŵĞŶƚŝŶůŽƐƐĂůůŽǁĂŶĐĞŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ DĂƌĐŚϮϬϭϵ DĂƌĐŚϮϬϭϴ
KƉĞŶŝŶŐďĂůĂŶĐĞ ϲϭ͘ϰϳ ϰϴ͘ϵϴ
ĚĚŝƟŽŶƐ;ŶĞƚͿ Ϯϯ͘ϵϲ ϭϰ͘ϳϯ
hƟůŝnjĂƟŽŶƐͬZĞǀĞƌƐĂůƐ ϭϮ͘ϰϯ Ϯ͘Ϯϰ
ůŽƐŝŶŐďĂůĂŶĐĞ ϳϯ͘ϬϬ ϲϭ͘ϰϳ
Ϯ͘ dŚĞƐĞĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘
ϯ͘ &ŽƌĚĞƚĂŝůƐŽĨĂƐƐĞƚƐŐŝǀĞŶĂƐƐĞĐƵƌŝƚLJĂŐĂŝŶƐƚďŽƌƌŽǁŝŶŐƐͲZĞĨĞƌEŽƚĞϯ͘ϭϯ
ϭ͘ϭϯ b E<>E^Kd,Zd,EΈaΉKs
ŝͿ hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚĂĐĐŽƵŶƚƐ;ĞĂƌŵĂƌŬĞĚͿ ϴ͘ϲϭ ϭϬ͘ϲϵ
ŝŝͿ /ŶĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ;ĞĂƌŵĂƌŬĞĚͿη ϭ͘Ϯϵ ϭ͘ϳϴ
ϵ͘ϵϬ ϭϮ͘ϰϳ
ΎdŚŝƐƌĞƉƌĞƐĞŶƚƐĚĞƉŽƐŝƚƐǁŝƚŚŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨůĞƐƐƚŚĂŶŽƌĞƋƵĂůƚŽϯŵŽŶƚŚƐ͘
ηdŚŝƐƌĞƉƌĞƐĞŶƚƐĚĞƉŽƐŝƚƐǁŝƚŚŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨŵŽƌĞƚŚĂŶϯŵŽŶƚŚƐĂŶĚƌĞŵĂŝŶŝŶŐŵĂƚƵƌŝƚLJůĞƐƐƚŚĂŶϭϮŵŽŶƚŚƐ͘
ϭ͘ϭϰ hZZEd&/EE/>^^d^ͳ>KE^
Secured
ĂͿ >ŽĂŶƚŽĐƵƐƚŽŵĞƌƵŶĚĞƌĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
Considered good ϯ͕ϴϴϲ͘ϯϱ ϯ͕ϰϬϱ͘ϵϯ
ŽŶƐŝĚĞƌĞĚŽƵďƞƵů ϭ͕ϲϮϴ͘ϱϭ ϭ͕ϬϲϮ͘Ϭϱ
ϱ͕ϱϭϰ͘ϴϲ ϰ͕ϰϲϳ͘ϵϴ
Unsecured
ďͿ >ŽĂŶƚŽĐƵƐƚŽŵĞƌƵŶĚĞƌĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
Considered good ϭ͕ϮϬϳ͘ϵϵ ϳϭϮ͘ϲϬ
ŽŶƐŝĚĞƌĞĚŽƵďƞƵů Ϯϳ͘ϱϴ ϭϴ͘Ϭϭ
ϭ͕Ϯϯϱ͘ϱϳ ϳϯϬ͘ϲϭ
ĐͿ >ŽĂŶƐƚŽƌĞůĂƚĞĚƉĂƌƟĞƐ;ŽŶƐŝĚĞƌĞĚŐŽŽĚͿZĞĨĞƌEŽƚĞϯ͘ϵ ϰϱ͘ϬϬ ϰϱ͘ϬϬ
ĚͿ >ŽĂŶƐƚŽŽƚŚĞƌƐ;ŽŶƐŝĚĞƌĞĚŐŽŽĚͿ ϭ͘ϬϬ ϱ͘ϰϬ
ĞͿ ^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐ Ϯϱ͘ϰϲ Ϯϲ͘ϱϴ
>ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌůŽĂŶƐ;ĂƐƉĞƌĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐŵŽĚĞůͿ Ϯϲϴ͘Ϯϲ ϭϱϳ͘ϱϵ
ϲ͕ϱϱϯ͘ϲϯ ϱ͕ϭϭϳ͘ϵϴ
Notes:
ϭ͘ >ŽĂŶ ƚŽ ĐƵƐƚŽŵĞƌ ƵŶĚĞƌ ĮŶĂŶĐŝŶŐ ĂĐƟǀŝƟĞƐ ĐĂƌƌŝĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ŽƚŚĞƌ Ϯ͕Ϯϱϱ͘ϴϴ Ͳ
comprehensive income.
Ϯ͘ dŚĞƐĞĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚĞdžĐĞƉƚEŽƚĞϭĂďŽǀĞ͘
ϯ͘ ZĞĨĞƌEŽƚĞϯ͘ϲĨŽƌĚŝƐĐůŽƐƵƌĞƐƌĞůĂƟŶŐƚŽĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ͘
ϰ͘ DŽǀĞŵĞŶƚŝŶĂůůŽǁĂŶĐĞĨŽƌůŽĂŶƐŝƐĂƐĨŽůůŽǁƐ͗ Opening ĚĚŝƟŽŶƐ;ŶĞƚͿ Closing
DĂƌĐŚϮϬϭϵ ϭϱϳ͘ϱϵ ϭϭϬ͘ϲϳ Ϯϲϴ͘Ϯϲ
DĂƌĐŚϮϬϭϴ ϭϭϵ͘ϲϬ ϯϳ͘ϵϵ ϭϱϳ͘ϱϵ
Note:
DŽǀĞŵĞŶƚŝŶĂůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂŵŽƵŶƚƐĂŶĚĂĚǀĂŶĐĞƐŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ DĂƌĐŚϮϬϭϵ DĂƌĐŚϮϬϭϴ
KƉĞŶŝŶŐďĂůĂŶĐĞ ϭ͘Ϭϰ ϭϭϵ͘ϵϵ
ĚĚŝƟŽŶƐ ϭ͘Ϯϱ Ϭ͘Ϭϭ
hƟůŝƐĂƟŽŶƐͬƌĞǀĞƌƐĂůƐ Ͳ ϭϭϴ͘ϵϲ
ůŽƐŝŶŐďĂůĂŶĐĞ Ϯ͘Ϯϵ ϭ͘Ϭϰ
ϭ͘ϮϮ EKEͳhZZEdWZKs/^/KE^
ĂͿ WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽLJĞĞďĞŶĞĮƚƐ
ŝͿ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϵϯ͘ϵϴ ϳϴ͘ϮϬ
ŝŝͿ KƚŚĞƌƐŝŶĐůƵĚŝŶŐƉŽƐƚƌĞƟƌĞŵĞŶƚďĞŶĞĮƚƐ ϰϭ͘ϳϭ ϱϴ͘ϳϴ
ZĞĨĞƌEŽƚĞϯ͘ϯ
ďͿ WƌŽǀŝƐŝŽŶĨŽƌƉƌŽĚƵĐƚǁĂƌƌĂŶƟĞƐ ϭϲϮ͘ϱϭ ϭϱϴ͘ϴϬ
ĐͿ KƚŚĞƌƉƌŽǀŝƐŝŽŶƐ;ŝŶĐůƵĚĞƐƉƌŽǀŝƐŝŽŶĨŽƌůŝƟŐĂƟŽŶͿ ϭϴ͘ϲϳ ϭϳ͘ϱϰ
ϯϭϲ͘ϴϳ ϯϭϯ͘ϯϮ
Notes:
. ϭ DŽǀĞŵĞŶƚŝŶWƌŽǀŝƐŝŽŶĨŽƌƉƌŽĚƵĐƚǁĂƌƌĂŶƟĞƐŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ DĂƌĐŚϮϬϭϵ DĂƌĐŚϮϬϭϴ
KƉĞŶŝŶŐďĂůĂŶĐĞ ϭϱϴ͘ϴϬ ϳϲ͘ϭϵ
ĚĚŝƟŽŶƐ;ŶĞƚŽĨƵƟůŝƐĂƟŽŶƐͿ ϯ͘ϳϭ ϴϮ͘ϲϭ
ůŽƐŝŶŐďĂůĂŶĐĞ ϭϲϮ͘ϱϭ ϭϱϴ͘ϴϬ
dŚŝƐƉƌŽǀŝƐŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚŽŶĐĞƚŚĞƉƌŽĚƵĐƚƐĂƌĞƐŽůĚ͘dŚĞĞƐƟŵĂƚĞĚƉƌŽǀŝƐŝŽŶƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚŚŝƐƚŽƌŝĐĂůŝŶĨŽƌŵĂƟŽŶ͕
ĨƌĞƋƵĞŶĐLJĂŶĚĂǀĞƌĂŐĞĐŽƐƚŽĨǁĂƌƌĂŶƚLJĐůĂŝŵƐĂŶĚƚŚĞĞƐƟŵĂƚĞƌĞŐĂƌĚŝŶŐƉŽƐƐŝďůĞĨƵƚƵƌĞŝŶĐŝĚĞŶĐĞŽĨĐůĂŝŵƐ͘dŚĞ
ƉƌŽǀŝƐŝŽŶĨŽƌǁĂƌƌĂŶƚLJĐůĂŝŵƐƌĞƉƌĞƐĞŶƚƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐďĞƐƚĞƐƟŵĂƚĞŽĨƚŚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐ͘
dŚĞŽƵƚƐƚĂŶĚŝŶŐƉƌŽǀŝƐŝŽŶĨŽƌƉƌŽĚƵĐƚǁĂƌƌĂŶƟĞƐĂƐĂƚƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞŝƐĨŽƌƚŚĞďĂůĂŶĐĞƵŶĞdžƉŝƌĞĚƉĞƌŝŽĚŽĨƚŚĞ
ƌĞƐƉĞĐƟǀĞǁĂƌƌĂŶƟĞƐŽŶƚŚĞǀĂƌŝŽƵƐƉƌŽĚƵĐƚƐǁŚŝĐŚƌĂŶŐĞĨƌŽŵϭƚŽϲϬŵŽŶƚŚƐ͘
Ϯ͘ DŽǀĞŵĞŶƚŝŶKƚŚĞƌWƌŽǀŝƐŝŽŶƐŝƐĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ DĂƌĐŚϮϬϭϵ DĂƌĐŚϮϬϭϴ
KƉĞŶŝŶŐďĂůĂŶĐĞ ϭϳ͘ϱϰ Ͳ
ĚĚŝƟŽŶƐ 1.13 ϭϳ͘ϱϰ
hƟůŝƐĂƟŽŶƐͬZĞǀĞƌƐĂůƐ Ͳ Ͳ
ůŽƐŝŶŐďĂůĂŶĐĞ ϭϴ͘ϲϳ ϭϳ͘ϱϰ
ϭ͘Ϯϰ Kd,ZEKEͳhZZEd>//>/d/^
ĂͿ /ŶĐŽŵĞƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞ;ZĞĨĞƌŶŽƚĞϯ͘ϳͿ Ͳ ϮϬϯ͘ϳϰ
ďͿ KƚŚĞƌƐ;ŝŶĐůƵĚĞƐĚĞĨĞƌƌĞĚůĞĂƐĞƌĞŶƚͿ ϵ͘Ϯϰ ϲ͘ϵϲ
ϵ͘Ϯϰ ϮϭϬ͘ϳϬ
ϭ͘Ϯϱ hZZEd&/EE/>>//>/d/^ͳKZZKt/E'^
ĂͿ ^ĞĐƵƌĞĚďŽƌƌŽǁŝŶŐƐ
>ŽĂŶƐĨƌŽŵďĂŶŬƐ ϴϯϵ͘Ϯϯ ϵϭϱ͘ϳϭ
ďͿ hŶƐĞĐƵƌĞĚďŽƌƌŽǁŝŶŐƐ
>ŽĂŶƐĨƌŽŵďĂŶŬƐ ϭϲϵ͘ϭϮ Ϯϲϱ͘ϱϴ
Commercial papers (maximum outstanding during ϭ͕ϭϮϵ͘ϰϬ ϳϯϳ͘ϵϭ
the year `ϭ͕ϯϬϬ͘ϬϬĐƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗` ϭ͕ϱϬϬ͘ϬϬĐƌŽƌĞƐͿͿ
Ϯ͕ϭϯϳ͘ϳϱ ϭ͕ϵϭϵ͘ϮϬ
Notes :
ϭ͘ dŚĞƐĞĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘
Ϯ͘ KƵƚŽĨƚŚĞĂďŽǀĞ͕ůŽĂŶƐĨƌŽŵďĂŶŬƐŝŶƚŚĞĨŽƌŵŽĨƐŚŽƌƚƚĞƌŵůŽĂŶƐ͕ĐĂƐŚĐƌĞĚŝƚ͕
ƉĂĐŬŝŶŐĐƌĞĚŝƚ͕ǁŽƌŬŝŶŐĐĂƉŝƚĂůĚĞŵĂŶĚůŽĂŶƐ͕ĞƚĐ͗
Ͳ ^ĞĐƵƌĞĚ ϴϯϵ͘Ϯϯ ϵϭϱ͘ϳϭ
Ͳ hŶƐĞĐƵƌĞĚ ϭϲϵ͘ϭϮ Ϯϲϱ͘ϱϴ
ϯ͘ KƵƚŽĨƚŚĞĂďŽǀĞ͕ďŽƌƌŽǁŝŶŐƐƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͗
Ͳ ^ĞĐƵƌĞĚ ϰϱϱ͘ϲϰ ϲϱϭ͘ϭϳ
Ͳ hŶƐĞĐƵƌĞĚ ϭ͕ϭϮϵ͘ϰϬ ϳϯϳ͘ϵϭ
ϰ͘ ZĞĨĞƌEŽƚĞϯ͘ϭϯĨŽƌƐĞĐƵƌŝƚLJĂŶĚƚĞƌŵƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐ͘
ϭ͘Ϯϳ hZZEd&/EE/>>//>/d/^ͳKd,Z^
ĂͿ ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐͲƚĞƌŵĚĞďƚ ϰ͕ϬϮϬ͘ϱϭ ϯ͕ϲϰϯ͘ϳϱ
ďͿ /ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞŽŶďŽƌƌŽǁŝŶŐƐ Ϯϯϲ͘ϰϰ Ϯϭϭ͘ϳϮ
ĐͿ hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚƐ ϴ͘ϲϭ ϭϬ͘ϲϵ
ĚͿ ŵƉůŽLJĞĞďĞŶĞĮƚƐ ϰϴϬ͘ϭϳ ϯϭϮ͘ϳϳ
ĞͿ ĂƉŝƚĂůĐƌĞĚŝƚŽƌƐ ϭϯϱ͘ϲϵ ϭϭϱ͘ϴϲ
ĨͿ ĞƌŝǀĂƟǀĞƐŶŽƚĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐ Ͳ ϯϵ͘ϴϴ
ŐͿ ĞƌŝǀĂƟǀĞƐĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐ ϱ͘ϱϬ ϱ͘ϴϲ
ŚͿ ƐƐŝŐŶĞĞƐƚŽǁĂƌĚƐĐŽůůĞĐƟŽŶƐŝŶĂƐƐŝŐŶĞĚĂƐƐĞƚƐ ϮϮϱ͘ϳϮ ϮϮϴ͘Ϯϭ
;ƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐͿ
ŝͿ KƚŚĞƌƐΎ ϴϵϵ͘ϴϯ ϳϮϮ͘ϱϵ
ϲ͕ϬϭϮ͘ϰϳ ϱ͕Ϯϵϭ͘ϯϯ
Ύ/ŶĐůƵĚĞƐ͗
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐͬůŝĂďŝůŝƟĞƐ ϲϭϲ͘ϱϰ ϲϵϯ͘ϳϲ
ZĞĨƵŶĚůŝĂďŝůŝƟĞƐ;ZĞĨĞƌŶŽƚĞϯ͘ϳͿ Ϯϲϳ͘ϯϬ Ͳ
Notes :
ϭ͘ dŚĞƐĞ;ĞdžĐĞƉƚĚĞƌŝǀĂƟǀĞƐͿĂƌĞĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘ĞƌŝǀĂƟǀĞƐĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐͬŽƚŚĞƌ
comprehensive income.
Ϯ͘ ZĞĨĞƌEŽƚĞϯ͘ϭϯĨŽƌƐĞĐƵƌŝƚLJĂŶĚƚĞƌŵƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐ͘
ϯ͘ ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐƚĞƌŵĚĞďƚƐŝŶĐůƵĚĞ`ϯ͕ϳϲϴ͘ϰϱĐƌŽƌĞƐ;ϮϬϭϴ͗` ϯ͕Ϭϭϭ͘ϵϯĐƌŽƌĞƐͿƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͘
ϰ͘ /ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞŽŶďŽƌƌŽǁŝŶŐƐŝŶĐůƵĚĞ`ϮϯϮ͘ϯϱĐƌŽƌĞƐ;ϮϬϭϴ͗` ϭϵϯ͘ϱϮĐƌŽƌĞƐͿƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͘
ϯ͘ DŽǀĞŵĞŶƚŝŶKƚŚĞƌWƌŽǀŝƐŝŽŶ;ŝŶĐůƵĚŝŶŐůŝƟŐĂƟŽŶŵĂƩĞƌƐͿŝƐĂƐĨŽůůŽǁƐ͗
Opening ĚĚŝƟŽŶƐ hƟůŝƐĂƟŽŶƐͬ Closing
Reversals
DĂƌĐŚϮϬϭϵ Ϯϭϴ͘ϯϰ ϭϴ͘Ϯϲ ϳϵ͘Ϭϵ ϭϱϳ͘ϱϭ
DĂƌĐŚϮϬϭϴ ϯϯ͘ϵϯ ϮϬϱ͘ϴϰ Ϯϭ͘ϰϯ Ϯϭϴ͘ϯϰ
ϭ͘ϯϭ hZZEddy>//>/d/^ΈEdΉ
WƌŽǀŝƐŝŽŶĨŽƌƚĂdžĂƟŽŶ;ŶĞƚŽĨĂĚǀĂŶĐĞƚĂdžͿ Ϭ͘Ϯϳ ϭϮ͘ϯϰ
Ϭ͘Ϯϳ ϭϮ͘ϯϰ
Note:
EĞƚƐƐĞƚƐĂŶĚ^ŚĂƌĞŝŶWƌŽĮƚŽƌ>ŽƐƐĨŽƌWĂƌĞŶƚŽŵƉĂŶLJ͕^ƵďƐŝĚŝĂƌŝĞƐ͕ĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐĂƌĞĂƐƉĞƌƚŚĞ^ƚĂŶĚĂůŽŶĞͬŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨƚŚĞ
ƌĞƐƉĞĐƟǀĞĞŶƟƟĞƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƟŽŶǁŚĞƌĞǀĞƌĂƉƉůŝĐĂďůĞ͘
NOTES ANNEXED TO AND FORMING PART
OF THE CONSOLIDATED FINANCIAL STATEMENTS
ϯ͘Ϯ /ŶĐŽŵĞdĂdžĞƐZĞůĂƟŶŐƚŽŽŶƟŶƵŝŶŐKƉĞƌĂƟŽŶƐ
ϯ͘Ϯ͘ϭ /ŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĮƚŽƌůŽƐƐ
zĞĂƌĞŶĚĞĚ zĞĂƌĞŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
Current tax
/ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚLJĞĂƌ ϱϮϲ͘Ϭϰ ϳϵϬ͘Ϯϳ
/ŶƌĞƐƉĞĐƚŽĨƉƌŝŽƌLJĞĂƌƐ ;Ϭ͘ϯϳͿ ;Ϭ͘ϵϵͿ
A ϱϮϱ͘ϲϳ ϳϴϵ͘Ϯϴ
Deferred tax
/ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚLJĞĂƌ ϭϱϭ͘ϯϵ ;ϯϴ͘ϭϳͿ
B ϭϱϭ͘ϯϵ ;ϯϴ͘ϭϳͿ
dŽƚĂůŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚƉƌŽĮƚŽƌůŽƐƐ ;нͿ ϲϳϳ͘Ϭϲ ϳϱϭ͘ϭϭ
ϯ͘Ϯ͘Ϯ /ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞĨŽƌƚŚĞLJĞĂƌƌĞĐŽŶĐŝůĞĚƚŽƚŚĞĂĐĐŽƵŶƟŶŐƉƌŽĮƚ͗
WƌŽĮƚďĞĨŽƌĞƚĂdž Ϯ͕ϴϳϭ͘ϲϲ Ϯ͕ϱϲϰ͘ϵϯ
ƉƉůŝĐĂďůĞ/ŶĐŽŵĞƚĂdžƌĂƚĞ ϯϰ͘ϵϰϰй ϯϰ͘ϲϬϴй
Income tax expense ϭ͕ϬϬϯ͘ϰϳ ϴϴϳ͘ϲϳ
īĞĐƚŽĨŝŶĐŽŵĞͬĐƌĞĚŝƚ;ƌĞǀĞƌƐĂůƐͿƚŚĂƚŝƐĞdžĞŵƉƚĨƌŽŵƚĂdžĂƟŽŶ ;Ϭ͘ϬϯͿ Ϭ͘ϯϵ
īĞĐƚŽŶĞdžĐĞƉƟŽŶĂůŝƚĞŵƐ͕ďĞŶĞĮƚƐƌĞĐŽŐŶŝƐĞĚƵƉŽŶĂŵĂůŐĂŵĂƟŽŶ͕ĚŝƐĂůůŽǁĂŶĐĞƐĂŶĚ ;ϭϴϬ͘ϬϳͿ Ͳ
ƌĞǀĞƌƐĂůƐ;ŶĞƚͿ
īĞĐƚŽĨĞdžĐĞƉƟŽŶĂůŝƚĞŵƐ͕ĚŝƐĂůůŽǁĂŶĐĞƐĂŶĚƌĞǀĞƌƐĂůƐ;ŶĞƚͿ ;Ϯϰ͘ϲϱͿ ϯϭ͘ϮϬ
īĞĐƚŽĨƉƌĞǀŝŽƵƐůLJƵŶƌĞĐŽŐŶŝƐĞĚĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĂŶĚĚĞĚƵĐƟďůĞƚĞŵƉŽƌĂƌLJ ;ϭϲ͘ϬϱͿ ;ϭϵ͘ϱϴͿ
ĚŝīĞƌĞŶĐĞƐ
īĞĐƚŽĨĐŽŶĐĞƐƐŝŽŶƐĂŶĚŽƚŚĞƌĂůůŽǁĂŶĐĞƐ;ŝŶĐůƵĚŝŶŐƚĂdžŚŽůŝĚĂLJĂŶĚǁĞŝŐŚƚĞĚ ;ϮϯϮ͘ϴϳͿ ;ϭϰϭ͘ϲϵͿ
ĚĞĚƵĐƟŽŶĨŽƌƌĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚĞdžƉĞŶĚŝƚƵƌĞͿ
īĞĐƚŽĨƚĂdžĂďůĞͬĚĞĚƵĐƟďůĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐĂŶĚƚĂdžŚŽůŝĚĂLJďĞŶĞĮƚƐƌĞůĂƟŶŐƚŽ ϳϬ͘ϳϮ Ͳ
ĞĂƌůŝĞƌLJĞĂƌ;ŶĞƚͿ
īĞĐƚŽĨĚŝīĞƌĞŶƚƚĂdžƌĂƚĞƐŽĨƐƵďƐŝĚŝĂƌŝĞƐͬďƌĂŶĐŚĞƐŽƉĞƌĂƟŶŐŝŶŽǀĞƌƐĞĂƐũƵƌŝƐĚŝĐƟŽŶƐ ϲϭ͘Ϯϲ ;ϯ͘ϴϭͿ
īĞĐƚŽĨŽƚŚĞƌĂĚũƵƐƚŵĞŶƚƐ ;ϰ͘ϯϱͿ ;Ϯ͘ϬϴͿ
ϲϳϳ͘ϰϯ ϳϱϮ͘ϭϬ
ĚũƵƐƚŵĞŶƚƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌŝŶƌĞůĂƟŽŶƚŽƚŚĞĐƵƌƌĞŶƚƚĂdžŽĨƉƌŝŽƌLJĞĂƌƐ ;Ϭ͘ϯϳͿ ;Ϭ͘ϵϵͿ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶŽŶƐŽůŝĚĂƚĞĚƉƌŽĮƚŽƌůŽƐƐ ϲϳϳ͘Ϭϲ ϳϱϭ͘ϭϭ
ϯ͘Ϯ͘ϯ /ŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
Deferred tax:
ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗
&ĂŝƌǀĂůƵĞƌĞŵĞĂƐƵƌĞŵĞŶƚŽĨŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚƐĞŶƚĞƌĞĚŝŶƚŽĨŽƌĐĂƐŚŇŽǁŚĞĚŐĞƐ ;Ϭ͘ϬϴͿ ;Ϯ͘ϮϳͿ
'ĂŝŶͬ;>ŽƐƐͿŽŶĨĂŝƌǀĂůƵĂƟŽŶŽĨůŽĂŶƐ;ƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐͿ ;ϭϮϭ͘ϮϬͿ Ͳ
ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ϮϮ͘ϯϭ ϭϭ͘ϵϮ
A ;ϵϴ͘ϵϳͿ ϵ͘ϲϱ
ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƌĞĐůĂƐƐŝĮĞĚĨƌŽŵĞƋƵŝƚLJƚŽƉƌŽĮƚŽƌůŽƐƐ͗
ZĞůĂƟŶŐƚŽĐĂƐŚŇŽǁŚĞĚŐĞƐ Ϯ͘Ϯϳ ϵ͘ϮϮ
B Ϯ͘Ϯϳ ϵ͘ϮϮ
dŽƚĂůŝŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ ;нͿ ;ϵϲ͘ϳϬͿ ϭϴ͘ϴϳ
ŝĨƵƌĐĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶƚŽ͗
/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ ϮϮ͘ϯϭ ϭϭ͘ϵϮ
/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ ;ϭϭϵ͘ϬϭͿ ϲ͘ϵϱ
;ϵϲ͘ϳϬͿ ϭϴ͘ϴϳ
` Crores
Opening Recognised Recognised Other hƟůŝƐĂƟŽŶŽĨ Closing
ďĂůĂŶĐĞ ŝŶƉƌŽĮƚŽƌ in other ĂĚũƵƐƚŵĞŶƚƐ unused tax ďĂůĂŶĐĞ
loss comprehensive credits
income
DĂƌĐŚϯϭ͕ϮϬϭϴ
Deferred tax assets (net):
WƌŽƉĞƌƚLJ͕ƉůĂŶƚ͕ĂŶĚĞƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞ ;ϭ͘ϴϲͿ Ϭ͘ϰϴ Ͳ Ͳ Ͳ ;ϭ͘ϯϴͿ
Assets
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬϯ͘ϰϵ ϯϱ͘ϳϬ ;Ϭ͘ϭϰͿ Ͳ Ͳ ϭϯϵ͘Ϭϱ
ĂŶĚ'ĂŝŶŽŶĨĂŝƌǀĂůƵĂƟŽŶŽĨůŽĂŶƌĞůĂƟŶŐƚŽ
ĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
hŶƵƐĞĚƚĂdžůŽƐƐĞƐ;ŝŶĐůƵĚŝŶŐƵŶĂďƐŽƌďĞĚ Ϯ͘ϯϬ ;Ϭ͘ϮϯͿ Ͳ Ͳ Ͳ Ϯ͘Ϭϳ
ĚĞƉƌĞĐŝĂƟŽŶͿ
Expenditure allowed upon payments ϭ͘Ϭϳ Ϭ͘ϱϰ Ͳ Ͳ Ͳ ϭ͘ϲϭ
hŶƵƐĞĚƚĂdžĐƌĞĚŝƚ;DdĐƌĞĚŝƚĞŶƟƚůĞŵĞŶƚͿ Ϭ͘ϵϵ ;Ϭ͘ϯϵͿ Ϭ͘ϬϮ Ͳ Ͳ Ϭ͘ϲϮ
KƚŚĞƌƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐ ϳ͘ϰϵ ;ϳ͘ϬϮͿ ;Ϭ͘ϬϯͿ ;Ϭ͘ϲϯͿ Ͳ ;Ϭ͘ϭϵͿ
ϭϭϯ͘ϰϴ Ϯϵ͘Ϭϴ ;Ϭ͘ϭϱͿ ;Ϭ͘ϲϯͿ Ͳ ϭϰϭ͘ϳϴ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ͗
WƌŽƉĞƌƚLJ͕ƉůĂŶƚ͕ĂŶĚĞƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞ ϳϭϯ͘ϱϭ ϵ͘ϲϭ Ͳ Ͳ Ͳ ϳϮϯ͘ϭϮ
Assets
sŽůƵŶƚĂƌLJƌĞƟƌĞŵĞŶƚƐĐŚĞŵĞĐŽŵƉĞŶƐĂƟŽŶ ;Ϯϯ͘ϮϲͿ ϵ͘ϵϱ Ͳ Ͳ Ͳ ;ϭϯ͘ϯϭͿ
Expenditure allowed upon payments ;ϯϳ͘ϮϴͿ ;ϭϬ͘ϳϴͿ ;ϭϮ͘ϬϳͿ Ͳ Ͳ ;ϲϬ͘ϭϯͿ
hŶƵƐĞĚƚĂdžĐƌĞĚŝƚ;DdĐƌĞĚŝƚĞŶƟƚůĞŵĞŶƚͿ ;ϱϱϯ͘ϱϴͿ Ͳ Ͳ Ͳ ϭϵϵ͘ϲϴ ;ϯϱϯ͘ϵϬͿ
ĂƐŚŇŽǁŚĞĚŐĞƐ ϵ͘ϮϮ Ͳ ;ϲ͘ϵϱͿ Ͳ Ͳ Ϯ͘Ϯϳ
KƚŚĞƌƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐ ϭϴ͘ϯϭ ;ϭϳ͘ϴϳͿ Ͳ Ϭ͘ϬϮ Ͳ Ϭ͘ϰϲ
ϭϮϲ͘ϵϮ ;ϵ͘ϬϵͿ ;ϭϵ͘ϬϮͿ Ϭ͘ϬϮ ϭϵϵ͘ϲϴ Ϯϵϴ͘ϱϭ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌƚŚĞĨƵƚƵƌĞƚĂdžĐŽŶƐĞƋƵĞŶĐĞƐŽĨƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐ
ǀĂůƵĞƐŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂŶĚƚŚĞŝƌƌĞƐƉĞĐƟǀĞƚĂdžďĂƐĞƐ͕ƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĂŶĚƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞ
ƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚĨƵƚƵƌĞƚĂdžĂďůĞŝŶĐŽŵĞǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞĚĞĚƵĐƟďůĞƚĞŵƉŽƌĂƌLJ
ĚŝīĞƌĞŶĐĞƐ͕ƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĂŶĚƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐĐŽƵůĚďĞƵƟůŝƐĞĚ͘^ƵĐŚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞĐŽŵƉƵƚĞĚ
ƐĞƉĂƌĂƚĞůLJĨŽƌĞĂĐŚƚĂdžĂďůĞĞŶƟƚLJĂŶĚĞĂĐŚƚĂdžĂďůĞũƵƌŝƐĚŝĐƟŽŶ͘
&ƵŶĚĂŶĚƉůĂŶĂƐƐĞƚƉŽƐŝƟŽŶĂƌĞĂƐĨŽůůŽǁƐ͗
WĂƌƟĐƵůĂƌƐ As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
WůĂŶĂƐƐĞƚĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϭ͕ϭϳϲ͘ϭϯ ϭ͕Ϭϲϰ͘ϭϰ
WƌĞƐĞŶƚǀĂůƵĞŽĨďĞŶĞĮƚŽďůŝŐĂƟŽŶĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϭ͕ϭϲϬ͘ϯϰ ϭ͕Ϭϰϵ͘ϯϳ
ƐƐĞƚƌĞĐŽŐŶŝnjĞĚŝŶĂůĂŶĐĞ^ŚĞĞƚ Ͳ Ͳ
dŚĞƉůĂŶĂƐƐĞƚƐĂƌĞƉƌŝŵĂƌŝůLJŝŶǀĞƐƚĞĚŝŶŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƟĞƐ͘
ƐƐƵŵƉƟŽŶƐĨŽƌƉƌĞƐĞŶƚǀĂůƵĞŽďůŝŐĂƟŽŶŽĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŐƵĂƌĂŶƚĞĞ͗
Discount rate ϳ͘ϲϰй ϳ͘ϲϴй
ZĞŵĂŝŶŝŶŐƚĞƌŵƚŽŵĂƚƵƌŝƚLJŽĨƉŽƌƞŽůŝŽ;LJĞĂƌƐͿ ϭϭ͘ϴϬ ϭϭ͘ϴϬ
Expected guaranteed interest rate
&ŝƌƐƚLJĞĂƌ ϴ͘ϲϱй ϴ͘ϱϱй
dŚĞƌĞĂŌĞƌ ϴ͘ϱϬй ϴ͘ϱϬй
ƩƌŝƟŽŶƌĂƚĞ ϯ͘ϬϬй ϯ͘ϬϬй
^ŝŐŶŝĮĐĂŶƚĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƟŽŶĨŽƌƚŚĞĚĞƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞĚĞĮŶĞĚŽďůŝŐĂƟŽŶŝƐĚŝƐĐŽƵŶƚƌĂƚĞ͘dŚĞƐĞŶƐŝƟǀŝƚLJĂŶĂůLJƐŝƐďĞůŽǁŚĂƐ
ďĞĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƌĞĂƐŽŶĂďůLJƉŽƐƐŝďůĞĐŚĂŶŐĞƐŽĨƚŚĞƌĞƐƉĞĐƟǀĞĂƐƐƵŵƉƟŽŶŽĐĐƵƌƌŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘
WƌĞƐĞŶƚǀĂůƵĞŽĨďĞŶĞĮƚŽďůŝŐĂƟŽŶĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌͲ/ŶƚĞƌĞƐƚŐƵĂƌĂŶƚĞĞŽŶůLJ ϯ͘ϯϴ ϰ͘ϲϵ
/ĨƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞŝƐϱϬďĂƐŝƐƉŽŝŶƚƐŚŝŐŚĞƌͬůŽǁĞƌ͕ƚŚĞĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶǁŽƵůĚ͗
ĚĞĐƌĞĂƐĞďLJ Ϭ͘ϭϱ Ϭ͘ϭϴ
ŝŶĐƌĞĂƐĞďLJ Ϭ͘ϭϲ Ϭ͘ϭϵ
ϯ͘ϯ͘ϯ dŚĞƉƌŝŶĐŝƉĂůĂƐƐƵŵƉƟŽŶƐƵƐĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶƐǁĞƌĞĂƐĨŽůůŽǁƐ͗
Gratuity
Discount rate ϳ͘ϬϬйƚŽϳ͘ϲϱй ϳ͘ϬϴйƚŽϳ͘ϳϭй
džƉĞĐƚĞĚƌĂƚĞŽĨƐĂůĂƌLJŝŶĐƌĞĂƐĞ ϱ͘ϬϬйƚŽϭϬ͘ϬϬй ϰ͘ϬϬйƚŽϭϬ͘ϬϬй
ǀĞƌĂŐĞ>ŽŶŐĞǀŝƚLJĂƚƌĞƟƌĞŵĞŶƚĂŐĞͲƉĂƐƚƐĞƌǀŝĐĞ ϯ͘ϰϬƚŽϭϱ͘ϲϬ ϯ͘ϳϬƚŽϭϱ͘ϵϬ
ǀĞƌĂŐĞ>ŽŶŐĞǀŝƚLJĂƚƌĞƟƌĞŵĞŶƚĂŐĞͲĨƵƚƵƌĞƐĞƌǀŝĐĞ ϱ͘ϱϵƚŽϭϴ͘ϬϬ ϵ͘ϬϬƚŽϭϱ͘ϰϬ
ƩƌŝƟŽŶƌĂƚĞ ϭйƚŽϭϱ͘ϬϬй ϯйƚŽϭϬ͘ϬϬй
Compensated Absences
Discount rate ϳ͘ϬϬйƚŽϳ͘ϲϱй ϳ͘ϲϬйƚŽϳ͘ϲϴй
džƉĞĐƚĞĚƌĂƚĞŽĨƐĂůĂƌLJŝŶĐƌĞĂƐĞ ϱ͘ϬϬйƚŽϭϬ͘ϬϬй ϰ͘ϬϬйƚŽϭϬ͘ϬϬй
ƩƌŝƟŽŶƌĂƚĞ ϭйƚŽϭϱ͘ϬϬй ϯйƚŽϭϬ͘ϬϬй
KƚŚĞƌĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ
Discount rate ϳ͘ϲϰй ϳ͘ϲϴй
dŚĞĞƐƟŵĂƚĞƐŽĨĨƵƚƵƌĞƐĂůĂƌLJŝŶĐƌĞĂƐĞƐ͕ĐŽŶƐŝĚĞƌĞĚŝŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͕ƚĂŬĞĂĐĐŽƵŶƚŽĨŝŶŇĂƟŽŶ͕ƐĞŶŝŽƌŝƚLJ͕ƉƌŽŵŽƟŽŶĂŶĚ
ŽƚŚĞƌƌĞůĞǀĂŶƚĨĂĐƚŽƌƐ͕ƐƵĐŚĂƐƐƵƉƉůLJĂŶĚĚĞŵĂŶĚŝŶƚŚĞĞŵƉůŽLJŵĞŶƚŵĂƌŬĞƚ͘
ϯ͘ϯ͘ϱ dŚĞĂŵŽƵŶƚŝŶĐůƵĚĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚĂƌŝƐŝŶŐĨƌŽŵƚŚĞ'ƌŽƵƉ͛ƐŽďůŝŐĂƟŽŶŝŶƌĞƐƉĞĐƚŽĨŝƚƐĚĞĮŶĞĚďĞŶĞĮƚ
plans is as follows:
Gratuity
WƌĞƐĞŶƚǀĂůƵĞŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ϯϲϮ͘ϳϰ Ϯϵϳ͘ϱϵ
&ĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ ϯϮϱ͘ϬϮ ϮϮϴ͘ϲϱ
EĞƚ;ůŝĂďŝůŝƚLJͿĂƌŝƐŝŶŐĨƌŽŵĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϯϳ͘ϳϮͿ ;ϲϴ͘ϵϰͿ
&ƵŶĚĞĚ ;ϯϳ͘ϮϴͿ ;ϲϴ͘ϳϰͿ
hŶĨƵŶĚĞĚ ;Ϭ͘ϰϰͿ ;Ϭ͘ϮϬͿ
EĞƚ;ůŝĂďŝůŝƚLJͿĂƌŝƐŝŶŐĨƌŽŵĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϯϳ͘ϳϮͿ ;ϲϴ͘ϵϰͿ
ŽŵƉĞŶƐĂƚĞĚďƐĞŶĐĞƐĂŶĚŽƚŚĞƌĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ
WƌĞƐĞŶƚǀĂůƵĞŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ϭϭϮ͘ϲϭ ϵϱ͘ϵϰ
&ĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ Ͳ Ͳ
EĞƚůŝĂďŝůŝƚLJĂƌŝƐŝŶŐĨƌŽŵĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ;ƵŶĨƵŶĚĞĚͿ ϭϭϮ͘ϲϭ ϵϱ͘ϵϰ
&ƵŶĚĞĚŐƌĂƚƵŝƚLJŝƐƌĞŇĞĐƚĞĚŝŶ͚ĐĐƌƵĞĚŐƌĂƚƵŝƚLJ͛ƵŶĚĞƌŽƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ͕ƵŶĨƵŶĚĞĚŐƌĂƚƵŝƚLJĂŶĚŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐŝƐ
ƌĞŇĞĐƚĞĚŝŶ͚KƚŚĞƌƐŝŶĐůƵĚŝŶŐƉŽƐƚƌĞƟƌĞŵĞŶƚďĞŶĞĮƚƐ͛ƵŶĚĞƌƉƌŽǀŝƐŝŽŶƐ͘ZĞĨĞƌEŽƚĞƐϭ͘ϮϮ͕ϭ͘ϮϵĂŶĚϭ͘ϯϬ
ŽŵƉĞŶƐĂƚĞĚďƐĞŶĐĞƐĂŶĚŽƚŚĞƌĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ
KƉĞŶŝŶŐĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ϵϱ͘ϵϰ ϴϵ͘ϳϯ
Current service cost ϭϯ͘ϳϭ ϭϬ͘ϱϱ
Interest cost ϳ͘Ϯϳ ϱ͘ϳϭ
ĐƚƵĂƌŝĂů;ŐĂŝŶͿͬůŽƐƐĂƌŝƐŝŶŐĨƌŽŵĐŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ ϲ͘ϴϱ ϳ͘Ϯϰ
ĐƚƵĂƌŝĂů;ŐĂŝŶͿͬůŽƐƐĂƌŝƐŝŶŐĨƌŽŵĞdžƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ ;ϯ͘ϬϯͿ Ϯ͘ϬϬ
ĞŶĞĮƚƐƉĂŝĚ ;ϴ͘ϭϯͿ ;ϭϵ͘ϮϵͿ
ůŽƐŝŶŐĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ϭϭϮ͘ϲϭ ϵϱ͘ϵϰ
ϯ͘ϯ͘ϳ DŽǀĞŵĞŶƚƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐǁĞƌĞĂƐĨŽůůŽǁƐ͗
Gratuity
KƉĞŶŝŶŐĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ ϮϮϴ͘ϲϱ ϮϮϰ͘ϴϯ
Interest on plan assets ϮϬ͘ϯϴ ϭϲ͘ϯϭ
Remeasurements due to actual return on plan assets less interest on plan assets Ϯ͘ϲϭ Ϭ͘ϭϵ
ŽŶƚƌŝďƵƟŽŶƐ ϭϭϰ͘Ϭϲ ϮϬ͘ϳϯ
ĞŶĞĮƚƐƉĂŝĚ ;ϰϬ͘ϲϴͿ ;ϯϯ͘ϰϭͿ
ůŽƐŝŶŐĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ ϯϮϱ͘ϬϮ ϮϮϴ͘ϲϱ
The actual return on plan assets was `ϮϮ͘ϵϵĐƌŽƌĞƐ;ϮϬϭϳͲϭϴ͗` ϭϲ͘ϱϬĐƌŽƌĞƐͿ͘
ϯ͘ϰ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
zĞĂƌĞŶĚĞĚ zĞĂƌĞŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
Basic earnings per share ϳ͘Ϭϴ ϲ͘ϬϮ
Diluted earnings per share ϳ͘Ϭϴ ϲ͘ϬϬ
&ĂĐĞǀĂůƵĞƉĞƌƐŚĂƌĞ ϭ͘ϬϬ ϭ͘ϬϬ
ϯ͘ϰ͘ϭ ĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
WƌŽĮƚĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽŽǁŶĞƌƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ Ϯ͕Ϭϳϴ͘ϳϬ ϭ͕ϳϲϬ͘ϯϴ
zĞĂƌĞŶĚĞĚ zĞĂƌĞŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
Nos. Nos.
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĞƋƵŝƚLJƐŚĂƌĞƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƟŽŶŽĨďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ Ϯ͕ϵϯϰ͕ϲϳϳ͕Ϯϭϴ Ϯ͕ϵϮϲ͕ϳϳϬ͕ϯϵϯ
Adjustments :
ŝůƵƟǀĞĞīĞĐƚͲEƵŵďĞƌŽĨƐŚĂƌĞƐƌĞůĂƟŶŐƚŽĞŵƉůŽLJĞĞƐƚŽĐŬŽƉƟŽŶƐ ϭϮϴ͕ϰϵϭ ϳ͕ϳϲϮ͕ϲϯϵ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨĞƋƵŝƚLJƐŚĂƌĞƐĂŌĞƌĂĚũƵƐƚŵĞŶƚĨŽƌĞīĞĐƚŽĨĚŝůƵƟŽŶ Ϯ͕ϵϯϰ͕ϴϬϱ͕ϳϬϵ Ϯ͕ϵϯϰ͕ϱϯϯ͕ϬϯϮ
ϯ͘ϱ͘Ϯ &ĂŝƌǀĂůƵĞŽĨƐŚĂƌĞŽƉƟŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐƚŽĐŬŽƉƟŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞĮŶĂŶĐŝĂůLJĞĂƌŝƐ` ϰϭ͘Ϯϳ;ϮϬϭϳͲϭϴ͗` ϱϱ͘ϰϳͿ͘KƉƟŽŶƐ
ǁĞƌĞƉƌŝĐĞĚƵƐŝŶŐĂďŝŶŽŵŝĂůŽƉƟŽŶƉƌŝĐŝŶŐŵŽĚĞů͘tŚĞƌĞƌĞůĞǀĂŶƚ͕ƚŚĞĞdžƉĞĐƚĞĚůŝĨĞƵƐĞĚŝŶƚŚĞŵŽĚĞůŚĂƐďĞĞŶĂĚũƵƐƚĞĚ
ďĂƐĞĚŽŶDĂŶĂŐĞŵĞŶƚ͛ƐďĞƐƚĞƐƟŵĂƚĞĨŽƌƚŚĞĞīĞĐƚƐŽĨŶŽŶͲƚƌĂŶƐĨĞƌĂďŝůŝƚLJ͕ĞdžĞƌĐŝƐĞƌĞƐƚƌŝĐƟŽŶƐĂŶĚďĞŚĂǀŝŽƵƌĂůĐŽŶƐŝĚĞƌĂƟŽŶƐ͘
džƉĞĐƚĞĚǀŽůĂƟůŝƚLJŝƐďĂƐĞĚŽŶƚŚĞŚŝƐƚŽƌŝĐĂůƐŚĂƌĞƉƌŝĐĞǀŽůĂƟƚůŝƚLJ͘
Inputs into the model: ϮϬϭϳͲϭϴ ϮϬϭϴͲϭϵ
ESOP 3 ^KWϰ ESOP 5
'ƌĂŶƚĚĂƚĞƐŚĂƌĞƉƌŝĐĞ;`Ϳ ϭϬϲ͘ϴϱ ϭϭϴ͘ϯϬ ϵϭ͘ϰϬ
Exercise price (`Ϳ ϴϯ͘ϱϬ ϭϬϵ͘ϬϬ ϵϭ͘ϰϬ
džƉĞĐƚĞĚǀŽůĂƟůŝƚLJ ϯϳ͘ϳϬйƚŽ ϯϳ͘ϱϮйƚŽ ϯϳ͘ϰϬйƚŽ
ϰϮ͘ϵϬй ϯϵ͘ϳϬй ϰϬ͘ϰϴй
KƉƟŽŶůŝĨĞ;ZĞĨĞƌEŽƚĞϯ͘ϰ͘ϭͿ ϲͲϭϬLJĞĂƌƐ ϲͲϭϬLJĞĂƌƐ ϵͲϭϭLJĞĂƌƐ
Dividend yield ϭ͘ϰϲ Ϯ͘Ϭϱ Ϯ͘ϲϲ
ZŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚƌĂƚĞ ϲ͘ϰϰйƚŽϲ͘ϲϲй ϳ͘ϰϮйƚŽϳ͘ϱϴй ϳ͘ϭϵйƚŽϳ͘Ϯϵй
ϯ͘ϱ͘ϯ DŽǀĞŵĞŶƚƐŝŶƐŚĂƌĞŽƉƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌ
zĞĂƌĞŶĚĞĚ Weighted average zĞĂƌĞŶĚĞĚ Weighted
DĂƌĐŚϯϭ͕ϮϬϭϵ exercise price DĂƌĐŚϯϭ͕ϮϬϭϴ average
exercise price
EƵŵďĞƌƐ (`Ϳ EƵŵďĞƌƐ (`Ϳ
KƉĞŶŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞ ϭϭ͕ϳϯϬ͕ϳϬϬ ϯϬ͘ϰϬ ϭϬ͕Ϯϵϵ͕ϴϳϱ ϮϮ͘ϴϯ
year
'ƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϭϰ͕ϭϬϬ͕ϬϬϬ ϵϮ͘ϲϱ Ϯ͕ϬϬϬ͕ϬϬϬ ϴϯ͘ϱϬ
&ŽƌĨĞŝƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϭ͕ϳϬϳ͕ϱϮϱ ϴϬ͘ϬϬ Ͳ Ͳ
Exercised during the year ϴ͕ϰϮϯ͕ϭϳϱ ϭϬ͘Ϯϲ ϱϲϵ͕ϭϳϱ ϴϬ͘ϬϬ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϭϱ͕ϳϬϬ͕ϬϬϬ ϵϭ͘ϳϮ ϭϭ͕ϳϯϬ͕ϳϬϬ ϯϬ͘ϰϬ
tĞŝŐŚƚĞĚǀĞƌĂŐĞƐŚĂƌĞƉƌŝĐĞŽŶĚĂƚĞŽĨĞdžĞƌĐŝƐĞŽĨŽƉƟŽŶ` ϭϯϵ͘ϰϰ;` ϭϮϴ͘ϲϬͿ͘
ϯ͘ϱ͘ϰ ^ŚĂƌĞŽƉƟŽŶƐǀĞƐƚĞĚďƵƚŶŽƚĞdžĞƌĐŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
Eŝů;zĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͗^KWϮͲϯ͕ϳϮϳ͕ϬϬϬŽƉƟŽŶƐͿ
ϯ͘ϱ͘ϱ ^ŚĂƌĞŽƉƟŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ
dŚĞƐŚĂƌĞŽƉƟŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌŚĂĚĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĞdžĞƌĐŝƐĞƉƌŝĐĞŽĨ` ϵϭ͘ϳϮ;ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͗
` ϯϬ͘ϰϬͿĂŶĚĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƌĞŵĂŝŶŝŶŐĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨϵ͘ϱLJĞĂƌƐ;ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͗ϲ͘ϵLJĞĂƌƐͿ͘
Ϯϭϰ Ashok Leyland Limited
NOTES ANNEXED TO AND FORMING PART
OF THE CONSOLIDATED FINANCIAL STATEMENTS
ϯ͘ϲ FINANCIAL INSTRUMENTS
ϯ͘ϲ͘ϭ ĂƉŝƚĂůŵĂŶĂŐĞŵĞŶƚ
dŚĞ'ƌŽƵƉŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƚŽĞŶƐƵƌĞƚŚĂƚĞŶƟƟĞƐŝŶƚŚĞ'ƌŽƵƉǁŝůůďĞĂďůĞƚŽĐŽŶƟŶƵĞĂƐŐŽŝŶŐĐŽŶĐĞƌŶƐǁŚŝůĞŵĂdžŝŵŝƐŝŶŐ
ƚŚĞƌĞƚƵƌŶƚŽƐƚĂŬĞŚŽůĚĞƌƐƚŚƌŽƵŐŚƚŚĞŽƉƟŵŝƐĂƟŽŶŽĨƚŚĞĚĞďƚĂŶĚĞƋƵŝƚLJďĂůĂŶĐĞ͘
dŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐƚŚĞĂŵŽƵŶƚŽĨĐĂƉŝƚĂůƌĞƋƵŝƌĞĚŽŶƚŚĞďĂƐŝƐŽĨĂŶŶƵĂůŵĂƐƚĞƌƉůĂŶŶŝŶŐĂŶĚďƵĚŐĞƟŶŐĂŶĚĮǀĞLJĞĂƌ͛Ɛ
ĐŽƌƉŽƌĂƚĞƉůĂŶĨŽƌǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ĐĂƉŝƚĂůŽƵƚůĂLJĂŶĚůŽŶŐͲƚĞƌŵƉƌŽĚƵĐƚĂŶĚƐƚƌĂƚĞŐŝĐŝŶǀŽůǀŵĞŶƚƐ͘dŚĞĨƵŶĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞ
ŵĞƚƚŚƌŽƵŐŚĞƋƵŝƚLJ͕ŝŶƚĞƌŶĂůĂĐĐƌƵĂůƐĂŶĚĂĐŽŵďŝŶĂƟŽŶŽĨďŽƚŚůŽŶŐͲƚĞƌŵĂŶĚƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ͘
dŚĞ'ƌŽƵƉŵŽŶŝƚŽƌƐƚŚĞĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞŽŶƚŚĞďĂƐŝƐŽĨƚŽƚĂůĚĞďƚƚŽĞƋƵŝƚLJĂŶĚŵĂƚƵƌŝƚLJƉƌŽĮůĞŽĨƚŚĞŽǀĞƌĂůůĚĞďƚƉŽƌƞŽůŝŽŽĨ
ƚŚĞ'ƌŽƵƉ͘
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
Ğďƚ;ůŽŶŐͲƚĞƌŵĂŶĚƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐŝŶĐůƵĚŝŶŐĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐͿΎ ϭϵ͕ϭϲϳ͘ϵϭ ϭϱ͕ϳϵϭ͘Ϭϰ
dŽƚĂůĞƋƵŝƚLJ ϵ͕ϴϮϬ͘ϲϰ ϴ͕Ϯϰϱ͘ϵϮ
ĞďƚĞƋƵŝƚLJƌĂƟŽ ϭ͘ϵϱ ϭ͘ϵϮ
ΎŝŶĐůƵĚĞƐďŽƌƌŽǁŝŶŐŝŶƌĞůĂƟŽŶƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƚLJ ϭϳ͕ϵϲϭ͘Ϭϳ ϭϰ͕Ϭϭϴ͘ϴϰ
dŚĞ'ƌŽƵƉŝƐƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚĐĞƌƚĂŝŶĐŽǀĞŶĂŶƚƐƵŶĚĞƌƚŚĞ&ĂĐŝůŝƚLJŐƌĞĞŵĞŶƚƐĞdžĞĐƵƚĞĚĨŽƌŝƚƐďŽƌƌŽǁŝŶŐƐ͕ǁŚŝĐŚŝƐ
ŵŽŶŝƚŽƌĞĚĨŽƌĐŽŵƉůŝĂŶĐĞ͘
ϯ͘ϲ͘Ϯ &ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
/ŶĐŽƵƌƐĞŽĨŝƚƐďƵƐŝŶĞƐƐ͕ƚŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚƚŽĐĞƌƚĂŝŶĮŶĂŶĐŝĂůƌŝƐŬƐƚŚĂƚĐŽƵůĚŚĂǀĞƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞŽŶƚŚĞ'ƌŽƵƉ͛Ɛ
ďƵƐŝŶĞƐƐĂŶĚŽƉĞƌĂƟŽŶĂůͬĮŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞƐĞŝŶĐůƵĚĞŵĂƌŬĞƚƌŝƐŬ;ŝŶĐůƵĚŝŶŐĐƵƌƌĞŶĐLJƌŝƐŬ͕ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂŶĚŽƚŚĞƌ
ƉƌŝĐĞƌŝƐŬͿ͕ĐƌĞĚŝƚƌŝƐŬĂŶĚůŝƋƵŝĚŝƚLJƌŝƐŬ͘
dŚĞDĂŶĂŐĞŵĞŶƚƌĞǀŝĞǁƐĂŶĚĂƉƉƌŽǀĞƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬĂŶĚƉŽůŝĐŝĞƐĨŽƌŵĂŶĂŐŝŶŐƚŚĞƐĞƌŝƐŬƐĂŶĚŵŽŶŝƚŽƌƐƵŝƚĂďůĞ
ŵŝƟŐĂƟŶŐĂĐƟŽŶƐƚĂŬĞŶďLJƚŚĞŵĂŶĂŐĞŵĞŶƚƚŽŵŝŶŝŵŝƐĞƉŽƚĞŶƟĂůĂĚǀĞƌƐĞĞīĞĐƚƐĂŶĚĂĐŚŝĞǀĞŐƌĞĂƚĞƌƉƌĞĚŝĐƚĂďůŝƚLJƚŽĞĂƌŶŝŶŐƐ͘
/ŶůŝŶĞǁŝƚŚƚŚĞŽǀĞƌĂůůƌŝƐŬŵĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬĂŶĚƉŽůŝĐŝĞƐ͕ƚŚĞƚƌĞĂƐƵƌLJĨƵŶĐƟŽŶƉƌŽǀŝĚĞƐƐĞƌǀŝĐĞƐƚŽƚŚĞďƵƐŝŶĞƐƐ͕
ŵŽŶŝƚŽƌƐĂŶĚŵĂŶĂŐĞƐƚŚƌŽƵŐŚĂŶĂŶĂůLJƐŝƐŽĨƚŚĞĞdžƉŽƐƵƌĞƐďLJĚĞŐƌĞĞĂŶĚŵĂŐŶŝƚƵĚĞŽĨƌŝƐŬƐ͘
dŚĞ'ƌŽƵƉƵƐĞƐĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŽŚĞĚŐĞƌŝƐŬĞdžƉŽƐƵƌĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'ƌŽƵƉ͛ƐƉŽůŝĐŝĞƐ͘
(A) Market risk
DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐ͕ůŝƋƵŝĚŝƚLJĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐƚŚĂƚĐŽƵůĚŚĂǀĞĂŶĂĚǀĞƌƐĞĞīĞĐƚŽŶ
ƌĞĂůŝƐĂďůĞĨĂŝƌǀĂůƵĞƐŽƌĨƵƚƵƌĞĐĂƐŚŇŽǁƐƚŽƚŚĞ'ƌŽƵƉ͘dŚĞ'ƌŽƵƉ͛ƐĂĐƟǀŝƟĞƐĞdžƉŽƐĞŝƚƉƌŝŵĂƌŝůLJƚŽƚŚĞĮŶĂŶĐŝĂůƌŝƐŬƐ
ŽĨĐŚĂŶŐĞƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐĂƐĨƵƚƵƌĞƐƉĞĐŝĮĐŵĂƌŬĞƚĐŚĂŶŐĞƐĐĂŶŶŽƚďĞŶŽƌŵĂůůLJ
ƉƌĞĚŝĐƚĞĚǁŝƚŚƌĞĂƐŽŶĂďůĞĂĐĐƵƌĂĐLJ͘
;ϭͿ &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͗
d ŚĞ'ƌŽƵƉƵŶĚĞƌƚĂŬĞƐƚƌĂŶƐĂĐƟŽŶƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂŶĚƚŚƵƐŝƚŝƐĞdžƉŽƐĞĚƚŽĞdžĐŚĂŶŐĞƌĂƚĞŇƵĐƚƵĂƟŽŶƐ͘
dŚĞ'ƌŽƵƉĂĐƟǀĞůLJŵĂŶĂŐĞƐŝƚƐĐƵƌƌĞŶĐLJƌĂƚĞĞdžƉŽƐƵƌĞƐ͕ĂƌŝƐŝŶŐĨƌŽŵƚƌĂŶƐĂĐƟŽŶƐĞŶƚĞƌĞĚĂŶĚĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶ
ĐƵƌƌĞŶĐŝĞƐ͕ƚŚƌŽƵŐŚĂĐĞŶƚƌĂůŝƐĞĚƚƌĞĂƐƵƌLJĚŝǀŝƐŝŽŶĂŶĚƵƐĞƐĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĨŽƌǁĂƌĚ
ĐŽŶƚƌĂĐƚƐƚŽŵŝƟŐĂƚĞƚŚĞƌŝƐŬƐĨƌŽŵƐƵĐŚĞdžƉŽƐƵƌĞƐ͘dŚĞƵƐĞŽĨĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐŝƐƐƵďũĞĐƚƚŽůŝŵŝƚƐĂŶĚƌĞŐƵůĂƌ
ŵŽŶŝƚŽƌŝŶŐďLJDĂŶĂŐĞŵĞŶƚ͘
d ŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĚĞŶŽŵŝŶĂƚĞĚŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚŵŽŶĞƚĂƌLJůŝĂďŝůŝƟĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞ
ƌĞƉŽƌƟŶŐƉĞƌŝŽĚĂƌĞĂƐĨŽůůŽǁƐ͗
ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϵ;ĂůůĂŵŽƵŶƚƐĂƌĞŝŶĞƋƵŝǀĂůĞŶƚ`ĐƌŽƌĞƐͿ͗
>ŝĂďŝůŝƟĞƐ Assets
Currency 'ƌŽƐƐ Exposure EĞƚůŝĂďŝůŝƚLJ 'ƌŽƐƐ Exposure Net asset Net overall exposure on
exposure hedged exposure on exposure hedged exposure on ƚŚĞĐƵƌƌĞŶĐLJͲ
using the currency using the currency ŶĞƚĂƐƐĞƚƐͬ
ĚĞƌŝǀĂƟǀĞƐ ĚĞƌŝǀĂƟǀĞƐ ;ŶĞƚůŝĂďŝůŝƟĞƐͿ
USD ϴϭϲ͘ϱϲ ϮϯϬ͘ϳϮ ϱϴϱ͘ϴϰ ϮϰϮ͘ϵϯ ϭϯϱ͘ϳϴ ϭϬϳ͘ϭϱ ;ϰϳϴ͘ϲϵͿ
EUR ϵ͘ϲϭ ϵ͘Ϯϴ Ϭ͘ϯϯ ϯ͘ϯϴ Ͳ ϯ͘ϯϴ ϯ͘Ϭϱ
'W Ϯ͘ϵϳ Ϭ͘ϱϯ Ϯ͘ϰϰ Ͳ Ͳ Ͳ ;Ϯ͘ϰϰͿ
:Wz ϯ͘ϬϮ ϭ͘Ϯϰ ϭ͘ϳϴ Ͳ Ͳ Ͳ ;ϭ͘ϳϴͿ
Others Ϯϱ͘ϳϯ Ͳ Ϯϱ͘ϳϯ ϵϴ͘ϲϵ Ͳ ϵϴ͘ϲϵ ϳϮ͘ϵϲ
ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ;ĂůůĂŵŽƵŶƚƐĂƌĞŝŶĞƋƵŝǀĂůĞŶƚ`ĐƌŽƌĞƐͿ͗
>ŝĂďŝůŝƟĞƐ Assets
Currency 'ƌŽƐƐ Exposure EĞƚůŝĂďŝůŝƚLJ 'ƌŽƐƐ Exposure Net asset Net overall exposure on
exposure hedged exposure on exposure hedged exposure on ƚŚĞĐƵƌƌĞŶĐLJͲ
using the currency using the currency ŶĞƚĂƐƐĞƚƐͬ
ĚĞƌŝǀĂƟǀĞƐ ĚĞƌŝǀĂƟǀĞƐ ;ŶĞƚůŝĂďŝůŝƟĞƐͿ
USD ϭ͕Ϯϭϴ͘ϵϯ ϭϮϭ͘ϭϮ ϭ͕Ϭϵϳ͘ϴϭ Ϯϴϯ͘ϴϲ ϳϴ͘ϯϱ ϮϬϱ͘ϱϭ ;ϴϵϮ͘ϯϬͿ
EUR ϭϮ͘ϳϮ Ϯ͘Ϭϴ ϭϬ͘ϲϰ ϵ͘ϲϳ Ͳ ϵ͘ϲϳ ;Ϭ͘ϵϳͿ
'W Ϭ͘ϳϳ Ͳ Ϭ͘ϳϳ Ϭ͘ϱϭ Ͳ Ϭ͘ϱϭ ;Ϭ͘ϮϲͿ
:Wz ϭϮϱ͘ϮϬ ϰϬ͘ϯϲ ϴϰ͘ϴϰ ϱ͘ϰϮ Ͳ ϱ͘ϰϮ ;ϳϵ͘ϰϮͿ
Others ϰ͘ϲϴ Ͳ ϰ͘ϲϴ ϭϯ͘Ϭϭ Ͳ ϭϯ͘Ϭϭ ϴ͘ϯϯ
EŽƚĞͲ^ŽŵĞŽĨƚŚĞĚĞƌŝǀĂƟǀĞƐƌĞƉŽƌƚĞĚƵŶĚĞƌ͞džƉŽƐƵƌĞŚĞĚŐĞĚƵƐŝŶŐĚĞƌŝǀĂƟǀĞƐ͟ĂƌĞŶŽƚĚĞƐŝŐŶĂƚĞĚŝŶŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐ
ďƵƚŚĂǀĞďĞĞŶƚĂŬĞŶƚŽĞĐŽŶŽŵŝĐĂůůLJŚĞĚŐĞƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞ͘
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƐĞŶƐŝƟǀŝƚLJĂŶĂůLJƐŝƐ͗
DŽǀĞŵĞŶƚŝŶƚŚĞĨƵŶĐƟŽŶĂůĐƵƌƌĞŶĐŝĞƐŽĨƚŚĞǀĂƌŝŽƵƐŽƉĞƌĂƟŽŶƐŽĨƚŚĞ'ƌŽƵƉĂŐĂŝŶƐƚŵĂũŽƌĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐŵĂLJŝŵƉĂĐƚƚŚĞ
'ƌŽƵƉ͛ƐƌĞǀĞŶƵĞƐĨƌŽŵŝƚƐŽƉĞƌĂƟŽŶƐ͘ŶLJǁĞĂŬĞŶŝŶŐŽĨƚŚĞĨƵŶĐƟŽŶĂůĐƵƌƌĞŶĐLJŵĂLJŝŵƉĂĐƚƚŚĞ'ƌŽƵƉ͛ƐĐŽƐƚŽĨŝŵƉŽƌƚƐĂŶĚĐŽƐƚ
ŽĨďŽƌƌŽǁŝŶŐƐĂŶĚĐŽŶƐĞƋƵĞŶƚůLJŵĂLJŝŶĐƌĞĂƐĞƚŚĞĐŽƐƚŽĨĮŶĂŶĐŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ͘
dŚĞĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐĞŶƐŝƟǀŝƚLJŝƐĐĂůĐƵůĂƚĞĚĨŽƌĞĂĐŚĐƵƌƌĞŶĐLJďLJĂŐŐƌĞŐĂƟŽŶŽĨƚŚĞŶĞƚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞĞdžƉŽƐƵƌĞ
ŽĨĂĐƵƌƌĞŶĐLJĂŶĚĂƉĂƌĂůůĞůĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐƐŚŝŌŝŶƚŚĞĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐŽĨĞĂĐŚĐƵƌƌĞŶĐLJďLJϮй͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐ
DĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌĞĂƐŽŶĂďůLJƉŽƐƐŝďůĞĐŚĂŶŐĞŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐ͘
dŚĞƐĞŶƐŝƟǀŝƚLJŽĨƉƌŽĮƚŽƌůŽƐƐƚŽĐŚĂŶŐĞƐŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƐĂƌŝƐĞƐŵĂŝŶůLJĨƌŽŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĚĞŶŽŵŝŶĂƚĞĚĮŶĂŶĐŝĂůƐ
ŝŶƐƚƌƵŵĞŶƚƐĂŶĚƚŚĞŝŵƉĂĐƚŽŶƚŚĞŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŽĨĞƋƵŝƚLJĂƌŝƐĞƐĨƌŽŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐĚĞƐŝŐŶĂƚĞĚĂƐĐĂƐŚ
ŇŽǁŚĞĚŐĞƐ͘dŚĞĨŽůůŽǁŝŶŐƚĂďůĞĚĞƚĂŝůƐƚŚĞ'ƌŽƵƉ͛ƐƐĞŶƐŝƟǀŝƚLJŵŽǀĞŵĞŶƚŝŶŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƐ;ŶĞƚͿ͗
` Crores
USD impact
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
WƌŽĮƚŽƌůŽƐƐ ϵ͘ϱϳ ϭϳ͘ϴϱ
ƋƵŝƚLJ ϭϬ͘ϭϰ ϯϴ͘Ϯϴ
EUR impact
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
WƌŽĮƚŽƌůŽƐƐ Ϭ͘Ϭϲ Ϭ͘ϬϮ
ƋƵŝƚLJ Ϭ͘Ϭϲ Ϭ͘Ϯϲ
'WŝŵƉĂĐƚ
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
WƌŽĮƚŽƌůŽƐƐ Ϭ͘Ϭϱ Ϭ͘Ϭϭ
ƋƵŝƚLJ Ϭ͘Ϭϵ Ϭ͘ϬϮ
:WzŝŵƉĂĐƚ
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
WƌŽĮƚŽƌůŽƐƐ Ϭ͘Ϭϰ ϭ͘ϱϵ
ƋƵŝƚLJ Ϭ͘Ϭϰ ϭ͘ϰϱ
/ŵƉĂĐƚŽĨŽƚŚĞƌĐƵƌƌĞŶĐŝĞƐ
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
WƌŽĮƚŽƌůŽƐƐ ϭ͘ϰϲ Ϭ͘ϭϳ
ƋƵŝƚLJ ϭ͘ϰϲ Ϭ͘ϭϳ
ΎŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚďĂůĂŶĐĞƐŚĞĞƚƵŶĚĞƌ͚ŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ͛ĂŶĚ͚ŽƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͛͘ZĞĨĞƌŶŽƚĞƐϭ͘ϭϱĂŶĚϭ͘Ϯϳ
OF THE CONSOLIDATED FINANCIAL STATEMENTS
DŽǀĞŵĞŶƚŝŶƌĞĚŝƚůŽƐƐĂůůŽǁĂŶĐĞͲdƌĂĚĞƌĞĐĞŝǀĂďůĞ
zĞĂƌĞŶĚĞĚ zĞĂƌĞŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ϲϭ͘ϰϳ ϰϴ͘ϵϴ
Incremental credit loss allowance 11.53 ϭϮ͘ϰϵ
Balance at the end of the year ϳϯ͘ϬϬ ϲϭ͘ϰϳ
džƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĨŽƌŽƚŚĞƌƚŚĂŶƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐŚĂƐďĞĞŶĂƐƐĞƐƐĞĚĂŶĚďĂƐĞĚŽŶůŝĨĞͲƟŵĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ͕ůŽƐƐĂůůŽǁĂŶĐĞ
ƉƌŽǀŝƐŝŽŶŚĂƐďĞĞŶŵĂĚĞ͘
dŚĞĐƌĞĚŝƚƌŝƐŬŽŶůŝƋƵŝĚĨƵŶĚƐĂŶĚĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐůŝŵŝƚĞĚďĞĐĂƵƐĞƚŚĞĐŽƵŶƚĞƌƉĂƌƟĞƐĂƌĞďĂŶŬƐǁŝƚŚŚŝŐŚĐƌĞĚŝƚͲ
ƌĂƟŶŐƐ͘
;ďͿ &ŽƌďƵƐŝŶĞƐƐƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͗
dŚĞ'ƌŽƵƉ͛ƐĐŽŶĐĞŶƚƌĂƟŽŶƐŽĨƌŝƐŬĂƌĞŵĂŶĂŐĞĚďLJĐůŝĞŶƚͬĐŽƵŶƚĞƌƉĂƌƚLJĂŶĚŝŶĚƵƐƚƌLJƐĞĐƚŽƌ͘dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƚŚĞ
ƌŝƐŬĐŽŶĐĞŶƚƌĂƟŽŶďLJŝŶĚƵƐƚƌLJĨŽƌƚŚĞƐŝŐŶŝĮĐĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐ͘
` Crores
DĂƌĐŚϯϭ͕ϮϬϭϵ
WĂƌƟĐƵůĂƌƐ &ŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐ Retail and wholesale Total
Investments ϭ͕ϭϴϲ͘ϮϮ Ͳ ϭ͕ϭϴϲ͘ϮϮ
>ŽĂŶƐ ϭ͕ϱϱϬ͘ϮϬ ϭϳ͕ϴϲϭ͘ϰϭ ϭϵ͕ϰϭϭ͘ϲϭ
` Crores
DĂƌĐŚϯϭ͕ϮϬϭϴ
WĂƌƟĐƵůĂƌƐ &ŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐ Retail and wholesale Total
Investments ϵϮϳ͘ϰϮ Ͳ ϵϮϳ͘ϰϮ
>ŽĂŶƐ ϵϭϭ͘ϭϲ ϭϰ͕Ϭϲϳ͘ϳϲ ϭϰ͕ϵϳϴ͘ϵϮ
dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐĂĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚĚĞĨĂƵůƚĞĚĂŶĚƚŚĞƌĞĨŽƌĞ^ƚĂŐĞϯ;ĐƌĞĚŝƚͲŝŵƉĂŝƌĞĚͿĨŽƌ>ĐĂůĐƵůĂƟŽŶƐŝŶĂůůĐĂƐĞƐ
ǁŚĞŶƚŚĞďŽƌƌŽǁĞƌďĞĐŽŵĞƐϵϬĚĂLJƐƉĂƐƚĚƵĞŽŶŝƚƐĐŽŶƚƌĂĐƚƵĂůƉĂLJŵĞŶƚƐ͘dŚĞ'ƌŽƵƉƌƵŶƐŵŽĚĞůƐĨŽƌŝƚƐŬĞLJƉŽƌƞŽůŝŽƐ
ǁŚŝĐŚŝŶĐŽƌƉŽƌĂƚĞďŽƚŚƋƵĂůŝƚĂƟǀĞĂŶĚƋƵĂŶƟƚĂƟǀĞŝŶĨŽƌŵĂƟŽŶĂŶĚ͕ŝŶĂĚĚŝƟŽŶƚŽŝŶĨŽƌŵĂƟŽŶƐƉĞĐŝĮĐƚŽƚŚĞďŽƌƌŽǁĞƌ͕
ƵƟůŝƐĞƐƵƉƉůĞŵĞŶƚĂůĞdžƚĞƌŶĂůŝŶĨŽƌŵĂƟŽŶƚŚĂƚĐŽƵůĚĂīĞĐƚƚŚĞďŽƌƌŽǁĞƌ͛ƐďĞŚĂǀŝŽƵƌ͘WƐĂƌĞƚŚĞŶĂĚũƵƐƚĞĚĨŽƌ/ŶĚ^ϭϬϵ
>ĐĂůĐƵůĂƟŽŶƐƚŽŝŶĐŽƌƉŽƌĂƚĞĨŽƌǁĂƌĚůŽŽŬŝŶŐŝŶĨŽƌŵĂƟŽŶĂŶĚƚŚĞ/ŶĚ^ϭϬϵ^ƚĂŐĞĐůĂƐƐŝĮĐĂƟŽŶŽĨƚŚĞĞdžƉŽƐƵƌĞ͘
DŽǀĞŵĞŶƚŝŶƌĞĚŝƚůŽƐƐĂůůŽǁĂŶĐĞĨŽƌůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐƌĞůĂƟŶŐƚŽĮŶĂŶĐŝŶŐĂĐƟǀŝƚLJ ` Crores
WĂƌƟĐƵůĂƌƐ Stage 1 ^ƚĂŐĞϮ Stage 3 ^ƚĂŐĞϰ
ĂůĂŶĐĞĂƐĂƚϭƉƌŝůϮϬϭϳ ϯϴ͘ϭϴ ϰ͘ϴϴ Ϯϱϳ͘ϱϭ ϯϬϬ͘ϱϳ
WƌŽǀŝƐŝŽŶĨŽƌƚŚĞLJĞĂƌ ;ϮϬ͘ϲϱͿ ϰ͘ϲϬ Ϯϯ͘ϯϬ ϳ͘Ϯϱ
Assets originated or purchased ϯϲ͘ϰϭ ϰ͘ϱϲ ϭϬ͘ϭϮ ϱϭ͘Ϭϵ
ŚĂŶŐĞŝŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚĨƌŽŵϭϮŵŽŶƚŚƚŽ ;ϭ͘ϱϱͿ Ͳ ϭϭϮ͘ϯϬ ϭϭϬ͘ϳϱ
ůŝĨĞƟŵĞĞdžƉĞĐƚĞĚůŽƐƐĞƐĂŶĚǀŝĐĞǀĞƌƐĂ
ĂůĂŶĐĞĂƐĂƚϯϭDĂƌĐŚϮϬϭϴ ϱϮ͘ϯϵ ϭϰ͘Ϭϰ ϰϬϯ͘Ϯϯ ϰϲϵ͘ϲϲ
WƌŽǀŝƐŝŽŶĨŽƌƚŚĞLJĞĂƌ ;Ϯϯ͘ϱϵͿ ;Ϭ͘ϱϬͿ ϭϳϮ͘Ϯϰ ϭϰϴ͘ϭϱ
Assets originated or purchased Ϯϯ͘ϳϰ Ϯ͘ϲϭ ϯϴ͘ϱϯ ϲϰ͘ϴϴ
ŚĂŶŐĞŝŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚĨƌŽŵϭϮŵŽŶƚŚƚŽ ;ϭ͘ϮϵͿ Ͳ ϭϲϰ͘ϱϳ ϭϲϯ͘Ϯϴ
ůŝĨĞƟŵĞĞdžƉĞĐƚĞĚůŽƐƐĞƐĂŶĚǀŝĐĞǀĞƌƐĂ
>ŽŶĨĂŝƌǀĂůƵĞĚĂƐƐĞƚƐͲƚƌĂŶƐĨĞƌƌĞĚƚŽK/ ;ϭϲ͘ϯϰͿ ;ϭ͘ϲϰͿ ;Ϯϴ͘ϰϴͿ ;ϰϲ͘ϰϲͿ
tƌŝƚĞŽīƐ Ͳ Ͳ ;ϲϵ͘ϱϵͿ ;ϲϵ͘ϱϵͿ
ĂůĂŶĐĞĂƐĂƚϯϭDĂƌĐŚϮϬϭϵ ϯϰ͘ϵϭ ϭϰ͘ϱϭ ϲϴϬ͘ϱϬ ϳϮϵ͘ϵϮ
ŽŶĐĞŶƚƌĂƟŽŶŽĨĐƌĞĚŝƚƌŝƐŬĨŽƌĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ ` Crores
Carrying amount dLJƉĞŽĨĐŽƵŶƚĞƌ zĞĂƌĞŶĚĞĚ zĞĂƌĞŶĚĞĚ
party DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
ŽŶĐĞŶƚƌĂƟŽŶďLJƚLJƉĞŽĨůŽĂŶ͗ ` Crores ` Crores
ͲŽŵŵĞƌĐŝĂůĂŶĚŽƚŚĞƌǀĞŚŝĐůĞƐ Retail ϭϱ͕ϰϲϭ͘ϴϳ ϭϭ͕ϱϲϳ͘Ϭϱ
Ͳ>ŽĂŶĂŐĂŝŶƐƚƉƌŽƉĞƌƚLJ Retail Ϯ͕ϯϴϭ͘ϲϱ Ϯ͕ϯϲϰ͘ϬϬ
Ͳ,ŽƵƐŝŶŐůŽĂŶƐ Retail ϳϰϬ͘ϲϵ ϲϬϲ͘Ϯϴ
ͲdĞƌŵůŽĂŶƐ Corporate ϭ͕ϱϱϳ͘ϯϮ ϵϭϭ͘Ϯϱ
Total ϮϬ͕ϭϰϭ͘ϱϯ ϭϱ͕ϰϰϴ͘ϱϴ
In India ϮϬ͕ϭϰϭ͘ϱϯ ϭϱ͕ϰϰϴ͘ϱϴ
Outside India Ͳ Ͳ
/ŶĂĚĚŝƟŽŶƚŽƚŚĞĂďŽǀĞƚŚĞ'ƌŽƵƉŵĂŬĞƐŝŶǀĞƐƚŵĞŶƚƐŝŶƉĂƐƐƚŚƌŽƵŐŚƐĞĐƵƌŝƟĞƐ͕ĚĞďĞŶƚƵƌĞƐĂŶĚĨƵŶĚƐ͕ĂůůŽĨǁŚŝĐŚĂƌĞ
ĞdžƉŽƐƵƌĞƐƚŽŽƚŚĞƌĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐŝŶ/ŶĚŝĂ͘dŚĞĞdžƉŽƐƵƌĞƚŽƐƵĐŚƉĂƌƟĞƐĂƐĂƚϯϭDĂƌĐŚϮϬϭϵĂŶĚϯϭDĂƌĐŚϮϬϭϴĂƌĞ
` ϭ͕ϭϴϲ͘ϮϮĐƌŽƌĞƐĂŶĚ`ϵϮϳ͘ϰϮĐƌŽƌĞƐ͘
Exposure to credit risk
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐƌĞƉƌĞƐĞŶƚƐƚŚĞŵĂdžŝŵƵŵĐƌĞĚŝƚĞdžƉŽƐƵƌĞ͘dŚĞŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞŝƐƚŚĞƚŽƚĂůŽĨ
ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨďĂůĂŶĐĞƐǁŝƚŚďĂŶŬƐ͕ƐŚŽƌƚƚĞƌŵĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͕ƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ŵĂƌŐŝŶŵŽŶĞLJĂŶĚŽƚŚĞƌ
ĮŶĂŶĐŝĂůĂƐƐĞƚƐĞdžĐůƵĚŝŶŐĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ͘
dŚĞĐƌĞĚŝƚƌŝƐŬŽŶůŝƋƵŝĚĨƵŶĚƐĂŶĚĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐůŝŵŝƚĞĚďĞĐĂƵƐĞƚŚĞĐŽƵŶƚĞƌƉĂƌƟĞƐĂƌĞďĂŶŬƐǁŝƚŚŚŝŐŚ
ĐƌĞĚŝƚͲƌĂƟŶŐƐ͘
ŚĂŶŐĞƐŝŶŽďũĞĐƟǀĞƐ͕ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞƐƐĞƐĨŽƌŵĂŶĂŐŝŶŐƚŚĞƌŝƐŬĨŽƌĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ
dŚĞƌĞŝƐŶŽƐŝŐŶŝĮĐĂŶƚĐŚĂŶŐĞƐĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌŝŶƚŚĞŝŶŽďũĞĐƟǀĞƐ͕ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞƐƐĞƐĨŽůůŽǁĞĚďLJƚŚĞ
'ƌŽƵƉĨŽƌŵĂŶĂŐŝŶŐƚŚĞƌŝƐŬ͘
hŶĚĞƌ/ŶĚ^ϭϬϵ͕ĂůůĮŶĂŶĐŝĂůĂƐƐĞƚƐŶĞĞĚƚŽďĞĂƐƐĞƐƐĞĚďĂƐĞĚŽŶƚŚĞŝƌĐĂƐŚŇŽǁĐŚĂƌĂĐƚĞƌŝƐƟĐƐĂŶĚƚŚĞďƵƐŝŶĞƐƐŵŽĚĞů
ŝŶǁŚŝĐŚƚŚĞLJĂƌĞŚĞůĚŝŶŽƌĚĞƌƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝƌĐůĂƐƐŝĮĐĂƟŽŶ͘KŶƚŚĞďĂƐŝƐŽĨƐƵĐŚĂƐƐĞƐƐŵĞŶƚ͕ŝŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕
ƚŚĞ'ƌŽƵƉŚĂĚĐůĂƐƐŝĮĞĚĂŶĚŵĞĂƐƵƌĞĚůŽĂŶƚŽĐƵƐƚŽŵĞƌƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘dŚŝƐǁĂƐŽŶƚŚĞďĂƐŝƐƚŚĂƚƚŚĞĂƐƐŝŐŶŵĞŶƚ
ƚƌĂŶƐĂĐƟŽŶƐĂƌĞŐĞŶĞƌĂůůLJŝŶƐŝŐŶŝĮĐĂŶƚĂŶĚŽƵƚůŝĞƌƐŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚƌĂŶƐĂĐƟŽŶƐƚŽŵĞĞƚĐĂƉŝƚĂůĂĚĞƋƵĂĐLJŶŽƌŵƐŽŶŽŶĞͲŽī
ďĂƐŝƐĐĂŶŶŽƚďĞĐŽŶƐŝĚĞƌĞĚƚŽǀŝƟĂƚĞƚŚĞďƵƐŝŶĞƐƐŵŽĚĞů͘
ƐĂƚƉƌŝůϭ͕ϮϬϭϴ͕ƚŚĞ'ƌŽƵƉƌĞĂƐƐĞƐƐĞĚŝƚƐďƵƐŝŶĞƐƐŵŽĚĞůĂŶĚĐŽŶĐůƵĚĞĚƚŚĂƚůŽĂŶƚŽĐƵƐƚŽŵĞƌƐĞdžĐůƵĚŝŶŐƚǁŽǁŚĞĞůĞƌ͕
ƚŚƌĞĞǁŚĞĞůĞƌĂŶĚƚƌĂĐƚŽƌůŽĂŶƐ͕ĂƌĞŶŽƚŝŶƚĞŶĚĞĚƚŽďĞŚĞůĚĨŽƌŵĂƚƵƌŝƚLJ͘ĐĐŽƌĚŝŶŐůLJ͕ůŽĂŶƚŽĐƵƐƚŽŵĞƌƐŽƌŝŐŝŶĂƟŶŐĂŌĞƌ
Ɖƌŝůϭ͕ϮϬϭϴŚĂǀĞďĞĞŶĂĐĐŽƵŶƚĞĚĂƚ&ĂŝƌsĂůƵĞĚdŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;͚&sK/͛Ϳ͘
d ŚĞƚĂďůĞďĞůŽǁƐƵŵŵĂƌŝƐĞƐƚŚĞŵĂƚƵƌŝƚLJƉƌŽĮůĞƌĞŵĂŝŶŝŶŐĐŽŶƚƌĂĐƚƵĂůŵĂƚƵƌŝƚLJƉĞƌŝŽĚĂƚƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞĨŽƌŝƚƐŶŽŶͲ
ĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐďĂƐĞĚŽŶƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚŇŽǁƐ͘
` Crores
Due in Due in ƵĞĂŌĞƌ Carrying amount
1st year ϮŶĚƚŽϱƚŚLJĞĂƌ 5th year
DĂƌĐŚϯϭ͕ϮϬϭϵ
dƌĂĚĞƉĂLJĂďůĞƐ ϱ͕ϭϳϵ͘ϬϮ Ͳ Ͳ ϱ͕ϭϳϵ͘ϬϮ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭ͕ϵϵϬ͘ϱϲ ϭϰϬ͘ϴϲ Ϭ͘Ϭϰ Ϯ͕ϭϯϭ͘ϰϲ
Borrowings ϲ͕ϭϱϴ͘Ϯϲ ϭϭ͕ϳϬϰ͘Ϭϯ ϭ͕ϯϬϱ͘ϲϮ ϭϵ͕ϭϲϳ͘ϵϭ
ϭϯ͕ϯϮϳ͘ϴϰ ϭϭ͕ϴϰϰ͘ϴϵ ϭ͕ϯϬϱ͘ϲϲ Ϯϲ͕ϰϳϴ͘ϯϵ
` Crores
Due in Due in ƵĞĂŌĞƌ Carrying amount
1st year ϮŶĚƚŽϱƚŚLJĞĂƌ 5th year
DĂƌĐŚϯϭ͕ϮϬϭϴ
dƌĂĚĞƉĂLJĂďůĞƐ ϱ͕Ϭϱϯ͘ϱϯ Ͳ Ͳ ϱ͕Ϭϱϯ͘ϱϯ
KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭ͕ϲϬϭ͘ϴϰ Ϯϵ͘ϵϳ Ͳ ϭ͕ϲϯϭ͘ϴϭ
Borrowings ϱ͕ϱϲϮ͘ϵϱ ϵ͕ϳϰϳ͘ϱϯ ϰϴϬ͘ϱϲ ϭϱ͕ϳϵϭ͘Ϭϰ
ϭϮ͕Ϯϭϴ͘ϯϮ ϵ͕ϳϳϳ͘ϱϬ ϰϴϬ͘ϱϲ ϮϮ͕ϰϳϲ͘ϯϴ
d ŚĞƚĂďůĞďĞůŽǁƐƵŵŵĂƌŝƐĞƐƚŚĞŵĂƚƵƌŝƚLJƉƌŽĮůĞĨŽƌŝƚƐĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐďĂƐĞĚŽŶƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĐŽŶƚƌĂĐƚƵĂů
ŶĞƚĐĂƐŚŝŶŇŽǁƐĂŶĚŽƵƞůŽǁƐŽŶĚĞƌŝǀĂƟǀĞůŝĂďŝůŝƟĞƐƚŚĂƚƐĞƩůĞŽŶĂŶĞƚďĂƐŝƐ͕ĂŶĚƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚŐƌŽƐƐŝŶŇŽǁƐĂŶĚ
ŽƵƞůŽǁƐŽŶƚŚŽƐĞĚĞƌŝǀĂƟǀĞƐƚŚĂƚƌĞƋƵŝƌĞŐƌŽƐƐƐĞƩůĞŵĞŶƚ͘tŚĞŶƚŚĞĂŵŽƵŶƚƉĂLJĂďůĞŽƌƌĞĐĞŝǀĂďůĞŝƐŶŽƚĮdžĞĚ͕ƚŚĞĂŵŽƵŶƚ
ĚŝƐĐůŽƐĞĚŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƉƌŽũĞĐƚĞĚŝŶƚĞƌĞƐƚƌĂƚĞƐĂƐŝůůƵƐƚƌĂƚĞĚďLJƚŚĞLJŝĞůĚĐƵƌǀĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞ
ƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘
` Crores
Due in Due in Carrying amount
1st year ϮŶĚƚŽϱƚŚLJĞĂƌ
DĂƌĐŚϯϭ͕ϮϬϭϵ
Currency and interest rate swaps Ͳ Ͳ Ͳ
& ŽƌĞŝŐŶĞdžĐŚĂŶŐĞĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐ ϱ͘ϱϬ Ͳ ϱ͘ϱϬ
ϱ͘ϱϬ Ͳ ϱ͘ϱϬ
` Crores
Due in Due in Carrying amount
1st year ϮŶĚƚŽϱƚŚLJĞĂƌ
DĂƌĐŚϯϭ͕ϮϬϭϴ
Currency and interest rate swaps ϯϵ͘ϴϴ Ͳ ϯϵ͘ϴϴ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐ ϱ͘ϴϲ Ͳ ϱ͘ϴϲ
ϰϱ͘ϳϰ Ͳ ϰϱ͘ϳϰ
;Ϳ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐďĂƐŝƐĂƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚ
ƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͗
^ŽŵĞŽĨƚŚĞ'ƌŽƵƉ͛ƐĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞŐŝǀĞƐŝŶĨŽƌŵĂƟŽŶĂďŽƵƚŚŽǁƚŚĞĨĂŝƌǀĂůƵĞƐĨŽƌŵĂƚĞƌŝĂůĮŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚŵĂƚĞƌŝĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ
ŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚ;ŝŶƉĂƌƟĐƵůĂƌ͕ƚŚĞǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞ;ƐͿĂŶĚŝŶƉƵƚƐƵƐĞĚͿ͘
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐͬ &ĂŝƌǀĂůƵĞĂƐĂƚ &ĂŝƌǀĂůƵĞ sĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞ;ƐͿĂŶĚŬĞLJŝŶƉƵƚ;ƐͿ
ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ hierarchy
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
ĞƌŝǀĂƟǀĞ Assets – ` ϱ͘ϰϴ Assets – >ĞǀĞůϮ ŝƐĐŽƵŶƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐǁŚŝĐŚĂƌĞĞƐƟŵĂƚĞĚ
ŝŶƐƚƌƵŵĞŶƚƐ͕ ƌŽƌĞƐ͖ĂŶĚ ` Ϯϲ͘ϭϴĐƌŽƌĞƐ͖ ďĂƐĞĚŽŶĨŽƌǁĂƌĚĞdžĐŚĂŶŐĞƌĂƚĞƐ;ĨƌŽŵŽďƐĞƌǀĂďůĞ
ŝ͘Ğ͘ĨŽƌǁĂƌĚ >ŝĂďŝůŝƟĞƐʹ ĂŶĚ>ŝĂďŝůŝƟĞƐʹ ĨŽƌǁĂƌĚĞdžĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐ
ĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ ` 5.5 Crores ` ϰϱ͘ϳϰĐƌŽƌĞƐ ƉĞƌŝŽĚͿĂŶĚĐŽŶƚƌĂĐƚĨŽƌǁĂƌĚƌĂƚĞƐ͕ĚŝƐĐŽƵŶƚĞĚĂƚĂ
ĐŽŶƚƌĂĐƚƐ͕ĐƵƌƌĞŶĐLJ ƌĂƚĞƚŚĂƚƌĞŇĞĐƚƐƚŚĞĐƌĞĚŝƚƌŝƐŬŽĨƚŚĞ'ƌŽƵƉͬǀĂƌŝŽƵƐ
and interest rate ĐŽƵŶƚĞƌƉĂƌƟĞƐ͘
swaps
&ƵƌƚŚĞƌ͕ŝŶĐĂƐĞŽĨƐǁĂƉĐŽŶƚƌĂĐƚƐ͕ƚŚĞĨƵƚƵƌĞ
ĞƐƟŵĂƚĞĚĐĂƐŚŇŽǁƐĂůƐŽĐŽŶƐŝĚĞƌĨŽƌǁĂƌĚŝŶƚĞƌĞƐƚ
ƌĂƚĞƐ;ĨƌŽŵŽďƐĞƌǀĂďůĞLJŝĞůĚĐƵƌǀĞƐĂƚƚŚĞĞŶĚŽĨ
ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚͿĂŶĚĐŽŶƚƌĂĐƚĨŽƌǁĂƌĚƌĂƚĞƐ͕
ĚŝƐĐŽƵŶƚĞĚĂƚĂƌĂƚĞƚŚĂƚƌĞŇĞĐƚƐƚŚĞĐƌĞĚŝƚƌŝƐŬŽĨƚŚĞ
'ƌŽƵƉͬǀĂƌŝŽƵƐĐŽƵŶƚĞƌƉĂƌƟĞƐ͘
Investments in ` Nil `ϯ͕ϭϱϱ͘ϭϲ >ĞǀĞůϭ EĞƚĂƐƐĞƚƐǀĂůƵĞŝŶĂŶĂĐƟǀĞŵĂƌŬĞƚ͘
ŵƵƚƵĂůĨƵŶĚƐ crores
džƚƌĂĐƚŽĨŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵ
WĂƌƟĐƵůĂƌƐ Note DĂƌĐŚϯϭ͕ϮϬϭϵ /ŶĐƌĞĂƐĞͬ Reported March
ƌĞĨĞƌĞŶĐĞ ;ŝĨ/E^ϭϭϱŝƐ ;ĞĐƌĞĂƐĞͿ ϯϭ͕ϮϬϭϵ
ŶŽƚĂĚŽƉƚĞĚͿ
` Crores ` Crores ` Crores
Income
^ĂůĞŽĨWƌŽĚƵĐƚƐ Ϯ͘ϭ ϯϬ͕Ϭϱϰ͘ϵϱ ;ϰϵϮ͘ϮϲͿ Ϯϵ͕ϱϲϮ͘ϲϵ
^ĂůĞŽĨ^ĞƌǀŝĐĞƐ Ϯ͘ϭ ϰϵϲ͘ϭϵ ϰϭϱ͘ϭϰ ϵϭϭ͘ϯϯ
ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ Ϯ͘ϭ ϯϯ͕Ϯϳϯ͘ϵϲ ;ϳϳ͘ϭϮͿ ϯϯ͕ϭϵϲ͘ϴϰ
Total Income ϯϯ͕ϰϬϮ͘ϬϮ ;ϳϳ͘ϭϮͿ ϯϯ͕ϯϮϰ͘ϵϬ
Expenses
Other expenses Ϯ͘ϲ ϰ͕ϭϬϵ͘Ϯϴ ;ϲϬ͘ϵϬͿ ϰ͕Ϭϰϴ͘ϯϴ
Total Expenses ϯϬ͕ϱϮϱ͘ϱϰ ;ϲϬ͘ϵϬͿ ϯϬ͕ϰϲϰ͘ϲϰ
WƌŽĮƚďĞĨŽƌĞĞdžĐŚĂŶŐĞŐĂŝŶŽŶƐǁĂƉĐŽŶƚƌĂĐƚƐͬ^ŚĂƌĞ Ϯ͕ϴϳϲ͘ϰϴ ;ϭϲ͘ϮϮͿ Ϯ͕ϴϲϬ͘Ϯϲ
ŽĨƉƌŽĮƚͬ;ůŽƐƐͿŽĨĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐͬ
ĞdžĐĞƉƟŽŶĂůŝƚĞŵƐĂŶĚƚĂdž
Tax expense ϲϴϬ͘ϰϬ ;ϯ͘ϯϰͿ ϲϳϳ͘Ϭϲ
WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ Ϯ͕ϮϬϳ͘ϰϴ ;ϭϮ͘ϴϴͿ Ϯ͕ϭϵϰ͘ϲϬ
dŽƚĂůŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ ϭϴϯ͘ϱϭ Ͳ ϭϴϯ͘ϱϭ
dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ Ϯ͕ϯϵϬ͘ϵϵ ;ϭϮ͘ϴϴͿ Ϯ͕ϯϳϴ͘ϭϭ
WƌŽĮƚĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽ
KǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ Ϯ͕Ϭϵϭ͘ϱϴ ;ϭϮ͘ϴϴͿ Ϯ͕Ϭϳϴ͘ϳϬ
dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽ
KǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ Ϯ͕ϭϴϴ͘ϲϱ ;ϭϮ͘ϴϴͿ Ϯ͕ϭϳϱ͘ϳϳ
ĂƌŶŝŶŐƐƉĞƌĞƋƵŝƚLJƐŚĂƌĞ;&ĂĐĞǀĂůƵĞ`ϭĞĂĐŚͿ
ͲĂƐŝĐ;ŝŶ`Ϳ ϳ͘ϭϮ ;Ϭ͘ϬϰͿ ϳ͘Ϭϴ
ͲŝůƵƚĞĚ;ŝŶ`Ϳ ϳ͘ϭϮ ;Ϭ͘ϬϰͿ ϳ͘Ϭϴ
;ZĞĨĞƌEŽƚĞϯ͘ϰͿ
Ϯ KƚŚĞƌĮŶĂŶĐŝĂůĂŶĚŶŽŶĮŶĂŶĐŝĂů Ͳ Ͳ Ϭ͘ϳϭ Ϯ͘ϲϰ ϯ͘ϰϴ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϰ͘ϭϵ Ϯ͘ϲϰ
assets
ϯ >ŽĂŶƐ ϰϱ͘ϬϬ ϰϱ͘ϬϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϰϱ͘ϬϬ ϰϱ͘ϬϬ
ϰ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ ϯϯ͘ϱϰ Ϯϲ͘Ϭϲ Ϭ͘Ϯϵ Ϭ͘ϰϭ ϴ͘ϰϬ ϲ͘Ϯϱ ϭϬ͘Ϯϳ ϵ͘ϰϵ Ϯ͘ϰϰ Ϯ͘ϱϰ Ϯϳ͘ϲϱ ϭϳ͘ϱϱ ϴϮ͘ϱϵ ϲϮ͘ϯϬ
ϱ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞƐ Ͳ Ͳ Ͳ Ͳ Ϯϲ͘ϲϯ Ϯϳ͘ϳϭ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ϯϲ͘ϲϯ Ϯϳ͘ϳϭ
NOTES ANNEXED TO AND FORMING PART
OF THE CONSOLIDATED FINANCIAL STATEMENTS
3.9 ZĞůĂƚĞĚƉĂƌƚLJĚŝƐĐůŽƐƵƌĞ;ĐŽŶƟŶƵĞĚͿ
ĚͿ ^ŝŐŶŝĮĐĂŶƚZĞůĂƚĞĚWĂƌƚLJdƌĂŶƐĂĐƟŽŶƐ
dƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ ϮϬϭϵ ϮϬϭϴ
` ƌŽƌĞƐ ` ƌŽƌĞƐ
1 Purchase of raw materials,components and traded goods (net of GST/CENVAT /
sdͿ
'ƵůĨKŝů>ƵďƌŝĐĂŶƚƐ/ŶĚŝĂ>ŝŵŝƚĞĚ ϭϰϭ͘ϵϵ ϭϮϮ͘ϴϱ
ƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ ϳϯ͘ϵϰ ϲϬ͘Ϭϵ
2 ^ĂůĞƐĂŶĚƐĞƌǀŝĐĞƐ;ŶĞƚŽĨĞdžĐŝƐĞĚƵƟĞƐͬ'^dͿ
'ƵůĨKŝů>ƵďƌŝĐĂŶƚƐ/ŶĚŝĂ>ŝŵŝƚĞĚ ϮϬ͘ϰϮ ϭϰ͘ϴϰ
>ĂŶŬĂƐŚŽŬ>ĞLJůĂŶĚW> ϮϮϰ͘ϯϱ ϱϭϬ͘ϵϴ
3 KƚŚĞƌŽƉĞƌĂƟŶŐŝŶĐŽŵĞ
'ƵůĨKŝů>ƵďƌŝĐĂŶƚƐ/ŶĚŝĂ>ŝŵŝƚĞĚ - ϭ͘ϳϴ
ƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ ϭ͘ϲϬ ϭ͘ϲϭ
4 KƚŚĞƌĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚͬ;ƌĞĐŽǀĞƌĞĚͿ;ŶĞƚͿ
,ŝŶĚƵũĂƵƚŽŵŽƟǀĞ>ŝŵŝƚĞĚ͕hŶŝƚĞĚ<ŝŶŐĚŽŵ ϯ͘ϳϰ ϯ͘ϲϮ
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ ;ϭ͘ϭϰͿ Ϭ͘ϳϴ
,ŝŶĚƵũĂdĞĐŚ>ŝŵŝƚĞĚ ϰϴ͘ϰϭ ϯϳ͘ϭϰ
5 Interest and other income
ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚ ϭ͘ϲϵ Ϯ͘Ϯϱ
,ŝŶĚƵũĂŶĞƌŐLJ;/ŶĚŝĂͿ>ŝŵŝƚĞĚ ϯ͘ϰϯ ϳ͘ϴϲ
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ Ϭ͘ϳϴ Ϭ͘ϳϭ
6 Dividend payment
,ŝŶĚƵũĂƵƚŽŵŽƟǀĞ>ŝŵŝƚĞĚ͕hŶŝƚĞĚ<ŝŶŐĚŽŵ ϯϲϮ͘ϵϯ ϮϯϮ͘ϵϵ
7 Investment in shares of
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ - ϯ͘ϱϰ
ƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ ϭ͘ϬϬ -
8 Purchase of assets
,ŝŶĚƵũĂdĞĐŚ>ŝŵŝƚĞĚ - Ϭ͘ϳϴ
9 Sale of assets
ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ ϭ͘ϲϵ -
10 Loan advance given
,ŝŶĚƵũĂŶĞƌŐLJ;/ŶĚŝĂͿ>ŝŵŝƚĞĚ ϭϵϬ͘ϬϬ ϰϲϯ͘ϬϬ
11 Loan advance repaid
,ŝŶĚƵũĂŶĞƌŐLJ;/ŶĚŝĂͿ>ŝŵŝƚĞĚ ϭϵϬ͘ϬϬ ϰϲϴ͘ϬϬ
12 ZĞĐĞŝƉƚŽĨŵŽŶĞLJĂŌĞƌĐĂƉŝƚĂůƌĞĚƵĐƟŽŶ;`ϮϬϰ͘ϳϯĐƌŽƌĞƐͿĨƌŽŵ:ŽŝŶƚsĞŶƚƵƌĞ
ƐŚŽŬ>ĞLJůĂŶĚ:ŽŚŶĞĞƌĞŽŶƐƚƌƵĐƟŽŶƋƵŝƉŵĞŶƚŽŵƉĂŶLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚ ϯϰ͘ϳϵ -
13 ŽŵŵŝƐƐŝŽŶĂŶĚƐŝƫŶŐĨĞĞƐƚŽŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů
Dƌ͘ŚĞĞƌĂũ',ŝŶĚƵũĂ ϭϬ͘ϭϮ ϴ͘ϭϭ
14 ŽŶƚƌŝďƵƟŽŶƚŽĞŵƉůŽLJĞĞƌĞůĂƚĞĚƚƌƵƐƚƐŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐŶŶŽƌĞWƌŽǀŝĚĞŶƚ&ƵŶĚ ϱϮ͘ϵϴ ϱϬ͘Ϯϰ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐ,ŽƐƵƌWƌŽǀŝĚĞŶƚ&ƵŶĚ ϯϲ͘ϴϯ ϯϰ͘ϭϮ
ƐŚŽŬ>ĞLJůĂŶĚ^ĞŶŝŽƌdžĞĐƵƟǀĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ ϰϲ͘ϱϰ ϰϭ͘ϯϮ
ƐŚŽŬ>ĞLJůĂŶĚŵƉůŽLJĞĞƐ'ƌĂƚƵŝƚLJ&ƵŶĚ ϭϭϮ͘ϰϵ ϮϬ͘Ϭϵ
ƐŚŽŬ>ĞLJůĂŶĚ^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ ϭϲ͘ϵϭ ϭϳ͘Ϭϴ
15 ZĞŵƵŶĞƌĂƟŽŶƚŽŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůΎ
Dƌ͘sŝŶŽĚ<ĂƐĂƌŝ
^ŚŽƌƚƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĮƚƐ;ŝŶĐůƵĚĞƐĞdžͲŐƌĂƟĂŽĨ`ϵƌŽƌĞƐͿ ϮϬ͘ϵϳ ϭϭ͘ϴϱ
KƚŚĞƌůŽŶŐƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĮƚƐ - ϲ͘ϵϳ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚ - ϰϴ͘ϴϳ
KƚŚĞƌďĞŶĞĮƚƐƉĂŝĚη ϱ͘ϴϭ -
ηŽƚŚĞƌďĞŶĞĮƚƐƉĂŝĚŝŶĐůƵĚĞƐŐƌĂƚƵŝƚLJĂŶĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘
ΎĨŽƌ&zϮϬϭϳͲϭϴ͕ŝƚĞdžĐůƵĚĞƐĐŽŶƚƌŝďƵƟŽŶĨŽƌŐƌĂƚƵŝƚLJĂŶĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐĂƐƚŚĞŝŶĐƌĞŵĞŶƚĂůůŝĂďŝůŝƚLJŚĂƐďĞĞŶ
ĂĐĐŽƵŶƚĞĚĨŽƌďLJƚŚĞWĂƌĞŶƚŽŵƉĂŶLJĂƐĂǁŚŽůĞ͘
EŽŶͲĐĂŶĐĞůůĂďůĞŽƉĞƌĂƟŶŐůĞĂƐĞĐŽŵŵŝƚŵĞŶƚƐ
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
Not later than 1 year ϮϬ͘ϴϮ ϭϱ͘ϰϯ
>ĂƚĞƌƚŚĂŶϭLJĞĂƌďƵƚŶŽƚůĂƚĞƌƚŚĂŶϱLJĞĂƌƐ ϲϭ͘Ϭϭ ϱϲ͘ϳϮ
>ĂƚĞƌƚŚĂŶϱLJĞĂƌƐ ϲϭ͘ϱϯ ϲϮ͘ϵϲ
ϯ͘ϭϮ COMMITMENTS
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
ĂͿ ĂƉŝƚĂůĐŽŵŵŝƚŵĞŶƚƐ;ŶĞƚŽĨĂĚǀĂŶĐĞƐͿŶŽƚƉƌŽǀŝĚĞĚĨŽƌ ϯϰϯ͘ϴϮ ϭϱϰ͘ϭϮ
ŝŶĐůƵĚŝŶŐ` Ϭ͘ϵϰĐƌŽƌĞƐ;DĂƌĐŚϮϬϭϴ͗ϭ͘ϭϮĐƌŽƌĞƐͿŝŶƌĞƐƉĞĐƚŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ďͿ hŶĐĂůůĞĚůŝĂďŝůŝƚLJŽŶƉĂƌƚůLJƉĂŝĚƐŚĂƌĞƐͬŝŶǀĞƐƚŵĞŶƚƐη Ͳ Ͳ
ĐͿ ^ŚĂƌĞŽĨĐŽŵŵŝƚŵĞŶƚƐŽĨũŽŝŶƚǀĞŶƚƵƌĞƐ ϭ͘ϰϬ ϭϬ͘ϲϭ
ĚͿ KƚŚĞƌĐŽŵŵŝƚŵĞŶƚƐ Ͳ Ͳ
>ŽĐŬͲŝŶĐŽŵŵŝƚŵĞŶƚŝŶƐŚĂƌĞŚŽůĚĞƌƐĂŐƌĞĞŵĞŶƚZĞĨĞƌEŽƚĞϭ͘ϯ
dŚĞŽƵƞůŽǁŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞŝƐŶŽƚƉƌĂĐƟĐĂďůĞƚŽĂƐĐĞƌƚĂŝŶŝŶǀŝĞǁŽĨƚŚĞƵŶĐĞƌƚĂŝŶƟĞƐŝŶǀŽůǀĞĚ͘
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉ
ůĂŶĚŝŶdĂŵŝůEĂĚƵ͕ƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞ͘
ď͘ ĮƌƐƚƉĂƌŝƉĂƐƐƵĐŚĂƌŐĞďLJǁĂLJŽĨŚLJƉŽƚŚĞĐĂƟŽŶŝŶĨĂǀŽƌŽĨƚŚĞůĞŶĚĞƌƐ͕ŝŶĂĨŽƌŵƐĂƟƐĨĂĐƚŽƌLJƚŽƚŚĞůĞŶĚĞƌƐ͕ŽĨĂůůƚŚĞ>sĚŝǀŝƐŝŽŶ͛ƐŵŽǀĂďůĞƐŝŶĐůƵĚŝŶŐŵŽǀĂďůĞ
ƉůĂŶƚĂŶĚŵĂĐŚŝŶĞƌLJ͕ŵĂĐŚŝŶĞƌLJƐƉĂƌĞƐ͕ƚŽŽůƐĂŶĚĂĐĐĞƐƐŽƌŝĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĮdžƚƵƌĞƐ͕ǀĞŚŝĐůĞƐĂŶĚĂůůŽƚŚĞƌŵŽǀĂďůĞĮdžĞĚĂƐƐĞƚƐ͕ƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞůŽĐĂƚĞĚĂƚ,ŽƐƵƌ
plant.
ϯ
ĞďĞŶƚƵƌĞƐŽĨĂƐƵďƐŝĚŝĂƌLJ;^ƵďϭͿĂƌĞƐĞĐƵƌĞĚďLJĮƌƐƚƌĂŶŬŝŶŐŵŽƌƚŐĂŐĞŽĨĂŶŝŵŵŽǀĂďůĞƉƌŽƉĞƌƚLJŝŶĨĂǀŽƵƌŽĨƚƌƵƐƚĞĞƐŝŶĂĚĚŝƟŽŶƚŽƉĂƌŝƉĂƐƐƵĐŚĂƌŐĞŽŶŚLJƉŽƚŚĞĐĂƟŽŶŽĨ
ůŽĂŶƌĞĐĞŝǀĂďůĞƐǁŝƚŚĂƐĞĐƵƌŝƚLJĐŽǀĞƌŽĨϭϭϬйĂƐƉĞƌƚŚĞƚĞƌŵƐŽĨŝƐƐƵĞŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ͘
OF THE CONSOLIDATED FINANCIAL STATEMENTS
ϰ d ĞƌŵůŽĂŶƐĂǀĂŝůĞĚďLJĂƐƵďƐŝĚŝĂƌLJĨƌŽŵǀĂƌŝŽƵƐďĂŶŬƐ;d>Ͳϭ^ƵďϭͿĂƌĞƐĞĐƵƌĞĚďLJŚLJƉŽƚŚĞĐĂƟŽŶŽĨĚĞƐŝŐŶĂƚĞĚĂƐƐĞƚƐŽŶůŽĂŶĂŶĚĨƵƚƵƌĞƌĞĐĞŝǀĂďůĞƐƚŚĞƌĞĨƌŽŵ͕ĂŶĚ
ŝŶǀĞƐƚŵĞŶƚƐŝŶƉĂƐƐƚŚƌŽƵŐŚĐĞƌƟĮĐĂƚĞƐĂŶĚĚĞďĞŶƚƵƌĞƐŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ͘
ϱ dĞƌŵůŽĂŶĂǀĂŝůĞĚďLJĂƐƵďƐŝĚŝĂƌLJĨƌŽŵĂďĂŶŬ;d>ͲϮͲ^ƵďϯͿĂƌĞƐĞĐƵƌĞĚďLJĐŽƌƉŽƌĂƚĞŐƵĂƌĂŶƚĞĞŐŝǀĞŶďLJWĂƌĞŶƚŽŵƉĂŶLJ͘
Ϯϯϱ
ϯ͘ϭϯ ĞƚĂŝůƐŽĨďŽƌƌŽǁŝŶŐƐ;ĐŽŶƟŶƵĞĚͿ
ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϵ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ
Non Current Current Total WĂƌƟĐƵůĂƌƐŽĨZĞĚĞŵƉƟŽŶͬZĞƉĂLJŵĞŶƚ Non Current Current Total
DĂƚƵƌŝƟĞƐ DĂƚƵƌŝƟĞƐ
` Crores ` Crores ` Crores ` Crores ` Crores ` Crores
iii. ECB loans :
ϭϰ Ͳ ϭϬ͘Ϭϭ ϭϬ͘Ϭϭ ZĞƉĂLJĂďůĞďLJƉƌŝůϮϰ͕ϮϬϭϵ ϵ͘ϰϯ ϱϴ͘ϯϱ ϲϳ͘ϳϴ
ŝǀ͘KƚŚĞƌůŽĂŶƐ͗
K>Ͳ^Ƶďϭ Ͳ Ͳ Ͳ ZĞƉĂLJĂďůĞŝŶŵŽŶƚŚůLJŝŶƐƚĂůůŵĞŶƚƐŽǀĞƌĂƉĞƌŝŽĚŽĨϰLJĞĂƌƐ Ͳ Ϭ͘Ϯϴ Ϭ͘Ϯϴ
^/WKd^ŽŌ>ŽĂŶ ϯϭ͘ϭϴ Ͳ ϯϭ͘ϭϴ ZĞƉĂLJĂďůĞďLJƵŐƵƐƚϭ͕ϮϬϮϱ ϯϭ͘ϭϴ Ͳ ϯϭ͘ϭϴ
ϯϭ͘ϭϴ Ͳ ϯϭ͘ϭϴ ϯϭ͘ϭϴ Ϭ͘Ϯϴ ϯϭ͘ϰϲ
ϭ KƚŚĞƌůŽĂŶƐ;K>Ͳ^ƵďϭͿĂǀĂŝůĞĚďLJĂƐƵďƐŝĚŝĂƌLJĂƌĞƌĞůĂƚĞĚƚŽǀĞŚŝĐůĞƐŽǁŶĞĚĂƌĞƐĞĐƵƌĞĚĂŐĂŝŶƐƚƚŚĞƐĞǀĞŚŝĐůĞƐ͘
Ϯ KƚŚĞƌůŽĂŶƐ;^/WKd^ŽŌ>ŽĂŶͿĂǀĂŝůĞĚďLJƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJĂƌĞƐĞĐƵƌĞĚďLJǁĂLJŽĨƉĂƌŝͲƉĂƐƐƵĮƌƐƚĐŚĂƌŐĞŽŶĐƵƌƌĞŶƚĂŶĚĨƵƚƵƌĞƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŽĨƚŚĞ>s
ĚŝǀŝƐŝŽŶŽĨƚŚĞƉĂƌĞŶƚĐŽŵƉĂŶLJ͘
NOTES ANNEXED TO AND FORMING PART
OF THE CONSOLIDATED FINANCIAL STATEMENTS
ϯ͘ϭϯ
ĞƚĂŝůƐŽĨďŽƌƌŽǁŝŶŐƐ;ĐŽŶƟŶƵĞĚͿ
ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϵ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ
Non Current Current Total WĂƌƟĐƵůĂƌƐŽĨZĞĚĞŵƉƟŽŶͬZĞƉĂLJŵĞŶƚ Non Current Current Total
DĂƚƵƌŝƟĞƐ DĂƚƵƌŝƟĞƐ
` Crores ` Crores ` Crores ` Crores ` Crores ` Crores
b. Unsecured
ďŽƌƌŽǁŝŶŐƐ͗
i ECB loans:
Ͳϭϯ ϰϲ͘ϭϬ ϰϲ͘ϭϬ ϵϮ͘ϮϬ ϯĞƋƵĂůŝŶƐƚĂůŵĞŶƚƐŽŶ^ĞƉƚĞŵďĞƌϭϬ͕ϮϬϮϬ͕ϮϬϭϵ͕ϮϬϭϴ ϴϲ͘ϵϬ ϰϯ͘ϰϱ ϭϯϬ͘ϯϱ
ͲϭϮ ϭϯϴ͘ϯϭ ϭϬϯ͘ϳϯ ϮϰϮ͘Ϭϰ :ƵŶĞϮϲ͕ϮϬϮϬͲ`ϭϯϴ͘ϯϭĐƌŽƌĞƐĂŶĚ:ƵŶĞϮϲ͕ϮϬϭϵ͕ϮϬϭϴͲ`ϭϬϯ͘ϳϯ ϮϮϴ͘ϭϭ ϵϳ͘ϳϲ ϯϮϱ͘ϴϳ
crores each
Ͳϭϭ Ͳ Ͳ Ͳ ϯĞƋƵĂůŝŶƐƚĂůŵĞŶƚƐŽŶDĂƌĐŚϮϱ͕ϮϬϭϵ͕ϮϬϭϴ͕ϮϬϭϳ Ͳ ϲϱ͘ϭϴ ϲϱ͘ϭϴ
Ͳϭ Ͳ Ͳ Ͳ ϯĞƋƵĂůŝŶƐƚĂůŵĞŶƚƐŽŶ:ƵŶĞϭϭ͕ϮϬϭϴĂŶĚ:ƵŶĞϵ͕ϮϬϭϳ͕ϮϬϭϲ Ͳ ϭϮϰ͘ϭϭ ϭϮϰ͘ϭϭ
ϭϴϰ͘ϰϭ ϭϰϵ͘ϴϯ ϯϯϰ͘Ϯϰ ϯϭϱ͘Ϭϭ ϯϯϬ͘ϱϬ ϲϰϱ͘ϱϭ
ii. Debenture series:
ϵ͘ϮϬйƉ͘Ă͘ƚŽϭϮ͘ϰϬй ϭ͕ϭϲϵ͘Ϯϯ ϭϬϵ͘ϴϱ ϭ͕Ϯϳϵ͘Ϭϴ ZĞĚĞĞŵĂďůĞŽǀĞƌĂƉĞƌŝŽĚŽĨϱƚŽϳLJĞĂƌƐ ϭ͕Ϭϯϱ͘ϬϬ Ͳ ϭ͕Ϭϯϱ͘ϬϬ
Ͳ^ƵďŽƌĚŝŶĂƚĞĚ
ƌĞĚĞĞŵĂďůĞ
ŶŽŶͲĐŽŶǀĞƌƟďůĞ
ĚĞďĞŶƚƵƌĞƐͲ^Ƶďϭ
ϭ͕ϭϲϵ͘Ϯϯ ϭϬϵ͘ϴϱ ϭ͕Ϯϳϵ͘Ϭϴ ϭ͕Ϭϯϱ͘ϬϬ Ͳ ϭ͕Ϭϯϱ͘ϬϬ
iii. Interest free sales
tax loans:
Programme II ϴϮ͘ϵϰ ϭϴ͘ϰϳ ϭϬϭ͘ϰϭ sĂƌLJŝŶŐĂŵŽƵŶƚƐƌĞƉĂLJĂďůĞŽŶĂƉĞƌŝŽĚŝĐĂůďĂƐŝƐĞŶĚŝŶŐŽŶ:ƵŶĞϮϬϮϴ ϭϬϭ͘ϰϭ ϳ͘ϱϯ ϭϬϴ͘ϵϰ
ϴϮ͘ϵϰ ϭϴ͘ϰϳ ϭϬϭ͘ϰϭ ϭϬϭ͘ϰϭ ϳ͘ϱϯ ϭϬϴ͘ϵϰ
ŝǀ͘dĞƌŵůŽĂŶƐ͗
d>^Ƶďϴ Ͳ Ͳ Ͳ ƵůůĞƚƌĞƉĂLJŵĞŶƚĚƵĞŽŶƉƌŝůϮϬϮϬ ϵϳ͘ϳϭ Ͳ ϵϳ͘ϳϭ
Ͳ Ͳ Ͳ ϵϳ͘ϳϭ Ͳ ϵϳ͘ϳϭ
ǀ͘ K
ƚŚĞƌƐƵďŽƌĚŝŶĂƚĞĚ
loans:
NOTES ANNEXED TO AND FORMING PART
As at WĂƌƟĐƵůĂƌƐŽĨZĞĚĞŵƉƟŽŶͬ As at
DĂƌĐŚϯϭ͕ϮϬϭϵ Repayment DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
ď hŶƐĞĐƵƌĞĚďŽƌƌŽǁŝŶŐƐ
Ͳ ^d>ϭϴ ϭϬϬ͘ϬϬ ƵŐƵƐƚϮϭ͕ϮϬϭϵ Ͳ
Ͳ ^d>ϭϳ Ͳ ƵŐƵƐƚϮϳ͕ϮϬϭϴ ϭϬϬ͘ϬϬ
Ͳ ^d>Ͳ^Ƶďϯ Ͳ ZĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚ Ͳ
Ͳ ^d>Ͳ^Ƶďϭ ϭ͕ϭϮϵ͘ϰϭ ZĞƉĂLJĂďůĞŽǀĞƌĂƚĞŶŽƌŽĨϵϬĚĂLJƐ ϳϯϳ͘ϵϮ
Ͳ ^d>ϭͲ^Ƶďϱ Ͳ ZĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚ ϲϱ͘ϲϵ
Ͳ ^d>ϭͲ^Ƶďϴ ϲϵ͘ϭϭ ZĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚ ϵϵ͘ϴϴ
ϭ͕Ϯϵϴ͘ϱϮ ϭ͕ϬϬϯ͘ϰϵ
dŚĞĂďŽǀĞůŽĂŶƐĐĂƌƌLJǀĂƌLJŝŶŐƌĂƚĞƐŽĨŝŶƚĞƌĞƐƚǁŝƚŚƚŚĞŵĂdžŝŵƵŵƌĂƚĞŽĨŝŶƚĞƌĞƐƚŐŽŝŶŐƵƉƚŽϵ͘ϵϱй;ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͗
ϵ͘ϱϬйͿƉĞƌĂŶŶƵŵ͘
dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞĂďŽǀĞďŽƌƌŽǁŝŶŐƐ;ĂƐƌĞŇĞĐƚĞĚŝŶEŽƚĞƐϭ͘ϮϬ͕ϭ͘ϮϱĂŶĚϭ͘ϮϳͿĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƵƐŝŶŐ
ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚǁŚŝůĞƚŚĞĂďŽǀĞďŽƌƌŽǁŝŶŐƐƌĞƉƌĞƐĞŶƚƐƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŽƵƚƐƚĂŶĚŝŶŐ͘
III EĞƚĚĞďƚƌĞĐŽŶĐŝůŝĂƟŽŶ͗
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
ϭ͘ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭ͕ϳϲϳ͘ϯϵ ϭ͕Ϯϭϴ͘Ϭϰ
Ϯ͘ >ŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐ Ͳ ϯ͕ϭϱϱ͘ϭϲ
ϯ͘ ƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ ;Ϯ͕ϭϯϳ͘ϳϱͿ ;ϭ͕ϵϭϵ͘ϮϬͿ
ϰ͘ EŽŶͲĐƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ ;ϭϳ͕Ϭϯϰ͘ϵϳͿ ;ϭϯ͕ϴϴϳ͘ϴϵͿ
ϱ͘ ĞƌŝǀĂƟǀĞƐƐĞƚͬ;>ŝĂďŝůŝƚLJͿ Ϯ͘ϰϴ ;Ϯϱ͘ϯϱͿ
Net debt ;ϭϳ͕ϰϬϮ͘ϴϱͿ ;ϭϭ͕ϰϱϵ͘ϮϰͿ
` Crores
WĂƌƟĐƵůĂƌƐ Other assets >ŝĂďŝůŝƟĞƐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ Total
ĂƐŚΘĂŶŬ >ŝƋƵŝĚ EŽŶͲĐƵƌƌĞŶƚ Current ĞƌŝǀĂƟǀĞ
KǀĞƌĚƌĂŌ investments ďŽƌƌŽǁŝŶŐƐ ďŽƌƌŽǁŝŶŐƐ ƐƐĞƚͬ
;>ŝĂďŝůŝƚLJͿ
EĞƚĚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭ͕Ϭϭϯ͘ϭϰ ϴϳϳ͘ϭϳ ;ϭϮ͕ϭϳϭ͘ϮϮͿ ;ϭ͕Ϭϯϰ͘ϳϭͿ ;ϭϮϳ͘ϵϱͿ ;ϭϭ͕ϰϰϯ͘ϱϳͿ
ĂƐŚŇŽǁƐ;ŶĞƚͿ ϮϬϭ͘ϲϭ Ϯ͕Ϯϯϰ͘ϲϭ ;ϭ͕ϲϵϮ͘ϭϵͿ ;ϴϲϵ͘ϵϱͿ ϭϬϱ͘ϴϭ ;ϮϬ͘ϭϭͿ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞĂĚũƵƐƚŵĞŶƚƐ ϯ͘Ϯϵ Ͳ ;ϰϱ͘ϰϴͿ ;ϭϰ͘ϱϰͿ Ͳ ;ϱϲ͘ϳϯͿ
WƌŽĮƚͬ;ůŽƐƐͿŽŶƐĂůĞŽĨůŝƋƵŝĚ Ͳ ϯϴ͘ϮϮ Ͳ Ͳ Ͳ ϯϴ͘ϮϮ
ŝŶǀĞƐƚŵĞŶƚƐ;ŶĞƚͿ
Interest expense Ͳ Ͳ ;ϴϯ͘ϱϭͿ ;ϴϳ͘ϱϯͿ Ͳ ;ϭϳϭ͘ϬϰͿ
Interest paid Ͳ Ͳ ϭϬϰ͘ϱϭ ϴϳ͘ϱϯ Ͳ ϭϵϮ͘Ϭϰ
KƚŚĞƌŶŽŶͲĐĂƐŚŵŽǀĞŵĞŶƚƐ
Ͳ&ĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ Ͳ ϱ͘ϭϲ Ͳ Ͳ ;ϯ͘ϮϭͿ ϭ͘ϵϱ
EĞƚĚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭ͕Ϯϭϴ͘Ϭϰ ϯ͕ϭϱϱ͘ϭϲ ;ϭϯ͕ϴϴϳ͘ϴϵͿ ;ϭ͕ϵϭϵ͘ϮϬͿ ;Ϯϱ͘ϯϱͿ ;ϭϭ͕ϰϱϵ͘ϮϰͿ
Ϳ ĞƚĂŝůƐŽĨŶŽŶǁŚŽůůLJͲŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐƚŚĂƚŚĂǀĞŵĂƚĞƌŝĂůŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ͗
dŚĞƚĂďůĞďĞůŽǁƐŚŽǁƐĚĞƚĂŝůƐŽĨŶŽŶǁŚŽůůLJͲŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŽĨƚŚĞ'ƌŽƵƉƚŚĂƚŚĂǀĞŵĂƚĞƌŝĂůŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ͗
EĂŵĞŽĨƐƵďƐŝĚŝĂƌLJ WůĂĐĞŽĨ WƌŽƉŽƌƟŽŶŽĨŽǁŶĞƌƐŚŝƉ Total comprehensive ĐĐƵŵƵůĂƚĞĚŶŽŶͲ
ŝŶĐŽƌƉŽƌĂƟŽŶ ŝŶƚĞƌĞƐƚƐĂŶĚǀŽƟŶŐ income allocated to controlling interests
and principal ƌŝŐŚƚƐŚĞůĚďLJŶŽŶͲ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ƉůĂĐĞŽĨ controlling interests
ďƵƐŝŶĞƐƐ
DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕
ϮϬϭϵ ϮϬϭϴ ϮϬϭϵ ϮϬϭϴ ϮϬϭϵ ϮϬϭϴ
` Crores ` Crores ` Crores ` Crores
,ŝŶĚƵũĂ>ĞLJůĂŶĚ&ŝŶĂŶĐĞ>ŝŵŝƚĞĚ ŚĞŶŶĂŝͲ/ŶĚŝĂ ϯϴ͘ϭϲй ϯϴ͘ϭϱй ϮϬϬ͘ϲϳ ϲϵ͘ϴϯ ϭ͕Ϭϱϱ͘Ϭϴ ϴϬϳ͘ϯϮ
ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌLJ;ŝŶĐůƵĚĞƐ
ĐŽŶƚƌŽůůĞĚƚƌƵƐƚĨŽƌDĂƌĐŚϮϬϭϴͿ
Individually immaterial ϭ͘ϲϳ ;Ϯϲ͘ϴϬͿ ϭϵ͘ϵϵ ϭϴ͘Ϭϭ
ƐƵďƐŝĚŝĂƌŝĞƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐ
interests
ϮϬϮ͘ϯϰ ϰϯ͘Ϭϯ ϭ͕Ϭϳϱ͘Ϭϳ ϴϮϱ͘ϯϯ
^ƵŵŵĂƌŝƐĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶŝŶƌĞƐƉĞĐƚŽĨĞĂĐŚŽĨƚŚĞ'ƌŽƵƉ͛ƐƐƵďƐŝĚŝĂƌŝĞƐƚŚĂƚŚĂƐŵĂƚĞƌŝĂůŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐŝƐƐĞƚ
ŽƵƚďĞůŽǁ͘dŚĞƐƵŵŵĂƌŝƐĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶďĞůŽǁƌĞƉƌĞƐĞŶƚƐĂŵŽƵŶƚƐďĞĨŽƌĞŝŶƚƌĂŐƌŽƵƉĞůŝŵŝŶĂƟŽŶƐ͘
,ŝŶĚƵũĂ>ĞLJůĂŶĚ&ŝŶĂŶĐĞ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌLJ As at As at
;ŝŶĐůƵĚĞƐĐŽŶƚƌŽůůĞĚƚƌƵƐƚĨŽƌDĂƌĐŚϮϬϭϴͿ DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
Current assets ϳ͕ϱϴϵ͘ϭϴ ϱ͕ϲϮϴ͘Ϭϲ
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϭϯ͕ϴϯϵ͘ϯϲ ϭϬ͕ϵϮϱ͘ϯϭ
Total assets Ϯϭ͕ϰϮϴ͘ϱϰ ϭϲ͕ϱϱϯ͘ϯϳ
ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϱ͕ϵϱϵ͘ϴϯ ϰ͕ϴϯϴ͘ϴϲ
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϭϮ͕ϳϬϯ͘ϴϮ ϵ͕ϲϰϲ͘ϵϮ
dŽƚĂůůŝĂďŝůŝƟĞƐ ϭϴ͕ϲϲϯ͘ϲϱ ϭϰ͕ϰϴϱ͘ϳϴ
ƋƵŝƚLJĂƩƌŝďƵƚĂďůĞƚŽŽǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ ϭ͕ϳϬϵ͘ϴϭ ϭ͕ϮϲϬ͘Ϯϳ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ϭ͕Ϭϱϱ͘Ϭϴ ϴϬϳ͘ϯϮ
D) Goodwill
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
'ƌŽƐƐ'ŽŽĚǁŝůůĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ϭ͕ϱϬϳ͘ϵϳ ϭ͕ϱϬϳ͘ϵϳ
ĚĚ͗ZĞĐŽŐŶŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϳ͘ϴϮ Ͳ
Gross Goodwill at the end of the year ϭ͕ϱϭϱ͘ϳϵ ϭ͕ϱϬϳ͘ϵϳ
Opening accumulated impairment ϰϬϬ͘Ϯϯ ϰϬϬ͘Ϯϯ
ĚĚ͗/ŵƉĂŝƌŵĞŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ Ͳ Ͳ
ůŽƐŝŶŐĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚ ϰϬϬ͘Ϯϯ ϰϬϬ͘Ϯϯ
ĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ'ŽŽĚǁŝůů ϭ͕ϭϭϱ͘ϱϲ ϭ͕ϭϬϳ͘ϳϰ
ůůŽĐĂƟŽŶŽĨŐŽŽĚǁŝůůƚŽĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚƐ
ĂĐŚŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐŝƐŝĚĞŶƟĮĞĚĂƐĂƐĞƉĂƌĂƚĞĐĂƐŚŐĞŶĞƌĂƟŶŐƵŶŝƚ͘'ŽŽĚǁŝůůŚĂƐďĞĞŶĂůůŽĐĂƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚƚĞƐƟŶŐ
ƉƵƌƉŽƐĞƐƚŽƚŚĞƐĞĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚƐ͘
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŐŽŽĚǁŝůůǁĂƐĂůůŽĐĂƚĞĚƚŽŵĂũŽƌĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚƐĂƐĨŽůůŽǁƐ͗
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
,ŝŶĚƵũĂ>ĞLJůĂŶĚ&ŝŶĂŶĐĞ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌLJ;ŝŶĐůƵĚĞƐĐŽŶƚƌŽůůĞĚƚƌƵƐƚĨŽƌDĂƌĐŚ ϰϮϲ͘ϰϳ ϰϮϲ͘ϰϳ
ϮϬϭϴͿ
>ŝŐŚƚĐŽŵŵĞƌĐŝĂůǀĞŚŝĐůĞĚŝǀŝƐŝŽŶŽĨƉĂƌĞŶƚĐŽŵƉĂŶLJ ϰϰϵ͘ϵϬ ϰϰϵ͘ϵϬ
ůďŽŶĂŝƌ'ŵď,ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌLJ ϮϬϴ͘ϵϰ ϮϬϴ͘ϵϰ
Others ϯϬ͘Ϯϱ ϮϮ͘ϰϯ
ϭ͕ϭϭϱ͘ϱϲ ϭ͕ϭϬϳ͘ϳϰ
ĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚƐƚŽǁŚŝĐŚŐŽŽĚǁŝůůŝƐĂůůŽĐĂƚĞĚĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂŶŶƵĂůůLJĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞ͕ŽƌŵŽƌĞ
ĨƌĞƋƵĞŶƚůLJǁŚĞŶƚŚĞƌĞŝƐĂŶŝŶĚŝĐĂƟŽŶƚŚĂƚƚŚĞƵŶŝƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘/ĨƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚŝƐ
ůĞƐƐƚŚĂŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞƵŶŝƚ͕ƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐĂůůŽĐĂƚĞĚĮƌƐƚƚŽƌĞĚƵĐĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂŶLJŐŽŽĚǁŝůů
ĂůůŽĐĂƚĞĚƚŽƚŚĂƚƵŶŝƚ͘dŚĞ'ƌŽƵƉďĞůŝĞǀĞƐƚŚĂƚĂŶLJƌĞĂƐŽŶĂďůĞĨƵƌƚŚĞƌĐŚĂŶŐĞŝŶƚŚĞŬĞLJĂƐƐƵŵƉƟŽŶƐŽŶǁŚŝĐŚƌĞĐŽǀĞƌĂďůĞ
ĂŵŽƵŶƚŝƐďĂƐĞĚ͕ǁŽƵůĚŶŽƚĐĂƵƐĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƚŽĞdžĐĞĞĚŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
ůƐŽZĞĨĞƌEŽƚĞƐϭ͘ϰĂŶĚϭ͘
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
ŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚƐŝŶƚŚĞƐĞĂƐƐŽĐŝĂƚĞƐ ϰϬ͘ϰϳ ϰϱ͘ϵϬ
hŶƌĞĐŽŐŶŝƐĞĚƐŚĂƌĞŽĨůŽƐƐĞƐŽĨĂŶĂƐƐŽĐŝĂƚĞ As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
dŚĞƵŶƌĞĐŽŐŶŝƐĞĚƐŚĂƌĞŽĨůŽƐƐŽĨĂŶĂƐƐŽĐŝĂƚĞĨŽƌƚŚĞLJĞĂƌΎ Ͳ Ͳ
ΎĐŽŶƐĞƋƵĞŶƚƚŽŝŶǀĞƐƚŵĞŶƚďĞŝŶŐŶŝůƵŶĚĞƌĞƋƵŝƚLJĂĐĐŽƵŶƟŶŐ
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
ƵŵƵůĂƟǀĞƐŚĂƌĞŽĨůŽƐƐŽĨĂŶĂƐƐŽĐŝĂƚĞ Ͳ Ͳ
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
ŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚƐŝŶƚŚĞƐĞũŽŝŶƚǀĞŶƚƵƌĞƐ ϲϭ͘ϲϰ 51.33
hŶƌĞĐŽŐŶŝƐĞĚƐŚĂƌĞŽĨůŽƐƐĞƐŽĨũŽŝŶƚǀĞŶƚƵƌĞƐ As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
dŚĞƵŶƌĞĐŽŐŶŝƐĞĚƐŚĂƌĞŽĨůŽƐƐŽĨũŽŝŶƚǀĞŶƚƵƌĞƐĨŽƌƚŚĞLJĞĂƌ Ͳ Ͳ
As at As at
DĂƌĐŚϯϭ͕ϮϬϭϵ DĂƌĐŚϯϭ͕ϮϬϭϴ
` Crores ` Crores
ƵŵƵůĂƟǀĞƐŚĂƌĞŽĨůŽƐƐŽĨũŽŝŶƚǀĞŶƚƵƌĞƐ Ͳ Ͳ
ϯ͘ϭϴ ĐĐŽƵŶƟŶŐĨŽƌůŽŶŐƚĞƌŵŵŽŶĞƚĂƌLJŝƚĞŵƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ
džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŝŶůŽŶŐƚĞƌŵŵŽŶĞƚĂƌLJŝƚĞŵƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ͗
dŚĞ'ƌŽƵƉŚĂƐĞůĞĐƚĞĚƚŚĞŽƉƟŽŶƵŶĚĞƌ/ŶĚ^ϭϬϭ͚&ŝƌƐƚͲƟŵĞĚŽƉƟŽŶŽĨ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ͛ĂŶĚŚĂƐĐŽŶƟŶƵĞĚƚŚĞ
ƉŽůŝĐLJĂĚŽƉƚĞĚĨŽƌĂĐĐŽƵŶƟŶŐŽĨĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐĂƌŝƐŝŶŐĨƌŽŵƚƌĂŶƐůĂƟŽŶŽĨůŽŶŐƚĞƌŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJŵŽŶĞƚĂƌLJŝƚĞŵƐ
ƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƵƉƚŽDĂƌĐŚϯϭ͕ϮϬϭϲ͘ĐĐŽƌĚŝŶŐůLJ͕ĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŽŶƚƌĂŶƐůĂƟŽŶŽƌƐĞƩůĞŵĞŶƚŽĨůŽŶŐ
ƚĞƌŵĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJŵŽŶĞƚĂƌLJŝƚĞŵƐĂƚƌĂƚĞƐĚŝīĞƌĞŶƚĨƌŽŵƚŚŽƐĞĂƚǁŚŝĐŚƚŚĞLJǁĞƌĞŝŶŝƟĂůůLJƌĞĐŽƌĚĞĚŽƌĂƐĂƚƉƌŝůϭ͕ϮϬϬϳ͕
ŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽĂĐƋƵŝƐŝƟŽŶŽĨĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐĂƌĞĂĚũƵƐƚĞĚƚŽƚŚĞĐŽƐƚŽĨƚŚĞĂƐƐĞƚƐ͘/ŶŽƚŚĞƌĐĂƐĞƐ͕ƐƵĐŚĞdžĐŚĂŶŐĞ
ĚŝīĞƌĞŶĐĞƐ͕ĂƌŝƐŝŶŐĞīĞĐƟǀĞƉƌŝůϭ͕ϮϬϭϭ͕ĂƌĞĂĐĐƵŵƵůĂƚĞĚŝŶ͞&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJŵŽŶĞƚĂƌLJŝƚĞŵƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞ͟ĂŶĚ
ĂŵŽƌƟnjĞĚďLJƌĞĐŽŐŶŝƟŽŶĂƐŝŶĐŽŵĞŽƌĞdžƉĞŶƐĞŝŶĞĂĐŚLJĞĂƌŽǀĞƌƚŚĞďĂůĂŶĐĞƚĞƌŵƟůůƐĞƩůĞŵĞŶƚŽĐĐƵƌƐďƵƚŶŽƚďĞLJŽŶĚDĂƌĐŚ
ϯϭ͕ϮϬϮϬ͘
ĐĐŽƌĚŝŶŐůLJ͕
ĂͿ &ŽƌĞŝŐŶĞdžĐŚĂŶŐĞ;ŐĂŝŶͿͬůŽƐƐƌĞůĂƟŶŐƚŽĂĐƋƵŝƐŝƟŽŶŽĨĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐ͕ĐĂƉŝƚĂůŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕
ϮϬϭϵĂŐŐƌĞŐĂƚĞĚ`ϮϮ͘ϲϲĐƌŽƌĞƐLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͗` ϲ͘ϱϱĐƌŽƌĞƐ͘
ďͿ
ŵŽƌƟnjĞĚŶĞƚĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŝŶƌĞƐƉĞĐƚŽĨůŽŶŐƚĞƌŵŵŽŶĞƚĂƌLJŝƚĞŵƐƌĞůĂƟŶŐƚŽŽƚŚĞƌƚŚĂŶĂĐƋƵŝƐŝƟŽŶŽĨĚĞƉƌĞĐŝĂďůĞ
ĂƐƐĞƚƐ͕ĐŚĂƌŐĞĚƚŽƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϵŝƐ` ϭϯ͘ϵϬĐƌŽƌĞƐLJĞĂƌĞŶĚĞĚ
DĂƌĐŚϯϭ͕ϮϬϭϴ͗` ϱ͘ϯϴĐƌŽƌĞƐ͘
ĐͿ dŚĞƵŶͲĂŵŽƌƟƐĞĚŶĞƚĞdžĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŝŶƌĞƐƉĞĐƚŽĨůŽŶŐƚĞƌŵŵŽŶĞƚĂƌLJŝƚĞŵƐƌĞůĂƟŶŐƚŽŽƚŚĞƌƚŚĂŶĂĐƋƵŝƐŝƟŽŶŽĨ
ĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐ͕ŝƐĂůŽƐƐŽĨ` ϴ͘ϭϲĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϵĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͗ůŽƐƐŽĨ` ϳ͘ϳϳĐƌŽƌĞƐ͘dŚĞƐĞ
ĂŵŽƵŶƚƐĂƌĞƌĞŇĞĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞ͞KƚŚĞƌƋƵŝƚLJ͘͟
WĂƌƟĐƵůĂƌƐ ` Crores
ASSETS
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ Ϭ͘Ϭϴ
EŽŶͲĐƵƌƌĞŶƚĮŶĂŶĐŝĂůĂƐƐĞƚƐͲ>ŽĂŶƐ Ϭ͘ϲϭ
EŽŶͲĐƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ Ϭ͘Ϯϭ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ Ϭ͘Ϭϴ
ƵƌƌĞŶƚĮŶĂŶĐŝĂůĂƐƐĞƚƐͲ/ŶǀĞƐƚŵĞŶƚƐ Ϭ͘ϰϬ
ƵƌƌĞŶƚĮŶĂŶĐŝĂůĂƐƐĞƚƐͲdƌĂĚĞZĞĐĞŝǀĂďůĞƐ Ϭ͘ϯϯ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ϭ͘ϯϳ
ƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ Ϭ͘ϭϭ
Other current assets Ϭ͘ϴϳ
LIABILITIES
EŽŶĐƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͲKƚŚĞƌƐ Ϭ͘Ϭϵ
Non current provisions Ϭ͘ϭϵ
ƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͲŽƌƌŽǁŝŶŐƐ Ϯ͘Ϯϱ
ƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͲdƌĂĚĞWĂLJĂďůĞƐ ϰ͘ϱϯ
ƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͲKƚŚĞƌƐ Ϭ͘ϭϮ
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ Ϭ͘ϲϰ
ƵƌƌĞŶƚƉƌŽǀŝƐŝŽŶƐη Ͳ
dŽƚĂůŽŶƐŝĚĞƌĂƟŽŶƉĂŝĚ ϭ͘Ϭϰ
ηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉ͘
ϯ͘ϮϬdŚĞĮŐƵƌĞƐĨŽƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĮĞĚͬƌĞŐƌŽƵƉĞĚǁŚĞƌĞǀĞƌŶĞĐĞƐƐĂƌLJĨŽƌďĞƩĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐĂŶĚĐŽŵƉĂƌĂďŝůŝƚLJ͘
dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
'ŽƉĂůDĂŚĂĚĞǀĂŶ For and on behalf of the Board
ŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ
N Ramanathan Dheeraj G Hinduja
Company Secretary Chairman
DĂLJϮϰ͕ϮϬϭϵ͕ŚĞŶŶĂŝ /E͗ϬϬϭϯϯϰϭϬ
;hͿ>>ĂŶĚŝƚƐ ϮϬϭϱ
ƐƵďƐŝĚŝĂƌŝĞƐ
ϭϬ ůďŽŶĂŝƌ;/ŶĚŝĂͿ Ɖƌŝůϭ͕ India ƉƌͲDĂƌ INR Ϯϱ͘ϬϬ ;ϭϯ͘ϱϲͿ ϱ͘ϰϮ ϭϲ͘ϴϲ Ͳ ϭϮ͘ϲϯ ;Ϯ͘ϮϯͿ Ͳ ;Ϯ͘ϮϯͿ Ϭ͘ϬϮ ;Ϯ͘ϮϭͿ Ͳ ϭϬϬ͘ϬϬй
;ĐĐŽƵŶƚƐͿZƵůĞƐ͕ϮϬϭϰŝŶƚŚĞƉƌĞƐĐƌŝďĞĚ&ŽƌŵKͲϭƌĞůĂƟŶŐƚŽƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ
WƌŝǀĂƚĞ>ŝŵŝƚĞĚ ϮϬϭϯ
11 ůďŽŶĂŝƌ'ŵď,͕ Ɖƌŝůϭ͕ 'ĞƌŵĂŶLJ ƉƌͲDĂƌ EUR ϯϲϴ͘Ϭϴ ;ϯϯϱ͘ϯϴͿ ϮϬϬ͘ϰϱ Ϯϯϯ͘ϭϱ Ͳ ϰϯϵ͘ϱϲ ;Ϭ͘ϰϲͿ Ͳ ;Ϭ͘ϰϲͿ Ϭ͘ϭϱ ;Ϭ͘ϯϭͿ Ͳ ϭϬϬ͘ϬϬй
'ĞƌŵĂŶLJĂŶĚŝƚƐ ϮϬϭϯ
ƐƵďƐŝĚŝĂƌLJ
Notes:
ϭ͘ džĐŚĂŶŐĞƌĂƚĞƵƐĞĚŝŶĐĂƐĞŽĨĨŽƌĞŝŐŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞŐŝǀĞŶďĞůŽǁ͗
;^ƚĂƚĞŵĞŶƚƉƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϭϮϵ;ϯͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯƌĞĂĚǁŝƚŚZƵůĞϱŽĨŽŵƉĂŶŝĞƐ;ĐĐŽƵŶƚƐͿZƵůĞƐ͕ϮϬϭϰͿ
(` ƌŽƌĞƐͿ
Sl. EĂŵĞŽĨƐƐŽĐŝĂƚĞͬ:ŽŝŶƚsĞŶƚƵƌĞ >ĂƚĞƐƚ ^ŚĂƌĞƐŚĞůĚďLJƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ ^ŝŐŶŝĮĐĂŶƚ ZĞĂƐŽŶĨŽƌŶŽƚ Networth Total comprehensive income
No Audited on the year end ŝŶŇƵĞŶĐĞ ĐŽŶƐŽůŝĚĂƟŶŐ ĨŽƌƚŚĞLJĞĂƌ
Balance
Sheet date
No. Investment ,ŽůĚŝŶŐй Considered in Not
,ĞůĚ ĐŽŶƐŽůŝĚĂƟŽŶ considered in
(` /ŶƌŽƌĞƐͿ ŽŶƐŽůŝĚĂƟŽŶ
;ͿƐƐŽĐŝĂƚĞƐ
1 ƐŚůĞLJǀŝĂƟŽŶ>ŝŵŝƚĞĚΎ ϯϭͲDĂƌͲϭϵ Not Not Not sŽƟŶŐWŽǁĞƌ EŽƚƉƉůŝĐĂďůĞ Not ;Ϭ͘ϱϳͿ ;ϭ͘ϴϬͿ
ƉƉůŝĐĂďůĞ ƉƉůŝĐĂďůĞ ƉƉůŝĐĂďůĞ ƉƉůŝĐĂďůĞ
Ϯ ƐŚŽŬ>ĞLJůĂŶĚĞĨĞŶĐĞ^LJƐƚĞŵƐ>ŝŵŝƚĞĚ ϯϭͲDĂƌͲϭϵ ϱ͕ϬϮϳ͕ϱϲϳ ϱ͘Ϭϯ ϰϴ͘ϰϵй sŽƟŶŐWŽǁĞƌ EŽƚƉƉůŝĐĂďůĞ ϭϲ͘ϳϲ ϭ͘Ϭϰ 1.11
3 >ĂŶŬĂƐŚŽŬ>ĞLJůĂŶĚW> ϯϭͲDĂƌͲϭϵ ϭ͕ϬϬϴ͕ϯϯϮ Ϭ͘ϱϳ Ϯϳ͘ϴϱй sŽƟŶŐWŽǁĞƌ EŽƚƉƉůŝĐĂďůĞ ϭϯϬ͘ϲϵ ;Ϭ͘ϳϱͿ ;ϭ͘ϵϱͿ
ϰ DĂŶŐĂůĂŵZĞƚĂŝů^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ ϯϭͲDĂƌͲϭϵ ϯϳ͕ϰϳϬ Ϭ͘Ϭϰ ϯϳ͘ϰϴй sŽƟŶŐWŽǁĞƌ EŽƚƉƉůŝĐĂďůĞ Ϭ͘ϭϭ ηη ηη
;Ϳ:ŽŝŶƚsĞŶƚƵƌĞƐ
1 ƐŚůĞLJůƚĞĂŵƐ/ŶĚŝĂ>ŝŵŝƚĞĚ ϯϭͲDĂƌͲϭϵ ϳϮ͕ϮϬϮ͕ϴϭϮ ϳϮ͘ϮϬ ϱϬ͘ϬϬй sŽƟŶŐWŽǁĞƌ EŽƚƉƉůŝĐĂďůĞ Ϯϯ͘ϵϳ Ϭ͘ϰϭ Ϭ͘ϰϭ
Ϯ ,ŝŶĚƵũĂdĞĐŚ>ŝŵŝƚĞĚ ϯϭͲDĂƌͲϭϵ ϵϱ͕ϰϰϬ͕ϬϬϬ ϵϳ͘ϯϳ ϲϮ͘ϬϬй sŽƟŶŐWŽǁĞƌ EŽƚƉƉůŝĐĂďůĞ ϰϭ͘ϭϵ ϴ͘ϴϲ ϱ͘ϰϯ
3 ƐŚŽŬ>ĞLJůĂŶĚ:ŽŚŶĞĞƌĞŽŶƐƚƌƵĐƟŽŶ ϯϭͲ:ƵůͲϭϴ ϭ͕ϳϮϳ͕ϮϳϬ ϭ͘ϳϯ ϱϬ͘ϬϬй sŽƟŶŐWŽǁĞƌ EŽƚƉƉůŝĐĂďůĞ ϲ͘ϲϬ Ͳ ;Ϭ͘ϮϲͿ
ƋƵŝƉŵĞŶƚŽŵƉĂŶLJWƌŝǀĂƚĞ>ŝŵŝƚĞĚη
;ƵŶĚĞƌůŝƋƵŝĚĂƟŽŶͿ
ΎhƉƚŽĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ
&/EE/>,/',>/',d^ϮϬϭϴͳϭϵ
ηdŚĞŽŵƉĂŶLJĂůŽŶŐǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌLJ'ƵůĨƐŚůĞLJDŽƚŽƌ>ŝŵŝƚĞĚŚŽůĚƐϱϬйŝŶƚĞƌĞƐƚ͘
ηηĂŵŽƵŶƚŝƐďĞůŽǁƌŽƵŶĚŝŶŐŽīŶŽƌŵƐĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉ
;ĐĐŽƵŶƚƐͿZƵůĞƐ͕ϮϬϭϰŝŶƚŚĞƉƌĞƐĐƌŝďĞĚ&ŽƌŵKͲϭƌĞůĂƟŶŐƚŽƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ
DĞŵďĞƌƐŚŝƉEƵŵďĞƌͲϭϬϬϯϯϮ
Ϯϰϳ
NOTES