Annual Report FY 2022 23

NEW FRONTIERS
INFINITE POSSIBILITIES
TUBE INVESTMENTS OF INDIA LIMITED

ANNUAL REPORT 2022-23
CONTENTS
CORPORATE OVERVIEW
01 New Frontiers - Infinite Possibilities 02 TII - An Overview 04 Business Segments
06 Executive Chairman’s Message 09 Managing Director’s Message
12 Building People Capital 14 Engineering Business
18 Metal Formed Products Business 22 Mobility Business 26 Other Business
28 Digital Transformation 30 Our ESG Commitment 32 Lean Journey
34 E-Mobility 40 Acquisitions - New Ventures 41 Corporate Information
42 Board of Directors 43 Financial Highlights
MANAGEMENT REPORTS
44 Board’s Report & Management Discussion and Analysis
65 Report on Corporate Governance 76 General Shareholder Information
82 Business Responsibility & Sustainability Report
FINANCIAL STATEMENTS
126 Standalone Financial Statements 219 Consolidated Financial Statements
CAUTIONARY STATEMENT
Certain expectations and projections regarding the future performance of the Company referenced in the Annual Report constitute
forward-looking statements. These expectations and projections are based on currently available, competitive, financial and economic
data, along with the Company’s operating plans and are subject to certain future events and uncertainties, which could cause results
to differ materially from those indicated by such statements.
Significant. Eventful.
Two words that best describe the year 2022-23 at
TII.
A buoyant domestic market providing the adrenalin

rush of a strong order book, the tight-rope balancing
of multiple demands - short lead times, of seeding
new customer partnerships, of racing to market with
new, cutting-edge products, addressing new-age
technologies, newer applications...
The excitement of expanding geographical footprint

despite the headwinds of a turbulent global
environment...
Acquisitions. Expansions. Foraying into New

Business Streams. A major transitioning from an
ancillary to an Original Equipment Manufacturer...
Capability Building. Honing of Efficiencies, IIoT,

future-forward focus & fervour...
A purpose-driven determination to explore
new frontiers
infinite possibilities...
2 TUBE INVESTMENTS OF INDIA LIMITED | ANNUAL REPORT 2022-23
VISION
To be the preferred Global Supplier
(across markets) - ‘Global Clientele’.
BUILD A GLOBALLY
ADMIRED INDIAN To attain Global Quality Leadership
ENGINEERING in whatever products and services
COMPANY, we provide.
CREATING
STAKEHOLDER To align with emerging global trends
in the Engineering space.
DELIGHT.
OUR LEGACY of more than 59,000 the Group’s

geographical footprint is spread across
Expanding the Clean Mobility business
in the Electric Vehicle (EV) space with
India and the globe. Electric 3 Wheelers, Tractors and
Tube Investments of India Limited
Medium & Heavy Commercial Vehicles
(TII) is a flagship Company of the
was a point of inflection and a major
renowned Murugappa Group, ABOUT US transition for TII from an ancillary,
India’s leading business conglomerate.
component maker to an Original
Established in 1900, with its TII is one of India’s leading Equipment Manufacturer (OEM).
Headquarters in Chennai, the Group manufacturers of a wide range of
has 29 businesses, with ten listed precision engineered and metal formed TII is amplifying the ambit of its
companies traded in NSE & BSE. products for major industries such as operations with acquisitions in
Major companies of the Group Automotive, Railway, Construction, medical consumables and mobile
include Carborundum Universal Ltd, Agriculture, etc. The Company is camera modules in electronics. The
CG Power & Industrial Solutions among the leading manufacturers of Company is also foraying into new
Limited, Cholamandalam Investment Bicycles in India, with a wide range ventures in contract development and
and Finance Company Limited, of iconic brands and a strong market manufacturing of Active Pharmaceutical
Cholamandalam MS General Insurance presence. Ingredients (API) for the pharmaceutical
Company Limited, Coromandel
sector and exploring projects in waste-
International Limited, Coromandel The acquisition of CG Power and to-energy solutions.
Engineering Company Limited, Industrial Solutions Limited, a major
E.I.D. Parry (India) Limited, Parry manufacturer of Motors, Transformers, In line with its strategy of accelerating
Agro Industries Limited, Shanthi Switch Gears and Railway parts, growth, the Company is expanding
Gears Limited, Tube Investments marked a major step-up for the its global footprint with innovative
of India Limited and Wendt (India) Company, amplifying its scale and product streams for new and emerging
Limited. With a total turnover of scope of operations. technologies, exploring new frontiers,
`742 Billion and a people strength and infinite possibilities of growth.
• CORPORATE OVERVIEW • MANAGEMENT REPORTS • FINANCIAL STATEMENTS 3
PERFORMANCE FY 2022-23
REVENUE (` in Crore) PBT BEFORE
7,2367,236 EXCEPTIONAL ITEMS (` in Crore)
928 928
REVENUE
13.8%
6,3596,359
REVENUE
13.8%
7,236 (` in Crore)
7,236
628 628
4,276
4,256
in Crore)
(`
4,276
4,256
421 421
381 381
PBT
12.8% PBT
12.8%
928
928in Crore)
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
(`
in Crore)
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
(`
ROIC% (Pre Tax) FCF (` in Crore) FCF/PAT%

55%
ROIC
195%
55%
55%
ROIC
195%
55%
47%
47%
91%
97%
608 91%
97%
43%
43%
32%
29%
32%
608
29%
533
533
320
320
205
FCF TO PAT%
205
91%
FCF TO PAT%
91%608
FCF -
608
FCF(`-in Crore)
in Crore)
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
(`
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
BUSINESS SEGMENTS
ENGINEERING MOBILITY
• Cold Drawn Welded (CDW) Tubes • Standard Bicycles

• Precision Steel Tubes • Special Bicycles including Alloy Bikes
• Electric Resistance Welded (ERW) Tubes • Speciality Performance Bikes
• Tubular Components • Fitness Equipment
• Cold Rolled Steel Strips (CRSS) • E - Bicycles
METAL FORMED PRODUCTS GEAR & GEAR PRODUCTS
• Automotive Chains • Gears

• Fine Blanked products • Gear Boxes
• Roll-Formed Car Doorframes • Gear Motors
• Cold rolled formed sections for • Gear Assemblies
Railway Wagons & Passenger Coaches.
GEAR & GEAR

PRODUCTS
MOBILITY
METAL FORMED
PRODUCTS
ENGINEERING
INDUSTRIAL SYSTEMS E-MOBILITY
• Electric Motors • E - Three wheeler

• Alternators, Drives, Traction • E - Tractor
• Electronic & SCADA • E - M&HCV
POWER SYSTEMS OTHERS
• Transformers • Industrial Chains

• Switch Gears • New Businesses
• Automation & Turnkey Projects
INDUSTRIAL
SYSTEMS
POWER
SYSTEMS
E - MOBILITY
OTHERS
EXECUTIVE
CHAIRMAN’S
MESSAGE
Dear Shareholders, Revenue from exports, primarily from across all categories, with passenger
U.S and Europe, was impacted by the cars, particularly SUVs and commercial
It gives me pleasure to share with you conflict between Russia and Ukraine, vehicles recording an upward growth
the performance of your Company for with inflationary pressures, escalation trajectory of nearly 27%. The industry is
the year 2022-23. If I were to describe in raw material prices and energy on the cusp of a major transformation
the happenings of the year succinctly, crisis leading to plant closures and a with the dynamically changing pace
‘eventful and significant’ are the words decline in global trade. The economic of vehicle technologies and mobility
that come to my mind. fragmentation on geopolitical faultlines systems. India with supportive
triggered fears of insecurity with a Government policies is rapidly changing
We stayed true to our purpose of slowdown in global growth. into a major automotive hub of the
creating value for all our stakeholders, world.
driven by the three-engine model of We stayed anchored to the four
growth that we had set for ourselves: cardinal metrics that we had set as part The three businesses - Engineering,
TI-1 comprising our core business, TI-2 of our business discipline: Revenue Metal Formed Products and Industrial
which includes step-outs and frontier Growth, Profitability, Return on Invested Chains recorded significant growth
businesses like EV and TI-3 from Capital and Free Cash Flow recording addressing the surge in market
inorganic growth through acquisitions. a significant growth across businesses, demand with great agility and efficiency.
except for the Mobility Business Co-partnering with OEMs and auto
The Indian Economy demonstrated which reflected the decline and majors, the businesses built a portfolio
great resilience emerging, according to general malaise in the bicycle industry. of innovative, value-engineered
IMF (International Monetary Fund), as Our step-out, particularly in the E-3W products for critical applications and
one of the fastest growing economies in business, is showing great market new-age technologies.
the world. A buoyant domestic market promise and the strategic acquisitions
provided opportunities for growth and in the EV spectrum under the subsidiary Revenue from the Railways, an
scale in sales volumes in key sectors TI Clean Mobility are envisaged to turn important user segment for the Metal
such as auto, general engineering, into major growth enablers. Formed Products business, was
construction, infrastructure, etc. The impacted due to the deferred projects
rural sector however remained sluggish The auto industry, an important user of the Government as an overhang
with inflationary pressures impacting segment for TII’s Engineering and Metal of the pandemic disruption. A major
vulnerable communities. Formed businesses ended the year growth engine of the country, Railways
with an overall increase of 20% in sales is however slated for exponential
We stayed true to our purpose of

creating value for all our stakeholders,
driven by the three-engine model of
growth that we had set for ourselves.
growth with the Government’s large Despite the challenges of a volatile While our Montra Electric brand of E-3
budgetary outlay for the development global market, each of the businesses Wheelers for the passenger segment
of the sector in line with the ‘National deepened their customer engagement have already been launched in the market
Rail Plan for India-2030’ to create a with differentiated products and value to a positive response from users, the
‘future ready’ Railway system. engineering, to build a strong order facilities for manufacturing E-tractors
pipeline for future projects. for the agriculture segment and the
The bicycle industry which has E-trucks for the commercial segment
remained stagnant for a long time is The automotive sector in India is are being built at Apex Park in Chennai
also undergoing rapid change with shifting towards ‘sustainable mobility’. Tamil Nadu and Manesar in Haryana.
innovations in pace, performance Environmental mandates to reduce CO2
and utility gaining in importance. emissions are driving countries towards We foresee a huge opportunity
Environmental concerns and growing the adoption of cleaner, non-fuel, non- for tractors in the country, with
awareness of health and fitness are polluting modes of transportation. supportive Government policies on
driving global trends towards cycling as Electric Vehicles have emerged as farm mechanization and green energy
a green and healthy mode of transport. the forerunner of the clean and green programs. India is already one of the
transportation mission with wide global largest tractor manufacturers in the
E-Bicycles are emerging as an adoption. world with retail tractor sales during
universally popular choice among FY 2022-23 reaching the highest peak
cyclists with a surge in market demand. E - Mobility levels and recording a YoY growth of
The Central Government’s move 12%.
to bring E-bicycles under the PLI In line with our intent to be an Original
scheme provides a further impetus for Equipment Manufacturer of zero- Similarly the E-M&HCV segment has a
manufacturers. emission vehicles (ZEV) and participate huge and untapped potential, with the
in the entire productive end of the technology and mass adoption still in
The Mobility business is EV spectrum, we expanded our EV nascent stages of the projected growth
re-crafting new strategies for growth business with the acquisition of a trajectory.
with innovative, market-trending 65.2% stake in IPLTech Electric Private
products and services and foraying into Limited, a company manufacturing The Government of India’s FAME I &
new geographies. Electric-Medium and Heavy-duty II (Faster Adoption & Manufacturing
Commercial Vehicle (E-M&HCV). of Hybrid & Electric Vehicle in India)
Policy has seen a quantum boost Tl Clean Mobility Private Limited Our People
with the outlay of `2,908 Cr. in the (TICMPL), a subsidiary of TlI has entered
Budget 2022-23. The Union Budget into agreements with Multiple Alternate I strongly believe that TII as an
of 2023-24 highlights ‘Green Growth’ Asset Management Private Limited organisation has infinite possibilities
among the seven key or ‘Saptarishi’ (Multiples) and with other co-investors for greater growth. Taking this vision
priorities in the economic agenda to raise funds up to `1,200 Cr. in the forward is the ‘One TI’ team, the chief
focusing on green fuel, green energy, form of Compulsorily Convertible architects of our progress and our
green mobility and, green farming Preference Shares (CCPS). TII has greatest asset. It is their strong support
amongst others. The Government of infused a capital of `250 Cr. through and passionate commitment that is
India’s `35,000 Cr. capital investment Equity and an additional investment driving the growth of the Company.
towards energy security and energy of `500 Cr. will be made through CCPS.
transition, including the augmentation The total investment by TII, Multiples I would like to congratulate
of the renewable transmission and and co-investors would aggregate to Vellayan Subbiah for his visionary
green mobility infrastructure will `1,950 Cr. leadership and strategic focus in
accelerate the country’s target of building capabilities and exploring new
reaching net zero by 2070. Further, TICMPL plans to raise opportunities to take TII to the next
an additional funding of `1,050 Cr. frontier in growth.
The Government’s ‘Green Credit
thereby taking the total fund aggregate
Program’ incentivising environmentally Mukesh Ahuja has put in a
to `3,000 Cr.
sustainable actions by corporates will commendable year as Managing
also act as a motivational factor for Director, and I look forward to a
As part of our strategy of inorganic
environment protection. continued innings of great work from
growth, we expanded our capability
him.
portfolio, widening our ambit of
The Government has introduced
operations with acquisitions in
several supportive measures The Members of the Board continue
electronics and medical consumables
for EV manufacturers, such as to be a source of support and
and foraying into Contract Development
the enhancement of e-charging encouragement to me and to the
and Manufacturing Operations (CDMO)
infrastructure, battery swapping management team. I take this
in API for the pharmaceutical segment.
policy with the provision of land opportunity to express my gratitude to
TII has entered into an agreement with
for establishing charging stations, each one of them.
Mr. N Govindarajan and incorporated
reduction of Goods and Services Tax
a subsidiary named 3xper Innoventure
(GST) on EV purchases, and the grant I thank all of you, our customers,
Limited.
of subsidies worth `10,000 Cr. stakeholders, bankers, and suppliers
In addition, the Production Linked for your continued support.
Five Pillars
Incentive (PLI) scheme, scrappage
policy and the ‘Make in India’ initiative, Last but not least, I would like to express
During the year, we had set the
further enable a strong EV ecosystem my sincere appreciation and thanks to
‘Five Pillars’ strategy to support
in the country. all our shareholders for their continued
our Vision : Growth, Kaizen, Talent,
support and trust reposed in us.
Digitization and ESG. In line with this,
The challenges of import dependence
the Company continued to leverage
for Lithium for the manufacture of I truly believe that TII is on a major
its strength to explore new avenues
Lithium-ion EV batteries seem to path of transformational growth. We
of growth in each of its businesses.
be finally coming to an end with the will pivot our competencies to explore
The integration of Lean in business
discovery of huge deposits of Lithium new frontiers and infinite possibilities, to
operations and working methods,
in the States of Jammu & Kashmir become a globally admired Company.
building a capability-driven Human
and Degana in Rajasthan, estimated
Capital, the digitization of processes for
to be large enough to make India self
a future-ready IIoT system and creating
sufficient. This will make EV Batteries Yours Sincerely,
a sustainable business on a strong
far less expensive and provide further
ESG framework - the year was indeed
impetus to the EV industry. M A M Arunachalam
significant and eventful.
MANAGING
DIRECTOR’S
MESSAGE
At TII, it was an event-marked calendar
year, with the Company enlarging its
scope of operations into new and
emerging business ventures.
Dear Shareholders, the previous year. Free Cash flow was Metal Formed Products Business
at a significantly strong level at `608
It gives me pleasure to share with Cr. compared to `205 Cr. the previous The Metal Formed Products Division
you the strong performance of your year. (MFPD) rode the buoyancy in the
Company for the year 2022-23. auto market to record a year of strong
At TII, it was an event-marked year, growth.
TII recorded significant growth with with the Company enlarging its
each of the businesses riding the scope of operations into new and The business earned a Revenue of
buoyancy in the domestic market emerging business ventures. In line `1,424 Cr. and PBIT of `174 Cr. for
with demand resurgence across core with our strategy, we marked the the year as against `1,240 Cr. and
sectors, driven by a resilient Indian year with a number of acquisitions `136 Cr. in the previous year.
economy. Revenues from exports in EV, mobile camera modules,
however was impacted by the medical consumables and ventured According to Society of Indian
turbulence triggered by the Russia- into Contract Development and Automobile Manufacturers (SIAM), the
Ukraine conflict and its fallout in terms Manufacturing Operations in API for the industry recorded the highest sales
of inflation, volatile raw material prices, pharmaceutical segment. across segments during the year, with
and paucity of gas supplies paralysing a growth of 27% in passenger cars,
plant operations particularly in the Euro The year was also doubly significant as particularly SUVs and Commercial
zone and slowing down B2B trade. it marked the transition of TII, through Vehicles. The Auto industry is on a major
its subsidiary TICMPL, from an ancillary transformational path, with supportive
Process efficiencies, value-added to an Original Equipment Manufacturer. Government policies to make India a
engineering, deepening customer global auto manufacturing hub.
engagement and a slew of differentiated Engineering Business
products proved to be strong The Business expanded its
growth enablers, in addition to the The Engineering business put in a customer roster with its engineering
focus on the 4 cardinal metrics that sterling performance both in the expertise and operational agility,
we have set for ourselves: Revenue domestic and export market with its co-partnering with OEMs to design
Growth, Profitability, Return On Invested specialized hydraulic cylinders and and supply innovative products for
Capital and Free Cash Flow. tubular products for the auto and the multiple new models, on tight lead
non-auto segments. Revenue was at times. Aftermarket sales recorded
PBT before exceptional Items was `4,562 Cr. compared to `3,868 Cr. in robust demand with channel expansion
at `928 Cr. as against `628 Cr. for the previous year. PBIT for the business and rationalization.
the same period in the previous year. was `549 Cr. as against `376 Cr. for
ROIC was at 55% compared to 47% in the previous year.
The Railway segment was impacted innovative array of products. The other An investment of `250 Cr. has been
due to deferred projects by the segments are at differential levels of made till now by TII in equity shares of
Government as a result of the scalability. TICMPL. For further expansion of the
pandemic-led disruption. However, the E-Mobility business, TII has along with
sector is projected to grow with large The revenue for the Other Business TICMPL, entered into agreements with
expansion projects and huge budgetary segment was `768 Cr. compared with M/s Multiple Alternate Asset
outlay to modernize the Railways. As `562 Cr. and PBIT was `48 Cr. as Management Private Limited
a trusted vendor, the MFPD Business against `36 Cr. in the previous year. (Multiples) and co-investors for
with a strong portfolio of products an investment of `1700 Cr. in the
for the Railways is expected to see a TII Standalone Performance form of Compulsorily Convertible
revival of growth in the near future. Preference Shares (CCPS). As per
At a standalone TII level, the the terms of the arrangement, TII
Mobility Business revenue for the year was at `7,236 will be investing `500 Cr. towards
Cr. as against `6,359 Cr. in the CCPS and Multiples and Coinvestors
The bicycle industry witnessed a previous year and PBT before will be investing `1,200 Cr. Further,
slowdown with lack of consumer exceptional items for the year was at an additional fund raise of `1,050 Cr.
demand and the influx of low-quality, `928 Cr. as against `628 Cr. in the has been planned taking the total fund
low-priced, imported products in the previous year. aggregate to `3,000 Cr.
market. The impact was felt in the
Mobility Business which recorded a Subsidiaries Our vision is to operate on multiple
decline in revenue at `800 Cr. during platforms in the productive vector of
the year compared with `963 Cr. in CG Power and Industrial Solution the EV spectrum. We believe we are
the previous year while PBIT was at Limited, a subsidiary company, in a significant stage of disruption in the
`17 Cr. as against `55 Cr. in the which we hold 58.05% stake registered EV industry in India, with immense
previous year. consolidated revenue of `6,973 Cr. as unexplored possibilities.
against `5,484 Cr. and a PBT before
According to analysts, the bicycle exceptional items of `950 Cr. as against India is going to play a significant role
industry is on the cusp of a `504 Cr. in the previous year. The in electric vehicles in the near future
transformation with innovations in pace Company has performed exceptionally with supportive Government policies
and performance dictating trends. well in each of its business segments auguring well for the industry.
A total of 11.44 million units of bicycles and shows great potential for growth .
were sold in India in FY 2022. Sales are going forward. The EV Market in India is estimated to
expected to reach 14.43 million units reach US$ 7.09 billion by 2025 with a
by FY 2027, expanding at a compound Shanthi Gears Limited which is also need for a cumulative investment of
annual growth rate of 5.50% during the a subsidiary company in which we US$ 180 billion in vehicle production
FY 2023 - FY 2027 period (Research own 70.47% stake, recorded a year and charging infrastructure until 2030
& Markets). Globally, the industry is of significant growth with a revenue of to meet the country’s EV ambitions.
projected to grow with an increasing `446 Cr. and PBT of `90 Cr. during the (India Energy Storage Alliance).
awareness of health and greater affinity
year as against revenue of `337 Cr. and
for ‘green’ modes of transport. Keeping We are foraying into the productive end
PBT of `59 Cr. in the previous year.
pace with the global trends, the Mobility of the EV spectrum - Three Wheelers,
Business has mapped out strategies Tractors and Medium & Heavy
E - Mobility
for greater growth, expanding into new Commercial Vehicles, where there are
geographies and new product lines. tangible, economic benefits for the
Our biggest focus is the EV segment
customer. In the three-wheeler segment
where we foresee an immense
Other Businesses we have already launched the Montra
opportunity for growth.
Electric Super Auto, for the passenger
Our Industrial Chains business had a segment across the Southern regions,
TII had incorporated M/s. TI Clean
significant run of growth both in the to a positive market response. Targeted
Mobility Private Limited (TICMPL)
domestic and export markets, foraying for passenger transportation, the
as a subsidiary in February 2022 to
into emerging market segments with an segment shows a great potential for
focus on clean mobility solutions.
growth.
In FY 2022 TICMPL had acquired a leveraging Moshine’s manufacturing Digitization

69.95% in Cellestial E - Mobility for the facility in India and its captive customer
manufacture of E-Tractors. During the base. There is considerable import- In line with our digitization focus,
year, TICMPL acquired the remaining substitution opportunity in this space a Company-wide, IIoT integration
stake to make Cellestial E-Mobility its for the domestic mobile phone exercise was rolled out as part of the
wholly owned subsidiary. manufacturing segment, where nearly new ERP ecosystem to accelerate the
95% of the components are at present transition to a data-driven, seamlessly
In tractors, we have plans to introduce sourced from China. connected business operations.
3 different variants in four-wheel
drives for different user segments. We perceive a good potential for
Our ESG Commitment
Work on the production facilities growth in the healthcare segment
for the tractor is underway at Apex and in line with this, we have forayed Our ESG initiatives continued to be
Park in Chennai, Tamil Nadu, with through acquisitions, into the medical aligned to our commitment to the
the vehicles slated for launch in consumables segment with Lotus highest standards of environmental
FY 23-24. Surgicals Private Limited. care, social responsiveness, and good
governance. We continued to monitor
Globally India is among the largest We have further added Contract and improve our performance in each
tractor manufacturers with exports to Development and Manufacturing of the parameters as outlined in the
countries worldwide. In the agricultural Operations of Active Pharmaceutical standards of Global Reporting Initiative
sector, though penetration is expected Ingredients to our capability portfolio (GRI).
to be slow, we see a huge growth this year with the starting of a new
potential in E-Tractors with supportive venture - 3xper Innoventure Limited. Our People Capital
Government policies promoting farm
mechanization and green energy The acquisitions of both the mobile Our people are our greatest asset
ventures. camera modules and medical and as always they have invested
consumables businesses are part of their extraordinary efforts to turn out a
The acquisition of a 65.2% stake in IPL our strategic growth plans to mine year of significant growth. My sincere
Tech Electric Private Limited (IPLTech) the opportunities emerging from the appreciation and thanks to the ‘One TI’
by TICMPL has gained us access to reshoring and China Plus One global Team.
the EV-M&HCV (Medium and Heavy industry trends.
Commercial Vehicles) segment with a My sincere thanks to all our customers,
homologated product that has been Corporate Technology Centre suppliers, business partners and
on the market with tangible benefits for members of Government Bodies for
users. We have chosen to manufacture The Corporate Technology Centre has their continued support.
the 55-Ton truck, covering short emerged as an important hub for the
haulage operations for the iron & steel, design and development of new-age Our focus is on building value and
cement and construction industries. precision tooling systems, process building for the long term. As we
We have already started work on the technologies and product development continue to explore new frontiers and
manufacturing facility at Manesar, that are aligned with TII’s growth plans infinite possibilities, we continue to stay
Haryana, for making the E-trucks. for the future. aligned to our vision of building a strong
We would be creating separate globally admired, Indian Engineering
distribution networks to cater to the EV Lean Programs Company.
Platforms.
Our Lean programs have gathered
Acquisitions - New Ventures momentum with the multiplier effect of
Best Wishes,
the ongoing projects cascading across
The acquisition of Moshine Electronics locations. The Lean model of work
Private Limited gives us the capability has turned into an integral discipline of Mukesh Ahuja
to make camera modules for the each business, with tangible accruals in
economy range of mobile phones. The process and people efficiencies.
intent is to move up the value chain
BUILDING PEOPLE CAPITAL

“One TII - Many possibilities - Ample initiatives were undertaken to deepen metrics and creating a consistent
opportunities” was the clarion call that employee engagement, amplify ‘People Productivity Index’ across
resonated the spirit of Team TII as it capabilities and create opportunities various business units, enabled
forged ahead in yet another eventful for aspirational growth. to drive a high performance work
year of pace and performance. culture. This is expected to be a game
To deepen people interface, several changer as the Company continues
In line with its vision to ‘Build a globally focused group discussions and to pursue aggressive growth paths
admired Indian Engineering Company managerial interactions were initiated through several greenfield ventures and
creating stakeholder delight’, TII to map out key action plans to drive inorganic growth trajectories.
focused on strengthening the five pillars employee engagement as a key
of Growth, Kaizen, Talent, Digitization metric. Based on the insights from the As the Company forges ahead,
and ESG, to nurture a high-performing conversations, tangible actions were embedding capability building
work culture and achieve organisational deployed to facilitate a more responsive processes and creating a strong talent
goals. employee experience. pipeline have become imperatives to be
future-ready.
Creating a cohesive team imbued with Rewards and Recognition through
the spirit of oneness and a high drive ‘Shine Awards’ helped drive a culture The TII Talent Development Engine
for achievement, underlined the people of excellence and pride in performance. continued to facilitate the growing
strategy of the Company. needs of the organisation by identifying
The Company continued to focus on and nominating senior leaders and
As TII transforms itself, exploring the initiatives that are integral to its long managers to be trained at leading
greater possibilities in newer business term human resources strategy. universities and Business Leadership
areas, the core focus is to build Programs, to enable them to take on
and nurture a strong and diverse The adoption of the ‘TII Way’ of greater responsibilities in existing as
people force. Aligned to this, several working, through standardization of well as new businesses.
Deep seeding the training culture, a

total of 20% of the overall number of
Managers are undergoing development
journeys, scaling up abilities to move to
next-level roles. In addition, the Talent
Board continues to guide, support,
and mentor the various developmental
actions and interventions for
accelerating talent development and
creating long term value in TII’s human
resource pool.
The implementation of the Lean model

of manufacturing continued across Graduates of the Business Leadership Program with the Senior Management
the various businesses, focusing on
enhancing productivity, eliminating /
reducing waste in the value chain and corrective actions were rolled out the agility and digital capabilities of
for improving customer-defined value across all business units to ensure a functions was the prime focus during
to products and services. safe and secure workplace. the year. The objective was to enable a
seamless, digital acceleration towards
Safety and employee involvement The advent of a digitally enabled world a technology-centred, data-driven,
continued to be of prime importance is rapidly changing organisations, future-ready ecosystem. An ecosystem,
to the Company’s focus on people mandating new learnings, new spearheaded by an empowered people
wellbeing. In line with this, various capabilities. To keep pace with force in pursuit of new frontiers and
training programs, audits, and changing technologies, building infinite possibilities.
Leadership Conclave- 2022.

ENGINEERING
BUSINESS
Building capabilities Steering Shaft Tube
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Handle Bar Tube
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in plants and
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---
-----
processes, Telescopic Front
Fork Tubes
--- ---
product innovation - - - - -
and value-led
engineering for
------
exploring new
----
------
-----------
----
frontiers, infinite
------
----
--
possibilities.
------
Exhaust Tubes
----
Engine Bearing
----
Cage Tubes
--
Shock Absorber Tube
--
Frame Tubes
It was a significant year for the mega connectivity projects proved to The degrowth in exports was more than
Engineering business as it recorded an be strong demand drivers. compensated by the significant growth
overall growth of 18% with a revenue of in the domestic market.
`4,562 Cr. compared with `3,868 Cr. of The Engineering business
the previous year. PBIT was at `549 Cr. demonstrated great agility in aligning In pursuit of its plans for greater growth,
as against `376 Cr in the previous year. itself to the burgeoning demands of the business expanded its customer
OEMs and auto majors, co-partnering roster both in the domestic and
The domestic auto industry rode an with them for the development of global markets, drawing up long-time
upward growth trajectory in FY’23 innovative, import-substitute products contracts with large OEMs, for a range
recording a significant rise of nearly for new vehicle models, with stringent of niche products for the auto and non-
13% in production, with higher demands in quality, performance and auto segments.
consumer affluence, a surge in lead times.
aspirational demand and the easing of As part of its strategies for expanding
supply-chain constraints. According to Exports however was muted compared its presence in the global market,
SIAM, the passenger vehicle segment to the previous year due to multiple the business has charted out plans
registered a 25% growth in production, challenges escalated by the Russia- for capacity augmentation across its
while commercial vehicles registered Ukraine war, with inflationary pressures, manufacturing plants to fuel its various
a growth of 29% when compared to tightened gas supplies and rising growth projects.
the previous year. The 2W segment, energy costs forcing production
recorded a 9% increase in production shutdowns in manufacturing plants In Cold Rolled Steel Strips (CRSS), the
compared to the previous year. across the EU, including volatile steel business focused on product-specific
prices and overstocked inventory in business development for niche
The off-highway vehicles segment the US reducing demand and making segments, endeavoring to expand both
saw good traction, with the growth forecasting difficult. The plant closures in the export market and in the West
in the construction and infrastructure in China as part of its ‘Zero-COVID’ and Northern regions in the domestic
sectors. Supportive policies and policy, capability localization drive market.
large Government outlay for the and low infrastructure spending also
development of roads, railways and impacted exports during the year.
In tubes and tubular components • In exports, the focus was on • In line with the capability and
differentiated strategies for growth development of bespoke tube capacity building strategies for
included: and tubular components for existing and extended OD range
OEMs, partnering with large of tubular products, brownfield
• Regional balancing, capacity tube processors and overseas expansion in Tiruttani is under
expansion and building common manufacturers, export capability progress.
capabilities across all plants. enhancement with global
QCD, building capabilities in Leveraging its engineering expertise,
• Co-development of value- warehousing, in addition to building new capabilities and
engineered products with auto expanding the distribution network sharpening its strategic skills - the
OEMs and EV manufacturers and channel sales. Engineering business is consolidating
for new models of cars in the its strength to explore new frontiers and
domestic market. • In Large Diameter tubular products, infinite possibilities.
the business leveraged its
• Developing new capabilities, well-established technical
and new products for emerging capabilities and engineering
requirements in light-weighting, expertise for volume growth.
fuel-efficiency, etc., through
market-driven R&D.
-------- Cabin Tilt Cylinder Tubes
-
Rear Under
- - -
Chassis Cross Tubes Protection Tubes
--
--
--
------
-----------
---
-------
--
------
- -
--
High Strength Propeller

Front Under High strength Draglink/Tie Rod Chassis Tubes Shaft Tubes
Protection Tubes Steering Systems Tubes
REVENUE (` in Crore) PBIT (` in Crore) ROCE%
4,562
73%
549
3,868
59%
376
43%
40%
2,317
2,258
264
251
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Cross-member Anti-roll Bar Instrument
Panel Frame
Power Steering
System
Gas-filled
Strut
Axle Shaft
Side Impact
Beam
Propeller
Shaft
Steering Column
Corrugated Tube Engine

Mounting
Shock Absorber Engine Mount
Cam Shaft Bushes
Handle Bar Tube

Seat Assembly
Front Fork Tube
METAL FORMED
PRODUCTS BUSINESS
Auto Chains & Sprockets

Proving its mettle with value engineering, cutting-edge

product lines and new-age technologies, the Metal Formed
Business is raring to explore new frontiers, infinite possibilities.
The Auto industry in FY 2022-23 Keeping pace with the burgeoning of the segment, the business enlarged
marked a milestone year registering an demand in the auto industry, the Metal its aftermarket presence with a
overall growth of 20% in sales compared Formed Products business raced strategic rationalization of the channel
to the previous year, according to the ahead on a track of significant growth in structure and expanding the dealer
statistics published by SIAM. Despite FY 2022-23. and retail bandwidth in alignment with
inflationary pressures and muted rural the region-specific product needs of
demand denting entry level segments, The revenue for the year was at dense, under-served demand clusters,
the industry saw buoyant growth with `1,424 Cr. as against `1,240 Cr. in across micro markets and Tier 1 & Tier
the easing of semi-conductor chip the previous year while PBIT was at 2 cities. New value-added products
shortage and the pent-up demand from `174 Cr. compared with `136 Cr. the with superior performance and greater
the higher-end markets driving sales, previous year. wear properties were launched for the
particularly for SUVs and Commercial segment in sprockets, cam kits, and
Vehicles. Innovative products and new process drive chains, contributing to the growth
technologies aligned to customer of the business.
The Passenger Vehicle (PV) segment, needs enabled the business to ride the
recorded its highest-ever domestic upward growth graph in both 2W and The business expanded its chain
sales surpassing its previous peak of 4W segments. manufacturing facility at Aurangabad as
2018-19, with a 27% overall growth part of its capacity building measures
in sales during the year 2022-23 In the 2W segment, the Company and to address the demands of OEMs
compared to the previous year. expanded its OEM roster with and the aftermarket in the Northern and
differentiated, bespoke products, Western regions.
Utility vehicles led the growth in for the new models of scooters and
PV sales in FY’23. This segment motorcycles. Global auto manufacturers continued to
now accounts for 52% of PV sales. expand their manufacturing capacities
Sales of commercial vehicles also In the 4W segment, the business in India as part of their China Plus One
grew from 9,62,468 units in FY’23 consolidated its preferred vendor and reshoring strategies. In line with
compared with 7,16,566 units in FY’22. ranking with OEMs and auto the Government’s ‘Automotive Mission
The total sales of two-wheelers for majors, with customized, cutting- Plan - 2016-26,’ and its supportive
FY‘23, saw an increase of 17% from edge products in fine blanking, auto policies for the industry, India is fast
the previous year. components, door frames and car body emerging as an important global
parts. Strategic balancing of short lead auto manufacturing hub. The MFPD
The entry-level two-wheeler and times and tight delivery schedules with business with its strong engineering
passenger car segments, according to internal efficiencies, newage process expertise and trusted vendor status
SIAM, however pose a challenge with technologies and value engineering, led with major auto manufacturers is
a continued decline in sales. While the to the addition of new customers both gearing up to expand its presence in
entry-level mini-car segment fell by 57% in the domestic and global market and the dynamically evolving auto space.
in FY’23 compared to its peak levels in a strong order pipeline for new projects.
FY’17, sales of entry-level scooters and As a validation of its product quality and
motorbikes also declined by 27% and The aftermarket has emerged as customer service the Business won
38% over the peak numbers recorded an important growth driver of the various awards from key customers
in FY’19. business. To mine the growing potential during the year.
Car Recliner Part
Part for Variable Cam Timing System Divisional Channel
During the year, revenue from the TII as a trusted Tier 1 supplier of sub validation to gain access to global
Railway segment was impacted due to assemblies, coaches and metro rail markets.
deferred projects by the Government parts, both for the domestic and
as a residual effect of the pandemic- global markets, has mapped out its Strong customer co-partnerships,
led disruption. The industry however is strategies, building a strong product engineering expertise, value-driven
poised for exponential growth with the portfolio to participate in the expansion innovation, a wide portfolio of
large budgetary outlay for the addition projects of the Railways. Additionally, cutting-edge products and new-age
of new, high-speed trains and large the Company’s IRIS (International technologies - the Metal Formed
expansions in railway corridors as Railway Industry Standard) certification, Products Business is readying itself to
outlined in the ‘National Rail Plan for an international accreditation to explore new frontiers, new possibilities.
India - 2030’, an important part of the manufacture and supply products and
Government’s vision for economic and solutions to the Railway industry across
transformational growth. the world is an important capability
Innovative range of products for the Auto Aftermarket

1,424
57%
174
1,240
1,032
1,129
46%
136
92
24%
22%
75
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
IIoT implementation at the New Doorframe Facility, Chennai.

MOBILITY BUSINESS
BSA Lady Bird

Cycle 2.0
is gearing itself
to ride into
new geographies,
new product lines,
exploring new frontiers
and infinite possibilities.
The Mobility Business had a slow pedal year with sales shrinking
on the back of lackluster demand both in the domestic and global
market.
In addition to a waning interest in cycling in the country, the Indian

bicycle industry is burdened with multiple challenges. Channel
dominance and low entry barriers have led to a continued glut
of low-value, low-quality, imported products from non-branded
players leading to share erosion of major manufacturers of
branded bicycles.
Scarcity of new-age materials, import-dependence for premium

components, lack of cutting-edge process technologies and the
absence of a centralised R&D and globally accredited testing
centre have proven deterrents for the manufacture of high-end
bicycles in the country. Lack of infrastructure and safe cycling
networks across regions is further preventing greater adoption
of cycles among potential users. As per industry analysts, per
capita bicycle penetration in India is merely 9% as against the
international benchmark of 110% in the Netherlands.
In India, product innovation, modernising the business model

and supportive Government policies have become imperatives
to enable the bicycle industry to be competitive and future-ready.
FY’23 was also a challenging year for major global bicycle

manufacturers, particularly in Europe and US, who were
burdened with huge inventories, rising raw material & logistics
cost, and inflationary pressures. While China had to contend with
plant shutdowns as part of pandemic containment measures,
reshoring and nearshoring, with investments in SKD assemblies
in US and Europe continued to trend. However, many Western
countries are looking at India as an option to derisk their supply
chains. This is expected to raise the export opportunities in the
country.
Globally a growing adoption of cycles bikes are slated for a launch in the next and the niche segment of the domestic
for transport, fitness, recreation and financial year. market.
environmental concerns, together
with supportive Government policies The domestic market for E-bikes saw Indigenization and import-substitution
worldwide, augur well for the future a steep decline in secondary sales of more than 80% of components
growth of the industry. from Q2’23 onward due to increased for manufacturing premium bicycles
price points, while mid motors and was undertaken during the year
The sluggish industry trend impacted connected bikes are yet to gain as a measure to reduce cost and
the Mobility business, recording a acceptance because of their high dependency on imports.
Revenue of `800 Cr. and a PBIT of cost. E-bikes, however are beginning
`17 Cr. compared to `963 Cr. and to be considered as a more affordable Enhancing efficiencies through cost
`55 Cr. in the previous year. and ‘green’ form of transportation reduction from PMPD improvements
compared to other fuel-based vehicles. and consolidation, localizing component
The business surmounted a challenging sourcing, reducing inventory and
year, deploying a multi-pronged arsenal The Mobility business has set its target cash burn through Lean and flexible
of growth-accelerating strategies based to participate in the high potential operations and customer delivery time
on the 4 main pillars of Quality, Delivery, segments, both in the domestic and optimisation were some of the growth
Lean Operations and Exports. global markets. enabling measures deployed during the
year.
Moving up the value chain, the As part of the strategy for productivity
business expanded its product portfolio optimisation, the Mobility Business Leveraging on its brand and channel
with agile, ‘faster-to-market’, New consolidated the mass-production strength, the Mobility business
bicycle models at the Rajpura Plant, continued to pursue new revenue
Product Development with aesthetically
streams in adjacencies, adopting
designed, superior finished products while the Ambattur Plant at Chennai,
the ‘SMART’ model comprising
with enhanced value proposition. with global benchmark standards
Spares, Maintenance, Accessories,
20+ new bicycle models were launched of manufacturing, was dedicated to Recreational and Toddler products,
across the segments - City, MTB, Kids the production of high-end, premium to create a complete ecosystem for
and Kits, while mid motors - connected bicycles, primarily for the export market Cycles.
SMART MODEL
SPARES MAINTENANCE ACCESSORIES RECREATIONAL TODDLERS
• Domestic Bicycle Parts • High End Parts • Rider Accessories • Sports Products • Tricycle
• Tyre & Tube • Tools • Bike Accessories • Push Scooter
• Cleaner • Swing Car
• Service Station • Balance Bike
73%
55
963
62%
847
800
781
44
26
17
15%
15%
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Strengthening the channel through the Middle East, Latin America and Asia drive, the Mobility business has ventured
expansions in dealer bandwidth and for export sales in the near future. to marketplace sales on websites with
customer touchpoints, enhancing a plan to launch a dedicated Track and
penetration in population-dense towns The Fitness Equipment Market is Trail (T&T) App for digital B2C interface
through ‘Feet-on-Street’ and ‘Mission slated for exponential growth with a and customer connect, with speedier
growing global awareness of health and delivery, assembly, maintenance and
Sales Representatives’ for primary and
wellbeing. service, as value-added differentiators.
secondary channel support, in-store
promotions, sales and service networks The Mobility business has drawn up Globally, as the commitment to
in the form of Track and Trail stores as plans to enlarge its participation in the a carbon neutral world is gaining
a value differentiator, were some of fitness space both in the Home and pace, the bicycle as a green mode of
the go-to-market strategies deployed Commercial segments with an array of transport is gathering momentum for
to grow the business in the domestic products like treadmills, elliptical trainers greater growth. TII’s Mobility business is
market. and cardio equipment, amongst others. gearing itself, building new capabilities,
crafting new strategies to race ahead in
Despite the challenging environment, In line with the marketing shift of global the quest of new frontiers and infinite
the Mobility business expanded its bicycle manufacturers turning their lens possibilities.
global customer prospects in Europe, on B2C online sales, and the digitization
OTHER BUSINESS
The Industrial Chains (IC) business Despite a challenging global There was a sustained focus on the
continued to pursue its mission to environment with the Russia-Ukraine addition of value-added products of
be a world class Industrial player in war triggering inflation, high raw global benchmark standards for niche
Motion, Drive & Conveying (MDC) material prices, energy crisis and plant applications, to ensure customer
space, expanding its global footprint shutdowns, particularly in Europe, the lock-in. The business made inroads
and hoisting a significant growth of Industrial Chains business expanded its into a new industry vertical ASRS
17% with its value-added, differentiated roster of OEMs, MROs (Maintenance, (Automated Storage and Retrieval
products and service. Repair & Operations in the replacement System) in the Logistics and
segment) and Channel partners, Warehousing space, with supplies of
In the domestic market, the IC business deriving an 11% growth in sales chains to a prominent industry player
consolidated its domain leadership volumes of high precision, segment- for their requirements.
with a wide array of new, industry- centred, innovative products from
driven products, riding the buoyancy exports. As part of its capability building
in the construction, infrastructure, strategies and to meet the burgeoning
material handling and pharmaceutical In line with its strategy of de-risking and global demand for Leaf Chains, the
segments. Growth was driven by exploring new growth opportunities business expanded its plant at Tiruttani,
enhanced revenue streams from value- in emerging industries, the Business with automation and advanced
added products and thrust on industry expanded the scope of its operations manufacturing systems and process
penetration through LSCC (Large Size with new, segment-specific, value- technologies. The highly engineered
Conveyor Chains). added products in material handling, product is used in niche applications
infrastructure and agriculture space, in material handling and multi-level
The business grew its OEM and adding a strong growth stream for the parking and storage.
Aftermarket share in the domestic business.
market with robust growth in food As an increasing number of
and packaging, material handling, and Deepening engagement with OEMs, multinationals and OEMs participate in
multi-parking segments. increasing market share in the private India’s infrastructure growth, setting up
label segment and enlarging channel manufacturing facilities in line with their
The muted demand from the rural bandwidth across geographies were localisation strategies, the IC Business
sector dented offtake of agricultural part of the growth-enabling strategies is building strong co-partnerships with
machinery such as Harvester-Combine, deployed during the year. key global players to cater to their
an important user segment for the burgeoning market requirements.
business.
Leaf Chains
46%
768
48
36%
35%
562
36
31
292
16%
263
13
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Additionally to explore the potential in New and innovative products were projects and interventions. A unique
adjacencies and pursue new revenue launched during the year with superior concept of ‘Empowered Product Cells’
streams in Sprockets / LSCC, the performance characteristics. with end-to-end ownership of a process
business has built the capability to line, by the operator, was introduced
manufacture heavy-duty sprocket kits • Super Max series of chains for during the year.
for escalators. varied applications in construction
and material handling, both for As a validation of its quality and service,
The business co-partnered with global OEMs and general industry. the Business won several awards
manufacturers of escalators with its during the year.
high-performance Step Chains for light • Double Plus chains for automation
and heavy-duty applications in malls, and material flow applications. New geographies, new product
airports and railways. streams, new and emerging high-
The business continued its relentless growth segments - the IC Business
drive to improve people and process is forging ahead, in pursuit of new
efficiencies through focused Lean frontiers, infinite possibilities.
Chain facility - Ambattur

DIGITAL TRANSFORMATION
At TII, IIoT (Industrial Internet of Things) This mammoth exercise was focused The IIoT team raced against time to
has become central to the Company’s on sweating the assets - building complete the challenging project as per
digital transformation journey, in dashboards to capture all machine its scheduled timeline by March 2023.
alignment with its objective to be a data to track and analyse the variables
world-class organization keeping leading to downtime, asset under- As a Company with power-intensive
abreast with the dynamically connected utilization and productivity gaps, operations, the next step in the IIoT
world of AI and advanced technologies. providing support to the shop floor for journey is to identify machines which
corrective measures with real-time data are major power guzzlers and devise
As part of the IIoT initiative, a pan TII on constraints. methods to reduce energy and fuel
systems architecture was created consumption. Besides reducing energy
comprising all legacy and modern Across industries, IIoT has proven a cost, this would support the Company’s
‘A Class’ machines with interconnected game changer in streamlining and sustainability initiatives.
PLCs, including a multitude of automating processes with real-time
instruments and other devices data generated from self-monitoring, IIoT is focused on creating a robust ERP
networked together on a common ERP smart machines. ecosystem that would support data-
communications platform to monitor, driven decision making and knowledge
collect, exchange, analyze and deliver At TII, different business verticals, each management, while analyzing and
insights on machines, men and working unique in its operational requirements, building productivity with a norm based,
methods to derive value and drive mandated the creation of customized, machine-man performance metrics.
data-driven decision making for the norm-based data for analytics.
Company.
A recalibration of working methods

fostering a cultural change, the IIoT
centred ERP ecosystem would prove
a point of convergence with the
Kaizen and ESG initiatives to enhance
productivity and efficiencies across all
businesses.
As the world races ahead to a data-

driven ecosystem with IoT and AI
ushering tectonic changes to the
business landscape, TII is accelerating
its transformation to a digitized, data -
driven world of new frontiers and infinite
possibilities.
OUR ESG
COMMITMENT
ESG or the Environmental, Social and for ‘mindful and deliberate utilization, Our stringent waste management
Governance Standards have become instead of mindless and destructive measures with the principle of ‘reduce,
an integral part of business reporting consumption’. India is the only country reuse, recycle’ have ensured lower
and disclosures globally, as companies that has included LiFE in its Nationally generation of waste across our
outline their commitment to a larger Determined Contributions. It has been Units. While we adopt the concept of
environmental and social cause, not decided that Ministry of Environment circularity for the non-hazardous waste,
driven only by economic gain or profit. & Forests and Climate Change we ensure responsible disposal and
(MoEF&CC) will anchor the Indian co-processing of hazardous waste with
Climate change due to flagrant aspects of Mission LiFE while NITI minimal environmental impact.
disregard to the environment, has given Aayog will steer the global aspects of
rise to a plethora of problems that this mission. As an industry with energy-intensive
threaten the world’s population. processes, we are focused on energy
Our ESG Program conservation and lowering emissions
The UN Sustainability Goals - 2030 has through the use of alternate fuels
drawn a roadmap listing out actions At TII, as a responsible Corporate citizen, and switching to low-energy lighting
under 17 major goals that would create we adopted ESG standards several systems.
an environmentally responsible and years ago, with our sustainability-
more socially inclusive society. centred, socially responsive, value- We have increased our renewable
driven business ethos, supporting energy usage with solar and wind
At the COP-26, UN Climate Change power constituting nearly half of our
national efforts in climate action and
Conference held at Glasgow in 2021, energy requirement.
sustainable development.
140 leaders of countries around the
globe committed to mitigation goals Sustainability lies at the heart of our Our partnership with X2Fuels, a
to reduce emissions, increase the business and is a major driver of our technology to turn waste-to-fuel is an
use of renewables and work towards continued growth. interesting project under exploration.
carbon neutrality. India as the fourth
largest emitter of greenhouse gases, Environment The tangible benefits of our efforts are
contributing about 7% of the total reflected in the steady decline of Scope
emissions into the atmosphere has 1 and 2 emissions at most of our
Our relentless environmental focus has
committed to reducing 1 billion tons of Business Units.
enabled us to make steady progress in
emissions and become carbon neutral lowering our ecological footprint. We
by 2070. Social
have made a significant reduction in
water consumption across our Units
LiFE–Lifestyle for Environment was through effective recycling of process At TI, we consider our people as our
adopted by India during COP 26 at wastewater and upgradation of effluent greatest asset. We accord the highest
Glasgow in 2021. LiFE envisages treatment plants to achieve zero liquid importance to the growth and wellbeing
bringing everyone together to adopt discharge status. of our people by providing an enabling
an environmentally conscious lifestyle environment of trust, transparency and
growth.
Eye Camp at village schools
Intervention Centre for hearing impaired children Free Mobile Medical Service Supporting women entrepreneurs
At TII, health and safety of employees of the areas where we participate for Our ESG programs are driven by the
is given great importance with regular social amelioration. Senior Leadership Team with regular
medical camps, training and guided reviews and goal direction.
awareness programs. To develop a Our community development efforts
safety manual with standard metrics, include providing mobile medical care As part of our ESG program, we have
audits by external consultants on services to the sick and elderly patients started measuring our various, on-going
Safety & 5S were conducted across the in the Avadi-Ambattur industrial belt in initiatives across our Business Units
22 manufacturing plants to identify the suburbs of Chennai. In Tiruttani, the and manufacturing facilities against the
areas for improvement with clear TI Medical Outreach Centre provides parameters that are material to ESG
timelines drawn for corrective measures outpatient services to the community in accordance with the ‘core’ criteria
for a zero accident, safe and secure members. of the Global Reporting Initiative (GRI)
workplace. Standards.
TII also contributes to the education
To drive the safety culture across and skill development of students from The GRI Standards constitute a set
plants, safety audits were conducted under-served communities as part of its of globally established sustainability
by senior leaders, to demonstrate their social upliftment program. reporting standards on Economic,
commitment to the initiative. Environmental and Social impacts
The Company also supports the to enable businesses to formulate,
As part of the inputs from the Lean research efforts of the Murugappa assess and report on their sustainability
exercise, risk assessment process Chettiar Research Centre (MCRC) to performance to multiple stakeholder
for identifying potential hazards was develop technologies that benefit the groups.
standardized. Potential health and environment and enhance incomes in
safety hazards were worked upon such farming communities. To make our sustainability journey more
as low automation in order to reduce meaningful and participative across all
operator fatigue and cycle time. Governance business units, we have mapped out
a sustainability governance structure
Our Corporate Social Responsibility Our Governance Standards are aligned to drive the various initiatives and be
(CSR) initiatives reflect our continued to the mandated Rules and Regulations accountable for the achievement of
commitment to reducing social as defined by SEBI in its standards for associated goals.
inequalities and support the social BRSR (Business Responsibility and
development of the communities Sustainability Report). As we transform ourselves as an OEM,
around us. enlarging our scope of operations
In line with the Five Lights of the and expanding our geographical
Preserving the environment, providing Murugappa Group, we adhere to the footprint, we will continue to remain
access to healthcare and education highest standards in Governance, committed to our ESG goals, while
among under-served communities, that lays emphasis on integrity, ethical creating sustainable value for all our
promoting research, contributing to practices, transparency in transactions stakeholders.
relief and rehabilitation efforts are a few and accountability to all stakeholders.
LEAN JOURNEY
TII
PRODUCTION SYSTEM
(Excellence in SQDCIM)
Standard Takt Time Prevent defect to

Manpower Process
Work Production
JUST-IN-TIME JIDOKA
D&C (Autonomation) Separate Man /
Standard WIP Q&C Mc work
One Piece Flow
To produce Kanban
Production
Materials
what is needed, Supermarket
Pull Production Stops
when its needed, System
automatically
in the amount at abnormalities
needed Andon Layout based Grouping
Machinery Operational on Production
availability Sequence Sequencing
Stream line
Heijunka (Levelled Production) / 5S (3S)
Point to Line
Cost Reduction through Elimination of MUDA
TII continued to drive the Lean or the The Japanese concept of ‘Takt’ time time for customer complaints, OTD,
Kaizen Model of Production System formula in Lean is: customer satisfaction
focusing on consistent customer-
centred value creation in products, Takt Time = Available Production Time / 1. Production Lead time
processes and service. The key Average Customer Demand.
2. One piece flow
metrics tracked daily in Lean boards
are Safety, Quality, Delivery and Cost / Point Kaizens
3. Inspection time reduction
Customer. Other metrics like Inventory,
1. Productivity improvement by
Productivity, Environment or Morale are reducing Operator, Machine and 4. Manpower reduction
also included in the board. Based on Process Cycle Time.
the Kaizen concept of ‘Excellence in 5. Workstation reduction
SQDCPIM,’ this is driven by continuous 2. Standard work implementation
6. WIP in between workstations
process improvement and frugal (TAKT time, Standard work
operations eliminating waste to make combination chart, Standard work
The active involvement from the Senior
‘more with less’. Sheet).
Management team and the high order
3. Operator load balancing through of employee participation across the
Productivity, quality, one piece flow, lead
YAMAZUMI study. Company’s Manufacturing Plants
time reduction, inventory reduction,
has made the Lean movement gain
set-up changeover time reduction (to 4. Set-up time reduction, fine die momentum, with multiple ongoing
create flexibility & produce small lots), maintenance and tool downtime projects swelling in numbers from
were the prime focus areas adopted reduction. 13 in FY 2022 to 103 in FY 2023
during the year to redefine business
and translating into tangible and
deliverables. 5. Quality: Defect reduction, Quality
adjustment downtime - reducing sustainable gains for the various
While Point Kaizens were used to internal & customer rejections. businesses.
address Productivity, Quality, Setup
6. Cost reduction: Operational cost Ushering in a major shift in people,
changeover time and Inventory, Line
reduction, RM & WIP Inventory process and working methods, Lean
Kaizens focused on Lead time reduction
reduction. has accelerated the Company’s
and One piece flow with a sequential
transformational trajectory, as it forges
process linkage to a seamless ‘Pull’
Line Kaizens ahead to explore new frontiers, infinite
production system for just-in-time
possibilities.
delivery and customer ‘TAKT’ time Lead time reduction - order to delivery
optimisation. - material & information flow, waiting
CHAIRMAN’S VISITS TO PLANTS
Shanthi Gears - Coimbatore New Fine Blanking Plant, Ambattur
Tubes Plant - Avadi Large Diameter Tubes Plant-Tiruttani
MD’S VISITS TO PLANTS
Fine Blanking Plant-Ambattur Tubes Products Plant - Avadi
Fine Blanking Plant-Ambattur EV 3W Plant-Ambattur

E - MOBILITY
The electric vehicle market in India, TI Clean Mobility Private Limited, a
according to industry analysts, is subsidiary was started as part of
projected to grow from $3.21 billion in the Company’s strategic intent to
2022 to $113.99 billion by 2029 with a provide sustainable mobility solutions
CAGR of 66.52% in the forecast period, and operate in the fast evolving,
2022-29.(Fortune Business Insight). EV space.
Exploring new
The EV sector is poised for exponential TICMPL intends to build a vertically
frontiers, infinite growth in India and with supportive integrated, end-to-end mobility
Government policies is projected to manufacturing eco-system aligned
possibilities in usher in a transformational shift in the with its vision of bringing in a
mobility landscape of the country. superior technology platform that is
eco-friendly According to the Ministry of Road
pathbreaking and productive in each of
the served segments of the commercial
mobility. Transport & Highways, Government of
India, in addition to the FAME-II scheme
EV spectrum: E-3 Wheeler, E-Medium
and Heavy Commercial Vehicles and
to promote the rapid adoption of clean E-Tractors.
energy vehicles through incentives and
subsidies to automakers, plans have The entrepreneurial agility of a start-up
been drawn to accelerate EV adoption ecosystem combined with the strong
in the country by building charging experience and application-driven
infrastructure, including charging points engineering expertise lends a
and battery swapping facilities in 700 formidable edge to the E-Mobility
spots across upcoming and operational business. In addition, the business
highways across the country with a has built a strong R&D team of domain
long term goal of greater charging experts and design specialists to create
infrastructure densities. a ground-up architecture and build
E-vehicles that are customer-centred,
market driven and value-led.
Chairman at the wheel during the launch of Montra Electric

The aim is to cater to the productive a superior technology differentiation to Montra Electric Super Auto comes with
end of the Electric Vehicle spectrum provide a compelling user experience. a dependable industry-leading range,
for the commercial segment in E-3W, speed and performance that maximizes
Tractors and Electric - Medium & Heavy Launched in 3 Models - ePX, ePV, ePV the owner’s earnings.
Vehicles (E-M&HCV), where the value 2.0, the Montra Electric Super Auto
accrual to the owner is high and where with the superior strength and durability The aesthetically designed, stylish metal
the vehicle is actually an asset earning of its all metal chassis is engineered body and all-metal chassis are uniquely
income for the owner. to ensure peak performance while engineered to provide both superior
navigating the challenging conditions of strength and peak performance to
The EV - 3 wheeler manufactured at the city roads. handle the challenging conditions of
Ambattur Plant, Chennai, has already the city roads.
been launched in the market for the Designed with a ground-up architecture
passenger segment under the ‘Montra based on a deep-dive of the user The exceptionally powerful motor
Electric - Super Auto’ brand to positive ecosystem, the Montra Electric delivers an extraordinary torque that
response from drivers, passengers Super Auto comes laden with unique, makes climbing any terrain a breeze.
and dealers in the Southern region. industry-defining features and value Not just that, its super pick-up ensures
The E - 3W for the cargo segment is differentiators. you can zip through the city traffic with
in the pipeline. ease.
The customer-centric model aims
The first of its kind E-3W in India, the to remain connected to the end- In addition, the ample head, leg
Montra Electric Super Auto is uniquely user offering a superior experience, and boot space of the Super Auto
designed and built from a ground- with remote diagnostics, preempting makes commute comfortable for both
up architecture for the passenger break-downs, reducing downtime and passengers and drivers alike.
segment, combining an aesthetic integrating data for speedier customer
sensibility with comfort, durability and support.
Launch of the Montra Electric-Super Auto at a Dealer Showroom.

Digital features of the Montra Electric at the Zee Auto Awards-2022 in the
Super Auto include Drive modes with ‘Innovative Electric Three Wheeler’
Park Assist and a Montra Electric category.
Driver App that provides data about the
vehicle’s daily performance, in addition In line with its plans to expand the
to tracking the driver’s earnings. In all, a scale and scope of the EV business,
Super Auto that lives its name. TICMPL will be raising funds up to
`3,000 Cr. to meet its ambitious
The Montra Electric Super Auto has growth trajectory through organic
garnered a wide and positive response and inorganic streams. The business
from the Southern Regions where it has aims to become lndia’s leading
been initially launched. The Business OEM in electric commercial vehicles
has mapped out strategic plans for in the productive spectrum of the EV
growth with an exclusive / expansive space and participate in the country’s
distribution and service network, 30% EV penetration target by 2030.
including B2B channels for density
deployment. Today, Montra Electric is Expansions, market-disruptive product
in 52 Dealer locations with dedicated innovation and industry-defining
service stations spread across the E-Vehicles - TI Clean Mobility is
southern region. charging up its batteries to explore new
frontiers and infinite possibilities in the
As a validation of its unique design and rapidly expanding EV space.
The aesthetically designed and stylish value-added features, Montra Electric
interior of the Super Auto. Super Auto was adjudged the Winner
The TI Clean Mobility team receiving the Zee Auto Awards 2022 for ‘Innovative Electric Three Wheeler’ for
Montra Electric Super Auto from Shri. Nitin Gadkari, Hon’ble Minister of Road Transport & Highways.
ELECTRIC - M&HCV
Our vision is to The acquisition of 65.2% stake in
IPLTech Electric Private Limited
product has been further upgraded to
the latest mandated standards.
be the leading (IPLTech) a manufacturer of E-M&HCV

is in line with the strategic intent to The ‘ground-up architecture’ of the
provider of expand the presence in the productive

end of the EV spectrum.
truck built on the powertrain platform
with remote diagnostics offers a
Electric Trucks The IPLTech acquisition has gained TII

zero-emission, pure-electric, cargo
vehicle designed to run on all-weather
for the access to the E-Medium, and Heavy

Commercial Vehicle segment, with a
condition roads.
commercial homologated product that has been

on the market with proven economic
The trucks are designed to provide
superior performance, higher gradability
transportation benefits for users. IPLTech had launched

Rhino 5536, India’s First Electric Truck
and greater regeneration with proven
viability and economic benefits in the
Industry. in 2019, driven by its vision to be the

leading provider of Electric Trucks for
commercial transportation space
for point-to-point applications in the
the commercial transportation Industry. iron, steel, cement and infrastructure
industries.
The foray into the trucking segment
of Medium and Heavy Commercial To enable greater market penetration,
EVs, with the vector of differentiation, the Company has curated flexible,
includes segment-specific, customised bespoke operating models,
EVs, with an IoT enabled, fully integrated customised to user needs ranging from
vehicle management system equipped direct purchase, lease-based, battery
with a digital cockpit providing subscription and truck as a service.
real-time data analytic solutions.
Going forward, the business intends
A state-of-the-art facility for to address 70% of the total haulage
manufacturing the trucks is being built space.
at Manesar, Haryana, with the focus on
the 55-Ton category. The homologated
ELECTRIC - TRACTOR
India is the largest manufacturer of The conversion potential of farmers Unit to accomplish the objective of
tractors in the world and in changing from standard tractors to Elimination of Physical Elements in an
line with this, tractor sales in E- tractors is therefore very huge. Automobile (ePEA).
the country, including exports,
touched the highest peak level of Electric tractors are an important part Rigorously tested for performance,
one million units for the year ended of the drive towards green farming, battery efficiency and endurance, the
31st March, 2023. benefitting both the farmer and the E-Tractor can compete in every way
environment. E-tractors prevent the with the conventional diesel tractors
The demand for tractors is expected release of carbon dioxide, the main and yet give the farmer savings on
to increase significantly along with cause of air pollution and climate fuel, maintenance and total cost of
the country’s progress in agricultural change, ownership.
mechanization. Tractors in India are
majorly powered by diesel engines The acquisition of Cellestial E-Mobility The Electric Tractors would be
which are an increasing source has enabled TII to design and launched in 3 models to address
of carbon emissions and criteria build E-Tractors from a ground-up different power and end-user
pollutants. architecture, leveraging the Company’s requirements and serve the farmer
frugal engineering and application both as a multi-purpose vehicle for his
With India’s commitment to achieve expertise. farming and transportation needs. This
carbon neutrality by 2070, accelerating would also accelerate the adoption and
the transition to green energy usage The E-Tractor is designed as a cost market penetration of the products in
has become an imperative, with the effective, pollution-free, maintenance, their served segments.
farming sector a key focus area for and noise-free E-Tractor that runs on
electrification. swappable, rechargeable batteries The setting-up of the manufacturing
which can be charged within two hours facility for early production of the
According to Facts and Factors, the from a domestic power source and can E-Tractors has already begun at Apex
global electric tractor market was worth be driven for 6 hours before needing a Park, Chennai, Tamil Nadu, with the
over USD 120 million in 2021 and is recharge. first batch of e-tractors to be rolled out
expected to reach USD 300 million by later in the year.
2030 with a compound annual growth The operationally superior drive-by-
rate (CAGR) of 13.1% between 2022 wire technology incorporated in the
and 2030. E-Tractors is controlled by an Intelligent
ACQUISITIONS - NEW VENTURES

It was a year of acquisitions when TII ventured into new, high potential business streams in EV - Trucks for the commercial segment,
mobile camera modules in electronics and medical consumables.
EV-M&HCV MOBILE CAMERA MODULES MEDICAL CONSUMABLES

The acquisition of 65.2% stake in The acquisition of a controlling stake TII forayed into the Medical
IPLTech Electric Private Limited (IPLT), in Moshine Electronics Private Limited Consumables segment through the
a manufacturer of Electric - Medium (“Moshine”), a manufacturer of camera acquisition of a 67% stake in Lotus
and Heavy Commercial Vehicles modules for economy range of mobile Surgicals Private Limited (“Lotus”).
(E-M&HCV) is an important part of TII’s phones, provides TII an access to the
strategic intent to participate in the company’s captive customer base and
productive end of the EV spectrum. an entry into the electronics segment.
The acquisition brings with it an The Moshine acquisition also offers the
already homologated 55 Ton Truck that high potential for the import-substitute
has been plying on the road, under product in India.
the Rhino brand. IPLTech is the first
company to design a E-Truck for the
commercial segment in India,
CONTRACT DEVELOPMENT WASTE TO ENERGY

AND MANUFACTURING
OPERATIONS TII entered into a Joint venture with
a 50% stake in X2Fuels and Energy
New ventures were also started in
The incorporation of 3xper Private Limited (“X2Fuels”), a start-up
Contract Manufacturing of Active
Innoventure Limited for Contract company engaged in energy/waste
Pharmaceutical Ingredients and related
Development and Manufacturing management, developing processes
products.
Operations (CDMO) in API is an to convert waste to liquid/solid fuels.
The Company also invested in a addition to TII’s capability portfolio This is in line with TII’s intent to invest
start-up engaged in energy / waste this year. An agreement has been in start-ups engaged in innovative
management, developing processes to signed with Mr N. Govindarajan, the research and product development in
convert waste to liquid / solid fuels. renowned pharmaceutical expert, for fields/activities of interest to it.
producing starting materials, advanced
intermediates, specialty chemicals,
active pharmaceutical ingredients and
other related products.
• CORPORATE
CORPORATEOVERVIEW
OVERVIEW • •MANAGEMENT
MANAGEMENT REPORTS
REPORTS • FINANCIAL STATEMENTS 41
CORPORATE INFORMATION
BOARD OF DIRECTORS PLANTS
M A M Arunachalam - Executive Chairman METAL FORMED PRODUCTS

Vellayan Subbiah - Executive Vice Chairman TI Metal Forming, Nemilicherry, Chennai
Mukesh Ahuja - Managing Director TI Metal Forming, Kakkalur, Chennai
Sanjay Johri TI Metal Forming, Bawal
Anand Kumar TI Metal Forming, Uttarakhand
Sasikala Varadachari TI Metal Forming, Sanand
Tejpreet Singh Chopra
K R Srinivasan - President and Whole-time Director MOBILITY
TI Cycles of India, Ambattur, Chennai
CHIEF FINANCIAL OFFICER TI Cycles of India, Rajpura
AN Meyyappan
OTHERS
COMPANY SECRETARY TIDC India - Industrial Chains, Ambattur
S Suresh TIDC India - Industrial Chains, Athipet
TIDC India - Industrial Chains, Pattravakkam
REGISTERED OFFICE TIDC India - Industrial Chains, Tiruttani
Dare House TI Optoelectronic Solutions, Chittoor
234, N S C Bose Road
Chennai- 600 001 CORPORATE IDENTIFICATION NUMBER
L35100TN2008PLC069496
PLANTS
ENGINEERING AUDITORS
Tube Products of India, Avadi, Chennai S R Batliboi & Associates LLP
Tube Products of India, Tiruttani Chartered Accountants
Tube Products of India, Shirwal

BANKERS
Tube Products of India, Mohali
Tube Products of India, Rajpura Bank of America
Tube Products of India, Nashik HDFC Bank Limited
Standard Chartered Bank
METAL FORMED PRODUCTS Hongkong & Shanghai Banking Corporation Limited
BNP Paribas
TIDC India, Ambattur, Chennai
Kotak Mahindra Bank Limited
TIDC India, Kazipally, Medak
MUFG Bank Ltd
TIDC India, Uttarakhand
Shinhan Bank
TIDC India, Hosur
TIDC India, Aurangabad
Board of Directors
Mr. M A M Arunachalam Mr. Anand Kumar
Executive Chairman Non-Executive Director
Mr. M A M Arunachalam, also known as Arun Murugappan Mr. Anand Kumar (56 years; DIN-00818724) holds an MBA from
(56 years; DIN-00202958) holds a Master of Business Vanderbilt University, United States of America. He is a co-founder
Administration degree from the University of Chicago, USA. and Partner of Gateway Partners, an investment firm focused
A senior member of the Murugappa family, he is an Industrialist on growth capital and strategic opportunities across markets
and has over 25 years’ experience in the field of varied industrial in Southeast Asia, South Asia, the Middle East and Africa. He
activities. He joined the Board on 11th November 2020 and has over 30 years of experience in investments, mergers &
was the Non-Executive Chairman from 11th February 2021 to acquisitions, equity capital markets and leveraged finance in
31st March 2022. He was appointed as Executive Chairman South and Southeast Asia with a strong network of relationships
(Whole-time Director) from 1st April 2022. He is the Chairman of in the region. Prior to co-founding Gateway Partners in 2014, has
Shanthi Gears Limited and Parry Enterprises India Limited and held leadership positions in several leading investment banks
also on the Board of various companies including Cholamandalam including Standard Chartered Bank and Morgan Stanley. He
Investment and Finance Company Limited, CG Power and joined the Board on 24th March 2021. He is also on the Boards
Industrial Solutions Limited. of Cholamandalam Investment and Finance Company Limited,
TVS Supply Chain Solutions Limited, Medall Healthcare Private
Mr. Vellayan Subbiah Limited and a few other companies in India and abroad.
Executive Vice Chairman
Ms. Sasikala Varadachari
Mr. Vellayan Subbiah (53 years, DIN-01138759) is a Bachelor Non-Executive Director
of Technology in Civil Engineering from IIT Madras and holds a
Ms. Sasikala Varadachari (68 years; DIN-07132398) holds
Master’s degree in Business Administration from the University of
Masters in Economics and a Chartered Associate of Indian
Michigan. He has over 25 years of work experience in consulting,
Institute of Bankers (CAIIB). She was associated with State Bank
technology and financial services. He was appointed as Managing
of India (SBI) group since 1977 and was holding several important
Director (Designate) of the Company with effect from 19th August
portfolios in SBI including, Chief Executive Officer of SBI - Tel
2017 and then took over as the Managing Director from 14th
Aviv, Israel. She retired as Chief General Manager, Strategic
August 2018 till 31st March 2022. He was appointed as Executive
Training Unit, Corporate Centre of SBI. She is on the Board
Vice Chairman Whole-time Director from 1st April 2022. He was
of various companies including Sundaram-Clayton Limited,
earlier the Managing Director of Cholamandalam Investment and
Cholamandalam Securities Limited and CG Power and Industrial
Finance Company Limited (CIFCL). He is currently the Chairman Solutions Limited. She joined the Board on 17th June 2021.
of CIFCL and CG Power and Industrial Solutions Limited and is
also a Director on the Board of various companies including SRF Mr. Tejpreet Singh Chopra
Limited and Cholamandalam Financial Holdings Limited. Non-Executive Director
Mr. Mukesh Ahuja Mr. Tejpreet Singh Chopra (53 years; DIN-00317683) graduated
Managing Director from The Lawrence School, Sanawar and holds an MBA degree
from the Cornell University, a B.A. Honors degree in Economics from
Mr. Mukesh Ahuja, (51 years; DIN-09364667), is a graduate in St. Stephen’s College, Delhi University and attended an Executive
Production Engineering from Dr. BA Marathwada University Program at the Harvard Kennedy School. He is the Founder &
and MBA in Marketing. He has completed Executive General CEO of Bharat Light & Power (BLP) Group. Until 2010, Mr. Tejpreet
Management Program in IIM-Bangalore and Advance Singh Chopra was the President & CEO of GE India, Sri Lanka &
Management Program in the Harvard Business School, Boston. Bangladesh. Prior to that, he served as President & CEO of GE
He has over two decades of experience in managing operations, Commercial Finance in India. He is also currently on the Board of
strategy, business development and sales & marketing. He Gujarat Pipavav Port Limited, Indian Energy Exchange Limited and
started his career as Graduate Trainee Engineer in Production SRF Limited as an Independent Director. He joined the Board on
Planning & Control with LPS Ltd, Rohtak. He joined the Board on 16th March 2022.
1st April 2022 consequent to his appointment as the Managing
Director. He is also on the Board of various companies including Mr. K R Srinivasan
Shanthi Gears Limited and TI Clean Mobility Private Limited. President and Whole-time Director
Mr. K R Srinivasan (60 years; DIN-08215289) is the President
Mr. Sanjay Johri
of TI Metal Formed Products Division of the Company. He is a
Non-Executive Director
Mechanical Engineering graduate with Honors from Regional
Mr. Sanjay Johri (70 years, DIN-00032015) is a graduate from Engineering College (REC), Trichy and a post graduate in Business
St. Stephens College and a post graduate in Economics from Administration from University of Madras. He is a Fulbright Fellow
the Delhi School of Economics. He joined the Tata Administrative in Leadership in Management from Carnegie Mellon University,
Services in 1975 and has served his entire working career with Pittsburgh, USA. He has over 25 years’ of experience in various
the Tata Group. Amongst his assignments with the Tatas, he has functions viz., sales, marketing, application engineering, product
held office as the Managing Director of RDI Print & Publishing management, manufacturing and other plant operations, process
Ltd., as a Director of Tata Infomedia Ltd. & Timex Watches Ltd. re-engineering, project management and information technology.
and as the Managing Director & Chief Executive Officer of Voltas He joined the Board on 11th November 2020. He is also on the
Ltd. He joined the Board on 14th August 2018. Board of Parry Enterprises India Limited.
Financial Highlights
OPERATING RESULTS 2022-23 2021-22 2020-21 2019-20 2018-19
Net Sales 6,792 5,987 4,026 4,053 4,983
Profit before Depreciation, Interest & Tax (PBDIT) 1095 785 549 610 563
Profit before Interest & Tax (PBIT) 950 640 400 450 423
Profit before Tax (PBT) 928 628 381 421 371
Profit after Tax (PAT) 665 475 273 331 244
Earnings Per Share (`) 34.46 24.64 14.44 17.60 13.02
Dividend Per Share (`) 3.50 3.50 3.50 3.50 2.50
Book Value Per Share (`) 170.51 142.16 118.94 91.14 75.92
SOURCES AND APPLICATION OF FUNDS
SOURCES OF FUNDS
Share Capital 19 19 19 19 19
Reserves and Surplus 3,273 2,682 2,274 1,694 1,406
Net Worth 3,292 2,701 2,293 1,713 1,425
Debt 473 348 309 268 517
Deferred Tax Liability (Net) (4) 2 (3) 14 42
Derivative Instruments 1 - - - -
Total 3,763 3,051 2,600 1,994 1,983
APPLICATION OF FUNDS
Net Fixed Assets 961 985 954 1,012 981
Right-of-use assets 27 32 38 43 -
Capital Work-In-Progress 97 56 126 52 69
Investment Property 5 5 5 5 5
Intangible Assets 2 1 1 1 -
Investments 2,041 1,666 1,534 629 557
Inter Corporate Deposit and Other Deposit 318 64 - - -
Net Working Capital and Others 313 242 (58) 251 372
Total 3,763 3,051 2,600 1,994 1,983
RATIOS
PBT To Sales (%) 13.7 10.5 9.5 10.4 7.5
PAT To Sales (%) 9.8 7.9 6.8 8.2 4.9
Interest Cover (times) 50.7 60.4 25.3 21.1 10.7
ROIC (%) (pre-tax) * 54.5% 46.5% 31.5% 29.0% 26.4%
Return on Networth (%) 20.2 17.6 11.9 19.3 17.1
Total Debt Equity Ratio 0.1 0.1 0.1 0.2 0.4
Long Term Debt Equity Ratio 0.0 0.0 0.0 0.1 0.1
Sales / Fixed Assets (times) 6.4 5.7 3.7 3.8 4.7
Sales / Net Working Capital and Others (times) 21.7 24.7 (69.5) 16.1 13.4
Net Debt # 69 65 (10) 149 491
Free Cash Flow 608 205 533 320 212
* ROIC (pre-tax) is calculated based on monthly average capital employed
# Debt net of Cash & Cash Equivalents, Debt Securities and Current Investments
Board’s Report & Management Discussion and Analysis

Dear Shareholders, The automotive industry, a sector in which the Company
has a large exposure, has witnessed a healthy revival
The Directors take pleasure in presenting the 15th Annual
Report together with the audited financial statements of the in FY 2022-23 and is expected to carry forward similar
Company for the year ended 31st March 2023. momentum going forward. The Government’s push for
capital outlay of `2.4 lakh crores for railways as part of
1. Business Environment
the Union Budget, will be favourable to the Company
The financial year 2022-23 was a challenging year for which expects its railways business to benefit out of
the global economy starting with the conflict between this spend. Further, other announcements to boost
Russia and Ukraine leaving the oil/energy prices to domestic manufacturing, promote exports and green
go up significantly. This was followed by inflation due energy will be advantageous to the Company.
to increase in the prices of commodities across the
globe and energy crisis. Most of the major economies Reserve Bank of India has finally paused the rate
witnessed unprecedented inflation rates in its history hike after six consecutive increases in April 2023. It
and all the central banks started continuously raising is an indicator of the strong resilience shown by the
the interest rates. Due to increasing oil prices, the US Indian economy. Though there appears to be a pause
dollar had gained against all currencies which resulted in the investment climate, it is expected that a mix of
in inflationary pressures on emerging economies who cautious and necessary investments will still continue
are import dependent and the chain effect continued. through this financial year which may help the Indian
The aforesaid developments in the global economy economy to continue its growth momentum.
influenced and posed a downside risk to the Indian
2. Standalone Financial Highlights
economy. The erratic climate conditions including
unseasonal rains also affected the food supply and ` in Cr.
resulted in increased food inflation in India during Particulars 2022-23 2021-22
FY 2022-23. Consequently, Reserve Bank of India
continued to increase the repo rates to tame the Sale of Products 6,791.61 5,986.79
inflation within the upper tolerance limit. In spite of Profit Before
all the headwinds, India continued to be the fastest Exceptional Items and 928.29 628.04
growing major economy for FY 2022-23 @ 7.2% as Tax
a result of the strong macro-economic fundamentals, Exceptional Items (52.72) -
domestic consumption and increase in exports.
Profit Before Tax 875.57 628.04
The Indian economy is projected to grow at around
6.3% in FY 2023-24 amid global headwinds and rising Tax Expense (210.37) (152.87)
costs. This is mainly driven by private consumption Profit After Tax 665.20 475.17
and private investments backed by supportive
Government policies to improve the infrastructure The Board of Directors has decided to retain the entire
and business ecosystem. The Government has amount of profit for the financial year 2022-23 in the
indicated that to sustain the current growth trajectory, Statement of Profit and Loss.
structural changes for ensuring financial discipline and
3. Performance Overview
compliance will be introduced. The digital infrastructure
expansion, implementation of production linked
During 2022-23, the Company has achieved a
incentive schemes have incentivised the corporates turnover of `6,792 Cr., registering a growth of 13%
for setting up of infrastructure for sustained growth in over the previous year. The Profit before Depreciation,
the future.
Interest, Exceptional Items and Tax was at `1,095 Cr.
The latest episodes of banking sector crisis across as against `785 Cr. in the previous year. The Profit
the major economies have exposed the financial risks before Tax and Exceptional Items was at `928 Cr. as
faced not only by these countries but also globally. against `628 Cr. in the previous year.
Also, with the fear of recession looming large at the
world, 2023-24 is expected to be an even more The Engineering segment registered a revenue of
challenging and turbulent year. However, it is expected `4,562 Cr. as compared to `3,868 Cr. during the
that the Indian economy will remain insulated to some previous year, a growth of 18%. The operating profit
extent due to its strong domestic demand and sound before interest and tax stood at `549 Cr. as compared
macro-economic fundamentals. to `376 Cr. during previous year, a growth of 46%.

The Metal Formed Products segment recorded comprehensive annual maintenance. IPLT is working
a revenue of `1,424 Cr. as compared to `1,240 on development of other variants to cater to different
Cr. during the previous year, a growth of 15%. The customer segments and enhancing its presence.
operating profit before interest and tax stood at
As of 31st March 2023, TII has invested `250 Cr.
`174 Cr. as compared to `136 Cr. during previous
towards Equity Shares and `167 Cr. towards
year, a growth of 27%.
Compulsorily Convertible Preference Shares (“CCPS”)
The Mobility segment recorded a revenue of `800 in TICMPL. TII and TICMPL entered into definitive
Cr. as compared to `963 Cr. during previous year, a agreements with M/s. Multiples Private Equity Fund III
de-growth of 17%, due to adverse market conditions. & M/s. State Bank of India (together “Investors”) for
The operating profit before interest and tax stood at raising about `600 Cr. through issue of Equity Shares
`17 Cr. as compared to `55 Cr. during the previous and CCPS. The Investors have so far invested about
year. `400 Cr. towards 100 Equity Shares and 4,00,00,000
Other businesses segment including Industrial Chains Series A1 CCPS. Pursuant to the said agreement, TII
registered a revenue of `768 Cr as compared to has agreed to invest `425 Cr. towards CCPS and has
`562 Cr. during the previous year, a growth of 37%. already invested `167 Cr. 16700000 Series B CCPS.
The operating profit before interest and tax stood at On 5th May 2023, TICMPL entered into definitive
`48 Cr. as compared to `36 Cr. during previous year, agreements with TII, M/s. Multiples Private Equity
a growth of 31%. Fund III, M/s. Multiples Private Equity Fund IV,
4. New business initiatives M/s. Multiples Private Equity Gift Fund IV and their
co-investors (together “Investors”) for raising about
4.1. Clean Mobility business: TI Clean Mobility Private
`600 Cr. through issue of Equity Shares and CCPS
Limited
to Investors and `75 Cr through issue of CCPS to TII.
The Company had incorporated M/s. TI Clean Mobility
4.2.
Foray into Contract Development and
Private Limited (“TICMPL”) in February 2022 as a
Manufacturing Services
wholly-owned subsidiary to focus on clean mobility
solutions. TICMPL is pursuing electric three-wheelers The Company has identified contract development
business and has launched the passenger three- and manufacturing operation (“CDMO”) and active
wheeler in the market. TICMPL is also developing pharmaceutical ingredients as a new line of business
cargo and e-rick variants, which are expected to be with the potential to grow and expand in the future.
launched in the second half of FY 2023-24. The approval of the Members was obtained for
In March 2022, TICMPL had acquired 69.95% of amendment to the Memorandum of Association of the
M/s. Cellestial E-Mobility Private Limited (“CEMPL”), Company on 16th April 2023 to include this business in
manufacturer of electric tractor, for `161 Cr. During the the Objects Clause.
year, TICMPL had acquired the balance 30.05% for
The Company had entered into an agreement
`51 Cr. making it a wholly-owned subsidiary. CEMPL with Mr. N Govindarajan, an experienced and well
is in the advanced stage of introducing electric tractors recognised professional in the Indian pharmaceutical
in the market. A new manufacturing facility is coming industry to incorporate a subsidiary for pursuing the
up at Poonamalle, near Chennai for electric tractors.
CDMO business. Pursuant to the said agreement,
During the year, TICMPL had acquired 65.2% of the Company proposes to invest up to `285 Cr. into
the equity share capital of M/s. IPLTech Electric this subsidiary in the form of equity and compulsorily
Private Limited (“IPLT”), a company engaged in convertible preference shares in tranches and
manufacturing of electric heavy commercial vehicles Mr. N Govindarajan will be investing up to `15 Cr. in
for `245 Cr., through a combination of primary and equity and compulsorily convertible preference shares
secondary purchase of shares. IPLT is the first in tranches. Subject to the performance and other
manufacturer for 55T electric truck predominantly terms and conditions specified in the agreement,
used in steel and cement industry for short haulages. Mr. N Govindarajan will be entitled to get up to 25%
IPLT is awaiting necessary approvals, under the new of the equity for his investment. The CDMO subsidiary,
and revised guidelines, for launch of electric heavy M/s. 3xper Innoventure Limited, was incorporated on
commercial trucks and is expected to expand rapidly 12th May 2023.
in FY 2023-24. A dedicated facility with automated
assembly line is coming up near Manesar. The unique The CDMO subsidiary is finalising a strategic location
selling proposition offered by IPLT to its customers for establishment of the manufacturing facility. The
includes reduction in logistics cost, higher uptime and R&D facility is coming up at Chennai.
4.3. Acquisition of M/s. Lotus Surgicals Private Limited, Industry Scenario

a medical devices company
During 2022-23, the automotive industry’s production
The Company joined hands with M/s. PI Opportunity volume grew by 13%. Passenger vehicle and
Fund I Scheme II (“Premji Invest”) to acquire commercial vehicle grew by 25% and 29% respectively
M/s. Lotus Surgicals Private Limited (“Lotus”). TII and two-wheeler segment grew by 9% over the last
acquired 33,61,902 equity shares representing 67% fiscal year.
of the share capital for about `233 Cr. and Premji Review of Performance
Invest acquired 16,55,862 equity shares representing
The Engineering segment was able to grow its
33% of the share capital for about `115 Cr. on
volumes leveraging the growth of passenger vehicles
10th May 2023. Lotus is a subsidiary company under
and commercial vehicles. The business also focussed
Section 2(87) of the Companies Act, 2013 with effect
and realized the increased opportunities in the export
from the date of acquisition (10th May 2023). Lotus will
market. The volumes of tubes grew by 13%, cold
be vehicle for medical devices business of TII.
rolled steel strips business grew by 6% and large
Lotus was incorporated in 2005 and is engaged diameter tubes grew by 12%.
in the business of manufacturing and supply of
The business continued to drive efficiency improvement
surgical sutures & other medical devices. It has a
and spending capital expenditure prudently on critical
comprehensive product portfolio focused on high growth projects. The business is in the process of
end specialties such as cardiac, liver transplant, increasing capacities for large diameter tubes and
GI oncology and bariatrics. Lotus is the second Cold Rolled steel strips to meet the increased market
largest domestic player in the aforesaid segments. demand.
The product portfolio includes sutures, mesh, skin

The business started Lean implementation for
staplers, laparoscopy instruments, energy devices
eliminating/reducing wastes in the value chain by
etc. It has state of the art manufacturing facility and
focussing on productivity & quality improvement,
is also setting up in-house needle manufacturing
inventory reduction & creating a flow in production
capabilities.
system using Lean tools & techniques.
4.4.
Acquisition of M/s. Moshine Electronics Private
Career path initiatives were taken up to provide
Limited
opportunities to employees within the organization for
The Company as part of its foray into electronics new openings and to enable cross function exposure
business, acquired 20,66,628 equity shares and growth.
representing 76% of the share capital of The business continued to participate in the reviews of
M/s. Moshine Electronics Private Limited (“Moshine”) US Department of Commerce on complaint of alleged
on 23rd September 2022. dumping of cold-drawn steel mechanical tubes from
Moshine is engaged in manufacture and sale of camera India and some other countries, the Countervailing
module for mobile phones. Moshine is engaging with Duty (CVD) and Anti-dumping Duty (AD) on the
new customers for growth in FY 2023-24. Company’s exports to the US market, to reduce duty
rates to enhance export volumes.
5. Business Review – Standalone
5.2. Metal Formed Products
5.1. Engineering
TI’s presence
TI’s Presence

Automotive chains, fine blanked products,
The Engineering segment of the Company consists roll-formed car doorframes and shell sub-assemblies
of cold rolled steel strips and precision steel tubes for passenger coaches constitute the Metal Formed
viz., Cold Drawn Welded tubes (CDW) and Electric Products segment.
Resistance Welded tubes (ERW). These products Industry scenario
primarily cater to the needs of the automotive, boiler,
bicycle, general engineering and process industries. During 2022-23, production of two-wheeler segment
The Company is further engaged in the manufacture grew by 9.2% and passenger cars grew by 18.4%.
of large diameter welded tubes mainly for non-auto FY 2022-23 is the first full year of business without
application which are largely imported. any disruption post pandemic. Continuing from the
last year, the business was faced with increase in steel 5.3. Mobility Business
prices, increase in the input costs and inflation during
TI’s Presence
first half of the year. During second half of the year,
steel prices began softening. The business continued Mobility segment of the Company comprises of
to prove its mettle by taking advantage of economies bicycles of Standards and Specials including alloy
bikes & performance bikes, cycling accessories,
of scale, prudent capital spending, operating with an
bicycle components sold as spares and home/semi
optimum working capital along with control on the
commercial fitness equipment. This year the scope
costs through various cost reduction measures. Lean
of business has expanded by introducing SMART
initiatives are being driven through inculcating kaizen - Spares Maintenance Accessories Recreational
culture in all the areas. Toddler. Company has also embarked on the export
With international car majors continuing to invest in business as a growth lever/strategy.
the country and increasingly using India as an export Industry Scenario
base, many component manufacturers have the
Bicycles fall under two distinct categories – Standards
opportunity to cater to the global needs of automobile
and Specials. While standard cycles are largely used
manufacturers and their Tier 1 Suppliers.
for commuting, especially in small towns & rural areas,
The Railways business continued to go through a special cycles cater to recreational usage, where the
subdued phase as demand continues to be at lower product is used for fun, fitness, and leisure activities.
levels. During the financial year, the organised trade industry
witnessed a decline of 12% as against the previous
Review of Performance year. Standards segment dropped by 2% and specials
segment by about 16%.
Backed by the demand in the four-wheeler segment,
the business dependent on these segments did
Consumer demand continued towards economy
extremely well. Despite the two-wheeler industry range of products and unbranded players with low
volume not reaching the pre-pandemic level, business priced products gained an edge in the industry. To
maintained its market share in key segments. The counter the penetration of unbranded players, playing
Company continued to focus in the aftermarket on price, the organised players i.e., AICMA (All India
segment benefiting from the two-wheeler population Cycle Manufacturer’s Association) have ventured into
launching low priced products in Kids and Mountain
growth. The replacement market continues to provide
Terrain Bikes (“MTB”) segments.
opportunities for growth notwithstanding good
competition and the business expects to strengthen FY 2020-21 witnessed a pent-up demand in cycles
on the sales structure, deepen its coverage and due to lockdown of schools, workplaces, and fitness
launch new products for new categories. centres. However, in the current scenario, the usage
of cycles has significantly reduced due to resumption
Fine blanking and Doorframe sales were higher by of all activities leading to a drop in demand.
26% during 2022-23 and the business manages to
Over 60% of the country’s requirements are met by
hold on to the market due to good traction seen in
four major players. The smaller regional players and
four wheeler segment. The businesses continue to
imports constitute the balance. TI Cycles enjoys a
gain additional market share by maintaining high
share of about 25.1% of the total organised trade
quality standards and customer satisfaction. The market.
focus has been on generating more new businesses
from the Original Equipment Manufacturers (OEMs) / Review of Performance
Tier 1 Suppliers to OEMs by value addition and cost TI Cycles sold 17 lakh bicycles during the year in
competitiveness. The business is also focused on trade, which was lower by 16% compared to previous
exploring new products / technologies for growth in year. Overall Trade bicycle industry itself registered
the top line. de-growth of 12% over the previous year. The thrust
on Specials segment was driven through frequent new
In addition, increased volumes and increased price product launches, product innovations, enhanced
realisation in coach parts, focus on metros and digital marketing and superior consumer experience
expanding the customer/product base are some of through exclusive retail outlets under the exclusive
the driving factors that will put the Railways business retail brand ‘Track & Trail’ and a new concept
back on track. “Star MBO”- a shop-in-shop experience leveraging
multi-brand outlets. We have opened 45 of such
shops during last year. Expansion of export business The Company continues to focus on judicious
and domestic spares business are considered to management of its working capital. The Company
be new avenues of business to the Company. To has taken many steps during the year to improve the
participate in the growing economy sub-segment, 5 working capital turns. The working capital parameters
economy products were launched in major categories were kept under strict check through continuous
like Kids and MTB. monitoring.
In 2022-23, 49 new model bicycles were launched, 8.1. Non-Convertible Debentures
and 55 models were refreshed. 33% of the trade sales
volume came from new products. We have lined up During the year, Non-Convertible Debentures (NCDs)
7 launch ready innovations - such as knuckle guard aggregating `50 Cr. were redeemed by the Company.
light, saddle sensor light, balenso, agresso, dirt tricks, As at 31st March 2023, there are no NCDs outstanding.
buddy back rest, integrated utility solution slated to be 8.2. Deposits
launched during 2023-24.
The Company has not accepted any fixed deposits
On the consumer outreach front, we ran digital,
under Chapter V of the Companies Act, 2013 and
influencer campaigns for its major brands, with BSA,
as such no amount of principal and interest were
Hercules, Roadeo, and Montra delivering a significant
outstanding as on 31st March 2023.
lift in brand awareness. We have started various
demand generation offline activities. The objective of 8.3. Particulars of Loans, Guarantees or Investments
the campaigns/demand generation activities was to
As per Section 186 of the Companies Act, 2013,
increase brand awareness and product consideration
details of the loans, guarantees and investments
among the target group.
made during the FY 2022-23 are given below:
6. Dividend
Nature of
The Board of Directors declared an Interim Dividend of Name of the
transaction - ` in Cr.
`2/- per share (@ 200%) on equity share of face value Companies
Loans/Investments
of `1/- each for the financial year 2022-23, which TI Clean Mobility Investment in equity 150.00
was paid on 27th February 2023 to all the eligible Private Limited shares
shareholders. `1.50/- per share (@ 150%) of Final Investment in 167.00
Dividend has been proposed by the Board for the said Compulsorily
financial year and together with the Interim Dividend Convertible
of `2/- per equity share, already declared and paid, in Preference Shares
respect of the financial year 2022-23, `3.50 per share Inter-Corporate 325.00
(@ 350%) will be considered as the total Dividend for Deposits / Loans
the said financial year. Moshine Acquisition of equity 7.38
Electronics shares from the
The dividend pay-out is in line with the Company’s Private Limited existing shareholders
policy on Dividend Distribution. The Company has Inter-Corporate 3.75
proposed to conserve cash for the capital expenditure Deposits / Loans
and funding requirements. The said Policy as X2Fuels and Investment in equity 6.15
approved by the Board is uploaded and is available Energy Private shares
on the following link on the Company’s website: Limited
https://tiindia.com/dividend-distribution-policy/ CG Power Conversion of share 54.72
and Industrial warrants to equity
7. Share Capital Solutions shares
The paid-up Equity Share Capital of the Company as Limited
on 31st March 2023 was `19,31,21,076/- consisting of The aforesaid investments are in compliance with Section
19,31,21,076 Equity Shares of the face value of `1/- 186 of the Companies Act, 2013 and used for the business
each fully paid up. During the financial year 2022-23, activities by the respective companies. Further details form
the Company allotted 1,70,855 equity shares part of the Notes to the financial statements provided in this
consequent to exercise to employees stock options. Annual Report.
8. Finance As part of treasury management, the Company also
Cash and Cash Equivalents as at 31st March 2023 deploys any short-term surplus in units of mutual funds,
were `111 Cr. In addition, Company has investments the details relating to which form part of the Notes to the
in Liquid Schemes of Mutual Funds for `293 Cr. financial statements provided in this Annual Report.
8.4. Consolidated Financial Highlights During the year under review, CCPL recorded revenue
` in Cr. of `32 Cr. (Previous year: `77 Cr.) and registered profit
Particulars 2022-23 2021-22 before tax of `3 Cr. (Previous year loss before tax:
Revenue from contract with customers `14 Cr.).
14,430.95 11,982.53
(net) 9.5.
CG Power and Industrial Solutions Limited
Profit / (Loss) Before share of Profit / (CG Power)
Loss of Associates / Joint Ventures, 1,592.51 1,111.15
Exceptional Items and Tax CG Power is the Company’s subsidiary acquired in
Exceptional items 8.06 20.21 November 2020. The Company holds 58.05% of CG
Profit / (Loss) Before share of Profit / Loss Power’s equity capital.
1,600.57 1,131.36
of Associates / Joint Ventures and Tax
During the year under review, CG Power at a
Tax Expense 422.59 160.83 consolidated level recorded revenue of `6,973 Cr.
Profit / (Loss) Before share of Profit / (previous year: `5,484 Cr.) and registered profit before
1,177.98 970.53
Loss of Associates / Joint Ventures tax & exceptional items of `950 Cr. (Previous year:
9. Business Review – Subsidiaries and Joint Venture `504 Cr.)
CG Power has registered an impressive turnaround
9.1. Shanthi Gears Ltd (SGL)
which only reaffirms the confidence of the Board at
SGL, a subsidiary of the Company, recorded revenue the time of acquisition that CG Power would create
of `446 Cr. in 2022-23 against `337 Cr. in the previous better value for itself and the Company in the coming
year. Profit before tax was `90 Cr. (Previous year: years.
`59 Cr.). During the year, SGL renewed its focus on
CG Power also declared and paid an Interim Dividend
re-establishing itself in the market and gaining new
of `1.50 per share for the financial year 2022-23.
customers.
9.6. TI Clean Mobility Private Limited (TICMPL)

SGL continued to look at enlarging its market
presence, create a robust channel, enhance its TICMPL, the Company’s subsidiary was incorporated
process capabilities and launch new products to meet on 12th February 2022.
the growing expectations of customers. During the year under review, TICMPL on a standalone
SGL also declared and paid an Interim Dividend of basis registered a loss before tax of `79 Cr.
`3/- per share for the financial year 2022-23. During the year under review, IPLTech Electric Private
9.2. Financière C10 SAS (FC10) Limited registered a loss before tax of `33 Cr. from
acquisition date.
FC10, the Company’s wholly owned subsidiary in
During the year under review, Cellestial E-Mobility
France, recorded consolidated revenue of Euro 39 Mn
Private Limited registered a loss before tax of `11 Cr.
in 2022 (previous year: Euro 33 Mn). The profit after
and Cellestial E-Trac Private Limited registered a loss
tax for the year was Euro 0.39 Mn as compared with
before tax of `13 Cr. from acquisition date.
the profit after tax of Euro 0.25 Mn. in the previous
year. The consolidated results of FC10 include results 9.7. Moshine Electronics Private Limited (MEPL)
of its subsidiaries viz., Sedis SAS, Sedis GmbH and
During the year under review, MEPL recorded `6 Cr as
Sedis Co Ltd in UK.
revenue and registered a loss before tax of `1 Cr. from
9.3. Great Cycles (Private) Limited (GCPL) acquisition date.
GCPL is the Company’s subsidiary in Sri Lanka 9.8. X2Fuels and Energy Private Limited (X2Fuels)
acquired in March 2018. The Company holds 80% of During the year under review, X2Fuels registered a
GCPL’s equity capital. loss before tax of `0.06 Cr. from acquisition date.
During the year under review, GCPL recorded revenue 10. Financial Review
of `6 Cr. (Previous year: `32 Cr.) and registered
10.1. Profits & Profitability
loss before tax of `1 Cr. (previous year profit before
tax: `9 Cr.) The Profit before Tax and exceptional items has
registered a growth by 48%. All the business segments
9.4. Creative Cycles (Private) Limited (CCPL)
of the Company maintained their focus on servicing
CCPL is the Company’s subsidiary in Sri Lanka customers, improving efficiencies, controlling working
acquired in March 2018. The Company holds 80% of capital and reducing resources employed in the
CCPL’s equity capital. business.
10.2. Capital Expenditure 10.3. Interest Cost

The Company continues to assess the trends emerging The Company’s interest cost during FY 2022-23 was
in the industry and the changing requirements of its `22 Cr. compared to `12 Cr. in the previous year. The
customers and invests appropriately for the long-term, Company had a net debt of `69 Cr. (Net of Cash &
with a view to servicing its customers in a more timely Cash Equivalents and investment in mutual funds) as
and efficient manner. on 31st March 2023 as compared to `65 Cr. as on
31st March 2022.
10.4. Financial Ratios

The key financial ratios of the Company during the financial year compared to the previous financial year are as under:
Sl. % change over

Financial Ratio* FY 2022-23 FY 2021-22
No. previous year
1 Interest Coverage Ratio (times) 50.7 60.4 (19.2%)
2 Debt-Equity Ratio (times) 0.1 0.1 11.5%
3 Net Profit Margin 9.2% 7.5% 23.0%
4 Return on Net Worth 20.2% 17.6% 12.9%
5 Return on Capital Employed 27.6% 22.6% 22.2%
6 Revenue Growth 13.8% 49.4%
7 Debtors Turnover (times) 10.4 9.9 4.7%
8 Inventory Turnover (times) 7.5 7.1 4.5%
9 Current Ratio (times) 1.1 1.1 2.9%
10 Operating Profit Margin 13.0% 10.9% 16.0%
*Ratios are tracked by the Company on a standalone basis
10.5. Internal Control Systems • Prevention and detection of frauds/errors; &

Internal control systems in the organisation are • Efficient conduct of operations.
looked at as the key to its effective functioning. The
To ensure efficient internal control systems, the
Company believes that internal control is one of the Company has a well-established, independent and
key pillars of governance which provides freedom to multi-disciplinary Internal Audit function that carries
the management within a framework of appropriate
out periodic audits across locations and functions.
checks and balances. Given the nature of business
The scope and authority of the Internal Audit function
and size of operations, the Company has designed
is derived from the Internal Audit charter duly
and instituted a robust internal control system that
approved by the Management. The Internal Audit
comprises well-defined organisation structure,
function reviews compliance vis-a-vis the established
roles and responsibilities, documented policies
design of the internal control, as also the efficiency
and procedures to reduce business risks through a
and effectiveness of operations. Internal Audit function
framework of internal controls and processes. These
controls ensure: is responsible for providing, assurance on compliance
with operating systems, internal policies and legal
• Recording of transactions are accurate, complete requirements as well as suggesting improvements
and properly authorised; to systems and processes. It reviews and reports
• Adherence to Accounting Standards, compliance to management and the Audit Committee about
to applicable Statutes, Company policies and compliance with internal controls, and the efficiency
procedures and timely preparation of financial and effectiveness of operations as well as the key
statements; process risks. The Company also has established
• Effective usage of resources and safeguarding of whistle-blower mechanism operative across the
assets; Company.

In its continued efforts to further strengthen its Financial Control framework that supports compliance
Internal Audit process through utilizing the services of with requirements of the said Act in relation to the
a specialist agency in order to benefit from the best Directors’ Responsibility Statement.
of practices available (including the use of analytical
The Company’s business processes are enabled by
tools) to monitor various processes, the Company has
an Enterprise-wide Resource Platform (ERP) as its
re-appointed M/s. Pricewaterhouse Coopers (“PwC”)
core IT system. The operating management is not only
as Internal Auditors of the Company for the financial
responsible for revenue and profitability, but for also
years 2023-24 and 2024-25. The Company is seeing
maintaining financial discipline and accountability. The
benefits from the professional approach and practises
systems and processes are continuously improved
adopted by the said Internal Auditors.
by adopting best in class processes, automation and
The Audit Committee of the Board of Directors, implementing latest Information Technology tools.
comprising of independent directors, regularly reviews
the audit plans, significant audit findings, adequacy The Company has a formal system of internal financial
of internal controls, compliance with accounting control to ensure the reliability of financial and
standards as well as reasons for changes in accounting operational information, and regulatory and statutory
policies and practices, if any. compliances. This is reviewed regularly and tested
by Internal Audit Team. The Company’s business
The summary of the Internal Audit findings and status processes are enabled by the ERP for monitoring and
of implementation of action plans for risk mitigation are reporting processes resulting in financial discipline and
submitted to the Audit Committee every quarter for accountability.
review, and concerns if any, are reported to the Board.
This process ensures robustness of internal control 11. Enterprise Risk Analysis and Management
system and compliance with laws and regulations The Company has an established risk assessment and
including resource utilisation and system efficacy. minimisation framework. This framework provides a
Revenue and capital expenditures are governed by mechanism to identify the risk, evaluation of likelihood
approved budgets and the levels are defined by a of happening and consequences. It also provides for
delegation of authority mechanism. Review of capital assessment of options to mitigate the risk and develop
expenditure is undertaken with reference to benefits appropriate risk management plans. There are normal
expected in line with the policy for the same. constraints of time, efficiency and cost.
Investment decisions are subject to formal detailed The Risk Management Committee of the Board of
evaluation and approved by the relevant authority as Directors reviews the risk mitigation plans periodically
defined in the delegation of authority mechanism. The to monitor the key risks of the Company and evaluate
Audit Committee reviews the plan for internal audit, the management of such risks for effective mitigation.
significant internal audit observations and functioning
During the year under review, the Risk Management
of the Company’s Internal Audit department on a
Committee met on 1st August 2022, 4th November
periodic basis.
2022 & 22nd March 2023 and reviewed the risks and
10.6. Internal Financial Control Systems with reference mitigation plans of the divisions.
to the Financial Statements
Some of the risks associated with the business and the

The Company has complied with the specific related mitigation plans are discussed hereunder. The
requirements of the Companies Act, 2013 which call risks given below are not exhaustive and the evaluation
for establishment and implementation of an Internal of risk is based on management’s perception.
11.1. Engineering
Risk Why considered as Risk Mitigation Plan/Counter Measure

User Industry • Significant exposure to auto sector • New products/applications to existing
Concentration Risk • Time lag in pass through of input cost changes customers
• Introduction of new products catering to
non-auto users
• Increase in exports volume with focused
business development on select product
segments
• Leverage application engineering skills for
tubular solutions
• To study the new opportunities that will emerge
with the launch of electric vehicles and plan for
participation in the same
• Drive efficiency improvement through
Lean approach for sustainable competitive
advantage.
Technology •
Cheaper alternatives for auto applications • Imbibing new and relevant technologies
Obsolescence Risk affecting revenue streams • Equipment upgradations to address emerging
demand for light weighting and high strength
tubes (stabilizer bar tubes)
Raw Material Risk • Volatility in steel price • Alliance with steel producers
• Inconsistency in quality • Back-to-back arrangement with customers to
• High inventory holding ensure timely recovery of steel price increases
• Global sourcing
• Strategic sourcing including developing new
grades by suppliers
• Rationalization and standardization of grades
• Move to products with higher value addition
Competition Risk • Competition from integrated steel mills • Consistent quality and timely delivery
• New entrants with financial strength • Import substitution, development of new
• Imports grades
•
Product range of offering leveraging all
businesses of the Company
• Innovate on products, process and
applications
• Leveraging metallurgy skills
• Regional balancing and common capability
across all plants
• Digital initiatives for faster response
Export related risks • Increased trade protectionism and import tariff • Identification of new export markets and
• Global competition customers
• Need for higher capability • Capability building
• Focussing on new product categories and
newer markets across geographies
• Continue participation in US AD/CVD reviews
to reduce duty rates
• Efficiency improvement through Lean approach
for sustainable competitive advantage
11.2. Metal Formed Products

Product Risk • Slowdown in 2W industry growth • Widen profile across product and customer
portfolio.
• Continue to focus on cost reduction
opportunities.
• Improving focus on exports.
Pricing Risk • Year-on-Year price reduction expectation • Relationship building and joint / dynamic
estimation of cost with OEMs leading to
smooth price increase settlement.
• Arrangement with customers for the timely
recovery of steel price increases in line with
the industry standards.
• Maximize the benefit from sourcing and
consolidated buying to reduce impact
• Value Analysis / Value Engineering (VAVE)
initiatives.
• Optimal investment and reduced cost of
operations.
Product Risk • Revenues are model specific • Continuous engagement with customers
• Risk of product failures • Indigenization of equipment
• Pursue options for other business using the
same facilities
• Model specific investments to be done by
OEMs
• More rigorous analysis of risks before taking
up the project
Technology Risk • Adoption of Electric Vehicles • Engagement with major EV manufacturers.
• Focus on adjacencies and exports.
• Identification of new business opportunities.
Employee Risk • Increase in labour cost and non-availability of • Identifying talent and training for critical roles.
skilled resource • Skill development of employees.
• Gap in talent availability • Process automation
Sourcing Risk • Availability of raw material • Vendor relationship building
• Dependency on few vendors • Strengthening planning system to ensure
timely availability.
• Identification of alternate source for critical
items.
11.3. Bicycles and Components

Product • Decline in sales, revenue and profitability • Adapt to product alternatives like E-bikes
Obsolescence Risk • Increase in inventory • Export markets
• Activations to promote cycling as a lifestyle/
fitness category
•
Monitor NPD (new product development)
cycle and address the exceptions periodically
Sourcing Risk •
Raw material supply chain issues due to • Continuous upgrading of vendor capability
pandemic through vendor score card rating and closing
• Volatility in volumes the gaps, implementing Kaizens and ensuring
timely delivery.
• Continuous increase in raw material price
•
Relationship building and ensuring stable
volumes to keep the supplier operations
running through altering SoBs and rationalizing
the supply base continuously.
•
Reduce import dependency and pass on
the increase to market, ensuring commodity
settlement to suppliers every month.
Competition Risk • Competitors investing in capacity expansion • Increase focus on brand awareness & visibility
• Investment in e-Cycle manufacturing plant to initiatives
capitalize on domestic and exports volume • Launch of e-cycles targeting global market
• International range licensing •
Introducing new models with a healthy
innovation funnel
• Consistent quality and timely delivery
Volume & Profitability • Shift to mass premium from Premium • Be price competitive and leverage innovation
Risks • High price competition in specials • Premium imagery and designs at competitive
• Increase in number of unbranded players with price points
competitive offering • Star Multi Brand Outlets with a vision to
enhance consumer in-store experience and
store footprint
•
Focus on optimized sourcing thereby have
price competitive products
• Increase focus on brand awareness & visibility
initiatives
Technology Risk • Lack of capacity and capability to handle large • Capability building for manufacture and
scale shift to alloy bikes assembly of alloy bikes
• Frame alloy manufacturing
• Water Decal establishing
•
Support Indigenization for all imported
components except gears & shifters
• Establishing reliable source for high end bikes
by approval of alloy tube manufacturer
• Development of alloy child parts
11.4. General

Human Resource • Build Talent Pipeline for meeting growth • Conceptualize and implement TI Talent
Risk aspirations Management approach as a key focus area
• Retention of talent • Coaching and team building
• Availability and skill upgradation of • Individual career and development plan
non-permanent workforce • Effective communication exercises
• Continuous engagement with identified talent
pool
• Deskill operations
•
Continuously engage with contractors
and contract labour for their wellness &
engagement.
Currency Risk • Foreign currency exposure on exports, imports • Early identification and monitoring of exposures
and borrowings • Hedging of exposures based on risk profile.
IT/Cyber Related • Confidentiality, integrity and availability • Access controls
Risk • Secure Network Architecture
•
Infrastructure redundancies & disaster
recovery mechanism
• Audit of controls
Project Management • Delay in implementation • Effective project management
Risk • Increase in cost • Pre-implementation planning
• Potential delay in stabilization of production. • Deployment of adequate resources
• Effective monitoring
12. Corporate Social Responsibility (CSR) 13. Corporate Governance
The Company, being part of the Murugappa Group, is The Company is committed to maintaining high
known for its tradition of philanthropy and community standards of corporate governance.
service. The Company’s philosophy is to reach out
The Company was wholly in compliance with the
to the community by establishing service-oriented
requirements of the Listing Agreement with the Stock
philanthropic institutions in the field of education and Exchanges as well as the SEBI Listing Regulations.
healthcare as the core focus areas. The CSR Policy of
the Company is available on the Company’s website A report on corporate governance together with a
at the following link: https://tiindia.com/csr-policy/. certificate from the Practising Company Secretary is
annexed in accordance with the terms of the SEBI
As per the provisions of the Companies Act, 2013, Listing Regulations and forms part of the Board’s
the Company was required to spend `9.09 Cr. Report (refer Annexure-C). The Managing Director and
and had also carried forward an excess balance the Chief Financial Officer have submitted a certificate to
of `0.31 Cr. After adjustment of the said excess the Board regarding the financial statements and other
carried forward balance, the minimum mandatory matters in terms of Part B of Schedule II [Corporate
amount required to be spent during the financial year Governance] of the SEBI Listing Regulations.
2022-23 was `8.78 Cr, against which, the Company
The Report further contains details as required to
spent `9.04 Cr. towards identified CSR projects in
be provided in the Board’s Report on the policy on
the fields of education, health care and community
Directors’ appointment and remuneration including
development during the year.
the criteria, annual evaluation by the Board and
The Annual Report on CSR for 2022-23 is annexed Directors, composition and other details of Board
to and forms part of this Report (refer Annexure-B) as committees, implementation of risk management
well as on the Company’s website at the following link: policy, whistle-blower policy/vigil mechanism, dividend
https://tiindia.com/wp-content/uploads/2023/07/CSR-Annual-Report-2022-23.pdf policy etc.
14.
Business Responsibility and Sustainability Consistent and significant efforts have been put in
Reporting place to ensure that the TI Talent Development Engine
(TDE) supports the growing needs of the leaders as
As required under the SEBI Listing Regulations which
the company progresses ahead.
mandate the inclusion of a Business Responsibility
and Sustainability Report as part of the Annual
As part of the TDE, three senior leaders were
Report for the top 1000 listed entities, the Business nominated for the Harvard AMP to make them future
Responsibility and Sustainability Report forms part of ready to take on leadership roles in existing as well as
the Annual Report (refer Annexure-D). new businesses. 11 leaders have graduated this year
The Business Responsibility Policy of the Company is from the group’s Business Leadership Program and
displayed on the Company’s website at the following were assigned additional responsibilities or new roles.
link: https://tiindia.com/business-responsibility-policy/ A total of 20% of overall Managers are going through
development journeys to move to next level roles. The

The report emphasises reporting on the ESG Talent Board continues to guide, support and mentor
(Environmental, Social and Governance) matters and the various developmental actions, interventions and
describes the initiatives taken by the Company with suggest appropriate next steps for accelerated talent
specific focus on ESG. development in TI.
15. Human Resources Lot of focus this year has also been on improving the
This year the focus has been on continuing the journey digital capabilities of the HR functions. A new system is
towards nurturing a high performing work culture to being implemented in phases and the journey towards
achieve organisational goals. We continued to march paperless HR has started. These are steps that the
ahead with process discipline, creating more and organisation is taking towards sustainable practices.
more oneness across all verticals of TII and driving a
The Company embarked on its Lean (Kaizen) journey
culture of high drive for achievement.
with the guidance from Japanese consultants in
To foster the organisational oneness the theme of order to be competitive, adapt changes to market &
“One TII - Many possibilities - Ample opportunities” economy. The focus was to eliminate/reduce waste
was unveiled at the Annual Communication meeting. in the value chain, create value to customer and be
Employees can aspire to grow within TII as the more productive in “what we do” & the “way we do”.
organisation itself is in the precipice of exploring The main focus will be on improving productivity
possibilities in newer business areas. A core focus (daily despatches), quality improvement, reducing
of the organisation has been towards employee inventory & lead time, creating a flow in production
engagement and well-being. Several focussed group processes using lean tools like Takt time production,
discussions, manager conversations have helped the line balancing, operator load balancing (Yamazumi),
organisation to move forward with a concrete plan to standard work combination, levelled production,
drive engagement as a key metric. Insights from all operator & machine cycle time reduction.
the conversations have been translated into tangible
actions which are being deployed across various The total number of permanent employees on the rolls
employee groups. Safety and employee involvement of the Company as on 31st March 2023 is 3,038.
continues to be a focus areas and in that regard Industrial relations continued to remain cordial at all
various trainings, audits and corrective actions are the Company’s units during the period under review.
implemented across all Business units.
The information relating to employees and other
Company continues to lay emphasis on the initiatives particulars required under Section 197 of the
that are part of its long-term Human Resources Companies Act, 2013 read with Rule 5 of the
Strategy. Significant work towards driving High Companies (Appointment & Remuneration of
Performance Work Culture through standardization Managerial Personnel) Rules, 2014 will be provided
of metrics across various business units and arriving upon request. In terms of Section 136 of the
at consistent People Productivity Index has helped
Companies Act, 2013, the Report and Accounts are
identify various avenues to improve the same. TI Way
being sent to the Members excluding the information
of working, by standardizing various policies and
on employees, particulars of which are available for
processes, is progressing across all work locations.
inspection by the Members at the Registered Office
The adoption of TI Way will be a game changer as of the Company during business hours on all working
the Company continues to pursue aggressive growth days of the Company up to the date of the forthcoming
paths through several green field and M&A activities. Annual General Meeting. If any Member is interested in
obtaining a copy thereof, such Member may write to b) that such accounting policies as mentioned in
the Company Secretary in the said regard. the Notes to the Financial Statements have been
selected and applied consistently and judgment

The disclosure with regard to remuneration as
and estimates have been made that are
required under Section 197 of the Act read with Rule
reasonable and prudent so as to give a true and
5 of the Companies (Appointment and Remuneration
fair view of the state of affairs of the Company
of Managerial Personnel) Rules, 2014 is attached and as at 31st March 2023 and of the profit of the
forms part of this Report (refer Annexure-E). Company for the year ended on that date;
16. Prevention of sexual harassment at workplace c) that proper and sufficient care has been taken
The Company has policy on prevention of sexual for the maintenance of adequate accounting
harassment at workplace in line with the requirement records in accordance with the provisions of
of the Sexual Harassment of Women at the Workplace the Companies Act, 2013 for safeguarding the
(Prevention, Prohibition & Redressal) Act, 2013. assets of the Company and for preventing and
An Internal Complaints Committee (ICC) to redress detecting fraud and other irregularities;
complaints received regarding sexual harassment has d) that the annual Financial Statements have been
been constituted in compliance with the requirements prepared on a going concern basis;
of the Sexual Harassment of Women at Workplace
e)
that proper internal financial controls to be
(Prevention, Prohibition and Redressal) Act, 2013.
followed by the Company have been laid down
The policy extends to all employees (permanent,
and that the financial controls are adequate and
contractual, temporary and trainees). Employees at all were operating effectively; &
levels are being sensitized about the Policy and the
remedies available thereunder. f) that proper systems have been devised to ensure
compliance with the provisions of all applicable
No complaints were received by the ICC during the laws and that such systems were adequate and
year under review and no complaint was pending as operating effectively.
at the end of the year.
19. Auditors
17. Employee Stock Option Scheme

M/s. S R Batliboi & Associates LLP, Chartered
During the year under review, the Company had Accountants (LLP Identity no.AAB-4295) were
granted 1,89,800 options to eligible employees under appointed as Statutory Auditors at the 14th Annual
its Employee Stock Option Plan viz., ESOP 2017. General Meeting held on 2nd August 2022 for a
period of four years viz., from the conclusion of the
Details in respect of the ESOP 2017 as required
said 14th Annual General Meeting till the conclusion
under the relevant SEBI Regulations are displayed
of the ensuing 18th Annual General Meeting. The
on the Company’s website at the following link:
remuneration payable to them for the financial year
https://tiindia.com/esop/
2022-23 has already been fixed at the 14th Annual
18. Directors’ Responsibility Statement General Meeting.
The Board of Directors confirm that the Company has The Company is required to maintain cost records in
in place a framework of internal financial controls and respect of Steel Products, Metal Formed Products
compliance system, which is monitored and reviewed and parts & accessories of auto components of
by the Audit Committee and the Board besides the the Company and such accounts and records are
statutory, internal and secretarial auditors. To the best made and maintained. M/s. S Mahadevan & Co.
of their knowledge and belief and according to the (firm no.000007), Cost Accountants were appointed
information and explanations obtained by them, your as the Cost Auditors of the Company for auditing the
Directors make the following statements in terms of cost accounting records maintained by the Company
in respect of the applicable products for the financial
Section 134(3)(c) of the Companies Act, 2013:
year 2023-24. Necessary resolution for ratification of
a) that in the preparation of the annual Financial their remuneration in respect of the aforesaid terms of
Statements for the year ended 31st March 2023, appointment for the financial year 2023-24 forms part
the applicable accounting standards have been of the Notice for the ensuing Annual General Meeting,
followed along with proper explanation relating to which the Board recommends for the shareholders’
material departures, if any; approval.
20. Related Party Transactions offers himself for re-appointment. The Board,
based on and after taking into consideration
All related party transactions that were entered into
the recommendations of the Nomination and
during the financial year under review were on an
Remuneration Committee, recommends the
arm’s length basis and were in the ordinary course of
re-appointment of Mr. Vellayan Subbiah as
business.
Director, liable to retire by rotation only to comply

The Company did not enter into any materially with the provisions of the Act, at the forthcoming
significant related party contracts or arrangements or Annual General Meeting.
transactions during the financial year which may have
All the Independent Directors of the Company
a potential conflict with the interest of the Company
have furnished the necessary declaration in
at large or which is required to be reported in Form
terms of Section 149(6) of the Act affirming
No. AOC-2 in terms of Section 134(3) (h) read with
that they meet the criteria of independence
Section 188 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014. as stipulated thereunder. In the opinion of the
Board, all the Independent Directors have the
Necessary disclosures as required under the Indian integrity, expertise and experience including the
Accounting Standards have been made in the notes proficiency as required to effectively discharge
to the Financial Statements. their roles and responsibilities in directing and

The policy on Related Party Transactions as guiding the affairs of the Company and, are
approved by the Board is uploaded and is available independent of the management.
on the following link on the Company’s website: - Mr. Sanjay Johri will be retiring at the conclusion
https://tiindia.com/rpt-policy/ of the ensuing Annual General Meeting on
None of the Directors had any pecuniary relationships completing his term of office as an Independent
or transactions vis-à-vis the Company. Director. The Board places on record its
grateful appreciation for the distinguished
21. Directors services rendered by Mr. Sanjay Johri during
During the year under review, the following key Board his association, since August 2018, as an
level changes were effected to evolve and realign the Independent Director of the Company.
senior management team after considering the growth 22. Declarations/Affirmations
aspirations in the existing businesses, the number of
new initiatives/businesses in the anvil and towards During the year under review:
long-term succession planning: - there were no material changes and commitments
- Mr. M A M Arunachalam was appointed as a affecting the financial position of the Company,
Whole-time Director (Key Managerial Personnel), which have occurred between the end of the
designated as the Executive Chairman for a financial year of the Company to which the
5-year term of Office from 1st April 2022 to financial statements relate viz., 31st March 2023
31st March 2027 (both days inclusive); and the date of this Report; &
-
Mr. Vellayan Subbiah was appointed as a - there were no significant material orders passed
Whole-time Director (Key Managerial Personnel), by the regulators or courts or tribunals impacting
designated as the Executive Vice Chairman for the Company’s going concern status and its
a 5-year term of Office from 1st April 2022 to operations in future.
31st March 2027 (both days inclusive); and
23. Secretarial Audit
- Mr. Mukesh Ahuja was appointed as Managing

Pursuant to the provisions of Section 204 of
Director (Key Managerial Personnel) for a 5-year
the Companies Act, 2013 and The Companies
term of Office from 1st April 2022 to 31st March
(Appointment and Remuneration of Managerial
2027 (both days inclusive).
Personnel) Rules, 2014, the Company has appointed
- Mr. Vellayan Subbiah, Executive Vice Chairman Mr. R Sridharan of Messrs R. Sridharan & Associates,
retires by rotation at the ensuing Annual General a firm of Company Secretaries in Practice to undertake
Meeting to facilitate the compliance of the the Secretarial Audit of the Company. The Secretarial
requirements of Section 152 of the Companies Audit Report is annexed herewith and forms part of
Act, 2013 (“the Act”) and being eligible, he this Report (refer Annexure-F).

The Company has ensured compliance of the 26. Energy Conservation, Technology Absorption and
Secretarial Standards issued by the Institute of Foreign Exchange Earnings and Outgo
Company Secretaries of India during the period under
The information on conservation of energy, technology
review. Accordingly, no qualifications or observations
absorption and foreign exchange earnings and outgo
or other remarks have been made by the Secretarial
stipulated under Section 134(3)(m) of the Companies
Auditor in his said Report.
Act, 2013 read with Rule 8 of The Companies
24. Annual Return (Accounts) Rules, 2014 is annexed herewith and part
of this Report (refer Annexure-G).

A copy of the Annual Return of the Company
is placed on the website of the Company and he Directors thank all Customers, Vendors, Financial
T
the same is available on the following link: Institutions, Banks, State Governments, Investors for their
https://tiindia.com/financial-information/. continued support to your Company’s performance and
growth. The Directors also wish to place on record their
25. Key Managerial Personnel
appreciation of the contribution made by all the employees

Mr. M A M Arunachalam, Executive Chairman, of the Company resulting in the good performance during
Mr. Vellayan Subbiah, Executive Vice Chairman, the year under review.
Mr. Mukesh Ahuja, Managing Director,
Mr. K R Srinivasan, President & Whole-time Director,
Mr. AN Meyyappan, Chief Financial Officer and
Mr. S Suresh, Company Secretary are the Key
Managerial Personnel (KMPs) of the Company
as per Section 203 of the Companies Act, 2013.
Mr. K Mahendra kumar ceased to be the Chief On behalf of the Board
Financial Officer with effect from the close of business Chennai M A M Arunachalam
hours on 8th September 2022. 15th May 2023 Executive Chairman
Declaration on Code of Conduct

To
The Members of Tube Investments of India Limited,
This is to confirm that the Board has laid down a Code of Conduct for all Board members and Senior Management of the
Company. The Code of Conduct has also been posted on the website of the Company.
It is further confirmed that all Directors and Senior Management personnel of the Company have affirmed compliance with
the Code of Conduct of the Company for the year ended 31st March 2023, as envisaged under Regulation 34(3) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
On behalf of the Board

Chennai Mukesh Ahuja
15th May 2023 Managing Director
60
Annexure-A
Form AOC - I
Part A - Information in respect of each Subsidiary
Reporting currency
Total
and exchange rate Total Assets Investments Profit / Profit /
Reporting Equity Preference Liabilities Provision /
Sl. as on the last date of Reserves (Non-Current (Non Current (Loss) (Loss) Proposed % of
Name of the subsidiary period of the Share Share (Non-Current Turnover (Reversal)
No. the relevant financial & Surplus and Current and Current Before After Dividend Shareholding
subsidiary Capital Capital and Current for Tax
year in the case of Assets) Investments) Tax Tax
Liabilities)
foreign subsidiaries
1 Shanthi Gears Limited 31-Mar-2023 INR 7.67 - 294.68 377.90 75.55 57.31 445.65 90.19 23.14 67.05 2 70.47%
EUR
2 Financiere C10 SAS 31-Dec-2022 31.62 - 50.55 14.84 26.68 94.00 5.77 (1.34) 0.00 (1.34) Nil 100.00%
1 EUR = 89.42
EUR
3 SEDIS SAS 31-Dec-2022 58.12 - 29.59 227.78 208.25 68.19 345.01 3.51 (0.87) 4.38 Nil 100.00%
1 EUR = 89.42
EUR
|
4 Sedis Gmbh 31-Dec-2022 0.22 - (9.49) 1.49 10.75 - 8.84 (0.21) - (0.21) Nil 100.00%
1 EUR = 89.42
GBP
5 SEDIS Co.Ltd. 31-Dec-2022 2.30 - 4.49 8.96 2.18 - 8.94 1.47 0.28 1.19 Nil 100.00%
1 GBP = 101.33
LKR
6 Creative Cycles (Private) Limited 31-Mar-2023 1.26 - (5.20) 11.59 15.53 - 32.42 2.61 0.05 2.56 Nil 80.00%
1 LKR = 0.25
LKR
7 Great Cycles (Private) Limited 31-Mar-2023 1.26 - 15.33 18.57 1.98 - 5.72 (1.64) (0.14) (1.50) Nil 80.00%
1 LKR = 0.25
8 CG Power and Industrial Solutions
31-Mar-2023 INR 305.43 - 2,124.62 4,218.43 1,788.37 302.77 6,579.63 983.07 197.71 785.36 Nil 58.05%
Limited
9 CG Adhesive Products Limited
(formerly known as "CG-PPI 31-Mar-2023 INR 3.90 - 19.06 27.09 4.13 0.32 23.60 2.90 0.74 2.16 Nil 82.77%
Adhesive Products Limited)

10 CG Power Solutions Limited 31-Mar-2023 INR 0.05 - (1,870.37) 0.03 1,870.35 - - (0.38) - (0.38) Nil 100.00%
11 CG Power Equipments Limited 31-Mar-2023 INR 3.18 - (3.18) 0.01 0.01 - - (0.01) - (0.01) Nil 100.00%
12 CG Sales Networks Malaysia Sdn.
Bhd.(formerly known as “Crompton MYR
31-Mar-2023 0.38 - 1.04 1.47 0.05 - - (1.88) - (1.88) Nil 100.00%
Greaves Sales Network Malaysia 1 MYR = 18.62
Sdn.Bhd.”)
13 CG International Holdings EUR
31-Mar-2023 206.20 - (325.79) 47.71 167.30 - - (86.36) - (86.36) Nil 100.00%
Singapore PTE Limited 1 EUR = 89.42
14 CG International B.V. EUR
31-Mar-2023 1,384.88 - (2,975.27) 431.75 2,022.14 - - 75.21 - 75.21 Nil 100.00%
1 EUR = 89.42
15 CG Power Systems Canada Inc.* CAD
31-Mar-2023 - - - - - - - (3.72) - (3.72) Nil 100.00%
1 CAD = 60.66
16 PT Crompton Prima Switchgear IDR
31-Dec-2022 39.95 - (64.74) 146.49 171.29 - - (0.19) - (0.19) Nil 51.00%
Indonesia 1 IDR = 0.0051
GBP
17 CG Power Solutions UK Limited 31-Mar-2023 0.00 - (15.73) 27.64 43.37 - - - - - Nil 100.00%
1 GBP = 101.33
SEK
18 CG Industrial Holdings Sweden AB 31-Mar-2023 110.91 - 16.87 235.75 107.97 - - 20.40 - 20.40 Nil 100.00%
1 SEK = 7.92
CG Drives and Automation SEK
19 31-Mar-2023 20.31 - 190.11 264.09 53.67 - 236.57 17.23 3.55 13.68 Nil 100.00%
Sweden AB 1 SEK = 7.92
CG Drives and Automation EUR
20 31-Mar-2023 5.31 - 29.90 54.60 19.39 - 71.32 5.14 1.00 4.14 Nil 100.00%
Netherlands B.V. 1 EUR = 89.42
CG Drives and Automation EUR
21 31-Mar-2023 0.23 - 29.44 76.62 46.95 - 196.20 13.40 4.21 9.19 Nil 100.00%
Germany GmbH 1 EUR = 89.42
Reporting currency
Total
and exchange rate Total Assets Investments Profit / Profit /
Reporting Equity Preference Liabilities Provision /
Sl. as on the last date of Reserves (Non-Current (Non Current (Loss) (Loss) Proposed % of
Name of the subsidiary period of the Share Share (Non-Current Turnover (Reversal)
No. the relevant financial & Surplus and Current and Current Before After Dividend Shareholding
subsidiary Capital Capital and Current for Tax
year in the case of Assets) Investments) Tax Tax
Liabilities)
foreign subsidiaries
EUR
22 CG Middle East FZE* 31-Mar-2023 1.85 - (1.85) - - - - 534.42 - 534.42 Nil 100.00%
1 EUR = 89.42
USD
23 CG Power Americas, LLC 31-Mar-2023 - - (208.93) 38.21 247.14 - - 18.71 (1.12) 19.83 Nil 100.00%
1 USD = 82.19
USD
24 QEI, LLC 31-Mar-2023 - - 30.42 109.01 78.59 - 94.23 11.62 3.16 8.46 Nil 100.00%
1 USD = 82.19
CG Power and Industrial Solutions EUR
25 31-Mar-2023 - - - - - - - - - - Nil 100.00%
Limited Middle East FZCO* 1 EUR = 89.42
26 TI Clean Mobility Private Limited 31-Mar-2023 INR 250.00 - (87.76) 1,024.05 861.81 815.28 1.54 (86.22) (6.84) (79.38) Nil 99.99%
27 Cellestial E-Mobility Private Limited 31-Mar-2023 INR 0.20 - 36.52 43.52 6.80 35.00 - (10.71) (0.01) (10.70) Nil 100.00%
28 Cellestial E-Trac Private Limited 31-Mar-2023 INR 35.00 - (13.50) 45.63 24.13 - - (13.49) 0.00 (13.49) Nil 100.00%
29 IPLTech Electric Private Limited 31-Mar-2023 INR 0.02 - 114.49 196.68 82.17 - 5.56 (39.31) - (39.31) Nil 65.25%
30 Moshine Electronics Private Limited 31-Mar-2023 INR 2.72 - (4.87) 6.07 8.21 1.46 12.20 (1.38) 0.86 (2.24) Nil 76.00%
* Entities were Deconsolidated / Liquidated / Discontinued during the year.
Part B - Joint Ventures & Associates

(Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate companies and Joint Ventures)
S.No. Particulars Joint Venture Associate
1 Name of Joint Venture company X2Fuels and Energy Private Limited Aerostrovilos Energy Private Limited
• CORPORATE OVERVIEW
2 Latest Audited Balance Sheet date 31-Mar-23 31-Mar-23

3 Shares of Joint Venture held by the Company on year-end
No of Shares 10,753 4,151
Amount of Investment (` in Crores) 6.15 3.46
Extent of Holding (%) 50.00% 27.78%
4 Description of how there is significant influence Through Shareholding Through Shareholding
It is getting consolidated under Equity It is getting consolidated under Equity
5 Reason why the Joint Venture is not consolidated
method (IND AS 111 & 28) method (IND AS 111 & 28)
• MANAGEMENT REPORTS
Networth attributable to our Shareholding as per latest audited Financials

6 2.92 0.82
(` in Crores)
7 Loss for the year (` in Crores)
Considered for Consolidation 0.03 0.13
• FINANCIAL STATEMENTS
61
Annexure-B
Annual Report on Corporate Social Responsibility (CSR) Activities

1. Brief outline on CSR Policy of the Company
Tube Investments of India Limited (“Company” or “TI”), being part of the Murugappa Group firmly believes that social
responsibility is not just a corporate obligation that has to be carried out but it is one’s Dharma (path of righteousness)
and has been earmarking a part of its income for carrying out its social responsibilities much ahead of its time
through the philanthropic arm of the Murugappa Group. TI’s philanthropic endeavours are therefore a reflection of its
spiritual conscience and this provides it a way to discharge its responsibilities to the various sections of the society.
The CSR Policy of the Company inter alia provides for identification of CSR projects and programmes, modalities
of execution, monitoring process. The Policy can be accessed on the Company’s website under the below link:
https://tiindia.com/csr-policy/
Overview of the CSR Projects and Programmes:
TI is committed to identifying and supporting programmes aimed at -
• Empowerment of the underprivileged sections of the society through education, access to and awareness about
financial services and the like;
• Provision of access to basic necessities like healthcare, drinking water & sanitation and the like;
• Working towards eradicating hunger and poverty, through livelihood generation and skill development;
• Supporting environmental and ecological balance through afforestation, soil conservation, rainwater harvesting,
conservation of flora & fauna, and similar programmes; and
• Any other programme that falls under TI’s CSR Policy and is aimed at the empowerment of underprivileged sections
of the society.
The CSR spend during the financial year, 2022-23 has been in the area of health, education and community development.
Details of the same can be accessed in the Company’s website under the below link: https://tiindia.com/csr-budget-and-
spend-details/
2. Composition of CSR Committee:

Number of meetings
Number of meetings
Sl. Designation/Nature of of CSR Committee
Name of Director of CSR Committee
No. Directorship attended during the
held during the year
year
Ms. Sasikala Varadachari,
1 Independent Director 2 2
Chairperson
2 Mr. M A M Arunachalam Executive Chairman 2 2
3 Mr. Tejpreet Singh Chopra Independent Director 2 2
4 Mr. K R Srinivasan President & Whole-time Director 2 2
3. Provide the weblink(s) where Composition of CSR committee, CSR policy and CSR projects approved by the board are
disclosed on the website of the company:
CSR Policy : https://tiindia.com/csr-policy/
CSR Committee : https://tiindia.com/wp-content/uploads/2022/05/TII-Board_Committees_17thMarch2022.pdf
CSR Reports : https://tiindia.com/csr-budget-and-spend-details/
4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in pursuance of
sub-rule (3) of rule 8, if applicable.
5. (a) Average net profit of the Company as per section 135(5) `454.37 Cr.
(b) Two percent of average net profit of the Company as per section 135(5) `9.09 Cr.
(c) Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years
(d) Amount required to be set off for the financial year, if any `0.31 Cr.
(e) Total CSR obligation for the financial year (b + c – d ). `8.78 Cr.
6. (a) Amount spent on CSR Projects:

(i) Ongoing Project Nil
(ii) Other than ongoing Project `9.04 Cr.
(b) Amount spent in Administrative Overheads. Nil
(c) Amount spent on Impact Assessment, if applicable. NA
(d) Total amount spent for the Financial Year [(a)+(b)+(c)]. `9.04 Cr.
(e) CSR amount spent or unspent for the financial year :
Amount Unspent (in ` Cr.)

Total Amount Spent Total Amount transferred to
Amount transferred to any fund specified under
for the Financial Unspent CSR Account as per
Schedule VII as per second proviso to section 135(5).
Year. (in ` Cr.) section 135(6)
Amount Date of transfer Name of the Fund Amount Date of transfer
`9.04 Cr. - - - - -
(f) Excess amount for set off, if any

Amount
Sl. No. Particular
(in ` Cr.)
(i) Two percent of average net profit of the Company as per section 135(5) 9.09
(ii) Total amount spent for the Financial Year 9.04
(iii) Excess amount spent for the financial year ((ii)-(i)) 0.26*
Surplus arising out of the CSR projects or programmes or activities of the previous financial
(iv) -
years, if any
(v) Amount available for set off in succeeding financial years ((iii)-(iv)) 0.26*
* after set off of excess spent of `0.31 Cr carried forward from previous financial year 2021-22.
7. Details of unspent CSR amount for the preceding three financial years:
Amount transferred
to a fund as specified Amount
Amount Balance
under Schedule VII remaining to
transferred amount in
Preceding Amount spent as per section 135(5), be spent in
Sl. to unspent unspent CSR Deficiency,
Financial in the Financial if any succeeding
No. CSR Account amount under if any
Year(s) Year (in `) financial years
under section section 135(6)
Amount Date of (in `)
135 (6) (in `) (in `)
(in ` Cr.) transfer
1 2019-20 - - - - - - -
2 2020-21 - - - - - - -
3 2021-22 - - - - - - -
TOTAL - - - - - - -
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
Financial Year: No
If Yes, enter the number of Capital assets created / acquired: Not Applicable
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount
spent in the Financial Year: Not Applicable
Short particulars of the

property or asset(s) Pincode of the Amount of
Sl. Details of entity/ Authority/
[including complete property or Date of creation CSR amount
No. beneficiary of the registered owner
address and location of asset(s) spent
the property]
1 2 3 4 5 6
CSR
Registration Registered
Name
Number, if address
applicable
- - - - - - - -
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5):
Not Applicable
Mukesh Ahuja Sasikala Varadachari

Managing Director Chairperson, CSR Committee
Place: Chennai
Date : 15th May 2023
Annexure-C
Report on Corporate Governance

Your Company believes that the fundamental objective The Independent Directors of the Company are familiarised
of corporate governance is to enhance the interests of about the Company’s operations and businesses. As part
all stakeholders. The Company’s corporate governance of the familiarisation programme, a handbook is provided
practices emanate from its commitment towards discipline, to the Directors including Independent Directors. The
accountability, transparency and fairness. Key elements in handbook provides a snapshot to the Directors of their
corporate governance are timely and adequate disclosure, duties and responsibilities, rights, appointment process
establishment of internal controls and high standards of and evaluation, compensation, Board procedure and
accounting fidelity, product and service quality. stakeholders’ expectations. The handbook also provides
the Directors with an insight into the Group’s practices.
Your Company also believes that good corporate
governance practices help to enhance performance and To familiarise the new Director with the Company’s
valuation of the Company. operations and businesses, plant visits are organised
in respect of all divisions of the Company, as part of the
Board of Directors
induction programme, where the Director is taken around
The Board provides leadership, strategic guidance and the facilities and explained in detail about the process. During
objective judgement on the affairs of the Company. The such visit, besides interaction with the Business Heads and
Board comprises of persons of eminence with excellent key executives, detailed presentations on the business of
professional achievements in their respective fields. the divisions are also made to the Director. Direct meetings
The Independent Directors provide their independent with the Executive Management are further facilitated for the
judgement, external perspective and objectivity on the new appointee to familiarise him/her about the Company/
issues which are placed before them. The Nomination its businesses and the Group practices. In addition, it is
and Remuneration Committee considers the key skills, also ensured in the Board meeting agenda that besides the
expertise, competencies and attributes in the domains, as review of operations, information on the industry scenario
identified by the Board, while recommending appointment in respect of the Company’s businesses, competition and
of Directors to the Board. The skill matrix for the Board of strategy are presented on a quarterly basis. The information,
Directors is given in Para (A) of the annexure to this report. as required under Regulation 17(7) read with Schedule II Part
A of the SEBI Listing Regulations, is made available to the
The Board of Directors of the Company consists of Board. The details of the familiarisation programme are also
eight Directors, with knowledge and experience in disclosed on the Company’s website at the following link:
different fields viz., engineering, manufacturing, finance https://tiindia.com/wp-content/uploads/2023/07/Familiarisation-Programme.pdf.
and business management. Effective 1st April 2022,
Mr. M A M Arunachalam, Executive Chairman The Executive Directors have not served or serve as
(Whole-time Director) [Promoter Executive], Mr. Vellayan Independent Director in more than three listed entities.
Subbiah, Executive Vice Chairman (Whole-time Director) None of the Independent Directors of the Company served
[Promoter Executive], Mr. Mukesh Ahuja, Managing or serve as Independent Director in more than seven listed
Director (Executive) and Mr. K R Srinivasan, President & entities.
Whole-time Director (Executive) and are the None of the Directors of the Company was a member of more
Non-Independent Directors in terms of the Securities than ten public Companies, ten Board-level committees or
and Exchange Board of India (Listing Obligations and a chairman of more than five such committees across all
Disclosure Requirements) Regulations 2015 (referred to companies, in which he/she was a Director.
in this Report as “SEBI Listing Regulations”). Mr. Sanjay
Johri, Mr. Anand Kumar, Ms. Sasikala Varadachari and Mr. Towards succession planning, the Board also reviews its
Tejpreet Singh Chopra are the Independent Directors in composition to ensure that the same is closely aligned with
the business strategy and long-term needs of the Company.
terms of the SEBI Listing Regulations. All the Independent
Directors of the Company are eminent professionals with The Company has a well-established practice regarding
vast experience in the fields of their expertise. None of deciding the dates of meetings. The annual calendar for the
the Directors of the Company are related to each other. In meetings of the Board is finalised early on in consultation with
the Board’s opinion, all the Independent Directors of the all the Directors. A minimum of five Board meetings are held
Company fulfil the conditions specified in the SEBI Listing each year. Evolving strategy, annual business plans, review
Regulations and are independent of the management. of actual performance and course correction, as deemed
The terms and conditions on appointment of Independent fit, constitute the primary business of the Board. The role of
Director is disclosed on the Company’s website: the Board also includes de-risking, investment, divestment
https://tiindia.com/wp-content/uploads/2021/07/TI-Appt- and business reorganisation. Matters such as capital
of-Ind-Dirs-Terms-Condns.pdf expenditure, recruitment of senior level personnel, safety
& environment, Human Resources related developments, Companies Act, 2013 and the Corporate Governance
compliance with statutes and foreign exchange exposures norms under the SEBI Listing Regulations.
are also reviewed by the Board from time to time.
The Committee met 6 times during the year ended
The Company’s commitment to good governance practices 31st March 2023. The composition of the Audit Committee
allows the Board to effectively perform these functions. The and the attendance of each member at these meetings are
Company ensures that timely and relevant information is given in Para (E) of the annexure to this Report.
made available to all the Directors in order to facilitate their
effective participation and contribution during meetings and Remuneration to Directors
discussions. The success of the organisation in achieving good
During the financial year 2022-23, there were 6 meetings of performance and governance depends on its ability to
the Board of Directors. The dates of the Board meetings, attract quality individuals as Executive and Independent
attendance and the number of Directorships/Committee Directors.
memberships held by the Directors are given in Para (B) of
The Executive Directors’ compensation comprises a fixed
the annexure to this Report.
component and a performance incentive. The compensation
The Committees of the Board viz., Audit Committee, is determined based on the level of responsibility and scales
Nomination & Remuneration Committee, Stakeholders prevailing in the industry. No sitting fees for attending Board/
Relationship Committee, Corporate Social Responsibility Committee meetings are paid to the Executive Directors.
Committee and Risk Management Committee are
constituted in accordance with the requirements of the The compensation to the non-executive Directors takes the
Companies Act, 2013 and the SEBI Listing Regulations and form of commission on profits. Though the shareholders
have specific scope and responsibilities. have approved payment of commission up to one per cent
of the net profits of the Company for each year calculated
Audit Committee
as per the provisions of the Companies Act, 2013, the
The role of the Audit Committee, in brief, is to review financial actual commission paid to the Directors will be restricted
statements, internal controls, accounting policies, internal to a fixed sum. The sum is reviewed periodically taking into
audit report, related party transactions, risk management consideration various factors such as performance of the
systems and functioning of the Whistle Blower mechanism. Company, time devoted by the Directors in attending to
The Audit Committee of the Company has four members, the affairs and business of the Company and the extent of
three of whom are Independent Directors. Mr. Sanjay Johri, responsibilities cast on the Directors under various laws and
Independent Director is the Chairman of the Committee. other relevant factors. The non-executive Directors are also
The other Members are Mr. M A M Arunachalam, Mr. Anand paid sitting fees as permitted by government regulations for
Kumar and Mr. Tejpreet Singh Chopra. all Board and Committee meetings attended by them.
All the members of the Committee have excellent financial Nomination and Remuneration Committee
and accounting knowledge. The other Directors and the
The role of the Nomination and Remuneration Committee
members of the management committee are invitees to the
meetings of the Audit Committee. is in accordance with the requirement of Section 178 of
the Companies Act, 2013 and the SEBI Listing Regulations.
The quarterly financial results are placed before the Audit Under the terms of reference, the Committee’s role includes
Committee for its review, suggestions and recommendations, formulation of criteria for determining qualifications,
before taking the same to the Board. The statutory audit positive attributes and independence of a Director and
plans and progress are shared with the Committee for its
recommending to the Board a policy relating to the
review. The internal audit plans are drawn up in consultation
remuneration for the directors, key managerial personnel
with the Executive Directors, Chief Financial Officer, heads
and other employees; formulation of criteria for evaluation
of Divisions and the Audit Committee. The Committee
of Independent Directors and the Board; devising a policy
reviews the observations of the internal auditor periodically.
on Board diversity and identification of persons who are
The Committee also provides guidance on compliance
with the Accounting Standards and accounting policies. qualified to become Directors and who may be appointed
The statutory and the internal auditors attend the Audit in senior management in accordance with the criteria laid
Committee meetings. The Company Secretary acts as the down, and recommend to the Board their appointment,
Secretary to the Committee. The Committee also tracks removal and remuneration payable to them. The
the implementation of its guidelines/suggestions through Committee’s scope further covers recommending to the
review of action taken reports. The terms of reference of Board the appointment/re-appointment of the executive
Audit Committee are in line with the requirements of the and non-executive Directors.
The Committee consists of three members, all of whom are of Section 178(3) of the Companies Act, 2013 to be
Independent Directors. The Chairman of the Committee is considered for nominating candidates for Board positions/
Mr. Anand Kumar. The other Members are Mr. Sanjay Johri re-appointment of Directors.
and Mr. Tejpreet Singh Chopra.
The Board Diversity Policy devised by the Committee sets
The Remuneration Policy of the Company provides a out the approach to diversity on the Board of the Company
performance driven and market-oriented framework to in order to ensure a process which is transparent with
ensure that the Company attracts, retains and motivates high diversity of thought, experience, knowledge, perspective
quality executives who can achieve the Company’s goals, and gender in the Board.
while aligning the interests of employees, shareholders and The Committee met 3 times during the year ended
all stakeholders in accordance with the group’s values and 31st March 2023. The composition of the Committee and
beliefs. the attendance of each member at these meetings are
The Company’s total compensation package includes given in Para (F) of the annexure to this Report.
fixed compensation, variable compensation in the form of The details of remuneration paid/payable for the year
annual incentive, perquisites and benefits including health ended 31st March 2023 to the executive Directors viz.,
& life insurance and retirement benefits. In addition, select Mr. M A M Arunachalam, Executive Chairman, Mr. Vellayan
category of employees is eligible for long-term incentive plan Subbiah, Executive Vice Chairman, Mr. Mukesh Ahuja,
in the form of stock options (ESOPs) under the Company’s Managing Director, Mr. K R Srinivasan, President & Whole-
Employee Stock Option Scheme 2017 (“Scheme”). time Director and to the non-executive Directors are given
The Scheme is in compliance with the applicable SEBI in Para (G) and Para (H) respectively of the annexure to this
Regulations. Details of the said Scheme are provided on Report.
the Company’s website: https://tiindia.com/esop/
Corporate Social Responsibility Committee
Fixed compensation is determined based on size and
The Corporate Social Responsibility (CSR) Committee
scope of the job typically as reflected by the level or grade
is constituted in accordance with the requirements
of the job, trends in the market value of the job and the
of the Companies Act, 2013 and the Rules
skills, experience and performance of the employee. The
thereunder. The Committee consists of four members.
annual incentive (variable pay) of senior executives is
Ms. Sasikala Varadachari, Independent Director is the
linked directly to the performance of the Business Unit and
Chairperson of the Committee. The other Members are
the Company through a balanced score card. A formal
Mr. M A M Arunachalam, Mr. K R Srinivasan and Mr. Tejpreet
annual performance management process is applied to
Singh Chopra.
all employees including the senior executives. Annual
increases in fixed and variable compensation of individual Under the terms of reference, the scope of the CSR
executives are directly linked to the performance ratings. Committee is (a) to formulate and recommend to the
Overall compensation is subject to periodic reviews which Board, a Corporate Social Responsibility Policy indicating
consider data from compensation surveys conducted by the activities to be undertaken by the Company as specified
specialist firms, as well as factors such as affordability under Schedule VII of the Companies Act, 2013; (b) to
based on the Company’s performance and the economic recommend the amount of expenditure to be incurred
environment. on the activities; and (c) to monitor the Corporate Social
Responsibility Policy of the Company from time to time.
Accordingly, the Committee will determine the periodic
increments in salary and annual incentive of the Executive The Committee met 2 times during the year ended
Directors. The increments and incentive of the Executive 31st March 2023. The composition of the Corporate Social
Directors is determined based on the balanced score Responsibility Committee and the attendance of each
card with its three components viz., Company financials, member at the meeting of the Committee are given in
Company score card and strategic business unit scores Para (J) of the annexure to this Report.
being given appropriate weightage. Risk Management Committee
In addition to the above, the Committee is also vested with The role of the Risk Management Committee, in brief,
the powers and authority for implementation, administration is to review the Risk Management Policy developed by
and superintendence of the Employee Stock Option Plan the Management, Risk Management framework and its
(ESOP) and to formulate the detailed terms and conditions implementation thereby ensuring that an effective risk
in respect of the same. management system is in place.
The Committee has further laid down the qualifications, The Risk Management Committee monitors and evaluates
positive attributes and independence criteria in terms the key risks of the Company and apprises the management
of such risks for effective mitigation. The Committee To take the evaluation exercise forward, all the Independent
provides support to the Board in the discharge of the Board’s Directors of the Company met on 21st March 2023 without
overall responsibility in overseeing the risk management the attendance of the non-Independent Directors and
process. The Committee consists of three members, members of the management to discuss inter alia the
Mr. Sanjay Johri, Independent Director is the Chairman of matters specified under Schedule IV of the Companies Act,
the Risk Management Committee. The other Members are 2013 and Regulation 25(4) of the SEBI Listing Regulations.
Mr. M A M Arunachalam, and Mr. K R Srinivasan. The Board reviewed the process of evaluation of the Board
Mr. Vellayan Subbiah is permanent invitee to the meetings of Directors and its Committees including the Executive
of the Risk Management Committee. Chairman, Executive Vice Chairman, Managing Director,
The Managing Director and the Division heads are invitees to the President & Whole-time Director and the individual
the meetings of the Committee. The Committee met 3 times Directors.
during the year ended 31st March 2023. The composition Subsidiary Companies
of the Committee and attendance of its members at the
meeting are given in Para (K) of the annexure to this Report. The Company does not have any material unlisted
subsidiary in terms of SEBI Listing Regulations for the
A statement on some of the significant risks associated financial year 2022-23.
with the Company’s businesses and the mitigation plans
thereof are furnished as part of the Board’s Report. Financiere C10 SAS is a wholly owned subsidiary of the
Company in France. Sedis SAS, France, Sedis GmbH,
General Meetings Germany and Sedis Co Ltd, UK are the subsidiaries of
The Company conducts its Annual General Meetings Financiere C10 SAS.
pursuant to the provisions of the Companies Act, 2013 and M/s. TI Clean Mobility Private Limited (TICMPL) is the
SEBI Listing Regulations every year in the months of July / subsidiary of the Company.
August at Chennai, where its Registered Office is situated.
During the year, M/s. Cellestial E-Mobility Private Limited
The Company convened the 14th AGM as an electronic
(CEMPL), became a wholly owned subsidiary of TICMPL
general meeting through video conferencing in August
and M/s. Cellestial E-Trac Private Limited is the wholly
2022 pursuant to the conditions stipulated and relaxations
owned subsidiary of CEMPL.
provided by Ministry of Corporate Affairs and SEBI.
TICMPL had acquired 65.2% of the equity share capital
The Company also conducts Extraordinary General
of M/s. IPLTech Electric Private Limited (“IPLT”), about for
Meetings between two Annual General Meetings if
`245 Cr, and IPLT became a subsidiary of TICMPL with
shareholders’ approval, is required, for certain matters. The
effect from 21st September 2022.
Company also gets shareholders’ approval through postal
ballots, if required, in certain matters. TII acquired 76% of the share capital of M/s. Moshine
Electronics Private Limited on 23rd September 2022 and it
The details of the Annual General Meeting held and Postal
became a subsidiary company.
Ballot Notices issued during the financial year 2022-23 are
given in Para (C) and Para (D) respectively of the annexure M/s. Great Cycles (Private) Limited (GCPL) is a subsidiary of
to this Report. the Company. The Company holds 80% of the share capital
of GCPL.
Performance Evaluation
M/s. Creative Cycles (Private) Limited (CCPL) is a subsidiary
The annual performance evaluation was carried out pursuant of the Company. The Company holds 80% of the share
to the provisions of the Companies Act, 2013, and the SEBI capital of CCPL.
Listing Regulations. As part of the performance evaluation
process, an evaluation questionnaire based on the criteria The Board of Directors is apprised of the business plan
together with supporting documents was circulated to all and the financial performance of the unlisted subsidiary
the Board members, in advance. The Directors evaluated companies.
themselves, the Managing Director, Executive Directors, The Company’s policy for determining ‘material’
other Board members, the Board as well as the functioning subsidiaries, as per SEBI Regulations, is available
of the Board Committees viz., Audit, Nomination & on the Company’s website at the following link:
Remuneration, Risk Management, Corporate Social https://tiindia.com/mat-subs-policy/
Responsibility and Stakeholders Relationship Committees
Related Party Transactions
based on well-defined evaluation parameters as set out
in the questionnaire. The duly filled in questionnaires were During the financial year under review, all the transactions
received back from the Directors. entered with the Related Parties, as defined under the
Companies Act, 2013 and the SEBI Listing Regulations The Committee met once during the year under
were in the ordinary course of business and on arms’ length review. The Committee consists of Ms. Sasikala
basis only. Accordingly, these transactions do not attract Varadachari, Independent Director as its Chairperson and
the provision of Section 188 of the Companies Act, 2013. Mr. M A M Arunachalam, Executive Chairman and
Mr. Vellayan Subbiah, Executive Vice Chairman as members.
Further, there were no materially significant transactions
The composition of the Committee and attendance of its
with related parties which conflicted with the interest of the
members at the meeting are given in Para (I) of the annexure
Company.
to this Report.
The policy for related party transactions approved by the
No investor complaints were pending as at 31st March 2022
Board had been uploaded on the Company’s website at the
following link: https://tiindia.com/rpt-policy/ and six investor complaints were received and resolved
during the financial year 2022-23. There was no complaint
Dissemination of Information pending as at 31st March 2023.
The Company is conscious of the importance of timely In order to expedite the redressal of complaints, if any,
and proper dissemination of adequate information. A press investors are requested to register their complaints
release is given along with the publication of the quarterly/ and also to take follow up action, as necessary, to the
annual results, explaining the business environment and exclusive e-mail id i.e. investorservices@tii.murugappa.com.
performance. This is being provided to enable the investing Mr. S Suresh, Company Secretary is the Compliance Officer.
community to understand the financial results better and
in a more meaningful manner. The press release includes Statutory Compliance
non-financial aspects including the business conditions. The Company attaches the highest importance to
The quarterly and audited annual financial results are compliance with statutes. Every function/department of the
normally published in ‘Business Standard’ & ‘The New business is aware of the requirements of various statutes
Indian Express’ (English) and in ‘Dinamani’ (Tamil). Press relevant to them. The Company has systems in place
releases are given to all the important dailies. The financial to remain updated with the changes in statutes and the
results, press releases, shareholding pattern and the means of compliance. An affirmation regarding material
presentations made to Analysts and Brokers are posted compliance with the statutes by the heads of businesses
on the Company’s website. The Company’s commitment and functions is placed before the Board on a quarterly
to transparency is reflected in the information-rich Annual basis for its review.
Report, investors’ meets, periodic press releases and
continuous updating of its website. Internal Controls
Investors’ Service The Company is conscious of the importance of the internal

processes and controls. The Company has a robust
The Company promptly attends to investors’ queries/ business planning & review mechanism and has adequate
grievances. The Board has also authorised the Chairman/ internal control systems commensurate with the nature of
Managing Director/Chief Financial Officer/Company its business, size and geographical spread. These systems
Secretary to approve transfers/ transmissions. Requests are regularly reviewed and improved upon.
for transfer of securities held in dematerialised form
are processed within the statutory timelines. M/s. KFin The Chief Financial Officer and the Managing Director
Technologies Limited (Formerly, KFin Technologies Private have certified to the Board inter alia on the accuracy of
Limited), Hyderabad is the Company’s registrar and share financial statements and adequacy of internal controls for
transfer agent. the financial reporting purpose as required under the SEBI
Listing Regulations, for the year ended 31st March 2023.
The Stakeholders Relationship Committee specifically
focuses on investor service levels. This Committee has Whistle Blower Policy/Vigil Mechanism
prescribed norms for attending to the investors’ services
The Company has established a vigil mechanism (Whistle
and the Committee periodically reviews the service
Blower Policy) for the employees and the Directors as an
standard achieved by the Company and its Registrar and
avenue to voice concerns relating to unethical behaviour,
Transfer Agent as against the prescribed norms.
actual or suspected fraud or violation of the Company’s
The terms of reference of the Committee are in accordance Code of Conduct. The said mechanism/Policy is in
with the requirement of Section 178 of the Companies Act, accordance with the requirements of Section 177 of the
2013 and the SEBI Listing Regulations and provide for the Companies Act, 2013 and the SEBI Listing Regulations.
resolution of grievances of security holders of the Company The Ombudsperson appointed by the Board deals with the
including complaints, if any, non-receipt of balance sheet complaints received and ensures appropriate action. The
and non-receipt of declared dividends etc. mechanism also provides for adequate safeguards against
victimisation of persons using the mechanism and provides Other Disclosures

direct access to the chairperson of the Audit Committee in
A Management Discussion and Analysis Report highlighting
appropriate or exceptional cases. No person was denied
the performance of individual businesses forms part of the
access to the Audit Committee.
Board’s Report.
Compliance of Corporate Governance Norms
A write up on the risks associated with the business and
The Company has complied with all the mandatory mitigation plans therefor also forms part of the Board’s
requirements of corporate governance norms during Report.
the financial year ended 31st March 2023. Quarterly
Related party transactions during the year have been
financial results of the Company are published in leading
disclosed as a part of the financial statements as required
newspapers, uploaded on the Company’s website and
under the relevant Ind AS issued by the Institute of Chartered
any major developments are covered in the press releases
Accountants of India.
issued by the Company and posted on its website.
There have been no instances of non-compliance by the
In line with its stated policy of being committed to the
Company or have any penalty or strictures been imposed
principles and practices of good corporate governance, the
on the Company by the Stock Exchanges or the Securities
Company is in compliance with most of the requirements
and Exchange Board of India or by any statutory authority
forming part of the discretionary requirements under
on any matter related to the capital markets during the last
Schedule II, Part E of SEBI Listing Regulations. As regards
three years except an instance where a fine was paid for
the remaining discretionary requirements, the Company
delay in disclosure to one of the stock exchanges.
after careful evaluation would strive to implement the same
progressively, as appropriate. Details of loans and advances given by the Company’s
subsidiaries to firms / companies in which directors are
The Board of Directors has laid down a Code of Conduct
interested.
for all the Board members and the senior management of
the Company. The Directors and the senior management During the year, M/s. TI Clean Mobility Private Limited
of the Company have furnished their affirmation of had provided an inter-corporate deposit of `25 Cr. to
compliance with the Code during the financial year M/s. IPLTech Electric Private Limited for the purposes of its
2022-23. The Code of Conduct has been posted business.
on the website of the Company at the following link:
General Shareholder Information
https://tiindia.com/code-of-conduct/ A declaration of
affirmation in this regard certified by the Managing Director A separate section has been annexed to the Annual Report
is annexed to this Report. furnishing various details viz., the previous Annual General
Meeting, time and venue thereof, share price movement,
The key policies framed in accordance with the
distribution of shareholding, location of factories, means of
requirements of the Companies Act, 2013 and the
communication etc., for shareholders’ reference.
SEBI Listing Regulations are posted on the website
of the Company and available under the link:
https://tiindia.com/corporate-governance/
Chennai M A M Arunachalam
15th May 2023 Executive Chairman
Annexure to the Corporate Governance Report
(A) Board Skills Matrix

The Board has identified the key qualifications, skills and attributes as essential for effective oversight of the Company
considering its varied business interests. These are presented as a matrix below:
Domain Attributes
Financial management Proficiency in financial management
Business environment Understanding diverse business environments, with a broad perspective of global
perspective business opportunities
Business Leadership Leadership experience and practical understanding of significant organizations,
their processes, strategies, planning etc.
Technology Good appreciation of technology and trends
Mergers & Acquisitions Ability to assess mergers and acquisition decisions including the suitability of a
target with the Company’s strategy
Board insights Service on listed public company boards to develop insights into board accountability,
guarding shareholder interests, regulatory environment and observing good
governance practices
The brief profile of the Directors as furnished in this Annual Report would provide an insight into their education, expertise
and skills. In terms of the requirement of the SEBI Listing Regulations, the individual skills, experience and expertise of
each of the Directors of the Company is mapped to the core skills/expertise/ competencies of the Directors already
identified by the Board, as furnished above, in the context of the Company’s business for effective functioning and as
available with the Board:
Key Qualifications, Skills and Attributes identified

Global
Name of the Director Financial Business Business Mergers & Board
Technology
management environment Leadership Acquisitions insights
perspective
Mr. M A M Arunachalam      
Mr. Vellayan Subbiah      
Mr. Mukesh Ahuja    
Mr. Sanjay Johri      
Mr. K R Srinivasan    
Mr. Anand Kumar      
Ms. Sasikala Varadachari    
Mr. Tejpreet Singh Chopra      
(B) Board Meeting Dates and Attendance

The Board of Directors of the Company met 6 times during the financial year 2022-23. The dates of the Board meetings
were 12th May 2022, 18th July 2022, 2nd August 2022, 4th November 2022, 3rd February 2023 and 22nd March 2023 and
the gap between two meetings did not exceed one hundred and twenty days.
Pursuant to the relaxations granted by the Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of
India (SEBI), the Board meetings were held physically with an option to attend through video conferencing facility during
the year.
The attendance of each Director at the meetings, the last Annual General Meeting and number of other Directorships/
Committee memberships held by them as on 31st March 2023 are as follows:
Number of
Board Number of
committee No. of
meetings Directorships(b)
memberships(c) shares
Sl. attended - including the Attendance
Name of Director(a) – including the held as on
No. (no. of Company (out at last AGM
Company (out 31st March
meetings of which as
of which as 2023
held) Chairperson)
Chairperson)
1. Mr. M A M Arunachalam 6(6) 8(5) 5(1) Present 6,18,820
2. Mr. Vellayan Subbiah 6(6) 7(2) 3(1) Present -
3. Mr. Mukesh Ahuja 6(6) 7(1) 0(0) Present 15,000
4. Mr. Sanjay Johri 6(6) 1(0) 1(1) Present -
5. Mr. Anand Kumar 6(6) 3(0) 2(0) Present -
6. Ms. Sasikala Varadachari 5(6) 6(1) 3(1) Present -
7. Mr. Tejpreet Singh Chopra 6(6) 4(1) 3(2) Present -
8. Mr. K R Srinivasan 6(6) 2(0) 1(0) Present 65,362
(a)
Directors are not related to each other.
(b)
xcludes foreign companies, private limited companies (not being subsidiary or holding company of a public company),
E
alternate Directorship and companies registered under Section 8 of the Companies Act, 2013.
(c)
Includes only membership in Audit and Stakeholders’ Relationship Committees.
The names of listed companies, where the Directors, hold directorship as on 31st March 2023 and the category thereof
are furnished below:
Sl. Category of
Name of Director Name of the listed entity in which Directorship held
No. Directorship
1. Mr. M A M Arunachalam 1. Tube Investments of India Limited Executive
2. CG Power and Industrial Solutions Limited Non-Independent
3. Shanthi Gears Limited Non-Independent
4. Cholamandalam Investment and Finance Company Limited Non-Independent
2. Mr. Vellayan Subbiah 1. Tube Investments of India Limited Executive
2. SRF Limited Non-Independent
3. CG Power and Industrial Solutions Limited Non-Independent
4. Cholamandalam Investment and Finance Company Limited Non-Independent
5. Cholamandalam Financial Holdings Limited Non-Independent
3. Mr. Mukesh Ahuja 1. Tube Investments of India Limited Executive
2. Shanthi Gears Limited Non-Independent
4. Mr. Sanjay Johri 1. Tube Investments of India Limited Independent
5. Mr. Anand Kumar 1. Tube Investments of India Limited Independent
2. Cholamandalam Investment and Finance Company Limited Independent
6. Ms. Sasikala Varadachari 1. Tube Investments of India Limited Independent
2. Sundaram –Clayton Limited Independent
3. CG Power and Industrial Solutions Limited Independent
7. Mr. Tejpreet Singh 1. Tube Investments of India Limited Independent
Chopra 2. SRF Limited Independent
3. Gujarat Pipavav Port Limited Independent
4. Indian Energy Exchange Limited Independent
8. Mr. K R Srinivasan 1. Tube Investments of India Limited Executive
(C) Annual General Meeting (AGM)

During the year, the Company had conducted its 14th Annual General Meeting through video conferencing / other audio-
visual means on 2nd August 2022 pursuant to conditions stipulated and the relaxations granted by MCA and SEBI in
conduct of e-AGMs through multiple circulars\notifications.
All the Directors, Key Managerial Personnel, Statutory Auditors and Scrutiniser joined the AGM through video conferencing.
The Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholder Relationship
Committee attended the meeting.
(D) Extra-Ordinary General Meetings (EGMs)
There were no Extra-Ordinary General meetings conducted during the year.
(E) Composition of Audit Committee and Attendance
The Committee met six times during the year ended 31st March 2023. The dates of the Committee’s meetings were
12th May 2022, 18th July 2022, 2nd August 2022, 4th November 2022, 3rd February 2023 and 22nd March 2023 and the
gap between two meetings did not exceed one hundred and twenty days.
The composition of the Audit Committee and the attendance of each member at these meetings are as follows:
Name of the Member Number of meetings attended (Number of meetings held)
Mr. Sanjay Johri, Chairman 6(6)
Mr. M A M Arunachalam 6(6)
Mr. Anand Kumar 6(6)
Mr. Tejpreet Singh Chopra 6(6)
(F) Composition of Nomination and Remuneration Committee and Attendance
The Committee met three times during the year ended 31st March 2023. The dates of the Committee’s meetings were
12th May 2022, 2nd August 2022 and 3rd February 2023.
The composition of the Nomination & Remuneration Committee and the attendance of each member at these meetings
are as follows:
Mr. Anand Kumar, Chairman 3(3)
Mr. Sanjay Johri 3(3)
(G) Remuneration of Executive Directors
The details of remuneration paid/provision made for payment to the Managing Director and the President & Whole-time
Director are as follows:
(Amount in `)
Perquisites &
Name Salary Incentive(a) Allowance Total
Contribution(b)
Mr. M A M Arunachalam,
1,42,56,000 1,42,56,000 1,71,19,380 1,12,41,704 5,68,73,084
Executive Chairman
Mr. Vellayan Subbiah,
2,30,31,630 2,30,31,630 2,92,68,415 1,25,47,397 8,78,79,072
Executive Vice Chairman
Mr. Mukesh Ahuja,
96,75,000 66,76,735 75,22,950 45,86,048 2,84,60,733
Managing Director
Mr. K R Srinivasan, President
65,57,610 43,35,700 42,43,366 30,80,034 1,82,16,710
& Whole-time Director
(a)
rovisional and subject to determination by the Nomination & Remuneration Committee and the same will be paid after
P
the adoption of accounts by the shareholders at the Annual General Meeting.
(b)
xecutive Directors’ remuneration excludes provision for Gratuity and compensated absences since the amount cannot
E
be ascertained individually.
(H) Remuneration of Non-Executive Directors

The details of commission provided for/sitting fees paid to non-executive Directors for the year ended 31st March 2023
are as follows:
(Amount in `)
Name of the Director Commission * Sitting fees Total
Mr. Sanjay Johri 10,00,000 7,80,000 17,80,000
Mr. Anand Kumar 10,00,000 6,90,000 16,90,000
Ms. Sasikala Varadachari 10,00,000 3,40,000 13,40,000
Mr. Tejpreet Singh Chopra 10,00,000 7,50,000 17,50,000
* Commission will be paid after the adoption of audited accounts by the shareholders at the 15th Annual General Meeting.
(I) Composition of Stakeholders Relationship Committee and Attendance
The Committee met once on 21st March 2023 during the year ended 31st March 2023.
The composition of the Stakeholders Relationship Committee and the attendance of each member at the above meeting
are as follows:
Ms. Sasikala Varadachari, Chairperson 1(1)
Mr. Vellayan Subbiah 1(1)
(J) Composition of Corporate Social Responsibility Committee and Attendance
The Committee met twice on 12th May 2022 and 4th November 2022 during the year ended 31st March 2023.
The composition of the Corporate Social Responsibility Committee and the attendance of each member at the above
meeting are as follows:
Ms. Sasikala Varadachari, Chairperson 2(2)
Mr. K R Srinivasan 2(2)
(K) Composition of Risk Management Committee and Attendance
The Committee met three times on 1st August 2022, 4th November 2022 and 22nd March 2023 for the year ended
31st March 2023.
The composition of the Risk Management Committee and the attendance of each member at this meeting are as follows:
Mr. Sanjay Johri, Chairman 3(3)
Mr. K R Srinivasan 3(3)

Chennai M A M Arunachalam
15th May 2023 Executive Chairman
CORPORATE GOVERNANCE CERTIFICATE
The Members,
Dare House,
234, N S C Bose Road,
Chennai - 600001
We have examined documents, books, papers, minutes, forms and returns filed and other relevant records maintained by
TUBE INVESTMENTS OF INDIA LIMITED, (CIN: L35100TN2008PLC069496) (hereinafter referred as “the Company”)
having its Registered Office at Dare House, 234, N S C Bose Road, Chennai 600001, for the purpose of certifying compliance
of the conditions of Corporate Governance under Regulations 17 to 27 and clauses (b) to (i) and (t) of regulation 46(2) and para
C, D and E of Schedule V and Regulation 34 (3) of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended (hereinafter called “SEBI (LODR) Regulations 2015”) for the financial year ended
31st March 2023. We have obtained all the information and explanations, which to the best of our knowledge and belief were
necessary for the purpose of certification.
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was
limited to the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions
of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and on the basis of our examination of the records produced, explanations and information furnished, we certify
that the Company has complied regarding the conditions of Corporate Governance as stipulated in Regulations 17 to 27 and
clauses (b) to (i) and (t) of regulation 46(2) and para C, D and E of Schedule V and Regulation 34 (3) of SEBI (LODR) Regulations,
2015 for the financial year ended 31st March 2023.
This Certificate is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which
the management has conducted the affairs of the Company.
FOR R.SRIDHARAN & ASSOCIATES

COMPANY SECRETARIES
CS R.SRIDHARAN
FCS No. 4775
CP No. 3239
PR. NO.657/2020
Place : Chennai UIN: S2003TN063400
Date : 15th May 2023 UDIN: F004775D000291160
General Shareholder Information

Company Registration • in case of shares held in dematerialised form, to those
beneficial holders of the dematerialised shares as on
The Company is registered in the State of Tamil Nadu.
26th July 2023, as per the details furnished by the
The Corporate Identity Number (CIN) of the Company is
depositories for this purpose.
L35100TN2008PLC069496.
Unclaimed Dividend
Registered Office
The details of dividend paid by the Company and the
‘Dare House’, 234 NSC Bose Road, Chennai 600 001
respective due dates of transfer of the unclaimed/
Annual General Meeting unencashed dividend to the Investor Education & Protection
Fund (‘IE&P Fund’) of the Central Government are as below:
Day : Thursday
Financial year to which Date of Due date of transfer
Date : 3rd August 2023
dividend relates declaration to IE&P Fund
Time : 3.30 P.M. IST 2016-17 06.11.2017 12.12.2024
Venue : Through Video Conference or Other Audio-Visual 2017-18 - Interim 12.02.2018 20.03.2025
- Final 13.08.2018 18.09.2025
Means (OAVM)
2018-19 - Interim 05.02.2019 12.03.2026
Tentative Calendar for 2023-24 - Final 24.07.2019 29.08.2026
The financial year of the Company is the period ending on 2019-20 - Interim 28.02.2020 04.04.2027
31st day of March every year. The tentative calendar for 2020-21 - Interim 11.02.2021 19.03.2028
Board meetings for approving the quarterly financial results - Final 13.08.2021 18.09.2028
is given below: 2021-22 - Interim 07.02.2022 15.03.2029
- Final 02.08.2022 07.09.2029
Results for the first quarter ending : 3rd August 2023 2022-23 - Interim 03.02.2023 11.03.2030
30th June 2023
As provided under the Companies Act, 1956/2013,
Results for the second quarter/half : 30th October, dividends remaining unclaimed for a period of seven years
year ending 30th September 2023 2023 shall be transferred by the Company to the IE&P Fund. In
Results for the third quarter ending : January/ the interest of investors, the Company has the practice of
31 December 2023
st February 2024 sending reminders to the concerned investors to come
Results for the fourth quarter ending : April/May 2024 forward and claim, and will continue to do so, before
31st March 2024/Annual Results for transfer of unclaimed dividend to the IE&P Fund as per the
the financial year 2023-24 timelines above.
Record Date / Book Closure Instructions to Shareholders
Thursday, 27th July 2023 to Thursday, 3rd August 2023 (a) Shareholders holding shares in physical form
(both days inclusive).
Members are requested to intimate the Registrar
Dividend and Transfer Agent viz., KFin Technologies Ltd.,
(formerly, KFin Technologies Private Ltd.), “Selenium
The Board of Directors had declared an Interim Dividend
Tower-B”, Plot No.31-32, Gachibowli, Financial
of `2.00 per Equity Share for the financial year 2022-23,
District, Nanakramguda, Serilingampally, Hyderabad –
which was paid on 27th February, 2023 to all those Members
500032, Telengana (RTA) any change in their address/
whose names appeared on the Register of Members on
details about their Bank Account number, Name
15th February 2023. The Board has further recommended
of the Bank, Bank’s Branch name and address to
a Final Dividend of `1.50 per Equity Share for the financial
enable the Company to send letters, remit dividend
year 2022-23 which will be paid on or before 1st September,
electronically or alternatively, for incorporating in the
2023 in the following manner :-
dividend warrants. For shares held in dematerialised
• in case of shares held in physical form, to those form, change in address/bank account particulars
shareholders whose names appear in the Register of may be intimated directly to the Member’s Depository
Members as on 26th July 2023; and Participant(s).
(b) Shareholders holding shares in demat form Name of Stock

Address
The Company uses National Automated Clearing Exchanges
House (NACH) facility for payment of dividends BSE Ltd. : New Trading Ring, 1st Floor, P J Towers,
declared directly to the bank accounts of shareholders. Rotunda Building
The shareholders may use the facility by providing the Dalal Street, Mumbai – 400 001
bank account number to the depository participant/ Listing fee for the year ended 31st March 2023 has been
RTA, as may be relevant, to enable the Company paid to the above Stock Exchanges in time.
to effect the dividend payment through the NACH
mode. If there is any change in bank account details, Listing on Stock Exchanges - Equity Shares
Shareholders are requested to advise their Depository
Participant(s)/Company’s RTA, as the case may be, Name of Stock Exchanges Stock Code
immediately about the change.
National Stock Exchange of India Ltd. : TIINDIA
Name and address of Stock Exchanges
Name of Stock BSE Ltd. : 540762
Address
Exchanges
Non-Convertible Debentures
National Stock : Exchange Plaza, 5th Floor, Plot No.C/1,
As on the date of this Report, there are no outstanding
Exchange of India G Block, Bandra-Kurla Complex,
Non-Convertible Debentures.
Ltd. Bandra (East), Mumbai – 400 051
Market Price Data and Comparison
Monthly high and low price of the equity shares of the Company from 1st April 2022 to 31st March 2023 are as follows:
(Amount in `)
National Stock Exchange of India Ltd BSE Ltd
Month
High Low High Low
April, 2022 1,890.00 1,602.05 1,885.45 1,601.65
May, 2022 1,906.70 1,496.10 1,905.80 1,495.95
June, 2022 1,858.90 1,457.60 1,859.90 1,458.70
July, 2022 2,360.00 1,729.25 2,359.95 1,725.00
August, 2022 2,398.00 1,981.00 2,397.80 1,983.25
September, 2022 2,855.00 2,211.25 2,851.70 2,212.40
October, 2022 2,881.90 2,595.00 2,881.15 2,595.00
November, 2022 2,969.85 2,480.00 2,968.00 2,491.55
December, 2022 3,046.20 2,665.10 3,046.25 2,665.05
January, 2023 2,832.45 2,528.00 2,829.15 2,529.90
February, 2023 2,861.95 2,375.00 2,855.55 2,375.05
March, 2023 2,857.20 2,422.00 2,855.55 2,432.00
TI Share Price Movement Vs. NSE Nifty
19,000 18,758 3,500
18,500 3,046
2,855 2,882 2,832 2,862 2,857 3,000
18,000 17,759 2,970
18,012 18,105
17,500 2,360 2,500
17,103 17,662
TI Share Price (in `.)
2,398 17,304 17,360

17,000 1,907 17,158 17,094
1,859 2,000
NSE Nifty
16,500 1,890 16,585

1,500
16,000
15,500 15,780
1,000
15,000
500
14,500
14,000 0
APR-22 MAY-22 JUN-22 JUL-22 AUG-22 SEP-22 OCT-22 NOV-22 DEC-22 JAN-23 FEB-23 MAR-23
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
NSE Nifty (Close) 17,103 16,585 15,780 17,158 17,759 17,094 18,012 18,758 18,105 17,662 17,304 17,360
TI Share Price (High) 1,890 1,907 1,859 2,360 2,398 2,855 2,882 2,970 3,046 2,832 2,862 2,857
Registrar and Share Transfer Agent

KFin Technologies Limited
(formerly, Kfin Technologies Private Limited)
Selenium Tower B, Plot nos. 31-32, Financial District
Nanakramguda, Serilingampally Mandal
Hyderabad - 500 032
e-mail: einward.ris@kfintech.com
Tel : (040) – 67162222
Fax: (040) - 23420814
Toll Free: 1800-345-4001
Share Transfer and Investor Service System

The Board has authorised Chairman/Managing Director/Chief Financial Officer/Company Secretary to approve transfers/
transmissions in addition to the Committee of the Board constituted for the purpose.
Shareholding Pattern as on 31st March 2023
Category No. of shares held % of shareholding

A Promoter & Promoter Group 8,92,47,752 46.21
B Non-Promoter Holding
1 Institutional Investors
a) Mutual Funds 1,99,74,607 10.34
b)
Banks, Financial Institutions,
9,52,993 0.50
Insurance Companies
c) Foreign Institutional Investors 5,58,33,570 28.91
2 Others
a) Private Corporate Bodies 80,40,057 4.16
b) Indian Public 1,77,30,578 9.18
c) NRI 13,41,519 0.70
Grand Total 19,31,21,076 100.00
Distribution of Shareholding as on 31st March 2023
Category No. of holders % to Total No. of shares % to Total

1 - 5000 86,024 98.80 1,08,00,421 5.59
5001 - 10000 393 0.45 28,70,780 1.49
10001 - 20000 187 0.21 26,47,975 1.37
20001 - 30000 101 0.12 24,63,236 1.28
30001 - 40000 49 0.06 16,89,961 0.88
40001 - 50000 36 0.04 15,95,751 0.83
50001 - 100000 96 0.11 66,84,551 3.46
100001 & Above 180 0.21 16,43,68,401 85.10
Total 87,066 100.00 19,31,21,076 100.00
Nomination Facility
The Shareholders holding shares in physical form may avail of the nomination facility under Section 72 of the Companies Act,
2013. The nomination form (Form SH.13), along with instructions, will be provided to the Members on request. In case the
Members wish to avail of this facility, they are requested to write to the Company’s RTA viz., M/s. KFin Technologies Limited.
Shareholders holding shares in physical mode may submit Form ISR-3 to opt out of nomination and to modify the nomination
already made in Form SH. 14 have to be submitted.
Dematerialisation of Shares
The Equity shares of the Company are compulsorily traded in dematerialised form. The code number allotted by the National
Securities Depository Ltd (NSDL) and Central Depository Services (India) Ltd (CDSL) to Tube Investments of India Ltd is ISIN
INE974X01010.
GDR details
The GDR programme was terminated by the Company in May 2022.
Commodity Price Risk/Foreign Exchange Risk and Hedging Activities
The Company is guided by its foreign exchange (‘forex’) policy to manage its forex exposure and its attendant risks, which
arise through trade transactions, namely, exports and imports, import of capital items besides short-term and long-term
foreign currency borrowings. Foreign currency trade exposures are monitored Business Unit wise and currency-wise. The
risks are managed after netting the exports and imports on monthly buckets for each currency. For capex imports, forward
contracts are taken on the date of opening of the letter of credit. In respect of foreign currency borrowings, while the long-term
borrowings are hedged for interest as well as for the exchange at the time of drawdown, the short-term borrowings are hedged
for principal portion at the time of drawdown. Commodity Price Risk and hedging thereof is not applicable to the Company.
Means of Communication
The quarterly/annual results are being/will be published in the leading national English newspapers (“The New Indian Express”
and “Business Standard”) and in one vernacular (Tamil) newspaper (“Dinamani”). The quarterly/annual results are also available
on the Company’s website. The Company’s website will also display official press releases, shareholding pattern, compliance
report on corporate governance and presentations made to analysts and brokers.
Details of Special Resolutions passed during the last three Annual General Meetings
Whether any Special
Date of AGM Particulars
Resolution was passed
23.07.2020 Yes a) Payment of a commission of `100 lakhs to Mr. M M Murugappan,
Chairman (non-executive, promoter) for the financial year 2019-20.
13.08.2021 Yes a) Payment of a commission of `61.64 lakhs to Mr. M M Murugappan,
former Chairman (non-executive, promoter) for the financial year
2020-21.
b) Payment of remuneration by way of commission to Directors other
than Directors in whole-time employment/Managing Director/
Manager of the Company for FYs 2021-22 to 2025-26.
c) Further investment not exceeding `2 Cr. in M/s Watsun Infrabuild
Private Limited.
d) Investment up to `25 Cr. in start-up companies/body corporate(s)
engaged in innovative research and development of new
technology/ies.
02.08.2022 Yes a) Payment of a commission of `2 Cr. to Mr. M A M Arunachalam,
Chairman (non-executive, promoter) for the financial year 2021-22.
Special Resolutions by Postal Ballot

During the year 2022-23, the Company sought approval of the shareholders by way of Postal Ballot for the following Special
Resolutions:
Sl. % of valid votes

Resolution Notice dated
No. in favour
1 Alteration of the Main Objects Clause of the Memorandum of Association of
the Company for insertion of new sub-clauses 11 to 13 after the existing sub-
12th May 2022 99.3314
clause 10 thereunder, to facilitate the Company pursuing certain new lines of
business
2 Appointment of Mr. Tejpreet Singh Chopra as Independent Director of the
Company for a term of 5 years from 16th March 2022 to 15th March 2027 (both 12th May 2022 92.4591
dates inclusive)
3 Alteration of the Main Objects Clause of the Memorandum of Association of the
Company for insertion of new sub-clause 14 after the existing sub-clause 13 13th March 2023 99.3268
thereunder, to facilitate the Company pursuing pursue a new line of business.
The Board of Directors of the Company had appointed Mr. R Sridharan (ICSI Membership CP No.3239-FCS No.4775) of
M/s. R Sridharan & Associates, Company Secretaries, as the Scrutinizer for conducting the aforesaid Postal Ballots through
remote e-voting process, in a fair and transparent manner.
Procedure for Postal Ballot:
The Postal Ballots were carried out as per the provisions of Sections 108 and 110 and other applicable provisions of the Act,
read with the Rules framed thereunder and in compliance with the General Circulars issued by the Ministry of Corporate Affairs.
General Body Meeting
The date, time and venue of the last three Annual General Meetings are given below:
Year Date Time Venue
2019-20 23.07.2020 3.30 P.M. Through Video Conferencing (VC)
Unclaimed Shares
The details in respect of the unclaimed shares of erstwhile Tube Investments of India Ltd., lying in the TII Demerger Unclaimed
Share Suspense Account are given below:
Sl. No. of
Particulars No. of Shares
No. Shareholders
1 Aggregate number of Shareholders and the outstanding shares in the Unclaimed
Suspense Account lying as on 01.04.2022 1,761 14,83,786
2 Number of Shareholders who approached the Company for transfer of their

shares from TII Demerger Unclaimed Share Suspense Account during the year 63 60,685
[from 01.04.2022 to 31.03.2023]
3 Number of Shareholders to whom shares were transferred from TII Demerger
Unclaimed Share Suspense Account during the year [from 01.04.2022 to 63 60,685
31.03.2023]
4 Aggregate number of Shareholders and the outstanding shares in the
TII Demerger Unclaimed Share Suspense Account lying as on 31.03.2023. 1,698 14,23,101
The voting rights on the Outstanding Shares in the TII Demerger Unclaimed Share Suspense Account as on 31st March 2023
shall remain frozen till the rightful owner of such shares, claim the shares. On receipt of the claim, the Company will, after
verification, arrange to credit the Equity Shares to the demat account of the Shareholder concerned.
In its continuous efforts towards bringing down the number of shares in the Unclaimed Share Suspense Account, the Company,
during the year under review has taken steps through direct contact of the shareholders at their last known address and also
by sending a postal reminder to come forward with their claim for the shares.
Credit Rating
Details of credit rating obtained by the Company for its fund-raising programmes during the financial year along with revisions
thereto are furnished below:
Facility rated Credit Rating Agency Rating

CRISIL CRISIL AA+/Stable
Bank loan facilities – Long term rating
ICRA ICRA AA+/Stable
CRISIL CRISIL A1+
Bank loan facilities – Short term rating
ICRA ICRA A1+
CRISIL CRISIL A1+
Commercial Paper
ICRA ICRA A1+
Other Disclosures
1) M/s. R Sridharan & Associates, Practising Company Secretaries have confirmed that none of the Directors on the Board
of Directors of the Company have been debarred or disqualified from being appointed or continuing as Directors of the
companies by the Board/Ministry of Corporate Affairs or any such statutory authority.
2) There was no instance of any non-acceptance by the Board of Directors of the recommendations of any Committee of
the Board, where it is mandatorily required, during the financial year under review.
3) Details of total fees for all services paid/payable by the Company and its subsidiaries, on a consolidated basis, to
M/s. S R Batliboi & Associates LLP, Chartered Accountants & Statutory Auditors of the Company and all their network
firms/entities during the financial year 2022-23 are furnished below:
a) Fees for audit and related services paid to M/s. S R Batliboi & Associates LLP and all their network
`2.88 Cr.
firms/entities
b) Fees for Other services paid to M/s. S R Batliboi & Associates LLP and all their network firms/entities `0.61 Cr.
4) Disclosures regarding prevention of sexual harassment of women at the workplace are furnished in a separate section of
the Board’s Report. There was no complaint received during the year.
5) There is no non-compliance of any requirement of Corporate Governance Report of sub-paragraphs (2) to (10) of section
‘C. Corporate Governance’ relating to disclosures under Corporate Governance.
6) There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016, during the
year.
7) There is no one-time settlement with the banks or financial institutions made during the year.
8) The Company has ensured compliance under SEBI (Prohibition of Insider Trading) Regulations, 2015.
Annexure-D
Business Responsibility and Sustainability Report (BRSR)

The SEBI circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562 has stated that with effect from the financial year 2022-2023, filing
of BRSR shall be mandatory for the top 1,000 listed companies (by market capitalization) and shall replace the existing BRR.
The BRSR seeks disclosures from listed entities on their performance against the nine principles of the ‘National Guidelines
on Responsible Business Conduct’ (NGBRCs) and reporting under each principle is divided into essential and leadership
indicators. The essential indicators are required to be reported on a mandatory basis while the reporting of leadership indicators
is on a voluntary basis.
Section A - General Disclosures
I. Details of the listed entity
Corporate Identity number: L35100TN2008PLC069496
Name of the Listed Entity: Tube Investments of India Limited
Year of incorporation: 2008
Registered office address: Dare House, 234 N S C Bose Road, Chennai – 600001
Corporate address: Dare House, 234 N S C Bose Road, Chennai – 600001
E-mail: investorservices@tii.murugappa.com
Telephone: 044 42177770-5
Website: www.tiindia.com
Financial year for which reporting is being done: 1st April 2022 to 31st March 2023
National Stock Exchange of India Ltd.
Name of the Stock Exchange(s) where shares are listed:
BSE Ltd.
Paid-up Capital: `19.31 Crores
Name and contact details (telephone, email address) of Ramanujam Rajagopalan
the person who may be contacted in case of any queries Phone: 044-42286730
on the BRSR report: Email: ramanujamr@tii.murugappa.com
The reporting boundary covers all the manufacturing plants
Reporting boundary: of the Company in India for the period from 1st April 2022 to
31st March 2023
II. Products/services
14. Details of business activities (accounting for 90% of the turnover):
S. No. Description of Main Activity Description of Business Activity % of Turnover of the entity
i Steel Strips & Tubes A leading supplier of precision tubes, including 63%
Electric Resistance Welded (ERW) and Cold
Drawn Welded (CDW), to major automobile
and non-automotive sectors in India and
internationally. The Company is the leading
name in CDW tubes for the automotive and
non-automotive sectors in India.
ii. Metal Formed Products A pioneer and market leader in precision sheet 20%
metal formed components with added value.
Chains for Auto sector, Fine blanked products,
Car door frames, Window and Guide channels,
Impact beams and Yokes for various types of
motor casings.
iii. Cycles and Accessories Leading industry player in bicycle industry 11%
with a range of products in standards cycles,
specials cycles, fitness equipment and
accessories
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S. No. Product/Service NIC Code % of total Turnover contributed
i Steel Strips & Tubes NIC Code: 2431 63%
ii Metal Formed Products NIC Code: 2511 20%
iii. Cycles and Accessories NIC Code: 3092 11%
III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total
National 25* 76 101
International 0 1 1
*including satellite units
17. Markets served by the entity:
The Company predominantly serves the Indian market. The Company also has sizable export of bicycles, tubes and
industrial chains to other countries in Asia, Europe and the Americas.
a. Number of locations
Locations Number
National (No. of states) 17
International (No. of countries) 20
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Exports contribute around 13% of the total turnover of the entity.
c. A brief on types of customers:
The entity has B2B and B2C customers. In the B2B category, the entity supplies to auto and industrial OEM’s. In the
B2C category, the entity supplies to dealers, sub-dealers and retailers.
IV. Employees
18. Details as at the end of Financial Year:
a. Employees (including differently abled):
Male Female
S.No. Particulars Total (A)
No. (B) % (B/A) No. (C) % (C/A)
Employees
1 Permanent (MS/SS) 1512 1420 94% 92 6%
2 Workers (NMS/SGS) 1526 1525 100% 1 0%
b. Differently abled Employees:
Male Female
S.No. Particulars Total (A)
No. (B) % (B/A) No. (C) % (C/A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (MS/SS)
-
2. Workers (NMS/SGS)
19. Participation/Inclusion/Representation of women
No. and percentage of Females
Category Total (A)
No. (B) % (B/A)
Board of Directors 8 1 12.5%
Key Management Personnel 6 0 0
20. Turnover rate for permanent employees

Turnover rate in Turnover rate in Turnover rate in the year
FY 2022-23 previous FY prior to the previous FY
Male Female Total Male Female Total Male Female Total
Permanent Employees
15% 12% 15% 15% 16% 15% 10% 9% 10%
(MS/SS)
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. (a) Names of holding / subsidiary / associate companies / joint ventures
% of Does the entity indicated
Indicate whether it is
shares at column A, participate in
S. Name of the holding / subsidiary / a holding / Subsidiary
held by the Business Responsibility
No. associate companies / joint ventures / Associate / or Joint
listed initiatives of the listed
Venture
entity entity? (Yes/No)
1 Shanthi Gears Limited Subsidiary 70.47% Yes
2 Financiere C10 Subsidiary 100.00% No
3 Great Cycles Private Limited Subsidiary 80.00% No
4 Creative Cycles Private Limited Subsidiary 80.00% No
5 CG Power and Industrial Solutions Limited Subsidiary 58.05% No
6 Aerostrovilos Energy Private Limited Associate 27.78% No
7 TI Clean Mobility Private Limited Subsidiary 99.99% Yes
8 Moshine Electronics Private Limited Subsidiary 76.00% No
9 X2Fuels and Energy Private Limited Joint Venture 50.00% Yes
VI. CSR Details
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
(ii) Turnover (in `): 6791.61 Crores
(iii) Net worth (in `): 3292.47 Crores
VI. Transparency and Disclosures Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:
Stakeholder Grievance Redressal Mechanism in FY 2022-23 FY 2021-22
group from whom Place (Yes/No) (If Yes, then provide Current Financial Year Previous Financial Year
complaint is web-link for grievance redress policy) Number of Number of Number of Number of
received complaints complaints complaints complaints
filed during pending filed during pending
the year resolution at the year resolution at
close of the year close of the year
Communities Yes 0 0 0 0
https://tiindia.com/business-responsibility-policy/
Investors (other than Yes 0 0 0 0
shareholders) https://tiindia.com/business-responsibility-policy/
Shareholders Yes 6 0 4 0
Stakeholder Grievance Redressal Mechanism in FY 2022-23 FY 2021-22

group from whom Place (Yes/No) (If Yes, then provide Current Financial Year Previous Financial Year
complaint is web-link for grievance redress policy) Number of Number of Number of Number of
received complaints complaints complaints complaints
filed during pending filed during pending
the year resolution at the year resolution at
close of the year close of the year
Employees and Yes 0 0 0 0
workers The company has in place a policy for
prevention of sexual harassment in line
with the requirements of the Sexual
Harassment of Women at the Workplace
(Prevention, Prohibition and Redressal)
Act, 2013 (POSH Act). Apart from this,
the Company conducts Communication
meetings, Daily Shift Assembly
meetings, POSH meetings, Monthly
Communication Meeting and Union
Meetings at regular intervals. Further,
grievance redressal is acknowledged
through respective manager / HR and
direct discussion with HR head.
Customers Yes 0 0 0 0
Value Chain Partners Yes 0 0 0 0
24. Overview of the entity’s material responsible business conduct issues Please indicate material responsible
business conduct and sustainability issues pertaining to environmental and social matters that present a risk or
an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-
with its financial implications, as per the following format:
Financial
Indicate
implications of the
whether
S. Material issue Rationale for identifying the risk / In case of risk, approach to adapt or risk or opportunity
risk or
No. identified opportunity mitigate (Indicate positive
opportunity
or negative
(R/O)
implications)
1 Climate Risk and With the increasing awareness and concern TII has adopted a clear road map to reduce Negative
Change Action Opportunity about Climate across our key stakeholder its Green House Gas (GHG) footprint in its
groups like investors, customers, local aim to reduce 40% GHG emission by 2030
communities, and employees, it becomes
imperative that we treat this global risk as a
company risk and turn it into an opportunity.
2 Water Risk We are conscious that fresh water is a scarce Rainwater harvesting mechanisms have Negative
Management resource and that we have a duty to our been constructed across our business
social and ecological ecosystems to ensure units in order to recharge ground water,
adequate availability of fresh and clean water while effluent treatment plants (ETPs) at
including its conservation. our plants treat waste water and reuse it in
the manufacturing processes. In a move to
reduce fresh water consumption, we plan to
upgrade existing ETPs at all business units
to zero liquid discharge and estimate this will
result in savings of 150 KL per day. We are
also considering introducing processes that
will minimize the use of water in and reduce
water consumption.
Financial
Indicate
implications of the
whether
risk or
opportunity
or negative
(R/O)
implications)
3 Waste Risk and Our approach to waste management at TII Waste at all of our units is segregated as Negative
Management Opportunity reflects the principles of a circular economy, hazardous and non-hazardous and disposed
namely Reduce, Reuse and Recycle. We in appropriate ways, while adhering to the
operate to zero defect standard in our applicable safety norms and regulations for
manufactured products in order to minimize each type of waste. Going forward, we are
the generation of waste and maximize its committed to reducing landfill wastes from TII
reuse and recycling after the completion of operations.
manufacturing processes
4 Product Opportunity TII believes in producing and providing the Positive
Stewardship best to its customers. At TII, we strive to
maintain our brand reputation and produce
products that ensure customer and end user
safety
5 Responsible Risk and We understand that a responsible supply Presently, we are looking into formulating a Positive
Supply Chain Opportunity chain is paramount to a business’ survival. sustainable supply chain program to assess
More importantly, in today’s world, it extends social and environmental practices of our
to protecting our partners in value chain. It suppliers. We generate local employment
is our responsibility to build responsible by engaging with local suppliers and service
supply chains, towards which we engage providers and actively develop and manage
with our supply partners to adopt and local supply chains around our manufacturing
implement practices that align with our ESG sites.
requirements and policies.
6 Occupational Risk Employees are the backbone of our Our Safety policies (EHS) are instrumental Negative
Health and organisation. We emphasize and safeguard in ensuring our employee performance.
Safety the health and safety of our employees. We We work to promote a ‘Zero incident work
are constantly working towards ensuring total culture’ and provide health and safety training
adherence to the Company’s safety, health, to all our employees on how to maintain
and environmental policy. safety in the workplace environment.
7 Employee Opportunity We continuously ensure the physical, mental, Positive
Wellbeing emotional and financial well-being through
various employee welfare initiatives.
8 Human Rights Risk One of the core values that acts as an anchor Our Company’s Code of Conduct covers our Negative
for TII is respect for individual rights and non- respect for Human Rights and encompasses
tolerance of discrimination. Our commitment both our internal as well as external
to fair and dignified treatment of those we stakeholders and extends to subsidiaries
engage-with draws from the Five Guiding as well. The Company also encourages
Lights of the Murugappa Group. suppliers, contractors and others to follow the
values enshrined in our founding philosophy.
We also follow ‘Zero non-compliance to
human rights.
9 Social Opportunity Social Responsibility is enshrined in our Positive
Responsibility founding philosophy. We recognize the rights
and Equitability of communities around our operations and
uphold these in the various social initiatives
through which we engage with them.
10 Customer Opportunity Customer centricity will remain a key driver Positive
Centricity of our growth initiatives and we will continue
to align all our operations with internationally
established standards to address dynamic
customer needs and deliver zero deficit
products
11 Economic Opportunity TII continuously strives to improve its
Performance economic performance and create value to
its stakeholders
Financial
Indicate
implications of the
whether
risk or
opportunity
or negative
(R/O)
implications)
12 Confidentiality Risk TII continuously emphasizes the need Demonstrating our respect for people’s Negative
to protect its stakeholders’ privacy and privacy, TII’s Mobile Privacy Policy discloses
customers’ business plans. TII has identified how personal data is collected from
IT/cyber security as a risk associated with customers/stakeholders on our proprietary
their business as these can pose a threat to mobile app ROTOGRO, as well as how it is
the confidentiality and integrity of TII’s data. used, shared and protected. We also make it
public that we use data collection devices like
cookies on certain pages of the application
to help analyse the flow of the app, measure
promotional effectiveness and promote trust
and safety. The policy covers customer
rights, such as the choice to opt out of
Google Analytics for Display Advertising
and customize Google Display network
advertisements using the Ads Preferences
Manager.
13 Compliance Risk and An uninterrupted adherence to applicable TII relentlessly strives to ensure zero Negative
Opportunity regulations and monitoring of upcoming noncompliance towards regulatory
regulations is crucial in the sustenance of TII. requirements and also uses various digital
tools to ensure and track regulatory
compliance and changes thereto.
88
Section B: Management and process disclosures

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1. a. Whether your entity’s policy/ Yes Yes Yes Yes Yes Yes Yes Yes Yes
policies cover each principle
and its core elements of the
NGRBCs. (Yes/No)
b. Has the policy been approved Yes Yes Yes Yes Yes Yes Yes Yes Yes
by the Board? (Yes/No)
c. Web Link of the Policies, if https://tiindia.com/business-responsibility-policy/
available
2. Whether the entity has translated Yes Yes Yes Yes Yes Yes Yes Yes Yes
the policy into procedures. (Yes /
No)
|
3. Do the enlisted policies extend to No

your value chain partners? (Yes/
No)
4. Name of the national and ISO 9001, ISO 14001, OHSAS 45001 and Company’s Environment, Health and Safety (EHS) Guidelines
international codes/ certifications/
labels/ standards (e.g. Forest
Stewardship Council, Fairtrade,
Rainforest Alliance, Trustea)
standards (e.g. SA 8000, OHSAS,
ISO, BIS) adopted by your entity
and mapped to each principle.

5. Specific commitments, goals 100% suppliers Encourage employees Zero non- Reduce Greenhouse Gas (GHG) Achieve 10% Achieve &
and targets set by the entity with to be assessed to participate in 10K compliance Emission to 40% by increasing gender balance sustain 85%
defined timelines, if any. on supplier Challenge by 2025 to human Renewable energy share by the by 2025 + customer
code of conduct Improve employee rights year 2030 Implement high satisfaction rate
by 2030 volunteering by 5% Year principles Reducing 10% of energy intensity impact CSR by 2030
on Year and policies by 2030 (kWh/ ton of product) programs at
To achieve 100% increase Intend to reduce waste generation grass roots
in training & development based on 3R principles (Reduce, in the areas
to all employees from the Reuse & Recycle) by 2030 of Education,
baseline by 2025 Reducing 20% of water intensity Health and
Sustain 100% operations by 2030 Community
of TI compliance towards Achieve Zero liquid discharge by Development
OHSAS certification (Either 2030
ISO 18001 / 45001) and
ensuring “Zero Incident
work culture”
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
6. Performance of the entity against The Company Achieved 51% Achieved 14% reduction in CO2 Achieved 6% The Company
the specific commitments, goals is in the process Improvement in training emission (baseline 2020-21 data) female to male regularly
and targets along-with reasons in of formulating its man-days year on year. employee ratio conducts
case the same are not met. Supplier Code Achieved 3% reduction in energy satisfaction
of Conduct Over 90% of TI operation use intensity survey, intend
has achieved ISO 45001 to enhance
certification Achieved 19% reduction in waste
generation intensity by including
multiple
Achieved 19% reduction in water dimensions
use intensity in the survey
Achieved zero liquid discharge process
across operation
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and achievements:
8. Details of the highest authority 1. DIN (if applicable) 09364667
responsible for implementation 2. Name Mr. Mukesh Ahuja
and oversight of the Business 3. Designation: Managing Director
Responsibility policy (ies). 4. Telephone number: 044 42177770-5
5. E-mail id: MukeshAhuja@tii.murugappa.com
9. Does the entity have a specified
Committee of the Board/ Director
responsible for decision making No
on sustainability related issues?
(Yes / No). If yes, provide details.
10. Details of Review of NGRBCs by the Company:
Indicate whether review was undertaken by Frequency (Annually/ Half-yearly/ Quarterly /
Director/ Committee of the Board/ Any other Committee Any other – please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies and follow
Board Committee Annually
up action
Compliance with statutory requirements of
relevance to the principles, and rectification of Internal Steering Committee Monthly and Quarterly
any non-compliances
89
11. Has the entity carried out independent assessment/ evaluation of the working of its policies by an external
agency? (Yes/No). If yes, provide name of the agency.
No
The Company has in place an internal task force which evaluates the working of this policy.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the Principles material to its business
(Yes/No)
The entity is not at a stage where it is in a position to formulate and
implement the policies on specified principles (Yes/No)
The entity does not have the financial or/human and technical TII has policies covering every BRSR principle
resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)
Any other reason (please specify)
Principle wise Disclosures
Principle 1: Businesses should conduct and govern themselves with integrity in a manner that is Ethical, Transparent and
Accountable
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the BRSR Principles during the financial
year:
Total number % age of persons
of training and in respective
Topics/ principles covered
Segment awareness category covered
under the training and its impact
programmes by the awareness
held programmes
Board of Directors The Board is updated on ESG/BRSR development at regular intervals
Key Managerial Business Ethics, Bribery & Corruption, Gifts and
2 100%
Personnel Entertainment policy, Conflict of Interest, etc.,
Employees of the Company undergo various training
programmes throughout the year. New joinees are trained
on a series of programmes as a part of induction program.
Employees other Various trainings were undertaken during the year such
than BoD and 60 as Prevention of Sexual Harassment at the Workplace 75.5%
KMPs (Principle 5), Policy on Conduct and Vision Mission on Five
Lights of Murugappa.
There are programs to orient employees to various
policies, processes and ways of working.
2.
Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by
the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial
year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in
Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the
entity’s website):
Monetary
Name of the Has an appeal
Amount Brief of the
NGRBC Principle regulatory been preferred?
(in INR) case
enforcement (Yes/No)
Penalty/Fine
Settlement Nil
Compounding Fee
Non-Monetary
Name of the regulatory/
Has an appeal been preferred?
enforcement agencies/ Brief of the Case
(Yes/No)
judicial institutions
Imprisonment
Nil
Punishment
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary
or non-monetary action has been appealed.
There were no fines or penalties being imposed during FY22.
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions

Nil
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
The Company’s governance policies are based on upholding ethics, being transparent with stakeholders, providing proper

and timely disclosure, etc. All of the Group’s entities have similar policies in place. All stakeholders of the Company –
internal as well as external are expected to work within the framework of the aforesaid policies/principles. The Company’s
commitment to ethical and lawful business conduct is a fundamental shared value of the Board of Directors, the Senior
Management and all other employees of the Company. It encourages the stakeholders of the entity to take positive
actions, which not only are commensurate with the Company’s values and beliefs but are also perceived to be so.
Further, the Code of Conduct is applicable to the Directors and Senior Management personnel which includes executives
who are in the grade of General Manager and above; all executives directly reporting to the Chief Executive and Company
Secretary. The Code of Conduct embodies the belief that acting always with the Company’s legitimate interest in mind
and being aware of the Company’s responsibility towards its stakeholders is an essential element of the Company’s long-
term excellence. In the selection of its vendors and contractors, the Company ensures to identify and deal with those who
can maintain and follow ethical standards. The Company further on a regular basis endeavour to reiterate awareness and
impart training on these values to its employees. The relevant stakeholders of the Company are also made aware through
different engagement channel of the said values from time to time.
5.
Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:
FY 2021-22 FY 2022-23
Directors
KMPs
Nil Nil
Employees
Workers
6. Details of complaints with regard to conflict of interest:
Total number of complaints received in
FY 2021-22 FY 2022-23
relation to issues of conflict of interest
Number of complaints received in relation to
Nil Nil
issues of Conflict of Interest of the Directors
Number of complaints received in relation to
Nil Nil
issues of Conflict of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by
regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
There were no complaints received during FY22-23 therefore no corrective action plan has been undertaken.
Leadership Indicators:
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
Total number Topics/principles covered under the training %age of value chain partners covered (by
of awareness value of business done with each partner)
programmes held under the awareness programmes
FY 2022-23 Safety, Workplace ethics and discipline. The 90% of the major value chain partners
company has engaged with its value chain engaged in facility management are
partners to conduct these awareness programs covered
covering all our manufacturing locations
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board?
(Yes/No) If Yes, provide details of the same.
Yes. The Code of Conduct specifies avoidance of conflict of interest. However, this is only a guiding principle and in case
of any potential conflict, it will be disclosed, and necessary action will be considered by the Board and the management.
Further, the Board of Directors provide necessary disclosures about entities/firms in which they and/or their relatives are
interested. Any transactions with these entities/firms gets prior approval of the Audit Committee or the Board as part of
Related Party Transactions. If a Director is interested, she or he does not participate in the discussion in which this item
is considered.
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
1.
Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively
FY 2022-23 FY 2021-22 Details of improvements in environmental and social impacts
R&D - - 1. Conversion of Liquid fuel at Tube Products of India and TI Cycles
Capex 127.72 Lakhs 59.15 Lac 2. LED Lights for Tube Products of India and Metal Formed Products
(0.64%) (0.44%) Division
3. Evaporator, ATFD for waste-water to achieve Zero liquid discharge at
Avadi location
4. ETP improvement at Tube Products of India, Metal Formed Products
Division & TI Cycles
5. Improvement in Rain-water harvesting system at Tube Products of
India and Metal Formed Products Division
6. Energy efficient EC motor implementation for AHUs
7. Replacing LPG burners in canteen by Induction cook stoves – In
progress
8. Roof-top solar power generation – In progress
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) If yes, what percentage of
inputs were sourced sustainably?
Yes, TII always advocates for sustainable supply chain. Vendors/service providers are encouraged to follow
management practises outlined in international standards such as ISO 9001 and ISO 14001. In the future, the
company plans to create a sustainable supply chain programme that will formalise environmental and social
assessments for suppliers.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end
of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
We have environmental management system where we have operational control procedures to generate, handle, store
and disposal of wastes like plastics, E waste, hazardous wastes and other wastes. Reclamation of product is not
applicable due to the nature of business.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution
Control Boards? If not, provide steps taken to address the same.
EPR is now required for all plastic packaging materials used in businesses. As a result, the organisation is in the process
of and registering for the EPR. The SOP’s for recycling plastic waste is under development and it will be established
across all operations after the registration process
Leadership Indicators
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
TII manufactures products based on OEM specifications, we are in the process of shortlisting few products aligning
business demands. TII intends to evaluate the life cycle impact of those products in the near future.
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of
your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other
means, briefly describe the same along-with action taken to mitigate the same:
TII intends to evaluate the life cycle impact of products in future. Hence, this is not applicable at the moment.
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
Indicate input material Recycled or re-used input material to total material
FY 2022-23 FY 2021-22
Steel (TPI) 10% 10%
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed, as per the following format
Reclamation of product is not applicable due to the nature of business.
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category:
Reclamation of product is not applicable due to the nature of business.
Principle 3: Businesses should respect and promote the well-being of all employees, including those in their value chains
1. a. Details of measures for the well-being of employees:
% of employees covered by
Accident Maternity Day Care
Category Total Health insurance Paternity benefits
insurance benefits facilities
(A)
No. (B) % (B/A) No. (C) % (C/A) No. (D) % (D/A) No. (E) % (E/A) No. (F) % (F/A)
Permanent Employees (MS, SS, NMS & SGS)
Male 2945 2945 100% 2945 100% 0 0% 1420 48%
Female 93 93 100% 93 100% 93 100% 0 0% Nil
Total 3038 3038 100% 3038 100% 93 3.06% 1420 47%
2. Details of retirement benefits, for Current FY.

FY 22-23 FY 21-22
No. of employees No. of employees
Deducted and deposited with Deducted and deposited with
Benefits covered as a % of covered as a % of
the authority (Y/N/NA) the authority (Y/N/NA)
total employees total employees
PF 70% Y 69.98% Y
NA NA
The Company does not deposit The Company does not deposit
Gratuity 52.18% it with authority but has opted 56.16% it with authority but has opted
for a Gratuity Scheme with Life for a Gratuity Scheme with Life
Insurance Corporation of India Insurance Corporation of India
ESI 18.96% Y 24.87% Y
3. Accessibility of workplaces: Are the premises / offices of the entity accessible to differently abled employees
and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any
steps are being taken by the entity in this regard.
Yes, the venues where the Company conducts business are accessible to those with disabilities. Elevators, ramps, and

other infrastructure are present in corporate office buildings and manufacturing facilities to accommodate people with
diverse abilities. In all significant sites, occupational health centres have wheelchairs available.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
Yes. We have implemented equal opportunity policy across all our operating facilities in accordance with the Rights

of Persons with Disabilities Act, 2016. The policy is available to all our employees through the company portal.
https://tiindia.com/wp-content/uploads/2023/07/Policy-for-equal-employment-opportunity.pdf
5. Return to work and Retention rates of permanent employees that took parental leave.
Permanent Employees
Gender Total number of Total Number of Return to Total Number of people Total number of Retention
people returned people who took work rate retained for 12 months people returned rate (C/D)
after parental parental leave in (A/B) after returning from from parental leave
leave in FY22 (A) FY22 (B) parental leave (C) in prior FY (D)
Male 28 28 100% 28 28 100%
Female 0 0 0 0 0 0
Total 28 28 100% 28 28 100%
6. Is there a mechanism available to receive and redress grievances for the following categories of employees? If
yes, give details of the mechanism in brief.
Yes/No (If Yes, then give details of the mechanism in brief)
Permanent Employees The Company has in place the Whistle Blower policy and Welfare Committee
that takes care of employee grievances. It also conducts POSH Meetings and
Monthly Communication Meeting and Monthly Union Meetings, Canteen / Works
/ Safety Committee meetings. Dedicated channels for raising such grievances
have been put in place and communicated to all the concerned stakeholders for
smooth and direct communication.
Other than Permanent Employees All non-permanent employees who work in TII manufacturing locations are
covered as part of TII’s policy frameworks. We have dedicated channels to
capture the grievances of non-permanent employee (if any).
7. Membership of employees in association(s) or Unions recognised by the listed entity:
FY 2022-23 FY 2021-22
Total No. of employees / No. of employees /
Total employees
Category employees workers in respective workers in respective
/ workers in
/ workers in category, who are part % (B / A) category, who are part % (B / A)
respective
respective of association(s) or of association(s) or
category (A)
category (A) Union (B) Union (B)
Total Permanent
Employees
Nil
- Male
- Female
Total Permanent Workers 1526 1331 88% 1531 1370 89%
- Male 1525 1331 88% 1531 1370 89%
- Female 1 0 0 0 0 0
8. Details of training given to employees:
FY 2022-23 FY 2021-22
On Health and On Skill On Health and On Skill
Category
Total (A) safety measures upgradation Total (A) safety measures upgradation
No. (B) % (B/A) No. (C) % (C/A) No. (B) % (B/A) No. (C) % (C/A)
Employees
Male 1420 384 27% 1136 80% 1497 129 9% 1225 82%
Female 92 33 36% 73 79% 84 11 13% 59 70%
Total 1512 417 28% 1209 80% 1581 140 8.86% 1284 81%
Workers
Male 1525 1186 77% 738 48% 1531 1287 84% 703 46%
Female 1 0 0 0 0 0 0 0 0 0
Total 1526 1186 78% 738 48% 1531 1287 84% 703 46%
9. Details of performance and career development reviews of employees:
FY 2022-23 FY 2021-22
Category
Total (A) No. (B) % (B/A) Total (A) No. (B) % (B/A)
Employees
Male 1420 1358 96% 1497 1294 86%
Female 92 79 86% 84 72 86%
Total 1512 1437 95% 1581 1366 86%
Workers*
Male
Female –
Total
Note: *Performance and Career Development reviews are not applicable as per Wage Settlement
10. Health and Safety Management System
a. Whether an occupational health and safety management system has been implemented by the entity?
(Yes/ No). If yes, the coverage such system?
Yes, Occupational health & safety management system has been implemented in all major plant locations. 90% of

our employees are covered under the OH&S management system. All the major plants are certified for ISO 45001
(Occupational health & Safety standards) and ISO 14001 (Environmental Management standards).
Management Total plant

Certified Planned certification by Q3’23 Remarks
standards locations
ISO 14001 22 16 1 3 new units certification
will applied for in
ISO 45001 22 14 3
phased manner
b.
What are the processes used to identify work-related hazards and assess risks on a routine and
non-routine basis by the entity?
For identifying work related hazards and assess risks, on a routine basis safety patrol / walk through audits are

conducted. Apart from this, the following actions are taken:
a) Hazard identification and risk assessment is being carried out for identifying potential hazards/risks. Risk
reduction programs are taken up for elimination/minimizing risks.
b) Safety audits are also being planned and conducted for identifying potential hazards / risks.
c) EHS committee meetings are conducted with equal participation from workmen, management & contractors
for addressing safety hazards & risks.
d) Safety critical installations such as limit switches, sensors etc., are covered under PM checklist and their
working conditions are ensured.
e) Apart from internal safety audits, annual safety audit through external experts are also planned for all plant
locations from this year onwards.
f) Work permit system to ensure safety during hazardous and non-routine activities.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves
from such risks. (Y/N)
Yes, workers’ participation to report work related hazards are covered as part of Safety Committee meetings.

Reporting of unsafe conditions & acts are also piloted in one plant through a mobile app. Going forward this is
planned to be horizontally deployed in other locations.
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services?
(Yes/ No)
Yes. The employees / workers have access to non-occupational medical and health care services. For smaller
issues/concerns they get treated at factory occupational health centres. For other issues, on a need basis they are
referred to hospitals and get covered under medical insurance.
11. Details of safety related incidents, in the following format:
FY 2022-23 FY 2021-22
Safety Incident/Number Category Current Financial Previous Financial
Year Year
Lost Time Injury Frequency Rate (LTIFR)
All categories of employees 0.0229 0.0245
(per one million-person hours worked)
Total recordable work-related injuries All categories of employees 15 14 (Including fatal)
No. of fatalities All categories of employees 0 1
High consequence work-related injury
All categories of employees 15 13
or ill-health (excluding fatalities)
12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
For ensuring a safe and healthy workplace, the following actions are being taken,
1) For preventing re-occurrence of same phenomenon, each accident is being analysed, root causes are identified,
and corrective measures are taken.
2) As a proactive approach, for eliminating potential hazards & risks the following actions are being taken:
a) Leadership reviews on Safety performance.
b) Safety patrol / walkthroughs / Tool box talks.
c) Safety audit (Internal & External experts)
d) Process-wise hazard identification & risk assessment.
e) Leadership cross plant safety audit (under progress).
f) Safety training to all categories of employees including safety induction.
g) Incident alerts (Safety flash reports covering internal / external incidents)
h) Fire drills & mock drills for emergency preparedness and handling.
i) Health camps & medical check-ups.
j) Consequence management for safety.
k) LOTO system for electrical safety
l) Work permit system,
m) Safety checks & testing on material handling equipment, pressure vessels, earth pits, Power presses for
ensuring safe operation.
n) Acoustic enclosures for identified high noise equipment (presses).
o) Two hand control switch for manual operation.
13. Number of Complaints on the following made by employees:

FY 2022-23 FY 2021-22
Filed during Pending Remarks Filed Pending Remarks
the year resolution at during resolution at the
the end of year the year end of year
Currently, TII is in the
Working
53 1 process of resolving the 60 0
Conditions
pending complaints
Health & Safety 90 0 65 1
14. Assessments for the year:
% of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Health and safety practices 100%
Working Conditions 100%
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.

Corrective actions completed:
1) Double earthing provided for propane yard unloading station.
2) Emergency shut off valve provided for Propane storage tank.
3) UPVC sheets replaced at pickling section.
4) Secondary containment provided for HSD tank
5) Portable cylinder handling trolleys provided for safe movement.
6) ELCB provided at welding points.
7) Acid blower replaced for preventing build-up of fumes in working area.
8) LPG leak detection system provided in manifold area.
9) Dust collectors installed to prevent grinding dust.
10) Safety sensor with interlock provided for quench tank lid.
11) Additional turbo ventilators provided for improving air circulation.
1. Does the entity extend any life insurance or any compensatory package in the event of death of
(A) Employees (Y/N):
Yes, the Company extends life insurance/compensatory package in the event of death of its employees
(B) Other than Permanent Employees (Y/N):
Yes, the Company extends life insurance/compensatory package in the event of death of its other than permanent

employees
2.
Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and
deposited by the value chain partners.
This is not applicable at the moment
3.
Provide the number of employees /having suffered high consequence work related injury / ill-health / fatalities (as
reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment
or whose family members have been placed in suitable employment:
Total no. of affected employees/ workers No. of employees/workers that are rehabilitated and
placed in suitable employment or whose family members
have been placed in suitable employment
FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22
Employees 0 0 0 0
Workers 1 1 1 0
4.
Does the entity provide transition assistance programs to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment? (Yes/ No):
No. TII does not provide transition assistance programs to facilitate continued employability and the management of

career endings resulting from retirement or termination of employment.
5.
Details on assessment of value chain partners:
% of value chain partners (by value of business done
with such partners) that were assessed
Health and safety practices
Nil
Working Conditions
6.
Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from assessments of health and safety practices and working conditions of value chain partners.
Nil

Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
At TII, stakeholders’ inputs and feedback are given high importance and is considered in the formulation of business

strategy and in our practices. We engage with stakeholders to uncover the economic, environmental and social issues
that are material to them and employ various formal and informal channels to do so. These include digital and social
media channels, internal learning and development delivery platforms, statutory reports and presentations, Corporate
Social Responsibility (CSR) initiatives, dealer conferences etc.
The Company considers its employees, business associates, suppliers, dealers, customers, shareholders/investors and

communities surrounding its operations and regulatory authorities who have the potential to impact the Organisation, as
its key stakeholders.
2.
List stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group.
Stakeholder Whether identified Channels of communication (Email, Frequency of Purpose and scope of engagement including
Group as Vulnerable SMS, Newspaper, Pamphlets, engagement (Annually/ key topics and concerns raised during such
& Marginalized Advertisement, Community Meetings, Half yearly/ Quarterly / engagement
Group (Yes/No) Notice Board, Website), Other others – please specify)
Customers No Digital platforms and social media Retail Regular • High standards of product quality and service
outlets Customer satisfaction survey delivery
• Consistent improvement in customer
satisfaction
Local No Corporate Social Responsibility initiatives Regular • Improved access to healthcare, education
communities • Skill development and livelihood opportunities
• Disaster management and relief
• Community development
• Environmental preservation
NGO partners No Corporate Social Responsibility initiatives Regular • Improved access to healthcare, education
• Skill development and livelihood opportunities
• Disaster management and relief
• Community development
• Environmental preservation
Investors No Investor calls/ presentations Press Regular • Financial performance

releases and publications Statutory • Business updates
reports Annual General Meeting Stock
Exchange announcements • Growth plans and product pipeline
• Sustainability performance
Regulators No Mandatory compliance reports Regular • Statutory compliance requirements;

governance, social, environmental
Employees No Internal communication platforms Regular • High Performance Work Culture

Digital learning platforms and career • Talent development and retention
progression programs engagement
initiatives Talent Management Engine • Fulfilment of Company’s vision, mission and
achieving sustainability objectives
• Professional capacity building
• Cordial industrial relation
• Occupational health and safety and safe
working environment
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
The Company leverages various formal as well as informal channels communication to engage its stakeholders with
the Board. These encompass digital means as well as Corporate Social Responsibility (CSR) initiatives, statutory report,
learning and development platforms and events for internal communications. Other significant topics are communicated
to the Board at regular intervals through various channels.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on
these topics were incorporated into policies and activities of the entity.
Yes. Stakeholder Consultation plays a pivotal role in arriving at the material issues for Tube Investments. Each of the
stakeholder group bring a different perspective on materiality and the Company has developed the strategy basis
stakeholder priorities. Further, action plan and roadmap have been set in place to fulfil the requirements of expectations
of stakeholders.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalized stakeholder groups.
The Company recognizes its responsibility and identifies underprivileged communities around its business locations
as disadvantaged, vulnerable and marginalized stakeholders and continuously engages with all such stakeholders
identifying, prioritising and serving their needs accordingly. The systems and processes are in place for understanding
their concerns and engaging with them which are reviewed from time to time. In its holistic approach towards
serving the underprivileged and disadvantaged sections of the community, the Company is focused on Education,
Infrastructure, Healthcare, Community development and related areas. The Company is involved in projects like
community development, infrastructure support in the local areas around the factories. The Company on a periodical
basis undertakes dedicated activities as a part of its CSR initiatives for the disadvantaged, vulnerable and marginalized
stakeholders in and around the Company’s factories/ plants. Education, sports and health aids are provided to schools
in rural/under-developed areas. Through the Company’s Group trust, it has established hospitals, schools, colleges
such as Sir Ramaswamy Mudaliar Higher Secondary school, AMM school, TI Matriculation Higher Secondary school,
Murugappa Polytechnic college, etc. Vellayan Chettiar Higher Secondary school caters to 2200+ students providing
English and Tamil Medium education. Due to pandemic, online classes were conducted for the students throughout
the year. The Company through AMM Foundation has established AMMC Centenary scholarship that provides full fee
scholarships to poor, meritorious students who are pursuing Professional/ Arts and Science courses. Trainings like soft
skills were imparted to the scholars. Some of them have cleared the TNPSC Group–II and IV exams. Sir Ivan Stedford
Hospital serves the community in and around Ambattur, Chennai by rendering excellent medical care facilities at free
of cost or a nominal charge for special facilities to the community. The Company also pursues other local community
assistance programmes in and around its plants and office locations.
The Company in the recent times has taken initiatives of providing infrastructure support to Government schools in
the form of smart digital learning tools, refurbishing classrooms to upgrade the facilities available to students, worked
with local authorities for conservation of water bodies, engaged with premier educational institutes like IIT Madras for
dedicated social projects, and projects in partnership with organizations dealing with differently abled children.
Principle 5: Businesses should respect and promote human rights

1. Employees who have been provided training on human rights issues and policy(ies) of the entity, in the following
format:
FY 2022-23 FY 2021-22
Category No. of employees / No. of employees /
Total (A) % (B / A) Total (A) % (B / A)
workers covered (B) workers covered (B)
Employees
Permanent
1512 1141 75.5% 1581 920 58.2%
(MS/SS)
Workers
Permanent
1526 1186 77% 1610 1287 84%
(NMS)
Others - - - - - -
2. Details of minimum wages paid to employees, in the following format:
FY 2022-23 FY 2021-22
Equal to More than Equal to More than
Category Total (A) Total (A)
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
No. (B) % (B / A) No. (C) % (C / A) No. (B) % (B / A) No. (C) % (C / A)
Employees
Permanent 1512 0 0% 1512 100% 1581 0 0 1497 100%
Male 1420 0 0% 1420 100% 1497 0 0 1413 100%
Female 92 0 0% 92 100% 84 0 0 84 100%
Workers
Permanent 1526 0 0% 1526 100% 1531 0 0 1531 100%
Male 1525 0 0% 1525 100% 1531 0 0 1531 100%
Female 1 0 0 1 100% 0 0 0 0 0
3. Details of remuneration/salary/wages, in the following format:
Male Female
Median remuneration/ Median remuneration/
Number salary/ wages of respective Number salary/ wages of respective
category (in INR) category (in INR)
Board of Directors (BoD) 7 ` 1.31 Cr. 1 ` 0.09 Cr.
Key Managerial Personnel 6 ` 2.41 Cr. 0 -
Employees other than BoD
1420 ` 0.08 Cr. 92 ` 0.08 Cr.
and KMP
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
Yes, the Internal Complaints Committee (w.r.t POSH) and the human resources departments are responsible for
addressing human rights impacts or issues caused or contributed to by the business.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
An MIS on customer complaints is circulated to the customer grievance redressal committee ("the committee").
The Company has a POSH policy in place that acts as a blanket in addressing grievances related to human rights
issues.
Further, TII’s Whistle Blower Policy and Code of Conduct provides guidelines for the committee formation and working
should there be an investigation.
6. Number of Complaints on the following made by employees:

FY 2022-23 FY 2021-22
Pending Pending
Filed during the Filed during the
resolution at the resolution at the
year year
end of year end of year
Sexual Harassment
Discrimination at workplace
Child Labour
Nil
Forced Labour/Involuntary Labour
Wages
Other human rights related issues
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
The Company has an internal committee (w.r.t POSH policy) which addresses grievances related discrimination and

harassment cases.
Whistle-blower Policy provides Directors, Employees, customers and vendors an avenue to raise concerns, in line

with the commitment of TII to the highest possible standards of ethical, moral and legal business conduct and its
commitment to open communication.
Code of Conduct addresses grievances related to employee’s conduct at work.

8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes, the Company gives human rights high importance thereby making it an integral part of its business agreements and
contracts.
9. Assessments for the year:
% of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Child labour
Forced/involuntary labour
Sexual harassment
Nil
Wages
Others – please specify
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 9 above.
There were no significant risks identified. Hence, no corrective action has been taken.
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
Nil

2. Details of the scope and coverage of any Human rights due diligence conducted.
Nil

3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights
of Persons with Disabilities Act, 2016?
Yes, the Company’s operating locations are accessible to differently abled employees, workers and visitors.

Corporate office locations and plants have Ramps, sidewalks and elevators and all the necessary infrastructure to
support differentially abled. Sign-boards are placed at every location to assist employees/workers with hearing aids.
Wheel-chairs are available in Occupational Health Centres in all major facilities.
4. Details on assessment of value chain partners:

% of value chain partners (by value of business
done with such partners) that were assessed
Sexual Harassment
Child Labour
Nil
Forced Labour/Involuntary Labour
Wages
Others – please specify
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 4 above.
Not Applicable
Principle 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter FY 2022-23 FY 2021-22
Total electricity consumption (in GJ) 5,54,530 5,36,237
Total fuel consumption (in GJ) 7,21,393 6,71,626
Energy consumption through other sources (C)
Total energy consumption (A+B+C) excluding aux consumption
12,75,923 12,07,863
(in GJ)
Energy intensity per rupee of turnover (Total energy consumption/
188 GJ/` Cr. 190 GJ/` Cr.
turnover in rupees)
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?

(Y/N) If yes, name of the external agency.
No assessment was carried out by any external agencies, however internal control points are adhered to keep track

of data
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
the PAT scheme have been achieved. In case targetshave not been achieved, provide the remedial action
taken, if any.
Not Applicable
3. Provide details of the following disclosures related to water, in the following format:
Water withdrawal by source (in kilolitres)
(i) Surface water 43,398 52,103
(ii) Groundwater 2,27,602 1,93,744
(iii) Third party water (Municipal Water Supply) 3,43,209 4,02,309
(iv) Seawater / desalinated water -- --
(v) Others (Rainwater Harvesting structures) 14,386 8,584
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 6,28,595 6,56,740
Total volume of water consumption (in kilolitres) 6,28,595 6,56,740
Water intensity per rupee of turnover (Water consumed / turnover) 92.6 kl/` Cr. 103.3 kl/` Cr.
of data
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
and implementation.
More than 80% facilities of TII are ensuring ZLD, and the rest of the plants are in process of implementation. The
plants are equipped with effluent treatment plants for treating the process effluents and the treated water is recycled
and reused for the process. Relevant consent to operate with the state pollution control boards are obtained with the
limits of operations and usage of the water.
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Please specify unit FY 2022-23 FY 2021-22
NOx Metric Tons 56 40
Sox Metric Tons 16 15
Particulate matter (PM) Metric Tons 52 65
Persistent organic pollutants (POP) - - -
Volatile organic compounds (VOC) - - -
Hazardous air pollutants (HAP) - - -
Others – please specify - - -
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency.
No assessment was carried out by any external agencies, however internal control points are adhered to keep track of
data
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format
Parameter Unit FY 2022-23 FY 2021-22
Total Scope 1 emissions (Break-up of the
Metric tonnes of
GHG into CO2, CH4, N2O, HFCs, PFCs, 42,063 41,557
CO2 equivalent
SF6, NF3, if available)
Total Scope 2 emissions (Break-up of the
Metric tonnes of
GHG into CO2, CH4, N2O, HFCs, PFCs, 66,839 62,422
CO2 equivalent
SF6, NF3, if available)
Metric tonnes of
Total Scope 1 and Scope 2 emissions
CO2 Equivalent/ 16.0 tCO2e/` Cr. 16.4 tCO2e/` Cr.
per rupee of turnover
Million Rs
7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
• Conversion of Liquid fuel (LPG, FO, Kerosene, C9) to Gaseous fuel (propane & PNG)
• Power purchase agreement enhancement for procurement of more renewable energy
• Solar Capacity of 305KWp and additional 200KWp initiated in TI Cycle, will become operational by next financial
year
• Green Belt development up to 1.26 hectares completed. Additionally, Miyawaki Forestation Method Implemented
with a coverage of more than 4500 sqft with 450 numbers of trees of native species
• Using CNG fuel Company trucks for BO material receiving from local suppliers
• All lightings changed to LED
8. Provide details related to waste management by the entity, in the following format:
Total Waste generated (in metric tonnes)
Plastic waste (A) 424 365
E-waste (B) 1.1 3.6
Battery waste (C) 5.1 3.3
Other Hazardous waste. Please specify, if any. (D)
1. Used Oil 496 644
2. ETP Sludge 3,320 3,887
3. Waste containing oil 326 292
4. Phosphate Sludge 432 543
5. Empty Containers 180 168
6. Paint Sludge 210 188
7. Acid Residues 8,351 8,663
Other Non-hazardous waste generated (E). Please specify, if any.
Boiler ash 303 304
Wooden Scrap 179 164
Paper/ Gunny 942 985
Degradable waste - bio/non-bio 365 321
(Break-up by composition i.e., by materials relevant to the sector)
Total (A+B + C + D + E ) 15,534 16,530
For each category of waste generated, total waste recovered through recycling,
re-using or other recovery operations (in metric tonnes)
(i) Recycled 11,246 11,620
(ii) Re-used
(iii) Other recovery operations 484 453
Total 11,731 12,073
For each category of waste generated, total waste disposed by nature of disposal
method (in metric tonnes)
Category of waste
(i) Incineration 52 27
(ii) Landfilling 3,752 4,430
(iii) Other disposal operations
Total 3,804 4,457
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency
data.
9. a. Briefly describe the waste management practices adopted in your establishments.
TII has adopted the 3R principles (Reduce, Reuse & Recycle) to effectively manage and reduce its waste generation.
Safe and effective practices are employed across all the business units for handling the wastes generated in the
respective areas. We have environmental management system where we have operational control procedures
for control, segregation, storage, and safe disposal of waste generation. Training is provided to all employees for
identifying and disposal of Bio-degradable, Non-biodegradable and hazardous waste.
All wastes are disposed in identified drums with colour (Blue for plastic waste, Green for bio degradable waste
like paper, wood and Red for Hazardous waste like oil / Paint / Thinner / Acid / Chemical / Coolant Soaked cloth
waste / Gloves. Segregated waste in the respective bins is safely moved to the concerned storage area without
spillage. The waste is disposed to authorised waste handlers for recycling and co processing. Hazardous waste
authorisations are obtained from the respective State Pollution control boards for the safe and authorised disposals
with the specified quantities.
b. Describe the strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your
products and processes and the practices adopted to manage such wastes.
We have environmental management system where we identify the aspect, impact and its significance to the
environment, basis the significance, we take objectives to reduce hazardous and toxic chemicals usage in the
processes.
Examples:
• Reduction of acid consumption and spent acid generation.
• Surface coating process improvement.
c. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.)
where environmental approvals / clearances are required, please specify details in the following format:
Not Applicable
S. Location of Type of Whether the conditions of environmental approval /
No. operations/offices operations clearance are being complied with? (Y/N)
If no, the reasons thereof and corrective action taken, if any.
- - - -
- - - -
d. Details of environmental impact assessments of projects undertaken by the entity based on applicable
laws, in the current financial year: Not Applicable
Name and EIA Date Whether conducted by Results communicated Relevant
brief details of Notification independent external in public domain Web link
project No. agency (Yes / No) (Yes / No)
- - - - - -
- - - - - -
e. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
Protection Act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the
following format:
Yes, we comply with all applicable environmental laws/regulations
S. No Specify the law / Provide details of the Any fines / penalties / action Corrective
regulation / guidelines non-compliance taken by regulatory agencies action taken,
which was not such as pollution control if any
complied with boards or by courts
- - - - -
- - - - -
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable
sources, in the following format:
From renewable sources
Total electricity consumption (in GJ) (A) 2,50,400 2,51,784
Total fuel consumption (B) 56,472 53,969
Energy consumption through other sources (C) -- --
Total energy consumed from renewable sources (A+B+C) (in GJ) 3,06,872 3,05,753
From non-renewable sources
Total electricity consumption (in GJ) (D) 3,04,130 2,84,453
Total fuel consumption E (in GJ) 6,64,922 6,17,657
Energy consumption through other sources (F) -- --
Total energy consumed from non-renewable sources (D+E+F) 9,69,051 9,02,110


data
2. Provide the following details related to water discharged: Not Applicable
FY 2022-23 FY 2021-22
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment
- With treatment – please specify level of treatment
(ii) To Groundwater
- No treatment
NA
(iii) To Seawater
- No treatment
(iv) Sent to third parties
- No treatment
(v) Others
- No treatment
NA
Total water discharged (in kilolitres)


of data
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
The Avadi plant comes under over exploited category, however TII does not withdraw and discharge any surface or

ground water in that area.
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area: Not Applicable
(ii) Nature of operations: Not Applicable
(iii) Water withdrawal, consumption and discharge in the following format: Not Applicable
FY 2022-23 FY 2021-22
(i) Surface water
(ii) Groundwater
Total volume of water withdrawal (in kilolitres) NA
Total volume of water consumption (in kilolitres)
Water intensity per rupee of turnover
(KL Water consumed / INR Crore turnover)
Total water discharged (in kilolitres) NA

4. Please provide details of total Scope 3 emissions & its intensity, in the following format:
Not Available
Parameter Unit FY FY
(Current FinancialYear) (Previous Financial Year)
Total Scope 3 emissions (Break-up of Metric tonnes of
the GHG into CO2, CH4, N2O, HFCs, CO2 equivalent
PFCs, SF6, NF3, if available)
We have established a GHG accounting framework
Total Scope 3 emissions
(Scope 1 & 2) and working towards accounting of
per rupee of turnover
value chain emissions (Scope-3).
Total Scope 3 emission intensity
(optional) – the relevant metric may be
selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by anexternal agency?
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention
and remediation activities.
None of the operations/offices of TII are located in/around ecologically sensitive areas
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide
details of the same as well as outcome of such initiatives, as per the following format:
Sr. Initiative Details of the initiative (Web-link, if any,
Outcome of the initiative
No undertaken may be provided along-with summary)
1 Energy Efficiency • Power factor and Harmonics Reduction in Max demand by 100Kva. Rs
improvement in the load side distribution 12 Lacs saving per annum.
Replacement of MH lights with LED 30% Energy saving. Rs 18 lacs saving/
•
lights annum
Furnace insulation improvements for Energy saving Rs 4 lacs/annum
•
heat loss elimination. Energy Saving Rs 0.5 lacs/annum
•
Day light improvement by providing
polycarbonate sheets. Auto cut off
sensors in lighting.
2 Renewable Energy • In-house Roof top solar power generation Reduction in Carbon emission
• Third party power purchase
3 Alternate fuel • Conversion of Liquid fuel to Gaseous fuel Reduction in Carbon emission
and C9) to Gaseous fuel
•
Conversion of fuel used from HSD to
LPG
•
Conversion of LPG burners to electric
induction cook stoves
4 Water Efficiency •
Low temperature Evaporator, Agitate Condensate water is reused in process to
Thin Film Dryer for waste-water to reduce fresh-water consumption and salt
achieve Zero liquid discharge Effluent extracted to achieve zero liquid discharge
water recycled to process up to 97% by Reduced moisture in ETP sludge
ETP combined with RO and MEE.
• Sludge dryer to reduce moisture in the
ETP sludge
• Surface coating process improvement.
7. Does the entity have a business continuity and disaster management plan? Give details in100 words/ web link.
The organization is working towards developing a disaster management plan in the future.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard?
The value chain of TII has no significant adverse impact on the environment. However, the Company stays vigilant and

promotes awareness on environment sustainability.
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
We are, at present, looking into formulating a sustainable supply chain program to assess social and environmental

practices of our suppliers.
Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible
and transparent
1. a. Number of affiliations with trade and industry chambers/ associations.
The entity is associated with 6 trade and industry chambers/associations. The list of major affiliations are as

below.
b.
List the top 10 trade and industry chambers/ associations (determined based on the total members of
such body) the entity is a member of/ affiliated to.
S. Reach of trade and industry chambers/
No. Name of the trade and industry chambers/ associations associations (State/National)
1 Confederation of Indian Industry National
2 Southern India Chamber of Commerce & Industry State
3 Madras Management Association State
4 All India Cycle Manufacturers’ Association National
5 Employers Federation of Southern India State
6 Federation of Indian Chamber of Commerce and Industry National
2. Provide details of corrective action taken or underway on any issues related to anticompetitive conduct by the
entity, based on adverse orders from regulatory authorities.
No issues related to anticompetitive conduct by the entity has been identified by regulatory authorities.
Name of authority Brief of the case Corrective action taken
Not Applicable
Note: There has not been any such adverse action from regulatory
authorities.
1. Details of public policy positions advocated by the entity:
S. Public policy Method Whether information Frequency of Review by Board Web Link,
No. advocated resorted for available in public (Annually/ Half yearly/ Quarterly / if available
such advocacy domain? (Yes/No) Others – please specify)
Over the course of this year, we haven't advocated for any particular public policies.
Principle 8: Businesses should promote inclusive growth and equitable development

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
the current financial year.
Not Applicable, as we have not crossed the threshold limit of `10 Crores.

Whether conducted Results
SIA
Name and brief details of Date of by independent communicated Relevant
Notification
project notification external agency in public domain Web link
No.
(Yes / No) (Yes / No)
AMM Foundation
TI – Medical Outreach Clinic,
Tiruttani
IIT-Madras Avishkar Hyperloop
Project
Rotary Club Of Madras Temple
City
Little Theatre Events
Rukmani Devi Fine Arts College
Arvi Early Intervention Center for NA
the Deaf, Dindigul
Indian Evangelical Lutheran
Church School for the Deaf,
Ambur
Roja Muthaiah Research Library
EEGAI PROJECT - Food Freezer
at Ambattur and Avadi areas
Short Term Projects - BU Driven
Projects
ITNT Foundation - Tamil Nadu
Technology Hub - Year 1
District Development Officer,
Ponpadi village
Municipal High School
(Thirumullaivoyal Government
school)
NA
Municipal High School,
Kallikuppam
District Collector, tiruvallur
Government Primary School,
Ponpadi
Sevabharathi Tamilnadu - Mobile
Medical Units
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
by your entity, in the following format:
S. Name of Project for No. of Project Affected % of PAFs Amounts paid to PAFs
State District
No. which R&R is ongoing Families (PAFs) covered by R&R in the FY (In INR)
NA
3. Describe the mechanisms to receive and redress grievances of the community

Community development is embedded in the DNA of the Murugappa Group and the Group’s social upliftment initiatives

date back as far as 1924, nearly a century ago. The Company continuously endeavours for the improvement of
communities around its operating locations.
All CSR programmes are closely monitored through field visits, comprehensive documentation and regular interaction

with beneficiary communities. The Company has set in place a CSR Committee which streams down to personnel who
act as key point of contacts for any communication from the communities.
The Company also conducts needs assessment studies and accordingly focuses its efforts on community development

projects in the vicinities of its operating locations.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2022-23 FY 2021-22
Directly sourced from MSMEs/ small producers
Nil
Sourced directly from within the district and neighbouring districts
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments (Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken
NA
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational
districts as identified by government bodies:
S. Amount spent
State Aspirational District
No. (` in Cr.)
1 AMM Foundation AMM-Chennai MCRC -
Chengalpet, Thiruvallur, Villupuram,
4.58
Cuddalore, Sivaganga, Pudukottai,
Karur, Dindigul, Coimbatore
2 TI – Medical Outreach Clinic, Tiruttani Tirutanni 0.30
3 IIT-Madras Avishkar Hyperloop Project Chennai 1.00
4 Rotary Club Of Madras Temple City Chennai 0.08
5 Little Theatre Events Chennai 0.10
6 Rukmani Devi Fine Arts College Chennai 0.05
7 Arvi Early Intervention Center for the Deaf, Dindigul Dindigul 0.07
8 Indian Evangelical Lutheran Church School for the
Ambur 0.08
Deaf, Ambur
9 EEGAI PROJECT - Food Freezer at Ambattur and
Chennai 0.28
Avadi areas
10 Roja Muthaiah Research Library Chennai 0.05
11 ITNT Foundation - Tamil Nadu Technology Hub -
Chennai 0.50
Year 1
12 District Development Officer, Ponpadi village Tiruvallur 0.04
13 Municipal High School (Thirumullaivoyal Government
Chennai 0.07
school)
14 Municipal High School, Kallikuppam Chennai 0.32
15 District Collector, Tiruvallur Tiruvallur 0.03
16 Government Primary School, Ponpadi Tiruvallur 0.03
17 Sevabharathi Tamilnadu - Mobile Medical Units Chennai 0.12
18 Other BU Driven Projects Chennai/Tiruvallur 1.34
3.
(a) Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalized /vulnerable groups? (Yes/No)
The nature of business does not involve sourcing of material from marginalized/vulnerable groups
(b) From which marginalized /vulnerable groups do you procure?
Not Applicable
(c) What percentage of total procurement (by value) does it constitute?
Not Applicable
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year), based on traditional knowledge:
S. Intellectual Property based on Owned/ Acquired Benefit shared Basis of calculating
No traditional knowledge (Yes/No) (Yes / No) benefit share
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.
Name of authority Brief of the Case Corrective action taken
-
6. Details of beneficiaries of CSR Projects:
S. No. of persons benefitted from % of beneficiaries from vulnerable
CSR Project
No. CSR Projects and marginalized groups
1 AMM Foundation – Ramasamy Mudaliar School 2075 100%
2 AMM Foundation Valliammai Achi Hospital 15406 100%
3 AMM Foundation VCHSS 2326 100%
4 AMM Foundation - MCRC
5 TI – Medical Outreach Clinic, Tiruttani 1105 100%
6 IIT-Madras Avishkar Hyperloop Project 70+ -
7 Rotary Club Of Madras Temple City 535 100%
8 Little Theatre Events 200 100%
9 Rukmani Devi Fine Arts College 19
10 Arvi Early Intervention Center for the Deaf, Dindigul 36 100%
11 Indian Evangelical Lutheran Church School for the Deaf, Ambur 95 100%
12 Roja Muthaiah Research Library 100 books -
13 EEGAI PROJECT - Food Freezer at Ambattur and Avadi areas 70 100%
14 ITNT Foundation - Tamil Nadu Technology Hub - Year 1 20 startups -
15 District Development Officer, Ponpadi village 1000 100%
16 Municipal High School (Thirumullaivoyal Government school) 60 100%
17 Municipal High School, Kallikuppam 460 100%
18 District Collector, Tiruvallur 15 villages 100%
19 Government Primary School, Ponpadi 55 100%
20 Sevabharathi Tamilnadu - Mobile Medical Units 1801 100%
21 Nemilichery High School - Table chairs 10 100%
Protective woolen clothing for students during winter-Charodi
22 300 100%
Gram Panchayat Local School, Sanand Gujarat
23 Facilitate Govt. school infrastructure at Kalyanapuram, Ambattur 200 100%
Basic Infrastructure support for Public Health center Gumididhalla,
24 20000 33%
Kazipally
25 Government Boys Hr Sec School, Kamrajnagar 389 100%
26 Avadi Municipal Primary School, Kamrajnagar, Avadi 495 100%
27 CSI Primary School,Ponpadi 25 100%
28 Aganwadi, Ponpadi 10 100%
29 Primary School, Golakuppam 21 100%
Infrastructural Support for local Primary School near Mohali
30 250 80%
factory.
31 Municipal School, Chakan 875 100%
32 Municipal High School, Cholapuram, Ambattur 1000 100%
33 E KART Rickshaw for waste collection in Nemillicherry Panchayat 5000 95%
34 Placing CCTV's Cameras on Laksar Highway 50000 21%
35 Anganwadi, Brindavan Nagar, Avadi - Child Development School 75 100%
36 Primary Health Centre, Ponpadi 500 100%
37 Medical Facilities for ICU Ward at Prabh Aasara, Village Padiyala 436 16%
Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
Customer complaints are monitored and resolved by TII’s Quality team with each of its business divisions in order to

facilitate faster resolution. Further, the Company also carries out periodical consumer surveys and mapping of customer
satisfaction trends. The results of these activities are considered and utilized as effective business strategy tools to
better understand the customers and their needs. The Company also keeps track of customer satisfaction with respect
to quality on a regular basis. It encourages customer feedback on product improvement and is committed to fulfilling
requisites defined by customers on environment (water management, waste management, ISO 14001, etc), social
(improved LTIFR, adherence to Human Rights, ISO 26000, etc) and quality (Zero defects, ISO 9001, etc) aspects.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information
about:
As a percentage to total turnover
Environmental and social parameters relevant to the product

NA
Safe and responsible usage
Recycling and/or safe disposal
3. Number of consumer complaints in respect of the following:
FY 2022-23 FY 2021-22
Received Pending Received Pending Remarks
during the resolution at Remarks during the resolution at
year end of year year end of year
Data privacy
Advertising
Cyber-security Tube Investments focuses on delivering exceptional experiences for its customers
Delivery of essential services through various customer centric initiatives. There are no pending complaints for
Restrictive Trade Practices both FY 2021-22 and FY 2022-23.
Unfair Trade Practices
Other (Product related)
4. Details of instances of product recalls on account of safety issues:
Number Reasons for recall
The company manufactures safety critical products which are supplied
Voluntary recalls directly supplied to automobile and non-automobile sectors as well as
to Tier 1 and Tier 2 vendors manufacturing components for OEMs. The
Forced recalls
Company follows high quality standards which are monitored through
productivity and quality metrics like internal and external rejections –
Parts Per Million (PPM), On Time in Full (OTIF) through Lean, 5S and
6-Sigma tools.
Any quality issues are addressed through the above methods to
reduce the impact of safety concerns for its products.
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If
available, provide a web-link of the policy.
The Company has in place its Mobile Privacy policy that discloses how personal data is collected from customers/
stakeholders on our proprietary mobile app ROTOGRO, as well as how it is used, shared and protected. TII also makes
it public that it uses data collection devices like cookies on certain pages of the application to help analyse the flow of
the app, measure promotional effectiveness, and promote trust and safety, customer rights, such as the choice to opt
out of Google Analytics for Display Advertising and customize Google Display network advertisements using the Ads
Preferences Manager.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty / action taken by regulatory authorities on safety of products / services.
There have no instances of issues relating to advertising, and delivery of essential services; cyber security and data

privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on
safety of products / services.
1. Channels / platforms where information on products and services of the entity can be accessed (provide web
link, if available).
Mobility: TI Cycles of India – TII (https://tiindia.com/)
Engineering: Tube Products of India – TII (https://tiindia.com/); TPI CRSS – TII (https://tiindia.com/);
TI Machine Building – TII (https://tiindia.com/)
Metal Formed Products: TI Machine Building – TII (https://tiindia.com/); TIDC Fine Blanking – TII (https://tiindia.com/);
TI Metal Forming – TII (https://tiindia.com/); TIMF Railways – TII (https://tiindia.com/)
Other products: TI Macho TMT Bars – TII (https://tiindia.com/); TIDC India – TII (https://tiindia.com/)
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
While TII manufactures safety critical auto component products, a significant part of these are supplied to Tier 1 and Tier
2 vendors who supply auto components to OEM customers who ultimately take care of the safety aspects.
TII’s mobility division manufactures bicycles and fitness products which are consumer facing. Our website has a
dedicated section https://bsahercules.com/biking-safety/ which educates our customers on many parameters on the
safety aspects of the products. We also use packing material which enhance environment and safety facets.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
Not applicable as the Company’s products are not considered as essential from the consumer perspective.
4. a. Does the entity display product information on the product over and above what is mandated as per local
laws? (Yes/No/Not Applicable) If yes, provide details in brief.
Our Company follows standard procedures as applicable to display product information confirming to legal
requirements e.g. Legal Metrology Act.
b. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products /
services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)
The Company uses formal and informal channels to ensure we take care of customer satisfaction. Regular market
interactions with our dealer and distributor community on the end customer needs and demands are undertaken
to address this.
5. Provide the following information relating to data breaches:
a. Number of instances of data breaches along-with impact
b. Percentage of data breaches involving personally identifiable information of customers
No significant instances have been encountered to with respect to data breaches.
Annexure-E
DISCLOSURE OF REMUNERATION UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1)
OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
The details of remuneration during the financial year 2022-23 as per Rule 5(1) of the Companies (Appointment & Remuneration
of Managerial Personnel) Rules, 2014 as amended, are as follows:
(i) Ratio of remuneration* of each Director to the median remuneration of the employees of the Company for the
financial year 2022-23:
Name Designation Ratio#

Mr. M A M Arunachalam Executive Chairman 78.85
Mr. Vellayan Subbiah Executive Vice Chairman 121.83
Mr. Sanjay Johri Director 2.47
Mr. Anand Kumar Director 2.34
Ms. Sasikala Varadachari Director 1.86
Mr. Tejpreet Singh Chopra Director 2.43
Mr. Mukesh Ahuja Managing Director 39.46
Mr. K R Srinivasan Whole Time Director 25.26
* Remuneration includes sitting fees
#
Number of times the median remuneration
(ii) Percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer & Company
Secretary in the financial year 2022-23:
Name Designation % increase

Mr. M A M Arunachalam# Executive Chairman -
Mr. Vellayan Subbiah Executive Vice Chairman 11.4%
Mr. Sanjay Johri Director (3.3%)
Mr. Anand Kumar Director 10.5%
Ms. Sasikala Varadachari@ Director -
Mr. Tejpreet Singh Chopra @
Director -
Mr. Mukesh Ahuja $
Managing Director -
Mr. K R Srinivasan Whole Time Director 13.7%
Mr. S Suresh Company Secretary 18.8%
Mr. K Mahendra Kumar* Chief Financial Officer -
Mr. AN Meyyappan* Chief Financial Officer -

#
Mr. M A M Arunachalam was appointed as Executive Chairman w.e.f 01.04.2022. In the financial year 2021-22,
he was a Non-Executive Director.
$
Mr. Mukesh Ahuja was appointed as Managing Director w.e.f 01.04.2022.
@
Part of the financial year 2021-22
* Part of the financial year 2022-23
(iii) Percentage increase / (decrease) in median 17.4%

remuneration of employees in the financial year
2022-23
(iv) Number of permanent employees on the rolls of 3,038
the Company as on 31.03.2023
(v) Average per centile increase already made in the salaries of employees other than the managerial personnel
in the last financial year and comparison with the per centile increase in the managerial remuneration
and justification thereof. Whether there are any exceptional circumstances for increase in the managerial
remuneration.
Parameters
Average % increase in the salaries of 11.2%
employees other than managerial personnel
in the financial year 2022-23
Average % increase in the managerial 11.5%
remuneration@ in the financial year 2022-23
Remarks The Executive Chairman’s, Executive Vice Chairman’s,
Managing Director’s and Whole Time Director’s
remuneration comprises of fixed and variable
components. The annual increment in salary for the
financial year 2022-23 is determined by the Nomination
& Remuneration Committee on the basis of Company
financials, level of responsibility, experience and scales
prevailing in the industry.
The remuneration of Non-Executive Directors (NEDs)
consists of commission and sitting fees. The change
in remuneration is on account of the sitting fees for the
board & committee meetings attended during the year.
@
anagerial remuneration includes the remuneration of the Whole Time Directors and those NEDs who were on the
M
Board as Directors for the full year in both the financial years, 2021-22 and 2022-23
(vi) Affirmation
It is affirmed that the remuneration paid to the employees during the financial year, 2022-23 is as per the Remuneration
Policy of the Company.

Place : Chennai M A M Arunachalam
Date : 15th May 2023 Executive Chairman
Certificate of Non-Disqualification of Directors

Pursuant to Regulation 34 (3) read with Schedule V Para-C Sub clause (10) (i) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 as amended
The Members,
CIN: L35100TN2008PLC069496
Dare House,
234, N S C Bose Road,
Chennai - 600001
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
TUBE INVESTMENTS OF INDIA LIMITED (CIN: L35100TN2008PLC069496) having its Registered Office at Dare House,
234, N S C Bose Road, Chennai – 600001 (hereinafter referred to as (“the Company”) produced before us by the Company for
the purpose of issuing this certificate, in accordance with Regulation 34 (3) read with Schedule V Part-C Sub clause 10 (i) of
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our knowledge and according to the verifications (including Director Identification Number
(DIN) Status at the portal www.mca.gov.in) and based on such examination as well as information and explanations furnished
to us, which to the best of our knowledge and belief were necessary for the purpose of issue of this certificate and based
on such verification as considered necessary, we hereby certify that none of the Directors as stated below on the Board of
the Company as on 31st March 2023 have been debarred or disqualified from being appointed or continuing as Directors of
Companies by the Securities and Exchange Board India/ Ministry of Corporate Affairs or any such other statutory authority.
DATE OF
S.NO. DIN NAME OF THE DIRECTOR DESIGNATION
APPOINTMENT
1. 00202958 M A M Arunachalam Executive Chairman 11/11/2020
2. 01138759 Vellayan Subbiah Executive Vice Chairman 19/08/2017
3. 09364667 Mukesh Ahuja Managing Director 01/04/2022
4. 08215289 K R Srinivasan President & Whole-time Director 11/11/2020
5. 00032015 Sanjaya Shyam Johri Non-Executive - Independent Director 14/08/2018
6. 00818724 Anand Kumar Non-Executive - Independent Director 24/03/2021
7. 07132398 Sasikala Varadachari Non-Executive - Independent Director 17/06/2021
8. 00317683 Tejpreet Singh Chopra Non-Executive - Independent Director 16/03/2022
Ensuring the eligibility, for the appointment/ continuity, of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.
For R.SRIDHARAN & ASSOCIATES

COMPANY SECRETARIES
CS R.SRIDHARAN
CP No. 3239
FCS No. 4775
PR.NO.657/2020
Place : Chennai UIN: S2003TN063400
Date : 15th May 2023 UDIN: F004775E000289323
Annexure-F
Secretarial Audit Report

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2023
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 and Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended]
The Members, (v) The following Regulations and Guidelines prescribed
TUBE INVESTMENTS OF INDIA LIMITED under the Securities and Exchange Board of India Act,
CIN:L35100TN2008PLC069496 1992 (‘SEBI Act’) are applicable;
Dare House
a)
The Securities and Exchange Board of India
No.234, N S C Bose Road
(Substantial Acquisition of Shares and Takeovers)
Chennai – 600001
Regulations, 2011;
We have conducted the secretarial audit of the compliance
b)
of applicable statutory provisions and the adherence
(Prohibition of Insider Trading) Regulations, 2015;
to good corporate practices by TUBE INVESTMENTS
OF INDIA LIMITED [Corporate Identification Number: c)
L35100TN2008PLC069496] (hereinafter called “the (Issue of Capital and Disclosure Requirements)
Company”) for the financial year ended 31st March 2023. Regulations, 2018 (not applicable during the year
Secretarial Audit was conducted in a manner that provided under review);
us a reasonable basis for evaluating the corporate conducts/
d)
The Employee Stock Option Plan, 2017
statutory compliances and expressing our opinion thereon.
approved under the Securities and Exchange
Based on our verification of the Company’s books, papers, Board of India (Share Based Employee Benefits)
minute books, forms and returns filed and other records Regulations, 2014 & the Securities and Exchange
maintained by the Company and also the information Board of India (Share Based Employee Benefits
provided by the Company, its officers, agents and authorized and Sweat Equity) Regulations, 2021;
representatives during the conduct of Secretarial Audit,
we hereby report that in our opinion, the Company has, e)
during the audit period covering the financial year ended on (Issue and Listing of Non-Convertible Securities)
31st March 2023 complied with the statutory provisions Regulations, 2021;
listed hereunder and also that the Company has proper f)
Board-processes and compliance mechanism in place to (Registrars to an Issue and Share Transfer Agents)
the extent, in the manner and subject to the reporting made Regulations, 1993 regarding the Companies Act
hereinafter: and dealing with client (not applicable as the
We have examined the books, papers, minute books, Company is not registered as Registrar to an
forms and returns filed and other records maintained by the Issue and Share Transfer Agent during the year
Company for the financial year ended on 31st March 2023 under review);
according to the provisions of: g)
(i)
The Companies Act, 2013 (the Act) and the rules (Delisting of Equity Shares) Regulations, 2021
made thereunder; (not applicable during the year under review); and
(ii)
The Securities Contracts (Regulation) Act, 1956 h)
(‘SCRA’) and the rules made thereunder; (Buyback of Securities) Regulations, 2018 (not
applicable during the year under review);
(iii) The Depositories Act, 1996 and the Regulations and
Bye-laws framed thereunder; (vi)
We have reviewed the systems and mechanisms
established by the Company for ensuring compliances
(iv)
The Company has complied with the applicable
under the other applicable Acts, Rules, Regulations
provisions of Foreign Exchange Management Act,
and Guidelines prescribed under various laws which
1999 and the rules and regulations made thereunder
are applicable to the Company and categorized under
to the extent of Overseas Direct Investment. There
the following major heads/ groups:
was no Foreign Direct Investment and External
Commercial Borrowings during the year under review; 1. Factories Act, 1948;
2.
Labour laws and other incidental laws related We further report that the Board of Directors of the
to labour and employees appointed by the Company is duly constituted with proper balance of
Company including those on contractual basis Executive Directors, Woman Independent Director and
as relating to wages, gratuity, prevention of Independent Directors. The changes in the composition of
sexual harassment, dispute resolution, welfare, the Board of Directors that took place during the period
provident fund, insurance, compensation etc.; under review were carried out in compliance with the
provisions of the Act and the listing regulations.
3. Industries (Development & Regulation) Act, 1951;
Adequate notice is given to all the directors before the
4. Acts relating to consumer protection including
schedule of the Board/ Committee Meetings, agenda and
the Competition Act, 2002;
detailed notes on agenda were sent at least seven days
5. Acts and Rules prescribed under prevention and in advance, and a system exists for seeking and obtaining
control of pollution; further information and clarifications on the agenda items
before the meeting and for meaningful participation at the
6.
Acts and Rules relating to Environmental
meeting. Notes on agenda which are circulated less than
protection and energy conservation;
the specified period, the necessary compliances under
7. Acts and Rules relating to hazardous substances the Companies Act, 2013 and Secretarial Standards on
and chemicals; Board Meetings are complied with. During the year under
review, directors have participated in the Board/ Committee
8.
Acts and Rules relating to electricity, fire,
meetings through video conferencing, such meetings were
petroleum, drugs, motor vehicles, explosives,
properly convened and recorded in compliance with the
boilers etc.;
provisions of Section 173 (2) of the Act read with Rule 3
9. Acts relating to protection of Intellectual Property of Companies (Meetings of Board and its Powers) Rules,
Rights; 2014.
10. Land revenue laws; and Further, the Circulars, Regulations and Guidelines issued by
the Ministry of Corporate Affairs, Securities and Exchange
11. Other local laws as applicable to various plants
Board of India and other relevant regulatory authorities
and offices.
pertaining to Board/ Committee meetings, General Meetings
We believe that the audit evidence which we have obtained and other provisions of the Act, Rules and Regulations have
is sufficient and appropriate to provide a basis for our audit been complied with by the Company.
opinion. In our opinion and to the best of our information
Based on the verification of the records and minutes, the
and according to explanations given to us, we believe that
decisions were carried out with the consent of the Board
the systems and mechanisms established by the Company
of Directors / Committee Members and no Director /
are adequate to ensure compliance of laws as mentioned
Member dissented on the decisions taken at such Board /
above.
Committee Meetings. Further, in the minutes of the General
We have also examined compliance with the applicable Meeting, the number of votes cast against the resolution(s)
clauses/ regulations of the following: have been recorded.
(i)
Secretarial Standards with respect to Meetings of We further report that based on review of compliance
Board of Directors (SS-1) and General Meetings mechanism established by the Company we are of the
(SS-2) (revised effective from October 1, 2017) and opinion that the management has adequate systems and
guidance Note on Meetings of the Board of directors processes commensurate with its size and operations, to
and General Meetings (revised) issued by The Institute monitor and ensure compliance with all applicable laws,
of Company Secretaries of India. rules, regulations and guidelines.
(ii)
The Uniform Listing Agreement entered with BSE We further report that the above mentioned Company
Limited and National Stock Exchange of India being a Listed entity this report is also issued pursuant to
Limited pursuant to the provisions of the SEBI Regulation 24A of SEBI (Listing Obligations and Disclosure
(Listing Obligations and Disclosure Requirements) Requirements) Regulations, 2015 as amended and circular
Regulations, 2015. [hereinafter referred as “listing No.CIR/CFD/CMD1/27/2019 dated 8th February, 2019
regulations”] issued by the Securities and Exchange Board of India.
During the period under review, the Company has We further report that as per the information and
complied with the provisions of the Act, Rules, Regulations, explanations provided by the Management, the Company
Guidelines, Standards, etc. as mentioned above. does not have any Material Unlisted Subsidiary(ies)
Incorporated in India as defined in Regulation 16(1)(c) and 5. acquired 10,753 equity shares of face value of `10/-
Regulation 24A of listing regulations during the period each, representing 50% of the subscribed and paid up
under review. share capital of X2Fuels and Energy Private Limited on
23rd February, 2023.
We further report that during the audit period, the
Company had 6. invested `167 Crores in TICMPL towards subscription
to 1,67,00,000 Series B Compulsorily Convertible
1. obtained the approval of the Board of Directors at
Preference Shares pursuant to the definitive
their meeting held on 12th May, 2022 to convert up
agreements entered with TICMPL.
to 8,52,33,645 share warrants into equal number of
equity shares of CG Power and Industrial Solutions 7.
redeemed secured redeemable non-convertible
Limited, by paying the balance 75% subscription debentures amounting to `50 Crores.
money aggregating to `54,72,00,001 (Rupees Fifty
Four Crores Seventy Two Lakhs and One) as per the
terms of offer.
2.
obtained the approval of the shareholders through
postal ballot on 12th June, 2022 for alteration of the
Main Object Clause of Memorandum of Association,
by insertion of new clauses to facilitate the Company For R.SRIDHARAN & ASSOCIATES
to engage in the businesses of medical devices & COMPANY SECRETARIES
instruments, electronic products & components,
energy related products.
3.
subscribed to 15,00,00,000 equity shares of
TI Clean Mobility Private Limited for `150 Crores on CS R.SRIDHARAN
14th September, 2022. CP No. 3239
FCS No. 4775
4. acquired 20,66,628 equity shares of face value of `10/-
PR NO.657/2020
each, representing 76% of the subscribed and paid up
Place : Chennai UIN : S2003TN063400
share capital of Moshine Electronics Private Limited at
Date : 15th May 2023 UDIN:F004775E000289290
a consideration of `7.38 Crores on 23rd September,
2022. Consequent to this, Moshine Electronics Private This report is to be read with our letter of even date which
Limited became a subsidiary of Tube Investments of is annexed as ANNEXURE-A and forms an integral part of
India Limited. this report.
‘ANNEXURE -A’
The Members,
CIN: L35100TN2008PLC069496
Dare House
No.234, N S C Bose Road
Chennai – 600001
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records as per the Auditing Standards (CSAS-1 to CSAS-4) and Guidance
Notes on ICSI Auditing Standards and Guidance Note on Secretarial Audit issued by The Institute of Company Secretaries
of India. The verification was done to ensure that correct facts are reflected in secretarial records. We believe that the
processes and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company
as well as correctness of the values and figures reported in various disclosures and returns as required to be filed by the
company under the specified laws.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. It is the responsibility of the management of the company to devise proper systems to ensure compliance with the
provisions of Corporate and other applicable laws, rules, regulations, standards and to ensure that the systems are
adequate and operate effectively. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
For R.SRIDHARAN & ASSOCIATES

COMPANY SECRETARIES
CS R.SRIDHARAN
CP No. 3239
FCS No. 4775
PR NO.657/2020
Place : Chennai UIN : S2003TN063400
Date : 15th May 2023 UDIN: F004775E000289290
Annexure-G
Conservation of Energy, Technology Absorption and

Foreign Exchange Earnings and Outgo
Power & Fuel Consumption
Sl.
Particulars 2022-23 2021-22
No.
1 Electricity
(a) Purchased
Units (KWh) 15,80,39,240 15,05,30,965
Total Cost (` Cr.) 120.09 109.97
Rate per unit (`) 7.60 7.31
(b) Own generation through Diesel generator
Units (KWh) 18,24,217 16,32,152
Total Cost (` Cr.) 5.97 4.56
Rate per unit (`) 32.71 27.97
(c) Own generation through Solar Plant
Units (KWh) 3,23,898 3,25,821
Total Cost (` Cr.) 0.18 0.19
Rate per unit (`) 5.70 5.70
2 Consumption per unit of production 2022-23 2021-22

(a) Cycles (Kwh per Cycle) 4.16 4.06
(b) Strips and Tubes (Kwh per Ton) 228 240
(c) Metal form (Kwh per Ton) 803 882
(d) Chains (Kwh per Ton) 996 975
The Company is committed to the conservation of energy. Some of the actions taken for energy conservation during 2022-23
are highlighted below:
The following projects were executed during FY2022-23 towards energy conservation in our businesses.
Engineering
• Conversion to higher calorific fuels in operations.
• Energy consumption mapping and analysis to optimize usage.
• Installation of auto cut-off systems for equipment, during idling.
• Optimization of cooling tower power consumption.
• Installation of variable frequency drives as applicable.
• Increase natural lighting in factory to reduce power consumption.
• Furnace productivity improvements to reduce fuel consumption.
• Redesign of heat source to minimize energy loss.
Mobility
• Conversion to piped natural gas for operations.
• Increase renewable power usage.
• Air-line loss reduction to optimize compressor usage.
• Monitor and correct Power Factor for the plant.
• Variable frequency drive installation for power reduction

• Redesign ETP system to optimize usage.
Metal Formed Products
• Installation of variable frequency drives for equipment.
• Optimize cooling tower power consumption.
• Power controller installation for heat treat operations.
• Brick re-line to reduce energy loss in furnaces.
• Intelligent motor controllers for equipment.
• Process parameter optimization to save energy.
• Motion sensor installation in shop floor to save power.
• Program equipment start/stop to optimize idle time energy consumption.
• Natural lighting in factory roof to reduce power consumption.
Expenditure on R&D

Capital Expenditure 10.20 4.81
Recurring 9.50 7.49
Total 19.70 12.30
Total R&D expenditure as a % of Total Turnover (net) 0.29% 0.21%
Foreign Exchange Earnings and Outgo

Foreign Exchange Earnings (CIF value) 908.01 906.00
Foreign Exchange Outgo 384.35 347.74

Place : Chennai M A M Arunachalam
Date : 15th May 2023 Executive Chairman
Plant Locations
Tube Products of India TIDC India TI Metal Forming
P. B. No. 4&18, CTH Road, Post Bag No.11, MTH Road Chennai – Tiruvallur High Road
Avadi, Chennai 600 054 Ambattur, Chennai 600 053 Tiruninravur 602 024
Tel: (044) – 42291999 Tel : (040) - 42235555 Tel : (044) 26390194, 26390437
Fax : (044) 26390856
Tirupati-Tiruttani Highway Kazipally Village, Plot No.1 80/81, SIDCO Industrial Estate
Ponpadi Village, Thiruvelangadu Jinnaram Mandal Kakkalur, Thiruvallur 602 003
Block Tiruttani Taluk, Medak Dist 502 319 Tel : (044) – 27667104
Tiruvallur 631 213 Tel : (08458) - 277240, Fax: (044) – 26390856
Tel : 09840996496 Fax: (08458) - 277241

Shirwal Post, Khandala Taluka Gangnouli Plot No. 245, Sector 3
Satara District, Laksar 247 663 Growth Centre, Bawal, Rewari Dist.
Maharastra 412 801 Uttarakhand Haryana 123 501
Tel : (02169) - 244080 - 85 Tel : (01332) - 271295 Tel : (01284) – 260707, 264106
09812038561, Fax: (01284) – 264426

A-16 & 17, Industrial Focal Village Plot No. 79, Plot No.222 Gangnouli Village
Point, Phase VI SAS Nagar SIPCOT Industrial Estate Tehsil – Laksar, Haridwar
Mohali (PB) 160 0515 Complex, Phase-I, Zujuwad Uttarakhand 247 663
Tel : (0172) - 4009318 Village Hosur Taluk, Tel: 09219401388/9
Krishnagiri District, Tamilnadu

Village : Sandharsi, No. 191, Vanagaram Road, Tata Motors Ltd. Vendors Park
Shambu - Ghanaur road Athipet, Chennai - 6000 058. Plot No.C11, Survey No.1
Tehsil : Rajpura, Dist Cell: 09384675154 North Kotpura, Sanand Viroch Nagar Post
Patiala Punjab – 140 417 Ahmedabad, Gujarat 382 170
Tel : (01762) - 269400 Tel: 09228021343/09228021179
Tube Products of India TIDC India TI Optoelectronic Solutions

Plot No.E-8, MIDC (Malegaon) Plot No. 108, SIDCO 500 East, Road R1 South
Sinnar District, Industrial Estate, Pattravakkam, Sri City SEZ , Satyavedu Mandal
Nashik - 422103 Ambattur, Chennai - 600 098 Chittoor District
Tel : (040) - 42235555 Andhra Pradesh, India
Fax : (044) – 42235406 Pin: 517 646
TI Cycles of India TIDC India

Post Bag No.5 MTH Road Plot No. D-185/1, SIDCO
Ambattur, Chennai 600 053 MIDC Shendar Five Star,
Tel : (044) – 42093434 Industrial Area,
Fax: (044) – 42093345 Aurangabad - 431154
TI Cycles of India TIDC India

Sandharsi Tehsil Tirupati-Tiruttani Highway
Rajpura, Patiala, Ponpadi Village, Thiruvelangadu
Punjab – 140 417 Block Tiruttani Taluk, Tiruvallur 631 213
Tel : (01762) – 269000, 269200
CONTACT ADDRESS
COMPLIANCE OFFICER For all matters relating to investor services:
Ms. S Krithika KFin Technologies Limited
Company Secretary “Selenium Tower-B”
Tube Investments of India Limited Plot 31-32, Gachibowli
‘Dare House’ 234 N S C Bose Road Financial District, Nanakramguda
Chennai 600 001 Hyderabad 500 032
e-mail: krithikas@tii.murugappa.com e-mail : einward.ris@kfintech.com
Tel : (044) - 42286748 Tel : (040) – 67162222
Fax : (044) - 42110404 Fax: (040) - 23001153
Toll Free: 1800-345-4001
Standalone
Financial
Statements
Independent Auditor’s Report

To the Members of Tube Investments of India Limited the ‘Code of Ethics’ issued by the Institute of Chartered
Accountants of India together with the ethical requirements
Report on the Audit of the Standalone Financial
that are relevant to our audit of the financial statements under
Statements
the provisions of the Act and the Rules thereunder, and we
Opinion have fulfilled our other ethical responsibilities in accordance
We have audited the accompanying Standalone Financial with these requirements and the Code of Ethics. We believe
Statements of Tube Investments of India Limited (“the that the audit evidence we have obtained is sufficient and
Company”), which comprise the Balance sheet as at March appropriate to provide a basis for our audit opinion on the
31 2023, the Statement of Profit and Loss, including the Standalone Financial Statements.
statement of Other Comprehensive Income, the Cash Flow
Key Audit Matters
Statement and the Statement of Changes in Equity for the
year then ended, and notes to the Standalone Financial Key audit matters are those matters that, in our professional
Statements, including a summary of significant accounting judgment, were of most significance in our audit of the
policies and other explanatory information. Standalone Financial Statements for the financial year
In our opinion and to the best of our information and ended March 31, 2023. These matters were addressed
according to the explanations given to us, the aforesaid in the context of our audit of the Standalone Financial
Standalone Financial Statements give the information Statements as a whole, and in forming our opinion thereon,
required by the Companies Act, 2013, as amended (“the and we do not provide a separate opinion on these matters.
Act”) in the manner so required and give a true and fair For each matter below, our description of how our audit
view in conformity with the accounting principles generally addressed the matter is provided in that context.
accepted in India, of the state of affairs of the Company as
We have determined the matters described below to be
at March 31, 2023, its profit including other comprehensive
the key audit matters to be communicated in our report.
income, its cash flows and the changes in equity for the
We have fulfilled the responsibilities described in the
year ended on that date.
Auditor’s responsibilities for the audit of the Standalone
Basis for Opinion Financial Statements section of our report, including in
We conducted our audit of the Standalone Financial relation to these matters. Accordingly, our audit included
Statements in accordance with the Standards on Auditing the performance of procedures designed to respond to our
(SAs), as specified under Section 143(10) of the Act. assessment of the risks of material misstatement of the
Our responsibilities under those Standards are further Standalone Financial Statements. The results of our audit
described in the ‘Auditor’s Responsibilities for the Audit of procedures, including the procedures performed to address
the Standalone Financial Statements’ section of our report. the matters below, provide the basis for our audit opinion
We are independent of the Company in accordance with on the accompanying Standalone Financial Statements.
Key audit matters How our audit addressed the key audit matter
Timing of Revenue Recognition (as described in Note 3.11 and Note 19 of the Standalone Financial Statements)
The Company has 3 major operating segments, Our audit procedures included the following:
namely, Mobility, Engineering and Metal Formed • We understood the Company’s order to cash processes, including
Products. The type of customers varies across design and implementation of controls which vary based on product
these segments, ranging from dealers in Mobility segment and customer, and tested the operating effectiveness of
Segment to Original Equipment Manufacturers and such controls in relation to revenue recognition.
their suppliers, dealers and Industrial Customers
• On a sample basis, we tested revenue transactions to contracts with
in respect of the Metal Formed Products and
customers, purchase orders issued by customers and sales invoices
Engineering Segments.
raised by the Company to determine the timing of transfer of control
The Company recognizes revenue from sale of along with pricing terms and the timing of revenue recognition in
goods at a point in time based on the terms of respect of such contracts.
the contract with customers which may vary • We performed substantive analytical procedures including analyzing
case to case. Terms of sales arrangements with revenue transactions near the reporting date and tested whether
various customers within each of the operating the timing of revenue was recognized in the appropriate period
segments, including Incoterms, determine the with reference to shipping records, sales invoices etc for sample
timing of transfer of control and require judgment transactions.
in determining the timing of revenue recognition.
• We read, understood and evaluated the Company’s accounting
Due to the judgement relating to determination policies pertaining to revenue recognition and assessed compliance
of point of time in satisfaction of performance with the policies in terms of Ind AS 115 - Revenue from Contracts
obligations with respect to sale of products, this with Customers.
matter is considered as Key Audit Matter. • We assessed the disclosures for compliance with applicable
accounting standards.
Other Information the preparation of these Standalone Financial Statements

that give a true and fair view of the financial position, financial
The Company’s Board of Directors is responsible for the
performance including other comprehensive income, cash
other information. The other information comprises the
flows and changes in equity of the Company in accordance
information included in the Board’s Report & Management
Discussion and Analysis, Report on Corporate with the accounting principles generally accepted in India,
Governance, General Shareholders Information and including the Indian Accounting Standards (Ind AS) specified
Business Responsibility and Sustainability Report, but does under section 133 of the Act read with the Companies
not include the Standalone Financial Statements and our (Indian Accounting Standards) Rules, 2015, as amended.
auditor’s report thereon. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
Our opinion on the Standalone Financial Statements does
the Act for safeguarding of the assets of the Company and
not cover the other information and we do not express any
for preventing and detecting frauds and other irregularities;
form of assurance conclusion thereon.
selection and application of appropriate accounting policies;
In connection with our audit of the Standalone Financial making judgments and estimates that are reasonable and
Statements, our responsibility is to read the other prudent; and the design, implementation and maintenance
information and, in doing so, consider whether such other of adequate internal financial controls, that were operating
information is materially inconsistent with the financial effectively for ensuring the accuracy and completeness
statements or our knowledge obtained in the audit or of the accounting records, relevant to the preparation
otherwise appears to be materially misstated. If, based on and presentation of the Standalone Financial Statements
the work we have performed, we conclude that there is that give a true and fair view and are free from material
a material misstatement of this other information, we are misstatement, whether due to fraud or error.
required to report that fact. We have nothing to report in
this regard. In preparing the Standalone Financial Statements,
management is responsible for assessing the Company’s
Responsibilities of Management and Those Charged ability to continue as a going concern, disclosing, as
with Governance for the Standalone Financial
applicable, matters related to going concern and using the
Statements
going concern basis of accounting unless management
The Company’s Board of Directors is responsible for the either intends to liquidate the Company or to cease
matters stated in Section 134(5) of the Act with respect to operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for evidence obtained up to the date of our auditor’s
overseeing the Company’s financial reporting process. report. However, future events or conditions may
cause the Company to cease to continue as a going
Auditor’s Responsibilities for the Audit of the Standalone
concern.
Financial Statements
• Evaluate the overall presentation, structure and content
Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole of the Standalone Financial Statements, including the
are free from material misstatement, whether due to fraud disclosures, and whether the Standalone Financial
or error, and to issue an auditor’s report that includes our Statements represent the underlying transactions and
opinion. Reasonable assurance is a high level of assurance, events in a manner that achieves fair presentation.
but is not a guarantee that an audit conducted in accordance We communicate with those charged with governance
with SAs will always detect a material misstatement when it regarding, among other matters, the planned scope and
exists. Misstatements can arise from fraud or error and are timing of the audit and significant audit findings, including
considered material if, individually or in the aggregate, they any significant deficiencies in internal control that we identify
could reasonably be expected to influence the economic during our audit.
decisions of users taken on the basis of these Standalone
Financial Statements. We also provide those charged with governance with a
statement that we have complied with relevant ethical
As part of an audit in accordance with SAs, we exercise requirements regarding independence, and to communicate
professional judgment and maintain professional skepticism with them all relationships and other matters that may
throughout the audit. We also:
reasonably be thought to bear on our independence, and
• Identify and assess the risks of material misstatement where applicable, related safeguards.
of the Standalone Financial Statements, whether due
From the matters communicated with those charged with
to fraud or error, design and perform audit procedures
governance, we determine those matters that were of
responsive to those risks, and obtain audit evidence
most significance in the audit of the Standalone Financial
that is sufficient and appropriate to provide a basis
Statements for the financial year ended March 31, 2023
for our opinion. The risk of not detecting a material
and are therefore the key audit matters. We describe these
misstatement resulting from fraud is higher than for
matters in our auditor’s report unless law or regulation
one resulting from error, as fraud may involve collusion,
precludes public disclosure about the matter or when, in
forgery, intentional omissions, misrepresentations, or
extremely rare circumstances, we determine that a matter
the override of internal control.
should not be communicated in our report because the
• Obtain an understanding of internal control relevant adverse consequences of doing so would reasonably be
to the audit in order to design audit procedures expected to outweigh the public interest benefits of such
that are appropriate in the circumstances. Under communication.
Section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the Company Report on Other Legal and Regulatory Requirements
has adequate internal financial controls with reference 1. As required by the Companies (Auditor’s Report) Order,
to financial statements in place and the operating 2020 (“the Order”), issued by the Central Government
effectiveness of such controls. of India in terms of sub-section (11) of section 143
• Evaluate the appropriateness of accounting policies of the Act, we give in the “Annexure 1” a statement
used and the reasonableness of accounting estimates on the matters specified in paragraphs 3 and 4 of the
and related disclosures made by management. Order.
• Conclude on the appropriateness of management’s 2. As required by Section 143(3) of the Act, we report
use of the going concern basis of accounting and, that:
based on the audit evidence obtained, whether
(a) We have sought and obtained all the information
a material uncertainty exists related to events or
and explanations which to the best of our
conditions that may cast significant doubt on the
knowledge and belief were necessary for the
Company’s ability to continue as a going concern.
purposes of our audit;
If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report (b)
In our opinion, proper books of account as
to the related disclosures in the financial statements required by law have been kept by the Company
or, if such disclosures are inadequate, to modify our so far as it appears from our examination of
opinion. Our conclusions are based on the audit those books;
(c)
The Balance Sheet, the Statement of Profit iv. a) The management has represented that,
and Loss including the Statement of Other to the best of its knowledge and belief,
Comprehensive Income, the Cash Flow other than as disclosed in Note 46(iv) to
Statement and Statement of Changes in Equity the Standalone Financial Statements, no
dealt with by this Report are in agreement with funds have been advanced or loaned or
the books of account; invested (either from borrowed funds or
share premium or any other sources or
(d) In our opinion, the aforesaid Standalone Financial
kind of funds) by the Company to or in
Statements comply with the Accounting any other persons or entities, including
Standards specified under Section 133 of the foreign entities (“Intermediaries”), with
Act, read with Companies (Indian Accounting the understanding, whether recorded in
Standards) Rules, 2015, as amended; writing or otherwise, that the Intermediary
(e)
On the basis of the written representations shall, whether, directly or indirectly lend
received from the directors as on March 31, or invest in other persons or entities
2023 taken on record by the Board of Directors, identified in any manner whatsoever by
none of the directors is disqualified as on March or on behalf of the Company (“Ultimate
31, 2023 from being appointed as a director in Beneficiaries”) or provide any guarantee,
terms of Section 164 (2) of the Act; security or the like on behalf of the
Ultimate Beneficiaries;
(f)
With respect to the adequacy of the internal
financial controls with reference to these b)
The management has represented
that, to the best of its knowledge
Standalone Financial Statements and the
and belief, as disclosed in the Note
operating effectiveness of such controls, refer
46(v) to the Standalone Financial
to our separate Report in “Annexure 2” to this
Statements, no funds have been
report;
received by the Company from any
(g) In our opinion, the managerial remuneration for persons or entities, including foreign
the year ended March 31, 2023 has been paid entities (“Funding Parties”), with the
/ provided by the Company to its directors in understanding, whether recorded in
accordance with the provisions of section 197 writing or otherwise, that the Company
read with Schedule V to the Act; shall, whether, directly or indirectly, lend
or invest in other persons or entities
(h) With respect to the other matters to be included
identified in any manner whatsoever
in the Auditor’s Report in accordance with Rule
by or on behalf of the Funding Party
11 of the Companies (Audit and Auditors) Rules,
(“Ultimate Beneficiaries”) or provide any
2014, as amended in our opinion and to the
guarantee, security or the like on behalf
best of our information and according to the of the Ultimate Beneficiaries; and
explanations given to us:
c)
Based on such audit procedures
i. The Company has disclosed the impact of performed that have been considered
pending litigations on its financial position reasonable and appropriate in the
in its Standalone Financial Statements – circumstances, nothing has come to
Refer Note 36a to the Standalone Financial our notice that has caused us to believe
Statements; that the representations under sub-
ii.
The Company has made provision, clause (a) and (b) contain any material
as required under the applicable law misstatement.
or accounting standards, for material v.
The final dividend paid by the Company
foreseeable losses, if any, on long-term during the year in respect of the same
contracts including derivative contracts – declared for the previous year is in
Refer Note 40 to the Standalone Financial accordance with Section 123 of the Act to
Statements; the extent it applies to payment of dividend.
The interim dividend declared and paid by
iii. There were no amounts which were required
the Company during the year and until the
to be transferred to the Investor Education
date of this audit report is in accordance
and Protection Fund by the Company.
with Section 123 of the Act. As stated in For S.R. Batliboi & Associates LLP
Note 18d to the Standalone Financial Chartered Accountants
Statements, the Board of Directors of the ICAI Firm Registration Number: 101049W/E300004
Company have proposed final dividend for
the year which is subject to the approval
of the members at the ensuing Annual
General Meeting. The dividend declared is per Aravind K
in accordance with Section 123 of the Act Partner
to the extent it applies to declaration of Membership Number: 221268
dividend. UDIN: 23221268BGXPOV2714
Place of Signature: Chennai
vi.
As proviso to Rule 3(1) of the Companies
Date: May 15, 2023
(Accounts) Rules, 2014 is applicable for the
Company only w.e.f. April 1, 2023, reporting
under this clause is not applicable.
Annexure ‘1’ referred to in paragraph under the heading (b)

As disclosed in Note 15a to the Standalone
“Report on other legal and regulatory requirements” of Financial Statements, the Company has been
our report of even date sanctioned working capital limits in excess of
Rs. five crores in aggregate from banks during
Re: Tube Investments of India Limited (‘the Company’)
the year on the basis of security of current
In terms of the information and explanations sought by us assets of the Company. The quarterly returns/
and given by the Company and the books of account and statements up to the quarter ended December
records examined by us in the normal course of audit and 31, 2022, filed by the Company with such banks
to the best of our knowledge and belief, we state that: are in agreement with the books of accounts of
the Company. The return for the quarter ended
(i) (a) (A)
The Company has maintained proper
March 31, 2023 has not been filed by the
records showing full particulars, including
Company till the approval of these Standalone
quantitative details and situation of Property,
Financial Statements.
Plant and Equipment.
(iii) (a) During the year the Company has not provided
(a) (B)
The Company has maintained proper
advances in the nature of loans, stood guarantee
records showing full particulars of
or provided security to companies, firms, Limited
intangibles assets.
Liability Partnerships or any other parties. The
(b) All Property, Plant and Equipment have not been Company has provided loans to subsidiaries as
physically verified by the management during follows:
the year but there is a regular programme of
verification which, in our opinion, is reasonable Particulars Amt in `crores
having regard to the size of the Company and the Aggregate amount granted
328.75
nature of its assets. No material discrepancies / provided during the year
were noticed on such verification. Balance outstanding as at
225.75
balance sheet date
(c) The title deeds of immovable properties, included
in Property, Plant and Equipment, including (b) During the year the investments made and the
those deposited under custody of Banks (other terms and conditions of the grant of all loans to
than properties where the Company is the lessee companies are not prejudicial to the Company’s
and the lease agreements are duly executed in interest. During the year, the Company has not
favour of the lessee) disclosed in Note 4a to the provided guarantees, provided security and
Standalone Financial Statements are held in the granted advances in the nature of loans to
name of the Company. companies, firms, Limited Liability Partnerships
or any other parties.
(d) The Company has not revalued its Property, Plant
and Equipment (including Right of use assets) or (c) The Company has granted loans during the year
intangible assets during the year ended March to subsidiaries where the schedule of repayment
31, 2023. of principal and payment of interest has been
stipulated and the repayment or receipts are
(e)
There are no proceedings initiated or are regular. The Company has not granted loans and
pending against the Company for holding any advances in the nature of loans to firms, Limited
benami property under the Prohibition of Benami Liability Partnerships or any other parties.
Property Transactions Act, 1988 and rules made
thereunder. (d)
There are no amounts of loans granted to
companies which are overdue for more than
(ii) (a)
The inventory has been physically verified by ninety days.
the management during the year except for
inventories lying with third parties. In our opinion, (e)
There were no loans granted to companies,
the frequency of verification by the management which had fallen due during the year.
is reasonable and the coverage and procedure (f)
The Company has not granted any loans or
for such verification is appropriate. Discrepancies advances in the nature of loans, either repayable
of 10% or more in aggregate for each class of on demand or without specifying any terms
inventory were not noticed. Inventories lying with or period of repayment to companies, firms,
third parties have been confirmed by them and Limited Liability Partnerships or any other
no discrepancies were noticed in respect of such parties. Accordingly, the requirement to report on
confirmations.
clause 3(iii)(f) of the Order is not applicable to the prima facie, the specified accounts and records have
Company. been made and maintained. We have not, however,
made a detailed examination of the same.
(iv) Loans, investments and guarantees in respect of which
provisions of Sections 185 and 186 of the Companies (vii) (a)
Undisputed statutory dues including goods
Act, 2013 are applicable have been complied with and services tax, provident fund, employees’
by the Company There are no securities granted in state insurance, income-tax, duty of custom,
respect of which provisions of Section 185 and 186 cess and other statutory dues have generally
of the Companies Act, 2013 are applicable and hence been regularly deposited with the appropriate
not commented upon. authorities though there has been a slight delay
(v)
The Company has neither accepted any deposits in a few cases. According to the information and
from the public nor accepted any amounts which are explanations given to us and based on audit
deemed to be deposits within the meaning of Sections procedures performed by us, no undisputed
73 to 76 of the Companies Act and the rules made amounts payable in respect of these statutory
thereunder, to the extent applicable. Accordingly, the dues were outstanding, at the year end, for a
requirement to report on clause 3(v) of the Order is not period of more than six months from the date
applicable to the Company. they became payable.
(vi)
We have broadly reviewed the books of account (b) The dues of goods and services tax, provident
maintained by the Company pursuant to the rules fund, employees’ state insurance, income-tax,
made by the Central Government for the maintenance sales-tax, service tax, duty of custom, duty of
of cost records under Section 148(1) of the Companies excise, value added tax, cess, and other statutory
Act, 2013, relating to certain products of the Company dues have not been deposited on account of any
to which such rules apply, and are of the opinion that dispute, are as follows:
Disputed Paid under Period to which the

Nature of the Forum where the
Name of the statute amount unpaid protest amount pertains to
dues dispute is pending
(in Rs. crores) (in Rs. crores) (Financial year)
Appraising Officer,
Customs Act, 1962 Customs Duty - 0.16 2011-12, 2013-14
Customs
Assistant Commissioner
Customs Act, 1962 Customs Duty - 0.28 2012-13
of Customs
Customs Act, 1962 Customs Duty 0.03 0.06 2013-14, 2015-16 CESTAT
2008-09,
Finance Act 1994 Service tax 0.06 5.11 Adjudicating Officer
2010-11 to 2016-17
Finance Act 1994 Service tax - 4.32 2008-09 to 2016-17 CESTAT
Central Excise Act, Excise Duty/
0.01 0.14 1995-96, 2010-11 Commissioner (Appeals)
1944 Interest/ Penalty
Central Excise Act, Excise Duty/
- 0.06 2011-12 Deputy Commissioner
1944 Interest/ Penalty
Central Excise Act, Excise Duty/ 2001-02 to 2004-05,
- 0.02 Assistant Commissioner
1944 Interest/ Penalty 2011-12
Central Sales Tax,
CST 0.06 0.30 2004-05 & 2013-14 Tribunal
1956
Central Sales Tax,
CST - 0.03 2010-11 Assessing Officer
1956
2006-07 to 2011-12,
Sale Tax VAT - 6.37 Assessing Officer
2013-14, 2014-15
Joint Commissioner
Sale Tax VAT - 0.05 2011-12
(Appeals)
Entry Tax VAT - 1.44 2007-08 & 2008-09 High Court, Punjab
Disputed Paid under Period to which the

Nature of the Forum where the
Name of the statute amount unpaid protest amount pertains to
dues dispute is pending
(in Rs. crores) (in Rs. crores) (Financial year)
2012-13, 2013-14,
Income Tax Act,
Income Tax 3.94 10.29 2015-16, 2016-17, Commissioner (Appeals)
1961
2017-18, 2019-20
1991-92, 1992-93,
Employee State Employee state 1999-00, 2002-03 to
1.20 0.14 Various Forums
Insurance Act, 1961 Insurance 2005-06, 2011-12,
2018-19
Employee
Provident Fund Employee
0.06 0.01 2011-13 PF Appellate Tribunal
& Miscellaneous Provident Fund
Provisions Act, 1952
(viii) The Company has not surrendered or disclosed any (b)

The Company has not made any preferential
transaction, previously unrecorded in the books of allotment or private placement of shares / fully
account, in the tax assessments under the Income or partially or optionally convertible debentures
Tax Act, 1961 as income during the year. Accordingly, during the year under audit and hence, the
the requirement to report on clause 3(viii) of the Order requirement to report on clause 3(x)(b) of the
is not applicable to the Company. Order is not applicable to the Company.
(ix) (a) The Company has not defaulted in repayment of (xi) (a) No fraud by the Company or no fraud on the
loans or other borrowings or in the payment of Company has been noticed or reported during
interest thereon to any lender. the year.
(b)
The Company has not been declared wilful (b) During the year, no report under sub-section (12)
defaulter by any bank or financial institution or of Section 143 of the Companies Act, 2013 has
government or any government authority. been filed by cost auditor / secretarial auditor or
(c)
The Company did not have any term loans by us in Form ADT – 4 as prescribed under Rule
outstanding during the year hence, the 13 of Companies (Audit and Auditors) Rules,
requirement to report on clause (ix)(c) of the 2014 with the Central Government.
Order is not applicable to the Company. (c) As represented to us by the management, there
(d)
On an overall examination of the financial are no whistle blower complaints received by the
statements of the Company, no funds raised on Company during the year.
short-term basis have been used for long-term
(xii) The Company is not a Nidhi Company as per the
purposes by the Company.
provisions of the Companies Act, 2013. Therefore, the
(e)
On an overall examination of the financial requirement to report on clause 3(xii)(a), (b) and (c) of
statements of the Company, the Company has the Order is not applicable to the Company.
not taken any funds from any entity or person
(xiii) Transactions with the related parties are in compliance
on account of or to meet the obligations of its
with Sections 177 and 188 of Companies Act, 2013
subsidiaries, associates or joint ventures.
where applicable and the details have been disclosed
(f)
The Company has not raised loans during in the notes to the financial statements, as required by
the year on the pledge of securities held in the applicable accounting standards.
its subsidiaries, joint ventures or associate
(xiv) (a)
The Company has an internal audit system
companies. Hence, the requirement to report on
commensurate with the size and nature of its
clause (ix)(f) of the Order is not applicable to the
business.
Company.
(x) (a) The Company has not raised any money during (b) The internal audit reports of the Company issued
the year by way of initial public offer / further till the date of the audit report, for the period
public offer (including debt instruments) hence, under audit have been considered by us.
the requirement to report on clause 3(x)(a) of the (xv)
The Company has not entered into any non-cash
Order is not applicable to the Company. transactions with its directors or persons connected
with its directors and hence requirement to report uncertainty exists as on the date of the audit report
on clause 3(xv) of the Order is not applicable to the that Company is not capable of meeting its liabilities
Company. existing at the date of balance sheet as and when they
fall due within a period of one year from the balance
(xvi) (a) The provisions of Section 45-IA of the Reserve
sheet date. We, however, state that this is not an
Bank of India Act, 1934 (2 of 1934) are not
assurance as to the future viability of the Company.
applicable to the Company. Accordingly, the
We further state that our reporting is based on the
requirement to report on clause (xvi)(a) of the
facts up to the date of the audit report and we neither
Order is not applicable to the Company.
give any guarantee nor any assurance that all liabilities
(b)
The Company is not engaged in any Non- falling due within a period of one year from the balance
Banking Financial or Housing Finance activities. sheet date, will get discharged by the Company as
Accordingly, the requirement to report on clause and when they fall due.
(xvi)(b) of the Order is not applicable to the
(xx) (a) In respect of other than ongoing projects, there
Company.
are no unspent amounts that are required to be
(c) The Company is not a Core Investment Company transferred to a fund specified in Schedule VII
as defined in the regulations made by Reserve of the Companies Act (the Act), in compliance
Bank of India. Accordingly, the requirement with second proviso to Sub Section 5 of Section
to report on clause 3(xvi) of the Order is not 135 of the Act. This matter has been disclosed in
applicable to the Company. Note 26b to the financial statements.
(d) The Group has two Registered Core Investment (b) There are no ongoing projects and hence the
Companies as part of the Group. requirement to report on clause 3(xx)(b) of the
Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the
current financial year and immediately preceding
financial year.
(xviii) There has been no resignation of the statutory auditors
during the year and accordingly requirement to report
on Clause 3(xviii) of the Order is not applicable to the For S.R. Batliboi & Associates LLP
Company. Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
(xix) On the basis of the financial ratios disclosed in Note
44 to the Standalone Financial Statements, ageing
and expected dates of realization of financial assets
and payment of financial liabilities, other information per Aravind K
accompanying the financial statements, our Partner
knowledge of the Board of Directors and management Membership Number: 221268
plans and based on our examination of the evidence UDIN: 23221268BGXPOV2714
supporting the assumptions, nothing has come to our Place of Signature: Chennai
attention, which causes us to believe that any material Date: May 15, 2023
ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S Our audit involves performing procedures to obtain audit
REPORT OF EVEN DATE ON THE STANDALONE evidence about the adequacy of the internal financial
FINANCIAL STATEMENTS OF TUBE INVESTMENTS OF controls with reference to these Standalone Financial
INDIA LIMTED Statements and their operating effectiveness. Our audit
of internal financial controls with reference to Standalone
Report on the Internal Financial Controls under Clause
Financial Statements included obtaining an understanding
(i) of Sub-Section 3 of Section 143 of the Companies
of internal financial controls with reference to these
Act, 2013 (“the Act”)
Standalone Financial Statements, assessing the risk that a
We have audited the internal financial controls with material weakness exists, and testing and evaluating the
reference to Standalone Financial Statements of Tube design and operating effectiveness of internal control based
Investments of India Limited (“the Company”) as of March on the assessed risk. The procedures selected depend on
31, 2023 in conjunction with our audit of the Standalone the auditor’s judgement, including the assessment of the
Financial Statements of the Company for the year ended risks of material misstatement of the financial statements,
on that date. whether due to fraud or error.
Management’s Responsibility for Internal Financial We believe that the audit evidence we have obtained is
Controls sufficient and appropriate to provide a basis for our audit
The Company’s Management is responsible for establishing opinion on the Company’s internal financial controls with
and maintaining internal financial controls based on the reference to these Standalone Financial Statements.
internal control over financial reporting criteria established Meaning of Internal Financial Controls With Reference
by the Company considering the essential components to these Standalone Financial Statements
of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued A company’s internal financial controls with reference to
by the Institute of Chartered Accountants of India (“ICAI”). Standalone Financial Statements is a process designed
These responsibilities include the design, implementation to provide reasonable assurance regarding the reliability of
and maintenance of adequate internal financial controls financial reporting and the preparation of financial statements
that were operating effectively for ensuring the orderly for external purposes in accordance with generally
and efficient conduct of its business, including adherence accepted accounting principles. A company’s internal
to the Company’s policies, the safeguarding of its assets, financial controls with reference to Standalone Financial
the prevention and detection of frauds and errors, the Statements includes those policies and procedures that (1)
accuracy and completeness of the accounting records, pertain to the maintenance of records that, in reasonable
and the timely preparation of reliable financial information, detail, accurately and fairly reflect the transactions and
as required under the Companies Act, 2013. dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as
Auditor’s Responsibility
necessary to permit preparation of financial statements in
Our responsibility is to express an opinion on the Company’s accordance with generally accepted accounting principles,
internal financial controls with reference to these Standalone and that receipts and expenditures of the company are
Financial Statements based on our audit. We conducted being made only in accordance with authorisations of
our audit in accordance with the Guidance Note on Audit management and directors of the company; and (3) provide
of Internal Financial Controls Over Financial Reporting reasonable assurance regarding prevention or timely
(the “Guidance Note”) and the Standards on Auditing, as detection of unauthorised acquisition, use, or disposition of
specified under Section 143(10) of the Act, to the extent the company’s assets that could have a material effect on
applicable to an audit of internal financial controls, both the financial statements.
issued by ICAI. Those Standards and the Guidance Note
Inherent Limitations of Internal Financial Controls With
require that we comply with ethical requirements and plan
Reference to Standalone Financial Statements
and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls with reference Because of the inherent limitations of internal financial
to these Standalone Financial Statements was established controls with reference to Standalone Financial Statements,
and maintained and if such controls operated effectively in including the possibility of collusion or improper
all material respects. management override of controls, material misstatements
due to error or fraud may occur and not be detected. components of internal control stated in the Guidance Note
Also, projections of any evaluation of the internal financial issued by the ICAI.
controls with reference to Standalone Financial Statements
to future periods are subject to the risk that the internal
financial control with reference to Standalone Financial
Statements may become inadequate because of changes For S.R. Batliboi & Associates LLP
in conditions, or that the degree of compliance with the Chartered Accountants
policies or procedures may deteriorate. ICAI Firm Registration Number: 101049W/E300004
Opinion
In our opinion, the Company has, in all material respects,
adequate internal financial controls with reference to per Aravind K
Standalone Financial Statements and such internal financial Partner
controls with reference to Standalone Financial Statements Membership Number: 221268
were operating effectively as at March 31, 2023, based UDIN: 23221268BGXPOV2714
on the internal control over financial reporting criteria Place of Signature: Chennai
established by the Company considering the essential Date: May 15, 2023
Standalone Balance Sheet

` in Crores
Particulars Notes As at 31-Mar-2023 As at 31-Mar-2022
ASSETS
Non-Current Assets
Property, Plant and Equipment 4a 960.50 985.15
Right-of-use Assets 4b 27.18 32.08
Capital Work-in-Progress 4d 96.68 55.57
Investment Properties 5 4.59 4.67
Intangible Assets 4c 2.24 1.23
Financial Assets
(a) Investments
- Investment in Subsidiaries, Joint venture and Associate 6a 1,739.10 1,377.30
- Other Investments 6b 8.74 8.52
(b) Loans 6c 225.75 64.39
(c) Other Financial Assets 6d 17.34 15.02
Deferred Tax Assets (Net) 14 3.62 -
Non-Current Tax Assets 11.71 16.40
Other Non-Current Assets 7 35.42 30.92
3,132.87 2,591.25
Current Assets
Inventories 8 604.37 647.88
Financial Assets
(a) Loans 9a 2.07 2.17
(b) Trade Receivables 9b 688.22 708.84
(c) Investments 9c 293.30 280.45
(d) Derivative Instruments 40 - 1.02
(e) Cash and Cash Equivalents 9d 111.27 2.36
(f) Bank Balances other than (e) above 9e 2.85 2.46
(g) Other Financial Assets 9f 9.56 65.88
Other Current Assets 10 49.32 58.27
1,760.96 1,769.33
Total Assets 4,893.83 4,360.58
EQUITY AND LIABILITIES
Equity
Equity Share Capital 11 19.31 19.29
Other Equity 12 3,273.16 2,682.02
Total Equity 3,292.47 2,701.31
Non-Current Liabilities
Financial Liabilities
(a) Lease Liabilities 13 24.69 28.21
(b) Derivative Instruments 40 1.07 -
Deferred Tax Liabilities (Net) 14 - 2.03
25.76 30.24
Current Liabilities
(a) Short Term Borrowings 15a 473.21 348.07
(b) Trade Payables 15b
- total outstanding dues of micro enterprises and small enterprises 20.14 27.01
- total outstanding dues of creditors other than micro enterprises and
910.54 1,113.74
small enterprises
(c) Derivative Instruments 40 0.15 -
(d) Lease Liabilities 15c 3.78 4.62
(e) Other Financial Liabilities 15d 48.45 37.60
Government Grants 18c 18.50 17.87
Short Term Provisions 16 53.75 37.37
Current Tax Liability 11.60 6.44
Other Current Liabilities 17 35.48 36.31
1,575.60 1,629.03
Total Liabilities 1,601.36 1,659.27
Total Equity and Liabilities 4,893.83 4,360.58
Summary of Significant Accounting Policies 3
The accompanying notes are an integral part of the financial statements
As per our report of even date On behalf of the Board
For S.R. BATLIBOI & ASSOCIATES LLP For Tube Investments of India Limited
Chartered Accountants
ICAI Firm Regn. No : 101049W / E300004
per Aravind K M A M Arunachalam Mukesh Ahuja

Partner Chairman Managing Director
Membership No : 221268 DIN : 00202958 DIN : 09364667
Chennai AN Meyyappan S Suresh

15th May 2023 Chief Financial Officer Company Secretary
Standalone Statement of Profit and Loss

` in Crores
Year Ended Year Ended
Particulars Notes
31-Mar-2023 31-Mar-2022
Revenue from Contracts with Customers 19
Revenue from Operations 6,791.61 5,986.79
Other Operating Revenues 444.34 372.54
7,235.95 6,359.33
Other Income 20 215.22 73.58
Total Income 7,451.17 6,432.91
Expenses
Cost of Materials Consumed 21 4,344.41 3,966.17
Purchase of Stock-in-Trade 327.15 261.54
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-
22 (9.66) (88.72)
Trade
Employee Benefits Expense 23 570.30 507.07
Depreciation and Amortisation Expense 24 145.56 145.03
Finance Costs 25 21.62 11.77
Other Expenses 26 1,123.50 1,002.01
Total Expenses 6,522.88 5,804.87
Profit Before Tax and Exceptional items 928.29 628.04
Less : Exceptional Items 27 52.72 -
Profit Before Tax after exceptional items 875.57 628.04
Income Tax Expense 28
- Current Tax 218.10 153.41
- Adjustment of tax relating to earlier years 2.54 (6.21)
- Deferred Tax (Net) (Refer Note 14) (10.27) 5.67
210.37 152.87
Profit for the year (I) 665.20 475.17
Other Comprehensive Income: 30
Other Comprehensive Income to be reclassified to Statement of Profit
and Loss in subsequent periods:
Net Movement on Cash Flow Hedges (1.97) (0.77)
Income Tax Effect 0.50 0.20
(1.47) (0.57)
Other Comprehensive Income not to be reclassified to Statement of
Profit and Loss in subsequent periods:
Re-measurement (Loss) on Defined Benefit Obligations (Net) (13.99) (3.41)
Income Tax Effect (5.05) 0.86
(19.04) (2.55)
Net Gain/(Loss) on FVTOCI Securities 0.29 (0.24)
Income Tax Effect (0.07) (0.03)
0.22 (0.27)
Other Comprehensive Income for the Year, Net of Tax (II) (20.29) (3.39)
Total Comprehensive Income for the Year, Net of Tax (I + II) 644.91 471.78
Earnings Per Equity Share of `1 each (Previous year - `1 each) 31
Basic 34.46 24.64
Diluted 34.39 24.59



Standalone Statement of Changes in Equity
a. Equity Share Capital:

Particulars No. of shares ` in Crores
As at 31st March 2021
Equity shares of `1 each issued, subscribed and fully paid 19,28,16,871 19.28
Issue of share capital (Refer Note 11) 1,33,350 0.01
140 TUBE INVESTMENTS OF INDIA LIMITED
Equity shares of `1 each issued, subscribed and fully paid 19,29,50,221 19.29
|
Issue of share capital (Refer Note 11) 1,70,855 0.02

st
As at 31 March 2023 19,31,21,076 19.31
b. Other Equity
For the year ended 31st March 2023 ` in Crores
Reserves & Surplus Items of OCI Total Other
Share option Cash flow Equity
Particulars Securities Retained Capital General FVTOCI
outstanding Hedge
Premium Earnings Reserve Reserve Reserve
account Reserve
(Note 12) (Note 12) (Note 12) (Note 12) (Note 12)
(Note 12) (Note 12)
As at 1st April 2022 362.00 7.56 1,973.66 0.11 335.35 0.31 3.03 2,682.02
Changes in accounting policy or prior
- - - - - - - -
period errors
Restated balance as at 1st April
362.00 7.56 1,973.66 0.11 335.35 0.31 3.03 2,682.02
2022
Profit for the Year - - 665.20 - - - - 665.20
Other comprehensive income for the
- - (19.04) - - (1.47) 0.22 (20.29)
Year (Note 30)
Total Comprehensive Income - - 646.16 - - (1.47) 0.22 644.91
Share-based payments - 9.12 - - - - - 9.12
Employee share options 6.55 (1.87) - - - - - 4.68
Dividends - - (67.57) - - - - (67.57)
As at 31st March 2023 368.55 14.81 2,552.25 0.11 335.35 (1.16) 3.25 3,273.16
Standalone Statement of Changes in Equity
For the year ended 31st March, 2022 ` in Crores
Reserves & Surplus Items of OCI Total Other

Share option Cash flow Equity
Particulars Securities Retained Capital General FVTOCI
outstanding Hedge
Premium Earnings Reserve Reserve Reserve
account Reserve
(Note 12) (Note 12) (Note 12) (Note 12) (Note 12)
(Note 12) (Note 12)
As at 1st April 2021 356.92 8.74 1,568.55 0.11 335.35 0.88 3.30 2,273.85
Changes in accounting policy or prior
- - - - - - - -
period errors
Restated balance as at 1st April 2022 356.92 8.74 1,568.55 0.11 335.35 0.88 3.30 2,273.85
Profit for the Year - - 475.17 - - - - 475.17
Other comprehensive income for the Year
- - (2.55) - - (0.57) (0.27) (3.39)
(Note 30)
Total Comprehensive Income - - 472.62 - - (0.57) (0.27) 471.78
Share-based payments - 0.58 - - - - - 0.58
Employee share options 5.08 (1.76) - - - - - 3.32
Dividends - - (67.51) - - - - (67.51)
As at 31st March 2022 362.00 7.56 1,973.66 0.11 335.35 0.31 3.03 2,682.02



141
Standalone Cash Flow Statement

` in Crores
Particulars
31-Mar-2023 31-Mar-2022
A. Cash Flow from Operating Activities:
Profit Before Tax after exceptional items 875.57 628.04
Adjustments to reconcile Profit Before Tax to Net Cash Flows:

Depreciation/Amortisation on Property, Plant and Equipment, Right of use
145.56 145.03
assets, investment property and intangible assets
Share based payment expenses 7.85 0.58
(Profit) on Property Plant and Equipment and ROU Assets sold / discarded
(3.05) (3.75)
(Net)
(Profit) on Sale of Investments carried at FVTPL (11.38) (8.34)
Impairment allowance /(reversal of allowance) for receivables and advances
1.80 (5.13)
(including bad debts written off) (Net)
Impairment of Tangible assets, intangible assets and investment in
52.72 -
subsidiaries
Net Foreign Exchange differences 0.77 0.85
Finance Income (including Fair Value changes in Financial Instruments) (22.26) (5.30)
Finance Costs 21.62 11.77
Liabilities/Provisions no longer payable written back (2.94) (2.78)
Imputed interest on Corporate Guarantee provided to Subsidiary - (1.92)
Dividend Income (149.19) (14.18)
Operating Profit before Working Capital / Other Changes 917.07 744.87
Adjustments for :
Increase / (Decrease) in Provisions and Government Grants 3.02 (9.14)
Increase / (Decrease) in Trade and Other Payables (208.19) 24.82
Increase / (Decrease) in Other Financial Liabilities (1.19) 0.21
Increase / (Decrease) in Other Current Liabilities (0.83) 6.80

(Increase) / Decrease in Other Non Current Financial Assets and Non-Current
0.24 1.39
Assets
(Increase) / Decrease in Other Financial and Current Assets 61.97 (43.79)
(Increase) / Decrease in Trade and Other Receivables 19.96 (126.41)
(Increase) / Decrease in Inventories 43.51 (133.74)
Cash Generated From Operations 835.56 465.01
Income Tax paid (net of refunds) (210.79) (139.19)
Net Cash Flow from Operating Activities 624.77 325.82

Standalone Cash Flow Statement

` in Crores
Particulars
31-Mar-2023 31-Mar-2022
B. Cash Flow from Investing Activities:
Capital Expenditure (Including Capital Work In Progress and Capital
(188.08) (127.53)
Advances)
Proceeds from Sale of Property, Plant and Equipment 8.42 7.84
(Purchase) / Redemption of Current Investments, Net (Refer Note 9c) (1.47) 32.19
Sale of Non Current Investments at FVTOCI - 7.28
Purchase of Investments in Subsidiaries, Associate and Joint Venture (385.25) (161.24)
Loans given to subsidiaries (328.75) (64.00)
Loans repaid by subsidiaries 167.00 -
Proceeds / (Investment) in deposits having an original maturity of more than
(0.39) (0.81)
3 months (Net)
Interest Income received 24.98 1.69
Dividend Received 150.53 14.18
Net Cash Used in Investing Activities (553.01) (290.40)
C. Cash Flow from Financing Activities: (Refer Note 9d)
Proceeds from issue of equity shares (ESOP) 4.70 3.32
(Repayment) of Long Term Borrowings (50.00) (50.00)
(Repayment) / Proceeds from Short Term Borrowings (Net) (Refer Note 15a) 176.17 88.38
Payment of Lease Liabilities (6.18) (6.86)
Finance Costs Paid (18.75) (9.79)
Dividends Paid (67.19) (66.70)
Net Cash From / (Used) in Financing Activities 38.75 (41.65)
Net increase / (Decrease) in Cash and Cash Equivalents [A+B+C] 110.51 (6.23)
Cash and Cash Equivalents at the beginning of the Year 0.74 6.97
Cash and Cash Equivalents as at end of the Year (Refer Note 9d) 111.25 0.74



Notes to Financial Statements

1. General Information of the Company The Standalone financial statements were authorised
for issue in accordance with a resolution of the
Corporate Information
directors on 15th May 2023.
Tube Investments of India Limited (“the Company/TII”)
2. Basis of Preparation
with CIN No: L35100TN2008PLC069496, is a Public
Limited Company domiciled in India. The Company The standalone financial statements of the Company

is listed on BSE and National Stock Exchange. The have been prepared in accordance with Indian
Registered Office of the Company is located at 234, Accounting Standards (Ind AS) notified under the
NSC Bose Road, Chennai, Tamilnadu. The Company Companies (Indian Accounting Standards) Rules,
was originally incorporated as TI Financial Holdings 2015, as amended from time to time and presentation
Limited on 6th October 2008 under the Companies Act, requirements of Division II of Schedule III to the
1956, as a wholly-owned subsidiary of erstwhile Tube Companies Act, 2013, (Ind AS compliant Schedule III),
Investments of India Limited (“Demerged Company”). as applicable to the standalone financial statement.

The standalone financial statements have been

Pursuant to the Scheme of Arrangement (“the
prepared on a historical cost basis, except for the
Scheme”) approved by NCLT (National Company Law
following assets and liabilities which have been
Tribunal), the Manufacturing Business Undertaking of
measured at fair value:
the Demerged Company was vested in/transferred to
the Company with effect from 1st August 2017 and the - Derivative financial instruments
appointed date was 1st April 2016. The name of the
- Certain financial assets and financial liabilities
Company was changed to “Tube Investments of India measured at fair value (refer accounting policy
Limited” (Resulting Company). regarding financial instruments)
The Company has manufacturing locations across The standalone financial statements are presented in
the Country and has three primary product segments INR, which is its functional currency and all values are
namely, “Engineering”, “Metal Formed Products” rounded to the nearest crore, except when otherwise
and “Mobility”. The Engineering segment comprises indicated. The Company has prepared the standalone
of cold rolled steel strips and precision steel tubes financial statements on the basis that it will continue to
viz., Cold Drawn Welded tubes (CDW) and Electric operate as a going concern.
Resistant Welded tubes (ERW). The Metal Formed
3. Summary of Significant Accounting Policies
Products segment comprises of Automotive chains,
fine blanked products, stamped products, roll-formed 3.1.
Presentation and Disclosure of Standalone
car doorframes and cold rolled formed sections Financial Statements
for railway wagons and passenger coaches. The An asset has been classified as current when it
Mobility segment comprises of Standard bi-cycles, satisfies any of the following criteria;
Special bi-cycles including alloy bikes and Speciality
performance bikes and fitness equipment. Other a) It is expected to be realized in, or is intended for
product segment include Industrial Chains and certain sale or consumption in, the Company’s normal
other new businesses. operating cycle;
b) It is held primarily for the purpose of being traded;

The Company also has Subsidiaries, Associate
Companies and Joint Ventures Viz., Shanthi Gears c) It is expected to be realized within twelve months
Limited, Financiere C10 SAS and its Subsidiaries, after the reporting period; or
Great Cycles (Private) Limited, Creative Cycles
d) It is cash or cash equivalent unless it is restricted
(Private) Limited, CG Power and Industrial Solutions
from being exchanged or used to settle a liability
Limited (‘CGPISL’) and its Subsidiaries (together ‘CG
for at least twelve months after the reporting
Power’), Aerostrovilos Energy Private limited, Moshine period.
Electronics Private Limited, X2Fuels and Energy
Private Limited and TI Clean Mobility Private limited A liability has been classified as current when it
and its Subsidiaries (‘TICMPL’). During the year, the satisfies any of the following criteria;
Company acquired controlling stake in IPLTech a) It is expected to be settled in the Company’s
Electric Private limited and Cellestial E-Mobility Private normal operating cycle;
Limited through TICMPL and acquired controlling
b) It is held primarily for the purpose of being traded;
stake in Moshine Electronics Private Limited. The
Company has entered into a joint venture with X2Fuels c) It is due to be settled within twelve months after
and Energy Private Limited (Refer Note 6a). the reporting period; or

d) The Company does not have an unconditional For assets and liabilities that are recognised in the
right to defer settlements of the liability for at least standalone financial statements on a recurring
twelve months after the reporting period. basis, the Company determines whether transfers
All other assets and liabilities have been classified as have occurred between levels in the hierarchy by re-
non-current. assessing categorisation (based on the lowest level
input that is significant to the fair value measurement
Deferred tax assets and liabilities are classified as non-
as a whole) at the end of each reporting period.
current assets and liabilities.

Based on the nature of products/activities, the The Company determines the policies and procedures
Company has determined its operating cycle as for both recurring fair value measurement,such
twelve months for the above purpose of classification as derivative instruments and unquoted financial
as current and non-current. assets measured at fair value, and for non-recurring
measurement.
3.2. Fair Value Measurement
External valuers are involved for valuation of assets
The Company measures financial instruments, such such as investment properties and unquoted financial
as, derivatives at fair value at each balance sheet date. investments. Involvement of external valuers is decided
Fair value is the price that would be received to sell upon annually by the Company. At each reporting
an asset or paid to transfer a liability in an orderly date, the Company analyses the movements in the
transaction between market participants at the values of assets and liabilities which are required to
measurement date. The fair value measurement is be remeasured or re-assessed as per the accounting
based on the presumption that the transaction to sell policies. For this analysis, the Company verifies
the asset or transfer the liability takes place either: the major inputs applied in the latest valuation by
a) In the principal market for the asset or liability, or agreeing the information in the valuation computation
to contracts and other relevant documents. Other
b) In the absence of a principal market, in the most
fair value related disclosures are given in the relevant
advantageous market for the asset or liability
notes (Refer Note 41).
The fair value of an asset or a liability is measured
For the purpose of fair value disclosures, the Company
using the assumptions that market participants would
has determined classes of assets and liabilities on the
use when pricing the asset or liability, assuming that
basis of the nature, characteristics and risks of the
market participants act in their best economic interest.
asset or liability and the level of the fair value hierarchy
A fair value measurement of a non-financial asset as explained above (Refer Note 41).
takes into account a market participant’s ability to
3.3. Use of Estimates
generate economic benefits by using the asset in its
highest and best use or by selling it to another market The preparation of standalone financial statements
participant that would use the asset in its highest and in conformity with Ind AS requires the management
best use. to make judgments, estimates and assumptions that
affect the reported amounts of revenues, expenses,
The Company uses valuation techniques that are
assets and liabilities and the disclosure of contingent
appropriate in the circumstances and for which
liabilities, like provision for employee benefits,
sufficient data are available to measure fair value,
impairment allowances for receivables/advances,
maximising the use of relevant observable inputs and
contingencies, provision for warranties, allowance for
minimising the use of unobservable inputs.
slow/non-moving inventories, useful life of Property,
All assets and liabilities for which fair value is measured Plant and Equipment, provision for retrospective
or disclosed in the standalone financial statements are price revisions, provision for taxation, etc., during and
categorised within the fair value hierarchy, described at the end of the reporting period. Although these
as follows, based on the lowest level input that is estimates are based on the management’s best
significant to the fair value measurement as a whole: knowledge of current events and actions, uncertainty
a) Level 1 - Quoted (unadjusted) market prices in about these assumptions and estimates could result
active markets for identical assets or liabilities in the outcomes requiring a material adjustment to
the carrying amounts of assets or liabilities in future
b)
Level 2 - Valuation techniques for which the periods.
lowest level input that is significant to the fair value
measurement is directly or indirectly observable 3.4. Cash and Cash Equivalents
c)
Level 3 - Valuation techniques for which the Cash and Cash equivalents comprises cash on hand
lowest level input that is significant to the fair and demand deposits with banks. Cash equivalents
value measurement is unobservable are short-term (with an original maturity of three

months or less from the date of acquisition), highly An item of property, plant and equipment and any
liquid investments that are readily convertible into significant part initially recognised is derecognised
known amounts of cash and which are subject to upon disposal or when no future economic benefits
insignificant risk of change in value. are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated
3.5. Cash Flow Statement
as the difference between the net disposal proceeds
Cash flows are reported using the indirect method, and the carrying amount of the asset) is included in
whereby profit / (loss) before tax is adjusted for the the statement of profit and loss when the asset is
effects of transactions of non-cash nature and any derecognised.
deferrals or accruals of past or future cash receipts or
payments. The residual values, useful lives and methods of
depreciation of property, plant and equipment are
For the purpose of the Statement of cash flows, reviewed at each financial year end and adjusted
cash and cash equivalents as defined above, net of prospectively, if appropriate (Refer Note – 3.18).
outstanding bank overdrafts as they are considered
an integral part of the cash management of the Pursuant to transition to Ind AS, the Company has
Company. elected to continue with the carrying value of all of its
Property, Plant and Equipment as per the previous
3.6. Property, Plant and Equipment GAAP as its deemed cost on the transition date.
Property, plant and equipment are stated at cost

Capital Work-in-Progress: Projects under which
less accumulated depreciation and accumulated
assets are not ready for their intended use and other
impairment losses, if any. Capital work in progress
capital work-in-progress are carried at cost, net of
are stated at cost, net of accumulated impairment
accumulated impairment loss, if any. Cost comprises
loss, if any. Freehold land is measured at cost and
direct cost and attributable interest. Once it has
not depreciated. Cost includes related taxes, duties,
become available for use, their cost is re-classified to
freight, insurance, etc. attributable to the acquisition,
appropriate caption and subjected to depreciation.
installation of the Property, Plant and Equipment and
borrowing cost if capitalisation criteria are met but 3.7. Investment Properties
excludes duties and taxes that are recoverable from
Investment property represents property held to earn
tax authorities.
rentals or for capital appreciation or both.
Machinery Spares including spare parts, stand-by and
Investment properties are measured initially at cost,
servicing equipment are capitalised as Property, Plant
including transaction costs. Subsequent to initial
and Equipment if they meet the definition of property,
recognition, investment properties are stated at cost
plant and equipment i.e. if the Company intends to
less accumulated depreciation and accumulated
use these for more than a period of 12 months. These
spare parts capitalized are depreciated as per Ind AS impairment loss, if any.
16. The cost includes the cost of replacing parts and
Subsequent expenditure relating to Property, Plant borrowing costs for long-term construction projects
and Equipment is capitalised only if it is probable that if the recognition Criteria are met. When significant
future economic benefits associated with the item will parts of the investment property are required to be
flow to the Company and the cost of the item can be replaced at intervals, the Company depreciates them
measured reliably. separately based on their specific useful lives. All other
repair and maintenance costs are recognised in the
Material replacement cost is capitalized provided it statement of profit and loss as incurred.
is probable that future economic benefits associated
with the item will flow to the Company and the cost of Depreciation on building classified as investment
the item can be measured reliably. When replacement property has been provided on the straight-line
cost is eligible for capitalization, the carrying amount of method over a period of 60 years as prescribed in
those parts that are replaced is derecognized. When Schedule II to the Companies Act, 2013. These are
significant parts of plant and equipment are required based on the Company’s estimate of their useful lives
to be replaced at intervals, the Company depreciates taking into consideration technical factors.
them separately based on their specific useful life. Though the Company measures investment property
The Company identifies and determines cost of using cost based measurement, the fair value of
each component/part of the asset separately, if the investment property is disclosed in the notes. Fair
component/part has a cost which is significant to values are determined based on an annual evaluation
the total cost of the asset and has useful life that is performed by an external independent valuer applying
materially different from that of the remaining asset. valuation models.

Pursuant to transition to Ind AS, the Company has the carrying amount of an asset or CGU exceeds its
elected to continue with the carrying value of all of its recoverable amount, the asset is considered impaired
Investment Properties as per the previous GAAP as its and is written down to its recoverable amount. In
deemed cost on the transition date. assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax

Investment properties are derecognised either
discount rate that reflects current market assessments
when they have been disposed off or when they
of the time value of money and the risks specific to the
are permanently withdrawn from use and no future
asset. In determining fair value less costs of disposal,
economic benefit is expected from their disposal.
recent market transactions are taken into account, if
The difference between the net disposal proceeds
available. If no such transactions can be identified, an
and the carrying amount of the asset is recognised
appropriate valuation model is used.
in the statement of profit and loss in the period of
derecognition. The Company bases its impairment calculation on
detailed budgets and forecast calculations which are
3.8. Intangible Assets
prepared separately for each of the Company’s cash-
Intangible assets acquired separately are measured generating units to which the individual assets are
on initial recognition at cost. Following initial allocated. These budgets and forecast calculations
recognition, intangible assets are carried at cost less are generally covering a period of five years. For longer
any accumulated amortisation and accumulated periods, a long-term growth rate is calculated and
impairment losses. Internally generated intangibles, applied to project future cash flows after the fifth year.
excluding capitalised development costs, are not To estimate cash flow projections beyond periods
capitalised and the related expenditure is reflected in covered by the most recent budgets/forecasts, the
profit or loss in the period in which the expenditure is Company extrapolates cash flow projections in the
incurred. budget using a steady or declining growth rate for
subsequent years, unless an increasing rate can be

Intangible assets are amortised over the useful justified. In any case, this growth rate does not exceed
economic life and assessed for impairment whenever the long-term average growth rate for the products,
there is an indication that the intangible asset may be industries, or country or countries in which the entity
impaired. The amortisation period and the amortisation operates, or for the market in which the asset is used.
method for an intangible asset with a finite useful life are
reviewed at least at the end of each reporting period. An assessment is made at each reporting date as
Changes in the expected useful life or the expected to whether there is any indication that previously
pattern of consumption of future economic benefits recognized impairment losses may no longer exist
embodied in the asset are considered to modify the or may have decreased. If such indication exists, the
amortisation period or method, as appropriate, and Company estimates the asset’s or cash-generating
are treated as changes in accounting estimates. unit’s recoverable amount. A previously recognized
impairment loss is reversed only if there has been a
The amortisation expense on intangible assets with change in the assumptions used to determine the
finite lives is recognised in the statement of profit and asset’s recoverable amount since the last impairment
loss unless such expenditure forms part of carrying loss was recognized. The reversal is limited so that
value of another asset. Gains or losses arising from the carrying amount of the asset does not exceed its
de-recognition of an intangible asset are measured as recoverable amount, nor exceed the carrying amount
the difference between the net disposal proceeds and that would have been determined, net of depreciation,
the carrying amount of the asset and are recognised had no impairment loss been recognized for the asset
in the statement of profit and loss when the asset is in prior years.
derecognised.
After impairment, depreciation is provided on the
3.9. Impairment of Non-Financial Assets revised carrying amount of the asset over its remaining
The Company assesses at each reporting date whether useful life.
there is an indication that an asset may be impaired. 3.10. Inventories
If any indication exists, the Company estimates the
Raw materials, stores & spare parts and stock–in-
asset’s recoverable amount. An asset’s recoverable
trade are valued at lower of weighted average cost
amount is the higher of an asset’s or cash-generating
and estimated net realisable value. Cost includes
unit’s (CGU) fair value less cost of disposal and its
freight, taxes and duties and is net of Credit under
value in use. The recoverable amount is determined
GST scheme, where applicable.
for an individual asset, unless the asset does not
generate cash inflows that are largely independent of Work-in-progress and finished goods are valued at
those from other assets or groups of assets. Where lower of weighted average cost and estimated net

realisable value. Cost includes all direct costs and cumulative revenue recognised will not occur when the
appropriate proportion of overheads to bring the associated uncertainty with the variable consideration
goods to the present location and condition based is subsequently resolved.
on the normal operating capacity, but excluding
Generally, the Company receives short-term advances
borrowing costs.
from its customers. Using the practical expedient in Ind
Materials and other items held for use in the production AS 115, the Company does not adjust the promised
of inventories are not written down below cost if amount of consideration for the effects of a significant
the finished products in which they will be used are financing component if it expects, at contract
expected to be sold at or above cost. inception, that the period between the transfer of the
promised good or service to the customer and when
Net realizable value is the estimated selling price in the
ordinary course of business, less estimated costs of the customer pays for that good or service will be one
completion and estimated costs necessary to make year or less.
the sale.
Rendering of Services:
Cost of Traded goods includes cost of purchase and Revenue from rendering of services is recognised
other costs incurred in bringing the inventories to their with reference to the stage of completion determined
present location and condition. Cost is determined on based on estimate of work performed, and when the
weighted average basis. outcome of the transaction can be estimated reliably.
3.11. Revenue from Contracts with Customers
Contract Balances:

Revenue is recognised when control of the goods or Contract asset is the right to consideration in exchange
services are transferred to the customer at an amount for goods or services transferred to the customer.
that reflects the consideration to which the Company If the Company performs by transferring goods or
expects to be entitled in exchange for those goods services to a customer before the Customer pays
or services, regardless of when the payment is being consideration or before payment is due, a contract
made. The Company is the principal in all of its revenue asset is recognised for the earned consideration that
arrangements because it typically controls the goods is conditional.
or services before transferring them to the customer.
Trade Receivable represents the Company’s right
Goods and Services tax (GST) are not received by the to an amount of consideration that is unconditional.
Company on its own account as it is tax collected on Refer to accounting policies of financial assets in Note
value added to the commodity by the Company on 3.25.A.
behalf of the Government. Accordingly, it is excluded
from revenue. Contract liability is the obligation to transfer goods or
services to a Customer for which the Company has
The specific recognition Criteria described below must received consideration (or an amount of consideration
also be met before revenue is recognised. is due) from the customer. If a customer pays

Sale of Goods and Services: consideration before the Company transfers goods
or services to the customer, a contract liability is
Revenue from sale of goods is recognised when control recognised when the payment is made or the payment
of the goods is transferred to the Customers. The is due (whichever is earlier). Contract liabilities are
normal credit term is 30 to 120 days from the invoice
recognised as revenue when the Company performs
date. Revenue towards satisfaction of a performance
under the contract.
obligation is measured at the amount of transaction
price (net of variable consideration) allocated to that
Cost to obtain a contract:
performance obligation. The transaction price of
The Company pays sales commission to agents for
goods sold and services rendered is net of variable
obtaining the contract. The Company has elected
consideration on account of various discounts and
to apply the optional practical expedient for costs
schemes offered by the Company as part of the
to obtain a contract which allows the Company to
contract.
immediately expense sales commissions because the
If the consideration in a contract includes a variable amortisation period of the asset that the Company
amount, the Company estimates the amount of otherwise would have used is one year or less.
consideration to which it will be entitled in exchange

Warranty obligations:
for transferring the goods to the customer. The
variable consideration is estimated at contract The Company provides warranties for certain products
inception and constrained until it is highly probable and these warranties are accounted for under Ind AS
that a significant revenue reversal in the amount of 37 Provisions, Contingent Liabilities and Contingent

Assets. Refer to the accounting policy on warranty 3.14. Employee Benefits
provisions in Note 3.21 Provisions and Contingencies.
I. Defined Contribution Plans
3.12. Other Income a. Superannuation

Dividends: The Company contributes a sum equivalent
Dividend income is accounted for when the right to to 15% of the eligible employees salary to a
receive it is established. Superannuation Fund administered by trustees
and managed by Life Insurance Corporation

Interest Income: of India (LIC). The Company has no liability for

For all debt instruments measured at amortised cost, future Superannuation Fund benefits other than
interest income is recognised on time proportion its annual contribution and recognizes such
basis, taking into account the amount outstanding contributions as an expense in the year in which
and effective interest rate. the services are rendered.

Rental Income: b. Provident Fund

Rental income arising from operating leases is Contributions in respect of Employees who are
not covered by Company’s Employees Provident
accounted for on a straight-line basis over the lease
Fund Trust are made to the Regional Provident
terms and is included in revenue in the statement of
Fund. These Contributions are recognised as
profit and loss due to its operating nature.
expense in the year in which the services are

Royalty Income: rendered. The Company has no obligation other

Royalty income is recognised on an accrual basis than the contribution payable to the Regional
Provident fund.
in accordance with the substance of the relevant
agreement. c. Employee State Insurance
3.13. Government Grants, Subsidies and Export Contributions to Employees State Insurance
Benefits Scheme are recognised as expense in the year
in which the services are rendered.
Government grants and subsidies are recognised
when there is reasonable assurance that the Company II. Defined Benefit Plan
will comply with the conditions attached to them and a. Gratuity
the grants/subsidy will be received.
The Company makes annual contribution to a
When the grant or subsidy from the Government Gratuity Fund administered by trustees and the
relates to an expense item, it is recognised as income Contributions are invested in a Scheme with Life
on a systematic basis in the statement of profit and Insurance Corporation of India, as permitted
loss over the period necessary to match them with the by Indian Law. The Company accounts its
related costs, which they are intended to compensate. liability for future gratuity benefits based on
When the grant relates to an asset, it is recognised as actuarial valuation, as at the Balance Sheet date,
income in equal amounts over the expected useful life determined every year using the Projected Unit
of the related asset. Credit method.
When the Company receives grants of non-monetary
Re-measurements, comprising of actuarial
assets, the asset and the grant are recorded at fair gains/losses, the effect of the asset ceiling,
value amounts and released to profit or loss over the excluding amounts included in net interest on
expected useful life in a pattern of consumption of the the net defined benefit liability and the return
benefit of the underlying asset, i.e. by equal annual on plan assets (excluding amounts included in
instalments. When loans or similar assistance are net interest on the net defined benefit liability),
provided by governments or related institutions, with are immediately recognised in the balance
an interest rate below the current applicable market sheet with a corresponding debit or Credit in to
rate, the effect of this favourable interest is regarded as retained earnings through Other Comprehensive
a government grant. The loan or assistance is initially Income in the period in which they occur. Re-
recognised and measured at fair value of the proceeds measurements are not re-classified to profit or
received. The loan is subsequently measured as per loss in subsequent periods.
the accounting policy applicable to financial liabilities.
Past service cost is recognised in profit or loss
Export benefits are accounted for in the year of exports on the earlier of the date of the plan amendment
based on eligibility and when there is no uncertainty in or curtailment, and the date that the Company
receiving the same. recognises related restructuring costs.

Net interest is calculated by applying the the reporting date. Where Company has the
discount rate to the net defined benefit liability unconditional legal and contractual right to defer
or asset. The Company recognises the following the settlement for a period beyond 12 months,
changes in the net defined benefit obligation as the same is presented as non-current liability.
an expense in the statement of profit and loss:
IV. Short Term Employee Benefits
- Service costs comprising current service
Short term employee benefits includes short term
costs, past-service costs and
compensated absences which is recognized
- Net interest expense or income. based on the eligible leave at Credit on the
Balance Sheet date, and the estimated cost is
b. Provident Fund
based on the terms of the employment contract.
Eligible employees of the Company receive
V. Voluntary Retirement Scheme
benefits from a provident fund, which is a
defined benefit plan. Both the eligible employee Compensation to employees under Voluntary
and the Company make monthly contributions Retirement Schemes is expensed in the period in
to the provident fund plan equal to a specified which the liability arises. The Company recognizes
percentage of the covered employee’s salary. termination benefit as a liability and an expense
The Company contributes a portion to the when the Company has a present obligation as a
Company’s Employee Provident Fund Trusts. result of past event, it is probable that an outflow
These trusts invest in specific designated of resources embodying economic benefits will
instruments as permitted by the Indian law. be required to settle the obligation and a reliable
The remaining portion is contributed to the estimate can be made of the amount of the
government administered pension fund. The obligation.
rate at which annual interest is payable to the 3.15. Leases
beneficiaries by the trusts is administered by the
government. The Company has an obligation The Company assesses at contract inception whether
to make good the shortfall, if any, between the a contract is, or contains, a lease. That is, if the
return from the investments of the Trusts and the contract conveys the right to control the use of an
notified interest rate. identified asset for a period of time in exchange for
consideration.

Re-measurements, comprising of actuarial
gains/losses, the effect of the asset ceiling, Company as a lessee
excluding amounts included in net interest on
The Company applies a single recognition and
the net defined benefit liability and the return measurement approach for all leases, except for
on plan assets (excluding amounts included in short-term leases. The Company recognises lease
net interest on the net defined benefit liability), liabilities to make lease payments and right-of-use
are immediately recognised in the balance assets representing the right to use the underlying
sheet with a corresponding debit or Credit in to assets.
retained earnings through Other Comprehensive
Income in the period in which they occur. Re- a. Right-of-use assets
measurements are not re-classified to profit or The Company recognises right-of-use assets at
loss in subsequent periods. the commencement date of the lease (i.e., the
date the underlying asset is available for use).
III. Long Term Compensated Absences
Right-of-use assets are measured at cost, less
The Company treats accumulated leave expected any accumulated depreciation and impairment
to be carried forward beyond twelve months, as losses, and adjusted for any remeasurement
long-term employee benefit for measurement of lease liabilities. The cost of right-of-use
purposes. Such long-term compensated assets includes the amount of lease liabilities
absences are provided for based on the actuarial recognised, initial direct costs incurred, and lease
valuation using the projected unit Credit method payments made at or before the commencement
at the year-end. Re-measurements as a result of date less any lease incentives received. Right-
experience adjustments and changes in actuarial of-use assets are depreciated on a straight-line
assumptions are recognised in statement of basis over the shorter of the lease term and the
profit and loss. The Company presents the estimated useful lives of the assets. The right-
leave as a current liability in the balance sheet, of-use assets are also subject to impairment.
to the extent it does not have an unconditional Right-of-use assets mainly consists of land and
right to defer its settlement for 12 months after building, having a lease term of 2 to 95 years.

b. Lease Liabilities added to the carrying amount of the leased asset and
recognised over the lease term on the same basis as
At the commencement date of the lease, the
rental income. Contingent rents are recognised as
Company recognises lease liabilities measured
revenue in the period in which they are earned.
at the present value of lease payments to be
made over the lease term. The lease payments 3.16. Foreign Currency Transactions
include fixed payments (including in substance
Initial recognition
fixed payments) less any lease incentives
receivable, variable lease payments that depend Transactions in foreign currencies entered into by
on an index or a rate, and amounts expected to the Company are accounted at the exchange rates
be paid under residual value guarantees. The prevailing on the date of the transaction.
lease payments also include the exercise price
Measurement as at Balance Sheet date
of a purchase option reasonably certain to be
exercised by the Company and payments of Foreign currency monetary items of the Company
penalties for terminating the lease, if the lease outstanding at the Balance Sheet date are restated at
year end exchange rates.
term reflects the Company exercising the option
to terminate. Non-monetary items carried at historical cost are
translated using the exchange rates at the dates of
In calculating the present value of lease payments,
initial transactions.
the Company uses its incremental borrowing rate
at the lease commencement date because the Treatment of Exchange Differences
interest rate implicit in the lease is not readily

Exchange differences arising on settlement/
determinable. After the commencement date, the
restatement of foreign currency monetary assets and
amount of lease liabilities is increased to reflect
liabilities of the Company are recognised as income or
the accretion of interest and reduced for the
expense in the statement of profit and loss.
lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there 3.17. Derivative Instruments and Hedge Accounting
is a modification, a change in the lease term, a Cash flow hedge:
change in the lease payments (e.g., changes
to future payments resulting from a change in
The Company uses Cash flow hedges (forward
an index or rate used to determine such lease contracts) to hedge its risks associated with foreign
payments) or a change in the assessment of currency fluctuations relating to firm commitment or
an option to purchase the underlying asset. highly probable forecast transactions.
The Company’s lease liabilities are included in The use of Derivative Contracts is governed by the
financial liabilities (see Note 13 and 15c). Company’s policies on the use of such financial
derivatives consistent with the Company’s risk
c. Short-term leases
management strategy. The Company does not
The Company applies the short-term lease use derivative financial instruments for speculative
recognition exemption to its short-term leases purposes.
(i.e., those leases that have a lease term of 12
Derivative Contracts are measured at fair value.
months or less from the commencement date
Derivatives are carried as financial assets when the fair
and do not contain a purchase option). Lease
value is positive and as financial liabilities when the fair
payments on short-term leases are recognised
value is negative. Changes in the fair value of these
as expense on a straight-line basis over the lease
Derivative Contracts that are designated and effective
term.
as hedges of future cash flows are recognised directly
Company as Lessor in “Other Comprehensive Income” and the ineffective
portion is recognized immediately in the statement of
Leases in which the Company does not transfer
profit and loss.
substantially all the risks and rewards incidental to
ownership of an asset are classified as operating Changes in the fair value of Derivative Contracts that
leases. Rental income arising is accounted for on a do not qualify for hedge accounting are recognized in
straight-line basis over the lease terms and is included the statement of profit and loss as they arise.
in revenue in the statement of profit and loss due to The amounts recognised in the Other Comprehensive
its operating nature. Initial direct costs incurred in Income are transferred to the statement of profit and
negotiating and arranging an operating lease are loss when the hedged transactions crystalize.

If the forecast transaction is no longer expected Description of Assets Useful Life
to occur, the cumulative gain or loss previously
Buildings - Roof structure on
recognised in Other Comprehensive Income is certain factory areas, where useful 10 Years
transferred to statement of profit and loss. life is less
Hedge accounting is discontinued when the hedging Plant and Machinery - Special
instrument expires or is sold, terminated, or exercised. tools and special purpose
4 Years
If any of these events occur or if a hedged transaction machines used in door frame
is no longer expected to occur, the net cumulative products
gain or loss recognised under Other Comprehensive Office Equipment - Data
3 Years
Income is transferred to the statement of profit and Processing Equipment
loss for the year. Vehicles - Motor Vehicles 4 Years
At the inception of a hedge relationship, the Company Intangible Assets 3 Years
formally designates and documents the hedge Depreciation is provided pro-rata from the month of
relationship to which the Company wishes to apply Capitalisation.
hedge accounting and the risk management objective
and strategy for undertaking the hedge by applying Certain Property, Plant and Equipment are treated
the hedge accounting principles set out in Ind AS as Continuous Process Plants based on technical
109 – “Financial Instruments”. The documentation evaluation done by the Management and are
includes the Company’s risk management objective depreciated on the straight-line method based on
and strategy for undertaking hedge, the hedging/ the useful life as prescribed in Schedule II to the
economic relationship, the hedged item or transaction, Companies Act, 2013.
the nature of the risk being hedged, hedge ratio and 3.19. Research and Development
how the Company will assess the effectiveness of
changes in the hedging instrument’s fair value in Revenue expenditure on research and development
offsetting the exposure to changes in the hedged is expensed when incurred. Capital expenditure
on research and development is capitalised under
item’s fair value or cash flows attributable to the
Property, Plant and Equipment and depreciated in
hedged risk. Such hedges are expected to be highly
accordance with Note 3.18 above.
effective in achieving offsetting changes in fair value or
cash flows and are assessed on an ongoing basis to 3.20. Taxes
determine that they actually have been highly effective
Income tax expense comprises current and deferred
throughout the financial reporting periods for which
taxes. Income tax expense is recognized in the
they were designated.
statement of profit and loss except to the extent it
3.18. Depreciation and Amortisation relates to items recognized directly in equity, in which
case it is recognized in equity.

The Company depreciates Property, Plant and
Equipment over their estimated useful lives using the Current tax is the amount of tax payable on the taxable
Straight-line method, as per Schedule II of Companies income for the year and is determined in accordance
Act, 2013. The estimated useful lives are as follows: with the provisions of the Income Tax Act, 1961.
Description of Assets Useful life Current tax relating to items recognised outside profit
or loss is recognised outside profit or loss (either in
Plant & Machinery 7.50 - 15 Years
other comprehensive income or in equity). Current tax
Electrical Appliances 5 - 10 Years items are recognised in correlation to the underlying
Furniture & Fixtures 10 Years transaction either in OCI or directly in equity.
Factory Buildings 30 Years Deferred tax is provided using the liability method
Other Buildings 60 Years on temporary differences between the tax bases of
Vehicles 4 Years assets and liabilities and their carrying amounts for
financial reporting purposes at the reporting date.

The following category of Property, Plant and
Equipment and Intangible Assets are not depreciated/ Deferred tax liabilities are recognised for all taxable
amortised as per Schedule II of Companies Act, 2013. temporary differences, except when the deferred tax
These category of Property, Plant and Equipment and liability arises from the initial recognition of goodwill or
Intangibles are depreciated/amortised based on the an asset or liability in a transaction that is not a business
Company’s estimate of their useful lives taking into combination and, at the time of the transaction, affects
consideration, technical advice: neither the accounting profit nor taxable profit or loss.

Deferred tax assets are recognised for all deductible balance sheet date and adjusted to reflect the current
temporary differences, the carry forward of unused best estimates.
tax Credits and any unused tax losses. Deferred tax
If the effect of the time value of money is material,
assets are recognised to the extent that it is probable
provisions are discounted using a current pre-tax rate
that taxable profit will be available against which
that reflects, when appropriate, the risks specific to
the deductible temporary differences, and the carry
the liability. When discounting is used, the increase in
forward of unused tax Credits and unused tax losses
the provision due to the passage of time is recognised
can be utilised, except when the deferred tax asset
as a finance cost.
relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a Provisions for warranty-related costs are recognized
transaction that is not a business combination and, when the product is sold or service provided. Provision
at the time of the transaction, affects neither the is estimated based on historical experience and
accounting profit nor taxable profit or loss. technical estimates. The estimate of such warranty-
The carrying amount of deferred tax assets is reviewed related costs is reviewed annually.
at each reporting date and reduced to the extent that A contingent liability is a possible obligation that arises
it is no longer probable that sufficient taxable profit from past events whose existence will be confirmed
will be available to allow all or part of the deferred by the occurrence or non-occurrence of one or more
tax asset to be utilised. Unrecognised deferred tax uncertain future events beyond the control of the
assets are re-assessed at each reporting date and are Company or a present obligation that is not recognized
recognised to the extent that it has become probable because it is not probable that an outflow of resources
that future taxable profits will allow the deferred tax will be required to settle the obligation. The Company
asset to be recovered. does not recognize a contingent liability but discloses
Deferred tax assets and liabilities are measured at the its existence in the standalone financial statements.
tax rates that are expected to apply in the year when 3.22. Borrowing Costs
the asset is realised or the liability is settled, based
on tax rates (and tax laws) that have been enacted or
Borrowing costs consist of interest and other
substantively enacted at the reporting date. costs that an entity incurs in connection with the
borrowing of funds. Borrowing cost also includes
Deferred tax relating to items recognised outside exchange differences to the extent regarded as an
the Statement of profit and loss is recognised adjustment to the borrowing costs. Borrowing costs
outside Statement of profit and loss (either in other directly attributable to the acquisition, construction
comprehensive income or in equity). Deferred tax or production of an asset that necessarily takes a
items are recognised in correlation to the underlying substantial period of time to get ready for its intended
transaction either in OCI or directly in equity. use or sale are capitalised as part of the cost of the
Deferred tax assets and deferred tax liabilities are asset. Capitalisation of Borrowing Costs is suspended
offset if a legally enforceable right exists to set off and charged to the statement of profit and loss during
current tax assets against current tax liabilities and the extended periods when active development activity on
deferred taxes relate to the same taxable Company the qualifying assets is interrupted. All other borrowing
and the same taxation authority. costs are expensed in the period they occur.
Expenses and assets are recognised net of the amount 3.23. Earnings Per Share
of sales/ taxes paid, except when the tax incurred on Basic Earnings Per Share is calculated by dividing the
a purchase of assets or services is not recoverable,
net profit or loss for the period attributable to equity
in which case, the tax paid is recognised as part of
shareholders by the weighted average number of
the cost of acquisition of the asset or as part of the
equity shares outstanding during the period.
expense item, as applicable.

The weighted average number of equity shares
3.21. Provisions and Contingencies
outstanding during the period and for all periods
A provision is recognized when a Company has a presented is adjusted for events, such as bonus
present obligation (legal or constructive) as a result of shares, other than the conversion of potential equity
past event; it is probable that an outflow of resources shares, that have changed the number of equity
embodying economic benefits will be required to settle shares outstanding, without a corresponding change
the obligation, in respect of which a reliable estimate in resources. For the purpose of calculating diluted
can be made. Provisions are determined based earnings per share, the net profit or loss for the period
on best estimate required to settle the obligation at attributable to equity shareholders and the weighted
the balance sheet date. These are reviewed at each average number of shares outstanding during the

period is adjusted for the effects of all dilutive potential ii. Subsequent Measurement
equity shares.
For purposes of subsequent measurement,
3.24. Share Based Payments (Employees Stock Option financial assets are classified in three categories:
Scheme) a. Debt instruments at amortised cost
Stock options are granted to the employees under b.
Debt instruments, derivatives and equity
the stock option scheme. The costs of stock options instruments at fair value through profit or
granted to the employees (equity-settled awards) of loss (FVTPL)
the Company are measured at the fair value of the c.
Debt instruments, derivatives and equity
equity instruments granted. For each stock option, instruments measured at fair value through
the measurement of fair value is performed on the other comprehensive income (FVTOCI)
grant date. The grant date is the date on which the
Company and the employees agree to the stock option Debt instruments At Amortised Cost
scheme. The fair value so determined is revised only if A ‘debt instrument’ is measured at the amortised cost
the stock option scheme is modified in a manner that if both the following conditions are met:
is beneficial to the employees.
•
The asset is held within a business model
This cost is recognised, together with a corresponding whose objective is to hold assets for collecting
increase in share-based payment (SBP) reserves/ contractual cash flows, and
stock options outstanding account in equity, over •
Contractual terms of the asset give rise on
the period in which the performance and/or service specified dates to cash flows that are solely
conditions are fulfilled in employee benefits expense. payments of principal and interest (SPPI) on the
The cumulative expense recognised for equity-settled principal amount outstanding.
transactions at each reporting date until the vesting
date reflects the extent to which the vesting period After initial measurement, such financial assets are
has expired and the Company’s best estimate of the subsequently measured at amortised cost using the
number of equity instruments that will ultimately vest. effective interest rate (EIR) method. Amortised cost
The statement of profit and loss expense or Credit is calculated by taking into account any discount or
for a period represents the movement in cumulative premium on acquisition and fees or costs that are
expense recognised as at the beginning and end of an integral part of the EIR. The EIR amortisation is
that period and is reported under employee benefits included in finance income in the profit or loss. The
expense. losses arising from impairment are recognised in the
profit or loss. This category generally applies to trade
The dilutive effect of outstanding options is reflected
and other receivables.
as additional share dilution in the computation of
diluted earnings per share. Debt Instruments at FVTPL
If the options vest in instalments (i.e. the options vest FVTPL is a residual category for debt instruments. Any
pro rata over the service period), then each instalment debt instrument, which does not meet the criteria for
is treated as a separate share option grant because categorization as at amortized cost or as FVTOCI, is
each instalment has a different vesting period. classified as at FVTPL.
3.25. Financial Instruments Debt instruments included within the FVTPL category
are measured at fair value with all changes recognized
A financial instrument is any contract that gives rise
in the P&L.
to a financial asset of one Company and a financial
liability or equity instrument of another Company. Debt instruments at FVOCI
A. Financial Assets The Company subsequently classifies its financial

assets as FVOCI, only if both of the following criteria
i. Initial Recognition and Measurement
are met:
All financial assets are recognised initially at
• The objective of the business model is achieved
fair value plus, in the case of financial assets
both by collecting contractual cash flows and
not recorded at fair value through profit or
selling the financial assets; and
loss, transaction costs that are attributable
to the acquisition of the financial asset. Trade •
receivables that do not contain a significant specified dates to cash flows that are Solely
financing component are measured at transaction Payments of Principal and Interest (SPPI) on the
price. principal amount outstanding.

Debt instruments included within the FVOCI category on lifetime ECLs at each reporting date, right from its
are measured at each reporting date at fair value initial recognition. For recognition of impairment loss
with such changes being recognised in other on other financial assets, the Company determines
comprehensive income (OCI). The interest income on that whether there has been a significant increase in
these assets is recognised in profit or loss. the Credit risk since initial recognition. If Credit risk has
not increased significantly, 12-month ECL is used to
On derecognition of the asset, cumulative gain or loss
provide for impairment loss. However, if Credit risk
previously recognised in OCI is reclassified to profit or
has increased significantly, lifetime ECL is used. If, in
loss.
a subsequent period, Credit quality of the instrument
Equity Investments improves such that there is no longer a significant
increase in Credit risk since initial recognition, then the
All equity investments in scope of Ind-AS 109 are
entity reverts to recognising impairment loss allowance
measured at fair value. Equity instruments which are
based on 12-month ECL.
held for trading are classified as at FVTPL. For all other
equity instruments, the Company decides to classify Lifetime ECL are the expected Credit losses resulting
the same either as at FVTOCI or FVTPL. The Company from all possible default events over the expected life
makes such election on an instrument-by-instrument of a financial instrument. ECL is the difference between
basis. The classification is made on initial recognition all contractual cash flows that are due to the Company
and is irrevocable. in accordance with the contract and all the cash flows
that the Company expects to receive, discounted at
If the Company decides to classify an equity instrument
the original EIR. When estimating the cash flows, the
as at FVTOCI, then all fair value changes on the
Company is required to consider:
instrument, excluding dividends, are recognized in
the OCI. There is no recycling of the amounts from • All contractual terms of the financial instrument
OCI to P&L, even on sale of investment. However, the (including prepayment, extension, call and similar
Company may transfer the cumulative gain or loss options) over the expected life of the financial
within equity. instrument. However, in rare cases when the
expected life of the financial instrument cannot
iii. De-recognition
be estimated reliably, then the Company is
A financial asset (or, where applicable, a part of required to use the remaining contractual term of
a financial asset or part of a Company of similar the financial instrument
financial assets) is de-recognised primarily when:
• Cash flows from the sale of collateral held or
• The rights to receive cash flows from the other Credit enhancements that are integral to
asset have expired, or the contractual terms
• the Company has transferred substantially ECL impairment loss allowance (or reversal) recognized
all the risks and rewards of the asset or has during the period is recognized as income/ expense in
transferred control of the asset the statement of profit and loss (P&L). This amount is
reported under the head ‘other expenses’ in the P&L.
iv. Impairment of Financial Assets
The balance sheet presentation for various financial
In accordance with Ind-AS 109, the Company instruments is described below:
applies Expected Credit Loss (ECL) model for
• Financial assets measured as at amortised cost:
measurement and recognition of impairment loss
ECL is presented as an allowance, i.e., as an
on the following financial assets and Credit risk
integral part of the measurement of those assets
exposure:
in the balance sheet. The allowance reduces
• Financial assets that are debt instruments, the net carrying amount. Until the asset meets
and are measured at amortised cost e.g., write-off Criteria, the Company does not reduce
loans, debt securities, deposits, trade impairment allowance from the gross carrying
receivables and bank balance amount.

The Company follows ‘simplified approach’ for For assessing increase in Credit risk and impairment
recognition of impairment loss allowance on Trade loss, the Company combines financial instruments on
receivables. the basis of shared Credit risk characteristics with the
objective of facilitating an analysis that is designed
The application of simplified approach does not
to enable significant increases in Credit risk to be
require the Company to track changes in Credit risk.
identified on a timely basis.
Rather, it recognises impairment loss allowance based

B. Financial Liabilities Financial guarantee contracts
i. Initial Recognition and Measurement Financial guarantee contracts issued by the Company

are initially measured at their fair values and are
All financial liabilities are recognised initially at fair
subsequently measured at the higher of, the amount
value and, in the case of loans and borrowings
of loss allowance determined as per impairment
and payables, net of directly attributable
requirements of Ind AS 109 and the amount initially
transaction costs.
recognised less cumulative amount of income
The Company’s financial liabilities include trade recognised.
and other payables, loans and borrowings
De-recognition
including bank overdrafts and derivative financial
instruments. A financial liability is derecognised when the obligation

under the liability is discharged or cancelled or
ii. Subsequent Measurement
expires. When an existing financial liability is replaced
The measurement of financial liabilities depends by another from the same lender on substantially
on their classification, as described below: different terms, or the terms of an existing liability
are substantially modified, such an exchange or
Financial Liabilities At Fair Value Through Profit
modification is treated as the de-recognition of the
and Loss
original liability and the recognition of a new liability.
Financial liabilities at fair value through profit or loss
The difference in the respective carrying amounts is
include derivatives. Financial liabilities are classified as recognised in the statement of profit and loss.
held for trading if they are incurred for the purpose
Offsetting of Financial Instruments
of repurchasing in the near term. This category also
includes derivative financial instruments entered into Financial assets and financial liabilities are offset and

by the Company that are not designated as hedging the net amount is reported in the balance sheet if
instruments in hedge relationships as defined by Ind there is a currently enforceable legal right to offset
AS 109. Separated embedded derivatives are also the recognised amounts and there is an intention to
classified as held for trading unless they are designated settle on a net basis, to realise the assets and settle
as effective hedging instruments. the liabilities simultaneously
Gains or losses on liabilities held for trading are
3.26. Cash Dividend
recognised in the profit or loss.
The Company recognises a liability to make cash

Financial liabilities designated upon initial recognition at distributions to equity holders, when the distribution
fair value through profit or loss are designated as such is authorised and the distribution is no longer at the
at the initial date of recognition, and only if the Criteria discretion of the Company. As per the corporate laws
in Ind AS 109 are satisfied. For liabilities designated as in India, a distribution is authorised when it is approved
FVTPL, fair value gains/ losses attributable to changes by the shareholders. A corresponding amount is
in own Credit risks are recognized in OCI. These recognised directly in equity.
gains/ loss are not subsequently transferred to P&L.
3.27. Equity Investment in Subsidiaries, Associates and
However, the Company may transfer the cumulative
Joint Ventures
gain or loss within equity. All other changes in fair
value of such liability are recognised in the statement Investment in Subsidiaries and Joint Ventures are

of profit and loss. carried at Cost in the separate financial statements
as permitted under Ind AS 27. These investments are
Loans and Borrowings
assessed for impairment in the manner outlined in
After initial recognition, interest-bearing loans and
Note 3.9.
borrowings are subsequently measured at amortised
3.28. New and amended standards
cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are The Company applied for the first-time certain

derecognised as well as through the EIR amortisation standards and amendments, which are effective for
process. annual periods beginning on or after 1 April 2022.
Amortised cost is calculated by taking into account
The Ministry of Corporate Affairs has notified
any discount or premium on acquisition and fees Companies (Indian Accounting Standard) Amendment
or costs that are an integral part of the EIR. The Rules 2022 dated March 23, 2022, to amend the
EIR amortisation is included as finance costs in the following Ind AS which are effective from April 01,
statement of profit and loss. 2022.

(i) Onerous Contracts – Costs of Fulfilling a Contract directly attributable costs considered as part of cost of
– Amendments to Ind AS 37 an item of property, plant, and equipment.
An onerous contract is a contract under which the The amendments are effective for annual reporting
unavoidable costs of meeting the obligations under periods beginning on or after 1 April 2022. These
the contract costs (i.e., the costs that the Company amendments had no impact on the standalone
cannot avoid because it has the contract) exceed the financial statements of the Company as there were
economic benefits expected to be received under it. no sales of such items produced by property, plant
and equipment made available for use on or after the
The amendments specify that when assessing whether
beginning of the earliest period presented.
a contract is onerous or loss-making, an entity needs
to include costs that relate directly to a contract to (iii) Ind AS 109 Financial Instruments – Fees in the
provide goods or services including both incremental ‘10%’ test for derecognition of financial liabilities
costs (e.g., the costs of direct labour and materials)
The amendment clarifies the fees that an entity

and an allocation of costs directly related to contract
includes when assessing whether the terms of a new
activities (e.g., depreciation of equipment used to fulfil
or modified financial liability are substantially different
the contract and costs of contract management and
from the terms of the original financial liability. These
supervision). General and administrative costs do not
fees include only those paid or received between
relate directly to a contract and are excluded unless
the borrower and the lender, including fees paid
they are explicitly chargeable to the counterparty
or received by either the borrower or lender on the
under the contract.
other’s behalf.
This amendment did not have any impact for the
In accordance with the transitional provisions, the
Company.
Company applies the amendment to financial liabilities
(ii) Property, Plant and Equipment: Proceeds before that are modified or exchanged on or after the
Intended Use – Amendments to Ind AS 16 beginning of the annual reporting period in which the
entity first applies the amendment (the date of initial
The amendments modified paragraph 17(e) of Ind AS

application). These amendments had no impact on
16 to clarify that excess of net sale proceeds of items
the standalone financial statements of the Company
produced over the cost of testing, if any, shall not be
as there were no modifications of the Company’s
recognised in the profit or loss but deducted from the
financial instruments during the period.
Note 4a. Property, Plant and Equipment ` in Crores
Gross Block Depreciation Impairment Net Block

Particulars As at As at As at As at As at As at As at As at
For the For the
31-Mar- Additions Deletions 31-Mar- 31-Mar- Deletions 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-
year year
2022 2023 2022 2023 2022 2023 2023 2022
Land
133.75 - - 133.75 - - - - - - - 133.75 133.75
(Freehold)
(128.46) (5.29) (-) (133.75) (-) (-) (-) (-) (-) (-) (-) (133.75) (128.46)
|
Buildings 392.51 34.11 0.81 425.81 83.86 24.13 0.49 107.50 - 2.83 2.83 315.48 308.65
(386.84) (8.45) (2.78) (392.51) (67.50) (16.96) (0.60) (83.86) (-) (-) (-) (308.65) (319.34)
Plant &
1,199.38 101.75 42.53 1,258.60 673.35 107.93 38.81 742.47 - 26.34 26.34 489.79 526.03
Machinery
(1,057.42) (150.79) (8.83) (1,199.38) (564.92) (115.86) (7.43) (673.35) (-) (-) (-) (526.03) (492.50)
Railway
0.01 - - 0.01 - - - - - - - 0.01 0.01
Siding
(0.01) (-) (-) (0.01) (-) (-) (-) (-) (-) (-) (-) (0.01) (0.01)
Office
23.86 4.10 1.18 26.78 18.65 3.29 1.12 20.82 - - - 5.96 5.21
Equipment
(19.83) (4.11) (0.08) (23.86) (16.21) (2.52) (0.08) (18.65) (-) (-) (-) (5.21) (3.62)
Furniture &
12.72 1.35 0.64 13.43 7.53 1.30 0.64 8.19 - 0.07 0.07 5.17 5.19
Fixtures
(12.11) (0.62) (0.01) (12.72) (6.17) (1.37) (0.01) (7.53) (-) (-) (-) (5.19) (5.94)
Vehicles 10.91 8.24 5.10 14.05 4.60 2.94 3.83 3.71 - - - 10.34 6.31
(9.93) (4.83) (3.85) (10.91) (6.14) (1.80) (3.34) (4.60) (-) (-) (-) (6.31) (3.79)
Total 1,773.14 149.55 50.26 1,872.43 787.99 139.59 44.89 882.69 - 29.24 29.24 960.50 985.15
(1,614.60) (174.09) (15.55) (1,773.14) (660.94) (138.51) (11.46) (787.99) (-) (-) (-) (985.15) (953.66)
Notes:
a. The title deeds of all immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee)
are held in the name of the Company.
b. During the year ended 31st March 2023, impairment loss of `29.27 Cr. has been recognised towards write-down of property, plant and equipment and Intangible
assets of certain Cash Generating Units pertaining to the “Other Business Segment” to their recoverable amount on account of various market factors, uncertainties
related to future project potential and expected usage. The losses have been recognized in the Statement of Profit and Loss under Exceptional items.
c. On transition to Ind AS (i.e. 1st April 2016), the Company has elected to continue with the carrying value of all Property, plant and equipment and Intangible Assets
measured as per the previous GAAP and use that carrying value as the deemed cost of Property, plant and equipment and Intangible Assets respectively.
d. Non Convertible Debentures were secured by first pari-passu charge on certain Land and Building (Refer note 15a).
e. Previous Year Figures are given in brackets.
Note 4b. Right-of-use assets ` in Crores
Particulars Gross Block Depreciation Net Block

As at As at As at For the As at As at As at
Additions Deletions Deletions
31-Mar-2022 31-Mar-2023 31-Mar-2022 year 31-Mar-2023 31-Mar-2023 31-Mar-2022
Land (Leasehold) 4.51 - - 4.51 0.29 0.11 - 0.40 4.11 4.22
(4.51) (-) (-) (4.51) (0.18) (0.11) (-) (0.29) (4.22) (4.33)
Buildings 42.40 2.31 5.14 39.57 14.54 4.74 2.78 16.50 23.07 27.86
(43.01) (1.72) (2.33) (42.40) (9.77) (5.60) (0.83) (14.54) (27.86) (33.24)
Total 46.91 2.31 5.14 44.08 14.83 4.85 2.78 16.90 27.18 32.08
(47.52) (1.72) (2.33) (46.91) (9.95) (5.71) (0.83) (14.83) (32.08) (37.57)
Notes: Previous Year Figures are given in brackets.
Note 4c. Intangible Assets
Particulars Gross Block Amortisation Impairment Net Block

As at As at As at As at As at For the year As at As at As at
For the
31-Mar- Additions Deletions 31-Mar- 31-Mar- Deletions 31-Mar- 31-Mar- (Refer Note 31-Mar- 31-Mar- 31-Mar-
year
2022 2023 2022 2023 2022 b under 4a) 2023 2023 2022
Software 2.83 2.08 - 4.91 1.60 1.04 - 2.64 - 0.03 0.03 2.24 1.23
(1.99) (0.84) (-) (2.83) (0.87) (0.73) (-) (1.60) (-) (-) (-) (1.23) (1.12)
Note: Previous Year Figures are given in brackets.
Note 4d. Capital Work-in-progress
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Opening Balance as at the beginning of the year 55.57 126.32
Movement during the year 41.11 (70.75)
Closing Balance as at the end of the year 96.68 55.57
159

Break-up of Capital Work-in-progress
As at
Particulars < 1 Year 1 - 2 Years 2 - 3 Years > 3 Years
31-Mar-2023
Projects in progress 81.59 12.43 2.66 - 96.68
(40.64) (12.53) (2.40) (-) (55.57)
Projects temporarily suspended - - - - -
(-) (-) (-) (-) (-)
Note: Previous Year Figures are given in brackets.
Overdue Projects
There are no overdue projects as at 31st March 2023. The following are the overdue projects as on 31st March 2022.
To be completed in
Project Name
Less than 1 Year 1-2 Years 2-3 Years > 3Years
Other business 2.41 - - -
Note 5. Investment Properties
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Additions during the year - -
Depreciation and Impairment
Depreciation during the year 0.08 0.08
Net Block as at the end of the year 4.59 4.67
Information regarding Income and Expenditure of Investment Property:
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Rental Income derived from Investment Properties 0.49 0.64
Direct Operating Expenses (including repairs and maintenance) - -
Profit arising from Investment Properties before Depreciation and Indirect
0.49 0.64
Expenses
Depreciation (0.08) (0.08)
Profit arising from Investment Properties before Indirect Expenses 0.41 0.56
The Company’s Investment Property consists of two properties in Mumbai lying vacant and two properties in Chennai, one
lying vacant and one let out on rent with a lease term of less than 12 months.
On transition to Ind AS (i.e. 1st April 2016), the Company has elected to continue with the carrying value of all Investment
Properties measured as per the previous GAAP and use that carrying value as the deemed cost of Investment Property.
The fair value of the investment properties are determined by an accredited Independent valuer, who is a specialist in valuing
these types of investment properties and is a registered valuer as defined under Rule 2 of Companies (Registered Valuers and
Valuation) Rules, 2017. The valuation model in accordance with that recommended by the Valuation Standards Committee
has been applied. The resulting Fair Value Estimates are classified under Level 3 of the Fair Value Hierarchy (Refer Note 41.2).
The Company has no restrictions on the disposal of its Investment Property and no contractual obligations to purchase,
construct or develop Investment Property or for Repairs, Maintenance and Enhancements.

Reconciliation of Fair Value
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Fair value difference 0.80 0.05
Purchases - -
Sales - -
Note 6a. Investment in Subsidiaries, Joint venture and Associate
Number ` in Crores
Nominal
Particulars As at As at As at As at
Value
31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
` per unit
Investments at Cost:
Equity Shares (Fully Paid) - Quoted
Investment in Subsidiaries
Shanthi Gears Limited 1 5,40,57,475 5,40,57,475 437.86 437.86
2 88,64,85,532 80,12,51,887 806.10 733.14
(CGPISL) (Refer Note i)
Share Warrants (Partly Paid)
CG Power and Industrial Solutions Limited - 8,52,33,645 - 18.24
(Refer Note i)
Equity Shares (Fully Paid) - Unquoted
Investment in Subsidiaries
Financiere C10 SAS Euro 15 2,23,920 2,23,920 61.15 61.15
Great Cycles (Private) Limited LKR 10 40,00,000 40,00,000 16.98 16.98
Creative Cycles (Private) Limited LKR 10 40,00,000 40,00,000 6.47 6.47
TI Clean Mobility Private Limited (TICMPL)
10 25,00,00,000 10,00,00,000 250.00 100.00
(Refer Note iv)
Moshine Electronics Private Limited (Refer
10 20,66,628 - 7.38 -
Note ii)
Investment in Associates
Aerostrovilos Energy Private Limited 10 4,151 4,151 3.46 3.46
Investment in Joint Ventures
X2Fuels and Energy Private Limited (Refer
10 10,753 - 6.15 -
Note iii)
Investments at Fair Value Through Profit
and Loss (FVTPL):
Compulsorily Convertible Preference
Shares (Fully Paid) - Unquoted
TI Clean Mobility Private Limited (Refer Note
100 1,67,00,000 - 167.00 -
iv)
Total 1,762.55 1,377.30
Less : Provision for Impairment of Investments
(23.45) -
(Refer Note v)
Total 1,739.10 1,377.30

` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Quoted
Cost 1,243.96 1,171.00
Market value 28,583.18 16,138.62
Unquoted
Cost 518.59 206.30
Aggregate amount of impairment in the value of investments in Subsidiaries 23.45 -
Notes:
i) During the year, the Company converted its balance 8,52,33,645 Share Warrants into equal number of Equity shares of
its subsidiary, M/s. CG Power and Industrial Solutions Limited by remitting `54.72 Cr. payable on conversion taking the
equity holding of the company in CGPISL to 58.05%.
ii) During the year, pursuant to the Share Purchase and Shareholders Agreement entered with M/s Moshine Electronics
Private Limited and its promoters, the Company has acquired 20,66,628 equity shares representing 76% of its paid up
equity share capital for a total purchase consideration of `7.38 Cr.
iii) During the year, the company was allotted 10,753 shares of face value of `10/- each, fully paid up, representing 50% of
paid up share capital of M/s X2Fuels and Energy Private Limited (“X2Fuels”) for a consideration of `6.15 Cr. pursuant to
the Shares Subscription Agreement executed between the Company, X2Fuels and other parties to Share Subscription
Agreement.
iv) The Company had incorporated M/s. TI Clean Mobility Private Limited (“TICMPL”) in February 2022 to focus on clean
mobility solutions. During the year, the Company has further invested `150 Crs in TICMPL, by way of subscription to
equity shares at face value of `10 each and the Company has so far invested `250 Cr. in equity shares of TICMPL. The
Company along with TICMPL, executed Securities Subscription Agreements (SSAs) with M/s. Multiples Private Equity
Fund III, M/s. Multiples Private Equity Fund IV, M/s. Multiples Private Equity Gift Fund IV & and their Co-Investors (together
“Investor”) for investment in TICMPL. As per the terms of the SSAs, TII will be investing `500 Cr. towards subscription
to Series B CCPS and Investors will be investing `1200 Cr. towards subscription to equity shares & Series A1 CCPS. In
this connection, on 28th March 2023, the Investors were allotted equity shares & Series A1 CCPS for `400 Cr. and on
30th March 2023, TII was allotted Series B CCPS for `167 Cr. in TICMPL.
v) During the year, considering the economic crisis in Sri Lanka and current market conditions of Bicycle Industry in India,
the Company has recognized an impairment provision of `23.45 Cr. in respect of Investments made in its Sri Lankan
Subsidiaries.
Note 6b. Other Investments

Numbers ` in Crores
Nominal
Particulars As at As at As at As at
Value
31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
` per unit
Investments at Fair Value Through Other
Comprehensive Income (FVTOCI):
Bombay Mercantile Co-operative Limited
10 500 500 - -
(Fair value `5,000 only)*
Southern Energy Development Corporation
10 70,000 70,000 7.68 7.46
Limited
TI Cycles of India Co-operative Canteen
5 50 50 - -
Limited (Fair value - `250 only)*
TI Diamond-Miller Co-operative Canteen
5 20 20 - -
Limited (Fair value - `100 only)*
Watsun Infrabuild Private Limited 10 10,55,913 10,55,913 1.06 1.06
Total 8.74 8.52
Unquoted
Cost 1.13 1.13

Investments at fair value through OCI (fully paid) reflect investment in unquoted equity securities. The Company has irrevocably
designated the unquoted equity securities as FVTOCI on the basis that these are not held for trading and considers these as
strategic investments. Refer Note 41.1 for determination of their fair value.
*Represents amount less than `0.01 Cr.
Note 6c. Loans
(At Amortised Cost and considered good, unsecured unless stated otherwise)
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Loans to subsidiaries 225.75 64.39
Total 225.75 64.39
Disclosure required under Sec 186(4) of the Companies Act, 2013
The above loans represents intercorporate deposits the particulars of which are disclosed below as required by Sec 186(4)
of the Companies Act, 2013.
As at Given Repayment As at
Rate of
Name of the Loanee Due Date 31-Mar- during the received during 31-Mar-
interest
2022 year the year 2023
TI Clean Mobility Private Limited
8.20% 03-Mar-2024 64.39 - (64.39) -
(Prepaid during the year)
8.30% 21-Apr-2024 - 25.00 (25.00) -
TI Clean Mobility Private Limited 8.70% 18-Jul-2024 - 25.00 - 25.00
TI Clean Mobility Private Limited 8.70% 21-Sep-2024 - 96.00 - 96.00
TI Clean Mobility Private Limited 9.15% 21-Oct-2024 - 10.00 - 10.00
9.15% 11-Nov-2024 - 75.00 (75.00) -
9.50% 17-Dec-2024 - 3.00 (3.00) -
Moshine Electronics Private Limited 9.50% 02-Jan-2025 - 3.75 - 3.75
TI Clean Mobility Private Limited 9.50% 09-Jan-2025 - 5.00 - 5.00
TI Clean Mobility Private Limited 9.50% 31-Jan-2025 - 10.00 - 10.00
TI Clean Mobility Private Limited 9.50% 03-Feb-2025 - 51.00 - 51.00
TI Clean Mobility Private Limited 9.60% 20-Feb-2025 - 25.00 - 25.00
64.39 328.75 (167.39) 225.75
The above loans has been given for the puposes of expansion and general corporate purposes.
There are no loans and advances which are either repayable on demand or are without specifying any terms or period of
repayment.
Loans are non-derivative financial assets which generate a fixed interest income for the Company and measured at amortised
cost. The carrying amount may be affected by the changes in the credit risk of the counter parties.

Note 6d. Other Financial Assets
(At Amortised Cost and considered good, unsecured unless stated otherwise)
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Electricity and Other Deposits 17.34 15.02
Total 17.34 15.02
Note 7. Other Non-Current Assets
(Considered Good, Unsecured unless stated otherwise)
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Capital Advances
- Secured 12.18 4.81
- Unsecured 4.53 4.84
Deposits with Government, Public Bodies and Others:
- Balance with Customs, Excise and Sales Tax Authorities 18.71 21.27
Total 35.42 30.92
Note 8. Inventories
(Lower of Cost and Net Realisable Value)
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Raw Materials 177.45 203.99
Work-in-Progress 181.34 184.95
Finished Goods 204.33 188.48
Stock-in-Trade 20.78 21.34
Stores and Spare Parts 7.27 7.11
Goods-in-Transit
- Raw Materials 12.12 38.91
- Stock-in-Trade 1.08 3.10
Total 604.37 647.88
During the year ended 31st March 2023, `2.93 Cr. was recognised as an expense to bring the inventories to record them at
Net Realisable Value. (31st March 2022 - Income of `0.90 Cr.)
Note 9a. Loans
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Loan to employees 2.07 2.17
Total 2.07 2.17
Loans to employees are Non-Derivative Financial Assets which generate interest income for the Company.

Note 9b. Trade Receivables
(Unsecured)
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Considered Good 689.54 709.81
Provision for Receivables (4.58) (2.66)
684.96 707.15
Trade Receivables which have significant increase in credit risk 4.18 2.98
3.26 1.69
Trade Receivables - credit impaired 4.60 8.75
Impairment Allowance (allowance for bad and doubtful debts) (4.60) (8.75)
- -
Breakup - Security/Credit risk
Considered Good 689.54 709.81
698.32 721.54
Provision for Doubtful / Impairment on Receivables
Considered Good (4.58) (2.66)
Trade Receivables which have significant increase in credit risk (0.92) (1.29)
Trade Receivables - credit impaired (4.60) (8.75)
(10.10) (12.70)
Total 688.22 708.84
Breakup - Customer Relationship
Trade Receivables 684.83 703.76
Receivables from Related Parties 3.39 5.08
Total 688.22 708.84
Includes dues from Related parties

Sedis SAS 1.90 4.37
Shanthi Gears Limited (CY `31,970) 0.00 0.71
Creative Cycles (Private) Limited (PY `33,310) - 0.00
TI Clean Mobility Private Limited 0.34 -
Cellestial E-Trac Private Limited 1.05 -
Aerostrovilos Energy Private Limited 0.05 -
CG Power and Industrial Solutions Limited 0.05 -
Trade Receivables are non-interest bearing and are generally have Credit period to a maximum of 120 days. For terms and
conditions relating to Related Party receivables, refer note 37. There are no dues by directors or other officers of the Company
or any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which
any director is a partner or a director or a member, other than as disclosed in note 37.
Reconciliation of Provision / Impairment for Receivables
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Opening Balance as at beginning of the year 12.70 18.38
Created / (Reversed) during the year (Net) (2.60) (5.68)
Closing Balance as at end of the year 10.10 12.70

Break-up of Trade Receivables as at 31st March 2023
` in Crores
Outstanding for following periods from due date

Current but
Particulars <6 6 months Total
not due 1-2 Years 2-3 Years > 3 Years
months - 1 year
(i) Undisputed trade Receivables –
554.26 135.28 - - - - 689.54
considered good
(ii) Undisputed trade Receivables –
which have significant increase - - 4.18 - - - 4.18
in credit risk
(iii) Undisputed trade Receivables –
- - - 2.34 1.85 0.41 4.60
credit impaired
(iv) Disputed trade Receivables –
- - - - - - -
considered good
(v) Disputed trade Receivables –
which have significant increase - - - - - - -
in credit risk
(vi) Disputed trade Receivables –
- - - - - - -
credit impaired
Break-up of Trade Receivables as at 31st March 2022

` in Crores
Outstanding for following periods from due date
Current but
Particulars <6 6 months Total
not due 1-2 Years 2-3 Years > 3 Years
months - 1 year
583.45 126.36 - - - - 709.81
considered good
in credit risk
- - - 2.73 4.89 1.13 8.75
credit impaired
- - - - - - -
considered good
which have significant increase - - - - - - -
in credit risk
- - - - - - -
credit impaired
Note 9c. Investments
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Quoted Investments - FVTPL
Investments in Mutual Funds 293.30 280.45
Total 293.30 280.45
During the year, the Company has invested an aggregate amount of `3,432.90 Cr. (Previous Year `2,063.00 Cr.) in the units
of various Cash Management Schemes of mutual funds, for the purpose of deployment of temporary cash surplus and has
`293.30 Cr. (Previous Year `280.45 Cr) in mutual fund investments as at year end. The total consideration received on the sale
of units during the year was `3,431.43 Cr. (Previous Year `2,095.19 Cr.)

Note 9d. Cash and Cash Equivalents
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Balances with Banks in Current Accounts 19.22 2.35
Cash on hand - 0.01
Deposits with original maturity of less than three months 92.05 -
Cash and Cash Equivalents as per Balance Sheet 111.27 2.36
Cash Credit facility (Refer note 15a) (0.02) (1.62)
Cash and Cash Equivalents as per Statement of Cash Flows 111.25 0.74
As at 31st March 2023, the Company had undrawn committed borrowing facilities of `276.79 Cr. (31st March 2022 -
`227.96 Cr.).
Changes in Liabilities arising from Financing Activities
Year Ended 31st March 2023 ` in Crores
Finance cost
As at Cash As at
Effects of charged Other
Particulars 31-Mar- Inflows / 31-Mar-
reclassification during the Adjustments
2022 (Outflows) 2023
year
Working Capital Loans 295.42 - 177.77 - - 473.19
Cash Credit 1.62 - (1.60) - - 0.02
Current maturity of long term
51.03 - (51.19) 0.16 - -
borrowings - Debentures
Lease Liabilities 32.83 - (1.52) - (2.84) 28.47
Total 380.90 - 123.46 0.16 (2.84) 501.68
Year Ended 31st March 2022 ` in Crores
Finance cost
As at Cash As at
Effect of charged Other
Particulars 31-Mar- Inflows / 31-Mar-
reclassification during the Adjustments
2021 (Outflows) 2022
year
Debentures 51.03 (50.00) (1.03) - - -
Working Capital Loans 206.91 - 88.51 - - 295.42
Cash Credit 0.12 - 1.50 - - 1.62
Current maturity of long term
51.03 50.00 (51.03) 1.03 - 51.03
borrowings - Debentures
Lease Liabilities 36.82 - (2.27) - (1.72) 32.83
Total 345.91 - 35.68 1.03 (1.72) 380.90
Note 9e. Bank Balances other than Note 9d above

` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Unpaid Dividend Accounts * 2.79 2.41
Bank Deposits with original maturity of more than 12 months 0.06 0.05
Total 2.85 2.46
* There are restrictions on the bank balances held in unpaid dividend accounts.

Note 9f. Other Financial Assets
(At Amortised Cost, considered good and unsecured, unless stated otherwise)
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Claims Recoverable* 0.23 53.08
Other deposits 6.04 5.31
Dividend receivable 1.11 2.45
Interest Accrued 0.22 2.28
Government Grants 1.96 2.76
Total 9.56 65.88
* Includes Claims recoverable from TICMPL - 52.39
Note 10. Other Current Assets

` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Advances Recoverable
- Goods and Services * 31.79 35.42
- Employee Related 0.64 0.36
- Prepaid Expenses 2.11 3.12
- Gratuity Fund (Net of Provision) - 0.95
34.54 39.85
Balances with Customs, Excise, Sales Tax and GST Authorities 14.78 18.42
Total 49.32 58.27
* Includes Advances recoverable from Related parties
Creative Cycles (Private) Limited - 10.63
Provision for Doubtful Advances for Goods and Services

` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
At the beginning of the Year - (3.70)
(Created) / Reversed during the year - 3.70
At the end of the year - -
Note: The entire advance amount of `3.70 Cr has been written off, hence the provision created earlier has been reversed
during the previous year.

Note 11. Equity Share Capital
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Authorised Capital
25,00,00,000 Equity Shares of `1 each (31-Mar-2022: 25,00,00,000 Equity
25.00 25.00
Shares of `1 each)
Issued, Subscribed and Paid-up Capital
19,31,21,076 Equity Shares of `1 each fully paid up
19.31 19.29
(31-Mar-2022: 19,29,50,221 Equity Shares of `1 each fully paid up)
Total 19.31 19.29
a) The Reconciliation of Shares Capital is given below:

As at As at
31-Mar-2023 31-Mar-2022
Particulars
No. of No. of
` in Crores ` in Crores
Shares Shares
At the beginning of the year 19,29,50,221 19.29 19,28,16,871 19.28
Shares issued under the Employee Stock
1,70,855 0.02 1,33,350 0.01
Option Scheme
At the end of the year 19,31,21,076 19.31 19,29,50,221 19.29
b) Terms / Rights attached to class of shares

The Company has only one class of shares referred to as Equity Shares having a par value of `1 each. The holders of
Equity Shares are entitled to one vote per share. Dividend proposed by the Board of Directors, if any, is subject to the
approval of the shareholders in the ensuing Annual General Meeting. Repayment of capital will be in proportion to the
number of equity shares held by the shareholders.
c) Details of Shareholder(s) holding more than 5% of Equity Shares in the Company

As at 31-Mar-2023 As at 31-Mar-2022
% against % against
Particulars No.of No.of
total number total number
Shares Shares
of shares of shares
Ambadi Investments Limited (Face Value `1 each) 6,89,66,595 35.71% 6,89,66,595 35.74%
Small Cap World Fund Inc (Face Value `1 each) 1,16,27,785 6.02% 1,37,79,230 7.14%
d) Status on Global Depository Receipts (GDRs)

The GDR Program stands terminated with effect from 12th August 2022. The aggregate number of GDRs deemed to be
outstanding as at 31st March 2022 was 9,300.
e) Details of promoter and promoter group shareholding is provided in Note no. 45

Note 12. Other Equity
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
General Reserve 335.35 335.35
Securities Premium 368.55 362.00
Retained Earnings 2,552.25 1,973.66
Other Reserves
Share Options Outstanding Account 14.81 7.56
Cash Flow Hedge Reserve (1.16) 0.31
FVTOCI Reserve 3.25 3.03
Capital Reserve 0.11 0.11
Total Other Equity 3,273.16 2,682.02
a. General Reserve - Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer
of net income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was
to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for that
year, then the total dividend distribution is less than the total distributable results for that year. Consequent to introduction
of Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general
reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in
accordance with the specific requirements of Companies Act, 2013.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Balance at the beginning of the year 335.35 335.35
Balance at the end of the year 335.35 335.35
b. Securities Premium - The Securities premium received during the year represents the premium received towards
allotment of 1,70,855 shares. The reserve can be utilized only for limited purposes such as issuance of bonus shares in
accordance with the provisions of Companies Act, 2013.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Additions during the year 6.55 5.08
c. Retained Earnings - Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less
any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings include re-
measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and
Loss.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Balance at the beginning of the year 1,973.66 1,568.55
Profit for the Year 665.20 475.17
Dividend Paid during the year (67.57) (67.51)
Other Comprehensive Income - Re-measurement Loss on Defined Benefit
(19.04) (2.55)
Obligations (Net)
Balance at the end of the year 2,552.25 1,973.66

d. Share Option Outstanding Account – Under Ind AS 102, fair value of the options granted is to be expensed out over
the life of the vesting period as employee compensation costs reflecting period of receipt of service.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Additions during the year 9.12 0.58
Deductions during the year (1.87) (1.76)
e. Cash Flow Hedge Reserve - The cash flow hedging reserve represents the cumulative effective portion of gains or
losses arising on changes in fair value of designated portion of hedging instruments entered into for cash flow hedges.
The cumulative gain or loss arising on changes in fair value of the designated portion of the hedging instruments that
are recognised and accumulated under the heading of cash flow hedging reserve will be reclassified to profit or loss only
when the hedged transaction affects the profit or loss, or included as a basis adjustment to the non-financial hedged item.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Additions / (Deductions) during the year (Net) (1.47) (0.57)
Balance at the end of the year (1.16) 0.31
f. FVTOCI Reserve - This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments
measured at fair value through Other Comprehensive Income.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Additions / (Deductions) during the year 0.22 (0.27)
g. Capital Reserve - The amount represents equity share capital of the Company amounting to `0.11 Cr., cancelled
pursuant to the Scheme of arrangement (Refer Note 1) and credited to capital reserve.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Additions / (Deductions) during the year - -
Note 13. Lease Liabilities

` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Lease Liabilities (Refer Note 39) 24.69 28.21
Total 24.69 28.21

Note 14. Deferred Tax Assets and Liabilities
` in Crores
Statement of
Particulars Balance Sheet
Profit and Loss (including OCI)
Nature - (Liability)/Asset 31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
Deferred Tax Liabilities
Difference between depreciation as per books of
(14.59) (22.59) (8.00) (3.23)
accounts and the Income Tax Act, 1961
Total (A) (14.59) (22.59) (8.00) (3.23)
Deferred Tax Assets
Provision for Doubtful / Impairment on Receivables 2.54 3.82 1.28 1.74
Provision for Employee Benefits 5.04 7.23 2.19 2.35
On expenditure charged to the statement of profit
and loss in the current year but allowed for tax 10.79 5.16 (5.63) 5.16
purposes on payment basis
Effect of transactions routed through Other
(1.52) 3.10 4.62 (1.03)
Comprehensive Income
Others 1.36 1.25 (0.11) (0.35)
Total (B) 18.21 20.56 2.35 7.87
Deferred Tax Expenses/(Income) (A+B) (5.65) 4.64
Net Deferred Tax (Liabilities)/Assets (A+B) 3.62 (2.03)
Reconciliation of Deferred Tax Asset/(Liabilities) (Net)

` in Crores
Particulars 31-Mar-2023 31-Mar-2022
Opening balance (2.03) 2.61
Tax Income/(Expense) during the period recognised in Profit and Loss 10.27 (5.67)
Tax Income/(Expense) during the period recognised in OCI (4.62) 1.03
Closing balance 3.62 (2.03)
Note 15a. Short Term Borrowings

` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Current Maturities of Long Term Borrowings
Secured, Listed and Rated Non-Convertible Debentures (NCD)
(Secured by pari passu first charge on Land & Building - Refer Note 4a)
-4.80% Privately Placed NCD - 51.03
Secured Borrowings
(Secured by pari passu first charge on Inventories and Trade Receivables)
From Banks
-Working Capital Loan 197.84 151.26
-Cash Credit 0.02 1.62
Unsecured Borrowings
From Banks
- Working Capital Loan 275.35 144.16
Total 473.21 348.07
Note - Short term Borrowings have a maturity of up to 6 months with an interest rate range of 2.15% p.a - 8.65% p.a.

During the current year, the company has borrowed fresh short term loans amounting to `1,219.59 Cr. (Previous year -
`1,098.61 Cr.) and repaid loans to the tune of `1043.42 Cr. (Previous year - `1,010.23 Cr.) relating to Packing Credit and other
Short Term Working Capital Loans.
The company has filed declarations to bank on regular basis as per the books of accounts.
The Company has not defaulted on any loans (including interest) payable during the year and is in compliance with all the
borrowing covenants.
Note 15b. Trade Payables

` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Trade Payables
- Dues to Micro Enterprise and Small Enterprises (See Note below) 20.14 27.01
- Dues to creditors other than Micro Enterprise and Small Enterprise * 910.54 1,113.74
Total 930.68 1,140.75
* Includes Dues to
- Key Managerial Personnel 5.32 2.94
- Sedis SAS - 0.05
- Parry Enterprises India Limited 0.04 0.03
- Shanthi Gears Limited 0.03 0.09
- Great Cycles (Private) Limited - 0.19
- Creative Cycles (Private) Limited 1.42 3.80
Details of Dues to Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development
(MSMED) Act, 2006
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Principal amount due to suppliers under MSMED Act 20.13 26.99
Interest accrued and due to suppliers under MSMED Act, on the above amount - -
Payment made to suppliers (other than interest) beyond the appointed day,
15.96 21.69
during the year
Interest paid to suppliers under MSMED Act (Section 16) 0.09 0.07
Interest due and payable to suppliers under MSMED Act, for payments already
0.01 0.02
made
Interest accrued and remaining unpaid at the end of the year to suppliers under
0.01 0.02
MSMED Act
Trade payables are non-interest bearing and are normally settled within a period of 90 to 180 days. For terms and conditions
relating to Related Party payables, Refer Note 37. The information regarding micro or small enterprise has been determined on
the basis of information available with the management.

Break-up of Trade Payables as at 31st Mar 2023 ` in Crores
Current Outstanding for following periods

Particulars but not from due date of payment Total
due < 1 Year 1-2 Years 2-3 Years > 3 Years
(i) Total Outstanding dues to micro enterprises
20.14 - - - - 20.14
and small enterprises
(ii) Total Outstanding dues to creditors
other than micro enterprises and small 609.93 299.43 0.38 0.67 0.13 910.54
enterprises
(iii) Disputed Dues - dues to micro enterprises
- - - - - -
(iv) Disputed Dues - dues to creditors other
- - - - - -
than micro enterprises and small enterprises
Current Outstanding for following periods

Particulars but not from due date of payment Total
due < 1 Year 1-2 Years 2-3 Years > 3 Years
26.71 0.30 - - - 27.01
(ii) Total Outstanding dues to creditors
other than micro enterprises and small 834.54 272.33 1.37 4.81 0.69 1,113.74
enterprises
- - - - - -
(iv) Disputed Dues - dues to creditors other
- - - - - -
Note 15c. Lease Liabilities

` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Lease Liabilities (Refer Note 39) 3.78 4.62
Total 3.78 4.62
Note 15d. Other Financial Liabilities
(At Amortised Cost)
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Unpaid dividends # 2.79 2.41
Advances and Deposits from Customers / Others 10.32 9.58
Dues to Directors 0.40 2.38
Other Liabilities
- Recoveries from Employees 1.53 1.62
- Capital Creditors 32.72 21.06
- Others 0.69 0.55
Total 48.45 37.60
# Unpaid dividend does not include amount due and outstanding, to be credited to Investor Education and Protection Fund.

Note 16. Short Term Provisions
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Provision for Compensated Absences (Refer Note a below) 17.85 16.98
Gratuity Obligation (Net of plan assets) (Refer Note 35a) 16.76 -
Provision for Warranties (Refer Note b below) 0.81 0.96
Provision for Statutory Liabilities / Others (Refer Note c below) 18.33 19.43
Total 53.75 37.37
(a) Provision for Compensated Absences
This refers to the Company’s liability for accumulated Earned Leave and Sick Leave, which can be encashed at the time
of resignation/retirement of employee. The assumptions used to compute the provision are provided in Note 35c.
(b) Provision for Warranties
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
At the Beginning of the Year 0.96 1.16
Created during the Year - 0.43
Released during the Year (0.15) (0.63)
At the end of the Year 0.81 0.96
A provision is recognised for expected warranty claims on products sold during the last one year (2 years in respect of
certain components), based on past experience of the level of returns. It is expected that most of these costs will be
incurred within one year after the reporting date. Assumptions used to calculate the provision for warranties were based
on current sales levels and current information available about returns based on the applicable warranty period for all
products sold.
(c) Provision for Statuatory Liabilities / Others
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
At the beginning of the Year 19.43 19.94
Created / (Utilised) during the year (1.10) (0.51)
At the end of the year 18.33 19.43
The above Provision represents expected future outflows relating to various tax related matters, timing of which cannot
be ascertained. The assumptions used to calculate the provisions are based on past experience of similar matters and
professional consultations.
Note 17. Other Current Liabilities
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Statutory Liabilities 20.72 25.06
Advances from Customers 14.76 11.25
Total 35.48 36.31

Note 18a. Financial Assets
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Financial Assets - Non Current
At Fair Value
Investments at FVTOCI 8.74 8.52
Investments at FVTPL 167.00 -
At Amortised Cost
Loan to Subsidiaries 225.75 64.39
Other Financial Assets 17.34 15.02
Total Non Current Financial Assets (A) 418.83 87.93
Financial Assets - Current
At Fair Value
Investments at FVTPL 293.30 280.45
Derivative Instruments - 1.02
At Amortised Cost
Loans 2.07 2.17
Cash and Cash Equivalents 111.27 2.36
Bank Balances other than Cash and Cash Equivalents 2.85 2.46
Total Current Financial Assets (B) 1,107.27 1,063.18
Total Financial Assets (A + B) 1,526.10 1,151.11
Note 18b. Financial Liabilities
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Financial Liabilities - Non Current
At Amortised Cost
Lease Liabilities 24.69 28.21
At Fair Value
Derivative Instruments 1.07 -
Total Non Current Financial Liabilities (A) 25.76 28.21
Financial Liabilities - Current
At Amortised Cost
Short Term Borrowings 473.21 348.07
Trade Payables 930.68 1,140.75
Other Financial Liabilities 48.45 37.60
At Fair Value
Total Current Financial Liabilities (B) 1,456.27 1,531.04
Total Financial Liabilities (A + B) 1,482.03 1,559.25

Note 18c. Government Grants
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Balance at the Beginning of the Year 17.87 18.50
Received during the Year 9.57 6.95
Released to the Statement of Profit and Loss (8.94) (7.58)
Balance at the End of the Year 18.50 17.87
Current 18.50 17.87
Non current - -
18.50 17.87
Government grants are Interest Subvention given by Reserve Bank of India (RBI) on Packing Credit Rupee Export (PCRE) Loan
towards Exports of Certain Products and savings in Customs Duty on import under Export Promotion Capital Goods Scheme
(EPCG).
Note 18d. Distributions made and proposed
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Proposed Dividends on Equity shares:
Final Dividend for FY 2022-23 - `1.50 per share (PY - `1.50 per share) 28.97 28.94
28.97 28.94
Dividends on equity shares declared and paid:
Final dividend of `1.50 per share proposed for the year ended 31 March 2022
was paid during FY 2022-23, after approval in annual general meeting held in 28.95 -
August'22
Final dividend of `1.50 per share proposed for the year ended 31 March 2021
was paid during FY 2021-22, after approval in annual general meeting held in - 28.92
August'21
Interim dividend for the year ended on 31 March 2023: `2 per share (31 March
38.62 38.59
2022: `2 per share)
67.57 67.51
Proposed Dividend on Equity Shares are subject to approval at the Annual General Meeting and are not recognised as a
Liability as at 31st March.

Note 18e. Information on Subsidiaries, Joint venture and Associate as per Ind AS 27
Proportion of
Country of
Particulars Relationship ownership as at
Incorporation
31-Mar-2023
Financiere C10 SAS (FC 10) Subsidiary France
Subsidiaries of FC 10
- Sedis SAS France 100.00%
- Sedis GmbH Germany
- Sedis Co. Ltd United Kingdom
Shanthi Gears Limited (SGL) Subsidiary India 70.47%
CG Power and Industrial Solutions Limited Subsidiary India
Subsidiaries of CG Power and Industrial Solutions Limited
- CG Adhesive Products Limited (formerly known as CG PPI
India
Adhesive Products Ltd)
- CG International Holdings Singapore Pte Limited Singapore
- CG Power Solutions Limited India
- CG Power Equipments Limited India
- CG Sales Networks Malaysia Sdn. Bhd. Malaysia
- PT Crompton Prima switchgear Indonesia Indonesia 58.05%
- CG International BV The Netherlands
- CG Drives & Automation Netherlands BV The Netherlands
- CG Drives & Automation Germany GmbH Germany
- CG Industrial Holdings Sweden AB Sweden
- CG Drives & Automation Sweden AB Sweden
- CG Power Americas, LLC USA
- QEI, LLC USA
- CG Power Solutions UK Ltd United Kingdom
- CG Middle East FZE (Liquidated during the year 31st March
UAE
2023)
- CG Power Systems Canada Inc (De-consolidated during the
Canada
year 31st March 2023)
- CG Power and Industrial Solutions Limited Middle East FZCO
UAE
(Liquidated during the year 31st March 2023)
TI Clean Mobility Private Limited (Holding % - 99.99996%) Subsidiary India 100.00%
Subsidiaries of TI Clean Mobility Private Limited
- IPLTech Electric Private Limited (w.e.f 21st September 2022) Subsidiary India 65.25%
- Cellestial E Mobility Private Limited (w.e.f 3rd February 2023)
Subsidiary India 100.00%
(Refer Note 37)
Subsidiary of Cellestial E Mobility Private Limited
- Cellestial E-Trac Private Limited (Refer Note 37) Subsidiary India 100.00%
Moshine Electronics Private Limited (w.e.f. 23rd September 2022) Subsidiary India 76.00%
Great Cycles (Private) Limited Subsidiary Srilanka 80.00%
Creative Cycles (Private) Limited Subsidiary Srilanka 80.00%
X2Fuels and Energy Private Limited (w.e.f. 23 February 2023)
rd
Joint Venture India 50.00%
Aerostrovilos Energy Private Limited (w.e.f. 24th November 2021) Associate India 27.78%

Note 19. Revenue from Contracts with Customers
Disaggregated Revenue Information ` in Crores

Year Ended 31-Mar-2023
Particulars Metal Unallocated

Mobility Engineering Formed Others Corporate Total
Products Income
Revenue from Contract with Customers
Finished Goods 742.03 3,952.51 1,305.64 437.28 - 6,437.46
Traded Goods 54.82 - 17.23 282.10 - 354.15
Sale of Products (A) 796.85 3,952.51 1,322.87 719.38 - 6,791.61
Other Operating Revenue
Scrap Sales 2.13 307.33 98.38 28.21 - 436.05
Service Income from Subsidiaries - - - - 2.25 2.25
Conversion Income - 0.26 - - - 0.26
Others 0.96 3.19 1.26 0.37 - 5.78
Other Operating Revenue (B) 3.09 310.78 99.64 28.58 2.25 444.34
Total (A+B) 799.94 4,263.29 1,422.51 747.96 2.25 7,235.95
Disaggregated Revenue Information ` in Crores

Particulars Metal Unallocated

Mobility Engineering Formed Others Corporate Total
Products Income
Revenue from Contract with Customers
Finished Goods 831.36 3,334.51 1,134.43 385.63 - 5,685.93
Traded Goods 127.36 - 23.13 150.37 - 300.86
Sale of Products (A) 958.72 3,334.51 1,157.56 536.00 - 5,986.79
Scrap Sales 2.46 257.75 80.61 21.91 - 362.73
Service Income from Subsidiaries - - - - 2.25 2.25
Conversion Income - 0.11 - - - 0.11
Others 2.15 2.55 1.69 1.06 - 7.45
Other Operating Revenue (B) 4.61 260.41 82.30 22.97 2.25 372.54
Total (A+B) 963.33 3,594.92 1,239.86 558.97 2.25 6,359.33

Reconciliation of the revenue from contract with customers with the amounts disclosed in the segment information
(Note 38):
` in Crores
Particulars Year Ended 31-Mar-2023
Metal Unallocated
Revenue Mobility Engineering Formed Others Corporate
Products Income
External Customers 799.94 4,263.29 1,422.51 747.96 2.25
Inter-Segment - 298.34 1.15 19.72 -
799.94 4,561.63 1,423.66 767.68 2.25
Inter Segment Elimination and Adjustment - (298.34) (1.15) (19.72) -
Total revenue from contracts with customers 799.94 4,263.29 1,422.51 747.96 2.25
` in Crores
Metal Unallocated
Revenue Mobility Engineering Formed Others Corporate
Products Income
External Customers 963.33 3,594.92 1,239.86 558.97 2.25
Inter-Segment - 273.04 0.40 3.43 -
963.33 3,867.96 1,240.26 562.40 2.25
Inter Segment Elimination and Adjustment - (273.04) (0.40) (3.43) -
Total revenue from contracts with customers 963.33 3,594.92 1,239.86 558.97 2.25
Timing of Revenue Recognition

` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Revenue recognised at a point in time 7,233.70 6,357.08
Revenue recognised over a period of time 2.25 2.25
Total 7,235.95 6,359.33
Summary of Contract Balances

` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Advances from customers 14.76 11.25
Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price:
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Revenue as per Contracted Price 7,346.47 6,464.78
Adjustments
- Discounts (110.52) (105.45)
Revenue as per Statement of Profit and loss 7,235.95 6,359.33
Performance obligation is satisfied upon meeting the terms specified in the contractual agreements for supply of goods with
the customers.

Note 20. Other Income
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Dividend income from Investments in Subsidiaries carried at Cost 149.19 13.51
Dividend income from Investments at FVTOCI - 0.67
Rental Income 4.27 0.66
Gain on Exchange Fluctuation (Net) 4.58 9.05
Profit on Property, Plant and Equipment and ROU Assets sold/discarded (Net) 3.05 3.75
Profit on Sale of Investments at FVTPL 11.38 8.34
Liabilities / Provisions no longer payable written back 2.94 12.16
Claims recovered 0.53 0.03
Government Grant 14.19 20.68
Interest Income from Financial Assets
Fixed Deposits with Banks and Tax Free Bond 3.69 0.33
Others 18.84 1.36
Others* 2.56 3.04
Total 215.22 73.58
* Includes Income accrued on Corporate Guarantee to CGPISL of `1.92 Cr. in previous year.
Note 21. Cost of Materials Consumed

` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Opening stock 242.90 198.16
Purchases 4,291.08 4,010.91
Closing stock (189.57) (242.90)
4,344.41 3,966.17
Note 22. Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade

` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Closing stock
407.53 397.87
Opening stock
397.87 309.15
Changes in Inventories
Work-in-Progress 3.61 (30.00)
Finished Goods (15.85) (44.87)
Stock-in-Trade 2.58 (13.85)
Changes in inventories of Work-In-Progress, Finished Goods and
(9.66) (88.72)
Stock-in-Trade

Note 23. Employee Benefits Expense
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Salaries, Wages and Bonus (Refer Note 34) 474.73 416.39
Gratuity Expenses (Refer Note 35a) 3.78 3.37
Contribution to Provident and Other Funds (Refer Note 35b and Note 35d) 23.87 21.91
Staff Welfare Expenses 67.92 65.40
Total 570.30 507.07
Note on Social Security Code: The date on which the Code of Social Security, 2020 (‘The Code’) relating to employee
benefits during employment and post-employment benefits will come into effect is yet to be notified and the related rules are
yet to be finalised. The Company will evaluate the code and its rules, assess the impact, if any and account for the same once
they become effective.
Note 24. Depreciation and Amortisation Expense
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Depreciation on Property, Plant and Equipment (Refer Note 4a) 139.59 138.51
Depreciation on Right-of-use assets (Refer Note 4b) 4.85 5.71
Depreciation on Investment Properties (Refer Note 5) 0.08 0.08
Amortisation of Intangible Assets (Refer Note 4c) 1.04 0.73
Total 145.56 145.03
Note 25. Finance Costs
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Interest Expense on Borrowings 19.27 8.90
Interest Expense on Lease Liability 2.35 2.87
Total 21.62 11.77
Note - Interest Expense on Borrowings is net of interest subvention received, amounting to `8.94 Cr. (Previous year -
`5.82 Cr.) on Packing Credit loans.

Note 26. Other Expenses
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Consumption of Stores and Spares 281.60 245.47
Conversion Charges 105.78 94.11
Power and Fuel * 217.33 195.52
Rent (Net of Recoveries) (Refer Note 39) 4.65 4.09
Repairs and Maintenance - Building 1.45 1.07
Repairs and Maintenance - Machinery 123.79 102.48
Insurance 5.79 4.51
Rates and Taxes 7.15 3.61
Travelling and Conveyance 23.61 10.94
Printing, Stationery and Communication 5.07 4.14
Freight, Delivery and Shipping Charges 227.58 206.56
Commission on Sales 16.34 13.62
Advertisement and Publicity 16.44 26.50
Consultancy Charges 25.71 35.72
Impairment allowance for receivables and advances (Net)
1.80 4.25
(includes bad debts written off - CY - `3.94 Crores; PY - `0.55 Crores)
Auditor's Remuneration (Refer Note a below) 1.17 0.76
Commission to Non Whole Time Directors (Refer Note 37) 0.40 2.38
Directors' Sitting Fees 0.26 0.34
Bank Charges 2.10 1.57
Information Technology Expenses 16.93 7.91
Donations to Charitable and other institutions 0.04 1.06
Expenditure on Corporate Social Responsibility (Refer Note b below) 9.04 6.48
Other Expenses 29.47 28.92
Total 1,123.50 1,002.01
* Includes Stores Consumed 94.88 84.98
During the previous year ended 31st March 2022, M/s TI Tsubamex Private Limited (“TTPL”), a Joint Venture (JV) of the
Company, had been struck off and dissolved by the Registrar of Companies, Chennai, Tamilnadu, under section 248(5) of the
Companies Act, 2013. Consequently the investment of `23.50 Cr. in TTPL had been written off and the provision created for
`23.50 Cr. was reversed.

(a) Auditor’s Remuneration
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
As Auditor:
Audit Fee 0.68 0.54
Tax Audit Fee 0.08 0.06
Audit of Consolidated Financial Statements 0.08 0.06
In other capacity:
Certification / Other Engagements 0.31 0.08
Reimbursement of expenses 0.02 0.02
Total 1.17 0.76
(b) Corporate Social Responsibility

` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Gross amount required to be spent by the Company during the year 9.09 7.34
Amount approved by the Board to be spent during the year 9.40 6.48
Year Ended 31-Mar-2023 Year Ended 31-Mar-2022

Amount spent during the year: Yet to be paid Yet to be paid
In Cash Total In Cash Total
in Cash in Cash
(i) Construction / acquisition of any asset - - - - - -
(ii) On purposes other than (i) above 9.04 - 9.04 6.48 - 6.48

Amount spent during the year:
31-Mar-2023 31-Mar-2022
(i) Contribution to Charitable Trust 3.70 3.50
(ii) Contribution to Public Trust 0.25 0.56
(iii) Others 5.09 2.42
Total 9.04 6.48
In case of Section 135(5) Excess amount spent
Amount required Closing Balance
Year Opening balance (A) Amount spent (C)
to be spent (B) (A–B+C)
2022-23 0.31 9.09 9.04 0.26
2021-22 1.17 7.34 6.48 0.31
Note: The above expense has been approved by the board and has been fully spent during the year. In respect of other
than ongoing projects, there are no unspent amount that are required to be transferred to a fund specified in schedule VII
with the Companies Act (the act) in compliance with second proviso to sub section 5 of section 135 of the act. There are
also no ongoing projects as at 31st March 2023.
Note 27. Exceptional Items

` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Provision for Impairment on Investments (Refer Note 6a (v)) 23.45 -
Impairment on Tangible / Intangible Assets (Refer Note 4(a) and 4(c)) 29.27 -
52.72 -

Note 28. Income Tax Expense
The major components of income tax expense for the years ended 31st March 2023 and 31st March 2022 are:
Statement of Profit and Loss
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Current Tax:
Current income tax charge 218.10 153.41
Adjustments in respect of current income tax of previous years 2.54 (6.21)
Deferred Tax:
Relating to the origination and reversal of temporary differences (10.27) 5.67
Income Tax expense reported in the Statement of Profit and Loss 210.37 152.87
Other Comprehensive Income (OCI)
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Tax effect on
(Loss) / Gain on FVTOCI Equity Investments 0.07 0.03
Re-measurement Gain / (Loss) on Defined Benefit Obligations 5.05 (0.86)
Movement on cash flow hedges (0.50) (0.20)
Income Tax charged / (credited) to OCI 4.62 (1.03)
Note 29. Reconciliation of Tax Expense and the Accounting Profit multiplied by Corporate Income Tax Rate applicable
for 31st March 2023 and 31st March 2022
The tax on the Company’s profit before tax differs from the theoretical amount that would arise on using the standard rate of
corporation tax in India (25.168%) as follows:
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Accounting Profit before Income Tax 875.57 628.04
Profit before Income Tax multiplied by Standard Rate of Corporate Tax in India
220.36 158.06
of 25.168%
Effects of:
Dividend Income - Exempt from tax (24.30) (3.57)
Others 5.87 4.59
Adjustment of tax relating to earlier years 2.54 (6.21)
Provision for Impairment 5.90 -
Net Effective Income Tax 210.37 152.87
Note: Deferred tax assets have not been recognised in respect of long term capital losses relating to impairment of investments
in Srilankan Subsidiaries as they may not be used to offset taxable profits. If the Company were able to recognise this deferred
tax assets, the profits would increase by `5.90 Cr.

Note 30. Components of Other Comprehensive Income (OCI)
The disaggregation of changes to OCI by each type of reserve in Equity is shown below:
During the year ended 31-Mar-2023 ` in Crores
Cash flow Retained
Particulars FVTOCI reserve Total
hedge reserve Earnings
Net Movement on Cash Flow Hedges (1.47) - - (1.47)
Net Gain / (Loss) on FVTOCI Securities - 0.22 - 0.22
Re-measurement (Loss) on Defined Benefit
- - (19.04) (19.04)
Obligations (Net)
Total (1.47) 0.22 (19.04) (20.29)
During the year ended 31-Mar-2022
` in Crores
Cash flow Retained
Particulars FVTOCI reserve Total
hedge reserve Earnings
Net Movement on Cash Flow Hedges (0.57) - - (0.57)
Net Gain / (Loss) on FVTOCI Securities - (0.27) - (0.27)
Re-measurement (Loss) on Defined Benefit
- - (2.55) (2.55)
Obligations (Net)
Total (0.57) (0.27) (2.55) (3.39)
Note 31. Earnings Per Share

The following reflects the Profit and Share data used in the basic and diluted EPS computations:
Particulars
31-Mar-2023 31-Mar-2022
Profit After Tax (` in Crores) 665.20 475.17
Weighted average number of Shares
- Basic 19,30,29,669 19,28,56,763
- Diluted 19,34,45,480 19,32,83,568
Earning Per Share of `1 each
- Basic 34.46 24.64
- Diluted 34.39 24.59
Weighted average number of Equity Shares in calculating Basic Earnings Per
19,30,29,669 19,28,56,763
Share
Dilution - Stock Options granted under ESOP 4,15,811 4,26,805
Weighted average number of Equity Shares in calculating Diluted EPS 19,34,45,480 19,32,83,568
Note 32. Significant Accounting Judgements, Estimates and Assumptions

The preparation of the Company’s Standalone Financial Statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
a. Judgements
In the process of applying the Company’s accounting policies, management has made the following judgement, which
has significant effect on the amounts recognised in the Standalone Financial Statements.
i. Leases
Determining the lease term of contracts with renewal and termination options - Company as lessee
The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered
by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be exercised.

The Company applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option
to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to
exercise either the renewal or termination.
The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay
to borrow.
Refer Note 39 for information on potential future rental payments relating to periods following the exercise date of
extension and termination options that are not included in the lease term.
b. Estimates and Assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The Company based its assumptions and estimates on parameters available when the
Standalone Financial Statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such
changes are reflected in the assumptions when they occur.
i. Impairment of Non-Financial assets including Investment in Subsidiaries
Impairment exists when the carrying value of an asset or cash generating unit, exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal
calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets
or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based
on a DCF model.
ii. Taxes
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
iii. Revenue from Contract with Customers
The Company estimates variable considerations to be included in the transaction price for the sale of goods with
rights of return and volume rebates. The Company’s expected volume rebates are analysed on a per customer basis
for contracts that are subject to volume threshold. Determining whether a customer will be likely entitled to rebate
will depend on the customer’s rebates entitlement and accumulated purchases to date.
iv. Allowances for Slow / Non moving Inventory and Obsolescence
An allowance for Inventory is recognised for cases where the realisable value is estimated to be lower than the
inventory carrying value. The inventory allowance is estimated taking into account various factors, including prevailing
sales prices of inventory item and losses associated with obsolete / slow-moving / redundant inventory items. The
Company has, based on these assessments, made adequate provision in the books.
v. Employee Benefits
The cost of the defined benefit gratuity plan and other post-employment leave encashment benefit and the present
value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making
various assumptions that may differ from actual developments in the future. These include the determination of
the discount rate, future salary increases and mortality rates. In determining the appropriate discount rate, the
management considers the interest rates of government bonds where remaining maturity of such bond correspond
to expected term of defined benefit obligation. Due to the complexities involved in the valuation and its long-term
nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed
at each reporting date. Further details about defined benefit obligations are given in Note 35.
vi. Fair Value Measurement of Financial Instruments
When the fair values of financial assets and financial liabilities recorded in the Balance Sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF
model. The inputs to these models are taken from observable markets where possible, but where this is not feasible,

a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as
liquidity risk, Credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value
of financial instruments. See Note 41 for further disclosures.
Note 33. Standards issued but not yet effective

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules, 2023
(i) Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies
and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop
accounting estimates.
The amendments are effective for annual reporting periods beginning on or after 1st April 2023 and apply to changes in
accounting policies and changes in accounting estimates that occur on or after the start of that period.
(ii) Disclosure of Accounting Policies - Amendments to Ind AS 1

The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the
requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’
accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about
accounting policy disclosures.
The amendments to Ind AS 1 are applicable for annual periods beginning on or after 1st April 2023. Consequential
amendments have been made in Ind AS 107.
The entity is currently revisiting their accounting policy information disclosures to ensure consistency with the amended
requirements.
iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12
The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to
transactions that give rise to equal taxable and deductible temporary differences.
The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period
presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax asset (provided that
sufficient taxable profit is available) and a deferred tax liability should also be recognised for all deductible and taxable
temporary differences associated with leases and decommissioning obligations. Consequential amendments have been
made in Ind AS 101. The amendments to Ind AS 12 are applicable for annual periods beginning on or after 1st April 2023.
The entity is currently assessing the impact of the amendments.
Note 34. Stock Options

During the year fresh grant of 1,89,800 options under ESOP 2017 scheme was approved by the Nomination and Remuneration
Committee of the Board of Directors of the Company.
With reference to the grants approved by the Nomination and Remuneration Committee of the Board of Directors of the
Company, the Company has recognised expense amounting to `7.85 Cr. (Previous Year - `0.58 Cr.) for employees services
received during the year, shown under Salaries, Wages and Bonus (Refer Note 23).
The movement in Stock Options are given below:
Options
Options Options
During the Year 2022-23 vested but
outstanding outstanding
not exercised
Date of
Particulars Options
Grant Options
As at Options Exercised As at As at
Cancelled/
31-Mar-2022 Granted and 31-Mar-2023 31-Mar-2023
lapsed
allotted
Grant 1
21-Nov-17 - - - - - -
(GT 02Nov11)
Grant 2
21-Nov-17 9,290 - - 9,290 - -
(GT15Mar17)
Grant 3
12-Feb-18 3,61,573 - - 1,32,724 2,28,849 2,28,849
(GTAdditional12Feb18)

Options
Options Options
During the Year 2022-23 vested but
not exercised
Date of
Particulars Options
Grant Options
Cancelled/
lapsed
allotted
Grant 4
12-Feb-18 72,428 - - 13,500 58,928 58,928
(GT12Feb18)
Grant 5
27-Mar-19 52,074 - - - 52,074 52,074
(GT27Mar2019)
Grant 6
24-Jul-19 38,684 - - 15,341 23,343 23,343
(GT24JUL2019)
Grant 7
16-Mar-22 2,85,400 - 77,080 - 2,08,320 39,360
(GT16MAR2022)
Grant 8 12-May-
- 72,300 - - 72,300 -
(GT12MAY2022) 22
Grant 9
02-Aug-22 - 37,100 - - 37,100 -
(GT02AUG2022)
Grant 10
18-Nov-22 - 17,100 - - 17,100 -
(GT18NOV2022)
Grant 11
03-Feb-23 - 28,800 - - 28,800 -
(GT03FEB2023)
Grant 12
28-Mar-23 - 34,500 - - 34,500 -
(GT28MAR2023)
Total 8,19,449 1,89,800 77,080 1,70,855 7,61,314 4,02,554
Options
Options Options
During the Year 2021-22 vested but not
exercised
Date of
Particulars Options
Grant Options
Cancelled/
lapsed
allotted
Grant 1 21-Nov-17 3,964 - - 3,964 - -
Grant 2 21-Nov-17 32,560 - - 23,270 9,290 9,290
Grant 3 12-Feb-18 4,23,505 - - 61,932 3,61,573 3,41,841
Grant 4 12-Feb-18 1,16,612 - - 44,184 72,428 72,428
Grant 5 27-Mar-19 52,074 - - - 52,074 36,342
Grant 6 24-Jul-19 38,684 - - - 38,684 38,684
Grant 7 16-Mar-22 - 2,85,400 - - 2,85,400 -
Total 6,67,399 2,85,400 - 1,33,350 8,19,449 4,98,585
The details of Stock Options granted to certain employees for 2021-22 and 2022-23 are given below:
Weighted
Options Options
Weighted Options Average
Options vested and unvested and
Date of Average Options Exercised Remaining
2022-23 Cancelled/ Outstanding Outstanding Vested Date
Grant Exercise Granted and Contractual
lapsed at the End of at the End of
Price (`) allotted Life
the Year the Year
(In Years)
Grant 1 21-Nov-17 44.36 - - - - - 21-Nov-17 -
Grant 2 21-Nov-17 187.29 - - 9,290 - - 15-Mar-18 -
Grant 3 12-Feb-18 270.20 - - 1,32,724 2,28,849 - Partially 2.00
vested on
12-Feb19,
Grant 4 12-Feb-18 270.20 - - 13,500 58,928 - 12-Feb20, 2.57
12-Feb-21 &
12-Feb-22

Weighted
Options Options
the Year the Year
(In Years)
Partially
vested on
27-Mar-20,
Grant 5 27-Mar-19 378.25 - - - 52,074 - 3.69
27-Mar-21,
27-Mar-22 &
27-Mar-23
Partially
vested on
Grant 6 24-Jul-19 384.20 - - 15,341 23,343 - 2.82
24-July-20,
24-July-21
Vesting date:
16-Mar-23,
Grant 7 16-Mar-22 1,471.90 - 77,080 - 39,360 1,68,960 16-Mar-24, 6.66
16-Mar-25,
16-Mar-26
Vesting date:
12-May-23,
Grant 8 12-May-22 1,666.60 72,300 - - - 72,300 12-May-24, 6.82
12-May-25,
12-May-26
Vesting date:
02-Aug-23,
Grant 9 02-Aug-22 2,023.00 37,100 - - - 37,100 02-Aug-24, 7.05
02-Aug-25,
02-Aug-26
Vesting date:
18-Nov-23,
Grant 10 18-Nov-22 2,541.95 17,100 - - - 17,100 18-Nov-24, 7.34
18-Nov-25,
18-Nov-26
Vesting date:
03-Feb-24,
Grant 11 03-Feb-23 2,689.85 28,800 - - - 28,800 03-Feb-25, 7.55
03-Feb-26,
03-Feb-27
Vesting
date on
28-Mar-24,
Grant 12 28-Mar-23 2,495.50 34,500 - - - 34,500 7.70
28-Mar-25,
28-Mar-26,
28-Mar-27
1,89,800 77,080 1,70,855 4,02,554 3,58,760

Weighted
Options Options
the Year the Year
(In Years)
Grant 1 21-Nov-17 44.36 - - 3,964 - - 21-Nov-17 -
Grant 2 21-Nov-17 187.29 - - 23,270 9,290 - 15-Mar-18 0.96
Grant 3 12-Feb-18 270.20 - - 61,932 361,573 - Partially 3.00
vested on
12-Feb19,
Grant 4 12-Feb-18 270.20 - - 44,184 72,428 - 3.57
12-Feb-20 &
12-Feb-21
Partially
vested on
Grant 5 27-Mar-19 378.25 - - - 52,074 - 27-Mar-20, 4.69
27-Mar-21 &
27-Mar-22
Partially
vested on
Grant 6 24-Jul-19 384.20 - - - 38,684 - 3.82
24-July-20,
24-July-21
Vesting date:
16-Mar-23,
Grant 7 16-Mar-22 1,471.90 285,400 - - - 285,400 16-Mar-24, 7.66
16-Mar-25,
16-Mar-26
285,400 - 133,350 534,049 285,400
The following tables list the inputs to the Black Scholes model used for the plans for the year ended 31st March 2023:
Price of the
Risk-free Expected
Expected Dividend Underlying Share in Fair Value of
Interest Volatility of
Particulars Grant Date Life Yield the market at the time the Option
Rate Share Price
of Option grant
% (p.a) (Years) (%) (%) (`.) (`.)
Grant 1 21-Nov-17 8.23 4.64 43.70 1.86 44.36 21.30
Grant 2 21-Nov-17 6.75 3.50 31.49 0.25 187.29 60.27
Grant 3 12-Feb-18 7.33 4.63 38.19 - 270.20 117.98
Grant 4 12-Feb-18 7.41 5.21 38.19 - 270.20 125.66
Grant 5 27-Mar-19 6.99 4.61 50.72 0.46 378.25 199.60
Grant 6 24-Jul-19 6.24 4.01 49.32 0.65 384.20 167.53
Grant 7 16-Mar-22 6.21 5.21 39.91 0.24 1,471.90 656.18
Grant 8 12-May-22 6.97 5.21 40.14 0.21 1,666.60 768.17
Grant 9 02-Aug-22 6.99 5.21 40.68 0.17 2,023.00 942.96
Grant 10 18-Nov-22 7.16 5.21 40.97 0.14 2,541.95 1,199.04
Grant 11 03-Feb-23 7.16 5.21 40.97 0.14 2,689.85 1,267.43
Grant 12 28-Mar-23 7.17 5.21 40.68 0.08 2,495.50 1,179.07
Note 35. Employee Benefits Obligation
Defined Benefit Plan
a. Gratuity
Under the Gratuity plan operated by the Company, every employee who has completed at least five years of service gets
a Gratuity on leaving the organisation at 15 days of last drawn salary for each completed year of service as per Payment
of Gratuity Act, 1972. The scheme is funded with an Insurance Company in the form of qualifying insurance policy. The

following table summarizes the components of net benefit expense recognised in the Statement of profit and loss and the
funded status and amounts recognised in the Balance Sheet.
` in Crores
A. Change in defined benefit obligation 31-Mar-2023 31-Mar-2022
1. Defined benefit obligation at beginning of period 73.36 69.71
2. Service cost
a. Current service cost 3.84 3.37
3. Interest expenses 4.99 4.50
4. Cash flows
a. Benefit payments from plan (8.57) (8.58)
5. Remeasurements
a. Effect of changes in demographic assumptions - -
b. Effect of changes in financial assumptions 6.85 2.39
c. Effect of experience adjustments 7.32 1.97
6. Transfer In /Out - -
7. Defined benefit obligation at end of period 87.79 73.36
` in Crores
B. Change in fair value of plan assets 31-Mar-2023 31-Mar-2022
1. Fair value of plan assets at beginning of period 74.31 69.74
2. Interest income 5.05 4.50
3. Cash flows
a. Total employer contributions 0.06 8.32
b. Benefit payments from plan assets (8.57) (8.58)
4. Remeasurements
a. Return on plan assets (excluding interest income) 0.18 0.33
5. Transfer In /Out - -
6. Fair value of plan assets at end of period 71.03 74.31
` in Crores
C. Amounts recognised in the Balance Sheet 31-Mar-2023 31-Mar-2022
1 Defined benefit obligation 87.79 73.36
2 Fair value of plan assets (71.03) (74.31)
3. Funded status 16.76 (0.95)
4. Net defined benefit liability / (asset) 16.76 (0.95)
` in Crores
D. Components of defined benefit cost 31-Mar-2023 31-Mar-2022
1. Service cost
2. Net interest cost
a. Interest expense on DBO 4.99 4.50
b. Less - Interest income on plan assets 5.05 4.50
c. Total net interest cost (0.06) -
3. Remeasurements (recognised in OCI)
a. Effect of changes in demographic assumptions - -
d. Less - (Return) on plan assets (excluding interest income) 0.18 0.33
e. Total remeasurements included in OCI 13.99 4.03
4. Total defined benefit cost recognised in P&L and OCI 17.77 7.40

` in Crores
E. Re-measurement 31-Mar-2023 31-Mar-2022
a. Actuarial Loss on DBO 14.17 4.36
b. Less - Returns above Interest Income (0.18) (0.33)
Total Re-measurements (OCI) 13.99 4.03
` in Crores
F. Employer Expense (P&L) 31-Mar-2023 31-Mar-2022
a. Current Service Cost 3.84 3.37
b. Interest Cost on net DBO (0.06) -
c. Total P&L Expenses 3.78 3.37
` in Crores
G. Net defined benefit liability (asset) reconciliation 31-Mar-2023 31-Mar-2022
1. Net defined benefit asset as of beginning of period (0.95) (0.03)
2. Defined benefit cost included in P&L 3.78 3.37
3. Total remeasurements included in OCI 13.99 4.03
4. Employer contributions (0.06) (8.32)
5. Net benefit paid from plan assets - -
6. Net defined benefit liability (asset) as of end of period 16.76 (0.95)
` in Crores
H. Reconciliation of OCI (Re-measurement) 31-Mar-2023 31-Mar-2022
1. Recognised in OCI during the period 13.99 4.03
2. Recognised in OCI at the end of the period 13.99 4.03
` in Crores
I. Sensitivity analysis - DBO end of Period 31-Mar-2023 31-Mar-2022
1. Discount rate +1% 82.98 69.45
2. Discount rate - 1% 93.11 77.59
3. Salary Increase Rate +1% 92.73 77.35
4. Salary Increase Rate -1% 83.21 69.64
5. Attrition Rate +5% 87.30 73.81
6. Attrition Rate -5% 88.40 72.65
The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined
benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. The
sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that
changes in assumptions would occur in isolation from one another.
J. Significant Actuarial Assumptions 31-Mar-2023 31-Mar-2022
1. Discount rate Current Year 7.25% 6.80%
2. Discount rate Previous Year 6.80% 6.45%
3. Salary increase rate 8% 6%
4. Attrition Rate 6% 6%
5. Retirement Age 58 58
Indian Assured Lives Indian Assured Lives
6. Pre-retirement mortality Mortality (2006-08) Mortality (2006-08)
Ultimate Ultimate
7. Disability Nil Nil

K. Data 31-Mar-2023 31-Mar-2022
1. No. of Employees 3,041 3,096
2. Avg. Age (years) 41 41
3. Avg. Past Service (years) 14 14
4. Avg. Sal. Monthly (`) 31,997 27,890
5. Future Service (years) 18 18
6. Weighted average duration of DBO 8 8
` in Crores
L. Expected cash flows for following year 31-Mar-2023 31-Mar-2022
1. Expected employer contributions / Additional Provision Next Year 4.00 4.00
2. Expected total benefit payments
Year 1 12.46 12.57
Year 2 to Year 5 36.94 30.00
Year 6 to Year 10 49.11 37.49
More than 10 Years 47.09 35.27
` in Crores
M. Defined benefit obligation at end of period 31-Mar-2023 31-Mar-2022
Current Obligation 12.03 12.16
Non-Current Obligation 75.76 61.20
Total 87.79 73.36
SUMMARY ` in Crores
Assets / Liabilities 31-Mar-2023 31-Mar-2022
3. Net defined benefit liability (asset) 16.76 (0.95)
5. Total remeasurements included in OCI 13.99 4.03
6. Total defined benefit cost recognized in P&L and OCI 17.77 7.40
Notes:
i. The entire Plan Assets are invested in insurer managed funds with Life Insurance Corporation of India (LIC).
ii. The expected/actual return on Plan Assets is as furnished by LIC.
iii. The estimate of future salary increase takes into account inflation, likely increments, promotions and other relevant factors.
b. Provident Fund
The Company’s Provident Fund is exempted under Section 17 of the The Employees’ Provident Funds and Miscellaneous
Provisions Act, 1952. The plan guarantees interest at the rate notified by the Provident Fund Authorities. The contribution
by the employer and employee together with the interest accumulated thereon are payable to employees at the time
of separation from the Company or retirement, whichever is earlier. The benefits vests immediately on rendering of the
services by the employee. The Company has an obligation to make good the shortfall, if any, between the return from
the investments of the trust (including any decrease in value of investments) and the notified interest rate. The exempt
provident fund set up by the company is a defined benefit plan under Ind AS 19 - Employee Benefits.
There is net asset position as at 31st March 2023 and 31st March 2022, the same has not been recognized in the books.

` in Crores
A. Change in defined benefit obligation 31-Mar-23 31-Mar-22
1. Defined benefit obligation at the beginning of the period 166.36 161.12
2. Service cost
4. Employees' Contribution 15.23 13.83
5. Cash flows
6. Remeasurements
a. Effect of changes in demographic assumptions - (0.11)
b. Effect of financial adjustments 0.43 (5.54)
c. Effect of experience adjustments (1.15) (3.93)
7. Transfer In / Out 3.29 3.55
` in Crores
B. Change in Fair Value of Plan Assets 31-Mar-23 31-Mar-22
3. Cash flows
4. Employee contributions 15.23 13.83
5. Remeasurement on Plan assets (0.61) 2.23
6. Transfer In /Out 3.29 3.55
` in Crores
C. Components of Defined Benefit Cost 31-Mar-23 31-Mar-22
1. Interest cost on obligation 13.06 13.12
2. Interest income on Plan assets (12.58) (11.76)
3. Current Service cost 8.63 13.59
4. Defined Benefit Cost recognised in P&L 9.11 14.95
` in Crores
D. Remeasurement 31-Mar-23 31-Mar-22
1. Remeasurements on Plan assets 0.61 (2.23)
2. Remeasurements for Change in financial assumption 0.43 (5.54)
3. Remeasurements towards Experience variance (1.15) (3.93)
4. Remeasurements for Change in demographic assumptions - (0.11)
(0.11) (11.81)
` in Crores
E. Net Defined Benefit Liability (Asset) Reconciliation 31-Mar-23 31-Mar-22
1. Net defined benefit liability / (asset) (4.79) 5.66
3. Total remeasurements included in OCI (0.11) (11.81)
4. Contributions to the fund (8.63) (13.59)
5. Net transfers in - -
6. Net defined benefit liability (asset) at the end of the period (4.42) (4.79)

` in Crores
F. Proportion of Total Asset Categories 31-Mar-23 31-Mar-22
1. Government of India securities 11.20% 10.69%
2. State Government securities 45.64% 55.37%
3. High quality corporate bonds 34.77% 26.52%
4. Equity 2.56% 1.90%
5. Special Deposits 0.00% 0.00%
6. Bank balance and others 5.83% 5.52%
7. Funds managed by Insurer 0.00% 0.00%
Total 100.00% 100.00%
` in Crores
G. Funded Status 31-Mar-23 31-Mar-22
1. Fair Value of Plan assets 172.77 171.15
2. Present value of obligation 168.35 166.36
3. Net (Asset)/ Liability (4.42) (4.79)
4 Amount as per books (Refer Note 16) - -
Note: Since there is net asset position as at 31st March 2023 and 31st March 2022 , the same has not been recognised in the books
` in Crores
H. Current and Non-Current liability 31-Mar-23 31-Mar-22
1. Current Liability (Less than 1 year) 32.30 33.46
2. Non-current liability (More than 1 year) 136.05 132.90
` in Crores
I. Sensitivity analysis on Interest rate Guarantee Liability Liability Change
1. Best estimate - Base scenario 4.17 0%
2. Discount Rate - Increased by 0.5% 4.08 -2%
3. Discount Rate - Decreased by 0.5% 4.27 2%
4. Return on Government Securities - Increased by 1.00% - -100%
5. Return on Government Securities - Decreased by 1.00% 8.95 115%
6. Return on Equities - Increased by 1.00% 3.96 -5%
7. Return on Equities - Decreased by 1.00% 4.39 5%
8. Return on Bonds - Increased by 1.00% 1.25 -70%
9. Return on Bonds - Decreased by 1.00% 7.10 70%
J. Significant actuarial assumptions 31-Mar-23 31-Mar-22

1. Discount rate 7.25% 7.20%
2. Interest rate guarantee 8.15% 8.10%
3. Attrition Rate 6.00% 6.00%
5. Pre-retirement mortality Mortality (2006-08) Mortality (2006-08)
Ultimate Ultimate
` in Crores
K. Membership Data - Summary Statistics 31-Mar-23 31-Mar-22
1. Number of employees 17,889 17,819
2. Employee contribution 15.24 13.82
3. Employer contribution 8.63 13.59
4. Average attained age 35 years 34 years
5. Average Past Service 10.64 years 10.19 years

c. Long Term Compensated Absences
The assumption used for computing the long term accumulated compensated absences on actuarial basis are as follows:
Assumptions 31-Mar-2023 31-Mar-2022
Discount Rate 7.25% 6.80%
Future Salary Increase (%) 8.00% 6.00%
Attrition Rate 6.00% 6.00%
d. Contributions to Defined Contribution Plans
During the year, the Company recognised `4.85 Cr. (Previous year - `5.70 Cr.) to Provident Fund under Defined
Contribution Plan, `8.56 Cr. (Previous year - `7.81 Cr.) for Contributions to Superannuation Fund, `0.86 Cr. (Previous
year - `0.60 Cr.) for Contributions to Employee State Insurance Scheme and `0.24 Cr. (Previous Year - `0.20 Cr.) for
Contribution to National Pension Scheme in the Statement of Profit and Loss.
Note 36a. Contingent Liabilities
Note i
a) Matters wherein managament has concluded the Company’s liability to be probable have accordingly been provided for
in the books. Also Refer note 16
b) Matters wherein managament has concluded the Company’s liability to be possible have accordingly been disclosed
under Note 36a ii Contingent liabilities below
c) Matters wherin management is confident of succeding in these litigations and have concluded the Company’s liability to
be remote. This based on the relevant facts of judicial precedents and as advised by legal counsel which involves various
legal proceedings and claims, in different stages of process
Note ii: Contingent Liabilities
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
(i) Disputed Income-Tax demands under appeal / remand pending before various
appellate/ assessing authorities against the Company (including interest and 3.22 -
penalty).
(ii) Disputed Service Tax, Excise and Customs duty demand pertaining to financial
years 2001-02 to 2002-2003 under appeal pending before the Appellate Tribunal.
- 0.11
The Management is of the opinion that the above demands are arbitrary and are
not sustainable
(iii) Claims against the Company not acknowledged as debts 0.60 0.69
(iv) Amounts payable to employees with respect to retrospective applicability of
amendments to the Payment of Bonus Act, 1965 in respect of FY 2014-15,
2.61 2.61
pending at High Court under a writ petition. The Management is of the opinion
that the above retrospective amendment is not sustainable.
Notes:
(a) Draft Assessment Orders received from IT Authorities and Show Cause Notices received from various other government
authorities, pending adjudication, have been assessed by the management and considered appropriately in the standalone
financial statements.
(b) The uncertainties and possible reimbursement in respect of the above mentioned contingent liabilities are dependent on
the outcome of various legal proceedings and therefore, cannot be predicted accurately.
(c) The Company considers the Cash flow in each of the cases to be uncertain and hence considered as Contingent
Liabilities.

Note 36b. Commitments
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
(i) Estimated amount of contracts remaining to be executed on capital expenditure
135.14 72.85
and not provided for
(ii) Export obligation under EPCG to be fulfilled. The Company is confident of meeting
94.90 96.65
its obligations under the Schemes within the Stipulated Period.
Note 37. Disclosure in respect of Related Parties pursuant to Ind AS 24
a) List of Related Parties
I. Subsidiary Companies
a. Shanthi Gears Limited
b. Financiere C10 SAS and its Subsidiaries namely
i. Sedis SAS
ii. Sedis Company Limited
iii. Sedis Gmbh
c. Great Cycles (Private) Limited
d. Creative Cycles (Private) Limited
e. CG Power and Industrial Solutions Limited and its Subsidiaries namely
i. CG Adhesive Products Limited (formerly known as CG PPI Adhesive Products Limited)
ii. CG International Holdings Singapore Pte Limited
iii. CG Power Solutions Limited
iv. CG Power Equipments Limited
v. CG Sales Networks Malaysia Sdn. Bhd.
vi. PT Crompton Prima switchgear Indonesia
vii. CG International BV
viii. CG Drives & Automation Netherlands BV
ix. CG Drives & Automation Germany GmbH
x. CG Industrial Holdings Sweden AB
xi. CG Drives & Automation Sweden AB
xii. CG Power Americas, LLC
xiii. QEI, LLC
xiv. CG Power Solutions UK Ltd
xv. CG Middle East FZE (Liquidated during the year 31st March 2023)
xvi. CG Power Systems Canada Inc (De-consolidated during the year 31st March 2023)
xvii. CG Power and Industrial Solutions Limited Middle East FZCO (Liquidated during the year 31st March 2023)
f. TI Clean Mobility Private Limited (w.e.f 12th February 2022)
i. IPLTech Electric Private Limited (w.e.f 21st September 2022)
ii. Cellestial E-Mobility Private Limited and its subsidiary (w.e.f 3rd February 2023)
a. Cellestial E-Trac Private Limited (w.e.f 3rd February 2023)
g. Moshine Electronics Private Limited (Refer Note 6a(iii)) (w.e.f 23rd September 2022)
II. Joint Venture & Associate Companies
a. X2Fuels and Energy Private Limited (Refer Note 6a(v)) (w.e.f 23rd Febraury 2023)
b. Aerostrovilos Energy Private Limited (w.e.f 24th November 2021)
c. Joint Venture of TI Clean Mobility Private Limited
i. Cellestial E-Mobility Private Limited and its subsidiary (till 2nd February 2023)
a. Cellestial E-Trac Private Limited (till 2nd February 2023)
III. Company having Significant Influence
a. Ambadi Investments Limited
IV. Other Related Parties
a. Parry Enterprises India
b. Parry Agro Industries

V. Key Management Personnel (KMP)
a. Mr. M A M Arunachalam, Whole-Time Director and Executive Chairman (w.e.f. 1st April 2022)
b. Mr. Vellayan Subbiah - Managing Director (till 31st March 2022) ; Whole-Time Director and Executive Vice
Chairman (w.e.f. 1st April 2022)
c. Mr. Mukesh Ahuja - Managing Director (w.e.f 1st April 2022)
d. Mr. K R Srinivasan - President and Whole Time Director
e. Mr. S Suresh - Company Secretary
f. Mr. K Mahendra Kumar - Chief Financial Officer (till 8th September 2022)
g. Mr. AN Meyyappan - Chief Financial Officer (w.e.f 9th September 2022)
VI. Non Executive Directors
a. Mr. M A M Arunachalam, Chairman (w.e.f 11th November 2020 till 31st March 2022)
b. Ms. Madhu Dubhashi (till 13th August 2021)
c. Mr. Sanjay Johri
d. Mr. Anand Kumar
e. Ms. Sasikala Varadachari (w.e.f 17th June 2021)
f. Mr. Tejpreet Singh Chopra (w.e.f. 16th March 2022)
g. Mr. Mahesh Chhabria (till 27th October 2021)
VII. Post Employment Benefit Funds
a. T.I.I.(Subsidiaries) Employees Provident Fund
b. TI Employees Provident Fund India Ltd
c. Tube Products Of India Employees Provident Fund
d. Tube Investments of India Limited, Employees Gratuity Fund
e. Tube Investments of India Limited, Employees Earned Leave Fund
VIII. Post Employment Contribution Fund
a. Tube Investments of India Limited, Senior Staff Superannuation Fund
b) During the year the following transactions were carried out with the related parties in the ordinary course of
business:
` in Crores
Transaction Related Party
31-Mar-2023 31-Mar-2022
Services Received Parry Enterprises India Limited 7.28 1.89
Dividend Paid Ambadi Investments Limited 24.14 24.14
Mr K R Srinivasan 0.03 0.01
Mr Mahesh Chhabria - 0.01
Mr M A M Arunachalam 0.22 0.22
Mr Mukesh Ahuja 0.01 -
Dividend Received Shanthi Gears Limited 16.22 13.51
CG Power and Industrial Solutions
132.97 -
Limited
Sales and Services rendered Shanthi Gears Limited 2.25 2.43
0.34 -
Limited
Creative Cycles (Private) Limited
0.34 0.00
(PY `31,162)
Great Cycles (Private) Limited - 0.11
Sedis SAS 26.70 30.66

` in Crores
31-Mar-2023 31-Mar-2022
Security Deposit received TI Clean Mobility Private Limited 0.39 -
Interest Income TI Clean Mobility Private Limited 17.36 0.39
Moshine Electronics Private Limited 0.09 -
Purchases and Services received Shanthi Gears Limited 1.17 0.48
Sedis SAS 0.02 0.28
CG Power and Industrial Solutions Ltd 1.48 0.91
Great Cycles (Private) Limited 0.01 2.35
Creative Cycles (Private) Limited 22.46 60.57
Parry Agro Industries Limited 0.01 -
Remuneration (Refer Note i below) Key Management Personnel 22.70 12.04
Fair value Cost of Stock options granted
Key Management Personnel 3.51 0.12
(Refer note i below)
Sitting Fees and Commission Non executive directors 0.66 2.71
Reimbursement of Expenses - Paid Sedis SAS - 1.04
Reimbursement of Expenses - Received Shanthi Gears Limited 0.80 0.17
TI Clean Mobility Private Limited 5.44 0.77
IPLTech Electric Private Limited 0.14 -
Contribution to Post Employment Benefit T.I.I.(Subsidiaries) Employees Provident
6.94 6.72
Funds Fund
TI Employees Provident Fund India Ltd 6.22 8.24
Tube Products Of India Employees
10.71 12.31
Provident Fund
Tube Investments of India Limited,
0.06 8.32
Employees Gratuity Fund
4.66 4.99
Employees Earned Leave Fund
Contribution to Post Employment Tube Investments of India Limited,
6.13 5.32
Contribution Fund Senior Staff Superannuation Fund
Benefits received from Employment Tube Investments of India Limited,
8.57 8.58
Benefit Funds Employees Gratuity Fund
2.50 2.28
Employees Earned Leave Fund
Limited (current year subscription to
Subscription to Equity Shares 54.72 57.78
equity shares through conversion of
share warrants)
Aerostrovilos Energy Private Limited - 3.46
X2Fuels & Energy Private Limited 6.15 -

` in Crores
31-Mar-2023 31-Mar-2022
Subscription to Compulsorily Convertible
Preference Shares
Transfer of Assets TI Clean Mobility Private Limited 3.34 33.10
Advance payment transferred TI Clean Mobility Private Limited 0.64 18.90
Inter-Corporate Deposit to Subsidiaries TI Clean Mobility Private Limited 325.00 64.00
Repayment of Inter-Corporate Deposit
from Subsidiaries
` in Crores
As at As at
Balances Related Party
31-Mar-2023 31-Mar-2022
Payable Parry Enterprises India Limited 0.04 0.03
Shanthi Gears Limited 0.03 0.09
Sedis SAS - 0.05
Great Cycles (Private) Limited - 0.19
Creative Cycles (Private) Limited 1.42 3.80
Key Managerial Personnel 5.32 2.94
Commission to Non executive directors 0.40 2.38
T.I.I.(Subsidiaries) Employees Provident Fund 0.58 0.50
Tube Products Of India Employees Provident Fund 0.94 0.80
Receivable including
Shanthi Gears Limited (CY `31,970) 0.00 0.71
Claims recoverable
Creative Cycles (Private) Limited (PY `33,310) - 0.00
Sedis SAS 1.90 4.37
CG Power and Industrial Solutions Limited 0.05 -
Advance Paid Creative Cycles (Private) Limited - 10.63
Advance Received IPLTech Electric Private Limited 0.76 -
Creative Cycles (Private) Limited 0.03 -
Receipt of Security
Deposit
Dividend Receivable Financiere C10 SAS 1.11 2.45
Inter-Corporate Deposit
(Including interest accrued)
Terms and Conditions of transaction with Related Parties
The sale to and purchases from Related Parties are made on terms equivalent to those that prevail in arm’s length transactions.
Outstanding balances at the year-end are unsecured and interest free (excluding inter-corporate deposits) and settlement
occurs in Cash. For the year ended 31st March 2023, the Company has not recorded any impairment of receivables relating to
amounts owed by Related Parties.

i) Details of remuneration to Key Managerial Personnel are given below:
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
- Salaries and Allowances 14.67 7.77
- Provident Fund and Super Annuation 1.86 0.93
- Perquisites 0.85 0.40
- Incentive 5.32 2.94
- Fair value Cost of Stock options granted 3.51 0.12
- Sitting Fees and Commission to Non executive directors 0.66 2.71
26.87 14.87
As the liabilities for gratuity and leave encashment are provided on actuarial basis for the Company as a whole, the
amounts pertaining to the key management personnel are not included above.
Note 38. Segment Information
Effective 1st April 2021, the Company has re-organised certain business units and its operating structure and in view of
the structural changes, the Chief Operating Decision Maker (CODM) reviews the business as three primary segments -
“Engineering”, “Metal Formed Products” and “Mobility”, and in accordance with the core principles of IND AS 108 - ‘Operating
Segments’, these have been considered as the reportable segments of the Company.
The Management Committee headed by Managing Director (CODM) consisting of Chief financial officer, Leaders of Strategic
Business Units and Human resources have identified the above three reportable operating segments. It reviews and monitors
the operating results of the operating segments for the purpose of making decisions about resource allocation and performance
assessment using profit or loss and return on capital employed.
The Engineering segment comprises of cold rolled steel strips and precision steel tube viz., Cold Drawn Welded tubes (CDW)
and Electric Resistance Welded tubes (ERW). The Metal Formed Products segment comprises of Automotive chains, fine
blanked products, stamped products, roll-formed car doorframes and cold rolled formed sections for railway wagons and
passenger coaches.The Mobility segment comprises of Standard bi-cycles, Special bi-cycles including alloy bikes and
Speciality performance bikes and fitness equipment. The Industrial chains and new business namely, Optic Lens, TMT Bars,
Truck Body Building and TI Machine building are reported as Others for the purpose of segment reporting.
Segment assets and liabilities include those directly identifiable with the respective segments. Unallocated corporate assets
and liabilities represent the assets and liabilities that relate to the Company as a whole and are not allocable to any segment.
Expenses that are directly identifiable to segments are considered for determining the segment results. Expenses which relate
to the Company as a whole and are not allocable to segments are included under unallocated corporate expenses.
Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.
` in Crores
METAL FORMED
ENGINEERING MOBILITY OTHERS ELIMINATIONS TOTAL
PARTICULARS PRODUCTS
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
REVENUE
External Sales 3,952.51 3,334.51 1,322.87 1,157.56 796.85 958.72 719.38 536.00 - - 6,791.61 5,986.79
Inter-Segment Sales 298.34 273.04 1.15 0.40 - - 19.72 3.43 (319.21) (276.87) - -
Other Operating Revenue 310.78 260.41 99.64 82.30 3.09 4.61 28.58 22.97 - - 442.09 370.29
Unallocated Corporate
2.25 2.25
Income
Total Revenue 4,561.63 3,867.96 1,423.66 1,240.26 799.94 963.33 767.68 562.40 (319.21) (276.87) 7,235.95 6,359.33
2.04 (14.24)
Expenses net of Income
RESULTS
Operating Profit 548.06 376.40 172.73 135.49 16.67 54.53 47.44 36.33 - - 786.94 616.99
Profit / (Loss) on Sale of
0.99 (0.82) 0.93 0.82 0.36 0.30 0.12 - - - 2.40 0.30
Property, Plant and Equipment
Net Operating Profit 549.05 375.58 173.66 136.31 17.03 54.83 47.56 36.33 - - 789.34 617.29
Dividend Income 149.19 14.18
Finance Costs (21.62) (11.77)
Tax Expense (210.37) (152.87)
Exceptional Items
- Provision for Impairment on
(29.27) - (29.27) -
Assets
- Provision for Impairment on
(23.45) -
Investments
Profit on Sale of Current

11.38 8.34
Investments (Net)
Net Profit 549.05 375.58 173.66 136.31 17.03 54.83 18.29 36.33 - - 665.20 475.17
ASSETS
Segment Assets 1,477.61 1,474.18 558.52 562.17 211.75 315.51 222.82 223.02 (60.44) (68.92) 2,410.26 2,505.96
Unallocated Corporate Assets 2,479.95 1,853.60
Total Assets 1,477.61 1,474.18 558.52 562.17 211.75 315.51 222.82 223.02 (60.44) (68.92) 4,890.21 4,359.56
LIABILITIES
Segment Liabilities 676.67 777.67 240.93 272.09 100.96 194.58 87.80 92.19 (60.44) (68.92) 1,045.92 1,267.61
81.01 41.56
Liabilities
Total Liabilities 676.67 777.67 240.93 272.09 100.96 194.58 87.80 92.19 (60.44) (68.92) 1,126.93 1,309.17
OTHER INFORMATION
Capital Expenditure 115.52 74.04 18.12 23.55 7.29 8.13 46.83 13.87 - - 187.76 119.59
Unallocated Corporate Capital
0.32 7.94
Expenditure
Depreciation and Amortisation
76.39 77.56 39.47 43.96 10.83 11.69 14.25 7.60 - - 140.94 140.81
expense
4.62 4.22
Depreciation
203

Revenue from external customers
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
India 6,327.94 5,453.33
Outside India 908.01 906.00
Total Revenue per Statement of Profit or Loss 7,235.95 6,359.33
There are no sales to external customers more than 10% of Total Revenue.
Non-Current operating assets
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
India 3,044.65 2,506.65
Total 3,129.25 2,591.25
Reconciliation of Segment assets and liabilities to amounts reflected in the Standalone Financial Statements
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Segment Assets 4,890.21 4,359.56
Add: Deferred Tax Assets and Derivatives 3.62 1.02
Total Assets 4,893.83 4,360.58
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Segment Liabilities 1,126.93 1,309.17
Add: Deferred Tax Liabilities and others 1.22 2.03
Add: Short term Borrowings (Note 15a) 473.21 348.07
Note 39. Leases
The Company has lease contracts for Land and Building used for the purpose of Warehouses and Factories. Leases of
such assets generally have lease terms between 2 and 95 years. The Company’s obligations under its leases are secured by
the lessor’s title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased assets
and some contracts require the Company to maintain certain financial ratios. There are several lease contracts that include
extension and termination options and variable lease payments, which are further discussed below.
The Company also has certain leases of machinery with lease terms of 12 months or less. The Company applies the ‘short-
term lease’ recognition exemptions for these leases.
The carrying amounts of right-of-use assets recognised and the movements during the period is explained in Note No.4b
Set out below are the carrying amounts of lease liabilities included under financial liabilities and the movements during the
period:

Movement of Lease Liability ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Opening Balance 32.83 36.82
Add: Additions during the year 2.31 1.72
Less: Deletions / Remeasurements during the year (2.84) (1.72)
Add / Less: Accretion of Interest 2.35 2.87
Less: Payments during the year (6.18) (6.86)
Closing Balance 28.47 32.83
Current 3.78 4.62
Non Current 24.69 28.21
Maturity Analysis of Lease Liability
Year Ended Less than 1 Year 1 - 5 Years More than 5 Years
31-Mar-2023 5.94 14.15 27.32
31-Mar-2022 7.09 16.71 30.30
The effective interest rate ranges from 8% - 8.85% p.a.
The following are the amounts recognised in profit or loss:
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Depreciation expense of right-of-use assets 4.85 5.71
Interest expense on lease liabilities 2.35 2.87
Expense relating to short-term leases (included in other expenses) 4.65 4.09
Gain on termination of right-of-use assets (included in other income) (0.48) (0.22)
Total 11.37 12.45
The Company had total cash outflows for leases (including short term leases) of `10.83 Cr. in 31st March 2023 (`10.95 Cr.
during the year ended 31st March 2022). The Company also had non-cash additions to right-of-use assets and lease liabilities
of `1.62 Cr. during the year (`1.72 Cr. during the year ended 31st March 2022). There are no future cash outflows relating to
leases that have not yet commenced.
The Company has several lease contracts that include extension and termination options. These options are negotiated
by management to provide flexibility in managing the leased-asset portfolio and align with the Company’s business needs.
Management exercises some or certain judgements in determining whether these extension and termination options are
reasonably certain to be exercised (see Note 32).
The company does not expect undiscounted potential future rental payments relating to periods following the exercise date of
extension and termination options that are not included in the lease term
Company as Lessor:
The Company has entered into operating leases on one of its factory buildings from December 2022 onwards having lease
term of fifteen years. Rental income recognized by the Company during the year is `3.76 Crs (Previous year - `0.26 Crs). Future
minimum rentals receivable under operating leases as at 31st March are as follows:
` in Crores
Particulars
31-Mar-2023 31-Mar-2022
Within One Year 4.68 3.80
1 to 5 Years 19.36 18.70
6 to 10 years 25.84 -
11 to 15 years 26.16 -
Total Assets 76.04 22.50

Note 40. Hedging activities and derivatives
Cash Flow Hedges
Foreign Exchange Forward Contracts measured at Fair Value through OCI are designated as Hedging Instruments in cash flow
hedges of forecast sales in EUR, and USD and also for forecast purchases in EUR,USD, CHF and JPY.
` in Crores
Particulars
Assets Liabilities Assets Liabilities
Fair Value of Foreign Exchange Forward Contracts - 1.22 1.02 -
Disclosure of effects of Hedge accounting
As at 31-Mar-2023
Changes in the
Foreign Nominal Value Changes in
Carrying Value value of Hedged
Exchange of Hedging Fair value
of Hedging Hedge Weighted Item used as
Risk on Instruments Maturity Date of Hedging
Instruments Ratio Average Rate a basis for
Cash Flow (No. of Instrument
(` in Crores) recognising hedge
Hedge Contracts) (` in Crores)
effectiveness
Foreign Asset Liability Asset Liability 1 USD - 82.41
17-Apr-2023
Currency 1 EUR - 93.50
to 1:1 (1.56) (1.56)
Forward 10 42 8.58 212.26 1 JPY - 0.62
28-Mar-2025
Contracts 1 CHF - 90.36
Change in the value Hedge Line item affected in

Amount reclassified from
Cash Flow of Hedging Instrument Ineffectiveness Statement of Profit and
Cash Flow Hedge Reserve
Hedge recognised in Other recognised in Loss because of the
to Profit or Loss
Comprehensive Income Profit or Loss Reclassification
Foreign
(1.90) - (0.07) Other Expenses
Exchange Risk
As at 31-Mar-2022
Changes in the
Nominal Value Changes in
Carrying Value value of Hedged
Foreign Exchange of Hedging Fair value
of Hedging Maturity Hedge Weighted Item used as
Risk on Cash Flow Instruments of Hedging
Instruments Date Ratio Average Rate a basis for
Hedge (No. of Instrument
(` in Crores) recognising hedge
Contracts) (`in Crores)
effectiveness
Asset Liability Asset Liability 29-Apr-2022
Foreign Currency 1 USD - `78.08
to 1:1 0.41 (0.41)
Forward Contracts - 30 - 89.53 1 EUR - `88.83
31-Mar-2023
Change in the value Hedge Amount reclassified Line item affected in

Cash Flow of Hedging Instrument Ineffectiveness from Cash Flow Hedge Statement of Profit and
Hedge recognised in Other recognised in Reserve to Profit or Loss because of the
Comprehensive Income Profit or Loss Loss Reclassification
Foreign
3.35 - (4.12) Other Expense
Exchange Risk

Note 41.1. Fair Values
The following table presents the carrying amounts and fair value of each category of financial assets and liabilities.
` in Crores
Carrying Value Fair Value
Particulars
31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
Financial assets
FVTOCI Investments 8.74 8.52 8.74 8.52
FVTPL Investments 460.30 280.45 460.30 280.45
Other Financial Assets - Non Current 17.34 15.02 17.34 15.02
Loans - Current 2.07 2.17 2.07 2.17
Loans - Non Current 225.75 64.39 225.75 64.39
Trade Receivables 688.22 708.84 688.22 708.84
Cash & Bank balances 114.12 4.82 114.12 4.82
Derivative Instruments - 1.02 - 1.02
Other Financial Assets - Current 9.56 65.88 9.56 65.88
Total 1,526.10 1,151.11 1,526.10 1,151.11
Financial liabilities
Borrowings - Current 473.21 348.07 473.21 348.07
Trade Payables 930.68 1,140.75 930.68 1,140.75
Lease Liability - Non Current 24.69 28.21 24.69 28.21
Lease Liability - Current 3.78 4.62 3.78 4.62
Derivative Instruments - Non Current 1.07 - 1.07 -
Derivative Instruments - Current 0.15 - 0.15 -
Other Financial Liabilities - Current 48.45 37.60 48.45 37.60
Total 1,482.03 1,559.25 1,482.03 1,559.25
The management assessed that cash and cash equivalents, trade receivables, loans, current investments, other financial
assets, short term borrowings, trade payables and other current financial liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments.
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions
were used to estimate the fair values:
i. The fair values of quoted equity investments are derived from quoted market prices in active markets.
ii. The fair values of certain unquoted equity investments have been estimated using Discounted Cash-flow Model (DCF).
The valuation is based on certain assumptions like forecast cash-flows, discount rate, etc.
iii. Derivatives are fair valued using market observable rates and published prices.

Note 41.2. Fair Values Hierarchy
The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities:
Quantitative disclosures fair value measurement hierarchy for assets as at 31st March 2023: ` in Crores
Fair Value Measurement using
Quoted Price in Significant Significant
Particulars
Total active markets observable unobservable
(Level 1) inputs (Level 2) inputs (Level 3)
Asset measured at fair value:
FVTOCI Investments 8.74 - - 8.74
FVTPL Investments 460.30 293.30 167.00 -
Assets for which fair values are disclosed:
Investment Properties * 9.29 - - 9.29
Loans 225.75 - 225.75 -
There have been no transfers between the level 1, level 2 and level 3 during the period.
* Fair value of investment property is calculated based on valuation given by external independent valuer (Refer Note 5)
Quantitative disclosures fair value measurement hierarchy for liabilities as at 31st March 2023: ` in Crores
Significant Significant
Quoted Price in
Particulars observable unobservable
Total active markets
inputs inputs
(Level 1)
(Level 2) (Level 3)
Derivative Instruments 1.22 - 1.22 -
Significant Significant
Quoted Price in
Particulars observable unobservable
Total active markets
inputs inputs
(Level 1)
(Level 2) (Level 3)
FVTPL Investments 280.45 280.45 - -
Derivative Instruments 1.02 - 1.02 -
Loans 64.39 - 64.39 -
There have been no transfers between the level 1 and level 2 during the period.
* Fair value of investment property is calculated based on valuation given by external independent valuer
Particulars
Total active markets observable unobservable
Long term Borrowings (including current maturities) 51.03 - 51.03 -

The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at 31st March 2023 and 31st March 2022 are given below:
Significant Range
Valuation Sensitivity of the
Particulars unobservable (Weighted
technique input to fair value
inputs average)
5% sensitivity
Unquoted FVTOCI
2022-23-
equity investments DCF Model Discount Rate 14.1%
Discount Rate-19.1%, `(1.34) Cr.
Discount Rate-9.1%, `1.71 Cr.
5% sensitivity
Unquoted FVTOCI
2021-22-
equity investments DCF Model Discount Rate 15.5%
Valuation 5% sensitivity
Investment Property `6000 - `17,000
by External Price per Sq. feet 2022-23 -
As at 31st March 2023 per Sq. ft.
Independent Valuer Rate per Sq. ft - 5%, `0.46 Cr.
Reconciliation of Fair Value Measurement of Unquoted FVTOCI Equity Investments ` in Crores

As at As at
Unquoted FVTOCI equity investments
31-Mar-2023 31-Mar-2022
As at the beginning of the year 8.52 8.41
Re-measurement recognised in OCI 0.22 0.11
Purchases - -
Sales - -
As at the end of the year 8.74 8.52
Note 42. Financial Risk Management Objectives and Policies
The Company’s principal financial liabilities, other than derivatives, comprise of borrowings and trade payables. The main
purpose of these financial liabilities is to raise finance for the Company’s operations. The Company has various financial assets
such as trade receivables, cash and short-term deposits, which arise directly from its operations. The Company also holds
FVTOCI investments and enters into derivative transactions
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Company’s senior management is supported by a Risk Management Committee that
advises on financial risks and the appropriate financial risk governance framework for the Company. The Risk Management
Committee provides assurance to the Company’s senior management that the Company’s financial risk activities are governed
by appropriate policies and procedures and that the financial risks are identified, measured and managed in accordance with
the Company’s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist
teams that have the appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives for
speculative purposes may be undertaken
A. Market Risk
Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from
a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in
the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future
specific market movements cannot be normally predicted with reasonable accuracy
i Foreign Currency Exchange Rate Risk
The fluctuation in foreign currency exchange rates may have potential impact on the income statement and equity, where
any transaction references more than one currency or where assets/liabilities are denominated in a currency other than
the functional currency of the respective Company.

The Company, as per its forex policy, uses foreign exchange and other derivative instruments primarily to hedge foreign
exchange and interest rate exposure.
The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate
risks. It hedges a part of these risks by using derivative financial instruments in accordance with its forex policy
The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate
exposure of a currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each
currency by 5%.
Foreign Currency Sensitivity
The following tables demonstrate the sensitivity to 5% appreciation in USD and EURO exchange rates on foreign currency
exposures as at the year end, with all other variables held constant. The impact on the Company’s profit before tax is due
to changes in the fair value of monetary assets and liabilities. The Company’s exposure to foreign currency changes for
all other currencies is not material ` in Crores
Increase/ Increase/
As at Nature (Decrease) in PBT for change (Decrease) in PBT for change
in USD rates in EURO rates
Receivables 5.08 2.91
31-Mar-2023
Payables (1.02) (0.02)
Receivables 5.52 3.78
31-Mar-2022
Payables (0.29) (0.05)
Derivative Contracts ` in Crores
Increase/
Increase/ Increase/ Increase/ Increase/
(Decrease) Increase/
(Decrease) (Decrease) (Decrease) (Decrease)
in PBT for (Decrease) in
As at Nature in PBT for in OCI for in OCI for in OCI for
change in PBT for change
change in change in change in change in
EURO in JPY rates
USD rates USD rates EURO rates CHF rates
rates
Derivative
31-Mar-2023 (3.10) (1.45) 0.12 0.09 (9.88) 0.07
Contracts
Derivative
31-Mar-2022 (2.25) (0.97) - (3.24) (0.99) -
Contracts
Conversely, 5% depreciation in the USD and Euro rates against the significant foreign currencies as at 31st March 2023
and 31st March 2022 would have had the same but opposite effect, again holding all other variables constant.
ii Equity Price Risk
Equity Price Risk is related to the change in market reference price of the investments in equity securities.
The majority of the Company’s investments are in the shares of group companies, which are carried at cost. The Company
has investments in other equity investments, of only `8.74 Cr. as at 31st March 2023. (As at 31st March 2022 – `8.52 Cr).
B. Credit Risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual
terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness
as well as concentration risks.
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, loans
and advances and derivative financial instruments. None of the financial instruments of the Company result in material
concentrations of credit risks.
Exposure to Credit risk - The carrying amount of financial assets represents the maximum Credit exposure. The maximum
exposure to Credit risk was `1,526.10 Cr. as at 31st March 2023 and `1,151.10 Cr. as at 31st March 2022, being the total
of the carrying amount of balances with banks, short term deposits with banks, trade receivables, derivative instruments,
mutual fund investments and other financial assets excluding equity investments.

Credit risk from balances with banks and investment of surplus funds in mutual funds is managed by the Company’s
treasury department. The objective is to minimise the concentration of risks and therefore mitigate financial loss.
Of the above, `160.75 Cr. (Previous year – `172.02 Cr.) is backed by Export Credit Guarantee Cover / Letter of Credit as
at 31st March 2023.
C. Liquidity Risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Company has obtained fund and non-fund based working capital lines from various banks. Furthermore, the
Company has access to funds from debt markets through commercial paper, non-convertible debentures, and other debt
instruments. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual
funds, which carry no/low mark to market risks.
The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining
financial flexibility.
As at 31st March 2023, the Company has undrawn committed lines of `276.79 Cr. (As at 31st March 2022 - `227.96 Cr.)
The table below provides details regarding the contractual maturities of financial liabilities based on Contractual undiscounted
payments: ` in Crores
Total
Carrying Less than 3 3 - 12
Particulars On demand > 1 year Contractual
Value months months
Cashflows
Borrowings 473.21 0.02 179.71 300.83 - 480.56
Other financial liabilities 48.45 20.29 28.16 - - 48.45
Trade and other payables 930.68 259.45 635.99 35.24 - 930.68
Derivatives 1.22 - - 0.15 1.07 1.22
Lease Liabilities 28.47 - 1.56 4.38 41.47 47.41
1,482.03 279.76 845.42 340.60 42.54 1,508.32
Borrowings 348.07 1.62 100.44 251.28 - 353.34
Other financial liabilities 37.60 21.81 6.96 8.83 - 37.60
Trade and other payables 1,140.75 278.53 820.78 41.44 - 1,140.75
1,559.25 301.96 929.86 306.96 47.01 1,585.79
Note 43. Capital Management
The Company’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and
short-term goals of the Company.
The Company determines the amount of capital required on the basis of annual operating plans and long-term product and
other strategic investment plans. The funding requirements are met through internal accruals, nonconvertible debentures,
external commercial borrowings and other long-term/short-term borrowings. The Company’s policy is aimed at combination
of short-term and long-term borrowings.
The Company monitors capital employed using a Debt equity ratio, which is total debt divided by total equity and maturity
profile of the overall debt portfolio of the Company.
There have been no breaches in the financial covenants of any interest-bearing loans and borrowings in the current period.

The following table summarizes the capital of the Company:
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Borrowings - Short term 473.21 348.07
Total Debt 473.21 348.07
Equity Share Capital 19.31 19.29
Other Equity 3,273.16 2,682.02
Equity 3,292.47 2,701.31
Debt Equity ratio 0.14 0.13
Note 44. Financial Ratios
As at As at %
Particulars Remarks
31-Mar-2023 31-Mar-2022 Change
Current Assets / Current
(i) Current Ratio 1.12 1.09 2.9%
Liabilities
(Net profit after tax +
Depreciation, Amortization
and Impaiment + Finance
Debt Service Cost - Other Income)/
(ii) 8.94 8.38 6.7%
Coverage Ratio (Interest & Lease payouts
+ Principal repayment on
long term borrowing during
the year)
Cost of goods sold
Inventory Turnover including purchase of
(iii) 7.45 7.12 4.5%
Ratio stock-in-trade/ average
inventory
Net Credit Purchases
Trade Payables (Purchase of Raw material
(iv) 4.46 3.79 17.8%
Turnover Ratio and stock-in-trade)/
Average Trade Payables
(v) Debt-Equity Ratio Debt/Equity 0.14 0.13 11.5%
(Net Profit after Taxes
Return on Equity Less Preference Dividend)
(vi) 0.22 0.19 16.7%
Ratio / Average Shareholder’s
Equity
Total Revenue from
Trade Receivables
(vii) operations / Average trade 10.36 9.90 4.7%
Turnover Ratio
receivables
Total revenue from
operations / Working
Net Capital
(viii) Capital (where working 39.04 45.33 -13.9%
Turnover Ratio
capital = Current asset less
current liabilities)
Profit before interest and
Return on Capital
(ix) tax / Average Capital 0.28 0.23 22.2%
Employed
Employed
Net Profit after Tax / Total
(x) Net Profit Ratio 0.09 0.07 23.0%
Revenue from operations

As at As at %
Particulars Remarks
31-Mar-2023 31-Mar-2022 Change
Significant investments
held by the Company
are for strategic
Return on
purposes.
(xi) Investment - Long - - - -
Benchmarking the return
Term
on an annual basis will
not reflect yield from
such investments.
Return on
Investment Income /
(xii) Investment - Short 0.04 0.03 39.1% Higher market returns
Average Investment
Term
Note 45. Promoter and Promoter group Shareholding
FY 2022-23
No. of Shares Change No. of Shares % of % Change
Sl.
Promoter Name at the beginning during the at the end of Total during the
No.
of the year year the year Shares year
1 Ambadi Investments Limited 6,89,66,595 - 6,89,66,595 35.71% 0.00%
2 Ambadi Enterprises Ltd 10,58,200 - 10,58,200 0.55% 0.00%
3 A.M.Meyyammai 9,31,500 - 9,31,500 0.48% 0.00%
4 Murugappa & Sons - M V
Subbiah, M A Alagappan & M M
8,63,980 - 8,63,980 0.45% 0.00%
Murugappan hold shares on behalf
of firm
5 Arun Alagappan 8,33,090 - 8,33,090 0.43% 0.00%
6 A A Alagammai , Trustee of
7,43,000 (12,397) 7,30,603 0.38% -1.70%
Lakshmi Ramaswamy Family Trust
7 Murugappa Educational and
7,26,200 - 7,26,200 0.38% 0.00%
Medical Foundation
8 M.A.Alagappan 7,10,000 - 7,10,000 0.37% 0.00%
9 M V Subbiah, Trustee of Shambho
6,03,180 - 6,03,180 0.31% 0.00%
Trust
10 Vellachi Murugappan 5,97,425 - 5,97,425 0.31% 0.00%
11 M A Murugappan Holdings LLP 5,46,860 - 5,46,860 0.28% 0.00%
12 M V Murugappan HUF (Karta - Valli
5,43,330 - 5,43,330 0.28% 0.00%
Arunachalam)
13 M V Subbiah, Trustee of Saraswathi
5,37,360 - 5,37,360 0.28% 0.00%
Trust
14 A Venkatachalam 5,13,610 - 5,13,610 0.27% 0.00%
15 M A Alagappan Holdings Private
5,09,860 - 5,09,860 0.26% 0.00%
Limited
16 M M Murugappan, Trustee of
Meenakshi Murugappan Family 5,00,000 - 5,00,000 0.26% 0.00%
Trust
17 Valli Arunachalam 4,96,095 - 4,96,095 0.26% 0.00%
18 M M Murugappan, Trustee of M M
4,78,055 - 4,78,055 0.25% 0.00%
Muthiah Family Trust
19 M A M Arunachalam 4,70,160 - 4,70,160 0.24% 0.00%
4,68,055 - 4,68,055 0.24% 0.00%
Veerappan Family Trust

Sl.
No.
21 M M Venkatachalam, Trustee of M
4,59,830 - 4,59,830 0.24% 0.00%
V Subramanian Family Trust
4,59,830 - 4,59,830 0.24% 0.00%
V Muthiah Family Trust
23 M V AR Meenakshi 4,49,630 - 4,49,630 0.23% 0.00%
4,03,900 - 4,03,900 0.21% 0.00%
M Venkatachalam Family Trust
25 Ar.Lakshmi Achi Trust 3,91,510 - 3,91,510 0.20% 0.00%
26 Valli Muthiah 3,87,080 (3,87,080) - 0.00%
27 A Vellayan 3,82,400 - 3,82,400 0.20% 0.00%
28 M M Venkatachalam, Trustee of
Lakshmi Venkatachalam Family 3,79,905 - 3,79,905 0.20% 0.00%
Trust
29 Meyyammai Venkatachalam 3,58,580 - 3,58,580 0.19% 0.00%
30 M M Murugappan HUF (Karta - M
3,55,330 - 3,55,330 0.18% 0.00%
M Murugappan)
31 V Arunachalam 3,38,990 - 3,38,990 0.18% 0.00%
32 V Narayanan 2,81,140 - 2,81,140 0.15% 0.00%
33 M.M.Muthiah Research Foundation 2,80,920 - 2,80,920 0.15% 0.00%
34 M M Muthiah HUF (Karta - M M
2,77,360 - 2,77,360 0.14% 0.00%
Murugappan)
35 A Venkatachalam HUF (Karta - A
2,52,000 - 2,52,000 0.13% 0.00%
Venkatachalam)
36 A Vellayan HUF ( Karta - A Vellayan) 2,49,500 - 2,49,500 0.13% 0.00%
2,31,800 - 2,31,800 0.12% 0.00%
Murugappan Family Trust
38 Sigapi Arunachalam 2,27,990 - 2,27,990 0.12% 0.00%
39 Umayal.R. 2,26,580 - 2,26,580 0.12% 0.00%
40 M A M Arunachalam, Trustee of
2,20,278 - 2,20,278 0.11% 0.00%
Arun Murugappan Children's Trust
41 Arun Alagappan, Trustee of M A
2,16,777 - 2,16,777 0.11% 0.00%
Alagappan Grand Children Trust
42 Sigapi Arunachalam, Trustee of
2,15,410 - 2,15,410 0.11% 0.00%
Murugappan Arun Children Trust
43 M M Murugappan 2,04,715 - 2,04,715 0.11% 0.00%
44 Arun Venkatachalam 1,98,130 - 1,98,130 0.10% 0.00%
45 M V Subbiah HUF (Karta- M V
1,71,200 - 1,71,200 0.09% 0.00%
Subbiah)
46 Lakshmi Chocka Lingam 1,58,660 - 1,58,660 0.08% 0.00%
47 Valli Annamalai 1,57,127 - 1,57,127 0.08% 0.00%
48 M A M Arunachalam HUF (Karta -
1,48,660 - 1,48,660 0.08% 0.00%
M A M Arunachalam)
49 M V Subbiah 1,35,000 - 1,35,000 0.07% 0.00%
50 M A Alagappan HUF (Karta - M A
1,30,660 - 1,30,660 0.07% 0.00%
Alagappan)
51 M V Seetha Subbiah 45,000 - 45,000 0.02% 0.00%
52 A M M Vellayan Sons P Ltd 38,430 - 38,430 0.02% 0.00%

Sl.
No.
53 Pranav Alagappan 25,950 - 25,950 0.01% 0.00%
54 Valliammai Murugappan 17,032 - 17,032 0.01% 0.00%
55 Subbiah Vellayan, Trustee of Valli
14,500 - 14,500 0.01% 0.00%
Subbiah Benefit Trust
56 M V Subbiah , Trustee of M V
14,500 - 14,500 0.01% 0.00%
Seetha Subbiah Benefit Trust
57 Dhruv M Arunachalam 11,000 - 11,000 0.01% 0.00%
58 Solachi Ramanathan 8,500 - 8,500 0.00% 0.00%
59 Krishna Murugappan Muthiah 5,000 - 5,000 0.00% 0.00%
60 M.M.Muthiah Sons Private Ltd 4,200 - 4,200 0.00% 0.00%
61 M M Venkatachalam 4,000 - 4,000 0.00% 0.00%
62 A V Nagalakshmi 3,600 - 3,600 0.00% 0.00%
63 V Vasantha 2,300 - 2,300 0.00% 0.00%
64 Uma Ramanathan 2,000 - 2,000 0.00% 0.00%
65 Lakshmi Venkatachalam 1,200 - 1,200 0.00% 0.00%
66 Carborundum Universal Limited 1,000 - 1,000 0.00% 0.00%
67 Valli Alagappan 1,000 - 1,000 0.00% 0.00%
68 A.Keertika Unnamalai 500 - 500 0.00% 0.00%
69 Meenakshi Murugappan 70 - 70 0.00% 0.00%
TOTAL 8,96,47,229 (3,99,477) 8,92,47,752 46.2%
FY 2021-22
No. of Shares Change No. of Shares % Change
Sl. % of Total
Promoter Name at the beginning during the at the end of the during the
No. Shares
of the year year year year
3 A.M.Meyyammai 9,31,500 - 9,31,500 0.48% 0.00%
4 Murugappa & Sons - M V Subbiah,
M A Alagappan & M M Murugappan 8,63,980 - 8,63,980 0.45% 0.00%
hold shares on behalf of firm
5 Arun Alagappan 8,33,090 - 8,33,090 0.43% 0.00%
6 A A Alagammai , Trustee of Lakshmi
7,43,000 - 7,43,000 0.39% 0.00%
Ramaswamy Family Trust
7 Murugappa Educational and Medical
7,26,200 - 7,26,200 0.38% 0.00%
Foundation
8 M.A.Alagappan 7,10,000 - 7,10,000 0.37% 0.00%
6,03,180 - 6,03,180 0.31% 0.00%
Trust
10 Vellachi Murugappan 1,15,330 4,82,095 5,97,425 0.31% 418.01%
5,43,330 - 5,43,330 0.28% 0.00%
Arunachalam)
5,49,860 (12,500) 5,37,360 0.28% (2.27%)
Trust
14 A Venkatachalam 5,13,610 - 5,13,610 0.27% 0.00%

Sl. % of Total
No. Shares
5,09,860 - 5,09,860 0.26% 0.00%
Limited
Meenakshi Murugappan Family 5,00,000 - 5,00,000 0.26% 0.00%
Trust
17 Valli Arunachalam - 4,96,095 4,96,095 0.26% 100.00%
4,78,055 - 4,78,055 0.25% 0.00%
19 M A M Arunachalam 4,70,160 - 4,70,160 0.24% 0.00%
4,68,055 - 4,68,055 0.24% 0.00%
Veerappan Family Trust
21 M M Venkatachalam, Trustee of M V
4,59,830 - 4,59,830 0.24% 0.00%
Subramanian Family Trust
22 M M Venkatachalam, Trustee of M V
4,59,830 - 4,59,830 0.24% 0.00%
23 M V AR Meenakshi 4,49,630 - 4,49,630 0.23% 0.00%
4,03,900 - 4,03,900 0.21% 0.00%
M Venkatachalam Family Trust
25 Valli Muthiah 3,87,080 - 3,87,080 0.20% 0.00%
26 A Vellayan 3,82,400 - 3,82,400 0.20% 0.00%
Lakshmi Venkatachalam Family 3,79,905 - 3,79,905 0.20% 0.00%
Trust
29 M M Murugappan HUF
3,55,330 - 3,55,330 0.18% 0.00%
(Karta - M M Murugappan)
30 V Arunachalam 3,38,990 - 3,38,990 0.18% 0.00%
31 V Narayanan 2,81,140 - 2,81,140 0.15% 0.00%
33 M M Muthiah HUF (Karta - M M
2,77,360 - 2,77,360 0.14% 0.00%
Murugappan)
34 A Venkatachalam HUF (Karta - A
2,52,000 - 2,52,000 0.13% 0.00%
Venkatachalam)
2,31,800 - 2,31,800 0.12% 0.00%
38 Umayal.R. 2,26,580 - 2,26,580 0.12% 0.00%
39 M A M Arunachalam, Trustee of
2,20,278 - 2,20,278 0.11% 0.00%
Arun Murugappan Children's Trust
2,16,777 - 2,16,777 0.11% 0.00%
2,15,410 - 2,15,410 0.11% 0.00%
42 M M Murugappan 2,09,715 (5,000) 2,04,715 0.11% (2.38%)
44 M V Subbiah HUF (Karta- M V
1,71,200 - 1,71,200 0.09% 0.00%
Subbiah)

Sl. % of Total
No. Shares
46 Valli Annamalai 1,57,127 - 1,57,127 0.08% 0.00%
47 M A M Arunachalam HUF (Karta - M
1,48,660 - 1,48,660 0.08% 0.00%
A M Arunachalam)
48 M V Subbiah 1,35,000 - 1,35,000 0.07% 0.00%
14,500 - 14,500 0.01% 0.00%
54 M V Subbiah , Trustee of M V
14,500 - 14,500 0.01% 0.00%
Seetha Subbiah Benefit Trust
59 A V Nagalakshmi 3,600 - 3,600 0.00% 0.00%
60 V Vasantha 2,300 - 2,300 0.00% 0.00%
61 Uma Ramanathan 2,000 - 2,000 0.00% 0.00%
64 Valli Alagappan 1,000 - 1,000 0.00% 0.00%
67 Krishna Murugappan Muthiah - 5,000 5,000 0.00% 100.00%
- 1,30,660 1,30,660 0.07% 100.00%
Alagappan)
69 Ar.Lakshmi Achi Trust - 3,91,510 3,91,510 0.20% 100.00%
70 Ar.Lakshmi Achi Trust 3,91,510 (3,91,510) - 0.00% (100.00%)
71 Lalitha vellayan 3,07,160 (3,07,160) - 0.00% (100.00%)
1,30,660 (1,30,660) - 0.00% (100.00%)
Alagappan)
73 M V Valli Murugappan 9,78,190 (9,78,190) - 0.00% (100.00%)
74 TOTAL 8,99,66,889 (3,19,660) 8,96,47,229 46.5%
Note 46. Other Statutory Information
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iii) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
(iv) During the year, the Company has further invested `150 Cr. by way of equity, `167 Cr. through CCPS and provided
`325 Cr. as intercorporate deposits (refer note 6c) to its Subsidiary, TI Clean Mobility Private Limited (“TICMPL” CIN-
U34300TN2022PTC149904) to pursue and engage in clean mobility business. Subsequently, TICMPL acquired 65.2%
of equity share capital of IPLTech Electric Private Limited (IPLT, CIN-U73100HR2019PTC081891) by way of Primary and
Secondary acquisition for a consideration of `245.41 Cr on 21st September 2022. TICMPL also acquired the remaining

30.05% from the existing shareholders of Cellestial E Mobility Private Limited (CEMPL, CIN-U35999TG2019PTC131892)
for a consideration of `50.90 Crores on 3rd February 2023 and obtained 100% control over CEMPL.
The Company has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999)
and the Companies Act for the above transactions and are not violative of the Prevention of Money-Laundering Act, 2002
(15 of 2003).
(v) The Company has not received any fund from any person or entity, including foreign entities (Funding Parties) with the
understanding (whether recorded in writing or otherwise) that the Company shall -:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vi) The Company has not made any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,1961 (such as
search or survey or any other relavent provision of the Income Tax Act, 1961).
(vii) The Company does not have any transactions with companies which has been struck off by ROC under section 248 of
the companies Act, 2013 other than the following -:
Nature of Balance Balance

Relationship
transactions outstanding as outstanding as
Name of struck off company with struck off
with struck off on 31st March on 31st March
companies
company 2023 2022
Third party vendor
and not related
Aditya Inkjet Technologies Private Ltd Payables - `67,246 /-
party of the
company
Note 47. Previous Year’s figures
The Company has reclassified / regrouped previous year figures to conform to this year’s classification.



Consolidated
Financial
Statements
Independent Auditor’s Report

To the Members of Tube Investments of India Limited Our responsibilities under those Standards are further
described in the ‘Auditor’s Responsibilities for the Audit
Report on the Audit of the Consolidated Financial
of the Consolidated Financial Statements’ section of our
Statements
report. We are independent of the Group, associate, joint
Opinion ventures in accordance with the ‘Code of Ethics’ issued
by the Institute of Chartered Accountants of India together
We have audited the accompanying Consolidated Financial
with the ethical requirements that are relevant to our audit of
Statements of Tube Investments of India Limited (hereinafter
the financial statements under the provisions of the Act and
referred to as “the Holding Company”), its subsidiaries (the
the Rules thereunder, and we have fulfilled our other ethical
Holding Company and its subsidiaries together referred to
responsibilities in accordance with these requirements and
as “the Group”) its associate and joint ventures comprising
the Code of Ethics. We believe that the audit evidence we
of the Consolidated Balance sheet as at March 31 2023,
have obtained is sufficient and appropriate to provide a
the Consolidated Statement of Profit and Loss, including
basis for our audit opinion on the Consolidated Financial
other comprehensive income, the Consolidated Cash Flow
Statements.
Statement and the Consolidated Statement of Changes
in Equity for the year then ended, and notes to the Key Audit Matters
Consolidated Financial Statements, including a summary Key audit matters are those matters that, in our professional
of significant accounting policies and other explanatory judgment, were of most significance in our audit of the
information (hereinafter referred to as “the Consolidated Consolidated Financial Statements for the financial year
Financial Statements”). ended March 31, 2023. These matters were addressed
In our opinion and to the best of our information and in the context of our audit of the Consolidated Financial
according to the explanations given to us and based on Statements as a whole, and in forming our opinion thereon,
the consideration of reports of other auditors on separate and we do not provide a separate opinion on these matters.
financial statements and on the other financial information For each matter below, our description of how our audit
of the subsidiaries, associate and joint ventures, the addressed the matter is provided in that context.
aforesaid Consolidated Financial Statements give the We have determined the matters described below to be
information required by the Companies Act, 2013, as the key audit matters to be communicated in our report.
amended (“the Act”) in the manner so required and give We have fulfilled the responsibilities described in the
a true and fair view in conformity with the accounting Auditor’s responsibilities for the audit of the Consolidated
principles generally accepted in India, of the consolidated Financial Statements section of our report, including in
state of affairs of the Group, its associate and joint ventures relation to these matters. Accordingly, our audit included
as at March 31, 2023, their consolidated profit including the performance of procedures designed to respond to
other comprehensive income, their consolidated cash flows our assessment of the risks of material misstatement of
and the consolidated statement of changes in equity for the the Consolidated Financial Statements. The results of
year ended on that date. audit procedures performed by us and by other auditors of
components not audited by us, as reported by them in their
Basis for Opinion
audit reports furnished to us by the management, including
We conducted our audit of the Consolidated Financial those procedures performed to address the matters below,
Statements in accordance with the Standards on Auditing provide the basis for our audit opinion on the accompanying
(SAs), as specified under Section 143(10) of the Act. Consolidated Financial Statements.
1a. Timing of Revenue Recognition (as described in Note 5.12 and Note 21 of the Consolidated Financial Statements)
The Holding Company has 3 major operating segments, Our audit procedures included the following:
namely, Mobility, Engineering and Metal Formed Products. • We understood the Holding Company’s order to cash
The type of customers varies across these segments, ranging processes, including design and implementation of
from dealers in Mobility Segment to Original Equipment controls which vary based on product segment and
Manufacturers and their suppliers, dealers and Industrial customer, and tested the operating effectiveness of such
Customers in respect of the Metal Formed Products and controls in relation to revenue recognition.
Engineering Segments.
• On a sample basis, we tested revenue transactions
The Holding Company recognizes revenue from sale of goods to contracts with customers, purchase orders issued
at a point in time based on the terms of the contract with by customers and sales invoices raised by the Holding
customers which may vary case to case. Terms of sales Company to determine the timing of transfer of control
arrangements with various customers within each of the along with pricing terms and the timing of revenue
operating segments, including Incoterms determine the timing recognition in respect of such contracts.
of transfer of control and require judgment in determining the
• We performed substantive analytical procedures including
timing of revenue recognition.
analyzing revenue transactions near the reporting date
Due to the judgement relating to determination of point of time and tested whether the timing of revenue was recognized
in satisfaction of performance obligations with respect to sale in the appropriate period with reference to shipping
of products, this matter is considered as Key Audit Matter. records, sales invoices etc for sample transactions.
•
We read, understood and evaluated the Holding
Company’s accounting policies pertaining to revenue
recognition and assessed compliance with the policies
in terms of Ind AS 115 – Revenue from Contracts with
Customers.
• We assessed the disclosures for compliance with
applicable accounting standards.
2. In connection with Subsidiary Company – Shanthi Gears Limited (“SGL”)
2a. Valuation of inventory Work in Progress (as described in Note 5.11 and Note 10 of the Consolidated Financial
Statements)
The auditors of SGL, a subsidiary of the Holding Company The procedures performed by the auditors of SGL, as reported
have reported valuation of inventory work in progress as a by them, was a combination of test of internal controls and
Key Audit Matter. SGL has significant balance in inventory substantive procedures which included the following:
work in progress. The valuation of inventory work in progress • They obtained an understanding of the determination and
are complex as it includes inputs for overheads from various allocation of the overheads values to inventory work in
process, each overhead is allocated to inventory work in progress and assessed and tested the appropriateness
progress based on different basis for allocation. Inventory of capturing the overhead from various process, basis of
work in progress are valued at lower of cost or net realizable allocation of overheads.
value, and is dependent on establishing appropriate valuation
• They evaluated the design of internal controls relating to
processes.
the overhead allocation in inventory work in progress and
SGL’s Management uses Information Technology System tested the operating effectiveness of the controls relating
(Oracle) for calculating and apportioning the overheads cost to overhead allocation of inventory work in progress. They
in inventory work in progress. also tested the controls placed in Information Technology
for overheads allocation in inventory work in progress
using their experts.
• They traced on a sample basis the cost of overheads
considered for inventory work in progress to the actual
cost of expenses accounted in the financial statements of
SGL.
•
They have tested on a sample basis, the correctness
of capturing of cost of overheads from various process
and tested on sample basis the correctness of basis of
allocation of overheads in accordance with the GAAP.
• They have verified on a sample basis, the cost of inventory
and sales value agreed for inventory in the sales contract.
• They have used Information technology expert to validate
the information system configurations that are relevant to
allocation of overheads to the inventory work in progress.
3. In connection with Subsidiary Company – CG Power and Industrial Solutions Limited (“CGPISL”)
3a. Revenue Recognition (as described in Note 5.12 and Note 21 of the Consolidated Financial Statements)
CGPISL and its subsidiaries (collectively called as “CG Our audit procedures amongst others included the following:
Power”) has two operating segments, namely, Power and • We read the CG Power’s accounting policy for timing of
Industrial Segment. The type of customers varies across revenue recognition and assessed compliance in terms of
these segments, ranging from Large Government Companies Ind AS 115 - Revenue from Contracts with Customers.
/ corporations to Original Equipment Manufacturers and
• We performed walkthroughs of CGPISL’s revenue
Industrial Customers etc.
processes, including design and implementation of
Majority of the CG Power’s revenue is from sale of goods which controls and tested the design and operating effectiveness
are recognized at a point in time based on the terms of the of such controls in relation to revenue recognition.
contract with customers which may vary case to case. Terms
• On a sample basis, we tested contracts with customers,
of sales arrangements with various customers within each
purchase orders issued by customers, and sales invoices
of the operating segments, including Incoterms determine
raised by CGPISL to determine the timing of transfer of
the timing of transfer of control and require judgment in
control along with pricing terms and the timing of the
determining timing of revenue recognition.
revenue recognition in respect of such contracts.
Due to the judgement relating to determination of point of time
• We compared revenue with historical trends and where
in satisfaction of performance obligations with respect to sale
appropriate, conducted further enquiries and testing.
of products, this matter is considered as Key Audit Matter.
• On a sample basis, we analyzed revenue transactions
near the reporting date and tested whether the timing of
revenue was recognized in the appropriate period with
reference to shipping records, sales invoices etc. for those
transactions.
• We assessed the disclosures for compliance with
3b. Recognition of Deferred Tax Asset (as described in Note 16 of the Consolidated Financial Statements)
CG Power has Deferred Tax Asset (DTA) of Rs. 445.32 crores Our audit procedures amongst others included the following:
as at March 31, 2023 on tax losses based on availability of • We obtained an understanding, assessed and tested the
future taxable profits against which DTA will be utilized. The operating effectiveness of internal control relating to the
tax losses were primarily on account of write off of receivable measurement and recognition of deferred tax.
balances in relation to various transactions in earlier years,
• We involved our tax specialists to assess tax computation
which are under investigations by regulatory authorities. Basis
as per the local fiscal regulations in India.
legal opinion, management of CGPISL has considered these
written-offs as an allowable expense under the Income tax • We tested on a sample basis the identification and
and recognized deferred tax assets on such losses. quantification of differences between the recognition of
assets and liabilities according to tax law and financial
The recognition of deferred tax asset is identified as key
reporting in accordance with Indian Accounting Standards.
audit matter considering the significance of amounts and
judgements involved. • We have evaluated CGPISL’s assumptions and estimates
in relation to the likelihood of generating sufficient future
taxable income based on most recent budgets and
plans, prepared by management principally by performing
sensitivity analyses and evaluated and tested the key
assumptions used to determine the amounts recognized.
•
We assessed the reasonableness of CGPISL’s
management business plans considering the relevant
economic and industry indicators.
• We obtained and read the legal opinion considered by the
management of CGPISL for recognition of deferred tax
assets on losses.
• We assessed the disclosures in the Consolidated
Financial Statements of CGPISL in accordance with the
requirements of Ind AS 12 “Income Taxes”.
3c. Claims and exposures relating to taxation and litigation (as described in Note 35a of the Consolidated Financial
Statements)
CG Power has disclosed contingent liabilities in respect of Our audit procedures amongst others included the following:
disputed claims / levies under tax and legal matters. • We understood the process and assessed the internal
Taxation and litigation exposures have been identified as control environment relating to the identification,
a key audit matter due to significant outstanding matters recognition and measurement of provisions for disputes,
with authorities and CGPISL’s management assessment potential claims and litigation, and contingent liabilities.
towards potential financial impact of these matters will involve • We obtained details of legal and tax disputed matters
significant judgement and assumptions. from CGPISL management and assessed CGPISL
management’s position through discussions on both
the probability of success in significant cases, and the
magnitude of any potential loss.
• We involved tax specialists to assist us in evaluating tax
positions taken by management of CGPISL.
•
We circulated legal confirmation for material litigations
to external legal counsel and reviewed their assessment
and had a discussion on their assessment with the senior
management of CGPISL.
• We assessed the relevant disclosures made in the
Consolidated Financial Statements of CGPISL for
compliance with the requirements of Ind AS 37.
4. In connection with Subsidiary Company – TI Clean Mobility Private Limited (“TICMPL”)
4a. Accounting for business combinations – Acquisition of IPLTech Electric Private Limited (“IPLT”) and Cellestial
E-Mobility Private Limited (“CEMPL”) (as described in Note 40.2 of the Consolidated Financial Statements)
The auditors of TICMPL, a subsidiary of the Holding Company The procedures performed by the auditors of TICMPL, as
have reported Accounting for business combinations as a Key reported by them included the following:
Audit Matter. During the year ended March 31, 2023, IPLT • They obtained and read the Share Subscription
and CEMPL (Joint Venture as of March 31,2022), became the Agreements along with other relevant agreements in
subsidiaries of TICMPL. relation to these acquisitions and evaluated the value of
TICMPL determined these acquisitions to be a business the consideration transferred as a part of the acquisitions.
combination in accordance with Ind AS 103 ‘Business • They understood and assessed the design and tested
Combinations’ which requires the identified assets and the operating effectiveness of the key controls over the
liabilities be recognized at fair value at the date of acquisition. accounting of business combination.
The accounting for business combinations include the • They evaluated the competence and objectivity of the
identification and valuation of net assets acquired and liabilities management’s expert engaged for the valuation of
assumed, and the consequent allocation of the purchase tangible and intangible assets, obtained an understanding
price to the assets and liabilities arising from this transaction, of the work of management’s expert and assessed the
and management’s use of external valuation experts and appropriateness of the resultant goodwill computed in
estimates and assumptions for this purpose. accordance with Ind AS 103, by the management, based
For the year ended March 31, 2023, while the accounting on such valuation.
for IPLT related acquisition has been finalized, TICMPL has • They reviewed the valuation of assets including
accounted for the acquisition of CEMPL based on provisional Goodwill arising from the acquisitions and assessed
amounts as permitted by Paragraph 45 of Ind AS 103, the reasonableness of the underlying key estimates and
which provides a measurement period of one year from the assumptions used in determining the fair value of assets
acquisition date, to complete the final acquisition accounting. and liabilities as at the acquisition date.
Considering the complex accounting and the significant • They examined the computation of goodwill derived based
estimates and judgements involved, the auditors of TICMPL on acquisition date fair values based on final or provisional
have considered this as a key audit matter. amounts as applicable, provided by the management
•
They assessed the disclosures for compliance with
Other Information accounting policies; making judgments and estimates that

are reasonable and prudent; and the design, implementation
The Holding Company’s Board of Directors is responsible
and maintenance of adequate internal financial controls,
for the other information. The other information
that were operating effectively for ensuring the accuracy
comprises the information included in the Board’s Report
and completeness of the accounting records, relevant
& Management Discussion and Analysis, Report on
to the preparation and presentation of the Consolidated
Corporate Governance, General Shareholders Information
Financial Statements that give a true and fair view and are
and Business Responsibility and Sustainability Report, but
free from material misstatement, whether due to fraud or
does not include the Consolidated Financial Statements
error, which have been used for the purpose of preparation
and our auditor’s report thereon.
of the Consolidated Financial Statements by the Directors
Our opinion on the Consolidated Financial Statements does of the Holding Company, as aforesaid.
not cover the other information and we do not express any
In preparing the Consolidated Financial Statements, the
form of assurance conclusion thereon.
respective Board of Directors of the companies included
In connection with our audit of the Consolidated Financial in the Group and of its associate and joint ventures are
Statements, our responsibility is to read the other responsible for assessing the ability of their respective
information and, in doing so, consider whether such other companies to continue as a going concern, disclosing, as
information is materially inconsistent with the Consolidated applicable, matters related to going concern and using the
Financial Statements, or our knowledge obtained in the going concern basis of accounting unless management
audit or otherwise appears to be materially misstated. If, either intends to liquidate the Group or to cease operations,
based on the work we have performed, we conclude that or has no realistic alternative but to do so.
there is a material misstatement of this other information, Those respective Board of Directors of the companies
we are required to report that fact. We have nothing to included in the Group and of its associate and joint ventures
report in this regard. are also responsible for overseeing the financial reporting
Responsibilities of Management and Those Charged process of their respective companies.
with Governance for the Consolidated Financial Auditor’s Responsibilities for the Audit of the
Statements Consolidated Financial Statements
The Holding Company’s Board of Directors is responsible Our objectives are to obtain reasonable assurance about
for the preparation and presentation of these Consolidated whether the Consolidated Financial Statements as a whole
Financial Statements in terms of the requirements of the Act are free from material misstatement, whether due to fraud
that give a true and fair view of the consolidated financial or error, and to issue an auditor’s report that includes our
position, consolidated financial performance including opinion. Reasonable assurance is a high level of assurance,
other comprehensive income, consolidated cash flows and but is not a guarantee that an audit conducted in accordance
consolidated statement of changes in equity of the Group with SAs will always detect a material misstatement when it
including its associate and joint ventures in accordance exists. Misstatements can arise from fraud or error and are
with the accounting principles generally accepted in considered material if, individually or in the aggregate, they
India, including the Indian Accounting Standards (Ind could reasonably be expected to influence the economic
AS) specified under Section 133 of the Act read with the decisions of users taken on the basis of these Consolidated
Companies (Indian Accounting Standards) Rules, 2015, Financial Statements.
as amended. The respective Board of Directors of the
As part of an audit in accordance with SAs, we exercise
companies included in the Group and of its associate and
professional judgment and maintain professional skepticism
joint ventures are responsible for maintenance of adequate
throughout the audit. We also:
accounting records in accordance with the provisions of
the Act for safeguarding of the assets of their respective • Identify and assess the risks of material misstatement
companies and for preventing and detecting frauds and of the Consolidated Financial Statements, whether due
other irregularities; selection and application of appropriate to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence remain responsible for the direction, supervision and
that is sufficient and appropriate to provide a basis performance of the audits carried out by them. We
for our opinion. The risk of not detecting a material remain solely responsible for our audit opinion.
misstatement resulting from fraud is higher than for
We communicate with those charged with governance of
one resulting from error, as fraud may involve collusion,
the Holding Company and such other entities included in
forgery, intentional omissions, misrepresentations, or
the consolidated financial statements of which we are the
the override of internal control.
independent auditors regarding, among other matters, the
• Obtain an understanding of internal control relevant planned scope and timing of the audit and significant audit
to the audit in order to design audit procedures findings, including any significant deficiencies in internal
that are appropriate in the circumstances. Under control that we identify during our audit.
Section 143(3)(i) of the Act, we are also responsible
We also provide those charged with governance with a
for expressing our opinion on whether the Holding
statement that we have complied with relevant ethical
Company has adequate internal financial controls
requirements regarding independence, and to communicate
with reference to financial statements in place and the
with them all relationships and other matters that may
operating effectiveness of such controls.
reasonably be thought to bear on our independence, and
• Evaluate the appropriateness of accounting policies where applicable, related safeguards.
used and the reasonableness of accounting estimates
From the matters communicated with those charged with
and related disclosures made by management.
governance, we determine those matters that were of
• Conclude on the appropriateness of management’s use most significance in the audit of the Consolidated Financial
of the going concern basis of accounting and, based Statements for the financial year ended March 31, 2023
on the audit evidence obtained, whether a material and are therefore the key audit matters. We describe these
uncertainty exists related to events or conditions matters in our auditor’s report unless law or regulation
that may cast significant doubt on the ability of the precludes public disclosure about the matter or when, in
Group and its associate and joint ventures to continue extremely rare circumstances, we determine that a matter
as a going concern. If we conclude that a material should not be communicated in our report because the
uncertainty exists, we are required to draw attention adverse consequences of doing so would reasonably be
in our auditor’s report to the related disclosures in expected to outweigh the public interest benefits of such
the Consolidated Financial Statements or, if such communication.
disclosures are inadequate, to modify our opinion. Our
Other Matter
conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future (a) We did not audit the financial statements and other
events or conditions may cause the Group and its financial information, in respect of 18 subsidiaries,
associate and joint ventures to cease to continue as a which are part of continued operations of the Group,
going concern. whose financial statements include total assets of
Rs 3,107.00 crores as at March 31, 2023, and total
• Evaluate the overall presentation, structure and content
revenues of Rs 1,276.22 crores and net cash outflows
of the Consolidated Financial Statements, including the
of Rs 132.59 crores for the year ended on that date.
disclosures, and whether the Consolidated Financial
We did not audit the financial statements and other
Statements represent the underlying transactions and
financial information, in respect of 4 subsidiaries,
events in a manner that achieves fair presentation.
which are part of discontinued operations of the
• Obtain sufficient appropriate audit evidence regarding Group, whose financial statements include total assets
the financial information of the entities or business of Rs 109.01 crores as at March 31, 2023, and total
activities within the Group and its associate and joint revenues of Rs 94.27 crores and net cash inflows of
ventures of which we are the independent auditors Rs 0.75 crores for the year ended on that date. These
and whose financial information we have audited, financial statement and other financial information
to express an opinion on the Consolidated Financial have been audited by other auditors, which financial
Statements. We are responsible for the direction, statements, other financial information and auditor’s
supervision and performance of the audit of the reports have been furnished to us by the management.
financial statements of such entities included in the The Consolidated Financial Statements also include
Consolidated Financial Statements of which we are the the Group’s share of net loss of Rs. 19.43 crores for
independent auditors. For the other entities included the year ended March 31, 2023, as considered in
in the Consolidated Financial Statements, which have the Consolidated Financial Statements, in respect of
been audited by other auditors, such other auditors 3 joint ventures, whose financial statements, other
financial information have been audited by other (c)

The consolidated financial statements also include
auditors and whose reports have been furnished to us the Group’s share of net loss of Rs. 0.13 crores for
by the Management. Our opinion on the Consolidated the year ended March 31, 2023, as considered in
Financial Statements, in so far as it relates to the the consolidated financial statements, in respect of 1
amounts and disclosures included in respect of these associate, whose financial statements, other financial
subsidiaries and joint ventures, and our report in terms information have not been audited and whose
of sub-sections (3) of Section 143 of the Act, in so unaudited financial statements, other unaudited
far as it relates to the aforesaid subsidiaries and joint financial information have been furnished to us by
ventures, is based solely on the reports of such other the Management. Our opinion, in so far as it relates
auditors. amounts and disclosures included in respect of this
associate, and our report in terms of sub-sections
Certain of these subsidiaries are located outside
(3) of Section 143 of the Act in so far as it relates
India whose financial statements and other financial to the aforesaid associate, is based solely on such
information have been prepared in accordance with unaudited financial statements and other unaudited
accounting principles generally accepted in their financial information. In our opinion and according to
respective countries and which have been audited the information and explanations given to us by the
by other auditors under generally accepted auditing Management, these financial statements and other
standards applicable in their respective countries. The financial information are not material to the Group.
management has converted the financial statements
of such subsidiaries located outside India from Our opinion above on the consolidated financial statements,
accounting principles generally accepted in their and our report on Other Legal and Regulatory Requirements
respective countries to accounting principles generally below, is not modified in respect of the above matters with
accepted in India. We have audited these conversion respect to our reliance on the work done and the reports
adjustments made by the management. Our opinion of the other auditors and the financial statements and other
financial information certified by the Management.
in so far as it relates to the balances and affairs of
such subsidiaries located outside India is based Report on Other Legal and Regulatory Requirements
on the report of other auditors and the conversion
1. As required by the Companies (Auditor’s Report) Order,
adjustments prepared by the management and
2020 (“the Order”), issued by the Central Government
audited by us.
of India in terms of sub-section (11) of section 143 of
(b) The accompanying Consolidated Financial Statements the Act, based on our audit and on the consideration
include unaudited financial statements and other of report of the other auditors on separate financial
unaudited financial information in respect of 2 statements and the other financial information of the
subsidiaries, part of continued operations of the group subsidiary companies and joint ventures companies,
and 4 subsidiaries, part of discontinued operations incorporated in India, as noted in the ‘Other Matter’
of the group whose financial statements and other paragraph we give in the “Annexure 1” a statement on
financial information reflect total assets of Rs 83.38 the matters specified in paragraph 3(xxi) of the Order.
crores and Rs 73.25 crores as at March 31, 2023, and 2. As required by Section 143(3) of the Act, based on
total revenues of Rs 71.31 crores and Rs Nil and net our audit and on the consideration of report of the
cash outflows of Rs 0.18 crores and net cash outflows other auditors on separate financial statements and
of Rs 1.64 crores, respectively, for the year ended the other financial information of subsidiaries and joint
on that date. These unaudited financial statements ventures, as noted in the ‘other matter’ paragraph we
and other unaudited financial information have been report, to the extent applicable, that:
furnished to us by the management. Our opinion, in
so far as it relates amounts and disclosures included in (a)
We/the other auditors whose report we have
respect of these subsidiaries and our report in terms of relied upon have sought and obtained all the
sub-sections (3) of Section 143 of the Act in so far as information and explanations which to the best
it relates to the aforesaid subsidiaries is based solely of our knowledge and belief were necessary
for the purposes of our audit of the aforesaid
on such unaudited financial statements and other
Consolidated Financial Statements;
unaudited financial information. In our opinion and
according to the information and explanations given (b)
In our opinion, proper books of account as
to us by the Management, these financial statements required by law relating to preparation of
and other financial information are not material to the the aforesaid consolidation of the financial
Group. statements have been kept so far as it appears
from our examination of those books and reports other financial information of the subsidiaries
of the other auditors; and joint ventures, as noted in the ‘Other matter’
paragraph:
(c)
The Consolidated Balance Sheet, the
Consolidated Statement of Profit and Loss i.
The Consolidated Financial Statements
including the Statement of Other Comprehensive disclose the impact of pending litigations
Income, the Consolidated Cash Flow Statement on its consolidated financial position of the
and Consolidated Statement of Changes in Group, its associate and joint ventures in its
Equity dealt with by this Report are in agreement Consolidated Financial Statements – Refer
with the books of account maintained for the Note 35a to the Consolidated Financial
purpose of preparation of the Consolidated Statements;
Financial Statements;
ii. Provision has been made in the Consolidated
(d)
In our opinion, the aforesaid Consolidated Financial Statements, as required under the
Financial Statements comply with the Accounting applicable law or accounting standards, for
Standards specified under Section 133 of the material foreseeable losses, if any, on long-
Act, read with Companies (Indian Accounting term contracts including derivative contracts
Standards) Rules, 2015, as amended; – Refer Note 40.3 to the Consolidated
Financial Statements in respect of such
(e)
On the basis of the written representations
items as it relates to the Group, its associate
received from the directors of the Holding
and joint ventures;
Company as on March 31, 2023 taken on record
by the Board of Directors of the Holding Company iii.
There were no amounts which were
and the reports of the statutory auditors who are required to be transferred to the Investor
appointed under Section 139 of the Act, of its Education and Protection Fund by the
subsidiary companies and joint ventures, none of Holding Company. There has been no delay
the directors of the Group’s companies and joint in transferring amounts, required to be
ventures, incorporated in India, is disqualified as transferred, to the Investor Education and
on March 31, 2023 from being appointed as a Protection Fund by the Holding Company’s
director in terms of Section 164 (2) of the Act; subsidiaries, associate and joint ventures,
incorporated in India, where applicable,
(f)
With respect to the adequacy of the internal
during the year ended March 31, 2023,
financial controls with reference to Consolidated
except in the instance of one subsidiary,
Financial Statements of the Holding Company
where an amount of Rs. 0.05 crores was
and its subsidiary companies, incorporated
transferred on April 13, 2023 against the
in India, and the operating effectiveness of
due date of March 3, 2023;
such controls, refer to our separate Report in
“Annexure 2” to this report; iv. a) The respective managements of the Holding
Company and its subsidiaries, associate
(g) In our opinion and based on the consideration
and joint ventures which are companies
of reports of other statutory auditors of the
incorporated in India whose financial
subsidiaries and joint ventures incorporated in
statements have been audited under the
India, the managerial remuneration for the year
Act have represented to us and the other
ended March 31, 2023 has been paid / provided
auditors of such subsidiaries, associate and
by the Holding Company, its subsidiaries and joint
joint ventures respectively that, to the best
ventures incorporated in India to their directors in
of its knowledge and belief, other than as
accordance with the provisions of Section 197
disclosed in Note 45 to the Consolidated
read with Schedule V to the Act;
Financial Statements, no funds have been
(h) With respect to the other matters to be included advanced or loaned or invested (either
in the Auditor’s Report in accordance with from borrowed funds or share premium
Rule 11 of the Companies (Audit and Auditors) or any other sources or kind of funds)
Rules, 2014, as amended, in our opinion and by the Holding Company or any of such
to the best of our information and according to subsidiaries, associate and joint ventures to
the explanations given to us and based on the or in any other persons or entities, including
consideration of the report of the other auditors foreign entities (“Intermediaries”), with the
on separate financial statements as also the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, joint ventures companies incorporated in

whether, directly or indirectly lend or invest India, where applicable, during the year
in other persons or entities identified in any in respect of the same declared for the
manner whatsoever by or on behalf of the previous year is in accordance with Section
respective Holding Company or any of such 123 of the Act to the extent it applies to
subsidiaries, associate and joint ventures payment of dividend.
(“Ultimate Beneficiaries”) or provide any
The interim dividend declared and paid
guarantee, security or the like on behalf of
during the year by the Holding Company,
the Ultimate Beneficiaries;
its subsidiaries, associate and joint venture
b)
The respective managements of the companies incorporated in India, where
Holding Company and its subsidiaries, applicable, and until the date of the
associate and joint ventures which are respective audit reports of such Holding
companies incorporated in India whose Company, subsidiaries, associate and joint
financial statements have been audited ventures is in accordance with Section 123
under the Act have represented to us and of the Act.
the other auditors of such subsidiaries,
As stated in Note 20d to the Consolidated
associate and joint ventures respectively
Financial Statements, the respective Board
that, to the best of its knowledge and belief,
of Directors of the Holding Company, its
other than as disclosed in the Note 45 to
subsidiaries, associate and joint venture
the Consolidated Financial Statements,
companies, incorporated in India, where
no funds have been received by the
applicable, have proposed final dividend for
respective Holding Company or any of such
the year which is subject to the approval of
subsidiaries, associate and joint ventures
the members of the respective companies
from any persons or entities, including
at the respective ensuing Annual General
foreign entities (“Funding Parties”), with the
Meeting. The dividend declared is in
understanding, whether recorded in writing
accordance with Section 123 of the Act
or otherwise, that the Holding Company or
to the extent it applies to declaration of
any of such subsidiaries, associate and joint
dividend.
ventures shall, whether, directly or indirectly,
lend or invest in other persons or entities vi. As proviso to Rule 3(1) of the Companies
identified in any manner whatsoever by or (Accounts) Rules, 2014 is applicable
on behalf of the Funding Party (“Ultimate only w.e.f. April 1, 2023 for the Holding
Beneficiaries”) or provide any guarantee, Company, its subsidiaries, associate and
security or the like on behalf of the Ultimate joint venture companies incorporated in
Beneficiaries; and India, hence reporting under this clause is
not applicable.
c)
Based on the audit procedures that
have been considered reasonable and
appropriate in the circumstances performed
by us and that performed by the auditors For S.R. Batliboi & Associates LLP
of the subsidiaries and joint ventures which Chartered Accountants
are companies incorporated in India whose ICAI Firm Registration Number: 101049W/E300004
financial statements have been audited
under the Act, nothing has come to our
or other auditor’s notice that has caused per Aravind K
us or the other auditors to believe that the Partner
representations under sub-clause (a) and Membership Number: 221268
(b) contain any material mis-statement. UDIN: 23221268BGXPOW8471
v.
The final dividend paid by the Holding Place of Signature: Chennai
Company, its subsidiaries, associate and Date: May 15, 2023
Annexure 1 referred to in paragraph under the heading “Report on other legal and regulatory requirements” of our
report of even date
Re: Tube Investments of India Limited (“the Holding Company”)
In terms of the information and explanations sought by us and given by the Holding Company and the books of account and
records examined by us in the normal course of audit and to the best of our knowledge and belief and consideration of report
of the other auditors on separate financial statements and the other financial information of the subsidiary companies and joint
venture companies incorporated in India, we state that:
(xxi) Qualifications or Adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of
the Companies included in the Consolidated Financial Statements are:
S. Clause number of the CARO

Name CIN Relation
No. report which is adverse
1 CG Power Solutions Limited U40300MH2012PLC228170 Subsidiary (xix)
IPLTech Electric Private Limited
2 U73100HR2019PTC081891 Subsidiary (viia)
(w.e.f 21st September, 2023)
The report of the following components included in the consolidated financial statements has not been issued by its auditor till
the date of our auditor’s report.
S. No. Name CIN Relation

1 Aerostrovilos Energy Private Limited U29308KA2017PTC104608 Associate
For S.R. Batliboi & Associates LLP

ICAI Firm Registration Number: 101049W/E300004
per Aravind K
Partner
Membership Number: 221268
UDIN: 23221268BGXPOW8471
Place of Signature: Chennai
Date: May 15, 2023
ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL
STATEMENTS OF TUBE INVESTMENTS OF INDIA LIMTED
Report on the Internal Financial Controls under Clause Our audit involves performing procedures to obtain audit
(i) of Sub-section 3 of Section 143 of the Companies evidence about the adequacy of the internal financial
Act, 2013 (“the Act”) controls with reference to Consolidated Financial
Statements and their operating effectiveness. Our audit of
In conjunction with our audit of the Consolidated Financial
internal financial controls with reference to Consolidated
Statements of Tube Investments of India Limited (hereinafter
Financial Statements included obtaining an understanding
referred to as the “Holding Company”) as of and for the
of internal financial controls with reference to Consolidated
year ended March 31, 2023, we have audited the internal
Financial Statements, assessing the risk that a material
financial controls with reference to Consolidated Financial
weakness exists, and testing and evaluating the design
Statements of the Holding Company and its subsidiaries
and operating effectiveness of internal control based on
(the Holding Company and its subsidiaries together referred
the assessed risk. The procedures selected depend on
to as “the Group”) which are companies incorporated in
the auditor’s judgement, including the assessment of the
India, as of that date.
risks of material misstatement of the financial statements,
Management’s Responsibility for Internal Financial whether due to fraud or error.
Controls
We believe that the audit evidence we have obtained and
The respective Board of Directors of the Companies the audit evidence obtained by the other auditors in terms
included in the Group which are companies incorporated of their reports referred to in the Other Matters paragraph
in India, are responsible for establishing and maintaining below, is sufficient and appropriate to provide a basis for
internal financial controls based on the internal control our audit opinion on the internal financial controls with
over financial reporting criteria established by the Holding reference to Consolidated Financial Statements.
Company considering the essential components of internal
Meaning of Internal Financial Controls With Reference
control stated in the Guidance Note on Audit of Internal
to Consolidated Financial Statements
Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India (ICAI). These A company's internal financial control with reference to
responsibilities include the design, implementation and Consolidated Financial Statements is a process designed
maintenance of adequate internal financial controls that to provide reasonable assurance regarding the reliability of
were operating effectively for ensuring the orderly and financial reporting and the preparation of financial statements
efficient conduct of its business, including adherence to for external purposes in accordance with generally
the respective Company’s policies, the safeguarding of its accepted accounting principles. A company's internal
assets, the prevention and detection of frauds and errors, financial control with reference to Consolidated Financial
the accuracy and completeness of the accounting records, Statements includes those policies and procedures that (1)
and the timely preparation of reliable financial information, pertain to the maintenance of records that, in reasonable
as required under the Companies Act, 2013. detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
Auditor’s Responsibility
reasonable assurance that transactions are recorded as
Our responsibility is to express an opinion on the Holding necessary to permit preparation of financial statements in
Company's internal financial controls with reference to accordance with generally accepted accounting principles,
Consolidated Financial Statements based on our audit. and that receipts and expenditures of the company are
We conducted our audit in accordance with the Guidance being made only in accordance with authorisations of
Note on Audit of Internal Financial Controls Over Financial management and directors of the company; and (3) provide
Reporting (the “Guidance Note”) and the Standards on reasonable assurance regarding prevention or timely
Auditing, specified under Section 143(10) of the Act, to the detection of unauthorised acquisition, use, or disposition of
extent applicable to an audit of internal financial controls, the company's assets that could have a material effect on
both, issued by ICAI. Those Standards and the Guidance the financial statements.
Note require that we comply with ethical requirements and
Inherent Limitations of Internal Financial Controls With
plan and perform the audit to obtain reasonable assurance
Reference to Consolidated Financial Statements
about whether adequate internal financial controls with
reference to Consolidated Financial Statements was Because of the inherent limitations of internal financial
established and maintained and if such controls operated controls with reference to Consolidated Financial
effectively in all material respects. Statements, including the possibility of collusion or
improper management override of controls, material
misstatements due to error or fraud may occur and not be Other Matters
detected. Also, projections of any evaluation of the internal
Our report under Section 143(3)(i) of the Act on the adequacy
financial controls with reference to Consolidated Financial
and operating effectiveness of the internal financial controls
Statements to future periods are subject to the risk that
with reference to Consolidated Financial Statements of
the internal financial controls with reference to Consolidated
the Holding Company, in so far as it relates to these 9
Financial Statements may become inadequate because of
subsidiaries, which are companies incorporated in India, is
changes in conditions, or that the degree of compliance
based on the corresponding reports of the auditors of such
with the policies or procedures may deteriorate.
subsidiaries incorporated in India.
Opinion
In our opinion, the Group which are companies incorporated For S.R. Batliboi & Associates LLP
in India, have, maintained in all material respects, adequate Chartered Accountants
internal financial controls with reference to Consolidated ICAI Firm Registration Number: 101049W/E300004
Financial Statements and such internal financial controls
with reference to Consolidated Financial Statements were per Aravind K
operating effectively as at March 31, 2023, based on the Partner
internal control over financial reporting criteria established Membership Number: 221268
by the Holding Company considering the essential UDIN: 23221268BGXPOW8471
components of internal control stated in the Guidance Note Place of Signature: Chennai
issued by the ICAI. Date: May 15, 2023
Consolidated Balance Sheet

` in Crores
Notes As at 31-Mar-2023 As at 31-Mar-2022
ASSETS
Non-Current Assets
Property, Plant and Equipment 6a 1,884.18 1,915.26
Right-of-use assets 6b 336.51 329.28
Capital Work-in-Progress 6c 177.93 117.27
Investment Property 7 11.72 11.92
Intangible Assets 6d 525.73 404.87
Intangible Assets under development 6e 13.44 11.01
Goodwill on Consolidation 6f 834.48 663.14
Investment in Associate and Joint ventures 8a 9.41 161.41
Financial Assets
(a) Other Investments 8b 29.91 31.36
(b) Other Financial Assets 8c 48.56 56.17
Deferred Tax Assets (Net) 16 334.96 513.57
Non-Current Tax Assets 16.44 20.41
Other Non-Current Assets 9 64.18 56.49
4,287.45 4,292.16
Current Assets
Inventories 10 1,352.91 1,327.11
Financial Assets
(a) Loans 11a 2.07 2.17
(b) Trade Receivables 11b 2,128.90 1,785.34
(c) Investments 11c 689.92 348.99
(d) Derivative Instruments 0.07 1.02
(e) Cash and Cash Equivalents 11d 842.83 411.21
(f) Bank Balances other than (e) above 11e 110.77 161.45
(g) Other Financial Assets 11f 159.59 155.13
Current Tax Assets 83.03 83.19
Other Current Assets 12 404.53 305.66
5,774.62 4,581.27
Assets classified as held for sale and discontinued operations 43 189.87 8.06
Total Assets 10,251.94 8,881.49
EQUITY AND LIABILITIES
Equity
Equity Share Capital 13 19.31 19.29
Other Equity 14 3,931.32 3,051.79
Equity Attributable to equity holders of the Parent 3,950.63 3,071.08
Non-Controlling Interests 39 1,004.87 654.18
Total Equity 4,955.50 3,725.26
(a) Long Term Borrowings 15a 44.18 345.29
(b) Lease Liabilities 15b 83.11 52.24
(c) Derivative Instruments 1.07 -
(d) Other Financial Liabilities 15c 402.58 14.83
Other non current liabilities 2.24 -
Long term Provisions 15d 43.34 30.75
Deferred Tax Liabilities (Net) 16 31.93 7.23
608.93 451.03
Current Liabilities
(a) Short Term Borrowings 17a 584.96 458.47
(b) Trade Payables 17b
- total outstanding dues of micro enterprises and small enterprises 108.34 68.01
- total outstanding dues of creditors other than micro enterprises and small
2,210.77 2,275.22
enterprises
(c) Lease Liabilities 38 13.82 14.91
(d) Derivative Instruments 0.63 -
(e) Other Financial Liabilities 17c 386.83 748.64
Short Term Provisions 18 249.92 197.58
Current Tax Liabilities 14.24 6.44
Other Current Liabilities 19 406.65 909.22
3,994.66 4,696.36
Liabilities associated with group of assets classified as held for sale and
43 692.85 8.84
discontinued operations
Total Equity and Liabilities 10,251.94 8,881.49
Summary of Significant Accounting Policies 5
per Aravind K Mukesh Ahuja M A M Arunachalam

Partner Managing Director Executive Chairman

Consolidated Statement of Profit and Loss

` in Crores
Year Ended
Year Ended
Notes 31-Mar-2022
31-Mar-2023
(Restated)*
Revenue from Contracts with Customers 21
Revenue from Operations 14,430.95 11,982.53
Other Operating Revenues 533.78 464.90
14,964.73 12,447.43
Other Income 22 143.25 104.44
Total Income 15,107.98 12,551.87
Expenses
Cost of Materials Consumed 23 9,192.99 7,913.11
Purchase of Stock-in-Trade 665.17 506.54
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade 24 (27.90) (131.50)
Employee Benefits Expense 25 1,204.83 1,032.50
Depreciation and Amortisation Expense 26 395.86 346.58
Finance Costs 27 42.46 81.97
Other Expenses 27a 2,042.06 1,691.52
Total Expenses 13,515.47 11,440.72
Profit before share of profit / (loss) from Joint Ventures / Associates,
1,592.51 1,111.15
Exceptional items and Tax
Share of profit/ (loss) of Joint Ventures / Associates (net of tax) 40.1 (19.56) (2.92)
Profit Before Exceptional Items and Tax 1,572.95 1,108.23
Add : Exceptional Items 27b 8.06 20.21
Profit Before Tax 1,581.01 1,128.44
Income Tax Expense 28
- Current Tax 256.72 179.32
- Adjustment of tax relating to earlier years 2.54 (6.21)
- Deferred Tax (Net) (Refer Note 16) 163.33 (12.28)
422.59 160.83
Profit for the year before discontinuing operations 1,158.42 967.61
Profit/(Loss) from discontinuing operations before tax 43 169.80 23.49
Tax expense on discontinuing operations (3.16) (0.06)
Profit/(Loss) from discontinuing operations after tax 166.64 23.43
Profit for the year (I) 1,325.06 991.04
Other Comprehensive Income: 29
Other Comprehensive Income to be reclassified to Statement of Profit and
Loss in subsequent periods:
Net Movement on Cash Flow Hedges (2.45) (0.76)
Income Tax Effect 0.50 0.20
(1.95) (0.56)
Exchange Difference on Translation of financial statements of Foreign Subsidiaries (11.80) 13.34
(12.56) 15.37
Other Comprehensive Income not to be reclassified to Statement of Profit
and Loss in subsequent periods:
Re-measurement (Loss) on Defined Benefit Obligations (Net) (23.12) (6.61)
(26.23) (4.96)
Net Gain/(Loss) on FVTOCI Securities 0.29 (0.25)
Income Tax Effect (0.07) (0.03)
0.22 (0.28)
Other Comprehensive Income/(Loss) for the Year, Net of Tax (II) (40.52) 9.57
Total Comprehensive Income for the Year, Net of Tax (I + II) 1,284.54 1,000.61
Profit for the year attributable to :
- Equity holders of the Parent Company 955.58 768.83
- Non-Controlling Interest 369.48 222.21
Other Comprehensive Income for the year attributable to :
- Equity holders of the Parent Company (31.10) 2.21
- Non-Controlling Interest (9.42) 7.36
Total Comprehensive Income for the year attributable to :
- Equity holders of the Parent Company 924.48 771.04
- Non-Controlling Interest 360.06 229.57
Earnings Per Equity Share of `1 each 30
Basic 49.50 39.87
Diluted 49.40 39.78
Earnings Per Equity Share of `1 each - Discontinued Operations
Basic 8.63 1.21
Diluted 8.61 1.21
* Refer Note 43



Consolidated Statement of Changes in Equity
a. Equity Share Capital:
No. of shares ` in Crores
19,28,16,871 19.28
Equity shares of `1 each issued, subscribed and fully paid
Issue of Share Capital (Refer Note 13) 1,33,350 0.01
19,29,50,221 19.29
Equity shares of `1 each issued, subscribed and fully paid
Issue of Share Capital (Refer Note 13) 1,70,855 0.02
As at 31st March 2023 19,31,21,076 19.31
|
b. Other Equity
For the year ended 31st March 2023 ` in Crores
Reserves & Surplus Items of OCI

Non-
Share Foreign Total
Capital Cash flow Total Controlling
Securities option Retained Capital General Currency FVTOCI Other
Particulars Redemption Hedge Other Interest
Premium outstanding Earnings Reserve Reserve Translation Reserve Equity and
Reserve Reserve Equity (NCI)
(Note 14) account (Note 14) (Note 14) (Note 14) Reserve (Note 14) NCI
(Note 14) (Note 14) (Note 39)
(Note 14) (Note 14)
As at 1st April 2022 345.73 7.56 2,305.94 0.01 0.60 359.81 0.32 28.38 3.44 3,051.79 654.18 3,705.97
Changes in accounting policy or
- - - - - - - - - - - -
prior period errors
Restated balance as at
345.73 7.56 2,305.94 0.01 0.60 359.81 0.32 28.38 3.44 3,051.79 654.18 3,705.97
1st April 2022
Profit for the Year - - 955.58 - - - - - - 955.58 369.48 1,325.06
Other comprehensive income for
- - (18.37) - - - (1.47) (11.04) (0.22) (31.10) (9.42) (40.52)
the Year (Note 29)
Total Comprehensive Income - - 937.21 - - - (1.47) (11.04) (0.22) 924.48 360.06 1,284.54
Additions/Adjustments
pertaining to Business - - 8.82 - - - - - - 8.82 93.52 102.34
Combination (Refer Note 40.2)
Exercise of share options 6.55 (1.87) - - - - - - - 4.68 - 4.68
Share-based payments
- 9.12 - - - - - - - 9.12 - 9.12
expenses
Dividend paid during the year - - (67.57) - - - - - - (67.57) (102.89) (170.46)
As at 31st March 2023 352.28 14.81 3,184.40 0.01 0.60 359.81 (1.15) 17.34 3.22 3,931.32 1,004.87 4,936.19
Consolidated Statement of Changes in Equity
For the year ended 31st March 2022
Reserves & Surplus Items of OCI
Non-
Share Foreign Total
Capital Cash flow Total Controlling
Securities option Retained Capital General Currency FVTOCI Other
Particulars Redemption Hedge Other Interest
Premium outstanding Earnings Reserve Reserve Translation Reserve Equity and
Reserve Reserve Equity (NCI)
(Note 14) account (Note 14) (Note 14) (Note 14) Reserve (Note 14) NCI
(Note 14) (Note 14) (Note 39)
(Note 14) (Note 14)
As at 1st April 2021 340.65 8.741,557.21 0.01 0.60 359.81 0.88 21.33 3.72 2,292.95 383.36 2,676.31
Changes in accounting policy or
- - - - - - - - - - - -
prior period errors
Restated balance as at
340.65 8.74 1,557.21 0.01 0.60 359.81 0.88 21.33 3.72 2,292.95 383.36 2,676.31
1st April 2021
Profit for the Year - - 768.83 - - - - - - 768.83 222.21 991.04
Other comprehensive income for
- - (4.00) - - - (0.56) 7.05 (0.28) 2.21 7.36 9.57
the Year (Note 29)
Total Comprehensive
- - 764.83 - - - (0.56) 7.05 (0.28) 771.04 229.57 1,000.61
Income
Effect of Change in Share
Holdings of CG Power and
- - 51.41 - - - - - - 51.41 46.62 98.03
Industrial Power Solutions
Limited (CGPISL)
Exercise of share options 5.08 (1.76) - - - - - - - 3.32 - 3.32
Share-based payments
- 0.58 - - - - - - - 0.58 0.29 0.87
expenses
Dividend paid during the year - - (67.51) - - - - - - (67.51) (5.66) (73.17)
As at 31st March 2022 345.73 7.56 2,305.94 0.01 0.60 359.81 0.32 28.38 3.44 3,051.79 654.18 3,705.97



235
Consolidated Cash Flow Statement

` in Crores
Year Ended
Year Ended
Particulars 31-Mar-2022
31-Mar-2023
(Restated)
A. Cash Flow from Operating Activities:
Profit Before Tax adjusted for share of loss from Associate/
1,581.01 1,128.44
Joint Ventures
Adjustments to reconcile Profit Before Tax to Net Cash Flows:
Depreciation/Amortisation on Property, Plant and Equipment, Right of use
395.86 346.58
assets, investment property and intangible assets
Share based payment expenses 13.54 2.36
Loss / (Profit) on Property Plant and Equipment and ROU Assets sold/
(7.95) 0.95
discarded, Net
Loss/ (Profit) on Sale of Investments carried at FVTPL (14.68) (8.39)
Impairment allowance for receivables and advances (Net) (includes bad
15.99 (20.78)
debts written off)
Net Foreign Exchange differences including impact of Foreign Currency
0.31 13.00
Translation
Finance Income (including Fair Value changes in Financial Instruments) (38.08) (29.19)
Finance Costs 42.46 81.97
Liabilities/Provisions no longer payable written back (21.80) (2.78)
Fair Value gain on investment in Joint Venture (14.79) -
Exceptional Items (Net) (8.06) (20.21)
Government Grants (0.41) (0.92)
Dividend Income - (3.24)
Share of Loss from Associates/ Join ventures (net of tax) 19.56 2.92
Operating Profit before Working Capital / Other Changes 1,962.96 1,490.71
Adjustments for :
Increase/(Decrease) in Provisions and Government Grants 12.75 (43.18)
Increase/(Decrease) in Trade and Other Payables 30.70 135.70
Increase/(Decrease) in Current and Non-Current Liabilities (67.58) (25.85)
(Increase)/Decrease in Current and Non-Current Assets 27.54 181.15
(Increase)/Decrease in Trade and Other Receivables (320.99) (531.69)
(Increase)/Decrease in Inventories (25.46) (217.65)
Cash Generated From Operations 1,619.92 989.19
Income Tax paid (Net of refunds) (245.03) (114.83)
Non-Controlling Interest in (Profit)/Loss 0.30 -
Net Cash Flow (used in)/from discontinued operating activities 10.50 21.22
Net Cash Flow (used in)/from Operating Activities 1,385.69 895.58
B. Cash Flow from Investing Activities:
Capital Expenditure (Including Capital Work In Progress and Capital
(416.01) (248.73)
Advances)
Proceeds from Sale of Property, Plant and Equipment 13.64 11.18
(Purchase)/Sale or redemption of Current Investments (Net) (Refer Note 11c) (324.84) (88.30)
Sale of Non Current Investments at FVTOCI - 14.03
Purchase of Investment in Associate, Joint Venture & Consideration
(159.87) (164.37)
towards acquisition of Subsidiaries from existing Shareholders
Net cash flow (used in) / from discontinued investing activities (0.81) 367.18
Consolidated Cash Flow Statement

` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Loan to erstwhile Joint Ventures (3.00) -
Proceeds/(Investment) in deposits having a original maturity of more than
(9.37) (3.37)
3 months (Net)
Unrealised Exchange gain/(loss) on Consolidation (net) (8.45) 5.92
Interest Income received 37.45 24.52
Dividend received - 3.24
Net Cash (Used in)/from Investing Activities (871.26) (78.70)
C. Cash Flow from Financing Activities:
Proceeds from issuance of compulsorily convertible preference shares in
400.00 -
subsidiary
Proceeds from Exercise of Share Options 5.11 3.32
Proceeds from Long Term Borrowings - 81.10
(Repayment) of Long Term Borrowings (361.63) (651.10)
(Repayment)/Proceeds from Short Term Borrowings (Net) 204.89 (44.69)
Corporate Guarantee Settlement (100.72) (138.72)
Payment of Lease Liabilities (21.30) (17.74)
Finance Costs Paid (29.11) (82.86)
Dividends Paid (168.74) (72.37)
Payment towards purchase of non-controlling interest (0.35) -
Net cash flow (used in) / from discontinued financing activities (2.53) 2.21
Changes in Non-controlling Interest (0.30) -
Net Cash (Used in)/from Financing Activities (74.68) (920.85)
Net Increase in Cash and Cash Equivalents [A+B+C] 439.75 (103.97)
Cash and Cash Equivalents at the Beginning of the Year 411.80 515.77
Additions on account of Business Combination (Refer Note 40.2) 21.39 -
Cash and Cash Equivalents at the End of the Year 872.94 411.80
Cash and Cash Equivalents as per Note 11d 842.83 411.21

Less: Cash Credit facility (0.02) (1.62)
Add: Cash and Cash Equivalents from Discontinued Operations 30.13 2.21
Total Cash and Cash Equivalents as per Statement of Cash Flow 872.94 411.80



Notes to Consolidated Financial Statements

1. Corporate Information 2. Principles of Consolidation
General Information The Financial Statements of the Subsidiaries, Associate
and Joint Venture used in the Consolidation are drawn
Tube Investments of India Limited (“the Company” or
up to the same reporting date as that of the Company
“the Holding Company” or “TII” or “Parent”) with CIN
i.e. 31st March except for certain foreign subsidiaries
No: L35100TN2008PLC069496, is a Public Limited
indicated in Paragraph 3 below for which the financial
Company domiciled in India. The Company is listed
statements as on the reporting date are not available
on BSE and National Stock Exchange. The Registered
and hence, the same have been consolidated based
Office of the Company is located at 234, NSC Bose
on the latest available audited financial statements
Road, Chennai, Tamilnadu. The Company was
as at 31st December. No significant transactions or
originally incorporated as TI Financial Holdings Limited
events have occurred between this date and the date
on 6th October 2008 under the Companies Act,
of consolidation.
1956, as a wholly-owned subsidiary of erstwhile Tube
Investments of India Limited (“Demerged Company”). For the purpose of impairment testing, goodwill
acquired in a business combination is, from the

Pursuant to the Scheme of Arrangement (“the
acquisition date, allocated to each of the Group’s
Scheme”) approved by NCLT (National Company Law
cash-generating units that are expected to benefit
Tribunal), the Manufacturing Business Undertaking of
from the combination, irrespective of whether other
the Demerged Company was vested in/transferred to
assets or liabilities of the acquiree are assigned to
the Company with effect from 1st August 2017 and the
those units.
appointed date was 1st April 2016. The name of the
Company was changed to “Tube Investments of India Cash generating unit to which goodwill has been
Limited” (Resulting Company). allocated is tested for impairment annually, or more
frequently when there is an indication that the unit
The Consolidated Financial Statements (“CFS”) relates
may be impaired. If the recoverable amount of the
to Tube Investments of India Limited (the Company),
cash generating unit is less than its carrying amount,
its Subsidiary Companies (together, “the Group”), its
the impairment loss is allocated first to reduce the
Associate and Joint Ventures.
carrying amount of any goodwill allocated to the unit

The Group has several manufacturing locations and then to the other assets of the unit pro rata based
and has seven product segments namely, Mobility, on the carrying amount of each asset in the unit. Any
Engineering, Metal Formed Products, Gear and impairment loss for goodwill is recognised in profit or
Gear Products, Power Systems, Industrial Systems, loss. An impairment loss recognised for goodwill is not
E-mobility. The Group presents Others segment reversed in subsequent periods.
which includes Industrial chains and certain other new

Where goodwill has been allocated to a cash-
businesses.
generating unit and part of the operation within that
The Company also has Subsidiaries and Associate unit is disposed of, the goodwill associated with the
Companies, Viz., Shanthi Gears Limited, Financiere disposed operation is included in the carrying amount
C10 SAS and its Subsidiaries, Great Cycles (Private) of the operation when determining the gain or loss on
Limited, Creative Cycles (Private) Limited, CG Power disposal. Goodwill disposed in these circumstances is
and Industrial Solutions Limited (‘CGPISL’) and its measured based on the relative values of the disposed
Subsidiaries (together ‘CG Power’), Aerostrovilos operation and the portion of the cash-generating unit
Energy Private limited, Moshine Electronics Private retained.
Limited, X2Fuels and Energy Private Limited and
Group controls an investee if and only if the Group
TI Clean Mobility Private limited (‘TICMPL’) and its
has:
Subsidiaries (‘TICM’). During the year, the Company
acquired controlling stake in IPLTech Electric Private a. Power over the investee (i.e. existing rights that
limited and Cellestial E-Mobility Private Limited through gives it the current ability to direct the relevant
TICMPL, acquired Moshine Electronics Private activities of the investee)
Limited and X2Fuels and Energy Private Limited
b. Exposure, or rights, to variable returns from its
(Refer Note 40.2).
involvement with the investee, and

The Consolidated Financial Statements were
c. The ability to use its power over the investee to
authorised for issue in accordance with a resolution of
affect its returns
the directors on 15th May 2023.

Generally, there is a presumption that a majority member’s financial statements in preparing the
of voting rights result in control. To support this consolidated financial statements to ensure conformity
presumption and when the Group has less than a with the Group’s accounting policies.
majority of the voting or similar rights of an investee, the
Consolidation procedures:
Group considers all relevant facts and circumstances
in assessing whether it has power over an investee, a) Combine like items of assets, liabilities, equity,
including: income, expenses and cash flows of the parent
with those of its subsidiaries. For this purpose,
a. The contractual arrangement with the other vote
income and expenses of the subsidiary are
holders of the investee
based on the amounts of the assets and
b.
Rights arising from other contractual liabilities recognised in the consolidated financial
arrangements statements at the acquisition date.
c. The Group’s voting rights and potential voting b)
Offset (eliminate) the carrying amount of the
rights parent’s investment in each subsidiary and the
parent’s portion of equity of each subsidiary.
d. The size of the Group’s holding of voting rights
relative to the size and dispersion of the holdings c) Eliminate in full intragroup assets and liabilities,
of the other voting rights holders equity, income, expenses and cash flows
relating to transactions between entities of the
The Group re-assesses whether or not it controls an
group (profits or losses resulting from intragroup
investee if facts and circumstances indicate that there
transactions that are recognised in assets, such
are changes to one or more of the three elements
as inventory and Property, Plant and Equipment,
of control. Consolidation of a subsidiary begins
are eliminated in full). Intragroup losses may
when the Group obtains control over the subsidiary
indicate an impairment that requires recognition
and ceases when the Group loses control of the
in the consolidated financial statements. Ind AS
subsidiary. Assets, liabilities, income and expenses of
12 Income Taxes applies to temporary differences
a subsidiary acquired or disposed off during the year
that arise from the elimination of profits and
are included in the consolidated financial statements
losses resulting from intra-group transactions.
from the date the Group gains control until the date
the Group ceases to control the subsidiary. d)
The carrying value of Goodwill arising on
consolidation is tested for impairment, if there are

If the Group loses control over a subsidiary, it
any indicators for impairment and also tested at
derecognises the related assets (including goodwill),
the end of each reporting period.
liabilities, non-controlling interest and other
components of equity and any resultant gain or
Profit or loss and each component of other
loss arising from such loss of control, is recognised comprehensive income (OCI) are attributed to the
in consolidated statement of profit and loss. Any equity holders of the parent of the Group and to the
investment retained is recognised at fair value. non-controlling interests, even if this results in the non-
controlling interests having a deficit balance.
Changes in the Group’s holding that do not result
in a loss of control are accounted for as equity a) Subsidiary
transactions. The carrying amount of the Group’s
The Financial Statements of the Company and
holding and the non-controlling interests are adjusted
its Subsidiary Companies have been combined
to reflect the changes in their relative holding. Any
on a line-by-line basis by adding together the
difference between the amount by which the non-
amounts of like items of assets, liabilities, income
controlling interests are adjusted and the fair value
and expenses, after fully eliminating material
of the consideration paid or received is recognised
intra-group balances, intra-group transactions
directly in equity and attributed to owners of the
and the resulting unrealised profits or losses,
Group.
unless cost cannot be recovered, as per Indian
Consolidated financial statements are prepared using Accounting Standard 110 - Consolidated
uniform accounting policies for like transactions and Financial Statements (Ind AS 110).
other events in similar circumstances. If a member of
Non-Controlling Interest in the Net Assets of the
the Group uses accounting policies other than those
Consolidated Subsidiaries consists of:
adopted in the consolidated financial statements for
like transactions and events in similar circumstances, i. The amount of Equity attributable to holders
appropriate adjustments are made to that Group of non-controlling interest at the date on

which the investment in the Subsidiary is statement of changes in equity. Unrealised gains
made; and and losses resulting from transactions between
the Group and the associate or joint venture
ii.
The Non-Controlling Interests’ share of
are eliminated to the extent of the interest in the
movements in Equity since the date the
associate or joint venture.
Parent Subsidiary relationship came into
existence. If an entity’s share of losses of an associate or
a joint venture equals or exceeds its interest in
Non-Controlling Interest (NCI) share in the Net
the associate or joint venture (which includes any
Profit / (Loss) for the year of the Consolidated
long-term interest that, in substance, form part
Subsidiaries is identified and adjusted against the
of the Group’s net investment in the associate or
Profit After Tax of the Group even if this results in
joint venture), the entity discontinues recognising
the NCI having a deficit balance.
its share of further losses. Additional losses are
b) Associate and Joint Venture recognised only to the extent that the Group
An associate is an entity over which the Group has incurred legal or constructive obligations
has significant influence. Significant influence or made payments on behalf of the associate
is the power to participate in the financial and or joint venture. If the associate or joint venture
operating policy decisions of the investee but is subsequently reports profits, the entity resumes
not control or joint control over those policies. recognising its share of those profits only after its
share of the profits equals the share of losses not
A joint venture is a type of joint arrangement recognised.
whereby the parties that have joint control of the
arrangement have rights to the net assets of the The aggregate of the Group’s share of profit or
joint venture. Joint control is the contractually loss of an associate or joint venture is shown on
agreed sharing of control of an arrangement, the face of the statement of profit and loss.
which exists only when decisions about the
The financial statements of the associate
relevant activities require unanimous consent of or joint venture are prepared for the same
the parties sharing control. reporting period as the Group. When necessary,
The considerations made in determining whether adjustments are made to bring the accounting
significant influence or joint control are similar to policies in line with those of the Group.
those necessary to determine control over the After application of the equity method, the Group
subsidiaries. determines whether it is necessary to recognise
The Group’s investments in its associate and an impairment loss on its investment in its
joint venture are accounted for using the associate or joint venture. At each reporting date,
equity method. Under the equity method, the the Group determines whether there is objective
investment in an associate or a joint venture is evidence that the investment in the associate or
initially recognised at cost. The carrying amount joint venture is impaired. If there is such evidence,
of the investment is adjusted to recognise the Group calculates the amount of impairment
changes in the Group’s share of net assets of the as the difference between the recoverable
associate or joint venture since the acquisition amount of the associate or joint venture and
date. Goodwill relating to the associate or joint its carrying value, and then recognises the loss
venture is included in the carrying amount of as ‘Share of profit of an associate and a joint
the investment and is not tested for impairment venture’ in the statement of profit and loss.
individually.
Upon loss of significant influence over the
The statement of profit and loss reflects the associate or joint control over the joint venture,
Group’s share of the results of operations of the the Group measures and recognises any
associate or joint venture. Any change in OCI retained investment at its fair value. Any
of those investees is presented as part of the difference between the carrying amount of the
Group’s OCI. In addition, when there has been associate or joint venture upon loss of significant
a change recognised directly in the equity of the influence or joint control and the fair value of the
associate or joint venture, the Group recognises retained investment and proceeds from disposal
its share of any changes, when applicable, in the is recognised in profit or loss

3. Particulars of Consolidation
The list of Subsidiary Companies, Joint Ventures & Associates and the Company’s holding therein are as under:
Country Proportion of ownership
Company Relationship Year End of As at 31st As at 31st
Incorporation March 2023 March 2022
Financiere C10 SAS (FC 10)
Subsidiaries of FC 10
Subsidiary – 31st
- Sedis SAS France 100.00% 100.00%
Others December
- Sedis GmbH Germany
- Sedis Co. Ltd United Kingdom
Subsidiary – Gear
Shanthi Gears Limited (SGL) 31st March India 70.47% 70.47%
and Gear Products
Subsidiary –
Great Cycles (Private) Limited 31st March Sri Lanka 80.00% 80.00%
Mobility
Subsidiary –
Creative Cycles (Private) Limited 31st March Sri Lanka 80.00% 80.00%
Mobility
Subsidiary - Power
Subsidiaries of CG Power and Industrial 31st March India 58.05% 58.05%
/ Industrial
Solutions Limited:
- CG PPI Adhesive Products Limited India
-CG International Holdings Singapore Pte
Singapore
Limited
- CG Power Solutions Limited India
- CG Power Equipments Limited India
- CG Sales Networks Malaysia Sdn. Bhd. Malaysia
- PT Crompton Prima Switchgear Indonesia Indonesia
The
- CG International BV
Netherlands
The
- CG Drives & Automation Netherlands BV
Netherlands
- CG Drives & Automation Germany GmbH Germany
- CG Industrial Holdings Sweden AB Sweden
- CG Drives & Automation Sweden AB Sweden
- CG Power Americas, LLC USA
- QEI, LLC USA
United
- CG Power Solutions UK Ltd
Kingdom
- CG Middle East FZE (Liquidated during
UAE
the year end March 31, 2023)
- CG Power Systems Canada Inc.
(Deconsolidated during the year March Canada
31,2023)
- CG Power and Industrial Solutions
Limited Middle East FZCO (Liquidated UAE
during year ended March 31, 2023)
TI Clean Mobility Private Limited India 100.00%* 100.00%
Subsidiaries of TICMPL
- IPLTech Electric Private Limited
India 65.25% NA
(Refer Note 40.2)
- Cellestial E Mobility Private limited
(Wholly owned Subsidiary of TICMPL) Subsidiary – India 100.00% 69.95%
31st March
(Refer Note 40.1 and 40.2) E- Mobility
-Cellestial E Trac Private limited (Wholly
owned Subsidiary of Cellestial E Mobility India
Private Limited)

Country Proportion of ownership
Company Relationship Year End of As at 31st As at 31st
Incorporation March 2023 March 2022
Moshine Electronics Private Limited (Refer Subsidiary –
31st March India 76.00% NA
Note 40.2) Others
X2Fuels and Energy Private Limited
Joint Venture 31st March India 50.00% NA
(Refer Note 40.1)
Aerostrovilos Energy Private Limited
Associate 31st March India 27.78% 27.78%
(Refer Note 40.1)
* TI Clean Mobility Private Limited proportion of ownership: 99.999996%
4. Basis of Preparation for at least twelve months after the reporting

date.

The Consolidated Financial Statement (CFS) are
prepared in accordance with the Indian Accounting A liability has been classified as current when it
Standards (Ind AS) notified under the Companies satisfies any of the following criteria:
(Indian Accounting Standards) Rules, 2015, as a)
It is expected to be settled within the normal
amended and presentation requirements of Division II operating cycle relevant for each of the entities in
of Schedule III to the Companies Act, 2013, (Ind AS the Group;
compliant Schedule III), as applicable to the CFS. b) It is held primarily for the purpose of being traded;
c) It is due to be settled within twelve months after
The CFS have been prepared on a historical cost
the reporting date; or
basis, except for the following assets and liabilities
d)
The entities in the Group do not have an
which have been measured at fair value:
unconditional right to defer settlements of
- Derivative financial instruments the liability for at least twelve months after the
reporting date.
- Certain financial assets and financial liabilities
measured at fair value (refer accounting policy All other assets and liabilities have been classified as
regarding financial instruments) non-current.
The CFS have been prepared using uniform accounting Deferred tax assets and liabilities are classified as non-
policies for like transactions and other events in similar current assets and liabilities.
circumstances with certain exceptions as mentioned
Based on the nature of products/activities, the Group
in the paragraphs below and are presented to the
has determined its operating cycle as twelve months
extent possible, in the same manner as the Company’s
for the above purpose of classification as current and
separate financial statements.
non-current.
The Consolidated financial statements are presented
5.2 Business Combination and Goodwill
in INR, which is its functional currency and all values
are rounded to the nearest crore, except when
Business combinations are accounted for using
otherwise indicated. the acquisition method. The cost of an acquisition
is measured as the aggregate of the consideration
5. Summary of Significant Accounting Policies
transferred measured at acquisition date fair value
5.1 Presentation and disclosure of financial statements and the amount of any non-controlling interests
in the acquiree. For each business combination,
An asset has been classified as current when it
the Group elects whether to measure the
satisfies any of the following criteria;
non-controlling interests in the acquiree at fair value or
a) It is expected to be realised in, or is intended for
at the proportionate share of the acquiree’s identifiable
sale or consumption in, the normal operating net assets. Acquisition-related costs are expensed
cycle relevant for each of the entities in the as incurred. Purchase consideration paid in excess
Group; of the fair value of net assets acquired is recognised
b) It is held primarily for the purpose of being traded; as goodwill. Where the fair value of identifiable assets
c) It is expected to be realised within twelve months and liabilities exceed the cost of acquisition, after
after the reporting date; or reassessing the fair values of the net assets and
d) It is cash or cash equivalent unless it is restricted contingent liabilities, the excess is recognised as
from being exchanged or used to settle a liability capital reserve.

At the acquisition date, the identifiable assets a business combination is, from the acquisition date,
acquired and the liabilities assumed are recognised allocated to each of the Group’s cash-generating units
at their acquisition date fair values. For this purpose, that are expected to benefit from the combination,
the liabilities assumed include contingent liabilities irrespective of whether other assets or liabilities of the
representing present obligation and they are measured acquiree are assigned to those units.
at their acquisition fair values irrespective of the fact
that outflow of resources embodying economic A cash generating unit to which goodwill has been
benefits is not probable. allocated is tested for impairment annually, or more
frequently when there is an indication that the unit
When the Group acquires a business, it assesses the may be impaired. If the recoverable amount of the
financial assets and liabilities assumed for appropriate cash generating unit is less than its carrying amount,
classification and designation in accordance with
the impairment loss is allocated first to reduce the
the contractual terms, economic circumstances and
carrying amount of any goodwill allocated to the unit
pertinent conditions as at the acquisition date.
and then to the other assets of the unit pro rata based
If the business combination is achieved in stages, any on the carrying amount of each asset in the unit. Any
previously held equity interest is re-measured at its impairment loss for goodwill is recognised in profit or
acquisition date fair value and any resulting gain or loss loss. An impairment loss recognised for goodwill is not
is recognised in profit or loss or OCI, as appropriate. reversed in subsequent periods.
Any contingent consideration to be transferred by the
Where goodwill has been allocated to a cash-
acquirer is recognised at fair value at the acquisition generating unit and part of the operation within that
date. Contingent consideration classified as an asset unit is disposed of, the goodwill associated with the
or liability that is a financial instrument and within disposed operation is included in the carrying amount
the scope of Ind AS 109 Financial Instruments, is of the operation when determining the gain or loss on
measured at fair value with changes in fair value
disposal. Goodwill disposed in these circumstances is
recognised in profit or loss. If the contingent
measured based on the relative values of the disposed
consideration is not within the scope of Ind AS 109,
operation and the portion of the cash-generating unit
it is measured in accordance with the appropriate
retained.
Ind AS. Contingent consideration that is classified as
equity is not re-measured at subsequent reporting Where it is not possible to complete the determination
dates and subsequent to its settlement is accounted of fair values by the date on which the first post-
for within equity. acquisition financial statements are approved, a
Goodwill is initially measured at cost, being the excess provisional assessment of fair value is made and any
of the aggregate of the consideration transferred and adjustments required to those provisional fair values
the amount recognised for non-controlling interests, are finalised within 12 months of the acquisition date.
and any previous interest held, over the net identifiable Those provisional amounts are adjusted through
assets acquired and liabilities assumed. goodwill during the measurement period, or additional
assets or liabilities are recognised, to reflect new
If the fair value of the net assets acquired is in excess
information obtained about facts and circumstances
of the aggregate consideration transferred, the Group
that existed at the acquisition date that, if known,
re-assesses whether it has correctly identified all of
would have affected the amounts recognised at that
the assets acquired and all of the liabilities assumed
date. These adjustments are called as measurement
and reviews the procedures used to measure the
period adjustments. The measurement period does
amounts to be recognised at the acquisition date.
If the reassessment still results in an excess of the not exceed twelve months from the acquisition date.
fair value of net assets acquired over the aggregate 5.3 Fair Value Measurement
consideration transferred, then the gain is recognised
in OCI and accumulated in equity as capital reserve. The financial instruments, such as, derivatives are
However, if there is no clear evidence of bargain measured at fair value at each balance sheet date.
purchase, the entity recognises the gain directly in Fair value is the price that would be received to sell
equity as capital reserve, without routing the same an asset or paid to transfer a liability in an orderly
through OCI. transaction between market participants at the
After initial recognition, goodwill is measured at cost measurement date. The fair value measurement is
less any accumulated impairment losses. For the based on the presumption that the transaction to sell
purpose of impairment testing, goodwill acquired in the asset or transfer the liability takes place either:

a) In the principal market for the asset or liability, or policies. For this analysis, the Group verifies the major
inputs applied in the latest valuation by agreeing the
b) In the absence of a principal market, in the most
information in the valuation computation to contracts
advantageous market for the asset or liability
and other relevant documents. Other fair value
The fair value of an asset or a liability is measured related disclosures are given in the relevant notes
using the assumptions that market participants would (Refer Note 41.1).
use when pricing the asset or liability, assuming that
market participants act in their best economic interest. For the purpose of fair value disclosures, the Group
has determined classes of assets and liabilities on the
A fair value measurement of a non-financial asset basis of the nature, characteristics and risks of the
takes into account a market participant’s ability to asset or liability and the level of the fair value hierarchy
generate economic benefits by using the asset in its as explained above (Refer Note 41.2).
highest and best use or by selling it to another market
participant that would use the asset in its highest and 5.4 Use of Estimates
best use. The preparation of financial statements in conformity
The valuation techniques that are appropriate in with Ind AS requires the management to make
the circumstances and for which sufficient data are judgments, estimates and assumptions that affect the
available to measure fair value, maximising the use of reported amounts of revenues, expenses, assets and
relevant observable inputs and minimising the use of liabilities and the disclosure of contingent liabilities,
unobservable inputs are used. like provision for employee benefits, impairment
of Property, Plant and Equipment/Goodwill/Trade
All assets and liabilities for which fair value is measured
receivables/Advances/Contingencies, provision
or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, for warranties, allowance for slow/non-moving
based on the lowest level input that is significant to the inventories, useful life of Property, Plant and Equipment,
fair value measurement as a whole: provision for retrospective price revisions, provision for
taxation, etc., during and at the end of the reporting
a) Level 1 - Quoted (unadjusted) market prices in period. Although these estimates are based on the
active markets for identical assets or liabilities management’s best knowledge of current events and
b)
Level 2 - Valuation techniques for which the actions, uncertainty about these assumptions and
lowest level input that is significant to the fair value estimates could result in the outcomes requiring a
measurement is directly or indirectly observable material adjustment to the carrying amounts of assets
or liabilities in future periods.
c)
Level 3 - Valuation techniques for which the
lowest level input that is significant to the fair 5.5 Cash and Cash Equivalents
value measurement is unobservable
Cash and cash equivalents comprise cash on hand
For assets and liabilities that are recognised in the and demand deposits with banks. Cash equivalents
financial statements on a recurring basis, the Group are short-term (with an original maturity of three
determines whether transfers have occurred between months or less from the date of acquisition), highly
levels in the hierarchy by re-assessing categorisation liquid investments that are readily convertible into
(based on the lowest level input that is significant to known amounts of cash and which are subject to
the fair value measurement as a whole) at the end of insignificant risk of change in value.
each reporting period.
5.6 Cash Flow Statement
The Group determines the policies and procedures
for both recurring fair value measurement, such Cash flows are reported using the indirect method,
as derivative instruments and unquoted financial whereby profit / (loss) before tax is adjusted for the
assets measured at fair value, and for non-recurring effects of transactions of non-cash nature and any
measurement. deferrals or accruals of past or future cash receipts or
payments.
External valuers are involved for valuation of assets
such as investment properties. Involvement of external For the purpose of the consolidated statement of
valuers is decided upon annually by the Group. At each cash flows, cash and cash equivalents are as defined
reporting date, the Group analyses the movements in above, net of outstanding bank overdrafts as they are
the values of assets and liabilities which are required to considered an integral part of the cash management
be re-measured or re-assessed as per the accounting of the Group.

5.7 Property, Plant and Equipment Plant and Equipment as per the previous GAAP as its
deemed cost on the transition date.
Property, Plant and Equipment (PPE) are stated at
cost less accumulated depreciation and accumulated Capital Work-in-Progress:
impairment losses, if any. Freehold land is measured
Projects under which assets are not ready for their
at cost and not depreciated. Cost includes related
intended use and other capital work-in-progress are
taxes, duties, freight, insurance, etc. attributable to
carried at cost, net of accumulated impairment loss
the acquisition and installation of the Property, Plant
if any. Cost comprises direct cost and attributable
and Equipment but excludes duties and taxes that are
interest. Once it becomes available for use, their cost
recoverable from tax authorities. When significant parts
is re-classified to appropriate caption and subjected to
of plant and equipment are required to be replaced at
depreciation.
intervals, it is depreciated separately based on their
specific useful life. 5.8 Intangible Assets
Machinery Spares including spare parts, stand-by and Intangible assets acquired separately are measured
servicing equipment are capitalised as property, plant on initial recognition at cost. Following initial
and equipment if they meet the definition of property, recognition, intangible assets are carried at cost less
plant and equipment i.e. if the intention is to use these any accumulated amortisation and accumulated
for more than a period of 12 months. These spare impairment losses. Internally generated intangibles,
parts capitalized are depreciated as per Ind AS 16. excluding capitalised development costs, are not
capitalised and the related expenditure is reflected in
Subsequent expenditure relating to Property, Plant
profit or loss in the period in which the expenditure is
and Equipment is capitalised only if it is probable that
incurred.
future economic benefits associated with the item will
flow and the cost of the item can be measured reliably.
Intangible assets are amortised over the useful
economic life and assessed for impairment whenever
Material replacement cost is capitalized provided it
there is an indication that the intangible asset may be
is probable that future economic benefits associated
impaired. The amortisation period and the amortisation
with the item will flow and the cost of the item can be
method for an intangible asset with a finite useful life are
measured reliably. When replacement cost is eligible for
reviewed at least at the end of each reporting period.
capitalization, the carrying amount of those parts that
Changes in the expected useful life or the expected
are replaced is derecognized. When significant parts
pattern of consumption of future economic benefits
of plant and equipment are required to be replaced at
embodied in the asset are considered to modify the
intervals, it is depreciated separately based on their
amortisation period or method, as appropriate, and
specific useful life.
are treated as changes in accounting estimates.
The Group identifies and determines cost of each
The amortisation expense on intangible assets with
component/part of the asset separately, if the
finite lives is recognised in the statement of profit and
component/part has a cost which is significant to
loss unless such expenditure forms part of carrying
the total cost of the asset and has useful life that is
value of another asset. Gains or losses arising from
materially different from that of the remaining asset.
de-recognition of an intangible asset are measured as
An item of property, plant and equipment and any the difference between the net disposal proceeds and
significant part initially recognised is derecognised the carrying amount of the asset and are recognised
upon disposal or when no future economic benefits in the statement of profit and loss when the asset is
are expected from its use or disposal. Any gain or derecognised.
loss arising on de-recognition of the asset (calculated
5.9 Investment Properties
as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in Investment property represents property held to earn
the statement of profit and loss when the asset is rentals or for capital appreciation or both.
derecognised.
Investment properties are measured initially at cost,
The residual values, useful lives and methods of including transaction costs. Subsequent to initial
depreciation of property, plant and equipment are recognition, investment properties are stated at cost
reviewed at each financial year end and adjusted less accumulated depreciation and accumulated
prospectively, if appropriate (Refer Note 5.19). impairment loss, if any.
Pursuant to transition to Ind AS, the Group has elected The cost includes the cost of replacing parts and
to continue with the carrying value of all of its Property, borrowing costs for long-term construction projects if

the recognition criteria are met. When significant parts The impairment calculations are based on detailed
of the investment property are required to be replaced budgets and forecast calculations which are prepared
at intervals, it is depreciated separately based on their separately for each of the cash-generating units
specific useful lives. All other repair and maintenance to which the individual assets are allocated. These
costs are recognised in the statement of profit and budgets and forecast calculations are generally
loss as incurred. covering a period of five years. For longer periods,
a long term growth rate is calculated and applied to
Depreciation on building classified as investment
project future cash flows after the fifth year. To estimate
property has been provided on the straight-line
cash flow projections beyond periods covered by the
method over a period of 30-60 years as prescribed
most recent budgets/forecasts cash flow projections
in Schedule II to the Companies Act, 2013. These are
in the budget are extrapolated using a steady or
based on the estimate of their useful lives taking into
declining growth rate for subsequent years, unless
consideration technical factors.
an increasing rate can be justified. In any case, this
Though the investment property is measured using growth rate does not exceed the long-term average
cost based measurement, the fair value of investment growth rate for the products, industries, or country
property is disclosed in the notes. Fair values are or countries in which the entity operates, or for the
determined based on an annual evaluation performed market in which the asset is used.
by an external independent valuer applying valuation
An assessment is made at each reporting date as
models.
to whether there is any indication that previously
Pursuant to transition to Ind AS, the Group has recognized impairment losses may no longer exist
elected to continue with the carrying value of all of its or may have decreased. If such indication exists, the
Investment Properties as per the previous GAAP as its asset’s or cash-generating unit’s recoverable amount
deemed cost on the transition date. is estimated. A previously recognized impairment
loss is reversed only if there has been a change

Investment properties are derecognised either
in the assumptions used to determine the asset’s
when they have been disposed of or when they
recoverable amount since the last impairment loss
are permanently withdrawn from use and no future
was recognized. The reversal is limited so that the
economic benefit is expected from their disposal.
carrying amount of the asset does not exceed its
The difference between the net disposal proceeds
recoverable amount, nor exceed the carrying amount
and the carrying amount of the asset is recognised
that would have been determined, net of depreciation,
in the statement of profit and loss in the period of de-
had no impairment loss been recognized for the asset
recognition.
in prior years.
5.10 Impairment of Non-Financial Assets
After impairment, depreciation is provided on the
The Group assesses at each reporting date whether revised carrying amount of the asset over its remaining
there is an indication that an asset may be impaired. If useful life.
any indication exists, the asset’s recoverable amount
5.11 Inventories
is estimated. An asset’s recoverable amount is the
higher of an asset’s or cash-generating unit’s (CGU) Raw materials, stores & spare parts and stock–in-
net selling price and its value in use. The recoverable trade are valued at lower of weighted average cost
amount is determined for an individual asset, unless and estimated net realisable value. Cost includes
the asset does not generate cash inflows that are freight, taxes and duties and is net of Credit under
largely independent of those from other assets or GST scheme, where applicable.
groups of assets. Where the carrying amount of an
Work-in-progress and finished goods are valued at
asset or CGU exceeds its recoverable amount, the
lower of weighted average cost and estimated net
asset is considered impaired and is written down to
realisable value. Cost includes all direct costs and
its recoverable amount. In assessing value in use,
appropriate proportion of overheads to bring the
the estimated future cash flows are discounted to
goods to the present location and condition based
their present value using a pre-tax discount rate
on the normal operating capacity, but excluding
that reflects current market assessments of the time
borrowing costs.
value of money and the risks specific to the asset.
In determining fair value less costs of disposal, Materials and other items held for use in the production
recent market transactions are taken into account, if of inventories are not written down below cost if
available. If no such transactions can be identified, an the finished products in which they will be used are
appropriate valuation model is used. expected to be sold at or above cost.

Net realizable value is the estimated selling price in the amount of consideration for the effects of a significant
ordinary course of business, less estimated costs of financing component if it expects, at contract
completion and estimated costs necessary to make inception, that the period between the transfer of the
the sale. promised good or service to the customer and when
the customer pays for that good or service will be one
Cost of Traded goods includes cost of purchase and
year or less.
other costs incurred in bringing the inventories to their
present location and condition. Cost is determined on Rendering of Services:
weighted average basis. Revenue from rendering of services is recognised
5.12 Revenue from Contracts with Customers with reference to the stage of completion determined
based on estimate of work performed, and when the
Revenue is recognised when control of the goods or outcome of the transaction can be estimated reliably.
services are transferred to the customer at an amount
that reflects the consideration to which the Group Contract Balances:
expects to be entitled in exchange for those goods Contract asset is the right to consideration in exchange
or services, regardless of when the payment is being for goods or services transferred to the customer. If the
made. Revenue towards satisfaction of a performance Group performs by transferring goods or services to a
obligation is measured at the amount of transaction customer before the Customer pays consideration or
price (net of variable consideration) allocated to that before payment is due, a contract asset is recognised
performance obligation. The transaction price of for the earned consideration that is conditional.
goods sold and services rendered is net of variable
consideration on account of various discounts and Trade Receivable represents the Group’s right to an
schemes offered by the Company as part of the amount of consideration that is unconditional. Refer to
contract. accounting policies of financial assets in Note 5.27.A.
The Group is the principal in all of its revenue Construction Contracts:

arrangements since it is the primary obligor in all the
Performance obligations with reference to
revenue arrangements as it has pricing latitude and is construction contracts are satisfied over the period of
also exposed to inventory and credit risks. time, and accordingly, Revenue from such contracts
However, Goods and Services tax (GST) is not is recognised based on progress of performance
received by the Group on its own account. Rather, it determined using input method with reference to
is tax collected on value added to the commodity by the cost incurred on contract and their estimated
the seller on behalf of the government. Accordingly, it total costs. Revenue is adjusted towards liquidated
is excluded from revenue. damages, and price variations / escalation, wherever,
applicable. Variation in contract work and other claims
The specific recognition criteria described below must are included to the extent that the amount can be
also be met before revenue is recognised. measured reliably and generally when it is agreed with
Sale of Goods and Services: customer. Estimates of revenue and costs are reviewed
periodically and revised, wherever circumstances
Revenue from sale of goods is recognised when
change, resulting increases or decreases in revenue
control of the goods is transferred to the Customers.
determination, is recognised in the period in which
The normal credit term is 30 to 120 days from the
estimates are revised.
invoice date.
Contract liability is the obligation to transfer goods or
If the consideration in a contract includes a variable
services to a Customer for which the Group has received
amount, the Group estimates the amount of
consideration (or an amount of consideration is due)
consideration to which it will be entitled in exchange
from the customer. If a customer pays consideration
for transferring the goods to the customer. The
before the Group transfers goods or services to the
variable consideration is estimated at contract
customer, a contract liability is recognised when the
inception and constrained until it is highly probable
payment is made or the payment is due (whichever is
that a significant revenue reversal in the amount of
earlier). Contract liabilities are recognised as revenue
cumulative revenue recognised will not occur when the
when the Group performs under the contract.
associated uncertainty with the variable consideration
is subsequently resolved. Cost to obtain a contract:
Generally, the Group receives short-term advances The Group pays sales commission to agents for
from its customers. Using the practical expedient in obtaining the contract. The Group has elected to apply
Ind AS 115, the Group does not adjust the promised the optional practical expedient for costs to obtain

a contract which allows the Group to immediately When loans or similar assistance are provided by
expense sales commissions because the amortisation governments or related institutions, with an interest
period of the asset that the Group otherwise would rate below the current applicable market rate, the
have used is one year or less. effect of this favourable interest is regarded as a
government grant. The loan or assistance is initially
Warranty obligations:
recognised and measured at fair value of the proceeds
The Group provides warranties for certain products received. The loan is subsequently measured as per
and these warranties are accounted for under Ind AS the accounting policy applicable to financial liabilities.
37 Provisions, Contingent Liabilities and Contingent
Export benefits are accounted for in the year of exports
Assets. Refer to the accounting policy on warranty
based on eligibility and when there is no uncertainty in
provisions in Note 5.22 Provisions and Contingencies.
receiving the same.
5.13 Other Income
5.15 Employee Benefits
Dividends:
I. Defined Contribution Plans
Dividend income is accounted for when the right to
a. Superannuation
receive it is established.
Contributions at a sum equivalent to 15% of eligible
Interest Income:
employees salary are made to Superannuation
For all debt instruments measured at amortised cost, Funds administered by trustees and managed by
interest income is recognised on time proportion Life Insurance Corporation of India (LIC). There is no
basis, taking into account the amount outstanding liability for future Superannuation Fund benefits other
and effective interest rate. than the annual contribution and such contributions
are recognised as an expense in the year in which the
Rental Income:
services are rendered.

Rental income arising from operating leases is
b. Provident Fund
accounted for on a straight-line basis over the lease
terms and is included in revenue in the statement of Contributions towards Employees Provident Fund
profit and loss due to its operating nature. made to the Regional/Employee Provident Fund
are recognised as expense in the year in which the
Royalty Income:
Royalty income is recognised on an accrual basis
c. Employee State Insurance
in accordance with the substance of the relevant
agreement. Contributions to Employees State Insurance Scheme
are recognised as expense in the year in which the
5.14
Government Grants, Subsidies and Export
Incentives
II. Defined Benefit Plan
Government grants and subsidies are recognised
when there is reasonable assurance that the conditions a. Gratuity
attached to them are complied with and the grants/
Annual contributions, in respect of Company and
subsidy will be received.
certain subsidiaries incorporated in India, are made
When the grant or subsidy from the Government to Gratuity Funds administered by trustees and the
relates to an expense item, it is recognised as income Contributions are invested in a Scheme with Life
on a systematic basis in the statement of profit and Insurance Corporation of India, as permitted by
loss over the period necessary to match them with the Indian Law. In respect of certain other subsidiaries
related costs, which they are intended to compensate. incorporated in India the contributions are made to
When the grant relates to an asset, it is recognised as the Funds operated by such subsidiaries. The liability
income in equal amounts over the expected useful life for future gratuity benefits is accounted for based
of the related asset. on actuarial valuation, as at the Balance Sheet date,
determined every year using the Projected Unit Credit
On receipt of grants of non-monetary assets, the
method.
asset and the grant are recorded at fair value amounts
and released to profit or loss over the expected useful
Re-measurements comprising of Actuarial gains/
life in a pattern of consumption of the benefit of the losses the effect of the asset ceiling, excluding
underlying asset, i.e. by equal annual instalments. amounts included in net interest on the net defined

benefit liability and the return on plan assets (excluding employee benefit for measurement purposes. Such
amounts included in net interest on the net defined long-term compensated absences are provided for
benefit liability), are immediately recognised in the based on the actuarial valuation using the projected
balance sheet with a corresponding debit or Credit unit credit method at the year-end. Actuarial gains/
in to retained earnings through Other Comprehensive losses are immediately taken to the statement of profit
Income in the period in which they occur. Re- and loss and are not deferred. The Group presents
measurements are not re-classified to profit or loss in the leave as a current liability in the balance sheet, to
subsequent periods. the extent it does not have an unconditional right to
defer its settlement for 12 months after the reporting
Past service cost is recognised in profit or loss on
date. Where Group has the unconditional legal and
the earlier of the date of the plan amendment or
contractual right to defer the settlement for a period
curtailment, and the date recognised for related
beyond 12 months, the same is presented as non-
restructuring costs.
current liability.
Net interest is calculated by applying the discount
IV. Short Term Employee Benefits
rate to the net defined benefit liability or asset. The
following changes are recognised in the net defined Short term employee benefits include short term
benefit obligation as an expense in the statement of compensated absences which is recognized based
profit and loss: on the eligible leave at credit on the Balance Sheet
date, and the estimated cost is based on the terms of
- Service costs comprising current service costs,
the employment contract.
past-service costs and
V. Voluntary Retirement Scheme
- Net interest expense or income.

Compensation to employees under Voluntary
b. Provident Fund
Retirement Schemes is expensed in the period in
Eligible employees of the Group receive benefits from which the liability arises. The Group recognizes
a provident fund, which is a defined benefit plan. Both termination benefit as a liability and an expense when
the eligible employee and the Group make monthly the Group has a present obligation as a result of past
contributions to the provident fund plan equal to event, it is probable that an outflow of resources
a specified percentage of the covered employee’s embodying economic benefits will be required to settle
salary. The Group contributes a portion to the Group’s the obligation and a reliable estimate can be made of
Employee Provident Fund Trusts. These trust invest in the amount of the obligation.
specific designated instruments as permitted by the
Employee benefits relating to employees of overseas
Indian law. The remaining portion is contributed to the
subsidiaries are covered based on the labour laws
government administered pension fund. The rate at
prevailing in the country of incorporation of the
which annual interest is payable to the beneficiaries
subsidiaries.
by the trusts is administered by the government. The
Group has an obligation to make good the shortfall, if VI. Termination benefits:
any, between the return from the investments of the
Termination benefits are recognised as an expense
Trusts and the notified interest rate.
when the entity can no longer withdraw the offer of

Re-measurements, comprising of actuarial gains/ the termination benefits or when the entity recognise
losses, the effect of the asset ceiling, excluding any related restructuring costs whichever is earlier.
amounts included in net interest on the net defined
5.16 Leases
benefit liability and the return on plan assets (excluding
amounts included in net interest on the net defined The Group assesses at contract inception whether
benefit liability), are immediately recognised in the a contract is, or contains, a lease. That is, if the
balance sheet with a corresponding debit or Credit contract conveys the right to control the use of an
in to retained earnings through Other Comprehensive identified asset for a period of time in exchange for
Income in the period in which they occur. Re- consideration.
measurements are not re-classified to profit or loss in
Group as a lessee
subsequent periods.

The Group applies a single recognition and
III. Long Term Compensated Absences
measurement approach for all leases, except for

The accumulated leave expected to be carried short-term leases and low value leases. The Group
forward beyond twelve months, as long-term recognises lease liabilities to make lease payments

and right-of-use assets representing the right to use included in financial liabilities.
the underlying assets.
c. Short-term leases and Leases of Low Value
a. Right-of-use assets Assets
The Group recognises right-of-use assets at
The Group applies the short-term lease
the commencement date of the lease (i.e., the recognition exemption to its short-term leases
date the underlying asset is available for use). (i.e., those leases that have a lease term of 12
Right-of-use assets are measured at cost, less months or less from the commencement date
any accumulated depreciation and impairment and do not contain a purchase option). It also
losses, and adjusted for any remeasurement applies the lease of low value assets recognition
of lease liabilities. The cost of right-of-use exemption to leases of assets that are considered
assets includes the amount of lease liabilities to be low value. Lease payments on short-
recognised, initial direct costs incurred, and lease term leases and leases on low value assets are
payments made at or before the commencement recognised as expense on a straight-line basis
date less any lease incentives received. Right- over the lease term.
of-use assets are depreciated on a straight-
Operating Lease as a Lessor
line basis over the shorter of the lease term
and the estimated useful lives of the assets.
Leases in which the Group does not transfer
The right-of-use assets are also subject to substantially all the risks and rewards incidental to
impairment. Right-of-use assets mainly consists ownership of an asset are classified as operating
of land, building and vehicles, having a lease leases. Rental income arising is accounted for on a
term of 2 to 95 years. straight-line basis over the lease terms and is included
in revenue in the statement of profit and loss due to
b. Lease Liabilities
its operating nature. Initial direct costs incurred in
At the commencement date of the lease, the negotiating and arranging an operating lease are
Group recognises lease liabilities measured at added to the carrying amount of the leased asset and
the present value of lease payments to be made recognised over the lease term on the same basis as
over the lease term. The lease payments include rental income. Contingent rents are recognised as
fixed payments (including in substance fixed revenue in the period in which they are earned.
payments) less any lease incentives receivable,
5.17 Foreign Currency Transactions
variable lease payments that depend on an index
or a rate, and amounts expected to be paid under Initial recognition
residual value guarantees. The lease payments

Transactions in foreign currencies entered are
also include the exercise price of a purchase
accounted at the exchange rates prevailing on the
option reasonably certain to be exercised by the
date of the transaction.
Group and payments of penalties for terminating
the lease, if the lease term reflects the Group Measurement as at Balance Sheet Date
exercising the option to terminate. Foreign currency monetary items that are outstanding
In calculating the present value of lease payments, at the Balance Sheet date are restated at year end
the Group uses its incremental borrowing rate exchange rates.
at the lease commencement date because the Non-monetary items carried at historical cost are
interest rate implicit in the lease is not readily translated using the exchange rates at the dates of
determinable. initial transactions.
After the commencement date, the amount of Treatment of exchange differences
lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments
Exchange differences arising on settlement/
made. In addition, the carrying amount of lease restatement of foreign currency monetary assets and
liabilities is remeasured if there is a modification, liabilities are recognised as income or expense in the
a change in the lease term, a change in the lease statement of profit and loss.
payments (e.g., changes to future payments
Consolidation of subsidiaries situated in foreign
resulting from a change in an index or rate used countries
to determine such lease payments) or a change
in the assessment of an option to purchase the The translation of financial statements of the foreign
underlying asset. The Group’s lease liabilities are subsidiaries from their respective functional currencies

to the presentation currency (INR) is performed Hedge accounting is discontinued when the hedging
for assets and liabilities using the exchange rates instrument expires or is sold, terminated, or exercised.
prevailing at the reporting date and for revenue, If any of these events occur or if a hedged transaction
expense and cash-flow items using the average is no longer expected to occur, the net cumulative
exchange rate for the respective periods. The gains or gain or loss recognised under Other Comprehensive
losses resulting from such translation are included in Income is transferred to the statement of profit and
currency translation reserves under OCI. loss for the year.
When a subsidiary is disposed of, in full, the relevant At the inception of a hedge relationship, the Group
amount is transferred to net profit in the consolidated formally designates and documents the hedge
statement of profit and loss. However, when a change relationship to which the Group wishes to apply hedge
in the parent’s ownership does not result in loss of accounting and the risk management objective and
control of a subsidiary, such changes are recorded strategy for undertaking the hedge by applying the
through equity. hedge accounting principles set out in Ind AS 109 –
“Financial Instruments”. The documentation includes
Any goodwill arising in the acquisition/ business
the Group’s risk management objective and strategy
combination of a foreign operation and any fair value
for undertaking hedge, the hedging/ economic
adjustments to the carrying amounts of assets and
relationship, the hedged item or transaction, the
liabilities arising on the acquisition are treated as assets
nature of the risk being hedged, hedge ratio and how
and liabilities of the foreign operation and translated at
the Group will assess the effectiveness of changes
the spot rate of exchange at the reporting date.
in the hedging instrument’s fair value in offsetting the
5.18 Derivative Instruments and Hedge Accounting exposure to changes in the hedged item’s fair value
Cash flow Hedge or cash flows attributable to the hedged risk. Such
hedges are expected to be highly effective in achieving
The Group uses cash flow hedges (forward contracts offsetting changes in fair value or cash flows and are
and currency swaps) to hedge its risks associated assessed on an ongoing basis to determine that
with foreign currency fluctuations relating to firm they actually have been highly effective throughout
commitment or highly probable forecast transactions. the financial reporting periods for which they were
The use of Derivative Contracts is governed by the designated.
Group’s policies on the use of such financial derivatives 5.19 Depreciation and Amortisation
consistent with the Group’s risk management
strategy. The Group does not use derivative financial The Group depreciates Property, Plant and Equipment
instruments for speculative purposes. over their estimated useful lives using the Straight-line
method, as per Schedule II of Companies Act, 2013.
Derivative Contracts are measured at fair value. The estimated useful lives are as follows:
Derivatives are carried as financial assets when the fair
value is positive and as financial liabilities when the fair Description of Assets Useful life
value is negative. Changes in the fair value of these
Plant & Machinery 7.5 Years - 15 Years
Derivative Contracts that are designated and effective
as hedges of future cash flows are recognised directly Electrical Appliances 5 Years – 10 Years
in “Other Comprehensive Income” and the ineffective
portion is recognized immediately in the statement of Furniture & Fixtures 10 Years
profit and loss. Factory Buildings 30 Years
Changes in the fair value of Derivative Contracts that
Other Buildings 60 Years
do not qualify for hedge accounting are recognized in
the statement of profit and loss as they arise. Vehicles 4 Years
The amounts recognised in the Other Comprehensive

The following category of Property, Plant and
Income are transferred to the statement of profit and
Equipment and Intangibles are not depreciated/
loss when the hedged transactions crystalizes.
amortised as per Schedule II of Companies Act, 2013.
If the forecast transaction is no longer expected These category of Property, Plant and Equipment
to occur, the cumulative gain or loss previously and Intangibles are depreciated/amortised based on
recognised in Other Comprehensive Income is the Group’s estimate of their useful lives taking into
transferred to statement of profit and loss. consideration, technical advice:

Description of Assets Category Useful life c. The Group has ability to use or sell the intangible
Buildings - Roof structure on asset;
3 Years –
certain factory areas, where PPE d.
The manner in which the probable future
93 Years
useful life is less economic benefit will be generated including the
Plant and Machinery - Special
existence of a market for output of the intangible
tools and special purpose
PPE 4 Years asset or the intangible asset itself or if it is to be
machines used in door frame
used internally, the usefulness of the intangible
products
Plant and Machinery - used in die asset;
PPE 10 Years
making process e. The availability of adequate technical, financial
1 Year -
Plant and Machinery – Others PPE and other resources to complete the development
20 Years
Office Equipment - Data 1 Year - and to use or sell the intangible asset; and
PPE
Processing Equipment 15 Years f. The Group has ability to measure the expenditure
1 Year - attributable to the intangible asset during the
Vehicles - Motor Vehicles PPE
10 Years
development.
1 Year -
Furniture & Fixtures PPE
15 Years
Following initial recognition of the development
3 Years - expenditure as an asset, the asset is carried at cost
Software Intangibles
15 Years less any accumulated amortisation and accumulated
2 Years -
Other Intangibles Intangibles impairment losses. Amortisation of the asset begins
15 Years
Intangible Asset on Lease 19 Years - when development is complete and the asset is
Intangibles available for use. It is amortised over a period of five
Contract 71 Years
6 Years- years. During the period of development, the asset is
Technical Know-How Intangibles
11 Years tested for impairment annually.
5 Years –
Brand Intangibles 5.21 Taxes on Income
15 Years
1 Years –
Customer Relationship Intangibles Income tax expense comprises current and deferred
7 Years
taxes. Income tax expense is recognized in the
Development cost R&D Intangibles 3 Years
statement of profit and loss except to the extent it
Depreciation/amortisation is provided pro-rata from relates to items recognized directly in equity, in which
the month of Capitalisation. case it is recognized in equity.
Certain Property, Plant and Equipment are treated Current tax is the amount of tax payable on the taxable
as Continuous Process Plants based on technical income for the year and is determined in accordance
evaluation done by the Management and are with the provisions of the Income Tax Act, 1961.
depreciated on the straight-line method based on Current income tax relating to items recognised
the useful life as prescribed in Schedule II to the outside profit or loss is recognised outside profit or
Companies Act, 2013. loss (either in other comprehensive income or in
5.20 Research and Development equity). Current tax items are recognised in correlation
to the underlying transaction either in OCI or directly in
Revenue expenditure on research and development equity.
is expensed when incurred. Capital expenditure
on research and development is capitalised under Minimum alternate tax (MAT) paid in a year is charged
Property, Plant and Equipment and depreciated in to the statement of profit and loss as current tax
accordance with Note 5.19 above. for the year. The DTA is recognised for MAT credit
available only to the extent that it is probable that the
Development expenditure on an individual project is group will pay normal income tax during the specified
capitalised as intangible asset, if all of the following period, i.e., the period for which MAT credit is allowed
criteria can be demonstrated: to be carried forward. In the year in which the Group
recognizes MAT credit as an asset, it is created by way
a.
The technical feasibility of completing the
of credit to the statement of profit and loss and shown
intangible asset so that it will be available for use
as deferred tax asset. The Group reviews the “MAT
or sale;
credit entitlement” asset at each reporting date and
b.
The Group has intention to complete the writes down the asset to the extent that it is probable
development of intangible asset and use or sell it; that it will pay normal tax during the specified period.

Deferred tax is provided using the liability method on will be available to allow all or part of the deferred
temporary differences between the tax bases of assets tax asset to be utilised. Unrecognised deferred tax
and liabilities and their carrying amounts for financial assets are re-assessed at each reporting date and are
reporting purposes at the reporting date. Deferred recognised to the extent that it has become probable
Tax Liability is not recognised in respect of taxable that future taxable profits will allow the deferred tax
temporary differences associated with investments in asset to be recovered.
subsidiaries and investments in joint ventures, when
Deferred tax assets and liabilities are measured at the
the timing of the reversal of the temporary differences
tax rates that are expected to apply in the year when
can be controlled and it is probable that the temporary
the asset is realised or the liability is settled, based
differences will not be reversed in the foreseeable
on tax rates (and tax laws) that have been enacted or
future. substantively enacted at the reporting date.
Deferred tax liabilities are recognised for all taxable Deferred tax relating to items recognised outside
temporary differences, except: the Statement of profit and loss is recognised
i. When the deferred tax liability arises from the outside Statement of profit and loss (either in other
initial recognition of goodwill or an asset or comprehensive income or in equity). Deferred tax
liability in a transaction that is not a business items are recognised in correlation to the underlying
combination and, at the time of the transaction, transaction either in OCI or directly in equity.
affects neither the accounting profit nor taxable Deferred tax assets and deferred tax liabilities are
profit or loss offset if a legally enforceable right exists to set off
ii.
In respect of taxable temporary differences current tax assets against current tax liabilities and the
associated with investments in subsidiaries, and deferred taxes relate to the same taxable entity and
interests in joint ventures, when the timing of the same taxation authority.
the reversal of the temporary differences can be In the situations where one or more entities in the
controlled and it is probable that the temporary Group are entitled to a tax holiday under the Income-
differences will not reverse in the foreseeable tax Act, 1961 enacted in India or tax laws prevailing
future. in the respective tax jurisdictions where they operate,
Deferred tax assets are recognised for all deductible no deferred tax (asset or liability) is recognized in
temporary differences, the carry forward of unused respect of temporary differences which reverse during
tax credits and any unused tax losses. Deferred tax the tax holiday period, to the extent the concerned
assets are recognised to the extent that it is probable entity’s gross total income is subject to the deduction
that taxable profit will be available against which during the tax holiday period. Deferred tax in respect
the deductible temporary differences, and the carry of temporary differences which reverse after the tax
forward of unused tax credits and unused tax losses holiday period is recognized in the year in which the
can be utilised except temporary differences originate.
i.
When the deferred tax asset relating to the In respect of overseas subsidiaries, income tax is
deductible temporary difference arises from provided for based on income tax laws prevailing in the
the initial recognition of an asset or liability in a country of incorporation of the respective subsidiaries.
transaction that is not a business combination Expenses and assets are recognised net of the amount
and, at the time of the transaction, affects neither of sales/ taxes paid, except when the tax incurred on
the accounting profit nor taxable profit or loss. a purchase of assets or services is not recoverable,
ii. In respect of deductible temporary differences in which case, the tax paid is recognised as part of
the cost of acquisition of the asset or as part of the
associated with investments in subsidiaries,
expense item, as applicable.
associates and interests in joint ventures,
deferred tax assets are recognised only to the 5.22 Provisions and Contingencies
extent that it is probable that the temporary
A provision is recognized when there is a present
differences will reverse in the foreseeable future
obligation (legal or constructive) as a result of past
and taxable profit will be available against which
event; it is probable that an outflow of resources
the temporary differences can be utilised.
embodying economic benefits will be required to settle
The carrying amount of deferred tax assets is reviewed the obligation, in respect of which a reliable estimate
at each reporting date and reduced to the extent that can be made. Provisions are determined based
it is no longer probable that sufficient taxable profit on best estimate required to settle the obligation at

the balance sheet date. These are reviewed at each
The weighted average number of equity shares
balance sheet date and adjusted to reflect the current outstanding during the period and for all periods
best estimates. presented is adjusted for events, such as bonus
shares, other than the conversion of potential equity
If the effect of the time value of money is material,
shares, that have changed the number of equity
provisions are discounted using a current pre-tax rate
shares outstanding, without a corresponding change
that reflects, when appropriate, the risks specific to
in resources. For the purpose of calculating diluted
the liability. When discounting is used, the increase in
earnings per share, the net profit or loss for the
the provision due to the passage of time is recognised
period attributable to equity shareholders of parent
as a finance cost.
company and the weighted average number of shares
Provisions for warranty-related costs are recognized outstanding during the period is adjusted for the
when the product is sold or service provided. Provision effects of all dilutive potential equity shares.
is estimated based on historical experience and
technical estimates. The estimate of such warranty- 5.25 Share Based Payments (Employees Stock Option
related costs is reviewed annually. Scheme)
A contingent liability is a possible obligation that arises Stock options are granted to the employees under
from past events whose existence will be confirmed the stock option scheme. The costs of stock options
by the occurrence or non-occurrence of one or granted to the employees (equity-settled awards)
more uncertain future events beyond the control or a of the Group are measured at the fair value of the
present obligation that is not recognized because it equity instruments granted. For each stock option,
is not probable that an outflow of resources will be the measurement of fair value is performed on the
required to settle the obligation. The contingent liability grant date. The grant date is the date on which the
is not recognised but its existence is disclosed in the Group and the employees agree to the stock option
financial statements. scheme. The fair value so determined is revised only if
the stock option scheme is modified in a manner that
If the Company has a contract that is onerous, the is beneficial to the employees.
present obligation under the contract is recognised
and measured as a provision. An onerous contract is This cost is recognised, together with a corresponding
considered to exist where the Company has a contract increase in share-based payment (SBP) reserves/
under which the unavoidable costs of meeting the stock options outstanding account in equity, over
obligations under the contract exceed the economic the period in which the performance and/or service
benefits expected to be received from the contract. conditions are fulfilled in employee benefits expense.
The cumulative expense recognised for equity-settled
5.23 Borrowing Costs transactions at each reporting date until the vesting

Borrowing costs consist of interest and other date reflects the extent to which the vesting period
costs that an entity incurs in connection with the has expired and the group’s best estimate of the
borrowing of funds. Borrowing cost also includes number of equity instruments that will ultimately vest.
exchange differences to the extent regarded as an The statement of profit and loss expense or credit
adjustment to the borrowing costs. Borrowing costs for a period represents the movement in cumulative
directly attributable to the acquisition, construction expense recognised as at the beginning and end of
or production of an asset that necessarily takes a that period and is reported under employee benefits
substantial period of time to get ready for its intended expense.
use or sale are capitalised as part of the cost of the
The dilutive effect of outstanding options is reflected
asset. Capitalisation of Borrowing Costs is suspended
as additional share dilution in the computation of
and charged to the statement of profit and loss during
diluted earnings per share.
extended periods when active development activity on
the qualifying assets is interrupted. All other borrowing If the options vests in instalments (i.e. the options vest
costs are expensed in the period they occur. pro rata over the service period), then each instalment
is treated as a separate share option grant because
5.24 Earnings Per Share
each instalment has a different vesting period.
Basic Earnings Per Share is calculated by dividing the
5.26 Cash Dividend
net profit or loss for the period attributable to equity
shareholders of parent company by the weighted
The Group recognises a liability to make cash
average number of equity shares outstanding during distributions to equity holders, when the distribution
the period. is authorised and the distribution is no longer at the

discretion of the Group. As per the corporate laws in Debt Instrument at FVTOCI
India, a distribution is authorised when it is approved
A ‘debt instrument’ is classified as at the FVTOCI if
by the shareholders. A corresponding amount is
both of the following criteria are met:
recognised directly in equity.
a. The objective of the business model is achieved
5.27 Financial Instruments
both by collecting contractual cash flows and
A financial instrument is any contract that gives rise to selling the financial assets, and
a financial asset of one entity and a financial liability or
equity instrument of another entity. b.
The asset’s contractual cash flows represent
SPPI.
A. Financial Assets
Debt instruments included within the FVTOCI category
i. Initial Recognition and Measurement
are measured initially as well as at each reporting date
All financial assets are recognised initially at at fair value. Fair value movements are recognized in
fair value plus, in the case of financial assets the other comprehensive income (OCI). However, the
not recorded at fair value through profit or group recognizes interest income, impairment losses
loss, transaction costs that are attributable & reversals and foreign exchange gain or loss in the
to the acquisition of the financial asset. Trade P&L. On derecognition of the asset, cumulative gain
receivables that do not contain a significant or loss previously recognised in OCI is reclassified
financing component are measured at transaction from the equity to P&L. Interest earned whilst holding
price.
FVTOCI debt instrument is reported as interest income
ii. Subsequent Measurement using the EIR method.
For purposes of subsequent measurement, Debt Instrument at FVTPL
financial assets are classified in three
categories: FVTPL is a residual category for debt instruments. Any
debt instrument, which does not meet the criteria for
a. Debt instruments at amortised cost
categorization as at amortized cost or as FVTOCI, is
b.
Debt instruments, derivatives and equity classified as at FVTPL.
instruments at fair value through profit or loss
In addition, the Group may elect to designate a debt
(FVTPL)
instrument, which otherwise meets amortized cost or
c. Equity instruments measured at fair value through FVTOCI criteria, as at FVTPL. However, such election
other comprehensive income (FVTOCI) is allowed only if doing so reduces or eliminates a
Debt Instruments at Amortised Cost measurement or recognition inconsistency (referred to
A ‘debt instrument’ is measured at the amortised cost as ‘accounting mismatch’).
if both the following conditions are met: Debt instruments included within the FVTPL category
a.
The asset is held within a business model are measured at fair value with all changes recognized
whose objective is to hold assets for collecting in the P&L.
contractual cash flows, and Equity Investments
b.
All equity investments in scope of Ind-AS 109 are
specified dates to cash flows that are solely
measured at fair value. Equity instruments which are
payments of principal and interest (SPPI) on the
held for trading are classified as at FVTPL. For all other
principal amount outstanding.
equity instruments, the Group decides to classify
This category is the most relevant to the Group. the same either as at FVTOCI or FVTPL. The Group
After initial measurement, such financial assets are makes such election on an instrument-by-instrument
subsequently measured at amortised cost using the basis. The classification is made on initial recognition
effective interest rate (EIR) method. Amortised cost and is irrevocable.
is calculated by taking into account any discount or
premium on acquisition and fees or costs that are If the Group decides to classify an equity instrument
an integral part of the EIR. The EIR amortisation is as at FVTOCI, then all fair value changes on the
included in finance income in the profit or loss. The instrument, excluding dividends, are recognized in the
losses arising from impairment are recognised in the OCI. There is no recycling of the amounts from OCI to
Statement of Profit and Loss. This category generally P&L, even on sale of investment. However, the Group
applies to trade and other receivables. may transfer the cumulative gain or loss within equity.

iii. De-recognition be estimated reliably, then the group is required
to use the remaining contractual term of the
A financial asset (or, where applicable, a part
financial instrument
of a financial asset or part of a group of similar
financial assets) is de-recognised primarily when: b.
Cash flows from the sale of collateral held or
other Credit enhancements that are integral to
a. The rights to receive cash flows from the asset
have expired, or the contractual terms
b. The Group has transferred substantially all the ECL impairment loss allowance (or reversal) recognized
risks and rewards of the asset or has transferred during the period is recognized as income/ expense in
control of the asset. the statement of profit and loss (P&L). This amount is
reported under the head ‘other expenses’ in the P&L.
iv. Impairment of Financial Assets The balance sheet presentation for various financial
In accordance with Ind-AS 109, the Group instruments is described below:
applies Expected Credit loss (ECL) model for Financial assets measured as at amortised cost: ECL
measurement and recognition of impairment loss is presented as an allowance, i.e., as an integral part of
on the following financial assets and Credit risk
the measurement of those assets in the balance sheet.
exposure:
The allowance reduces the net carrying amount. Until
a. Financial assets that are debt instruments, and the asset meets write-off Criteria, the group does not
are measured at amortised cost e.g., loans, debt reduce impairment allowance from the gross carrying
securities, deposits, trade receivables and bank amount.
balance
For assessing increase in Credit risk and impairment
The Group follows ‘simplified approach’ for recognition loss, the group combines financial instruments on the
of impairment loss allowance on Trade receivables. basis of shared Credit risk characteristics with the
The application of simplified approach does not objective of facilitating an analysis that is designed
require the group to track changes in Credit risk. to enable significant increases in Credit risk to be
Rather, it recognises impairment loss allowance based identified on a timely basis.
on lifetime ECLs at each reporting date, right from its B. Financial Liabilities
initial recognition. For recognition of impairment loss
on other financial assets, the group determines that i. Initial Recognition and Measurement
whether there has been a significant increase in the All financial liabilities are recognised initially at fair
Credit risk since initial recognition. If Credit risk has value and, in the case of loans and borrowings and
not increased significantly, 12-month ECL is used to payables, net of directly attributable transaction costs.
provide for impairment loss. However, if Credit risk
has increased significantly, lifetime ECL is used. If, in The group’s financial liabilities include trade and
a subsequent period, Credit quality of the instrument other payables, loans and borrowings including bank
improves such that there is no longer a significant overdrafts and derivative financial instruments.
increase in Credit risk since initial recognition, then the ii. Subsequent measurement
entity reverts to recognising impairment loss allowance
based on 12-month ECL. The measurement of financial liabilities depends on
their classification, as described below:
Lifetime ECL are the expected Credit losses resulting
from all possible default events over the expected life Financial Liabilities at Fair Value Through Profit or
of a financial instrument. ECL is the difference between Loss
all contractual cash flows that are due to the Group in Financial liabilities at fair value through profit or loss
accordance with the contract and all the cash flows include derivatives. Financial liabilities are classified as
that the Group expects to receive, discounted at the held for trading if they are incurred for the purpose
original EIR. When estimating the cash flows, the
of repurchasing in the near term. This category also
group is required to consider:
includes derivative financial instruments entered into
a. All contractual terms of the financial instrument by the group that are not designated as hedging
(including prepayment, extension, call and similar instruments in hedge relationships as defined by Ind
options) over the expected life of the financial AS 109. Separated embedded derivatives are also
instrument. However, in rare cases when the classified as held for trading unless they are designated
expected life of the financial instrument cannot as effective hedging instruments.

Gains or losses on liabilities held for trading are are initially measured at their fair values and, if not
recognised in the profit or loss. designated as at FVTPL, are Subsequently measured
at the higher of, the amount of loss allowance
Financial liabilities designated upon initial recognition at
determined as per impairment requirements of Ind
fair value through profit or loss are designated as such
AS 109 and the amount initially recognised less
at the initial date of recognition, and only if the Criteria
cumulative amount of income recognised.
in Ind AS 109 are satisfied. For liabilities designated as
FVTPL, fair value gains/ losses attributable to changes 5.28 Segment accounting:
in own Credit risks are recognized in OCI. These

Operating segments are those components of
gains/ loss are not subsequently transferred to P&L.
the business whose operating results are regularly
However, the group may transfer the cumulative gain
reviewed by the management to make decisions for
or loss within equity. All other changes in fair value of
performance assessment and resource allocation.
such liability are recognised in the statement of profit
Segment performance is evaluated based on the
and loss.
profit or loss of reportable segment and is measured
Loans and Borrowings consistently.
After initial recognition, interest-bearing loans and The Operating segments have been identified on the
borrowings are subsequently measured at amortised basis of the nature of products / services.
cost using the EIR method. Gains and losses are
a.
Segment revenue includes sales and other
recognised in profit or loss when the liabilities are
income directly identifiable with / allocable to the
derecognised as well as through the EIR amortisation
segment including inter-segment revenue.
process.
b.
Expenses that are directly identifiable with
Amortised cost is calculated by taking into account
/ allocable to segments are considered for
any discount or premium on acquisition and fees
determining the segment result. Expenses which
or costs that are an integral part of the EIR. The
relate to the Group as a whole and not allocable
EIR amortisation is included as finance costs in the
to segments are included under unallocable
statement of profit and loss.
expenditure.
De-recognition
c. Income which relates to the Group as a whole
A financial liability is derecognised when the obligation and not allocable to segments is included in
under the liability is discharged or cancelled or unallocable income.
expires. When an existing financial liability is replaced
d.
Segment result includes margins on inter-
by another from the same lender on substantially
segment sales which are reduced in arriving at
different terms, or the terms of an existing liability
the profit before tax of the Group.
are substantially modified, such an exchange or
modification is treated as the de-recognition of the e.
Segment assets and liabilities include those
original liability and the recognition of a new liability. directly identifiable with the respective segments.
The difference in the respective carrying amounts is Unallocable assets and liabilities represent the
recognised in the statement of profit and loss. assets and liabilities that relate to the Group as a
whole and not allocable to any segment.
Offsetting of Financial Instruments
5.29 Exceptional items:
Financial assets and financial liabilities are offset and
the net amount is reported in the balance sheet if An item of income or expense which by its size, type
there is a currently enforceable legal right to offset or incidence is such that its disclosure improves the
the recognised amounts and there is an intention to understanding of the performance of the Group, such
settle on a net basis, to realise the assets and settle income or expense is classified as an exceptional item
the liabilities simultaneously. and accordingly, disclosed as such in the CFS.
C. Financial Guarantee Contracts 5.30 Non-current assets held for sale and discontinued
operations:
A financial guarantee contract is a contract that
requires the Group to make specified payment to Non-current assets and disposal groups are classified
reimburse the holder for a loss it incurs because the as held for sale if their carrying amounts will be
specified debtor fails to make a payment when due recovered principally through a sale transaction rather
in accordance with the terms of a debt instrument. than through continuing use. Non-current assets
Financial guarantee contracts issued by the Group and disposal groups classified as held for sale are

measured at the lower of their carrying amount and the contract and costs of contract management
fair value less costs to sell. The criteria for held for sale and supervision). General and administrative
classification is regarded as met only when the sale costs do not relate directly to a contract and are
is highly probable and the asset or disposal group is excluded unless they are explicitly chargeable to
available for immediate sale in its present condition. the counterparty under the contract.
Management must be committed to the sale, which
This amendment did not have any impact for the
should be expected to qualify for recognition as a
group.
completed sale within one year from the date of
classification. Discontinued operations are excluded (ii)
Property, Plant and Equipment: Proceeds
from the results of continuing operations and are before Intended Use – Amendments to Ind
presented as a single amount as profit or loss after AS 16
tax from discontinued operations in the statement of The amendments modified paragraph 17(e) of Ind
profit and loss. Also comparative statement of profit AS 16 to clarify that excess of net sale proceeds
and loss is represented as if the operation had been of items produced over the cost of testing, if any,
discontinued from the start of the comparative period. shall not be recognised in the profit or loss but
Assets and liabilities classified as held for disposal are deducted from the directly attributable costs
presented separately from other assets and liabilities considered as part of cost of an item of property,
in the balance sheet. Property, plant and equipment plant, and equipment.
and intangible assets once classified as held for sale
are not depreciated or amortised.
The amendments are effective for annual
reporting periods beginning on or after 01st April
5.31 New and amended standards 2022. These amendments had no impact on the
The Group applied for the first-time certain standards standalone financial statements of the group as
and amendments, which are effective for annual there were no sales of such items produced by
periods beginning on or after 01st April 2022. property, plant and equipment made available
for use on or after the beginning of the earliest

The Ministry of Corporate Affairs has notified period presented.
Companies (Indian Accounting Standard) Amendment
Rules 2022 dated March 23, 2022, to amend the (iii) Ind AS 109 Financial Instruments – Fees in
following Ind AS which are effective from April 01, the ’10 per cent’ test for derecognition of
2022. financial liabilities
(i)
Onerous Contracts – Costs of Fulfilling a The amendment clarifies the fees that an entity
includes when assessing whether the terms of a
Contract – Amendments to Ind AS 37
new or modified financial liability are substantially
An onerous contract is a contract under which different from the terms of the original financial
the unavoidable costs of meeting the obligations liability. These fees include only those paid or
under the contract costs (i.e., the costs that the received between the borrower and the lender,
group cannot avoid because it has the contract) including fees paid or received by either the
exceed the economic benefits expected to be borrower or lender on the other’s behalf.
received under it.
In accordance with the transitional provisions, the
The amendments specify that when assessing group applies the amendment to financial liabilities
whether a contract is onerous or loss-making, an that are modified or exchanged on or after the
entity needs to include costs that relate directly beginning of the annual reporting period in which
to a contract to provide goods or services the entity first applies the amendment (the date
including both incremental costs (e.g., the costs of initial application). These amendments had no
of direct labour and materials) and an allocation impact on the standalone financial statements of
of costs directly related to contract activities the group as there were no modifications of the
(e.g., depreciation of equipment used to fulfil group’s financial instruments during the period.
Note 6a. Property, Plant and Equipment ` in Crores
Gross Block at Cost Depreciation Impairment (Refer Note d) Net Block
Acquisition
Transfer to Exchange Transfer to Exchange
through
Particulars As at Discontinued Fluctuation As at As at Discontinued Fluctuation As at As at As at As at As at
Business For the On
31-Mar- Operations pertaining Additions Deletions 31-Mar- 31-Mar- Operations pertaining 31-Mar- 31-Mar- Additions Deletions 31-Mar- 31-Mar- 31-Mar-
Combination Year Deletions
2022 (Refer to Foreign 2023 2022 (Refer to Foreign 2023 2022 2023 2023 2022
(Refer Note
Note 43) Subsidiaries Note 43) Subsidiaries
40.2)
Land (Freehold
211.02 1.40 (23.75) 0.53 7.65 0.09 196.76 - - 0.09 2.12 0.09 2.12 - - - - 194.64 211.02
& Leashold)
(206.03) - - 0.30 (5.29) - (211.02) - - - - - - - - - - (211.02) (206.03)
Buildings 914.75 - (38.90) 6.16 46.94 21.67 907.28 156.97 - 0.54 45.98 21.48 182.01 - 2.83 - 2.83 722.44 757.78
(909.24) - - 3.74 (12.03) (2.78) (914.75) (118.37) - 2.22 (41.42) (0.60) (156.97) - - - - (757.78) (790.87)
Plant &
1,860.89 3.71 (63.19) 12.05 232.53 67.95 1,978.04 970.40 (21.94) 1.56 177.04 67.46 1,059.60 - 26.34 - 26.34 892.10 890.49
Machinery
(1,683.39) - - 13.60 (207.23) (16.13) (1,860.89) (803.40) - 11.96 (188.10) (9.14) (970.40) - - - - (890.49) (879.99)
Railway Siding 0.01 - - - - - 0.01 - - - - - - - - - - 0.01 0.01
(0.01) - - - - - (0.01) - - - - - - - - - - (0.01) (0.01)

Office
62.32 0.37 (1.54) 0.54 16.45 2.89 75.25 33.97 (0.15) 0.48 7.36 2.73 38.93 - - - - 36.32 28.35
Equipment
(55.15) - - 0.69 (8.23) (0.37) (62.32) (29.51) - 0.84 (5.67) (0.37) (33.97) - - - - (28.35) (25.64)
Furniture &
28.36 0.41 (0.97) 0.04 3.76 1.12 30.48 12.03 (0.98) 0.03 3.44 0.97 13.55 - 0.07 - 0.07 16.86 16.33
Fixtures
(27.69) - - (0.02) (0.89) (0.24) (28.36) (8.31) - (0.05) (3.83) (0.16) (12.03) - - - - (16.33) (19.38)
Vehicles 16.75 - (0.06) 0.10 17.86 6.96 27.69 5.47 (0.02) 0.07 5.15 4.79 5.88 - - - - 21.81 11.28
(14.64) - - 0.14 (7.82) (5.57) (16.75) (6.91) - 0.11 (3.24) (4.57) (5.47) - - - - (11.28) (7.73)
TOTAL 3,094.10 5.89 (128.41) 19.42 325.19 100.68 3,215.51 1,178.84 (23.09) 2.77 241.09 97.52 1,302.09 - 29.24 - 29.24 1,884.18 1,915.26
(2,896.15) - - 18.45 (241.49) (25.09) (3,094.10) (966.50) - 15.08 (242.26) (14.84) (1,178.84) - - - - (1,915.26) (1,929.65)
Notes:
a. All the above assets are owned by the Company unless otherwise stated as leased asset.
b. Previous Year Figures are given in brackets
c. Non Convertible Debentures are secured by first pari-passu charge on certain Land and Building (refer note 15a and 17a).
d. During the year ended 31st March 2023 impairment loss of `29.27 Cr. has been recognised towards write-down of property, plant & equipment and intangible assets
of certain Cash Generating Units pertaining to the “Other Business Segment” to their recoverable amount on account of various market factors, uncertainties related
to future project potential and expected usage. The losses have been recognized in the statement of Profit and Loss under exceptional items.
e. On transition to Ind AS (i.e. 1st April 2016), the Company has elected to continue with the carrying value of all Property, Plant and Equipment measured as per the
previous GAAP and use that carrying value as the deemed cost of Property, Plant and Equipment.
259
Note 6b - Right-of-use assets ` in Crores
Gross Block at Cost Amortisation Net Block
Exchange Exchange
Acquisition
Particulars Fluctuation Fluctuation
As at through Business As at As at As at As at As at
pertaining Additions Deletions pertaining For the Year On Deletions
31-Mar-2022 Combination 31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2023 31-Mar-2022
to Foreign to Foreign
(Refer Note 40.2)
Subsidiaries Subsidiaries
Land (Leasehold) 330.79 - - 11.11 7.90 334.00 35.29 0.86 4.45 6.36 34.24 299.76 295.50
(313.25) - (1.84) (29.68) (13.98) (330.79) (26.34) (0.60) (8.35) - (35.29) (295.50) (286.91)
Buildings 53.91 19.55 0.66 12.73 24.35 62.50 21.89 0.41 8.60 3.39 27.51 34.99 32.02
|
(57.65) - 0.07 (4.87) (8.54) (53.91) (14.79) (0.29) (7.64) (0.83) (21.89) (32.02) (42.86)
Vehicles 4.22 1.51 0.24 0.84 2.32 4.49 4.22 0.25 1.48 1.46 4.49 - -
(2.19) - (0.22) (1.81) - (4.22) (1.95) - (2.27) - (4.22) - (0.24)

Office
0.48 - - - - 0.48 0.16 - - - 0.16 0.32 0.32
equipments
- - - (0.48) - (0.48) - - (0.16) - (0.16) (0.32) -
Plant &
2.16 - 0.13 0.40 - 2.69 0.72 0.14 0.39 - 1.25 1.44 1.44
Machinery
(1.94) - (0.22) - - (2.16) - (0.10) (0.62) - (0.72) (1.44) (1.94)
TOTAL 391.56 21.06 1.03 25.08 34.57 404.16 62.28 1.66 14.92 11.21 67.65 336.51 329.28
(375.03) - (2.21) (36.84) (22.52) (391.56) (43.08) (0.99) (19.04) (0.83) (62.28) (329.28) (331.95)
Notes:
a. Previous Year Figures are given in brackets
b. The Group’s application for renewal of lease in respect of property in Mumbai is considered by local municipal corporation, however documentation foramlities in this
regards are in progress. The net book value of tangible assets in relation to this property as at 31st March, 2023 is `182.67 Cr. (as at 31st March, 2022 `187.44 Cr.).
Note 6c. Capital Work in progress (CWIP)
CWIP Ageing Schedule
Amount in CWIP for a period of
Particulars < 1 Year 1 - 2 Years 2 - 3 Years > 3 Years 31-Mar-23 < 1 Year 1 - 2 Years 2 - 3 Years > 3 Years 31-Mar-22
Projects in progress 153.90 19.58 3.92 0.53 177.93 99.09 15.64 2.41 0.13 117.27
Projects temporarily suspended - - - - - - - - - -
Capital work in progress (CWIP) completion schedule as at 31-03-2023*
To be completed in To be completed in
Particulars
< 1 Year 1 - 2 Years 2 - 3 Years > 3 Years 31-Mar-23 < 1 Year 1 - 2 Years 2 - 3 Years > 3 Years 31-Mar-22
Variable frequency drives frame 0.90 - - - 0.90 0.93 - - - 0.93
VSI modules - - - - - 4.58 - - - 4.58
Variable frequency drives 1.45 - - - 1.45 1.37 - - - 1.37
Emo variable frequency drives - - - - - 0.20 - - - 0.20
Softstarter high power range 4.08 - - - 4.08 - - - - -
Other Business 2.41 - - - 2.41 2.41 - - - 2.41
Total 8.84 - - - 8.84 9.49 - - - 9.49
*Project wise completion schedule where project cost has exceeded or projects are overdue
Movement of Capital Work-in-Progress
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Movement during the year 60.66 (21.00)
Note 6d - Intangible Assets ` in Crores
Gross Block at Cost Amortisation Impairment (Refer Note d) Net Block
Acquisition
through

Business For the On
(Refer Note
40.2)
Software 6.72 0.17 (5.21) 0.69 16.44 - 18.81 4.15 (2.61) 0.67 3.00 - 5.21 - 0.03 - 0.03 13.57 2.57
(3.79) - - 0.65 (3.58) - (6.72) (2.55) - 0.75 (2.35) - (4.15) - - - - (2.57) (1.24)
Fair Value
of Lease 9.50 - - (0.20) - - 9.30 1.57 - (0.01) 0.26 - 1.82 - - - - 7.48 7.93
Contracts
(9.50) - - - - - (9.50) (1.07) - - (0.50) - (1.57) - - - - (7.93) (8.43)
Technical
194.12 173.59 - 5.35 - - 373.06 37.04 - 5.38 39.04 - 81.46 - - - - 291.60 157.08
Know-How
(194.92) - - 1.82 (1.02) - (194.12) (8.16) - (0.60) (28.28) - (37.04) - - - - (157.08) (186.76)
Brand 144.47 - (17.84) 8.23 - - 134.86 20.36 (7.31) 8.18 8.99 - 30.22 - - - - 104.64 124.11
(149.96) - - 5.49 - - (144.47) (5.74) - (4.22) (10.40) - (20.36) - - - - (124.11) (144.22)

261
Gross Block at Cost Amortisation Impairment (Refer Note d) Net Block
Acquisition
through
Business For the On
(Refer Note
40.2)
Customer
154.63 - - - - - 154.63 50.86 - - 59.15 - 110.01 - - - - 44.62 103.77
Relationship
(154.63) - - - - - (154.63) (9.21) - - (41.65) - (50.86) - - - - (103.77) (145.42)
Development
10.03 - (6.66) (1.19) 12.14 - 14.32 0.62 (3.14) (0.50) 4.00 - 0.98 - - - - 13.34 9.41
Cost
(0.45) - - 1.98 (11.56) - (10.03) (0.31) - 1.59 (1.90) - (0.62) - - - - (9.41) (0.14)
|
Non Compete - 69.55 - - 0.02 - 69.57 - - - 24.27 - 24.27 - - - - 45.30 -
- - - - - - - - - - - - - - - - - - -
Order Book - 4.36 - - - - 4.36 - - - 0.70 - 0.70 - - - - 3.66 -
- - - - - - - - - - - - - - - - - - -
Other
- - - 1.00 1.67 - 2.67 - - 0.91 0.24 - 1.15 - - - - 1.52 -
Intangibles
- - - - - - - - - - - - - - - - - - -
Total 519.47 247.67 (29.71) 13.88 30.27 - 781.58 114.60 (13.06) 14.63 139.65 - 255.82 - 0.03 - 0.03 525.73 404.87
(513.25) - - 9.94 (16.16) - (519.47) (27.04) - (2.48) (85.08) - (114.60) - - - - (404.87) (486.21)
Notes:
a. Previous Year Figures are given in brackets
b. On transition to Ind AS (i.e. 1st April 2016), the Company has elected to continue with the carrying value of all Intangible Assets measured as per the previous GAAP
and use that carrying value as the deemed cost of Intangible Assets.
Note 6e. Intangible Assets under Development
Particulars < 1 Year 1 - 2 Years 2 - 3 Years > 3 Years 31-Mar-23 < 1 Year 1 - 2 Years 2 - 3 Years > 3 Years 31-Mar-22
Projects in progress 11.03 1.17 - 1.24 13.44 4.78 0.10 3.54 2.59 11.01
Projects temporarily suspended - - - - - - - - - -
Total 11.03 1.17 - 1.24 13.44 4.78 0.10 3.54 2.59 11.01
Notes:
1. There are no overdue projects as at March 31, 2023 and March 31, 2022

Note 6f. Goodwill on Consolidation
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Adjustment on account of business combination (Refer Note 40.2) 169.73 -
Effect of Foreign Currency Translation 1.61 (1.53)
Impairment
Opening Balance as at beginning of the year - -
Impairment during the year - -
Closing Balance as at end of the year - -
Goodwill as at end of the year 834.48 663.14
Goodwill recognised at the time of acquisition of Shanthi Gears Limited (SGL)
The Goodwill recognised at the time of acquisition of the SGL represents 34% of the total Goodwill carried by the
Group amounting to `284.30 Cr. The quoted market value of shares of SGL held by the group as on 31st March 2023 is
`1,984.18 Cr. which is significantly higher than the acquisition price. Accordingly, based on the assessment of goodwill done
by the group, it believes that the carrying amount of goodwill is recoverable and no impairment has been considered.
Goodwill recognised at the time of acquisition of CG Power and Industrial Solutions Limited (CGPISL)
The Goodwill recognised at the time of acquisition of the CGPISL represents 42% of the total Goodwill carried by the
Group amounting to `352.65 Cr. The quoted market value of shares of CGPISL held by the group as on 31st March 2023 is
`26,599.00 Cr. which is significantly higher than the acquisition price. Accordingly, based on the assessment of goodwill done
by the group, it believes that the carrying amount of goodwill is recoverable and no impairment has been considered.
Goodwill recognised at the time of acquisition of IPLT and CEMPL (Subsidiaries of TICM)
The Goodwill amounting to `162.18 Cr recognised at the time of acquisition of IPLT and CEMPL (Subsidiaries of TICM)
represents 19 % of the total goodwill carried by the Group. The recoverable value was determined by an independent valuer
using Discounted Cashflow projections. The discount rate applied to the cashflow projections during the current year is
assumed between the 17 % - 23 % in line with the Industry in which the group operates. Further the projections covered a
period of 5 years with a terminal growth rate of 3%. The projections for discounted cashflow projections are relatively sensitive
to the assumptions relating to gross margin, discount rate and growth rate which is determined based on industry outlook.
Note 7. Investment Properties
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Depreciation
Other Adjustment - 0.14
Depreciation during the year 0.20 0.20
Net Block as at the end of the year 11.72 11.92

Information regarding income and expenditure of Investment property ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Rental Income derived from Investment Properties 2.20 2.28
Direct Operating Expenses (including repairs and maintenance) - -
Profit arising from Investment Properties before Depreciation and Indirect
2.20 2.28
Expenses
Depreciation (0.20) (0.20)
Profit arising from Investment Properties before Indirect Expenses 2.00 2.08
Reconciliation of fair value: ` in Crores

As at As at
Particulars
31-Mar-2023 31-Mar-2022
Fair value difference 0.80 0.17
The Group’s Investment Property consists of properties in Chennai, Mumbai and Coimbatore.
As at 31st March 2023, the Fair Value of the Properties is `45.65 Cr. (31st March 2022 - `44.85 Cr.)
The fair value of the investment properties are determined by an accredited Independent valuer, who is a specialist in valuing
these types of investment properties and is a registered valuer as defined under rule 2 of Companies (Registered Valuers and
Valuation) Rules, 2017. The valuation model in accordance with that recommended by the Valuation Standards Committee
has been applied. The resulting Fair Value Estimates are classified under Level 3 of the Fair Value Hierarchy (Refer Note 41.2).
On transition to Ind AS (i.e. 1st April 2016), the Company has elected to continue with the carrying value of all Investment
Properties measured as per the previous GAAP and use that carrying value as the deemed cost of Investment Property.
The Group has no restrictions on the disposal of its Investment Property and no contractual obligations to purchase, construct
or develop Investment Property or for repairs, maintenance and enhancements.
Note 8a. Investment in Joint ventures and Associates
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Investments at Cost:
Investment in Joint Ventures
Cellestial E-Mobility Private Limited and its Subsidiary (Refer Note i) - 157.98
M/s X2Fuels and Energy Private Limited (Refer Note ii) 6.12 -
Investment in Associates
M/s Aerostrovilos Energy Private Limited 3.29 3.43
Total 9.41 161.41
Notes:
i) During the previous year, the Holding Company incorporated a wholly owned subsidiary viz., TI Clean Mobility Private
Limited (“TICMPL”) to pursue and engage in Clean Mobility business interests and electric three-wheeler business with
an initial equity investment of `100 Cr. During the current year the company further invested `150 Cr. in TICMPL by way
of Subscription to 15 Cr. Equity shares of `10 each.
During the previous year, TICMPL acquired 1,41,677 equity shares of the face value of `10/- each, representing about
69.95% of the subscribed and paid up share capital of M/s. Cellestial E-Mobility Private Limited (“CEMPL”), a company
engaged in design and manufacture of electric tractors, aviation ground support electric equipment and other electric
machinery for a consideration of `160.90 Cr. TICMPL had joint control over CEMPL on such acquisition. During the

current year, it acquired the remaining 30.04% equity shares (60,860 equity shares) held by the founders of CEMPL for
an aggregate consideration of `50.90 Cr., and CEMPL became wholly owned subsidiary of TICMPL. (Refer Note 40.2)
ii) During the year, the Holding company was allotted 10,753 equity shares of face Value of `10 each fully paid up,
representing 50% of the paid up share capital of M/s. X2Fuels and Energy Private Limited (“X2Fuels”) for an aggregate
consideration of `6.15 Cr. pursuant to the Shares Subscription Agreement executed between the Holding company,
X2Fuels and other parties to Share Subscription Agreement. TII has Joint control over X2Fuels.
Note 8b. Financial assets - Other Investments
Nominal Number of Securities ` in Crores
Particulars Value As at As at As at As at
` per unit
31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
(A) Investments at Fair Value Through Other Comprehensive Income (FVTOCI):
Bombay Mercantile Co-op. Limited
10 500 500 - -
(Fair value `5,000 only) (Refer Note b)
Southern Energy Development
10 70,000 70,000 7.68 7.46
Corporation Limited
TI Cycles of India Co-operative Canteen
Limited (Fair value - `250 only) 5 50 50 - -
(Refer Note b)
TI Diamond-Miller Co-operative Canteen
Limited (Fair value - `100 only) 5 20 20 - -
(Refer Note b)
Watsun Infrabuild Private Limited 10 10,55,913 10,55,913 1.06 1.06
Total (A) 8.74 8.52
(B) Investments at Amortised Cost:
Investments in Bonds - Quoted

PFC Tax Free Bonds 1,000 2,567 2,567 0.26 0.26
IRFC Tax Free Bonds 1,000 36,783 36,783 3.95 3.96
NHAI Bonds 2015 escrow A/c 1,000 71,428 71,428 8.01 8.01
IREDA Tax Free Bonds 1,000 23,624 23,624 2.41 2.41
HUDCO Tax Free Bonds 1,000 18,442 18,442 1.87 1.87
NABARD Tax Free Bonds 1,000 4,008 4,008 0.40 0.40
RECL Tax Free Bonds 1,000 28,000 28,000 3.23 3.23
NTPC Tax Free Bonds 1,000 - 17,735 - 1.99
NHPC Limited Tax Free Bonds 1,000 800 800 0.09 0.09
Central Government Securities 10.18%
100 39,000 39,000 0.39 0.39
2026
Total (B) 20.61 22.61
(C) Investments at Fair Value Through Profit and Loss (FVTPL):

` per unit 31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
Dinette Exclusive Club Pvt Ltd 100 500 500 0.01 0.01
Radiant Electronics Limited (Refer Note b) 100 1,90,000 1,90,000 - -
Other non-current investments 0.50 0.17
Investments in Debentures/Bonds
Avantha Holdings Limited (Optionally
Convertible, Zero Coupon,
100 8,00,000 8,00,000 - 8.00
Non-marketable, Transferable Debentures)
(Refer Note c)

` per unit 31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
Dinette Exclusive Club Pvt Ltd (0%
unsecured irredeemable non-convertible 100 5,000 5,000 0.05 0.05
debentures)
Total (C) 0.56 8.23
Less: Provision for impairment in value of
- (8.00)
investment
0.56 0.23
Total (A + B + C) 29.91 31.36
Quoted
Cost 20.61 22.61
Market value 20.61 22.61
Unquoted
Cost 1.70 9.37
Provision for impairment in value of investment - 8.00
Notes:
a) Investments at fair value through OCI (fully paid) reflect investment in unquoted equity securities and quoted debt
securities. The Group has irrevocably designated the unquoted equity securities as FVTOCI on the basis that these are
not held for trading and considers these as strategic investments. Investments at amortised cost reflect investments in
quoted tax free bonds. Refer Note 41.1 for determination of their fair value.
b) Represents amounts less than `0.01 Cr.
c) During the previous year, Group has written off investment of `8.00 Cr. in Avantha Holdings Limited (‘AHL’).
Note 8c. Other Financial assets
(At Amortised Cost and considered good, unsecured unless stated otherwise) ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Electricity & Other deposits 30.76 23.65
Deposits with banks (with maturity period of more than 12 months)* 7.30 11.06
Advance to others 1.03 -
Others 10.50 21.46
49.59 56.17
Less: Provision for doubtful advances (1.03) -
Total 48.56 56.17
* Deposits of `3.69 Cr (as at 31st March, 2022 `0.01 Cr) are held as margin money.
Note 9. Other non-current assets
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Capital Advances
- Secured 12.18 4.81
- Unsecured 33.19 30.27
45.37 35.08
Less: Provision for Doubtful Advance (0.18) (0.18)
45.19 34.90
Balance with Customs, Excise and Sales Tax Authorities 18.72 21.27
Rental Advance 0.27 0.32
Total 64.18 56.49

Note 10. Inventories
(Lower of Cost and Net Realisable Value) ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Raw Materials 506.79 468.12
Stores and Spare Parts 11.67 12.06
Goods-in-Transit
- Raw Materials 19.18 47.48
- Stock-in-Trade 1.78 4.08
Total 1,352.91 1,327.11
During the year ended 31st March 2023, `2.93 Cr. was recognised as expense to bring the inventories to record them at Net
Realisable Value. (31st March 2022 - Income of `0.90 Cr.)
Note 11a. Financial assets - Loans
(Considered Good, Unsecured unless stated otherwise) ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Loan to Employees 2.07 2.17
Total 2.07 2.17
Loan to employee are Non Derivative financial assets which generate a fixed or variable interest income for the group.
Note 11b. Trade Receivables
(Unsecured) ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Considered Good 2,133.04 1,788.00
2,125.64 1,783.50
3.26 1.84
Impairment Allowance (allowance for bad and doubtful debts) (116.33) (166.94)
- -
Total 2,128.90 1,785.34
Breakup of Security - Credit Risk
Considered Good 2,133.04 1,788.00
2,253.70 1,958.08
Provision for Doubtful / Impairment Allowance on Receivables
Considered Good (7.40) (4.50)
Trade Receivables which have significant increase in credit Risk (1.07) (1.30)
Trade Receivables - credit impaired (116.33) (166.94)
(124.80) (172.74)
Total 2,128.90 1,785.34

Reconciliation of Provision / Impairment for Receivables ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Additions / adjustments on account of Business Combination (Refer Note 40.2) (0.14) -
Created / (Reversed) during the year (47.80) (16.59)
Trade Receivables are non-interest bearing and generally have Credit period to a maximum of 120 days. For terms and
conditions, relating to related party receivables, Refer Note 36. There are no dues by directors or other officers of the Group or
any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which
any director is a partner or a director or a member, other than as disclosed in Note 36. Refer Note 21 for trade receivable
considered as contract balances.
Break-up of Trade Receivables as at 31st Mar 2023` in Crores
Outstanding for following periods
Current
from due date of Payment
Particulars but not Total
<6 6 months
due 1-2 Years 2-3 Years > 3 Years
months - 1 year
1,335.60 679.28 54.54 51.49 6.04 6.02 2,132.97
considered good
in credit risk
- - 0.78 9.85 21.52 83.46 115.61
credit impaired
- - - 0.07 - - 0.07
considered good
which have significant increase - - - - - 0.01 0.01
in credit risk
- - - - 0.04 0.68 0.72
credit impaired
Total 1,335.60 679.28 59.64 61.41 27.60 90.17 2,253.70
Break-up of Trade Receivables as at 31st Mar 2022 ` in Crores

Outstanding for following periods from due date of
Current
Payment
<6 6 months
due 1-2 Years 2-3 Years > 3 Years
months - 1 year
1,201.10 525.08 27.76 5.82 18.58 9.16 1,787.50
considered good
which have significant increase - - 2.98 - - 0.14 3.12
in credit risk
- 0.02 1.57 7.96 91.60 65.03 166.18
credit impaired
- 0.09 0.23 0.09 - 0.09 0.50
considered good
which have significant increase - - 0.01 - - 0.01 0.02
in credit risk
- - - 0.04 0.09 0.63 0.76
credit impaired
Total 1,201.10 525.19 32.55 13.91 110.27 75.06 1,958.08

Note 11c. Financial assets - Investments
No of Shares/ Unit ` in Crores
Particulars Face value As at As at As at As at
per unit in ` 31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
Quoted Investments - FVTPL
Investments in Mutual Funds 687.92 348.98
Investments in equity instruments (FVTPL) 0.01 0.01
Investments at Amortised Cost:
NTPC Tax Free Bonds 1,000.00 17,735 - 1.99 -
Total 689.92 348.99
During the year, the Group has invested an aggregate amount of `4,135.35 Cr. (Previous Year - `2,121.04 Cr.) in the units of
various Cash Management Schemes of Mutual funds/Bonds, for the purposes of deployment of temporary cash surplus and
has `689.92 Cr. (Previous Year - `348.99 Cr.) in mutual funds/Bonds as at year end. The total consideration received on the
sale of units during the year was `3,810.51 Cr. (Previous Year - `2,103.93 Cr.).
Note 11d. Cash and Cash Equivalents ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Balances with Banks in Current Account 203.02 164.58
Bank Deposits with maturity less than 3 months 639.79 239.40
Cash on Hand 0.02 7.23
Total Cash and Cash Equivalents 842.83 411.21
Cash Credit facility (Secured) (0.02) (1.62)
Cash and Cash Equivalents from Discontinued Operations 30.13 2.21
Total Cash and Cash Equivalents as per Statement of Cash Flow 872.94 411.80
Notes:
(a) As at 31st March 2023, the Group has undrawn committed lines of `836.15 Cr. (As at 31st March 2022 - `894.36 Cr.).
(b) Changes in Liabilities arising from Financing Activities:
` in Crores
Additions
Finance
on account Foreign
As at Additions Cash cost As at
of Business exchange
Particulars 31-Mar- / Deletions Inflows / charged 31-Mar-
Combination movement
2022 to Lease (Outflows) during the 2023
(Refer Note impact
year
40.2)
Borrowings
Term Loan from Banks 145.29 - - (101.11) - - 44.18
Debentures 251.03 - - (251.03) - - -
Working Capital Loan 359.36 - - 225.58 - - 584.94
Borrowings from Bank 46.46 - - (46.46) - - -
Cash Credit 1.62 - - (1.60) - - 0.02
CCPS - - - 400.00 - - 400.00
Lease Liabilities
Lease Liabilities 67.15 21.47 24.59 (21.30) (0.05) 5.48 96.93
Total 870.91 21.47 24.59 204.08 (0.05) 5.48 1,126.07

` in Crores
Additions
Finance
on account Foreign
As at Additions / Cash cost As at
of Business exchange
Particulars 31-Mar- Deletions to Inflows / charged 31-Mar-
Combination movement
2021 Lease (Outflows) during 2022
(Refer Note impact
the year
40.2)
Borrowings
Term Loan from Banks 673.87 - - (528.58) - - 145.29
Debentures 302.06 - - (52.06) - 1.03 251.03
Working Capital Loan 401.14 - - (41.78) - - 359.36
Borrowings from Bank 537.43 - - (490.97) - - 46.46
Cash Credit 0.12 - - 1.50 - - 1.62
Lease Liabilities
Lease Liabilities 57.78 - 23.11 (17.74) (0.38) 4.38 67.15
Total 1,972.40 - 23.11 (1,129.63) (0.38) 5.41 870.91
Note 11e. Bank Balances other than above ` in Crores

As at As at
Particulars
31-Mar-2023 31-Mar-2022
Unpaid Dividend Accounts (Refer note a) 3.87 3.30
Bank Deposits with original maturity of more than 3 months but less than 12
106.90 157.82
months (Refer Note b & c)
Others - 0.33
Total 110.77 161.45
Notes:
a) There are restrictions in the balances in Unpaid Dividend accounts.
b) The bank deposits are earmarked against certain commitments
c) Deposits of `3.11 Cr. (as at 31st March, 2022 `7.83 Cr.) are held as margin money.
Note 11f. Other Financial assets

(At Amortised Cost, considered good and unsecured, unless stated otherwise) ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Interest Accrued 3.38 4.38
Claims Recoverable 0.23 0.69
Other Deposits 18.12 16.04
Government Grants 1.96 2.76
Lease Rent Receivable 0.01 -
Others 3.29 4.56
Receivable on deconsolidation of HBE Group (Refer note below) 132.60 126.70
Total 159.59 155.13
Note: HBE refers to erstwhile subsidiaries consisting of CG Holdings Belgium NV (‘HBE’), CG Power Systems Belgium NV
(‘PSBE’), CG Sales Networks France SA and CG Power Solutions Saudi Arabia Limited (collectively ‘HBE Group’). These
subsidiaries are deconsolidated with effect from January 1, 2020 consequent to the HBE and PSBE being declared bankrupt
by the local court.

Note 12. Other current assets
(Considered Good, Unsecured unless stated otherwise) ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Advances Recoverable
- Goods and Services 179.38 85.65
- Employee Related 13.73 11.67
- Prepaid Expenses 13.63 7.67
- Others 0.51 -
207.25 104.99
Balances with Customs, Excise, Sales Tax and GST Authorities* 197.34 200.67
404.59 305.66
Provision for Doubtful advances for Goods and Services (0.06) -
Total 404.53 305.66
* Balances with Customs, Excise, Sales Tax and GST Authorities as at 31 March 2023 includes statutory receivables of
st
`73.06 Cr. (PY - `84.04 Cr) and deposits (includes towards disputed tax demands) of `53.53 Cr. (PY - `70.91 Cr).
Refer Note 21 for contract assets balance
Provision for Doubtful Advances for Goods and Services ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
At the beginning of the year - 3.70
Created / (Reversed) during the year 0.06 (3.70)
At the end of the year 0.06 -
Notes:
The entire advance amount of `3.70 Cr has been written off, hence the provision created earlier has been reversed during the
previous year.
Note - 13. Equity Share Capital ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Authorised Capital
25,00,00,000 Equity Shares of `1 each 25.00 25.00
(31st March 2022: 25,00,00,000 Equity Shares of `1 each)
Issued, Subscribed and Paid-up Capital
19,31,21,076 Equity Shares of `1 each fully paid up
19.31 19.29
(31-Mar-2022: 19,29,50,221 Equity Shares of `1 each fully paid up)
19.31 19.29
a) The Reconciliation of share capital is given below:

Particulars
No. of Shares ` in Crores No. of Shares ` in Crores
At the beginning of the year 19,29,50,221 19.29 19,28,16,871 19.28
Shares issued under the Employee Stock Option
1,70,855 0.02 1,33,350 0.01
Scheme
At the end of the year 19,31,21,076 19.31 19,29,50,221 19.29
b) Terms/Rights attached to class of shares
The Company has only one class of shares referred to as Equity Shares having a par value of `1 each. The holders of
Equity Shares are entitled to one vote per share. Dividend proposed by the Board of Directors, if any, is subject to the
approval of the shareholders in the ensuing Annual General Meeting. Repayment of capital will be in proportion to the
number of equity shares held by the shareholders.

c) Details of Shareholder(s) holding more than 5 percent of Equity Shares in the Company
% against total % against total
Particulars
No. of Shares number of No. of Shares number of
shares shares
Ambadi Investments Limited (Face Value `1 each) 6,89,66,595 35.71% 6,89,66,595 35.74%
Small Cap World Fund Inc (Face Value `1 each) 1,16,27,785 6.02% 1,37,79,230 7.14%
d) Status on Global Depository Receipts (GDRs):
The GDR Program stands terminated with effect from 12th August 2022. The aggregate number of GDRs deemed to be
outstanding as at 31st Mar 2022 was 9,300.
e) Details of promoter holding is provided in Note no. 44
Note - 14. Other equity ` in Crores

As at As at
Particulars
31-Mar-2023 31-Mar-2022
General Reserve (Refer Note 14a below) 359.81 359.81
Securities Premium (Refer Note 14b below) 352.28 345.73
Retained Earnings (Refer Note 14c below) 3,184.40 2,305.94
Other Reserves
Share Options Outstanding Account (Refer Note 14d below) 14.81 7.56
Cash Flow Hedge Reserve (Refer Note 14e below) (1.15) 0.32
Foreign Currency Translation Reserve (Refer Note 14f below) 17.34 28.38
Capital Redemption Reserve 0.01 0.01
FVTOCI Reserve (Refer Note 14g below) 3.22 3.44
Capital Reserve (Refer Note 14h below) 0.60 0.60
Total 3,931.32 3,051.79
14a. General Reserve
General Reserve - Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net
income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that
if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for that year, then the total
dividend distribution is less than the total distributable results for that year. Consequent to introduction of Companies Act 2013,
the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However,
the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of
Companies Act, 2013.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Addition/(Deletion) during the year - -
14b. Securities Premium Reserve
The Securities premium received during the year represents the premium received towards allotment of shares. The reserve
can be utilized only for limited purposes such as issuance of bonus shares in accordance with the provisions of Companies
Act, 2013.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Exercise of share options 6.55 5.08

14c. Retained Earnings
Retained earnings are the profits / (loss) that the Company has earned / incurred till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on defined benefit
plans, net of taxes that will not be reclassified to Statement of Profit and Loss.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Balance at the beginning of the year 2,305.94 1,557.21
Profit for the Year 955.58 768.83
Additions / Adjustments pertaining to Business Combination 8.82 -
Other Comprehensive Income - Re-measurement Gain / (Loss) on Defined
(18.37) (4.00)
Benefit Obligations (Net)
Effect of Change in Share Holdings of CGPISL - 51.41
Dividend paid during the year (67.57) (67.51)
Balance at the end of the year 3,184.40 2,305.94
14d. Share Option Outstanding Account

Under Ind AS 102, fair value of the options granted is to be expensed out over the life of the vesting period as employee
compensation costs reflecting period of receipt of service.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Exercise of share options (1.87) (1.76)
Share-based payments expenses 9.12 0.58
14e. Cash Flow Hedge Reserve
The cash flow hedge reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of
designated portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes
in fair value of the designated portion of the hedging instruments that are recognised and accumulated under the heading of
cash flow hedging reserve will be reclassified to profit or loss only when the hedged transaction affects the profit or loss, or
included as a basis adjustment to the non-financial hedged item.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Other comprehensive income for the Year (Note 29) (1.47) (0.56)
Balance at the end of the year (1.15) 0.32
14f. Foreign Currency Translation Reserve
Exchange differences relating to the translation of the Results and Net Assets of the Foreign Subsidiaries from their functional
currencies to the Group’s presentation currency (i.e., Indian Rupees) are recognised directly in Other Comprehensive Income
and accumulated in the Foreign Currency Translation Reserve. At the time of disposal of the foreign operation, it is reclassified
to the Statement of Profit and Loss.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Other comprehensive income for the Year (Note 29) (11.04) 7.05

14g. FVTOCI Reserve
This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value
through other comprehensive income.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Other comprehensive income for the Year (Note 29) (0.22) (0.28)
14h. Capital Reserve
The share capital of the Holding Company as at 31st March 2016, had been cancelled pursuant to the Scheme of Arrangement
(Refer Note 1) and the same has been credited to the Capital Reserve. The amount also includes the gain on bargain purchase
relating to acquisition of two subsidiaries namely, Great Cycles (Private) Limited and Creative Cycles (Private) Limited.
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Addition/(Deletion) during the year - -
Note 15a. Long term Borrowings ` in Crores

As at As at
Particulars
31-Mar-2023 31-Mar-2022
Secured
Term Loan from Banks (Refer Note a) 44.18 145.29
Unsecured
Unlisted Non-Convertible Debentures (NCD)(Refer Note b) - 200.00
Total 44.18 345.29
(a) Secured term loans from banks:
(i) During the year, the term loan was fully repaid (as at 31st March, 2022 `98.87 Cr.).The said term loans were drawn at
rate of interest of 6 months MCLR plus applicable spread and were secured by first charge on fixed assets except
such properties as were specifically excluded. Second charge were by way of hypothecation of inventories and book
debts / receivables of the Company.
(ii) The term loans of ` Nil (as at 31st March, 2022 `0.11 Cr.) were repayable in 6-48 equal monthly instalments and were
secured by hypothecation of vehicles. (Current maturity of the said loan is ` Nil) (as at 31st March, 2022 `0.05 Cr.).
(iii) The term loan of `36.56 Cr. (as at 31st March, 2022 `36.56 Cr.) is secured by land, factory, machineries, inventories
and receivables of subsidiary. The loan is supported by Corporate Guarantee of CG Power and Industrial
Solutions Limited upto 51% of loan liability. Current maturity of the said loan is `36.56 Cr. (as at 31st March, 2022
`36.56 Cr.). The said loan is part of liabilities associated with group of assets classified as held for sale and
discontinued operation as on 31st March, 2023.
(iv) Term loan of ` Nil (as at 31st March, 2022 `16.67 Cr.) at ‘Stibor 3M + 2.25%’ for a period of 4 years. The loan was
repayable in quarterly installment of SEK 2.5 Mn. The loan was secured by pledging of shares of subsidary. Current
maturity of the said loan is ` Nil (as at 31st March 2022 `8.13 Cr.).
(b) Unsecured loans (Debentures):
During the year, the Group has fully redeemed Non-convertible Debenture (NCDs). The Non-convertible Debentures
(NCDs) were unlisted, unsecured, redeemable and non-convertible. NCDs were issued to lenders in terms of Settlement
Agreement towards settlment of borrowings. NCDs carried coupon rate of 0.01% for the initial period of 2 years and
thereafter 8% p.a. until the maturity date. CGPISL had the right to redeem the NCDs, in whole or part, on and after initial
period of 2 years from date of allotment of the NCDs till the date of maturity.

(c) Secured, Listed and Rated Non-Convertible Debentures (NCD)
4.80% Privately placed NCDs are secured by a pari passu first charge on certain land and building of the Group.
(Refer Note 6a)
Maturity date
Outstanding
Coupon Rate and Effective Interest Rate and Redemption
Amount in ` Crores
particulars
*4.80% 51.03 27-Apr-22
* Classified as “Short Term Borrowings” (Refer Note 17a)
Note 15b. Lease Liabilities ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Lease Liability (Refer Note 38) 83.11 52.24
Total 83.11 52.24
Note 15c. Other Financial Liabilities ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
At Amortised Cost:
Deposits payable 2.20 3.78
Other 0.38 11.05
At FVTPL:
Compulsorily Convertible Preference Shares (CCPS) (Refer note below) 400.00 -
Total 402.58 14.83
The Group had incorporated M/s. TI Clean Mobility Private Limited (“TICMPL”) in February 2022 to focus on clean mobility
solutions. During the year the Company along with TICMPL, executed Securities Subscription Agreements (SSAs) with M/s.
Multiples Private Equity Fund III, M/s. Multiples Private Equity Fund IV, M/s. Multiples Private Equity Gift Fund IV & and their
Co-Investors (together “Investor”) for investment in TICMPL. As per the terms of the SSAs, TII will be investing `500 Cr.
towards subscription to Series B CCPS and Investors will be investing `1,200 Cr. towards subscription to equity shares &
Series A1 CCPS. In this connection, on 28th March 2023, the Investors were allotted equity shares & Series A1 CCPS for
`400 Cr. and on 30th March 2023, TII was allotted Series B CCPS for `167 Cr. in TICMPL.
Series A1 CCPS and Series B CCPS are convertible into variable number of equity shares of TICMPL. Hence, for the purpose
of Consolidated Financial Statements, Series A1 CCPS has been classified as financial liability at fair value through profit and
loss in the financial statements of TICMPL.
As at 31st March, 2023 the fair value of Series A1 CCPS is `400 Cr.
Note 15d. Long Term Provisions ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Provision for Compensated Absences (Refer Note 18a) 18.79 17.70
Provision for warranty (Refer Note 18b) 22.33 13.05
Long term Provisions Others 0.18 -
Provision for Gratuity (Refer Note 34a) 2.04 -
Total 43.34 30.75

Note 16. Deferred Tax Assets & Liabilities
` in Crores
Statement of Profit and Loss
Particulars Balance Sheet
including OCI
Nature - (Liability) / Asset 31-Mar-2023 31-Mar-2022 31-Mar-2023 31-Mar-2022
Deferred Tax Liabilities
Difference between depreciation as per books of
(17.64) (123.47) (105.83) (135.21)
accounts and the Income Tax Act, 1961
Accelerated Depreciation (38.08) (41.94) (3.86) (5.79)
Deferred Tax on fair valuation of assets on acquisition of
(153.97) (124.78) (7.36) (18.87)
Subsidiaries
Deferred Tax on Foreign Currency Translation Reserve 3.41 2.64 (0.76) (2.03)
Others (93.89) - 93.89 -
Deferred Tax Liabilities - A (300.17) (287.55) (23.92) (161.90)
Deferred Tax Assets
Provision for Doubtful / Impairment on Receivables 61.32 57.75 (3.57) 32.99
Provision for Employee Benefits 6.63 7.99 1.36 2.36
On expenditure charged to the statement of profit and
loss in the current year but allowed for tax purposes on 53.22 48.44 (4.78) (14.45)
payment basis
Effect of Cash Flow Hedge and Fair Value of Equity
(0.73) 3.10 3.83 (1.03)
Investments through OCI
Provision for Corporate Guarantee obligation settlement - 31.46 31.46 (4.75)
Unabsorbed losses and unabsorbed depreciation 453.65 614.88 161.23 116.77
Others 29.11 30.27 1.16 13.88
Deferred Tax Assets - B 603.20 793.89 190.69 145.77
Deferred Tax (Income) / Expense (A+B) 166.77 (16.13)
Net Deferred Tax (Liabilities)/ Assets (A+B) 303.03 506.34
Summary
Deferred Tax Assets 334.96 513.57
Deferred Tax Liabilities (31.93) (7.23)
Deferred Tax Assets / (Liabilities) (Net) 303.03 506.34
Reconciliation of Deferred Tax Assets (Net) ` in Crores
Opening balance 506.34 493.83
Adjustment on account of Business Combination (Refer Note 40.2) (41.13) -
Tax Expense during the period recognised in Statement of Profit and Loss (163.33) 12.28
Tax Income / (Expense) during the period recognised in OCI (2.68) 1.82
Tax on Foreign Currency Translation Reserve 0.76 2.03
Others 3.07 (3.62)
Closing balance 303.03 506.34
During the year ended 31st March, 2023, the Group has recognised deferred tax asset on losses based on availability of future
taxable profits and the same is subject to change, if any, which may arise due to revision of return of income based on the
recasting/revision of books of accounts by CGPISL. Deferred tax assets have not been recognized in respect of losses arisen
in subsidiaries of CGPISL and TI Clean Mobility Private Limited as they may not be used to offset taxable profits elsewhere in
the Group. Those subsidiaries have been loss-making for some time, and there are no other tax planning opportunities or other
evidence of recoverability in the near future.
The net deferred tax assets of `303.03 Cr. (31st March 2022 - `506.34 Cr.) includes deferred tax assets of `453.65 Cr.
(31st March 2022 - `614.88 Cr.) relating to tax losses. Based on future forecast and current economic conditions in India, there
is a reasonable certainty that the deferred tax assets on tax losses will be recovered on or before expiry of 8 years period.

Note 17a. Short term Borrowings ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Current maturities of Long Term Borrowings
Listed and Rated Non-Convertible Debentures (NCD) (Refer Note 15a(c)) - 51.03
Borrowings from Banks (Refer Note a)
- Secured - 46.46
- 97.49
Secured Borrowings
(secured by pari passu first charge on Inventories and Trade Receivables)
From Banks
Working Capital Loans 309.59 215.20
Cash Credit 0.02 1.62
309.61 216.82
Unsecured Borrowings
Working Capital Loans 275.35 144.16
275.35 144.16
Total 584.96 458.47
Note:
a) Refer Note 15a for nature of security and repayment terms.
b) Short term Borrowings have a maturity of up to 6 months with an interest rate range of 2.15%-16%.
c) During the current year, the Group has borrowed fresh short term loans amounting to `1,331.34 Cr. (Previous year -
`1,098.61 Cr. and repaid loans to the tune of `1,129.83 Cr. (Previous year - `1,140.37 Cr.) relating to Packing Credit,
Commercial Paper and other Short Term Working Capital Loans. Further, as part of acquisition the Group has also
acquired borrowings as part of the business combination amounting to `22.47 Cr. (Previous Year - Nil)
The Group has filed declarations to bank on regular basis as per the books of accounts.
The group has not defaulted on any loans (including interest) payable during the year and is in compliance with all the
borrowing covenants.
Note 17b. Trade Payables ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Trade Payables*
- Dues to Micro, Small & Medium Enterprises 108.34 68.01
- Others 2,210.77 2,275.22
Total 2,319.11 2,343.23
* Refer Note 36 for transactions with related parties

Current Outstanding
< 1 Year 1-2 Years 2-3 Years > 3 Years
due
101.21 6.89 0.15 0.06 0.03 108.34
(ii) Total Outstanding dues to creditors other
1,537.46 618.05 13.35 3.67 19.16 2,191.69
- - - - - -
(iv) Disputed Dues - dues to creditors other than
- - - - 19.08 19.08
micro enterprises and small enterprises
1,638.67 624.94 13.50 3.73 38.27 2,319.11

Current Outstanding
< 1 Year 1-2 Years 2-3 Years > 3 Years
due
60.61 7.24 0.07 0.09 - 68.01
(ii) Total Outstanding dues to creditors other
1,749.83 460.19 6.36 29.13 10.63 2,256.14
- - - - - -
(iv) Disputed Dues - dues to creditors other than
- - - 0.66 18.42 19.08
micro enterprises and small enterprises
Total 1,810.44 467.43 6.43 29.88 29.05 2,343.23
Note 17c. Other Financial Liabilities
(At Amortised Cost) ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Unpaid Dividends # 3.87 3.30
Advances and Deposits from Customers / Others 24.37 19.85
Dues to Directors 1.03 2.38
Interest free sales tax deferral loans from State Government 0.12 -
Liability on deconsolidation of HBE group (Refer Note 11f) 187.63 342.39
Other liabilities
- Recoveries from Employees 25.92 25.22
- Capital Creditors 35.37 73.07
- Others ## 108.52 282.43
Total 386.83 748.64
Notes
# Amount of unclaimed dividend due to be transferred to Investor Education and Protection Fund (‘IEPF’) as at 31st March 2023
`0.05 Cr. (as at 31st March 2022 - `0.04 Cr.)
## Major items includes provision towards guarantee settlement consideration of `43.28 Cr. (as at 31st March, 2022
`165.80 Cr.) and provision towards disputed claims ` Nil (as at 31st March, 2022 `40 Cr.).
Note 18. Short Term Provisions ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Provision for Compensated Absences (Refer Note a below) 32.36 23.02
Gratuity Obligation (Net of plan assets) (Refer Note 34a) 25.72 5.78
Provision for Warranties (Refer Note b below) 56.16 43.61
Provision for Statutory liabilities / Others (Refer Note c below) 115.05 118.11
Provision for Other litigation Claims (Refer Note d below) 0.78 3.87
Provision for Onerous Contracts (Refer Note e below) 3.26 3.19
Provision for share of Net assets in certain subsidiaries (Refer Note 27b) 16.59 -
Total 249.92 197.58
(a) Provision for Compensated absences
This refers to the Group’s liability for accumulated Earned Leave and Sick Leave, which can be encashed at the time of
resignation/retirement of employee. The assumptions used to compute the provision are provided in Note 34c.

(b) Provision for Warranties ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Created during the Year 39.50 17.10
Amounts used during the year (4.21) (10.27)
Unused amounts reversed during the year (13.47) -
Exchange differences 0.01 -
At the End of the Year 78.49 56.66
- Current 56.16 43.61
- Non-Current 22.33 13.05
A provision is recognised for expected warranty claims on products sold during the last one year (2 years in respect of
certain components), based on past experience of the level of returns. It is expected that most of these costs will be
incurred within one year after the reporting date. Assumptions used to calculate the provision for warranties were based
on current sales levels and current information available about returns based on the applicable warranty period for all
products sold.
(c) Provision for Statutory liabilities/Others ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Addition on account of Business Combination (Refer Note 40.2) 0.85 -
(Utilised) / Created during the Year (3.91) (46.80)
The above Provision represents expected future outflows relating to various tax related matters, timing of which cannot
be ascertained. The assumptions used to calculate the provisions are based on past experience of similar matters and
professional consultations.
(d) Provision for Other litigation Claims ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
(Utilised) / Created during the Year (3.09) (9.24)
Provision for Litigation related obligations represents estimated liabilities that are expected to materialise in respect of
matters under litigation.
(e) Provision for Onerous Contracts ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
(Utilised) / Created during the Year - (0.05)
Exchange differences 0.07 -
Provision for onerous contracts have been made on contracts when it is probable that the estimated cost will exceed the
total contract revenue.

Note 19. Other current liabilities ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Statutory Liabilities 128.35 75.32
Contract Liability 0.08 -
Due to Customers 7.14 10.25
Advance from Others* - 566.70
Others 29.43 25.73
Total 406.65 909.22
*CGPSOL, a subsidiary of CG Power had received certain advances from unrelated parties aggregating to `566.70 crores (as
at 31st March, 2022 `566.70 crores). The Group has recognised these advances as current liability and will continue to do so
until fulfilment /extinguishment of aforesaid liability. The said advance from others is part of liabilities associated with group of
assets classified as held for sale and discontinued operation as on 31st March, 2023.
Note 20a. Financial Assets ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Financial Assets - Non Current
At Fair Value
Investments at FVTOCI 8.74 8.52
At Amortised Cost
Investments at Amortised Cost 20.61 22.60
Total Non Current Financial Assets (A) 78.47 87.53
Financial Assets - Current
At Fair Value
Derivative Instruments 0.07 1.02
At Amortised Cost
Loans 2.07 2.17
Trade Receivables 2,128.90 1,785.34
Cash and Cash Equivalents 842.83 411.21
Bank Balances other than Cash and Cash Equivalents 110.77 161.45
Total Current Financial Assets (B) 3,934.15 2,865.31
Total Financial Assets (A + B) 4,012.62 2,952.84

Note 20b. Financial Liabilities ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Financial Liabilities - Non Current
At Amortised Cost
Long Term Borrowings 44.18 345.29
At Fair Value
Compulsorily convertible preference shares 400.00 -
Total Non Current Financial Liabilities (A) 530.94 412.36
Financial Liabilities - Current
At Amortised Cost
Short Term Borrowings 584.96 458.47
Trade Payables 2,319.11 2,343.23
At Fair Value
Total Current Financial Liabilities (B) 3,305.35 3,565.25
Total Financial Liabilities (A + B) 3,836.29 3,977.61
Note 20c. Government Grants ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Opening balance at the beginning of the year 18.56 20.82
Received during the Year 10.05 6.95
Released to the Statement of Profit and Loss (9.63) (9.21)
Closing balance at the end of the year 18.98 18.56
Current 18.50 17.87
18.98 18.56
Government grants are Interest Subvention given by Reserve Bank of India (RBI) on Packing Credit Rupee Export Loan towards
Exports of Certain Products and savings in Customs Duty on import under Export Promotion Capital Goods (EPCG) Scheme.
Note 20d. Distribution made and proposed ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Proposed dividend on Equity Shares:
Final Dividend for FY 2022-23 - `1.50 per share (PY - `1.50 per share) 28.97 28.94
Closing balance at the end of the year 28.97 28.94
Dividends on equity shares declared and paid:
Final dividend of `1.50 per share proposed for the year ended 31st March 2022
was paid during FY 2022-23, after approval in annual general meeting held in 28.95 -
August'22
Final dividend of `1.50 per share proposed for the year ended 31st March 2021
was paid during FY 2021-22, after approval in annual general meeting held in - 28.92
August'21
Interim dividend for the year ended on 31st March 2023: `2 per share
38.62 38.59
(31st March 2022: `2 per share)
67.57 67.51
Proposed Dividend on Equity Shares are subject to approval at the Annual General Meeting and are not recognised as a
Liability as at 31st March.
Note 21. Revenue from Operations ` in Crores
Metal Gear and Unallocated
Particulars Power Industrial
Mobility E-Mobility Engineering Formed Gear Others Corporate Total
Segment Segment
Products Products Income
Revenue from Contract with
Customers
Finished Goods 751.63 4.28 3,952.51 1,305.64 431.14 2,012.79 4,555.16 662.00 - 13,675.15
Traded Goods 54.82 - - 17.23 - - 310.62 373.13 - 755.80
Sale of Products (A) 806.45 4.28 3,952.51 1,322.87 431.14 2,012.79 4,865.78 1,035.13 - 14,430.95
|
Scrap Sales 2.15 0.53 307.33 98.38 9.04 9.26 68.62 30.96 - 526.27
Service Income - - - - - - - 0.02 - 0.02
Conversion Income - - 0.26 - - - - - - 0.26
Government Grants - - - - 0.67 - - - - 0.67
Others 0.95 0.03 3.19 1.26 0.60 - - 0.53 - 6.56
Other Operating Revenue (B) 3.10 0.56 310.78 99.64 10.31 9.26 68.62 31.51 - 533.78
Total (A+B) 809.55 4.84 4,263.29 1,422.51 441.45 2,022.05 4,934.40 1,066.64 - 14,964.73
` in Crores
Year Ended 31-Mar-2022 (Restated)
Metal Gear and Unallocated
Particulars Power Industrial
Mobility E-Mobility Engineering Formed Gear Others Corporate Total
Segment Segment
Revenue from Contract with
Customers
Finished Goods 848.68 - 3,334.51 1,134.43 316.31 1,504.74 3,696.80 660.04 - 11,495.51
Traded Goods 127.36 - - 23.13 - - 186.16 150.37 - 487.02
Sale of Products (A) 976.04 - 3,334.51 1,157.56 316.31 1,504.74 3,882.96 810.41 - 11,982.53
Scrap Sales 2.57 - 257.74 80.61 6.65 10.58 69.29 24.43 - 451.87
Service Income - - - - 5.37 - - - - 5.37
Conversion Income - - 0.11 - - - - - - 0.11
Others 2.14 - 2.55 1.69 0.53 - - 0.64 - 7.55
Other Operating Revenue (B) 4.71 - 260.40 82.30 12.55 10.58 69.29 25.07 - 464.90
Total (A+B) 980.75 - 3,594.91 1,239.86 328.86 1,515.32 3,952.25 835.48 - 12,447.43

Reconciliation of the revenue from contract with customers with the amounts disclosed in the segment information
(Note 37):
` in Crores
Metal Gear Unallocated
Power Industrial
Revenue Mobility E-Mobility Engineering Formed and Gear Others Corporate
Segment Segment
External
809.55 4.84 4,263.29 1,422.51 441.45 2,022.05 4,934.40 1,066.64 -
Customers
Inter-Segment - - 298.34 1.15 4.20 0.87 0.07 23.04 2.25
809.55 4.84 4,561.63 1,423.66 445.65 2,022.92 4,934.47 1,089.68 2.25
Inter Segment
Elimination and - - (298.34) (1.15) (4.20) (0.87) (0.07) (23.04) (2.25)
Adjustment
Total revenue
from contracts 809.55 4.84 4,263.29 1,422.51 441.45 2,022.05 4,934.40 1,066.64 -
with customers
` in Crores
Particulars Year Ended 31-Mar-2022 (Restated)
Metal Gear Unallocated
Power Industrial
Revenue Mobility E-Mobility Engineering Formed and Gear Others Corporate
Segment Segment
External
980.75 - 3,594.91 1,239.86 328.86 1,515.32 3,952.25 835.48 -
Customers
Inter-Segment - - 273.05 0.40 8.21 0.34 0.28 1.16 2.25
980.75 - 3,867.96 1,240.26 337.07 1,515.66 3,952.53 836.64 2.25
Inter Segment
Elimination and - - (273.05) (0.40) (8.21) (0.34) (0.28) (1.16) (2.25)
Adjustment
Total revenue
from contracts 980.75 - 3,594.91 1,239.86 328.86 1,515.32 3,952.25 835.48 -
with customers
Timing of Revenue Recognition ` in Crores

Year Ended
Year Ended
31-Mar-2023
(Restated)
Revenue recognised at a point in time 14,927.76 12,394.48
Revenue recognised over a period of time 36.97 52.95
Total 14,964.73 12,447.43
Summary of Contract Balances ` in Crores

Year Ended
Year Ended
31-Mar-2023
(Restated)
Trade Receivables 2,128.90 1,785.34
Contract Asset 0.20 0.63
Contract Liabilities
Due to customers 7.14 10.25

Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price:
` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Revenue as per Contracted Price 15,147.61 12,592.59
Adjustments
- Discounts (153.96) (133.00)
- Others (includes liquidated damages, price variations, etc) (28.92) (12.16)
Revenue as per Statement of Profit and loss 14,964.73 12,447.43
Performance obligation is satisfied upon meeting the terms specified in the contractual agreement with the customers.
Contract assets:
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group
performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a
contract asset is recognised for the earned consideration and are transferred to trade receivables on completion of milestones
and its related invoicing.
Contract liabilities:
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration
(or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods
or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is
earlier). Contract liabilities are recognised as revenue when the Group satisfies the performance obligation.
Note 22. Other Income ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Dividend Income from Investments at FVTOCI - 0.67
Dividend Income from Investments at FVTPL - 2.57
Rental Income 7.70 8.28
Gain on Exchange Fluctuation (Net) 6.36 5.93
Profit on Property, Plant and Equipment and ROU Assets sold/discarded (Net) 7.95 -
Profit on sale of Investments at FVTPL 14.68 9.51
Fair Value Gain on Financial Instruments at FVTPL 2.36 -
Liabilities/Provisions no longer payable written back 21.80 12.16
Claims recovered 0.52 0.03
Government Grant 14.80 22.31
Interest Income from Financial Assets
Fixed Deposits with Banks and Tax Free Bond 34.28 13.97
Others investments 6.16 10.79
Others 11.85 18.22
Fair Value gain on investment in Joint Venture 14.79 -
Total 143.25 104.44

Note 23. Cost of material consumed ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Opening Raw Materials 509.64 428.13
Addition on account of Business Combination (Refer Note 40.2) 15.98 -
Purchases 9,195.41 7,994.62
Closing Raw Materials (528.04) (509.64)
Cost of Raw Material and Components Consumed 9,192.99 7,913.11
Note: Opening inventories and closing inventories excludes inventories related to discontinued operations
Note 24. Changes in inventories of work-in-progress, finished goods and stock-in-trade ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Closing Stock
815.27 787.12
Opening Stock
787.12 655.62
Addition on account of Business Combination (Refer Note 40.2)
Work-in-Progress 0.19 -
Finished Goods 0.06 -
0.25 -
Changes in Inventories
Work-in-Progress 8.97 (83.01)
Finished Goods (29.21) (28.94)
Stock-in-Trade (7.66) (19.55)
Total (27.90) (131.50)
Note: Opening inventories and closing inventories excludes inventories related to discountinued operations
Note 25. Employee Benefit Expense ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Salaries, Wages and Bonus (Refer Note 33) 993.70 842.02
Gratuity Expenses (Refer Note 34 (a)) 8.65 6.88
Contribution to Provident and Other Funds 97.98 90.19
Staff Welfare Expenses 104.50 93.41
Total 1,204.83 1,032.50
Note on Social Security Code: The date on which the Code of Social Security, 2020 (‘The Code’) relating to employee
benefits during employment and post-employment benefits will come into effect is yet to be notified and the related rules are
yet to be finalised. The Group will evaluate the code and its rules, assess the impact, if any and account for the same once
they become effective.

Note 26.Depreciation and amortization expense ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Depreciation of Property, Plant and Equipment (Refer Note 6a) 241.09 242.26
Amortisation on Right of use of assets (Refer Note 6b) 14.92 19.04
Depreciation of Investment properties (Refer Note 7) 0.20 0.20
Amortisation of Intangible Assets (Refer Note 6d) 139.65 85.08
Total 395.86 346.58
Note 27. Finance Costs ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Interest Expense on Borrowings 36.42 53.87
Interest Expense on Lease liability (Refer Note 38) 5.48 4.38
Other Borrowing Costs 0.56 23.72
Total 42.46 81.97
Note: Interest Expense on Borrowings is net of interest subvention received, amounting to `8.94 Cr. (Previous year - `5.82 Cr.)
on Packing Credit loans.
Note 27a. Other Expenses ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Consumption of Stores and Spares 395.28 330.90
Conversion Charges 241.09 213.03
Power and Fuel 273.47 240.10
Rent (Net of recoveries) 22.40 17.41
Repairs and Maintenance - Building 12.03 6.66
Repairs and Maintenance - Machinery 162.33 131.92
Repairs - Others 15.33 15.30
Insurance 15.76 14.56
Rates and Taxes 19.19 12.01
Travelling and Conveyance 45.18 22.51
Printing, Stationery and Communication 7.25 6.10
Freight, Delivery and Shipping Charges 364.94 327.59
Commission on Sales 17.67 16.15
Advertisement and Publicity 23.83 33.08
Impairment allowance for receivables and advances (Net) (includes bad debts
15.99 7.64
written off)
Consultancy Charges 92.24 100.87
After sales services (including warranties) 49.87 35.57
Auditor's Remuneration 1.17 0.76
Commission to Non Whole Time Directors 0.70 2.70
Directors' Sitting Fees 0.76 1.49
Bank Charges 15.32 16.95
Information Technology Expenses 20.99 10.70
Loss on Property, Plant and Equipment and ROU Assets sold/discarded (Net) - 0.95
Donations to Charitable and Other Institutions 0.32 1.44
Legal and Professional Charges 8.65 1.97
Expenditure on Corporate Social Responsibility 10.25 7.38
Other Expenses 210.05 115.78
2,042.06 1,691.52

Note 27b. Exceptional Items ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Reversal of provision towards non-performance of contractual obligation
towards delay in completion of land sale and expected restructuring cost (Refer - 20.21
Note a)
Reversal of provision towards litigation expenses 31.77 -
(Impairment Provision )/ Reversal of impairment provision on Net Investments in
(16.59) -
subsidiaries (Refer Note b)
Impairment loss recognised towards write-down of Property, plant and
(29.27) -
equipment (Refer Note c)
Reversal of excess provision towards settlement of Corporate Guarantee
22.15 -
obligation including foreign exchange loss (net)
8.06 20.21
(a) The amount represents the accrual / reversal of provision relating to penal charges pertaining to land transaction of CG
Power and Industrial Solution Limited.
(b) During the year ended 31st March 2023, considering the economic crisis in Sri Lanka and current market conditions of
Bicycle Industry in India, the Group has made an impairment provision in respect of cash generating units pertaining to
Mobility segment.
(c) During the year ended 31st March 2023, impairment loss of `29.27 Cr. has been recognised towards write-down of
property, plant and equipment and intangible assets of certain Cash Generating Units pertaining to the “Other Business
Segment” to their recoverable amount on account of various market factors, uncertainties related to future project
potential and expected usage.
Note 28. Income Tax Expense
The major components of income tax expense for the years ended 31st March 2023 and 31st March 2022 are:
Statement of Profit and Loss ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Current Tax:
Current Income Tax charge 256.72 179.32
Adjustments in respect of Current Income Tax of Prior Years 2.54 (6.21)
Deferred Tax:
Relating to the origination and reversal of Temporary Differences 163.33 (12.28)
Income Tax Expense reported in the Statement of Profit and Loss 422.59 160.83
Other Comprehensive Income (OCI)
Deferred tax related to items recognised in OCI during the year: ` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Net Gain / (Loss) on FVTOCI Equity Investments (0.07) (0.03)
Re-measurement Gain / (Loss) on Defined Benefit Obligations (Net) (3.11) 1.65
Exchange difference on translation of Foreign Subsidiaries (0.76) 2.03
Movement on cash flow hedges 0.50 0.20
Income Tax charged to OCI (3.44) 3.85

Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31st March 2023
and 31st March 2022.
The Holding Company and certain subsidiaries have exercised the option permitted under Section 115BAA of the Income-tax
Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, it has recognised Provision for
Income Tax for the year and re-measured its Deferred tax liability on the basis of the rate prescribed in the said section. The
tax on the Group’s profit before tax differs from the theoretical amount that would arise on using the standard rate of corporate
tax in India (25.168%) as follows:
` in Crores
Year Ended
Year Ended
31-Mar-2023
(Restated)
Accounting Profit Before Tax from continuing operations 1,581.01 1,128.44
Profit before income tax multiplied by standard rate of corporate tax in India of
397.91 284.01
25.168% (Previous year: 25.168%)
Effects of:
Income - Exempt from tax (67.92) (69.47)
Change in Income Tax Rate / Effect of different tax rates applicable to
140.11 1.88
Subsidiaries
Deferred Tax Assets not recognised due to absence of convincing evidence in
- 22.24
respect of recognition
Income / expense not deductible/considered in determining taxable profits (39.38) -
Capital Allowance u/s 32AC of Income Tax Act, 1961 - (0.13)
Impact of Deferred Tax created at lower tax rates 8.97 (50.50)
Provision for Impairment 5.90 -
Tax effect on fair valuation of PPE - (68.73)
Reversal of provision with respect to prior years 2.54 (6.21)
Others (25.54) 47.74
422.59 160.83
Note: Deferred tax assets have not been recognised in respect of long term capital losses relating to impairment of investments
in Srilankan Subsidiaries as they may not be used to offset taxable profits. If the Company were able to recognise this deferred
tax assets, the profits would increase by `5.90 Cr.
Note 29. Components of Other Comprehensive Income (OCI)
The disaggregation of changes to OCI by each type of reserve in equity is shown below:
During the year ended 31st March 2023 ` in Crores
Foreign
Cash flow FVTOCI Retained Currency
Total
hedge reserve reserve Earnings Translation
Reserve
Foreign Exchange forward contracts (1.95) - - - (1.95)
Net Gain / (Loss) on FVTOCI financial assets - 0.22 - - 0.22
Re-measurement loss on defined benefit plans - - (26.23) - (26.23)
Exchange Difference on Translation of Foreign
- - - (12.56) (12.56)
Subsidiaries
(1.95) 0.22 (26.23) (12.56) (40.52)

During the year ended 31st March 2022 ` in Crores
Foreign
Cash flow FVTOCI Retained Currency
Total
hedge reserve reserve Earnings Translation
Reserve
Foreign Exchange forward contracts (0.56) - - - (0.56)
Net Gain / (Loss) on FVTOCI financial assets - (0.28) - - (0.28)
Re-measurement loss on defined benefit plans - - (4.96) - (4.96)
Exchange Difference on Translation of Foreign
- - - 15.37 15.37
Subsidiaries
(0.56) (0.28) (4.96) 15.37 9.57
Note 30.Earnings Per Share
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted
average number of Equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the parent by the weighted average
number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued
on conversion of all the dilutive potential Equity shares into Equity shares.
The following reflects the income and share data used in the basic and diluted EPS computations:
Year Ended
Year Ended
31-Mar-2023
(Restated)
Profit After Tax - attributable to equity holders of the Parent (` in Cr.) 955.58 768.83
Profit After Tax - attributable to equity holders of the Parent
166.64 23.43
(` in Cr.) - Discontinued Operations
Weighted average number of Equity Shares
- Basic 19,30,29,669 19,28,56,763
- Diluted 19,34,45,480 19,32,83,568
Earnings Per Share of `1 each
- Basic 49.50 39.87
- Diluted 49.40 39.78
Earnings Per Share of `1 each - Discontinued Operations
- Basic 8.63 1.21
- Diluted 8.61 1.21
Weighted average number of Equity Shares in calculating Basic Earnings Per
19,30,29,669 19,28,56,763
Share
Dilution - Stock options granted under ESOP (Refer Note 33) 4,15,811 4,26,805
Weighted average number of Equity Shares in calculating Diluted EPS 19,34,45,480 19,32,83,568
Note 31. Significant Accounting Judgements, Estimates and Assumptions
The preparation of the Holding Company’s Consolidated Financial Statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in
outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
a. Judgements
In the process of applying the Group’s accounting policies, management has made the following judgement, which has
significant effect on the amounts recognised in the Consolidated Financial Statements.
i. Leases
Determining the lease term of contracts with renewal and termination options - Group as lessee
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered
by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be exercised.

The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option
to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to
exercise either the renewal or termination.
The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing
rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow.
Refer Note 38 for information on potential future rental payments relating to periods following the exercise date of
extension and termination options that are not included in the lease term.
b. Estimates and Assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The Group based its assumptions and estimates on parameters available when the
Consolidated Financial Statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such
changes are reflected in the assumptions when they occur.
i. Impairment of Non-Financial Assets including Goodwill
Impairment exists when the carrying value of an asset or cash generating unit, exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal
calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets
or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based
on a DCF model.
ii. Taxes
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
iii. Revenue from Contract with Customers
The Group estimates variable considerations to be included in the transaction price for the sale of goods with rights
of return and volume rebates. The Group’s expected volume rebates are analysed on a per customer basis for
contracts that are subject to volume threshold. Determining whether a customer will be likely entitled to rebate will
depend on the customer’s rebates entitlement and accumulated purchases to date.
iv. Allowances for slow / Non-moving Inventory and obsolescence
An allowance for Inventory is recognised for cases where the realisable value is estimated to be lower than the
inventory carrying value. The inventory allowance is estimated taking into account various factors, including prevailing
sales prices of inventory item and losses associated with obsolete / slow-moving / redundant inventory items. The
Group has, based on these assessments, made adequate provision in the books.
v. Employee Benefits
The cost of the defined benefit gratuity plan, provident fund plan and other post-employment leave encashment
benefit and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial
valuation involves making various assumptions that may differ from actual developments in the future. These include
the determination of the discount rate, future salary increases and mortality rates. In determining the appropriate
discount rate, the management considers the interest rates of government bonds where remaining maturity of
such bond correspond to expected term of defined benefit obligation. Due to the complexities involved in the
valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
All assumptions are reviewed at each reporting date. Further details about defined benefit obligations are given in
Note 34.
vi. Fair Value Measurement of Financial Instruments
When the fair values of financial assets and financial liabilities recorded in the Balance Sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF
model. The inputs to these models are taken from observable markets where possible, but where this is not feasible,

a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as
liquidity risk, Credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value
of financial instruments. Refer Note 41 for further disclosures.
vii. Development Cost
Development costs are recognised as an asset when all the criteria are met, whereas research costs are expensed
as incurred. Management assesses and monitors whether the recognition requirements for development costs
continue to be met. There is inherent uncertainty in the economic success of any product development. The Group
uses judgement in assessment of development cost eligible for capitalisation.
viii. Business Combination
During the year ended 31st March 2023, the Group had acquired controlling stake in Cellestial E Mobility Private
Limited, IPLTech Electric Private Limited, Moshine Electronics Private Limited and has accounted for the acquisition
in accordance with paragraph 45 of Ind AS 103 (Also Refer Note 40.2). As a part of the acquisition accounting,
the Group measures all assets and liabilities as at the acquisition date at its fair values. The Company engaged an
independent valuation specialist to assess fair values of tangible and intangible assets. Fair value was determined as
follows –
i) Building and leasehold improvement – Cost approach (depreciated replacement cost method).
ii) Plant and Machinery - Market approach (sales comparison method) and cost approach (discounted cash flow
method).
iii) Technical Know How – Multi Period Excess Earnings Method
iv) Non-Compete – Incremental Cash Flow method (With and Without)
The estimated useful life of tangible and intangible assets for such assets acquired as part of the business
combination were considered based on economic life of those assets as estimated by the management basis a
technical assessment.
ix. Impairment of financial assets
The impairment provisions for financial assets are based on assumptions about risk of default and expected
loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment
calculation, based on Group’s past history, existing market conditions as well as forward looking estimates at the
end of each reporting period.
x. Contingencies
In the normal course of business, contingent liabilities may arise from litigation and other claims against the Group.
Potential liabilities that are possible but not probable of crystallising or are very difficult to quantify reliably are treated
as contingent liabilities. Such liabilities are disclosed in notes but are not recognised, the cases which have been
determined as remote by the Group are not disclosed.
Note 32.Standards issued but not yet effective
The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules, 2023
dated 31st March 2023 to amend the following Ind AS which are effective from 01st April 2023.
(i) Definition of Accounting Estimates - Amendments to Ind AS 8
The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies
and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop
accounting estimates.
The amendments are effective for annual reporting periods beginning on or after 01st April 2023 and apply to changes in
accounting policies and changes in accounting estimates that occur on or after the start of that period.
The amendments are not expected to have a material impact on the group’s financial statements.
(ii) Disclosure of Accounting Policies - Amendments to Ind AS 1
The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the
requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’
accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about
accounting policy disclosures.

The amendments to Ind AS 1 are applicable for annual periods beginning on or after 01st April 2023. Consequential
amendments have been made in Ind AS 107.
The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended
requirements.
(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12
The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to
transactions that give rise to equal taxable and deductible temporary differences.
The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period
presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax asset (provided that
sufficient taxable profit is available) and a deferred tax liability should also be recognised for all deductible and taxable
temporary differences associated with leases and decommissioning obligations. Consequential amendments have been
made in Ind AS 101. The amendments to Ind AS 12 are applicable for annual periods beginning on or after 01st April 2023.
The group is currently assessing the impact of the amendments.
Note 33.Stock Options
With reference to the grants approved by the Nomination and Remuneration Committee of the Board of Directors of the
Holding Company and its respective subsidiary, the Group has recognised expense amounting to `13.54 Cr. (Previous Year -
`2.36 Cr.) for employees’ services received during the year, shown under Salaries, Wages and Bonus (Refer Note 25).
A. Tube Investments of India Limited
During the year, fresh grant of 1,89,800 options under ESOP 2017 scheme was approved by the Nomination and
Remuneration Committee of the Board of Directors of the Company.
During the Year 2022-23 Options
Options Options
vested but not
Date of outstanding Options Options outstanding
Particulars Options exercised
Grant As at Cancelled/ Exercised and As at
Granted As at
31-Mar-2022 lapsed allotted 31-Mar-2023
31-Mar-2023
Grant 1 21-Nov-17 - - - - - -
Grant 2 21-Nov-17 9,290 - - 9,290 - -
Grant 3 12-Feb-18 3,61,573 - - 1,32,724 2,28,849 2,28,849
Grant 4 12-Feb-18 72,428 - - 13,500 58,928 58,928
Grant 5 27-Mar-19 52,074 - - - 52,074 52,074
Grant 6 24-Jul-19 38,684 - - 15,341 23,343 23,343
Grant 7 16-Mar-22 2,85,400 - 77,080 - 2,08,320 39,360
Grant 8 12-May-22 - 72,300 - - 72,300 -
Grant 9 02-Aug-22 - 37,100 - - 37,100 -
Grant 10 18-Nov-22 - 17,100 - - 17,100 -
Grant 11 03-Feb-23 - 28,800 - - 28,800 -
Grant 12 28-Mar-23 - 34,500 - - 34,500 -
Total 8,19,449 1,89,800 77,080 1,70,855 7,61,314 4,02,554

Options Options
vested but not
Granted As at
31-Mar-2022
Grant 1 21-Nov-17 3,964 - - 3,964 - -
Grant 2 21-Nov-17 32,560 - - 23,270 9,290 9,290
Grant 3 12-Feb-18 4,23,505 - - 61,932 3,61,573 3,41,841
Grant 4 12-Feb-18 1,16,612 - - 44,184 72,428 72,428
Grant 5 27-Mar-19 52,074 - - - 52,074 36,342
Grant 6 24-Jul-19 38,684 - - - 38,684 38,684
Grant 7 16-Mar-22 - 2,85,400 - - 2,85,400 -
Total 6,67,399 2,85,400 - 1,33,350 8,19,449 4,98,585
Weighted
Options Options
the Year the Year
(In Years)
Grant 1 21-Nov-17 44.36 - - - - - 21-Nov-17 -
Grant 2 21-Nov-17 187.29 - - 9,290 - - 15-Mar-18 -
Grant 3 12-Feb-18 270.20 - - 1,32,724 2,28,849 - Partially 2.00
vested on
12-Feb19,
Grant 4 12-Feb-18 270.20 - - 13,500 58,928 - 12-Feb20, 2.57
12-Feb-21 &
12-Feb-22
Partially
vested on
27-Mar-20,
Grant 5 27-Mar-19 378.25 - - - 52,074 - 3.69
27-Mar-21,
27-Mar-22 &
27-Mar-23
Partially
vested on
Grant 6 24-Jul-19 384.20 - - 15,341 23,343 - 2.82
24-July-20,
24-July-21
Vesting date:
16-Mar-23,
Grant 7 16-Mar-22 1,471.90 - 77,080 - 39,360 1,68,960 16-Mar-24, 6.66
16-Mar-25,
16-Mar-26
Vesting date:
12-May-23,
Grant 8 12-May-22 1,666.60 72,300 - - - 72,300 12-May-24, 6.82
12-May-25,
12-May-26

Weighted
Options Options
the Year the Year
(In Years)
Vesting date:
02-Aug-23,
Grant 9 02-Aug-22 2,023.00 37,100 - - - 37,100 02-Aug-24, 7.05
02-Aug-25,
02-Aug-26
Vesting date:
18-Nov-23,
Grant 10 18-Nov-22 2,541.95 17,100 - - - 17,100 18-Nov-24, 7.34
18-Nov-25,
18-Nov-26
Vesting date:
03-Feb-24,
Grant 11 03-Feb-23 2,689.85 28,800 - - - 28,800 03-Feb-25, 7.55
03-Feb-26,
03-Feb-27
Vesting
date on
28-Mar-24,
Grant 12 28-Mar-23 2,495.50 34,500 - - - 34,500 7.70
28-Mar-25,
28-Mar-26,
28-Mar-27
1,89,800 77,080 1,70,855 4,02,554 3,58,760
Weighted
Options Options
the Year the Year
(In Years)
Grant 1 21-Nov-17 44.36 - - 3,964 - - 21-Nov-17 -
Grant 2 21-Nov-17 187.29 - - 23,270 9,290 - 15-Mar-18 0.96
Grant 3 12-Feb-18 270.20 - - 61,932 3,61,573 - Partially 3.00
vested on
12-Feb-19,
Grant 4 12-Feb-18 270.20 - - 44,184 72,428 - 12-Feb-20, 3.57
12-Feb-21 &
12-Feb-22
Partially
vested on
Grant 5 27-Mar-19 378.25 - - - 52,074 - 27-Mar-20, 4.69
27-Mar-21 &
27-Mar-22
Partially
vested on
Grant 6 24-Jul-19 384.20 - - - 38,684 - 3.82
24-July-20,
24-July-21

Weighted
Options Options
the Year the Year
(In Years)
Vesting date:
16-Mar-23,
Grant 7 16-Mar-22 1,471.90 2,85,400 - - - 2,85,400 16-Mar-24, 7.66
16-Mar-25,
16-Mar-26
2,85,400 - 1,33,350 5,34,049 2,85,400
The following tables list the inputs to the Black Scholes model used for the plans for the year ended 31st March 2023:
Price of the
Risk-free Expected Underlying Share
Expected Dividend Fair Value of
Interest Volatility of in the market at
Particulars Grant Date Life Yield the Option
Rate Share Price the time of Option
grant
% (p.a) (Years) (%) (%) (`) (`)
Grant 1 21-Nov-17 8.23 4.64 43.70 1.86 44.36 21.30
Grant 2 21-Nov-17 6.75 3.50 31.49 0.25 187.29 60.27
Grant 3 12-Feb-18 7.33 4.63 38.19 - 270.20 117.98
Grant 4 12-Feb-18 7.41 5.21 38.19 - 270.20 125.66
Grant 5 27-Mar-19 6.99 4.61 50.72 0.46 378.25 199.60
Grant 6 24-Jul-19 6.24 4.01 49.32 0.65 384.20 167.53
Grant 7 16-Mar-22 6.21 5.21 39.91 0.24 1,471.90 656.18
Grant 8 12-May-22 6.97 5.21 40.14 0.21 1,666.60 768.17
Grant 9 02-Aug-22 6.99 5.21 40.68 0.17 2,023.00 942.96
Grant 10 18-Nov-22 7.16 5.21 40.97 0.14 2,541.95 1,199.04
Grant 11 03-Feb-23 7.16 5.21 40.97 0.14 2,689.85 1,267.43
Grant 12 28-Mar-23 7.17 5.21 40.68 0.08 2,495.50 1,179.07
B. CG Power and Industrial Solutions Limited

During the year, 4,53,140 (previous year 18,34,100) stock options were granted to eligible employees at the rate of one
stock option of the CG Power and Industrial Solutions Limited for every stock option held and outstanding in CG Power
and Industrial Solutions Limited.
Options Options
vested but not
Granted As at
31-Mar-2023
Grant 1 18-Nov-21 8,38,020 - - 54,760 7,83,260 7,83,260
Grant 2 18-Nov-21 3,17,120 - - - 3,17,120 -
Grant 3 18-Nov-21 3,39,480 - - - 3,39,480 -
Grant 4 18-Nov-21 3,39,480 - - - 3,39,480 -
Grant 5 26-Dec-22 - 4,53,140 - - 4,53,140 -

Options Options
vested but not
Granted As at
31-Mar-2022
Grant 1 18-Nov-21 - 8,38,020 - - 8,38,020 -
Grant 2 18-Nov-21 - 3,17,120 - - 3,17,120 -
Grant 3 18-Nov-21 - 3,39,480 - - 3,39,480 -
Grant 4 18-Nov-21 - 3,39,480 - - 3,39,480 -
Details of stock options granted to certain employees for 2022-23 are given below :
Weighted
Options Options
the Year the Year
(In Years)
Grant 1 18-Nov-21 156.20 8,38,020 - 54,760 7,83,260 - 44,883 -
Grant 2 18-Nov-21 156.20 3,17,120 - - - 3,17,120 - 0.64
Grant 3 18-Nov-21 156.20 3,39,480 - - - 3,39,480 - 1.64
Grant 4 18-Nov-21 156.20 3,39,480 - - - 3,39,480 - 2.64
Grant 5 26-Dec-22 251.65 4,53,140 - - - 4,53,140 - 0.74
Details of stock options granted to certain employees for 2021-22 are given below :
Weighted
Options Options
2021-22 Cancelled Outstanding Outstanding Vested Date
/ lapsed at the End of at the End of
the Year the Year
(In Years)
Grant 1 18-Nov-21 156.20 8,38,020 - - - 8,38,020 - 0.64
Grant 2 18-Nov-21 156.20 3,17,120 - - - 3,17,120 - 1.64
Grant 3 18-Nov-21 156.20 3,39,480 - - - 3,39,480 - 2.64
Grant 4 18-Nov-21 156.20 3,39,480 - - - 3,39,480 - 3.64
The following tables list the input to the Black Scholes model used for the plans for the year ended 31st March 2023 :
Price of the
grant
% (p.a) (Years) (%) (%) (`) (`)
Grant 1 18-Nov-21 3.81 1.00 47.82 - 156.20 31.98
Grant 2 18-Nov-21 4.46 2.00 55.99 - 156.20 52.97
Grant 3 18-Nov-21 4.96 3.00 56.02 - 156.20 65.54
Grant 4 18-Nov-21 5.36 4.00 53.10 - 156.20 73.22
Grant 5 26-Dec-22 6.60 1.00 35.99 - 251.65 43.40

The following tables list the input to the Black Scholes model used for the plans for the year ended 31st March 2022 :
Price of the
grant
% (p.a) (Years) (%) (%) (`) (`)
Grant 1 18-Nov-21 3.81 1.00 47.82 - 156.20 31.98
Grant 2 18-Nov-21 4.46 2.00 55.99 - 156.20 52.97
Grant 3 18-Nov-21 4.96 3.00 56.02 - 156.20 65.54
Grant 4 18-Nov-21 5.36 4.00 53.10 - 156.20 73.22
C. TI Clean Mobility Private Limited
IPLTech Electric Private Limited, subsidiary of TI Clean Mobility Private Limited has stock based compensation scheme
called Ipltech Stock Option Plan’ 2020, out of 600 stock, 270 stock units were exercised on the vesting date and there are
81 stock units pending as on 31st March 2023. The scheme is administered and supervised by the the Board of Directors
of the Company.
Terms and Conditions of the Plan:
Maximum vesting period of ESOP’s is 2 year from the grant date. Vesting of the shares would be done on the basis of the
terms mentioned in the grant letter. Any eligible employee can exercise the number of shares granted under the plan in
accordance with the terms and conditions of the plan.
Options Options
vested but not
Granted As at
31-Mar-2023
Grant 1 18-Apr-20 81.00 - - - 81.00 81.00

Options Options
vested but not
Granted As at
31-Mar-2022
Grant 1 18-Apr-20 351.00 - - 270.00 81.00 81.00
2022-23 Date of Weighted Options Options Options Options Options Vested Weighted
Grant Average Granted Cancelled/ Exercised vested and unvested Date Average
Exercise lapsed and Outstanding and Remaining
Price (`) allotted at the End Outstanding Contractual Life
of the Year at the End of (In Years)
the Year
Grant 1 18-Apr-20 10.00 - - - 81.00 - 18-Apr-22 -
2021-22 Date of Weighted Options Options Options Options Options Vested Weighted
Grant Average Granted Cancelled/ Exercised vested and unvested and Date Average
Exercise lapsed and Outstanding Outstanding Remaining
Price (`) allotted at the End at the End of Contractual
of the Year the Year Life (In Years)
Grant 1 18-Apr-20 10.00 - - 270.00 81.00 - 18-Apr-22 -

The following tables list the inputs to the Black Scholes model used for the plans for the year ended 31st March 2023 and 31st
March 2022:
Particulars Grant Date Risk-free Expected Expected Dividend Price of the Fair Value of the
Interest Rate Life Volatility of Yield Underlying Share Option
Share Price in the market at the
time of Option grant
% (p.a) (Years) (%) (%) (`.) (`.)
Grant 1 18-Apr-20 6.70 2.00 32.10 - 10.00 38,684.00
Note 34.Employee Benefits Obligation

a. Gratuity (Defined Benefit Plan)
Under the Gratuity plan operated by the Group, every employee who has completed at least five years of service gets a
Gratuity on leaving the organisation at 15 days on last drawn salary for each completed year of service as per Payment
of Gratuity Act, 1972. The scheme is funded with an Insurance Company in the form of qualifying insurance policy. The
following table summarizes the components of net benefit expense recognised in the Statement of profit and loss and the
funded status and amounts recognised in the Balance Sheet.
` in Crores
S.No Particulars 31-Mar-23 31-Mar-22
A. Change in defined benefit obligation
1. Defined benefit obligation at beginning of period 124.72 121.02
Adjustments pursuant to Business Combination (Refer Note 40.2) 0.05 -
2. Service cost
b. Past service cost 1.12 -
4. Cash flows
5. Remeasurements
a. Effect of changes in demographic assumptions 0.79 1.26
` in Crores
31-Mar-23 31-Mar-22
B. Change in fair value of plan assets
Fair value of plan assets at beginning of period 118.94 114.20
Interest income 8.28 7.49
Cash flows
Remeasurements
a. Return on plan assets (excluding interest income) (0.82) 0.29
Transfer In /Out - -
Fair value of plan assets at end of period 121.52 118.94
` in Crores
31-Mar-23 31-Mar-22
C. Amounts recognised in the Balance Sheet
Defined benefit obligation 149.28 124.72
Fair value of plan assets (121.52) (118.94)
Funded status 27.76 5.78
Net defined benefit liability / (asset) 27.76 5.78

` in Crores
D. Components of defined benefit cost 31-Mar-23 31-Mar-22
Service cost
b. Past service cost 1.12 -
Net interest cost
a. Interest expense on DBO 8.59 7.98
b. Less - Interest income on plan assets 8.28 7.49
c. Total net interest cost 0.31 0.49
Remeasurements (recognized in OCI)
a. Effect of changes in demographic assumptions 0.79 1.26
d. Less - (Return) on plan assets (excluding interest income) 0.82 (0.29)
e. Total remeasurements included in OCI 23.12 7.25
Total defined benefit cost recognised in P&L and OCI 31.77 14.13
` in Crores
E. Re-measurement 31-Mar-23 31-Mar-22
a. Actuarial loss on DBO 22.30 7.54
b. Less - Returns above Interest Income 0.82 (0.29)
Total Re-measurements (OCI) 23.12 7.25
` in Crores
F. Employer Expense (P&L) 31-Mar-23 31-Mar-22
a. Current Service Cost 7.22 6.39
b. Past Service Cost 1.12 -
c. Interest Cost on net DBO 0.31 0.49
d. Total P&L Expenses 8.65 6.88
` in Crores
G. Net Defined Benefit Liability/(Asset) reconciliation 31-Mar-23 31-Mar-22
Net defined benefit (asset)/liability 5.78 6.82
Adjustments pursuant to Business Combination (Refer Note 40.2) 0.05 -
Defined benefit cost included in P&L 8.65 6.88
Total remeasurements included in OCI 23.12 7.25
Employer contributions (9.84) (15.17)
Net defined benefit Liability/(Asset) as at end of period 27.76 5.78
` in Crores
H. Reconciliation of OCI (Re-measurement) 31-Mar-23 31-Mar-22
Recognised in OCI during the period 23.12 7.25
Recognised in OCI at the end of the period 23.12 7.25
` in Crores
I. Sensitivity Analysis
Discount rate +1% 81.43 66.93
Discount rate - 1% 97.53 80.40
Salary Increase Rate +1% 97.13 80.22
Salary Increase Rate -1% 81.63 67.03
Attrition Rate +1% 88.72 74.28
Attrition Rate -1% 89.52 72.13

` in Crores
J. Significant Actuarial Assumptions 31-Mar-23 31-Mar-22
Discount rate Current Year 7.25% - 7.57% 6.80% - 7.37%
Discount rate Previous Year 6.80% - 7.37% 6.00% - 6.90%
Salary increase rate 6.00% - 8.00% Uniform 6.0%
2.0% (Age 0-30) 2.0% (Age 0-30)
Attrition Rate 1.0% (Age 31-40) 1.0% (Age 31-40)
6.0% (Age default) 6.0% (Age default)
Retirement Age 58 58
Pre-retirement mortality Mortality (2006-08 & Mortality (2006-08 &
2012-14) Ultimate 2012-14) Ultimate
Disability Nil Nil
K. Data 31-Mar-23 31-Mar-22

No. of employees 6,600 6,217
Avg. Age (years) 39 42
Avg. Past Service (years) 11 14
Avg. Sal. Monthly (`) 31,300 24,367
Future Service (years) 12 15
Weighted average duration of DBO 14 18
` in Crores
L. Expected cash flows for following year 31-Mar-23 31-Mar-22
Expected employer contributions / Additional Provision Next Year 12.60 11.52
Expected total benefit payments
Year 1 22.75 19.77
Year 2 to Year 5 63.88 52.92
Year 6 to Year 10 73.90 57.44
More than 10 Years 75.00 35.27
` in Crores
M. Defined benefit obligation at end of period 31-Mar-23 31-Mar-22
Current Obligation 61.20 18.40
Non-Current Obligation 88.08 106.32
Total 149.28 124.72
` in Crores
SUMMARY
Assets / Liabilities 31-Mar-23 31-Mar-22
Defined benefit obligation at end of period 149.28 124.72
Fair value of plan assets at end of period 121.52 118.94
Net defined benefit liability (asset) 27.76 5.78
Defined benefit cost included in P&L 8.65 6.88
Total remeasurements included in OCI 23.12 7.25
Total defined benefit cost recognized in P&L and OCI 31.77 14.13

Notes:
i The entire Plan Assets are invested in insurer managed funds with Life Insurance Corporation of India (LIC).
ii The expected / actual return on Plan Assets is as furnished by LIC.
iii The estimate of future salary increase takes into account inflation, likely increments, promotions and other relevant factors.
b. Provident Fund
Tube Investments India Limited
The Holding Company’s Provident Fund is exempted under Section 17 of the The Employees’ Provident Funds and
Miscellaneous Provisions Act, 1952. The plan guarantees interest at the rate notified by the Provident Fund Authorities.
The contribution by the employer and employee together with the interest accumulated thereon are payable to employees
at the time of separation from the Company or retirement, whichever is earlier. The benefits vests immediately on rendering
of the services by the employee. The Company has an obligation to make good the shortfall, if any, between the return
from the investments of the trust (including any decrease in value of investments) and the notified interest rate. The
exempt provident fund set up by the company is a defined benefit plan under Ind AS 19 - Employee Benefits.
There is net asset position as at 31st March 2023 and 31st March 2022, the same has not been recognized in the books.
` in Crores
A. Change in defined benefit obligation
1. Defined benefit obligation at the beginning of the period 166.36 161.12
2. Service cost
4. Employees' Contribution 15.23 13.83
5. Cash flows
6. Remeasurements
a. Effect of changes in demographic assumptions - (0.11)
b. Effect of financial adjustments 0.43 (5.54)
c. Effect of experience adjustments (1.15) (3.93)
` in Crores
B. Change in Fair Value of Plan Assets 31-Mar-23 31-Mar-22
3. Cash flows
4. Employee's contributions 15.23 13.83
5. Remeasurement on Plan assets (0.61) 2.23
` in Crores
C. Components of Defined Benefit Cost 31-Mar-23 31-Mar-22
1. Interest cost on obligation 13.06 13.12
2. Interest income on Plan assets (12.58) (11.76)
3. Current Service cost 8.63 13.59
4. Defined Benefit Cost recognized in P&L 9.11 14.95

` in Crores
D. Remeasurement 31-Mar-23 31-Mar-22
1. Remeasurements on Plan assets 0.61 (2.23)
2. Remeasurements for Change in financial assumption 0.43 (5.54)
3. Remeasurements towards Experience variance (1.15) (3.93)
4. Remeasurements for Change in demographic assumptions - (0.11)
(0.11) (11.81)
` in Crores
E. Net Defined Benefit Liability / (Asset) Reconciliation 31-Mar-23 31-Mar-22
1. Net defined benefit liability / (asset) (4.79) 5.66
3. Total remeasurements included in OCI (0.11) (11.81)
4. Contributions to the fund (8.63) (13.59)
5. Net defined benefit liability / (asset) at the end of the period (4.42) (4.79)
F. Proportion of Total Asset Categories 31-Mar-23 31-Mar-22

1. Government of India securities 11.20% 10.69%
2. State Government securities 45.64% 55.37%
3. High quality corporate bonds 34.77% 26.52%
4. Equity 2.56% 1.90%
5. Special Deposits 0.00% 0.00%
6. Bank balance and others 5.83% 5.52%
7. Funds managed by Insurer 0.00% 0.00%
Total 100.00% 100.00%
` in Crores
G. Funded Status 31-Mar-23 31-Mar-22
1. Fair Value of Plan assets 172.77 171.15
2. Present value of obligation 168.35 166.36
3. Net (Asset)/Liability (4.42) (4.79)
4. Amount as per books - -
Note: Since there is net asset position as at 31st March 2023 and 31st March 2022, the same has not been recognised in the
books
` in Crores
H. Current and Non-Current liability 31-Mar-23 31-Mar-22
1. Current Liability (Less than 1 year) 32.30 33.46
2. Non-current liability (More than 1 year) 136.05 132.90
` in Crores
I. Sensitivity analysis on interest rate guarantee liability Liability Change
1. Best estimate - Base scenario 4.17 0%
2. Discount Rate - Increased by 0.5% 4.08 (2)%
3. Discount Rate - Decreased by 0.5% 4.27 2%
4. Return on Gov.Securities - Increased by 1.00% - (100)%
5. Return on Gov.Securities - Decreased by 1.00% 8.95 115%
6. Return on Equities - Increased by 1.00% 3.96 (5)%
7. Return on Equities - Decreased by 1.00% 4.39 5%
8. Return on Bonds - Increased by 1.00% 1.25 (70)%
9. Return on Bonds - Decreased by 1.00% 7.10 70%

J. Significant actuarial assumptions 31-Mar-23 31-Mar-22
1. Discount rate 7.25% 7.20%
2. Interest rate guarantee 8.15% 8.10%
3. Attrition Rate 6.00% 6.00%
Indian Assured Indian Assured
5. Pre-retirement mortality Lives Mortality Lives Mortality
(2006-08) Ultimate (2006-08) Ultimate
` in Crores
K. Membership Data - Summary Statistics 31-Mar-23 31-Mar-22
1. Number of employees 17,889 17,819
2. Employee contribution 15.24 13.82
3. Employer contribution 8.63 13.59
4. Average attained age 35 years 34 years
5. Average Past Service 10.64 years 10.19 years
CG Power and Industrial Solutions Limited, TI Clean Mobility Private Limited (Group) & Moshine Electronics Private
Limited (Indian Subsidiaries)
The other Indian subsidiaries in the Group makes contributions determined as a specified percentage of employees’ salary
in respect of qualifying employees towards Provident Fund. The Group has no obligation other than to make the specified
contributions. The contributions are charged to the Statement of Profit & Loss as they are incurred.
c. Long Term Compensated Absences
The assumption used for computing the long term accumulated compensated absences on actuarial basis are as follows:
Assumptions 31-Mar-23 31-Mar-22
Discount Rate 7.15% - 7.57% 6.80% - 7.40%
Future Salary Increase 6.00% - 8.00% 5.00% - 6.00%
Attrition Rate 6.00% - 8.00% 3.00% - 6.00%
d. Contributions to Defined Contribution Plan ` in Crores
Contribution to 31-Mar-23 31-Mar-22

Provident Fund 20.12 16.69
Super Annuation Fund 12.70 11.46
Employee State Insurance 1.10 0.76
Labour Welfare Scheme 0.01 0.02
National Pension Scheme 1.48 1.19
Family Pension 23.54 21.52
Note 35. Capital Commitment and Contingencies

Note 35a. Contingent Liabilities
Note i
a) Matters wherein managament has concluded the Company’s liability to be probable have accordingly been provided for
in the books. Also Refer Note 18
b) Matters wherein managament has concluded the Company’s liability to be possible have accordingly been disclosed
under Note 35a (ii) Contingent liabilities below
c) Matters wherin management is confident of succeding in these litigations and have concluded the Company’s liability to
be remote. This based on the relevant facts of judicial precedents and as advised by legal counsel which involves various
legal proceedings and claims, in different stages of process

Note ii Contingent Liabilities ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
(i) Disputed Income-Tax demands under appeal / remand pending before
various appellate/ assessing authorities against the Company (including 4.09 5.23
interest and penalty).
(ii) Disputed Service Tax, Excise and Customs duty demand pertaining to
financial years 2001-02 to 2002-2003 under appeal pending before the
- 0.11
Appellate Tribunal. The Management is of the opinion that the above
demands are arbitrary and are not sustainable
(iii) Claims against the Company not acknowledged as debts 5.84 6.04
Amounts payable to employees with respect to retrospective applicability
of amendments to the Payment of Bonus Act, 1965 in respect of FY 2014-
(iv) 2.61 2.61
15, pending at High Court under a writ petition. The Management is of the
opinion that the above retrospective amendment is not sustainable.
(v) Sales tax / VAT liability that may arise in respect of matters in appeal 5.01 5.57
(vi) Excise duty / Customs duty / Service tax liability that may arise in respect
14.57 15.60
of matters in appeal
Notes
a. Draft Assessment Orders received from IT Authorities and Show Cause Notices received from various other government
authorities, pending adjudication, have been assessed by the management and considered appropriately in the
consolidated financial statements.
b. The uncertainties and possible reimbursement in respect of the above mentioned contingent liabilities are dependent on
the outcome of various legal proceedings and therefore, cannot be predicted accurately.
c. The Group considers the Cash flow in each of the cases to be uncertain and hence considered as Contingent Liabilities.
d. From time to time, the Group is involved in claims and legal matters arising in the ordinary course of business. Management
is not currently aware of any matters that will have a material adverse effect on the financial position, results of operations,
or cash flows of the Group.
e. It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) to (d) above, pending
resolution of the arbitration / appellate proceedings.
f. Sales tax / VAT cases include disputes pertaining to disallowances of Input tax credit and non-submission of various
forms with authorities.
g. Excise duty / custom duty / service tax cases include disputes pertaining to inadmissibility of cenvat credit, short payment
of service tax on work contracts, refund of excise duty on export of transformers, interest payment on Provisional
Assessment Cases, etc.
h. Contingent liabilities for Income tax cases pertains to difference on account of cenvat credit and valuation of closing
inventory, disallowance of expenses, etc.
i. The Holding Company’s subsidiary (CGPISL) had received notice of demand under Income Tax Act for `606.30 Cr.
for financial year 2016-17, and the Hon’ble Bombay High Court has granted the interim stay against the notice of
demand until admission of appeal before the High Court. CGPISL has filed its detailed submissions in response to the
notices received for the appeal filed before Commissioner of Income Tax (Appeals). Considering the facts and underlying
documents with respect to the demand raised under Section 68 of the Income Tax Act, 1961, the management strongly
believes that the demand is not sustainable, bad in law and will be reversed at appellate levels.

Note 35b. Commitments ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
(i) Estimated amount of contracts remaining to be executed on capital
243.17 92.12
expenditure and not provided for
(ii) Export obligation under EPCG to be fulfilled. The Company is confident of
95.38 97.34
meeting its obligations under the Schemes within the Stipulated Period.
Note 36. Disclosure in respect of Related Parties pursuant to Ind AS 24
a) List of Related Parties
I. Joint venture & Associate Companies
a. X2Fuels and Energy Private Limited (Refer Note 8a(ii)) (w.e.f 23rd Febraury 2023)
b. Aerostrovilos Energy Private Limited (w.e.f 24th November 2021)
c. Joint Venture of TI Clean Mobility Private Limited
i. Cellestial E-Mobility Private Limited and its subsidiary (till 2nd February 2023)
a. Cellestial E-Trac Private Limited (till 2nd February 2023)
II. Company having Significant Influence
a. Ambadi Investments Limited
III. Other Related Parties
a. Parry Enterprises India
b. Parry Agro Industries
IV. Key Management Personnel (KMP)
a. Mr. M A M Arunachalam, Whole-Time Director and Executive Chairman (w.e.f. 1st April 2022)
b. Mr. Vellayan Subbiah - Managing Director (till 31st March 2022); Whole-Time Director and Executive Vice
Chairman (w.e.f. 1st April 2022)
c. Mr. Mukesh Ahuja - Managing Director (w.e.f 1st April 2022)
d. Mr. K R Srinivasan - President and Whole Time Director
e. Mr. S Suresh - Company Secretary
f. Mr. K Mahendra Kumar - Chief Financial Officer (till 8th September 2022)
g. Mr. AN Meyyappan - Chief Financial Officer (w.e.f 9th September 2022)
V. Non Executive Directors
a. Mr. M A M Arunachalam, Chairman (w.e.f 11th November 2020 till 31st March 2022)
b. Ms. Madhu Dubhashi (till 13th August 2021)
c. Mr. Sanjay Johri
d. Mr. Anand Kumar
e. Ms. Sasikala Varadachari (w.e.f 17th June 2021)
f. Mr. Tejpreet Singh Chopra (w.e.f. 16th March 2022)
g. Mr. Mahesh Chhabria (till 27th October 2021)
VI. Post Employment Benefit Funds
a. T.I.I.(Subsidiaries) Employees Provident Fund
b. TI Employees Provident Fund India Ltd
c. Tube Products Of India Employees Provident Fund
d. Tube Investments of India Limited, Employees Gratuity Fund
e. Tube Investments of India Limited, Employees Earned Leave Fund
f. CG Provident Fund
g. CG Gratuity Fund

VII. Post Employment Contribution Funds
a. Tube Investments of India Limited, Senior Staff Superannuation Fund
b) During the year the following transactions were carried out with the related parties in the ordinary course of
business:
` in Crores
31-Mar-2023 31-Mar-2022
Services Received Parry Enterprises India Limited 10.23 1.89
Dividend Paid Ambadi Investments Limited 24.14 24.14
Mr. K R Srinivasan 0.03 0.01
Mr. Mahesh Chhabria - 0.01
Mr M A M Arunachalam 0.22 0.22
Mr Mukesh Ahuja 0.01 -
Purchases and Services received Parry Agro Industries Limited 0.01 -
Purchase of Investment CG Provident Fund 0.33 -
Sales and Services rendered Aerostrovilos Energy Private Limited 0.05 -
Remuneration (Refer note below) Key Management Personnel 22.70 12.04
Fair value Cost of Stock options
Key Management Personnel 3.51 0.12
granted
Sitting Fees and Commission Non executive directors 0.66 2.71
Clean Max Enviro Energy Solutions Private
Other Expenses - 0.38
Limited
Contribution to Post Employment
Benefit Funds
Tube Products Of India Employees Provident
10.71 12.31
Fund
Tube Investments of India Limited, Employees
0.06 8.32
Gratuity Fund
4.66 4.99
Earned Leave Fund
Contribution to Post Employment Tube Investments of India Limited, Senior Staff
6.13 5.32
Contribution Fund Superannuation Fund
Benefits received from Tube Investments of India Limited, Employees
8.57 8.58
Employment Benefit funds Gratuity Fund
2.50 2.28
Earned Leave Fund
CG Provident Fund - 10.91
CG Gratuity Fund 5.67 6.69

` in Crores
As at As at
Balances Related Party
31-Mar-2023 31-Mar-2022
Payable Parry Enterprises India Limited 0.04 0.10
Key Managerial Personnel 5.32 2.94
Tube Products Of India Employees Provident
0.94 0.80
Fund
Receivable Aertostrovilos Energy Private Limited 0.05 -
Other Current Assets Parry Enterprises India Limited - 0.75
Terms and Conditions of transactions with Related Parties
The sale to and purchases from Related parties are made on terms equivalent to those that prevail in arm’s length transactions.
Outstanding balances at the year-end are unsecured and interest free and settlement occurs in Cash. For the year ended
31st March 2023, the Group has not recorded any impairment of receivables relating to amounts owed by Related Parties.
Details of remuneration to Key Managerial Personnel are given below:` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
- Salaries and Allowances 14.67 7.77
- Provident Fund and Superannuation 1.86 0.93
- Perquisites 0.85 0.40
- Incentive 5.32 2.94
- Fair value of Stock Options granted 3.51 0.12
- Sitting Fees and Commission to Non Executive Directors 0.66 2.71
26.87 14.87
Note 37.Segment Information
Effective 1st January 2023, the Group has re-organized certain business units and its operating structure across all the business units and subsidiaries and in view of
the structural changes, effective quarter ended 31st March 2023, the Chief Operating Decision Maker (CODM) reviews the business as seven operating segments –
“Engineering”, “Metal Formed Products”, “Mobility”, “Gear and Gear Products”, “Power Systems”, “Industrial Segments” and “E-Mobility”, and in accordance with the core
principles of Ind AS 108 - ‘Operating Segments’, these have been considered as the reportable segments of the Group.
The Management Committee headed by Managing Director (CODM) consisting of Chief Financial Officer, Leaders of Strategic Business Units and Human resources have
identified the above seven reportable business segments. It reviews and monitors the operating results of the business segments for the purpose of making decisions about
resource allocation and performance assessment using profit or loss and return on capital employed.
The Engineering segment comprises of cold rolled steel strips and precision steel tube viz., Cold Drawn Welded tubes (CDW) and Electric Resistance Welded tubes
(ERW). The Metal Formed Products segment comprises of Automotive chains, fine blanked products, stamped products, roll-formed car doorframes and cold rolled
formed sections for railway wagons and passenger coaches. The Mobility segment comprises of Standard bi-cycles, Special bi-cycles including alloy bikes and Speciality
|
performance bikes, fitness equipment. Gear and Gear Products segment consists of gears, gear boxes, gear motors and gear assemblies. The Power systems segment
consists of Transformer, switchgear, Automation and Turnkey Projects. The lndustrial systems segment consists of Electric Motors, Alternators, Drives, Traction Electronics
and SCADA. The lndustrial chains business along with new businesses of the Group and Financiere C10 are reported as Others for the purpose of segment reporting.
The Industrial chains and new business namely, Optic Lens, TMT Bars, Truck Body Building and TI Machine building are reported as Others for the purpose of segment
reporting. The segment “E-Mobility” comprises the electric mobility business of the Group.The Company has re-presented the information relating to previous year in line
with the revised segment classification.
Segment assets and liabilities include those directly identifiable with the respective segments. Unallocated corporate assets and liabilities represent the assets and liabilities
that relate to the Group as a whole and are not allocable to any segment. Expenses that are directly identifiable to segments are considered for determining the segment
results. Expenses which relate to the Group as a whole and are not allocable to segments are included under unallocated corporate expenses.
Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.
` in Crores
Metal Formed Gear and Gear Discontinued
Mobility E-Mobility Engineering Power Systems Industrial Systems Others Eliminations Consolidated Total
PARTICULARS Products Products Operations
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
REVENUE
External Sales 806.45 976.04 4.28 - 3,952.51 3,334.51 1,322.87 1,157.56 431.14 316.31 2,012.79 1,504.74 4,865.78 3,882.96 1,035.13 810.41 - - - - 14,430.95 11,982.53
Inter-Segment Sales - - - - 298.34 273.05 1.15 0.40 4.20 8.21 0.87 0.34 0.07 0.28 23.04 1.16 - - (327.67) (283.44) - -
Other Operating Revenue 3.10 4.71 0.56 - 310.78 260.40 99.64 82.30 10.31 12.55 9.26 10.58 68.62 69.29 31.51 25.07 - - (2.25) (2.25) 531.53 462.65
- - - - - - - - - - - - - - - - - - - - 2.25 2.25
Income
Total Revenue 809.55 980.75 4.84 - 4,561.63 3,867.96 1,423.66 1,240.26 445.65 337.07 2,022.92 1,515.66 4,934.47 3,952.53 1,089.68 836.64 - - (329.92) (285.69) 14,964.73 12,447.43
- - - - - - - - - - - - - - - - - - - - (70.51) (17.87)
Expenses net of Income
RESULTS
Operating Profit 17.77 49.87 (104.07) (9.54) 548.06 376.40 172.73 135.49 89.98 58.74 212.87 122.91 692.43 418.04 53.08 47.28 - - - - 1,612.34 1,181.32
Profit / (Loss) on Sale
of Property, Plant and 0.36 0.30 1.87 - 0.99 (0.82) 0.93 0.82 0.21 - (0.02) - 0.81 - 4.08 - - - (1.28) (1.25) 7.95 (0.95)
Equipment
Net Operating Profit 18.13 50.17 (102.20) (9.54) 549.05 375.58 173.66 136.31 90.19 58.74 212.85 122.91 693.24 418.04 57.16 47.28 - - (1.28) (1.25) 1,620.29 1,180.37
` in Crores
Metal Formed Gear and Gear Discontinued
Mobility E-Mobility Engineering Power Systems Industrial Systems Others Eliminations Consolidated Total
PARTICULARS Products Products Operations
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Dividend Income - 3.24
Finance Costs (42.46) (81.97)
Tax Expense (422.59) (160.83)
Exceptional Items (16.59) - - - - - - - - - - - - - 24.65 20.21 - - - - 8.06 20.21

Profit on Sale of Current
14.68 9.51
Investments (Net)
Loss from Associates
(19.56) (2.92)
and JVs
(Loss)/Profit from
discontinued operations 166.64 23.43
after tax
Net Profit 1.54 50.17 (102.20) (9.54) 549.05 375.58 173.66 136.31 90.19 58.74 212.85 122.91 693.24 418.04 81.81 67.49 - - (1.28) (1.25) 1,325.06 991.04
ASSETS
Segment Assets 227.02 354.94 1,029.48 231.83 1,477.61 1,474.18 558.52 562.17 373.46 339.15 1,459.04 1,529.88 1,774.59 1,593.26 647.96 593.47 189.87 8.06 (461.91) (206.48) 7,275.64 6,480.46
- - - - - - - - - - - - - - - - - - - - 1,806.79 1,223.29
Assets
Total Assets 227.02 354.94 1,029.48 231.83 1,477.61 1,474.18 558.52 562.17 373.46 339.15 1,459.04 1,529.88 1,774.59 1,593.26 647.96 593.47 189.87 8.06 (461.91) (206.48) 9,082.43 7,703.75
LIABILITIES
Segment Liabilities 120.26 219.90 715.83 80.79 676.67 777.67 240.93 272.09 75.54 80.80 1,085.03 1,775.80 869.46 760.64 194.14 180.20 692.85 8.84 (236.16) (142.09) 4,434.55 4,014.64
- - - - - - - - - - - - - - - - - - - - 199.12 330.60
Liabilities
Total Liabilities 120.26 219.90 715.83 80.79 676.67 777.67 240.93 272.09 75.54 80.80 1,085.03 1,775.80 869.46 760.64 194.14 180.20 692.85 8.84 (236.16) (142.09) 4,633.67 4,345.24
OTHER INFORMATION
Capital Expenditure 7.39 8.13 109.73 - 115.52 74.04 18.12 23.55 15.27 2.15 26.59 18.36 52.61 51.15 64.84 14.46 - - - - 410.07 191.84
- - - - - - - - - - - - - - - - - - - - 5.94 56.89
Capital Expenditure
Depreciation and
11.79 11.69 24.99 - 76.39 77.56 39.47 43.96 10.88 10.37 46.67 50.79 145.27 116.80 31.47 31.19 - - (3.47) - 383.46 342.36
Amortisation expense
- - - - - - - - - - - - - - - - - - - - 12.40 4.22
Depreciation
309

Revenue from external customers ` in Crores
Particulars
31-Mar-2023 31-Mar-2022
India 12,857.27 10,603.31
Outside India 2,107.46 1,844.12
Total Revenue per Statement of Profit or Loss 14,964.73 12,447.43
There are no sales to external customers more than 10% of Total Revenue.
Non-Current operating assets ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
India 3,898.30 3,770.15
Total 4,287.45 4,292.16
Reconciliation of Segment assets and liabilities to amounts reflected in the Financial Statements
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Segment Assets 9,082.43 7,703.76
Add: Deferred Tax Assets 334.96 513.57
Add: Goodwill on Consolidation 834.48 663.14
Add: Derivative Instruments 0.07 1.02
Total Assets 10,251.94 8,881.49
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Segment Liabilities 4,633.67 4,345.24
Add: Deferred Tax Liabilities and others 31.93 7.23
Add: Long term and Short term Borrowings (Note 15a and Note 17a) 629.14 803.76
Add: Derivative Instruments 1.70 -
Note 38. Leases
The Group has lease contracts for Land, Building, Furnitures and Vehicles used for the purpose of Warehouses and Factories.
Leases of such assets generally have lease terms between 2 and 95 years. The Group’s obligations under its leases are
secured by the lessor’s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased
assets and some contracts require the Group to maintain certain financial ratios. There are several lease contracts that include
extension and termination options and variable lease payments, which are further discussed below.
The Group also has certain leases of machinery with lease terms of 12 months or less. The Group applies the ‘short-term lease’
recognition exemptions for these leases.
The carrying amounts of right-of-use assets recognised and the movements during the year is explained in Note 6b
Set out below are the carrying amounts of lease liabilities included under financial liabilities and the movements during the year:

Movement of Lease Liability ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Opening Balance 67.15 57.78
Additions on account of Business Combination (Refer Note 40.2) 21.47 -
Add: Additions during the year 25.08 36.84
Less: Deletions / Remeasurements during the year (0.49) (13.73)
Add / Less: Exchange Differences (0.46) (0.38)
Add / Less: Accretion of Interest 5.48 4.38
Less: Payments during the year (21.30) (17.74)
Closing Balance 96.93 67.15
Current 13.82 14.91
Maturity Analysis of Lease Liability ` in Crores
Year Ended Less than 1 Year 1 - 5 Years More than 5 Years
31-Mar-2023 22.93 78.17 105.61
31-Mar-2022 18.72 37.98 39.45
The effective interest rate for lease liabilities is 8% - 13% p.a. (PY - 8% - 13% p.a.).
The following are the amounts recognised in profit or loss:
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Depreciation expense of right-of-use assets 14.92 19.04
Interest expense on lease liabilities 5.48 4.38
Expense relating to short-term leases and variable leases (included in other
22.40 17.41
expenses)
Income from right-of-use assets (included in other income) (0.97) -
Total 41.83 40.83
The Group has several lease contracts that include extension and termination options. These options are negotiated by
management to provide flexibility in managing the leased-asset portfolio and align with the Company’s business needs.
Management exercises significant judgement in determining whether these extension and termination options are reasonably
certain to be exercised (Refer Note 31).
The Group does not expect undiscounted potential future rental payments relating to periods following the exercise date of
extension and termination options that are not included in the lease term
Group as Lessor:
The Group has entered into operating leases on one of its factory buildings from December 2022 onwards having lease term
of fifteen years. Rental income recognized by the Company during the year is `3.76 Crs (Previous year - `0.26 Crs). Future
minimum rentals receivable under operating leases as at 31st March are as follows:
` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Within One Year 4.68 4.13
1 to 5 Years 19.36 18.70
6 to 10 years 25.84 -
11 to 15 years 26.16 -
Total 76.04 22.83

Note 39.Non-Controlling Interest
Financial information of Subsidiaries having Material Non-Controlling Interest are given below:
Other
Profit
Comprehensive Accumulated
allocated
Income Non-
Country of As on 31st to Non-
Name of the Subsidiary allocated to Controlling
Incorporation March 2023 Controlling
Non-Controlling Interest
Interest
Interest (` in Crores)
(` in Crores)
(` in Crores)
Shanthi Gears Limited India 29.53% 19.80 (0.49) 89.28
Great Cycles (Private) Limited Sri Lanka 20.00% (0.30) (0.17) 3.32
Creative Cycles (Private) Limited Sri Lanka 20.00% 0.51 (0.17) (0.79)
CGPISL and its subsidiaries India 41.95% 364.33 (8.43) 839.05
Moshine Electronics Private
India 24.00% (0.25) - (0.30)
Limited (Refer Note 40.2)
TI Clean Mobility and its
India 0.00% (14.61) (0.16) 74.31
subsidiaries (Refer Note 40.2)
Other
Profit
Comprehensive Accumulated
allocated
Income Non-
Country of As on 31st to Non-
Name of the Subsidiary allocated to Controlling
Incorporation March 2022 Controlling
Non-Controlling Interest
Interest
Interest (` in Crores)
(` in Crores)
(` in Crores)
Shanthi Gears Limited India 29.53% 12.54 (0.13) 76.77
Great Cycles (Private) Limited Sri Lanka 20.00% 1.42 - 3.76
Creative Cycles (Private) Limited Sri Lanka 20.00% (2.69) - (1.40)
CGPISL and its subsidiaries India 41.95% 210.94 7.49 575.05
The summarised financial information of the Subsidiaries is provided below. This information is based on amounts before inter-
company eliminations.
Summarised Statement of Profit and Loss ` in Crores
31st March 2023

Particulars Shanthi Great Cycles Creative Cycles Moshine
Gears (Private) (Private) CGPISL Electronics TICMPL
Limited Limited Limited Private Limited
Income 456.89 6.87 32.47 7,040.29 6.32 23.75
Expenditure 366.70 8.50 29.86 6,143.76 7.35 167.58
Profit / (Loss) Before Tax 90.19 (1.63) 2.61 896.53 (1.03) (143.83)
Tax Expenses 23.14 (0.13) 0.05 193.98 - (8.90)
Profit/(Loss) from discontinuing
- - - 166.64 - -
operations
Profit / (Loss) for the year 67.05 (1.50) 2.56 869.19 (1.03) (134.94)
- attributable to the equity
47.25 (1.20) 2.05 504.87 (0.78) (120.33)
holders of the Parent
- attributable to the non-
19.80 (0.30) 0.51 364.33 (0.25) (14.61)
controlling interest
Other Comprehensive Income (1.65) - - (20.08) - (0.47)

31st March 2023
Particulars Shanthi Great Cycles Creative Cycles Moshine
(1.17) - - (11.65) - (0.31)
(0.49) (0.17) (0.17) (8.43) - (0.16)
Total Comprehensive Income 65.40 (1.50) 2.56 849.12 (1.03) (135.41)
46.08 (1.20) 2.05 493.21 (0.78) (120.63)
19.31 (0.47) 0.34 355.90 (0.25) (14.77)
` in Crores
31st March 2022
Particulars Shanthi Gears Great Cycles Creative Cycles
CGPISL
Limited (Private) Limited (Private) Limited
Income 346.12 36.60 69.89 5,603.11
Expenditure 287.39 27.89 83.42 5,104.44
Profit / (Loss) Before Tax 58.73 8.71 (13.53) 498.67
Tax Expenses 16.26 1.62 (0.06) (7.50)
Profit/(Loss) from discontinuing operations - - - 23.43
Profit / (Loss) for the year 42.47 7.09 (13.47) 529.60
- attributable to the equity holders of the
29.93 5.67 (10.78) 299.70
Parent
- attributable to the non-controlling interest 12.54 1.42 (2.69) 229.90
Other Comprehensive Income (0.46) - - 18.04
(0.33) - - 10.55
Parent
- attributable to the non-controlling interest (0.13) - - 7.49
Total Comprehensive Income 42.01 7.09 (13.47) 547.64
29.60 5.67 (10.78) 310.25
Parent
Summarised Balance Sheet ` in Crores
31 March 2023
st
Shanthi Great Cycles Creative Cycles Moshine

Particulars
Non-Current Asset 107.43 4.30 4.60 1,640.68 2.36 655.93
Current Asset 270.45 14.27 6.99 2,981.92 4.89 544.23
Assets classified as held for sale
- - - 189.87 - -
and discontinued operations
Non-Current Liabilities 0.48 1.28 1.16 58.36 4.18 838.84
Current Liabilities 75.06 0.70 14.36 2,062.41 4.33 168.97
Liabilities associated with group
of assets classified as held for - - - 692.85 - -
sale and discontinued operations
Total Equity 302.33 16.58 (3.94) 1,998.84 (1.26) 192.35
213.05 13.26 (3.15) 1,159.79 (0.96) 118.05
- attributable to the
89.28 3.32 (0.79) 839.05 (0.30) 74.31
non-controlling interest

` in Crores
31st March 2022
CGPISL
Non-Current Asset 101.89 5.28 4.88 2,117.61
Current Asset 238.87 18.50 21.39 2,441.87
Assets classified as held for sale and
- - - 8.07
discontinued operations
Non-Current Liabilities 0.85 1.95 1.15 363.58
Current Liabilities 79.95 3.02 32.10 2,825.56
Liabilities associated with group of assets
classified as held for sale and discontinued - - - 8.84
operations
Total Equity 259.96 18.81 (6.98) 1,369.57
183.19 15.05 (5.58) 794.52
Parent
Summarised Cash Flow Statement ` in Crores
31 March 2023
st
Shanthi Great Cycles Creative Cycles Moshine

Particulars
Net cash inflow / (outflow) from
62.95 (0.38) (1.93) 946.86 (2.23) (246.95)
operating activities
(26.17) - (0.10) (20.69) (1.51) (614.89)
investing activities
(23.01) (0.09) (0.13) (611.54) 3.28 858.67
financing activities
Net Increase / (Decrease) in
13.77 (0.47) (2.16) 314.63 (0.46) (3.17)
Cash and Cash equivalents
` in Crores
31st March 2022
CGPISL
Net cash inflow / (outflow) from operating activities 35.01 (3.08) 0.69 488.82
Net cash inflow / (outflow) from investing activities (16.48) (0.03) (0.07) 220.94
Net cash inflow / (outflow) from financing activities (19.18) 0.01 (0.14) (797.20)
Net Increase / (Decrease) in Cash and Cash
(0.65) (3.10) 0.48 (87.44)
equivalents
Note 40.1 - Interest in Joint Ventures and Associate
Interest in Joint Ventures
A) Cellestial E-Mobility Private Limited
i) During the year ended 31st March, 2022, the Company has incorporated a wholly owned subsidiary viz., TI Clean
Mobility Private Limited (“TICMPL”) to pursue and engage in Clean Mobility business interests and electric three-
wheeler business with an equity investment of `100 Cr. TICMPL acquired 1,41,677 equity shares of the face value
of `10/- each, representing about 69.95% of the subscribed and paid-up share capital of M/s. Cellestial E-Mobility
Private Limited (“CEMPL”), a company engaged in design and manufacture of electric tractors. TICMPL has joint
control over CEMPL.
ii) TICMPL acquired the remaining stake in the company in the current year effective 3rd February, 2023. Refer Note
40.2 for accounting business combination.

B) X2Fuels and Energy Private Limited
During the year, the Company has acquired 50% stake in X2Fuels & Energy Private Limited (‘X2Fuels’). The Company
has subscribed to 10,753 equity shares of the Company for a consideration of `6.15 Cr. X2Fuels is a start-up company
engaged in developing processes to convert waste to liquid / solid fuels. The said investment is in line with the Group’s
intent to invest in start-ups engaged in innovative research and product development in fields/activities of interest to the
Company. The Company has joint control over X2Fuels.
Investment in Associate
A) Aerostrovilos Energy Private Limited
During the year ended 31st March, 2022, the Company was allotted 4,151 equity shares of face value of `10/- each,
fully paid up, representing 27.78% of paid-up share capital of M/s. Aerostrovilos Energy Private Limited (“AEPL”) for a
consideration of `3.46 Cr., pursuant to the Shares Subscription Agreement executed between the Company and AEPL.
Summarised Financial Information
The Group’s interest in the above mentioned joint ventures and associate is accounted using the equity method in the
Consolidated Financial Statements. Summarised financial information of the joint ventures and associate based on their
Ind AS financial statements for the year ended 31st March 2023 is given below:
` in Crores
CEMPL X2Fuels
AEPL
Particulars (01.04.22 to (23.03.22 to
(Full Year)
03.02.23) 31.03.23)
Summarised statement of profit and loss
Income 0.86 0.21 -
Expenditure 32.36 0.68 0.06
Profit / (Loss) before Tax (31.50) (0.46) (0.06)
Tax Expenses* (3.74) 0.00 -
Profit/ (Loss) after Tax (27.76) (0.47) (0.06)
Other Comprehensive Income - - -
Total Comprehensive Income (27.76) (0.47) (0.06)
Proportion of Group's ownership 69.95% 27.78% 50.00%
Group's share in Total Comprehensive Income (19.40) (0.13) (0.03)
Summarised Balance Sheet
Non-Current Asset 2.60 0.05
Current Asset 1.00 5.93
Non-Current Liabilities - 0.14
Current Liabilities 0.64 0.01
Total Equity 2.96 5.83
Cost of Investment 3.46 6.15
Carrying amount of Investment in Consolidated
3.29 6.12
Financial Statements
* Represents amount less than `0.01 Cr.
Summarised financial information of the joint venture based on their Ind AS financial statements for the year ended
31st March 2022 is given below:
` in Crores
Particulars CEMPL 2022 AEPL 2022
Summarised statement of profit and loss
Income 0.06 0.02
Expenditure 4.15 0.14
Profit / (Loss) before Tax (4.09) (0.12)
Tax Expenses 0.04 -

` in Crores
Particulars CEMPL 2022 AEPL 2022
Profit after Tax (4.13) (0.12)
Other Comprehensive Income - -
Total Comprehensive Income (4.13) (0.12)
Proportion of Group's ownership 69.95% 27.78%
Group's share in Total Comprehensive Income (2.89) (0.03)
Summarised Balance Sheet
Non-Current Asset 2.77 0.35
Current Asset 51.87 0.14
Non-Current Liabilities 1.71 0.27
Current Liabilities 5.50 0.08
Total Equity 47.43 0.14
Carrying amount of Investment in Consolidated Financial Statements 157.98 3.43
Note 40.2 - Business Combination (Acquisitions during the year ended 31st March, 2023)
A) Acquisition of IPLTech Electric Private Limited
i) On 21st September, 2022 (Acquisition Date), the Group acquired 65.2% of the equity shares of IPLTech Electric
Private Limited (IPLT), a un-listed company based in India, for a consideration of `245.41 Cr. (13,836 equity shares).
It is a start-up engaged in the manufacturing and sale of electric heavy commercial vehicles. The decision by the
Group to acquire controlling interest in IPLT was driven by the long-term business objectives of the Group and is
in line with Group’s intent to broaden its products and business portfolio with a view to reduce its dependence on
existing revenue streams.
ii) The Group has elected to measure the non-controlling interests at the proportionate share of the acquiree’s net
assets.
B) Acquisition of Cellestial E-Mobility Private Limited
i) As more detailed in Note 40.1, during the previous year, TICMPL acquired 141,677 equity shares of the face value
of `10/- each, representing about 69.95% of the subscribed and paid-up share capital of M/s. Cellestial E-Mobility
Private Limited (“CEMPL”), a company engaged in design and manufacture of electric tractors for a consideration of
`160.89 Cr. TICMPL had joint control over CEMPL.
During the current year, the company acquired the remaining 60,860 equity shares from the existing shareholders for
a consideration of `50.90 Cr. and obtained 100% control over the subsidiary. The decision by the Group to acquire
controlling interest in CEMPL was driven by the strategy to consolidate its holding in electric tractor business. The
Control was obtained on the Company effective 3rd February, 2023 (Acquisition Date) and CEMPL become the
Wholly Owned Subsidiary.
ii) Post acquisition of the remaining equity shares as referred to above, the transaction has been accounted in
accordance with Ind AS 103 - Business Combinations and accounting has been provisionally determined as
permitted by paragraph 45 of Ind-AS 103
C) Acquisition of Moshine Electronics Private Limited
i) On 23rd September, 2022 (Acquisition Date), the Group acquired 76% of the equity shares of Moshine Electronics
Private Limited (MEPL), an un-listed company based in India, for a consideration of `7.38 Cr. (20,66,628 equity
shares). MEPL is a company engaged in the manufacture and sale of camera modules for mobile phones. The
decision by the Group to acquire controlling interest in MEPL was driven by the long-term business objectives of
the Group and is in line with Group’s intent to broaden its products and business portfolio with a view to reduce its
dependence on existing revenue streams.

ii) The Group has elected to measure the non-controlling interests at the proportionate share of the acquiree’s net
assets.
D) Assets Acquired and Liabilities assumed: The fair values of the identifiable assets and liabilities as at the date of
acquisition were:
` in Crores
CEMPL
Particulars IPLT Moshine
(Provisional)
Assets:
Non-Current Assets
Property, Plant and Equipment 5.31 0.18 0.40
Right of Use Assets 2.41 1.10 17.55
Capital Work-in-Progress - - 6.09
Intangible Assets 133.89 1.39 112.39
Financial Assets- Others 0.18 - 1.15
Other Non-Current Assets 0.02 0.15 -
Deferred Tax Assets - 0.12 0.13
Current Assets
Inventories 14.85 1.47 3.02
Trade Receivables 1.51 2.80 -
Cash and cash equivalents 150.21 0.95 20.22
Bank balances other than Cash and cash equivalents 0.23 0.51 -
Financial Assets- Others 0.13 - -
Other Current Assets 25.32 0.22 3.98
Total Assets (A) 334.06 8.89 164.93
Liabilities:
Non-current liabilities
Long term Borrowings - - 3.00
Lease Liabilities 0.65 0.52 16.73
Long Term Provision 0.07 - 0.15
Financial Liabilities - - 0.71
Deferred Tax Liabilities 22.41 0.35 18.62
Other non-current liabilities - - 1.52
Current Liabilities
Borrowings 22.47 - -
Lease Liabilities 2.18 0.69 0.70
Trade Payables 3.09 7.42 1.75
Other Financial Liabilities 0.10 0.09 0.21
Other Current Liabilities 26.34 - 1.16
Short Term Provision 0.44 0.05 0.13
Total Liabilities (B) 77.75 9.12 44.68
Net Assets (C=A-B) 256.31 (0.23) 120.25
% Stake held by the Group (D) 65.25% 76.00% 100.00%
Share of Net Assets of the Group (E=C*D) 167.23 (0.17) 120.25
Purchase Consideration (F) 245.41 7.38 204.25
Goodwill (F-E) 78.18 7.55 84.00

Other Matters
i. The entire purchase consideration was paid through cash. There is no contingent consideration to be paid as per the
definite agreements and transactions has to be recognised separately from acquisition of assets and assumption of
liabilities. The carrying value and gross value of trade receivables equals to the fair values.
ii. The goodwill of `169.73 Cr. comprises the value of expected synergies arising from the acquisition and Intangibles
assets recognised in accordance with Ind AS 38 (ie, Technical know-how, Non Compete, Order book etc). Goodwill of
`162.18 Cr. and `7.55 Cr. has been allocated to E-Mobility segment and Other segment respectively. None of the
goodwill recognised is expected to be deductible for income tax purposes.
iii. From the date of acquisition, the Companies contribution on revenue and Profit/ (Loss) before tax from continuing
operations of the Group is as follows:
` in Crores
Particulars IPLT CEMPL Moshine
Revenue 3.07 0.23 6.32
Profit/ (Loss) before tax from continuing operations (43.89) (8.97) (1.03)
iv If the combination had taken place at the beginning of the year ended 31 March 2023, the contribution to group’s
st
revenue from opeartions and profit before tax would have been as follows
` in Crores
Particulars IPLT CEMPL Moshine
Revenue 5.56 0.23 12.20
Profit/ (Loss) before tax from continuing operations (60.25) (18.96) (1.70)
v Transaction costs of `0.27 Cr. have been expensed and are included in other expenses.
vi The deferred tax liability mainly comprises the tax effect of the fair value of tangible and intangible assets due to the
acquisitions.
Note 40.3. Hedging activities and derivatives
Cash Flow Hedges
Foreign Exchange Forward Contracts measured at Fair Value through OCI are designated as Hedging Instruments in cash flow
hedges of forecast sales in EUR and USD and also for forecast purchases in EUR and USD.
` in Crores
Particulars
Assets Liabilities Assets Liabilities
Fair Value of Foreign Exchange Forward Contracts 0.07 1.70 1.02 -
Disclosure of effects of Hedge accounting
As at 31-Mar-2023
Nominal Value Carrying Value Changes in
of Hedging of Hedging the value
Foreign Instruments Instruments Changes in of Hedged
Exchange (No. of Contracts) (` in Crores) Weighted Fair value Item used as
Maturity Date Hedge Ratio
Risk on Cash Average Rate of Hedging a basis for
Flow Hedge Instrument recognising
Asset Liability Asset Liability
hedge
effectiveness
1 USD - `82.41
Foreign
17-Apr-2023 1 EUR - `93.50
Currency
18 42 42.76 212.26 to 28-Mar- 1:1 1 JPY - `0.62 (1.00) 1.00
Forward
2025 1 CHF - `90.36
Contracts
1 CNH - `12.15

` in Crores
Change in the value Hedge Amount reclassified Line item affected in
of Hedging Instrument Ineffectiveness from Cash Flow Statement of Profit
Cash Flow Hedge
recognised in Other recognised in Hedge Reserve to and Loss because of
Comprehensive Income Profit or Loss Profit or Loss the Reclassification
Foreign Exchange Risk (2.38) - (0.07) Other Expenses
As at 31-Mar-2022
Nominal Value Carrying Value Changes in the
Foreign of Hedging of Hedging Changes in value of Hedged
Weighted
Exchange Risk Instruments Instruments Fair value Item used as
Maturity Date Hedge Ratio Average
on Cash Flow (No. of Contracts) (` in Crores) of Hedging a basis for
Rate
Hedge Instrument recognising hedge
Asset Liability Asset Liability
effectiveness
Foreign 1 USD -
29-Apr-2022
Currency `78.08
- 30 - 89.53 to 31-Mar- 1:1 0.41 (0.41)
Forward 1 EUR -
2023
Contracts `88.83
` in Crores
Line item affected
Change in the value Hedge Amount reclassified
in Statement of
of Hedging Instrument Ineffectiveness from Cash Flow
Cash Flow Hedge Profit and Loss
recognised in Other recognised in Hedge Reserve to
because of the
Comprehensive Income Profit or Loss Profit or Loss
Reclassification
Foreign Exchange Risk 3.34 - (4.12) Other Expenses
Note 41.1 Fair Values
The following table presents the carrying amounts and fair value of each category of financial assets and liabilities.
` in Crores
Carrying value Fair value
Particulars
31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
Financial assets
FVTOCI Equity Investments 8.74 8.52 8.74 8.52
FVTPL Debt Investments 0.56 0.23 0.56 0.23
Investments at amortised cost 20.61 22.61 20.61 22.61
Other Financial Assets - Non Current 48.56 56.17 48.56 56.17
Loans 2.07 2.17 2.07 2.17
Trade Receivables 2,128.90 1,785.34 2,128.90 1,785.34
FVTPL Investments in Mutual Funds 689.92 348.99 689.92 348.99
Derivative Instruments - Current 0.07 1.02 0.07 1.02
Cash and Bank Balances 953.60 572.66 953.60 572.66
Other Financial Assets - Current 159.59 155.13 159.59 155.13
Total 4,012.62 2,952.84 4,012.62 2,952.84

` in Crores
Carrying value Fair value
Particulars
31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
Financial liabilities
Non-current Borrowings 44.18 345.29 44.18 345.29
Lease Liabilities - Non Current 83.11 52.24 83.11 52.24
Derivative Instruments - Non Current 1.07 - 1.07 -
Other Financial Liabilities - Non-Current 402.58 14.83 402.58 14.83
Current Borrowings 584.96 458.47 584.96 458.47
Trade Payables 2,319.11 2,343.23 2,319.11 2,343.23
Lease Liabilities - Current 13.82 14.91 13.82 14.91
Derivative Instruments - Current 0.63 - 0.63 -
Other Financial Liabilities - Current 386.83 748.64 386.83 748.64
Total 3,836.29 3,977.61 3,836.29 3,977.61
The management assessed that cash and cash equivalents, trade receivables, loans, current investments, other financial
assets, short term borrowings, trade payables and other current financial liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments.
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions
were used to estimate the fair values:
i. The fair values of quoted equity investments are derived from quoted market prices in active markets.
ii. The fair values of certain unquoted equity investments have been estimated using Discounted Cash-flow Model (DCF).
The valuation is based on certain assumptions like forecast cash-flows, discount rate, etc.
iii. The fair value of borrowings is estimated by discounting expected future cash flows using a discount rate equivalent to
the risk-free rate of return, adjusted for the Credit spread considered by the lenders for instruments of the similar maturity.
iv. Derivatives are fair valued using market observable rates and published prices.
Note 41.2 Fair Values Hierarchy
The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities:
Particulars Total
active markets observable unobservable
Foreign Exchange Forward Contracts 0.07 - 0.07 -
Investments carried at amortised cost 20.61 - 20.61 -
* Fair value of investment property is calculated based on valuation given by external independent valuers.
There have been no transfers between the level 1, level 2 and Level 3 during the period.

Quantitative disclosures fair value measurement hierarchy for liabilities as at 31st March 2023:
` in Crores
Particulars Total
Liabilities for which fair values are disclosed:
Foreign Exchange forward Contracts 1.70 - 1.70 -
Compulsorily Convertible preference Shares 400.00 - 400.00 -
Long term Borrowings 44.18 - 44.18 -
Particulars Total
Foreign Exchange Forward Contracts 1.02 - 1.02 -
Investments carried at amortised cost 22.61 - 22.61 -
* Fair value of investment property is calculated based on valuation given by external independent valuers.
Particulars Total
active markets observable inputs unobservable inputs
(Level 1) (Level 2) (Level 3)
Liabilities for which fair values are
disclosed:
Long term Borrowings 345.29 - 345.29 -
Significant Range
Valuation Sensitivity of the input to fair
technique value
inputs average)
5% sensitivity
Unquoted FVTOCI
2022-23-
equity investments DCF Model Discount Rate 14%
5% sensitivity
Unquoted FVTOCI
2021-22-
equity investments DCF Model Discount Rate 15%
Discount Rate-20%, `(2.05) Cr.
Discount Rate-10%, `4.10 Cr.

Significant Range
Valuation Sensitivity of the input to fair
technique value
inputs average)
Note 41.3 Financial Risk Management Objectives and Policies
The Group’s principal financial liabilities, other than derivatives, comprise of bank loans and trade payables. The main
purpose of these financial liabilities is to raise finance for the operations. The Group has various financial assets such as
trade receivables, cash and short-term deposits, which arise directly from its operations. There are FVTOCI investments and
derivative transactions.
There is exposure to market risk, credit risk and liquidity risk. The senior management oversees the management of these risks.
The senior management is supported by a Risk Management Committee that advises on financial risks and the appropriate
financial risk governance framework. The Risk Management Committee provides assurance to the senior management that
the financial risk activities are governed by appropriate policies and procedures and that the financial risks are identified,
measured and managed in accordance with the policies and risk objectives. All derivative activities for risk management
purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the policy that
no trading in derivatives for speculative purposes may be undertaken.
A. Market Risk
Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from
a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in
the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future
specific market movements cannot be normally predicted with reasonable accuracy.
i. Foreign Currency Exchange Rate Risk
The fluctuation in foreign currency exchange rates may have potential impact on the income statement and equity,
where any transaction references more than one currency or where assets/liabilities are denominated in a currency
other than the functional currency of the respective consolidated entities.
As per the forex policy, foreign exchange and other derivative instruments are primarily used to hedge foreign
exchange and interest rate exposure.
The impact of foreign exchange rate fluctuations is evaluated by assessing its exposure to exchange rate risks. A
part of these risks are hedged by using derivative financial instruments in accordance with the forex policy.
The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate
exposure of a currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each
currency by 5%.
Foreign Currency Sensitivity
The following tables demonstrate the sensitivity to 5% appreciation in USD and EURO exchange rates on foreign currency
exposures as at the year end, with all other variables held constant. The impact on the profit before tax is due to changes
in the fair value of monetary assets and liabilities. The exposure to foreign currency changes for all other currencies is not
material.

` in Crores
Increase/ Increase/ Increase/ Increase/
Increase/
(Decrease) in (Decrease) in (Decrease) (Decrease)
(Decrease) in
As at Nature PBT for change PBT for change in PBT for in PBT for
PBT for change
in in change in change in
in EUR rates
USD rates GBP rates IDR rates Other rates
Receivables 10.69 9.24 0.07 - 0.07
31-Mar-2023
Payables 4.58 4.57 - - 0.22
Receivables 9.04 3.83 - - 0.25
31-Mar-2022
Payables (0.29) (0.05) - - -
Derivative Contracts ` in Crores

Increase/ Increase/ Increase/ Increase/ Increase/ Increase/ Increase/
(Decrease) (Decrease) (Decrease) (Decrease) (Decrease) (Decrease) (Decrease)
As at Nature in PBT for in PBT for in PBT for in OCI for in OCI for in OCI for in OCI for
change in change in change in change in change in change in change in
USD rates EUR rates JPY rates USD rates EUR rates CNH rates CHF rates
31-Mar- Derivative
(3.10) (1.45) 0.12 0.09 (9.88) 1.69 0.07
2023 Contracts
31-Mar- Derivative
2.25 (0.97) - (3.24) (0.99) - -
2022 Contracts
Conversely, 5% depreciation in the USD and Euro rates against the significant foreign currencies as at 31st March 2023 and
31st March 2022 would have had the same but opposite effect, again holding all other variables constant.
ii. Equity Price Risk
Equity Price Risk is related to the change in market reference price of the investments in equity securities.
The Group has investments in other equity investments, routed through FVTOCI of only `8.74 Cr. as at 31st March 2023.
(As at 31st March 2022 - `8.52 Cr.)
B. Credit Risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual
terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness
as well as concentration risks.
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, loans
and advances and derivative financial instruments. None of the financial instruments of the Group result in material
concentrations of credit risks.
Exposure to Credit risk - The carrying amount of financial assets represents the maximum Credit exposure. The maximum
exposure to Credit risk was `4,012.60 Cr. as at 31st March 2023 and `2,945.61 Cr. as at 31st March 2022, being the
total of the carrying amount of balances with banks, short term deposits with banks, trade receivables and other financial
assets excluding equity investments.
Credit risk from balances with banks and investment of surplus funds in mutual funds is managed by the Group’s treasury
department. The objective is to minimise the concentration of risks and therefore mitigate financial loss.
Of the above, `160.75 Cr. (Previous year – `172.02 Cr.) is backed by Export Credit Guarantee Cover / Letter of Credit as
at 31st March 2023.
C. Liquidity Risk
Liquidity risk refers to the risk that the Group cannot meet its financial obligations. The objective of liquidity risk management
is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Group has obtained fund and non-fund based working capital lines from various banks. Furthermore, the Group has
access to funds from debt markets through commercial paper, non-convertible debentures, and other debt instruments.

The Group invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds, which carry
no/low mark to market risks. The Group has also invested 15% of the non-convertible debentures (taken by the group)
falling due for repayment in the next 12 months in bank deposits, to meet the regulatory norms of liquidity requirements.
The Group also constantly monitors funding options available in the debt and capital markets with a view to maintaining
financial flexibility.
As at 31st March 2023, the Group has undrawn committed lines of `836.15 Cr. (As at 31st March 2022 - `894.36 Cr.).
The table below provides details regarding the contractual maturities of financial liabilities based on Contractual
undiscounted payments:
` in Crores
Carrying 3 to 12
Particulars On demand < 3 months > 1 year Total
Value months
Year ended 31-Mar-2023
Borrowings 629.14 0.02 283.26 311.11 45.85 640.24
Other Financial Liabilities 789.41 20.29 29.11 339.36 400.65 789.41
Trade and Other Payables 2,319.11 293.96 688.82 1,336.31 0.02 2,319.11
Derivatives 1.70 - - 0.63 1.07 1.70
3,836.29 314.27 1,004.47 2,007.06 631.37 3,957.17
Year ended 31-Mar-2022

Borrowings 803.76 1.62 154.69 307.77 346.41 810.49
Other Financial Liabilities 763.47 51.51 691.43 5.00 15.53 763.47
Trade and Other Payables 2,343.23 320.30 1,979.17 43.46 0.30 2,343.23
3,977.61 373.43 2,830.47 369.77 439.67 4,013.34
Note 42.Capital Management
The Group’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and
short-term goals.
The amount of capital required is determined based on annual operating plans and long-term product and other strategic
investment plans. The funding requirements are met through internal accruals, non-convertible debentures, external commercial
borrowings and other long-term/short-term borrowings. The Group’s policy is aimed at combination of short-term and
long-term borrowings.
The Group monitors capital employed using a Debt equity ratio, which is total debt divided by total equity and maturity profile
of the overall debt portfolio of the Group.
The following table summarizes the Capital of the Group: ` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Borrowings
- Long Term 44.18 345.29
- Short Term 584.96 458.47
Total Debt 629.14 803.76
Equity Share Capital 19.31 19.29
Other Equity 3,931.32 3,051.79
Equity 3,950.63 3,071.08
Debt Equity ratio 0.16 0.26

Note 43 Non-current assets held for sale and Discontinued Operations
Following subsidiaries/ business units are considered as discontinued operations as at 31st March, 2023:
(i) CG Power Solutions Limited
(ii) CG Power Equipments Limited
(iii) PT Crompton Prima Switchgear Indonesia
(iv) CG Sales Networks Malaysia Sdn. Bhd.
(v) QEI LLC
Transformer Division - Kanjurmarg
In previous year 2021-22, CG Power and Industrial Solutions Limited had completed the sale transaction of remaining portion
of land at Kanjurmarg and received net sale consideration `367.18 Cr. and accounted profit of `123.62 Cr. of this transaction.
Hence, provision made towards delay in completion of contractual obligation and land sale aggregating to `156.90 Cr. had
been reversed in financial year 2021-22 and formed part of the exceptional items in the consolidated financial statements.
During the year, subsidiary CG Power and Industrial Solutions Limited Middle East FZCO has been liquidated and CG Power
Systems Canada Inc. has been deconsolidated as per IND AS 105.
Liquidation of subsidiary CG Sales Networks Malaysia Sdn. Bhd is under process. Consequently, as on 31st March, 2023,
business of said subsidiary has been classified as discontinued operation.
The Group during the year has decided to divest its investment in a wholly owned subsidiary QEI LLC and has engaged a third
party to find suitable buyers and presently expects to complete the divestment in FY 2023-24. In accordance with IND AS
105 “Non-Current Assets Held For Sale And Discontinued Operations“ the operations of the subsidiary including its assets,
liabilities and net results are disclosed as discontinuing operations.
The Group has de-consolidated one of its subsidiaries i.e. CG Middle East FZE in respect of which it has received a liquidation
order. As a consequence, an amount of INR 173.31 Cr. has been credited to profit and loss account as discontinued operations.
During the year, one of the subsidiaries of the Group i.e. CG Power Solutions Limited (‘CGPSOL’) admitted to Insolvency and
Bankruptcy Code 2016 (‘IBC’) and Corporate Insolvency Resolution Process (‘CIRP’) was initiated as per NCLT order dated
April 27, 2022 (‘effective date’). As per order, Interim Resolution Professional (‘IRP’) was appointed and subsequently IRP was
confirmed to continue as the Resolution Professional (‘RP’) by Committee of Creditors (‘CoC’) on July 30, 2022 to manage
the affairs of the CGPSOL. As per provisions of IBC, RP has invitted claims from concern parties. In absence of having any
resolution plan after publishing the expression of interest, the RP has filed for liquidation / dissolution of CGPSOL with NCLT as
on December 24, 2022 after receiving due approval from CoC. As on March 31, 2023, said application is with NCLT, Mumbai
Bench and hearing is scheduled on June 5, 2023. In view of the same, operation of CGPSOL has been considered under
discontinuing operation.
In case of one of the subsidiaries of Group i.e. PT Crompton Prima Switchgear Indonesia, the Parent Company has
passed resolutions to liquidate the assets of the subsidiary. Hence said subsidiary is part of discontinued operation as on
31st March, 2023
Statement of profit and loss of the discontinued operations is as under:` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Revenue from operations 94.23 82.02
Expenses (net of other income) (75.57) 58.53
Profit / (loss) before tax 169.80 23.49
Tax expense 3.16 0.06
Profit / (loss) after tax from discontinued operations 166.64 23.43

The major classes of assets and liabilities of the discontinued operation are as under:` in Crores
As at As at
Particulars
31-Mar-2023 31-Mar-2022
Assets
Non-Current Assets
Property, Plant and Equipment 71.93 -
Right-of-use assets 13.35 -
Intangible Assets 11.82 -
Intangible Assets under Development 1.43 -
Financial Assets - Others 8.22 -
Current Assets
Inventories 30.25 -
Financial Assets
Cash and Cash equivalents 30.13 2.21
Others 0.79 -
Current Tax Assets (net) 0.90 0.87
Other current assets 1.00 4.63
Assets classified as held for sale (A) 189.87 8.06
Lease liabilities 11.56 -
Provision 0.22 -
Deferred tax liabilities (net) 2.79 -
Current Liabilities
Borrowings 36.56 -
Lease liabilities 2.15 -
Trade Payables 17.20 1.44
Other Financial Liabilities 13.94 -
Other current liabilities 606.60 0.05
Provisions 1.83 7.35
Liabilities directly associated with assets classified as held for sale (B) 692.85 8.84
Net assets directly associated with disposal group (A-B) (502.98) (0.78)
Net cash flows attributable to the operating, investing and financing activities of discontinued operations:
Cash flow from / (used) - Operating Activities 10.50 21.22
Cash flow from / (used) - Investing Activities (0.81) 367.18
Cash flow from / (used) - Financing Activities (2.53) 2.21

Note 44. Promoter and Promoter Group Shareholding
FY 2022-23
%
No. of Shares Change No. of Shares % of
Change
Sl. No. Promoter Name at the beginning during the at the end of Total
during the
of the year year the year Shares
year
3 A.M.Meyyammai 9,31,500 - 9,31,500 0.48% 0.00%
M A Alagappan & M M Murugappan hold 8,63,980 - 8,63,980 0.45% 0.00%
shares on behalf of firm
5 Arun Alagappan 8,33,090 - 8,33,090 0.43% 0.00%
6 A A Alagammai, Trustee of Lakshmi
7,43,000 (12,397) 7,30,603 0.38% -1.70%
7,26,200 - 7,26,200 0.38% 0.00%
Foundation
8 M.A.Alagappan 7,10,000 - 7,10,000 0.37% 0.00%
9 M V Subbiah, Trustee of Shambho Trust 6,03,180 - 6,03,180 0.31% 0.00%
10 Vellachi Murugappan 5,97,425 - 5,97,425 0.31% 0.00%
5,43,330 - 5,43,330 0.28% 0.00%
Arunachalam)
5,37,360 - 5,37,360 0.28% 0.00%
Trust
14 A Venkatachalam 5,13,610 - 5,13,610 0.27% 0.00%
15 M A Alagappan Holdings Private Limited 5,09,860 - 5,09,860 0.26% 0.00%
16 M M Murugappan, Trustee of Meenakshi
5,00,000 - 5,00,000 0.26% 0.00%
17 Valli Arunachalam 4,96,095 - 4,96,095 0.26% 0.00%
4,78,055 - 4,78,055 0.25% 0.00%
M M Muthiah Family Trust
19 M A M Arunachalam 4,70,160 - 4,70,160 0.24% 0.00%
4,68,055 - 4,68,055 0.24% 0.00%
M M Veerappan Family Trust
4,59,830 - 4,59,830 0.24% 0.00%
M V Subramanian Family Trust
4,59,830 - 4,59,830 0.24% 0.00%
M V Muthiah Family Trust
23 M V AR Meenakshi 4,49,630 - 4,49,630 0.23% 0.00%
4,03,900 - 4,03,900 0.21% 0.00%
M M Venkatachalam Family Trust
25 Ar.Lakshmi Achi Trust 3,91,510 - 3,91,510 0.20% 0.00%
26 Valli Muthiah 3,87,080 (3,87,080) - 0.00%

%
Change
during the
year
27 A Vellayan 3,82,400 - 3,82,400 0.20% 0.00%
28 M M Venkatachalam, Trustee of Lakshmi
3,79,905 - 3,79,905 0.20% 0.00%
Venkatachalam Family Trust
30 M M Murugappan HUF
3,55,330 - 3,55,330 0.18% 0.00%
31 V Arunachalam 3,38,990 - 3,38,990 0.18% 0.00%
32 V Narayanan 2,81,140 - 2,81,140 0.15% 0.00%
34 M M Muthiah HUF
2,77,360 - 2,77,360 0.14% 0.00%
35 A Venkatachalam HUF
2,52,000 - 2,52,000 0.13% 0.00%
(Karta - A Venkatachalam)
M M Murugappan, Trustee of M M
37 2,31,800 - 2,31,800 0.12% 0.00%
39 Umayal.R. 2,26,580 - 2,26,580 0.12% 0.00%
40 M A M Arunachalam, Trustee of Arun
2,20,278 - 2,20,278 0.11% 0.00%
Murugappan Children's Trust
2,16,777 - 2,16,777 0.11% 0.00%
2,15,410 - 2,15,410 0.11% 0.00%
43 M M Murugappan 2,04,715 - 2,04,715 0.11% 0.00%
45 M V Subbiah HUF (Karta- M V Subbiah) 1,71,200 - 1,71,200 0.09% 0.00%
47 Valli Annamalai 1,57,127 - 1,57,127 0.08% 0.00%
M A M Arunachalam HUF
48 1,48,660 - 1,48,660 0.08% 0.00%
(Karta - M A M Arunachalam)
49 M V Subbiah 1,35,000 - 1,35,000 0.07% 0.00%
50 M A Alagappan HUF
1,30,660 - 1,30,660 0.07% 0.00%
(Karta - M A Alagappan)

%
Change
during the
year
14,500 - 14,500 0.01% 0.00%
56 M V Subbiah, Trustee of M V Seetha
14,500 - 14,500 0.01% 0.00%
59 Krishna Murugappan Muthiah 5,000 - 5,000 0.00% 0.00%
62 A V Nagalakshmi 3,600 - 3,600 0.00% 0.00%
63 V Vasantha 2,300 - 2,300 0.00% 0.00%
64 Uma Ramanathan 2,000 - 2,000 0.00% 0.00%
67 Valli Alagappan 1,000 - 1,000 0.00% 0.00%
TOTAL 8,96,47,229 (3,99,477) 8,92,47,752 46.2%
FY 2021-22

Sl. No. Promoter Name at the beginning during the at the end of Total during the
3 A.M.Meyyammai 9,31,500 - 9,31,500 0.48% 0.00%
M A Alagappan & M M Murugappan 8,63,980 - 8,63,980 0.45% 0.00%
hold shares on behalf of firm
5 Arun Alagappan 8,33,090 - 8,33,090 0.43% 0.00%
6 A A Alagammai, Trustee of Lakshmi
7,43,000 - 7,43,000 0.39% 0.00%
7,26,200 - 7,26,200 0.38% 0.00%
Foundation
8 M.A.Alagappan 7,10,000 - 7,10,000 0.37% 0.00%
6,03,180 - 6,03,180 0.31% 0.00%
Trust
10 Vellachi Murugappan 1,15,330 4,82,095 5,97,425 0.31% 418.01%
12 M V Murugappan HUF
5,43,330 - 5,43,330 0.28% 0.00%
(Karta - Valli Arunachalam)

5,49,860 (12,500) 5,37,360 0.28% (2.27%)
Trust
14 A Venkatachalam 5,13,610 - 5,13,610 0.27% 0.00%
5,09,860 - 5,09,860 0.26% 0.00%
Limited
5,00,000 - 5,00,000 0.26% 0.00%
Meenakshi Murugappan Family Trust
17 Valli Arunachalam - 4,96,095 4,96,095 0.26% 100.00%
4,78,055 - 4,78,055 0.25% 0.00%
M M Muthiah Family Trust
19 M A M Arunachalam 4,70,160 - 4,70,160 0.24% 0.00%
4,68,055 - 4,68,055 0.24% 0.00%
M M Veerappan Family Trust
4,59,830 - 4,59,830 0.24% 0.00%
M V Subramanian Family Trust
4,59,830 - 4,59,830 0.24% 0.00%
M V Muthiah Family Trust
23 M V AR Meenakshi 4,49,630 - 4,49,630 0.23% 0.00%
4,03,900 - 4,03,900 0.21% 0.00%
M M Venkatachalam Family Trust
25 Valli Muthiah 3,87,080 - 3,87,080 0.20% 0.00%
26 A Vellayan 3,82,400 - 3,82,400 0.20% 0.00%
3,79,905 - 3,79,905 0.20% 0.00%
Lakshmi Venkatachalam Family Trust
29 M M Murugappan HUF|
3,55,330 - 3,55,330 0.18% 0.00%
30 V Arunachalam 3,38,990 - 3,38,990 0.18% 0.00%
31 V Narayanan 2,81,140 - 2,81,140 0.15% 0.00%
33 M M Muthiah HUF
2,77,360 - 2,77,360 0.14% 0.00%
34 A Venkatachalam HUF
2,52,000 - 2,52,000 0.13% 0.00%
(Karta - A Venkatachalam)
2,31,800 - 2,31,800 0.12% 0.00%
M M Murugappan Family Trust
38 Umayal.R. 2,26,580 - 2,26,580 0.12% 0.00%
39 M A M Arunachalam, Trustee of Arun
2,20,278 - 2,20,278 0.11% 0.00%
Murugappan Children's Trust
40 Arun Alagappan, Trustee of
2,16,777 - 2,16,777 0.11% 0.00%
M A Alagappan Grand Children Trust

2,15,410 - 2,15,410 0.11% 0.00%
42 M M Murugappan 2,09,715 (5,000) 2,04,715 0.11% (2.38%)
44 M V Subbiah HUF (Karta- M V Subbiah) 1,71,200 - 1,71,200 0.09% 0.00%
46 Valli Annamalai 1,57,127 - 1,57,127 0.08% 0.00%
47 M A M Arunachalam HUF
1,48,660 - 1,48,660 0.08% 0.00%
(Karta - M A M Arunachalam)
48 M V Subbiah 1,35,000 - 1,35,000 0.07% 0.00%
53 Subbiah Vellayan, Trustee of
14,500 - 14,500 0.01% 0.00%
Valli Subbiah Benefit Trust
54 M V Subbiah, Trustee of
14,500 - 14,500 0.01% 0.00%
M V Seetha Subbiah Benefit Trust
59 A V Nagalakshmi 3,600 - 3,600 0.00% 0.00%
60 V Vasantha 2,300 - 2,300 0.00% 0.00%
61 Uma Ramanathan 2,000 - 2,000 0.00% 0.00%
64 Valli Alagappan 1,000 - 1,000 0.00% 0.00%
67 Krishna Murugappan Muthiah - 5,000 5,000 0.00% 100.00%
- 1,30,660 1,30,660 0.07% 100.00%
69 Ar.Lakshmi Achi Trust - 3,91,510 3,91,510 0.20% 100.00%
70 Ar.Lakshmi Achi Trust 3,91,510 (3,91,510) - 0.00% (100.00%)
71 Lalitha vellayan 3,07,160 (3,07,160) - 0.00% (100.00%)
1,30,660 (1,30,660) - 0.00% (100.00%)
73 M V Valli Murugappan 9,78,190 (9,78,190) - 0.00% (100.00%)
TOTAL 8,99,66,889 (3,19,660) 8,96,47,229 46.5%

Note 45. Other Statutory Information
(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group
for holding any Benami property.
(ii) The Group has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
(iii) During the year, the company has further invested `150 Cr. by way of equity, `167 Cr. through CCPS and provided
`325 Cr. as intercorporate deposits (refer note 6c) to its Subsidiary, TI Clean Mobility Private Limited (“TICMPL”
CIN-U34300TN2022PTC149904) to pursue and engage in clean mobility business. Subsequently, TICMPL acquired 65.2%
of equity share capital of IPLTech Electric Private Limited (‘IPLT’, CIN-U73100HR2019PTC081891) by way of Primary and
Secondary acquisition for a consideration of `245.41 Cr on 21st September 2022. TICMPL also acquired the remaining
30.05% from the existing shareholders of Cellestial E Mobility Private Limited (CEMPL, CIN-U35999TG2019PTC131892)
for a consideration of `50.90 Cr. on 3rd February 2023 and obtained 100% control over CEMPL.
(iv) The Group has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and
the Companies Act for the above transactions and are not violative of the Prevention of Money-Laundering Act, 2002
(15 of 2003).
(v) The Group does not have any transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act,1961 (such as search or survey or
any other relevant provision of the Income Tax Act, 1961).
(vi) The Group does not have any transactions with companies which has been struck off by ROC under section 248 of the
companies Act, 2013 other than with the following companies -
Balance Balance Relationship

Nature of
Name of stuck off company outstanding as at outstanding as at with the stuck off
transactions
31st March 2023 31st March 2022 company
Third Party Vendor
Aditya Inkjet Technologies Private Ltd Payables - `67,246.00 and not related party
of the company
46. Additional information as required by Paragraph 2 of the General Instructions for Preparation of Consolidated Financial Statements to
Schedule III to the Companies Act, 2013 as at and for the year ended 31st March 2023 and 31st March 2022
Year ended 31st March 2023
Net Assets Share in Profit and Loss Other Comprehensive Income Total Comprehensive Income
As % of As % of
As % of Amount As % of Amount Amount
Name of the Entities Amount Consolidated Other Consolidated Total
Consolidated (` in Consolidated (` in (` in
(` in Crores) Comprehensive Comprehensive
Net Assets Crores) Profit and Loss Crores) Crores)
Income Income
I. Parent
Tube Investments of India Limited 66% 3,292.47 50% 665.20 50% (20.29) 50% 644.91
II. Subsidiaries
a) Indian
Shanthi Gears Limited 4% 213.07 4% 47.25 3% (1.17) 4% 46.08
32% 1,591.94 32% 421.03 14% (5.55) 32% 415.48
Limited
CG Adhesive Products Limited 0% 19.00 0% 2.16 - - 0% 2.16
CG Power Solutions Limited (38)% (1,870.32) (0)% (0.38) - - (0)% (0.38)
CG Power Equipments Limited 0% - 0% (0.01) - - 0% (0.01)
TI Clean Mobility Private Limited 3% 162.24 (6)% (79.38) 76% (30.75) (9)% (110.13)
Cellestial E Mobility Private Limited 1% 37.18 (1)% (10.24) - - (1)% (10.24)
Cellestial E Trac Private Limited 0% 21.04 (1)% (13.95) - - (1)% (13.95)

IPLTech Electric Private Limited 3% 139.49 (2)% (27.43) - - (2)% (27.43)
Moshine Electronics Private Limited (0)% (0.96) (0)% (0.78) - - (0)% (0.78)
b) Foreign
Financiere C10 SAS 2% 78.12 0% 4.68 (1)% (0.32) 0% 4.36
Great Cycles Private Limited 0% 13.27 (0)% (1.20) - - 0% (1.20)
Creative Cycles Private Limited (0)% (3.15) 0% 2.05 - - 0% 2.05

CG International B.V. (32)% (1,590.39) 6% 75.21 - - 6% 75.21

CG Power Systems Canada Inc. 0% - - - - - - -
CG-Ganz Generator and Motor LLC 0% - - - - - - -
CG Power Americas, LLC (4)% (208.93) - - - - - -
QEI, LLC 1% 30.42 - - - - - -
CG Power Solutions UK Limited 0% (15.73) - - - - - -
CG Industrial Holdings Sweden AB 3% 127.78 - - - - - -
333
As % of As % of
Income Income
CG Drives and Automation Sweden
4% 210.42 - - - - - -
AB
CG Drives and Automation
1% 35.21 - - - - - -
Netherlands B.V.
CG Drives and Automation Germany
1% 29.67 - - - - - -
GmbH
CG Middle East FZE* 0% - - - - - - -

|
CG International Holdings Singapore

(2)% (119.59) - - - - - -
Pte. Limited
CG Sales Network Malaysia sdn.bhd. 0% 1.42 - - - - - -
PT Crompton Prima Switchgear
0% (12.65) - - - - - -
Indonesia
0% - - - - - - -
Limited Middle East FZCO
Total 44% 2,181.03 82% 1,084.20 143% (58.07) 80% 1,026.12
Less: Eliminations 36% 1,766.31 (8)% (109.06) (67)% 26.97 (6)% (82.09)
Net Total 80% 3,947.34 74% 975.14 77% (31.10) 74% 944.03
Non Controlling Interest
I. Subsidiaries
a) Indian
Shanthi Gears Limited 2% 89.28 1% 19.80 1% (0.49) 2% 19.31
17% 834.16 28% 364.33 - - 28% 364.33
Limited
CG Adhesive Products Limited 0% 3.96 - - - - - -

CG Power Solutions Limited 0% - - - - - - -
CG Power Equipments Limited 0% - - - - - - -
IPLTech Electric Private Limited 2% 74.31 (1)% (14.61) 40% (16.38) (2)% (30.99)
Moshine Electronics Private Limited 0% (0.30) 0% (0.25) - - 0% (0.25)
b) Foreign
Great Cycles Private Limited 0% 3.32 0% (0.30) - - 0% (0.30)
Creative Cycles Private Limited 0% (0.79) 0% 0.51 - - 0% 0.51
CG International B.V. 0% - 6% 75.21 - - 6% 75.21
As % of As % of
Income Income
CG Power Systems Canada Inc. 0% - 0% (3.72) - - 0% (3.72)
CG-Ganz Generator and Motor LLC 0% - - - - - 0% -
CG Power Americas, LLC 0% - 2% 19.83 - - 2% 19.83
QEI, LLC 0% - 1% 8.46 - - 1% 8.46
CG Power Solutions UK Limited 0% - - - - - 0% -
CG Industrial Holdings Sweden AB 0% - 2% 20.40 - - 2% 20.40
0% - 1% 13.68 - - 1% 13.68
AB
0% - 0% 4.14 - - 0% 4.14
Netherlands B.V.
0% - 1% 9.19 - - 1% 9.19
GmbH
CG Middle East FZE 0% - - - - - 0% -
0% - (7)% (86.36) - - (7)% (86.36)
Pte. Limited
CG Sales Network Malaysia sdn.bhd. 0% - 0% (1.88) - - 0% (1.88)
0% (12.15) 0% (0.19) - - 0% (0.19)
Indonesia
0% - 40% 534.42 - - 42% 534.42
Total 20% 991.79 73% 962.66 42% (16.87) 74% 945.79
Less: Eliminations 0% 13.08 (45)% (593.18) (18)% 7.45 (46)% (585.73)
Net Total 20% 1,004.87 28% 369.48 23% (9.42) 28% 360.06
Joint Venture
Cellestial E-Mobility Private Limited 0% - (1)% (19.39) 0% - (2)% (19.39)

X2Fuels and Energy Private Limited 0% - 0% (0.03) 0% - 0% (0.03)
Associate
Aerostrovilos Energy Private Limited 0% 3.29 0% (0.13) 0% - 0% (0.13)
Total 100% 4,955.50 100% 1,325.06 100% (40.52) 100% 1,284.54
335
Year ended 31st March 2022
As % of As % of
Income Income
I. Parent
Tube Investments of India Limited 72% 2,697.95 48% 475.17 (35)% (3.39) 47% 471.78
II. Subsidiaries
a) Indian
Shanthi Gears Limited 5% 183.19 3% 29.93 (3)% (0.33) 3% 29.60

|

34% 1,266.92 13% 126.79 8% 0.79 13% 127.58
Limited
CG Adhesive Products Limited 0% 12.08 0% 1.64 0% - 0% 1.64
CG Power Solutions Limited (29)% (1,085.50) 0% - 0% - 0% -
CG Power Equipments Limited 0% 0.01 0% - 0% - 0% -
TI Clean Mobility Private Limited (2)% (69.29) (1)% (9.92) 0% - (1)% (9.92)
b) Foreign
Financiere C10 SAS 2% 68.81 0% 2.18 0% - 0% 2.18
Great Cycles Private Limited 0% 15.05 1% 5.66 0% - 1% 5.66

Creative Cycles Private Limited 0% (5.59) (1)% (10.78) 0% (1)% (10.78)
CG International B.V. (24)% (902.47) (6)% (59.86) 0% - (6)% (59.86)
CG Power Systems Canada Inc. 0% 2.15 0% - 0% - 0% -
CG-Ganz Generator and Motor LLC 0% - 0% (0.01) 0% - 0% (0.01)
CG Power Americas, LLC (3)% (122.35) 0% (1.22) 0% - 0% (1.22)
QEI, LLC 2% 63.96 1% 13.91 0% - 1% 13.91
CG Power Solutions UK Limited 0% (8.92) 0% - 0% - 0% -

CG Industrial Holdings Sweden AB 2% 63.90 0% 0.05 0% - 0% 0.05
3% 129.22 0% 2.53 0% - 0% 2.53
AB
1% 19.38 0% 2.31 0% - 0% 2.31
Netherlands B.V.
0% 11.10 0% 2.66 0% - 0% 2.66
GmbH
CG Middle East FZE (8)% (295.45) 15% 150.98 0% - 15% 150.98
As % of As % of
Income Income
(1)% (45.58) 13% 130.69 0% - 13% 130.69
Pte. Limited
CG Sales Network Malaysia sdn.bhd. 0% 1.86 0% (0.19) 0% - 0% (0.19)
0% (14.29) 0% - 0% - 0% -
Indonesia
0% - 0% - 0% - 0% -
Total 53% 1,986.14 87% 862.52 (31)% (2.93) 86% 859.59
Less: Eliminations 25% 923.53 (9)% (90.77) 54% 5.14 (9)% (85.63)
Net Total 78% 2,909.67 78% 771.75 23% 2.21 77% 773.96
Non Controlling Interest
I. Subsidiaries
a) Indian
Shanthi Gears Limited 2% 76.77 1% 12.54 (1)% (0.13) 1% 12.41
25% 917.12 9% 91.62 6% 0.57 9% 92.19
Limited
CG Adhesive Products Limited 0% 8.73 0% 1.19 0% - 0% 1.19
CG Power Solutions Limited (21)% (784.44) 0% - 0% - 0% -

CG Power Equipments Limited 0% 0.01 0% - 0% - 0% -
b) Foreign
Great Cycles Private Limited 0% 3.76 0% 1.41 0% - 0% 1.41
Creative Cycles Private Limited 0% (1.40) 0% (2.69) 0% - 0% (2.69)
CG International B.V. (18)% (652.17) (4)% (43.26) 0% - (4)% (43.26)

CG Power Systems Canada Inc. 0% 1.55 0% - 0% - 0% -
CG-Ganz Generator and Motor LLC 0% - 0% - 0% - 0% -

CG Power Americas, LLC (2)% (88.42) 0% (0.88) 0% - 0% (0.88)
QEI, LLC 1% 46.22 1% 10.05 0% - 1% 10.05
CG Power Solutions UK Limited 0% (6.45) 0% - 0% - 0% -
CG Industrial Holdings Sweden AB 1% 46.18 0% 0.04 0% - 0% 0.04
3% 93.38 0% 1.82 0% - 0% 1.82
AB
337
As % of As % of
Income Income
0% 14.01 0% 1.67 0% - 0% 1.67
Netherlands B.V.
0% 8.02 0% 1.93 0% - 0% 1.93
GmbH
CG Middle East FZE (6)% (213.51) 11% 109.11 0% - 11% 109.11
(1)% (32.94) 10% 94.44 0% - 9% 94.44

Pte. Limited
|
CG Sales Network Malaysia sdn.bhd. 0% 1.34 0% (0.14) 0% - 0% (0.14)

0% (10.32) 0% - 0% - 0% -
Indonesia
0% - 0% - 0% - 0% -
Total (15)% (572.56) 28% 278.85 5% 0.44 28% 279.29
Less: Eliminations 33% 1,226.74 (6)% (56.64) 72% 6.92 (5)% (49.72)
Net Total 18% 654.18 22% 222.21 77% 7.36 23% 229.57
Joint Ventures
Cellestial E-Mobility Private Limited 4% 157.98 0% (2.89) 0% - 0% (2.89)
Associate
Aerostrovilos Energy Private Limited 0% 3.43 0% (0.03) 0% - 0% (0.03)
Total 100% 3,725.26 100% 991.04 100% 9.57 100% 1,000.61

Note 47. Previous Year's figures
The Group has reclassified / regrouped previous year figures to conform to this year’s classification.



Notes:
Concept & Design

HASTRA
www.hastra.in

CIN: L35100TN2008PLC069496
‘DARE HOUSE’, No. 234 N S C BOSE ROAD,
CHENNAI-600 001
TEL: 044 421777770-5 FAX: 04442110404
E MAIL: investorservices@tii.murugappa.com
WEB: www.tiindia.com

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NEW FRONTIERS

TUBE INVESTMENTS OF INDIA LIMITED

01 New Frontiers - Infinite Possibilities 02 TII - An Overview 04 Business Segments

06 Executive Chairman’s Message 09 Managing Director’s Message

12 Building People Capital 14 Engineering Business

18 Metal Formed Products Business 22 Mobility Business 26 Other Business

28 Digital Transformation 30 Our ESG Commitment 32 Lean Journey

34 E-Mobility 40 Acquisitions - New Ventures 41 Corporate Information

42 Board of Directors 43 Financial Highlights

44 Board’s Report & Management Discussion and Analysis

65 Report on Corporate Governance 76 General Shareholder Information

82 Business Responsibility & Sustainability Report

126 Standalone Financial Statements 219 Consolidated Financial Statements

A buoyant domestic market providing the adrenalin

The excitement of expanding geographical footprint

Acquisitions. Expansions. Foraying into New

Capability Building. Honing of Efficiencies, IIoT,

A purpose-driven determination to explore

OUR LEGACY of more than 59,000 the Group’s

ROIC% (Pre Tax) FCF (` in Crore) FCF/PAT%

• Cold Drawn Welded (CDW) Tubes • Standard Bicycles

METAL FORMED PRODUCTS GEAR & GEAR PRODUCTS

• Automotive Chains • Gears

GEAR & GEAR

INDUSTRIAL SYSTEMS E-MOBILITY

• Electric Motors • E - Three wheeler

POWER SYSTEMS OTHERS

• Transformers • Industrial Chains

We stayed true to our purpose of

In FY 2022 TICMPL had acquired a leveraging Moshine’s manufacturing Digitization

BUILDING PEOPLE CAPITAL

Deep seeding the training culture, a

The implementation of the Lean model

Leadership Conclave- 2022.

Building capabilities Steering Shaft Tube

-------- Cabin Tilt Cylinder Tubes

High Strength Propeller

REVENUE (` in Crore) PBIT (` in Crore) ROCE%

Corrugated Tube Engine

Handle Bar Tube

Auto Chains & Sprockets

Proving its mettle with value engineering, cutting-edge

Car Recliner Part

Part for Variable Cam Timing System Divisional Channel

Innovative range of products for the Auto Aftermarket

REVENUE (` in Crore) PBIT (` in Crore) ROCE%

IIoT implementation at the New Doorframe Facility, Chennai.

BSA Lady Bird

In addition to a waning interest in cycling in the country, the Indian

Scarcity of new-age materials, import-dependence for premium

In India, product innovation, modernising the business model

FY’23 was also a challenging year for major global bicycle

SPARES MAINTENANCE ACCESSORIES RECREATIONAL TODDLERS

REVENUE (` in Crore) PBIT (` in Crore) ROCE%

REVENUE (` in Crore) PBIT (` in Crore) ROCE%

Chain facility - Ambattur

A recalibration of working methods

As the world races ahead to a data-

Eye Camp at village schools

4.3. Acquisition of M/s. Lotus Surgicals Private Limited, Industry Scenario

Mukesh Ahuja Sasikala Varadachari