Balance Sheet

(₹ in crores)
As at As at
Particulars Notes
March 31, 2024 March 31, 2023
I. ASSETS
(1) NON-CURRENT ASSETS
(a) Property, plant and equipment 3 (b) 11,563.76 11,707.87
(b) Capital work-in-progress 3 (d) 645.03 575.65
(c) Right of use assets 4 (b) 426.50 421.27
(d) Other intangible assets 5 (b) 2,353.79 2,413.18
(e) Intangible assets under development 5 (c) 588.92 509.30
(f) Financial assets:
(i) Investments in subsidiaries, joint ventures and associates 6 28,729.45 27,976.80
(ii) Other investments 7 1,586.12 1,204.82
(iii) Loans 9 101.89 114.40
(iv) Other financial assets 11 1,830.34 2,405.23
(g) Deferred tax assets (net) 28 1,558.65 1,477.26
(h) Non-current tax assets (net) 1,008.32 868.22
(i) Other non-current assets 13 483.30 596.82
50,876.07 50,270.82
(2) CURRENT ASSETS
(a) Inventories 15 (b) 3,470.38 3,027.90
(b) Financial assets:
(i) Investments 8 1,993.50 3,142.96
(ii) Trade receivables 16 2,765.16 2,307.72
(iii) Cash and cash equivalents 18 (b) 3,344.89 1,121.43
(iv) Bank balances other than (iii) above 19 1,806.07 293.22
(v) Loans 10 132.19 40.44
(vi) Other financial assets 12 547.50 347.10
(c) Current tax assets (net) 12.00 -   
(d) Other current assets 14 1,099.37 1,219.18
15,171.06 11,499.95

(3) Assets classified as held-for-sale 3 (c) 36.61 -   

TOTAL ASSETS 66,083.74 61,770.77
II. EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 20 766.50 766.02
(b) Other equity 29,376.55 21,703.83
30,143.05 22,469.85
LIABILITIES
(1) NON-CURRENT LIABILITIES
(a) Financial liabilities:
(i) Borrowings 22 5,235.67 10,445.70
(ii) Lease liabilities 296.28 305.26
(iii) Other financial liabilities 25 252.53 414.44
(b) Provisions 27 (b) 1,936.92 1,588.75
(c) Deferred tax liabilities (net) 28 49.78 51.16
(d) Other non-current liabilities 29 843.35 692.08
8,614.53 13,497.39
(2) CURRENT LIABILITIES
(a) Financial liabilities:
(i) Borrowings 23 8,535.37 8,426.74
(ii) Lease liabilities 123.32 100.99
(iii) Trade payables 24
(a) Total outstanding dues of micro and small enterprises 189.85 114.67
(b) Total outstanding dues of creditors other than micro and small enterprises 8,636.61 7,047.93
(c) Acceptances 4,508.01 5,839.39
(iv) Other financial liabilities 26 1,146.25 1,300.18
(b) Provisions 27 (c) 1,133.92 408.89
(c) Current tax liabilities (net) 73.61 53.66
(d) Other current liabilities 30 2,979.22 2,511.08
27,326.16 25,803.53
TOTAL EQUITY AND LIABILITIES 66,083.74 61,770.77
See accompanying notes to financial statements
In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI

Chartered Accountants Chairman Group Chief Financial Officer
Firm’s Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No.: 103334
UDIN: 24103334BKGEOP3218
Place: Mumbai Place: Mumbai
Date: May 10, 2024 Date: May 10, 2024

79th Integrated Annual Report

396
2023-24
Statement of Profit and Loss
(₹ in crores)
Notes Year ended Year ended
Particulars
March 31, 2024 March 31, 2023
Revenue from operations
(a) Revenue 72,745.92 65,298.84
(b) Other operating revenue 557.16 458.49
I. Total revenue from operations 31 (b) 73,303.08 65,757.33
II. Other income 32 (b) 1,149.88 820.94
III. Total income (I+II) 74,452.96 66,578.27
IV. Expenses:
(a) Cost of materials consumed 45,025.05 42,226.81
(b) Purchases of products for sale 7,764.19 6,561.32
(c) Changes in inventories of finished goods, work-in-progress and
products for sale (600.44) 484.69
(d) Employee benefits expense 33 4,308.15 4,021.63
(e) Finance costs 34 1,705.74 2,047.51
(f) Foreign exchange loss (net) 254.98 279.76
(g) Depreciation and amortisation expense 2,016.84 1,766.86
(h) Product development/engineering expenses 1,104.79 899.06
(i) Other expenses 35 8,960.98 7,819.74
(j) Amount transferred to capital and other account 36 (1,129.73) (1,066.73)
Total expenses (IV) 69,410.55 65,040.65
V. Profit before exceptional items and tax (III-IV) 5,042.41 1,537.62
VI. Exceptional items 37 (2,808.41) 282.82
VII. Profit before tax (V-VI) 7,850.82 1,254.80
VIII. Tax expense/(credit) (net): 28
(a) Current tax 114.22 81.60
(b) Deferred tax (165.48) (1,554.93)
Total tax credit (net) (51.26) (1,473.33)
IX. Profit for the year (VII-VIII) 7,902.08 2,728.13
X. Other comprehensive income/(loss):
(A) (i) Items that will not be reclassified to profit or loss:
(a) Remeasurement losses on defined benefit obligations (net) (71.68) (61.43)
(b) Equity instruments at fair value through other comprehensive
income (net) 381.30 (134.12)
(ii) Income tax (expense)/credit relating to items that will not be reclassified
to profit or loss (29.47) 34.96
(B) (i) Items that will be reclassified to profit or loss - gains/(losses) in cash
flow hedges 211.54 (99.69)
(ii) Income tax (expense)/credit relating to items that will be reclassified to
profit or loss (53.24) 9.93
Total other comprehensive income/(loss) for the year (net of tax) 438.45 (250.35)
XI. Total comprehensive income for the year (IX+X) 8,340.53 2,477.78
XII. Earnings per equity share (EPS) 39
(a) Ordinary shares (face value of ₹2 each):
(i) Basic EPS ₹ 20.61 7.11
(ii) Diluted EPS ₹ 20.60 7.11
(b) ‘A’ Ordinary shares (face value of ₹2 each):
(i) Basic EPS ₹ 20.71 7.21
(ii) Diluted EPS ₹ 20.70 7.21
See accompanying notes to financial statements
In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI

Chartered Accountants Chairman Group Chief Financial Officer
Firm’s Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No.: 103334
UDIN: 24103334BKGEOP3218
Place: Mumbai Place: Mumbai
Date: May 10, 2024 Date: May 10, 2024

INTEGRATED STATUTORY CONSOLIDATED STANDALONE

397 4 132 262 383
REPORT REPORTS FINANCIALS FINANCIALS
Statement of Cash Flows
(₹ in crores)
Year ended Year ended
Particulars March 31, 2024 March 31, 2023
Cash flows from operating activities:
Profit for the year 7,902.08 2,728.13
Adjustments for:
Depreciation and amortisation expense 2,016.84 1,766.86
Allowance for trade receivables, loans and other receivables 114.28 105.12
Discounting of warranty and other provisions (90.84) (128.53)
Inventory write down (net) 98.73 32.21
Profit on sale of investments in subsidiary (3,747.91) -   
Non cash exceptional items 939.50 281.46
Accrual for share-based payments 28.19 20.46
Lease charges (Amortisation considered as employee cost) 58.32 -   
Profit on sale of assets (net) (including assets scrapped / written off) (32.04) (88.47)
Profit on sale of investments at FVTPL (net) (81.21) (71.82)
Marked-to-market gain on investments measured at FVTPL (3.53) (6.81)
Gain on fair value of below market interest loans (11.31) -   
Tax credit (net) (51.26) (1,473.33)
Finance costs 1,705.74 2,047.51
Interest income (201.24) (245.42)
Dividend income (655.33) (187.52)
Unrealized foreign exchange loss (net) 533.78 230.40
620.71 2,282.12
Cash flows from operating activities before changes in following assets and liabilities 8,522.79 5,010.25

Trade receivables (553.14) (306.46)

Loans and other financial assets 123.78 126.28
Other current and non-current assets 212.54 (98.21)
Inventories (541.21) 658.37
Trade payables 315.79 (957.24)
Other current and non-current liabilities 598.51 620.22
Other financial liabilities (52.19) (88.17)
Provisions 281.22 (21.46)
Cash generated from operations 8,908.09 4,943.58
Income tax paid (net) (246.38) (168.15)
Net cash from operating activities 8,661.71 4,775.43
Cash flows from investing activities:
Payments for property, plant and equipments (1,005.42) (761.29)
Payments for other intangible assets (985.85) (936.07)
Proceeds from sale of property, plant and equipments 39.48 122.70
Investments in Mutual Fund sold (net) 1,267.34 2,078.75
Investments in Government securities (42.45) -   
Redemption of investments in Government securities 9.69 -   
Investments in subsidiary companies (678.06) (191.18)
Investments in an associate company (150.00) -   
Sale of investment in a subsidiary company 3,812.31 -   
Redemption of investment in a subsidiary company 13.54 -   
Loan given to subsidiary companies (16.00) (45.00)
Return of Investment by subsidiary company -    131.83
Increase in short term inter corporate deposit (95.12) (15.00)

79th Integrated Annual Report

398
2023-24
 (₹ in crores)
Year ended Year ended
Particulars March 31, 2024 March 31, 2023
Deposits/restricted deposits with financial institution -    (500.00)
Realisation of deposits with financial institution -    800.00
Deposits/restricted deposits with banks (1,789.93) (276.64)
Realisation of deposits/restricted deposits with banks 273.28 141.78
Interest received 180.05 185.27
Dividend received 655.33 187.52
Net cash generated from investing activities 1,488.19 922.67
Cash flows used in financing activities:
Proceeds from issue of shares and share application pending allotment (net of issue expenses) 81.87 19.60
Proceeds from long-term borrowings 25.71 8.99
Repayment of long-term borrowings (5,948.57) (4,808.33)
Payment of option settlement of long term borrowings (82.78) (106.51)
Proceeds from short-term borrowings - 52.35
Repayment of short-term borrowings - (937.10)
Net change in other short-term borrowings (with maturity up to three months) 756.92 825.77
Repayment of lease liabilities (including interest) (154.94) (68.33)
Dividend paid (769.04) -
Interest paid [including discounting charges paid, ₹405.03 crores (March 31, 2023 ₹425.37 crores)] (1,839.62) (2,007.76)
Net cash used in financing activities (7,930.45) (7,021.32)
Net increase/(decrease) in cash and cash equivalents 2,219.45 (1,323.22)
Cash and cash equivalents as at April 1, (opening balance) 1,121.43 2,450.23
Effect of foreign exchange on cash and cash equivalents 4.01 (5.58)
Cash and cash equivalents as at March 31, (closing balance) 3,344.89 1,121.43

Non-cash transactions:
Liability towards property, plant and equipment and other intangible assets purchased on credit/
deferred credit 300.28 317.14

See accompanying notes to financial statements

In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI

Chartered Accountants Chairman Group Chief Financial Officer
Firm’s Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No.: 103334
UDIN: 24103334BKGEOP3218
Place: Mumbai Place: Mumbai
Date: May 10, 2024 Date: May 10, 2024

INTEGRATED STATUTORY CONSOLIDATED STANDALONE

399 4 132 262 383
REPORT REPORTS FINANCIALS FINANCIALS