Ambuja Cements Limited

Balance Sheet

` In Crore

As at
March 31, 2023 As at
Particulars Notes (Refer Note -63) December 31, 2021
ASSETS
1 Non-current assets
a) Property, plant and equipments 4 7,556.47 7,134.13
b) Right-of-use assets 5 823.95 343.26
c) Capital work-in-progress 4 841.87 951.35
d) Goodwill 6 19.29 19.29
e) Other intangible assets 7 220.04 174.15
f) Investments in subsidiaries and joint ventures 9 11,766.68 11,764.68
g) Financial assets
i) Investments 10 9.20 9.20
ii) Loans 11 1.01 1.52
iii) Other financial assets 12 2,072.26 554.40
h) Non-current tax assets (net) 119.39 118.96
i) Other non-current assets 13 1,227.46 331.37
Total - Non-current assets 24,657.62 21,402.31
2 Current assets
a) Inventories 14 1,639.41 1,464.13
b) Financial assets
i) Trade receivables 15 564.91 294.73
ii) Cash and cash equivalents 16 284.62 3,990.57
iii) Bank balances other than cash and cash equivalents 17 2,248.43 178.67
iv) Loans 18 4.41 4.78
v) Other financial assets 19 4,831.96 204.95
c) Other current assets 20 1,672.77 617.90
11,246.51 6,755.73
d) Non-current assets classified as held for sale 21 - 24.75
Total - Current assets 11,246.51 6,780.48
TOTAL - ASSETS 35,904.13 28,182.79
EQUITY AND LIABILITIES
Equity
a) Equity share capital 22 397.13 397.13
b) Other equity 25 23,108.38 21,807.80
c) Money received against Share warrants 62 5,000.03 -
Total Equity 28,505.54 22,204.93
Liabilities
1 Non-current liabilities
a) Financial liabilities
i) Borrowings 26 34.22 43.50
ii) Lease liabilities 27 599.73 261.15
iii) Other financial liabilities 28 - 0.13
b) Provisions 29 85.84 66.01
c) Deferred tax liabilities (net) 30 218.06 213.66
d) Other non-current liabilities 32 37.27 36.74
Total - Non-current liabilities 975.12 621.19
2 Current liabilities
a) Financial liabilities
i) Borrowings 33 13.49 3.44
ii) Trade payables
 Total outstanding dues of micro and small enterprises 34 31.01 7.57
Total outstanding dues of trade payables other than 1,540.10 1,138.13
micro and small enterprises
iii) Lease liabilities 53 301.98 42.90
iv) Other financial liabilities 35 929.64 875.81
b) Other current liabilities 36 2,344.42 2,040.34
c) Provisions 37 4.10 9.00
d) Current tax liabilities (net) 1,258.73 1,239.48
Total - Current liabilities 6,423.47 5,356.67
Total Liabilities 7,398.59 5,977.86
TOTAL - EQUITY AND LIABILITIES 35,904.13 28,182.79
See accompanying notes to the financial statements
As per our report of even date For and on behalf of the Board of Directors of
For S R B C & CO LLP Ambuja Cements Limited
Chartered Accountants
ICAI Firm Registration No. 324982E/E300003

per GOVIND AHUJA GAUTAM S. ADANI KARAN ADANI AJAY KAPUR

Partner Chairman Director Wholetime Director &
Membership Number : 048966 DIN : 00006273 DIN : 03088095 Chief Executive Officer
DIN - 03096416
VINOD BAHETY
Chief Financial Officer
Mumbai Ahmedabad
May 02, 2023 May 02, 2023

206
Integrated Annual Report 2022-23
 Ambuja Cements Limited

Statement of Profit and Loss

Company Overview
` In Crore

For the fifteen months

ended March 31, 2023 For the year ended
Particulars Notes (Refer Note - 63) December 31, 2021
1 Income
a) Revenue from operations 38 19,985.43 13,979.04
b) Other income 39 952.27 281.18
Total income 20,937.70 14,260.22
2 Expenses
a) Cost of materials consumed 40 1,664.57 1,130.18

Creating Value
b) Purchase of stock-in-trade 41 1,032.82 381.39
c) Changes in inventories of finished goods, 42 66.99 (356.09)
work-in progress and stock-in-trade
d) Employee benefits expense 43 800.16 681.23
e) Finance costs 44 127.97 91.00
f) Depreciation and amortisation expense 45 832.42 551.74
g Power and fuel 6,012.91 3,422.75
h) Freight and forwarding expense 46 4,383.48 3,309.91
i) Other expenses 47 2,832.09 2,214.70
17,753.41 11,426.81

Accelerating our value creation

j) Captive consumption of cement (28.03) (20.18)
Total expenses 17,725.38 11,406.63
3 Profit before exceptional items and tax (1-2) 3,212.32 2,853.59
4 Exceptional items 64 157.27 65.69
5 Profit before tax (3-4) 3,055.05 2,787.90
6 Tax expense 31
a) Current tax (net) 496.38 690.79
b) Deferred tax 5.18 13.92
501.56 704.71
7 Profit after tax (5-6) 2,553.49 2,083.19

Statutory Reports
8 Other comprehensive income
Items that will not be reclassified to profit and loss:
Remeasurement gains / (losses) on defined benefit plans (2.89) 7.59
Income tax relating to items that will not be reclassified to profit 0.78 (1.92)
and loss
Other comprehensive income for the year, net of tax (2.11) 5.67
9 Total comprehensive income for the year (7+8) 2,551.38 2,088.86
10 Earnings per share of ` 2 each - in ` 48
Basic 12.86 10.49
Diluted 12.49 10.49
Financial Statements

See accompanying notes to the financial statements

As per our report of even date For and on behalf of the Board of Directors of
For S R B C & CO LLP Ambuja Cements Limited
Chartered Accountants
ICAI Firm Registration No. 324982E/E300003

per GOVIND AHUJA GAUTAM S. ADANI KARAN ADANI AJAY KAPUR

Partner Chairman Director Wholetime Director &
Membership Number : 048966 DIN : 00006273 DIN : 03088095 Chief Executive Officer
DIN - 03096416
VINOD BAHETY
Chief Financial Officer
Mumbai Ahmedabad
May 02, 2023 May 02, 2023

207
Integrated Annual Report 2022-23
 208
Statement of changes in equity
` In Crore

As at As at
Particulars Notes March 31, 2023 December 31, 2021
A Equity share capital 22
Opening Balance 397.13 397.13
Changes during the year - -
Closing balance 397.13 397.13
B Other equity  ` In Crore
Ambuja Cements Limited

Reserves and surplus (Refer Note 25)

Capital Capital

Integrated Annual Report 2022-23

Capital Securities General redemption Capital contribution Retained
Particulars reserve premium reserve reserve subsidies from parent earnings Total
Balance as at January 01, 2022 130.71 12,471.07 5,659.43 9.93 5.02 5.36 3,526.28 21,807.80
Profit for the year - - - - - - 2,553.49 2,553.49
Other comprehensive income (net of tax) - - - - - - (2.11) (2.11)
Total comprehensive income for the year - - - - - - 2,551.38 2,551.38
Share based payment (Refer Note 50) - - - - - 0.16 - 0.16
Dividend paid (Refer Note 24) - - - - - - (1,250.96) (1,250.96)
Balance as at March 31, 2023 130.71 12,471.07 5,659.43 9.93 5.02 5.52 4,826.70 23,108.38
` In Crore

Reserves and surplus (Refer Note 25)

Capital Capital
Capital Securities General redemption Capital contribution Retained
Particulars reserve premium reserve reserve subsidies from parent earnings Total
Balance as at January 01, 2021 130.71 12,471.07 5,655.83 9.93 5.02 1.53 1,644.64 19,918.73
Changes in balance on account of merger* - - 3.60 - - - (8.66) (5.06)
Restated Balance as at January 01, 2021 130.71 12,471.07 5,659.43 9.93 5.02 1.53 1,635.98 19,913.67
Profit for the year - - - - - - 2,083.19 2,083.19
Other comprehensive income (net of tax) - - - - - - 5.67 5.67
Total comprehensive income for the year - - - - - - 2,088.86 2,088.86
Share based payment (Refer Note 50) - - - - - 3.83 - 3.83
Dividend paid (Refer Note 24) - - - - - - (198.56) (198.56)
Balance as at December 31, 2021 130.71 12,471.07 5,659.43 9.93 5.02 5.36 3,526.28 21,807.80
*Restated (Refer Note 61)
There are no changes in the equity share capital and other equity due to prior period errors.
See accompanying notes to the financial statements
As per our report of even date
As per our report of even date For and on behalf of the Board of Directors of
For S R B C & CO LLP Ambuja Cements Limited
ICAI Firm Registration No. 324982E/E300003
per GOVIND AHUJA GAUTAM S. ADANI KARAN ADANI AJAY KAPUR
Partner Chairman Director Wholetime Director &
Membership Number : 048966 DIN : 00006273 DIN : 03088095 Chief Executive Officer
DIN - 03096416
Mumbai VINOD BAHETY
May 02, 2023 Chief Financial Officer
Ahmedabad
May 02, 2023
 Ambuja Cements Limited

Statement of cash flows

Company Overview
 ` In Crore
For the fifteen
months ended For the year ended
March 31, 2023 December 31, 2021
Particulars (Refer Note - 63)
A) Cash flows from operating activities
Profit before tax 3,055.05 2,787.90
Adjustments to reconcile profit before tax to net cash flows
Depreciation and amortisation expense 832.42 551.74
Provision for restructuring cost 80.71 65.69
(Profit)/loss on property, plant and equipment sold, discarded and written (4.12) 25.09
off (net)
Gain on sale of current financial assets measured at fair value through profit (35.12) (8.26)

Creating Value
and loss
Interest income (310.40) (109.08)
Finance costs 123.61 87.66
Impairment loss/ (reversal) on trade receivable (net) (7.62) 1.95
Provision for slow and non moving store and spares (net) (3.50) 23.00
Provisions no longer required written back (34.52) (11.07)
 Net gain on fair valuation of current financial assets measured at fair value (0.08) (0.10)
through profit and loss
Compensation expenses under employees stock options scheme 0.16 3.83
Fair value movement in derivative instruments (7.31) 5.92
Unrealised exchange loss (net) 33.62 2.46
Dividend income from subsidiary (545.11) (131.58)

Accelerating our value creation

Dividend income from joint venture (10.09) (2.75)
Gain on sale of investment in subsidiary (14.00) -
Other non-cash items (24.07) 5.72
Operating profit before working capital changes 3,129.63 3,298.12
Changes in Working Capital
Adjustments for Decrease / (Increase) in operating assets
(Increase) / Decrease in inventories (174.52) (742.22)
(Increase) / Decrease in trade receivable (262.56) (104.07)
(Increase) / Decrease in other assets (977.52) 13.52
Adjustments for Increase / (Decrease) in operating liabilities
Increase / (Decrease) in trade payables 375.24 207.63
Increase / (Decrease) in provisions 14.93 14.42
Increase / (Decrease) in other liabilities 238.96 155.07

Statutory Reports
Cash generated from operations 2,344.16 2,842.47
Direct taxes paid (net of refund) (Refer Note 69) (334.57) (365.94)
Net cash flow from operating activities (A) 2,009.59 2,476.53
B) Cash flows from investing activities
Purchase of property, plant and equipment and other intangible assets (Including (2,153.65) (1,160.58)
capital work-in-progress and capital advances)
Proceeds from sale of property, plant and equipment and other intangible assets 42.10 17.60
Loans given to subsidiaries (net) (0.11) (0.01)
Gain on sale of current financial assets measured at fair value through profit and loss 35.12 8.26
Inter corporate deposits given (200.00) -
Inter corporate deposits repaid 200.00 -
(Investment) / Redemption in bank and margin money deposits (8,023.03) 15.68
(having original maturity for more than 3 months)
Financial Statements

Investment in equity shares (2.00) (4.70)

Dividend received from subsidiary 545.11 131.58
Dividend received from joint venture 10.09 2.75
Interest received 219.20 102.67
Net cash used in investing activities (B) (9,327.17) (886.75)
C) Cash flows from financing activities
Repayment of non-current borrowings (3.59) -
Payment of lease liabilities (including interest) (66.07) (42.68)
Interest paid (67.86) (75.64)
Net movement in earmarked balances with banks 0.45 3.54
Money received against share warrants 5,000.03 -
Dividend paid (1,251.41) (202.10)
Net cash used in financing activities (C) 3,611.55 (316.88)
Net increase / (decrease) in cash and cash equivalents (A + B + C) (3,706.03) 1,272.90

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Integrated Annual Report 2022-23
 Ambuja Cements Limited

Statement of cash flows

 ` In Crore
For the fifteen
months ended For the year ended
March 31, 2023 December 31, 2021
Particulars (Refer Note - 63)
Cash and cash equivalents
Cash and cash equivalents at the end of the year 284.62 3,990.57
Adjustment for gain on fair valuation of current financial assets measured at FVTPL (0.08) (0.10)
284.54 3,990.47
Cash and cash equivalents at the beginning of the year 3,990.57 2,717.57
Net increase / (decrease) in cash and cash equivalents (3,706.03) 1,272.90
3. Changes in liabilities arising from financing activities :
` In Crore

Cash flow changes Non-cash flow changes

As at Unwinding Reclassified from non As at
Particulars January 01, 2022 Receipts Payments charges current to current March 31, 2023
Non-current borrowings 43.50 - - 4.21 (13.49) 34.22
(Refer Note 26)
Current maturities of non- 3.44 - (3.59) 0.15 13.49 13.49
current borrowings
(Refer Note 33)
Total 46.94 - (3.59) 4.36 - 47.71

` In Crore

Cash flow changes Non-cash flow changes

As at Unwinding Reclassified from non As at
Particulars January 01, 2021 Receipts Payments charges current to current December 31, 2021
Non-current borrowings 43.60 - - 3.34 (3.44) 43.50
(Refer Note 26)
Current maturities of non- - - - - 3.44 3.44
current borrowings
(Refer Note 33)
Total 43.60 - - 3.34 - 46.94

Refer Note 53 for changes in the lease liabilities

See accompanying notes to the financial statements

As per our report of even date For and on behalf of the Board of Directors of
For S R B C & CO LLP Ambuja Cements Limited
Chartered Accountants
ICAI Firm Registration No. 324982E/E300003

per GOVIND AHUJA GAUTAM S. ADANI KARAN ADANI AJAY KAPUR

Partner Chairman Director Wholetime Director &
Membership Number : 048966 DIN : 00006273 DIN : 03088095 Chief Executive Officer
DIN - 03096416
VINOD BAHETY
Chief Financial Officer
Mumbai Ahmedabad
May 02, 2023 May 02, 2023

210
Integrated Annual Report 2022-23