Balance Sheet

As at 31st March, 2021L

in crore
As at
Notes As at
31st March, 2021 31st March, 2020

Assets
Non-Current Assets
Property, Plant and Equipment 2,92,092 2,97,854
Capital Work-in-Progress 20,765 15,638
ntangibleASsets 14,741 8,624
htangible Assets Under Development 12,070 12,327
inancialASsets
Investments 2,52,620 4,21,793
Loans 65,698 44,348
Other Non-Current ASsets 4 4,968 4,461
Total Non-Current Assets 6,62,954 8,05,045
Current Assets

inventories 37,437 38,802

Financial Assets
94,665 70,030
Investments
Trade Receivables 4,159 1483
Cash and Cash Equivalents 5,573 3,485
Loa 993 15,028
Other Financial Assets 10 59,560 16,115
12 10,711
Other Current Assets
Total Current Assetts
,332
2,10,719
1,66,654
Total Assets ,73,673
9,71,699|J
Equity and Liabilities
Equity 6,445
Equity Share capital 13 6,339
Other Equity 14 4,68,038 3,84,876
Total Equity 4,74,483 3,91,215
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 15 1,60,598 1,94,402
Other Financial Liabil ities l6 4,014 2,930
Provisions 1/ 1,499 1,410
Deferred Tax Liabilities (Net) 30,788 50,556
Other Non-Current Liabilities 9 504 504
Total Non-Current Liabilities 1,97,403 2,49,802
Current Liabilities
Financial Liabilities
Borrowings 33,152 59,899
Trade Payables Due to:
Micro and Small Enterprises 90 16
Other than Micro and Small Enterprises 86,909 70,932
Other Financial Liabilities 61,172 1,32,492
Other Current Liabilities b6,L/0
Provisions 4
19,563
901 1,073
Total Current Liabilities 2,01,
L,787 3,30,682
Total Liabilities 3,99,190 5,80,484
Total Equity and Liabilities 8,73,673 9,71,699
Significant Accounting Policies
See accompanying Notes to the FinancialStatementss 1 to 44
Balance Sheet
(In Crore)

As at 31 March

Note No. 2021 2020

Particulars
ASSETS
Non-current assets

Property. plant and equipment

1.565.33 1.602.03
Capital work-in-progress 15.98 46.54
investment property 52.3 53.90

intangible assets 47.30 43.09

Intangible assets under development 13.65
Investments in subsidiaries 1.233.26 1.233.2
Financial assets

Investments B 13.369.58 14,182.94

Trade receivables
Loans 31.43 32.46
Other tinancial assets 3.13
Income tax assets (net) 714.81 714.81

Other non-current assets 325.08 250.53

17,355.07 18,176.34
Current assets

Inventories 1,493.89 1.063.50

Financial assets
Investments 8,028.11 2.779.75
Trade receivables 10 2.716.85 1.725.10
Cash and cash equivalents 505.13 277.33
Other bank balances 22.23 30.94
Loans 5.74 6.11

Other financial assets 223.53 77.56

Other current assets 1,179.65 636.67
175.13 s,596.9
31.530.20 24,773.30
Balance Sheet (Contd.)
Rin Crore)
As at 31 March

Note No. 2021 2020

Particulars

EQUITY AND LIABILITIES

Equity
Equity share capital 13 289.37 289.37
Other equity 14 24,912.89 19.636.12
25,202.26 19.925.449

Non-current liabilities

Financial liabilities

Sales tax deferral 15 121.4 125.59

Provisions 16 1.98 80.50

Deferred tax liabilities (net) 17 522.14 346.38

65 41.30
Governmentgrant
Other non-current liabilities 18 0.50 0.83

684.73 594.60

Current liabltles
Financial liabilities
Trade payables
Total outstanding dues of micro enterprises and small enterprises 121.20 13.73
Total outstanding dues of creditors other than micro enterprises and small enterprises 4,452.61 3,185.97
Other financial liabilities 407.44 548.27

Other current liabilities 20 482.79 328.88

Provisions 6 152.37 57.97
Government grant 2.65 2.65
Current tax liabilities (net) 24.15 15.74

5,643.21
4,253.21
31,530.20 24,773.300
Summary of significant accounting policies followed by the Company
Statementof Profit and Loss In Crore)

For the year ended31 March

Particulars NoteNo. 2021 2020

Revenue from contracts with customers 27,132.90 29,111.54

Other operating revenu 608.18 807.11
Revenue trom operations
27,741.08 29.918.65
Other income 22 1,276.46 1,733.56
Total income 29.017.54 31.652.21

Expenses
Cost of raw materials and components consumed 18,308.09 19,484.62
Purchase of traded
go0ds 1.04 1,586.67
Changes in inventories of finished goods, work-in-progress and traded goods (219.48) 63.01)
Employee benefits expense 4 1,285.96 1.389.21

Finance costs 5 6.66 3.16

Depreciation and amortisation expense 259.28 24643

1,929.26 2,454.90
Other expenses
Expenses, included in above items, capitalised (12.27) (29.97)
Total expen ses 23,078.54 25,072.01

Profit before exceptional items and tax 5,939.00 6,580.20

Exceptional items 8

Profit before tax 5.939.9.00 6,580.20

Tax expense

Current tax 1,348.10 ,547.2.

Deferred tax 36.31
(67.04)
Total tax expense 29 1.384.41 1,480.22

Profit for the year 4,554.59 5,099.98

StatementofProfit and Loss (Contd.) RIin Crore

For the year ended 31 March

2021
Particulars Note No. 2020

Other comprehensive income

Items that will not be reclassified to profit or loss
Actuarial gains/(losses) of defined benefit plans 16.33 (37.95)
Tax impact on above (4.11) 4.76

Changes in fair value of FVTOCI equity instruments 567.2 (550.0

Tax impact on above (65.71) 62.39
Items that will be reclassified to profit or loss
Valuation gains/(losses) on derivative hedging instruments 276.65 (221.11)
Tax impact on above (69.63) 62.09

Other comprehenslve income for the year (net of tax 720.80 (679.8

5,275.39 6,420.13
Total comprehensiveincome for the year
Basic and diluted Earnings per share (in ) 30 157.5 176.3
(Nominal value per share 10)
Summary of significant accounting policies followed by the Company
Statementof Cash Flows In Crore)

For the yeàr ended 31 March

2 021 2020
Particulars

Operating activities
Profit before tax 6.580.20
5.939.00
Adjustments to reconcile profit before tax to net cash flows:
Add:

) Depreciation and amortisation 259.28 246.43

i) Loss on property. plant and equipment sold. demolished.
discarded and scrapped 13.10 13.70
22.01
i)Provisionfor doubtful debts and advances 16.15

iv) Share based payment to employees 6.90 10.01

v) Exchange loss/lgain) on cash and cash equivalents 1.19 (2.16)
(15.41)
vi) Exchange loss/(gain)on trade receivables (6.01
vil)Exchangeloss/lgain) onimport payables 0.10 1.98)
vii) Interest adjustment on Government grant 1.18 1.06

ix) Interest expense 5.48 2.10

297.37 275.76
Less
1) Investment income included in above:

65.77
Interestincome on tixed income securities 17.04
Interestincome onfixed deposits 17.87 28.90

Interestincome onexchange traded funds 76.85

842.51 903.55
Interestincome on fixed maturity plans
Profit on sale of other investments, net 19.53
15.74
Gain on valuation and realisation of mutual funds measured at
fair value through profit or loss 254.25 462.70

Dividend income on investments in subsidiaries 208.99

Dividend income on other strategic investments 25.38
Amortisation of premium/discount on acquisition of fixed
income securities
(5.57) 18.24

1,267.42 1,684.33
i) Provision for doubtful debts and advances written back (net) 0.54

ii) Government grants L.63 2.65

1.94 5.28
iv)Surplus on sale of property. plant and equipment
(1,272.01) (1.692.80)
4.964.36 5,163.16
Change in assets and liabilities

)(ncreasel/decrease in inventories (430.39) (101.99)

1) (Increase)/decrease in trade receivables
(1.001.89) 828.53
(561.50)
ii)tincrease)/decrease in loans and other assets 409.28
iv) Increase/(decrease) in liabilities and provisions 1,483.32 (759.30)
(510.46) 376.52
Annuity payments (net) to VRS/Welfare scheme optees 35) (0.26)
Net cash flow from operating activities before income-tax 4,453.55 5.539.42
Income-tax paid (1.339.69) (1.677.66)

Net cash flow from/(used in) operating activities 3,113.86 3,861.76

Carried forward 3.113.86 3.861.76

Statement of Cash Flows(Contd.) (t In Crore)

For the year ended 31 March

Particulars 2021 2020

Brought forward 3.113.86 3,861.76

. Investing activities
i) Investment in subsidiary (10.54)
i) Sale of investments 3,555.72 5.178.94
i) Purchase of investments (5.888.. (3.517.96)
iv) Sale/(purchase) of liquid mutual funds. etc. net (351.28) 166.96

v) Investment in treasury shares by ESOP trust (5.52) (26.62)

vi) (increase)/decrease in other bank balances 8.71 (13.51)
vil) Purchase of property. plant and equipment (including advances) 241.04) (282.81)
vii) Sale proceeds of property. plant and equipment 5.70 16.74

ix) Capital expenditure on development of technical know-how (15.53) (13.93)

(2.931.63) 1,497.27
x) Investment income
Interest income on fixed income securities 65.77 17.04
Interest income on fixed deposits 17.87 28.90

Dividend income on investments in subsidiaries 208.99

Dividend income on other strategic investments 25.38

83.64 280.31
(Increase/decrease in interest receivable 7.36) (23.04)
66.28 257.27

Net cash flow from/(used in) investing activities (2,865.35) 1,754.54

Carried torward 248.51 5,616.30

Statement of Cash Flows (Contd) In Crore)

For the year ended 31 March

2021 2020
Parliculars

Brought forward 248.51 5.616.30

. Financing activities

) Interest expense (5.48) (2.10)

i) Change in sales tax deferral liability due to assessment (5.31)
ii) Dividend, including interim dividend paid (8.73) (5,195.10)
iv) Corporate dividend tax paid (1,049.31)

Net cash flow from/(used in) financing actvities (19.52) 6.246.51)

Net change in cash and cash equlvalents 228.99 (630.21)

Cash and cash equivalents at the beginning of the year 277.33 905.38
(1.19) 2.16
Add/(Less Effects of exchangeloss/(gain) on cash and cash equivalents
Cashand cash equivalents at the end of the year ISee note 11 505.13
271.3

As per our report of even date On behalf of the Board of Directors

For S R BC& Co LLP

Rahul Bajaj
Chartered Accountants
Chairman
ICAI Firm Registration Number: 324982E/E300003

Soumen Ray Rajiv Bajaj

per Arvind Sethi Chief Financial Officer Managing Director
Partner
Membership Number: 89802 Dr. Sridhar Madhur Bajaj
Pune: 29 April 2021 Company Secretary Vice Chairman