Hyundai Motor India Limited Annual Report 2023-24

Independent Auditor’s Report

Statutory Reports
To the Members of Hyundai Motor India Limited making judgments and estimates that are reasonable and  Evaluate the appropriateness of accounting policies used c. The standalone balance sheet, the standalone
prudent; and design, implementation and maintenance of and the reasonableness of accounting estimates and statement of profit and loss (including other
REPORT ON THE AUDIT OF THE STANDALONE adequate internal financial controls, that were operating related disclosures made by the Management and Board comprehensive income), the standalone statement
FINANCIAL STATEMENTS effectively for ensuring the accuracy and completeness of Directors. of changes in equity and the standalone statement of
Opinion of the accounting records, relevant to the preparation and cash flows dealt with by this Report are in agreement
presentation of the standalone financial statements that give  Conclude on the appropriateness of the Management with the books of account.
We have audited the standalone financial statements
a true and fair view and are free from material misstatement, and Board of Directors use of the going concern basis of
of Hyundai Motor India Limited (the “Company”) which d. In our opinion, the aforesaid standalone financial
whether due to fraud or error. accounting in preparation of standalone financial statements
comprise the standalone balance sheet as at 31 March 2024, statements comply with the Ind AS specified under
and, based on the audit evidence obtained, whether a
and the standalone statement of profit and loss (including Section 133 of the Act.

Financial Statements
In preparing the standalone financial statements, the material uncertainty exists related to events or conditions
other comprehensive income), standalone statement of
Management and Board of Directors are responsible for that may cast significant doubt on the Company’s ability to e. On the basis of the written representations received
changes in equity and standalone statement of cash flows
assessing the Company’s ability to continue as a going concern, continue as a going concern. If we conclude that a material from the directors as on 01 April 2024 taken on record
for the year then ended, and notes to the standalone financial
disclosing, as applicable, matters related to going concern uncertainty exists, we are required to draw attention in our by the Board of Directors, none of the directors
statements, including material accounting policies and other
and using the going concern basis of accounting unless the auditor’s report to the related disclosures in the standalone is disqualified as on 31 March 2024 from being
explanatory information.
Board of Directors either intends to liquidate the Company or financial statements or, if such disclosures are inadequate, appointed as a director in terms of Section 164(2)
to cease operations, or has no realistic alternative but to do so. to modify our opinion. Our conclusions are based on the of the Act.
In our opinion and to the best of our information and according
audit evidence obtained up to the date of our auditor’s
to the explanations given to us, the aforesaid standalone f. The modification relating to the maintenance of
The Board of Directors is also responsible for overseeing the report. However, future events or conditions may cause the
financial statements give the information required by the accounts and other matters connected therewith are
Company’s financial reporting process. Company to cease to continue as a going concern.
Companies Act, 2013 (“Act”) in the manner so required and as stated in the paragraph 2A(b) above on reporting
give a true and fair view in conformity with the accounting under Section 143(3)(b) and paragraph [2B(f)] below
Auditor’s Responsibilities for the Audit of the  Evaluate the overall presentation, structure and content
principles generally accepted in India, of the state of affairs on reporting under Rule 11(g) of the Companies
Standalone Financial Statements of the standalone financial statements, including the
of the Company as at 31 March 2024, and its profit and other (Audit and Auditors) Rules, 2014.
disclosures, and whether the standalone financial
comprehensive loss, changes in equity and its cash flows for Our objectives are to obtain reasonable assurance about
statements represent the underlying transactions and g. With respect to the adequacy of the internal financial
the year ended on that date. whether the standalone financial statements as a whole
events in a manner that achieves fair presentation. controls with reference to financial statements of the
are free from material misstatement, whether due to fraud
Basis for Opinion or error, and to issue an auditor’s report that includes our Company and the operating effectiveness of such
We communicate with those charged with governance controls, refer to our separate Report in “Annexure
We conducted our audit in accordance with the Standards opinion. Reasonable assurance is a high level of assurance,
regarding, among other matters, the planned scope and B”.
on Auditing (SAs) specified under Section 143(10) of the Act. but is not a guarantee that an audit conducted in accordance
timing of the audit and significant audit findings, including
Our responsibilities under those SAs are further described in with SAs will always detect a material misstatement when it B. With respect to the other matters to be included in
any significant deficiencies in internal control that we identify
the Auditor’s Responsibilities for the Audit of the Standalone exists. Misstatements can arise from fraud or error and are the Auditor’s Report in accordance with Rule 11 of the
during our audit.
Financial Statements section of our report. We are independent considered material if, individually or in the aggregate, they Companies (Audit and Auditors) Rules, 2014, in our opinion
of the Company in accordance with the Code of Ethics issued could reasonably be expected to influence the economic and to the best of our information and according to the
We also provide those charged with governance with a statement
by the Institute of Chartered Accountants of India together decisions of users taken on the basis of these standalone explanations given to us:
that we have complied with relevant ethical requirements
with the ethical requirements that are relevant to our audit of financial statements.
regarding independence, and to communicate with them a. The Company has disclosed the impact of pending
the standalone financial statements under the provisions of the
all relationships and other matters that may reasonably be litigations as at 31 March 2024 on its financial position
Act and the Rules thereunder, and we have fulfilled our other As part of an audit in accordance with SAs, we exercise
thought to bear on our independence, and where applicable, in its standalone financial statements - Refer Note
ethical responsibilities in accordance with these requirements professional judgment and maintain professional skepticism
related safeguards. 36 to the standalone financial statements.
and the Code of Ethics. We believe that the audit evidence we throughout the audit. We also:
have obtained is sufficient and appropriate to provide a basis b. The Company did not have any long-term contracts
Report on Other Legal and Regulatory Requirements
for our opinion on the standalone financial statements.  Identify and assess the risks of material misstatement of including derivative contracts for which there were
the standalone financial statements, whether due to fraud 1. As required by the Companies (Auditor’s Report) Order,
any material foreseeable losses.
Management's and Board of Directors' Responsibilities or error, design and perform audit procedures responsive 2020 (“the Order”) issued by the Central Government of
India in terms of Section 143(11) of the Act, we give in c. There were no amounts which were required to be
for the Standalone Financial Statements to those risks, and obtain audit evidence that is sufficient
the “Annexure A” a statement on the matters specified in transferred to the Investor Education and Protection
The Company’s Management and Board of Directors are and appropriate to provide a basis for our opinion. The risk
paragraphs 3 and 4 of the Order, to the extent applicable. Fund by the Company.
responsible for the matters stated in Section 134(5) of the Act of not detecting a material misstatement resulting from
with respect to the preparation of these standalone financial fraud is higher than for one resulting from error, as fraud 2 A. As required by Section 143(3) of the Act, we report that: d (i) The management has represented that, to the
statements that give a true and fair view of the state of affairs, may involve collusion, forgery, intentional omissions, best of its knowledge and belief, as disclosed
a. We have sought and obtained all the information and
profit/ loss and other comprehensive income, changes in misrepresentations, or the override of internal control. in the Note 47 to the standalone financial
explanations which to the best of our knowledge and
equity and cash flows of the Company in accordance with the statements, no funds have been advanced or
belief were necessary for the purposes of our audit.
accounting principles generally accepted in India, including the  Obtain an understanding of internal control relevant to loaned or invested (either from borrowed funds
Indian Accounting Standards (Ind AS) specified under Section the audit in order to design audit procedures that are b. In our opinion, proper books of account as required or share premium or any other sources or kind
133 of the Act. This responsibility also includes maintenance of appropriate in the circumstances. Under Section 143(3) by law have been kept by the Company so far as it of funds) by the Company to or in any other
adequate accounting records in accordance with the provisions (i) of the Act, we are also responsible for expressing our appears from our examination of those books except person(s) or entity(ies), including foreign entities
of the Act for safeguarding of the assets of the Company and opinion on whether the company has adequate internal for the matters stated in the paragraph 2B(f) below on (“Intermediaries”), with the understanding,
for preventing and detecting frauds and other irregularities; financial controls with reference to financial statements reporting under Rule 11(g) of the Companies (Audit whether recorded in writing or otherwise, that
selection and application of appropriate accounting policies; in place and the operating effectiveness of such controls. and Auditors) Rules, 2014. the Intermediary shall directly or indirectly lend

30 31
Hyundai Motor India Limited Annual Report 2023-24

Annexure A to the Independent Auditor’s Report on the Standalone Financial

Statements of Hyundai Motor India Limited for the year ended 31 March 2024

Statutory Reports
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of
or invest in other persons or entities identified in accordance with Section 123 of the Act to the extent
our report of even date)
in any manner whatsoever by or on behalf of the it applies to payment of dividend.
Company (“Ultimate Beneficiaries”) or provide (i) (a) (A) The Company has maintained proper records time of the year. Accordingly, clause 3(ii)(b) of the Order
f. Based on our examination which included test checks,
any guarantee, security or the like on behalf of showing full particulars, including quantitative is not applicable to the Company.
the Company has used an accounting software for
the Ultimate Beneficiaries. details and situation of Property, Plant
maintaining its books of account which has a feature of (iii) According to the information and explanations given to us
(ii) The management has represented that, to the audit trail (edit log) facility and the same has operated and Equipment. and on the basis of our examination of the records of the
best of its knowledge and belief, as disclosed throughout the year for all relevant transactions recorded (B) The Company has maintained proper records Company, the Company has not made any investments,
in the Note 47 to the standalone financial in the software except that the audit trail was not enabled showing full particulars of intangible assets. provided guarantee or security or granted any loans or
statements, no funds have been received by (i) at the database level to log any direct data changes; (b) According to the information and explanations given to advances in the nature of loans, secured or unsecured,

Financial Statements
the Company from any person(s) or entity(ies), (ii) at the application level for certain fields relating to us and on the basis of our examination of the records of to companies, firms, limited liability partnerships or any
including foreign entities (“Funding Parties”), payroll, inventory and production records. Further, where the Company, the Company has a regular programme other parties during the year. Accordingly, provisions of
with the understanding, whether recorded in audit trail (edit log) facility was enabled and operated of physical verification of its Property, Plant and clauses 3(iii)(a) to 3(iii)(f) of the Order are not applicable to
writing or otherwise, that the Company shall throughout the year, we did not come across any instance Equipment by which all property, plant and equipment the Company.
directly or indirectly, lend or invest in other of audit trail feature being tampered with. are verified in a phased manner over a period of two (iv) According to the information and explanations given to
persons or entities identified in any manner years. In accordance with this programme, certain us and on the basis of our examination of records of the
C. With respect to the matter to be included in the Auditor’s
whatsoever by or on behalf of the Funding property, plant and equipment were verified during Company, the Company has neither made any investments
Report under Section 197(16) of the Act:
Parties (“Ultimate Beneficiaries”) or provide the year. In our opinion, this periodicity of physical nor has it given loans or provided guarantee or security and
any guarantee, security or the like on behalf of In our opinion and according to the information and verification is reasonable having regard to the size of therefore the relevant provisions of Sections 185 and 186
the Ultimate Beneficiaries. explanations given to us, the remuneration paid by the the Company and the nature of its assets. No material of the Companies Act, 2013 (“the Act”) are not applicable
Company to its directors during the current year is in discrepancies were noticed on such verification. to the Company. Accordingly, clause 3(iv) of the Order is
(iii) Based on the audit procedures performed
accordance with the provisions of Section 197 of the Act. not applicable.
that have been considered reasonable and (c) According to the information and explanations given
The remuneration paid to any director is not in excess
appropriate in the circumstances, nothing has to us and on the basis of our examination of the (v) The Company has not accepted any deposits or amounts
of the limit laid down under Section 197 of the Act. The
come to our notice that has caused us to believe records of the Company, the title deeds of immovable which are deemed to be deposits from the public.
Ministry of Corporate Affairs has not prescribed other
that the representations under sub-clause (i) properties (other than immovable properties where the Accordingly, clause 3(v) of the Order is not applicable.
details under Section 197(16) of the Act which are required
and (ii) of Rule 11(e), as provided under (i) and Company is the lessee and the leases agreements are (vi) We have broadly reviewed the books of accounts maintained
to be commented upon by us.
(ii) above, contain any material misstatement. duly executed in favour of the lessee) disclosed in the by the Company pursuant to the rules prescribed by the
For B S R & Co. LLP standalone financial statements are held in the name Central Government for maintenance of cost records under
e. The interim dividend declared and paid by the
Chartered Accountants of the Company. Section 148(1) of the Act in respect of its manufactured
Company during the year and until the date of this
Firm’s Registration No.:101248W/W-100022 (d) According to the information and explanations given to goods and are of the opinion that prima facie, the prescribed
audit report is in accordance with Section 123 of
the Act. us and on the basis of our examination of the records accounts and records have been made and maintained.
Harsh Vardhan Lakhotia of the Company, the Company has not revalued its However, we have not carried out a detailed examination
The final dividend paid by the Company during the year, Partner Property, Plant and Equipment (including Right of Use of the records with a view to determine whether these are
in respect of the same declared for the previous year, is Place: Chennai Membership No.: 222432 assets) or intangible assets or both during the year. accurate or complete.
Date: 20 September 2024 ICAI UDIN:24222432BKGUFB7944 (e) According to the information and explanations given to (vii) (a) The Company does not have liability in respect of
us and on the basis of our examination of the records Service tax, Duty of excise, Sales tax and Value added
of the Company, there are no proceedings initiated or tax during the year since effective 1 July 2017, these
pending against the Company for holding any benami statutory dues has been subsumed into GST.
property under the Prohibition of Benami Property According to the information and explanations given to
Transactions Act, 1988 and rules made thereunder. us and on the basis of our examination of the records
(ii) (a) The inventory, including stocks lying with third parties of the Company, in our opinion amounts deducted
except goods-in-transit has been physically verified by / accrued in the books of account in respect of
the management during the [Link] goods-in-transit undisputed statutory dues including Goods and Service
subsequent evidence of receipts has been linked with Tax, Provident Fund, Employees State Insurance,
inventory records. In our opinion, the frequency of such Income-Tax, Duty of Customs or Cess or other statutory
verification is reasonable and procedures and coverage dues have been regularly deposited by the Company
as followed by management were appropriate. No with the appropriate authorities.
discrepancies were noticed on verification between the According to the information and explanations given to
physical stocks and the book records that were more us and on the basis of our examination of the records
than 10% in the aggregate of each class of inventory of the Company, no undisputed amounts payable in
(b) According to the information and explanations given to respect of Goods and Service Tax, Provident Fund,
us and on the basis of our examination of the records of Employees State Insurance, Income-Tax, Duty of
the Company, the Company has not been sanctioned Customs or Cess or other statutory dues were in arrears
any working capital limits in excess of five crore rupees as at 31 March 2024 for a period of more than six months
in aggregate from banks and financial institutions on from the date they became payable.
the basis of security of current assets at any point of

32 33
Hyundai Motor India Limited Annual Report 2023-24

Statutory Reports
(b) According to the information and explanations given to us and on the basis of our examination of the records of the (viii) According to the information and explanations given to us we report that no fraud by the Company or on the
Company, statutory dues relating to Goods and Service Tax, Income-Tax, Service Tax, Duty of Customs, Duty of Excise, and on the basis of our examination of the records of the Company has been noticed or reported during the
Value Added Tax and Cess which have not been deposited on account of any dispute are as follows: Company, the Company has not surrendered or disclosed course of the audit.
any transactions, previously unrecorded as income in
Amount paid Disputed but (b) According to the information and explanations given
Name of the Nature of the Amount
under protest not deposited
Period to which the Forum where dispute the books of account, in the tax assessments under the
statute dues (in INR Million) amount relates is pending to us, no report under sub-section (12) of Section
(in INR Million) (in INR Million) Income Tax Act, 1961 as income during the year.
143 of the Act has been filed by the auditors in
The Customs Duty of Customs 5,689.15 - 5,689.15 Financial Year - 2006- Customs, Excise
Act, 1962 2007 to 2011-2012 And Service Tax (ix) (a) According to the information and explanations Form ADT-4 as prescribed under Rule 13 of the
Appellate Tribunal given to us and on the basis of our examination of Companies (Audit and Auditors) Rules, 2014 with
(CESTAT) the records of the Company, the Company has not the Central Government.

Financial Statements
The Customs Duty of Customs 267.62 - 267.62 Financial Year - 2010- CESTAT defaulted in repayment of loans and borrowing or in
Act, 1962 2011, 2015-2016, (c) We have taken into consideration the whistle blower
the payment of interest thereon to any lender.
2016-2017, 2017-2018, complaints received by the Company during the year
2018-2019 (b) According to the information and explanations given while determining the nature, timing and extent of
The Customs Extra Duty 12.99 12.99 - Financial year - 2003- CESTAT to us and on the basis of our examination of the our audit procedures.
Act, 1962 Deposit 2004
records of the Company, the Company has not been
The Customs Extra Duty 91.31 - 91.31 1997-2002 High Court of (xii) According to the information and explanations given to
declared a wilful defaulter by any bank or financial
Act, 1962 Deposit Madras us, the Company is not a Nidhi Company. Accordingly,
institution or government or government authority.
The Customs Duty of Customs 313.32 313.32 - Financial year - 2021-22 Directorate of clause 3(xii) of the Order is not applicable.
Act, 1962 Revenue Intelligence (c) According to the information and explanations given
(DRI) (xiii) According to the information and explanations given to
to us by the management, the Company has not
The Customs Duty of Customs 872.70 - 872.70 Financial year - 2006- CESTAT us and on the basis of our examination of records of the
obtained any term loans during the year. Accordingly,
Act, 1962 2014 Company, transactions with the related parties are in
clause 3(ix)(c) of the Order is not applicable.
The Customs Anti Dumping 320.40 165.66 154.74 Financial Year - 2014- Supreme Court compliance with Section 188 of the Act where applicable
Tariff Act, 1975 Duty 2015, 2015-2016 (d) According to the information and explanations given and details of such transactions have been disclosed
The Customs Anti Dumping 6,976.53 6,976.53 - Financial Year - 2015- Supreme Court to us and on an overall examination of the balance in the standalone financial statements as required by
Tariff Act 1975 Duty 2016 to 2023-2024
sheet of the Company, we report that no funds raised the applicable accounting standards. The provisions of
The Central Excise Duty 7,148.20 100.00 7,048.20 Financial Year - 2015- High Court of
on short-term basis have been used for long-term Section 177 of the Act are not applicable to the Company.
Excise Act, 1944 2016 to 2017-2018 Madras
purposes by the Company.
The Central Excise Duty 10.24 - 10.24 Financial Year - 2003-04 Supreme Court (xiv) (a) Based on information and explanations provided
Excise Act, 1944 to 2007-08 (e) According to the information and explanations given to us and our audit procedures, in our opinion, the
The Finance Act, Service Tax 404.82 95.31 309.51 Financial year 2007- CESTAT to us and on an overall examination of the standalone Company has an internal audit system commensurate
1994 2008 to 2017-2018
financial statements of the Company, we report that with the size and nature of its business.
The Finance Act, Service Tax 3.90 0.39 3.51 Financial year - 2003- Additional the Company has not taken any funds from any entity
1994 2004 and 2004-2005 Commissioner (b) We have considered the internal audit reports of the
or person on account of or to meet the obligations
The Finance Act, Service Tax 1.10 1.10 - Financial year - 2008- Assistant Company issued till date for the period under audit.
1994 2009 Commissioner of its subsidiaries as defined under the Act.
The Finance Act, Service Tax 4.16 - 4.16 Financial year - 2004- Commissioner
(xv) In our opinion and according to the information and
(f) According to the information and explanations given
1994 2005 Appeals explanations given to us, the Company has not entered
to us and procedures performed by us, we report that
Goods and Goods and 5191.46 260.27 4931.19 Financial Year - 2017- Commissioner into any non-cash transactions with its directors or persons
the Company has not raised loans during the year
Services Tax Act Services Tax 2018 to 2019-2020 Appeals connected to its directors and hence, provisions of Section
on the pledge of securities held in its subsidiaries (as
Goods and Goods and 3519.73 82.10 3437.63 Financial Year - 2017- High Court of 192 of the Act are not applicable to the Company.
Services Tax Act Services Tax 2018 to 2022-2023 Madras defined under the Act).
Income Tax Act, Income Tax 6575.96 1234.88 5341.08 Assessment Year - 2004- High Court of
(xvi) (a) The Company is not required to be registered under
(x) (a) The Company has not raised any moneys by way of
1961 2005, 2006-2007 to Madras Section 45-IA of the Reserve Bank of India Act,
initial public offer or further public offer (including
2016-2017 1934. Accordingly, clause 3(xvi)(a) of the Order is
debt instruments). Accordingly, clause 3(x)(a) of the
Income Tax Act, Income Tax 3328.15 2240.57 1087.58 Assessment Year - Income Tax not applicable.
1961 2008-2009, 2017-2018, Appellate Tribunal Order is not applicable.
2019-2020 (b) The Company is not required to be registered under
(b) According to the information and explanations
Income Tax Act, Income Tax 1255.04 764.97 490.07 Assessment Year - 2005- Assessing Officer Section 45-IA of the Reserve Bank of India Act,
given to us and on the basis of our examination of
1961 2006, 2006-2007, 2008- 1934. Accordingly, clause 3(xvi)(b) of the Order is
2009 to 2011-2012, the records of the Company, the Company has not
not applicable.
2018-2019 made any preferential allotment or private placement
Income Tax Act, Income Tax 159.12 159.12 - Assessment Year - 2022- Commissioner of shares or fully or partly convertible debentures (c) The Company is not a Core Investment Company (CIC)
1961 2023 of Income Tax during the year. Accordingly, clause 3(x)(b) of the as defined in the regulations made by the Reserve
(Appeals)
Order is not applicable. Bank of India. Accordingly, clause 3(xvi)(c) of the
The Tamil Nadu Value-Added Tax 233.17 231.39 1.78 Financial Year - 2008- High Court of Order is not applicable.
Value Added Tax 2009 to 2011-2012, Madras (xi) (a) Based on examination of the books and records of
Act, 2006 2015-2016 the Company and according to the information and (d) According to the information and explanations
The Tamil Nadu Value-Added Tax 53.92 48.82 5.10 Financial Year - 2006- Deputy explanations given to us, considering the principles provided to us, the Group in which the Company is
Value Added Tax 2007 to 2012-2013, Commissioner
of materiality outlined in Standards on Auditing, a part of, does not have any CIC (as per the provisions
Act, 2006 2014-2015, 2017-2018

34 35
Hyundai Motor India Limited Annual Report 2023-24

Annexure B to the Independent Auditor’s Report on the standalone financial

statements of Hyundai Motor India Limited for the year ended 31 March 2024

Statutory Reports
Report on the internal financial controls with reference to the aforesaid standalone financial
of the Core Investment Companies (Reserve Bank) up to the date of the audit report and we neither give any
statements under Clause (i) of Sub-section 3 of Section 143 of the Act
Directions, 2016 as amended). Accordingly, the guarantee nor any assurance that all liabilities falling due
requirements of clause 3(xvi)(d) are not applicable. within a period of one year from the balance sheet date, (Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements’
will get discharged by the Company as and when they section of our report of even date)
(xvii) The Company has not incurred cash losses in the current
fall due.
and in the immediately preceding financial year. OPINION material weakness exists, and testing and evaluating the design and
(xx) (a) In our opinion and according to the information operating effectiveness of internal control based on the assessed
(xviii) There has been no resignation of the statutory auditors We have audited the internal financial controls with reference
and explanations given to us, there is no unspent risk. The procedures selected depend on the auditor’s judgement,
during the year. Accordingly, clause 3(xviii) of the Order to financial statements of Hyundai Motor India Limited (“the
amount under sub-section (5) of Section 135 of the including the assessment of the risks of material misstatement of
is not applicable. Company”) as of 31 March 2024 in conjunction with our audit of
Act pursuant to any project. Accordingly, clauses the standalone financial statements, whether due to fraud or error.

Financial Statements
the standalone financial statements of the Company for the year
(xix) According to the information and explanations given to 3(xx)(a) and 3(xx)(b) of the Order are not applicable.
ended on that date. We believe that the audit evidence we have obtained is sufficient
us and on the basis of the financial ratios, ageing and
(b) In respect of ongoing projects, the Company and appropriate to provide a basis for our audit opinion on
expected dates of realisation of financial assets and In our opinion, the Company has, in all material respects, adequate
has transferred the unspent amount to a Special the Company’s internal financial controls with reference to
payment of financial liabilities, our knowledge of the Board internal financial controls with reference to financial statements
Account within a period of 30 days from the end of financial statements.
of Directors and management plans and based on our and such internal financial controls were operating effectively
the financial year in compliance with Section 135(6)
examination of the evidence supporting the assumptions, as at 31 March 2024, based on the internal financial controls MEANING OF INTERNAL FINANCIAL CONTROLS WITH
of the said Act.
nothing has come to our attention, which causes us to with reference to financial statements criteria established by the REFERENCE TO FINANCIAL STATEMENTS
believe that any material uncertainty exists as on the date For B S R & Co. LLP Company considering the essential components of internal control A company's internal financial controls with reference to financial
of the audit report that the Company is not capable of Chartered Accountants stated in the Guidance Note on Audit of Internal Financial Controls statements is a process designed to provide reasonable assurance
meeting its liabilities existing at the date of balance sheet Firm’s Registration No.:101248W/W-100022 Over Financial Reporting issued by the Institute of Chartered regarding the reliability of financial reporting and the preparation
as and when they fall due within a period of one year from Accountants of India (the “Guidance Note”). of financial statements for external purposes in accordance with
the balance sheet date. We, however, state that this is not Harsh Vardhan Lakhotia
MANAGEMENT’S AND BOARD OF DIRECTORS’ generally accepted accounting principles. A company's internal
Partner
an assurance as to the future viability of the Company. financial controls with reference to financial statements include
Place: Chennai Membership No.: 222432 RESPONSIBILITIES FOR INTERNAL FINANCIAL CONTROLS
We further state that our reporting is based on the facts those policies and procedures that (1) pertain to the maintenance
Date: September 20, 2024 ICAI UDIN:24222432BKGUFB7944 The Company’s Management and the Board of Directors are
of records that, in reasonable detail, accurately and fairly reflect
responsible for establishing and maintaining internal financial
the transactions and dispositions of the assets of the company;
controls based on the internal financial controls with reference
(2) provide reasonable assurance that transactions are recorded
to financial statements criteria established by the Company
as necessary to permit preparation of financial statements in
considering the essential components of internal control stated
accordance with generally accepted accounting principles, and
in the Guidance Note. These responsibilities include the design,
that receipts and expenditures of the company are being made only
implementation and maintenance of adequate internal financial
in accordance with authorisations of management and directors
controls that were operating effectively for ensuring the orderly
of the company; and (3) provide reasonable assurance regarding
and efficient conduct of its business, including adherence to
prevention or timely detection of unauthorised acquisition, use,
company’s policies, the safeguarding of its assets, the prevention
or disposition of the company's assets that could have a material
and detection of frauds and errors, the accuracy and completeness
effect on the financial statements.
of the accounting records, and the timely preparation of reliable
financial information, as required under the Act. INHERENT LIMITATIONS OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS
AUDITOR’S RESPONSIBILITY
Because of the inherent limitations of internal financial controls
Our responsibility is to express an opinion on the Company’s internal
with reference to financial statements, including the possibility of
financial controls with reference to financial statements based on
collusion or improper management override of controls, material
our audit. We conducted our audit in accordance with the Guidance
misstatements due to error or fraud may occur and not be detected.
Note and the Standards on Auditing, prescribed under Section
Also, projections of any evaluation of the internal financial controls
143(10) of the Act, to the extent applicable to an audit of internal
with reference to financial statements to future periods are subject
financial controls with reference to financial statements. Those
to the risk that the internal financial controls with reference to
Standards and the Guidance Note require that we comply with
financial statements may become inadequate because of changes
ethical requirements and plan and perform the audit to obtain
in conditions, or that the degree of compliance with the policies
reasonable assurance about whether adequate internal financial
or procedures may deteriorate.
controls with reference to financial statements were established
and maintained and if such controls operated effectively in all For B S R & Co. LLP
material respects. Chartered Accountants
Firm’s Registration No.:101248W/W-100022
Our audit involves performing procedures to obtain audit evidence
about the adequacy of the internal financial controls with reference
to financial statements and their operating effectiveness. Our audit Harsh Vardhan Lakhotia
of internal financial controls with reference to financial statements Partner
included obtaining an understanding of internal financial controls Place: Chennai Membership No.: 222432
with reference to financial statements, assessing the risk that a Date: September 20, 2024 ICAI UDIN:24222432BKGUFB7944

36 37
Hyundai Motor India Limited Annual Report 2023-24

Standalone Balance Sheet Standalone Statement of Profit and Loss

as at March 31, 2024 for the year ended March 31, 2024
(All amounts are in Indian ` Million except share data and as stated) (All amounts are in Indian ` Million except share data and as stated)

Statutory Reports
As at As at
Particulars Note Year ended Year ended
March 31, 2024 March 31, 2023 Particulars Note
March 31, 2024 March 31, 2023
Assets
Non-current assets Income
Property, plant and equipment 4 66,219.99 56,745.03
Capital work-in-progress 4 6,391.15 13,324.08 Revenue from operations 30 685,386.09 597,614.46
Right-of-use assets 5 6,175.31 560.19
Intangible assets 6 2,791.74 3,217.89 Other income 31 14,566.63 11,185.52
Financial assets Total income 699,952.72 608,799.98
Investment in wholly-owned subsidiaries 7 1,468.00 1,468.00
Other financial assets 8 609.84 491.18 Expenses
Deferred tax assets (net) 44.4 9,255.69 8,074.34
Non-current tax assets (net) 9 6,399.92 5,920.67 Cost of materials consumed 32(a) 512,979.91 445,086.35

Financial Statements
Other non-current assets 10 2,556.34 2,256.04
Total non-current assets 101,867.98 92,057.42 Purchases of stock-in-trade 32(b) 4,334.27 6,564.16
Current assets
Changes in inventories of finished goods, work-in-progress and stock-in-trade 32(c) (1,384.74) (1,351.21)
Inventories 11 33,156.29 34,224.09
Financial assets Employee benefits expense 33 17,316.30 15,522.23
Trade receivables 12 22,883.06 28,027.20
Cash and cash equivalents 13 8,632.85 174,932.05 Finance costs 34 1,579.67 1,422.19
Bank balance other than above 13 77,946.10 -
Loans 14 - 659.48 Depreciation and amortisation expense 6.1 21,724.22 21,552.15
Other financial assets 15 3,420.45 4,521.14
Other expenses 35 62,988.68 57,787.85
Other current assets 16 8,630.73 7,164.68
Total current assets 154,669.48 249,528.64 Cost of materials consumed for own use (540.43) (472.26)
Total assets 256,537.46 341,586.06
Equity and liabilities Total expenses 618,997.88 546,111.46
Equity
Equity share capital 17 8,125.41 8,125.41 Profit before tax 80,954.84 62,688.52
Other equity
Tax expense
Reserves and surplus 18 94,723.33 189,653.30
Total equity 102,848.74 197,778.71 Current tax 44.1 22,554.58 18,178.75
Liabilities
Non-current liabilities Deferred tax (net) 44.1 (1,142.80) (2,028.70)
Financial liabilities
Borrowings 19 6,227.97 7,065.66 Total tax expense 21,411.78 16,150.05
Lease liabilities 20 557.68 259.38
Provisions 21 8,155.63 7,737.83 Profit for the year 59,543.06 46,538.47
Other non-current liabilities 22 11,610.97 9,759.55 Other comprehensive income ('OCI') for the year
Total non-current liabilities 26,552.25 24,822.42
Current liabilities Items that will not be reclassified to profit or loss
Financial liabilities
Borrowings 23 1,451.18 4,520.34 Remeasurements of net defined benefit liability / (asset) 37.2 (153.15) (236.13)
Lease liabilities 24 86.61 30.45
Trade payables Income tax relating to items that will not be reclassified to profit or loss 44.3 38.55 59.43
Total outstanding due of micro enterprises and small enterprises; and 25 2,100.79 1,529.53 Total other comprehensive loss for the year (114.60) (176.70)
Total outstanding dues of creditors other than micro enterprises and small enterprises 70,593.14 72,131.88
Other financial liabilities 26 5,700.10 8,000.00 Total comprehensive income for the year 59,428.46 46,361.77
Other current liabilities 27 38,899.13 25,158.27
Provisions 28 4,428.42 4,478.46 Earnings per equity share (equity share of ₹ 10 paid up) 41
Current tax liabilities (net) 29 3,877.10 3,136.00
Total current liabilities 127,136.47 118,984.93 - Basic earnings per share (₹) 73.28 57.28
Total liabilities 153,688.72 143,807.35 - Diluted earnings per share (₹) 73.28 57.28
Total equity and liabilities 256,537.46 341,586.06

Material accounting policies 2 Material accounting policies 2

The accompanying notes are an integral part of these standalone financial statements. The accompanying notes are an integral part of these standalone financial statements.
As per our report of even date attached. As per our report of even date attached.

for B S R & Co. LLP for and on behalf of the Board of Directors of for B S R & Co. LLP for and on behalf of the Board of Directors of
Chartered Accountants Hyundai Motor India Limited Chartered Accountants Hyundai Motor India Limited
ICAI Firm's Registration No.101248W/W-100022 CIN: U29309TN1996PLC035377 ICAI Firm's Registration No.101248W/W-100022 CIN: U29309TN1996PLC035377

Harsh Vardhan Lakhotia Unsoo Kim Wangdo Hur Harsh Vardhan Lakhotia Unsoo Kim Wangdo Hur
Partner Managing Director Executive Director and CFO Partner Managing Director Executive Director and CFO
Membership Number: 222432 DIN: 09470874 DIN: 10039866 Membership Number: 222432 DIN: 09470874 DIN: 10039866
Place : Gurgaon Place : Gurgaon Place : Gurgaon Place : Gurgaon

Divya Venkat Divya Venkat

Company Secretary Company Secretary
Membership Number: A33561 Membership Number: A33561
Place: Chennai Place: Chennai Place: Chennai Place: Chennai
Date: September 20, 2024 Date: September 20, 2024 Date: September 20, 2024 Date: September 20, 2024

38 39
Hyundai Motor India Limited Annual Report 2023-24

Standalone Statement of Cash Flows Standalone Statement of Cash Flows

for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts are in Indian ` Million except share data and as stated) (All amounts are in Indian ` Million except share data and as stated)

Statutory Reports
Particulars
Year ended Year ended Notes:
March 31, 2024 March 31, 2023
a) The above Standalone Statement of Cash Flows has been prepared using indirect method as set out in the Indian Accounting
Cash flows from operating activities
Standard (Ind AS 7) - Statement of Cash Flows.
Profit for the year 59,543.06 46,538.47
Adjustments for
b) Reconciliation between the opening and closing balances in the Balance Sheet for liabilities arising from financing activities
Tax expense 21,411.78 16,150.05
including both changes arising from cash flows and non-cash changes.
Depreciation and amortisation expense 21,636.35 21,476.27
Depreciation on right-of-use assets 87.87 75.88
For the year ended March 31, 2024 For the year ended March 31, 2023
Finance costs 1,579.67 1,422.19 Particulars Lease Lease
Borrowings Total Borrowings Total

Financial Statements
Loss / (Gain) on PPE sold / scrapped / written off (net) (59.61) 60.94 liabilities liabilities
Interest income from bank deposits (11,687.44) (8,766.15) Balance as at beginning of the year 11,586.00 289.83 11,875.83 11,400.33 350.95 11,751.28
Interest income on refund of income tax (119.14) - Changes from financing activities
Income from government grant (613.48) (651.06) Repayment of sales tax / VAT deferral loan
(1,252.38) - (1,252.38) (1,177.10) - (1,177.10)
Unrealised foreign exchange gain (net) (48.32) (195.72) (refer note 19 and note 23)
Operating profit before working capital / other changes 91,730.74 76,110.87 Proceeds from short term borrowings
5,537.98 - 5,537.98 16,531.53 - 16,531.53
(refer note 23)
Working capital adjustments
Repayment of short term borrowings
Decrease / (Increase) in inventories 1,067.80 (5,412.89) (8,825.43) - (8,825.43) (15,785.16) - (15,785.16)
(refer note 23)
Decrease / (Increase) in trade receivables 5,204.46 (6,643.31)
Repayment of lease liabilities
Decrease / (increase) in loans (current) 659.48 (504.54) - (98.44) (98.44) - (88.27) (88.27)
(refer note 20 and note 24)
Decrease / (increase) in other financial assets (current and non-current) 967.08 (1,127.28) Interest expense 109.47 41.76 151.23 119.27 27.15 146.42
Increase in other assets (current and non-current) (1,569.33) (2,110.72) Finance costs paid (109.47) - (109.47) (119.27) - (119.27)
(Decrease) / increase in trade payables (983.22) 19,665.61 Total changes from financing cash flows (4,539.83) (56.68) (4,596.51) (430.73) (61.12) (491.85)
Increase in other financial liabilities (current) 439.77 1,212.11 The effect of changes in foreign exchange rates 19.49 - 19.49 (34.66) - (34.66)
Increase in other liabilities (current and non-current) 16,205.77 4,446.96 Other changes
(Decrease) / increase in provisions (current and non-current) (261.28) 119.82 Liability-related
Cash generated from operating activities 113,461.27 85,756.63 New Leases - 411.14 411.14 - - -
Income taxes paid (net of refunds) (22,327.88) (21,001.67) Unwinding of discounting impact 613.49 - 613.49 651.06 - 651.06
Net cash generated from operating activities (A) 91,133.39 64,754.96 Interest expense 339.07 - 339.07 209.91 - 209.91
Cash flows from investing activities Finance costs paid (339.07) - (339.07) (209.91) - (209.91)
Investment in subsidiary during the year - (58.00) Total liability related other changes 613.49 411.14 1,024.63 651.06 - 651.06
Deposits with banks with original maturity of more than three months but less than twelve months (264,310.00) - Balance as at end of the year 7,679.15 644.29 8,323.44 11,586.00 289.83 11,875.83
Maturity of deposits with banks with original maturity of more than three months but less than
189,750.00 -
twelve months Material accounting policies 2
Payment for acquisition of property plant and equipment and intangible assets
(32,026.99) (22,343.59)
(including Right of Use assets) The accompanying notes are an integral part of these standalone financial statements.
Proceeds from sale of property, plant and equipment 134.50 108.53 As per our report of even date attached.
Interest received on bank deposits 8,301.34 8,300.27
for B S R & Co. LLP for and on behalf of the Board of Directors of
Net cash used in investing activities (B) (98,151.15) (13,992.79) Chartered Accountants Hyundai Motor India Limited
Cash flows from financing activities (refer note below) ICAI Firm's Registration No.101248W/W-100022 CIN: U29309TN1996PLC035377
Repayment of sales tax / VAT deferral loan (1,252.38) (1,177.10)
Harsh Vardhan Lakhotia Unsoo Kim Wangdo Hur
Repayment of lease liabilities (98.44) (88.27) Partner Managing Director Executive Director and CFO
Proceeds from short term borrowings 5,537.98 16,531.53 Membership Number: 222432 DIN: 09470874 DIN: 10039866
Repayment of short term borrowings (8,825.43) (15,785.16) Place : Gurgaon Place : Gurgaon
Finance costs paid (294.25) (329.18)
Divya Venkat
Dividend paid (including withholding Tax) (154,358.43) (14,934.51) Company Secretary
Net cash used in financing activities (C) (159,290.95) (15,782.69) Membership Number: A33561
Net (decrease) / increase in cash and cash equivalents (A+B+C) (166,308.71) 34,979.48 Place: Chennai Place: Chennai
Date: September 20, 2024 Date: September 20, 2024
Cash and cash equivalents at the beginning of the year 174,932.05 139,658.39
Effect of exchange rate fluctuations on cash and cash equivalents held 9.51 294.18
Cash and cash equivalents at the end of the year (refer note 13) 8,632.85 174,932.05
Cash and cash equivalents at the end of the year 8,632.85 174,932.05
Bank balances other than above at the end of the year 77,946.10 -
Total cash and bank balances at the end of the year 86,578.95 174,932.05

40 41
Hyundai Motor India Limited Annual Report 2023-24

Standalone Statement of Changes in Equity Notes

for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ` Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
A. EQUITY SHARE CAPITAL (Refer Note 17) 1. CORPORATE INFORMATION fair value of the consideration given in exchange for goods
Hyundai Motor India Limited (HMIL or the Company) was and services.
No. of shares ` in Million incorporated on May 06, 1996 as a public limited company,
under the Companies Act, 1956. HMIL is a wholly owned Fair value is the price that would be received to sell an
Balance as at April 1, 2022 8,125,411 8,125.41
subsidiary of Hyundai Motor Company (HMC or the asset or paid to transfer a liability in an orderly transaction
Balance as at March 31, 2023 8,125,411 8,125.41
ultimate parent company), South Korea, domiciled and between market participants at the measurement date,
Balance as at April 1, 2023 8,125,411 8,125.41 regardless of whether that price is directly observable or
having its registered office at Sriperumbudur, Tamil Nadu,
Balance as at March 31, 2024 8,125,411 8,125.41 India. HMIL is in the business of manufacturing and supply estimated using another valuation technique. In estimating
of motor vehicles, engine, transmission and other parts, the fair value of an asset or a liability, the Company takes

Financial Statements
B. OTHER EQUITY (Refer Note 18) provide related after-sales activities. into account the characteristics of the asset or liability
if market participants would take those characteristics
Reserves and surplus 2. MATERIAL ACCOUNTING POLICIES into account when pricing the asset or liability at the
Particulars
Total measurement date.
General Reserve Retained earnings 2.1 Statement of compliance and basis of preparation
Balance as at April 1, 2022 4,963.91 153,262.13 158,226.04 The standalone financial statements of the Company
In addition, for financial reporting purposes, fair value
Total comprehensive income for the year ended March 31, 2023 have been prepared and presented in accordance with
measurements are categorised into Level 1, 2, or 3
Profit for the year - 46,538.47 46,538.47 the Generally Accepted Accounting Principles (GAAP).
based on the degree to which the inputs to the fair value
GAAP comprises of Indian Accounting Standards (Ind AS)
Other comprehensive loss (net of tax) - Transferred to retained earnings - (176.70) (176.70) measurements are observable and the significance of the
as specified in Sec 133 of the Companies Act, 2013 ('the
Total comprehensive income for the year - 46,361.77 46,361.77 inputs to the fair value measurement in its entirety, which
Act') read together with Rule 3 of the Companies (Indian
Transactions with owners of the Company
are described as follows:
Accounting Standards) Rules, 2015 and the relevant
Contributions and distributions amendment rules issued thereafter, pronouncements
(i) Level 1 inputs are quoted prices (unadjusted) in
Dividend paid for the FY 21-22 (including withholding tax) - (14,934.51) (14,934.51) of regulatory bodies applicable to the Company and other
active markets for identical assets or liabilities that
Total contributions and distributions - (14,934.51) (14,934.51) provisions of the Act.
the entity can access at the measurement date;
Balance as at March 31, 2023 4,963.91 184,689.39 189,653.30
Accounting policies have been consistently applied except
Balance as at April 1, 2023 4,963.91 184,689.39 189,653.30 (ii) Level 2 inputs are other than quoted prices included
where a newly issued accounting standard is initially
Total comprehensive income for the year ended March 31, 2024 within Level 1, that are observable for the asset or
adopted or a revision to existing accounting standard
liability, either directly or indirectly; and
Profit for the year - 59,543.06 59,543.06 requires a change in the accounting policy hitherto in use.
Other comprehensive loss(net of tax) - Transferred to retained earnings - (114.60) (114.60)
(iii) Level 3 inputs are unobservable inputs for the asset
Total comprehensive income for the year - 59,428.46 59,428.46 The standalone financial statements are presented in
or liability.
Indian ₹ (INR), the functional currency of the Company.
Transactions with owners of the Company
Items included in the standalone financial statements
Contributions and distributions 2.3 Use of judgements and estimates
of the Company are recorded using the currency of the
Dividend paid for the FY 22-23 (including withholding tax) - (46,534.23) (46,534.23) primary economic environment in which the Company In the application of the Company's accounting policies,
Dividend paid for the FY 23-24 (including withholding tax) - (107,824.20) (107,824.20) operates (the ‘functional currency’). the management of the Company is required to make
Total contributions and distributions - (154,358.43) (154,358.43) judgements, estimates and assumptions about the
The standalone financial statements has been prepared carrying amounts of assets and liabilities that are not
Balance as at March 31, 2024 4,963.91 89,759.42 94,723.33
as a going concern on the basis of relevant Ind AS that readily apparent from other sources. The estimates and
are effective at the reporting date, March 31, 2024. associated assumptions are based on historical experience
Material accounting policies 2 and other factors that are considered to be relevant. Actual
Transactions and balances with values below the results may differ from these estimates. The estimates
The accompanying notes are an integral part of these standalone financial statements. and underlying assumptions are reviewed on an ongoing
As per our report of even date attached.
rounding off norm adopted by the Company have been
reflected as “0” in the relevant notes in these standalone basis. Revisions to accounting estimates are recognised in
for B S R & Co. LLP for and on behalf of the Board of Directors of financial statements. the period in which the estimate is revised if the revision
Chartered Accountants Hyundai Motor India Limited affects only that period, or in the period of the revision
ICAI Firm's Registration No.101248W/W-100022 CIN: U29309TN1996PLC035377 and future periods if revision affects both current and
The standalone financial statements of the Company
Harsh Vardhan Lakhotia Unsoo Kim Wangdo Hur for the year ended March 31, 2024 were approved and future periods.
Partner Managing Director Executive Director and CFO authorised for issue in accordance with the resolution of
Membership Number: 222432 DIN: 09470874 DIN: 10039866 the Board of Directors on September 20,2024. Information about judgements made in applying
Place : Gurgaon Place : Gurgaon accounting policies that have the most significant effects
Divya Venkat 2.2 Basis of measurement on the amounts recognised in the standalone financial
Company Secretary These standalone financial statements have been prepared statement is included in the following notes:
Membership Number: A33561
under the historical cost basis, except for defined benefit
Place: Chennai Place: Chennai (i) Judgements
Date: September 20, 2024 Date: September 20, 2024 obligation which are measured at fair values at the end
of each reporting period, as explained in accounting  Lease term: whether the Company is reasonably
policies below. Historical cost is generally based on the certain to exercise extension options.

42 43
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
Information about assumptions and estimation Sale of raw materials service or extended period of warranty is recognised as a other direct costs incurred up to the date the asset is ready
uncertainties at the reporting date that have a Sale of raw materials are considered as a recovery of cost of contract liability until the service obligation has been met. for its intended use and for qualifying assets, borrowing
significant risk of resulting in a material adjustment materials and adjusted against cost of materials consumed. costs are capitalised in accordance with the Company's
to the carrying amounts of assets and liabilities Income from service activities are recognized at the accounting policy.
within the next financial year is included in the 2.5 Cash and cash equivalents time of satisfaction of performance obligation towards
following notes: rendering of such services in accordance with the terms Any part or components of PPE which are separately
The Company’s cash and cash equivalents consist of cash
of arrangement. identifiable and expected to have a useful life which is
on hand and in banks and demand deposits with banks,
(ii) Estimates different from that of the main assets are capitalised
which can be withdrawn at any point of time, without
 Useful lives of Property, plant and equipment and The consideration received in respect of transport separately, based on the technical assessment of
prior notice or penalty on the principal and without any

Financial Statements
intangible assets (Refer Note 2.9 and Note 2.10) arrangements made for delivery of vehicles to the dealers the management.
significant risk of change in value.
are shown as revenue and the corresponding cost is shown
 Measurement of defined benefit obligation; key separately as part of expenses. Subsequent expenditure is capitalised only if it is probable
For the purposes of the statement of cash flows, cash
actuarial assumptions (Refer Note 2.15) that the future economic benefits associated with the
and cash equivalents include cash on hand, in banks and
The contract liabilities primarily relate to the advance expenditure will flow to the Company and the cost of the
 Provision for warranty (Refer Note 2.21) deposits with banks, net of outstanding bank overdrafts
consideration received from customers towards services, item can be measured reliably.
that are repayable on demand and are considered part
for which revenue is recognised over the relevant period
 Measurement of Lease liabilities and Right of Use of the Company’s cash management system.
of service. Internally manufactured vehicles are capitalized at cost
Asset (Refer Note 2.16)
including an appropriate share of relevant overheads.
2.6 Cash flow statement
2.8 Recognition of dividend income and interest
2.4 Inventories Cash flows are reported using the indirect method, income Capital work-in-progress:
Inventories are valued at the lower of cost and net whereby profit / (loss) after tax is adjusted for the effects
Dividend income on investments is recognised when the Properties in the course of construction for production,
realizable value. of transactions of non-cash nature and any deferrals or
right to receive dividend is established. supply or administrative purposes are carried at cost, less
accruals of past or future cash receipts or payments. any recognised impairment loss.
The cost of raw materials, components, consumable stores The cash flows from operating, investing and financing
Interest income is recognized using the effective interest
and spare parts and stock in trade are determined on activities of the Company are segregated based on the
rate method. Depreciation:
a weighted average basis. Cost includes freight, taxes available information.
and duties and other charges incurred for bringing Depreciation on property, plant and equipment is provided
 the gross carrying amount of the financial asset; or using the straight-line method, pro-rata from the month of
the goods to the present location and condition and is 2.7 Revenue recognition
net of credit under the Goods and Services Tax ('GST') capitalisation over the useful lives of the assets, assessed
Revenue towards satisfaction of a performance obligation  the amortised cost of the financial liability. as below:
where applicable. is measured at the amount of transaction price (net of
variable consideration) allocated to that performance In calculating interest income and expense, the effective Management's estimate Useful life as per
The valuation of manufactured finished goods and work- Particulars
obligation. The transaction price of goods sold and interest rate is applied to the gross carrying amount of of useful lives schedule II
in-progress includes the combined cost of material, labour
services rendered is net of variable consideration on the asset (when the asset is not credit-impaired) or to the Buildings 5 - 30 years 30 - 60 years
and manufacturing overheads incurred in bringing the
account of various discounts and schemes offered by amortised cost of the liability. However, for financial assets Plant and equipment
goods to the present location and condition.
the Company and any taxes or duties collected on behalf that have become credit-impaired subsequent to initial - Molds and dies 4 years 8 - 20 years
of the government. Revenue is recognised when recovery recognition, interest income is calculated by applying the - Others 4 - 20 years 8 - 20 years
Due allowance is estimated and made by the management
of consideration is probable. effective interest rate to the amortised cost of the financial Furniture and fittings 3 - 5 years 10 years
for slow moving / non-moving items of inventory,
asset. If the asset is no longer credit-impaired, then the Office and other 3 - 5 years 5 years
wherever necessary, based on the past experience
Sale of products calculation of interest income reverts to the gross basis. equipment
and such allowances are adjusted against the carrying
Revenues are recognized on unconditional appropriation Data processing 3 - 5 years 3 - 6 years
inventory value. equipment
of goods from factory / stockyard and delivery of goods 2.9 Property, plant and equipment ('PPE')
Test vehicles 3 years 6 years
Net realisable value is the estimated selling price in the from port for domestic and export sales respectively The cost of an item of property, plant and equipment Other vehicles 5 years 6 years
ordinary course of business, less estimated costs of which is when the control of goods is transferred to the shall be recognised as an asset if, and only if it is probable Leasehold Amortised over the Not applicable
completion and the estimated costs necessary to make customer as per the terms of sale / understanding with that future economic benefits associated with the item improvement lease period or 5 years
the sale. the customers. will flow to the Company and the cost of the item can be whichever is less
measured reliably.
The net realisable value of work-in-progress is determined Sale of services Individual PPE costing less than ₹ 5,000 each are
with reference to the selling prices of related finished Income from sale of maintenance services and extended Property, plant and equipment held for use in the depreciated in the year of purchase considering the type
goods. Raw materials, components and other supplies warranties are recognised as income over the relevant production or supply of goods or services, or for and usage pattern of these assets.
held for use in the production of finished products are not period of service or extended warranty. When the administrative purposes, are stated in the balance sheet
written down below cost except in cases when a decline Company sells products that are bundled with additional at cost less accumulated depreciation and accumulated The useful lives mentioned above are different from the
in the price of materials indicates that the cost of the service or extended period of warranty, such services impairment losses, if any. Freehold land is measured at useful lives specified for these assets as per Schedule II
finished products shall exceed the net realisable value. are treated as a separate performance obligation only cost and is not depreciated. of the Companies Act, 2013, where applicable. The useful
if the service or warranty is optional to the customer or lives followed in respect of these assets are based on
The comparison of cost and net realisable value is made includes an additional service component. In such cases, Cost includes purchase price, taxes and duties, labour management's assessment, based on technical advice,
on an item-by-item basis. the transaction price allocated towards such additional cost and direct overheads for self-constructed assets and taking into account factors such as the nature of the assets,

44 45
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
the estimated usage pattern of the assets, the operating in the statement of profit and loss when the asset Export benefits in the nature of duty drawback are quoted ask prices (financial liabilities held) and using
conditions, past history of replacement, anticipated is derecognised. recognised in the statement of profit and loss in the year valuation techniques for other instruments. Valuation
technological changes, manufacturers' warranties and of exports based on eligibility / expected eligibility duly techniques include discounted cash flow method and
maintenance support etc. 2.11 Foreign currencies considering the entitlements as per the policy, industry other valuation models.
Transactions in foreign currencies are initially recognised specific developments, interpretations arising out of
Depreciation is accelerated on PPE, based on their in the standalone financial statement using exchange judicial / regulatory proceedings where applicable, 2.14 Financial assets and Liabilities - Classification
condition, usability, etc. as per the technical estimates rates prevailing on the date of transaction. Monetary management assessment etc. and when there is no Financial assets at amortised cost:
of the management, wherever necessary. assets and liabilities denominated in foreign currencies uncertainty in receiving the same.
Financial assets having contractual terms that give rise
are translated to the relevant functional currency at the on specified dates to cash flows that are solely payments

Financial Statements
Derecognition of property, plant and equipment: exchange rates prevailing at the reporting date. Non- Export benefits in the nature of RoDTEP & Merchandise
of principal and interest on the principal outstanding and
An item of property, plant and equipment is derecognised monetary assets and liabilities denominated in foreign Exports from India Scheme (MEIS) under Foreign Trade
that are held within a business model whose objective is
upon disposal or when no future economic benefits are currencies that are measured at fair value are translated to Policy are recognised in the statement of profit and loss
to hold such assets in order to collect such contractual
expected to arise from the continued use of the asset. the functional currency at the exchange rate prevailing on when there is no uncertainty in receiving / utilizing the
cash flows are classified in this category. Subsequently,
the date that the fair value was determined. Non-monetary same, taking into consideration the prevailing regulations.
Any gain or loss on disposal or retirement of an item these are measured at amortised cost using the effective
of property, plant and equipment is determined as the assets and liabilities denominated in foreign currency and interest method less any impairment losses.
measured at historical cost are translated at the exchange Adjustments, if any, to the amounts recognised in
difference between the sale proceeds and the carrying
rate prevalent at the date of transaction. accordance with the accounting policy, based on
amount of the asset and is recognised in the statement Financial assets at fair value through profit and loss:
final determination by the authorities, are dealt
of profit and loss.
with appropriately in the year of final determination Financial assets are measured at fair value through profit
Exchange differences on monetary items are recognised
and acceptance. and loss unless it is measured at amortised cost or at fair
2.10 Intangible assets in the statement of profit and loss in the period in which
value through other comprehensive income on initial
Intangible assets with finite useful lives that are they arise, except for exchange differences on foreign
2.13 Financial instruments recognition. The transaction costs directly attributable
acquired separately are carried at cost less accumulated currency borrowings relating to assets under construction
to the acquisition of financial assets and liabilities at fair
for future productive use, which are included in the cost Classification, initial recognition and measurement
amortisation and impairment losses, if any. The cost of an value through profit and loss are immediately recognised
of those assets when they are regarded as an adjustment A financial instrument is any contract that gives rise to
intangible asset comprises its purchase price, including in profit and loss.
to interest cost on those foreign currency borrowings. a financial asset of one entity and a financial liability or
any import duties and other taxes (other than those
subsequently recoverable from the taxing authorities) equity instrument of another entity. Financial assets other Impairment of financial assets:
and any directly attributable expenditure on making the
2.12 Government grants and export benefits than equity instruments are classified into categories:
The Company recognises loss allowances for expected
asset ready for its intended use. Government grants are not recognised until there is financial assets at fair value through profit and loss
and at amortised cost. Financial assets that are equity credit losses ('ECL') on financial assets measured at
reasonable assurance that the Company will comply with
instruments are classified as fair value through profit amortised cost, if any.
The intangible assets are amortised over their respective the conditions attaching to them and that the grants will
individual estimated useful lives on a straight-line basis, be received. and loss or fair value through other comprehensive
income. Financial liabilities are classified into financial The Company measures loss allowances at an amount
commencing from the date, the asset is available to the equal to lifetime ECLs. Loss allowances for trade and
Company for its use. The amortisation period are reviewed Government grants are recognised in the statement of liabilities at fair value through profit and loss and other
financial liabilities. finance lease receivables, loans and contract assets are
at the end of each financial year and the amortisation profit and loss on a systematic basis over the periods in
always measured at an amount equal to lifetime ECLs.
method is revised to reflect the change. which the Company recognises as expenses the related
Financial instruments are recognised on the balance sheet Lifetime expected credit losses are the expected credit
costs for which the grants are intended to compensate.
when the Company becomes a party to the contractual losses that result from all possible default events over the
Subsequent expenditure is capitalised only when it Specifically, government grants whose primary condition
provisions of the instrument. expected life of a financial instrument.
increases the future economic benefits embodied in the is that the Company should purchase, construct or
specific asset to which it relates. All other expenditure is otherwise acquire non-current assets are recognised as
Initially, a financial instrument is recognised at its fair value. In all cases, the maximum period considered when
recognised in profit or loss as incurred. deferred income in the balance sheet and transferred
Transaction costs directly attributable to the acquisition or estimating expected credit losses is the maximum
to the statement of profit and loss on a systematic and
issue of financial instruments are recognised in determining contractual period over which the Company is exposed
The useful lives considered for the intangible assets are rational basis.
the carrying amount, if it is not classified as at fair value to credit risk.
as under:
Government grants that are receivable as compensation through profit and loss. However, trade receivables that
do not contain a significant financing component are Measurement of ECLs
for expenses or losses already incurred or for the purpose
Particulars Management's estimate of useful lives of giving immediate financial support to the Company measured at transaction price. Subsequently, financial Credit losses are measured as the present value of all
Computer software 3 ~ 5 years with no future related costs are recognised in the instruments are measured according to the category in cash shortfalls (i.e. the difference between the cash flows
Technical know how Amortised over the agreement statement of profit and loss in the period in which they which they are classified. due to the entity in accordance with the contract and the
period or 10 years whichever is less became receivable. cash flows that the Company expects to receive). Loss
Determination of fair value: allowances for financial assets measured at amortised
An intangible asset is derecognised on disposal or when The benefit of a government loan at a below-market rate The fair value of a financial instrument on initial recognition cost are deducted from the gross carrying amount of the
no future economic benefits are expected to arise from interest is treated as a government grant, measured as is normally the transaction price (fair value of the assets, if any.
continued use of the asset. Gains or losses arising from the difference between the proceeds received and the consideration given or received). Subsequent to initial
derecognition of an intangible asset, measured as the fair value of the loan based on prevailing market interest recognition, the Company determines the fair value of Write-off
difference between the net proceeds from disposal rates has been disclosed as "Other non-operating income" financial instruments that are quoted in active markets The gross carrying amount of a financial asset is written
and the carrying amount of the asset, are recognised under "Other income". using the quoted bid prices (financial assets held) or off (either partially or in full) to the extent that there is no

46 47
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
realistic prospect of recovery. This is generally the case 2.15 Employee benefits Past service cost is recognised in the Statement of profit 2.16 Leases
when the Company determines that the debtor does not Employee benefits include provident fund, superannuation, or loss in the period of a plan amendment. Net interest is As a Lessee
have assets or sources of income that could generate gratuity, National Pension Scheme ('NPS') and calculated by applying the discount rate at the beginning
The Company’s lease asset classes primarily consist of
sufficient cash flows to repay the amounts subject to the compensated absences. of the period to the net defined benefit liability or asset.
leases for land and buildings. The Company assesses
write-off. However, financial assets that are written off Defined benefit costs are categorised as follows:
whether a contract is or contains a lease, at inception of a
could still be subject to enforcement activities in order Defined contribution plans: contract. A contract is, or contains, a lease if the contract
to comply with the Company’s procedures for recovery  Service cost (including current service cost,
Provident fund: conveys the right to control the use of an identified asset
of amounts due. past service cost, as well as gains and losses on
Contributions towards Employees’ Provident Fund for a period of time in exchange for consideration. To
curtailments and settlements);
are made to the Employees’ Provident Fund Scheme assess whether a contract conveys the right to control

Financial Statements
Financial liabilities:
maintained by the Central Government and the Company’s  Net interest expense or income; and the use of an identified asset, the Company assesses
All financial liabilities are subsequently measured at whether: (i) the contract involves the use of an identified
contribution to the fund are recognized as an expense in the
amortised cost using the effective interest method or  Remeasurement asset (ii) the Company has substantially all of the economic
year in which the services are rendered by the employees.
at FVTPL. Financial liabilities are classified as at FVTPL benefits from use of the asset through the period of the
when the financial liability is either held for trading or it The Company presents the first two components of lease and (iii) the Company has the right to direct the use
Superannuation fund:
is designated as at FVTPL. defined benefit costs in profit or loss in the line item of the asset. the Company evaluates if an arrangement
The Company contributes a specified percentage of 'Employee benefits expense'. Curtailment gains and losses qualifies to be a lease as per the requirements of Ind
Equity Instruments : eligible employees’ salary to a superannuation fund are accounted for as past service costs. AS 116 and this may require significant judgment. the
administered by trustees and managed by the insurer.
An equity instrument is any contract that evidences Company also uses significant judgement in assessing
The Company has no liability for future superannuation The retirement benefit obligation recognised in the
a residual interest in the assets of the Company after the lease term (including anticipated renewals) and the
benefits other than its annual contribution and recognizes balance sheet represents the actual deficit or surplus in
deducting all its liabilities. Equity instruments issued by applicable discount rate.
such contributions as an expense in the year in which the the Company's defined benefit plans. Any surplus resulting
the Company are recorded at the proceeds received, net
services are rendered by the employees. from this calculation is limited to the present value of any
of direct issue costs. At the date of commencement of the lease, the
economic benefits available in the form of refunds from Company recognises a right-of-use asset (“ROU”) and a
National pension scheme: the plans or reductions in future contributions to the plans.
Derecognition of financial assets and financial corresponding lease liability for all lease arrangements
liabilities: The Company contributes a specified percentage of the in which it is a lessee, except for leases with a term of
eligible employees’ salary to the National Pension Scheme A liability for a termination benefit is recognised at the twelve months or less (short-term leases) and leases of
The Company derecognises a financial asset only when
of the Central Government. The Company has no liability earlier of when the entity can no longer withdraw the offer low value assets. For these short-term and leases of low
the contractual rights to the cash flows from the asset
for future pension benefits and the Company's contribution of the termination benefit and when the entity recognises value assets, the Company recognises the lease payments
expires or it transfers the financial asset and substantially
to the scheme are recognized as an expense in the year any related restructuring costs. as an operating expense on a straight-line basis over the
all the risks and rewards of ownership of the asset to
in which the services are rendered by the employees. term of the lease.
another entity. If the Company neither transfers nor
Compensated absences:
retains substantially all the risks and rewards of ownership
Defined benefit plans: Accumulated absences expected to be carried forward The Company determines the lease term as the non-
and continues to control the transferred asset, the
Company recognises its retained interest in the asset Gratuity: beyond twelve months is treated as long-term employee cancellable period of a lease, together with both periods
and an associated liability for amounts it may have to The Company contributes to a gratuity fund administered benefit for measurement purposes. The Company covered by an option to extend or terminate the lease if the
pay. If the Company retains substantially all the risks and by trustees and managed by the Insurer. The Company accounts for its liability towards compensated absences Company is reasonably certain based on relevant facts and
rewards of ownership of a transferred financial asset, accounts its liability for future gratuity benefits based based on actuarial valuation done as at the balance sheet circumstances that the option to extend will be exercised
the Company continues to recognise the financial asset on actuarial valuation, as at the balance sheet date, date by an independent actuary using the Projected / the option to terminate will not be exercised. If there is
and also recognises a collateralised borrowing for the determined every year by an independent actuarial using Unit Credit Method. The liability includes the long term a change in facts and circumstances, the expected lease
proceeds received. the projected unit credit method. Obligation under the component accounted on a discounted basis and the term is revised accordingly.
defined benefit plan is measured at the present value short term component which is accounted for on an
Financial liabilities are derecognised when these are of the estimated future cash flows using a discount rate undiscounted basis. The right-of-use assets are initially recognised at cost,
extinguished, that is when the obligation is discharged, that is determined by reference to the prevailing market which comprises the initial amount of the lease liability
cancelled or has expired. yields at the balance sheet date on government bonds. The obligations are presented as current liabilities in adjusted for any lease payments made at or prior to the
the balance sheet if the Company does not have an commencement date of the lease plus any initial direct
The Company recognises a loss allowance for expected For defined benefit retirement benefit plans, the cost unconditional right to defer the settlement for at least costs less any lease incentives. They are subsequently
credit losses on a financial asset that is at amortised cost. of providing benefits is determined using the projected twelve months after the reporting date. measured at cost less accumulated depreciation and
unit credit method, with actuarial valuations being impairment losses, if any. Right-of-use assets are
Offsetting: carried out at the end of each annual reporting period. Short-term employee benefits depreciated from the commencement date on a straight-
Remeasurement, comprising actuarial gains and losses, Short-term employee benefits are measured on an line basis over the shorter of the lease term and useful life
Financial assets and financial liabilities are offset and
the effect of the changes to the asset ceiling (if applicable) undiscounted basis and expensed as the related service is of the underlying asset.
the net amount is presented in the balance sheet when,
and only when, the Company currently has a legally and the return on plan assets (excluding net interest), is provided. A liability is recognised for the amount expected
reflected immediately in the balance sheet with a charge to be paid under short-term employee benefits, if the The lease liability is initially measured at the present
enforceable right to set off amounts and it indents either
or credit recognised in other comprehensive income in the Company has a present legal or constructive obligation value of the future lease payments that are not paid
to settle them on a net basis or to realise the asset and
period in which they occur. Remeasurement recognised in to pay this amount as a result of past service provided by at the commencement date. The lease payments are
settle the liability simultaneously.
other comprehensive income is reflected immediately in the employee and the obligation can be estimated reliably discounted using the interest rate implicit in the lease
retained earnings and is not reclassified to profit or loss. or, if not readily determinable, using the incremental

48 49
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
borrowing rates. the Company determines its incremental extraordinary items, if any) by the weighted average The measurement of deferred tax liabilities and assets recognition criteria listed above. Where no internally-
borrowing rate by obtaining interest rates from various number of equity shares outstanding during the year. reflects the tax consequences that would follow from the generated asset can be recognised, development
external financing sources and makes certain adjustments manner in which the Company expects, at the end of the expenditure is recognised in the statement of profit and
to reflect the terms of the lease and type of the asset Diluted earnings per share has been computed using the reporting period, to recover or settle the carrying amount loss in the period in which it is incurred.
leased. The lease liability is measured at amortised cost weighted average number of shares and dilutive potential of its assets and liabilities.
using the effective interest method. The lease liability shares, except where the result would be anti-dilutive. Subsequent to initial recognition, internally-generated
is subsequently remeasured by increasing the carrying Offsetting: intangible assets are reported at cost less accumulated
amount to reflect interest on the lease liability, reducing 2.18 Taxation Current tax assets and current tax liabilities are offset amortisation and accumulated impairment losses, on the
the carrying amount to reflect the lease payments made. Current tax: when there is a legally enforceable right to set off the same basis as intangible assets that are acquired separately.

Financial Statements
The tax currently payable is based on taxable profit for recognised amounts and there is an intention to settle
Lease liability and right-of-use assets have been separately the asset and the liability on a net basis. Deferred tax 2.20 Impairment of 'PPE' and intangible assets
the year. Taxable profit differs from 'profit before tax' as
presented in the Balance Sheet and lease payments have assets and deferred tax liabilities are offset when there At the end of each reporting period, the Company reviews
reported in the statement of profit and loss because of
been classified as financing cash flows. is a legally enforceable right to set off current tax assets the carrying amounts of its PPE and intangible assets or
items of income or expense that are taxable or deductible in
other years and items that are never taxable or deductible. against current tax liabilities; and the deferred tax assets cash generating units to determine whether there is any
As a lessor and the deferred tax liabilities relate to income taxes levied indication that those assets have suffered an impairment
the Company's current tax is calculated using tax rates
At inception or on modification of a contract that that have been enacted or substantively enacted by the by the same taxation authority. loss. If any such indication exists, the recoverable amount
contains a lease component, the Company allocates the end of the reporting period. of the asset is estimated in order to determine the extent
consideration in the contract to each lease component Current and deferred tax for the year: of the impairment loss (if any). When it is not possible to
on the basis of their relative stand-alone prices. Deferred tax: Current and deferred tax are recognised in profit or loss, estimate the recoverable amount of an individual asset,
except when they relate to items that are recognised the Company estimates the recoverable amount of the
Deferred tax is recognised on temporary differences
When the Company acts as a lessor, it determines at in other comprehensive income or directly in equity, cash-generating unit to which the asset belongs. When
between the carrying amounts of assets and liabilities in
lease inception whether each lease is a finance lease or in which case, the current and deferred tax are also a reasonable and consistent basis of allocation can be
the standalone financial statement and the corresponding
an operating lease. recognised in other comprehensive income or directly identified, corporate assets are also allocated to individual
tax bases used in the computation of taxable profit.
in equity respectively. cash-generating units, or otherwise they are allocated
Deferred tax liabilities are generally recognised for all
To classify each lease, the Company makes an overall to the smallest company of cash-generating units for
taxable temporary differences. Deferred tax assets
assessment of whether the lease transfers substantially 2.19 Research and development expenditure which a reasonable and consistent allocation basis can
are generally recognised for all deductible temporary
all of the risks and rewards incidental to ownership of be identified.
differences to the extent that it is probable that taxable Expenditure on research activities are recognised as
the underlying asset. If this is the case, then the lease
profits will be available against which those deductible expense in the period in which it is incurred.
is a finance lease; if not, then it is an operating lease. As Intangible assets with indefinite useful lives and intangible
temporary differences can be utilized. Deferred tax is also
part of this assessment, the Company considers certain assets not yet available for use are tested for impairment
recognised in respect of carried forward tax losses and An internally generated intangible asset arising from
indicators such as whether the lease is for the major part at least annually, or whenever there is an indication that
tax credits. development (or from the development phase of an
of the economic life of the asset. the asset may be impaired.
internal project) is recognised if, and only if, all the
(i) temporary differences on the initial recognition of following have been demonstrated:
When the Company is an intermediate lessor, it accounts Recoverable amount is the higher of fair value less costs
assets and liabilities in a transaction that: is not a
for its interests in the head lease and the sub-lease of disposal and value in use. In assessing value in use,
business combination; and at the time of transaction  the technical feasibility of completing the intangible
separately. It assesses the lease classification of a sub- the estimated future cash flows are discounted to their
(a) affects neither the accounting nor taxable profit assets so that it will be available for use or sale;
lease with reference to the right-of-use asset arising from present value using a pre-tax discount rate that reflects
or loss and (b) does not give rise to equal taxable and
the head lease, not with reference to the underlying asset. current market assessments of the time value of money
deductible temporary differences.  the intention to complete the intangible asset and use
If a head lease is a short-term lease to which the Company and the risks specific to the asset for which the estimates
or sell it;
applies the exemption described above, then it classifies of future cash flows have not been adjusted.
(ii) temporary differences related to investment in
the sub-lease as an operating lease.
subsidiaries to the extent the Company is able to  the ability to use or sell the intangible asset;
If the recoverable amount of an asset (or cash-generating
control the timing of the reversal of the temporary
If an arrangement contains lease and non-lease unit) is estimated to be less than its carrying amount, the
differences and it is probable that they will not  how the intangible asset will generate probable future
components, then the Company applies Ind AS 115 to carrying amount of the asset (or cash-generating unit) is
reverse in the foreseeable future. economic benefits;
allocate the consideration in the contract. reduced to its recoverable amount. An impairment loss
is recognised immediately in the statement of profit and
The carrying amount of deferred tax assets is reviewed  the availability of adequate technical, financial and
The Company applies the derecognition and impairment loss, unless the relevant asset is carried at a revalued
at the end of each reporting period and reduced to the other resources to complete the development and to
requirements in Ind AS 109 to the net investment in the amount, in which case the impairment loss is treated as
extent that it is no longer probable that sufficient taxable use or sell the intangible asset; and
lease. The Company recognises lease payments received a revaluation decrease.
profits will be available to allow all or part of the asset to
under operating leases as income on a straight-line basis
be recovered.  the ability to reliably measure the expenditure
over the lease term as part of ‘other income’. When an impairment loss subsequently reverses, the
attributable to the intangible asset during
carrying amount of the asset (or a cash-generating unit)
Deferred tax liabilities and assets are measured at the tax its development.
2.17 Earnings per share is increased to the revised estimate of its recoverable
rates that are expected to apply in the period in which the
Basic earnings per share is computed by dividing the amount, but so that the increased carrying amount does
liability is settled or the asset realized, based on tax rates The amount initially recognised for internally-generated
profit / (loss) after tax (including the post tax effect of not exceed the carrying amount that would have been
(and tax laws) that have been enacted or substantively intangible assets is the sum of the expenditure incurred
determined had no impairment loss been recognised for
enacted by the end of the reporting period. from the date when the intangible asset first meets the

50 51
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
the asset (or cash-generating unit) in prior years. A reversal  Present obligations arising from past events where All other borrowing costs are recognised in profit or loss  the liability is due to be settled within twelve months
of an impairment loss is recognised immediately in the it is not probable that an outflow of resources will be in the period in which they are incurred. after the reporting period; or
statement of profit and loss, unless the relevant asset is required to settle the obligation or a reliable estimate
carried at a revalued amount, in which case the reversal of the amount of the obligation cannot be made. 2.26 Current / Non-current classification  it does not have an unconditional right to defer
of the impairment loss is treated as a revaluation increase. The Company classifies an asset as current asset when: settlement of the liability for at least twelve months
Contingent assets: after the reporting period. Terms of a liability that
2.21 Provisions and contingencies Contingent assets are not recognized in the standalone  it expects to realise the asset, or intends to sell or could, at the option of the counterparty, result in its
Provisions are recognised when the Company has a financial statement since this may result in the recognition consume it, in its normal operating cycle; settlement by the issue of equity instruments do not
present obligation (legal / constructive) as a result of past of income that may never be realized. affect its classification.

Financial Statements
event, it is probable that the Company will be required to  it holds the asset primarily for the purpose of trading;
settle the obligation, and a reliable estimate can be made 2.22 Investments in wholly owned subsidiaries All other liabilities are classified as non-current.
of the amount of the obligation. Investments in wholly owned subsidiaries are measured  it expects to realise the asset within twelve months
after the reporting period; or Based on the nature of products / activities of the Company
at cost as per Ind AS 27 - Separate Financial Statements.
The amount recognised as a provision is the best estimate and the normal time between acquisition of assets and
of the consideration required to settle the present  the asset is cash or a cash equivalent unless the their realisation in cash or cash equivalents, the Company
2.23 Segment reporting
obligation at the end of the reporting period, taking asset is restricted from being exchanged or used to has determined its operating cycle as 12 months for the
Operating segment reflect the Company's management purpose of classification of its assets and liabilities as
into account the risks and uncertainties surrounding settle a liability for at least twelve months after the
structure and the way the financial information is regularly current and non-current.
the obligation. When a provision is measured using the reporting period.
reviewed by the Board of Directors (the Company's Chief
cash flows estimated to settle the present obligation, its
Operating Decision Maker (CODM)). The CODM considers 3 RECENT ACCOUNTING PRONOUNCEMENTS
carrying amount is the present value of those cash flows All other assets are classified as non-current.
the business from both business and product perspective
(when the effect of the time value of money is material). Ministry of Corporate Affairs (“MCA”) notifies new
based on the dominant source, nature of risks and returns
A liability is classified as current when – standard or amendments to the existing standards under
and the internal organisation and management structure.
When some or all of the economic benefits required to Companies (Indian Accounting Standards) Rules as issued
The operating segments are the segments for which
settle a provision are expected to be recovered from a  it expects to realise the asset, or intends to sell or from time to time. There is no such notification which
separate financial information is available and for which
third party, a receivable is recognised as an asset if it is consume it, in its normal operating cycle; would have been applicable from April 01, 2024.
operating profit / (loss) amounts are evaluated regularly
virtually certain that reimbursement will be received and
by the Board of Directors in deciding how to allocate
the amount of receivable can be measured reliably.  it holds the liability primarily for the purpose of trading;
resources and in assessing performance.

Product warranty cost:

Segment revenue, segment expenses, segment assets and
The estimated liability for product warranties is recorded segment liabilities have been identified to the segment on
when products are sold. These estimates are established the basis of their relationship to the operating activities
using historical information on the nature, frequency of the segment.
and average cost of warranty claims and management
estimates regarding possible future incidence based Revenue, expenses, assets and liabilities which relate to
on corrective actions on product failures. The timing of the Company as a whole and are not allocable to segments
outflows will vary as and when warranty claim will arise, on reasonable basis have been included under unallocated
being typically upto three years. revenue / expenses / assets / liabilities.

The Company also has back-to-back contractual 2.24 Insurance claims

arrangement with its suppliers in the event that a vehicle
Insurance claims are recognized for on the basis of claims
fault is proven to be a supplier’s fault. Estimates are
admitted / expected to be admitted and to the extent
made of the expected reimbursement claim based upon
there is no uncertainty in receiving the claims.
historical levels of recoveries from supplier, adjusted for
inflation and applied to the population of vehicles under
2.25 Borrowing costs
warranty as on Balance Sheet date. Expected recoveries
towards warranty cost from the vendors are estimated Borrowing costs directly attributable to the acquisition,
and accounted for as receivable when it is certain that construction or production of qualifying assets, which are
such recoveries will be received if the Company incurs the assets that necessarily take a substantial period of time
warranty cost. Supplier reimbursements are recognised to get ready for their intended use or sale, are added to
as separate asset. the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Contingent liability:
Interest income earned on the temporary investment
Contingent liability is disclosed for:
of specific borrowings pending their expenditure on
 Possible obligations which will be confirmed only qualifying assets is deducted from the borrowing costs
by future events not wholly within the control of the eligible for capitalization.
Company or

52 53
54
Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ` Million except share data and as stated)

4 PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS

(See accounting policy in note 2.9)
A. Reconciliation of carrying amount
Other Office Data Capital
Freehold Moulds and Furniture Other Leasehold
Hyundai Motor India Limited

Particulars Buildings plant and and other processing Test vehicles Total Work in
land dies and Fixtures vehicles improvements
equipment equipment equipment progress
Cost
Balance at April 1, 2022 5,210.67 15,042.88 79,498.82 58,567.91 2,320.75 973.99 1,972.27 715.19 1,047.54 463.81 165,813.82 5,290.62
Additions - 57.28 9,470.25 5,281.59 81.59 82.35 163.59 206.14 302.09 21.22 15,666.10 23,699.56
Disposals / capitalisations - 2.94 27.82 915.74 24.39 32.28 70.31 93.77 153.72 16.24 1,337.21 15,666.09
Balance at March 31, 2023 5,210.67 15,097.22 88,941.25 62,933.76 2,377.95 1,024.06 2,065.55 827.56 1,195.91 468.79 180,142.71 13,324.08
Balance at April 1, 2023 5,210.67 15,097.22 88,941.25 62,933.76 2,377.95 1,024.06 2,065.55 827.56 1,195.91 468.79 180,142.71 13,324.08
Additions - 3,720.85 14,995.90 9,257.98 852.45 145.34 336.21 140.24 624.21 9.15 30,082.33 23,149.41
Disposals / capitalisations - 0.02 209.64 358.61 11.20 14.98 19.15 192.39 244.15 - 1,050.14 30,082.34
Balance at March 31, 2024 5,210.67 18,818.05 103,727.51 71,833.13 3,219.20 1,154.42 2,382.61 775.41 1,575.97 477.94 209,174.90 6,391.15
Accumulated depreciation
Balance at April 1, 2022 - 4,051.37 56,950.75 39,223.56 937.38 699.88 1,349.37 520.92 602.90 214.80 104,550.92 -
Depreciation for the year - 711.88 12,006.68 6,234.65 383.35 115.93 260.61 140.73 162.46 2.15 20,018.44 -
Disposals - 1.01 27.82 788.95 24.30 31.99 70.30 70.95 140.18 16.18 1,171.68 -
Balance at March 31, 2023 - 4,762.24 68,929.61 44,669.26 1,296.43 783.82 1,539.68 590.70 625.18 200.77 123,397.68 -
Balance at April 1, 2023 - 4,762.24 68,929.61 44,669.26 1,296.43 783.82 1,539.68 590.70 625.18 200.77 123,397.68 -
Depreciation for the year - 748.75 12,317.68 6,379.07 366.86 98.67 273.25 135.32 208.36 4.52 20,532.48 -
Disposals - 0.02 209.64 358.43 11.20 14.98 19.15 164.28 197.55 - 975.25 -
Balance at March 31, 2024 - 5,510.97 81,037.65 50,689.90 1,652.09 867.51 1,793.78 561.74 635.99 205.29 142,954.91 -
Carrying amount (net)
As at March 31, 2023 5,210.67 10,334.98 20,011.64 18,264.50 1,081.52 240.24 525.87 236.86 570.73 268.02 56,745.03 13,324.08
As at March 31, 2024 5,210.67 13,307.08 22,689.86 21,143.23 1,567.11 286.91 588.83 213.67 939.98 272.65 66,219.99 6,391.15

Notes:
(i) Gross block as at March 31, 2024 includes ₹ 89,934.26 million (March 31, 2023 : ₹ 76,264.77 million) of assets situated at third party locations.
(ii) Includes assets whose gross block is ₹ 5,211.00 million as at March 31, 2024 (March 31, 2023 : ₹ 5,071.30 million), hypothecated in favour of SIPCOT in respect of the soft loan
taken by the Company. Also refer note 19(ii).
(iii) The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), as
disclosed above are held in the name of the Company.
(iv) Depreciation expense for the year includes depreciation on research and development assets amounting to ₹ 64.96 million (March 31, 2023 : ₹ 75.33 million).
5
B.

(i)
Cost

Additions
Additions
Particulars
Total

Total
Notes

Note:
Derecognition
Derecognition
Derecognition
Derecognition
Particulars
Particulars

As at March 31, 2023

As at March 31, 2024
Carrying amount (net)
Balance at April 1, 2023
Balance at April 1, 2022
Balance at April 1, 2023
Balance at April 1, 2022

Depreciation for the year

Balance at March 31, 2024

Balance at March 31, 2023
Balance at March 31, 2024
Balance at March 31, 2023

Accumulated Depreciation
As at March 31, 2024

As at March 31, 2023

(i) Projects in progress

(i) Projects in progress

million (March 31, 2023: Nil)

RIGHT-OF-USE ASSETS
(ii) Projects temporarily suspended
(ii) Projects temporarily suspended

Depreciation for the year (refer note (i) below)

(See accounting policy in note 2.16)
as on March 31, 2024 and March 31,2023.
Ageing of Capital work-in-progress (CWIP)
(All amounts are in Indian ₹ Million except share data and as stated)

12,035.68
12,035.68
1 year
Less than
6,383.56
6,383.56
1 year
Less than
1-2 years

848.80
848.80
1-2 years
7.59
7.59

5,560.48
288.45
33.15
-
20.89
12.26
12.26
-
3.52
8.74
5,593.63
-
5,292.92
300.71
300.71
-
-
300.71
Land
Forming part of the Standalone Financial Statements for the year ended March 31, 2024

2-3 years

439.60
439.60
2-3 years
-
-

Amount in Capital Work-in-progress for

Amount in capital work-in-progress for a period of

614.83
271.74
586.73
-
84.35
502.38
502.38
-
72.36
430.02
1,201.56
-
427.44
774.12
774.12
-
-
774.12
Building
3 years
More than

-
-
3 years
More than
-
-

Total
Total

13,324.08
-
13,324.08
6,391.15
-
6,391.15

6,175.31
560.19
619.88
-
105.24
514.64
514.64
-
75.88
438.76
6,795.19
-
5,720.36
1,074.83
1,074.83
-
-
1,074.83
Total

55
There are no capital work-in-progress whose completion is overdue or has exceeded its cost compared to its original plan
Annual Report 2023-24

The above depreciation for the year ended March 31, 2024 includes amount transfer to Capital work-in-progress of ₹ 17.37

Financial Statements Statutory Reports

Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
6 INTANGIBLE ASSETS 9 NON-CURRENT TAX ASSETS (NET)
(See accounting policy in note 2.10) As at As at
Particulars
March 31, 2024 March 31, 2023
Computer Technical
Particulars Total Advance income tax / tax deducted at source
software knowhow
819.03 339.78
Cost (net of provisions of tax for respective assessment years)

Balance at April 1, 2022 1,611.71 10,112.27 11,723.98 Income tax paid under protest 5,580.89 5,580.89

Additions 90.46 893.71 984.17 6,399.92 5,920.67

Disposals 17.03 - 17.03

Balance at March 31, 2023 1,685.14 11,005.98 12,691.12
10 OTHER NON-CURRENT ASSETS (UNSECURED, CONSIDERED GOOD)

Financial Statements
Balance at April 1, 2023 1,685.14 11,005.98 12,691.12 As at As at
Particulars
March 31, 2024 March 31, 2023
Additions 128.15 549.57 677.72
a) Capital advances 992.81 795.79
Disposals - - -
b) Balance receivable from government authorities
Balance at March 31, 2024 1,813.29 11,555.55 13,368.84
- Extra duty deposit receivable (refer note (i) below) 1,087.07 1,087.07
Accumulated amortisation
c) Contractually reimbursable expenses-warranty recoveries (refer note 21(b)(ii)) 476.46 373.18
Balance at April 1, 2022 1,307.71 6,720.78 8,028.49
2,556.34 2,256.04
Amortisation for the year 119.47 1,338.36 1,457.83
Disposals 13.09 - 13.09 Note:
Balance at March 31, 2023 1,414.09 8,059.14 9,473.23 (i) Extra Duty Deposit (EDD) receivable represents amount of duty paid by the Company in connection with the import of
Balance at April 1, 2023 1,414.09 8,059.14 9,473.23 materials / goods during the period from June 2011 to August 2013 pending receipt of the order from the Special Valuation
Amortisation for the year 130.92 972.95 1,103.87 Bench (SVB) towards valuation of such imports. The Company is in the process of obtaining the final order and the refund
Disposals - - - of EDD.
Balance at March 31, 2024 1,545.01 9,032.09 10,577.10
Carrying amount (net) 11 INVENTORIES
As at March 31, 2023 271.05 2,946.84 3,217.89 (See accounting policy in note 2.4)
As at March 31, 2024 268.28 2,523.46 2,791.74 As at As at
Particulars
March 31, 2024 March 31, 2023
6.1 Depreciation and amortisation expense a) Raw materials
Year ended Year ended Raw materials and components 14,172.05 14,685.14
Particulars
March 31, 2024 March 31, 2023 Materials-in-transit 4,898.07 6,908.45
a) Depreciation of property, plant and equipment (refer note 4) 20,532.48 20,018.44 b) Work-in-progress - Motor vehicles, engines, transmission and parts 1,905.33 6,064.90
b) Amortisation of intangible assets (refer note 6) 1,103.87 1,457.83 c) Finished goods (other than those acquired for trading)
c) Depreciation of right-of-use assets (refer note 5) 87.87 75.88 Motor vehicles 10,835.52 5,305.10
21,724.22 21,552.15 Engines, transmission and parts 146.29 136.91
d) Stock in trade - service parts (acquired for trading) 27.36 22.85
7 INVESTMENTS - FINANCIAL ASSETS (NON-CURRENT) e) Stores and spare parts 1,171.67 1,100.74
(See accounting policy in note 2.22) 33,156.29 34,224.09
As at As at
Particulars Notes:
March 31, 2024 March 31, 2023
Investment in wholly owned subsidiaries - unquoted - carried at cost (i) The cost of inventories (including cost of traded goods) recognised as expense during the year is ₹ 558,513.80 million
Hyundai Motor India Engineering Private Limited 1,370.00 1,370.00 (March 31, 2023 : ₹ 490,432.84 million)
(1,370,000 [As at March 31, 2023 : 1,370,000] equity shares of ₹ 1,000 each, fully paid up)
(ii) The cost of inventories recognised as expense includes adjustments towards write down of inventories to the extent of
Hyundai India Insurance Broking Private Limited 98.00 98.00
₹ 85.58 million (March 31, 2023 : ₹ 220.40 million reversal of write down)
(9,800,000 [As at March 31, 2023 : 9,800,000] equity shares of ₹ 10 each, fully paid up)
1,468.00 1,468.00
12 TRADE RECEIVABLES
Aggregate amount of impairment in value of investments - -
As at As at
Particulars
March 31, 2024 March 31, 2023
8 OTHER FINANCIAL ASSETS - NON-CURRENT (UNSECURED, CONSIDERED GOOD) Secured, considered good 10,992.43 10,285.44
As at As at Unsecured, considered good 11,890.63 17,741.76
Particulars
March 31, 2024 March 31, 2023
Credit impaired - -
Security deposits - measured at amortised cost 609.84 491.18 22,883.06 28,027.20
609.84 491.18 Of the above, trade receivables due from related parties 11,680.41 16,819.58

Also refer note 38.3 for trade receivables due from related parties.

56 57
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
12 TRADE RECEIVABLES (contd.) 14 LOANS
Notes: Particulars
As at As at
March 31, 2024 March 31, 2023
(i) Transferred trade receivables that are not derecognized
Advances to employees, unsecured, considered good - 659.48
The Company has discounted trade receivables on a “With recourse” basis and in respect of which the risks continue - 659.48
to remain with the Company. As at the Balance Sheet date, the carrying amount of the trade receivables that have been
transferred but have not been derecognised amounts to Nil (March 31, 2023 : ₹ 2,667.96 million) (refer note 23(a)). 15 OTHER FINANCIAL ASSETS (CURRENT) (UNSECURED, CONSIDERED GOOD)
(ii) No trade or other receivables are due from directors or other officers of the Company either severally or jointly with any As at As at
Particulars
other person. Nor any trade or other receivable are due from firms or private companies respectively in which any director March 31, 2024 March 31, 2023

Financial Statements
is a partner, director or member. Deposits 117.07 115.61
(iii) Expected credit loss (Refer note 2.14 Impairment of financial assets) MoU benefit receivable from Government of Tamil Nadu (GoTN) 3,301.81 3,072.97
Other receivables 0.23 1,332.56
The Company has assessed the trade receivables for impairment on a collective basis. Based on the analysis of objective
Derivatives 1.34 -
evidences, the Company expects that the evidences do not warrant any expected credit loss to be provided for.
3,420.45 4,521.14

Ageing of trade receivables:

16 OTHER CURRENT ASSETS
Outstanding for following periods from due date of payment
As at As at
Balance as at March 31, 2024 Unbilled Not due Less than 6 months to More than Total Particulars
1- 2 years 2- 3 years March 31, 2024 March 31, 2023
6 months 1 year 3 years
a) Receivable from government authorities (unsecured, considered good)
Undisputed Trade Receivables
- 21,815.89 1,032.03 34.61 0.53 - - 22,883.06 (i) GST credit receivable 3,865.99 3,183.13
considered good
(ii) Balance receivable from GST authorities 541.60 1,118.20
(iii) Balance receivable from customs authorities 941.21 787.51
Outstanding for following periods from due date of payment (iv) VAT credit / refund receivable 0.62 0.62
Balance as at March 31, 2023 Unbilled Not due Less than 6 months to More than Total (v) Export benefit receivables (refer note (i) below) 162.68 171.63
1- 2 years 2- 3 years
6 months 1 year 3 years
(vi) Other balances receivable from government authorities 1,101.99 611.31
Undisputed Trade Receivables 6,614.09 5,872.40
- 26,283.13 1,734.11 9.93 0.03 - - 28,027.20
considered good
b) Advance to suppliers - unsecured, considered good 493.35 622.31
c) Advance custom duties paid - unsecured, considered good 189.42 206.71
13 CASH AND CASH EQUIVALENTS d) Prepaid expenses - unsecured, considered good 420.12 352.80
A Cash and cash equivalents e) Other advances and deposits - unsecured 1,078.14 308.92
Less: Allowance for doubtful advances (280.19) (298.00)
As at As at
Particulars 797.95 10.92
March 31, 2024 March 31, 2023
Balances with banks Contractually reimbursable expenses - warranty recoveries (refer note 21(b)(ii)) -
f) 115.80 99.54
unsecured, considered good
(i) In current accounts* 2,986.74 1,229.44
8,630.73 7,164.68
(ii) In EEFC accounts 128.73 5,873.78
(iii) In deposit accounts 5,517.24 167,828.77 Note:
Cash on hand 0.14 0.06 (i) The Company has estimated and accrued as income an amount of ₹ 1,568.36 million (March 31, 2023: ₹ 1,163.50 million)
8,632.85 174,932.05 under Remissions of Duties and Taxes on Exported Products (RoDTEP) Scheme as export benefits in the standalone
Cash and cash equivalents as per the Standalone Statement of Cash Flows 8,632.85 174,932.05 statement of profit and loss.

*Balance in current accounts as at March 31, 2024 includes ₹ 266.81 million pertaining to CSR unspent account (March 31, 2023 : ₹ 378.45 million) Based on professional advice, the Company has excluded the aforesaid amount for computation of taxable income for
(refer note 48) the current financial year but has created a deferred tax liability in respect of amounts outstanding as at the year end,
pending application / receipt of the related license.
The deposits maintained by the Company with banks and financial institutions comprise time deposits, which can be withdrawn
by the Company at any point without prior notice or penalty on the principal and without any significant risk of change in value.
17 EQUITY SHARE CAPITAL
B Bank balance other than above As at March 31, 2024 As at March 31, 2023
Particulars
No. of shares ` in Million No. of shares ` in Million
As at As at
Particulars Authorised
March 31, 2024 March 31, 2023
Deposits with banks with original maturity of more than three months but less than twelve months 77,946.10 - Equity Shares of ₹ 1,000 each* 14,000,000 14,000.00 14,000,000 14,000.00
14,000,000 14,000.00 14,000,000 14,000.00
Issued, subscribed and fully paid up
Equity Shares of ₹ 1,000 each* 8,125,411 8,125.41 8,125,411 8,125.41
8,125,411 8,125.41 8,125,411 8,125.41

* Subsequent to year ended March 31, 2024, the Company has approved the sub-division of each equity share of face value of ₹ 1,000 each fully
paid up into 100 equity shares of face value of ₹ 10 each fully paid up. Also refer note 18D and note 50.

58 59
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
17 EQUITY SHARE CAPITAL (contd.) 18 OTHER EQUITY (contd.)
Notes: As at As at
Particulars
March 31, 2024 March 31, 2023
(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year :
b) Retained earnings
For the year ended March 31, 2024 For the year ended March 31, 2023
Surplus in the statement of profit and loss
No. of shares ` in Million No. of shares ` in Million
Opening balance 184,689.39 153,262.13
Balance outstanding as at the beginning and end of the year 8,125,411 8,125.41 8,125,411 8,125.41
Add: profit for the year 59,543.06 46,538.47
Add: remeasurements of defined benefit liability / (asset) for the year (114.60) (176.70)
(ii) Details of shares held by holding company Less: dividend paid (including withholding tax) (refer note C) (154,358.43) (14,934.51)

Financial Statements
For the year ended For the year ended Closing balance 89,759.42 184,689.39
Particulars
March 31, 2024 March 31, 2023
Total retained earnings (b) 89,759.42 184,689.39
Hyundai Motor Company, South Korea and its nominees 8,125,411 8,125,411
Total equity (a+b) 94,723.33 189,653.30

(iii) Particulars of shareholders holding more than 5% shares :

B. Nature and purpose of reserves
As at March 31, 2024 As at March 31, 2023
Class of shares / Name of the shareholder (i) General reserve
No. of shares % Holding No. of shares % Holding
Equity shares The Company has transferred a portion of the net profit of the Group before declaring dividend to general reserve
Hyundai Motor Company, South Korea and its nominees 8,125,411 100% 8,125,411 100% pursuant to the earlier provisions of the Companies Act 1956. Mandatory transfer to general reserve is not required
under the Companies Act 2013.

(iv) Rights, preferences and restrictions attached to equity shares

(ii) Retained earnings
The Company has only single class of equity shares having a par value of ₹ 1,000 each. Each holder is entitled to one vote
Retained earnings represents comprises of Group's undistributed earnings after taxes
per equity share. Dividends are paid in Indian Rupees. Dividend proposed by the Board of Directors, if any, is subject to
the approval of the shareholders at the Annual General Meeting, except in the case of interim dividend. Repayment of
C. Dividends
capital will be in proportion to the number of equity shares held.
The following dividends were declared by the Company for the year :
(v) Details of shareholding of promoters:
For the year ended For the year ended
Particulars
March 31, 2024 March 31, 2023
As at March 31, 2024 As at March 31, 2023
March 31, 2024 : ₹ 13,270 per equity share, March 31, 2023 : ₹ 5,727 per equity share 107,824.20 46,534.23
Name of the promoter Number of % of total Number of % of total
equity shares number of shares equity shares number of shares
Hyundai Motor Company, South Korea and its nominees 8,125,411 100% 8,125,411 100% The amount disclosed above includes withholding taxes amounting to ₹ 16,173.63 million for March 31, 2024, ₹ 6,980.13
Total 8,125,411 100% 8,125,411 100% million for March 31, 2023.

(vi) Shares reserved for issue under options and contracts/ commitments for sale of shares / disinvestment: D. Changes to share capital
- There are no shares reserved for issue under options and contracts/ commitments for sale of shares/ disinvestment The Company has increased the authorised share capital from existing 14,000,000 equity shares of ₹ 1,000 each to
as at March 31, 2024 (March 31, 2023: Nil) 1,400,000,000 equity shares of ₹ 10 each, which was approved by the Board of Directors in their meeting and shareholders
in their Extra-ordinary General meeting held on May 17, 2024, respectively.
(vii) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date: The Board of Directors of the Company, at its meeting held on May 17, 2024 had approved the sub division of the existing
authorised share capital of the Company from 14,000,000 equity shares of ₹ 1000 each into 1,400,000,000 equity shares of
- No bonus shares have been issued during the period of five years immediately preceding the reporting date.
₹ 10 each and also approved the sub division of the existing paid up shares of the Company from 8,125,411 equity shares
- No shares have been issued for consideration other than cash during the period of 5 years immediately preceding of ₹ 1000 each into 812,541,100 equity shares of ₹ 10 each, which was approved by the shareholders in Extra-ordinary
the reporting date. General Meeting held on May 17, 2024. The record date for the share split is May 17, 2024.

- No shares have been bought back during the period of five years immediately preceding the reporting date. Also refer note 41 and note 50 to the standalone financial statements.

18 OTHER EQUITY 19 FINANCIAL LIABILITIES - NON-CURRENT

A. Movement in reserves and surplus Particulars
As at As at
March 31, 2024 March 31, 2023
As at As at
Particulars Long-term borrowings - measured at amortised cost
March 31, 2024 March 31, 2023
a) General reserve a) Deferred payment liabilities
Opening balance 4,963.91 4,963.91 - VAT / CST deferral loan (unsecured) (refer note (i) & (iii) below) 3,156.15 4,129.25
Add: Transferred from surplus in statement of profit and loss - - b) Term loans
Closing balance (a) 4,963.91 4,963.91 - CST soft loan (secured) (refer note (ii) & (iii) below) 3,071.82 2,936.41
6,227.97 7,065.66

60 61
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
19 FINANCIAL LIABILITIES - NON-CURRENT (contd.) 21 PROVISIONS - NON-CURRENT (contd.)
Notes: Notes:
(i) VAT / CST deferral loan (unsecured) (i) The Company has made provision for contractual warranty obligations based on the assessment of the amount it expects
As per the Memorandum of Understanding ('the MoU'), dated July 18, 1996, between the Company and the Government to incur to meet such obligations. The details of the same are given below:
of Tamil Nadu (GoTN) read along with the deed of agreement dated September 23, 2005, the Company is eligible for and Provision for warranty
has opted for sales tax (including VAT and CST) deferral on sale of vehicles. The loan is an interest free loan and is repayable Particulars As at As at
in equal quarterly installments over a period of 5 years after the deferment period of 14 years. The number of installments March 31, 2024 March 31, 2023
outstanding as at March 31, 2024 are 24 (March 31, 2023 : 28). Refer table below for gross amount outstanding. Beginning of the year 9,235.61 8,985.40
Provision made during the year 3,236.02 2,666.15

Financial Statements
(ii) CST soft loan (secured) Discounting impact on account of time value of money (482.09) (521.57)
Utilisation / reversal (3,329.13) (2,300.76)
As per the MOU dated January 22, 2008 entered into between the Company and the GoTN, the Company is eligible for
Unwinding of discount 475.89 414.80
infrastructure, labour and other support in the form of fiscal incentives on meeting certain specified milestones. The amounts
Others (movement in vendor recovery receivable amount) 119.54 (8.41)
of such incentives have been determined and accounted for by the management based on the terms specified in the MoU.
End of the year 9,255.84 9,235.61
The loan carries 0.1% interest and is repayable in equal quarterly installments over a period of 5 years after 14 years. The Less: Current portion (refer note 28(b)(i)) 1,978.89 2,238.10
number of installments outstanding as at March 31, 2024 are 56 (March 31, 2023 : 56). As per the terms of MOU with the Non-current portion 7,276.95 6,997.51
GoTN, the repayment of principal will commence from June 2024 onwards, though interest is paid on a quarterly basis. Refer
table below for gross amount outstanding. (ii) As against the provision for warranty, the Company also carries an amount of ₹ 592.26 million (March 31, 2023: ₹ 472.72
million) as recoverable from vendors based on the terms of arrangement / understanding with the vendors.
The loan is secured by a charge against specified fixed assets of the Company to the extent of ₹ 6,000.00 million (March 31,
2023: ₹ 6,000.00 million). Also refer note 4(ii). Out of ₹ 592.26 million (March 31, 2023: ₹ 472.72 million), ₹ 115.80 million (March 31, 2023: ₹ 99.54 million) is current portion
disclosed under "Other current assets" (refer note 16(f)) and balance ₹ 476.46 million (March 31, 2023: ₹ 373.18 million) is
(iii) VAT/CST non-current portion disclosed under "Other non-current assets" (refer note 10(c)) based on management's assessment.
Particulars CST soft loan
deferral loan
As at March 31, 2024
Gross amount outstanding 5,265.15 5,936.68
22 OTHER NON-CURRENT LIABILITIES
Less: Present value discounts (treated as government grant (deferred revenue)) 754.36 2,768.32 As at As at
Particulars
Fair value of borrowing measured at amortised cost 4,510.79 3,168.36 March 31, 2024 March 31, 2023
Less: Current maturities (refer note 23(c)) 1,354.64 96.54 a) Contract liabilities (refer note (i) and (ii) below) 7,822.58 5,424.24
Financial liabilities - non-current 3,156.15 3,071.82 b) Deferred revenue - government grant (refer note 19 (iii)) 2,975.76 3,522.68
Government grant - deferred revenue 754.36 2,768.32 c) Liability towards skill development project 812.63 812.63
(i) Government grant - current (refer note 27(c)(iv)) 304.47 242.45 11,610.97 9,759.55
(ii) Government grant - non-current (refer note 22(b)) 449.89 2,525.87
VAT/CST Notes:
As at March 31, 2023 deferral loan
CST soft loan

Gross amount outstanding 6,517.53 5,936.68

i) Contract liabilities represents the amount collected / apportioned towards additional services provided to customers that
Less: Present value discounts (treated as government grant (deferred revenue)) 1,135.90 3,000.27 are satisfied over a period of time in line with requirements under Ind AS 115. These amounts are recognized on a straight
Fair value of borrowing measured at amortised cost 5,381.63 2,936.41 line basis over the respective contractual period. The related expenses are charged off to the statement of profit and loss
Less: Current maturities (refer note 23(c)) 1,252.38 - on an actual basis.
Financial liabilities - non-current 4,129.25 2,936.41
Government grant - deferred revenue 1,135.90 3,000.27
ii) As at March 31, 2024, the Company carries ₹ 11,044.41 million as (March 31, 2023: ₹ 7,391.67) income received in advance.
(i) Government grant - current (refer note 27(c)(iv)) 381.54 231.95 The amount that will be recognised as revenue during the next reporting period has been disclosed in Note 27(a) and
(ii) Government grant - non-current(refer note 22(b)) 754.36 2,768.32 balance would be recognized in subsequent period post that.

20 LEASE LIABILITIES - NON-CURRENT 23 BORROWINGS - FINANCIAL LIABILITIES (CURRENT)

(See accounting policy in note 2.16) As at As at
Particulars
March 31, 2024 March 31, 2023
As at As at
Particulars a) Export receivables discounted on a "with recourse" basis (refer note (i) below) - unsecured - 2,667.96
March 31, 2024 March 31, 2023
Long-term lease liabilities 557.68 259.38 b) Pre-shipment packing credit loan (refer note (ii) below) - unsecured - 600.00
557.68 259.38 c) Current maturities of long-term borrowings (refer note 19 (iii)) 1,451.18 1,252.38
1,451.18 4,520.34
21 PROVISIONS - NON-CURRENT
As at As at Notes:
Particulars
March 31, 2024 March 31, 2023
(i) The Company has obtained bill discounting facilities from various banks. The tenor of the loan for bills discounted is up
a) Provision for employee benefits - gratuity (refer note 2.15 & 37)
to a maximum of 180 days. However there are no bills discounted as at March 31, 2024.
- Provision for gratuity 878.68 740.32
b) Provision - others (ii) The Company has obtained pre-shipment packing credit loan under RBI’s interest equalization scheme. As per the scheme,
- Provision for warranty (refer note (i) and (ii) below) 7,276.95 6,997.51
the Company obtained the loan with an interest equalization benefit of 2% p.a. (March 31, 2023: 2% p.a.). However there
8,155.63 7,737.83
are no such loans as at March 31, 2024.

62 63
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
24 LEASE LIABILITIES - CURRENT 26 OTHER FINANCIAL LIABILITIES (CURRENT)
As at As at As at As at
Particulars Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Current maturities of lease liabilities 86.61 30.45 a) Payable on purchase of property, plant and equipment 1,057.77 3,797.44
86.61 30.45 b) Deposits received from customers 1,376.98 1,228.16
c) Employee Benefits Payable 2,499.22 2,153.87
25 TRADE PAYABLES - FINANCIAL LIABILITIES (CURRENT) d) Other payables 766.13 820.53
As at As at 5,700.10 8,000.00
Particulars
March 31, 2024 March 31, 2023

Financial Statements
Total outstanding dues of micro and small enterprises 2,100.79 1,529.53 27 PROVISIONS - CURRENT
Total outstanding dues of creditors other than micro and small enterprises 70,593.14 72,131.88
As at As at
72,693.93 73,661.41 Particulars
March 31, 2024 March 31, 2023
Of the above, trade payables due to related parties 29,031.00 28,486.34 a) Contract liabilities (refer note 22 (a)) 3,221.83 1,967.43
b) Usance interest received in advance 91.79 136.68
Disclosure required under Clause 22 of Micro, Small and Medium Enterprise Development (‘MSMED’) Act, 2006 c) Other liabilities

As at As at
(i) Advance from customers 10,661.37 14,388.39
Particulars
March 31, 2024 March 31, 2023 (ii) Statutory dues 17,726.09 1,580.67
Principal amount due to the suppliers registered under MSMED Act and remaining unpaid at the end (iii) GST Payable (including compensation cess) 6,092.76 6,003.84
2,100.79 1,529.53
of each accounting year; (iv) Deferred revenue - government grant (refer note 19 (iii)) 546.92 613.49
Interest due to suppliers registered under MSMED Act and remaining unpaid as at the end of each d) Liability towards Corporate Social Responsibility (refer note 48) 558.37 467.77
- -
accounting year; 38,899.13 25,158.27
The amount of interest paid by the buyer in terms of section 16 of the MSMED Act, 2006, along with
- -
the amount of the payment made to the supplier beyond the appointed day during the year
28 PROVISIONS - CURRENT
The amount of interest due and payable for the period of delay in making payment (which have been
As at As at
paid but beyond the appointed day during the year) but without adding the interest specified under - - Particulars
March 31, 2024 March 31, 2023
the MSMED Act, 2006
a) Provision for employee benefits: (refer note 37)
The amount of interest accrued and remaining unpaid at the end of each accounting year; and - -
(i) Provision for compensated absences 1,646.14 1,450.84
The amount of further interest remaining due and payable even in the succeeding years, until such (ii) Provision for gratuity 133.39 119.52
date when the interest dues above are actually paid to the small enterprise, for the purpose of
- - b) Provision - Others
disallowance of a deductible expenditure under section 23 of the MSMED Act, 2006 Further due
and remaining for the earlier years. (i) Provision for warranty (refer note 21 (i)) 1,978.89 2,238.10
(ii) Provision for disputed matters (refer note below) 670.00 670.00
Ageing of trade payables: 4,428.42 4,478.46

Outstanding for following periods from

due date of payment Note:
Balance as at March 31, 2024 Unbilled Not due Total
Less than More than The Company carries provision for disputed matters towards certain claims against the Company not acknowledged as debts
1 -2 years 2- 3 years
1 year 3 years
(refer note 36.1). Whilst the provision is considered as short term in nature, the actual outflow with regard to said matters
(i) MSME - 2,018.96 81.83 - - - 2,100.79
depends on the exhaustion of remedies available under the law based on various developments. No recoveries are expected
(ii) Others 3,166.88 59,361.45 5,583.28 650.39 347.28 1,483.86 70,593.14
against the provision. The details of the same are given below:
(iii) Disputed dues - MSME - - - - - - -
(iv) Disputed dues - Others - - - - - - - As at As at
Particulars
Total 3,166.88 61,380.41 5,665.11 650.39 347.28 1,483.86 72,693.93 March 31, 2024 March 31, 2023
Beginning of the year 670.00 670.00
Provision made during the year - -
Outstanding for following periods from
due date of payment Utilisation / reversal - -
Balance as at March 31, 2023 Unbilled Not due Total End of the year 670.00 670.00
Less than 1 More than 3
1 -2 years 2- 3 years
year years
(i) MSME - 1,300.15 229.38 - - - 1,529.53 29 CURRENT TAX LIABILITIES (NET)
(ii) Others 4,222.25 58,338.65 6,692.63 589.12 183.34 2,105.89 72,131.88 As at As at
Particulars
(iii) Disputed dues - MSME - - - - - - - March 31, 2024 March 31, 2023

(iv) Disputed dues - Others - - - - - - - Provision for tax (net of advance tax paid for respective assessment years) 3,877.10 3,136.00
Total 4,222.25 59,638.80 6,922.01 589.12 183.34 2,105.89 73,661.41 3,877.10 3,136.00

64 65
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
30 REVENUE FROM OPERATIONS 31 OTHER INCOME (contd.)
Year ended Year ended Year ended Year ended
Particulars Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
a) Sale of products (refer note (i) below) 643,529.67 559,196.04 Note:
b) Sale of services (refer note (ii) below) 29,463.71 26,370.51 (i) Interest income earned on financial assets that are measured at amortised cost
c) Other operating revenues (refer note (v) below) 12,392.71 12,047.91 - from banks - fixed deposits 11,687.44 8,766.15
685,386.09 597,614.46 - on lease deposits 3.09 3.40
(ii) Others
Note:
- on refund of taxes 119.14 -
(i) Sale of products
- others 529.65 382.08

Financial Statements
- Vehicles 600,395.44 522,709.37 12,339.32 9,151.63
- Parts 43,134.23 36,486.67
Total 643,529.67 559,196.04 32(a) COST OF MATERIALS CONSUMED
(a) Sale of products (net of returns, rebates and discounts) comprise:
Year ended Year ended
Manufactured goods - Motor vehicles Particulars
March 31, 2024 March 31, 2023
- Domestic 464,979.85 400,980.14 Opening stock 21,593.59 17,605.41
- Exports 135,415.59 121,729.23 Add: Purchases 542,581.63 479,263.16
Manufactured goods - Engines, transmission and other parts 564,175.22 496,868.57
- Domestic 33,182.66 23,156.69 Less: Sale of raw materials 32,125.19 30,188.63
- Exports 4,029.74 4,267.57 Less: Closing stock (refer note 11(a)) 19,070.12 21,593.59
637,607.84 550,133.63 Total - Cost of material consumed 512,979.91 445,086.35
Traded goods - Vehicles & Service parts
- Domestic 5,921.83 9,062.41 32(b) PURCHASES OF STOCK-IN-TRADE
5,921.83 9,062.41
Year ended Year ended
Total 643,529.67 559,196.04 Particulars
March 31, 2024 March 31, 2023
(ii) Sale of services Parts 4,334.27 6,564.16
- Transportation income 26,676.47 24,885.01 Total 4,334.27 6,564.16
- Others 2,787.24 1,485.50
Total 29,463.71 26,370.51 32(c) CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE (REFER NOTE 11)
(iii) Changes in contract liabilities is as follows:
Year ended Year ended
Particulars
- Balance at the beginning of the year 7,391.67 4,344.25 March 31, 2024 March 31, 2023
- Revenue recognised during the year (2,564.87) (1,357.66) a) Inventories at the end of the year:
- Increase in advances received during the year and appropriations 6,217.61 4,405.08 Finished goods 10,981.81 5,442.01
- Balance at the end of the year 11,044.41 7,391.67 Work-in-progress 1,905.33 6,064.90
(iv) Reconciliation of revenue recognised with the contracted price is as follows Stock-in-trade 27.36 22.85
- Contracted price 691,775.30 602,181.25 12,914.50 11,529.76
- Reduction towards variable consideration components (6,389.21) (4,566.79) b) Inventories at the beginning of the year:
- Revenue from operations 685,386.09 597,614.46 Finished goods 5,442.01 493.88
(v) Other operating revenues Work-in-progress 6,064.90 9,668.22
Sale of scrap 2,651.82 2,848.68 Stock-in-trade 22.85 16.45
Duty drawback (refer note 2.12) 4,906.34 4,347.31 11,529.76 10,178.55
Remissions of Duties and Taxes on Exported Products (RoDTEP) / Merchandise Exports from India Net (increase) / decrease (1,384.74) (1,351.21)
1,568.36 1,163.50
Scheme income (refer note 16(a)(vi) and 2.12)
Other incentives from government 3,266.19 3,688.42
33 EMPLOYEE BENEFITS EXPENSE
Total 12,392.71 12,047.91
Year ended Year ended
Particulars
March 31, 2024 March 31, 2023
31 OTHER INCOME Salaries, wages and bonus 14,272.50 12,660.41
Year ended Year ended Contributions to provident and other funds (refer note 37) 1,067.99 987.47
Particulars
March 31, 2024 March 31, 2023
Staff welfare expenses 1,975.81 1,874.35
Interest income (refer note (i) below) 12,339.32 9,151.63
Royalty income 848.26 679.72 17,316.30 15,522.23
Profit on sale of fixed assets (net) 59.61 -
Gain on foreign currency transactions and translation (net) 82.37 855.18 Notes:
Gain on hedging transactions (net) 10.44 - (i) Employee cost / benefits expense includes research and development expenses amounting to ₹ 0.49 million (March 31,
Liabilities no longer required written back 15.27 13.77 2023: ₹ 0.31 million), as identified by the management.
Rental Income 43.47 33.60
Other non-operating income 1,167.89 451.62 (ii) The remeasurement of the net defined benefit asset amounting to ₹ 153.15 million (March 31, 2023: ₹ 236.13 million) is
14,566.63 11,185.52 included in other comprehensive income.

66 67
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
34 FINANCE COSTS 36.1 CONTINGENT LIABILITIES (TO THE EXTENT NOT SPECIFICALLY PROVIDED FOR)
Year ended Year ended As at As at
Interest expense on financial liabilities measured at amortised cost: Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
(i) Working capital facilities from banks 103.53 113.33 (a) Claims against the Company not acknowledged as debt
(ii) VAT / CST deferral and soft loan (refer note below) 619.42 657.00 Customs duty (paid under protest: As at March 31, 2024 - ₹ 326.31 million and as at March 31,
(i) 6,374.39 6,374.39
2023 - ₹ 326.31 million) (refer note A below)
(iii) Sincerity deposits / dealer down payments 184.67 205.27
(ii) Anti dumping duty (refer note B below) 154.74 154.74
(iv) Others 154.40 4.64
Excise duty and service tax (Paid under protest: As at March 31, 2024 - ₹ 189.65 million and
Unwinding of discounts on warranty provisions (refer note 21(i)) 475.89 414.80 (iii) 7,370.20 7,607.85
as at March 31, 2023 - ₹ 198.63 million) (refer note C below)
Interest on lease liabilities 41.76 27.15 Maharashtra VAT (Paid under protest: As at March 31, 2024 - Nil and as at March 31, 2023 -
(iv) - 0.85

Financial Statements
1,579.67 1,422.19 Nil)
Tamil Nadu VAT (Paid under protest as at March 31, 2024 - Nil and as at March 31, 2023 -
Note: (v) 6.88 287.09
₹ 280.19 million)
Interest on VAT / CST deferral & soft loan include actual interest paid of ₹ 5.94 million (March 31, 2023 : ₹ 5.94 million) at 0.1% GST (Paid under protest as at March 31, 2024 - ₹ 342.37 million and as at March 31, 2023 -
(vi) 8,711.19 903.08
₹ 82.10 million) (refer note C below)
interest rate and notional interest cost of ₹ 613.48 million (March 31, 2023: ₹ 651.06 million)
Income tax (Paid under protest: As at March 31, 2024 - ₹ 4,063.33 million and as at March 31,
(vii) 4,321.30 4,708.83
2023 - ₹ 4,063.33 million)
35 OTHER EXPENSES (REFER NOTE (I) BELOW) (viii) Penalty levied by Competition Commission of India (refer note D below) 4,202.61 4,202.61
Year ended Year ended (ix) Others 65.73 68.07
Particulars
March 31, 2024 March 31, 2023 (b) Decided in favour of the Company against which department/Statutory body has gone on appeal
Consumption of stores and spare parts 1,331.93 1,154.59 Income Tax (Paid under protest: As at March 31, 2024 - ₹ 32.77 million and as at March 31,
(i) 5,341.08 5,035.84
Clearing and forwarding charges 208.93 318.16 2023 - ₹ 32.77 million)
Power and fuel 3,364.79 2,961.79 (ii) Competition Commission of India (refer note D below) 870.00 870.00
Rent including lease rentals 434.34 347.12 (iii) Duty under Export Promotion Capital Goods Scheme (refer note E below) 872.70 872.70
Repairs and maintenance (c) Guarantees Refer note G below
(i) Buildings 82.77 176.64
(ii) Machineries 1,030.04 937.40 Notes: Port). However, Company has continued to pay
(iii) Others 1,833.08 1,621.99 the customs duty applicable on such bill of entries
A. Customs duty:
Service contract expenses 2,036.50 1,817.95 under provisional assessment in accordance with
Insurance 109.87 120.24 (i) The Directorate of Revenue Intelligence (DRI) had
the applicable rate prescribed by Central Board of
Freight 23,786.70 21,389.67 initiated certain inspections/inquiries in connection
Indirect Tax and Customs. Further, the Company
Rates and taxes 65.29 67.78 with customs compliances. During the year ended
is not subject to any ongoing investigation in this
Communication 42.77 43.33 March 31, 2012, the Company had received a
regard. The Company has executed provisional
Travelling and conveyance 261.84 226.94 notice from the DRI alleging mis-declaration of the
duty bonds at reporting period representing the
Printing and stationery 102.07 84.69 transaction value of goods imported by the Company.
assessable value of the goods imported under the
Royalty 15,584.42 14,386.98 The Company had challenged the said notice and also
bill of entries submitted, in favour of the Deputy
Advertisement and sales promotion expenses 6,842.14 6,771.25 the inquiries/investigations and filed writ petitions
Commissioner of Customs, under the terms of which,
Expenditure on Corporate Social Responsibility ('CSR') 833.26 629.14 before the Honourable High Court of Madras seeking
the Deputy Commissioner of Customs has agreed to
Donations - Other than CSR 9.00 821.63 a stay on the proceedings, which had been granted.
make provisional assessment of certain goods, as
Legal and professional charges 115.88 253.84 Subsequently the stay was vacated. The Company
prescribed under the Bonds, until the finalization of
Payments to auditors (refer note (ii) below) 18.33 18.29 received a demand of ₹ 5,777.77 million (including
Loss on PPE sold / scrapped / written off (net) - 60.94
the case given in above paragraph Any liability for the
penalties of ₹ 3,018.89 million) during the year
Technical assistance fee/training 309.08 141.27
aggregate amount of duty payable, if any, on the bill
ended March 31, 2016, (of which ₹ 88.62 Million
Provision for warranty (net) 2,753.93 2,144.58 of entries under provisional assessment for the period
was appropriated by the Customs Authorities and
Extended warranty expense 1,183.83 587.56 since Fiscal 2011, in the future, will not be material
charged off to the Statement of Profit and Loss during
Miscellaneous expenses 647.89 704.08 basis evaluation performed by the Company.
the year ended March 31, 2012). The department had
62,988.68 57,787.85 also mentioned that the goods which are a subject
(ii) During the year ended March 31, 2013, the Company
matter of the demand of customs duty, is also liable
Notes: received a demand notice for recovery of Extra Duty
for confiscation under Section 111 of the Customs
(i) Expenses towards research and development included in the above amounts 367.01 328.54 Deposit refunded by the department during the prior
Act, 1962. The Company had filed stay of operation of
(ii) Payments to auditors comprises (net of GST/service tax input credit): years amounting to ₹ 91.31 million from the Deputy
order and appeal against the order with the Customs,
To Statutory auditors Commissioner of Customs on account of issue of
Excise and Service Tax Appellate Tribunal (CESTAT)
- for statutory audit 9.80 9.70 the above notice by DRI. The Company challenged
which is pending for disposal as at March 31, 2024.
- for tax audit 1.40 1.30 the demand and obtained stay of demand filing a
The next hearing is scheduled on October 23, 2024.
- for group reporting 6.36 5.05 writ petition before the Honourable High Court of
- for certification 0.20 0.10 Madras which is pending for disposal.
Due to the ongoing matter as detailed above, all
- for taxation matters - 1.53
bill of entries declared by the Company since Fiscal
- reimbursement of expenses 0.57 0.61 (iii) During the year ended March 31, 2016, the
2011 have been subject to a provisional assessment
Total 18.33 18.29 Company also received certain other adjudication
by the Office of the Commissioner of Customs (Sea
orders rejecting the classification of certain goods

68 69
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
Notes: A. Customs duty (contd.) Notes: C. Excise duty, Service tax and GST (contd.)
imported by the Company and reclassifying the same investigation on import of cast and aluminium alloy wheels minimum amount required under section 35F of the High Court of Madras, and obtained Interim order
under different heading of the customs tariff. The exported from China, Korea and Thailand and levied anti Central excise Act, 1944. The Company has paid that CCI should not pass final order till disposal of
Company had filed appeals against these orders with dumping duty on cast aluminium alloy wheels which have ₹ 100 million pre-deposit as at March 31, 2024 (March writ appeal. Meanwhile, CCI had issued final order
Commissioner of Customs (Appeals). Subsequently, been imported into India allegedly at less than its normal 31, 2023 : ₹ 100 million). Further there are pending imposing a penalty of ₹ 4,202.61 million violating
the Commissioner of Customs (Appeals) upheld the value and passed a provisional order for a period of six litigations for various other matters relating to Excise Division Bench Order. However CCI has clarified that
adjudication order classifying the goods imported months from April 11, 2014. The Company had filed four Duty and Service Tax involving demands, for which the order shall be enforceable based on and subject
by the Company under a different heading of the writ petitions before the Honourable High Court of Madras the Company has filed appeals against the orders to the direction of the Honourable High Court of
customs tariff. The Company has paid the differential in this connection challenging the provisional order passed received which are pending at various forums as at Madras in connection with the writ appeal filed by

Financial Statements
duty under protest and filed appeals with CESTAT by the department and paid ₹ 165.66 million under protest, March 31, 2024. the Company.
challenging the Appellate Order and the hearings at as against the Anti Dumping Duty payable of ₹ 320.40
CESTAT is pending disposal as at March 31, 2024. million and charged to the Statement of Profit and Loss (ii) The Company received orders from Commissioner The writ appeal was subsequently dismissed by the
Account. Consequent to the legal suit filed, the Company (Appeals) rejecting the appeal for refund of input tax High Court of Judicature at Madras on July 23, 2018.
(iv) During the year ended March 31, 2021, the Company also carries the amount paid as receivable and on grounds credit on account of zero rated supply and orders from The Company filed an appeal before the National
had received an order rejecting the classification of of prudence, provided for the same. However, in December Additional Commissioner for the matters relating to Company Law Appellate Tribunal (NCLAT) against the
"Cover Assembly Front door Quadrant" imported 2014, the Honourable High Court of Madras had dismissed GST on seconded employees and TRAN 1 credit, CCI Order. On October 29, 2018, the NCLAT heard the
by the Company and reclassifying the same under the writ petitions. The Company had filed writ appeal confirming the GST demand amounting to INR 820.98 matter for admission and directed the Company to
different heading of the customs tariff. The said order with the division bench of the Honourable High Court million upto March 31, 2023 and ₹ 3,437.63 million deposit 10% of ` 4,202.61 million within three weeks.
has imposed an additional duty of ₹ 64.94 million and of Madras against the said order of the single member as at the year ended March 31, 2024. The Company The Company filed an appeal before the Supreme
an Penalty amount ₹ 65.59 million for the imports bench. During the previous year ended March 31, 2016, has filed Writ Petitions before the Hon’ble Madras Court of India (SC) against the NCLAT Interim Order.
made during the period from June 2016 to Mar the Company received a transfer petition transferring the High court and has obtained stay of the operation On November 16, 2018, the SC granted a interim stay
2018. The Company has filed appeals with CESTAT appeal to the Honourable Supreme Court of India and and all further proceedings pursuant to the demand on the operation of the CCI Order. Further in January
challenging the Appellate Order and the hearings at the Company has filed required counter petitions with order received by the Company. The Company had 20, 2020, the Supreme Court granted Permanent Stay
CESTAT is pending for disposal as at March 31, 2024. the Honourable Supreme Court of India and the same is paid ₹ 82.10 million as pre-deposit as at March 31, on of NCLAT order for deposit of ₹ 420.00 million
pending disposal as at March 31 2024. 2024 (as at March 31, 2023 : ₹ 82.10 million). and directed NCLAT to decide HMIL’s Appeal on
Further, the Company received an order during the Merits. Consequently, the Company is not required
year 2010, stating the company has not fulfilled In the meanwhile, the Directorate General of Anti- (iii) During October 2023, the Company received an order to deposit 10% of ₹ 4,202.61 million with the NCLAT
Export Obligation for Capital items valuing ₹ 479.52 Dumping and Allied Duties had issued final order on May from the Additional Commissioner of Central tax till the SC Order is operational. The pleadings in the
million imported during the period from Nov 2010 to 22, 2015 levying Anti-Dumping duty for a period of five demanding payment of higher Goods and Services NCLAT appeal are complete and the appeal was listed
Feb [Link] said order has imposed an additional years commencing April 11, 2014. The Company is of the tax (Compensation Cess) amounting to ₹ 5,173.51 on March 25, 2020 for final arguments. However, due
duty of ₹ 126.09 million and a penalty of ₹ 11 opinion that Anti-Dumping Duty shall not be levied with million (including penalty) towards certain SUV cars to the COVID-19 pandemic, the matter was adjourned
million. Further it has also levied interest in terms retrospective effect, based on the precedent judgement sold. The Company has filed an appeal with the and is yet to be listed for hearing before NCLAT.
of Notification No 102/2009 dated September 11, of the Honourable Supreme Court of India in a similar Commissioner (Appeals) pursuant to the demand
2009. The Company has filed appeals with CESTAT case and has not provided for / paid Anti-Dumping duty order received by the Company. The Company has (ii) Further, the CCI had directed the Director General
challenging the Appellate Order and the hearings at for the period from October 2014 to May 2015. paid an amount of ₹ 258.60 million pre-deposit as for an investigation to be made in respect of the
CESTAT is pending for disposal as at March 31, 2024. at March 31, 2024 (as at March 31, 2023 : Nil). complaints made by two terminated dealers against
Further, the Company has paid Anti-dumping duty the Company. The Company received notices seeking
(v) In addition to the above, the outstanding demand commencing from the period May 22, 2015 (date of D Investigation by the Competition Commission of India certain information for the purpose of investigation
under dispute towards various other Customs cases notification of Final Order) till March 31, 2024 under (i) In 2012, the Directorate General of the Competition and the Company had furnished the required details.
in respect of which the hearings are in progress at protest amounting to ₹ 6,976.53 million (March 31, 2023: Commission of India (CCI) had submitted its final During the year ended March 31, 2018, CCI passed
various levels at Customs Authorities / Appeals as at ₹ 6,976.53 million) which has been charged off to the investigation report to the CCI regarding violations an order imposing a penalty of ₹ 870.00 million on
March 31, 2024 amounts to ₹ 12.99 million (March Statement of Profit and Loss Account. of the provisions of Competition Act, 2002. the Company. The Company filed an appeal before
31, 2023: ₹ 12.99 million) NCLAT against the order and received an order
C Excise duty, Service tax and GST In the meanwhile, the Company filed a writ petition in favour of the Company during the year ended
(vi) The Company paid an amount of ₹ 313.32 million (i) During October 2021, the Company has received order before the Honourable High Court of Madras March 31, 2019 by setting aside the CCI Order. CCI
under protest to Directorate of Revenue Intelligence from the Additional Director General demanding challenging the jurisdiction of the CCI to expand has further filed an appeal before Supreme Court in
towards investigation proceedings commenced payment of Central excise duty amounting to the investigation in respect of the above matter November 2018 against our favourable order. This
against the Company for incorrect classification of ₹ 3,574.00 million and penalty amounting to and requesting for a stay which was granted case is now pending before Supreme Court and it is
Electronic Control Unit for certain goods imported ₹ 3,574.00 million. The Company has filed a writ initially. During the year ended March 31, 2015, the yet to be listed for hearing.
during the period (from March 4, 2020 - March 11, petition with the Honorable Madras High court Honourable High Court of Madras dismissed the
2022). The Company expects a favorable outcome to grant the stay of the operation and all further Company’s petition challenging the jurisdiction of The Company believes that it has a good case to
based on professional advice. proceeding pursuant to the demand order received the CCI stating that CCI has powers to expand the obtain a favourable judgement in respect of the
by the Company. The Company has received order investigation. The Company had filed a writ appeal above matters and there is no additional financial
B Anti-dumping duty from Honorable Madras High court granting interim before the Divisional Bench of the Honourable exposure in respect of the same.
During the year ended March 31, 2015, the Directorate stay of recovery proceedings pending disposal of
General of Anti-Dumping and Allied Duties initiated an Writ petition subject to the Company depositing

70 71
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
E Export Promotion Capital Goods Scheme (“EPCG the basis of the available information. The Company’s tax 36.2 Commitments
Scheme”) jurisdiction is in India. Significant judgements are involved As at As at
Particulars
The Director General of Foreign Trade (“DGFT”) under the in determining the provision for income taxes including March 31, 2024 March 31, 2023

Export Promotion Capital Goods Scheme (“EPCG Scheme”) judgement on whether tax positions are probable of being Estimated amount of contracts remaining to be executed on capital account and not provided for 5,179.26 9,818.14
(“EPCG Authorisations”) had issued a show-cause notice sustained in tax assessments. A tax assessment can involve
dated June 6, 2015 (“SCN”) that our Company had not complex issues, which can only be resolved over extended 37 EMPLOYEE BENEFIT PLANS
installed the capital goods imported under the EPCG Scheme time periods.
37.1 Defined contribution plan
at the locations approved under the EPCG Authorisations
Further, various government authorities raise issues/ Company's (employer's) contribution to defined contribution plans recognised as expenses in the statement of profit and loss are:
and subsequently ordered our Company to pay the duty
clarifications in the normal course of business and the

Financial Statements
amount of ₹872.70 million. Further, pursuant to an order As at As at
Company has provided its responses to the same and no Particulars
March 31, 2024 March 31, 2023
dated October 28, 2016 (“Order”), the Commissioner of
formal demands/claims has been made by the authorities (a) Employer's contribution to Provident fund 514.30 488.56
Customs, Chennai - IV had issued an order to our Company,
in respect of the same other than those pending before (b) Employer's contribution to National pension fund 120.35 117.12
wherein a duty of ₹0.29 million, a redemption fine of ₹1.00
various judicial/regulatory forums as disclosed above. The (c) Employer's contribution to Superannuation fund 228.03 208.62
million and a penalty of ₹0.40 million were levied against
uncertainties and possible reimbursement in respect of the
our Company. However, the duty demand of ₹872.70 million 862.68 814.30
above are dependent on the outcome of the various legal
issued by the DRI in the SCN had been dismissed under the
proceedings which have been initiated by the Company or Note:
Order. Aggrieved by the Order, the DRI has filed an appeal
the claimants, as the case may be and, therefore, cannot be The expenses are included in note 33 - Employee benefit expenses under "Contribution to provident and other funds".
before the CESTAT (“Appeal”) challenging the dismissal of the
predicted accurately or relate to a present obligations that
duty demand by the DRI, and the matter is currently pending.
arise from past events where it is either not probable that an 37.2 Defined benefit plan
These pertain to 53 EPCG Authorizations, for which believes
outflow of resources will be required to settle or a reliable
that it has fulfilled 100% of the required export obligations. (i) Refer note 2.15 for the accounting policy of the defined benefit plan
estimate cannot be made. The Company expects a favorable
However, due to the Appeal by DRI, the DGFT has not issued
decision with respect to the above disputed demands /
export obligation discharge certificates. (ii) The defined benefit plan typically exposes the Company to actuarial risks such as investment risk, interest rate risk,
claims based on professional advice, as applicable and,
longevity risk and salary risk.
hence, no specific provision for the same has been made.
F Show cause notices/draft assessment orders
The above assessment also involves detailed evaluation of
The details of the show cause notices/draft assessment Investment risk
complaint received by a regulator. Also refer note 28(b).
orders received by the Company from various government The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to
agencies pending formal orders / demand notices, which 36.2 Compliance with Corporate Average Fuel market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create
are not considered as claims against the Company not Efficiency Norms ('CAFE') a plan deficit.
acknowledged as debts, are given below: The management has performed an evaluation of the
As at As at Corporate Average Fuel Efficiency Norms and confirmed Interest risk
Particulars
March 31, 2024 March 31, 2023
that it is in compliance with the necessary norms. The Decrease in the Interest rate will increase the cost of providing the above benefit and thus increase in the value of liability.
Customs duty 1,194.76 1,194.76
Company also confirms that the amendments pursuant
(refer note below)
Excise duty 82.48 82.48
to the Energy Conservation (Amendment) Bill, 2022 read Longevity risk
Service tax 190.24 190.24 with The Motor Vehicles (Amendment) Act, 2019 norms The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of
Goods and Services Tax 589.83 2,614.42 is effective from April 1, 2023. plan participants both during and after their employment. An increase in the life expectancy of the plan participants will
Income tax draft assessment 1,445.99 - increase the plan's liability.
As at the reporting date, in determining the compliance
orders received and pending
disposal with DRP for the financial year 2023-24, the Company has satisfied
the applicable technical requirements and has maintained Salary risk
Note: adequate documentation in support of its evaluation. The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants.
The Company had received show cause notices from Accordingly, the Company believes that computation As such, an increase in the salary of the plan participants will increase the plan's liability.
the DRI demanding an amount of ₹ 1,194.76 million in of average fuel efficiency based on sales recorded is in
connection with various matters. The department has also compliance with the prevalent norms as at the reporting (iii) The principal assumptions used for the purpose of the actuarial valuations were as follows.
mentioned that the goods which are a subject matter of period end. It may be noted in this context that such Year ended Year ended
the demand of customs duty, is also liable for confiscation Particulars
compliance was subject to scrutiny by the regulatory March 31, 2024 March 31, 2023
under Section 111 of the Customs Act, 1962. The Company authorities on the basis of the filings made by the Company Discount rate 7.25% 7.56%
has filed / is in the process of filings replies for the same and the scrutiny for such compliance was completed by Future salary increase 6.50% 6.50%
and expects a favorable outcome in respect of the same. the regulatory authorities on the basis of the filings made Expected rate of return on plan assets 7.25% 7.56%
by the Company and confirmation on compliances has Attrition rate 2.00% 2.00%
G. Guarantees been obtained by the Company. Mortality - Indian Assured Lives Mortality 2012-14 2012-14
The Company had executed a Deed of Corporate Guarantee
in favour of SIPCOT for CST Soft Loan of ₹ 6,000.00 million. Based on their assessment, management has confirmed
that they do not expect any material impact on the
H. Management's assessment financial position for the year ended March 31, 2024 post
The amounts shown under contingent liabilities and disputed such scrutiny by the regulatory authorities. Further, the
claims represent the best possible estimates arrived at on Company has also obtained relevant legal advice / opinion.

72 73
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
37.2 Defined benefit plan (contd.) 37.2 Defined benefit plan (contd.)
(iv) Amounts recognised in the Standalone Statement of Profit and Loss in respect of the defined benefit plan are as follows: (ix) Maturity profile of defined benefit obligation
Year ended Year ended Year ended Year ended
Particulars Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Components of defined benefit cost recognised in the Standalone Statement of Profit and Loss Time Periods
Current service cost 150.44 131.70 Within 1 year 108.51 80.74
Interest cost 178.01 153.01 2 to 5 years 491.85 427.62
Interest income on plan assets (123.14) (111.54) 6 to 10 years 1,027.12 821.02
Total (Refer note below) 205.31 173.17 More than 10 years 5,362.30 5,217.13

Financial Statements
Components of defined benefit cost recognised in the Other Comprehensive Income
(x) The Company expects to contribute ₹ 133.39 million to its gratuity fund during the year ending March 31, 2025 (March
Actuarial (gains) / losses 31, 2024 - ₹ 119.52 million)
- Changes in financial assumptions - (15.36)
- Experience variance 142.74 234.57 (xi) The Average future service for the defined benefit obligation is 18.14 years as on March 31, 2024 (March 31, 2023 : 18.44
Return on plan assets (excluding amount included in net interest expense) 10.41 16.92 years)
153.15 236.13 (xii) Significant actuarial assumptions for the determination of the defined obligation are discount rate and expected salary
increase. The sensitivity analyses below have been determined based on reasonably possible changes of the respective
Note:
assumptions occurring at the end of the reporting period while holding all other assumptions constant(funded plan).
The expenses are included in Note 33 - Employee benefit expenses under "Contribution to provident and other funds"
Year ended Year ended
Particulars
March 31, 2024 March 31, 2023
(v) The amount included in the Standalone Balance Sheet arising from the entity's obligation in respect of the its defined Discount rate:
benefit plan is as follows. Decrease in defined benefit obligation if discount rate increases by 1% (285.05) (255.99)
Year ended Year ended Increase in defined benefit obligation if discount rate decreases by 1% 329.36 297.23
Particulars
March 31, 2024 March 31, 2023 Attrition rate:
Present value of defined benefit obligation as at the end of the year 2,892.11 2,489.38 Increase in defined benefit obligation if attrition rate increases by 1% 26.12 24.56
Fair value of plan assets as at the end of the year (1,880.04) (1,629.54) Decrease in defined benefit obligation if attrition rate decreases by 1% (28.82) (27.03)
Net liability recognised in the balance sheet 1,012.07 859.84 Expected rate of salary increase:
Current liability 133.39 119.52 Increase in defined benefit obligation if salary increases by 1% 146.61 155.53
Non-current liability 878.68 740.32 Decrease in defined benefit obligation if salary decreases by 1% (186.38) (188.15)

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
(vi) Movements in the present value of the defined benefit obligation and fair value of plan assets are as follows: as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may
Particulars
Year ended Year ended be correlated.
March 31, 2024 March 31, 2023
Change in defined benefit obligation during the year 38 RELATED PARTY DISCLOSURES
Present value of defined benefit obligation as at the beginning of the year 2,489.38 2,062.35
38.1 Names of Related Parties and Nature of Relationship
Current service cost 150.44 131.70
Interest cost 178.00 153.02 Description of Relationship Name of Related Party

Benefits paid (68.45) (76.90) Holding Company Hyundai Motor Company, South Korea
Actuarial loss / (gain) 142.74 219.21 Subsidiary Company Hyundai Motor India Engineering Private Limited
Present value of defined benefit obligation at the end of the year 2,892.11 2,489.38 Hyundai India Insurance Broking Private Limited
Fellow Subsidiaries Hyundai Motor Deutschland GmbH
(vii) Movements in the present value of the defined benefit obligation and fair value of plan assets are as follows: Hyundai Assan Otomotiv Sanayi Ve Ticaret A.S.
Hyundai Motor Poland Sp. Zo.o
Year ended Year ended
Particulars Hyundai Motor UK Limited
March 31, 2024 March 31, 2023
Change in fair value of assets during the year Hyundai Motor Company Australia Pty Limited
Fair value of plan assets at beginning of the year 1,629.54 1,415.88 Hyundai Motor Europe GmbH
Expected return on plan assets 123.14 111.55 Hyundai Motor Company Italy S.R.L,
Employer's contribution 206.22 195.93 Hyundai Motor Czech s.r.o.
Benefits paid (68.45) (76.90) Hyundai Motor CIS LLC Russia
Actuarial gains / (loss) (10.41) (16.92) Hyundai Motor Espana S.L.U
Fair value of plan assets at the end of the year 1,880.04 1,629.54
Hyundai Motor Netherlands B.V.
Net liability 1,012.07 859.84
Hyundai Motor France SAS
(viii) The entire plan assets are managed by the insurer. None of the assets carry a quoted market price in active market or Hyundai Capital India Private Limited
represent the entity's own transferable financial instruments or property occupied by the entity. Hyundai Motor De Mexico S DE RL DE CV
Hyundai Rotem Company
Hyundai KEFICO Corporation

74 75
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
Description of Relationship Name of Related Party 38.2 Transactions with the related parties
Hyundai Motor Manufacturing Czech s.r.o.
Year ended Year ended
Hyundai Motor America Particulars Name of the Related party
March 31, 2024 March 31, 2023
Hyundai Thanh Cong Viet Nam Auto Manufacturing Corporation Income
Hyundai Mobility Japan Co., Ltd Sale of Motor Vehicles, Parts and Hyundai Motor De Mexico S DE RL DE CV 14,847.13 20,493.55
Hyundai Motor Sport GmbH Raw Materials Hyundai Motor Company, South Korea 65.95 92.62
Hyundai Motor Brasil Montadora de Automoveis LTDA
Kia India Private Limited 30,077.74 20,228.75
Hyundai Motor Manufacturing Rus LLC
Mobis India Ltd. 2,285.20 2,072.89
PT Hyundai Motors Indonesia
Hyundai Transys Lear Automotive India Private Limited 1,219.71 1,216.82
PT Hyundai Motor Manufacturing Indonesia

Financial Statements
Hyundai Assan Otomotiv Sanayi Ve Ticaret A.S. 3,965.06 4,180.07
Hyundai Motor Business Service Company
Hyundai Transys India Private Limited 1.06 0.61
Associate of Holding Company (in respect Hyundai Autoever Corp
of which the Company has had transactions Hyundai Motor Group (China) Ltd. Hyundai Motor India Engineering Private Limited 4.61 -
during the year) Interest Income Hyundai Motor De Mexico S DE RL DE CV 469.64 447.16
Hyundai Wia Corporation
Kia Corporation Hyundai Assan Otomotiv Sanayi Ve Ticaret A.S. - 0.06
Primemover Mobility Technologies Private Limited Transportation Income Hyundai Motor De Mexico S DE RL DE CV 1,327.21 1,629.11
Hyundai Engineering & Construction co., Ltd Hyundai Assan Otomotiv Sanayi Ve Ticaret A.S. 0.15 -
Hyundai Wia Automotive Engine (shandong) Company Hyundai Motor India Engineering Private Limited 0.12 -
Hyundai Transys (Shandong) Co. Ltd. Rental Income Hyundai Motor India Engineering Private Limited 10.32 10.26
Haevichi Hotel & Resort co. Ltd. Hyundai Capital India Private Limited 5.30 5.30
Entities with significant influence over the Hyundai Mobis Company Limited Mobis India Ltd. 5.86 -
Holding Company
Hyundai India Insurance Broking Private Limited - 1.41
Subsidiary of entities with significant Mobis India Ltd.
influence over the Holding Company Hyundai Autoever India Private limited 21.99 16.63
Mobis India Module Private Limited
Other Income Hyundai Motor Company, South Korea 18.45 7.73
Entities which are Subsidiary of Associate of Hyundai Autoever India Private limited
Holding Company (in respect of which the Hyundai Wia India Pvt ltd. Kia India Private Limited 73.81 64.24
Company has had transactions during the year) Hyundai Motor India Engineering Private Limited 1.78 0.07
Hyundai Engineering India Pvt Ltd.
Kia Motors Slovakia s.r.o. Hyundai Engineering India Pvt Ltd. 0.04 -
Hyundai Transys Lear Automotive India Private Limited Scrap Sales Hyundai Wia India Pvt ltd. 2.79 3.08
Hyundai Transys India Private Ltd. Hyundai Engineering India Pvt Ltd. - 2,118.71
Kia India Private Limited Expenses (gross of withholding
HEC India LLP tax wherever applicable)
Post Retirement Benefit Plans Hyundai Motor India Limited Group Gratuity Scheme Purchase of Raw Materials, Hyundai Motor Company, South Korea 45,163.83 42,368.33
Hyundai Motor India Limited Executive Superannuation Scheme Components and Spare Parts Hyundai Motor Group (China) Ltd. 3,276.64 925.35
Key Management Personnel Mr Unsoo Kim - Managing Director Hyundai KEFICO Corporation 1,276.26 884.37
Mr. Wang Do Hur - Whole Time Director cum CFO (with effect from February 03, 2023) Hyundai Transys Lear Automotive India Private Limited 20,145.63 17,589.62
Mr. Jong Hoon Lee - Whole Time Director (upto June 07, 2024) Hyundai Transys India Private Limited 3,684.50 2,692.89
Mr. Choon Hang Park - Whole Time Director Cum CFO (upto December 31, 2022) Hyundai Wia India Pvt ltd. 315.44 345.40
Mr. Jae Wan Ryu - Whole Time Director (with effect From February 02, 2024 and upto Hyundai Wia Automotive Engine (shandong) Company 1,865.68 2,091.70
June 07, 2024)
Kia India Private Limited 21,384.37 14,905.44
Mr. S Ganesh Mani - Whole Time Director (upto July 6, 2022)
Mobis India Ltd. 90,627.51 79,334.02
Mr. Tarun Garg - Whole Time Director
Mobis India Module Private Limited 0.72 -
Mr. Gopala Krishnan C S - Whole time director (with effect from July 28, 2022)
Mr. Dae Han Choi - Alternate Director (upto December 07, 2023) Kia Motors Slovakia s.r.o. - 14.47
Mr. Dosik Kim - Whole Time Director (upto December 31, 2023) PT Hyundai Motor Manufacturing Indonesia 9,432.23 440.35
Mr. Kyung Hee Jung - Director (upto December 31, 2022) Hyundai Rotem Company 0.36 -
Mr. Gang Hyun Seo - Director (upto December 08, 2023) Royalty Hyundai Motor Company, South Korea 15,668.48 14,358.19
Ms. Hyunju Kim - Director (with effect from March 10, 2023 and upto June 07, 2024) Technical Assistance Fee Hyundai Motor Company, South Korea 669.96 48.71
Mr. Kuen Han Yi - Director (upto June 07, 2024) Advertisement and Sales Hyundai Capital India Private Limited 80.79 85.50
Mr. John Martin Thompson - Independent director (with effect from September 10, 2022) Promotion Expenses Hyundai Autoever India private limited 83.98 207.19
Ms. Shalini Puchalpalli - Independent director (w.e.f. June 07, 2024) Hyundai Motor Brasil Montadora de Automoveis LTDA 160.39 185.83
Ms. Sree Kirat Patel - Independent director (w.e.f. June 07, 2024) Hyundai Autoever Corp 8.00 -
Mr. Ajay Tyagi - Independent director (w.e.f. June 07, 2024) PT HYUNDAI MOTORS INDONESIA 6.04 -
Ms. Vidya M V - Company Secretary (upto November 30, 2023)
PT Hyundai Motor Manufacturing Indonesia - 0.03
Ms. Divya Venkat - Company Secretary (with effect from December 16, 2023)
Hyundai Motor Business Service Company 32.43 -
Note:
Related Party relationships are as identified by the Management and relied upon by the Auditors.

76 77
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
38.2 Transactions with the related parties (contd.) 38.2 Transactions with the related parties (contd.)
Year ended Year ended Year ended Year ended
Particulars Name of the Related party Particulars Name of the Related party
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Warranty Expenses Hyundai Motor Deutschland GmbH 0.96 5.35 Insurance Reimbursement Hyundai Motor De Mexico S DE RL DE CV 48.10 65.79
Hyundai Motor Company Italy S.R.L, 0.25 3.05 Other Reimbursement Hyundai India Insurance Broking Private Limited - 2.54
Hyundai Motor Poland Sp. Zo.o 0.05 0.01 Hyundai Motor India Engineering Private Limited 0.51 -
Hyundai Motor Czech s.r.o. - 0.03 Warranty Claim Recovered Hyundai Motor Company, South Korea 17.88 137.73
Hyundai Motor UK Limited 0.86 1.84 Hyundai Wia India Pvt ltd. 0.00 0.00
Hyundai Assan Otomotiv Sanayi Ve Ticaret A.S. 0.08 2.03 Mobis India Ltd. 81.90 78.93
Hyundai Motor France SAS 0.12 0.09 Kia India Private Limited 1.23 1.45

Financial Statements
Hyundai Motor Espana S.L.U 0.12 0.37 Hyundai Transys Lear Automotive India Private Limited 1.18 1.03
Hyundai Motor Company Australia Pty Limited 0.04 12.62 Hyundai Transys India Private Limited 0.43 0.52
Hyundai Motor Netherlands B.V. 0.22 0.22 PT Hyundai Motor Manufacturing Indonesia 0.97
Hyundai Motor De Mexico S DE RL DE CV 165.23 145.86 Dealer Reimbursement Hyundai Autoever India Private limited 3.85 1.18
PT Hyundai Motors Indonesia - 0.01 Maintenance Charges recovered Hyundai Transys Lear Automotive India Private Limited 1.60 22.77
Rent Hyundai Autoever Corp 64.74 87.43 Mobis India Ltd. 72.83 106.84
Hyundai Autoever India private limited 56.61 180.73 Discount Received Mobis India Ltd. 0.47 1.62
KIA India Private Limited 3.07 - Investment Hyundai India Insurance Broking Private Limited - 58.00
Maintenance Charges Hyundai Motor India Engineering Private Limited 218.48 190.68 Dividend Paid Hyundai Motor Company, South Korea 154,358.43 14,934.51
Hyundai Autoever Corp 18.31 -
Hyundai Autoever India private limited 798.22 380.88 38.3 Related Party balances as at the year end
Hyundai Engineering India Pvt Ltd. 610.21 405.16
As at As at
Mobis India Ltd. 2.46 2.66 Particulars Related party
March 31, 2024 March 31, 2023
Other Expenses Hyundai Motor Company, South Korea 70.45 67.52 Receivables as at Year End
Hyundai Rotem Company - 1.29 Receivables (including Hyundai Motor Company, South Korea 31.86 3.84
Hyundai Engineering India Pvt Ltd. 42.27 137.09 contractually reimbursable Hyundai Assan Otomotiv Sanayi Ve Ticaret A.S. 469.00 447.24
Mobis India Ltd. 134.27 267.76 expenses)
Hyundai Motor De Mexico S DE RL DE CV 7,425.33 11,798.00
Hyundai Transys Lear Automotive India Private Limited 5.37 6.09
Hyundai Transys Lear Automotive India Private Limited 161.98 135.69
Hyundai Autoever India private limited 7.85 58.15
Kia India Private Limited 3,478.11 4,295.70
Haevichi Hotel & Resort co. Ltd. 8.46 5.24
Mobis India Ltd. 113.80 111.05
Hyundai Autoever Corp 3.13 -
Hyundai Motor France SAS 5.57 - Hyundai Wia India Pvt ltd. 0.10 -
Salaries, Bonus, Perquisites and Mr. Unsoo Kim 74.88 68.95 Hyundai Motor India Engineering Private Limited 0.23 8.00
Contribution to Funds Mr. Choon Hang Park - 24.72 Hyundai Transys India Private Limited - 0.44
Mr. Dosik Kim 28.96 43.88 Hyundai Autoever India Private limited - 19.62
Mr. Jong Hoon Lee 44.21 44.31 Advances to suppliers Hyundai Capital India Private Limited - -
Mr. Wang Do Hur 43.72 5.33 HEC India LLP - 205.07
Mr. Jae Wan Ryu 12.95 - Liabilities as at Year End
Mr. Dae Han Choi 18.91 21.82 Payables Hyundai Motor Company, South Korea 2,323.53 3,685.18
Mr. S Ganesh Mani - 10.88 (net of TDS wherever applicable) Hyundai Motor Company Italy S.R.L, 0.03 0.02
Mr. Tarun Garg 46.12 38.30 Hyundai Assan Otomotiv Sanayi Ve Ticaret A.S. - 0.01
[Link] Krishnan C S 26.20 12.00 Hyundai Thanh Cong Viet Nam Auto Manufacturing 0.35 0.34
Ms. Vidya M V 5.89 5.76 Corporation
Ms. Divya Venkat 0.75 - Hyundai Motor Espana S.L.U - 0.01
Others Hyundai Motor India Engineering Private Limited 24.43 -
Purchase of Capital Goods Hyundai Motor Company, South Korea 761.19 4,980.76 Hyundai Motor Deutschland GmbH 0.03 0.05
Hyundai Rotem Company 18.14 22.06
Hyundai Motor De Mexico S DE RL DE CV 21.36 9.03
Hyundai Transys Lear Automotive India Private Limited 764.09 193.34
Hyundai Motor Netherlands B.V. 0.04 0.01
Hyundai Autoever Corp 75.31 22.81
Hyundai Motor UK Limited 0.06 0.03
Mobis India Ltd. 2,243.74 319.34
Hyundai KEFICO Corporation 179.55 105.48
Hyundai Wia Corporation 351.85 6.64
Hyundai Autoever Corp 0.47 0.23
Hyundai Autoever India private limited 352.54 341.12
HEC India LLP 2,823.81 1,577.19 Hyundai Wia Corporation 2.47 42.64
Hyundai Transys India Private Limited - 11.46 Hyundai Autoever India private limited 84.03 138.32
Hyundai Engineering India Pvt Ltd. 284.78 603.92 Hyundai Transys Lear Automotive India Private Limited 2,582.88 2,233.33
Hyundai Kefico Corporation - 0.16 Hyundai Capital India Private Limited 7.85 7.14
Haevichi Hotel & Resort co. Ltd. 0.34 -
Technical Knowhow Hyundai Motor Company, South Korea 549.56 893.71

78 79
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
As at As at A. Leases as a lessee (contd.)
Particulars Related party
March 31, 2024 March 31, 2023 Year ended Year ended
Particulars
Hyundai Motor CIS LLC Russia - 0.00 March 31, 2024 March 31, 2023

Hyundai Motor France SAS 0.01 0.01 (i) Lease Liabilities

Hyundai Engineering India Pvt Ltd. 63.24 77.37 Opening Balance 289.83 350.95
Hyundai Transys India Private Limited 455.97 470.53 Additions 411.14 -
Hyundai Wia India Pvt ltd. 32.10 46.54 Interest on lease liabilities 41.76 27.15
Kia India Private Limited 3,399.15 3,436.96 Payment of lease liabilities (98.44) (88.27)
Mobis India Ltd. 12,357.69 10,633.12 Closing Balance 644.29 289.83

Financial Statements
Hyundai Rotem Company 7.33 0.07 Current 86.61 30.45
PT Hyundai Motor Manufacturing Indonesia 584.88 182.30
Non-Current 557.68 259.38
Hyundai Wia Automotive Engine (shandong) Company 81.81 -
(ii) Weighted average incremental borrowing rate (% p.a.) 8.75% 8.75%
Royalty Payable (net of Tax Hyundai Motor Company, South Korea 6,821.71 7,417.62
deducted at source) (iii) The future expected minimum lease payments under leases (undiscounted) are as follows:
Salary Payable Mr. Unsoo Kim 5.40 4.92 Payable in less than one year 137.61 53.50
Mr. Dosik Kim - 3.49 Payable between one and five years 532.58 198.07
Mr. Jong Hoon Lee 3.58 3.52 Payable after five years 160.63 147.83
Mr. Wang Do Hur 3.57 2.83 830.82 399.40
Mr. Jae Wan Ryu 3.56 - (iv) Amounts recognised in Standalone Statement of Profit and Loss
Mr. Dae Han Choi - 1.44 Depreciation of right-of-use assets
Mr. Tarun Garg 2.64 2.29
Land 3.52 3.52
Mr. Gopala Krishnan C S 1.50 0.95
Buildings 84.35 72.36
Ms. Divya Venkat 0.14 -
87.87 75.88
Ms. Vidya M V - 0.48
Expenses recognized in relation to leases:
Interest on lease liabilities 41.76 27.15
Notes:
Expenses relating to short-term leases 89.17 130.25
(i) The Holding Company / certain other Group Companies (together referred to as “Group Companies”), incur certain
Expense relating to leases of low-value assets 2.02 2.02
common costs on behalf of the Company / other entities in the Group. These costs primarily relate to certain world-
Variable lease payments not included in the measurement of lease liabilities
wide marketing, infrastructure and other costs incurred at an overall Group Level. Such costs have been accounted
for in the financial statements of the Company based on and to the extent of actual debits received from the Group a) Included in Rent including lease rentals 383.42 253.21
Companies. The Group Companies have confirmed to the Management that, as at 31 March 2024, there are no further b) Included in various expenses 134.37 213.95
amounts payable to them by the Company, on this account other than the amounts disclosed in these standalone Income from sub-leasing right-of-use asset (40.27) (38.35)
financial statements. (v) Amounts recognised in Standalone Statement of Cash flows
(ii) The Company incurs certain costs on behalf of other Companies in the Group. These costs have been allocated / Total cashflows for leases (98.44) (88.27)
recovered from the Group Companies on a basis mutually agreed to with the Group Companies.
(iii) Refer note 37 for information on transactions with post employment benefit plans. B. Leases as a lessor
(iv) Provisions for contribution to gratuity and compensated absences are determined by the actuary on a overall basis Operating lease
at the end of each year and, accordingly, have not been considered in the above information. The amount is only The Company has leased certain of its office premises to various parties. These arrangements are non-cancellable in nature
disclosed at the time of payment. and the lease period varies from 1 year to 3 years. Rental income recognised by the company during the year ended March
31,2024 is ₹ 43.47 million (March 31, 2023 - ₹ 33.60 million)
39 SEGMENT REPORTING
The Company publishes these standalone financial statements along with the consolidated financial statements. In The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received
accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated after the reporting date.
financial statements.
Year ended Year ended
Particulars
March 31, 2024 March 31, 2023
40 LEASES
Less than one year 71.63 26.35
(see accounting policy in note 2.16)
One to two years 57.82 15.56
Two to three years 50.22 3.83
A. Leases as a lessee
Three to four years 2.00 -
The Company has entered into various lease agreements in respect of land/certain offices/showroom spaces at
181.67 45.74
various places. These arrangements are non-cancellable in nature and the lease period varies from 1 year to 88 years.
There are no extension options available.

80 81
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
41 EARNINGS PER SHARE 42.2 Financial instruments by category (contd.)
Year ended Year ended Total carrying
Particulars Particulars Amortised cost FVTPL Total fair value
March 31, 2024 March 31, 2023 value
Profit for the year - ₹ in million 59,543.06 46,538.47 Liabilities (refer note 19 to 20 and 23 to 26)
Weighted average number of equity shares 812,541,100 81,2541,100 VAT / CST deferral loan and CST soft loan 8,318.04 - 8,318.04 8,318.04
Earnings per share Working capital facilities from banks 3,267.96 - 3,267.96 3,267.96
- Basic earnings per share (₹) 73.28 57.28 Trade payables 73,661.41 - 73,661.41 73,661.41
- Diluted earnings per share (₹) 73.28 57.28 Lease liabilities 289.83 - 289.83 289.83
Face value per share - in ₹ 10.00 10.00 Payable on purchase of PPE 3,797.44 - 3,797.44 3,797.44

Financial Statements
Deposits received from customers 1,228.16 - 1,228.16 1,228.16
Pursuant to resolutions passed by the Board of Directors and the Shareholders in their respective meeting held on May 17, 2024,
Others 2,974.40 - 2,974.40 2,974.40
the face value of the equity shares of the Company was sub-divided from ₹1,000 each to ₹10 each. In compliance with IND
AS - 33, Earnings Per Share, the disclosure of basic and diluted earnings per share for all the period / years presented has been Note:
arrived at after giving effect to the above sub-division. Also refer note 18D and note 50 to the standalone financial statements.
(i) The investments in subsidiaries (refer note 7) is accounted at cost less impairment, if any.
42 FINANCIAL INSTRUMENTS (ii) The Company has not disclosed the fair values of financial instruments such as trade receivables, loans, cash and
42.1 Capital management cash equivalents, bank balances other than cash and cash equivalents, bank overdrafts and trade payables, because
The Company manages its capital to ensure that it is able to continue as a going concern while maximizing the return to their carrying amounts are a reasonable approximation of fair value.
the stakeholders through the optimization of the debt and equity balance. The Company determines the amount of capital
required on the basis of annual budgeting exercise, future capital projects outlay etc. The funding requirements are met 42.3 Financial risk management
through equity, internal accruals and borrowings (short term/long term)- Refer note no.45 - Debt-Equity ratio. The Company has exposure to the following risks from its use of financial instruments:
 Credit risk
42.2 Financial instruments by category
 Liquidity risk
The carrying value and fair value of financial instruments by each category as at March 31, 2024 were as follows:
 Market risk
Total carrying
Particulars Amortised cost FVTPL Total fair value
value The Company’s treasury function provides services to the business, co-ordinates access to domestic and international
Assets (refer note 8 and 12 to 15) financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk
Trade receivables (including unbilled revenue, if any) 22,883.06 - 22,883.06 22,883.06 reports which analyse the exposure by degree and magnitude of risks. The treasury function reports periodically to the
Cash and cash equivalents 8,632.85 - 8,632.85 8,632.85 Board of Directors of the Company. The Board of Directors has overall responsibility for the establishment and oversight
Bank balance other than above 77,946.10 - 77,946.10 77,946.10
of the Company’s risk management framework. The Board of Directors has established a risk management policy to
identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risk and
Deposits 726.91 - 726.91 726.91
adherence to limits. Risk management systems are reviewed periodically to reflect changes in market conditions and the
MOU benefit receivable from GOTN 3,301.81 - 3,301.81 3,301.81
Company’s activities.
Other receivables 0.23 - 0.23 0.23
Derivative Financial asset - 1.34 1.34 1.34 Credit risk:
Liabilities (refer note 19 to 20 and 23 to 26) Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
VAT / CST deferral loan and CST soft loan 7,679.15 - 7,679.15 7,679.15 meet its contractual obligations and arises principally from the Company’s trade receivables, treasury operations and
Trade payables 72,693.93 - 72,693.93 72,693.93 Government receivables.
Lease liabilities 644.29 - 644.29 644.29
Payable on purchase of PPE 1,057.77 - 1,057.77 1,057.77 Trade and other receivables
Deposits received from customers 1,376.98 - 1,376.98 1,376.98 The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. Management
Others 3,265.35 - 3,265.35 3,265.35 considers that the demographics of the Company’s customer base, including the default risk of the industry and country
in which customers operate, has less of an influence on credit risk. The Company is not exposed to concentration of credit
The carrying value and fair value of financial instruments by each category as at March 31, 2023 were as follows: risk to any one single customer since the products are sold to and services are provided to customers who are spread over
a vast spectrum and hence, the concentration of risk with respect to trade receivables is low.
Total carrying
Particulars Amortised cost FVTPL Total fair value
value
Assets (refer note 8 and 12 to 15) The credit worthiness of the customers are assessed through a strong credit risk assessment policy of the Company. The
Trade receivables (including unbilled revenue, if any) 28,027.20 - 28,027.20 28,027.20
Company’s domestic sales operates primarily on a cash and carry / advance model and do not carry significant credit risk.
The Company’s credit period on export sales varies on case to case basis based on market conditions and are normally
Cash and cash equivalents 174,932.05 - 174,932.05 174,932.05
backed by a letter of credit to cover the risk.
Loans 659.48 - 659.48 659.48
Deposits 606.79 - 606.79 606.79 Cash and cash equivalents and other investments
MOU benefit receivable from GOTN 3,072.97 - 3,072.97 3,072.97
In the area of treasury operations, the Company is presently exposed to counter-party risks relating to liquid funds and
Other receivables 1,332.56 - 1,332.56 1,332.56 short term and medium term deposits placed with public / private sector banks. The credit risk is limited considering that
the counterparties are banks with high credit ratings and repute.

82 83
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
42.3 Financial risk management (contd.) 42.3 Financial risk management (contd.)
Government receivables of the natural hedging principle is reviewed periodically with reference to the approved foreign currency risk management
The credit risk on receivables from government agencies / authorities is nil considering the sovereign nature of the receivables. policy followed by the Company.

Liquidity risk: The Company’s exposure to foreign currency risk as at March 31, 2024 was as follows:
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial All amounts in respective currencies as mentioned (in Million)
Net Balance
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is Cash
Trade Trade
Capital Net Balance
Sheet
Particulars and cash Borrowing goods Sheet
to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under normal and receivables payables exposure
equivalents payables exposure
stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. Typically the (In INR)

Financial Statements
Company ensures that it has sufficient cash on demand to meet expected operational expenses, servicing of financial USD 1.47 220.83 - (10.57) (159.05) 52.68 4,389.17
EUR 0.07 5.20 - (0.17) (2.47) 2.63 237.16
obligations. In addition, the Company has concluded arrangements with well reputed banks, and has unused lines of
KRW - - - (12.60) (14,700.39) (14,712.99) (910.73)
credit that could be drawn upon, should there be a need. The Company invests its surplus funds in bank fixed deposits.
JPY - - - 7.66 (10.12) (2.46) (1.35)
CHF - - - (0.01) - (0.01) (0.92)
The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with CHF - - - (0.01) - (0.01) (0.92)
agreed repayment periods. The amounts are gross and undiscounted, and include contractual interest payments. The
contractual maturity is based on the earliest date on which the Company may be required to pay.
The Company’s exposure to foreign currency risk as at March 31, 2023 was as follows:
All amounts in respective currencies as mentioned (in Million)
Undiscounted
Less than Net Balance
As at March 31, 2024 contractual 1-3 years 3-5 years > 5 years Cash Capital Net Balance
1 year Trade Trade Sheet
cash flows Particulars and cash Borrowing goods Sheet
receivables payables exposure
Non-interest bearing equivalents payables exposure
(In INR)
VAT/CST deferral loan 5,265.15 1,354.64 2,368.94 1,325.00 216.57
USD 68.97 266.91 (32.48) (156.12) (37.80) 109.48 8,991.05
Trade payables 72,693.93 72,693.93 - - -
EUR 2.34 5.01 - (2.47) (0.10) 4.78 427.63
Lease Liabilities 830.82 137.61 288.64 243.94 160.63
KRW - - - (28,468.49) - (28,468.49) (1,808.03)
Other financial liabilities 4,323.12 4,323.12 - - -
JPY - - - (22.80) (54.58) (77.38) (47.82)
Variable interest rate instruments
CHF - - - (0.01) - (0.01) (0.92)
Deposits received from customers 1,376.98 1,376.98 - - -
Fixed interest rate instruments
CST soft loan 5,990.91 102.48 274.26 620.15 4,994.02
Currency risk - Sensitivity analysis
Working capital facilities - - - - - The Company is mainly exposed to the currencies of USD, EUR and KRW.
The following table details the Company's sensitivity to a 5% increase in the INR against the relevant foreign currencies. 5%
Undiscounted
Less than is the rate used in order to determine the sensitivity analysis considering the past trends and expectation of the management
As at March 31, 2023 contractual 1-3 years 3-5 years > 5 years
cash flows
1 year for changes in the foreign currency exchange rate. The sensitivity analysis includes the outstanding foreign currency
Non-interest bearing denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates. A
VAT / CST deferral loan 6,517.53 1,252.38 2,607.02 2,368.94 289.19 positive number below indicates an increase in profit or equity where the INR increases 5% against the relevant currency.
Trade payables 73,661.41 73,661.41 - - -
This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on
Lease Liabilities 399.40 53.50 99.23 98.84 147.83
the same basis for 2023.
Other financial liabilities 6,771.84 6,771.84 - - -
Variable interest rate instruments Year ended March 31, 2024 Year ended March 31, 2023
Deposits received from customers 1,228.16 1,228.16 - - - Particulars
Profit or loss Equity, net of tax Profit or loss Equity, net of tax
Fixed interest rate instruments
CST soft loan 5,996.84 5.94 204.86 383.20 5,402.84 USD 164.16 122.84 336.29 251.65
Working capital facilities from banks 3,284.80 3,284.80 - - - EUR 8.88 6.65 16.02 11.99
KRW (34.08) (25.50) (67.65) (50.62)
JPY (0.05) (0.04) (1.79) (1.34)
Market risk:
CHF (0.05) (0.04) - -
Market risk is the risk of loss of future earnings or fair values or 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 A 5% decrease in the rupee against the above currencies as at March 31, 2024 and March 31, 2023 would have had the
exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables
market risk sensitive financial instruments including foreign currency receivables and payables. The Company is exposed remain constant.
to market risk primarily related to foreign exchange rate risk (currency risk), interest rate risk and the market value of its
investments. Thus the Company’s exposure to market risk is a function of investing and borrowing activities and revenue Interest rate risk
generating and operating activities in foreign currencies.
Interest rate risk is the risk that an upward movement in interest rates would adversely affect the borrowing costs of
the Company.
Currency risk - Exposure to foreign currency
The Company’s exposure in USD, Korean Won and other foreign currency denominated transactions mainly on import of
components, royalty payments and export of vehicles gives rise to exchange rate fluctuation risk. The Company adopts
natural hedge strategy and discounting of export bills to minimize currency fluctuation risk. The appropriateness / adequacy

84 85
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
42.3 Financial risk management (contd.) 44.3 Income tax recognised in other comprehensive income
Profile Particulars
Year ended Year ended
March 31, 2024 March 31, 2023
At the reporting date the interest rate profile of the Company's interest bearing financial instruments were as follows:
Deferred tax assets / (liabilities)
Carrying amount
Fixed rate instruments Arising on income and expenses recognised in other comprehensive income
March 31, 2024 March 31, 2023
- Remeasurement of net defined benefit obligation liability / asset 38.55 59.43
Financial assets
- Details of bank deposits 38.55 59.43
Deposits with original maturity of three months or less 5,517.24 97,178.77
Deposits with banks with original maturity of more than three months but less than 44.4 Following is the analysis of the deferred tax (asset) / liabilities presented in the balance sheet

Financial Statements
77,946.10 70,650.00
twelve months
Recognised in
Total balances with banks in deposit accounts 83,463.34 167,828.77 As at March 31, 2024 Opening balance profit and loss
Recognised in
Closing balance
Financial liabilities OCI (net)
(net)
- Borrowing from others (CST Soft loan @ 0.01%) 3,168.36 2,936.41 Tax effect of items constituting deferred tax liabilities:
- Working capital facilities from banks - 3,267.96
Balances with government authorities 22.33 (3.98) - 18.35
Provision for warranty 240.59 1.56 - 242.15
Fair value sensitivity for fixed rate instruments
Deferred tax liabilities 262.92 (2.42) - 260.50
The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore
Tax effect of items constituting deferred tax assets:
a change in interest rates at the reporting date would not affect profit or loss.
Property, plant and equipment and intangible assets 7,494.65 1,084.38 - 8,579.03

43 FAIR VALUE MEASUREMENT Trade receivables 81.89 - - 81.89

Employee benefits 581.57 48.92 38.55 669.04
Financial assets and financial liabilities that are not measured at fair value:
Provision for disputed matters 168.61 - - 168.61
The management considers that the carrying amount of all the financial asset and financial liabilities that are not measured
Other items 10.54 7.08 - 17.62
at fair value in the standalone financial statements approximate the fair values and, accordingly, no disclosures of the fair
value hierarchy is required to be made in respect of these assets / liabilities. Deferred tax assets 8,337.26 1,140.38 38.55 9,516.19
Net deferred tax liabilities/ (assets) (8,074.34) (1,142.80) (38.55) (9,255.69)
44 INCOME TAXES
44.1 Income tax recognised in the standalone statement of profit and loss Recognised in
Recognised in
As at March 31, 2023 Opening balance profit and loss Closing balance
Year ended Year ended OCI (net)
Particulars (net)
March 31, 2024 March 31, 2023
Tax effect of items constituting deferred tax liabilities:
Current tax
Balances with government authorities 237.97 (215.64) - 22.33
- In respect of current year 21,864.72 18,276.10
Provision for warranty 213.72 26.87 - 240.59
- In respect of previous years 689.86 (97.35)
Deferred tax liabilities 451.69 (188.77) - 262.92
Deferred tax
Tax effect of items constituting deferred tax assets:
- In respect of current year (1,142.80) (2,028.70)
Property, plant and equipment and intangible assets 5,711.54 1,783.11 - 7,494.65
Total income tax expense recognised in the current year 21,411.78 16,150.05
Trade receivables 81.89 - - 81.89
Employee benefits 450.56 71.58 59.43 581.57
44.2 Income tax expense for the year reconciled to the accounting profit:
Provision for disputed matters 168.61 - - 168.61
Year ended March 31, 2024 Year ended March 31, 2023
Particulars Other items 25.30 (14.76) - 10.54
Gross amount Tax amount Gross amount Tax amount
Deferred tax assets 6,437.90 1,839.93 59.43 8,337.26
Profit before tax 80,954.84 62,688.52
Net deferred tax liabilities/ (assets) (5,986.21) (2,028.70) (59.43) (8,074.34)
Income tax rate 25.168% 25.168%
Income tax expense 20,374.71 15,777.45
44.5 Transfer pricing - International transactions
Tax effect of:
The Company has entered into international transactions with associated enterprises. For the financial year ended March
Effect of expenses that are not deductible in
(a) 1,102.45 277.46 1,639.38 412.60 31, 2023, the Company has obtained the Accountant’s report from a Chartered Accountant as required by the relevant
determining taxable profit
provisions of the Income-tax Act, 1961 and has filed the same with the tax authorities. For the year ended March 31,
Effect of net additional / (reversal) of provision in
(b) - 689.86 - (97.35) 2024, the Company maintains documents as prescribed by the Income-tax Act to prove that these transactions are at
respect of prior years
(c) Others 277.14 69.75 227.87 57.35
arm's length and believes that the aforesaid legislation will not have any impact on the standalone financial statements,
particularly on the amount of tax expense and that of provision for taxation.
Income tax expense recognised in the standalone
21,411.78 16,150.05
statement of profit and loss

86 87
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
45 RATIOS AS PER SCHEDULE III REQUIREMENTS 47 ADDITIONAL REGULATORY INFORMATION PURSUANT TO THE REQUIREMENT IN DIVISION II OF SCHEDULE
March 31, March 31, Reason for Variance more II TO THE COMPANIES ACT 2013
Ratio Numerator Denominator % Variance
2024 2023 than 25%
Regulatory information Particulars
Current Ratio Total current assets Total current liabilities 1.22 2.10 -42% Impact of decrease in
current assets primarily due Details of benami property held The Company does not hold any benami property
to maturity of fixed deposits
during the year
Borrowings secured against current assets The Company has not been sanctioned any working capital limits from banks and
Debt-Equity Total debt Total equity 0.07 0.06 17% Variance not more than 25% financial institutions on the basis of security of current assets at any point of time of the
Ratio = current and non-current year.
borrowings including
current maturities of long- Willful defaulter The Company has not been declared a willful defaulter by any bank or financial

Financial Statements
term borrowings institution or other lender.
Debt Service Earnings for debt service "Debt Service 8.02 4.05 98% Impact of decrease in
Coverage Ratio = Net profit after taxes = Interest & Lease repayments during the year Registration of charges or satisfaction with RoC There are no charges or satisfaction which are yet to be registered with the Registrar of
+ Non-cash operating payments + Principal primarily due to reduction Companies beyond the statutory period.
expenses + finance cost repayments" of borrowings
Return on Profit after tax Average Total Equity 0.40 0.26 55% Impact of increase in profit Compliance with number of layers of companies The Company has complied with the number of layers prescribed under clause (87) of
Equity after tax by 28%, Dividend section 2 of the Companies Act read with Companies (Restriction on number of Layers)
payout during the year Rules, 2017
₹ 1,54,358.43 million
Inventory Sale of Products Average Inventory 19.10 17.74 8% Variance not more than 25% Compliance with approved scheme(s) of The Company does not have any transaction / scheme of arrangements which
Turnover Ratio arrangements requires approval from the Competent Authority in terms of sections 230 to 237 of the
Trade Total Sales Closing trade receivables 29.41 20.89 41% Impact of decrease in trade Companies Act, 2013.
Receivables receivables during the year
turnover ratio Utilisation of borrowed funds and share premium The Company has not advanced or loaned or invested funds (either borrowed funds
Trade payables Total purchases Closing trade payables 7.52 6.60 14% Variance not more than 25% or share premium or any other sources or kind of funds) to any person(s) or entity(ies),
turnover ratio including foreign entities (intermediaries) with the understanding that the same shall be
Net capital Total Sales Net working capital 24.44 4.49 445% Impact of new investments (i) directly or indirectly lend or invest in other persons or entities identified in any
turnover ratio in deposits of ₹ 2,43,382.93 manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
million (ii) provided as any guarantee, security or the like to or on behalf of the Ultimate
Net Profit ratio Profit after tax Total Sales 0.09 0.08 11% Variance not more than 25% Beneficiaries.
Return on Earnings before Interest Capital employed 0.70 0.27 155% Impact of increase in Further, the Company has not received any funds from any person(s) or entity(ies),
Capital and tax = Tangible Networth PAT by 28%, Dividend including foreign entities (funding party) with the understanding that the Company shall
Employed (Total Equity less OCI) + payout during the year be
Total Debt + Deferred Tax ₹ 1,54,358.43 million (i) directly or indirectly lend or invest in other persons or entities identified in any
Liability /(Deferred Tax manner whatsoever by or on behalf of the funding party (Ultimate Beneficiaries) or
Asset)
(ii) provided as any guarantee, security or the like to or on behalf of the Ultimate
Return on Earnings before Interest Closing total assets 0.27 0.16 70% Impact of increase in
Beneficiaries
Investment and tax PAT by 28%, Dividend
payout during the year
Undisclosed income The Company does not have any transaction not recorded in the books of account that
₹ 1,54,358.43 million
has been surrendered or disclosed as income during the year in the tax assessments
under the Income Tax Act, 1961.
Total Sales = Sales of Products & Services
Loans or advances to specified persons The Company has not provided any loans or advances in the nature of loans are granted
46 DETAILS ON RELATIONSHIPS WITH STRUCK OFF COMPANIES to promoters, directors, KMPs and the related parties (as defined under Companies Act,
2013,) either severally or jointly with any other person, that are:
March 31, 2024 March 31, 2023
Nature of transactions with Relationship Relationship
(a) repayable on demand or
Name of the struck off company Balance Balance
struck off company with struck off with struck off (b) without specifying any terms or period of repayment"
outstanding outstanding
company company
Aquatech Systems(Asia) Pvt Ltd Advance (0.09) External vendor 3.31 External vendor Details of crypto currency or virtual currency The Company has not traded or invested in crypto currency or virtual currency during
Concord Automotives Pvt Ltd Payables 0.82 External vendor 0.76 External vendor the financial year.
Kamla Landmarc Cars Pvt Ltd Payables 1.03 External vendor 1.02 External vendor Valuation of PP&E, intangible asset and investment The Company has not revalued any of its property, plant and equipment (including right-
Miheer'S Motor Pvt Ltd Payables 0.65 External vendor 0.62 External vendor property of-use assets), intangible asset and investment property during the year.
Opel Energy Systems Pvt Ltd Payables 3.38 External vendor 0.66 External vendor
Pyrotek India Pvt Ltd Payables - External vendor 0.25 External vendor Utilisation of borrowings taken from banks and During the year, the Company had the below borrowings (refer Note 23),
financial institutions for specific purpose a) Discounting of bills receivable for the purpose of mitigating the exchange risk
Sonebhadra Automobiles Pvt Ltd Payables 1.80 External vendor 5.04 External vendor
All Like Marketing Pvt Ltd Payables 0.63 External vendor 0.46 External vendor b) Pre-shipment packing credit loans for the purpose of working capital
Chaudhary Motors Pvt Ltd Payables 17.50 External vendor 13.64 External vendor
Dhoot Motors (Jalgaon) P Ltd Payables 0.01 External vendor 0.01 External vendor
Durga Automobiles (P) Ltd Payables 4.57 External vendor 13.03 External vendor
Sew Euro Drive India Pvt Ltd Payables 0.14 External vendor 0.43 External vendor
Sundharams Pvt Ltd Payables 18.47 External vendor 15.54 External vendor

88 89
Hyundai Motor India Limited Annual Report 2023-24

Notes Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2024 Forming part of the Standalone Financial Statements for the year ended March 31, 2024
(All amounts are in Indian ₹ Million except share data and as stated) (All amounts are in Indian ₹ Million except share data and as stated)

Statutory Reports
48 CORPORATE SOCIAL RESPONSIBILITY ('CSR') 49 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
Details of Corporate Social Responsibility expenditure company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the
Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under
Year ended Year ended
Particulars active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are
March 31, 2024 March 31, 2023
Amount required to be spent by the company during the year 833.26 629.14 notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective
Amount of expenditure incurred on: and the related rules to determine the financial impact are published.
(i) Construction / acquisition an asset - -
(ii) On purposes other than (i) above 541.70 536.73 50 SUBSEQUENT EVENTS
Shortfall at the end of the year 291.56 92.41 There are no subsequent events that have occurred after the reporting period till the date of approval of these standalone

Financial Statements
Total of previous years shortfall 266.81 375.21 financial statements except for as disclosed in Note 18D and 41.

Reason for shortfall: As per our report of even date attached.

The Company has an approved plan for ongoing projects which requires spending of amounts under CSR activities over multiple
for B S R & Co. LLP for and on behalf of the Board of Directors of
years and these would be utilized accordingly.
Chartered Accountants Hyundai Motor India Limited
ICAI Firm's Registration No.101248W/W-100022 CIN: U29309TN1996PLC035377
Nature of CSR activities:
Harsh Vardhan Lakhotia Unsoo Kim Wangdo Hur
Education, skilling, health, environmental sustainability, rural development, covid-19 relief activities
Partner Managing Director Executive Director and CFO
Membership Number: 222432 DIN: 09470874 DIN: 10039866
For the year ended March 31, 2024: Place : Gurgaon Place : Gurgaon
In case of Section 135(6) (Ongoing Project)
Divya Venkat
Amount required to Company Secretary
Opening balance Closing balance Membership Number: A33561
be spent during the Amount Spent during the period
as at April 1, 2023 as at March 31, 2024
period Place: Chennai Place: Chennai
In Separate CSR From Company's From separate CSR In Separate CSR Date: September 20, 2024 Date: September 20, 2024
With Company With Company
Unspent account bank account unspent account Unspent account
92.41 375.21 381.45 89.89 200.82 291.56 266.81

In Case of Section 135(5) of the Companies Act, 2013 (other than ongoing project)
Amount deposited in
Opening balance Amount required to be Amount spent Closing balance
specified fund of Schedule
as at April 1, 2023 spent during the year during the year as at March 31, 2024
VII within 6 months
- - 451.81 451.81 -

For the year ended March 31, 2023:

In case of Section 135(6) (Ongoing Project)
Amount required to
Opening balance Amount Spent Closing balance
be spent during the
as at April 1, 2022 during the period as at March 31, 2023
period
In Separate CSR From Company's From separate CSR In Separate CSR
With Company With Company
Unspent account bank account unspent account Unspent account
502.55 10.78 195.70 103.29 138.12 92.41 375.21

In Case of Section 135(5) of the Companies Act, 2013 (other than ongoing project)
Opening balance Amount deposited in specified fund of Amount required to be Amount spent during Closing balance
as at April 1, 2022 Schedule VII within 6 months spent during the year the year as at March 31, 2023
- - 433.44 433.44 -

90 91