Balance Sheet

as on March 31, 2018

` in Million
As on As on
Particulars Notes
March 31, 2018 March 31, 2017
A. ASSETS
1. Non-current assets
(a) Property, plant and equipment B1 56,793.23 47,709.47
(b) Capital work-in-progress 6,717.86 6,214.76
(c) Intangible assets B1 345.45 242.20
(d) Financial assets
i. Investments B2 16,393.76 10,048.62
ii. Loans B3 19.87 17.11
iii. Other financial assets B4 1,239.53 919.12
(e) Other non-current assets B5 1,146.86 1,718.89
Total non-current assets 82,656.56 66,870.17
2. Current assets
(a) Inventories B6 17,214.91 17,293.98
(b) Financial assets
i. Investments B7 13,390.47 3,944.44
ii. Trade receivables B8 5,501.46 3,864.92
iii. Cash and cash equivalents B9 2,544.51 1,340.88
iv. Bank balances other than (iii) above B10 60.72 52.93
v. Loans B11 5,761.64 1,755.15
vi. Other financial assets B12 384.81 342.49
(c) Other current assets B13 3,910.70 3,295.17
Total current assets 48,769.22 31,889.96
Total Assets (1+2) 131,425.78 98,760.13
B. EQUITY AND LIABILITIES
1. Equity
(a) Equity share capital B14 572.05 509.02
(b) Other equity 72,034.06 52,802.87
Total equity 72,606.11 53,311.89
LIABILITIES
2. Non-current liabilities
(a) Financial liabilities
i. Borrowings B15 18,643.88 8,340.25
ii. Other financial liabilities B16 131.60 142.64
(b) Provisions B17 450.73 391.71
(c) Deferred tax liabilities (net) C9 5,443.36 4,927.34
(d) Other non-current liabilities B18 3,433.39 2,884.35
Total non-current liabilities 28,102.96 16,686.29
3. Current liabilities
(a) Financial liabilities
i. Borrowings B19 6,474.24 7,840.04
ii. Trade payables B20 15,125.72 10,407.54
iii. Other financial liabilities B21 3,193.21 4,961.49
(b) Other current liabilities B22 2,341.96 1,293.96
(c) Provisions B23 2,651.16 3,229.94
(d) Current tax liabilities (net) B24 930.42 1,028.98
Total current liabilities 30,716.71 28,761.95
Total Equity and Liabilities (1+2+3) 131,425.78 98,760.13
See accompanying notes forming part of the financial statements

In terms of our report attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLP
Chartered Accountants
ONKAR S. KANWAR NEERAJ KANWAR NIMESH N. KAMPANI
Chairman & Managing Director Vice Chairman & Managing Director Director
David Jones
Partner GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Gurgaon
May 10, 2018

128
 Corporate Overview / Statutory Reports / Financial Statements

Statement of Profit and Loss

for the year ended March 31, 2018

` in Million
Year ended Year ended
Particulars Notes
March 31, 2018 March 31, 2017
1. REVENUE FROM OPERATIONS:
Sales 103,881.26 98,066.22
Other operating income B25 1,664.61 1,170.67
105,545.87 99,236.89
2. OTHER INCOME B26 1,218.49 1,353.34
3. TOTAL INCOME (1 +2) 106,764.36 100,590.23
4. EXPENSES :
(a) Cost of materials consumed B27 62,811.50 53,132.29
(b) Purchase of stock-in-trade B27 2,517.58 2,209.55
(c) Changes in inventories of finished goods, stock-in-trade and work-in-progress B28 125.46 (3,181.54)
(d) Excise duty on sales C25 2,548.91 9,899.20
(e) Employee benefits expense B27 7,096.78 6,207.81
(f) Finance costs B29 1,375.41 887.84
(g) Depreciation and amortisation expense B1 3,643.81 2,881.99
(h) Other expenses B27 17,971.80 17,696.75
Total expenses 98,091.25 89,733.89
5. PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3 - 4) 8,673.11 10,856.34
6. EXCEPTIONAL ITEMS - -
7. PROFIT BEFORE TAX (5 - 6) 8,673.11 10,856.34
8. TAX EXPENSE:
(a) Current tax expense 1,884.66 2,310.28
(b) Deferred tax 564.57 518.48
Total 2,449.23 2,828.76
9. NET PROFIT FOR THE YEAR (7 - 8) 6,223.88 8,027.58
10. OTHER COMPREHENSIVE INCOME
I i. Items that will not be reclassified to profit or loss
a. Remeasurements of the defined benefit plans (106.18) 13.53
ii. Income tax 36.75 (4.68)
(69.43) 8.85
II i. Items that may be reclassified to profit or loss
a. Effective portion of gain / (loss) on designated portion
of hedging instruments in a cash flow hedge 204.43 (118.66)
ii. Income tax (70.75) 41.07
133.68 (77.59)
Other comprehensive income (I + II) 64.25 (68.74)
Total comprehensive income for the year (9 + 10) 6,288.13 7,958.84
Earnings per equity share of Re. 1 each - C31
(a) Basic 11.55 15.77
(b) Diluted 11.55 15.77
See accompanying notes forming part of the financial statements

In terms of our report attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLP
Chartered Accountants
ONKAR S. KANWAR NEERAJ KANWAR NIMESH N. KAMPANI
Chairman & Managing Director Vice Chairman & Managing Director Director
David Jones
Partner GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Gurgaon
May 10, 2018

Apollo Tyres Ltd Annual Report 2017-18 129

130
Statement of Changes in Equity
OTHER EQUITY
` in Million
Reserves and surplus (refer note C4) Items of other comprehensive income
Capital Capital Effective
Particulars Securities Debenture Capital Total
General reserve Capital reserve on Retained portion of Revaluation Actuarial
premium redemption redemption
reserve on AMHPL subsidy forefeiture of earnings cash flow surplus gain / (loss)
reserve reserve reserve
merger shares hedge
Balance as on March 31, 2016 6,085.71 11,006.63 1,383.68 375.00 25.50 44.40 0.07 27,023.40 1.36 31.22 92.36 46,069.33
Profit for the year 8,027.58 8,027.58
Other comprehensive income (OCI) (118.66) 13.53 (105.13)
for the year
Income tax on OCI items 41.07 (4.68) 36.39
Total comprehensive income for
the year 8,027.58 (77.59) 8.85 7,958.84
Transaction with owners in their
capacity as owners
Payment of dividend (` 2 per share) (1,018.05) (1,018.05)
Tax on dividend (207.25) (207.25)
Transfer from retained earnings 1,000.00 219.12 (1,219.12) -
Transfer to retained earnings (125.00) 125.00 -
Balance as on March 31, 2017 6,085.71 12,006.63 1,383.68 469.12 25.50 44.40 0.07 32,731.56 (76.23) 31.22 101.21 52,802.87
Profit for the year 6,223.88 6,223.88
Other comprehensive income (OCI) 204.43 (106.18) 98.25
for the year
Income tax on OCI items (70.75) 36.75 (34.00)
Total comprehensive income
for the year 6,223.88 133.68 (69.43) 6,288.13
Security premium on issue of shares, net 14,781.01 14,781.01
Transaction with owners in their
capacity as owners
Payment of dividend (` 3 per share) (1,527.07) (1,527.07)
Tax on dividend (310.88) (310.88)
Transfer from retained earnings 1,000.00 410.19 (1,410.19) -
Transfer to retained earnings (250.00) 250.00 -
Balance as on March 31, 2018 20,866.72 13,006.63 1,383.68 629.31 25.50 44.40 0.07 35,957.30 57.45 31.22 31.78 72,034.06

In terms of our report attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLP
Chartered Accountants
ONKAR S. KANWAR NEERAJ KANWAR NIMESH N. KAMPANI
Chairman & Managing Director Vice Chairman & Managing Director Director
David Jones
Partner GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Gurgaon
May 10, 2018
 Corporate Overview / Statutory Reports / Financial Statements

Cash-Flow Statement - Indirect Method

for the year ended March 31, 2018

` in Million
Year ended Year ended
Particulars
March 31, 2018 March 31, 2017
A CASH FLOW FROM OPERATING ACTIVITIES
(i) Net profit before tax 8,673.11 10,856.34
Add: Adjustments for:
Depreciation and amortisation expenses 3,643.81 2,881.99
(Profit)/loss on sale of property, plant and equipment (net) (1.85) 33.96
(Profit) on sale of Investments (0.47) -
Dividend from non-current and current investments (45.82) (84.59)
Provision for constructive liability 95.66 (10.96)
Provision for compensated absences (21.14) (22.64)
Provision for superannuation 22.50 -
Change in fair value of investments (140.68) -
Liabilities / provisions no longer required written back (23.31) (63.90)
Unwinding of deferred income (788.13) (329.87)
Finance cost 1,375.41 887.84
Interest income (440.87) (384.73)
Provision for contingencies - 365.00
Provision for estimated loss on derivatives (77.68) 4.93
Unrealised (gain)/loss on foreign exchange fluctuations (56.95) 3,540.48 (244.98) 3,032.05
(ii) Operating profit before working capital changes 12,213.59 13,888.39
Changes in working capital
Adjustments for (increase) / decrease in operating assets:
Inventories 79.07 (7,096.49)
Trade receivables (1,553.20) (951.48)
Loan and advances given (current and non current) (4,016.14) (1,797.15)
Other financial assets (current and non current) (60.10) 26.02
Other current assets (615.53) (6,165.90) (676.59) (10,495.69)

Adjustments for increase / (decrease) in operating liabilities:

Trade payables 4,714.45 2,138.16
Other financial liabilities 187.79 (53.65)
Other liabilities (current and non current) 983.46 (69.92)
Provisions (616.78) 5,268.92 462.03 2,476.62
(iii) Cash generated from operations 11,316.61 5,869.32
Less: Direct taxes paid (net of refund) 1,983.22 2,570.83
Net cash generated from operating activities 9,333.39 3,298.49
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (12,432.20) (15,584.12)
Proceeds from sale of property, plant and equipment 311.98 78.74
Investments in mutual funds (49.41) (2,222.64)
Investment in non-current investment (6,350.62) (3.44)
Inter corporate deposits matured, net - 3,300.00
Investments in inter corporate deposits, net (9,250) -
Dividends received (current and non current investments) 45.82 78.50
Interest received 183.93 399.15
Net cash used in investing activities (27,540.49) (13,953.81)

Apollo Tyres Ltd Annual Report 2017-18 131

Cash-Flow Statement - Indirect Method
for the year ended March 31, 2018 (Contd.)

` in Million
Year ended Year ended
Particulars
March 31, 2018 March 31, 2017
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of shares (net) 14,761.49 -
Proceeds from non-current borrowings 10,588.11 8,000.00
Repayment of non-current borrowings (1,647.28) (1,281.85)
Current borrowings (net) (1,437.61) 4,129.21
Payment of dividend (including dividend tax) (1,837.95) (1,225.30)
Finance charges paid (1,088.48) (561.58)
Net cash generated from financing activities 19,338.28 9,060.48
Net (decrease) / increase in cash and cash equivalents 1,131.17 (1,594.84)
Cash and cash equivalents as at the beginning of the year 1,340.88 2,867.68
Less: Cash credits as at the beginning of the year 71.58 2.55
1,269.30 2,865.13
(Gain) / loss on re-statement of foreign currency cash
and cash equivalents 0.65 (0.34)
Adjusted cash and cash equivalents as at
beginning of the year 1,269.95 2,864.79
Cash and cash equivalents as at the end of the year 2,544.51 1,340.88
Less: Cash credits as at the end of the year 143.39 71.58
2,401.12 1,269.30
(Gain)/loss on re-statement of foreign currency cash and
cash equivalents - 0.65
Adjusted cash and cash equivalents as at the
end of the year 2,401.12 1,269.95
See accompanying notes forming part of the financial statements

In terms of our report attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLP
Chartered Accountants
ONKAR S. KANWAR NEERAJ KANWAR NIMESH N. KAMPANI
Chairman & Managing Director Vice Chairman & Managing Director Director
David Jones
Partner GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Gurgaon
May 10, 2018

132