DCM Shriram BS 2022

DCM SHRIRAM INDUSTRIES I,JTD.
@3fiilina*
.KANCHENJUNGA',
18, BARAKHAMBA ROAD, NEW DELHI-110001, INDIA.
Dated: 7th July, 2022
To, To,
BSE Ltd. National Stock Exchange of lndia Ltd
Pheroze Jeejeebhoy Towers, Exchange Plaza,Sth Floor, Plot No. C-1 ,
Dalal Street, Fort, G Block, Bandra Kurla Complex, Bandra (E)
Mumbai-400001 Mumbai- 400 051
Scrip Code: 523369 Scrip Code: DCMSRIND
Sub.: Annual Report 2021-22 - rr31st Annual General Meeting" of the members of
the Company, "E-voting", "Book Closure" and "Record Datef'.
Dear Sir(s),
ln compliance with Regulation 34 & 42 of SEBI (LODR) Regulations, 2015, the details
regarding 31st Annual General Meeting of the Company are mentioned below:
a. 31't Annual General Meeting of the members of the Gompany
The 31"t Annual General Meeting ("AGM") of the members of the Company
will be held on Monday, August 08,2A22 at 11:00 AM (lST) through Video
Conferencing ("VC")/ Other Audio-Visual Means ("OAVM'), in accordance with
the relevant circulars issued by the Ministry of Corporate Affairs (MCA) and the
Securities and Exchange Board of lndia (SEBI). The Company has also fixed
Friday, July 01 ,2022as the cut-off date for determining members to whom
notice of 31't AGM shall be dispatched. Accordingly notice and annual report
have been emailed to the members on 7th July,2022.
The Company has fixed Tuesday, the 26th July, 2022 as the "Cut-off Date"
for the purpose of determining the members eligible to vote on the resolutions
set out in the Notice of the AGM or to attend the AGM.
Attached is the soft copy of the Annual Report and the AGM Notice.
b. Remote E-voting
The remote e-voting period for the AGM would begin on Wednesday, 3'd
August, 2022 at 9:00 A.M. (lST) and end on Sunday, 07th August,2O22 at
5:00 P.M. (lST).
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TEL:01143745000 tr FAX : (011) 23315424 tr E-mail :[email protected] POST BOX No.205

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tr VISIT US AT : http://www.dcmsr.com tr CIN : 174899D11989P1C035140 tr GSTTN : 07AAACD020 4c2z[
c. Date of closure of Share Transfer Books
The Share Transfer Books of the Company will remain closed from
Wednesday, 27th July, 2A22 to Monday, OSth August, 2022 (both days
inclusive).
d. Record Date and Dividend payment
The Company has fixed Tuesday, 26th July, 2022 as the "Record Date" for
the purpose of determining the members entitled to receive final dividend for
the financial year 2021-22. The dividend, if declared at the AGM, will be paid
within 30 (thirty) days from the conclusion of the AGM.
You are requested to disseminate the above intimation on your website.

Thanking you,
Yours faithfully,
Au
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(Y. D.'Gupta)
Company Secretary &
Compliance Officer
FCS 3405
Copy To:
1. National Securities Depository Limited
Trade World, A wing, 4th Floor,
Kamala Mills Compound, Lower Parel,
Mumbai-400013.
2. Central Depository Services (lndia) Limited

Marathon Futurex, A-Wing, 25th floor,
NM Joshi Marg, Lower Parel (East),
Mumbai-400013.
3. KFIN Technologies Ltd.

Unit: DCM Shriram lndustries Limited
Selenium Tower B, Plot 31-32
Financial District, Nanakramguda,
Serilingampally, Mandal
Hyderabad, Telangana - 500 032.
DCM SHRIRAM INDUSTRIES LTD.
Annual Report 2021-22
DCM SHRIRAM INDUSTRIES LIMITED
Board of Directors Shri S.B. Mathur Chairman – Non Executive
Shri Alok B. Shriram Sr. Managing Director & CEO

Shri Madhav B. Shriram Managing Director
Smt. Urvashi Tilak Dhar Whole Time Director
Shri Vineet Manaktala Director Finance & CFO
Shri P.R. Khanna
Shri Ravinder Narain
Shri S.C. Kumar
Smt. V. Kavitha Dutt
Shri Sanjay C. Kirloskar
Shri Manoj Kumar
Smt. Mini Ipe LIC Nominee
Principal Executives Shri V.K. Jaitly Chief Operating Officer (Business Group Rayons)
Shri Sanjay Rastogi President (Business Group Sugar and works Head)
Shri Girish Yagnik Gr. Sr. Vice President (Works-Chemicals)
Company Secretary Shri Y.D. Gupta Vice President (Law & Taxation)
Bankers State Bank of India

Punjab National Bank
HDFC Bank Ltd.
Axis Bank Ltd.
Zila Sahkari Bank Ltd. Moradabad
Zila Sahkari Bank Ltd., Muzaffarnagar
Zila Sahkari Bank Ltd., Bijnor
Zila Sahkari Bank Ltd., Lakhimpur-Kheri
Auditors B S R & Co., LLP

Gurugram
Registered Office Kanchenjunga Building, CIN : L74899DL1989PLC035140

5th Floor, Tel. No. : (011) 43745000
18, Barakhamba Road, E-mail : [email protected]
New Delhi - 110 001 Website : https://www.dcmsr.com
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Regd Office: “Kanchenjunga”, 5th Floor, 18, Barakhamba Road, New Delhi-110001
CIN: L74899DL1989PLC035140 Telephone :011- 43745000
Email: [email protected] Website : http://www.dcmsr.com
NOTICE
The 31st Annual General Meeting of the Company will be held on Monday, the 8th August, 2022 at 11:00 A.M.
through Video Conference (VC) / Other Audio Visual Means (OAVM), to transact the following businesses:
Ordinary Business:
1. To consider and adopt:

a) The Audited Financial Statements of the Company for the Financial Year ended March 31, 2022
and the Reports of the Board of Directors and Auditors thereon, and
b) The Audited Consolidated Financial Statements of the Company for the Financial Year ended
March 31, 2022 and the Report of the Auditors thereon.
2. To consider and declare Final Dividend of Rs. 0.50 (25%) per equity share of Rs.2 each and to
confirm the Interim Dividend of Re.1 per equity share of Rs.2 each (50%) already paid during the
financial year 2021-22.
3. Appointment of director liable to retire by rotation:

To appoint a director in place of Shri Manoj Kumar (DIN: 00072634), who retires by rotation and being
eligible, offers himself for re-appointment.
4. Reappointment of Statutory Auditors:

To consider and, if thought fit, to pass the following resolution, with or without modification(s), as an
ordinary resolution:
“Resolved that pursuant to the provisions of Section 139, 142 and other applicable provisions of the
Companies Act, 2013, if any, read with the Companies (Audit & Auditors) Rules, 2014 including any
statutory enactments and modification(s) thereof, Messrs. B S R & Co., LLP, Chartered Accountants,
(Firm Registration No.101248 W/W 100022), Gurugram, be and are hereby reappointed as the Statu-
tory Auditors of the Company to hold office from the conclusion of the 31st Annual General meeting
of the Company till the conclusion of the 36th Annual General Meeting to be held in the year 2027 on
remuneration to be fixed by the Board of Directors on the recommendation of the Audit Committee,
plus applicable taxes payable thereon and reimbursement of travelling and other incidental expenses,
if any, incurred by them in connection with the audit.”
Special Business:
5. Cost Auditors – Ratification of Remuneration

To consider and, if thought fit, to pass the following resolution, with or without modification(s), as an
ordinary resolution:
“RESOLVED THAT pursuant to the provisions of Section 148(3) of the Companies Act, 2013, read with
Rule 14 of the Companies (Audit & Auditors) Rules, 2014, the remuneration of Rs.1.67 lakh plus GST
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and out of pocket expenses, if any, fixed by the Board of Directors on recommendation of the Audit
Committee for audit of the cost records of the Company by M/s Ramanath Iyer & Co., (Firm Regn.
No.13848) for the year 2022-23, be and is hereby ratified and confirmed.”
By order of the Board

For DCM SHRIRAM INDUSTRIES LIMITED
(Y.D. Gupta)
New Delhi, Company Secretary & Vice President
May 30, 2022 (Law & Taxation)
FCS 3405
NOTES:
1. Explanatory Statement, as required under Section 102 of the Companies Act, 2013, is annexed.
2. Pursuant to the provisions of Section 91 of the Act, the Register of Members and Share Transfer Books
of the Company will remain closed from Wednesday, the 27th July, 2022 to Monday, the 08th August,
2022 (both days inclusive) for determining the names of members eligible for dividend on equity shares
for the financial year ended 31st March, 2022, if declared at the AGM.
3. A final dividend of Rs.0.50 (25%) per share of Rs.2 has been recommended by the Board of Directors
for the year ended 31.03.2022. Subject to the approval of the shareholders at the ensuing AGM, the
dividend is proposed to be paid on or before Wednesday, 07th September, 2022 to those members
whose names appear as Members in the Register of Members of the Company or Register of Beneficial
Owners as on the cut-off date i.e. Tuesday, 26th July, 2022.
4. In terms of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016, (IEPF) the Company has transferred the unclaimed dividends in respect of the
Financial Year 2013-14 to the IEPF in October 2021. The details are available on the website of the
Company i.e. https://www.dcmsr.com.
The shares in respect of which dividend has not been claimed for seven consecutive years or more
are also required to be transferred to the IEPF following the prescribed procedure. The Company had
in compliance with the said Rules transferred 25752 equity shares held by 1588 shareholders to IEPF
in the month of October, 2021. The shares and dividend so transferred can be claimed from the IEPF
after complying with the prescribed requirements. As per the Rules, the holders of such shares cannot
exercise any of the rights attached to the shares unless the shares are reclaimed from the IEPF. The
details of the dividend/ shares transferred to IEPF will be uploaded on the above Company website
after such transfer.
The shareholders, who have not encashed their dividend warrant/s for the previous year(s) may contact
the Company or Registrar & Transfer Agents for issue of duplicate warrants.
The unclaimed dividend for the financial year 2014-15 declared on September 24, 2015 along with
the shares are due to be transferred to the IEPF by November 2022. The same can, however, be
claimed by the Members by 15 October, 2022. The details of such unclaimed dividend and shares to
be transferred are available on the Company’s Website, www.dcmsr.com. The Individual notices will be
sent to those shareholders separately whose shares are liable to transfer to IEPF.
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5. Shareholders who hold shares in physical form may note that SEBI vide its circular dated 03.11.2021
has made it mandatory for the persons holding securities in physical form to furnish PAN, email address,
mobile number, bank account details and nomination details effective from 01.01.2022. On or after 1
April 2023, in case any one of the above cited documents/ details are not available in the Folio(s), RTA
shall be constrained to freeze such Folio(s). Relevant details and forms prescribed by SEBI in this regard
are available on the website of the Company at https://dcmsr.com/circular-to-shareholders/#circular-to-
shareholders and at KFIN’s website https://ris.kfintech.com/clientservices/isc/default.aspx. Members
holding shares in physical form are requested to submit their aforesaid details, if not already furnished
to the Registrar and Share Transfer Agent viz. KFin Technologies Ltd.
6. As per Regulation 40 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations,
2015, as amended (the “SEBI Listing Regulations”), securities of listed companies can be transferred
only in dematerialized form.
SEBI vide its circular dated January 25, 2022, mandated that all service requests for issue of duplicate
certificate, claim from unclaimed suspense account, renewal/ exchange of securities certificate,
endorsement, subdivision/ splitting/consolidation of certificate, transmission and transposition which
were allowed in physical form should be processed in dematerialised form only. The necessary forms
for the above request are available on the website of the Company i.e https://dcmsr.com/circular-to-
shareholders/#circular-to-shareholders. In view of the same and to eliminate all risks associated with
physical shares and avail various benefits of dematerialization, members are advised to dematerialize
the shares held by them in physical form.
7. SEBI has mandated the submission of Permanent Account Number (PAN) by every participant in
securities market. Members holding shares in electronic form are, therefore, requested to submit the
PAN, if not already furnished, to their Depository Participants with whom they are maintaining their
demat accounts.
8. The information with regard to Shri Manoj Kumar, whose reappointment as a director liable to retire by
rotation, given in Note 27 hereunder, forms an integral part of this Notice.
9. In view of the continuing Covid-19 pandemic, the Central Government had allowed general meetings
to be held through Video Conference / Other Audio Visual Means by following procedures laid down
in circulars – Circular No. 21/2021 dated 14.12.2021, Circular No. 19/2021 dated 08.12.2021, Circular
No.02/2021 dated 13.01.2021, Circular No.14/2020 dated April 08, 2020, Circular No.17/2020 dated
April 13, 2020 read with Circular No. 20/2020 dated May 05, 2020. The above provision has been
further extended till 31.12.2022 by Circular No.02/2022 dated 05.05.2022 (Collectively referred to as
“MCA Circulars”) considering the continued concern about the pandemic in the Country. Accordingly,
this meeting is convened as e-AGM, to be held through Video Conference.
10. E-AGM: The Company has appointed M/s KFin Technologies Limited (“KFIN”), Registrar and Transfer
Agents of the Company, to provide Video Conferencing facility for the Annual General Meeting and the
attendant enablers for conducting of the e-AGM.
11. Pursuant to the provisions of the MCA Circulars regarding holding e-AGM through VC/OAVM:
a. Members can attend the meeting through login credentials provided to them to connect to Video
conference. Physical attendance of the Members at the Meeting venue is not required.
b. Since the AGM is being held through VC, physical attendance of the members has been dispensed
with. Accordingly, the facility for appointment of proxies by members is not available and as such
the Proxy Form and Attendance Slip are not annexed to this Notice.
c. Pursuant to the provisions of Sections 112 and 113 of the Act, representatives of the Members may
be appointed for the purpose of voting through remote e-voting or for participation and e-voting
through Instapoll during the AGM. Corporate Members intending to authorize their representatives to
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attend the AGM are requested to email the same to [email protected] or investorservices@
dcmsr.com, along with certified true copy of the latest Board Resolution or Power of Attorney,
authorizing their representative to participate and vote at the AGM, on their behalf.
12. The Members can join the e-AGM 30 minutes before and 15 minutes after the scheduled time of the
commencement of the Meeting by following the procedure mentioned in the Notice.
13. Up to 2500 members will be able to join the e-AGM on a FIFO basis.
14. No restrictions on account of FIFO entry into e-AGM will be there for large Shareholders (Shareholders
holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial
Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and
Stakeholders Relationship Committee, Auditors etc.
15. The attendance of the Members (members login) attending the e-AGM will be counted for the purpose
of reckoning the quorum under Section 103 of the Companies Act, 2013.
16. Remote e-Voting: Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with
Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended), Regulation
44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended), and the
MCA Circulars, the Company is providing facility of remote e-voting to its Members through e-Voting
agency, M/s KFin Technologies Limited.
17. Voting at the e-AGM: Members who could not vote through remote e-voting may avail the e-voting
system through `instapoll’ provided at the Video Conference by M/s KFin Technologies Ltd.
18. In line with the MCA Circulars, the Notice calling the AGM and the Annual Report for the financial
year 2021-22 have been uploaded on the website of the Company at https://dcmsr.com/financial-
results-annual-reports/#financial-results. The Notice can also be accessed from the websites of Stock
Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and
www.nseindia.com respectively and is also available on the website of e-voting agency M/s KFin
Technologies Limited at their website address (https://evoting.kfintech.com/public/Downloads.aspx).
19. Procedure for obtaining the Annual Report, e-AGM notice and e-voting instructions by the shareholders
whose email addresses are not registered with the depositories or with RTA on physical folios:
On account of the continued threat posed by Covid-19 and in terms of the MCA and SEBI Circulars,
the Company has sent the Annual Report, Notice of e-AGM and e-Voting instructions only in electronic
form to the registered email addresses of the shareholders. Therefore, those shareholders who have
not yet registered their email address are requested to get their email addresses registered by following
the procedure given below:
1. Those shareholders who have registered / not registered their e-mail address and mobile nos.
including address and bank details may please contact and validate/update their details with the
Depository Participant in case of shares held in electronic form and with the Company’s Registrar
and Share Transfer Agent, KFin Technologies Ltd. in case the shares are held in physical form.
2. Shareholders who have not registered their email address and in consequence the Annual Report,
Notice of e-AGM and e-voting notice could not be served, may temporarily get their email address
and mobile number registered with the Company’s Registrar and Share Transfer Agent, KFin
Technologies Limited, by complying with the following procedure:
(i) Visit the link: https://ris.kfintech.com/clientservices/mobilereg/mobileemailreg.aspx
(ii) Select the company name: DCM Shriram Industries Limited
(iii) Enter DPID Client ID (in case shares are held in electronic form) / Physical Folio No. (in case
shares are held in physical form) and Permanent Account Number (PAN).
(iv) In case shares are held in physical form, if PAN is not available in the records, please enter
any one of the Share Certificate No. in respect of the shares held by you.
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(v) Enter the email address and mobile number.
(vi) System will check the authenticity of the DPID Client ID / Physical Folio No. and PAN/
Certificate No., as the case may be and send the OTPs to the said mobile number and email
address, for validation.
(vii) Enter the OTPs received by SMS and Email to complete the validation process. (Please note
that the OTPs will be valid for 5 minutes only).
(viii) In case the shares are held in physical form and PAN is not available, the system will prompt
you to upload the self-attested copy of your PAN.
(ix) System will confirm the email address for the limited purpose of serving the Notice of the
AGM, the Annual Report of the Company for the financial year 2021-22 and the e-voting
instructions along with the User ID and Password.
Alternatively, Members may send an email request to [email protected] along with
the scanned copy of their request letter duly signed by the 1st shareholder, providing the
email address, mobile number, self- attested copy of PAN and Client Master copy in case
shares are held in electronic form or copy of the share certificate in case shares are held in
physical form, to enable KFIN to temporarily register their email address and mobile number
so as to enable the Company to issue the Notice of the AGM, the Annual Report of the
Company for the financial year 2021-22 and the e-voting instructions along with the User ID
and Password, through electronic mode.
However, Members holding shares in electronic form, will have to once again register their
email address and mobile number with their DPs, to permanently update the said information.
In case of any queries, in this regard, Members are requested to write to einward.ris@
kfintech.com or [email protected] or contact KFIN at toll free number: 1800 3094 001.
3. Shareholders are also requested to visit the website of the Company https://www.dcmsr.com or
the website of the Registrar and Transfer Agent (https://evoting.kfintech.com/public/Downloads.
aspx) for downloading the Annual Report and Notice of the e-AGM.
20. Instructions for the Members for attending the e-AGM through Video Conference, speaker
registration and posting of queries:
1. Members holding shares either in physical form or in electronic form, as on the cut-off date i.e.
Tuesday, 26th July, 2022 can attend the AGM through VC, by following the instructions, as
mentioned below:
(i) Click on the following URL: https://emeetings.kfintech.com
(ii) On the login page, enter the login credentials i.e., User ID (In case of Demat Account enter - DP
ID and Client ID / In case of physical mode enter Folio No.) and Existing Password
(iii) After logging in, click on “Video Conference” option.
(iv) Then click on camera icon appearing against AGM event of Company to attend the AGM.
Members who have forgotten the Password are advised to use “Forgot Password” options
available on the website.
2. Speaker Registration during e-AGM session: Member who wish to ask questions during the
AGM, can register themselves as a ‘Speaker” by log into https://emeetings.kfintech.com/ and click
on “Speaker Registration” by mentioning the demat account number / folio number, city, email
address, mobile number and submit. The speaker registration shall commence from Monday, 01st
August, 2022 at 9.00 a.m. and shall close on Thursday, 04th August, 2022 at 5.00 p.m.
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Only those Members who have registered themselves as a ‘Speaker’, as aforesaid, will be able to
ask questions during the AGM. The Company reserves the right to restrict the number of speakers
depending on the availability of time for the AGM.
3. AGM questions prior to e-AGM: Members who wish to post their queries may log into https://
emeetings.kfintech.com and click on “Post your Questions” and may post their queries/views/
questions in the window provided by mentioning the name, demat account number/ folio number,
email id, mobile number. The posting of the questions by the shareholders/members shall
commence from Monday, 01st August, 2022 at 9.00 a.m. and shall close on Thursday, 04th
August, 2022 at 5.00 p.m
4. Members can participate at the AGM through desktop/phone/laptop/tablet. However, for better
experience and smooth participation, it is advisable to use Google Chrome, through Laptops
connected through broadband, for the said purpose.
5. Further Members will be required to allow camera, if any, and hence use Internet with a good
speed to avoid any disturbance during the meeting.
6. Please note that participants connecting from mobile devices or tablets or through laptop connecting
via mobile hotspot may experience Audio/Video loss due to fluctuation in their respective network.
It is therefore recommended to use stable Wi-Fi or LAN Connection to mitigate any kind of
aforesaid glitches.
7. In case Members have any queries or need any assistance on e-voting/participation at the AGM/
Speaker Registration process or for posting queries, may please write to KFIN at einward.ris@
kfintech.com. they may contact KFIN at toll free number: 1800 3094 001.
8. Due to limitations of transmission and coordination during the Q&A session, the Company may
dispense with the speaker registration during the e-AGM conference.
21. The details of the process and manner for remote e-Voting and e-AGM are explained herein below:
In compliance with the provisions of Section 108 of the Act and Rules made thereunder, Regulation 44
of the Listing Regulations and Secretarial Standard on General Meetings (SS-2) issued by the Institute
of Company Secretaries of India (ICSI), the Company is pleased to provide the members facility to
exercise their right to vote through the e-Voting services provided by KFintech, on all the resolutions
set forth in this Notice.
Pursuant to SEBI circular no. SEBI/HO/CFD/CMD/ CIR/P/2020/242 dated December 9, 2020 on
“e-Voting facility provided by Listed Companies”, e-Voting process has been enabled to all the individual
demat account holders, by way of single login credential, through their demat accounts / websites of
Depositories / DPs in order to increase the efficiency of the voting process.
The voting through electronic means will commence on Wednesday, 03rd August, 2022 at 9.00 AM
and will end on Sunday, 07th August, 2022 at 5.00 P.M.
The details of the process and manner for remote e-Voting are explained herein below:
I. Individual Members holding shares of the Company in Demat mode:
The procedure to login and access remote e-Voting as devised by Depositories / Depository Participants
are given below:
A. Individual Members holding shares in Demat mode with National Securities Depository
Limited (“NSDL”):
1. Users already registered for IDeAS e-Services facility of NSDL may follow the following
procedure:
i. Type in the browser / Click on the following e-Services link: https://eservices.nsdl.com
ii. Click on the button “Beneficial Owner” available for login under ‘IDeAS’ section.
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iii. A new page will open. Enter your User ID and Password for accessing IDeAS.
iv. On successful authentication, you will enter your IDeAS service login. Click on “Access to
e-Voting” under Value Added Services on the panel available on the left hand side.
v. Click on the e-Voting link available against Company name or select e-Voting service provider
“KFintech” and you will be re-directed to the e-Voting page of KFintech to cast your vote
without any further authentication.
2. Users not registered for IDeAS e-Services facility of NSDL may follow the following
procedure:
i. To register, type in the browser / Click on the following link: https://eservices.nsdl.com
ii. Select option “Register Online for IDeAS” available on the left hand side of the page.
iii. Proceed to complete registration using your DP ID, Client ID, Mobile Number etc.
iv. After successful registration, please follow steps given under Sr. No. 1 above to cast your
vote.
3. Users may directly access the e-Voting module of NSDL as per the following procedure:
i. Type in the browser / Click on the following link: https://www.evoting.nsdl.com
ii. Click on the button “Login” available under “Shareholder/ Member” section.
iii. On the login page, enter User ID (that is, 16-character demat account number held with NSDL,
starting with IN), Login Type, that is, through typing Password (in case you are registered on
NSDL’s e-voting platform)/ through generation of OTP (in case your mobile/e-mail address is
registered in your demat account) and Verification Code as shown on the screen.
iv. On successful authentication, you will enter the e-Voting module of NSDL. Click on
“Active E-voting Cycles / VC or OAVMs” option under e-Voting. Click on the e-Voting link
available against Company name or select e-Voting service provider “KFintech” and you
will be re-directed to the e-Voting page of “KFintech” to cast your vote without any further
authentication.
B. Individual Members holding shares in Demat mode with Central Depository Services (India)
Limited (“CDSL”):
1. Users already registered for Easi / Easiest facility of CDSL may follow the following
procedure:
i. Type in the browser / Click on any of the following links: https://web.cdslindia.com/myeasi/
Home/Login or https://www.cdslindia.com and click on New System Myeasi / Login to My
Easi option under Quick Login (best operational in Internet Explorer 10 or above and Mozilla
Firefox).
ii. Enter your User ID and Password for accessing Easi / Easiest.
iii. You will see Company name on the next screen.
iv. Click on the e-Voting link available against Company name or select e-Voting service
provider “KFintech” and you will be re-directed to the e-Voting page of KFintech to cast your
vote without any further authentication.
2. Users not registered for Easi/Easiest facility of CDSL may follow the following procedure:
i. To register, type in the browser / Click on the following link: https://web.cdslindia.com/myeasi/
Registration/EasiRegistration
ii. Proceed to complete registration using your DP ID Client ID (BO ID), etc.
iii. After successful registration, please follow steps given under Sr. No. 1 above to cast your vote.
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3. Users may directly access the e-Voting module of CDSL as per the following procedure:
i. Type in the browser / Click on the following links: https://evoting.cdslindia.com/Evoting/
EvotingLogin
ii. Provide Demat Account Number and PAN
iii. System will authenticate user by sending OTP on registered Mobile & E-mail as recorded in
the Demat Account.
iv. On successful authentication, you will enter the e-voting module of CDSL. Click on the
e-Voting link available against Company name or select e-Voting service provider “KFintech”
and you will be re-directed to the e-Voting page of KFintech.
C. Individual Members holding shares in Demat mode - Procedure to login through their demat
accounts / Website of Depository Participant:
i. Individual Members holding shares of the Company in Demat mode can access e-Voting facility
provided by the Company using login credentials of their demat accounts (online accounts)
through their demat accounts / websites of Depository Participants registered with NSDL/CDSL.
ii. An option for “e-Voting” will be available once they have successfully logged-in through their
respective logins.
iii. Click on the option “e-Voting” and they will be redirected to e-Voting modules of NSDL/
CDSL (as may be applicable). Click on the e-Voting link available against Company name or
select e-Voting service provider “KFintech” and you will be redirected to the e-Voting page of
KFintech to cast your vote without any further authentication.
Members who are unable to retrieve User ID / Password are advised to use “Forgot User ID” /
Forgot Password” options available on the websites of Depositories /Depository Participants.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues
related to login through Depository i.e., NSDL and CDSL.
Login type Helpdesk details

Please contact NSDL helpdesk by sending a request
Securities held with NSDL at [email protected] or call at toll free
no.: 1800 1020 990 and 1800 22 44 30
Please contact CDSL helpdesk by sending a request
at [email protected] or contact at
Securities held with CDSL
022- 23058738 or 022- 23058542-43 or toll free no.
1800 22 55 33
II. Information and instructions for remote e-Voting by Members other than individuals holding
shares of the Company in demat mode and all Members holding shares in physical mode:
A. In case a shareholder receives an e-mail from the Company / KFintech [for Members whose e-mail
address is registered with the Company / Depository Participant(s)]:
i. Launch internet browser by typing the URL: https://evoting.kfintech.com
ii. Enter the login credentials (i.e., User ID and Password). The E-Voting Event Number followed
by Folio No. or DP ID Client ID will be your User ID. If you are already registered with KFintech
for e-Voting, you can use the existing password for logging-in. If required, please visit https://
evoting.kfintech.com or contact toll-free number 1800-3094-001 (from 9:00 a.m. to 6:00 p.m.
on all working days) for assistance on your existing password. Members who forgotten the
password are advised to use “Forgot Password” options available on the website.
9
iii. After entering these details appropriately, click on “LOGIN”.
iv. You will now reach Password Change Menu wherein you are required to mandatorily change
your password upon logging-in for the first time. The new password shall comprise minimum
8 characters with at least one upper case (A-Z), one lower case (a-z), one numeric (0-9) and
a special character (@,#,$,etc.,). The system will prompt you to change your password and
update your contact details like mobile number, e-mail address, etc. on first login. You may
also enter a secret question and answer of your choice to retrieve your password in case
you forget it. It is strongly recommended that you do not share your password with any other
person and that you take utmost care to keep your password confidential.
v. You need to login again with the new credentials.
vi. On successful login, the system will prompt you to select the E-Voting Event Number (EVEN)
for DCM Shriram Industries Limited.
vii. On the voting page, enter the number of shares as on the Cut-off Date under either “FOR” or
“AGAINST” or alternatively, you may partially enter any number under “FOR” / “AGAINST”,
but the total number under “FOR” / “AGAINST” taken together should not exceed your total
shareholding as on the Cut-off Date. You may also choose to “ABSTAIN” and vote will not be
counted under either head.
viii. Members holding shares under multiple folios / demat accounts shall choose the voting
process separately for each of the folios / demat accounts.
ix. Voting has to be done for each item of the Notice separately. In case you do not desire to cast
your vote on any specific item, it will be treated as “ABSTAINED”.
x. You may then cast your vote by selecting an appropriate option and click on “SUBMIT”.
xi. A confirmation box will be displayed. Click “OK” to confirm, else “CANCEL” to modify.
xii. Once you confirm, you will not be allowed to modify your vote.
xiii. Corporate / Institutional Members (i.e., other than Individuals, HUF, NRI etc.,) are required to
send scanned certified true copy (PDF Format) of the Board Resolution/ Authority Letter etc.
as mentioned in the notes of this Notice.
B. In case whose email address is not registered with the Company / Depository Participants. kindly
follow the instruction in Note No. 19 to the Notice.
Any Member who has forgotten the User ID and Password, may obtain/generate/retrieve the
same from KFintech in the manner as mentioned below:
i. If the mobile number of the Member is registered against Folio No./DP ID Client ID, the
Member may send SMS:
MYEPWD<Space> E-Voting Event Number + Folio No. or DP ID Client ID to 9212993399.
1. Example for NSDL: MYEPWD<SPACE> XXXXIN12345612345678
2. Example for CDSL: MYEPWD<SPACE> XXXX1402345612345678
3. Example for Physical: MYEPWD<SPACE> XXXX1234567890
ii. If e-mail address and mobile number of the Member is registered against Folio No./DP ID
Client ID, then on the home page of https://evoting.kfintech.com/ the Member may click
“Forgot Password” and enter Folio No. or DP ID Client ID and PAN to generate a password.
iii. Member may call on KFintech’s toll-free numbers 1800-309-4001 [from 9:00 A.M. (IST) to
6:00 P.M. (IST) on all working days].
iv. Member may send an e-mail request to [email protected] After due verification of the
request, User ID and password will be sent to the Member.
10
v. If the Member is already registered with KFintech’s e-voting platform, then he/she/it can use
his/her/its existing password for logging-in.
The remote e-voting facility shall be available during the following period:
Commencement of remote e-voting : Wednesday, 03rd August, 2022(9:00 A.M.)
End of remote e-voting : Sunday, 07th August, 2022 (5:00 P.M.)
During this period, only those persons whose names appears in the Register of Members or in the
Register of beneficial owners maintained by the Depositories, as on the cut-off date i.e. Tuesday,
26th July, 2022, shall be entitled to cast their vote through remote e-voting. The remote e-voting
facility shall be forthwith disabled by KFIN after expiry of the said period.
In case of any query on e-voting, Members may refer to the “Help” and “FAQs” sections / E-voting
user manual available through a dropdown menu in the “Downloads” section of KFin’s website for
e-voting: https://evoting.kfintech.com or contact KFintech as per the details given below.
Members are requested to note the following contact details for addressing e-voting related grievances:
Mr. Vasant Rao Chowdhary, Manager - Corporate Registry
KFin Technologies Limited
“Selenium Tower-B”, Plot No. 31 & 32,
Financial District, Nanakramguda,
Serilingampally, Hyderabad - 500032, Telangana.
Toll-free No.: 1800 3094 001
Email: [email protected]
Voting at the e-AGM:
i. Members who could not vote through remote e-Voting may avail the e-Voting system provided
at the e-AGM (“Insta Poll”) by KFin Technologies Limited.
ii. Only those Members/ Shareholders who will be present in the e-AGM through Video
Conferencing facility and who have not cast their vote through remote e-Voting are eligible to
vote through Insta Poll.
iii. Members who have voted through remote e-Voting will be eligible to attend the e-AGM,
however, will not be eligible to vote at the meeting.
iv. Insta Poll Instructions: The e-Voting “Thumb sign” on the left hand corner of the video
screen shall be activated upon instructions of the Chairman during the e-AGM proceedings.
Shareholders shall click on the same to take them to the “Insta Poll” page.
v. Members to click on the “Insta Poll” icon to reach the resolution page and follow the instructions
to vote on the resolutions.
vi. The details of the person who may be contacted for any grievances connected with the facility
for e-Voting on the day of the e-AGM shall be the same person mentioned for remote e-voting.
22. Shri Swaran Kumar Jain (C.P.No.4906), Practicing Company Secretary, has been appointed as the
Scrutinizer to scrutinize the e-voting process in a fair and transparent manner. Institutional Members
(i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the
relevant Board Resolution / Authority letter etc to the Scrutinizer through email to swaran234@hotmail.
com with a copy marked to [email protected], on or before Saturday, 06th August, 2022.
23. The Scrutinizer shall immediately after conclusion of the e-AGM, unblock the votes cast through remote
e-voting / e-voting through instapoll during the AGM in the presence of at least two (2) witnesses, not
in the employment of the Company and make, not later than 2 days of conclusion of the meeting, the
Scrutinizer’s Report of the total votes cast in favour or against, if any, and submit the Report to the
Chairman or a person authorized by him in writing, who shall counter-sign the report and declare the
results forthwith.
11
24. The Results declared along with the Scrutinizer’s Report shall be placed on the Company’s website
“https://www.dcmsr.com” and on the website of KFin Technologies Ltd. i.e. https://evoting.kfintech.com
within two working days of the conclusion of the meeting. The said Results will also be displayed at the
Registered and Corporate Offices of the Company, in accordance with the Secretarial Standards-2 on
General Meetings, issued by the Institute of Company Secretaries of India.
25. The Ministry of Corporate Affairs has taken a “Green Initiative in Corporate Governance” by allowing
paperless compliances by companies through electronic mode. We propose to send all future
communications in electronic mode to the email address provided by you. Members who have not
registered their email IDs are requested to intimate their email ID to the Company’s Registrars, viz. KFin
Technologies Ltd. (Email ID: [email protected]) or their depository participants.
26. KPRISM – Mobile Service application by KFin Technologies Ltd:
Members are requested to note that, Registrar and Share Transfer Agents, M/s. KFin Technologies
Limited have launched a new mobile application – KPRISM and website https://kprism.kfintech.com/
for online service to shareholders.
Members can download the mobile application, register yourself (onetime) for availing host of services
viz., consolidated portfolio view serviced by KFin Technologies, Dividends status and send requests for
change of address, change/ update Bank Mandate. Through the mobile app, members can download
Annual reports, standard forms and keep track of upcoming General Meetings, IPO allotment status
and dividend disbursements. The mobile application is available for download from Android Play Store.
Alternatively visit the link https://kprism.kfintech.com/ to download the mobile application.
27. Profile of the director retiring by rotation (Item No.3): Shri Manoj Kumar (DIN: 00072634), aged
56 years, was appointed on the Board as a Director liable to retire by rotation at the AGM held on
02.09.2020. Shri Manoj Kumar is liable to retire by rotation at the ensuing AGM as per Section 152(6)
of the Companies Act, 2013. Being eligible he has offered himself for reappointment.
Brief particulars of Shri Manoj Kumar are given below:
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ACADEMICS
• IIM Ahmedabad SMEP Certification (Residential) 1987
• Hindu College, Delhi University Bachelors of Commerce (Hons) 1987
• Modern School, New Delhi 1984
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PROFESSIONAL EXPERIENCE
• Heading the Family Business of Textile Trading of Cotton Fabrics
• Trustee of Hindu College, Delhi University
• Trustee of Lady Shri Ram College, Delhi University
• Member of Rotary Club of Delhi Midtown
• Trustee of Rtn. Naqshband Institute for Physically Challenged.
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OTHER DIRECTORSHIPS
• Spicejet Limited Director
• Select World Tours (India) Pvt. Ltd. Director
• M.R. Ramchand & Co. Pvt. Ltd. Director
• Raghushree Sales Pvt. Ltd. Director
• B H P C Clothing Pvt. Ltd. Director
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12
Shri Manoj Kumar belongs to a reputed business family of Delhi. He holds 75 equity shares of Rs. 2 in
the Company . The Board of Directors considers that the Company will continue to benefit from his long
and varied business experience and accordingly recommends his reappointment for approval.
Shri Manoj Kumar has confirmed to the Board that he has not been disqualified u/s 164(2) of the
Companies Act, 2013, to be appointed or to hold an office of director in a company. As required under
SEBI (LODR) Regulations, 2015, he has further confirmed that he has not been debarred or disqualified
from being appointed or from continuing to act as Director of companies by any statutory authorities.
Except Shri Manoj Kumar, being the appointee, none of the other directors and Key Managerial
Personnel of the Company or their relatives is concerned or interested, financially or otherwise, in the
Item No.3 of the Notice.
28. Relevant documents referred to in the Annual Report including AGM Notice and Explanatory Statement
are available for inspection through electronic mode, basis the request being sent on investorservices@
dcmsr.com.
29. Since the AGM is being held through VC, the route map for the AGM venue, is not attached.
30. Members may contact the Company or KFIN for Conveying grievances, if any, relating to the conduct
of the AGM, at the following address:
DCM Shriram Industries Limited KFIN Technologies Ltd.

‘Investor Service Section’ Unit: DCM Shriram Industries Limited
5th Floor, Kanchenjunga Building, Selenium Tower B, Plot 31-32
18, Barakhamba Road, Financial District, Nanakramguda,
New Delhi – 110001 Serilingampally, Mandal,
E-mail ID – [email protected] Hyderabad, Telangana – 500 032,
Tel: 011-43745075 Phone 040-67162222/ 1800 3094 001
Contact Persons: Email ID: [email protected]
Sh. G S Nair Sh. Y.D. Gupta Contact Person:
Vice President Company Secretary Shri Raj Kumar Kale
Assistant Vice President (RIS)
13
Annexure
EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS PURSUANT TO SECTION
102 OF THE COMPANIES ACT, 2013.
Item No.4
This explanatory statement is in terms of Regulation 36 (5) of SEBI (LODR) Regulations, 2015. However
the same is strictly not required as per section 102 of the Companies Act, 2013.
Messrs. B S R & Co., LLP (BSR), Chartered Accountants (Firm Registration No.101248 W/W 100022),
Gurugram were appointed Statutory Auditors of the Company by the shareholders in the AGM held on
22.08.2017 for a term of 5 years, that is to hold office from the conclusion of the 26th AGM till the conclusion
of the ensuing 31st AGM.
As per Section 139 of the Act, an Audit Firm can be appointed for 2 terms of 5 consecutive years. Accordingly,
After evaluating and considering various factors such as industry experience, competency of the Audit
Team, efficiency in conduct of audit, Independence etc, the Board of Directors on the recommendation of
the Audit Committee, in its meeting held on 30.05.2022 proposed reappointment of Messrs. B S R & Co.,
LLP, Chartered Accountants, for another term of 5 years as Statutory Auditors, at a remuneration as may
be mutually agreed between the Board of Directors and Statutory Auditors.
BSR have consented to their appointment as Statutory Auditors and have confirmed that if appointed, their
appointment will be in accordance with Section 139 read with Section 141 of the Act.
BSR is a member entity of B S R & Affiliates, a network registered with the Institute of Chartered
Accountants of India. BSR is registered in Mumbai, Gurugram, Bengaluru, Kolkata, Hyderabad, Pune,
Chennai, Chandigarh, Ahmedabad, Vadodara, Noida, Jaipur and Kochi. BSR audits various companies
listed on stock exchanges in India.
The Board recommends the Ordinary Resolution set out at Item No. 4 of the Notice for approval by the
Members. None of the Directors and Key Managerial Personnel of the Company or their relatives is, in any
way, concerned or interested in the Resolution set out at Item No. 4 of the Notice.
Item No.5
The Board of Directors in its meeting held on 30.05.2022 appointed M/s. Ramanath Iyer & Co., Cost
Auditors (Regn. No.13848), 808, Pearls Business Park, Netaji Subhash Place, Delhi – 110034 as Cost
Auditors of the Company for the year 2022-23 at a remuneration of Rs.1.67 lakh plus GST and out of pocket
expenses as may be applicable, on the recommendation of the Audit Committee, pursuant to Section 148
of the Companies Act, 2013.
The above remuneration of the Cost Auditors, fixed by the Board for the financial year 2022-23 on the
recommendation of the Audit Committee, is for ratification and confirmation by the shareholders as required
under Rule 14 of the Companies (Audit & Auditors) Rules, 2014.
None of the Directors and Key Managerial Personnel of the Company or their relatives is concerned or
interested, financially or otherwise, in the resolution set out at Item No.5.
14
DIRECTORS' REPORT
The Directors have pleasure in presenting the Annual Report and the Audited Financial Statements of your
Company for the year ended 31st March 2022 together with the Reports of the Auditors and the Board of
Directors thereon.
Pandemic, inflation and state of the economy
The previous two years witnessed the most traumatic time humanity has passed through in a century due to
the unprecedented pandemic, Covid-19. Untold misery and loss of life had taken place world-over. The first
wave, started in the last part of year 2019-20, wrecked more havoc to the economy because of unplanned,
forced shutdowns. The second wave was more ferocious and fatal but less harsh on economy. The world
witnessed a third wave of covid in the form of ‘Omicron’. However, the severity of Omicron was comparatively
lower, and it abated much faster than the other two waves. Covid continues to affect life in several parts of
the world, but it appears previous experience taught people to live with it. The threat continues and everyone
needs to keep protocols in place.
Intense research and experiments undertaken by pharmaceutical companies in different countries in search
of effective vaccines to contain the pandemic were historic and India stood out in bringing out vaccines to
combat the spread of the virus. Over the course of a year, India delivered 157 cr doses that covered 91 cr
people with at least one dose and 66 cr with both doses. The precautionary vaccination process, 3rd dose,
and vaccination for the children of different age groups continue to gather pace. India has the distinction
of not only the largest producer of vaccines, but also in supplying vaccines as aid to many countries. Our
Country is rightly referred as the pharmacy of the world.
The last two years have been difficult for the world economy due to the pandemic. Frequent waves of
infection, supply chain disruption, and recently inflation have created challenging situations for policy making.
The last union budget emphasized on infrastructure and creation of capital with the aim that the steps will
result in creation of more jobs and will give impetus to overall growth of the economy. Exports of both goods
and services have witnessed exceptional growth in the recent past and imports also recovered strongly with
recovery in domestic demand as well as higher international commodity prices.
While the economy was moving towards faster recovery, a war broke out in the Black Sea area between a
superpower and its small neighbour. Though the world knows that war only results in destruction and human
sufferings and never a solution for any dispute, the Comity of Nations and the institutions created to maintain
international peace, remained mute spectators. The ongoing war and the sanctions imposed by and on
NATO countries only further adversely affected the world economy. It is hoped that better sense will prevail,
and the war will end sooner than later.
RBI in its first Monetary Policy Committee meeting in April 2022 scaled down growth rate projections from
7.8% to 7.2% while retaining the Repo rate at 4%. However, with the spiraling inflation the Central Bank
had to review its April decision and revise the Repo rate to 4.40% from 4% and the CRR hiked to 4.5% from
4%. This revision in Repo rate will have a cascading effect on interest rates at which the banks lend and, on
the deposits, accepted by the banks. In fact, many banks have already embraced the Policy change. The
greatest worry is spiraling inflation, which breached the comfort level of 4% in January and has reached 7.8%
in April. WPI inflation reached at a record high of 15.08% in April 2022. These have pulled down the rupee to
an all-time low of Rs.77.80 against USD. The situation will compel RBI to shift its focus from economic growth
to containing inflation and resultant price rise. The growth projections are bound to be scaled down further in
view of the developing situation in the inflation and price fronts. A redeeming feature is the buoyancy in tax
collections, which will give the Government some comfort.
It is a matter of satisfaction that despite the adversities posed by the pandemic, the Company’s operations
continued during the year without any disruption. The Company took all possible steps to safeguard the health
of the employees at all levels, ensuring that the employees adhere to covid appropriate behavior, undergo
vaccinations and by sanitization of areas surrounding our workplaces.
Financial Summary
The Company achieved a turnover of Rs.2146 cr. against Rs.1960 cr. in the previous year. The gross profit
at Rs.124.75 cr. against Rs.129.15 cr. in the previous year is lower by 3.4%. The net profit was Rs.65.74 cr.
compared to Rs.65.89 cr. in the previous year.
15
DIRECTORS' REPORT (continued)
Appropriation and Dividend

The Board of Directors has recommended a final dividend of Re.0.50 (25%) per equity share of Rs.2 for the
year 2021-22. Taking into account the interim dividend of Re.1.00 (50%) per equity share of Rs.2 for the
year 2021-22, paid in March 2022, the total dividend for the year amounts to Rs.13.05 cr. (75%) per equity
share of Rs.2.
The closing balance of the retained earnings of the Company, after accounting for the interim dividend for
the year 2021-22, amounting to Rs.454.14 cr was carried forward in the P & L Account which include the net
profit of Rs.65.73 cr. for the year under review.
Auditors’ Report
There are no qualifications, reservation, or adverse remarks or disclaimer in the Auditors’ Reports to the
Members on the Annual Financial Statements for the year ended on 31.03.2022.
The Auditors have not reported any fraud pursuant to Section 143(12) of the Companies Act, 2013.
Secretarial Audit Report
M/s. Chandrasekaran Associates, Company Secretaries, carried out the Secretarial Audit for the year 2021-
22 pursuant to Section 204 of the Companies Act, 2013. A copy of their Report in Form MR-3 as per Rule
9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as
Annexure – 1. There is no qualification in the Report.
THE STATE OF COMPANY’S AFFAIRS
Sugar
The global sugar market attained a consumption volume of about 175 million tons in 2020. The market is
expected to grow at a Compound Annual Growth Rate (CAGR) of 1% in the forecast period of 2022-27 to
reach a volume of 186 million tons by 2026.
India has been producing more sugar than its domestic consumption for last several years. As per the latest
estimates, India is expected to produce around 36.00 million tons of sugar in the current season 2021-22
(October 2021 – September 2022) as against estimated domestic consumption of 27.00 million tons.
The upward movement in global sugar prices has continued in the ongoing season 2021-22 and the Indian
exports too have boomed despite no export subsidy from the Government so far. Estimated y-o-y lower output
in Brazil by almost 6 million tons to around 36 million tons during the sugar season 2021-22 (April-March)
due to dry conditions and frosts primarily triggered the spurt in prices. This rise in international prices have
made Indian sugar globally competitive. The revised estimates of exports is about 90 million tons.
The measures initiated by the Government in the last 3-4 years have helped the sugar industry to gradually
overcome the high inventory condition faced by it. The measures included incentives for export, higher
admixing of ethanol with petrol and diversion of more molasses/ cane juice for production of ethanol. The
industry has come a long way from the vagaries of low sugar price and high inventory situation. However,
even with the above measures, sugar prices in India are expected to remain at current levels in the medium
term as closing stock of the commodity is expected to remain at around 9 million tons for the current season
(October 21 to September 22) due to higher production. Further initiatives from the Government coupled
with expected higher sugar exports in future will be the key factors in lowering the Country’s sugar inventory
and thereby reducing the supply glut.
Exports have increased from 3.8 million tons in 2018-19 to 7.2 million tons in 2020-21 and is expected to go
up further in the current season 2021-22. The international price of sugar is showing an upward trend and
presently hovering around US$ 520 per MT. This position should help in firming up domestic prices.
During the year the Unit has changed the process of production of sugar from Sulphitation to Defco Remelt
Phosphofloatation (DRP) which has resulted in production of sugar of international standards, with improved
efficiencies.
16
Daurala Sugar Works (DSW) produced 2.195 lakh MT sugar by crushing 20.79 Lakh MT cane as against 2.5 lakh
MT sugar by crushing 24.05 lakh MT cane last year. The sugar recovery is 10.55% after diversion of the sugar
to B-Heavy molasses as against 10.39% last year. However, sugar recovery in absolute term will remain higher
in this year as the recovery is higher and after the change in the process and efficiencies have also improved.
Due to better international price and the Unit’s capability of production of sugar as per international standard
with new technologies, till 31st March, DSW has contracted 0.976 lakh MT sugar for export without any
Government subsidy. This is almost 45% of the total sugar production.
The sugar price realization improved after November 2021 with the change in production process. However,
the domestic price is still below Rs.3600 per qtl. The Unit’s average export price is Rs.3613 per qtl. Thus,
with higher export, the realization from sugar has increased appreciably.
During the year the distillery capacity has been expanded from 150 KLPD to 215 KLPD which has become
operational in the first week of December 2021. This will help the Company to enhance its production of
ethanol and improve the margins. The Unit produced 31176 KL of alcohol. Production capacity of ethanol
has also been enhanced to 155 KLPD from 85 KLPD. Ethanol production in the year was highest ever. It
is encouraging that the Government is envisaging to achieve 20% blending of ethanol with petrol by 2025.
This year, diversion to B-Heavy molasses was increased to 63% as against last year’s 24%. This will help
in increasing production of ethanol for supply to OMCs and result in better margins.
Keeping in view the revised molasses Policy of the State Government, the Unit started bottling country liquor
in November 2020 and it is expected to utilize around 60% of the Unit’s levy molasses in bottling of country
liquor brands in the sugar season 2021-22, which may go up to 80% in the subsequent season.
REC trading which was pending for last 18 months, has been revived this year and the REC stock has been
liquidated by trading.
Sanitizer business, started in 2020, continued fluctuating with the waves of the pandemic. The demand was
robust when the pandemic was at the peak, and diminished when it abated. However, with higher level of
health consciousness among public after the pandemic, the demand for the product is expected to remain,
though in a subdued manner.
Rayon
Shriram Rayons achieved highest ever production during the year with increase in capacity utilisation. The
Unit was able to run operations uninterrupted during the second and third wave of Covid 19 pandemic with
preventive measures in place.
The export volumes suffered in previous two years due to recessionary economic conditions followed by
Covid-19 pandemic. However, with opening up of the market after lockdown, the offtake by the customers
normalised. The Unit achieved highest ever sales turnover during the year with increase in sales volume
coupled with improved realisation.
Due to adverse global demand supply situation, there was steep increase in prices of raw materials, chemicals
and logistic cost during the year. However, the Unit was able to pass through the cost increase with higher
capacity utilisation, better sales realisation and various cost reduction measures.
The Unit has implemented a project for capacity expansion of Rayon in a phased manner. The project was
delayed due poor market conditions, lockdown and restrictions on movement, as a result of the spread of
Covid 19.
The Unit also manufactures Nylon Chafer fabric which is sold mainly to domestic tyre companies and Carbon
Disulphide for captive consumption and sale in domestic market. The Unit achieved higher sales in these
products during the year. The operating margins were also improved with better realisation despite steep
increase in input prices.
Capability to use agro fuels, cogeneration facilities and solar power capacity of 2.15 MW has helped the
Unit in controlling the energy cost despite increase in prices of fossil fuels. However, this is likely to increase
further. More energy conservation measures are being adopted.
17
The Unit continued receiving appreciation and awards from various forums for productivity, highest export in
the segment, occupational health & safety management. The Employers Association of Rajasthan awarded
the best employer award to the Unit.
Shriram Rayons continues to maintain quality and standards of its management systems and was
recognised for the same, viz. Quality (ISO-9001:2015), Environment (ISO-14001:2015) and Occupational
Health and Safety Management Systems (ISO-45001-2018). The Unit participated in assessment of CSR
and sustainability by independent international bodies namely ECOVADIS and CDP (Carbon Disclosure
Project).
The effluent and emission control facilities with real time monitoring are maintained and continuously upgraded
to comply with the norms.
Chemicals
Despite adversities, chemical business of the Company maintained momentum at last year’s level. The
business came under pressure due to volatile raw material costs, and increased ocean freight. The pharma
intermediate portfolio was particularly strained on account of lower antibiotic demand due to covid-19, which
lead to reduced elective surgeries and a drop in general infections because of prolonged lockdowns, masking,
and social distancing. Shutdowns in China also meant there were lower availability of inputs across the
chemical industry supply chain. The geopolitical situation, and high energy costs impacted the viability of our
customer products, leading to reduced exports.
The Business worked to counterbalance these factors by optimizing product mix, capacities, and increasing
raw material/ energy efficiencies. Parallelly, there was an increased focus on realizations in the agrochemical,
fragrances and paint/ dye sectors. Despite significant headwinds, the Business managed to close near to
last year’s revenues.
Engineering Projects
The Company’s foray into Defence equipment manufacturing is still in a nascent stage.
The Company has made progress in the Armoured Vehicle vertical. The non-compliances pointed out
by ARAI, Pune have been removed and ARAI has granted the Type Approval Certificate in August 2021.
The Company is only the second entity to receive the Type Approval Certificate for Light Bullet Proof
Vehicle (LBPV). The approval allows the Company to sell the vehicle to paramilitary forces and state police
forces. Accordingly, the LBPVs assembled by the Company are being provided to the Defence Forces
and State Police Forces for No Cost No Commitment trials. The LBPVs have performed commendably
in all the trials.
Ford India Pvt Ltd, which was the Company’s basic platform supplier, decided to exit and close down India
manufacturing operations giving a small setback to the project. However, the Company is in discussion with
Ford Motor Company regarding the supply of the Vehicle Kits from Thailand. Concurrently, the Company is
also engaged in talks with other Indian engine and transmission manufacturers for a different solution/ new
class of Armoured Vehicles.
During the year the Company has formalized the arrangements with the Zyrone Dynamics (ZD), a Turkish
Company engaged in developing technology for drones by entering into a Share Subscription and Shareholders’
Agreement in August, 2021. As per the Agreement, the Company will take up 30% of the share capital in
ZD for a total value of US $ 1.05 million in five tranches. Two tranches totaling US $241068 representing
5878 shares (8.92%) have already been subscribed. ZD will extend technological support to the Company
in developing different types of drones in India.
Defence related projects have long gestation periods and are subject to stringent regulatory clearances.
Because of these the projects take longer period for generation of revenue. The Company’s efforts are to
see that the projects in hand go on stream as early as possible.
The Central Government policies of “Atmanirbhar” and “Make in India” are expected to give a fillip to the
domestic Defence industry in the coming years and the Company will make all possible efforts to seize the
opportunity.
18
Material changes and commitments
No material changes or commitments have occurred between the end of the financial year to which the financial
statements relate and the date of this Report, affecting the financial position of the Company.
Subsidiary/Associate Companies
The Company has two non-material wholly owned subsidiaries, Daurala Foods & Beverages Pvt. Ltd.,
which is not carrying on any operations presently and DCM Shriram Fine Chemicals Limited, incorporated
in September 2021 and is yet to commence business. DCM Hyundai Limited is an associate company.
The required information regarding the performance and financial position of the subsidiary and associate
companies are annexed in Form AOC - I as annexure to the Annual Financial Statements for the year ended
31.03.2022. There has been no change in relationship of subsidiaries/ associate companies during the year.
Annual Return
A copy of Annual Return for the year 2020-21, is available on the Company’s web link https://dcmsr.com/
wp-content/uploads/2021/10/AR-2021.pdf. The Annual Return for the year 2021-22 will be uploaded after
filing with the Registrar of Companies in due course.
BOARD MEETINGS AND DIRECTORS
Meetings of the Board
During the year 2021-22 seven Board meetings were held. The dates of the meetings, attendance, etc., are
given in the Corporate Governance Report annexed hereto.
Declaration u/s 149(6) of the Act
All the Independent Directors (IDs) have given declarations u/s 149(6) of the Act and Regulation 16(1)(b) of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming that they meet
the criteria of independence as laid down under the said Section/ Regulation.
The Directors of the Company have also confirmed that they were not disqualified to be appointed as Directors
as per Section 164(2) of the Companies Act, 2013 and that they have not been debarred by SEBI or any
other statutory authority to hold an office of director in a company.
Familiarization Programme for Independent Directors
A visit of the Board of Directors was arranged on 30.03.2022 to the plants of the Company located at Daurala
Meerut (UP). The visit covered Daurala Organics, Daurala Chemical Industries, Daurala Sugar Works,
Daurala Distilleries and the Bottling plants. During the visit the directors familiarized themselves with the
operations of various plants assisted by senior technical personnel. The directors were appreciative of the
way the plants were being maintained particularly the hygienic and safety conditions being adhered to inside
and the areas surrounding the plants.
A familiarization Programme for IDs, laid down by the Board has been posted on the Company’s weblink –
https://dcmsr.com/wp-content/uploads/2021/04/Familiarization-Programme-for-Independent-Directors.pdf
Policy on Board Diversity
The Board of Directors in its meeting held on 30.05.2016 had approved a Policy on Board Diversity,
recommended by the Nomination & Remuneration Committee (NRC) as required under the SEBI (LODR)
Regulations, 2015. A copy of the same has been posted on the Company’s weblink - https://dcmsr.com/
wp-content/uploads/2021/04/Policy-BoardDiversity.pdf
Directors Appointment and Remuneration
Appointment of directors on the Board of the Company, except nominee director, is based on the
recommendations of the Nomination & Remuneration Committee. NRC identifies and recommends to the
Board, persons for appointment on the Board, after considering the necessary and desirable competencies.
NRC also considers positive attributes like integrity, maturity, judgement, leadership position, time and
willingness, financial acumen, management experience and knowledge in one or more fields of finance, law,
management, sales, marketing, administration, research, etc.
19
Independent Directors should fulfill the obligations of independence as per the Act and Regulation 25 of the
SEBI (LODR) Regulations, 2015 in addition to the general criteria stated above. All the Independent Directors of
the Company have got themselves enrolled in the Databank of IDs maintained by Indian Institute of Corporate
Affairs, an entity under the Ministry of Corporate Affairs. Their registrations have been renewed on a year-
to-year basis. It is ensured that a person to be appointed as a director has not suffered any disqualification
under the Act or any other law to hold such an office.
The directors of the Company are paid remuneration as per the Remuneration Policy of the Company, the gist
of which is given under the heading `Remuneration Policy’ as part of this Report. The details of remuneration
paid to the directors during the year 2021-22 are given in the Corporate Governance Report forming part of
this Report.
Changes in Directors or KMP
During the year, Shri Vineet Manaktala (DIN: 09145644) was co- opted on the Board and appointed Director
Finance & Chief Financial Officer w.e.f 01.07.2021, in place of Shri N K Jain, who retired on 30.06.2021. The
appointment and terms of remuneration of Shri Vineet Manaktala were approved by the shareholders at the
AGM held on 08.09.2021.
Shri Mukesh Gupta, nominee of LIC on the Board, demitted office on 14.03.2022 on withdrawal of his nomination
by LIC on account of his retirement from LIC. Mrs. Mini Ipe, Managing Director of LIC, was nominated w.e.f.
30.03.2022 on the Board in place of Shri Mukesh Gupta.
Shri Manoj Kumar, Director, retires by rotation pursuant to Section 152(6) of the Companies Act, 2013 at the
ensuing Annual General Meeting and being eligible offers himself for reappointment.
There has been no change in the Key Managerial Personnel during the year.
Annual Evaluation of Board and Directors
As required under the Act and the SEBI (LODR) Regulations, 2015, evaluation of the performance of the
Independent Directors, other non-executive directors, Board as a whole, Executive Directors, the Chairman and
the Committees during the year 2021-22 was carried out by the Board of Directors, based on the criteria laid
down by the NRC in the year 2017, in the meeting held on 30.03.2022. A copy of the `criteria for evaluation’
is annexed as Annexure 2 hereto.
Based on the criteria, the Board reviewed the performance of the Board as a whole, particularly structure, quality
of deliberations in the meetings, functions, performance of the management and feedback etc. The Board
reviewed the performance of the Company, Board as a whole, its Committees and Directors and observed:
- that despite the downward trend in economic conditions due to Covid 19 impact, the Company
has performed well.
- that the Board continued to adhere to the highest standards in all above areas, and the performance
was constructive and met the test of objectivity in achieving the goals of the Company.
- that the Committees carried out their functions according to the requirements mandated under
the Companies Act/ SEBI Regulations, pursuant to which they were constituted, effectively. The
Board particularly appreciated the Audit Committee which met regularly and acted as a watch dog
in matters concerning finance, RPTs and internal financial controls.
- that all the directors including IDs have given very valuable inputs/contribution in achieving the
goals of the Company. It was noted that the Executive Directors continued to perform with utmost
responsibility in achieving the operating targets and the IDs and other directors contributed by
providing valuable inputs and guidance.
- that the Independent Directors individually and collectively functioned constructively in the best
interest of and beneficial to the Company and the stakeholders.
- that the Independent Directors adhered to the Code of Independence as per Schedule IV of the
Act and to the restriction regarding pecuniary relationship with the Company during the period
under evaluation.
20
The IDs in a separate meeting held on the same day prior to the Board Meeting, reviewed and evaluated the
performance of non-Independent Directors.
The IDs also reviewed the quality, quantity and timeliness of flow of information between the Company
management and the Board, which are necessary for the Board to effectively and reasonably perform its duties.
The performance evaluation by the Board and the Independent Directors did not find any matter requiring
follow up action.
Directors’ Responsibility Statement
As required under Section 134(3)(c) of the Act, your Directors state that:
a) in the preparation of the annual accounts, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
b) the directors had selected such accounting policies and applied them consistently and made judgements
and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or loss of the Company for that period;
c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
d) the directors had prepared the annual accounts on a going concern basis;
e) the directors had laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operating effectively; and
f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.
Internal Financial Controls
A comprehensive and effective internal financial control system is followed by the Company at all its
establishments. This is further strengthened by an internal audit process under the overall supervision of the
Audit Committee of the Board. The services for the internal audit are outsourced. Qualified and experienced
professionals are engaged to ensure effective and independent evaluation of, inter alia, the internal financial
controls.
The Audit Committee lays down the schedule for internal audit. Internal audit reports are placed before the
Committee with management comments. Suggestions are implemented and reported to the Audit Committee.
Apart from the above, an effective budgeting and monitoring system is also in place. Budgets are reviewed
by Audit Committee and approved by the Board. The operating results are compared and monitored with
the approved budgets periodically. An Executive Committee comprising of senior management team meets
every month, reviews all aspects of operations and chalks out remedial measures and strategies, regularly.
An effective communication/ reporting system operates between the Units, Divisions and Corporate Office
to keep various establishments abreast of regulatory changes and ensure compliances.
To further strengthen the Internal Financial Controls and business transformation through digitization, the
Company has implemented an advanced SAP S/4 HANA in all business segments. Additionally, manual
verification/ controls were also followed.
Loans, Guarantees and Investments
The particulars of loans given by the Company are given in Note no. 15 of the Standalone Financial Statements
for the year ended 31.03.2022.
The Company has not made any investment or provided any guarantee covered u/s 186 of the Companies
Act, 2013, during the year except surplus funds placed in liquid funds of Mutual funds on short term basis
and the funds provided to DCM Shriram Fine Chemicals Limited, a wholly owned subsidiary, incorporated to
explore and set up a fine chemicals plant at Dahej, Gujarat.
21
Related Party Transactions

There has been no materially significant related party transaction between the Company and the Directors, Key
Management Personnel, the subsidiary, or the relatives except for those disclosed in the financial statements
– Note No. 45 of Notes to Accounts, which are at arm’s length basis and not material. Accordingly, Form
AOC -2 does not form part of this Report.
The Board had framed a Policy on Related Party Transactions incorporating the revised requirements and
placed the same on the Company’s weblink: https://dcmsr.com/wp-content/uploads/2022/02/Policy-on-
Related-Party-Transactions.pdf
CSR Activities
Pursuant to Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules,
2014, as amended from time to time, an Annual Report in the prescribed proforma is annexed – Annexure 3.
The Company was required to spent Rs.188.65 lakh, being 2% of the average net profits of the preceding 3
years during the year under review which have been fully utilized. The CFO has confirmed to the Board that
funds mandated were spent as per approval of the CSR Committee and Board. Rs.5 lakh was additionally
contributed to Prime Ministers’ National Relief Fund representing the amount remained unspent by one of
the Company’s Units due to the disruption caused by the pandemic.
Risk Management
The Board of Directors in its meeting held on 30.01.2006 undertook a comprehensive review of the risk
assessment and minimization procedures/ policies followed by the Company at its various operations. While
taking note of the same, the Board laid down that a half yearly status report of the risk assessment and steps
taken to minimize the risks be placed before the Board. Such a report in respect of all the operations of the
Company is regularly placed before the Board and suggestions, if any, are implemented.
In view of the diversified business, there are no significant elements of risk, which in the opinion of the Board
may threaten the existence of the Company.
The Board of Directors while reviewing the existing risk assessment procedures, laid down a Risk Management
Policy as required under Regulation 17 of SEBI (LODR) Regulations, 2015 on 12.02.2016.
Public Deposits
Details relating to deposits, covered under Chapter V of the Act:
i) Accepted during the year: - Rs. 210.60 Lakh.
ii) Remained unclaimed as at the end of the year: - Rs.6.00 lakh
(There is no deposit claimed but not paid)
iii) Whether there has been any default in repayment of deposits or payment of interest thereon
during the year and if so, number of such cases and the total amount involved-
a) At the beginning of the year
b) Maximum during the year Nil
c) At the end of the year
iv) The details of deposits which are not in compliance with the requirements of
Chapter V of the Act: - Nil
Significant Material Orders Passed by Regulators or Courts or Tribunals
No significant orders have been passed by any Regulators, Courts or Tribunals during the year impacting
the going concern status and Company’s operations in future.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
The required information as per Rule 8 (3) A, B & C of Companies (Accounts) Rules, 2014 is annexed –
Annexure 4.
22
REMUNERATION POLICY
The Board of Directors in its meeting held on 14.08.2014 had laid down a Remuneration Policy as recommended
by the Nomination & Remuneration Committee (NRC) relating to remuneration of the Directors, Key Managerial
Personnel (KMP), Sr. Management Personnel (SMP) and other employees of the Company. The Remuneration
Policy is in accordance with Section 178 of the Act and the Rules made there under. The Policy was revised
by the Board in its meeting held on 29.10.2019 on recommendations of the NRC. The Remuneration Policy
is posted on the Company’s weblink. https://dcmsr.com/wp-content/uploads/2021/04/remuneration-policy.pdf
The salient features of the Policy are given below:
i. Guiding principle
The guiding principle of the Policy is that the remuneration and other terms of employment should
effectively help in attracting and retaining committed and competent personnel. The remuneration
packages are designed keeping in view industry practices and cost of living.
ii. Directors
Non-executive directors are paid remuneration in the form of sitting fees for attending Board/ Committee
meetings as fixed by the Board from time to time subject to statutory provisions. Presently sitting fee
is Rs.60,000 per Board meeting and Rs.30,000 per Committee meeting. In addition, Non-executive
Directors are to be paid commission on profits of up to 1% of the net profit of the Company, computed
in the manner laid down u/s 198 of the Companies Act, 2013, in such amount and proportion as may
be decided by the Board of Directors.
Remuneration of Executive Directors (Whole-time Directors) including Managing Director(s) is fixed by
the Board of Directors on the recommendation of the NRC, subject to the approval of the shareholders.
The NRC, while recommending the remuneration, considers pay and employment conditions in the
industry, merit and seniority of the person and paying capacity of the Company. The remuneration, which
comprises of salary, perquisites, performance-based reward/profit-based commission and retirement
benefits as per Company Rules, is subject to the limits laid down under the Companies Act, 2013.
iii. Key Managerial Personnel and Sr. Management Personnel
Appointment, remuneration and cessation of service of Key Managerial Personnel are subject to the
approval of the NRC and Board of Directors. Appointment and cessation of service of Sr. Management
Personnel are approved by the Senior Managing Director on the recommendation of the concerned
Executive Director, keeping in view the Remuneration Policy.
iv. Other employees
The remuneration of other employees is fixed from time to time by the Management as per the guiding
principle laid down in the Remuneration Policy and considering industry standards and cost of living.
In addition to salary, they are also provided perquisites and retirement benefits as per schemes of the
Company and statutory requirements, where applicable.
Managerial Remuneration
The information required as per Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 pertaining to remuneration of Directors, KMP and comparisons are annexed – Annexure
5. It is affirmed that the remuneration is as per the Remuneration Policy of the Company.
Statement of particulars of the top ten employees in terms of remuneration including employees who were
in receipt of remuneration which was not less than Rs.102 lakh or more per annum in aggregate during the
year 2021-22 is annexed – Annexure 6.
Audit Committee
The Audit Committee presently comprises of six members including four IDs, one Non-Executive Director
and one Executive Director. Shri P.R. Khanna is the Chairman and Shri S.B. Mathur, Shri S.C. Kumar, Ms
V. Kavitha Dutt, all IDs, Shri Manoj Kumar, Non-Executive Director and Shri Madhav B. Shriram, Managing
23
Director are Members. There was no instance of the Board not accepting the recommendation of the Audit
Committee.
Vigil Mechanism
Pursuant to Section 177 of the Act and Regulation 22 of SEBI (LODR) Regulations, 2015, the Board of
Directors, on the recommendation of the Audit Committee, adopted a Vigil Mechanism (Whistle Blower Policy).
The Policy has been revised by the Board in its meeting held on 27.05.2019 to incorporate the requirements
of SEBI (Prohibition of Insider Trading) Regulations, 2015. The revised Policy has been circulated among
the employees and also has been put on the weblink of the Company: https://dcmsr.com/wp-content/
uploads/2021/04/whistleblower-policy.pdf
The Policy provides a channel to the employees to report to the management concerns about unethical
behavior, actual or suspected fraud or violation of the code of conduct or policies. The mechanism provides
for adequate safeguards against victimization of employees who avail of the mechanism and also provides
for direct access to the Chairman of the Audit Committee in exceptional cases.
Share Capital
During the year, the Company has not issued any share capital with differential voting rights, sweat equity or
ESOP nor provided any money to the employees or trusts for purchase of its own shares.
The Company has not made any public offer of shares during the year.
Sub-Division of Share Capital into smaller nominal value
Pursuant to the approval of the shareholders at the last AGM, held on 08.09.2021 the shares in the Company
has been split from the existing nominal value of Rs.10 per share to five shares of Rs.2 each effective from
11.10.2021 thereby keeping the paid up share capital intact.
Listing on NSE
The shares in the company have also been listed on National Stock Exchange w.e.f. 24.12.2021. After the
listing the traded volumes in the shares have gone up substantially.
Statutory Auditors
Pursuant to Section 139 of the Companies Act, 2013, the shareholders in their meeting held on 22.08.2017
had appointed M/s. B S R & Co., LLP, Chartered Accountants (Firm Registration No.101248W/W100022),
Gurugram as statutory auditors for holding office from the conclusion of the said AGM till the conclusion
of the AGM to be held in the year 2022 on the recommendation of the Audit Committee and the Board of
Directors.
As per Section 139 of the Act, a firm of auditors can be appointed as Statutory Auditors for two terms of five
year each. Accordingly, a proposal for reappointment of M/s B S R & Co., LLP is being placed before the
shareholders for their reappointment for another term of five years from the conclusion of the ensuing AGM
till the conclusion of the AGM in the year 2027.
Cost Auditors
M/s Ramanath Iyer & Co., Cost Accountants, (Regn No.13848), 808, Pearls Business Park, Netaji Subhash
Place, Pitampura, Delhi – 110034, who were appointed as Cost Auditors of the Company for the year 2020-
21, submitted the Cost Audit report, due for filing on or before 12.09.2021, to the Central Government on
30.08.2021. They have been reappointed as Cost Auditors for the year 2022-23. A resolution for ratification
of their remuneration for the year 2022-23, as required under the Companies Act, 2013, forms part of the
Notice convening the AGM.
The Company maintains Cost records as specified by the Central Govt. under sub- section (1) of section 148
Corporate Governance
Reports on Corporate Governance and Management Discussion & Analysis are annexed – Annexure 7.
24
Anti-Sexual Harassment Policy
Pursuant to the “Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013”, the Company constituted Internal Complaints Committees at all its workplaces. There has not been
any instance of complaint reported in this regard to any of the Committees. The Committees have been
reconstituted effective from 01.07.2020 for next 3 years.
The Company periodically review and submit a status report annually to the Competent Authority under
Section 22 of the said Act.
DISCLOSURE UNDER SECRETARIAL STANDARDS
Applicable Secretarial Standards i.e. SS-1 and SS-2 relating to ‘Meeting of the Board of Directors’ and ‘General
Meetings’, respectively, have been duly followed by the Company.
Acknowledgment
The Directors acknowledge the continued co-operation and support received from the banks and various
government agencies, and all our business associates.
The Directors also place on record their appreciation of the contribution made by employees at all levels.
Their conduct and support in this difficult time of the pandemic have been noteworthy.
For and on behalf of the Board
(Madhav B. Shriram) (Alok B. Shriram)

New Delhi, DIN: 00203521 DIN: 00203808
30 May, 2022 Managing Director Sr. Managing Director
25
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022
Annexure - 1
To,
The Members,
DCM Shriram Industries Limited
Kanchenjunga Building,
18, Barakhamba Road, New Delhi -110001
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the
adherence to good corporate practices by DCM Shriram Industries Limited (hereinafter called the
“Company’’). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating
the corporate conducts/ statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other
records maintained by the Company and also the information provided by the Company, its officers, agents
and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion,
the Company has, during the audit period covering the financial year ended on March 31, 2022 complied
with the statutory provisions listed hereunder and also that the Company has proper Board-processes and
compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained
by the Company for the financial year ended on March 31, 2022 (“during the period under review”) according
to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder to the extent of
Regulation 76 of Securities and Exchange Board of India (Depositories and Participants) Regulations,
2018;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent
of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India
Act, 1992 (‘SEBI Act’):
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018;
d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021 to the extent applicable and The Securities and Exchange Board of India (Share
Based employee Benefits) Regulations, 2014: Not Applicable during the period under review.
e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities)
Regulations, 2021; Not Applicable during the period under review.
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and dealing with client to the extent of securities
issued;
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; Not
Applicable during the period under review and
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018. Not
Applicable during the period under review.
26
(VI) The other laws, as informed and certified by the management of the Company, there is no sectorial
law specifically applicable to the Company based on their Sectors/ Industry. The other laws, as
informed and certified by the Management of the Company which are specifically applicable to the
Company based on their Sectors/ Business are:
1. The narcotic Drugs and Psychotropic Substances Act, 1985
2. Sugarcane Control Order,1966
3. Sugar Control Order 1966:
We have also examined compliance with the applicable clauses and Regulations of the following:
a) Secretarial Standards issued by The Institute of Company Secretaries of India and notified by Ministry
of Corporate Affairs.
b) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.(“Listing Regulation”)
During the period under review the Company has generally complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc mentioned above.
We further report that,
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-
Executive Directors and Independent Directors. The changes in the composition of the Board of Directors
that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on
agenda were sent least seven days in advance (except in cases where meetings were convened at a shorter
notice for which necessary approvals obtained as per applicable provisions), and a system exists for seeking
and obtaining further information and clarifications on the agenda items before the meeting and for meaningful
participation at the meeting.
All decisions at Board Meetings and Committee Meetings were carried out unanimously as recorded in the
minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be.
We further report that there are adequate systems and processes in the Company commensurate with
the size and operations of the Company to monitor and ensure compliance with applicable laws, rules,
regulations and guidelines.
We further report that during the audit period, following specific event / action took place having a major bearing
on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc:
(i) During the period under review the company has listed its securities on the board of the National Stock
Exchange (NSE) w.e.f 24.12.2021.
(ii) During the period under review the Company has altered its Memorandum of Association to give effect to sub-
division of nominal value of equity shares in the Company from Rs.10 each to nominal value of Rs. 2 each.
For Chandrasekaran Associates

Company Secretaries
Firm Registration No.: P1988DE002500
Peer Review Certificate No.: 1428/2021
Sd/-
Dr. S. Chandrasekaran
Senior Partner
Membership No. FCS No.: 1644
Place: Delhi Certificate of Practice No: 715
Date: 17.05.2022 UDIN: F001644D000330797
Notes:
(i) This report is to be read with our letter of even date which is annexed as Annexure-A to this report and
forms an integral part of this report.
27
Annexure-A
To
The Members
18, Barakhamba Road, New Delhi -110001
Our Report of even date is to be read with along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The verification was done on the random test basis to ensure
that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed
provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on the random test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries
Sd/-
Senior Partner
Date: 17.05.2022 UDIN:F001644D000330797
Annexure - 2
Criteria for Evaluation of Board as a Whole by all Directors
Area of Evaluation Criteria

a) Structure of the Board i) Competency of Directors
ii) Experience of Directors
iii) Mix of qualifications
iv) Diversity in Board under various parameters
v) Appointment to the Board
b) Meetings of the Board i) Regularity of meetings
ii) Frequency
iii) Logistics
28
iv) Agenda
v) Discussions and dissents
vi) Recording of Minutes
vii) Dissemination of information
c) Functions of the Board i) Role and responsibilities of the Board
ii) Strategy and performance evaluation
iii) Governance and compliance
iv) Evaluation of risks
v) Grievance redressal for investors
vi) Conflict of interest
vii) Stakeholder value and responsibilities
viii) Corporate culture and values
ix) Review of Board evaluation
x) Facilitation of Independent Directors
d) Board and Management i) Evaluation of performance of the management
and feedback
ii) Independence of the management from the Board
iii) Access of the management to the Board and Board
access to the management
iv) Secretarial support
v) Fund availability
vi) Succession plan
e) Professional development:
Criteria for Evaluation of the Committees of the Board by all Directors

a) Mandate and composition Whether the mandate, composition and working procedures
of Committees of the Board of Directors are clearly defined
and disclosed.
b) Effectiveness of the Whether the Committee has fulfilled its functions as assigned
Committee by the Board and laws as may be applicable.
c) Structure of the Committee i) Whether the Committees have been structured properly
and meetings and regular meetings are being held.
ii) Whether in terms of discussions, agenda, etc. of the meetings,

similar criteria laid down as specified above for the
entire Board.
d) Independence of the Whether adequate independence of the Committee is ensured
Committee from the Board from the Board.
e) Contribution to decisions of Whether the Committees’ recommendations contribute
the Board effectively to decisions of the Board.
29
Criteria for Evaluation of Individual Directors and Chairperson

(including IDs and Executive Directors by the Board as a Whole)

General a) Qualifications
b) Experience
c) Knowledge and competency
d) Fulfillment of functions
e) Ability to function as a team
f) Initiative
g) Availability and attendance
h) Commitment
i) Contribution
j) Integrity
Additional criteria for IDs a) Independence
b) Independent views and judgement
Additional criteria for a) Effectiveness of leadership and ability to steer the
Chairperson meeting
b) Impartiality
c) Commitment
d) Ability to keep shareholders’ interests in mind
Criteria for Evaluation of Individual Directors and Chairperson

(excluding Independent Directors) by Independent Directors

General a) Qualifications
b) Experience
c) Knowledge and competency
d) Fulfillment of functions
e) Ability to function as a team
f) Initiative
g) Availability and attendance
h) Commitment
i) Contribution
j) Integrity
Additional criteria for a) Effectiveness of leadership and ability to steer the
Chairperson meeting
b) Impartiality
c) Commitment
d) Ability to keep shareholders’ interests in mind
Flow of information Assess the quality, quantity and timeliness of flow of
information between the Company Management and the
Board.
30
ANNEXURE - 3
REPORT ON CSR ACTIVITIES
1. A brief outline of the Company's CSR Policy, including overview of projects or programs proposed to be
undertaken and a reference to the web-link to the CSR Policy and projects or programs are provided at
Point No. 3 below.
2. Composition of CSR Committee:
Sl. Name of Director Designation / Na- Number of meetings Number of meetings
No. ture of Directorship of CSR Committee of CSR Committee
held during the year attended during the year
1. Alok B. Shriram Sr. MD 2 2
2. Madhav B. Shriram MD 2 2
3. Urvashi Tilak Dhar WTD 2 2
4. Samir C. Kumar Independent Director 2 2
5. V Kavitha Dutt Independent Director 2 2
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by
the board are disclosed on the website of the company.
CSR Committee https://dcmsr.com/wp-content/uploads/2022/04/Board-Committee-Composition.pdf
CSR Policy https://dcmsr.com/wp-content/uploads/2021/04/CSR-policy.pdf
CSR Projects NA
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of
rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the
report). – N.A.
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any
Sl. Financial Amount available for set-off from Amount required to be set-off for the
No. Year preceding financial years (in Rs) financial year, if any (in Rs)
-- Not Applicable --
6. Average net profit of the company as per section 135(5) – Rs. 94,32,15,326
7. S. No Particulars Amount (Rs.)
7(a) Two percent of average net profit of the company as per section 135(5) 1,88,64,307
7(b) Surplus arising out of the CSR projects or programmes or activities of the Nil
previous financial years.
7(c) Amount required to be set off for the financial year, if any Nil
7(d) Total CSR obligation for the financial year (7a+7b-7c) 1,88,64,307
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent (in Rs.)
Spent for Total Amount transferred to Un- Amount transferred to any fund specified under
the Financial spent CSR Account as per section Schedule VII as per second proviso to section
Year (in Rs.) 135(6) 135(5)
Amount Date of transfer Name of the Fund Amount Date of transfer
1,83,66,184 N.A. N.A. PM National 5,00,000 04-05-2022
Relief Fund
31
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name Item from Local Location of the Project Amount Amount Amount Mode of Mode of Implemen-
No of the the list of area project. duration. allo- spent transferred to Implementa- tation - Through
Project activities (Yes/ cated in the Unspent CSR tion - Direct Implementing
in Sched- No) for the current Account for (Yes/No). Agency
ule VII to project financial the project as
State District Name CSR Reg-
the Act. (in Rs.). Year (in per Section
istration
Rs.). 135(6) (in
number.
Rs.).
-- NOT APPLICABLE --
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)

Sl. Name Item Local Location of the Amount Mode of Mode of implementation -
No of the from the area project. spent imple- Through implementing agency
Project list of (Yes/ State District for the mentation Name CSR registra-
activi- No) project - Direct tion number
ties in (in Rs.) (Yes/No)
sched-
ule VII
to the
Act.
1 Promot- (i) Yes Delhi New 15,00,000 No Bansuri Chari- CSR00004775
ing health Delhi table Society
care No U.P. Luc- 5,00,000 No ISDC, Lucknow NA
including know
preven-
tive No Maha- Mumbai 5,00,000 No Indian CSR00016713
health rashtra Association of
care and Gastrointestinal
sanita- Endosurgeons
tion No Maha- Mumbai 5,00,000 No Tata Memorial CSR00001287
rashtra Hospital
Yes Delhi New 10,00,000 No Dipam CSR00005970
Delhi Foundation
Yes Delhi New 2,50,000 No Guild for Service CSR00002713
Delhi
Yes Uttar Daurala 61,37,705 Yes NA NA
Pradesh
Yes Rajast- Kota 7,03,099 Yes NA NA
han
2 Support (ii) Yes Delhi South 2,00,000 No Help Care So- CSR00008265
to educa- Delhi ciety
tion of Yes Rajast- Kota 19,66,096 Yes NA NA
women / han
old age /
Spl. Able
children /
library
32
3 Empow- (iii) Yes Delhi New 4,50,000 No PHD Family Wel- CSR00004544
ering Delhi fare Foundation
Women, Yes Delhi Central 5,00,000 No Bansuri Chari- CSR00004775
Support Delhi table Society
to Senior
Citizens No U.P. Ayodhya 5,00,000 No Shri Ramcharit NA
Manas Bhavan
Trust
Yes Uttar Daurala 4,13,512 Yes NA NA
Pradesh
Yes Rajast- Kota 2,36,000 Yes NA NA
han
4 Environ- (iv) Yes Haryana Gurgaon 1,00,000 No Atulya Ganga NA
mental Trust
Sustain- Yes U.P. Daurala 1,53,395 Yes NA NA
ability
and pro-
tection of
flora and
fauna
5 Promo- (v) No Karna- Benga- 5,00,000 No Art & CSR00000053
tion of taka luru Photography
traditional Foundation
art
6 War (vi) Yes Uttar Daurala 26,377 Yes NA NA
Widow Pradesh
7 Promo- (vii) Yes U.P. Noida 3,00,000 No Dribble Academy CSR00000164
tion of Foundation
Rural
Yes Delhi New 5,00,000 No Bansuri Chari- CSR00004775
Sports
Delhi table Society
Yes Rajast- Kota 30,000 Yes NA NA
han
8 PMNRF (viii) Yes Delhi New 9,00,000 Yes NA NA
and PM Delhi
CARES
Total 178,66,184
(d) Amount spent in Administrative Overheads: Rs.5 Lakh

(e) Amount spent on Impact Assessment, if applicable: Not Applicable.
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): Rs.183,66,184
(g) Excess amount for set off, if any
Sl. Particular Amount

No. (in Rs.)
(i) Two percent of average net profit of the company as per section 135(5) 1,88,64,307
(ii) Total amount spent for the Financial Year 1,88,66,184
(iii) Excess amount spent for the financial year [(ii)-(i)] 1,877
(iv) Surplus arising out of the CSR projects or programmes or activities of the 0
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 1,877
33
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sl. Preceding Amount transferred Amount spent Amount transferred to any fund speci- Amount remaining
No Financial to Unspent CSR Ac- in the reporting fied under Schedule VII as per section to be spent in suc-
Year count under section Financial Year (in 135(6), if any ceeding financial
135 (6) (in Rs.) Rs.) Name of Amount Date of years. (in Rs.)
the Fund (in Rs). transfer
1 2018-19 Nil NA NA NA NA NA
Total Nil NA NA NA NA NA
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. Project Name Financial Year Project Total amount Amount spent on Cumulative amount Status of
No ID of the in which the duration allocated for the project in the spent at the end of the project -
Project project was the project reporting Financial reporting Financial Completed /
commenced (in Rs.) Year (in Rs) Year. (In Rs.) Ongoing
-- NOT APPLICABLE --
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or
acquired through CSR spent in the financial year: NOT APPLICABLE
(asset-wise details)
(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is regis-
tered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location
of the capital asset).
11. Specify the reason(s) if the company has failed to spend two per cent of the average net profit as per
section 135(5): NOT APPLICABLE
(Alok B. Shriram)
(Madhav B. Shriram) Sr. Managing Director & CEO
Place: New Delhi, Managing Director (Chairman, CSR Committee)
Date: 30 May, 2022 DIN 00203521 DIN 00203808
34
Annexure - 4
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information as required under Section 134(3)(m) read with Rule 8(3) of Companies (Accounts) Rules, 2014
A. CONSERVATION OF ENERGY
i) Steps taken and impact on conservation of energy:
- Installation of DCH for molasses conditioning by utilizing 2nd effect vapour in place of live steam. The work
was satisfactory completed and we saved steam @ 0.10% on cane as envisaged.
- Installation of Melt Concentrator with PHE by using low pressure vapour and there was reduction in steam
consumption by 0.25% on cane.
- Installation of VFD (Variable Frequency Drives) on Cane Carrier and Belt carrier application in place of dyno
drives, the power saving achieved is 30 Kwh.
- Efforts have been made to reduce raw water consumption @ 11 T per hr by installing fixed vane scrubbers
and utilizing spent wash condensate for sealing of front ash hoppers at incinerator.
- Installation of energy efficient motors.
- Existing lighting system replaced by LED lighting system.
- Installed energy efficient Rotatory Vacuum Pump.
- Installed energy efficient leak proof acid transfer pump.
- Installation of high efficiency brine screw and chilled water screw chiller.
- VFD control installed on cooling water pump.
- Process optimization.
- Installation of Power Factor Controller to improve power factor.
- Replacement of ordinary sodium & MV lamp Lights by LED Lights.
II. Steps taken by the Company for utilizing alternate sources of energy:
- Utilization of agro waste pellets in place of coal in coal fired boiler.
- Utilization of agro waste as boiler fuel increased from 95% to 97% of total fuel consumed.
- Harnessing of solar power 2.05 MW capacity.
III. Capital investment on energy conservation equipments : Rs. 1.78 Cr.
B. TECHNOLOGY ABSORPTION :.
I. Efforts made towards technology absorption:
- Prcocess conversion from Double Sulphitation to Refinery by using latest decolorisation technology Defco-
remelt-Phosphofloatation with Ion-Exchange (DRPIE) to produce sugar conforming to global standards.
- SCADA based complete automation of new refinery crystallization and decolourisation sections.
- Installation of rotary dryer for producing fine grain sugar conforming to export quality.
- Installation of PHE in place of tubular heaters for better heat transfer.
- Installation of Brine Recovery System and Rinse Water Recovery System using Reverse Osmosis and
Membrane filtration, to reduce effluent quantity.
- Bottling of CO2, generated from fermenters at Distillery. This had helped in reducing carbon footprints.
- Air Jet Loom installed with joint Air Splicer.
- SCADA system installed for 5.2 MW STG Set.
- High temperature sleeves provided on electrical cables in fire prone area near boiler furnaces.
- Modified the Caustic Scrubber System at CS2 Refinery for controlling the emission of H2S and CS2 gases
- Pneumatic Temperature Recorders & Controllers replaced with Electronic Temperature Recorders &
Controllers.
- Retrievable diffusers commissioned in Aeration tank in ETP.
- Multi -Cyclone Dust Collector installed in powerhouse to control air pollution.
- De-bottlenecking through process innovation.
- Change in the product mix to improve realisation.
- Obtained Type Approval Certificate for a Light Bullet Proof Vehicle (LBPV) which permits to sell the vehicles
to Paramilitary and State Police Forces.
II. Benefits derived like product improvement, cost reduction, product development or import
substitution :
- Successful conversion of production process from Double Sulphitation to Defco-Remelt process, the quality
of sugar had improved in terms of colour value, extraneous matter and sugar produced is sulphur free
confirming to global standards.
35
- Productions done on the basis of Defco-Remelt process has reduced the sugar losses.
- Pollution Control, Quality Improvement, Cost Reduction, Reduction in breakdown, Productivity Increase &
Capacity Utilization, Safety.
- Better Capacity utilization.
- Better realization due to waste recovery, less generation of waste.
- Lower cost of the products, debottlenecking to improve overall realization.
- Obtained a world class design for Light Bullet Proof Vehicles.
- Working on different category of prototypes with foreign partners for Vertical Take Off and Landing UAVs.
III. Particulars of the technologies imported during last 3 years: Nil
IV. Expenditure incurred on Research and Development: Rs. 3.11 Cr.
C. FOREIGN EXCHANGE EARNINGS & OUTGO 2021-22:

- Total foreign exchange earned Rs.417.67 Cr and used Rs. 179.14 Cr.
Annexure - 5
Information as per Rule 5 of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014
1. Ratio of the remuneration of each director to the median remuneration of the employees of the Company for the
financial year 2021-22 :
- Shri S.B. Mathur, Ind. Director - 7:1
- Shri Alok B. Shriram, Sr.MD - 88:1
- Shri Madhav B. Shriram, MD - 88:1
- Smt. Urvashi Tilak Dhar, WTD - 83:1
- Shri Vineet Manaktala, Director Finance & CFO - 12:1
- Shri P.R. Khanna, Ind. Director - 6:1
- Shri Ravinder Narain, Ind. Director - 5:1
- Shri S.C. Kumar, Ind. Director - 6:1
- Ms. V. Kavitha Dutt, Ind. Director - 6:1
- Shri Sanjay C. Kirloskar, Ind. Director - 5:1
- Shri Manoj Kumar, Non-Executive Director - 5:1
- Shri Mukesh Gupta , Nominee Director - 4:1
2. The percentage increase in remuneration of each Director, CFO and Company Secretary in the financial year 2021-22:
- Shri S.B. Mathur, Ind. Director - (2.7)
- Shri Alok B. Shriram, Sr.MD - (9.9)
- Shri Madhav B. Shriram, MD - (10)
- Smt. Urvashi Tilak Dhar, WTD - 1.7
- Shri Vineet Manaktala, Director Finance & CFO* - 55.7
- Shri P.R. Khanna, Ind. Director - (5.3)
- Shri Ravinder Narain, Ind. Director - (5.6)
- Shri S.C. Kumar, Ind. Director - (4.2)
- Ms. V. Kavitha Dutt, Ind. Director - 3.8
- Shri Sanjay C. Kirloskar, Ind. Director - (1.1)
- Shri Manoj Kumar, Non-Executive Director - 17.3
- Shri Mukesh Gupta , Nominee Director - 1.3
- Shri Y.D. Gupta, Company Secretary - 3.1
3. Percentage increase in the median

Remuneration of employees in the financial year : 22
4. Number of permanent employees on the rolls of the Company : 2413
5. Average percentile increase in the remuneration of employees other than managerial personnel during the year
2021-22 was 21.8%, whereas the average percentile increase in the managerial remuneration was (3.8)%. Three of
the managerial personnel are entitled to commission on profits, as decided by the Board within the limit laid down by
the shareholders, apart from salary and perquisites.
* Shri Vineet Manaktala was appointed as Director Finance & CFO w.e.f. 01.07.2021.
6. We affirm that the remuneration is as per the Remuneration Policy of the Company.
36
Annexure - 6
Statement of Particulars under Section 197(2) of the Companies Act, 2013 and the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014 forming part of the Report of
Directors for the year ended March 31, 2022.
A) Name of top ten employees and the name of every employee who if employed throughout the year under review
and were in receipt of remuneration for the year in aggregate of not less than Rs.1,02,00,000/-
Designation
Remuneration Experience Date of Age Particulars of last
Name and nature of Qualification
Received (Rs.) (years) commencement (years) employment.
Duties
Madhav B. Managing B.Com. (Hons.), Executive Trainee,
2,96,51,876 34 22.05.1990 57
Shriram Director MBA Nissho Iwai
Alok B. Sr. Managing Shriram Honda Power
2,96,51,595 B.Com. (Hons.) 42 01.01.1990 61
Shriram Director & CEO Equipment Ltd.
Whole Time
Urvashi Tilak
Director 2,78,24,249 P.G.(Sociology) 03 14.08.2019 66 —
Dhar
(Corp Affairs)
President BBA (Business &
Akshay Dhar 51,66,822 17 21.04.2008 38 EID Parry Ltd.
(BGA) Mgmt. Studies)
LLB, B. com, PG
Vinod Kumar Diploma in Business Sr. Manager, Jay
COO (BG Rayons) 51,03,779 47 01.02.1993 67
Jaitly Admn & PG Diploma Engg. works Ltd.
in Leadership
Sr. Vice M.Sc. Organic Indian Maize &
Girish Yajnik 50,68,656 37 16.03.1991 59
President, DO Chemistry Chemicals Ltd.
Rudra
Joint President 49,15,823 B.S. Economics 13 22.08.2013 32
Shriram
Rohan Verisk Financial
Vice President 49,06,275 B.A. Economics 2 11.02.2020 28
Shriram Services
Kanika President MA (Corp. Comn. & Harley-Davidson Motor
47,35,601 17 03.10.2011 37
Shriram (BGR) Marketing) Co. India Pvt. Ltd.
Vineet Director Finance B.Com(Hons), Shriram Honda Power
44,15,873 37 11.04.1995 59
Manaktala & CFO M.Com CA Products Ltd
Mr. Madhav B. Shriram is related to Mr. Alok B. Shriram.

Mr. Rudra Shriram & Ms. Kanika Shriram are related to Mr. Alok B. Shriram.
Mr. Akshay Dhar is related to Mrs. Urvashi Tilak Dhar.
Mr. Rohan Shriram is related to Mr. Madhav B. Shriram
B) Employed for part of the year under review and were in receipt of remuneration for part of the year in aggregate of
not less than Rs.8,50,000/- per month - NIL
Annexure - 7
CORPORATE GOVERNANCE REPORT
(A) Corporate Governance Philosophy
Good Corporate Governance practices evolved over the years, play an integral role in present day management. Every
business, irrespective of its nature, is closely linked to the society in any way or the other. Ensuring all-round transparency
generates and strengthens confidence of stakeholders in a company. Corporate Governance practices constitute the
strong foundation on which successful enterprises are built to last. Adhering to compliances laid down by regulatory
bodies in the form of mandatory regulations or guidelines to be followed voluntarily, set benchmarks of transparency.
Corporate Governance goes beyond ensuring corporate compliances. A business to be successful has to build a bond
with stakeholders and society based on trust and reputation. Corporate Governance is intended to increase accountability
and to facilitate prudent management.
The Company's CG philosophy in a nutshell encompasses five areas viz. equitable treatment of shareholders and ensuring
their rights , protecting interests of other stakeholders, role and responsibility of the Board, integrity & ethical behavior at
all levels and timely disclosure & transparency. The Company ensures full compliance with the requirements of Corporate
Governance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations).
The Company is fully aware of its responsibility to protect environment and the onus on it to reduce emissions in order
to achieve targets by 2030. It is the avowed responsibility of the Board of Directors to ensure high standard of Corporate
37
Governance and lay down stringent compliance policies so as to maintain faith of all stakeholders in the Company.
The CG Report in respect of the year ended 31.03.2022 is given below:
(B) Board of Directors
The Company’s Board comprises of an ideal combination of executive and non-executive directors, headed by a non-
executive independent Chairman. Of the twelve (12) directors, four (4) are executive directors. Three (3) executive
directors represent the promoters. Of the eight (8) non-executive directors, six (6) are independent directors, one (1) is
a non-independent director and one (1) a nominee director, representing Life Insurance Corporation of India as equity
investor. They all are persons of eminence with long experience in the fields of finance, law, trade or industry. The Board's
composition is in consonance with the CG requirements under Regulation 17 of the LODR Regulations and Section 149(4)
Board Meetings, attendance and other directorships
During the year, seven Board meetings were held in hybrid mode on 27.05.2021, 29.06.2021, 13.08.2021, 08.09.2021,
03.11.2021, 14.02.2022 and 30.03.2022. Attendance and other details are given below:
No. of Atten- Other No. of Committee

S. Category of Memberships **
Board dance Director-
No Name of Director DIN Directorship (other companies)
Meetings at last ships*
Attended AGM Member Chairman
Chairman
1 Shri S.B. Mathur 00013239 (Non-Executive 7 Yes 4 6 3
Independent)
Sr. MD
2 Shri Alok B. Shriram 00203808 (Promoter & Executive 7 Yes 2 Nil Nil
Director)
MD
Shri Madhav B.
3 00203521 (Promoter & Executive 7 Yes Nil Nil Nil
Shriram
Director)
WTD
Smt. Urvashi Tilak
4 00294265 (Promoter & 7 Yes Nil Nil Nil
Dhar
Executive Director)
Shri Nalin Kumar Jain Director Finance &
5 (Retired w.e.f. 00203581 CFO 2 NA Nil Nil Nil
30.06.2021) (Executive Director)
Non-Executive
6 Shri P.R. Khanna 00048800 7 Yes 1 1 Nil
Independent Director
Non-Executive
7 Shri Ravinder Narain 00059197 7 Yes Nil Nil Nil
Independent Director
Shri Samir Chandra Non-Executive
8 00064453 7 Yes Nil Nil Nil
Kumar Independent Director
Non-Executive Inde-
9 Ms. V. Kavitha Dutt 00139274 7 Yes 6 3 1
pendent Director
Shri Sanjay Chan- Non-Executive
10 00007885 7 Yes 4 3 1
drakant Kirloskar Independent Director
Non – Executive
11 Shri Manoj Kumar 00072634 7 Yes 1 2 1
Director
Shri Vineet Manaktala Director Finance &
12 (Appointed w.e.f. 09145644 CFO 5 Yes Nil Nil Nil
01.07.2021) (Executive Director)
Shri Mukesh Gupta
(Resigned w.e.f Nominee Director,
13 06638754 5 Yes NA NA NA
14.03.2022 on with- LIC
drawal of nomination )
Smt. Mini Ipe Nominee Director,
14 (Appointed w.e.f. 07791184 LIC 0 NA 1 Nil Nil
30.03.2022)
* Exclude directorships in Private Limited Companies / Foreign Companies / Companies registered u/s 8 of the Companies
Act, 2013
** Audit and Stakeholders' Relationship Committees.
Shri Madhav B. Shriram and Shri Alok B. Shriram being brothers are related to each other. None of the other Directors are related
to any other Director on the Board.
38
Details of Directorships in other listed entities:
S. No. Name of Directors Other directorship in Listed Entities Category of Directorship
Ultratech Cement Limited Independent Director

1 Shri S B Mathur
Thomas Cook (India) Ltd. Independent Director
2 Shri Alok B. Shriram Nil Nil
3 Shri Madhav B. Shriram Nil Nil
4 Smt. Urvashi Tilak Dhar Nil Nil
5 Shri Vineet Manaktala Nil Nil
6 Shri Prithvi Raj Khanna Indag Rubber Limited Independent Director
7 Shri Ravinder Narain Nil Nil
8 Shri Samir Chandra Kumar Nil Nil
The KCP Limited Managing Director
9 Ms. V. Kavitha Dutt Centum Electronics Limited Independent Director
Apollo Hospitals Enterprise Limited Independent Director
Shri Sanjay Chandrakant Kirloskar Brothers Limited Managing Director
10
Kirloskar KPT Industries Limited Independent Director
11 Shri Manoj Kumar Spicejet Limited Independent Director
12 Smt. Mini Ipe Nil Nil
Meeting of Independent Directors: A separate meeting of Independent Directors, pursuant to Schedule IV of the Companies
Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, was held on
30.03.2022. In the said meeting the Independent Directors, inter alia, reviewed the performance of Executive Directors,
Non Executive Directors (other than Independent Directors), Chairman and the Board as a whole. All the Independent
Directors attended the meeting.
Number of shares and convertible instruments held by Non-Executive Directors in the Company are as under:
S. Number of shares held

Name of Non-executive Director
No. (Equity Shares of Rs.2 each)
1 Shri P.R. Khanna 4800
2 Shri Ravinder Narain 2850
3 Ms. V. Kavitha Dutt 2500
4 Shri S.B. Mathur --
5 Shri S.C. Kumar --
6 Shri Sanjay C. Kirloskar --
7 Shri Manoj Kumar 75
8 Smt. Mini Ipe --
There are no convertible instruments in the Company, presently.

The Familiarization programme for Independent Directors
A plant visit by directors was organized on 30.03.2022 to different factories of the Company viz Daurala Organics, Daurala
Chemical Industries, Daurala Sugar Works, Daurala Distillery and bottling plants, situated at Daurala, Uttar Pradesh. During
the visit, Shri S.B. Mathur inaugurated the Tissue Culture Lab wherein research on new varieties of cane is undertaken.
The Directors were briefed about the manufacturing technology, process and product development programmes.
The Directors were apprised of the Plants’ operation systems, safety measures, process of power generation, handling
and management systems etc. They were also apprised of the two major projects undertaken and completed during the
year viz. change in the process for sugar production to Defco Remelt Phosphofloatation (DRP) and distillery expansion.
The visit was followed by separate meetings of the Independent Directors and the Board.
The Board of Directors had laid down a Familiarization Programme for independent directors, copy of which is placed on
the Company's website –
https://dcmsr.com/wp-content/uploads/2021/04/Familiarization-Programme-for-Independent-Directors.pdf
39
Core Skills, expertise and competence of Board of Directors

The Board comprises of highly qualified and experienced members who possess required skills, expertise and competence
which allow them to make effective contributions to the functioning of the Board and its Committees. The core skills/expertise/
competencies required in the Board in the context of the Company’s business to function effectively, as identified by the
Nomination and Remuneration Committee and the Board of Directors of the Company, are tabulated below:
Name of Core Skills / Expertise /Competencies

Directors Leadership/ Strategic Sector/Industry Technology Financial,
Operational Planning Knowledge & Experience, Regulatory/Legal
Experience R&D Innovation & risk Mgmt.
S B Mathur • • • • •
Alok B Shriram • • • • •
Madhav B Shriram • • • • •
Urvashi Tilak Dhar • • • • •
Vineet Manaktala • • • • •
P R Khanna • • • • •
Ravinder Narain • • • • •
S C Kumar • • • • •
V Kavitha Dutt • • • • •
S C Kirloskar • • • • •
Manoj Kumar • • • • •
Mini Ipe • • • • •
Independent Directors
The Board of Directors confirms that in its opinion the Independent Directors fulfill the conditions specified in Section 149
read with Schedule IV of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015 and
they are independent of the management.
None of the Independent Directors resigned before their tenure in the Company during the year under report.
(C) Audit Committee
(i) Terms of reference
The composition, terms of reference and role of the Audit Committee are as per requirements of Regulation 18 of LODR
Regulations and Section 177 of the Companies Act, 2013, besides other terms as may be laid down by the Board of
Directors, from time to time.
(ii) Composition, Meetings and Attendance
The Audit Committee, inter alia, ensures that an effective internal financial control system is in place. During the year, four
(4) meetings of the Audit Committee were held in hybrid mode on 29.06.2021, 13.08.2021, 03.11.2021 and 14.02.2022.
The Audit Committee as on 31.03.2022 has six (6) members, comprising of five (5) Non-Executive Directors of which four
(4) are Independent Directors and one (1) Executive Director. The Company Secretary is the Secretary of this Committee.
The attendance at these meetings during the year was as follows:
Name of the Member Status No. of Meetings attended

Shri P.R. Khanna Chairman 4
Shri S.B. Mathur Member 4
Shri S.C. Kumar Member 4
Shri Manoj Kumar Member 4
Smt. V. Kavitha Dutt Member 4
Shri Madhav B. Shriram Member 4
All the Members have extensive financial and accounting knowledge/ background and the Chairman is an expert in accounting
and financial management being a Fellow member of ICAI. Apart from the members, all the Executive Directors, CFO,
Head of Internal Audit, and representative(s) of the Statutory Auditors attended the meetings of the Committee.
The Minutes of the meetings of the Committee are placed before the Board.
40
(D) Nomination and Remuneration Committee
(i) Terms of Reference
The Nomination & Remuneration Committee (NRC) carries out the functions as per Section 178 of the Companies Act,
2013 and Regulation 19 of LODR Regulations.
(ii) Composition, Meetings and Attendance
The NRC is comprised of five (5) Non-Executive Independent Directors. The Company Secretary is the Secretary of this
Committee. During the year one (1) meeting of the Committee was held on 29.06.2021. The attendance at the meeting
was as follows:
Name of the Member Status No. of Meetings attended

Shri S.C. Kumar Chairman 1
Shri S.B. Mathur Member 1
Shri P.R. Khanna Member 1
Shri Ravinder Narain Member 1
Shri Sanjay C. Kirloskar Member 1
All the members of the NRC were present at the previous AGM held on 08.09.2021.
(iii) Performance Evaluation Criteria
The NRC, inter alia, had laid down the criteria for evaluation of the Board, its Committees, Directors and the Chairperson
based on Guidance note issued by SEBI on 05.01.2017. The criteria are followed by the Board and the Independent
Directors in the evaluation process. A gist of the criteria is given in Annexure 2 to the Directors’ Report.
(iv) Remuneration Policy
The Board on the recommendation of the NRC had laid down a Remuneration Policy for the Company in line with the
requirements of Section 178 of the Companies Act, 2013. A gist of the policy has been given in the Directors' Report. A copy
of the Policy has been put on the website of the Company –
https://dcmsr.com/wp-content/uploads/2021/04/remuneration-policy.pdf
(E) Stakeholders' Relationship Committee
The Committee monitors shareholders' complaints, if any, and also approves transfer/ transmission of shares in physical
form. The Committee meets on need basis.
During the year one (1) meeting of the Committee was held on 30.03.2022, which was attended by all members. The
composition of the Committee is as under:
Name of the Members Status

Shri P.R. Khanna Chairman
Shri Alok B. Shriram Member
Shri Ravinder Narain Member
Shri Madhav B. Shriram Member
All the members of the Committee attended the previous AGM held on 08.09.2021. Shri Y. D. Gupta, Company Secretary
is the Compliance Officer of the Company.
During the year 2021-2022, the Company had received Eleven (11) shareholders' complaints all of which were resolved
to the satisfaction of the shareholders.
(F) Risk Management Committee
The Company was not required to constitute a Risk Management Committee as per the Regulations. However, the Board
of Directors had laid down a Risk Management Policy to be followed by all Units and Divisions. The Board also regularly
monitors the risk minimization measures taken by the Units and Divisions. The Company proposes to constitute a Risk
Management Committee during the current year as the Company has become one of the top one thousand companies on
the basis of market capitalization as on 31.03.2022 on NSE.
41
(G) Remuneration of directors:

(a) The criteria and details of pecuniary relationship and transactions of the non-executive directors vis-à-vis the
Company are given below:
Non-Executive Directors are paid sitting fees for attending the Board and Committee meetings. Presently the sitting fee is
Rs.60,000 per board meeting and Rs.30,000 per committee meeting. The shareholders in their meeting held on 10.08.2016
accorded their approval for payment of commission on profits of up to 1% of the net profit of the Company, computed
in the manner laid down u/s 198 of the Companies Act, 2013, in such amount and proportion as may be decided by the
Board of Directors to Non-Executive Directors. The details of the sitting fee and commission paid for the year 2021-22 to
Non-Executive Directors are given below. Their shareholdings in the Company are also given below:
Sitting fees Commission No. of Shares held
Non-Executive Directors
(Rs./lakhs) (Rs./lakhs) (equity/ Rs.2 each)
Shri S.B. Mathur 7.85 14.56 --
Shri P.R. Khanna 7.65 13.72 4800
Shri Ravinder Narain 5.00 12.04 2850
Shri S.C. Kumar 6.45 13.72 --
Ms. V. Kavitha Dutt 6.15 12.88 2500
Shri Sanjay C. Kirloskar 4.70 11.20 --
Shri Manoj Kumar 6.10 11.20 75
Shri Mukesh Gupta (Payable to LIC) 2.90 9.52 --
Except a fixed deposit of Rs.10 lakh in the name of Shri P.R. Khanna, ID, another fixed deposit of Rs.10 lakh in the name
of P.R. Khanna (HUF) and a deposit of Rs.17.50 lakh in the name of Mrs. Kiran Khanna, wife of Shri P.R. Khanna, there
have been no other pecuniary relationship with the non-executive directors vis-a-vis the Company during the year. The
terms of the deposits are as applicable to other depositors.
b) Remuneration to executive directors
The details of remuneration of executive directors for the year ended 31.03.2022 are given below:
(Amount in Rs.)
Executive Directors Salary Commission/ Reward Perquisites Retirement benefits
Shri Alok B. Shriram (Sr. MD) 70,80,000 1,63,97,000 42,62,995 19,11,600
Shri Madhav B. Shriram (MD) 69,60,000 1,61,21,000 46,91,676 18,79,200
Smt. Urvashi Tilak Dhar (WTD) 66,00,000 1,58,14,000 36,28,249 17,82,000
Shri N.K. Jain (Director Finance) 7,20,000 18,00,000 * 6,46,267 1,94,400
(Upto 30.06.2021)
Shri Vineet Manaktala [Director Finance & 18,00,000 – 16,15,735 4,86,000
CFO] (01.07.2021 to 31.03.2022)
* for the period from 01.04.2020 to 30.06.2021 - 15 months.

The appointments are contractual in nature and can be determined by either party by giving notice as per their terms
of appointment or lesser notice as may be agreed to. In the event of termination of appointment by the Company, the
managerial personnel shall be entitled to compensation in accordance with the provisions of the Companies Act. No stock
options were issued by the Company to its Directors/ Employees.
(H) General Body Meetings
The last three Annual General Meetings (AGM) were held at New Delhi, as under:
Financial Year Date Time Venue

Kamani Auditorium, Copernicus Marg,
2018-2019 13/08/2019 11:00 A.M.
New Delhi – 110 001
Video Conferencing (VC) / Other Audio
2019-2020 02/09/2020 11:00 A.M.
Video Visual Means
Video Conferencing (VC) / Other Audio
2020-2021 08/09/2021 11:00 A.M.
Video Visual Means
The details of special resolutions passed in the previous three (3) Annual General Meetings are as under:
AGM 2021
1. Re-appointment of Smt. Urvashi Tilak Dhar as Whole Time Director
2. Sub-division of the equity shares in the Company from Rs.10 per share to 5 equity shares of Rs.2 per share and also
consequential substitution of the capital clause in the Memorandum of Association.
42
AGM 2020
1. Approval to the terms of appointment of Smt. Urvashi Tilak Dhar (DIN: 00294265) as Whole Time Director.
2. Adoption of new Articles of Association.
AGM 2019
1. Re-appointment of Ms. V Kavitha Dutt (w.e.f 02.02.2020), an Independent Director on the Board.
Postal Ballot
No special resolution was passed last year through postal ballot and no special resolution is proposed to be passed by
postal ballot presently.
(I) Means of communication
The Company publishes quarterly, half-yearly and annual results as required under the SEBI (LODR) Regulations, 2015
in the prescribed format. The results are published in one English and one Hindi daily News Paper. During the year under
review the results were published in the Financial Express and the Jansatta. The unabridged version of the results is
uploaded on the Bombay Stock Exchange Listing portal and National Stock Exchange, which is available on its web-sites of
the both Stock Exchanges. The results are also put on the Company's website https://dcmsr.com/financial-results-annual-
reports/#financial-results. The Company has not released any official news release and has not made any presentation to
the institutional investors or to the analysts during the year.
The notice of the AGM along with Annual Report is sent to the shareholders well in advance of the AGM. In cases where the
email IDs are notified the same is sent by email. A gist of the notice is also published in newspapers. In addition, the Stock
Exchange is notified of any material developments or price sensitive information as required under Regulation 30 of the
LODR Regulations. Disclosures with regard to shareholding pattern, change in major shareholding, quarterly share capital
audit report, CG compliance report, etc. are also sent to the Stock Exchanges as required under various Regulations. The
Company has a website – www.dcmsr.com – in which general information about the Company, Code of Business Conduct
and Ethics, Remuneration Policy, Shareholding Pattern, Related Party Transaction Policy, Quarterly/ Annual results, Code
of Conduct framed under SEBI (Prohibition of Insider Trading) Regulations, 2015, etc. have been posted. Particulars of
unclaimed dividend/ deposits, etc. are also posted on the website for information of investors.
(J) General Shareholder Information
(i) The ensuing AGM will be held on Monday, the 08th of August,2022 at 11:00 A.M. through Video Conferencing
/ Other Audio Video Visual Means as permitted by the Ministry of Corporate Affairs in view of the COVID-19
pandemic. The detailed procedures in this regard are given in the Notice for the e-AGM and also will be notified
in newspapers.
(ii) Financial Year: The Company follows 1st April to 31st March as financial year.
(iii) Cut-off Date: The cut-off date for deciding the entitlement for casting e-Vote etc. is 26.07.2022.
(iv) Dividend
The Board of Directors has recommended a final dividend of Re. 0.50 per equity share of Rs.2 each (25%) for
the year 2021-22. With the interim dividend of Re. 1 (50%) paid in March, 2022 the aggregate dividend for the
year will be 75% amounting to Rs.13.05 Crore.
(v) Investor Education and Protection Fund
Pursuant to the applicable provisions of the Companies Act, 2013, read with Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended from time to time, all unpaid
or unclaimed dividend are required to be transferred by the Company to the Investor Education and Protection
Fund (IEPF) established by the Central Government of India, under Section 125 of the Act, after the completion of
seven years from the date of transfer to Unpaid Dividend Account of the Company. Further, all shares in respect
of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the
Company in the name of IEPF.
Accordingly, during the year under review, Company has transferred unclaimed dividend amount of Rs.22,56,943.50
pertaining the Financial Year 2013-14 on 04th October, 2021 to the IEPF. The Company has also transferred
25,752 shares to IEPF on which dividends have not been claimed for seven consecutive years.
The unclaimed dividend for the financial year 2014-15 declared on September 24, 2015, along with the relative shares are
due to be transferred to the IEPF by November 2022. The same can, however, be claimed by the Members by 15th October,
2022. The details of such unclaimed dividend to be transferred are available on the Company’s Website, www.dcmsr.com.
Members who have not encashed the dividend warrant(s) from the financial year ended March 31, 2015 onwards may
forward their claims to the Company’s Registrar and Share Transfer Agents before these become due to be transferred
to the IEPF. The Company had already sent the notices to all such members in this regard and had also published the
same by way of newspaper advertisement.
43
The shares and unclaimed dividend once transferred to the IEPF can however be claimed back by the concerned shareholders
from IEPF Authority after complying with the procedure prescribed under the IEPF Rules. The Member/Claimant is required
to make an online application to the IEPF Authority in Form No. IEPF -5 (available on iepf.gov.in) along with requisite fees
as prescribed by the IEPF Authority from time to time.
The following table gives information relating to outstanding dividend amounts and the dates when due for transfer to IEPF:
Financial Year Date of Declaration of Dividend Due to be Transferred to IEPF Fund in

2014-15 (Final) 24.09.2015 November, 2022
2015-16 (Final) 10.08.2016 October, 2023
2016-17 (Interim) 23.11.2016 January, 2024
2016-17 (Final) 22.08.2017 October, 2024
2017-18 (Final) 11.08.2018 October, 2025
2018-19 (Final) 13.08.2019 October, 2026
2019-20 (Interim) 10.02.2020 March, 2027
2020-21 (Interim) 12.02.2021 March, 2028
2020-21 (Final) 08.09.2021 October, 2028
2021-22 (Interim) 14.02.2022 March, 2029
(vi) Listing on Stock Exchange

The names of the stock exchanges at which Company’s shares are listed as on 31st March, 2022 and details of
“Scrip Codes” are as mentioned below:
Name of the Stock Exchange SCRIP Code

Bombay Stock Exchange Ltd. 523369
National Stock Exchange of India Ltd. DCMSRIND
It is confirmed that the Company has paid Annual Listing Fees to the above Stock Exchanges within the prescribed
time.
The equity shares in the Company were listed on National Stock Exchange w.e.f. 24.12.2021
(vii) Market price of DSIL’s Share
Monthly high and low prices of equity shares in the Company traded on The Bombay Stock Exchange Limited
and National Stock Exchange of India Limited are given below:
BSE NSE
Month
High Low High Low
April, 2021 279.90 180.00 NA NA
May, 2021 319.95 262.05 NA NA
June, 2021 484.90 275.00 NA NA
July, 2021 494.90 432.45 NA NA
August, 2021 452.70 356.00 NA NA
September, 2021 502.00 392.30 NA NA
October, 2021 * 563.95 84.00* NA NA
November, 2021 109.00 78.00 NA NA
December, 2021 97.65 80.60 92.80 86.55
January, 2022 107.15 87.00 107.00 82.00
February, 2022 117.00 82.90 116.75 81.00
March, 2022 109.90 88.25 109.75 88.10
* The nominal value of the shares was sub-divided into Rs.2 per share from Rs.10 per share effective from 11.10.2021.
44
Share performance in comparison to broad based indices (BSE Sensex & NSE Nifty)
* Traded price prior to sub-division of face value in October, 2021 adjusted to Rs. 2 face value for comparison.
The sub-division of face value of the shares in the Company from Rs 10 per share to 5 equity shares of Rs. 2 per share
was effective from October 11, 2021, being the record date.
(viii) R
egistrar and Share Transfer Agents and Share Transfer System
KFin Technologies Ltd. is the share transfer agent of the Company, having the following addresses:
elenium Tower B, Plot 31-32
S New Delhi House, 305,
Gachibowli, Financial District 3rd Floor, Barakhamba Road,
Nanakramguda, Hyderabad – 500 032 New Delhi - 110001
Phone 040-67161500 / 1800 3094 001 Phone 011-43681700
Email ID: [email protected]
he shareholders/ investors may also write to the Company at its Registered Office for any grievance/ share transfer related
T
matters to enable the Company to get the matter sorted out expeditiously.
I n order to expedite transmission of shares in physical form, the Board had delegated authority to the Company Secretary to
approve transmission of up to 2000 shares in any one case at a time. Beyond 2000 shares, in any one case, transmission
is approved by Stakeholders' Relationship Committee.
s mandated by SEBI, securities of the Company can be transferred /traded only in dematerialized form. Further, SEBI
A
vide its circular dated January 25, 2022, mandated that all service requests for issue of duplicate certificate, claim from
45
unclaimed suspense account, renewal/ exchange of securities certificate, endorsement, subdivision/splitting/consolidation

of certificate, transmission and transposition which were allowed in physical form should be processed in dematerialized
form only. The necessary forms for the above requests are available on the website of the Company i.e www.dcmsr.com.
ommittee for issue of Duplicate Share Certificates - The Board has constituted a Committee of three directors to approve
C
requests for issue of duplicate share certificates expeditiously against those reported lost, mutilated or untraceable.
(ix) Shareholding
A. Distribution of Shareholding as on 31st March, 2022
Number of % of Total Shares % of

Category (Shares)
Shareholders Shareholders Shares
1 5000 65769 99.08 12459201 14.32
5001 - 10000 320 0.48 2412883 2.77
10001 - 20000 144 0.22 2103101 2.42
20001 - 30000 40 0.06 954184 1.10
30001 - 40000 20 0.03 716992 0.82
40001 - 50000 18 0.03 840750 0.97
50001 - 100000 30 0.05 2102648 2.42
100001 & Above 42 0.06 65402426 75.18
TOTAL 66383 100.00 86992185 100.00
Included shares transferred to IEPF.
B. Shareholding Pattern as on 31st March, 2022
Category No. of shares held % of Shareholding

Promoters 43590115 50.11
FIs, Banks & Mutual funds 4498410 05.17
Others (public) 38903660 44.72
TOTAL 86992185 100.00
(x) Dematerialization of shares

The shares in the Company are under compulsory dematerialized trading. Up to 31.03.2022, 850.33 Lakh out of 869.92
Lakh (97.75%) Equity Shares in the Company have been dematerialized. The Company's ISIN No. is INE843D01027.
(xi) Outstanding instruments
The Company has not issued any GDRs/ADRs and no convertible instrument is outstanding.
(xii) Plant locations
Daurala Sugar Works Shriram Rayons Daurala Organics
Daurala Shriram Nagar Daurala
Meerut (U.P.) Kota (Raj.) Meerut (U.P.)
(xiii) Address for correspondence with the Company:
‘Investor Service Section’
5th Floor, Kanchenjunga Building,
18, Barakhamba Road, New Delhi – 110001
CIN - L74899DL1989PLC035140
E-mail ID - [email protected]
Tel - 011-43745000
(xiv) Credit Ratings
Credit ratings obtained by the Company are as under:
Instrument Rating Remarks

Reaffirmed on 15.09.2021
Fixed Deposit CARE A + (FD)
Valid till 14.09.2022
Short term bank facilities CARE A1 +
Long term facilities CARE A +
46
(xv) Other Disclosures
a) There have been no materially significant related party transactions that may have potential conflict with
the interest of the Company at large.
b) There has been no instance of non-compliance by the Company of any requirements related to capital
markets during the last 3 years
c) The Board of Directors have established a Vigil Mechanism (Whistle Blower Policy) for the Company and
no personnel has been denied access to the Audit Committee.
d) The Company has complied with all mandatory requirements. Regarding non-mandatory requirements, the
Company has endeavored to move towards a regime of financial statements with unmodified audit opinion.
The Internal auditors’ reports are submitted to the Audit Committee, which interacts with them directly.
e) The policy regarding determination of material subsidiary is available on the Company’s website https://
dcmsr.com/wp-content/uploads/2021/04/mspolicy.pdf.
f) The policy on dealing with related party transactions is available on the Company’s website https://dcmsr.
com/wp-content/uploads/2022/02/Policy-on-Related-Party-Transactions.pdf
g) The Company is not engaged in commodity trading on the Commodity Exchange/s.
h) The Company has not raised any funds through preferential allotment / qualified institutions placement as
specified under Regulation 32(7A) of the SEBI (LODR) Regulations, 2015 during the year 2021-22.
i) A certificate from M/s. Chandrasekaran & Associates, Practicing Company Secretaries, confirm that none
of the Directors on the Board of the Company have been debarred or disqualified from being appointed or
continuing as Directors of companies by SEBI / Ministry of Corporate Affairs, or any such statutory authorities.
j) There has been no case where the Board did not accept any recommendation of any of the Committees
of the Board.
k) The total fees paid by the Company and its subsidiaries to the Statutory Auditors of the respective companies
during the year 2021-22 are given below:
Auditors Audit Amount (Rs./ lakh)

Company – BSR & Co., LLP - Statutory Audit 50.00
- Others 32.00
Wholly owned Subsidiary – - Statutory Audit 0.59
M/s. SR Dinodia & Co. - Others 0.35
Wholly owned Subsidiary - - Statutory Audit 0.25
M/s. Aggarwal Nikhil & Co. - Others ---

No other payment has been made to any entity, which is linked to the above statutory auditors.
l)
No complaint was received under the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and redressal) Act, 2013.
m) No loan or advances in the nature of loans were given to firms/ companies in which directors are interested
during the year 2021-22.
The Company has complied with all the requirements of Corporate Governance and CG Report as per Regulations 17 to
27, 46 and Schedule V(C) of LODR Regulations so far as they apply to the Company.
(K) Demat Suspense Account / Unclaimed Suspense Account
The position with regard to the unclaimed equity shares, transferred to the Demat Suspense Account as required
under SEBI (LODR) Regulations, is as under:
No. of Shares
Particulars No. of Folios
(Rs10 each)
Outstanding shares in the suspense Account as on 1st April, 2021. 366 5658
Number of shareholders approached the Company for transfer of shares
None NIL
from suspense account during the year 2021-22.
Number of shareholders to whom shares were transferred from suspense
None NIL
account during the year 2021-22.
Shares transferred to IEPF as per IEPF Rules 2016 (for the year 2021-22.)
58 678
from suspense account.
4980(24900 shares of
Outstanding shares lying in the suspense account at the end of 31.03.2022 308
face value of Rs. 2/-)
The voting rights on the above shares remain frozen till the shares are released to the rightful owners.
47
Confirmation of Compliance of Code of Business Conduct and Ethics

I declare that all the Board members, Key Managerial and Senior management personnel have individually affirmed
compliance with the Code of Business Conduct and Ethics adopted by the Company during the year 2021-22.
Sd/-
(Alok B. Shriram)
Senior Managing Director & CEO
May 30, 2022 (DIN 00203808)
COMPLIANCE CERTIFICATE
To the Members of DCM Shriram Industries Limited
We have examined the compliance of conditions of Corporate Governance by DCM Shriram Industries Limited for the
year April 1, 2021 to March 31, 2022 as required under Schedule V (E) of the SEBI (Listing Obligations and Disclosure
Requirement) Regulations, 2015.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was
limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions
of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company
has complied with the conditions of Corporate Governance as stipulated in the above mentioned SEBI (LODR) Regulations.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency
or effectiveness with which the management has conducted the affairs of the Company.
For Upender Jajoo & Associates,

Company Secretaries in Whole-time Practice
Sd/-
(Upender Jajoo)
M No. 10155
New Delhi CP No. 14336
Date: May 25, 2022 UDIN: F010155D000387501
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015)
The Members,
18, Barakhamba Road
New Delhi-110001
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of DCM
Shriram Industries Limited having CIN L74899DL1989PLC035140 and registered office at Kanchenjunga Building 18,
Barakhamba Road New Delhi-110001 (hereinafter referred to as ‘the Company’), produced before us by the Company
for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause
10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in as considered necessary and explanations furnished to us by the Company & its
officers, We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year
ending on March 31, 2022 have been debarred or disqualified from being appointed or continuing as Directors of compa-
nies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority.
48
S. No. Name of Director DIN Original Date of appointment in Company
1 Sunil Behari Mathur 00013239 14/01/2008
2 Alok Bansidhar Shriram 00203808 01/04/1992
3 Madhav Bansidhar Shriram 00203521 05/10/2005
4 Urvashi Tilak Dhar 00294265 14/08/2019
5 Vineet Manaktala 09145644 01/07/2021
6 Prithvi Raj Khanna 00048800 05/10/2005
7 Ravinder Narain 00059197 29/01/2008
8 Samir Chandra Kumar 00064453 10/02/2013
9 Velagapudi Kavitha Dutt 00139274 02/02/2015
10 Sanjay Chandrakant Kirloskar 00007885 01/09/2018
11 Manoj Kumar 00072634 27/06/2020
12 Mini Ipe 07791184 30/03/2022
Ensuring the eligibility for the appointment/continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither
an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management
has conducted the affairs of the Company.

Company Secretaries
Sd/-
Senior Partner
Date: 17.05.2022 UDIN: F001644D000330821
MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Company’s business comprises of sugar, alcohol, co-generation of power, hand sanitizer, fine chemicals, industrial
fibre and Defence related engineering products, with manufacturing facilities at Daurala (U.P.) and Kota (Rajasthan). The
Directors' Report gives segment-wise/ product-wise performance and future outlook of these operations. The Directors'
Report also deals with internal financial control systems, their adequacy, risk and concerns.
The industry situation and competitive scenarios for the various products are given below:-
Sugar
India is the second largest producer of sugar in the world. This largest agro-based industry plays an important role in the
national economy, particularly rural economy. It provides employment to large number of persons. The industry was in
the shackles of controls for years and struggled to survive. Overproduction, high inventories, mismatch in the cane and
sugar prices had driven the industry to desperation at some stage.
The State and Central Governments realized the situation and initiated various measures to salvage the industry in the
past couple of years. The measures included reasonable increase in SAP for cane, subsidy for cane payments, incentives
for export, increased admixing of ethanol with petrol at increased prices and incentives for production of ethanol from B
heavy molasses. All these measures helped the industry to reduce inventories despite continued bumper production.
The estimated sugar production in the sugar season October 21- September 22 is 36 million tons after taking into account
diversion of 3.4 million tons of sugar equivalent to ethanol. Export is also estimated to be around 9 million tons. After
accounting for domestic consumption of about 27 million tons the closing stock of sugar is expected to be 6.8 million tons.
This may lead to stable domestic sugar price.
The area under sugar cane has not seen any significant increase in the last few years. Higher yields and recoveries are
due to better seed varieties and timely application of fertilizers and water including good rainfall in the recent years. It is in
this scenario that Government’s Ethanol Blending Plan (EBP) will come into play in supporting the industry. Diversion of
surplus sugar into ethanol will improve liquidity and check the fall in sugar prices.
By 2025, the Government is committed to increase the ethanol blending from the present 10% to 20%. In anticipation of
higher blending of ethanol with petrol many mills have expanded the ethanol capacity. Daurala Sugar Works also increased
its distillery capacity and production of ethanol in anticipation of Government’s EBP.
49
With the introduction of DRP process in sugar production and expansion of distillery capacity and higher production of
ethanol DSW is expected to sustain its profitability level in the coming years.
The Unit continues to export power out of cogeneration capacity to the Grid.
Bottling of potable alcohol has been enhanced with addition of one more line.
Demand for sanitizer is linked to the intensity of the pandemic. Production is regulated based on market demand.
Rayon
Shriram Rayons manufactures rayon tyre yarn, greige and treated fabric. The products are predominantly used as
reinforcement material in high performance tyres. The Unit is exporting the products to major international tyre manufacturers
in various countries.
The Unit has been working continuously to increase its market share by seeking approvals from present and prospective
customers.
The demand for the products was broadly consistent. However, it suffered in last two years due to recessionary economic
conditions followed by extended lockdown worldwide, due to Covid 19 pandemic. Even in this period, the Unit was able
to marginally improve its market share despite reduction in sales volumes.
The demand situation normalised with opening of the market post lockdown. The offtake by the tyre companies increased
substantially during the year over the previous year. To meet the market requirement, the Unit increased capacity utilisation
and achieved highest production during the year.
Based on the current offtake and market assessment sale is expected to further increase next year providing opportunity
to increased capacity utilisation.
Keeping in view market assessment, the Unit has implemented a rayon capacity expansion project. Upgradation of dipping
facility was also completed in the previous year. The Project has been delayed due to lockdown and movement restrictions
due to Covid 19.
The Unit has capability to supply treated fabric which is a readily usable product and is preferred by the tyre companies.
This has been further strengthened with upgradation of the dipping facility. The treated fabric share in its export has been
growing and constituted 85% of the exported volume during the year.
There has been steep increase in prices of all the inputs and these are expected to remain at higher levels due to adverse
global demand supply situation. The logistic cost has also gone up substantially due to increase in ocean freight arising
out of cancellation of vessels and shortage of containers. The transit time has also gone up consequently.
The Unit has been able to obtain adjustment in selling price to offset these escalations. Further continuous increase in the
input prices, due to evolving global situation, is posing a challenge.
Shriram Rayons implemented energy related projects in previous years to reduce energy cost, increase in use of agro-fuel
and increase captive generation capacity. During the year agro-fuel consumption increased to 97% reducing the fossil
fuel consumptions to 3%. The Unit maintains offsite husk storage facilities to procure and store husk during the season
for use throughout the year.
The Unit has 2.15 MW Solar Power capacity working satisfactorily, supplementing the grid / captive power.
As a result of the above upgradation, Unit has been able to limit the impact of steep increase in energy prices. However,
energy cost will continue to be a challenge.
Shriram Rayons continued its efforts to reduce, recycle and reuse water and achieved reduction in water consumption.
The Unit is continuously upgrading the monitoring and control systems for effluent and gas emissions. The effluent
monitoring data is being transmitted online to pollution control agencies of the State and Central Government on real
time basis.
Effluent treatment and pollution control are key areas of attention for the Unit.
Chemicals
The Company worked to arrest the drop in demand and margins by optimizing production capacities, increasing realizations,
and remaining nimble so as to capitalize on the market opportunities.
The Company maintained its efforts toward cost reduction by investing in new technologies and equipment which lead to
significant energy savings, and more efficient processes. Operational safety and delivery of quality material to customers
continued to be of topmost priority.
There were considerable efforts to de-bottleneck capacities of existing products that have strong demand and growth
prospects. The Business is evaluating various potential opportunities for future expansion and aims to firm up plans for
some promising new projects.
50
Engineering Projects
Since the Company forayed in the arena of defence production it has received industrial licences for manufacture of Light
Bullet Proof Vehicles, Unarmed Aerial Vehicles, communication equipment and opto electronic devices. The Company has
made substantial progress in producing prototypes of LBPVs, which are undergoing trials with defence and paramilitary
establishments. One of the models has received ARAI certificate for sale of the vehicles for purpose of security forces/
paramilitary forces and for defence applications. The project for UAVs (Drones) is also in progress and undergoing tests.
With the Governments “Make in India” and “Atmanirbhar” programmes this Sector is expected to get a boost and the
Company hope to seize the opportunity. As the products envisaged have long gestation periods and subject to rigorous
tests and trials the projects may take longer time in generating revenues.
Financial Ratios
Following are ratios for the current financial year and their comparison with preceding financial year.
Sl. Ratio Change

Unit 2020-21 2021-22 Remarks
No. description %
1 Debtors turnover No. of times 10.19 9.40 -7.8 -
2 Inventory turnover No. of times 1.97 2.12 7.9 -
3 Interest coverage ratio No. of times 4.25 4.10 -3.5 -
4 Current ratio No. of times 1.25 1.23 -1.5 -
5 Debt equity ratio No. of times 0.81 0.83 2.3 -
6 Operating profit margin % 8.62 7.69 -10.8 -
7 Net profit margin % 3.36 3.06 -8.9 -
8 Return on Net worth % 11.20 10.32 -7.8 -
Material Development in human resources/ industrial relations front

The Company's HR philosophy is based on the idiom that a dedicated, enlightened, and contented work force is the lifeline
for any business to achieve its goals. Strength of any organization is its employees. The Company's focus on HR always
is on development of a work force to meet the present and future challenges with adequate skills. A concerted effort has
been initiated to induct fresh and youthful talents at various disciplines with a long term perceptive. The Company believes
and take care of needs of the work force, being one of the pillars of the organization.
The Company has implemented SAP HANA system linking all its Units/ Divisions and offices. A concerted effort is going
on to mold and make the employees familiar with the handling of the new system. It is hoped that with the introduction of
SAP the flow and accuracy of data will be improved substantially resulting in better efficiency particularly in the accounts
and finance functions.
Industrial relations remained cordial in all operations during the year. As on 31.03.2022, the total number of employees
on the Company's pay roll was 2413.
Corporate Social Responsibility has always been integral to the business policy of the Company. The Company undertakes/
supports several activities in and around the areas where its operations are located to ensure that the benefit from the
expenditure on CSR activities reach the maximum people in those areas. The activities cover promotion of education,
cultural activities, health including preventive health care, rural development, environment protection and infrastructure
development. In the year 2021-22 special emphasis was on activities for providing relief to people affected by the pandemic.
Environment protection
The Company gives utmost importance to environment protection in and around the areas, where its operations are located.
Apart from installing state of the art effluent treatment and waste disposal plants the Company give special attention for
tree plantation in and around Daurala and Kota. This activity not only improves the quality of air in the area, but also
mitigates greenhouse emissions, which are the major cause of global warming. The emphasis continues to be on using
environment friendly agrofuels for power generation in place of fossil fuels.
The Company's Units have progressively shifted to environment friendly fuels from fossil fuels for power generation. DSW
has fully eliminated use of coal and Shriram Rayons continue to use agrowaste fuels in place of fossil fuels to a large
extent. Research and innovation are ongoing activities in the Company to find solutions to minimize emissions from its
operations and to remain environment friendly.
51
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the standalone financial statements of DCM Shriram Industries Limited (“the Company”), which comprise
the standalone balance sheet as at 31 March 2022, and the standalone statement of profit and loss (including other
comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year
then ended, and notes to the standalone financial statements, including a summary of the significant accounting policies
and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give
a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at 31 March 2022, and profit and other comprehensive income, changes in equity and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act.
Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our
audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone financial
statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
Description of Key Audit Matter
Determination of carrying value of inventory of sugar and the related products as at 31 March 2022
See note 2A(d) and 10 to the standalone financial statements
The key audit matter How the matter was addressed in our audit
As on March 31, 2022, the Company had an inventory of We understood the process followed by the management and
sugar and related products, i.e., molasses, ethanol, etc., with a tested Company’s key controls in determination of valuation
carrying value of INR 47,420.16 lakhs. The Company produces of closing inventory including for determination of estimated
ethanol at its Distillery unit using a particular type of molasses net realizable value of inventory of sugar and allocation of
(B-heavy, a product generated along with sugar). cost between joint products.
Sugar and B-heavy molasses have been recognised as We considered various factors including technical
joint products and the cost of production has been allocated assessment of the management, significance of the products,
appropriately between these joint products. manufacturing objective in determination of classification of
We considered the determination of carrying value of the the products as 'joint products'; the relative net realisable
inventory (i.e., lower of cost and net realizable value (NRV)) value of sugar and B- heavy molasses based alcohol in
of joint products, sugar and B-heavy molasses, as a Key determination of a basis for allocation of cost between the
Audit Matter given the relative size in the standalone financial joint products.
statements and judgement involved in analysing the relevant In respect of estimated net realizable value, we have
factors such as basis for classification of B-heavy molasses considered factors of actual selling price prevailing during the
as a joint product, determination of a reasonable basis for year and subsequent to the year end, minimum selling price,
allocation of cost between the joint products in arriving at the and other measures taken by the Government with respect to
cost of inventories and determination of estimated net realizable sugar industry as a whole.
value, basis minimum sale price, regulatory intervention in
determining periodical restrictions on quantity of sales and
frequent fluctuations in selling prices, etc.
52
Other Information
The Company’s management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company’s annual report, but does not include the standalone financial
statements and our auditor’s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the standalone financial statements
or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Management’s and Board of Directors’ Responsibility for the Standalone Financial Statements
The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of
affairs, profit and other comprehensive income, changes in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under
section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing
the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements:-
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the company has adequate internal financial controls with reference to standalone financial statements in place and
the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures in the standalone financial statements made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude
53
INDEPENDENT AUDITOR’S REPORT (continued)
that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in
the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors’ Report) Order, 2020 (“the Order”) issued by the Central Government in terms
of section 143 (11) of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.
2. (A) As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books
c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive
income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with
by this Report are in agreement with the books of account
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section
133 of the Act.
e) On the basis of the written representations received from the directors as on 31 March 2022 taken on record
by the Board of Directors, none of the directors is disqualified as on 31 March 2022 from being appointed as
a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
(B) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
i. The Company has disclosed the impact of pending litigations as at 31 March 2022 on its financial position in
its standalone financial statements - Refer Note 41 and 52 to the standalone financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses during the year ended 31 March 2022.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company during the year ended 31 March 2022 and
iv. a) The management has represented that, to the best of its knowledge and belief, as disclosed in the note
58 (v) to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the Company to or in any other persons or
entities, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall:
54
• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Company (“Ultimate Beneficiaries”) or
• provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
b) The management has represented, that, to the best of its knowledge and belief, as disclosed in the note
58 (vi) to the accounts, no funds have been received by the Company from any persons or entities,
including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall:
• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (“Ultimate Beneficiaries”) or
c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e) contain any material misstatement.
v. The dividend declared or paid during the year by the Company is in compliance with Section 123 of the Act.
(C) With respect to the matter to be included in the Auditor’s Report under section 197(16):
In our opinion and according to the information and explanations given to us, the remuneration paid by the company
to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration
paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate
Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No. 1012482W/W-100022

Kaushal Kishore
Partner
Place: New Delhi Membership No. 090075
Date: 30 May 2022 UDIN: 22090075AJWMLR9511
55
Annexure A to the Independent Auditor’s Report on Standalone Financial Statements

With reference to the Annexure A referred to in the Independent Auditor’s Report to the members of the Company on the
standalone financial statements for the year ended 31 March 2022, we report the following:
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of
Property, Plant and Equipment.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has a regular programme of physical verification of its Property, Plant and Equipment by which
all property, plant and equipment are verified in a phased manner over a period of three years. In accordance with
this programme, certain property, plant and equipment were verified during the year. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the Company and the nature of its assets. As informed to
us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company
and based on the confirmations obtained by the Company from the custodian of the title deeds, with whom the title deeds are
deposited as security for loans and the examination of the registered sale deed/ transfer deed/ conveyance deed, provided to
us, we report that the title deeds of immovable properties (other than immovable properties where the Company is the lessee
and the leases agreements are duly executed in favour of the lessee) disclosed in the standalone financial statements are held
in the name of the Company, except for the following which are not held in the name of the Company:
Description of the Gross block as Held in name Whether Promotor, Period held Reason for not held in
property at March 31, 2022 of Director or their the name of company
(Rs. in lakhs) Relative or employee
Refer Note 51 of
Daurala, Uttar DCM
379.04 No Since 1991 the Standalone financial
Pradesh – Freehold Limited
statements
Daurala Refer Note 51 of

Daurala, Uttar
44.95 Organics No Since 2005 the Standalone financial
Pradesh – Freehold
Limited statements
Refer Note 51 of the

Kota, Rajasthan DCM
465.00 No Since 1991 Standalone financial
- Leasehold Limited
statements
(d) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible
assets or both during the year.
(e) According to information and explanations given to us and on the basis of our examination of the records of the Company,
there are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition
of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The inventories, except goods-in-transit, have been physically verified by the management during the year. For
goods-in-transit, subsequent evidence of receipts till date has been linked with inventory records. In our opinion,
the frequency of such verification is reasonable, and procedures and coverage as followed by management were
appropriate. No discrepancies were noticed on verification between the physical stocks and the book records that
were more than 10% in the aggregate of each class of inventory.
Company, the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate,
from banks or financial institutions on the basis of security of current assets. In our opinion, the quarterly returns
or statements filed by the Company with such banks or financial institutions are in agreement with the books of
account of the Company.
(iii) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, during the year:
- the Company has not granted advances in the nature of loans, secured or unsecured, or
provided security or guarantee to companies, firms or limited liability partnerships or other parties;
- the Company has made investments, granted unsecured loans, to company and other parties in respect of which
the requisite information is as below:
56
(a) Based on the audit procedures carried out by us and, as per the information and explanations given to us, the Company
has provided loans, to any other parties as below:
Particulars Investment (INR Lakhs) Loans (INR Lakhs)
Aggregate amount during the year 1 -

- Subsidiary - 91
- Others (Employees)
Balance outstanding as at the balance sheet date 1 -

- Subsidiary - 67
- Others (Employees)
(b) According to the information and explanations given to us and based on the audit procedures conducted by us, in our
opinion the investments made during the year, and the terms and conditions of the grant of loans, prima facie, not
prejudicial to the interest of the Company.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, in the case of loans given, in our opinion the repayment of principal and payment of interest has been
stipulated and the repayments or receipts have been regular. Further, the Company has not given any advance in the
nature of loan to any party during the year.
(d) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, there is no overdue amount for more than ninety days in respect of loans given. Further, the Company has
not given any advances in the nature of loans to any party during the year.
(e) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, there is no loan or advance in the nature of loan granted falling due during the year, which has been renewed
or extended or fresh loans granted to settle the overdues of existing loans given to same parties.
(f) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not granted any loans or advances in the nature of loans either repayable on demand or
without specifying any terms or period of repayment.
(iv) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not given any loans, or provided any guarantee or security as specified under Section 185
and 186 of the Companies Act, 2013 (“the Act”). In respect of the investments made by the Company, in our opinion the
provisions of Section 186 of the Act have been complied with.
(v) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, in our opinion the Company has complied with the provisions of Sections 73 to 76 or other relevant provisions
of the Act and the rules framed thereunder where applicable and the directives issued by the Reserve Bank of India as
applicable, with regard to deposits or amounts which are deemed to be deposits. As informed to us, there have been no
proceedings before the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court
or any other tribunal in this matter and no order has been passed by any of the aforesaid authorities in this regard.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the
Central Government for maintenance of cost records under Section 148(1) of the Act in respect of its manufactured
goods and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
However, we have not carried out a detailed examination of the records with a view to determine whether these are
accurate or complete.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, in our opinion amounts deducted / accrued in the books of account in respect of undisputed statutory dues
including Goods and Services Tax (‘GST’), Provident fund, Employees’ State Insurance, Income-Tax, Duty of Customs,
Cess and other statutory dues have been regularly deposited by the Company with the appropriate authorities.
According to the information and explanations given to us and on the basis of our examination of the records of the
Company, no undisputed amounts payable in respect of Goods and Services Tax (‘GST’), Provident fund, Employees’
State Insurance, Income-Tax, Duty of Customs, Cess and other statutory dues were in arrears as at 31 March 2022 for
a period of more than six months from the date they became payable.
Company, statutory dues relating to Goods and Service Tax, Provident Fund, Employees State Insurance, Income-Tax,
Duty of Customs or Cess or other statutory dues which have not been deposited on account of any dispute are as follows:
57
Name of the Nature of Forum where Period to which the Amount Amount Remarks,
statute the dues dispute is pending amount relates (Rs. paid under if any
Lakhs)* protest (Rs.
Lakhs)
Income Tax
Income Income
Appellate Tribunal** 2003-2006 1,708.75 1,708.75
Tax Act, 1961 Tax
2016-17 and
Income Tax Act, Income Income Tax
2017-18 8,889.96 50
1961 Tax Appellate Tribunal
CESTAT,
1995- 1996 3.22 -
Delhi
Central Excise Act, Excise
1944 Duty Assistant
Commissioner June 2017 20.36 -
(Appeals)
2008-2009,
2009-2010,
Sales Tax Laws Sales Tax High Court 15.63 -
2010-2011,
2013-2014
Additional
GST Act, 2017 GST 2017-18 1.78 1.78
Commissioner
April 2019 to
UP VAT Additional
March 2020
Sales Tax Laws# and CST Commissioner 7,415.03 3,418
April 2020 to
(Appeals)
October 2020
* Amount as per demand orders, including interest and penalty, wherever indicated in the demand orders
** Order passed by ITAT in favour of the Company, though may be subject to appeal by the department within the
prescribed time.
# Refer note 52 of the standalone financial statements for disputed amount of Rs. 6,911.32 lakhs.
(viii) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the
books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of interest thereon to
any lender.
Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government or
government authority.
(c) In our opinion and according to the information and explanations given to us by the management, term loans were
applied for the purpose for which the loans were obtained.
(d) According to the information and explanations given to us and on an overall examination of the balance sheet of the
Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company.
e) According to the information and explanations given to us and on an overall examination of the standalone financial
statements of the Company, we report that the Company has not taken any funds from any entity or person on account
of or to meet the obligations of its subsidiaries or associates. The Company does not have any joint venture.
(f) According to the information and explanations given to us and procedures performed by us, we report that the Company
has not raised loans during the year on the pledge of securities held in its subsidiaries or associate companies. The
Company does not have any joint venture.
(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments)
Accordingly, clause 3(x)(a) of the Order is not applicable.
Company, the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.
58
(xi) (a) Based on examination of the books and records of the Company and according to the information and explanations
given to us, no fraud by the Company or on the Company has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act
has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules,
2014 with the Central Government.
(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the
year.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause
3(xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties are in
compliance with Section 177 and 188 of the Act, where applicable, and the details of the related party transactions have
been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an
internal audit system commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the Company issued till date for the period under audit.
(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any
non-cash transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the
Act are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
clause 3(xvi)(a) of the Order is not applicable.
(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
clause 3(xvi)(b) of the Order is not applicable.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.
Accordingly, clause 3(xvi)(c) of the Order is not applicable.
(d) Based on the information and explanations provided by the management of the Company, the Group (as per the
provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) has five CICs as part of the Group as
detailed in note 58 to the standalone financial statements. We have not, however, separately evaluated whether the
information provided by the management is accurate and complete.
(xvii) The Company has not incurred cash losses in the current year and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not
applicable.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected
dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone
financial statements, our knowledge of the Board of Directors and management plans and based on our examination
of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any
material uncertainty exists as on the date of the audit report that the Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.
We, however, state that this is not an assurance as to the future viability of the Company. We further state that our
reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance
that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.
(xx) In respect of other than ongoing projects, the Company has transferred unspent amount to a Fund specified in Schedule
VII to the Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-
section (5) of Section 135 of the said Act.
For B S R & Co. LLP

Firms Registration No. 1012482W/ W-100022
Kaushal Kishore
Partner
Place : New Delhi Membership No. 090075
Date : 30 May 2022 UDIN: 22090075AJWMLR9511
59
Annexure B to the Independent Auditor’s report on the standalone financial statements of DCM Shriram
Industries Limited for the year ended 31 March 2022.
Report on the internal financial controls with reference to the aforesaid standalone financial statements under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date)
Opinion
We have audited the internal financial controls with reference to standalone financial statements of DCM Shriram
Industries Limited (“the Company”) as of 31 March 2022 in conjunction with our audit of the standalone financial
statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial
statements and such internal financial controls were operating effectively as at 31 March 2022, based on the internal
financial controls with reference to financial statements criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”).
Management’s Responsibility for Internal Financial Controls
The Company’s management and the Board of Directors are responsible for establishing and maintaining internal
financial controls based on the internal financial controls with reference to financial statements criteria established by the
Company considering the essential components of internal control stated in the Guidance Note. These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under the Companies Act,
2013 (hereinafter referred to as “the Act”).
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial
statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls
with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial
controls with reference to financial statements were established and maintained and whether such controls operated
effectively in all material respects.
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 of internal financial controls with
reference to financial statements included obtaining an understanding of such internal financial controls, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of
the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the Company’s internal financial controls with reference to financial statements.
Meaning of Internal Financial controls with Reference to Financial Statements
A company's internal financial controls with reference to financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company's internal financial controls with reference
to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
60
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's
assets that could have a material effect on the Standalone financial statements.
Inherent Limitations of Internal Financial controls with Reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to financial statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to
Standalone financial statements to future periods are subject to the risk that the internal financial controls with reference
to standalone financial statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
For B S R & Co. LLP

Firms Registration No. 1012482W/ W-100022
Kaushal Kishore
Partner
Place : New Delhi Membership No. 090075
Date : 30 May 2022 UDIN: 22090075AJWMLR9511
61
Standalone Balance Sheet as at March 31, 2022
Particulars Note As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
ASSETS
Non-current assets
Property, plant and equipment 3 54,540.25 47,463.88
Capital work-in progress 3 3,256.06 2,353.41
Right-of-use-assets 40 1,549.85 2,001.58
Intangible assets 4 323.89 98.55
Intangible assets under development 4 - 60.97
Financial assets
(i) Investments 5 2,465.62 613.40
(ii) Loans 6 50.02 32.80
(iii) Other financial assets 7 475.99 592.61
Income-tax assets (net) 8 1,600.06 1,728.25
Other non-current assets 9 222.11 755.90
Total non-current assets 64,483.85 55,701.35
Current assets
Inventories 10 63,269.61 66,031.96
Financial assets
(i) Investments 11 990.79 4,769.58
(ii) Trade receivables 12 25,495.06 19,676.06
(iii) Cash and cash equivalents 13 828.69 1,985.90
(iv) Other bank balances 14 654.77 1,215.51
(v) Loans 15 5.79 40.74
(vi) Other financial assets 16 15,901.53 13,349.65
Other current assets 17 3,723.17 3,429.14
Total current assets 1,10,869.41 1,10,498.54
TOTAL ASSETS 1,75,353.26 1,66,199.89
EQUITY AND LIABILITIES
EQUITY
Equity share capital 18 1,739.84 1,739.84
Other equity 19 63,697.77 58,247.16
Total equity 65,437.61 59,987.00
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 20 12,901.45 11,507.11
(ii) Lease liabilities 40 1,326.26 1,773.99
(iii) Other financial liabilities 21 94.23 101.62
Provisions 22 1,214.93 1,278.34
Deferred tax liabilities (net) 38 3,976.44 2,809.78
Other non-current liabilities 23 51.08 52.60
Total non- current liabilities 19,564.39 17,523.44
Current liabilities
(i) Borrowings 24 41,318.52 37,087.74
(ii) Lease liabilities 40 451.40 399.15
(iii) Trade payables 25
-Total outstanding dues of Micro and Small Enterprises 1,263.91 777.77
-Total outstanding dues of creditors other than Micro and Small Enterprises 25,325.40 33,412.95
(iv) Other financial liabilities 26 3,237.29 2,423.81
Provisions 27 16,386.13 11,186.58
Other current liabilities 28 2,368.60 3,401.45
Total current liabilities 90,351.26 88,689.45
TOTAL EQUITY AND LIABILITIES 1,75,353.26 1,66,199.89
Significant Accounting Policies 2A
The notes referred to above form an integral part of the
standalone financial statements
As per our report of even date attached For and on behalf of the Board of Directors
For BSR & Co. LLP DCM Shriram Industries Limited
Chartered Accountants Vineet Manaktala S.B Mathur
ICAI Firm Registration No.: Director Finance & Chief Chairman
101248W/W-100022 Financial Officer Alok B. Shriram
Kaushal Kishore Y.D. Gupta Sr. Managing Director
Partner Vice President & Madhav B. Shriram
Membership No.: 090075 Company Secretary Managing Director
Place : New Delhi Place : New Delhi
Date : 30.05.2022 Date : 30.05.2022
62
Statement of Standalone Profit and Loss for the year ended March 31, 2022
Particulars Note For the year ended For the year ended
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Revenue from operations 29 2,12,311.82 1,94,300.13

Other income 30 2,276.26 1,640.69
Total Income 2,14,588.08 1,95,940.82
Expenses
Cost of material consumed 31 1,17,860.64 1,06,842.36
Purchase of traded goods 32 19,479.66 14,757.14
Changes in inventories of finished goods 33 (67.26) 8,579.13
and work-in-progress
Employee benefits expense 34 16,522.29 14,745.69
Finance costs 35 4,021.18 3,973.88
Depreciation and amortisation expense 36 3,274.84 2,916.46
Other expenses 37 44,295.51 34,127.37
Total expenses 2,05,386.86 1,85,942.03
Profit before tax 9,201.22 9,998.79
Tax expense
Current tax expense 38 2,137.36 2,930.03
Deferred tax charge 38 490.28 479.88
2,627.64 3,409.91
Profit for the year 6,573.59 6,588.88
Other comprehensive income/(expense)
Items that will not be reclassified to profit and loss
Re-measurement gain on defined benefit obligation 279.61 197.64
Income tax pertaining to items that will not be (97.71) (69.06)
reclassified to profit or loss
Total other comprehensive income net of taxes 181.90 128.58
Total comprehensive income for the year, net of taxes 6,755.49 6,717.46
Earnings per equity share of Rs. 2 each- basic/ diluted (Rs.) 43 7.56 7.57

standalone financial statements
Date : 30.05.2022 Date : 30.05.2022
63
Standalone Statement of Cash Flow for the year ended March 31, 2022
For the year ended For the year ended

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
A. CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for :
Depreciation and amortisation 3,274.84 2,916.46
Finance costs 4,021.18 3,973.88
Interest income (45.73) (70.41)
Interest received against subvention (299.58) (455.69)
(Profit) / loss on sale of property,plant and equipment / discarded assets (net) (168.72) 20.36
Provisions/liabilities no longer required, written back (603.54) (272.18)
Bad debts and advances written off - 25.23
Profit on sale of current investments (27.81) (29.26)
Net gain on fair value of investments (26.38) (82.89)
Operating profit before changes in assets and liabilities 15,325.48 16,024.29
Changes in assets and liabilities
(Decrease) / Increase in trade payables (7,487.87) 7,090.53
Increase / (Decrease) in financial liabilities 1,191.22 (1.76)
Increase in other liabilities & provisions 4,381.38 3,036.43
(Increase) in trade receivables (5,819.00) (1,244.13)
Decrease in inventories 2,762.35 242.44
(Increase) / Decrease in financial assets (2,412.29) 363.95
(Increase) in other assets (352.57) (1,070.51)
Cash generated from operations 7,588.70 24,441.24
Income tax paid (Net) (1,430.50) (1,912.60)
Net cash from operating activities ( A ) 6,158.20 22,528.64
B. CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure on acquisition of items of property, plant and equipments
(12,069.13) (5,703.49)
and intangible assets
Proceeds from sale of property, plant and equipments and intangible assets 1,615.25 92.25
Purchase of current investments (200.00) (7,108.87)
Advance to wholly owned subsidiary for share capital (1,671.64) -
Investment in equity shares - non current (180.58) -
Proceeds from sale of long term non trade investments 490.00 -
Proceeds from sale of current investments 4,032.98 3,612.46
Changes in other bank balances 560.74 (823.28)
Interest received 39.14 64.61
Net cash used in investing activities ( B ) (7,383.24) (9,866.32)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term borrowings 9,025.33 1,566.06
Repayment of long term borrowings (7,128.56) (6,470.00)
Proceeds / (Repayments) from short term borrowings (net) 3,711.72 (5,351.10)
Repayments of Lease Liabilities (400.86) (383.59)
Finance costs paid (Net of subvention) (3,833.92) (3,529.36)
Dividend paid (1,305.88) (866.28)
Net cash from / (used) in financing activities ( C ) 67.83 (15,034.27)
Net decrease in cash and cash equivalents (A+B+C) (1,157.21) (2,371.95)
Cash and cash equivalents at the beginning of the year 1,985.90 4,357.85
Cash and cash equivalents at the end of the year 828.69 1,985.90
Component of cash and cash equivalents
Balances with scheduled banks:
- Current accounts 683.39 1,956.28
- Deposit with original maturity of less than three months 126.45 18.06
- Cash in hand 18.85 11.56
Cash and cash equivalents at the close of the year 828.69 1,985.90
Contd. on next page

64
Reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing
activities :
(Rs. lakhs)
Non-current Current Lease
Particulars Total
borrowings* borrowings# liability
Opening balance as at April 1, 2020 23,757.11 35,212.30 2,568.94 61,538.35
Cash flows during the year (6,725.66) (6,843.46) (587.69) (14,156.81)
Non-cash changes due to:
- Interest expense (net of subvention) 1,821.72 1,492.36 - 3,314.08
- Finance cost on lease liability - - 204.10 204.10
- Lease liability recognised - - (12.21) (12.21)
Closing balance as at March 31, 2021 18,853.17 29,861.20 2,173.14 50,887.51

Cash flows during the year 490.27 1,642.41 (580.63) 1,552.05
- Lease liability reversed - - 5.39 5.39
Closing balance as at March 31, 2022 20,815.96 33,572.92 1,777.67 56,166.55

* Includes current maturities of non current borrowings, interest accrued but not due on borrowings and unclaimed
deposits and interest accrued thereon, refer Note 21 and 26.
# This does not include current maturities of loan term borrowings
Notes
1. The standalone cash flow statement has been prepared in accordance with "Indirect Method" as set out on Indian Ac-
counting Standard -7 on “Statement on Cash Flows ”.
The notes referred to above form an integral part of the standalone financial statements
Date : 30.05.2022 Date : 30.05.2022
65
Statement of Standalone Changes in Equity for the year ended March 31, 2022
A. Equity share capital

Particulars (Rs.lakhs)
Balance as at April 1, 2020 1,739.84
Changes in equity share capital during the year ended March 31, 2021 -
Balance as at March 31, 2021 1,739.84
B. Other equity (Rs.lakhs)

Reserve and surplus
Particulars Amalgama- General Capital Securities Retained Total

tion reserve reserve redemption Premium Earnings
reserve
Balance as at April 1, 2020 1,411.38 13,465.60 0.10 3,406.68 34,115.86 52,399.62
Profit for the year - - - - 6,588.88 6,588.88
Other comprehensive income for the year net of tax - - - - 128.58 128.58
Total comprehensive income for the year 1,411.38 13,465.60 0.10 3,406.68 40,833.32 59,117.08
Transactions with shareholders, recorded directly in equity

Distribution to shareholders
Interim dividend on equity shares (Rs.5.00 per equity share of
- - - - (869.92) (869.92)
Rs.10 each)
Balance as at March 31, 2021 1,411.38 13,465.60 0.10 3,406.68 39,963.40 58,247.16
Balance as at April 1, 2021 1,411.38 13,465.60 0.10 3,406.68 39,963.40 58,247.16

Profit for the year - - - - 6,573.59 6,573.59
Other comprehensive income for the year net of tax - - - - 181.90 181.90
Total comprehensive income for the year 1,411.38 13,465.60 0.10 3,406.68 46,718.89 65,002.65
Transactions with shareholders, recorded directly in equity

Final dividend on equity shares (Rs. 2.5 per equity share of
- - - - (434.96) (434.96)
Rs. each)
Interim dividend on equity shares (Rs. 1 per equity share of
- - - - (869.92) (869.92)
Rs.2 each)
Balance as at March 31, 2022 1,411.38 13,465.60 0.10 3,406.68 45,414.01 63,697.77
Nature and purpose of reserve

a. Amalgamation reserve
Amalgamation reserve had been created on amalgamation of Daurala Organics Limited with the Company.
b. General reserve
Profits earned by the Company are transferred to General reserve as decided.
c. Capital redemption reserve
Created on redemption of preference shares as per requirements of the Companies Act, 1956.
d. Securities premium
Securities premium has been created on account of the premium received on issue of shares and capital and reorganisation reserve
reclassified in the year ended March 31, 1993. This reserve is utilised in accordance with the specific provisions of the Companies Act, 2013.
e. Retained earnings
Retained earnings includes re-measurement loss/(gain) on defined benefit plans, net of taxes that will not be reclassified to statement of
profit and loss. Retained earnings is a free reserve available to the company.
The notes referred to above form an integral part of the standalone financial statements.
Date : 30.05.2022 Date : 30.05.2022
66
Notes to the Standalone Financial Statements for the year ended March 31, 2022
1 Corporate Information
DCM Shriram Industries Limited (the “Company”) is a Public Limited Listed Company incorporated in
India and having its registered office at Kanchenjunga Building, 18, Barakhamba Road, New Delhi –
110001. The Company is primarily engaged in production and sale of sugar, alcohol, power, chemicals
and industrial fibers.
2 Basis of preparation of standalone financial statements
a) Statement of Compliance
These Standalone Financial Statements (“Standalone Financial Statements”) of the Company
have been prepared in accordance with the Indian Accounting Standards (Ind AS) as per the
Companies (Indian Accounting Standards) Rules, 2015 notified under section 133 of Companies
Act, 2013, (the ‘Act’) and other relevant provisions of the Act, as applicable. The accounting
policies are applied consistently in the financial statements.
These Standalone Financial Statements of the Company for the year ended March 31, 2022, are
approved by the Company's Audit Committee and by the Board of Directors on 30 May 2022.
b) Functional and presentation currency
These standalone financial statements are presented in Indian Rupees (INR), which is also the
Company’s functional currency. All amounts are in Rupees lakhs with two decimal points rounded-
off to the nearest thousands, unless otherwise stated.
c) Basis of measurement
The standalone financial statements have been prepared on an accrual basis and under the
historical cost convention, except for the following items:
Items Measurement basis

Derivative financial instruments and certain Fair value through profit and loss (FVTPL)
other financial assets and liabilities
Net defined benefit (asset)/ liability Fair value of plan assets less present value of
defined benefit obligations
Investments in Mutual Funds Fair value through profit and loss (FVTPL)
Fair value is the price that would be received on the sale of an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date under current
market conditions, regardless of whether that price is directly observable or estimated using
another valuation technique. In determining the fair value of an asset or a liability, the Company
takes into account the characteristics of the asset or liability if market participants would take those
characteristics into account when pricing the asset or liability at the measurement date.
d) Critical accounting estimates and judgements
In preparing these financial statements, management has made judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised prospectively. Financial reporting results rely on the estimate of the effect of certain
matters that are inherently uncertain. Future events rarely develop exactly as forecast and the best
estimates require adjustments, as actual results may differ from these estimates under different
assumptions or conditions. Estimates and Judgments are continually evaluated and are based on
historical experience and other factors, including expectation of future events that are believed
to be reasonable under the circumstances. The Management believes that the estimates used
in preparation of these financial statements are prudent and reasonable. Existing circumstances
and assumptions about future developments, however, may change due to market changes or
circumstances arising that are beyond the control of the Company.
67
Notes to the Standalone Financial Statements (continued)
In particular, information about significant areas of estimation/ uncertainty and judgements in

applying accounting policies that have the most significant effects on the standalone financial
statements are included in the following notes:
- Recognition and estimation of tax expense including deferred tax- Note 2A(f) and 38.
- Assessment of useful life of property, plant and equipment and intangible asset- Note 2A(b)
and (c).
- Estimation of obligations relating to employee benefits: key actuarial assumptions - Note 2A(g)
- Valuation of Inventories- Note 2A(d)
- Fair Value Measurement of financials instruments- Note 2A(p)
- Lease classification- Note 2A(m)
- Determination of ROU assets and liabilities; incremental borrowing rate and lease term-
Note 2A(m)
- Recognition and Measurement of provisions and contingencies: key assumptions about the
likelihood and magnitude of outflow of resources- Note 2A(k)
- Impairment of financial assets- Note 2A(p)
- Impairment of non-financial assets- Note 2A(j)
2A. Significant accounting policies
a) Operating cycle
Based on the nature of products/ activities of the Company and the normal time between acquisition
of assets and their realisation in cash or cash equivalents, the Company has determined its
operating cycle as 12 months for the purpose of classification of its assets and liabilities as current
and non-current.
An asset is classified as current when it satisfies any of the following criteria:
- It is expected to be realised in, or is intended for sale or consumption in, the
company’s normal operating cycle,
- It is held primarily for the purpose of being traded,
- It is expected to be realised within 12 months after the reporting date, or
- It is cash or cash equivalent unless it is restricted from being exchanged or used to
settle a liability for at least 12 months after the reporting date.
Current assets include the current portion of noncurrent financial assets. All other assets are
classified as non-current.
A liability is classified as current when it satisfies any of the following criteria:
- It is expected to be settled in the company’s normal operating cycle,
- It is held primarily for the purpose of being traded,
- It is due to be settled within 12 months after the reporting date, or
- The Company does not have an unconditional right to defer settlement of the liability for at
least 12 months after the reporting date.
Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue
of equity instruments do not affect its classification.
Deferred Tax Assets and Liabilities are classified as non-current only.
b) Property, plant and equipment (PPE)
(i) Recognition and measurement
All items of property, plant and equipment are measured at cost, which includes capitalized
borrowing costs, less accumulated depreciation/ amortization and accumulated impairment
losses, if any.
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Cost of acquisition or construction of property, plant and equipment comprises its purchase
price including import duties and non-refundable purchase taxes after deducting trade
discounts and rebates, any directly attributable cost of bringing the item to its working
condition for its intended use and, for assets that necessarily take a substantial period of time
to get ready for their intended use, finance costs. The purchase price or construction cost is
the aggregate amount paid and the fair value of any other consideration given to acquire the
asset. The present value of the expected cost for the decommissioning of an asset after its
use is included in the cost of the respective asset if the recognition criteria for a provision are
met. Capital work-in-progress is stated at cost, net of impairment loss, if any.
The cost of self-constructed assets includes the cost of materials and direct labour, any other
costs directly attributable to bringing the assets to a working condition and location for their
intended use, and the estimated cost of dismantling and removing the items and restoring the
site on which they are located. Interest cost incurred for constructed assets is capitalised up
to the date the asset is ready for its intended use, based on borrowings incurred specifically
for financing the asset or the weighted average rate of all other borrowings, if no specific
borrowings have been incurred for the asset.
When parts of an item of property, plant and equipment having significant cost have
different useful lives, then they are accounted for as separate items (major components)
of property, plant and equipment. Any gain or loss arising on de-recognition of the
asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the Statement of Profit and Loss when the asset is
derecognized.
The carrying amount of an item of property, plant and equipment is derecognised on disposal
or when no further benefit is expected from its use and disposal. Assets retired from active
use and held for disposal are generally stated at the lower of their net book value and net
realizable value. Any gain or losses arising on disposal of property, plant and equipment is
recognized in the Statement of Profit and Loss. Incomes and expenses related to the incidental
operations not necessary to bring the item to the location and the condition necessary for it
to be capable of operating in the manner intended by Management are recognized in the
Statement of Profit and Loss.
Once classified as held-for-sale, property, plant and equipment are no longer depreciated.
Gains or losses arising from de-recognition of property, plant and equipment are measured
as the difference between the net disposal proceeds and the carrying amount of the asset
and are recognized in the Standalone Statement of Profit and Loss when the asset is
derecognized.
The residual values, useful lives and methods of depreciation of property, plant and equipment
are reviewed at each financial year end and adjusted prospectively, if appropriate.
(ii) Subsequent expenditure
Subsequent expenditure is recognized as an increase in the carrying amount of the asset
when it is probable that future economic benefits deriving from the cost incurred will flow to
the enterprise and the cost of the item can be measured.
(iii) Depreciation
Depreciation is provided on a pro-rata basis using the straight-line method as per the useful
lives prescribed in Schedule II to the Companies Act, 2013. Assets costing up to Rs. 0.05
lakhs are fully depreciated in the year of purchase. Leasehold improvements are amortised
on a straight line basis over the unexpired period of lease. Freehold land and leasehold land
are not depreciated.
Depreciation methods, useful lives and residual values are reviewed in each financial year,
and changes, if any, are accounted for prospectively.
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c) Intangible assets
(i) Recognition and initial measurement
Intangible assets acquired separately are measured on initial recognition at cost. The cost
of an intangible asset comprises its purchase price including duties and taxes and any
costs directly attributable to making the asset ready for their intended use. Following initial
recognition, intangible assets are carried at cost less any accumulated amortisation and
accumulated impairment losses.
An intangible asset is derecognised on disposal, or when no future economic benefits are
expected from use or disposal. Gains or losses arising from derecognition of an intangible
asset, measured as the difference between the net disposal proceeds and the carrying
amount of the asset are recognised in the Statement of Profit and Loss when the asset is
derecognised.
Subsequent expenditure is capitalized only when it increases the future economic benefits
embodied in the specific asset to which it relates. All other expenditure is recognized in profit
or loss as incurred.
(iii) Amortisation
Intangible assets, being computer software are amortised in the Statement of Profit and Loss
over the estimated useful life of 5 years using the straight line method.
The amortisation method and the useful lives of intangible assets are reviewed annually and
adjusted as necessary.
d) Inventories
Inventories are valued item wise at the lower of cost and net realizable value. Cost is
ascertained on a ‘weighted average’ basis.
Cost includes direct materials, labour, freight inwards, other direct cost, a proportion of
manufacturing overheads based on normal operating capacity, net of refundable duties,
levies and taxes wherever applicable.
Net realisable value is the estimated selling price in the ordinary course of business, less
estimated costs of completion and estimated costs necessary to make the sale.
Assessment of net realisable value is made at each reporting date. When the circumstances
that previously caused inventories to be written down below cost no longer exist or when
there is clear evidence of an increase in net realisable value because of changed economic
circumstances, the amount so written-down is adjusted in terms of policy as stated above.
Appropriate adjustments are made to the carrying value of damaged, slow moving and
obsolete inventories based on management’s current best estimate.
The cost of production (including cost of conversion) of joint products is allocated on the
joint products based on rational and consistent basis i.e. relative realisable values at the
separation point, when the products become separately identifiable.
By-products are valued at estimated net realizable value.
e) Revenue recognition
i. Sale of goods
Revenue from sale of goods is recognised at the point in time when control of products
is transferred to the customer. Amounts disclosed as revenue are net of returns and
allowances, trade discounts and rebates. The Company collects Goods and services tax
on behalf of the government and therefore, these are not economic benefits flowing to the
Company. Hence, these are excluded from the revenue. At contract inception, the Company
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assesses the goods or services promised in a contract with a customer and identify, as a
performance obligation, each promise to transfer to the customer. Revenue from contracts
with customers is recognized when control of goods or services are transferred to customers
and the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold. The timing of the transfer
of control varies depending on individual terms of the sales agreements.
Revenue is measured based on the transaction price, which is the consideration, adjusted
for variable consideration such as volume discounts, cash discounts etc. as specified in
the contract with the customer. Revenue is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be reliably measured,
regardless of when the payment is being made.
Contract asset is the entity’s right to consideration in exchange for goods or services that
the entity has transferred to the customer. A contract asset becomes a receivable when the
entity’s right to consideration is unconditional, which is the case when only the passage of
time is required before payment of the consideration is due.
Contract liability is the obligation to transfer goods or services to a customer for which
the Company has received consideration (or an amount of consideration is due) from the
customer. If a customer pays consideration before the Company transfers goods or services
to the customer, a contract liability is recognised when the payment is made or the payment is
due (whichever is earlier). Contract liabilities are recognised as revenue when the Company
performs under the contract.
ii. Rendering of services
Revenue from sale of services is recognised to the extent that it is probable that the economic
benefits will flow to the Company and the revenue can be reliably measured and is recognized
in the Statement of Profit and Loss in proportion to the stage of completion of the transaction
at the reporting date when the underlying services are performed. Job work is recognized
upon full completion of the job work.
iii. Interest and dividend income
Interest income and expenses are reported on an accrual basis using the effective interest
method and the amount of income can be measured reliably. Interest income is accrued on
a time basis, by reference to the principal outstanding. Dividends income from investments is
recognised when the shareholder’s right to receive payment has been established.
Use of significant judgements in revenue recognition:
- Judgement is required to determine the transaction price for the contract. The transaction
price could be either a fixed amount of customer consideration or variable consideration with
elements such as volume discounts, price concessions and incentives. Any consideration
payable to the customer is adjusted to the transaction price, unless it is a payment for
a distinct product or service from the customer. The estimated amount of variable
consideration is adjusted in the transaction price only to the extent that it is highly probable
that a significant reversal in the amount of cumulative revenue recognised will not occur and
is reassessed at the end of each reporting period. The Company allocates the elements
of variable considerations to all the performance obligations of the contract unless there is
observable evidence that they pertain to one or more distinct performance obligations.
- The Company’s performance obligation under revenue contracts, is satisfied at a point in
time and judgement is exercised in determining point in time.
iv. Income from Renewable Energy Certificates (RECs)
Income from Renewable Energy Certificates (RECs) is recognised at estimated realisable
value on confirmation of RECs by the concerned authorities.
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f) Income tax
Income tax expense comprises current and deferred tax. It is recognised in Statement of Profit and
Loss except to the extent that it relates to a business combination, or items recognised directly in
equity or in Other Comprehensive Income (OCI).
• Current tax comprises the expected tax payable or receivable on the taxable income or loss
for the year and any adjustment to the tax payable or receivable in respect of previous years.
The amount of current tax payable or receivable is the best estimate of the tax amount
expected to be paid or received after considering uncertainty related to income taxes, if any.
It is measured using tax rates enacted or substantively enacted at the reporting date.
Current tax assets and liabilities are offset only if there is a legally enforceable right to set off
the recognised amounts, and it is intended to realise the asset and settle the liability on a net
basis or simultaneously.
Current tax is recognised in Statement of Profit or Loss, except when they relate to items that
are recognised in other comprehensive income or directly in equity, in which case, the current
tax is also recognised in other comprehensive income or directly in equity respectively.
Management periodically evaluates positions taken in the tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.
• Deferred tax is recognized in respect of temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes. Deferred tax is not recognised for:
- temporary differences arising on the initial recognition of assets or liabilities in a
transaction that is not a business combination and that effects neither accounting nor
taxable profit or loss at the time of the transaction;
- temporary differences related to freehold land and investments in subsidiaries, to the
extent that the Company is able to control the timing of the reversal of the temporary
differences and it is probable that they will not reverse in the foreseeable future; and
- taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax assets (DTA) include Minimum Alternate Tax (MAT) paid in accordance with the tax
laws in India, which is likely to give future economic benefits in the form of availability of set off
against future income tax liability.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible
temporary differences to the extent that it is probable that future taxable profits will be available
against which they can be used. Unrecognised deferred tax assets are reassessed at each
reporting date and recognised to the extent that it has become probable that future taxable profits
will be available against which they can be used.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset
is realised or the liability is settled, based on the laws that have been enacted or substantively
enacted by the reporting date. The measurement of deferred tax reflects the tax consequences
that would follow from the manner in which the Company expects, at the reporting date, to recover
or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset only if there is a legally enforceable right to set off the
recognised amounts, and it is intended to realise the asset and settle the liability on a net basis or
simultaneously.
Minimum Alternative Tax (MAT) Credit
In case of tax payable as Minimum Alternative Tax (‘MAT’) under the provisions of the Income-tax
Act, 1961, the credit available under the Act in respect of MAT paid is recognised as an asset only
when and to the extent there is convincing evidence that the Company will pay normal income tax
during the period for which the MAT credit can be carried forward for set-off against the normal tax
liability. MAT credit recognised as a deferred tax asset is reviewed at each balance sheet date and
written down to the extent the aforesaid convincing evidence no longer exists.
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g) Employee benefits
i) Short-term benefits
All employee benefits payable wholly within twelve months of receiving employee services are
classified as short-term employee benefits. These benefits include salaries and wages, bonus
and ex-gratia. Short-term employee benefit obligations are measured on an undiscounted
basis and are expensed as the related service is provided. A liability is recognized for the
amount expected to be paid, if the Company has a present legal or constructive obligation
to pay the amount as a result of past service provided by the employee, and the amount of
obligation can be estimated reliably.
ii) Defined contribution plans
The defined contribution plans i.e. provident fund (administered through Regional Provident
Fund Office), superannuation fund and employee state insurance corporation are post-
employment benefit plans under which a Company pays fixed contributions and will have
no legal and constructive obligation to pay further amounts. Obligations for contributions to
defined contribution plans are recognised as an employee benefit expense in the Statement
of Profit and Loss when they are due. Prepaid contributions are recognised as an asset to the
extent that a cash refund or a reduction in future payments is available.
iii) Defined benefit plans
A defined benefit plan is a post-employment benefit plan other than a defined contribution
plan. The Company’s net obligation in respect of defined benefit plans is calculated separately
for each plan by estimating the amount of future benefit that employees have earned in the
current and prior periods, discounting that amount and deducting the fair value of any plan
assets.
Gratuity
The Company provides for gratuity, a defined benefit plan (the Gratuity Plan) covering all
eligible employees. In accordance with the payment of Gratuity Act, 1972, the Gratuity plan
provides a lump sum payment to vested employees on retirement, death, incapacitation or
termination of employment. These are funded by the Company and are managed by LIC.
The calculation of defined benefit obligation is performed by a qualified actuary separately
for each plan using the projected unit credit method, which recognises each year of service
as giving rise to additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
The obligation is measured at the present value of estimated future cash flows. The discount
rate used for determining the present value of obligation under defined benefit plans, is based
on the market yields on Government securities as at the balance sheet date, having maturity
periods approximating to the terms of related obligations.
Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling,
excluding amounts included in net interest on the net defined benefit (excluding amounts
included in net interest on the net defined benefit liability), are recognised immediately in
the Balance Sheet with a corresponding debit or credit to retained earnings through OCI
in the period in which they occur. Re-measurements are not reclassified to profit or loss in
subsequent periods.
When the calculation results in a potential asset for the Company, the recognised asset is
limited to the present value of economic benefits available in the form of any future refunds
from the plan or reductions in future contribution to the plan. To calculate the present value of
economic benefits, consideration is given to any applicable minimum funding requirements.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change
in benefit that relates to past service (‘past service cost’ or ‘past service gain’) or the gain or
loss on curtailment is recognised immediately in Statement of Profit and Loss. The Company
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recognises gains and losses on the settlement of a defined benefit plan when the settlement
occurs.
The Company determines the net interest expense (income) on the net defined benefit
liability (asset) for the period by applying the discount rate used to measure the defined
benefit obligation at the beginning of the annual period to the then-net defined benefit
liability (asset), taking into account any changes in the net defined benefit liability (asset)
during the period as a result of contributions and benefit payments. Net interest expense
and other expenses related to defined benefit plans are recognised in the Statement of
Profit and Loss.
When benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit
that relates to past service or the gain or loss on curtailment is recognized immediately in the
Statement of Profit and Loss. The Company recognizes gains and losses on the settlement
of a defined benefit plan when the settlement occurs.
Provident fund (other than those made to the Regional Provident Fund Office of the
Government)
Provident Fund Contributions other than those made to the Regional Provident Fund Office of
the Government which are made to the Trusts administered by the Company are accounted
for on the basis of actuarial valuation. The interest rate payable to the members of the Trust
shall not be lower than the statutory rate of interest declared by the Central Government
under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall,
if any, based on actuarial estimate by an approved actuary, shall be made good by the
Company.
iv) Other long-term employee benefits
Benefits under the Company’s privilege leaves and medical leave are other long term
employee benefits. The Company’s net obligation in respect of privilege leave and medical
leave are the amount of future benefit that employees have earned in return for their service
in the current and prior periods. The benefit is discounted to determine its present value. The
obligation is measured on the basis of an actuarial valuation using the projected unit credit
method.
Re-measurements are recognised in Statement of Profit and Loss in the period in which they
arise.
h) Government grants
Grants from the government are recognised at their fair value where there is a reasonable
assurance that the grant will be received and the Company will comply with all attached conditions.
Government grants relating to income are deferred and recognised in the Statement of Profit and
Loss over the period necessary to match them with the costs that they are intended to compensate
and presented within other income (operating and non-operating) other than export benefits which
are accounted for in the year of exports based on eligibility and when there is no uncertainty in
receiving the same.
A government grant that becomes receivable as compensation for expenses or losses incurred
in a previous period, is recognised in profit or loss of the period in which it becomes receivable.
i) Foreign currency transactions and translation
The management has determined the currency of the primary economic environment in which the
Company operates i.e., functional currency, to be Indian Rupees (INR). The financial statements
are presented in INR which is Company’s functional and presentational currency.
Monetary and non-monetary transactions in foreign currencies are initially recorded in the
functional currency of the Company at the exchange rates at the dates of the transactions or at an
average rate if the average rate approximates the actual rate at the date of the transaction.
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Monetary foreign currency assets and liabilities remaining unsettled on reporting date are
translated at the rates of exchange prevailing on reporting date. Gains/ (losses) arising on account
of realisation/ settlement of foreign exchange transactions and on translation of monetary foreign
currency assets and liabilities are recognised in the Statement of Profit and Loss.
Non-monetary items measured in terms of historical cost in a foreign currency are translated using
the exchange rate at the date of the transaction.
The derivative financial instruments such as forward exchange contracts to hedge its risk
associated with foreign currency fluctuations are stated at fair value. Any gains or losses arising
from changes in fair value are taken directly to Statement of Profit or Loss.
j) Impairment of non-financial assets
The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date
to determine whether there is any indication of impairment considering the provisions of Ind AS
36 ‘Impairment of Assets’. If any such indication exists, then the asset’s recoverable amount is
estimated.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use
and its fair value less costs to sell. In assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For the purpose of
impairment testing, assets that cannot be tested individually are grouped together into the smallest
group of assets that generates cash inflows from continuing use that are largely independent of
the cash inflows of other assets or groups of assets (the “cash-generating unit”, or “CGU”). In
determining fair value less costs of disposal, recent market transactions are considered. If no such
transactions can be identified, an appropriate valuation model is used.
The Company’s corporate assets (e.g., central office building for providing support to various
CGUs) do not generate independent cash inflows. To determine impairment of a corporate asset,
recoverable amount is determined for the CGUs to which the corporate asset belongs.
An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its
estimated recoverable amount. Impairment losses are recognized in the Statement of Profit and
Loss. Impairment losses recognized in respect of CGUs are reduced from the carrying amounts
of the assets of the CGU.
An impairment loss is reversed if there has been a change in the estimates used to determine the
recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortization, if no impairment loss had been recognized.
k) Provisions and contingent liabilities
Provisions are recognised when the Company has a present obligation (legal or constructive) as
a result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
Provisions are measured at management’s best estimate of the expenditure required to settle the
present obligation at the end of the reporting period., If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
A provision for onerous contract is recognised when the expected benefits to be derived by the
Company from a contract are lower than the unavoidable cost of meeting its obligation under
the contract. The provision is measured at the present value of the lower of the expected cost
of terminating the contract and the expected net cost of continuing with the contract. Before a
provision is established, the Company recognises any impairment loss on assets associated.
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Contingent liabilities are possible obligations that arise from past events and whose existence
will only be confirmed by the occurrence or non-occurrence of one or more future events not
wholly within the control of the Company. Where it is not probable that an outflow of economic
benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as
a contingent liability, unless the probability of outflow of economic benefits is remote.
The Company does not recognise a contingent liability but discloses its existence in the financial
statements.
Contingent assets are neither recognised nor disclosed in the financial statements. However,
contingent assets are assessed continually and if it is virtually certain that an inflow of economic
benefits will arise, the asset and related income are recognised in the period in which the change
occurs.Contingent Liabilities in respect of show cause notices are considered only when converted
into demands.
l) Borrowing cost
Borrowing costs that are directly attributable to the acquisition, construction or erection of qualifying
assets are capitalised as part of cost of such asset until such time that the assets are substantially
ready for their intended use. Qualifying assets are assets which take a substantial period of time
to get ready for their intended use or sale.
When the Company borrows funds specifically for the purpose of obtaining a qualifying asset,
the borrowing costs incurred are capitalized. When Company borrows funds generally and uses
them for the purpose of obtaining a qualifying asset, the capitalization of the borrowing costs is
computed based on the weighted average cost of general borrowing that are outstanding during
the period and used for the acquisition of the qualifying asset.
Capitalisation of borrowing costs ceases when substantially all the activities necessary to prepare
the qualifying assets for their intended uses are complete. Borrowing costs consist of interest and
other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs include
exchange differences arising from foreign currency borrowings to the extent that they are regarded
as an adjustment to interest costs.
All other borrowing costs are recognised as an expense in the year in which they are incurred.
m) Leases
Company as a lessee
The Company recognizes a Right-of Use (RoU) asset at cost and corresponding lease liability,
except for leases with term of less than twelve months (short term) and low-value assets in
accordance with Ind AS 116 'Leases'. The Company assesses whether a contract contains a
lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether:
a. the contract involves the use of an identified asset
b. the Company has substantially all of the economic benefits from use of the asset through the
period of the lease and the Company has the right to direct the use of the asset.
The cost of the right-of-use assets comprises the amount of the initial measurement of the lease
liability, any lease payments made at or before the inception date of the lease plus any initial
direct costs etc. Subsequently, the right-of-use asset is measured at cost less any accumulated
depreciation and accumulated impairment losses, if any. The right-of-use asset is depreciated
using the straight-line method from the commencement date over the shorter of lease term or
useful life of right-of-use assets. The estimated useful life of the right-of-use assets are determined
on the same basis as those of property, plant and equipment. Right of use assets are evaluated for
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recoverability whenever events or changes in circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the
higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset
basis unless the asset does not generate cash flows that are largely independent of those from
other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit
(CGU) to which the asset belongs. For lease liabilities at the commencement date, the Company
measures the lease liability at the present value of the lease payments that are not paid at that
date. The lease payments are discounted using the interest rate implicit in the lease, if that rate is
readily determined, if that rate is not readily determined, the lease payments are discounted using
the incremental borrowing rate. For short-term and low value leases, the Company recognizes
the lease payments as an operating expense on a straight-line basis over the lease term. The
carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments or a change in the assessment of an option to purchase the
underlying asset. Certain lease arrangements include the options to extend or terminate the lease
before the end of the lease term. ROU assets and lease liabilities includes these options when it
is reasonably certain that they will be exercised. The Company has used a single discount rate to
a portfolio of leases with similar characteristics.
Company as a lessor
At the inception of the lease the Company classifies each of its leases as either an operating
lease or a finance lease. The Company recognises lease income as and when due as per terms
of agreements. The respective leased assets are included in the financial statements based on
their nature. The Company did not need to make any adjustments to the accounting for assets
held as lessor as a result of adopting the new leasing standard.
n) Earnings per share (EPS)
Basic earnings / (loss) per share are calculated by dividing the net profit or loss for the year
attributable to the shareholders of the Company by the weighted average number of equity
shares outstanding at the end of the reporting period. The weighted average number of equity
shares outstanding during the year is adjusted for events of bonus / rights issue, if any, that
have changed the number of equity shares outstanding, without a corresponding change in
resources.
For the purpose of calculating diluted earning per share, the net profit or loss for the year
attributable to equity shareholders and the weighted average number of shares outstanding
during the period are adjusted for the effects of all dilutive potential equity shares.
o) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
Chief Operating Decision Maker (CODM).
In accordance with Ind AS 108 – “Operating Segments”, the operating segments used to present
segment information are identified on the basis of internal reports used by the Company’s
Management to allocate resources to the segments and assess their performance.
The Executive Committee, comprising Chairman and Managing Director, Whole Time Directors,
Business Heads, Chief Financial Officer and Company Secretary is collectively the Company’s ‘Chief
Operating Decision Maker’ or ‘CODM’ within the meaning of Ind AS 108. All operating segments’
operating results are reviewed regularly by the CODM to make decisions about resources to be
allocated to the segments and assess their performance. Refer Note 39 for segment information.
Based on “Management Approach” as defined in Ind AS 108 -Operating Segments, the Chief
Operating Decision Maker evaluates the Company's performance and allocates the resources
based on an analysis of various performance indicators by business segments. Inter segment
sales and transfers are reflected at market prices.
Unallocable items includes general corporate income and expense items which are not allocated
to any business segment.
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Segment policies:
The Company prepares its segment information in conformity with the accounting policies adopted
for preparing and presenting the standalone financial statements of the Company as a whole.
Common allocable costs are allocated to each segment on an appropriate basis.
p) Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used
in the valuation techniques as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
The Company has an established control framework with respect to the measurement of fair
values. It regularly reviews significant inputs and valuation adjustments.
When measuring the fair value of an asset or a liability, the Company uses observable market
data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall
into different levels of the fair value hierarchy, then the fair value measurement is categorised in
its entirety in the same level of the fair value hierarchy as the lowest level input that is significant
to the entire measurement.
The Company recognises transfers between levels of the fair value hierarchy at the end of the
reporting period during which the change has occurred.
Further information about the assumptions made in measuring fair values used in preparing these
financial statements is included in the respective notes.
Initial recognition and measurement
With the exception of trade receivables that do not contain a significant financing component, the
Company initially measures financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss, net of transaction costs. Trade receivables do not contain a
significant financing component and are measured at the transaction price determined under Ind
AS 115. Refer to the accounting policies in section 2A (e) Revenue recognition.
Purchases or sales of financial assets that require delivery of assets within a time frame established
by regulation or convention in the marketplace (regular way trades) are recognised on the trade
date, i.e., the date that the Company commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets of the Company are classified in three
categories:
a) At amortised cost
b) At fair value through profit and loss (FVTPL)
c) At fair value through other comprehensive income (FVTOCI)
Financial Asset is measured at amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting
contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding.
78
After initial measurement, such financial assets are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
The EIR amortisation is included in other income in the Statement of Profit and Loss. The losses
arising from impairment are recognised in the Statement of Profit and Loss. This category generally
applies to trade and other receivables.
All financial assets not classified as measured at amortised cost or FVTOCI are measured at
FVTPL. This includes all derivative financial assets and current investments in mutual funds.
On initial recognition, the Company may irrevocably designate a financial asset that otherwise
meets the requirements to be measured at amortised cost or at FVTOCI as at FVTPL if doing so
eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Equity investments
All equity investments in the scope of Ind AS 109 are measured at fair value. Equity instruments
which are held for trading are measured at fair value through profit and loss.
For all other equity instruments, the Company may make an irrevocable election to present
subsequent changes in the fair value in other comprehensive income. The Company makes such
election on an instrument by instrument basis. The classification is made on initial recognition and
is irrevocable.
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on
the instrument, excluding dividends, are recognised in other comprehensive income. This cumulative
gain or loss is not reclassified to Statement of Profit and Loss on disposal of such instruments.
Investments representing equity interest in subsidiary and associate are carried at cost less any
provision for impairment.
Impairment of financial assets
The Company recognizes loss allowances for expected credit losses on:
- Financial assets measured at amortized cost; and
- Financial assets measured at FVTOCI – debt instruments.
Loss allowance for trade receivables is measured at an amount equal to lifetime ECL. For all
financial assets with contractual cash flows other than trade receivable, ECLs are measured at
an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk
from initial recognition in which case those are measured at lifetime ECL. The amount of ECLs (or
reversal) that is required to adjust the loss allowance at the reporting date to the amount that is
recognised as an impairment gain or loss in the Statement of Profit and Loss.
At each reporting date, the Company assesses whether financial assets carried at amortized cost
and debt instruments at FVTOCI are credit-impaired. A financial asset is ‘credit-impaired’ when
one or more events that have a detrimental impact on the estimated future cash flows of the
financial asset have occurred.
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held-for- trading, or it is a derivative or it is designated as
such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and
losses, including any interest expense, are recognized in the Statement of Profit and Loss. Other
financial liabilities are subsequently measured at amortised cost using the effective interest method.
Interest expense and foreign exchange gains and losses are recognised in the Statement of Profit
and Loss. Any gain or loss on derecognition is also recognised in the Statement of Profit and Loss.
Offsetting
Financial assets and financial liabilities are offset and the net amount is presented in the Balance
Sheet when, and only when, the Company currently has a legally enforceable right to set off the
79
amounts and it intends either to settle them on a net basis or to realise the assets and settle the
liabilities simultaneously.
Derecognition
(i) Financial assets
The Company derecognises a financial asset when the contractual rights to the cash flows from
the financial asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial asset
are transferred or in which the Company neither transfers nor retains substantially all of the risks
and rewards of ownership and does not retain control of the financial asset.
If the Company enters into transactions whereby it transfers assets recognised on its Balance
Sheet, but retains either all or substantially all of the risks and rewards of the transferred assets,
the transferred assets are not derecognised.
(ii) Financial liabilities
The Company derecognises a financial liability when its contractual obligations are discharged
or cancelled, or expire. The Company also derecognises a financial liability when its terms are
modified and the cash flows under the modified terms are substantially different. In this case,
a new financial liability based on the modified terms is recognised at fair value. The difference
between the carrying amount of the financial liability extinguished and the new financial liability
with modified terms is recognised in the Statement of Profit and Loss.
q) Cash and cash equivalents
For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents
includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value, and
bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the Balance
Sheet.
r) Research and development
Expenditure on research and development activities is recognized in the Statement of Profit and
Loss as incurred.
Development expenditure is capitalized as part of cost of the resulting intangible asset only if the
expenditure can be measured reliably, the product or process is technically and commercially
feasible, future economic benefits are probable, and the Company intends to and has sufficient
resources to complete development and to use or sell the asset. Otherwise, it is recognized in
profit or loss as incurred. Subsequent to initial recognition, the asset is measured at cost less
accumulated amortisation and any accumulated impairment losses, if any.
s) Dividend
The Company recognises a liability to make cash distributions to equity holders when the
distribution is authorised and the distribution is no longer at the discretion of the Company. As per
the corporate laws in India, a distribution is authorised when it is approved by the shareholders. A
corresponding amount is recognised directly in equity.
t) Goods and services tax input credit
Goods and services tax input credit is recognised in the books of account in the period in which
the supply of goods or service received is recognised and when there is no uncertainty in availing/
utilising the credits.
Expenses and assets are recognised net of the goods and services tax/value added taxes paid,
except:
80
1. When the tax incurred on a purchase of assets or services is not recoverable from the taxation
authority, in which case, the tax paid is recognised as part of the cost of acquisition of the
asset or as part of the expense item, as applicable.
2. When receivables and payables are stated with the amount of tax included, the net amount
of tax recoverable from, or payable to, the taxation authority is included as part of receivables
or payables in the Balance Sheet.
2A. Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022,
MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below:
1. Ind AS 16 – Property Plant and equipment - The amendment clarifies that excess of net
sale proceeds of items produced over the cost of testing, if any, shall not be recognised in
the profit or loss but deducted from the directly attributable costs considered as part of cost of
an item of property, plant, and equipment. The effective date for adoption of this amendment
is annual periods beginning on or after April 1, 2022. The Company has evaluated the
amendment and there is no impact on its consolidated financial statements.
2. Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets – The amendment

specifies that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the
contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling
that contract (examples would be direct labour, materials) or an allocation of other costs that
relate directly to fulfilling contracts (an example would be the allocation of the depreciation
charge for an item of property, plant and equipment used in fulfilling the contract). The
effective date for adoption of this amendment is annual periods beginning on or after April 1,
2022, although early adoption is permitted. The Company has evaluated the amendment and
the impact is not expected to be material.
81
3. Property, plant and equipment and capital work-in-progress
82
(Rs.lakhs)
Particulars Freehold Leasehold Leasehold Buildings Plant and Vehicles Office Furniture Total Capital work-in-
land @ land @# improvement equipment equipment and fixtures progress
Gross carrying amount
Balance as at April 1, 2020 789.26 465.35 151.80 4,744.11 42,136.97 924.67 546.98 233.33 49,992.47 3,423.63
Add: Additions during the year - - 271.76 525.23 5,694.22 149.33 195.82 49.03 6,885.39 5,206.52
Less: Disposals/Adjustments/
- - - - 209.13 133.18 37.07 12.48 391.86 6,276.74
Capitalised during the year
Balance as at March 31, 2021 789.26 465.35 423.56 5,269.34 47,622.06 940.82 705.73 269.88 56,486.00 2,353.41
Add: Additions during the year - 2,048.84 - 102.77 8,754.81 373.78 748.12 44.80 12,073.13 10,636.45
- 2,048.84 - 15.46 307.37 236.27 79.63 48.87 2,736.45 9,733.80
Balance as at March 31, 2022 789.26 465.35 423.56 5,356.65 56,069.50 1,078.33 1,374.22 265.81 65,822.68 3,256.06
Accumulated depreciation
Balance as at April 1, 2020 - - 1.65 779.99 5,456.30 373.44 254.49 86.96 6,952.83 -
Add: Depreciation expense for

- - 30.97 171.35 1,902.62 107.99 100.60 35.27 2,348.80 -
the year
Less: Disposals / adjustments
- - - - 171.35 76.62 25.11 6.43 279.51 -
during the year
Balance as at March 31, 2021 - - 32.62 951.34 7,187.57 404.81 329.98 115.80 9,022.12 -
Add: Depreciation expense for

- - 46.62 174.50 2,256.83 105.62 150.12 40.03 2,773.72 -
the year
- - - 15.46 224.41 168.67 70.13 34.73 513.40 -
during the year
Balance as at March 31, 2022 - - 79.24 1,110.38 9,220.00 341.76 409.97 121.10 11,282.44 -
Net carrying value
As at March 31, 2022 789.26 465.35 344.32 4,246.27 46,849.50 736.57 964.25 144.71 54,540.25 3,256.06
As at March 31, 2021 789.26 465.35 390.94 4,318.00 40,434.49 536.01 375.75 154.08 47,463.88 2,353.41
Ageing of Capital Work in Progress is as under:
(Rs.lakhs)
Amount in Capital Work in Progress for a period of
Capital Work in Progress Total
Less than 1 year 1-2 years 2-3 years More than 3 years
As at March 31, 2022
Projects in progress 1,498.08 377.42 113.49 - 1,988.99
Projects delayed* 1,168.49 98.58 - - 1,267.07
Total 2,666.57 476.00 113.49 - 3,256.06

Projects in progress 2,231.49 121.92 - - 2,353.41
Total 2,231.49 121.92 - - 2,353.41
* On account of Covid-19 pandemic, few projects have been delayed.
Details of projects delayed:
(Rs.lakhs)
To be completed in
Project-1 762.70 98.58 - - 861.28
Project-2 405.79 - - - 405.79
Total 1,168.49 98.58 - - 1,267.07
@ Refer note 51 for details of immovable properties which are not yet endorsed in the name of the Company.
# Refer note 55
Notes:
1) For contractual commitments with respect to Capital work-in-progress, refer note 41 (B).
2) For details on PPE & CWIP mortgaged/charged against borrowings, refer note 53.
3) Borrowing cost capitalised during the year Rs. 178.31 lakhs (March 31, 2021- Rs 169.95 lakhs) with a capitalisation
rate ranging from 3.7% to 8.6% p.a. (March 31, 2021-9.3% p.a.)
4) Leasehold lands are in the nature of perpetual lease.
4. Intangible assets and Intangible assets under development
(Rs.lakhs)
Intangible assets- Intangible assets
Particulars
Software under development
Balance as at March 31, 2020 252.70 -
Add: Additions during the year 25.84 60.97
Less: Disposals / adjustments / capitalized during the year 0.26 -
Balance as at March 31, 2021 278.28 60.97
Add: Additions during the year 268.55 -
Less: Disposals / adjustments / capitalized during the year - 60.97
Accumulated amortisation
Add: Amortisation expense for the year 39.79 -
Less: Disposals / adjustments during the year - -
Net carrying value
As at March 31, 2022 323.89 -
As at March 31, 2021 98.55 60.97
Ageing of Intangible assets under development is as under:

(Rs.lakhs)
Intangible assets under Amount in Intangible assets under development for a period of
Total
development Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress - - - - -
Projects in progress 60.97 - - - 60.97
Refer note 53 for information on assets charged as security by the Company.
83
5. Investments- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Investment in equity instruments
Unquoted equity instruments
Daurala Co-operative Development Union Limited
2 (March 31, 2021 - 2) equity shares of face
value of Rs. 10 each, fully paid up.* 0.00 0.00
Zyrone Dynamics Havacilik Danismanlik ve Ar-Ge Sanayi ve Ticaret A.S.

5,878 (March 31, 2021-Nil) equity shares of face value of 1 Turkish Lira each,
fully paid up
180.58 -
Investment in equity instruments of subsidiary at cost
Daurala Foods & Beverages Private Limited
75,00,000 (March 31, 2021 - 75,00,000)
equity shares of face value of Rs. 10 each, fully paid up 447.40 447.40
DCM Shriram Fine Chemicals Limited
50,000 (March 31, 2021-Nil) equity shares of face value of Rs. 2 each, fully paid up 1.00 -
Investments in equity shares of associate at cost

DCM Hyundai Limited
19,72,000 (March 31, 2021 - 19,72,000)
Sub total 794.98 613.40
Advance for share capital

DCM Shriram Fine Chemicals Limited (Refer note 55) 1,670.64 -
Investments in preference shares of body corporate
Unquoted instruments
Preference shares measured at Fair value through Other comprehensive income
Versa Trading Limited
Nil (March 31, 2021 – 7,00,000)
5% redeemable non-cumulative preference shares of Rs. 100 each fully paid - 700.00
Impairment in the value of investments
Versa Trading Limited - 700.00
Sub total - -
Total 2,465.62 613.40
Aggregate value of non-current unquoted investments (net of impairment) 2,465.62 613.40

Aggregate amount of impairment in the value of investments (Refer note 54) - 700.00
* The investment is valued at Rs. 20
6. Loans- Non current

(unsecured, considered good unless otherwise stated)
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Loans to employees 50.02 32.80

Total 50.02 32.80
84
7. Other financial assets- Non current
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Security deposits (Unsecured, considered good)
- To related parties (Refer note 45) 28.85 30.59
- Others 431.70 438.43
Bank deposits held as margin money or security against borrowings,
guarantees and other commitments 15.12 123.59
0.32 -
Total 475.99 592.61

8. Income tax assets (net)

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Advance income tax (net of provision) 1,600.06 1,728.25
Total 1,600.06 1,728.25
9. Other non-current assets

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
To related parties (Refer note 45)
Capital advances - 7.47
To parties other than related parties
Capital advances 146.51 731.93
Advance other than capital advances
Deferred rent 0.35 0.78
Balance with government authorities 4.18 4.18
Other advances 71.07 11.54
Doubtful
223.41 757.20
Less: Loss allowance for other advances 1.30 1.30
Total 222.11 755.90
Refer note 53 for information on assets charged as security by the Company
10. Inventories
(Valued at lower of cost and net realisable value)
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Raw material* 9,494.16 13,669.53
Work in progress 2,568.58 1,773.17
Finished goods**# 44,745.27 45,473.42
Stores and spares 6,461.60 5,115.84
Total 63,269.61 66,031.96
* Includes raw material in transit Rs. 905.26 lakhs (March 31, 2021: Rs. 1419.62 lakhs)
** Includes finished goods in transit Rs. 1,768.69 lakhs (March 31, 2021: Rs. 322.19 lakhs)
# The write-down of inventories to net realisable value during the year amounted to Rs. 203.45 lakhs (March 31, 2021: Nil)
The write-down is included in changes in inventories of finished goods.
85
11. Investments- Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Investment in mutual funds measured at fair value through profit and loss
Unquoted investment
19,784.626 (March 31, 2021: 44,064.755) HDFC Liquid Fund – Growth 827.94 1,782.65
Direct Plan Units of Rs. 1000 each
34,569.622 (March 31, 2021: 6,03,379.092) ICICI Prudential Liquid 108.98 1,838.72
Fund – Growth Direct Plan Units of Rs. 100 each
1,616.244 (March 31, 2021: 35,641.175) SBI Liquid Fund – Growth 53.87 1,148.21
Total 990.79 4,769.58
Aggregate book value and market value of unquoted investments 990.79 4,769.58
12. Trade receivables

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Unsecured, considered good 25,495.06 19,676.06
Doubtful 24.87 24.87
25,519.93 19,700.93
Less : Loss allowance for trade receivables 24.87 24.87
Total 25,495.06 19,676.06
Ageing of trade receivable as on March 31, 2022 is as under:
Outstanding for following periods from due date of payment

Particulars Less than 6 months -1 More than
1-2 years 2-3 years Total
6 months year 3 years
- Undisputed Unsecured,
25,483.83 5.86 - 3.95 1.43 25,495.06
Considered good
- Disputed Trade
Receivables considered - - - - 24.87 24.87
doubtful
Total 25,483.83 5.86 - 3.95 26.30 25,519.93
In case no due date of payment is specified, disclosure is from the date of the transaction.

- Undisputed Unsecured,
19,670.64 0.05 3.95 1.43 - 19,676.07
Considered good
- Disputed Trade
Receivables considered - - - - 24.87 24.87
doubtful
Total 19,670.64 0.05 3.95 1.43 24.87 19,700.93
The Company's exposure to credit and currency risks are disclosed in note 46.
86
13. Cash and cash equivalents
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Balances with banks
- On current accounts 683.39 1,956.28
- Deposits with original maturity of less than three months 126.45 18.06
Cash on hand 18.85 11.56
Total 828.69 1,985.90
14. Other bank balances

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Deposits with maturity of more than three months but upto twelve months
- earmarked deposits held as margin money or security against
borrowings, guarantees and other commitments 455.74 1,015.48
Earmarked balances with banks – unclaimed dividend accounts 199.03 200.03
Total 654.77 1,215.51
15. Loans - Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Loans to employees (including accrued interest) 5.73 8.57
Others 0.06 32.17
Total 5.79 40.74
16. Other financial assets - Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Security deposits - 3.04
Security deposits 0.03 10.54
Interest accrued on term deposits 45.78 39.75
Government grant receivable 181.37 3,241.00
Reimbursement assets* 15,550.43 9,972.17
Others 123.92 83.15
Total 15,901.53 13,349.65
* Refer note 52
87
17. Other current assets

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Advances to contractors 561.59 482.40
Other advances
Advance to employees 16.03 25.74
Balance with government authorities 1,355.01 1,557.85
Duty drawback & other incentive receivables 848.05 553.14
Prepaid expense 365.08 318.72
Advance to provident fund trust - 196.38
Prepaid gratuity 503.18 189.57
Others 74.23 105.34
Doubtful
Duty drawback and other incentive receivables 22.67 -
3,745.84 3,429.14
Less: Loss allowance 22.67 -
Total 3,723.17 3,429.14
18. Equity share capital

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
a) Authorised
32,50,00,000 equity shares of Rs. 2 each (March 31, 2021: 6,50,00,000 of
6,500.00 6,500.00
Rs. 10 each) *
b) Issued, subscribed and fully paid-up

8,69,92,185 equity shares of Rs. 2 each fully paid-up (March 31, 2021: 1,73,98,437 of
1,739.84 1,739.84
Rs.10 each)
* Sub-divided into 5 equity shares of Rs. 2 per share pursuant to approval received in Annual General
Meeting of Shareholders held on September 08, 2021. (Refer Note: 57)
c) Reconciliation of the shares outstanding at the beginning and at the end of reporting period:
As at March 31, 2022 As at March 31, 2021

Particulars Number Amount Number Amount
of shares Rs. lakhs of shares Rs. lakhs
Equity shares
At the commencement of the year 1,73,98,437 1,739.84 1,73,98,437 1,739.84
Adjustment for sub-division of equity shares 6,95,93,748 - - -
Add: Shares issued - - - -
At the end of the year pursuant to sub-division (Refer Note 57) 8,69,92,185 1,739.84 1,73,98,437 1,739.84
d) Terms, rights, preferences and restrictions attached to equity shares

The Company has one class of equity shares having a par value of Rs. 2 per share (sub-divided during the year
from Rs. 10 per share). Each shareholder is eligible for one vote per share held. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution
of all preferential amount. The distribution will be in proportion to the equity shares held by the shareholder.
The Company declares and pays dividends in Indian Rupees. The dividend, if proposed by the Board of Directors,
is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend.
88
e) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company:
Particulars Number of Number of
% of % of
shares shares
holding holding
@ Rs 2 each @ Rs.10 each
Lily Commercial Private Limited 1,57,51,765 18.11 31,50,353 18.11
Versa Trading Limited 1,28,87,910 14.82 25,77,582 14.82
HB Portfolio Limited 62,05,984 7.13 17,72,120 10.19
Bantam Enterprises Private Limited 67,84,840 7.80 13,56,968 7.80
Life Insurance Corporation of India 42,06,760 4.84 11,61,352 6.68
f) Details of shareholding of Promoters in the Company is as under:
S. Number of % Change Number of % Change
Promoter Name % of total % of total
No. shares during the shares during
shares shares
@ Rs 2 each year @ Rs. 10 each the year
1 Lily Commercial Pvt. Ltd. 1,57,51,765 18.11 - 31,50,353 18.11 0.90
2 Versa Trading Private Limited 1,28,87,910 14.82 - 25,77,582 14.82 2.03
3 Bantam Enterprises Pvt Ltd. 67,84,840 7.80 - 13,56,968 7.80 -
4 Hi-Vac Wares Private Limited 39,66,285 4.56 - 7,93,257 4.56 -
5 H. R. Travels Pvt. Ltd. 32,12,900 3.69 - 6,42,580 3.69 -
6 Suman Bansi Dhar 2,84,060 0.33 - 56,812 0.33 -
7 Lala Bansi Dhar & Sons 2,69,580 0.31 - 53,916 0.31 -
8 Madhav B Shriram 1,88,880 0.22 - 37,776 0.22 0.22
9 Alok B. Shriram 80,180 0.09 - 16,036 0.09 0.04
10 Urvashi Tilak Dhar 61,685 0.07 - 12,337 0.07 -
11 Kanika Shriram 47,500 0.05 - 9,500 0.05 0.03
12 DCM Hyundai Limited 20,865 0.02 - 4,173 0.02 -
13 Karuna Shriram 21,730 0.02 - 4,346 0.02 -
14 Rudra Shriram 10,500 0.01 - 2,100 0.01 0.01
15 Aditi Dhar 500 0.00 - 100 0.00 -
16 Akshay Dhar 500 0.00 - 100 0.00 -
17 Divya Shriram 435 0.00 - 87 0.00 -
Total 4,35,90,115 50.10 - 87,18,023 50.10 3.22
g) Issue of shares for other than cash:
There were no buy back of shares, issue of shares by way of bonus shares or issue of shares pursuant to contract without
payment being received in cash during the previous 5 years.
19. Other equity

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Balance as at the beginning and at the end of the year 1,411.38 1,411.38
b. General reserve
Balance as at the beginning and at the end of the year 0.10 0.10
d. Securities Premium
e. Retained earnings
Balance as at the beginning of the year 39,963.40 34,115.86
Add: Profit for the year 6,573.59 6,588.88
Items of other comprehensive income recognised directly in retained earnings
Remeasurement of employee benefit obligation, net of tax* 181.90 128.58
Less: Appropriations
Final dividend on equity shares [Dividend per share Rs. 2.5/- per share of
(434.96) -
nominal value of Rs. 10/- each (March 31, 2021: Nil)]
Interim dividend on equity shares [Dividend per share Rs. 1/- per share of
(869.92) (869.92)
nominal value of Rs. 2/- each (March 31, 2021: Rs. 5/-
per share of nominal value of Rs. 10/- each)]
Balance at the end of the year 45,414.01 39,963.40
Total 63,697.77 58,247.16
* Included in 'Items of other comprehensive income' in statement of changes in equity.
89
20. Borrowings- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
From related parties (Refer note 45)
Unsecured loans
Public Deposits 437.04 322.27
From parties other than related parties

Secured loans
Term loans from banks 19,144.24 17,370.46
Term loans from others 562.74 579.82
Unsecured loans
Public deposits 503.03 461.10
20,647.05 18,733.65
Less: Current maturity of long term borrowing 7,745.60 7,226.54
Total 12,901.45 11,507.11
Details of current maturity of long term borrowing:

Secured loans
Unsecured loans
7,745.60 7,226.54
A. SECURED
I. From Banks
a) Rs.156.25 lakhs (March 31,2021: Rs.775.80 lakhs) and Rs.66.50 lakhs (March 31,2021:
Rs.762.39 lakhs) carrying interest linked to lender’s 3 months MCLR and spread thereon,
repayable in one quarterly instalments respectively, are secured by a first mortgage and charge
on all the immovable and movable properties of the Company excluding all assets of Daurala
Organics, a unit of the Company and assets on exclusive charges, subject to prior charges
created / to be created in favour of the Company’s bankers for securing the borrowings for
working capital requirements, the charges ranking pari-passu with the charges created/to be
created in favour of first charge holders for their respective term loans.
b) Rs.104.07 lakhs (March 31,2021: Rs.315.81 lakhs) carrying interest of linked to lender’s 1 year
MCLR and spread thereon, repayable in 2 quarterly instalments, is secured by first exclusive charge
on specific movable assets of Sugar division of Daurala Sugar Works, a unit of the Company.
c) Rs.2,440.87 lakhs (March 31,2021: Rs.3,525.70 lakhs) carrying interest of 5% p.a., repayable in
27 monthly instalments, is secured by first pari-passu charge on all the immovable and movable
properties of the Company excluding assets on exclusive charges.
d) Rs.531.77 lakhs (March 31,2021: Rs.794.76 lakhs), Rs.368.08 lakhs (March 31,2021: Rs.552.68
lakhs) and Rs.3,108.70 lakhs (March 31,2021: Rs.3,265.98 lakhs) carrying interest linked to lender’s
LTMLR, repayable in 8, 8 and 12 quarterly instalments, are secured by first pari-passu charge on
all the immovable and movable properties of the Company excluding assets on exclusive charges.
e) Rs.3,922.18 Lakhs (March 31,2021: Nil) carrying interest linked to lender’s 12 month MCLR and
spread thereon, repayable in 16 quarterly instalments, is secured by first pari-passu charge on all
the immovable and movable properties of the Company excluding assets on exclusive charges.
f) Rs.4,002.76 lakhs (March 31,2021: Nil) carrying interest of 8% p.a., repayable in 48 monthly
instalments, is secured by first pari-passu charge by way of mortgage/hypothecation on all the
Fixed Assets of the Company excluding assets on exclusive charges.
90
g) Rs.1,666.62 lakhs (March 31,2021: Rs.2,999.98 lakhs) and Rs.1406.25 lakhs (March 31,2021:
Rs.2,031.25 lakhs) carrying interest rate of 8.95% p.a., repayable in 5 and 9 quarterly instalments,
are secured by residual pari-passu charge on fixed assets of sugar factory at Daurala Sugar
Works, a unit of the Company.
h) Rs.1,370.20 lakhs (March 31,2021: Rs.1975.11 lakhs) carrying interest linked to lender’s 1 year
MCLR and spread thereon with 50% interest subvention and 1 year MCLR and spread thereon,
repayable in 9 quarterly instalments, is secured by first charge on specific movable assets of
Distillery division of Daurala Sugar Works, a unit of the Company.
i) Nil (March 31,2021: Rs.371.00 lakhs) carrying interest linked to lender’s 6 Months MCLR and
spread thereon repayable in 1 instalment, secured by first pari-passu charge on all the immovable
and movable properties of the Company excluding assets on exclusive charges.
j) Rs.39.80 lakhs (March 31,2021: Nil) is secured by hypothecation of specific assets carrying
interest of 6.63%.
II. From Others

Rs.494.50 lakhs (March 31,2021: Rs.494.50 lakhs) and Rs.28.44 lakhs (March 31,2021: Rs.85.32)
carrying interest linked to RBI’s Bank rate minus 2%. respectively, repayable in 10 and 1 half yearly
installments, are secured by first pari-passu charge on immovable and movable properties of sugar
factory at Daurala Sugar Works, a unit of the Company.
B. Unsecured
Rs.940.07 lakhs (March 31,2021: Rs.783.37 lakhs), Deposits from public, carries interest between
9.5% p.a to 10.50% p.a., are currently repayable after 3 years from the date of acceptance of deposits.
C. The quarterly returns/statements filed by the Company with the banks are in agreement with the books
of account of the Company.
21. Other financial liabilities- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Interest accrued but not due on borrowings 16.01 16.05

Deposits from contractors and others 10.22 10.15
Others 53.80 48.93
Total 94.23 101.62
22. Provisions- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Provision for employee benefits (Refer note 44)
- Compensated absences 1,029.43 979.89
- Provident fund trust 85.50 198.45
Provision for contingencies* 100.00 100.00
Total 1,214.93 1,278.34
* Provision for contingencies of Rs. 100 lakhs (March 31, 2021: Rs. 100 lakhs) represents the maximum possible
exposure on ultimate settlement of issues relating to reorganisation arrangement of the Company. There is no
movement in the provision during the year.
91
23. Other non-current liabilities

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Others 51.08 52.60
Total 51.08 52.60
24. Borrowings- Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Secured loans
From banks - loans repayable on demand* 33,572.92 29,861.20
Current maturities of long term borrowings (refer note 20) 7,745.60 7,226.54
Total 41,318.52 37,087.74
* Secured by first pari-passu charge against the division's current and non-current assets (except reimbursement
asset and division's property, plant and equipments), both present and future. Some of these are further secured by
way of second pari-passu charge on the divisions's property, plant and equipment. These carry interest rate ranging
from 1.15% to 8.05% p.a.. Also refer note 53.
25. Trade payables

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Total outstanding dues of Micro and Small Enterprises* 1,263.91 777.77
Total outstanding dues other than Micro and Small Enterprises# 25,325.40 33,412.95
Total 26,589.31 34,190.72
Ageing of trade payable as on March 31, 2022 is as under :

Particulars Less than More than
1 year 3 years
- MSME 1,263.91 - - - 1,263.91
- Others 24,915.48 239.59 87.54 2.80 25,245.41
- Disputed dues - Others - - - 79.98 79.98
Total 26,179.39 239.59 87.54 82.78 26,589.31

1 year 3 years
- MSME 777.77 - - - 777.77
- Others 32,665.91 607.71 11.61 47.73 33,332.96
- Disputed dues - Others - - - 79.98 79.98
Total 33,443.68 607.71 11.61 127.71 34,190.72
* Refer note 49 for Micro and Small Enterprises.
# Includes payable to related parties Rs. 588.10 lakhs (March 31, 2021 Rs. 711.63 lakhs), refer note 45.
Notes:
a) Includes acceptances Rs. 3,285.60 lakhs (March 31, 2021 Rs. 3,854.16 lakhs).
b) The Company's exposure to currency and liquidity risks related to trade payables is disclosed in Note 46.
92
26. Other financial liabilities- Current
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Creditors for capital purchases 2.28 -
From Parties other than Related Parties

Creditors for capital purchases 528.52 964.27
Unclaimed dividends* 199.03 200.03
Unclaimed deposits and interest accrued thereon 8.01 -
Other payables
- Deposits from contractors and others 353.45 254.63
- Employees related payable 1,006.96 857.23
- Others 24.62 43.81
Total 3,237.29 2,423.81
* There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of
Companies Act, 2013 as at the year end.
27. Provision- Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
- Compensated absences 364.94 409.01
- Provident fund trust - 3.33
Provision for contingencies (Refer note 52) 15,733.25 10,572.51
Others* 287.94 201.73
Total 16,386.13 11,186.58
* Expected claims from customer in respect of past sales made during the year and not settled.
28. Other current liabilities

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Advances from customers 504.51 2,110.20
Statutory dues payable 1,702.33 1,051.41
Others 161.76 239.84
Total 2,368.60 3,401.45
93
29. Revenue from operations

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Sale of products@
Export 46,438.72 40,414.39
Domestic # 1,56,808.06 1,42,051.51
2,03,246.78 1,82,465.90
Sale of services@
Processing charges 5,259.37 4,536.41
Others - 39.31
5,259.37 4,575.72
Other operating revenue
Sale of scrap 1,383.70 819.25
Duty draw back, export benefits and other government assistance* 1,254.40 6,304.08
Sale of renewable energy certificates 996.98 33.22
Others 170.59 101.96
Total 2,12,311.82 1,94,300.13
# Includes Rs. 1,356.01 lakhs (March 31, 2021: Rs.11,846.80 lakhs) in respect of sales made to domestic parties to
fulfill export obligation as per Maximum Admissible Export Quantity (MAEQ) Scheme.
* Refer note 50
@ Refer note 39 for disaggregation of revenue
Contract balances As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Trade receivables (Refer note 12) 25,495.06 19,676.06

Contract liabilites
Advances from customers (Refer note 28) 504.51 2,110.20
Reconciliation of revenue recognised with the contracted price is as follows:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Contracted price 2,08,842.17 1,87,631.61

Less: Discounts 336.02 589.99
2,08,506.15 1,87,041.62
94
30. Other income
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Interest income from financial assets measured at amortised cost

- From deposits with banks 45.17 69.81
- Unwinding of discount on security deposits 0.56 0.60
- Interest subsidy* 299.58 455.69
Provisions/liabilities no longer required, written back 603.54 272.18
Rental income 54.42 56.33
Profit on sale of property, plant and equipment (net) 168.72 -
Profit on sale of current investments 27.81 29.26
Net change in fair value of financial assets measured 26.38 82.89
at fair value through profit or loss
Gain on foreign exchange fluctuation (net) 959.01 591.52
Miscellaneous income 91.07 82.41
Total 2,276.26 1,640.69
* Refer note 50.
31. Cost of material consumed

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Raw materials at the beginning of the year 13,669.53 6,580.64

Add: Purchases 1,13,685.27 1,13,931.25
1,27,354.80 1,20,511.89
Less: Raw materials at the end of the year 9,494.16 13,669.53
Total 1,17,860.64 1,06,842.36
Particulars of materials consumed are as under:

Sugarcane 78,149.74 81,077.49
Wood pulp 8,715.79 6,545.12
Others 30,995.11 19,219.75
Total 1,17,860.64 1,06,842.36
32. Purchase of traded goods

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Grain spirits 19,479.66 14,757.14
Total 19,479.66 14,757.14
95
33. Changes in inventories of finished goods and work-in-progress

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Opening stock
Finished goods 45,473.42 54,446.76
Work-in-progress 1,773.17 1,378.96
Total 47,246.59 55,825.72
Closing stock
Finished goods 44,745.27 45,473.42
Total 47,313.85 47,246.59
(67.26) 8,579.13
Particulars of stocks of finished goods and work-in-progress are as under :

Finished goods
Sugar 41,001.46 38,280.99
Alcohol 859.86 5,524.81
Organic/ Fine chemicals 456.66 464.82
Industrial fibers 2,427.30 1,202.80
Total 44,745.28 45,473.42
Work-in-progress
Sugar 879.44 616.10
Alcohol 140.73 59.76
Industrial fibers 657.43 452.50
Total 2,568.58 1,773.17
34. Employee benefits expense

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Salaries, wages and bonus* # 14,821.36 12,800.90
Contribution to provident and other funds* 1,289.79 1,533.08
Staff welfare expenses 411.14 411.71
Total 16,522.29 14,745.69
* Refer note 44
# Includes payment to contractual labour
35. Finance costs

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Interest expense*# 3,924.58 3,827.00

Other borrowing costs 96.60 146.88
Total 4,021.18 3,973.88
* Refer note 50
# includes Rs. 179.77 lakhs interest on lease liabilities (March 31,2021:Rs.204.10 lakhs)
36. Depreciation and amortisation expense

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Depreciation on property, plant and equipment 2,773.72 2,348.80
Amortisation on intangible assets 43.21 39.79
Amortisation on right-of-use assets 457.91 527.87
Total 3,274.84 2,916.46
96
37. Other expenses
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs

Power and fuel 11,378.70 7,999.70
Repair and maintenance
- Buildings 694.05 722.64
- Plant and machinery 6,271.14 4,797.21
Rent* 86.30 133.08
Payment to auditors
- Audit fee 50.00 40.00
- Limited review of unaudited financial results 30.00 37.50
- Verification of statements and other records 2.00 9.90
- Out-of-pocket expenses 4.51 3.31
Insurance 296.69 303.14
Rates and taxes 222.96 104.91
Freight and transport 2,791.76 1,590.69
Commission to selling agents 2,232.97 2,128.99
Loss on Export obligation** - 600.00
Loss on sale of property, plant and equipment (net) - 20.36
Donation - 0.30
Corporate social responsibility (refer note below) 183.66 201.86
Provision for export benefits 22.67 -
Miscellaneous expense # 7,415.97 5,616.30
Total 44,295.51 34,127.37
Note: Details of corporate social responsibility expenditure

a) Amount required to be spent by the Company during the year 188.64 165.50
b) Amount spent during the year (in cash)
(i) Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 183.66 201.86
c) Amount unspent 4.98 *** -
* Refer note 40
** Consequent to Orders of Central Government allocating sugar factory-wise
Maximum Admissible Export Quantity (MAEQ) of sugar for export.
*** Spent subsequent to March 31, 2022

# Refer note 50
97
38. Income tax expense

A. Amounts recognised in statement of profit and loss
The major components of income tax expense for the years ended March 31, 2022 and March 31, 2021 are:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Current tax expense 2,137.36 2,930.03

Deferred tax charge 490.28 479.88
Income tax expense reported in the statement of profit and loss 2,627.64 3,409.91
B. Amounts recognised in other comprehensive Income

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Income tax
Remeasurement of post employment benefit obligation (97.71) (69.06)
Income tax charged to other comprehensive income/(expense) (97.71) (69.06)
C. Reconciliation of effective tax rate #

Reconciliation of tax expense and the accounting profit/ (loss) multiplied by India’s domestic tax rate for the year
ended March 31, 2022 and March 31, 2021:
(Rs.Lakhs)
For the year For the year
ended ended
March 31, 2022 March 31, 2021
Rate Amount Rate Amount

Profit before tax from continuing operations, including OCI 34.94% 9,480.83 34.94% 10,196.43
Tax using the Company’s domestic tax rate 3,312.97 3,563.04

Tax effect of:
Non-deductible expenses 0.51% 48.56 0.80% 82.04
Impact on Deferred Tax due to change in tax rate for future years -3.95% (374.03) -1.58% (160.97)
Capital loss not expected to be set-off in near future -0.77% (73.38) 0.00% -
Others -1.99% (188.78) -0.05% (5.14)
Effective tax rate 28.75% 2,725.34 34.12% 3,478.97
# The Company continues to pay income tax under older tax regime and has not opted for lower tax rate pursuant to
Taxation Law (Amendment) Ordinance, 2019 considering the accumulated MAT credit and other benefits under the
Income Tax Act, 1961. The Company plans to opt for lower tax regime once these benefits are utilised, which is ex-
pected by financial year ending 2025. Accordingly, deferred tax liability on temporary differences which are expected
to reverse after financial year ending 2025 have been re-measured in the current financial year.
98
D. Deferred tax assets/liabilities (Rs. lakhs)
Particulars Deferred tax assets Deferred tax liabilities Net deferred tax assets/ (liabilities)
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Accrued expense deductible on payment 307.15 249.41 - - 307.15 249.41
Provision for gratuity, compensated absences and other
311.42 419.08 - - 311.42 419.08
employee benefits
Loss allowance for trade receivables 8.69 8.69 - - 8.69 8.69
Loss allowance for other assets 8.38 0.45 8.38 0.45
Difference in book written down value and tax written down

- - 7,360.11 6,819.21 (7,360.11) (6,819.21)
value of property, plant and equipment/ intangible assets
Others 150.35 170.03 6.64 21.24 143.71 148.79
785.98 847.66 7,366.75 6,840.45 (6,580.78) (5,992.79)
MAT credit entitlement ** 2,604.34 3,183.01 - - 2,604.34 3,183.01
Net Deferred tax liabilities 3,390.32 4,030.67 7,366.75 6,840.45 (3,976.44) (2,809.78)
** MAT credit entitlement in the Statement of profit and loss forms part of Deferred tax charge for the year.
E. Movement in temporary differences
For the year ended 31 March 2022 (Rs.Lakhs)
Particulars Recognised Recognised in

Closing
Opening balance in statement of other comprehen-
balance
Profit & Loss sive income
Deferred tax assets
Accrued expense deductible on payment 249.41 57.74 - 307.15
Provision for gratuity, compensated absences and other employee benefits 419.08 (9.96) (97.71) 311.42
Loss allowance for trade receivables 8.69 (0.00) - 8.69
Loss allowance for other assets 0.45 7.93 - 8.38
Others 170.03 (19.68) - 150.35
847.66 36.02 (97.71) 785.98
Deferred tax liabilities
Difference in book written down value and tax written down value of property, plant
(6,819.21) (540.90) - (7,360.11)
and equipment/ intangible assets
Others (21.24) 14.60 - (6.64)
(6,840.45) (526.30) - (7,366.75)
Total (5,992.79) (490.28) (97.71) (6,580.78)
99

Closing
balance
Deferred tax assets
Accrued expense deductible on
240.35 9.06 - 249.41
payment
Provision for gratuity, compensated
658.25 (170.11) (69.06) 419.08
absences and other employee benefits
Loss allowance for other assets 0.45 - - 0.45
Others 46.88 123.15 - 170.03
956.40 (39.68) (69.06) 847.66
Difference in book written down value
and tax written down value of property, (6,383.90) (435.31) - (6,819.21)
plant and equipment/ intangible assets
Others (16.36) (4.88) - (21.24)
(6,400.26) (440.19) - (6,840.45)
Total (5,443.86) (479.87) (69.06) (5,992.79)
F. Availability of MAT Credit is upto:

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Financial year Amount Amount
2028-29 - 430.09
2029-30 133.33 281.91
2030-31 851.08 851.08
2032-33 996.93 996.93
2033-34 623.00 623.00
2,604.34 3,183.01
39. Operating segments
A. Basis for segmentation

In accordance with Ind AS 108 'Segment Reporting' as specified in section 133 of the Companies Act, 2013, the Company has
identified three business segments viz. Sugar, Industrial fibres and related products and Chemicals. The above segments have
been identified and reported taking into account the differing risks and returns, and the current internal financial reporting systems.
For each of the segments, the Chief operating decision maker (CODM) reviews internal management reports on at least a quarterly
basis. The CODM monitors the operating results separately for the purpose of making decisions about resource allocation and
performance measurement (Refer Note 2A (O)).
Segment revenue, results and capital employed include the respective amounts identifiable to each of the segments. Other unal-
locable expenditure includes expenses incurred on common services provided to the segments, which are not directly identifiable.
In addition to the significant accounting policies applicable to the business segments as set out in note 2A (o) above, the account-
ing policies in relation to segment accounting are as under:
a) Segment revenue and expenses
Segment revenue and expenses are, generally, directly attributable to the segments. Joint revenue and expenses of segments
are allocated amongst them on a reasonable basis.
b) Segment assets and liabilities
Segment assets include all operating assets used by a segment and consist principally of operating trade receivables, inventories
and property plant and equipment and intangible assets, net of allowances and provisions, which are reported as direct offsets in
the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities and
do not include deferred income taxes and borrowings. While most of the assets / liabilities can be directly attributed to individual
segments, the carrying amount of certain assets / liabilities pertaining to two or more segments are allocated to the segments
on a reasonable basis.
The following summary describes the operations in each of the Company's reportable segments:
Sugar Comprising sugar, power and alcohol
Industrial fibres and related products Comprising rayon, synthetic yarn, cord, fabric etc.
Chemicals Comprising organics and fine chemicals
100
B. Information about reportable segments
Particulars Reportable segments

Industrial fibres and Elimination Total
Sugar Chemicals
related products
For the For the For the For the For the For the For the For the For the For the
year ended year ended year ended year ended year ended year ended year ended year ended year ended year ended
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs Rs. lakhs Rs. lakhs Rs. lakhs Rs. lakhs Rs. lakhs Rs. lakhs Rs. lakhs Rs. lakhs
Segment revenue
- External revenues 1,27,525.83 1,15,972.37 43,040.83 32,892.63 37,939.49 38,176.62 - - 2,08,506.16 1,87,041.62
- Inter segment revenue - - - - - - - - -
- Other operating revenue 2,288.51 5,969.57 1,154.81 852.98 362.35 435.96 - - 3,805.67 7,258.51
Subtotal 1,29,814.34 1,21,941.94 44,195.64 33,745.61 38,301.85 38,612.58 - - 2,12,311.82 1,94,300.13
- Other income 399.15 322.10 846.22 564.94 129.25 114.19 - (2.40) 1,374.62 998.83
- Unallocable income 901.64 641.86
Total revenue 1,30,213.49 1,22,264.04 45,041.86 34,310.55 38,431.09 38,726.77 - (2.40) 2,14,588.08 1,95,940.82
Segment results 7,969.88 7,637.63 4,543.46 3,066.42 3,851.26 6,662.36 - - 16,364.60 17,366.41
Unallocated expenses (net of
3,142.22 3,393.74
unallocated income)
Operating profit 13,222.41 13,972.67
Finance costs 4,021.19 3,973.88
Deferred tax (credit)/ charge 490.28 479.88
Net profit after tax 6,573.59 6,588.88
Capital expenditure during the year 7,097.76 1,944.23 2,012.49 1,443.02 3,826.00 2,228.15 - - 12,936.25 5,615.40
Unallocated capital expenditure during the year 247.19 283.62
Total capital expenditure during the year 13,183.44 5,899.02
Depreciation and amortisation 1,052.29 893.37 1,033.95 937.75 606.77 500.30 - - 2,693.01 2,331.42
Unallocated depreciation during the year 581.74 585.04
Total depreciation during the year 3,274.74 2,916.46
Non cash expense other than depreciation 0.20 2.19 54.80 25.75 0.75 24.33 - - 55.75 52.27
Unallocated non cash expenses other
7.48 2.42
than depreciation during the year
Total non cash expenses other
63.23 54.69
101
102
(Rs.Lakhs)

Elimination Total
Industrial fibres and
Sugar Chemicals
related products
As at As at As at As at As at As at As at As at As at As at
Segment assets 1,00,707.85 95,475.24 41,484.86 36,655.70 23,459.52 19,966.17 - - 1,65,652.23 1,52,097.11
Unallocated assets 9,701.03 14,102.78
Total assets 1,00,707.85 95,475.24 41,484.86 36,655.70 23,459.52 19,966.17 - - 1,75,353.26 1,66,199.89
Segment liabilities 30,985.88 35,143.82 11,010.50 9,835.41 6,047.08 5,804.54 - - 48,043.46 50,783.77
Share capital and reserves 65,437.61 59,987.00

Unallocated liabilities
-Borrowings 54,388.81 48,714.40
-Others 7,483.38 6,714.72
Total liabilities 30,985.88 35,143.82 11,010.50 9,835.41 6,047.08 5,804.54 - - 1,75,353.26 1,66,199.89
Capital employed 69,721.96 60,331.42 30,474.36 26,820.29 17,412.45 14,161.63 - - 1,17,608.78 1,01,313.34
C. Reconciliations of information on reportable segments to Ind AS measures

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
i Revenues
Total revenue for reportable segments 2,13,686.44 1,95,301.36
Unallocated amounts:
Revenue for other segments 901.64 641.86
Inter-segment elimination - (2.40)
Total revenue 2,14,588.08 1,95,940.82

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
ii Profit before tax
Total profit before tax for reportable segments 16,364.60 17,366.41
Unallocated cost:
Finance costs (4,021.18) (3,973.88)
Other unallocated amounts (3,142.22) (3,393.74)
Profit before tax as per statement of profit and loss 9,201.22 9,998.79

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
iii Assets
Total assets for reportable segments 1,65,652.23 1,52,097.11
Investments 3,456.41 5,382.98
Corporate assets 6,244.62 8,719.80
Total assets as per the balance sheet 1,75,353.26 1,66,199.89

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
iv Liabilities
Total liabilities for reportable segments 48,043.46 50,783.77
Share capital 1,739.84 1,739.84
Reserves and Surplus 63,697.77 58,247.16
Unallocated corporate liabilities 61,872.19 55,429.12
Total liabilities as per the balance sheet 1,75,353.26 1,66,199.89
D. Geographical information
The geographical information analyses the Company’s revenues and assets by the Company’s country of domicile
(i.e. India) and other countries. In presenting the geographical information, segment revenue has been based on the
geographic location of customers and segment assets which have been based on the geographical location of the assets.

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
i Revenues
(a) India 1,68,148.96 1,55,528.83
(b) Other countries

Europe 17,221.60 12,797.44
China 12,383.61 12,414.41
Rest of the World 16,833.92 15,202.54
Total (b) 46,439.12 40,414.39
(c) Inter-segment elimination - (2.40)
Total (a+b+c) 2,14,588.08 1,95,940.82
103

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
ii Assets
(a) India 1,59,949.36 1,55,401.83
(b) Other countries

Europe 7,167.92 2,993.04
China 4,141.67 3,363.91
Rest of the World 4,094.31 4,441.11
Total (b) 15,403.90 10,798.06
Total (a+b) 1,75,353.26 1,66,199.89
E. Major customer
Revenue from transactions with any single customer does not exceed 10 per cent or more of the Company's total revenue.
40. Leases
The details of the right-of-use asset held by the Company is as follows:

(Rs.Lakhs)
Net Carrying
Opening as on Additions during Deletions during Depreciation dur-
Particulars amount as at
April 1, 2021 the year the year ing the year
March 31, 2022
Building 2,001.58 56.94 50.76 457.91 1,549.85
2,001.58 56.94 50.76 457.91 1,549.85
Net Carrying
Opening as on Additions during Deletions during Depreciation dur-
April 1, 2020 the year the year ing the year
March 31, 2021
Building 2,499.22 201.42 171.19 527.87 2,001.58
2,499.22 201.42 171.19 527.87 2,001.58
The Company incurred Rs. 86.30 lakhs (March 31, 2021: Rs.133.08 lakhs) towards expenses relating to short-term leases and
leases of low-value assets.
The weighted average incremental borrowing rate of 9% has been applied to lease liabilities recognised in the balance sheet
at the date of initial application.
The reconciliation of lease liabilities is as follows:
Particulars As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Opening balance 2,173.14 2,568.94
Additions 56.76 159.52
Deletions (51.37) (171.73)
Amount recognised in statement of profit and loss as interest expense 179.77 204.10
Payment of lease liability (580.64) (587.69)
Closing balance 1,777.66 2,173.14
The following table presents a maturity analysis of expected cash flows for lease liabilities:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Within one year 451.40 399.15
Within one-five years 1,217.79 1,631.98
Above five years 108.46 142.01
104
41. Contingent liabilities and commitments (to the extent not provided for)
A. Contingent liabilities*
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Income tax matters 10,548.70 4,356.09
Excise and Service tax matters 23.58 39.20
Claims against the Company not acknowledged as debts (excluding claims by
950.81 925.00
employees, where amount is not ascertainable)
Sales tax matters 15.46 55.06
Sugarcane related matters 4,545.26 4,545.26
Total 16,083.81 9,920.61
* Matters are subject to legal proceedings in the ordinary course of business. The legal proceedings, when ultimately concluded
will not, in the opinion of the management, have a material effect on the results of the operations or financial position.
B. Commitments
a. Capital commitments: Estimated amount of contracts remaining to be executed on capital account and not provided for (net
of advances) amounts to Rs. 722.96 lakhs (March 31, 2021: Rs. 5265.85 lakhs).
b. Other commitments: The Company has other commitments, for purchase / sales orders which are issued after considering
requirements per operating cycle for purchase / sale of goods and services, employee benefits including union agreement in
normal course of business. The Company does not have any long term commitments / contracts including derivative contracts
for which there will be any material foreseeable losses.
42. Proceedings in a Petition challenging the Preferential Issue of equity warrants by the Company filed by a shareholder before
the Hon'ble Company Law Board (now National Company Law Tribunal) are continuing since November, 2007.
43. Earnings per share

Basic and diluted earnings/ (loss) per share
Basic and diluted earnings/ (loss) per share is calculated by dividing the profit/ (loss) during the year attributable to equity
shareholders of the Company by the weighted number of equity shares outstanding during the year.
Particulars Unit For the year ended For the year ended
March 31, 2022 March 31, 2021
Profit after tax attributable to equity shareholders Rs. Lakhs 6,573.59 6,588.88
Weighted average number of equity shares outstanding Numbers 8,69,92,185 8,69,92,185
during the year*
Nominal value per share* Rs. 2 2
Basic and diluted earnings per share Rs. 7.56 7.57
* Refer note 57
44. Employee benefits
A. Defined Contribution plans

Rs. 110.52 lakhs (March 31, 2021: Rs. 127.13 lakhs) for provident fund contribution and Rs. 204.69 lakhs (March 31, 2021: Rs.
174.36 lakhs) for superannuation fund contribution have been charged to the Statement of Profit and Loss. The contributions
towards these schemes are at rates specified in the rules of the schemes. In case of provident fund administered through a
trust, shortfall if any, shall be made good by the Company.
B. Defined benefit plans

Liability for gratuity, privilege leaves and medical leaves is determined on actuarial basis. Gratuity liability is provided to the
extent not covered by the funds available in the gratuity fund.
Gratuity:
Gratuity scheme provides for a lump sum payment to vested employees at retirement, death while in employment or on
termination of employment. Vesting occurs upon completion of five years of service, except death while in employment.
105
The following table sets out the status of gratuity obligation
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Net Gratuity liability / (asset) (503.18) (189.57)
Non current - -
Current (503.18) (189.57)
(i) Reconciliation of the gratuity benefit liability
The following table shows a reconciliation from the opening balance to the closing balance for gratuity liability and its components
Particulars For the year ended For the year ended

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Balance at the beginning of the year 4,086.73 3,991.92
Current service cost 264.84 260.63
Interest cost 277.90 271.45
Actuarial (Gain) / Loss on arising from changes in financials assumptions (117.03) -
Actuarial (Gain) / Loss on arising from changes in experience adjustments 54.61 224.89
Benefits paid (452.70) (662.16)
(ii) Reconciliation of the plan assets
The following table shows a reconciliation from the opening balances to the closing balances for the plan assets and its components

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Expected return on plan assets 290.79 241.76
Contribution by the Company 19.22 14.40
Benefits paid (121.63) (28.52)
Actuarial gains / (losses) recognised in other comprehensive income 152.85 493.26
(iii) Expense recognized in profit or loss

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs

Expected return on plan assets (290.79) (241.76)
Actuarial (gains) / losses recognised in other comprehensive income (215.28) (268.37)
36.67 21.95
106
(iv) Constitution of plan assets

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Other than equity, debt, property and bank account

Funded with Life Insurance Corporation of India* 4,617.53 4,276.30
* The plan assets are maintained with Life Insurance Corporation of India Gratuity Scheme. The details of Investments
maintained by Life Insurance Corporation are not made available and have therefore not been disclosed.
(v) Remeasurements recognized in other comprehensive income

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Actuarial gain / (loss) on plan assets 152.85 493.26
Actuarial gain / (loss) arising from changes in financials assumptions 117.03 -
Actuarial gain / (loss) arising from changes in experience adjustments (54.61) (224.89)
(vi) Actuarial assumptions

Principal actuarial assumptions at the reporting date (expressed as weighted averages):
March 31, 2022 March 31, 2021
Financial assumptions
Discount rate 7.22% 6.80%
Future salary growth 5.00% 5.00%
Rate of return on plan assets 6.80% 6.80%
Expected average remaining working lives of employees (years) 17.48 17.31
Demographic assumptions
Mortality rate IALM (2012-14) IALM (2012-14)
Withdrawal rate Up to 30 years- 3% Up to 30 years- 3%
31 to 44 years- 2% 31 to 44 years- 2%
Above 44 years- 1% Above 44 years- 1%
Retirement age 58 years and 60 years 58 years and 60 years
Expected contributions to post-employment benefit plans for the year ending March 31, 2023 are Rs. 206.64 lakhs (March
31, 2022: Rs. 219.75 lakhs).
The cost of the defined benefit plans and other long term benefits are determined using actuarial valuations. Actuarial valuations
involve making various assumptions that may differ from actual developments in the future. These includes the determination
of the discount rate, future salary increases and mortality rate. Due to these complexity involved in the valuation it is highly
sensitive to the changes in these assumptions. All assumptions are reviewed at each reporting date. The present value of the
defined benefit obligation and the related current service cost and planned service cost were measured using the projected
unit cost method.
The Company has established an income tax approved irrevocable trust fund to which it regularly contributes to finance
the liabilities of the gratuity plan. The fund’s investments are managed by certain insurance companies as per the mandate
provided to them by the trustees and the asset allocation is within the permissible limits prescribed in the insurance regulations.
107
(vii) Sensitivity analysis

The significant actuarial assumption for the determination of defined benefit obligations are discount rate and expected salary
increase.
Sensitivity of gross benefit obligation as mentioned above, in case of change in significant assumptions would be as
under:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Increase Decrease Increase Decrease
Discount rate (0.50%) (127.64) 136.57 (127.42) 136.34
Future salary growth (0.50%) 138.32 (130.36) 138.08 (130.13)
Although the analysis does not take into account of the full distribution of cash flows expected under the plan, it does not
provide an approximation of the sensitivity of the assumptions shown.
Sensitivities due to mortality & withdrawals are insignificant & hence not considered in sensitivity analysis disclosed.
(viii) Maturity profile
The table below shows the expected cash flow profile of the benefits to be paid to the current membership of the plan based
on past service of the employees as at the valuation date:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Within 1 year 556.02 629.47
1 year to 5 years 1,557.21 1,505.47
More than 5 years 2,001.12 1,951.79
C. Compensated absences:
The obligation of compensated absence in respect of the employees of the Company as at 31 March 2022 works out to
Rs. 1177.76 lakhs (31 March 2021: Rs. 1,174.72 lakhs)
D. Provident fund:
All employees are entitled to Provident Fund benefits as per the law. For certain category of employees the Company administers
the benefits through a recognised Provident Fund Trust. The Company has an obligation to fund any shortfall on the yield of
the trust’s investments over the administered interest rates on an annual basis. For other employees contributions are made
to the Regional Provident Fund Commissioners. The Government mandates the annual yield to be provided to the employees
on their corpus. This plan is considered as a Defined Benefit Plan. For the first category of employees (covered by the Trust),
the Company has an obligation to make good the shortfall, if any, between the yield on the investments of the trust and the
yield mandated by the Government and these are considered as Defined Benefit Plans and are accounted for on the basis of
an actuarial valuation.
The following table sets out the status of Provident Fund obligation
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Net Provident Fund liability / (asset) 85.50 201.78
108
(i) Reconciliation of the provident fund liability
The following table shows a reconciliation from the opening balance to the closing balance for provident fund liability and its components

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Contribution by plan participants / employees 1,003.17 1,129.88
Interest cost 1,084.96 1,187.44
Actuarial (Gain) / Loss on arising from changes in experience adjustments (110.71) (24.30)
Benefits paid (2,166.50) (3,662.96)


March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Expected return on plan assets 1,084.96 1,185.39
Contribution by the Company 415.46 371.03
Benefits paid (2,166.50) (3,662.95)
Actuarial gains / (losses) recognised in other comprehensive income* (48.00) (95.03)
Shortfall funded by the Company 51.95 -
* Includes Rs. (61.00) lakhs (March 31, 2021: Rs.98.30 lakhs) on account of (reversal of provision) / provision on investments.

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Interest cost - 2.05
Net cost 415.46 373.08
(iv) Remeasurements recognized in other comprehensive income

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Gain/(Loss) recognised in other comprehensive income 64.33 (70.73)
109
(v) Actuarial assumptions

As at As at
Particulars
March 31, 2022 March 31, 2021
Expected statutory interest rate 8.10% 8.50%
31 to 44 years- 2% 31 to 44 years- 2%
unit cost method.
(vi) Sensitivity analysis

The significant actuarial assumption for the determination of defined benefit obligations are discount rate.
Sensitivity of gross benefit obligation as mentioned above, in case of change in significant assumptions would be as under:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs

Discount rate (0.50%) (4.27) 4.50 (4.86) 5.11
E. Risk exposure
These defined benefit plans typically expose the Company to actuarial risks as under:
(a) Investment Risk

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to
market yields at the end of the reporting period on government bonds.
(b) Interest rate risk

A decrease in bond interest rate will increase the plan liability. However, this shall be partially off-set by increase in return as
per debt investments.
(c) Longevity risk

The present value of the defined plan liability is calculated by reference to the best estimate of the mortality of plan participants.
An increase in the life expectancy will increase the plan's liability.
(d) Salary risk

Higher than expected increase in salary will increase the defined benefit obligation.
110
45. Related party disclosures:
In accordance with the requirements of Ind AS 24 on Related Party Disclosures, the names of the related parties where control exists
and/or with whom transactions have taken place during the year and description of relationships, as identified and certified by the
management are:
A. Names of related parties and nature of related party relationship
Subsidiary
Daurala Foods and Beverages Private Limited
DCM Shriram Fine Chemicals Limited (w.e.f. 29.09.2021)
Associate
DCM Hyundai Limited
Key management personnel
Mr. S. B. Mathur, Chairman
Mr. Alok B. Shriram, Senior Managing Director
Mr. Madhav B. Shriram, Managing Director
Mrs. Urvashi Tilak Dhar, Director
Mr. Vineet Manaktala, Director & CFO ( w.e.f. 01.07.2021)
Mr. N. K.Jain, Director & CFO (upto 30.06.2021)
Mr. P. R. Khanna, Independent Director
Mr. Ravinder Narain, Independent Director
Mr. S. C. Kumar, Independent Director
Mr. C. Vikas Rao, Nominee Director (upto 30.09.2020)
Ms. V. Kavitha Dutt, Independent Director
Mr. Sanjay C. Kirloskar, Independent Director
Mr. Y. D. Gupta, Vice President & Company Secretary
Mr. Mukesh Gupta, Nominee Director (w.e.f. 01.10.2020 and upto 14.03.2022)
Ms. Mini Ipe, LIC Nominee Director (w.e.f. 30.03.2022)
Mr. Manoj Kumar, Non-executive Director (w.e.f. 27.06.2020)
Relatives/HUF of key management personnel
Mr. Akshay Dhar
Ms. Kanika Shriram
Mr. Rudra Shriram
Mr. Rohan Shriram
Mr. Uday Shriram
Ms. Umika Shriram
Mrs. Anita Gupta
Mrs. Manju Jain
Mr. Nirmal Kumar Jain
Mrs. Maya Rani Jain
Mr. Rajat Jain
Mrs. Kiran Khanna
Mr. P. R. Khanna (HUF)
M/s. Lala Bansi Dhar & Sons- HUF
Mrs. Suman Bansi Dhar
Mrs. Divya Shriram
Mrs. Karuna Shriram
Ms. Aditi Dhar
Mrs. Manju Narain
Mr. Rohit Gupta
Mrs. K. Rao
Mrs. Amita Manaktala
Mrs. Astha Manaktala
Mr. Mohit Manaktala
Trusts
Employees' Provident Fund Trust, DCM Shriram Industries Limited
Daurala Organics Limited Employees' Provident Fund Trust
DCM Shriram Industries Limited Superannuation Trust
DCM Shriram Industries Limited Employees' Gratuity Fund
Others (Enterprises over which key management personnel or their relatives are able to exercise significant influence)
Bantam Enterprises Private Limited
H.R. Travels Private Limited
DCM Containers & Engineering Private Limited (w.e.f. 23.06.21)
(Formerly Hindustan Vaccum Glass Private Limited)
Kirloskar Corrocoat Private Limited
Lily Commercial Private Limited
Hi-Vac Wares Private Limited
Fives Cail – KCP Limited
111
B. Transactions with related parties:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Rent expenses
Relatives/HUF of key management personnel 181.86 196.73
Bantam Enterprises Private Limited 30.59 34.55
H.R. Travels Private Limited 9.18 9.18
DCM Containers & Engineering Private Limited 0.90 0.75
Total 222.53 241.21
Interest expense
Key management personnel 11.87 10.74
Relatives of Key management personnel 27.45 19.06
Independent Directors & their relatives/HUF 3.75 3.75
Total 43.07 33.55
Other expenses
Kirloskar Corrocoat Private Limited 4.03 11.76
Fives Cail – KCP Limited 6.51 -
Others - 1.08
Total 40.54 96.79
Purchase of property, plant and equipment
Total 266.80 277.58
Investment in share capital
DCM Shriram Fine Chemicals Limited 1.00 -
Sale of property, plant and equipment
DCM Shriram Fine Chemicals Limited 1,512.25 -
Payments made on behalf of/to subsidiary
DCM Shriram Fine Chemicals Limited 171.11 -
Equity dividend paid
Associate 0.31 0.21
Lily Commercial Private Limited 236.28 154.49
Hi-Vac Wares Private Limited 59.49 39.66
Versa Trading Limited 193.32 128.88
653.86 430.87
Public deposits received
Key management personnel - 74.76
Relatives of key management personnel 122.00 -
Total 122.00 74.76
Amount received from sale of preference shares
Key management personnel 84.98 -
Relatives of Key Management Personnel 169.96 -
Bantam Enterprises Private Limited 235.06 -
Total 490.00 -
Security deposits received back
Mrs. Anita Gupta 3.04 -
Mrs. Manju Jain 4.56 -
Total 7.60 -
112
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Public deposits paid
Relatives of key management personnel - 44.76
Salaries and bonus including contributions made to provident fund

Mr. Alok B.Shriram 296.52 329.27
Mr. Madhav B.Shriram 296.52 329.42
Mrs. Urvashi Tilak Dhar 278.24 273.51
Mr. Vineet Manaktala 39.02 -
Mr. N. K. Jain 33.60 56.83
Mr. Y. D. Gupta 42.07 30.10
Relatives of key management personnel 197.25 116.32
Total 1,183.22 1,135.45
Post-employment defined benefit plan

Gratuity
Mr. Alok B.Shriram (8.76) 5.88
Mr. Madhav B.Shriram (3.33) 5.78
Mr. N.K. Jain - 2.00
Mr. Y.D. Gupta 2.74 3.66
Total 0.36 37.24
Other long term defined benefit plan

Compensated absences
Mr. Y.D. Gupta 2.75 (1.74)
Relatives of key management personnel (0.70) 16.42
Total 26.92 36.60
Commission to Independent Directors

Mr. P. R. Khanna 13.72 15.86
Mr. S. B. Mathur 14.56 16.85
Mr. Ravinder Narain 12.04 13.91
Mr. S. C. Kumar 13.72 15.87
Mrs. Kavitha Dutt Chitturi 12.88 14.88
Mr. Sanjay C. Kirloskar 11.20 12.92
Mr. Mukesh Gupta 9.52 10.96
Mr. Manoj Kumar 11.20 11.46
Total 98.84 112.71
Total compensation paid to key management personnel 1,309.34 1,322.00

contribution paid to provident fund
Trusts 1,418.63 1,500.91
Gratuity
Trust 19.21 14.40
Other long term defined contribution plan

superannuation
Trust 176.07 174.35
113
Balances with related parties (Rs. lakhs)

March 31, 2022 March 31, 2021
Security deposit receivable
Total 28.85 33.63
Advance for share capital

DCM Shriram Fine Chemicals Limited 1,670.64 -
Other advances
Employees' Provident Fund Trust, DCM Shriram Industries Limited - 196.38
Capital advances
DCM Containers & Engineering Private Limited - 7.47
Capital creditors
DCM Containers & Engineering Private Limited 2.28 -
Payables
Public deposits including interest accrued
Independent Directors & their relatives 37.50 37.50
Total 469.43 349.35
Provisions
Daurala Organics Limited Employees' Provident Fund Trust 85.50 201.78
Trade payables
Kirloskar Corrocoat Private Limited - 1.80
Sitting fees to Indepdendent Directors 5.94 4.63
Commission to Independent Directors 98.84 112.71
Remuneration to key management personnel 483.32 568.95
588.10 711.63
Note:
Transactions with the related parties are made on normal commercial terms and conditions and at market rates, to be
settled in cash except advance for share capital (refer note 55)
46. Financial instruments – Fair values and risk management
a. Financial instruments – by category and fair values hierarchy

The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
i. As on March 31, 2021 (Rs. lakhs)
Particulars Carrying value Fair value measurement using

Amortised
FVTPL FVTOCI Total Level 1 Level 2 Level 3
cost
Financial assets
Non-current
(i) Loans* - - 32.80 32.80 - - -
(ii) Other financial assets* - - 592.61 592.61 - - -
Current
(i) Investments*
Debt instrument (Mutual funds) 4,769.58 - - 4,769.58 4,769.58 - -
(ii) Trade receivables* - - 19,676.06 19,676.06 - - -
(iii) Cash and cash equivalents* - - 1,985.90 1,985.90 - - -
(iv) Other bank balances* - - 1,215.51 1,215.51 - - -
(v) Loans* - - 40.74 40.74 - - -
(vi) Other financial assets* 58.87 - 13,290.78 13,349.65 58.87 - -
Total 4,828.45 - 36,834.40 41,662.84
continued on next page
114
Carrying value Fair value measurement using
Particulars Amortised
cost
Non-current
(i) Borrowings (including current
- - 18,733.65 18,733.65 - - 18,733.65
maturities)#
(ii) Lease liabilities* - - 1,773.99 1,773.99 - - -
(iii) Other financial liabilities* - - 101.62 101.62 - - -
Current
(i) Borrowings# - - 29,861.20 29,861.20 - - -
(ii) Lease liabilities* - - 399.15 399.15 - - -
(iii) Trade payables* - - 34,190.72 34,190.72 - - -
(iv) Other financial liabilities* - - 2,423.81 2,423.81 - - -
Total - - (87,484.14) 87,484.14
ii. As on March 31, 2022 (Rs. lakhs)

Amor-
tised cost
Financial assets
Non-current
(i) Loans* - - 50.02 50.02 - - -
Current
(i) Investments*
Debt instrument (Mutual funds) 990.79 - - 990.79 990.79 - -
(iii) Cash and cash equivalents* - - 828.69 828.69 - - -
(iv) Other bank balances* - - 654.77 654.77 - - -
(v) Loans* - - 5.79 5.79 - - -
Total 1,022.66 - 43,379.98 44,402.64
Non-current
(i) Borrowings (including
- - 20,647.05 20,647.05 - - 20,647.05
current maturities)#
Current
(i) Borrowings# - - 33,572.92 33,572.92 - - -
( ii) Lease liabilities* - - 451.40 451.40 - - -
Total - - 85,918.45 85,918.45
# The Company's borrowings have been contracted at both floating and fixed rates of interest. The borrowings at floating rates reset
at short intervals. Accordingly, the carrying value of such borrowings (including interest accrued but not due) approximates fair
value. The fair value of long-term borrowings with fixed rates of interest is estimated by discounting future cash flows using current
rates (applicable to instuments with similar terms, currency, credit risk and remaining maturities to discount the future payout).
* The carrying amounts of trade receivables, trade payables, lease liabilites, cash and cash equivalents, investments, bank balances
other than cash and cash equivalents and other financial assets and liabilities, approximates the fair values, due to their short-term
nature. The other non-current financial assets represents security deposits given to various parties, loans and advances to employ-
ees and bank deposits (due for maturity after twelve months from the reporting date), lease liabilities and other non-current financial
liabilities, the carrying value of which approximates the fair values as on the reporting date.
There have been no transfers between Level 1, Level 2 and Level 3 for the years ended March 31, 2022 and March 31, 2021.
Valuation
Following financial instruments are remeasured at fair value as under :
(a) The fair value of investments in quoted Equity Shares and Mutual Funds are measured at quoted price or NRV.
(b)The fair value of all derivate contracts is determined using forward exchange rate at the balance sheet.
115
b. Risk Management
The Company manages risk arising from financial instruments as under :
(i) Credit risk
The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the
Balance Sheet:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Investments 3,456.41 5,382.98
Trade receivables 25,495.06 19,676.06
Cash and cash equivalents 828.69 1,985.90
Other bank balances 654.77 1,215.51
Loans 55.82 73.54
Other financial assets 16,377.51 13,942.26
Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due causing
financial loss to the Company. It arises from cash and cash equivalents, financial instruments and principally from credit
exposure to customers relating to outstanding receivables. The Company continuously reviews the credit to be given and the
recoverability of amounts due. Majority of the trade receivables are from parties with whom the Company had long standing
satisfactory dealings.
The Company’s exposure to credit risk for trade receivables is as follows:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
1-90 days past due * 755.38 2,148.91
91 to 180 days past due 17.55 43.01
More than 180 days past due # 36.10 9.05
Not due 24,710.90 17,475.09
25,519.93 19,676.06
* The Company believes that the unimpaired amounts are collectible in full, based on historical payment behaviour.
# The Company continuously reviews the credit to be given and the recoverability of amounts due. Majority of the trade
receivables both domestic and overseas, are from parties with whom the company had long standing satisfactory dealings.
Movement in the allowance for impairment in respect of trade receivables is given below:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Balance at the beginning of the year 24.87 29.97
Impairment loss recognised / (reversed) - (5.10)
Amount written off - -
Balance at the end of the year 24.87 24.87
Note
Cash and cash equivalents
Credit risk on cash and cash equivalents is limited as the Company generally transacts with the Banks with high credit ratings
assigned by domestic and international credit rating agencies.
Other financial assets
Other financial assets do not have any significant credit risk.
116
b. Financial risk management (continued)
(ii) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far
as possible, that it will have sufficient liquidity to meet its liabilities when they are fallen due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.
The Company believes that its liquidity position, including total cash and cash equivalent and bank balances other than cash
and cash equivalent of Rs. 1483.46 lakhs as at March 31, 2022 (March 31, 2021 Rs. 3201.41 lakhs), anticipated future internally
generated funds from operations, and its fully available, revolving undrawn credit facility will enable it to meet its future known
obligations in the ordinary course of business. However, if liquidity needs were to arise, the Company believes it has access
to financing arrangements, which should enable it to meet its ongoing capital, operating, and other liquidity requirements.
The Company will continue to consider various borrowing or leasing options to maximize liquidity and supplement cash
requirements as necessary.
The Company's liquidity management process as monitored by management, includes the following:
- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met.
- Maintaining rolling forecasts of the Company’s liquidity position on the basis of expected cash flows.
- Maintaining diversified credit lines.
I. Financial arrangements
The Company had access to the following undrawn borrowing facilities at the end of the reporting period:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
From banks 9,674.56 14,350.88
II. Maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted:
(Rs. lakhs)
As at March 31, 2021 Carrying Contractual cash flows
amount 0-1 year 1-5 years More than 5 years Total
Borrowings* 11,507.11 - 11,358.76 148.35 11,507.11
Lease liabilities* 1,773.99 - 1,631.98 142.01 1,773.99
Other financial liabilities 101.62 - 101.62 - 101.62
Current liabilities
Borrowings 37,087.74 37,087.74 37,087.74
Lease liabilities 399.15 399.15 - - 399.15
Trade payables 34,190.72 34,190.72 - - 34,190.72
Other financial liabilities 2,423.81 2,423.81 - - 2,423.81
Total 87,484.14 74,101.42 13,092.36 290.36 87,484.14
(Rs. lakhs)
Borrowings* 12,901.45 - 12,852.00 49.45 12,901.45
Current liabilities
Borrowings 41,318.52 41,318.52 - - 41,318.52
Trade payables 26,589.31 26,589.31 - - 26,589.31
Total 85,918.45 71,596.52 14,164.01 157.92 85,918.45
* Contractual cash flows do not include interest expense
117

III. Market risk
Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises two types of risk: currency risk and interest rate risk. The objective of market risk management is to manage and control
market risk exposures within acceptable parameters, while optimising the return. The Board of directors is responsible for setting up of
policies and procedures to manage market risks of the Company.
Currency risk
Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
The Company is exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and
cash flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency and other currencies from the
Company's operating, investing and financing activities.
Exposure to currency risk
The summary of quantitative data about the Company's exposure to currency risk, as expressed in Indian Rupees (Lakhs) as at
March 31, 2022 and March 31, 2021.
(Rs. Lakhs)
Particulars
USD EURO GBP
Financial assets
Trade receivables* 4,555.05 3,467.18 -
Advance to contractors 21.12 6.20 -
4,576.17 3,473.38 -
Borrowings 2,406.49 263.21 -
Trade payables 4,955.88 520.94 3.43
7,362.37 784.15 3.43
(Rs. Lakhs)
Particulars
USD EURO GBP
Financial assets
Advance to contractors 21.97 114.29 10.13
Financial liabilities 1,208.37 1,622.10 10.13

Borrowings 1,705.26 87.15 -
Trade payables 6,378.18 423.47 3.80
8,083.44 510.62 3.80
* Trade receivables are net of corresponding foreign exchange contracts
Sensitivity analysis
A reasonably possible strengthening / weakening of the Indian Rupee against below currencies at March 31, 2022 (previous year ended
as on March 31, 2021) would have affected the measurement of financial instruments denominated in functional currency and affected
equity and profit or loss by the amounts shown below. This analysis is performed on foreign currency denominated monetary financial
assets and financial liabilities outstanding as at the year end. This analysis assumes that all other variables, in particular interest rates,
remain constant and ignores any impact of forecast sales and purchases.
(Rs. lakhs)
Particulars Profit or loss Equity, net of tax
Weakening Strengthening Strengthening Weakening
1% depreciation / appreciation in Indian Rupees against
following foreign currencies:
For the year ended March 31, 2022
USD (27.86) 27.86 (18.13) 18.13
EUR 26.89 (26.89) 17.50 (17.50)
GBP (0.03) 0.03 (0.02) 0.02
(1.01) 1.01 (0.66) 0.66
USD (68.75) 68.75 (44.73) 44.73
EUR 11.11 (11.11) 7.23 (7.23)
GBP 0.06 (0.06) 0.04 (0.04)
(57.58) 57.58 (37.46) 37.46
USD: United States Dollar, EUR: Euro, GBP: Great British Pound
118
Foreign exchange derivative contracts
The Company uses derivative financial instruments exclusively for hedging financial risks that arise from its commercial business
or financing activities. The Company’s Corporate Treasury team manages its foreign currency risk by hedging transactions
that are expected to occur within of 1 to 24 months for hedges of forecasted sales, purchases and capital expenditures. When
a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those derivatives to match
the terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of exposure from the
point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable that
is denominated in the foreign currency. All identified exposures are managed as per the policy duly approved by the Board of
Directors. The fair value is determined using quoted forward exchange rates at the reporting date and present value calculations
based on high credit risk quality yield curves in the respective currency.
The following table details the foreign currency derivative contracts outstanding at the end of the reporting period:
Maturity
Contract value of foreign Upto 12 months More than 12 months
No of deals
currency (in lakhs) Nominal amount (in lakhs) Nominal amount (in lakhs)
Outstanding contracts As at As at As at As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2022 2021 2022 2021 2022 2021 2022 2021
USD/INR Sell Forward 130 82 188.24 111.72 14,479.37 8,293.30 - -
EUR/INR Sell Forward 9 4 22.46 5.95 1,912.25 512.18 - -
EUR/USD Sell Forward 5 3 13.19 4.77 1,117.52 407.49 - -
USD/INR Buy Forward 5 3 6.12 4.21 478.13 308.18 - -
Impact of depreciation / appreciation in INR against USD/EUR in respect of forward contracts is not material.
Interest rate risk

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company’s main interest rate risk arises from long-term borrowings with variable rates, which expose the
Company to cash flow interest rate risk.
Exposure to interest rate risk

The Company’s interest rate risk arises majorly from the loans (including Cash Credit) from banks carrying floating rate of interest.
These obligations exposes the Company to cash flow interest rate risk. The exposure of the Company’s borrowing to interest
rate changes as reported to the management at the end of the reporting period along with the interest rate profile are as follows:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Financial Assets
Fixed Rate Instruments
Bank Balances other than Cash & cash Equivalents 654.77 1,215.51
Loans 5.79 40.74
Other Financial assets 15,901.53 13,349.65
Total 16,562.09 14,605.90
Financial Liabilities
Term loans 10,039.45 9,136.74
Variable-rate instruments
Term loans 9,667.52 8,813.54
Cash Credit 33,572.92 29,861.20
Total 54,219.96 48,594.85
119
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 100 basis points (bps) in interest rates at the reporting date would have increased (decreased)
equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign
currency exchange rates, remain constant.
(Rs. lakhs)
Profit or loss Equity, net of tax

Particulars
100 bps increase 100 bps decrease 100 bps increase 100 bps decrease
Interest on term loans (96.68) 96.68 (62.89) 62.89
Interest on cash credits (335.73) 335.73 (218.41) 218.41
47. Capital management
For the purpose of the Company’s capital management, capital includes issued equity share capital, securities premium and
all other equity reserves attributable to the equity holders of the Company. The primary objective of the management of the
Company’s capital structure is to maintain an efficient mix of debt and equity in order to achieve a low cost of capital, while
taking into account the desirability of retaining financial flexibility to pursue business opportunities and adequate access to
liquidity to mitigate the effect of unforeseen events on cash flows.
The Company manages its capital structure and makes adjustments to it in light of changes in the economic/ business
conditions and requirements.
The Company monitors capital structure through gearing ratio represented by debt-equity ratio (Net debt/Total equity). The
gearing ratios for the company as at the end of reporting period were as follows:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Borrowings 54,219.96 48,594.85
Less : Cash and cash equivalent (828.69) (1,985.90)
Adjusted net debt (A) 53,391.28 46,608.95
Total equity (B) 65,437.61 59,987.00
Adjusted net debt to adjusted equity ratio (A/B) 81.59% 77.70%
48. Research and development expenses amounting to Rs. 311.87 lakhs (March 31, 2021: Rs. 349.18 lakhs) have been charged
to the respective revenue accounts. Capital expenditure relating to research and development amounting to Rs. 38.63 lakhs
(March 31, 2021: Rs. 87.91 lakhs) has been included in property, plant and equipment.
49. Parties covered under “The Micro, Small and Medium Enterprise Development Act, 2006” (MSMED Act, 2006) have been
identified on the basis of confirmation received. The disclosures pursuant to the said MSME Act are as follows:
120
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
(a) Amount remaining unpaid to suppliers under MSMED (suppliers) as at
the end of year.
- Principal amount 1,263.91 777.77
- Interest due thereon - -
(b) the amount of interest paid by the buyer in terms of section 16 of the Micro,
Small and Medium Enterprises Development Act, 2006 (27 of 2006), along
with the amount of the payment made to the supplier beyond the appointed
day during each accounting year. - -
(c) the amount of interest due and payable for the period of delay in making
payment (which has been paid but beyond the appointed day during the year)
but without adding the interest specified under the Micro, Small and Medium
Enterprises Development Act, 2006. - -
(d) the amount of interest accrued and remaining unpaid at the end of each account-
ing year. - -
(e) the amount of further interest remaining due and payable even in the
succeeding years, until such date when the interest dues above are actually
paid to the small enterprise, for the purpose of disallowance of a deductible
expenditure under section 23 of the Micro, Small and Medium Enterprises
Development Act, 2006. - -
50. Disclosures related to government grant

The government grants/assistance recognised are as under:
Nature of Grant/assistance Income/ For the year ended For the year ended
expense head March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Subvention on loan interest Other income 70.70 146.15
Interest subsidy in respect of loan at concessional rate Other income 228.89 309.54
Grant for payment of cane dues subject to fulfillment
Other operating revenue 273.48 5,359.68
of sugar export obligation and other conditions
Duty drawback and other incentive (net of provision) Other operating revenue 958.24 944.40
Subsidy against maintenance of buffer stock Miscellaneous expense - 73.61
Subsidy against maintenance of buffer stock Interest expense - 451.96
51. Immovable properties yet to be endorsed in the name of Company are as under :
Whether title
deed holder is a
Amount Amount promoter, direc-
Property
as on as on tor or relative# of Reason for not being held in the
Particulars held
March March promoter*/direc- name of the company
since
31, 2022 31, 2021 tor or employee
of promoter/
director
Property, Plant and
Equipment
Land situated at
Vested in the Company pursuant to a
Daurala, Uttar
844.04 * 844.04 * No 1991 Scheme of Arrangement of erstwhile
Pradesh (UP) and
DCM Limited. (Undisputed)
Kota, Rajasthan
Vested in the Company pursuant to
merger of Daurala Organics Limited under
Land situated at
44.95 44.95 No 2005 section 391 to 394 of the Companies Act,
Daurala, UP
1956 in terms of approval of Honorable
High Court. (Undisputed)
Total 888.99 888.99
* Includes leasehold land Rs. 465.00 lakhs at Kota, Rajasthan.
121
52. Consequent to introduction of GST with effect from July 1, 2017, there has been ambiguity with regard to chargeability of indirect
tax, i.e. UP VAT or GST or any other tax, on certain supplies made to a party and, therefore, no tax has been charged on invoices
raised for such supplies. The buyer has provided an undertaking to indemnify the Company for any tax, along with interest, penalty
(if levied) or any other related expenses, as may be finally incurred in this regard.
State VAT Authorities had completed ex-parte assessments for the nine months ended March 31,2018 and year ended March
31,2019 and raised demands amounting to Rs 8,085.02 lakhs. The Company filed appeals against such demands and through
an order by the appellate authorities, such demands have been set aside in the previous year and therefore presently there is no
outstanding demand in respect of these period.
Further, the Company has received demand orders amounting to Rs 6,911.32 lakhs for the year ended March 31, 2020 and seven
months period ended October 31, 2020, against which, the Company has filed appeals to the appellate authority and such demand
orders have been stayed.
The Company has also deposited an amount of Rs. 3,417.52 lakhs as duty under protest in respect of the aforesaid VAT matters.
Pending clarity on imposition of VAT or GST on such supplies, the Company has recognized a provision for contingencies under
"Provisions (current)" of Rs. 15,733.25 lakhs (net of amount paid under protest of Rs.3,417.52 lakhs) as at March 31, 2022 (Rs
10,572.51 lakhs as at March 31, 2021). Basis the undertaking from the buyer, the Company has recognized reimbursement assets
amounting to Rs. 15,550.43 lakhs (net of amount already received of Rs. 3,600.34 lakhs) as at March 31, 2022 (Rs. 9,972.17 lakhs
as at March 31, 2021) under "Other financial assets (current)".
The above does not have any impact on the profit of the Company.
53. Assets charged as security
The carrying amount of assets charged as security for current and non-current borrowings are as under:
Note As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Current assets
Inventories 10 63,269.61 66,031.96
Investments 11 - 4,769.58
Trade receivables 12 25,495.06 19,676.06
Cash and cash equivalents 13 794.12 1,985.90
Other bank balances 14 400.46 955.25
Loans 15 3.80 40.74
Other financial assets 16 347.62 3,377.48
Total (I) 93,387.03 1,00,266.11
Non-current asset
Loans 6 26.75 32.80
Other financial assets 7 398.29 592.61
Income-tax assets (net) 8 43.69 1,728.25
Total (II) 58,811.04 53,086.37
Grand Total (I&II) 1,52,198.07 1,53,352.48
54. During the year 7,00,000 5% Redeemable Non-Cumulative Preference Shares of Rs. 100 each in Versa Trading Limited aggregating
to Rs. 700 Lakhs, which were fully impaired in an earlier year, were sold for Rs. 490 Lakhs. Consequently, to that extent, provision
for impairment was reversed and included in “Provisions/Liabilities no longer required, written back” in Note 30 “Other Income”.
55. During the year the Company was allotted approx. 20 Acres of Land at Dahej Industrial Area II, Gujarat by Gujrat Industrial
Development Corporation (GIDC) for setting up a Chemical Plant. The Board of Directors decided to take up the project in a
Special Purpose Vehicle and accordingly a new Company, DCM Shriram Fine Chemicals Limited (DSFCL), was incorporated
on September 29, 2021 as a wholly owned subsidiary. The Initial paid up capital of Rs. 1.00 lakh, comprising 50,000 equity
shares of Rs. 2 each in DSFCL, fully subscribed by the Company. The allotment of land was transferred to the wholly owned
subsidiary with the approval of GIDC pending execution of lease deed. The funds for payment towards Land, other assets
and expenses including GST thereon will be repaid by the DSFCL by issue of its equity share capital to the Company and
accordingly, an amount of Rs. 1,670.64 lakhs recoverable as on 31 March 2022, has been shown as “Advances against
Share Capital” and included in Note no. 5 “Investment – Non Current”.
122
56. Financial Ratios:
March 31, March 31,
Particulars Numerator Denominator Variance
2022 2021
(a) Current Ratio Current assets Current liabilities 1.2 1.2 -1.5%
(b) Debt- Equity Ratio Total Debt Total Equity 0.8 0.8 2.3%
(c) Debt Service Coverage Earnings available Scheduled Debt 1.5 1.6 -2.3%
Ratio for debt service* Service
(d) Return on Equity Ratio Net Profits after Average Share- 10.5% 11.5% -9.2%
taxes holder’s Equity
(e) Inventory Turnover Ratio Cost of goods sold Average Inventory 2.1 2.0 7.9%
(f) Trade Receivable Turn- Revenue Average Trade 9.4 10.2 -7.8%
over Ratio Receivable
(g) Trade Payable Turnover Purchases and Average Trade 5.2 5.4 -4.0%
Ratio other expenses Payables
(h) Net Capital Turnover Ratio Revenue Working Capital 10.3 8.9 16.1%
(i) Net Profit Ratio Net Profit Total Income 3.1% 3.4% -8.9%
(j) Return on Capital Em- Earning before Average Capital 15.5% 17.5% -11.5%
ployed interest and taxes Employed #
(k) Return on Investment Income generated Time weighted aver- 3.4% 3.6% -4.5%
from investments age investments
* PBT + Depreciation + Interest on Term Loan - Taxes Paid
# Tangible net worth + Long term debt + Deferred tax liabilities
57. Upon approval of the proposal for sub-division of the face value of the equity shares in the Company from Rs. 10 per share to 5 equity
shares of Rs. 2 per share at the AGM held on 8 September 2021, the trading in the sub-divided shares was commenced on 8 October
2021 (Ex-date) and accordingly earnings per share has been computed/restated for all the periods presented.
58. Additional Regulatory information:
i) The Company does not have any benami property, and no proceeding has been initiated against the Company for holding any benami
property.
ii) The Company does not have any transactions with struck off companies.
iii) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the
statutory period.
iv) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(ultimate beneficiaries) or
b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding
party (ultimate beneficiaries) or
b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
vii) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961).
viii)The Company has not been declared as a wilful defaulter by any banks or any other financial institution at any time during the financial
year or after the end of the reporting period but before the date when the financial statements are approved.
ix) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed
provisions of the Income Tax Act, 1961.
x) The Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) has five CICs as part of the Group.
59. The figures of the previous year/periods have been regrouped/reclassified wherever necessary to comply with amendments in Schedule
III of the Companies Act, 2013.
Date : 30.05.2022 Date : 30.05.2022
123
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of DCM Shriram Industries Limited (hereinafter referred
to as the ‘Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as
“the Group”) and its associate, which comprise the consolidated balance sheet as at 31 March 2022, and the
consolidated statement of profit and loss (including other comprehensive income), consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated
financial statements, including a summary of significant accounting policies and other explanatory information
(hereinafter referred to as “the consolidated financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, and based on the
consideration of reports of other auditors on separate financial statements of such subsidiaries and associate as
were audited by the other auditors, the aforesaid consolidated financial statements give the information required
by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the consolidated state of affairs of the Group and its associate
as at 31 March 2022, of its consolidated profit and other comprehensive income, consolidated changes in equity
and consolidated cash flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of
the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of
the Consolidated Financial Statements section of our report. We are independent of the Group and its associate in
accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in
terms of the Code of Ethics issued by the Institute of Chartered Accountants of India and the relevant provisions of
the Act, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence obtained by us along with the consideration of audit reports of the other auditors referred
to in sub paragraph (a) of the “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for
our opinion on the consolidated financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit
of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Description of Key Audit Matter
Determination of carrying value of inventory of sugar and the related products as at 31 March 2022 See
note 2A(d) and 10 to the consolidated financial statements
The key audit matter How the matter was addressed in our audit
As on March 31, 2022, the Holding Company had an We understood the process followed by the management
inventory of sugar and related products, i.e., molasses, and tested Company’s key controls in determination of
ethanol, etc., with a carrying value of INR 47,420.16 lakhs. valuation of closing inventory including for determination
The Holding Company produces ethanol at its Distillery unit of estimated net realizable value of inventory of sugar
using a particular type of molasses (B- heavy, a product and allocation of cost between joint products.
generated along with sugar). We considered various factors including technical
Sugar and B-heavy molasses have been recognised as assessment of the management, significance of the
joint products and the cost of production has been allocated products, manufacturing objective in determination of
appropriately between these joint products. classification of the products as 'joint products'; the
We considered the determination of carrying value of the relative net realisable value of sugar and B- heavy
inventory (i.e., lower of cost and net realizable value (NRV)) molasses based alcohol in determination of a basis for
of joint products, sugar and B-heavy molasses, as a Key allocation of cost between the joint products.
Audit Matter given the relative size in the consolidated In respect of estimated net realizable value, we have
financial statements and judgement involved in analysing considered factors of actual selling price prevailing during
the relevant factors such as basis for classification of the year and subsequent to the year end, minimum selling
B-heavy molasses as a joint product, determination of price, and other measures taken by the Government with
a reasonable basis for allocation of cost between the respect to sugar industry as a whole.
joint products in arriving at the cost of inventories and
determination of estimated net realizable value, basis
minimum sale price, regulatory intervention in determining
periodical restrictions on quantity of sales and frequent
fluctuations in selling prices, etc.
124
Other Information
The Holding Company’s management and Board of Directors are responsible for the other information. The other
information comprises the information included in the holding Company’s annual report, but does not include the
consolidated financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If,
based on the work we have performed and based on the work done/ audit report of other auditors, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing
to report in this regard.
Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Statements
The Holding Company’s Management and Board of Directors are responsible for the preparation and presentation
of these consolidated financial statements in term of the requirements of the Act that give a true and fair view of
the consolidated state of affairs, consolidated profit and other comprehensive income, consolidated statement
of changes in equity and consolidated cash flows of the Group including its associate in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified
under section 133 of the Act. The respective Management and Board of Directors of the companies included in the
Group and of its associate are responsible for maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of each company. and for preventing and detecting frauds
and other irregularities; the selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the consolidated financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error, which have been used for the
purpose of preparation of the consolidated financial statements by the Management and Directors of the Holding
Company, as aforesaid.
In preparing the consolidated financial statements, the respective Management and Board of Directors of the
companies included in the Group and of its associate are responsible for assessing the ability of each company
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the respective Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its associate is responsible
for overseeing the financial reporting process of each company.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on the internal financial controls with reference to the consolidated financial statements and the
operating effectiveness of such controls based on our audit.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Management and Board of Directors.
125
• Conclude on the appropriateness of Management and Board of Directors use of the going concern basis of
accounting in preparation of consolidated financial statements and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Group and its
associate to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including
the disclosures, and whether the consolidated financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business
activities within the Group and its associate to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the audit of financial information of such
entities included in the consolidated financial statements of which we are the independent auditors. For the
other entities included in the consolidated financial statements, which have been audited by other auditors,
such other auditors remain responsible for the direction, supervision and performance of the audits carried
out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further
described in para (a) of the section titled ‘Other Matters’ in this audit report.
We believe that the audit evidence obtained by us along with the consideration of audit reports of the other
auditors referred to in sub-paragraph (a) of the Other Matters paragraph below, is sufficient and appropriate to
provide a basis for our audit opinion on the consolidated financial statements.
We communicate with those charged with governance of the Holding Company and such other entities included in
the consolidated financial statements of which we are the independent auditors regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the consolidated financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Other Matters
We did not audit the financial statements of two subsidiaries, whose financial statements reflect total assets of
Rs. 3,570.97 lakhs as at 31 March 2022, total revenues of Rs. 57.53 lakhs and net cash outflows amounting
to Rs. 5.59 lakhs for the year ended on that date, as considered in the consolidated financial statements. The
consolidated financial statements also include the Group’s share of net profit after tax of Rs. 43.45 lakhs and
other comprehensive income after tax of Rs. 2.64 lakhs for the year ended 31 March 2022, in respect of an
associate, whose financial statements have not been audited by us. These financial statements have been
audited by other auditors whose reports have been furnished to us by the Management and our opinion on the
consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of
these subsidiaries, joint ventures, joint operations and associates, and our report in terms of sub-section (3) of
Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and associate is based solely on the
audit reports of the other auditors.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports
of the other auditors and the financial statements/financial information certified by the Management.
126
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 (“ the Order”) issued by the Central Government
of India in terms of Section 143 (11) of the Act, we give in the “Annexure A” a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.
2.A. As required by Section 143(3) of the Act, based on our audit and on the consideration of reports of the other
auditors on separate financial statements of subsidiaries and an associate, as were audited by other auditors,
as noted in the ‘Other Matters’ paragraph, we report, to the extent applicable, that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid
consolidated financial statements have been kept so far as it appears from our examination of those books
and the reports of the other auditors.
(c) The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive
income), the consolidated statement of changes in equity and the consolidated statement of cash flows
dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of
preparation of the consolidated financial statements.
(d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under
section 133 of the Act.
(e) On the basis of the written representations received from the directors of the Holding Company as on 31
March 2022 taken on record by the Board of Directors of the Holding Company and the reports of the
statutory auditors of its subsidiary companies and an associate company, incorporated in India, none of the
directors of the Group companies and its associate company incorporated in India is disqualified as on 31
March 2022 from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Holding Company, its subsidiary companies and associate company and joint ventures and joint operations
incorporated in India and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B”.
B. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according
to the explanations given to us and based on the consideration of the reports of the other auditors on separate
financial statements of the subsidiaries and associate, as noted in the ‘Other Matters’ paragraph:
i The consolidated financial statements disclose the impact of pending litigations as at 31 March 2022 on the
consolidated financial position of the Group and its associate. Refer Note 42 to the consolidated financial
statements.
ii The Group and its associate did not have any material foreseeable losses on long-term contracts including
derivative contracts during the year ended 31 March 2022.
iii There has been no delay in transferring amounts to the Investor Education and Protection Fund by the
Holding Company or its subsidiary companies and associate company incorporated in India during the year
ended 31 March 2022.
iv a) The respective managements of the Company and its subsidiaries, which are incorporated in India
whose financial statements have been audited under the Act have represented to us and the other
auditors of such subsidiaries respectively that, to the best of its knowledge and belief, as disclosed in the
note 61 (v) to the accounts, no funds have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Holding Company or any of such
subsidiaries to or in any other persons or entities, including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:
• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Holding Company or any of such subsidiaries (“Ultimate Beneficiaries”) or
b) The respective managements of the Company and its subsidiaries which are companies incorporated
in India whose financial statements have been audited under the Act have represented to us and
the other auditors of such subsidiaries respectively, that, to the best of its knowledge and belief, as
disclosed in the note 61(vi) to accounts, no funds have been received by the Holding Company or any
of such subsidiaries from any persons or entities, including foreign entities (“Funding Parties”), with
the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such
subsidiaries shall:
127
• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Parties (“Ultimate Beneficiaries”) or
c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances performed by us and that performed by the auditors of the subsidiaries which are
companies incorporated in India whose financial statements have been audited under the Act, nothing
has come to our or other auditors’ notice that has caused us or the other auditors to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e) contain any material mis-statement.
v. The dividend declared or paid during the year by the Holding Company is in compliance with Section 123 of
the Act. The subsidiary companies incorporated in India have neither declared nor paid any dividend during
the year.
C. With respect to the matter to be included in the Auditor’s report under section 197(16):
In our opinion and according to the information and explanations given to us and based on the reports of
the statutory auditors of subsidiary companies and associate company incorporated in India which were not
audited by us, the remuneration paid during the current year by the Holding Company, its subsidiary companies
and associate company to its directors is in accordance with the provisions of Section 197 of the Act. The
remuneration paid to any director by the Holding Company, its subsidiary companies and associate company
is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16) which are required to be commented upon by us.
For B S R & Co. LLP

Firm's Registration No. 1012482W/W-100022
Kaushal Kishore
Partner
Date: 30 May 2022 UDIN: 22090075AJWNYY5037
128
Annexure A to the Independent Auditor’s Report on Consolidated Financial Statements
(Referred to in our report of even date)
Clause (xxi) of Companies (Auditor’s Report) Order, 2020

In our opinion and according to the information and explanations given to us, there are no qualifications or
adverse remarks by the respective auditors in the Companies (Auditor’s Report) Order, 2020 reports of the
companies incorporated in India and included in the consolidated financial statements.
For B S R & Co. LLP

Kaushal Kishore
Partner
129
Annexure A to the Independent Auditor’s report on the consolidated financial statements of DCM
Shriram Industries Limited for the year ended 31 March 2022
Report on the internal financial controls with reference to the aforesaid consolidated financial
statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph A(f) under ‘Report on Other Legal and Regulatory Requirements’ section
of our report of even date)
Opinion
In conjunction with our audit of the consolidated financial statements of the Company as of and for the year
ended 31 March 2022, we have audited the internal financial controls with reference to consolidated financial
statements of DCM Shriram Industries Limited (hereinafter referred to as “the Holding Company”) and its
subsidiary companies and its associate company, as of that date.
In our opinion, the Holding Company and its subsidiary companies and its associate company, have, in all
material respects, adequate internal financial controls with reference to consolidated financial statements
and such internal financial controls were operating effectively as at 31 March 2022, based on the internal
financial controls with reference to consolidated financial statements criteria established by such companies
considering the essential components of such internal controls stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India (the “Guidance Note”).
Management’s Responsibility for Internal Financial Controls
The respective Company’s management and the Board of Directors are responsible for establishing and
maintaining internal financial controls with reference to consolidated financial statements based on the
criteria established by the respective Company considering the essential components of internal control
stated in the Guidance Note. These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to the respective company’s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under the Companies Act,
2013 (hereinafter referred to as “the Act”).
Auditor’s Responsibility
Our responsibility is to express an opinion on the internal financial controls with reference to consolidated
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and
the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit
of internal financial controls with reference to consolidated financial statements. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference to consolidated
financial statements were established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls with reference to consolidated financial statements and their operating effectiveness. Our
audit of internal financial controls with reference to consolidated financial statements included obtaining an
understanding of internal financial controls with reference to consolidated financial statements, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of the internal controls based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors
of the relevant subsidiary companies and associate company in terms of their reports referred to in the Other
Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal
financial controls with reference to consolidated financial statements.
Meaning of Internal Financial controls with Reference to Consolidated Financial Statements
A company's internal financial controls with reference to consolidated financial statements is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles.
A company’s internal financial controls with reference to consolidated financial statements includes those
130
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition
of the company’s assets that could have a material effect on the consolidated financial statements.
Inherent Limitations of Internal Financial controls with Reference to consolidated Financial
Statements
Because of the inherent limitations of internal financial controls with reference to consolidated financial
statements, including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation
of the internal financial controls with reference to consolidated financial statements to future periods are
subject to the risk that the internal financial controls with reference to consolidated financial statements may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the
internal financial controls with reference to consolidated financial statements insofar as it relates to two
subsidiary companies and one associate company is based on the corresponding reports of the auditors of
such companies incorporated in India.
For B S R & Co. LLP

Kaushal Kishore
Partner
131
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheet as at March 31, 2022
Particulars Note As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
ASSETS
Non-current assets
Right-of-use-assets 41 1,549.85 2,001.58
Equity accounted investees 5 1,355.62 1,309.54
Financial assets
(i) Investments 6 180.58 0.00
(ii) Loans 7 50.02 32.80
(iii) Other financial assets 8 475.99 592.61
Income-tax assets (net) 9 1,605.02 1,730.00
Total non-current assets 65,780.03 56,352.74
Current assets
Inventories 11 63,269.61 66,031.96
Financial assets
(i) Investments 12 990.79 4,769.58
(ii) Trade receivables 13 25,495.06 19,676.06
(iii) Cash and cash equivalents 14 842.08 2,004.87
(iv) Other bank balances 15 1,885.23 2,393.95
(v) Loans 16 5.79 40.74
(vi) Other financial assets 17 15,928.21 13,376.09
Total current assets 1,12,143.90 1,11,726.33
TOTAL ASSETS 1,77,923.93 1,68,079.07
EQUITY AND LIABILITIES
EQUITY
Equity share capital 19 1,739.84 1,739.84
Other equity 20 65,451.61 59,947.63
Total equity 67,191.45 61,687.47
LIABILITIES
(i) Borrowings 21 13,206.53 11,507.11
(ii) Lease liabilities 41 1,326.26 1,773.99
(iii) Other financial liabilities 22 94.23 101.62
Provisions 23 1,214.93 1,278.34
Deferred tax liabilities (net) 39 4,169.22 2,987.78
Other non-current liabilities 24 51.08 52.60
Total non- current liabilities 20,062.25 17,701.44
Current liabilities
(i) Borrowings 25 41,623.59 37,087.74
(ii) Lease liabilities 41 451.40 399.15
(iii) Trade payables 26
- Total outstanding dues of Micro and Small Enterprises 1,263.91 777.77
- Total outstanding dues of creditors other than Micro and Small Enterprises 25,326.51 33,413.60
(iv) Other financial liabilities 27 3,237.29 2,423.81
Provisions 28 16,386.13 11,186.58
Other current liabilities 29 2,381.40 3,401.51
Total current liabilities 90,670.23 88,690.16
TOTAL EQUITY AND LIABILITIES 1,77,923.93 1,68,079.07
Consolidated financial statements
Date : 30.05.2022 Date : 30.05.2022
132
Consolidated Statement of Profit and Loss for the year ended March 31, 2022
Particulars Note For the year ended For the year ended
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Revenue from operations 30 2,12,311.82 1,94,300.13
Other income 31 2,333.79 1,719.86
Total Income 2,14,645.61 1,96,019.99
Expenses
Cost of material consumed 32 1,17,860.64 1,06,842.36
Purchase of traded goods 33 19,479.66 14,757.14
Changes in inventories of finished goods 34 (67.26) 8,579.13
and work-in-progress
Employee benefits expense 35 16,522.29 14,745.69
Finance costs 36 4,021.24 3,973.88
Depreciation and amortisation expense 37 3,275.11 2,916.46
Other expenses 38 44,322.02 34,128.62
Total expenses 2,05,413.70 1,85,943.28
Profit before share of profit of equity accounted investees and tax 9,231.91 10,076.70
Share of profit/loss of equity accounted investees (net of tax) 43.45 (215.23)
Tax expense
Current tax expense 39 2,151.83 2,950.20
Deferred tax charge 39 499.21 435.64
2,651.04 3,385.84
Profit for the year 6,624.32 6,475.64
Other comprehensive income/(expense)
Items that will not be reclassified to profit and loss
Re-measurement gain on defined benefit obligation 279.61 197.64
Income tax pertaining to items that will not be reclassified to profit or loss (97.71) (69.06)
Share of OCI of equity accounted investees (net of tax) 2.64 (0.52)
Total other comprehensive income, net of taxes 184.54 128.06

Total comprehensive income 6,808.86 6,603.70
Profit for the year attributable to 50

- Owners of the Company 6,624.32 6,475.64
- Non-controlling interest - -
Other comprehensive income for the year attributable to 50
- Owners of the Company 184.54 128.06
Total comprehensive income for the year attributable to 50
- Owners of the Company 6,808.86 6,603.70
Earnings per equity share of Rs. 2 each- basic/ diluted (Rs.) 44 7.61 7.44

consolidated financial statements
Date : 30.05.2022 Date : 30.05.2022
133
CONSOLIDATED FINANCIAL STATEMENTS (continued)
Consolidated Statement of Cash Flow for the year ended March 31, 2022
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
A. CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for :
Depreciation and amortisation 3,275.11 2,916.46
Finance costs 4,021.24 3,973.88
Interest income (103.26) (149.25)
Interest received against subvention (299.58) (455.69)
(Profit) / loss on sale of property,plant and equipment / discarded assets (net) (168.72) 20.36
Share of profit/loss of equity accounted investees (net of tax) (43.46) 215.23
Provisions/liabilities no longer required, written back (603.54) (272.50)
Profit on sale of current investments (27.81) (29.26)
Net gain on fair value of investments (26.38) (82.89)
Operating profit before changes in assets and liabilities 15,298.96 16,023.05
Changes in assets and liabilities
(Decrease) / Increase in trade payables (7,487.42) 7,090.61
Increase / (Decrease) in financial liabilities 1,191.22 (1.76)
Increase in other liabilities & provisions 4,393.87 3,036.41
(Increase) in trade receivables (5,819.00) (1,244.13)
Decrease in inventories 2,762.35 242.44
(Increase) / Decrease in financial assets (2,412.79) 363.95
(Increase) in other assets (582.27) (1,070.51)
Cash generated from operations 7,344.92 24,440.06
Income tax paid (Net) (1,442.32) (1,924.34)
Net cash from operating activities ( A ) 5,902.60 22,515.72
B. CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure on acquisition of items of property, plant and equipments
(13,478.44) (5,703.49)
and intangible assets
Proceeds from sale of property, plant and equipments 1,615.25 92.25
Purchase of current investments (200.00) (7,108.87)
Investment in equity shares - non current (180.58) -
Proceeds from sale of long term non trade investments 490.00 -
Proceeds from sale of current investments 4,032.98 3,612.46
Changes in other bank balances 508.71 (1,066.97)
Interest received 96.92 160.36
Inter Corporate deposits received back - 175.00
Net cash used in investing activities ( B ) (7,115.16) (9,839.26)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term borrowings 9,025.33 1,566.06
Repayment of long term borrowings (7,128.56) (6,470.00)
Proceeds / (Repayments) from short term borrowings (net) 3,711.72 (5,351.10)
Repayments of Lease Liabilities (400.86) (383.59)
Finance costs paid (Net of subvention) (3,851.99) (3,529.36)
Dividend paid (1,305.88) (866.28)
Net cash from / (used) in financing activities ( C ) 49.76 (15,034.27)
Net decrease in cash and cash equivalents (A+B+C) (1,162.80) (2,357.81)
Cash and cash equivalents at the beginning of the year 2,004.88 4,362.68
Cash and cash equivalents at the end of the year 842.08 2,004.87
Component of cash and cash equivalents
Balances with scheduled banks:
- Current accounts 696.78 1,975.25
- Deposit with original maturity of less than three months 126.45 18.06
- Cash in hand 18.85 11.56
Cash and cash equivalents at the close of the year 842.08 2,004.87
134
Reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing
activities :
(Rs. lakhs)
Non-current Current Lease
Particulars Total
borrowings* borrowings# liability
Cash flows during the year (6,725.66) (6,843.46) (587.69) (14,156.81)
- Lease liability recognised - - (12.21) (12.21)
Closing balance as at March 31,2021 18,853.17 29,861.20 2,173.14 50,887.51

Cash flows during the year 490.27 1,642.41 (580.63) 1,552.05
- Lease liability recognised - - 5.39 5.39
Closing balance as at March 31,2022 20,815.96 33,572.98 1,777.67 56,166.61
* Includes current maturities of non current borrowings, interest accrued but not due on borrowings and unclaimed deposits
and interest accrued thereon, refer Note 21 and 26.
# This does not include current maturities of loan term borrowings
Notes
1. The consolidated cash flow statement has been prepared in accordance with "Indirect Method" as set out on Indian
Accounting Standard -7 on "Statement on Cash Flows ".
The notes referred to above form an integral part of the consolidated financial statements.
Date : 30.05.2022 Date : 30.05.2022
135
Consolidated Statement of Changes in Equity for the year ended March 31, 2022
A. Equity share capital

Particulars (Rs.lakhs)
Balance as at April 1, 2020 1,739.84
B. Other equity (Rs.lakhs)
Particulars Reserve and surplus Total
Amalgama- General Capital Capital Securities Retained
tion reserve reserve redemption reserve Premium Earnings
reserve
Balance as at April 1, 2020 1,411.38 13,465.60 0.10 234.89 3,406.68 35,695.20 54,213.85
Profit for the year - - - - - 6,475.64 6,475.64
Other comprehensive income /
- - - - - 128.06 128.06
(expense) for the year net of tax
Total comprehensive income for the year 1,411.38 13,465.60 0.10 234.89 3,406.68 42,298.90 60,817.55
Transactions with shareholders, recorded

directly in equity
Interim dividend on equity shares (Rs.5.00 per equity share
- - - - - (869.92) (869.92)
of Rs.10 each)
Balance as at March 31, 2021 1,411.38 13,465.60 0.10 234.89 3,406.68 41,428.98 59,947.63
Balance as at April 1, 2021 1,411.38 13,465.60 0.10 234.89 3,406.68 41,428.98 59,947.63
Profit for the year - - - - - 6,624.32 6,624.32
Other comprehensive income / - - - - - 184.54 184.54
(expense) for the year net of tax
Total comprehensive income for the year 1,411.38 13,465.60 0.10 234.89 3,406.68 48,237.84 66,756.49
Transactions with shareholders, recorded

directly in equity
Final dividend on equity shares (Rs. 2.5 per equity
- - - - - (434.96) (434.96)
share of Rs. 10 each)
Interim dividend on equity shares (Rs. 1 per equity
- - - - - (869.92) (869.92)
share of Rs.2 each)
Balance as at March 31, 2022 1,411.38 13,465.60 0.10 234.89 3,406.68 46,932.96 65,451.61
Nature and purpose of reserve

Amalgation reserve has been created on amalgamation of Daurala Organics Limited with the Group.
b. General reserve
Profits earned by the Group are transferred to General reserve as decided.
Created on redemption of preference shares as per requirements of the Companies Act, 1956.
d. Capital reserve
Represents excess of Group's portion of equity in the subsidiary over its cost of investment.
e. Securities premium
Securities premium has been created on account of the premium received on issue of shares and capital and reorganisation reserve
reclassified in the year ended March 31, 1993.This reserve is utilised in accordance with the specific provisions of the Companies Act,
2013.
f. Retained earnings
Retained earnings includes re-measurement loss/(gain) on defined benefit plans, net of taxes that will not be reclassified to statement of
profit and loss. Retained earnings is a free reserve available to the group.
The notes referred to above form an integral part of the consolidated financial statements.
Date : 30.05.2022 Date : 30.05.2022
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Notes to the Consolidated Financial Statements for the year ended March 31, 2022
1. Corporate Information
DCM Shriram Industries Limited (the “Parent Group” or the “Holding Company”) is a Public Limited Listed
Group incorporated in India and having its registered office at Kanchenjunga Building, 18, Barakhamba
Road, New Delhi – 110001. The Holding Company and its subsidiary (together “the Group”) are primarily
engaged in production and sale of sugar, alcohol, power, chemicals and industrial fibers.
2. Principles of consolidation and Basis of Preparation
2.1 Principles of consolidation
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
• Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee)
• Exposure, or rights, to variable returns from its involvement with the investee, and
• The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights result in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an investee,
the Group considers all relevant facts and circumstances in assessing whether it has power over an
investee, including:
• The contractual arrangement with the other vote holders of the investee
• Rights arising from other contractual arrangements
• The Group’s voting rights and potential voting rights
• The size of the Group’s holding of voting rights relative to the size and dispersion of the holdings
of the other voting rights holders
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins
when the Group obtains control over the subsidiary and ceases when the Group loses control of the
subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until
the date the Group ceases to control the subsidiary.
(i) Subsidiary
Subsidiary is the entity controlled by the Group. The Group controls an entity when it is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. The financial statements of subsidiary are included in the
consolidated financial statements from the date on which control commences until the date on which
control ceases.
Non-controlling interest in the results and equity of the subsidiary are shown separately in the
Consolidated Statement of Profit and Loss, Consolidated Statement of Changes in Equity and Balance
Sheet respectively. Changes in the Group’s equity interest in a subsidiary that do not result in a loss of
control are accounted for as equity transactions.
When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the
subsidiary, and any related NCI and other components of equity. Any interest retained in the former
subsidiary is measured at fair value at the date the control is lost. Any resulting gain or loss is recognized
in profit or loss.
(ii) Equity accounted investees
The Group’s interest in equity accounted investees comprise interest in associate.
An associate is an entity over which the group has significant influence but not control or joint control
over the financial and operating policies.
Investments in associate are accounted for using the equity method of accounting. It is initially
recognized at cost which includes transaction cost. Subsequent to initial recognition, the consolidated
137
CONSOLIDATED FINANCIAL STATEMENTS - DCM SHRIRAM INDUSTRIES LIMITED
financial statements include the Group’s share of profit or loss and other comprehensive income (OCI)
of equity accounted investees until the date on which significant influence ceases.
The details of the entities included in the consolidation and the Parent Company’s holding therein is as under:
Ownership in % either
S. Nature of directly or through Country of
Name of the entity subsidiary
No. relation Incorporation
2021-22 2020-21
1 Daurala Foods and Beverages Subsidiary 100 100 India
Private Limited (DFBPL)
DCM Shriram Fine Chemicals
2 Subsidiary 100 - India
Limited (DSFCL)
3 DCM Hyundai Limited (DHL) Associate 49.28 49.28 India
Consolidation procedure:
(a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent
with that of its subsidiary. For this purpose, income and expenses of the subsidiary are based on
the amounts of the assets and liabilities recognized in the consolidated financial statements at the
acquisition date.
(b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the
parent’s portion of equity of subsidiary. Business combinations policy explains how to account for
any related goodwill.
(c) Eliminate in full intra-group assets and liabilities, equity, income, expenses and cash flows
relating to transactions (profits or losses resulting from intragroup transactions that are recognized
in assets, such as inventory and property, plant and equipment (‘PPE’), are eliminated in full).
Intra-group losses may indicate an impairment that requires recognition in the consolidated
financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the
elimination of profits and losses resulting from intra-group transactions.
Profit or loss and each component of other comprehensive income (OCI) are attributed to the
equity holders of the parent of the Group and to the non-controlling interests, even if this results
in the non-controlling interests having a deficit balance. When necessary, adjustments are made
to the financial statement of subsidiary to bring their accounting policies into line with the Group’s
accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows
relating to transactions between members of the Group are eliminated in full on consolidation.
2.2 Basis of preparation of consolidated financial statements
a) Statement of Compliance
These Consolidated Financial Statements (“Consolidated Financial Statements”) of the Group
and its associate have been prepared in accordance with the Indian Accounting Standards (Ind
AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under section 133
of Companies Act, 2013, (the ‘Act’) and other relevant provisions of the Act, as applicable. The
accounting policies are applied consistently in the financial statements.
These Consolidated Financial Statements of the Group and its associate for the year ended March
31, 2022, are approved by the Holding Company’s Audit Committee and by the Board of Directors
on May 30, 2022.
b) Functional and presentation currency
These consolidated financial statements are presented in Indian Rupees (INR), which is also the
Group’s functional currency. All amounts are in Rupees lakhs with two decimal points rounded-off
to the nearest thousands, unless otherwise stated.
c) Basis of measurement
The consolidated financial statements have been prepared on an accrual basis and under the
historical cost convention, except for the following items:
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Items Measurement basis
Derivative financial instruments and certain other Fair value through profit and loss (FVTPL)
financial assets and liabilities
Net defined benefit (asset)/ liability Fair value of plan assets less present value
of defined benefit obligations
Investments in Mutual Funds Fair value through profit and loss (FVTPL)
Fair value is the price that would be received on the sale of an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date under current
market conditions, regardless of whether that price is directly observable or estimated using
another valuation technique. In determining the fair value of an asset or a liability, the Group takes
into account the characteristics of the asset or liability if market participants would take those
characteristics into account when pricing the asset or liability at the measurement date.
d) Critical accounting estimates and judgements
In preparing these financial statements, management has made judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Financial reporting results rely on the estimate of the effect of certain matters that are inherently
uncertain. Future events rarely develop exactly as forecast and the best estimates require adjustments,
as actual results may differ from these estimates under different assumptions or conditions. Estimates
and Judgments are continually evaluated and are based on historical experience and other factors,
including expectation of future events that are believed to be reasonable under the circumstances. The
Management believes that the estimates used in preparation of these financial statements are prudent
and reasonable. Existing circumstances and assumptions about future developments, however, may
change due to market changes or circumstances arising that are beyond the control of the Group.
In particular, information about significant areas of estimation/ uncertainty and judgements in applying
accounting policies that have the most significant effects on the consolidated financial statements are
included in the following notes:
− Recognition and estimation of tax expense including deferred tax- Note 2A(f) and 39.
− Assessment of useful life of property, plant and equipment and intangible asset- Note 2A(b) and (c).
− Estimation of obligations relating to employee benefits: key actuarial assumptions - Note 2A(g)
− Valuation of Inventories- Note 2A(d)
− Fair Value Measurement of financials instruments- Note 2A(p)
− Lease classification- Note 2A(m)
− Determination of ROU assets and liabilities; incremental borrowing rate and lease term- Note 2A(m)
− Recognition and Measurement of provisions and contingencies: key assumptions about the
likelihood and magnitude of outflow of resources- Note 2A(k)
− Impairment of financial assets- Note 2A(p)
− Impairment of non-financial assets- Note 2A(j)
2A. Significant accounting policies
a) Operating cycle
Based on the nature of products/ activities of the Group and the normal time between acquisition of
assets and their realisation in cash or cash equivalents, the Group has determined its operating cycle
as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
An asset is classified as current when it satisfies any of the following criteria:
− It is expected to be realised in, or is intended for sale or consumption in, the group’s normal
operating cycle,
− It is held primarily for the purpose of being traded,
139
− It is expected to be realised within 12 months after the reporting date, or

− It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a
liability for at least 12 months after the reporting date.
Current assets include the current portion of non-current financial assets. All other assets are
classified as non-current.
A liability is classified as current when it satisfies any of the following criteria:
− It is expected to be settled in the group’s normal operating cycle,
− It is held primarily for the purpose of being traded,
− It is due to be settled within 12 months after the reporting date, or
− The Group does not have an unconditional right to defer settlement of the liability for at least 12
months after the reporting date.
Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of
equity instruments do not affect its classification.
Deferred Tax Assets and Liabilities are classified as non-current only.
b) Property, plant and equipment (PPE)
(i) Recognition and measurement
All items of property, plant and equipment are measured at cost, which includes capitalized borrowing
costs, less accumulated depreciation/ amortization and accumulated impairment losses, if any.
Cost of acquisition or construction of property, plant and equipment comprises its purchase price
including import duties and non-refundable purchase taxes after deducting trade discounts and
rebates, any directly attributable cost of bringing the item to its working condition for its intended
use and, for assets that necessarily take a substantial period of time to get ready for their intended
use, finance costs. The purchase price or construction cost is the aggregate amount paid and the
fair value of any other consideration given to acquire the asset. The present value of the expected
cost for the decommissioning of an asset after its use is included in the cost of the respective asset
if the recognition criteria for a provision are met. Capital work-in-progress is stated at cost, net of
impairment loss, if any.
The cost of self-constructed assets includes the cost of materials and direct labour, any other costs
directly attributable to bringing the assets to a working condition and location for their intended
use, and the estimated cost of dismantling and removing the items and restoring the site on which
they are located. Interest cost incurred for constructed assets is capitalised up to the date the
asset is ready for its intended use, based on borrowings incurred specifically for financing the
asset or the weighted average rate of all other borrowings, if no specific borrowings have been
incurred for the asset.
When parts of an item of property, plant and equipment having significant cost have different
useful lives, then they are accounted for as separate items (major components) of property,
plant and equipment. Any gain or loss arising on de-recognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the asset) is included in
the Statement of Profit and Loss when the asset is derecognized.
The carrying amount of an item of property, plant and equipment is derecognised on disposal or
when no further benefit is expected from its use and disposal. Assets retired from active use and held
for disposal are generally stated at the lower of their net book value and net realizable value. Any
gain or losses arising on disposal of property, plant and equipment is recognized in the Statement of
Profit and Loss. Incomes and expenses related to the incidental operations not necessary to bring
the item to the location and the condition necessary for it to be capable of operating in the manner
intended by Management are recognized in the Statement of profit and loss.
Once classified as held-for-sale, property, plant and equipment are no longer depreciated.
Gains or losses arising from de-recognition of property, plant and equipment are measured as
the difference between the net disposal proceeds and the carrying amount of the asset and are
recognized in the Consolidated Statement of Profit and Loss when the asset is derecognized.
140
The residual values, useful lives and methods of depreciation of property, plant and equipment are
reviewed at each financial year end and adjusted prospectively, if appropriate.
Subsequent expenditure is recognized as an increase in the carrying amount of the asset when it
is probable that future economic benefits deriving from the cost incurred will flow to the enterprise
and the cost of the item can be measured.
(iii) Depreciation
Depreciation is provided on a pro-rata basis using the straight-line method as per the useful lives
prescribed in Schedule II to the Companies Act, 2013. Assets costing up to Rs. 0.05 lakhs are
fully depreciated in the year of purchase. Leasehold improvements are amortised on a straight line
basis over the unexpired period of lease. Freehold land and leasehold land are not depreciated.
Depreciation methods, useful lives and residual values are reviewed in each financial year, and
changes, if any, are accounted for prospectively.
c) Intangible assets
(i) Recognition and initial measurement
Intangible assets acquired separately are measured on initial recognition at cost. The cost of an
intangible asset comprises its purchase price including duties and taxes and any costs directly
attributable to making the asset ready for their intended use. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
An intangible asset is derecognised on disposal, or when no future economic benefits are expected
from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured
as the difference between the net disposal proceeds and the carrying amount of the asset are
recognised in the Statement of Profit and Loss when the asset is derecognised.
Subsequent expenditure is capitalized only when it increases the future economic benefits
embodied in the specific asset to which it relates. All other expenditure is recognized in profit or
loss as incurred.
(iii) Amortisation
Intangible assets, being computer software are amortised in the Statement of Profit and Loss over
the estimated useful life of 5 years using the straight line method.
The amortisation method and the useful lives of intangible assets are reviewed annually and
adjusted as necessary.
d) Inventories
Inventories are valued item wise at the lower of cost and net realizable value. Cost is ascertained
on a ‘weighted average’ basis.
Cost includes direct materials, labour, freight inwards, other direct cost, a proportion of
manufacturing overheads based on normal operating capacity, net of refundable duties, levies
and taxes wherever applicable.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated
costs of completion and estimated costs necessary to make the sale.
Assessment of net realisable value is made at each reporting date. When the circumstances that
previously caused inventories to be written down below cost no longer exist or when there is clear
evidence of an increase in net realisable value because of changed economic circumstances, the
amount so written-down is adjusted in terms of policy as stated above.
Appropriate adjustments are made to the carrying value of damaged, slow moving and obsolete
inventories based on management’s current best estimate.
The cost of production (including cost of conversion) of joint products is allocated on the joint
products based on rational and consistent basis i.e. relative realisable value at the separation
point, when the products become separately identifiable.
By-products are valued at estimated net realizable value.
141
e) Revenue recognition
i. Sale of goods
Revenue from sale of goods is recognised at the point in time when control of products is
transferred to the customer. Amounts disclosed as revenue are net of returns and allowances, trade
discounts and rebates. The Group collects Goods and Services Tax on behalf of the government
and therefore, these are not economic benefits flowing to the Group. Hence, these are excluded
from the revenue. At contract inception, the Group assesses the goods or services promised in a
contract with a customer and identify, as a performance obligation, each promise to transfer to the
customer. Revenue from contracts with customers is recognized when control of goods or services
are transferred to customers and the Group retains neither continuing managerial involvement to
the degree usually associated with ownership nor effective control over the goods sold. The timing
of the transfer of control varies depending on individual terms of the sales agreements.
Revenue is measured based on the transaction price, which is the consideration, adjusted for
variable consideration such as volume discounts, cash discounts etc. as specified in the contract
with the customer. Revenue is recognized to the extent that it is probable that the economic
benefits will flow to the Group and the revenue can be reliably measured, regardless of when the
payment is being made.
Contract asset is the entity’s right to consideration in exchange for goods or services that the entity
has transferred to the customer. A contract asset becomes a receivable when the entity’s right to
consideration is unconditional, which is the case when only the passage of time is required before
payment of the consideration is due.
Contract liability is the obligation to transfer goods or services to a customer for which the Group
has received consideration (or an amount of consideration is due) from the customer. If a customer
pays consideration before the Group transfers goods or services to the customer, a contract
liability is recognised when the payment is made or the payment is due (whichever is earlier).
Contract liabilities are recognised as revenue when the Group performs under the contract.
ii. Rendering of services
Revenue from sale of services is recognised to the extent that it is probable that the economic
benefits will flow to the Group and the revenue can be reliably measured and is recognized in
the Statement of Profit and Loss in proportion to the stage of completion of the transaction at
the reporting date when the underlying services are performed. Job work is recognized upon
full completion of the job work.
iii. Interest and dividend income
Interest income and expenses are reported on an accrual basis using the effective interest
method and the amount of income can be measured reliably. Interest income is accrued on
a time basis, by reference to the principal outstanding. Dividends income from investments is
recognised when the shareholder’s right to receive payment has been established.
Use of significant judgements in revenue recognition:
- Judgement is required to determine the transaction price for the contract. The transaction
price could be either a fixed amount of customer consideration or variable consideration with
elements such as volume discounts, price concessions and incentives. Any consideration
payable to the customer is adjusted to the transaction price, unless it is a payment for
a distinct product or service from the customer. The estimated amount of variable
consideration is adjusted in the transaction price only to the extent that it is highly probable
that a significant reversal in the amount of cumulative revenue recognised will not occur
and is reassessed at the end of each reporting period. The Group allocates the elements
of variable considerations to all the performance obligations of the contract unless there is
observable evidence that they pertain to one or more distinct performance obligations.
- The Group’s performance obligation under revenue contracts, is satisfied at a point in time
and judgement is exercised in determining point in time.
iv. Income from Renewable Energy Certificates (RECs)
Income from Renewable Energy Certificates (RECs) is recognised at estimated realisable
value on confirmation of RECs by the concerned authorities.
142
f) Income tax
Income tax expense comprises current and deferred tax. It is recognised in Statement of Profit and
Loss except to the extent that it relates to a business combination, or items recognised directly in
equity or in Other Comprehensive Income (OCI).
• Current tax comprises the expected tax payable or receivable on the taxable income or loss for
the year and any adjustment to the tax payable or receivable in respect of previous years. The
amount of current tax payable or receivable is the best estimate of the tax amount expected to be
paid or received after considering uncertainty related to income taxes, if any. It is measured using
tax rates enacted or substantively enacted at the reporting date.
Current tax assets and liabilities are offset only if there is a legally enforceable right to set off the
simultaneously.
Current tax is recognised in statement of profit or loss, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case, the current tax is
also recognised in other comprehensive income or directly in equity respectively. Management
periodically evaluates positions taken in the tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions where appropriate.
• Deferred tax is recognized in respect of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for:
- temporary differences arising on the initial recognition of assets or liabilities in a transaction that
is not a business combination and that effects neither accounting nor taxable profit or loss at
the time of the transaction;
- temporary differences related to freehold land and investments in subsidiary, to the extent that
the Group is able to control the timing of the reversal of the temporary differences and it is
probable that they will not reverse in the foreseeable future; and
- taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax assets (DTA) include Minimum Alternate Tax (MAT) paid in accordance with the tax
laws in India, which is likely to give future economic benefits in the form of availability of set off
against future income tax liability.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible
temporary differences to the extent that it is probable that future taxable profits will be available
against which they can be used. Unrecognised deferred tax assets are reassessed at each
reporting date and recognised to the extent that it has become probable that future taxable profits
will be available against which they can be used.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset
is realised or the liability is settled, based on the laws that have been enacted or substantively
enacted by the reporting date. The measurement of deferred tax reflects the tax consequences
that would follow from the manner in which the Group expects, at the reporting date, to recover or
settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset only if there is a legally enforceable right to set off the
simultaneously.
Minimum Alternative Tax (MAT) Credit
In case of tax payable as Minimum Alternative Tax (‘MAT’) under the provisions of the Income-tax
Act, 1961, the credit available under the Act in respect of MAT paid is recognised as an asset only
when and to the extent there is convincing evidence that the Group will pay normal income tax
during the period for which the MAT credit can be carried forward for set-off against the normal tax
liability. MAT credit recognised as a deferred tax asset is reviewed at each balance sheet date and
written down to the extent the aforesaid convincing evidence no longer exists.
143
g) Employee benefits
i) Short-term benefits
All employee benefits payable wholly within twelve months of receiving employee services are
classified as short-term employee benefits. These benefits include salaries and wages, bonus and
ex-gratia. Short-term employee benefit obligations are measured on an undiscounted basis and
are expensed as the related service is provided. A liability is recognized for the amount expected
to be paid, if the Group has a present legal or constructive obligation to pay the amount as a result
of past service provided by the employee, and the amount of obligation can be estimated reliably.
ii) Defined contribution plans
The defined contribution plans i.e. provident fund (administered through Regional Provident Fund
Office), superannuation fund and employee state insurance corporation are post-employment
benefit plans under which a Group pays fixed contributions and will have no legal and constructive
obligation to pay further amounts. Obligations for contributions to defined contribution plans are
recognised as an employee benefit expense in the Statement of Profit and Loss when they are due.
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
future payments is available.
iii) Defined benefit plans
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.
The Group’s net obligation in respect of defined benefit plans is calculated separately for each
plan by estimating the amount of future benefit that employees have earned in the current and
prior periods, discounting that amount and deducting the fair value of any plan assets.
Gratuity
The Group provides for gratuity, a defined benefit plan (the Gratuity Plan) covering all eligible
employees. In accordance with the payment of Gratuity Act, 1972, the Gratuity plan provides a
lump sum payment to vested employees on retirement, death, incapacitation or termination of
employment. These are funded by the Group and are managed by LIC.
The calculation of defined benefit obligation is performed by a qualified actuary separately for each
plan using the projected unit credit method, which recognises each year of service as giving rise to
additional unit of employee benefit entitlement and measures each unit separately to build up the
final obligation.
The obligation is measured at the present value of estimated future cash flows. The discount rate
used for determining the present value of obligation under defined benefit plans, is based on the
market yields on Government securities as at the balance sheet date, having maturity periods
approximating to the terms of related obligations.
Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit (excluding amounts included in net
interest on the net defined benefit liability), are recognised immediately in the Balance Sheet with
a corresponding debit or credit to retained earnings through OCI in the period in which they occur.
Re-measurements are not reclassified to profit or loss in subsequent periods.
When the calculation results in a potential asset for the Group, the recognised asset is limited to
the present value of economic benefits available in the form of any future refunds from the plan or
reductions in future contribution to the plan. To calculate the present value of economic benefits,
consideration is given to any applicable minimum funding requirements.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in
benefit that relates to past service (‘past service cost’ or ‘past service gain’) or the gain or loss
on curtailment is recognised immediately in Statement of Profit and Loss. The Group recognises
gains and losses on the settlement of a defined benefit plan when the settlement occurs.
The Group determines the net interest expense (income) on the net defined benefit liability (asset)
for the period by applying the discount rate used to measure the defined benefit obligation at the
beginning of the annual period to the then-net defined benefit liability (asset), taking into account
any changes in the net defined benefit liability (asset) during the period as a result of contributions
and benefit payments. Net interest expense and other expenses related to defined benefit plans
are recognised in the Statement of Profit and Loss.
144
When benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit
that relates to past service or the gain or loss on curtailment is recognized immediately in the
Statement of Profit and Loss. The Group recognizes gains and losses on the settlement of a
defined benefit plan when the settlement occurs.
Provident fund (other than those made to the Regional Provident Fund Office of the Government)
Provident Fund Contributions other than those made to the Regional Provident Fund Office of the
Government which are made to the Trusts administered by the Group are accounted for on the
basis of actuarial valuation. The interest rate payable to the members of the Trust shall not be
lower than the statutory rate of interest declared by the Central Government under the Employees
Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, based on actuarial
estimate by an approved actuary, shall be made good by the Group.
iv) Other long-term employee benefits
Benefits under the Group’s privilege leaves and medical leave are other long term employee
benefits. The Group’s net obligation in respect of privilege leave and medical leave are the amount
of future benefit that employees have earned in return for their service in the current and prior
periods. The benefit is discounted to determine its present value. The obligation is measured on
the basis of an actuarial valuation using the projected unit credit method.
Re-measurements are recognised in Statement of Profit and Loss in the period in which they arise.
h) Government Grants
Grants from the government are recognised at their fair value where there is a reasonable
assurance that the grant will be received and the Group will comply with all attached conditions.
Government grants relating to income are deferred and recognised in the Statement of Profit and
Loss over the period necessary to match them with the costs that they are intended to compensate
and presented within other income (operating and non-operating) other than export benefits which
are accounted for in the year of exports based on eligibility and when there is no uncertainty in
receiving the same.
A government grant that becomes receivable as compensation for expenses or losses incurred in
a previous period, is recognised in profit or loss of the period in which it becomes receivable.
i) Foreign currency transactions and translation
The management has determined the currency of the primary economic environment in which the
Group operates i.e., functional currency, to be Indian Rupees (INR). The financial statements are
presented in INR which is Group’s functional and presentational currency.
Monetary and non-monetary transactions in foreign currencies are initially recorded in the
functional currency of the Group at the exchange rates at the dates of the transactions or at an
average rate if the average rate approximates the actual rate at the date of the transaction.
Monetary foreign currency assets and liabilities remaining unsettled on reporting date are
translated at the rates of exchange prevailing on reporting date. Gains/ (losses) arising on account
of realisation/ settlement of foreign exchange transactions and on translation of monetary foreign
currency assets and liabilities are recognised in the Statement of Profit and Loss.
Non-monetary items measured in terms of historical cost in a foreign currency are translated using
the exchange rate at the date of the transaction.
The derivative financial instruments such as forward exchange contracts to hedge its risk
associated with foreign currency fluctuations are stated at fair value. Any gains or losses arising
from changes in fair value are taken directly to Statement of Profit or Loss.
j) Impairment of non-financial assets
The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date
to determine whether there is any indication of impairment considering the provisions of Ind AS
36 ‘Impairment of Assets’. If any such indication exists, then the asset’s recoverable amount is
estimated.
145
The recoverable amount of an asset or cash-generating unit is the greater of its value in use
and its fair value less costs to sell. In assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For the purpose of
impairment testing, assets that cannot be tested individually are grouped together into the smallest
group of assets that generates cash inflows from continuing use that are largely independent of
the cash inflows of other assets or groups of assets (the “cash-generating unit”, or “CGU”). In
determining fair value less costs of disposal, recent market transactions are considered. If no such
transactions can be identified, an appropriate valuation model is used.
The Group’s corporate assets (e.g., central office building for providing support to various CGUs)
do not generate independent cash inflows. To determine impairment of a corporate asset,
recoverable amount is determined for the CGUs to which the corporate asset belongs.
An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its
estimated recoverable amount. Impairment losses are recognized in the Statement of Profit and
Loss. Impairment losses recognized in respect of CGUs are reduced from the carrying amounts of
the assets of the CGU.
An impairment loss is reversed if there has been a change in the estimates used to determine the
recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortization, if no impairment loss had been recognized.
k) Provisions and contingent liabilities
Provisions are recognised when the Group has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
Provisions are measured at management’s best estimate of the expenditure required to settle the
present obligation at the end of the reporting period., If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the
risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
A provision for onerous contract is recognised when the expected benefits to be derived by
the Group from a contract are lower than the unavoidable cost of meeting its obligation under
the contract. The provision is measured at the present value of the lower of the expected cost
of terminating the contract and the expected net cost of continuing with the contract. Before a
provision is established, the Group recognises any impairment loss on assets associated.
Contingent liabilities are possible obligations that arise from past events and whose existence will
only be confirmed by the occurrence or non-occurrence of one or more future events not wholly
within the control of the Group. Where it is not probable that an outflow of economic benefits will
be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent
liability, unless the probability of outflow of economic benefits is remote.
The Group does not recognise a contingent liability but discloses its existence in the financial
statements.
Contingent assets are neither recognised nor disclosed in the financial statements. However,
contingent assets are assessed continually and if it is virtually certain that an inflow of economic
benefits will arise, the asset and related income are recognised in the period in which the change
occurs.Contingent Liabilities in respect of show cause notices are considered only when converted
into demands.
l) Borrowing cost
Borrowing costs that are directly attributable to the acquisition, construction or erection of qualifying
assets are capitalised as part of cost of such asset until such time that the assets are substantially
ready for their intended use. Qualifying assets are assets which take a substantial period of time
to get ready for their intended use or sale.
146
When the Group borrows funds specifically for the purpose of obtaining a qualifying asset, the
borrowing costs incurred are capitalized. When Group borrows funds generally and uses them for
the purpose of obtaining a qualifying asset, the capitalization of the borrowing costs is computed
based on the weighted average cost of general borrowing that are outstanding during the period
and used for the acquisition of the qualifying asset.
Capitalisation of borrowing costs ceases when substantially all the activities necessary to prepare
the qualifying assets for their intended uses are complete. Borrowing costs consist of interest and
other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs include
exchange differences arising from foreign currency borrowings to the extent that they are regarded
as an adjustment to interest costs.
All other borrowing costs are recognised as an expense in the year in which they are incurred.
m) Leases
Group as a lessee
The Group recognizes a Right-of Use (RoU) asset at cost and corresponding lease liability, except
for leases with term of less than twelve months (short term) and low-value assets in accordance
with Ind AS 116 ‘Leases’. The Group assesses whether a contract contains a lease, at inception of
a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of
an identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Group assesses whether:
a. the contract involves the use of an identified asset
b. the Group has substantially all of the economic benefits from use of the asset through
the period of the lease and the Group has the right to direct the use of the asset.
The cost of the right-of-use assets comprises the amount of the initial measurement of the lease
liability, any lease payments made at or before the inception date of the lease plus any initial
direct costs etc. Subsequently, the right-of-use asset is measured at cost less any accumulated
depreciation and accumulated impairment losses, if any. The right-of-use asset is depreciated
using the straight-line method from the commencement date over the shorter of lease term or
useful life of right-of-use assets. The estimated useful life of the right-of-use assets are determined
on the same basis as those of property, plant and equipment. Right of use assets are evaluated for
recoverability whenever events or changes in circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the
higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset
basis unless the asset does not generate cash flows that are largely independent of those from
other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit
(CGU) to which the asset belongs. For lease liabilities at the commencement date, the Group
measures the lease liability at the present value of the lease payments that are not paid at that
date. The lease payments are discounted using the interest rate implicit in the lease, if that rate
is readily determined, if that rate is not readily determined, the lease payments are discounted
using the incremental borrowing rate. For short-term and low value leases, the Group recognizes
the lease payments as an operating expense on a straight-line basis over the lease term. The
carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments or a change in the assessment of an option to purchase the
underlying asset. Certain lease arrangements include the options to extend or terminate the lease
before the end of the lease term. ROU assets and lease liabilities includes these options when it
is reasonably certain that they will be exercised. The Group has used a single discount rate to a
portfolio of leases with similar characteristics.
Group as a lessor
At the inception of the lease the Group classifies each of its leases as either an operating lease or a
finance lease. The Group recognises lease income as and when due as per terms of agreements.
The respective leased assets are included in the financial statements based on their nature. The
Group did not need to make any adjustments to the accounting for assets held as lessor as a result
of adopting the new leasing standard.
147
n) Earnings per share (EPS)

Basic earnings / (loss) per share are calculated by dividing the net profit or loss for the year
attributable to the shareholders of the Group by the weighted average number of equity shares
outstanding at the end of the reporting period. The weighted average number of equity shares
outstanding during the year is adjusted for events of bonus / rights issue, if any, that have changed
the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earning per share, the net profit or loss for the year attributable
to equity shareholders and the weighted average number of shares outstanding during the period
are adjusted for the effects of all dilutive potential equity shares.
o) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
Chief Operating Decision Maker (CODM).
In accordance with Ind AS 108 – “Operating Segments”, the operating segments used to present
segment information are identified on the basis of internal reports used by the Group’s Management
to allocate resources to the segments and assess their performance.
The Executive Committee, comprising Chairman and Managing Director, Whole Time Directors,
Business Heads, Chief Financial Officer and Company Secretary is collectively the Group’s ‘Chief
Operating Decision Maker’ or ‘CODM’ within the meaning of Ind AS 108. All operating segments’
operating results are reviewed regularly by the CODM to make decisions about resources to be
allocated to the segments and assess their performance. Refer Note 39 for segment information.
Based on “Management Approach” as defined in Ind AS 108 -Operating Segments, the Chief
Operating Decision Maker evaluates the Group’s performance and allocates the resources based
on an analysis of various performance indicators by business segments. Inter segment sales and
transfers are reflected at market prices.
Unallocable items includes general corporate income and expense items which are not allocated
to any business segment.
Segment policies:
The Group prepares its segment information in conformity with the accounting policies adopted for
preparing and presenting the consolidated financial statements of the Group as a whole. Common
allocable costs are allocated to each segment on an appropriate basis.
p) Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used
in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
The Group has an established control framework with respect to the measurement of fair values.
It regularly reviews significant inputs and valuation adjustments.
When measuring the fair value of an asset or a liability, the Group uses observable market data as
far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different
levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in
the same level of the fair value hierarchy as the lowest level input that is significant to the entire
measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the
reporting period during which the change has occurred.
148
Further information about the assumptions made in measuring fair values used in preparing these
financial statements is included in the respective notes.
Initial recognition and measurement
With the exception of trade receivables that do not contain a significant financing component, the
Group initially measures financial asset at its fair value plus, in the case of a financial asset not
at fair value through profit or loss, net of transaction costs. Trade receivables do not contain a
significant financing component and are measured at the transaction price determined under Ind
AS 115. Refer to the accounting policies in section 2A (e) Revenue recognition.
Purchases or sales of financial assets that require delivery of assets within a time frame established
by regulation or convention in the marketplace (regular way trades) are recognised on the trade
date, i.e., the date that the Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets of the Group are classified in three
categories:
a) At amortised cost
b) At fair value through profit and loss (FVTPL)
c) At fair value through other comprehensive income (FVTOCI)
Financial Asset is measured at amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting
contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
The EIR amortisation is included in other income in the Statement of Profit and Loss. The losses
arising from impairment are recognised in the Statement of Profit and Loss. This category generally
applies to trade and other receivables.
All financial assets not classified as measured at amortised cost or FVTOCI are measured at
FVTPL. This includes all derivative financial assets and current investments in mutual funds. On
initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the
requirements to be measured at amortised cost or at FVTOCI as at FVTPL if doing so eliminates
or significantly reduces an accounting mismatch that would otherwise arise.
Equity investments
All equity investments in the scope of Ind AS 109 are measured at fair value. Equity instruments
which are held for trading are measured at fair value through profit and loss.
For all other equity instruments, the Group may make an irrevocable election to present subsequent
changes in the fair value in other comprehensive income. The Group makes such election on an
instrument by instrument basis. The classification is made on initial recognition and is irrevocable.
If the Group decides to classify an equity instrument as at FVTOCI, then all fair value changes
on the instrument, excluding dividends, are recognised in other comprehensive income. This
cumulative gain or loss is not reclassified to Statement of Profit and Loss on disposal of such
instruments.
Investments representing equity interest in subsidiary and associate are carried at cost less any
provision for impairment.
Impairment of financial assets
The Group recognizes loss allowances for expected credit losses on:
- Financial assets measured at amortized cost; and
- Financial assets measured at FVTOCI – debt instruments.
149
Loss allowance for trade receivables is measured at an amount equal to lifetime ECL. For all
financial assets with contractual cash flows other than trade receivable, ECLs are measured at
an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk
from initial recognition in which case those are measured at lifetime ECL. The amount of ECLs (or
reversal) that is required to adjust the loss allowance at the reporting date to the amount that is
recognised as an impairment gain or loss in the Statement of Profit and Loss.
At each reporting date, the Group assesses whether financial assets carried at amortized cost and
debt instruments at FVTOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one
or more events that have a detrimental impact on the estimated future cash flows of the financial
asset have occurred.
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held-for- trading, or it is a derivative or it is designated as
such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains
and losses, including gany interest expense, are recognized in the Statement of Profit and Loss.
Other financial liabilities are subsequently measured at amortised cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognised in the Statement
of Profit and Loss. Any gain or loss on derecognition is also recognised in the Statement of Profit
and Loss.
Offsetting
Financial assets and financial liabilities are offset and the net amount is presented in the Balance
Sheet when, and only when, the Group currently has a legally enforceable right to set off the
amounts and it intends either to settle them on a net basis or to realise the assets and settle the
liabilities simultaneously.
Derecognition
(i) Financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from
the financial asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all of the
risks and rewards of ownership and does not retain control of the financial asset.
If the Group enters into transactions whereby it transfers assets recognised on its Balance
Sheet, but retains either all or substantially all of the risks and rewards of the transferred
assets, the transferred assets are not derecognised.
(ii) Financial liabilities
The Group derecognises a financial liability when its contractual obligations are discharged
or cancelled, or expire. The Group also derecognises a financial liability when its terms are
modified and the cash flows under the modified terms are substantially different. In this case,
a new financial liability based on the modified terms is recognised at fair value. The difference
between the carrying amount of the financial liability extinguished and the new financial
liability with modified terms is recognised in the Statement of Profit and Loss.
q) Cash and cash equivalents
For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents
includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value, and
bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the Balance
Sheet.
r) Research and development
Expenditure on research and development activities is recognized in the Statement of Profit and
Loss as incurred.
150
Development expenditure is capitalized as part of cost of the resulting intangible asset only if the
expenditure can be measured reliably, the product or process is technically and commercially
feasible, future economic benefits are probable, and the Group intends to and has sufficient
resources to complete development and to use or sell the asset. Otherwise, it is recognized in
profit or loss as incurred. Subsequent to initial recognition, the asset is measured at cost less
accumulated amortisation and any accumulated impairment losses, if any.
s) Dividend
The Group recognises a liability to make cash distributions to equity holders when the distribution
is authorised and the distribution is no longer at the discretion of the Group. As per the corporate
laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding
amount is recognised directly in equity.
t) Goods and services tax input credit
Goods and services tax input credit is recognised in the books of account in the period in which
the supply of goods or service received is recognised and when there is no uncertainty in availing/
utilising the credits.
Expenses and assets are recognised net of the goods and services tax/value added taxes paid,
except:
i. When the tax incurred on a purchase of assets or services is not recoverable from the taxation
authority, in which case, the tax paid is recognised as part of the cost of acquisition of the
asset or as part of the expense item, as applicable.
ii. When receivables and payables are stated with the amount of tax included, the net amount
of tax recoverable from, or payable to, the taxation authority is included as part of receivables
or payables in the Balance Sheet.
2B. Recent Accounting Pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23,
2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as
below:
1. Ind AS 16 – Property Plant and equipment - The amendment clarifies that excess of net
sale proceeds of items produced over the cost of testing, if any, shall not be recognised in the
profit or loss but deducted from the directly attributable costs considered as part of cost of an
item of property, plant, and equipment. The effective date for adoption of this amendment is
annual periods beginning on or after April 1, 2022. The Group has evaluated the amendment
and there is no impact on its consolidated financial statements.
2. Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets – The amendment
specifies that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the
contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling
that contract (examples would be direct labour, materials) or an allocation of other costs that
relate directly to fulfilling contracts (an example would be the allocation of the depreciation
charge for an item of property, plant and equipment used in fulfilling the contract). The
effective date for adoption of this amendment is annual periods beginning on or after April 1,
2022, although early adoption is permitted. The Group has evaluated the amendment and the
impact is not expected to be material.
151
Notes to the Consolidated Financial Statements for the year ended March 31, 2022 (continued)
152
3. Property, plant and equipment and capital work-in-progress
(Rs.lakhs)
Particulars Freehold Leasehold Leasehold Buildings Plant and Vehicles Office Furniture and Total Capital work-in-
land* land*@ improvement equipment equipment fixtures progress
Balance as at April 1, 2020 789.26 465.35 151.80 4,713.96 42,117.19 924.67 546.98 233.33 49,942.54 3,423.63
Add: Additions during the year - - 271.76 525.23 5,694.22 149.33 195.82 49.03 6,885.38 5,206.52
- - - - 209.13 133.18 37.07 12.48 391.86 6,276.74
Balance as at March 31, 2021 789.26 465.35 423.56 5,239.19 47,602.28 940.82 705.73 269.88 56,436.07 2,353.41
Add: Additions during the year 4,083.02 - 102.77 8,754.81 373.78 749.29 46.00 14,109.67 10,637.62
- 2,048.84 - 15.46 307.37 236.27 79.63 48.87 2,736.44 9,733.80
Balance as at March 31, 2022 789.26 2,499.53 423.56 5,326.50 56,049.72 1,078.33 1,375.39 267.01 67,809.30 3,257.23
Accumulated depreciation
Balance as at April 1, 2020 - - 1.65 779.99 5,452.87 373.44 254.49 86.96 6,949.40 -
Depreciation expense during
- - 30.97 171.35 1,902.62 107.99 100.60 35.27 2,348.80 -
the year
- - - - 171.35 76.62 25.11 6.43 279.52 -
during the year
Balance as at March 31, 2021 - - 32.62 951.34 7,184.14 404.81 329.98 115.80 9,018.69 -
Add: Depreciation expense dur-
- - 46.62 174.50 2,257.07 105.62 150.14 40.04 2,773.99 -
ing the year
- - - 15.46 224.41 168.67 70.13 34.73 513.40 -
during the year
Balance as at March 31, 2022 - - 79.24 1,110.38 9,216.80 341.76 409.99 121.11 11,279.28 -
Net carrying value
As at March 31, 2022 789.26 2,499.53 344.32 4,216.12 46,832.92 736.57 965.40 145.90 56,530.02 3,257.23
As at March 31, 2021 789.26 465.35 390.94 4,287.85 40,418.14 536.01 375.75 154.08 47,417.38 2,353.41
Ageing of Capital Work in Progress is as under:
(Rs.lakhs)
Amount in Capital Work in Progress for a period of
Projects in progress 1,499.25 377.42 113.49 - 1,990.16
Projects delayed* 1,168.49 98.58 - - 1,267.07
Total 2,667.74 476.00 113.49 - 3,257.23

Projects in progress 2,353.41 - - - 2,353.41
Total 2,353.41 - - - 2,353.41
* On account of Covid-19 pandemic, few projects have been delayed.
Details of projects delayed:
(Rs.lakhs)
To be completed in
Project-1 762.70 98.58 - - 861.28
Project-2 405.79 - - - 405.79
Total 1,168.49 98.58 - - 1,267.07
* Refer note 54 for details of immovable properties which are not yet endorsed in the name of the Holding Company.
@ Refer note 57
Notes:
1) For contractual commitments with respect to Capital work-in-progress, refer note 42(B).
2) For details on PPE mortaged/charged against borrowings, refer note 56.
3) Borrowing cost capitalised during the year Rs. 196.33 lakhs (March 31, 2021- Rs 169.95 lakhs) with a capitalisation
rate ranging from 3.7% to 10.5% p.a. (March 31, 2021-9.3% p.a.)
4) Leasehold lands are in the nature of perpetual lease.
4. Intangible assets and Intangible assets under development

(Rs.lakhs)
Extra Intangible Intangible assets
Particulars
with - Software under development
Balance as at April 1, 2020 252.69 -
Add: Additions during the year 25.84 60.97
Less: Disposals / adjustments during the year 0.25 -
Balance as at March 31, 2021 278.28 60.97
Add: Additions during the year 268.55 -
Less: Disposals / adjustments/ capitalized during the year - 60.97
Accumulated amortisation
Balance as at April 1, 2020 139.94 -
Amortisation expense during the year 39.79 -
Net carrying value
As at March 31, 2022 323.89 -
As at March 31, 2021 98.55 60.97
Ageing of Intangible assets under development is as under:
(Rs.lakhs)
Intangible assets under Amount in Intangible assets under development for a period of
Total
development Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress - - - - -
Projects in progress 60.97 - - - 60.97
Refer note 56 for information on assets charged as security by the Group.
153
5. Equity accounted investees

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Investments in equity shares of associate
DCM Hyundai Limited
19,72,000 (March 31, 2021 - 19,72,000)
Add : Group's share of net profits 1,189.62 1,143.54
1,355.62 1,309.54
6. Investments- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Investment in equity instruments- Trade investment
Daurala Co-operative Development Union Limited
2 (March 31, 2021 - 2) equity shares of face
value of Rs. 10 each, fully paid up* 0.00 0.00
5,878 (March 31, 2021 - Nil) equity shares of Face value of 1 Turkish Lira each
fully paid up of Zyrone Dynamics Havacilik Danismanlik ve Ar-Ge Sanayi ve 180.58 -
Ticaret A.S.
Investments in preference shares

Unquoted instruments
Preference shares measured at Fair value through Other comprehensive income
Nil (March 31, 2021 – 7,00,000)
5% redeemable non-cumulative preference shares of Rs. 100 each fully paid - 700.00
Impairment in the value of investments

Versa Trading Limited - 700.00
Sub total - -
Total 180.58 0.00
Aggregate value of non-current unquoted investments (net of impairment) 180.58 -

Aggregate amount of impairment in the value of investments (Refer note 61) - 700.00
* The investment is valued at Rs.20
7. Loans- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Loans to employees 50.02 32.80

Total 50.02 32.80
Refer note 56 for information on assets charged as security by the Group..
154
8. Other financial assets- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Bank deposits with maturity of more than twelve months - -
Bank deposits held as margin money or security against borrowings,
guarantees and other commitments 15.12 123.59
Others 0.32
Total 475.99 592.61
9. Income tax assets (net)

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Advance income tax (net of provision) 1,605.02 1,730.00
Total 1,605.02 1,730.00
10. Other non-current assets

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Capital advances - 7.47
Capital advances 146.51 731.93
Advance other than capital advances
Deferred rent 0.35 0.78
Balance with government authorities 233.88 4.18
Doubtful
453.11 757.20
Less: Loss allowance for advances 1.30 1.30
Total 451.81 755.90
11. Inventories
(Valued at lower of cost and net realisable value)
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Raw material* 9,494.16 13,669.53
Work in progress 2,568.58 1,773.17
Finished goods**# 44,745.27 45,473.42
Total 63,269.61 66,031.96
* Includes raw material in transit Rs. 905.26 lakhs (March 31, 2021: Rs. 1419.62 lakhs)
** Includes finished goods in transit Rs. 1,768.69 lakhs (March 31, 2021: Rs. 322.19 lakhs)
# The write-down of inventories to net realisable value during the year amounted to Rs. 203.45 lakhs (March 31, 2021: Nil)
The write-down is included in changes in inventories of finished goods.
155
12. Investments- Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Investment in mutual funds measured at fair value through profit and loss
Unquoted investment
19,784.626 (March 31, 2021: 44,064.755) HDFC Liquid Fund – Growth 827.94 1,782.65
34,569.622 (March 31, 2021: 6,03,379.092) ICICI Prudential Liquid 108.98 1,838.72
Fund – Growth Direct Plan Units of Rs. 100 each
1,616.244 (March 31, 2021: 35,641.175) SBI Liquid Fund – Growth 53.87 1,148.21
990.79 4,769.58
Aggregate book value and market value of unquoted investments 990.79 4,769.58
13. Trade receivables

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
To Parties other than Related Parties
Unsecured, considered good 25,495.06 19,676.06
Doubtful 24.87 24.87
25,519.93 19,700.93
Less : Loss allowance for trade receivables 24.87 24.87
Total 25,495.06 19,676.06

Undisputed Unsecured,
25,483.82 5.86 - 3.95 1.43 25,495.06
Considered good
Disputed Trade Receiv-
- - - - 24.87 24.87
ables considered doubtful
Total 25,483.82 5.86 - 3.95 26.30 25,519.93

Undisputed Unsecured,
19,670.64 0.05 3.95 1.43 - 19,676.07
Considered good
Disputed Trade Receiv-
- - - - 24.87 24.87
ables considered doubtful
Total 19,670.64 0.05 3.95 1.43 24.87 19,700.93
The Group exposure to credit and currency risks are disclosed in note 47.
156
14. Cash and cash equivalents

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Balances with banks
- On current accounts 696.78 1,975.25
- Deposits with original maturity of less than three months 126.45 18.06
Cash on hand 18.85 11.56
Total 842.08 2,004.87
15. Other bank balances

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Deposits with maturity of more than three months but upto twelve months
- in deposit accounts 1,230.46 1,178.44
- earmarked deposits held as margin money or security against
borrowings, guarantees and other commitments 455.74 1,015.48
Earmarked balances with banks – unclaimed dividend accounts 199.03 200.03
Total 1,885.23 2,393.95
16. Loans - Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Loans to employees (including accrued interest) 5.73 8.57
Others 0.06 32.17
Total 5.79 40.74
17. Other financial assets - Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Security deposits - 3.04
Interest accrued on term deposits 71.96 66.18
Government grant receivable 181.37 3,241.00
Reimbursement assets* 15,550.43 9,972.17
Others 123.92 83.15
Total 15,928.21 13,376.09
* Refer note 55
157
18. Other current assets

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Advances to contractors 561.59 482.40
Other advances
Advance to employees 16.03 25.74
Balance with government authorities 1,358.97 1,561.81
Duty drawback & other incentive receivables 848.05 553.14
Prepaid expense 365.08 318.71
Prepaid gratuity 503.18 189.57
Others 74.23 105.34
Doubtful
Duty drawback and other incentive receivables 22.67 -
3,749.80 3,433.09
Less: Loss allowance 22.67 -
Total 3,727.13 3,433.09
19. Equity share capital

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
a) Authorised
32,50,00,000 equity shares of Rs. 2 each (March 31, 2021: 6,50,00,000 of Rs.
6,500.00 6,500.00
10 each) *
b) Issued, subscribed and fully paid-up

8,69,92,185 equity shares of Rs. 2 each fully paid-up (March 31, 2021: 1,73,98,437 of
1,739.84 1,739.84
Rs.10 each)
* Sub-divided into 5 equity shares of Rs. 2 per share pursuant to approval received in Annual General
Meeting of Shareholders held on 8 September 2021. (Refer Note 59)
c) Reconciliation of the shares outstanding at the beginning and at the end of reporting period:

Particulars Number Amount Number Amount
of shares Rs. lakhs of shares Rs. lakhs
Equity shares
At the commencement of the year 1,73,98,437 1,739.84 1,73,98,437 1,739.84
Adjustment for sub-division of equity shares 6,95,93,748 - - -
Add: Shares issued - - - -
At the end of the year 8,69,92,185 1,739.84 1,73,98,437 1,739.84
d) Terms, rights, preferences and restrictions attached to equity shares

The Holding Company has one class of equity shares having a par value of Rs. 2 per share (sub-divided during the
year from Rs. 10 per share). Each shareholder is eligible for one vote per share held. In the event of liquidation of the
Holding Company, the holders of equity shares will be entitled to receive remaining assets of the Holding Company,
after distribution of all preferential amount. The distribution will be in proportion to the equity shares held by the
shareholder.
The Holding Company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of
Directors, is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim
dividend.
158
e) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Holding Company
Particulars Number of Number of
% of % of
shares shares
holding holding
@ Rs 2 each @ Rs.10 each
Lily Commercial Private Limited 1,57,51,765 18.11 31,50,353 18.11
HB Portfolio Limited 1,28,87,910 14.82 17,72,120 10.19
Versa Trading Limited 62,05,984 7.13 25,77,582 14.82
Bantam Enterprises Private Limited 67,84,840 7.80 13,56,968 7.80
Life Insurance Corporation of India 42,06,760 4.84 11,61,352 6.68
f) Details of shareholding of Promoters in the Holding company is as under:
S. Number of % Change Number of % Change
Promoter Name % of total % of total
No. shares during the shares during
shares shares
@ Rs 2 each year @ Rs. 10 each the year
1 Lily Commercial Pvt. Ltd. 1,57,51,765 18.11 - 31,50,353 18.11 0.90
2 Versa Trading Private Limited 1,28,87,910 14.82 - 25,77,582 14.82 2.03
3 Bantam Enterprises Pvt Ltd. 67,84,840 7.80 - 13,56,968 7.80 -
4 Hi-Vac Wares Private Limited 39,66,285 4.56 - 7,93,257 4.56 -
5 H. R. Travels Pvt. Ltd. 32,12,900 3.69 - 6,42,580 3.69 -
6 Suman Bansi Dhar 2,84,060 0.33 - 56,812 0.33 -
7 Lala Bansi Dhar & Sons 2,69,580 0.31 - 53,916 0.31 -
8 Madhav B Shriram 1,88,880 0.22 - 37,776 0.22 0.22
9 Alok B. Shriram 80,180 0.09 - 16,036 0.09 0.04
10 Urvashi Tilak Dhar 61,685 0.07 - 12,337 0.07 -
11 Kanika Shriram 47,500 0.05 - 9,500 0.05 0.03
12 DCM Hyundai Limited 20,865 0.02 - 4,173 0.02 -
13 Karuna Shriram 21,730 0.02 - 4,346 0.02 -
14 Rudra Shriram 10,500 0.01 - 2,100 0.01 0.01
15 Aditi Dhar 500 0.00 - 100 0.00 -
16 Akshay Dhar 500 0.00 - 100 0.00 -
17 Divya Shriram 435 0.00 - 87 0.00 -
Total 4,35,90,115 50.10 - 87,18,023 50.10 3.22
g) Issue of shares for other than cash
There were no buy back of shares, issue of shares by way of bonus shares or issue of shares pursuant to contract without
payment being received in cash during the previous 5 years.
20. Other equity

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
b. General reserve
d. Capital reserve
e. Securities Premium
f. Retained earnings
Balance as at the beginning of the year 41,428.98 35,695.20
Add: Profit for the year 6,624.32 6,475.64
Items of other comprehensive income/ (expense) recognised directly in retained earnings
Remeasurement of employee benefit obligation, net of tax* 181.90 128.58
Share of equity accounted investees 2.64 (0.52)
Less: Appropriations
Final dividend on equity shares [Dividend per share Rs. 2.5/- per share of nomi
(434.96) -
nal value of Rs. 10/- each (March 31, 2021: Nil)]
Interim dividend on equity shares [Dividend per share Rs.1/- per share of nominal value of
(869.92) (869.92)
Rs. 2/- each (March 31, 2021: Rs. 5/- per share of nominal value of Rs. 10/- each)]
Total 65,451.61 59,947.63
* Included in 'Items of other comprehensive income' in statement of changes in equity.
159
21. Borrowings
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Unsecured loans
Secured loans
Deferred payment liability 610.15 -
Unsecured loans
21,257.20 18,733.65
Less: Current maturity of long term borrowing 8,050.67 7,226.54
Total 13,206.53 11,507.11
Details of current maturity of long term borrowing:
Secured loans
Deferred payment liability 305.07 -
Unsecured loans
8,050.67 7,226.54
A. SECURED
I. From Banks
Rs.762.39 lakhs) carrying interest linked to lender’s 3 months MCLR and spread thereon,
repayable in one quarterly instalments respectively, are secured by a first mortgage and charge
on all the immovable and movable properties of the Company excluding all assets of Daurala
Organics, a unit of the Company and assets on exclusive charges, subject to prior charges
created / to be created in favour of the Company’s bankers for securing the borrowings for
working capital requirements, the charges ranking pari-passu with the charges created/to be
created in favour of first charge holders for their respective term loans.
b) Rs.104.07 lakhs (March 31,2021: Rs.315.81 lakhs) carrying interest of linked to lender’s 1 year
MCLR and spread thereon, repayable in 2 quarterly instalments, is secured by first exclusive charge
on specific movable assets of Sugar division of Daurala Sugar Works, a unit of the Company.
c) Rs.2,440.87 lakhs (March 31,2021: Rs.3,525.70 lakhs) carrying interest of 5% p.a., repayable in
27 monthly instalments, is secured by first pari-passu charge on all the immovable and movable
properties of the Company excluding assets on exclusive charges.
d) Rs.531.77 lakhs (March 31,2021: Rs.794.76 lakhs), Rs.368.08 lakhs (March 31,2021: Rs.552.68
lakhs) and Rs.3,108.70 lakhs (March 31,2021: Rs.3,265.98 lakhs) carrying interest linked to lender’s
LTMLR, repayable in 8, 8 and 12 quarterly instalments, are secured by first pari-passu charge on
all the immovable and movable properties of the Company excluding assets on exclusive charges.
e) Rs.3,922.18 Lakhs (March 31,2021: Nil) carrying interest linked to lender’s 1 year MCLR and
spread thereon, repayable in 16 quarterly instalments, is secured by first pari-passu charge on all
the immovable and movable properties of the Company excluding assets on exclusive charges.
f) Rs.4,002.76 lakhs (March 31,2021: Nil) carrying interest of 8% p.a., repayable in 48 monthly
instalments, is secured by first pari-passu charge by way of mortgage/hypothecation on all the
Fixed Assets of the Company excluding assets on exclusive charges.
160
g) Rs.1,666.62 lakhs (March 31,2021: Rs.2,999.98 lakhs) and Rs.1406.25 lakhs (March 31,2021:
Rs.2,031.25 lakhs) carrying interest rate of 8.95% p.a., repayable in 5 and 9 quarterly instalments,
are secured by residual pari-passu charge on fixed assets of sugar factory at Daurala Sugar
Works, a unit of the Company.
h) Rs.1,370.20 lakhs (March 31,2021: Rs.1975.11 lakhs) carrying interest linked to lender’s 1 year
MCLR and spread thereon with 50% interest subvention and 1 year MCLR and spread thereon,
repayable in 9 quarterly instalments, is secured by first charge on specific movable assets of
Distillery division of Daurala Sugar Works, a unit of the Company.
i) Nil (March 31,2021: Rs.371.00 lakhs) carrying interest linked to lender’s 6 Months MCLR and
spread thereon repayable in 1 instalment, secured by first pari-passu charge on all the immovable
and movable properties of the Company excluding assets on exclusive charges.
j) Rs.39.80 lakhs (March 31,2021: Nil) is secured by hypothecation of specific assets carrying
interest of 6.63%.
II. From Others
Rs.85.32) carrying interest linked to RBI’s Bank rate minus 2%. respectively, repayable in 10
and 1 half yearly instalments, are secured by first pari-passu charge on immovable and movable
properties of sugar factory at Daurala Sugar Works, a unit of the Company.
III. Deferred payment liability
a) Rs.610.15 lakhs (March 21,2021: Nil) carrying interest rate of 10.50%, repayable in 8 quarterly
instalments is secured against specific immoveable property of a wholly owned subsidiary, DCM
Shriram Fine Chemicals Limited, of the company.
B. Unsecured
Rs.940.07 lakhs (March 31,2021: Rs.783.37 lakhs), Deposits from public, carries interest between
9.5% p.a to 10.50% p.a., are currently repayable after 3 years from the date of acceptance of deposits.
C. The quarterly returns/statements filed by the Holding Company with the banks are in agreement with the
books of account of the Holding Company.
22. Other financial liabilities- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Others 53.80 48.93
Total 94.23 101.62
23. Provisions- Non current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
- Gratuity - -
- Compensated absences 1,029.43 979.89
- Provident fund trust 85.50 198.45
Provision for contingencies* 100.00 100.00
Total 1,214.93 1,278.34
* Provision for contingencies of Rs. 100 lakhs (March 31, 2021: Rs. 100 lakhs) represents the maximum possible
exposure on ultimate settlement of issues relating to reorganisation arrangement of the Holding Company.
There is no movement in the provision during the year.
161
24. Other non-current liabilities

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Others 51.08 52.60
Total 51.08 52.60
25. Borrowings
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Secured loans
From banks - loans repayable on demand* 33,572.92 29,861.20
Current maturities of long term borrowings (refer note 21) 8,050.67 7,226.54
Total 41,623.59 37,087.74
* Secured by first pari-passu charge against the division's current and non-current assets (except reimbursement
asset and division's property, plant and equipments), both present and future. Some of these are further secured by
way of second pari-passu charge on the divisions's property, plant and equipment. These carry interest rate ranging
from 1.15% to 8.05% p.a.. Also refer note 56.
26. Trade payables

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Total outstanding dues of Micro and Small Enterprises* 1,263.91 777.77
Total outstanding dues other than Micro and Small Enterprises# 25,326.51 33,413.60
Total 26,590.42 34,191.37

1 year 3 years
MSME 1,264.16 - - - 1,264.16
Others 24,916.35 239.59 87.54 2.80 25,246.28
Disputed dues - Others - - - 79.98 79.98
Total 26,180.51 239.59 87.54 82.78 26,590.42

1 year 3 years
MSME 777.77 - - - 777.77
Others 32,666.56 607.72 11.61 47.73 33,333.62
Disputed dues - Others - - - 79.98 79.98
Total 33,444.33 607.72 11.61 127.71 34,191.37
* Refer note 52 for Micro and Small Enterprises.
# Includes payable to related parties Rs. 588.10 lakhs (March 31, 2021 Rs. 711.63 lakhs), refer note 46.
Notes:
a) Includes acceptances Rs. 3,285.60 lakhs (March 31, 2021 Rs. 3,854.16 lakhs).
b) The Group exposure to currency and liquidity risks related to trade payables is disclosed in Note 47.
162
27. Other financial liabilities- Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Creditors for capital purchases 2.28 -

Creditors for capital purchases 528.52 964.27
Unclaimed dividends* 199.03 200.03
Unclaimed deposits and interest accrued thereon 8.01 -
Other payables
Employees related payable 1,006.96 857.23
Others 24.62 43.81
Total 3,237.29 2,423.81
* There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of
Companies Act, 2013 as at the year end.
28. Provision- Current

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
- Compensated absences 364.94 409.01
- Provident fund trust - 3.33
Provision for contingencies (Refer note 55) 15,733.25 10,572.51
Others* 287.94 201.73
Total 16,386.13 11,186.58
* Expected claims from customer in respect of past sales made during the year and not settled.
29. Other current liabilities

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Advances from customers 504.51 2,110.20
Statutory dues payable 1,715.13 1,051.47
Others 161.76 239.84
Total 2,381.40 3,401.51
163
30. Revenue from operations

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Sale of products@
Export 46,438.72 40,414.39
Domestic # 1,56,808.06 1,42,051.51
2,03,246.78 1,82,465.90
Sale of services@
Processing charges 5,259.37 4,536.41
Others - 39.31
5,259.37 4,575.72
Other operating revenue
Sale of scrap 1,383.70 819.25
Duty draw back, export benefits and other government assistance* 1,254.40 6,304.08
Sale of renewable energy certificates 996.98 33.22
Others 170.59 101.96
Total 2,12,311.82 1,94,300.13
# Includes Rs. 1,356.01 lakhs (March 31, 2021: Rs.11,846.80 lakhs) in respect of sales made to domestic parties to
fulfill export obligation as per Maximum Admissible Export Quantity (MAEQ) Scheme.
* Refer note 53
@ Refer note 40 for disaggregation of revenue
Contract balances For the year ended For the year ended
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Trade receivables (Refer note 13) 25,495.06 19,676.06
Contract liabilites
Advances from customers (Refer note 29) 504.51 2,110.20
Reconciliation of revenue recognised with the contracted price is as follows:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Contracted price 2,08,842.18 1,87,631.61
Less: Discounts 336.02 589.99
2,08,506.16 1,87,041.62
164
31. Other income

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Interest income from financial assets measured at amortised cost

From deposits with banks 102.70 126.35
Unwinding of discount on security deposits 0.56 0.60
Interest income on inter-corporate deposit - 22.31
Interest subsidy* 299.58 455.69
Provisions/liabilities no longer required, written back 603.54 272.50
Rental income 54.42 56.33
Profit on sale of property, plant and equipment (net) 168.72 -
Profit on sale of current investments 27.81 29.26
Net change in fair value of financial assets measured 26.38 82.89
at fair value through profit or loss
Gain on foreign exchange fluctuation (net) 959.01 591.52
Miscellaneous income 91.07 82.41
Total 2,333.79 1,719.86
* Refer note 53.
32. Cost of material consumed

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Raw materials at the beginning of the year 13,669.53 6,580.64

Add: Purchases 1,13,685.27 1,13,931.25
1,27,354.80 1,20,511.89
Less: Raw materials at the end of the year 9,494.16 13,669.53
Total 1,17,860.64 1,06,842.36
Particulars of materials consumed are as under:

Sugarcane 78,149.74 81,077.49
Wood pulp 8,715.79 6,545.12
Others 30,995.11 19,219.75
Total 1,17,860.64 1,06,842.36
33. Purchase of traded goods

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Grain spirits 19,479.66 14,757.14
Total 19,479.66 14,757.14
165
34. Changes in inventories of finished goods and work-in-progress

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Opening stock
Finished goods 45,473.42 54,446.76
Total 47,246.59 55,825.72
Closing stock
Finished goods 44,745.27 45,473.42
Total 47,313.85 47,246.59
(67.26) 8,579.13
Particulars of stocks of finished goods and work-in-progress are as under :

Finished goods
Sugar 41,001.46 38,280.99
Alcohol 859.86 5,524.81
Industrial fibers 2,427.30 1,202.80
Total 44,745.28 45,473.42
Work-in-progress
Sugar 879.44 616.10
Alcohol 140.73 59.76
Industrial fibers 657.43 452.50
Total 2,568.58 1,773.17
35. Employee benefits expense

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Salaries, wages and bonus* # 14,821.36 12,800.90
Contribution to provident and other funds* 1,289.79 1,533.08
Staff welfare expenses 411.14 411.71
Total 16,522.29 14,745.69
* Refer note 45
# Includes payment to contractual labour
36. Finance costs

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Interest expense*# 3,924.58 3,827.00
Other borrowing costs 96.66 146.88
Total 4,021.24 3,973.88
* Refer note 53
# includes Rs. 179.77 lakhs interest on lease liabilities (March 31,2021:Rs.204.10 lakhs)
37. Depreciation and amortisation expense

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Depreciation on property, plant and equipment 2,773.99 2,348.80
Amortisation on intangible assets 43.21 39.79
Amortisation on right-of-use assets 457.91 527.87
Total 3,275.11 2,916.46
166
38. Other expenses

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs

Power and fuel 11,378.70 7,999.70
Repair and maintenance
- Buildings 694.05 722.68
- Plant and machinery 6,271.14 4,797.21
Rent* 86.97 133.08
Payment to auditors
- As auditors 52.84 40.59
- Limited review of unaudited financial results 30.00 37.50
- Verification of statements and other records 0.35 10.25
- Out-of-pocket expenses 4.51 3.31
Insurance 296.69 303.14
Rates and taxes 222.96 104.91
Freight and transport 2,791.76 1,590.69
Commission to selling agents 2,232.97 2,128.99
Loss on Export obligation** - 600.00
Loss on sale of property, plant and equipment (net) - 20.36
Donation - 0.30
Corporate social responsibility ( refer note below) 183.66 201.86
Provision for export benefits 22.67 -
Bad debts and advances provided / written off - 25.23
Miscellaneous expense # 7,440.62 5,616.57
Total 44,322.02 34,128.62
Note: Details of corporate social responsibility expenditure

a) Amount required to be spent by the Group during the year 188.64 165.50
b) Amount spent during the year (in cash)
(i) Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 183.66 201.86
c) Amount unspent 4.98 *** -
* Refer note 41
** Consequent to Orders of Central Government allocating sugar factory -
wise Maximum Admissible Export Quantity (MAEQ) of sugar for export.
*** Spent subsequent to March 31, 2022

# Refer note 53
167
39. Income tax expense

A. Amounts recognised in statement of profit and loss

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs

Deferred tax charge 499.21 435.64
Income tax expense reported in the statement of profit and loss 2,651.04 3,385.84
B. Amounts recognised in other comprehensive Income

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Income tax
Remeasurement of post employment benefit obligation (97.71) (69.06)
Income tax charges to other comprehensive income/(expense) (97.71) (69.06)
C. Reconciliation of effective tax rate #

Reconciliation of tax expense and the accounting profit/ (loss) multiplied by India’s domestic tax rate for the year
ended March 31, 2022 and March 31, 2021:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Rate Amount Rate Amount
Profit before tax from continuing operations, including OCI
- Holding company 34.94% 9,480.83 34.94%

10,196.43
- Subsidiary company 26.00% 30.69 26.00% 77.91
Tax using the Company’s domestic tax rate 34.92% 3,320.96 34.86% 3,583.30
Tax effect of:
Non-deductible expenses 0.51% 48.56 0.80% 82.04
Impact on Deferred Tax due to change in tax rate for future years -3.93% (374.03) -1.57% (160.97)
Capital loss not expected to be set-off in near future -0.77% (73.38) 0.00% -
Others# -1.82% (173.36) -0.48% (49.47)
Effective tax rate 28.90% 2,748.75 36.32% 3,454.90
# The Holding company continues to pay income tax under older tax regime and has not opted for lower tax rate
pursuant to Taxation Law (Amendment) Ordinance, 2019 considering the accumulated MAT credit and other benefits
under the Income Tax Act, 1961. The Holding company plans to opt for lower tax regime once these benefits are
utilised, which is expected by financial year ending 2025. Accordingly, deferred tax liability on temporary differences
which are expected to reverse after financial year ending 2025 have been re-measured in the current financial year.
168
D. Deferred tax assets/liabilities (Rs. lakhs)
Particulars Deferred tax assets Deferred tax liabilities Net deferred tax assets/ (liabilities)
As at As at As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Accrued expense deductible on payment 307.15 249.41 - - 307.15 249.41
Provision for gratuity and compensated absences 311.42 419.08 - - 311.42 419.08
Loss allowance for trade receivables 8.69 8.69 - - 8.69 8.69
Loss allowance for other assets 8.38 0.45 - - 8.38 0.45
Difference in book written down value and tax written down

- - 7,360.11 6,819.21 (7,360.11) (6,819.21)
value of property, plant and equipment/ intangible assets
Others 150.35 170.03 87.99 229.45 62.35 (59.42)
785.98 847.66 7,448.11 7,048.66 (6,662.13) (6,201.00)
MAT credit entitlement ** 2,628.71 3,213.22 - - 2,628.71 3,213.22
Net Deferred tax liabilities 3,414.69 4,060.88 7,448.11 7,048.66 (4,033.42) (2,987.78)
** MAT credit entitlement in the Statement of profit and loss forms part of Deferred tax charge for the year.
E. Movement in temporary differences

Closing
balance
Deferred tax assets
Accrued expense deductible on payment 249.41 57.74 - 307.15
Provision for gratuity, compensated absences and other employee benefits 419.08 (9.96) (97.71) 311.42
Loss allowance for other assets 0.45 7.93 - 8.38
Others 170.03 -19.68 - 150.35
847.66 36.02 (97.71) 785.98
Difference in book written down value and tax written down value of property, plant
(6,819.21) (540.91) - (7,360.11)
and equipment/ intangible assets
Others (229.45) 141.46 - (87.99)
(7,048.66) (399.45) - (7,448.11)
Total (6,201.00) (363.42) (97.71) (6,662.13)
169

Closing
balance
Deferred tax assets
Accrued expense deductible on
240.35 9.06 - 249.41
payment
Provision for gratuity, compensated
658.25 (170.11) (69.06) 419.08
absences and other employee benefits
Loss allowance for other assets 0.45 - - 0.45
Others 46.88 123.15 - 170.03
956.40 (39.68) (69.06) 847.66
Difference in book written down value
and tax written down value of property, (6,383.90) (435.31) - (6,819.21)
plant and equipment/ intangible assets
Others (268.80) 39.35 - (229.45)
(6,652.70) (395.96) - (7,048.66)
Total (5,696.30) (435.64) (69.06) (6,201.00)
F. Availability of MAT Credit is upto:

As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Financial year Amount Amount
2027-28 - 0.12
2028-29 - 443.32
2029-30 157.70 298.77
2030-31 851.08 851.08
2032-33 996.93 996.93
2033-34 623.00 623.00
2,628.71 3,213.22
40. Operating segments
A. Basis for segmentation

In accordance with Ind AS 108 'Segment Reporting' as specified in section 133 of the Companies Act, 2013, the Group has identi-
fied three business segments viz. Sugar, Industrial fibres and related products, and Chemicals. The above segments have been
identified and reported taking into account the differing risks and returns, and the current internal financial reporting systems. For
each of the segments, the Chief operating decision maker (CODM) reviews internal management reports on at least a quarterly
basis. The CODM monitors the operating results separately for the purpose of making decisions about resource allocation and
performance measurement (Refer Note 2A (O)).
Segment revenue, results and capital employed include the respective amounts identifiable to each of the segments. Other unal-
locable expenditure includes expenses incurred on common services provided to the segments, which are not directly identifiable.
In addition to the significant accounting policies applicable to the business segments as set out in note 2A(o) above, the account-
ing policies in relation to segment accounting are as under:
a) Segment revenue and expenses
Segment revenue and expenses are, generally, directly attributable to the segments. Joint revenue and expenses of segments
are allocated amongst them on a reasonable basis.
b) Segment assets and liabilities
Segment assets include all operating assets used by a segment and consist principally of operating, trade receivables, inventories
and property plant and equipment and intangible assets, net of allowances and provisions, which are reported as direct offsets in
the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities and
do not include deferred income taxes and borrowings. While most of the assets / liabilities can be directly attributed to individual
segments, the carrying amount of certain assets / liabilities pertaining to two or more segments are allocated to the segments
on a reasonable basis.
The following summary describes the operations in each of the Group's reportable segments:
Sugar Comprising sugar, power and alcohol
Industrial fibres and related products Comprising rayon, synthetic yarn, cord, fabric etc.
Chemicals Comprising organics and fine chemicals
170
B. Information about reportable segments

Industrial fibres and related Elimination Total
Sugar Chemicals
products
For the For the For the For the For the For the For the For the For the For the
year ended year ended year ended year ended year ended year ended year ended year ended year ended year ended
Segment revenue
- External revenues 1,27,525.82 1,15,972.37 43,040.83 32,892.63 37,939.49 38,176.62 - - 2,08,506.15 1,87,041.62
- Inter segment revenue - - - - - - - - - -
- Other operating revenue 2,288.51 5,969.57 1,154.81 852.98 362.35 435.96 - - 3,805.67 7,258.51
Subtotal 1,29,814.33 1,21,941.94 44,195.64 33,745.61 38,301.85 38,612.58 - - 2,12,311.82 1,94,300.13
- Other income 399.15 322.09 846.22 564.94 129.25 114.19 - (2.40) 1,374.62 998.82
- Unallocable income - - - - - - - - 959.17 721.03
Total Segment revenue 1,30,213.48 1,22,264.03 45,041.86 34,310.55 38,431.10 38,726.77 - (2.40) 2,14,645.61 1,96,019.98
Segment results 7,969.89 7,637.63 4,543.47 3,066.42 3,851.27 6,662.36 - - 16,364.63 17,366.41
Unallocated expenses (net of unallo
3,111.48 3,315.82
cated income)
Operating profit 13,253.15 14,050.59
Finance costs 4,021.24 3,973.88
Profit before share of profit of equity ac
9,231.91 10,076.71
counted investees and tax
Share of profit/(loss) of equity accounted
43.45 (215.23)
investees (net of tax)
Deferred tax (credit)/ charge 499.21 435.64
Net profit after tax 6,624.32 6,475.64
Capital expenditure during the year 7,097.76 1,944.23 2,012.49 1,443.02 3,826.00 2,228.15 - - 12,936.25 5,615.40
Unallocated capital expenditure
2,283.50 283.62
during the year
Total capital expenditure during the year 15,219.75 5,899.02
Depreciationand amortisation 1,052.29 893.37 1,033.95 937.75 606.77 500.30 - - 2,693.01 2,331.42
Unallocated depreciation during the year 582.10 585.04
Total depreciation during the year 3,275.11 2,916.46
Non cash expense other than depreciation 0.20 2.19 54.80 25.75 0.75 24.33 - - 55.75 52.27
Unallocated non cash expenses other
7.48 2.42
Total non cash expense other
63.23 54.69
171
172
(Rs.Lakhs)

Elimination Total
Industrial fibres and
Sugar Chemicals
related products
As at As at As at As at As at As at As at As at As at As at
Segment assets 1,00,707.85 95,475.24 41,484.86 36,655.70 23,459.52 19,966.17 - - 1,65,652.23 1,52,097.11
Unallocated assets 12,271.70 15,981.96
Total assets 1,00,707.85 95,475.24 41,484.86 36,655.70 23,459.52 19,966.17 - - 1,77,923.93 1,68,079.07
Segment liabilities 30,985.88 35,143.82 11,010.50 9,835.41 6,047.08 5,804.54 - - 48,043.46 50,783.77
Share capital and reserves 67,191.45 61,687.47
Unallocated liabilities
-Borrowings - - - - - - - - 54,999.06 48,714.40
-Others - - - - - - - - 7,689.96 6,893.40
Total liabilities 30,985.88 35,143.82 11,010.50 9,835.41 6,047.08 5,804.54 - - 1,77,923.93 1,60,898.31
Capital employed 69,721.96 60,331.42 30,474.36 26,820.29 17,412.45 14,161.63 - - 1,17,608.77 1,01,313.34
C. Reconciliations of information on reportable segments to Ind AS measures

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
i Revenues
Total revenue for reportable segments 2,13,686.44 1,95,301.35
Revenue for other segments 959.17 721.03
Inter-segment elimination - (2.40)
Total revenue 2,14,645.61 1,81,887.96

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
ii Profit before tax
Total profit before tax for reportable segments 16,364.63 17,366.41
Unallocated cost:
Finance costs (4,021.24) (3,973.88)
Other unallocated amounts (3,111.48) (3,315.82)
Profit before tax as per statement of profit and loss 9,231.91 10,076.71
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
iii Assets
Total assets for reportable segments 1,65,652.23 1,52,097.11
Investments 2,528.00 6,079.12
Corporate assets 9,743.70 9,902.84
Total assets as per the balance sheet 1,77,923.93 1,68,079.07
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
iv Liabilities
Total liabilities for reportable segments 48,043.46 50,783.77
Share capital 1,739.84 1,739.84
Reserves and Surplus 65,451.61 59,947.63
Unallocated corporate liabilities 62,689.02 55,607.83
Total liabilities as per the balance sheet 1,77,923.93 1,68,079.07
D. Geographical information
The geographical information analyses the Group’s revenues and assets by the Group’s country of domicile (i.e. India)
and other countries. In presenting the geographical information, segment revenue has been based on the geographic
location of customers and segment assets which have been based on the geographical location of the assets.

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
i Revenues
(a) India 1,68,206.49 1,55,607.99
(b) Other countries
Europe 17,221.60 12,797.44
China 12,383.61 12,414.41
Rest of the World 16,833.91 15,202.54
Total (b) 46,439.12 40,414.39
(c) Inter-segment elimination - (2.40)
Total (a+b+c) 2,14,645.61 1,81,887.96
173
As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
ii Assets
(a) India 1,62,520.03 1,57,281.01
(b) Other countries

Europe 7,167.92 2,993.04
China 4,141.67 3,363.91
Rest of the World 4,094.31 4,441.11
Total (b) 15,403.90 10,798.06
Total (a+b) 1,77,923.93 1,68,079.07
E. Major customer
Revenue from transactions with any single customer does not exceed 10 per cent or more of the Group's total revenue.
41. Leases
The details of the right-of-use asset held by the Holding company is as follows:
(Rs.Lakhs)
Net Carrying
Opening as on Additions during Deletions during Depreciation
April 1, 2021 the year the year during the year
March 31, 2022
Building 2,001.58 56.94 50.76 457.91 1,549.85
2,001.58 56.94 50.76 457.91 1,549.85
Net Carrying
Opening as on Additions during Deletions during Depreciation
April 1, 2020 the year the year during the year
March 31, 2021
Building 2,499.22 201.42 171.19 527.87 2,001.58
2,499.22 201.42 171.19 527.87 2,001.58
The Holding company incurred Rs. 86.97 lakhs (March 31, 2021: Rs.133.08 lakhs) towards expenses relating to short-term
leases and leases of low-value assets.
The weighted average incremental borrowing rate of 9% has been applied to lease liabilities recognised in the balance sheet
at the date of initial application.
The reconciliation of lease liabilities is as follows:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Opening balance 2,173.14 2,568.94
Additions 56.76 159.52
Deletions (51.37) (171.73)
Amount recognised in statement of profit and loss as interest expense 179.77 204.10
Payment of lease liability (580.64) (587.69)
The following table presents a maturity analysis of expected cash flows for lease liabilities:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Within one year 451.40 399.15
Within one-five years 1,217.79 1,631.98
Above five years 108.46 142.01
174
42. Contingent liabilities and commitments (to the extent not provided for)
A. Contingent liabilities*
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Income tax matters 10,548.70 4,356.09
Excise and Service tax matters 23.58 39.20
Claims against the Group not acknowledged as debts (excluding claims by
950.81 925.00
employees, where amount is not ascertainable)
Sales tax matters 15.46 55.06
Sugarcane related matters 4,545.26 4,545.26
Share in contingent liabilities of associate company 170.88 196.79
Total 16,254.69 10,117.40
* Matters are subject to legal proceedings in the ordinary course of business. The legal proceedings, when ultimately concluded
will not, in the opinion of the management, have a material effect on the results of the operations or financial position.
B. Commitments
a. Capital commitments: Estimated amount of contracts remaining to be executed on capital account and not provided for (net
of advances) amounts to Rs. 722.96 lakhs (March 31, 2021: Rs. 5,265.85 lakhs).
b. Other commitments: The Group has other commitments, for purchase / sales orders which are issued after considering
requirements per operating cycle for purchase / sale of goods and services, employee benefits including union agreement in
normal course of business. The Group does not have any long term commitments / contracts including derivative contracts
for which there will be any material foreseeable losses.
43. Proceedings in a Petition challenging the Preferential Issue of equity warrants by the Group filed by a shareholder before the
Hon'ble Company Law Board (now National Company Law Tribunal) are continuing since November, 2007.
44. Earnings per share

Basic and diluted earnings/ (loss) per share
Basic and diluted earnings/ (loss) per share is calculated by dividing the profit/ (loss) during the year attributable to equity
shareholders of the Group by the weighted number of equity shares outstanding during the year.
Particulars Unit For the year ended For the year ended
March 31, 2022 March 31, 2021
Profit after tax attributable to equity shareholders Rs. Lakhs 6,624.32 6,475.64
Weighted average number of equity shares outstanding Numbers 8,69,92,185 8,69,92,185
during the year*
Nominal value per share* Rs. 2 2
Basic and diluted earnings per share Rs. 7.61 7.44
* Refer Note 59
45. Employee benefits
A. Defined Contribution plans

Rs. 110.52 lakhs (March 31, 2021: Rs. 127.13 lakhs) for provident fund contribution and Rs. 204.69 lakhs (March 31, 2021: Rs.
174.36 lakhs) for superannuation fund contribution have been charged to the Statement of Profit and Loss. The contributions
towards these schemes are at rates specified in the rules of the schemes. In case of provident fund administered through a
trust, shortfall if any, shall be made good by the Holding company.
B. Defined benefit plans

Liability for gratuity, privilege leaves and medical leaves is determined on actuarial basis. Gratuity liability is provided to the
extent not covered by the funds available in the gratuity fund.
Gratuity:
Gratuity scheme provides for a lump sum payment to vested employees at retirement, death while in employment or on
termination of employment. Vesting occurs upon completion of five years of service, except death while in employment.
175
The following table sets out the status of gratuity obligation
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Net Gratuity liability / (asset) (503.18) (189.57)
Non current - -
Current (503.18) (189.57)
(i) Reconciliation of the gratuity benefit liability
The following table shows a reconciliation from the opening balance to the closing balance for gratuity liability and its components

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Actuarial (Gain) / Loss on arising from changes in experience adjustments 54.61 224.89
Benefits paid (452.70) (662.16)

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Expected return on plan assets 290.79 241.76
Contribution by the Holding Company 19.22 14.40
Benefits paid (121.63) (28.52)
Actuarial gains / (losses) recognised in other comprehensive income 152.85 493.26

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs

Expected return on plan assets (290.79) (241.76)
Actuarial (gains) / losses recognised in other comprehensive income (215.28) (268.37)
36.67 21.95
176
(iv) Constitution of plan assets

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Other than equity, debt, property and bank account

Funded with Life Insurance Corporation of India* 4,617.53 4,276.30
* The plan assets are maintained with Life Insurance Corporation of India Gratuity Scheme. The details of Investments
maintained by Life Insurance Corporation are not made available and have therefore not been disclosed.
(v) Remeasurements recognized in other comprehensive income

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Actuarial (gain) / loss on plan assets 152.85 493.26
Actuarial (gain) / loss arising from changes in financials assumptions 117.03 -
Actuarial (gain) / loss arising from changes in experience adjustments (54.61) (224.89)
(vi) Actuarial assumptions

March 31, 2022 March 31, 2021
Future salary growth 5.00% 5.00%
Rate of return on plan assets 6.80% 6.80%
Expected average remaining working lives of employees (years) 17.48 17.31
31 to 44 years- 2% 31 to 44 years- 2%
Expected contributions to post-employment benefit plans for the year ending March 31, 2023 are Rs. 206.64 lakhs (March
31, 2022: Rs. 219.75 lakhs).
unit cost method.
The Company has established an income tax approved irrevocable trust fund to which it regularly contributes to finance
the liabilities of the gratuity plan. The fund’s investments are managed by certain insurance companies as per the mandate
provided to them by the trustees and the asset allocation is within the permissible limits prescribed in the insurance regulations.
177
(vii) Sensitivity analysis

The significant actuarial assumption for the determination of defined benefit obligations are discount rate and expected salary
increase.
Sensitivity of gross benefit obligation as mentioned above, in case of change in significant assumptions would be as
under:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Discount rate (0.50%) (127.64) 136.57 (127.42) 136.34
Future salary growth (0.50%) 138.32 (130.36) 138.08 (130.13)
(viii) Maturity profile
The table below shows the expected cash flow profile of the benefits to be paid to the current membership of the plan based
on past service of the employees as at the valuation date:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Within 1 year 556.02 629.47
1 year to 5 years 1,557.21 1,505.47
More than 5 years 2,001.12 1,951.79
C. Compensated absences:
The obligation of compensated absence in respect of the employees of the Company as at 31 March 2022 works out to
Rs. 1177.76 lakhs (31 March 2021: Rs. 1,174.72 lakhs)
D. Provident fund:
All employees are entitled to Provident Fund benefits as per the law. For certain category of employees the Company administers
the benefits through a recognised Provident Fund Trust. The Holding Company has an obligation to fund any shortfall on the
yield of the trust’s investments over the administered interest rates on an annual basis. For other employees contributions
are made to the Regional Provident Fund Commissioners. The Government mandates the annual yield to be provided to the
employees on their corpus. This plan is considered as a Defined Contribution Plan. For the first category of employees (covered
by the Trust), the Holding Company has an obligation to make good the shortfall, if any, between the yield on the investments
of the trust and the yield mandated by the Government and these are considered as Defined Benefit Plans and are accounted
for on the basis of an actuarial valuation.
The following table sets out the status of Provident Fund obligation
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Net Provident Fund liability / (asset) 85.50 201.78
178
(i) Reconciliation of the provident fund liability

The following table shows a reconciliation from the opening balance to the closing balance for provident fund liability and its components

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Interest cost 1,084.96 1,187.44
Actuarial (Gain) / Loss on arising from changes in experience adjustments (110.71) (24.30)
Benefits paid (2,166.50) (3,662.96)


March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Expected return on plan assets 1,084.96 1,185.39
Contribution by the Holding company 415.46 371.03
Benefits paid (2,166.50) (3,662.95)
Actuarial gains / (losses) recognised in other comprehensive income* (48.00) (95.03)
Shortfall funded by the Holding company 51.95 -
* Includes Rs. (61.00) lakhs (March 31, 2021: Rs.98.30 lakhs) on account of (reversal of provision)/provision on investments.

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Interest cost - 2.05
Net cost 415.46 373.08
(iv) Remeasurements recognized in other comprehensive income

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Gain/(Loss) recognised in other comprehensive income 64.33 (70.73)
179
(v) Actuarial assumptions

As at As at
Particulars
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Expected statutory interest rate 8.10% 8.50%
31 to 44 years- 2% 31 to 44 years- 2%
unit cost method.
(vi) Sensitivity analysis

The significant actuarial assumption for the determination of defined benefit obligations are discount rate and expected
salary increase.
Sensitivity of gross benefit obligation as mentioned above, in case of change in significant assumptions would be as under:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Discount rate (0.50%) (4.27) 4.50 (4.86) 5.11
E. Risk exposure
These defined benefit plans typically expose the Holding company to actuarial risks as under:
(a) Investment Risk

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to
market yields at the end of the reporting period on government bonds.
(b) Interest rate risk

A decrease in bond interest rate will increase the plan liability. However, this shall be partially off-set by increase in return as
per debt investments.
(c) Longevity risk

The present value of the defined plan liability is calculated by reference to the best estimate of the mortality of plan participants.
An increase in the life expectancy will increase the plan's liability.
(d) Salary risk

Higher than expected increase in salary will increase the defined benefit obligation.
180
46. Related party disclosures:
In accordance with the requirements of Ind AS 24 on Related Party Disclosures, the names of the related parties where control exists
and/or with whom transactions have taken place during the year and description of relationships, as identified and certified by the
management are:
A. Names of related parties and nature of related party relationship
Mr. S. B. Mathur, Chairman
Mr. Alok B. Shriram, Senior Managing Director
Mr. Madhav B. Shriram, Managing Director
Mrs. Urvashi Tilak Dhar, Director
Mr. Vineet Manaktala, Director & CFO
Mr. N. K.Jain, Director & CFO (upto 30.06.2021)
Mr. P. R. Khanna, Independent Director
Mr. Ravinder Narain, Independent Director
Mr. S. C. Kumar, Independent Director
Mr. C. Vikas Rao, Nominee Director (upto 30.09.2020)
Ms. V. Kavitha Dutt, Independent Director
Mr. Sanjay C. Kirloskar, Independent Director
Mr. Y. D. Gupta, Vice President & Company Secretary
Mr. Mukesh Gupta, Nominee Director (w.e.f. 01.10.2020 and upto 14.03.2022)
Ms. Mini Ipe , LIC Nominee Director (w.e.f. 30.03.2022)
Mr. Manoj Kumar, Non-executive Director (w.e.f. 27.06.2020)

Mr. Akshay Dhar
Ms. Kanika Shriram
Mr. Rudra Shriram
Mr. Rohan Shriram
Mr. Uday Shriram
Ms. Umika Shriram
Mrs. Anita Gupta
Mrs. Manju Jain
Mr. Nirmal Kumar Jain
Mrs. Maya Rani Jain
Mr. Rajat Jain
Mrs. Kiran Khanna
Mr. P. R. Khanna (HUF)
M/s. Lala Bansi Dhar & Sons- HUF
Mrs. Suman Bansi Dhar
Mrs. Divya Shriram
Mrs. Karuna Shriram
Ms. Aditi Dhar
Mrs. Manju Narain
Mr. Rohit Gupta
Mrs. K. Rao
Mrs. Amita Manaktala
Mrs. Astha Manaktala
Mr. Mohit Manaktala
Trusts
Employees' Provident Fund Trust, DCM Shriram Industries Limited
Daurala Organics Limited Employees' Provident Fund Trust
DCM Shriram Industries Limited Superannuation Trust
DCM Shriram Industries Limited Employees' Gratuity Fund
Others (Enterprises over which key management personnel or their relatives are able to exercise significant influence)
Bantam Enterprises Private Limited
H.R. Travels Private Limited
DCM Containers & Engineering Private Limited (w.e.f. 23.06.21)
(Formerly Hindustan Vaccum Glass Private Limited)
Kirloskar Corrocoat Private Limited
Hi-Vac Wares Private Limited
Lily Commercial Private Limited
Fives Cail – KCP Limited
181
B. Transactions with related parties:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Rent expenses
Others 0.90 0.75
Total 222.53 241.21
Interest expense
Relatives of Key management personnel 27.45 19.06
Independent Directors & their relatives/HUF 3.75 3.75
Total 43.07 33.55
Other expenses
Kirloskar Corrocoat Private Limited 4.03 11.76
Others - 1.08
Total 40.54 96.79
Purchase of property, plant and equipment

Fives Cail – KCP Limited 204.26
Total 266.80 277.58
Equity dividend paid

Lily Commercial Private Limited 236.28 154.49
Hi-Vac Wares Private Limited 59.49 39.66
Versa Trading Limited 193.32 128.88
653.55 430.67
Public deposits received
Key management personnel - 74.76
Relatives of key management personnel 122.00 -
Total 122.00 74.76
Amount received from sale of preference shares

Key management personnel 85 -
Relatives of Key Management Personnel 170 -
Bantam Enterprises Private Limited 235 -
Total 490.00 -
Security deposits received back

Mrs. Anita Gupta 3.04 -
Mrs. Manju Jain 4.56 -
Total 7.60 -
182

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Public deposits paid
Relatives of key management personnel - 44.76
Compensation of key management personnel

Salaries and bonus including contributions made to provident fund
Mr. Vineet Manaktala 39.02
Mr. N. K. Jain 33.60 56.83
Mr. Y. D. Gupta 42.07 30.10
Total 1,183.22 1,135.45
Gratuity
Mr. Alok B.Shriram (8.76) 5.88
Mr. Madhav B.Shriram (3.33) 5.78
Mr. Y.D. Gupta 2.74 3.66
Total 0.36 37.24
Other long term defined benefit plan

Compensated absences
Mr. Y.D. Gupta 2.75 (1.74)
Mr. K.N. Rao - -
Relatives of key management personnel (0.70) 16.42
Total 26.92 36.60
Commission to Independent Directors

Mr. P. R. Khanna 13.72 15.86
Mr. S. B. Mathur 14.56 16.85
Mr. Ravinder Narain 12.04 13.91
Mr. S. C. Kumar 13.72 15.87
Mrs. Kavitha Dutt Chitturi 12.88 14.88
Mr. Sanjay C. Kirloskar 11.20 12.92
Mr. Mukesh Gupta 9.52 10.96
Mr. Manoj Kumar 11.20 11.46
Total 98.84 112.71
Total compensation paid to key management personnel 1,309.34 1,322.00

contribution paid to provident fund
Trusts 1,418.63 1,500.91
Gratuity
Trust 19.21 14.40
Other long term defined contribution plan

superannuation
Trust 176.07 174.35
183
Balances with related parties

Particulars March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Security deposit receivable
Total 28.85 33.63
Other advances
Employees' Provident Fund Trust, DCM Shriram Industries Limited - 196.38
Capital creditors
DCM Containers & Engineering Private Limited 2.28 -
Capital advances
Payables
Public deposits including interest accrued
Independent Directors & their relatives 37.50 37.50
Total 469.43 349.35
Provisions
Daurala Organics Limited Employees' Provident Fund Trust 85.50 201.78
Trade payables
Kirloskar Corrocoat Private Limited - 1.80
Sitting fees to Indepdendent Directors 5.94 4.63
Commission to Independent Directors 98.84 112.71
Remuneration to key management personnel 483.32 568.95
Total 588.10 711.63
Note:
Transactions with the related parties are made on normal commercial terms and conditions and at market rates, to be
settled in cash.
47. Financial instruments – Fair values and risk management
a. Financial instruments – by category and fair values hierarchy

The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
i. As on March 31, 2021 (Rs. lakhs)
Amortised
FVTPL FVOCI Total Level 1 Level 2 Level 3
cost
Financial assets
Non-current
(i) Loans* - - 32.80 32.80 - - -
Current
(i) Investments*
Debt instrument (Mutual funds) 4,769.58 - - 4,769.58 4,769.58 - -
(iii) Cash and cash equivalents* - - 2,004.87 2,004.87 - - -
(v) Loans* - - 40.74 40.74 - - -
Total 4,828.46 - 38,117.11 42,945.57
184
Carrying value Fair value measurement using

Particulars Amortised
cost
Non-current
(i) Borrowings (including current
- - 18,733.65 18,733.65 - - 18,733.65
maturities)#
Current
(i) Borrowings# - - 29,861.20 29,861.20 - - -
(ii) Lease liabilities* - - 399.15 399.15 - - -
Total - - 87,484.79 87,484.79
ii. As on March 31, 2022 (Rs. lakhs)

Amor-
tised cost
Financial assets
Non-current
(i) Loans* - - 50.02 50.02 - - -
Current
(i) Investments*
Debt instrument (Mutual funds) 990.79 - - 990.79 990.79 - -
(iii) Cash and cash equivalents* - - 842.08 842.08 - - -
(v) Loans* - - 5.79 5.79 - - -
Total 1,022.66 - 44,650.51 45,673.17
Non-current
(i) Borrowings (including
- - 21,257.20 21,257.20 - - 21,257.20
current maturities)#
Current
(i) Borrowings# - - 33,572.92 33,572.92 - - -
( ii) Lease liabilities* - - 451.40 451.40 - - -
Total - - 86,529.72 86,529.72
# The Group's borrowings have been contracted at both floating and fixed rates of interest. The borrowings at floating rates reset at
short intervals. Accordingly, the carrying value of such borrowings (including interest accrued but not due) approximates fair value.
The fair value of long-term borrowings with fixed rates of interest is estimated by discounting future cash flows using current rates
(applicable to instuments with similar terms, currency, credit risk and remaining maturities to discount the future payout).
* The carrying amounts of trade receivables, trade payables, lease liabilites, cash and cash equivalents, investments, bank balances
other than cash and cash equivalents and other financial assets and liabilities, approximates the fair values, due to their short-term
nature. The other non-current financial assets represents security deposits given to various parties, loans and advances to employ-
ees and bank deposits (due for maturity after twelve months from the reporting date), lease liabilities and other non-current financial
liabilities, the carrying value of which approximates the fair values as on the reporting date.
There have been no transfers between Level 1, Level 2 and Level 3 for the years ended March 31, 2022 and March 31, 2021.
Valuation
Following financial instruments are remeasured at fair value as under :
(a) The fair value of investments in quoted Equity Shares and Mutual Funds are measured at quoted price or NRV.
(b)The fair value of all derivate contracts is determined using forward exchange rate at the balance sheet.
185
Risk Management
The Group manages risk arising from financial instruments as under:
(i) Credit risk
The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the
Balance Sheet:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Investments 1,171.37 4,769.58
Trade receivables 25,495.06 19,676.06
Cash and cash equivalents 842.08 2,004.87
Other bank balances 1,885.23 2,393.95
Loans 55.81 73.53
Other financial assets 16,404.20 14,027.58
Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due causing
financial loss to the Group. It arises from cash and cash equivalents, financial instruments and principally from credit exposure
to customers relating to outstanding receivables. The Group continuously reviews the credit to be given and the recoverability
of amounts due. Majority of the trade receivables are from parties with whom the Group had long standing satisfactory dealings.
The Group's exposure to credit risk for trade receivables is as follows:

March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
1-90 days past due * 755.38 2,148.91
91 to 180 days past due 17.55 43.01
More than 180 days past due # 36.10 9.05
Not due 24,710.90 17,475.09
25,519.93 19,676.06
* The Group believes that the unimpaired amounts are collectible in full, based on historical payment behaviour.
# The Group continuously reviews the credit to be given and the recoverability of amounts due. Majority of the trade
receivables both domestic and overseas, are from parties with whom the group had long standing satisfactory dealings.
Movement in the allowance for impairment in respect of trade receivables is given below:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Balance at the beginning of the year 24.87 29.97
Impairment loss recognised / (reversed) - (5.10)
Amount written off - -
Balance at the end of the year 24.87 24.87
Note
Cash and cash equivalents
Credit risk on cash and cash equivalents is limited as the Group generally transacts with the Banks with high credit ratings
assigned by domestic and international credit rating agencies.
Other financial assets
Other financial assets do not have any significant credit risk.
186

(ii) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure, as far
as possible, that it will have sufficient liquidity to meet its liabilities when they are fallen due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group believes that its liquidity position, including total cash and cash equivalent and bank balances other than cash and
cash equivalent of Rs. 2,727.30 lakhs as at March 31, 2022 (March 31, 2021 Rs. 4,398.82 lakhs), anticipated future internally
generated funds from operations, and its fully available, revolving undrawn credit facility will enable it to meet its future known
obligations in the ordinary course of business. However, if liquidity needs were to arise, the Group believes it has access to
financing arrangements, which should enable it to meet its ongoing capital, operating, and other liquidity requirements. The
Group will continue to consider various borrowing or leasing options to maximize liquidity and supplement cash requirements
as necessary.
The Group's liquidity management process as monitored by management, includes the following:
- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met.
- Maintaining rolling forecasts of the Group’s liquidity position on the basis of expected cash flows.
- Maintaining diversified credit lines.
I. Financial arrangements
The Group had access to the following undrawn borrowing facilities at the end of the reporting period:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
From banks 9,674.56 14,350.88
II. Maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted:
(Rs. lakhs)
Borrowings* 11,507.11 - 11,358.76 148.35 11,507.11
Current liabilities
Borrowings 37,087.74 37,087.74 - - 37,087.74
Trade payables 34,191.37 34,191.37 - - 34,191.37
Total 87,484.79 74,102.07 13,092.36 290.36 87,484.79
(Rs. lakhs)
Borrowings* 13,206.53 - 13,157.08 49.45 13,206.53
Current liabilities
Borrowings 41,623.59 41,623.59 - - 41,623.59
Trade payables 26,590.42 26,590.42 - - 26,590.42
Total 86,529.72 71,902.70 14,469.10 157.92 86,529.72
* Contractual cash flows do not include interest expense
187

III. Market risk
Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises two types of risk: currency risk and interest rate risk. The objective of market risk management is to manage and control
market risk exposures within acceptable parameters, while optimising the return.The Board of directors is responsible for setting up of
policies and procedures to manage market risks of the Group.
Currency risk
Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
The Group is exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and cash
flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency and other currencies from the
Group's operating, investing and financing activities.
Exposure to currency risk
The summary of quantitative data about the Group's exposure to currency risk, as expressed in Indian Rupees (Lakhs) as at March
31, 2022 and March 31, 2021.
(Rs. Lakhs)
Particulars
USD EURO GBP
Financial assets
Advance to contractors 21.12 6.20 -
4,576.17 3,473.38 -
Borrowings 2,406.49 263.21 -
Trade payables 4,955.88 520.94 3.43
7,362.37 784.15 3.43
(Rs. Lakhs)
Particulars
USD EURO GBP
Financial assets
Advance to contractors 21.97 114.29 10.13
Cash and cash equivalents - - -
1,208.37 1,622.10 10.13
Borrowings 1,705.26 87.15 -
Trade payables 6,378.18 423.47 3.80
8,083.44 510.62 3.80

* Trade receivables are net of corresponding foreign exchange contracts
Sensitivity analysis
A reasonably possible strengthening / weakening of the Indian Rupee against below currencies at March 31, 2022 (previous year ended
as on March 31, 2021) would have affected the measurement of financial instruments denominated in functional currency and affected
equity and profit or loss by the amounts shown below. This analysis is performed on foreign currency denominated monetary financial
assets and financial liabilities outstanding as at the year end. This analysis assumes that all other variables, in particular interest rates,
remain constant and ignores any impact of forecast sales and purchases.
(Rs. lakhs)
Particulars Profit or loss Equity, net of tax
Weakening Strengthening Strengthening Weakening
1% depreciation / appreciation in Indian Rupees against
following foreign currencies:
USD (27.86) 27.86 (18.13) 18.13
EUR 26.89 (26.89) 17.50 (17.50)
GBP (0.03) 0.03 (0.02) 0.02
(1.00) 1.00 (0.65) 0.65
USD (68.75) 68.75 (44.73) 44.73
EUR 11.11 (11.11) 7.23 (7.23)
GBP 0.06 (0.06) 0.04 (0.04)
(57.58) 57.58 (37.46) 37.46
USD: United States Dollar, EUR: Euro, GBP: Great British Pound
188
Foreign exchange derivative contracts

The Group uses derivative financial instruments exclusively for hedging financial risks that arise from its commercial business
or financing activities. The Group’s Corporate Treasury team manages its foreign currency risk by hedging transactions that
are expected to occur within of 1 to 24 months for hedges of forecasted sales, purchases and capital expenditures. When a
derivative is entered into for the purpose of being a hedge, the Group negotiates the terms of those derivatives to match the
terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of exposure from the point
the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable that is
denominated in the foreign currency. All identified exposures are managed as per the policy duly approved by the Board of
Directors. The fair value is determined using quoted forward exchange rates at the reporting date and present value calculations
based on high credit risk quality yield curves in the respective currency.
The following table details the foreign currency derivative contracts outstanding at the end of the reporting period:
Maturity
Contract value of foreign Upto 12 months More than 12 months
No of deals
currency (in lakhs) Nominal amount (in lakhs) Nominal amount (in lakhs)
Outstanding contracts As at As at As at As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2022 2021 2022 2021 2022 2021 2022 2021
USD/INR Sell Forward 130 82 188.24 111.72 14,479.37 8,293.30 - -
EUR/INR Sell Forward 9 4 22.46 5.95 1,912.25 512.18 - -
EUR/USD Sell Forward 5 3 13.19 4.77 1,117.52 407.49 - -
USD/INR Buy Forward 5 3 6.12 4.21 478.13 308.18 - -
Impact of depreciation / appreciation in INR against USD/EUR in respect of forward contracts is not material.
Interest rate risk

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market inter-
est rates. The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Group
to cash flow interest rate risk.
Exposure to interest rate risk

The Group’s interest rate risk arises majorly from the term loans from banks carrying floating rate of interest. These obligations
exposes the Group to cash flow interest rate risk. The exposure of the Group’s borrowing to interest rate changes as reported to
the management at the end of the reporting period along with the interest rate profile are as follows:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Financial Assets
Bank Balances other than Cash & cash Equivalents 1,885.23 2,393.95
Loans 55.81 73.53
Other Financial assets 16,404.20 14,027.58
Total 18,345.24 16,495.06
Financial Liabilities
Term loans 10,649.60 9,136.74
Variable-rate instruments
Term loans 9,667.52 8,813.54
Cash Credit 33,532.49 29,861.20
Total 54,789.68 48,594.85
189
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 100 basis points (bps) in interest rates at the reporting date would have increased (decreased)
equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign
currency exchange rates, remain constant.
(Rs. lakhs)
Profit or loss Equity, net of tax
Particulars
100 bps increase 100 bps decrease 100 bps increase 100 bps decrease
48. Capital management
For the purpose of the Groups’s capital management, capital includes issued equity share capital, securities premium and
all other equity reserves attributable to the equity holders of the Company. The primary objective of the management of the
Company’s capital structure is to maintain an efficient mix of debt and equity in order to achieve a low cost of capital, while
taking into account the desirability of retaining financial flexibility to pursue business opportunities and adequate access to
liquidity to mitigate the effect of unforeseen events on cash flows.
The Group manages its capital structure and makes adjustments to it in light of changes in the economic/ business conditions
and requirements.
The Group monitors capital structure through gearing ratio represented by debt-equity ratio (Net debt/Total equity). The gearing
ratios for the company as at the end of reporting period were as follows:
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Borrowings 54,789.68 48,594.85
Less : Cash and cash equivalent (842.08) (2,004.87)
Adjusted net debt (A) 53,947.60 46,589.98
Total equity (B) 67,191.45 61,687.47

Adjusted net debt to total equity ratio (A/B) 80.29% 75.53%
49. Disclosure as per Ind AS 112 'Disclosure of Interest in Other Entities'

(a) Subsidiary company
The Group’s subsidiary at 31 March 2022 is set out below. The subsidiary has share capital consisting solely of equity
shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by
the Group. The country of incorporation or registration is also their principal place of business.
(Rs.lakhs)
Name of entity Place of busi- Ownership interest Ownership interest Principal activities
ness/ held by the group held by non-control-
country of as at ling interests as at
incorporation As at As at As at As at
March March March March
31, 2022 31, 2021 31, 2022 31, 2021
Daurala Foods India 100.00 100.00 - - The entity deploys its surplus funds
and Beverages in permitted securities such as short
Private Limited term funds of mutual funds, bank de-
posits etc.
DCM Shriram Fine India 100.00 - - - The entity proposes to engage in

Chemicals Limited business of manufacturing various
chemicals.
190
(b) Summarised financial information for associate company

(Rs.lakhs)
Name of Place of busi- Ownership interest held by the Principal activities
entity ness/ group as at
country of As at As at
incorporation March 31, 2022 March 31, 2021
DCM India 49.28 49.28 The entity is primarily engaged in trading and promotion of
Hyundai fabricated engineering products and leasing of Machinery
Limited & Equipments, providing Technical Know-how, Marketing
assistance and other services in relation thereto.
The tables below provide summarised financial information for associates of the Group. The information disclosed reflects the
amounts presented in the financial statements of the associate company and not the Group’s share of those amounts.
(i) Summarised balance sheet

(Rs.lakhs)
Particulars DCM Hyundai Limited
As at As at
March 31, 2022 March 31, 2021
Current assets
Cash and cash equivalents 54.25 24.66
Other assets 2,750.79 2,685.17
Total current assets 2,805.04 2,709.83
Total non-current assets 277.98 382.82
Current liabilities
Financial liabilities 229.78 331.58
Other liabilities 36.67 39.20
Total current liabilities 266.45 370.78
Other liabilities 2.98 1.81
Total non-current liabilities 2.98 1.81
Net assets 2,813.59 2,720.06
(ii) Reconciliation to carrying amounts

(Rs.lakhs)
As at As at
March 31, 2022 March 31, 2021
Opening net assets 2,720.07 3,157.87
Profit/(loss) for the year 88.16 (436.75)
Other comprehensive income/(expense) 5.36 (1.05)
Closing net assets 2,813.59 2,720.07
Group’s share in % 49.28% 49.28%
Group’s share in INR 1,386.58 1,340.50
Consolidation adjustments (30.96) (30.96)
Carrying amount 1,355.62 1,309.54
(iii) Summarised statement of profit and loss

(Rs.lakhs)
As at As at
March 31, 2022 March 31, 2021
Revenue from operations 149.76 185.96
Other income 149.49 117.39
Depreciation and amortisation 33.39 30.56
Interest expense 17.16 -
Income tax expense 38.14 535.08
Profit/(loss) for the year 88.16 (436.75)
Other comprehensive income/(expense) 5.36 (1.05)
Total comprehensive income/(expense) 93.52 (437.80)
Dividends received - -
191
50. Disclosure as per Schedule III to the Companies Act, 2013

(Rs.lakhs)
Name of the entity in Net Assets, i.e., total assets Share in profit or loss Share in other comprehensive Share in total comprehensive
the Group minus total liabilities as at for the year ended income for the year ended income for the year ended
As % of Amount As % of Amount As % of consolidated Amount As % of total Amount
consolidated consolidated other comprehensive comprehen-
net assets profit or loss income sive income
Parent
DCM Shriram Indus-
tries Limited
March 31, 2022 93.83% 65,437.61 99.10% 6,573.59 98.57% 181.90 99.09% 6,755.49
March 31, 2021 95.89% 59,987.00 102.45% 6,588.88 100.41% 128.58 102.41% 6,717.46
Subsidiary
Daurala Foods & Bev-
erages Private Limited
March 31, 2022 1.87% 1,300.90 0.63% 41.82 - - 0.61% 41.82
March 31, 2021 2.01% 1,259.08 0.90% 57.73 - - 0.88% 57.73
Subsidiary
DCM Shriram Fine
Chemicals Limited*
March 31, 2022 2.36% 1,646.02 0.39% (25.62) - - 0.38% (25.62)
Associate
DCM Hyundai Limited
March 31, 2022 1.94% 1,355.62 0.65% 43.45 1.43% 2.64 0.68% 46.09
March 31, 2021 2.10% 1,309.54 -3.35% (215.23) -0.41% (0.52) (3.29%) (215.75)
Total
March 31, 2022 100.00% 69,740.15 100.00% 6,633.24 100.00% 184.54 100.00% 6,817.78
March 31, 2021 100.00% 62,555.62 100.00% 6,431.38 100.00% 128.06 100.00% 6,559.44
Adjustment due to
consolidation
March 31, 2022 2,548.70 8.92 - 8.91
March 31, 2021 868.15 (44.26) - (44.26)
Consolidation Net As-
set / Profit after Tax
March 31, 2022 67,191.45 6,624.32 184.54 6,808.87
March 31, 2021 61,687.47 6,475.65 128.06 6,603.71
* Became subsidiary w.e.f. September 29, 2021
51. Research and development expenses amounting to Rs. 311.87 lakhs (March 31, 2021: Rs. 349.18 lakhs) have been charged
to the respective revenue accounts. Capital expenditure relating to research and development amounting to Rs. 38.63 lakhs
(March 31, 2021: Rs. 87.91 lakhs) has been included in property, plant and equipment.
52. Parties covered under “The Micro, Small and Medium Enterprise Development Act, 2006” (MSMED Act, 2006) have been
identified on the basis of confirmation received. The disclosures pursuant to the said MSME Act are as follows:
(Rs.lakhs)
March 31, 2022 March 31, 2021
(a) Amount remaining unpaid to suppliers under MSMED (suppliers) as at the end of year.
- Principal Amount
1,263.91 777.77
- Interest due thereon
- -
(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and - -
Medium Enterprises Development Act, 2006 (27 of 2006), along with the amount of the
payment made to the supplier beyond the appointed day during each accounting year.
(c) the amount of interest due and payable for the period of delay in making payment (whic h - -
has been paid but beyond the appointed day during the year) but without adding the interest
specified under the Micro, Small and Medium Enterprises Development Act, 2006.
(d) the amount of interest accrued and remaining unpaid at the end of each accounting - -
year.
(e) the amount of further interest remaining due and payable even in the succeeding - -
years, until such date when the interest dues above are actually paid to the small
enterprise, for the purpose of disallowance of a deductible expenditure under section 23
of the Micro, Small and Medium Enterprises Development Act, 2006.
192
53. Disclosure related to government grant
The government grants/government assistance recognised are as under:

Nature of Grant/assistance Income/ expense head For the year ended For the year ended
March 31, 2022 March 31, 2021
(Rs.lakhs) (Rs.lakhs)
Subvention on loan interest Other income 70.70 146.15
Interest subsidy in respect of loan at concessional rate Other income 228.89 309.54
Grant for payment of cane dues subject to fulfill-
Other operating revenue 273.48 5,359.68
ment of sugar export obligation and other conditions
Duty drawback and other incentive Other operating revenue 958.24 944.40
Subsidy against maintenance of buffer stock Miscellaneous expense - 73.61
Subsidy against maintainence of buffer stock Interest expense - 451.96
54. Immovable properties yet to be endorsed in the name of Holding company are as under :
(Rs.lakhs)
Whether title
deed holder is a
Amount Amount promoter, direc-
Property
as on as on tor or relative# of Reason for not being held in the
Particulars held
March March promoter*/direc- name of the company
since
31, 2022 31, 2021 tor or employee
of promoter/
director
Property, Plant and
Equipment
Land situated at Vested in the Holding company
Daurala, Uttar pursuant to a Scheme of Arrange-
844.04 * 844.04 * No 1991
Pradesh (UP) and ment of erstwhile DCM Limited.
Kota, Rajasthan (Undisputed)
Vested in the Holding company pursuant

to merger of Daurala Organics Limited un-
Land situated at
44.95 44.95 No 2005 der section 391 to 394 of the Companies
Daurala, UP
Act, 1956 in terms of approval of Honor-
able High Court. (Undisputed)
Total 888.99 888.99
* Includes leasehold land Rs. 465.00 lakhs at Kota, Rajasthan.
55. Consequent to introduction of GST with effect from July 1, 2017, there has been ambiguity with regard to chargeability of
indirect tax, i.e. UP VAT or GST or any other tax, on certain supplies made to a party and, therefore, no tax has been charged
on invoices raised for such supplies. The buyer has provided an undertaking to indemnify the Holding company for any tax,
along with interest, penalty (if levied) or any other related expenses, as may be finally incurred in this regard.
State VAT Authorities had completed ex-parte assessments for the nine months ended March 31,2018 and year ended March
31,2019 and raised demands amounting to Rs 8,085.02 lakhs. The Holding company filed appeals against such demands and
through an order by the appellate authorities, such demands have been set aside in the previous year and therefore presently
there is no outstanding demand in respect of these period.
Further, the Holding company has received demand orders amounting to Rs 6,911.32 lakhs for the year ended March 31, 2020
and seven months period ended October 31, 2020, against which, the Holding company has filed appeals to the appellate
authority and such demand orders have been stayed.
The Holding company has also deposited an amount of Rs. 3,417.52 lakhs as duty under protest in respect of the aforesaid
VAT matters.
Pending clarity on imposition of VAT or GST on such supplies, the Holding company has recognized a provision for contingen-
cies under “Provisions (current)” of Rs. 15,733.25 lakhs (net of amount paid under protest of Rs.3,417.52 lakhs) as at March 31,
2022 (Rs 10,572.51 lakhs as at March 31, 2021). Basis the undertaking from the buyer, the Holding company has recognized
reimbursement assets amounting to Rs. 15,550.43 lakhs (net of amount already received of Rs. 3,600.34 lakhs) as at March
31, 2022 (Rs. 9,972.17 lakhs as at March 31, 2021) under “Other financial assets (current)”.
The above does not have any impact on the profit of the Holding company.
193
56. Assets charged as security
The carrying amount of assets charged as security for current and non-current borrowings are as under:
Note As at As at
March 31, 2022 March 31, 2021
Rs. lakhs Rs. lakhs
Current assets
Inventories 11 63,269.61 66,031.96
Investments 12 - 4,769.58
Trade receivables 13 25,495.06 19,676.06
Cash and cash equivalents 14 794.12 1,985.90
Other bank balances 15 400.46 955.25
Loans 16 3.80 54.32
Other financial assets 17 347.62 3,363.90
Total (I) 93,387.03 1,00,266.11
Non-current asset
Loans 7 26.75 501.82
Other financial assets 8 398.29 123.59
Income-tax assets (net) 9 43.69 1,728.25
Total (II) 58,811.04 53,086.37
Grand Total (I&II) 1,52,198.07 1,53,352.47
57. During the year the Holding company was allotted approx. 20 Acres of Land at Dahej Industrial Area II, Gujarat by Gujrat Industrial
Development Corporation (GIDC) for setting up a Chemical Plant. The Board of Directors decided to take up the project in a Special
Purpose Vehicle and accordingly a new Company, DCM Shriram Fine Chemicals Limited (DSFCL), was incorporated on September
29, 2021 as a wholly owned subsidiary. The Initial paid up capital of Rs. 1.00 lakh, comprising 50,000 equity shares of Rs. 2 each
in DSFCL, fully subscribed by the Holding company. The allotment of land was transferred to the wholly owned subsidiary with the
approval of GIDC pending execution of lease deed. The funds for payment towards Land, other assets and expenses including GST
thereon will be repaid by the DSFCL by issue of its equity share capital to the Holding company and accordingly, an amount of Rs.
1,670.64 lakhs recoverable as on 31 March 2022, has been shown as “Advances against Share Capital” and included in Note no.
5 “Investment – Non Current”.
58. Financial Ratios:
March 31, March 31,

Particulars Numerator Denominator Variance
2022 2021
(a) Current Ratio Current assets Current liabilities 1.2 1.3 -1.8%
(b) Debt- Equity Ratio Total Debt Total Equity 0.8 0.8 3.7%
(c) Debt Service Coverage Earnings available Scheduled Debt
1.5 1.6 -0.6%
Ratio for debt service* Service
Net Profits after Average Share-
(d) Return on Equity Ratio 2.6% 2.8% -6.6%
taxes holder’s Equity
(e) Inventory Turnover Ratio Cost of goods sold Average Inventory 2.1 2.0 7.9%
(f) Trade Receivable Turn- Average Trade
Revenue 9.4 10.2 -7.8%
over Ratio Receivable
(g) Trade Payable Turnover Purchases and Average Trade
5.2 4.8 8.1%
Ratio other expenses Payables
(h) Net Capital Turnover Ratio Revenue Working Capital 9.9 8.4 17.2%
(i) Net Profit Ratio Net Profit Total Income 3.1% 3.3% -6.6%
(j) Return on Capital Em- Earning before Average Capital
15.1% 16.9% -10.2%
ployed interest and taxes Employed #
Income generated Time weighted aver-
(k) Return on Investment 3.4% 3.6% -4.5%
from investments age investments
* PBT + Depreciation + Interest on Term Loan - Taxes Paid
# Tangible net worth + Long term debt + Deferred tax liabilities
194
59. Upon approval of the proposal for sub-division of the face value of the equity shares in the Company from Rs. 10 per share to 5 equity
shares of Rs. 2 per share at the AGM held on 8 September 2021, the trading in the sub-divided shares was commenced on 8 October
2021 (Ex-date) and accordingly earnings per share has been computed/restated for all the periods presented.
60 During the year 7,00,000 5% Redeemable Non-Cumulative Preference Shares of Rs. 100 each in Versa Trading Limited
aggregating to Rs. 700 Lakhs, which were fully impaired in an earlier year, were sold for Rs. 490 Lakhs. Consequently, to
that extent, provision for impairment was reversed and included in "Provisions/Liabilities no longer required, written back" in
Note 30 "Other Income"
61. Additional Regulatory information:
i) The Company does not have any benami property, and no proceeding has been initiated against the Company for holding any benami
property.
ii) The Company does not have any transactions with struck off companies.
iii) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the
statutory period.
iv) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(ultimate beneficiaries) or
b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding
party (ultimate beneficiaries) or
b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
vii) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed
provisions of the Income Tax Act, 1961).
viii) The Company has not been declared as a wilful defaulter by any banks or any other financial institution at any time during the financial
year or after the end of the reporting period but before the date when the financial statements are approved.
ix) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed
provisions of the Income Tax Act, 1961.
x) The Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) has five CICs as part of the Group.
62. T
he figures of the previous year/periods have been regrouped/reclassified wherever necessary to comply with amendments
in Schedule III of the Companies Act, 2013.
Date : 30.05.2022 Date : 30.05.2022
195
Form AOC-I
(Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/ associate companies/ joint ventures
Part “A”: Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in Rs.)
1. Sl. No. 1
2. Name of the subsidiary Daurala Foods & Beverages Pvt. Ltd.
3. The date since when subsidiary was acquired 6th February, 2007
Reporting period for the subsidiary concerned, if different from the holding
4. N.A.
company’s reporting period
Reporting currency and Exchange rate as on the last date of the relevant Financial
5. N.A.
Year in the case of foreign subsidiaries
6. Share Capital 7,50,00,000
7. Reserves & Surplus 5,50,89,710
8. Total assets 12,77,23,461
9. Total Liabilities 12,77,23,461
10. Investments -
11. Turnover 57,52,720
12. Profit before taxation 56,29,610
13. Provision for taxation 14,47,620
14. Profit after taxation 41,81,990
15. Proposed Dividend -
16. % of shareholding 100%
1. Sl. No. 2
2. Name of the subsidiary DCM Shriram Fine Chemicals Ltd.
3. The date since when subsidiary was acquired 29th September, 2021
Reporting period for the subsidiary concerned, if different from the holding
4. N.A.
company’s reporting period
Reporting currency and Exchange rate as on the last date of the relevant Financial
5. N.A.
Year in the case of foreign subsidiaries
6. Share Capital 1,00,000
7. Reserves & Surplus 16,45,02,454
8. Total assets 22,69,36,505
9. Total Liabilities 22,69,36,505
10. Investments -
11. Turnover Nil
12. Profit before taxation (25,61,506)
13. Provision for taxation Nil
14. Profit after taxation (25,61,506)
15. Proposed Dividend -
16. % of shareholding 100%
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures:
(Rs.)
Name of Associates /Joint Ventures DCM Hyundai Ltd.
1. Latest audited Balance Sheet Date March 31, 2022
2. Date on which the Associate was associated July 17, 1995
3. Shares of Associate/Joint Ventures held by the company on the year end:
- No.
19,72,000
- Amount of Investment in Associates/Joint Venture
- Extent of Holding % Rs. 1,66,00,005/-
49.28%
4. Description of how there is significant influence Holding more than 20%
Equity Share Capital
5. Reason why the associate/joint venture is not consolidated N.A.
6. Networth attributable to Shareholding as per latest audited Balance Sheet 13,86,58,342/-
7. Profit / Loss for the year
i) Considered in Consolidation 43,44,682/-
ii) Not Considered in Consolidation 44,71,343/-
Note : DCM Shriram Fine Chemicals Ltd., a wholly owned subsidiary, is yet to commence operations. No subsidiaries or
associate companies have been sold or liquidated during the year.
For and on behalf of the Board of Directors

Vineet Manaktala S.B Mathur

Director Finance & Chief Chairman
Financial Officer Alok B. Shriram
Y.D. Gupta Sr. Managing Director
Place : New Delhi Vice President & Madhav B. Shriram
Date : 30.05.2022 Company Secretary Managing Director
196

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DCM SHRIRAM INDUSTRIES I,JTD.

Dated: 7th July, 2022

Scrip Code: 523369 Scrip Code: DCMSRIND

TEL:01143745000 tr FAX : (011) 23315424 tr E-mail :[email protected] POST BOX No.205

d. Record Date and Dividend payment

You are requested to disseminate the above intimation on your website.

2. Central Depository Services (lndia) Limited

3. KFIN Technologies Ltd.

Shri Alok B. Shriram Sr. Managing Director & CEO

Bankers State Bank of India

Auditors B S R & Co., LLP

Registered Office Kanchenjunga Building, CIN : L74899DL1989PLC035140

1. To consider and adopt:

3. Appointment of director liable to retire by rotation:

4. Reappointment of Statutory Auditors:

5. Cost Auditors – Ratification of Remuneration

By order of the Board

Login type Helpdesk details

DCM Shriram Industries Limited KFIN Technologies Ltd.

Appropriation and Dividend

Related Party Transactions

For and on behalf of the Board

(Madhav B. Shriram) (Alok B. Shriram)

For Chandrasekaran Associates

For Chandrasekaran Associates

Area of Evaluation Criteria

Criteria for Evaluation of the Committees of the Board by all Directors

Area of Evaluation Criteria

ii) Whether in terms of discussions, agenda, etc. of the meetings,

Criteria for Evaluation of Individual Directors and Chairperson

Area of Evaluation Criteria

Criteria for Evaluation of Individual Directors and Chairperson

Area of Evaluation Criteria

(1) (2) (3) (4) (5) (6) (7) (8)

(d) Amount spent in Administrative Overheads: Rs.5 Lakh

Sl. Particular Amount

C. FOREIGN EXCHANGE EARNINGS & OUTGO 2021-22:

Information as per Rule 5 of the Companies (Appointment and

3. Percentage increase in the median

Mr. Madhav B. Shriram is related to Mr. Alok B. Shriram.

No. of Atten- Other No. of Committee

S. No. Name of Directors Other directorship in Listed Entities Category of Directorship

Ultratech Cement Limited Independent Director

S. Number of shares held

There are no convertible instruments in the Company, presently.

Core Skills, expertise and competence of Board of Directors

Name of Core Skills / Expertise /Competencies

Name of the Member Status No. of Meetings attended

Name of the Member Status No. of Meetings attended

Name of the Members Status

(G) Remuneration of directors:

* for the period from 01.04.2020 to 30.06.2021 - 15 months.

Financial Year Date Time Venue

Financial Year Date of Declaration of Dividend Due to be Transferred to IEPF Fund in

(vi) Listing on Stock Exchange

Name of the Stock Exchange SCRIP Code

unclaimed suspense account, renewal/ exchange of securities certificate, endorsement, subdivision/splitting/consolidation

Number of % of Total Shares % of

Category No. of shares held % of Shareholding

(x) Dematerialization of shares