Annual Reports 21 22 Birla

HEART & STRENGTH
ANNUAL REPORT AND ACCOUNTS 2021-22

ANNUAL REPORT AND
ACCOUNTS 2021-22
Madhav Prasadji Birla
(1918-1990)
002
BIRLA CORPORATION LIMITED
Priyamvadaji Birla
(1928-2004)
003
Rajendraji S. Lodha
(1942-2008)
004
BOARD OF DIRECTORS
Shri Harsh V. Lodha, Chairman
Shri Vikram Swarup Shri Anand Bordia Shri Brij Behari Tandon
Shri Dhruba Narayan Ghosh Dr. Deepak Nayyar
Smt. Shailaja Chandra Shri Dilip Ganesh Karnik Shri Arvind Pathak
Managing Director &
Chief Executive Officer
005
BOARD OF DIRECTORS
Shri Harsh V. Lodha (DIN 00394094)
Chairman
Shri Vikram Swarup (DIN 00163543) Dr. Deepak Nayyar (DIN 00348529)
Shri Anand Bordia (DIN 00679165) Smt. Shailaja Chandra (DIN 03320688)
Shri Brij Behari Tandon (DIN 00740511) Shri Dilip Ganesh Karnik (DIN 06419513)
(up to 11th May 2022)
Shri Arvind Pathak (DIN 00585588)
Shri Dhruba Narayan Ghosh (DIN 00012608) Managing Director & Chief Executive Officer
SENIOR MANAGEMENT TEAM

Shri Pracheta Majumdar
Chief Management Advisor
Shri Asim Chattopadhyay Shri Aditya Saraogi Shri Dev Banerjee

Executive President Chief Financial Officer President
Operations Sales & Logistics
Shri Bhaskar Bhattacharya Shri Sunil Sood Shri Prahlad Kumar Choudhary
Unit Head Unit Head Unit Head
Satna Chanderia Maihar
Shri Abhijit Dutta Shri Ghisa Ram Verma Smt. Susmita Bhattacharya
Unit Head President Head-Corporate (HR)
Mukutban Birla Jute Mills
Shri Manoj Kumar Mehta

Company Secretary &
Legal Head
STATUTORY AUDITORS REGISTRAR & SHARE CORPORATE OFFICE

V. Sankar Aiyar & Co. TRANSFER AGENT 1, Shakespeare Sarani (2nd floor)
Chartered Accountants MCS Share Transfer Agent Limited Kolkata 700 071
New Delhi 110 008 383, Lake Gardens, 1st Floor Phone: (033) 6603 3300/01/02
Kolkata 700 045
REGISTERED OFFICE
Birla Building (3rd & 4th Floors), 9/1, R N Mukherjee Road, Kolkata 700 001
Phone: (033) 6616 6729/37
E-mail: [email protected]
Website: www.birlacorporation.com
CIN: L01132WB1919PLC003334
006
Notice 47
Consolidated Financial Highlights 60
Directors’ Report & Management Discussion and Analysis 62
Business Responsibility Report 93
Report on Corporate Governance 102
Auditors’ Report 124
Balance Sheet 134
Statement of Profit and Loss 135
Statement of Change in Equity 136
Cash Flow Statement 138
Notes to Financial Statements 140
Financial Information of Subsidiary Companies 206
Consolidated Financial Statements 207
007
008
In all its pursuits, Birla Corporation Limited is guided by the MP Birla Group’s
credo of ‘Heart and Strength’. Inspired by its founders, the Company, on the
Guided by the motto one hand, strives to create incremental value for all its stakeholders every
of ‘Heart and passing day, while on the other, focuses on providing services that make a lasting
Strength’, Birla difference to society.
Corporation Limited
The pursuit of creating assets to serve society is embedded in the structure of the
works tirelessly to MP Birla Group, which runs, as non-profits, 12 hospitals and as many knowledge
create value for centres across India. In line with the vision of the late Madhav Prasadji Birla, the
founder, expansion of these facilities is a constant work-in-progress.
stakeholders and
society. As an enterprise, Birla Corporation Limited started its journey in 1919 as a jute
mill— the first jute mill started by an Indian entrepreneur- and has over the
decades expanded to become a robust cement and construction materials
company. In this long journey of over 100 years, the Company has, at all times,
Birla Corporation Limited been guided by the core values of its founders of maintaining the highest
walks a tight path, guided by standards in governance.
its founders’ vision, even as it
The Company’s commitment to all its stakeholders has led to the creation of an
encourages innovations. And ecosystem which helps improve efficiency and competitiveness. The outcome of
in all its pursuits, adherence this approach manifests itself most prominently in the bonds that we have
to the highest standards of created with our customers and sales channel partners, who stood firmly by our
side even amid the most challenging market conditions.
governance and
sustainability is paramount. Our business practices are routinely evaluated through the lens of sustainability.
As a result, with every passing year, we are improving our performance if judged
by parameters such as consumption of fossil fuel and absorption of industrial
waste. Our aim is to firmly establish ourselves as a model cement company for
our size from the standpoint of efficiency, governance and sustainability.
Harsh V. Lodha, Chairman, Birla Corporation Limited
009
THE JOURNEY OF
HEART & STRENGTH
Foundation of
1974
Durgapur
Foundation of
1974
Cement
Durgapur Works,
CementDurga Hi-Tech
Foundation of Works.followed suit.
1967
Birla Cement
Foundation of
1967
Works.
Birla Cement
Works.Chanderia
Foundation of Chanderia
Cement Works
1957
Satna
Foundation of Cement Cement joined
Worksranks
1957
Works, the
Satna Cement joined soon
ranksafter.
birthplace
Works, the first of soon after.
Foundation of cementSamrat
1919
plant of
Birla Jute
Foundation of Mills, the Company.
Cement.
1919
Birlapur,
Birla Jute Mills, the
only
Birlapur, theIndian jute
mill to have
first jute mill
startedcompleted
by an 100
Indian years.
entrepreneur.
010
Commencement
2022
of 3.90-million
Commencement
2022
ton integrated
of 3.90-million
cement plant at
Celebrating ton integrated
2018
Mukutban and
100 years of cement plant at
Celebrating
2018
Mukutbanthe rise
and of new
legacy
100 years of
the risedawn in terms of
of new
legacy of ethical capacity
Acquisition of of ethical excellence. dawn in terms of
expansion,
2016
capacity
RCCPL
Acquisition of in excellence operation
expansion,
2016
RCCPL Maihar, excellence and

operation
Kundanganj
in Maihar, & digital
excellence and
Butibori,
Foundation of Kundanganj & taking transformation,
1998
digital
Raebareli
Foundation of BCL
Butibori, footprint
taking taking total
transformation.
1998
Cement
Raebareli Works across
footprints of 12 States capacity to
Cement followed
Works by and
BCL across 12the total 20 MTPA.
Raebareli
followed by capacity
States, with a to 15.5
Hi-Tech
Raebareli Cement MTPA.
capacity of 20
Hi-TechWorks.
Cement MTPA.Launch
Launchof MP
Works. of MP Birla Cement
Cement brand
brand identity
identity,
andandnew MP
new MP Birla Group
Birla Group
logo.
logo.
011
OVERVIEW & OUTLOOK
GROUP OVERVIEW
C O M PA N Y O V E R V I E W
N U M E R I C A L LY S P E A K I N G
PORTFOLIO
012
013
GROUP OVERVIEW
MP Birla Group
A LASTING LEGACY OF ETHICAL
EXCELLENCE AND CORPORATE
RESPONSIBILITY
The foundation stone of the MP Birla

Group was laid in 1919 with the
institution of Birla Jute Manufacturing
Company Limited. The journey that
had started with a single jute mill on
the banks of the Hooghly river in 1919
has branched out to a multi-location,
multi-product conglomerate with
footprints across the country.
Cement
Jute
Power Cables
Telecom Cables
Optical Fibre Cable
EPC
Guar Gum
Healthcare
Education
Over the years, we have scripted

several stories of excellence all the
while staying fiercely committed to
uncompromising standards of
corporate governance.
014
015
COMPANY OVERVIEW
Birla Corporation climatic conditions as well as
consumer segments. It also offers
Limited construction chemicals and wall The Mukutban plant
putty. of RCCPL Private
Birla Corporation Limited, the
flagship Company of the MP Birla The Company’s retail footprint
Limited (formerly
Group, is one of India’s leading extends from Rajasthan in the West Reliance Cement
cement manufacturers. The to Bengal in the East, with a very Company Private
Company’s Birla Jute Mills is also the strong presence in the central
first jute mill to be started by an heartland of Uttar Pradesh, Madhya
Limited), wholly
Indian entrepreneur. The Company Pradesh and the Vidarbha region of owned subsidiary of
and its subsidiary, RCCPL Private Maharashtra. Birla Corporation
Limited (formerly Reliance Cement
Company Private Limited), have 11 All the plants of the Company have
Limited is one of the
cement plants spread in eight been extensively modernised, most advanced
locations across the country, with an incorporating the latest cement factories in
annual installed capacity of state-of-the-art technology, to
20 million tons. manufacture cement of the finest
India, in terms of
quality for perfect construction. The technology and
The Company produces an array of plants are ISO 9001:2000 certified, efficiency parameters.
cement products, under the MP Birla covering the entire range of
Cement brand, suited to different production and marketing.
016
VISION
To be admired for our

Performance, Ethics and
Culture. MISSION
To be the best-in-class in
every sector we operate.
VALUES
• Integrity
• Professionalism
• Value Creation
• Social Commitment
017
NUMERICALLY SPEAKING
100+ 11 Cement Plants 20 MN

YEARS 1 Jute Plant TONS
Legacy of
responsible corporate 9 Locations Total
installed capacity
presence
12 Brands of Cement
3.90 MN
92% 14.22 MN
TONS
TONS
Cement Capacity expansion
Division capacity Highest ever Cement with a greenfield
utilisation sales by volume facility at Mukutban,
Maharashtra
6
OPERATIONAL
CAPTIVE
1
OPERATIONAL
94 MW
Captive coal-based
LIMESTONE CAPTIVE COAL power plants’
MINES MINE
yield around 94% of the aggregate capacity
limestone requirement
018
240
90,994 Villages 13
Sales promoters, Community
reach out in
STATES
dealers & sub-dealers Marketing
FY2021-22 presence
ZERO MAJOR
ACCIDENTS 34.75 33.62
during commissioning of
Mukutban plant.
MW MW
10-million safe man hours of
construction achieved
Waste Heat Installed solar power
towards completion of the Recovery System plants’ capacity
project without a single
major accident or fatality plants’ capacity
7000+ 1.2X
Total workforce
Water Positive
on roll
019
PORTFOLIO
1. MP BIRLA CEMENT RAKSHAK 7. MP BIRLA CEMENT ULTIMATE
Premium and superior water (PPC)
repellent cement Premium brand of Portland
Pozzolana Cement. Twice refined, the
2. MP BIRLA CEMENT PERFECT product is resistant to corrosion
PLUS
Premium quality, specially engineered 8. MP BIRLA CEMENT CHETAK
PPC Cement for specific applications (PPC)
of foundation, pillar & roofing works A brand of choice for about five
decades. Comes with the promise of
3. MP BIRLA CEMENT SAMRAT strength and durability
ADVANCED
Ideal for all constructions with fast 9. MP BIRLA CEMENT (PSC)
setting and high early strength High Blaine Slag Cement, packed in
qualities regular HDPE bags, recommended
for all types of construction
4. MP BIRLA CEMENT ULTIMATE
ULTRA 10. MP BIRLA CEMENT
High-quality pozzolanic cement that MULTICEM (PPC)
comes with a guarantee of superior BIS-certified PPC cement, specially
performance engineered for infrastructural
development
5. MP BIRLA CEMENT UNIQUE
(PSC) 11. MP BIRLA CEMENT
Excellent quality blended Portland CONCRECEM (OPC)
Slag Cement Engineered to offer strength,
durability and faster construction
6. MP BIRLA CEMENT SAMRAT time
(PPC)
Ideal for all constructions, mass 12. VALUE ADDED PRODUCTS:
concrete and PERFECT PLUS WALL PUTTY &
RCC/pre-stressed/precast structure CONSTRUCTION CHEMICALS
Integrated Waterproofing Product &
SBR Latex
020
021
EXPANSION & EXCELLENCE
NEW PLANTS. NEW PLANS.
O P E R AT I O N A L S T R E N G T H
FINANCIAL PRUDENCE
022
STRENGTHENING focusing on digitisation, automation,
cost optimisation, energy
OUR PRESENCE conservation and waste management. Expansion &
We are adopting across the
At Birla Corporation Limited, we are organization capabilities and best Excellence walk
firm believers of the old adage that practices that came into the
change is the only constant. Your Company’s fold with the acquisition of
hand-in-hand in Birla
Company encourages its employees RCCPL Private Limited. Corporation Limited
to innovate and come up with
disruptive ideas to create new We are, in a way, going through a
opportunities and growth drivers. This transformative phase, using multiple
approach has been the key to rapid levers, with a sharp focus on
expansion of markets and helped with sustainability, to make your Company
scaling up production capacity. one of the most efficient in its class.
Alongside, your Company has been

improving its operational efficiency by
023
NEW PLANTS. NEW PLANS.
Birla Corporation Limited is • Inaugurated its 3.90-million tonne tons per month, 20% higher than its
committed to increasing its annual integrated cement facility at peak rated capacity. The Company
cement production capacity to Mukutban, Maharashtra which is the has also accelerated the
approximately 30 million tons (mt) by greenfield plant of RCCPL Private development of the Bikram coal
2030. Our current production capacity Limited, a wholly-owned subsidiary mine, its production is expected to
stands at 20 million tons. (acquired in 2016). It is the fourth begin by the end of FY2022-23.
integrated cement plant of the
This ambitious expansion plan Group and the biggest single line or • Allotted two coal mines in Madhya
promises a buoyant outlook for the kiln cement facility in Maharashtra Pradesh (Bikram and Brahmapuri
Company by ensuring improved by capacity. It is powered by a 2 x blocks) in the auction conducted by
profitability and cash flow, and 20-megawatt thermal captive Coal Ministry in December 2019.
efficiency. Enumerated below are power facility.
details of key projects recently • Aiming to add more renewables in
completed or are to be commissioned • Expansion project at Chanderia in the power mix with plans to add a
in the near term: Rajasthan has been completed in total of 8 megawatt solar power
October 2021 and clinkerisation capacity at Chanderia, Satna and
capacity has been increased. Kundanganj in FY2022-23. In
addition, investments are being
• Plans to expand the capacity of its made to generate an additional 10.6
Kundanganj unit to 3 mt from 2 mt megawatt from waste heat recovery
are in place. system at Mukutban.
• Stepping up coal production from • Plans in place for setting up a new

its captive mines, the production grinding facility in Gaya with a 1.2
from Sial Ghoghri coal mine has MTPA capacity.
already been ramped up to 30,000
024
Our Mukutban
plant is well
poised to become
one of India’s
most developed
cement plants in
terms of
technology and
efficiency
parameters
025
OPERATIONAL STRENGTH
Birla Corporation Limited is primarily
engaged in the manufacturing of
BCL Plants RCCPL Plants
cement as its core business activity. It
has a significant presence in the jute
LOCATION OPERATIONAL LOCATION OPERATIONAL
goods industry as well. Having
CAPACITY CAPACITY
acquired 100% shares of RCCPL (MILLION TONS) (MILLION TONS)
Private Limited (formerly Reliance
Cement Company Private Limited) Satna, Maihar,
has become a wholly-owned Madhya Pradesh 2.70 Madhya Pradesh 3.20
material subsidiary of BCL. This Chanderia, Mukutban,
acquisition provides your Company Rajasthan 4.20 Maharashtra 3.90
with the ownership of high-quality
Durgapur, Kundanganj,
assets, augmenting our total capacity
West Bengal 2.05 Uttar Pradesh 2.21
in a significant measure.
Raebareli, Butibori,
We currently produce cement at Uttar Pradesh 1.24 Maharashtra 0.50
eight locations through 11 Total 10.19 Total 9.81
manufacturing units with a combined
capacity of 20 million tons per
annum. The production units have
been modernised to ensure that the
cement is at par with the best. All our Ladakh
manufacturing plants are ISO Jammu &

Kashmir
9001:2000 certified. Our RCCPL

Himachal
plants are known among the best in Pradesh
India judged by operating Punjab
parameters. We continually Uttarakhand
Haryana
implement new efficiencies Delhi
ha
ac h
un es
l
Ar rad
throughout our production units to Sikkim
P
deliver high quality cement to Rajasthan Assam

Nagaland
Uttar Pradesh
transform blueprints into reality. Meghalaya
Bihar
Manipur
Tripura
Jharkhand
Gujarat West Mizoram
Madhya Pradesh Bengal
rh
ga
tis
ha
Ch
Odisha
Maharashtra
Telangana
a
tak
na
Goa
Andhra
r
Ka
Pradesh
Andaman &
Nicobar Islands
(India)
Tamil Nadu
la
Kera
Lakshadweep
(India)
026
RCCPL has a captive coal
mine at Sial Ghoghri,
Madhya Pradesh, which
catered to 41% (43% in
FY21) of the total coal
requirements in FY22 of the
Company at stable cost
SATNA
(Cement Plant, Steel Foundry, Hospitals, School)
CHANDERIA
(Cement Plants, Hospital, School)
DURGAPUR
(Cement Plants)
RAEBARELI
(Cement Plants)
BIRLAPUR
(Jute Mill, Hospital, School)
KOLKATA
(Corporate & Registered Offices, Jute Mill)
NEW DELHI
(Office)
MUMBAI
(Office)
RCCPL Private Limited (Formerly Reliance

Cement Company Private Limited) plants
MAIHAR
(MP)
MUKUTBAN
(Maharashtra)
KUNDANGANJ
(UP)
BUTIBORI
(Maharashtra)
027
FINANCIAL PRUDENCE
The financial year 2021-22 was a year prices. The resource price rise and
of growth stunted by challenges for lack of workmanship combined with
not just the cement sector, but the unseasonal rainfall in India impacting
nation at large. While the the cement demand added to the
government’s impetus on push down of sales and profitability.
infrastructure development and
ensuring affordable housing But despite the challenges that the
continued to find momentum, the pandemic thrust upon us and a
year began with a spiralling sluggish demand through several
onslaught of the second wave of months till December, your Company
corona virus putting lives of every achieved its highest ever rise in
citizen of India in peril. This cement sales by volume in a financial
mammoth challenge was followed by year. Our consolidated revenue grew
a sluggish and cautious return to 9.80% for FY2021-22 over the
normalcy in second quarter. Rising previous year to INR 7,560 crore. The
crude oil prices, erratic monsoons in profitability, however, was dwarfed by
mining areas of Australia and increasing input costs and the
Indonesia combined with geopolitical sector’s challenge to raise prices.
tension lead to increase in input
028
INR 7,560 crore 14.22 million tons
consolidated revenue for FY2021-22
9.80% rise over the previous year
in FY2021-22
versus 13.39 million tons in the previous
year. Highest ever cement sales by
volume
INR 1208.79
crore EBIDTA
INR 966.13 crore 91%
share of high yielding blended
Cash Profit cement within total sales for the
full year
for FY2021-22 down by 15.91% and
15.34%, respectively, as compared
to the previous year owing to sharp
rise in input costs
INR 4,938
realization per ton for FY2021-22
raised by 2% against INR 4,829 the
83.24 lakh tons sale of cement in previous year
FY2021-22 on standalone basis
in absolute terms.
6% increase
registered on 21.77%
consolidated share of solar power and waste heat
recovery system for total power
basis consumption against 18.82%
previous year.
029
PRODUCT PROWESS
We are committed towards making
the best quality cement by
maintaining safety, optimising
process parameters and using
New Products. New Possibilities.
minimum resources. Your Company launched MP Birla Cement Rakshak in the financial
year. Rakshak is the most premium and superior water-repellent
MP Birla Cement offers one of the cement to have been launched by us. Composed of highly reactive
largest product bouquets in the clinker and tailor-made hydrophobic grinding aid, MP Birla Cement
industry with a range of brands Rakshak promises a unique combination of improved strength and
meeting various construction needs, moisture resistance, right from the foundation to the roof.
climatic conditions, regional and
customer preferences. We Our new brand has been received very well with sales having gained
manufacture varieties of cement like momentum within months.
Ordinary Portland Cement (OPC),
43 & 53 grades fly ash-based
Portland Pozzolana Cement (PPC),
Portland Slag Cement (PSC),
Composite Cement and Sulphate
Resistant Cement.
MP BIRLA CEMENT
PERFECT PLUS is
the national flagship
Premium Portland
Pozzolona Cement
brand. It is a
specialised cement
used for concreting
and meets all
construction needs
with Perfect
Foundation, Pillar
and Roof.
030
PRODUCT FOOTPRINT
Delhi (NCR) | Uttar Pradesh | Madhya Pradesh | Maharashtra West Bengal | Bihar | Jharkhand
Rajasthan | Haryana | Gujarat | West Bengal | Jharkhand | Bihar
Bihar | Uttar Pradesh | Madhya Pradesh West Bengal | Jharkhand
Rajasthan | Haryana | Punjab | Delhi (NCR) | Gujarat | Madhya Pradesh West Bengal
Uttar Pradesh | Maharashtra | Bihar
Telangana | Uttar Pradesh | Madhya Pradesh | Uttarakhand | Bihar Uttar Pradesh | West Bengal | Bihar | Jharkhand
Jharkhand | West Bengal | Rajasthan Rajasthan | Madhya Pradesh | Haryana
Bihar | Uttar Pradesh | Madhya Pradesh Delhi (NCR) | Bihar | Uttar Pradesh | Rajasthan | Haryana
West Bengal - To be launched soon Uttarakhand | Gujarat | Maharashtra | Madhya Pradesh
West Bengal | Bihar | Uttar Pradesh | Madhya Pradesh

Maharashtra | Rajasthan | Haryana | Uttarakhand | Gujarat
031
CUSTOMER CONNECT
Our brand platform MP Birla Cement Our teams also undertake customer
promises not just best-in-class Beyond Cement: satisfaction and consumer perception
products but also the highest surveys on a periodic basis and
standards of customer support, which Offering value-added address inputs. Such an approach
is the key to building lasting service to our helps us gauge our customer
relationships with independent home-building satisfaction quotient and raise the bar
home-builders. We treat customer of service on a continuous basis.
satisfaction as a cornerstone of our customer base
success, and that drives us to bend
over backward to provide not just We believe that our
quality cement but also good counsel responsibility is not
on how to build homes more
efficiently. Below are some of our key
limited to
consumer connect initiatives: manufacturing
high-quality cement.
• Mr. Perfect: AI powered virtual
assistant, developed as a WhatsApp It is our job to assist our
Chatbot & Website is available in 4 consumers through
key languages where customers can their home-building
come and interact with the
Company to find detailed process. The
information about products & complementary services
services. include:
• Call Centre: A dedicated helpline
to address customer queries and
handling of grievances, if any.
• Engineer site visit
• Armaan Nirman: An influencer
• Estimation & costing of the
App where masons/contractors can
house
order cement and earn points on
their lifting and also redeem • Slab supervision
accumulated points for various
gifts. • Workability test of concrete
(Slump Test)
• Club Ultimate: A dedicated loyalty • Rebound hammer test
programme for dealers.
• Sand bulkage test
• Humsafar: A dealer application is
• Silt determination of sand
now operational in all relevant
States. Over 8,600 dealers are • Test of water
already on board and it has
improved their overall ease of doing • Test for elongation &
business with the organisation. flakiness of coarse
aggregates
• Akanksha: We have recently
launched an App for technocrats.
032
Expert Advice: 1800 123 1117 / 98315 19191
033
SMALL STEPS & BIG LEAPS
O P E R AT I O N A L E XC E L L E N C E
D I G I TA L T R A N S F O R M AT I O N
034
STRENGTHENING
OPERATIONS
Birla Corporation Limited has within Alongside, the Company has been
its folds 11 cement plants of varying scaling up limestone and coal mining,
vintage. Some of them, especially the while reducing dependence on grid
younger ones, are among the best in power. Your Company’s subsidiary,
India by operating parameters. The RCCPL Private Limited, has an
older ones are slightly behind underground coal mine at Sial
because of their age, but even so, Ghoghri in Madhya Pradesh,
the overall capacity utilization of the where extraction was scaled up to
Company has been among the best in 2.05 lakh tons in FY2021-22.
the industry for several years. We Production at the mine has already
achieved this by relentlessly following exceeded its labelled capacity.
sustainable manufacturing practices Alongside, to reduce consumption of
and investing in technology, aside grid power, your Company has been
from constantly working the nuts and investing in renewable energy sources
bolts to improve efficiency. such as solar and waste heat recovery
system. The generation capacity of
both is being ramped up at multiple
locations.
035
OPERATIONAL EXCELLENCE
Sustainable operational excellence technology absorption, facilities not just conformed to the
ensures multiple advantages - cost re-engineering approaches, freight COVID safety protocols as directed by
efficiency, time management, higher management, process automation the Government but also flagged off
efficiency of natural resources and and resource optimisation. voluntary precautions to build
safe working conditions, thereby operational resilience.
leading to producing world-class FY2021-2022 commenced with the
high-quality products. challenges of the second wave of
COVID-19 resulting in varied
At all our plants, teams remain on the restrictions as necessitated by the
lookout for new opportunities of Government authorities. All our
MUKUTBAN
Strengthening our growth horizon
The financial year marked the disruptions on account of Covid 19 production on 30 April 2022. This unit
commencement of a 3.9 million ton during 2021, the completion of the will increase the Company’s overall
per annum greenfield cement plant at facility of such magnitude is a capacity and profitability. At the same
Mukutban, Dist. Yavatmal, in significant feat. time, the plant will create both direct
Maharashtra. This plant is equipped and indirect employment
with a 40 MW captive power plant and The unit has been installed and opportunities in the region with
10.6 MW waste heat recovery system. commissioned at 20 million of economic multipliers of
It marks the largest investment in the construction man-hours with zero industrialisation. The unit has
history of the Company. Built with major accidents. undertaken extensive CSR activities in
state-of-the art technology, the plant the areas of education, healthcare,
is well on its way of being one of the The captive power plant was infrastructure development and
most efficient and environment commissioned on 17 January 2022 enhancement of livelihood of the
friendly cement plants in India. and the kiln was lit on 21 January rural poor directly, through its staff,
Against the backdrop of major 2022. The Unit commenced cement with support from reputed NGOs.
The plant is the fourth

integrated cement unit
of the Company and the
biggest single line/kiln
cement plant in
Maharashtra, by
capacity.
036
CHANDERIA SATNA MAIHAR
Adding efficiency to Recording new Adding power to
excellence benchmarks performance
During the year, Chanderia plants Satna Cement Works bagged the Our people at Maihar facility
achieved the highest ever limestone prestigious ‘5 Star Rating Award’ for spearheaded multiple expansion and
crushing of 28.21 lakh tons since implementation of the Sustainable modernization initiatives of varied
inception and recorded lowest ever Development Framework (SDF) in the nature in the financial year, leading to
consumption of outsourced sector at the 5th National Conclave plant optimization and infrastructure
limestone. These milestones have on Mines and Minerals, organised by development.
been achieved as a result of optimum the Ministry of Mines. In terms of
utilization of various resources, overall performance, the Satna plant During FY2021-22 the Maihar plant
including manpower & deployment of achieved its highest ever cement achieved usage of 27% Green Energy
modern machinery. production in FY2021-22, marking an in the power mix, achieved by way of
4% increase on an year on year basis. leveraging Waste Heat Recovery
The unit saw expansion of the New System & Solar Power Plant. The plant
Chanderia Cement Works (NCCW) The plant has taken various initiatives also recorded a rise in AFR feeding.
Project, increasing the clinkerisation to reduce specific heat and power
capacity up to 5,500 tons per day. The consumption which includes fuel & The plant has sourced 3.17 lakh tons of
unit has also updated its facilities to raw mix optimisation and other fly ash through BTAP wagon in rail
adopt the utilisation of Carbon Black process measures. Another mode which is the most sustainable
and Liquid Alternate Fuel so as to performance of significance is 34.6% way of transport, resulting in reduction
further reduce dependence on fossil fly ash absorption achieved in PPC of carbon footprint.
fuels for kiln operation. products while ensuring superior The Company has put its mark in
quality of cement and reducing industry by setting up a unit for
Being conferred the ‘Platinum Award’
carbon footprints. manufacturing value-added products
at ‘Apex India Green Leaf Award 2021
for Environment Excellence’ in Looking in to the quality aspects, the (Wall Putty and Construction
Cement Sector is a reflection of our plant has set up a concrete lab for Chemical).
commitment towards ensuring research & development in concrete The Maihar unit has bagged the
resource efficiency and reducing quality improvement as well as new prestigious ‘5 Star Rating Award’ for
carbon footprints in the operations. products in the construction sector. implementation of the Sustainable
Additionally, a host of automation Development Framework (SDF) in the
projects was initiated to enhance sector at the 5th National Conclave on
efficiencies and reduce dependencies Mines and Minerals, organized by the
on manual intervention. Ministry of Mines.
Maihar BTAP Wagon unloading facility
037
BUTIBORI KUNDANGANJ DURGAPUR
Optimising resource Reinforcing Enhancing
utilisation re-engineering processes
Our Butibori plant is well situated for Our Kundanganj plant has to its The Durgapur unit is one of the most
availability of raw material and advantage latest technology and efficient plants in the cement industry.
cement supplies to the market. state-of-the-art machinery. One of the It is well-known for its environment
most modern plants in the country, friendly product i.e. Portland
The plant achieved highest ever fly the facility will go a long way in Pozzolana Cement (PPC), Portland
ash consumption in FY2021-22, up to helping the organisation achieve Slag Cement (PSC) & Pozzolana
34.8% of PPC production and lowest strategic milestones. Kundanganj Composite Cement (PCC). The plant
ever power consumption in cement plant is well situated, approx. 50 kms has its own slag processing
grinding and packing. from the capital of Uttar Pradesh, with (granulation) plant and dedicated
both rail and road connectivity. slag grinding circuit with the
Some of the key logistics optimisation state-of-the-art technology.
measures ensured in the financial In FY2021-22, the focus remained on
year include freight benchmarking, exploring re-engineering To improve reliability of operation and
market freight survey, volume-based opportunities such as modification in productivity, various measures have
auction and E-bidding. cement mill circuit by fly ash feeding been taken in FY2021-22 pertaining to
system, process fan circuit etc. This the upgradation of the automation
has resulted in reduction in specific system for process control &
power consumption and increased operation.
cement production capacity.
Leveraging the power of technology

in logistics, RFID tag system has been
deployed to control vehicle
movement inside the plant and GPS
installed in vehicles for end-to-end
tracking of consignment and timely
delivery to customers.
Sial Ghoghri Coal Mine has 15.56 mn tons of mineable reserve Your Company acquired two coal blocks,
Keeping Safety at the Core and 5.69 mn tons of recoverable reserve. Brahmapuri, Chhindwara district, and
Mining is done following the Bord and Bikram, Shahdol district, both in MP,
Your Company owns and operates an Pillar method as well as through the during the year under review and project
underground coal mine at Sial Ghoghri continuous miner technology, with major development work is in progress.
(as a unit of RCCPL Private Limited), six focus on the safety of operation. During
km from Umreth, in Pench Kanhan this financial year, the mine recorded its
Coalfields, Madhya Pradesh. The block highest production at 2.05 lakh tons.
038
RAEBARELI
Ensuring capacity
DIGITAL TRANSFORMATION
utilisation
Raebareli chalked a milestone

achievement of utilisation of solar
power (renewable source),
contributing to significant reduction in
the grid power.
Efficiency & Productivity • Asset charting the digitalisation journey by
From the manufacturing standpoint,
Utilization • Equipment Availability spearheading a number of initiatives
the plant witnessed a healthy rise in
Mineral Resource Conservation to strengthen our salient business
production & despatch of PPC in the
Customer Centricity • Quality enablers by way of customer
financial year.
Safety • Sustainability satisfaction, integrated logistics
management system, digital mines
We firmly believe that leveraging and plant operations, as well as
technology to bring in structural shared services and infrastructure.
changes will not only help the
organisation grow significantly, it will Be it strengthening Customer
also offer the Company a sustainable Relationship by offering customers
competitive advantage. The financial more transparency with unique
year was a year of making rapid Chatbot and WhatsApp Customer
strides in our digital transformation Care services or strengthening the
journey. Your Company continued to value chain through engagement
invest in new-age technologies and platforms like Dealer Management
upgrade existing processes to App, be it strengthening logistics
digitalise processes across the excellence which features E-Bidding,
operational life cycle. The aim is to be GPS Tracking and Electronic Proof of
future ready by digitalising the key Delivery (E-PoD) to strengthening
pillars of cement manufacturing. operations with using AI/ML-driven
Anomaly Detection & Performance
At Birla Corporation Limited, Optimization System – we are
digitalisation is being implemented transforming with times and
across functions and thus the benefits embracing advantages such as
will also manifest across diverse improvement in efficiencies, reduced
parameters. wastage, optimisation of resources
and stronger customer trust,
Our functions and IT teams have employee buy-in and shareholder
ensured significant momentum in confidence.
039
PEOPLE & PLANET
CO R P O R AT E S O C I A L R E S P O N S I B I L I T Y
H E A LT H & S A F E T Y
ENVIRONMENT STEWARDSHIP
040
STRENGTHENING The principles of integrity, empathy factories to impart knowledge and
and ethics reside at the heart of the skills, and to create assets that are key
MP Birla Group. to well-being. The motto of ‘Heart and
OUR COMMITMENT Strength’ is ingrained in our approach
We remain firmly rooted to the MP towards community outreach and
TOWARDS Birla Group’s rich legacy of giving environmental stewardship.
back to society, empowering our
SUSTAINABLE employees and caring for Mother The attributes of ‘Heart & Strength’
Earth. Working towards inclusive are inherently ingrained in the way we
growth, Birla Corporation Limited has approach our community outreach
VALUE CREATION undertaken several initiatives with and environmental stewardship
communities in the vicinity of its endeavours.
Even as the MP Birla Group builds world-class

institutions to provide healthcare and education
far beyond the precincts of its commercial
operations, we work closely with communities in
the backyards of our factories. Not only have we
created millions of man-days of jobs in some of
the most backward regions-in recent times,
most notably in Mukutban in Maharashtra-we
treat communities living close to our factories as
key stakeholders in our operations, and help
them climb up the socio-economic ladder
through a wide range of initiatives.
Harsh V. Lodha, Chairman, Birla Corporation Limited
041
CORPORATE SOCIAL RESPONSIBILITY
Year on year, BCL and RCCPL with the local stakeholders to unlock
continue to implement CSR the regional potential, develop
programmes in intervention areas resources, strengthen skill building
We find inspiration
that possess the power to catalyse and thereby enhance the quality of from the Group’s long
communities to undergo positive life of the community members. heritage of building
change. The approach is to spearhead
a wide range of initiatives and plan In FY2021-22, we touched more
and nurturing
programmes in strategic manner than 3,00,000 people in 240 educational
keeping in mind the community villages across six states. institutions and
needs and national goals.
Programmes have also been Enumerated below are some of the providing quality
undertaken in alignment with the new and ongoing social investment healthcare at
United Nation’s Sustainable programmes undertaken in the affordable costs
Development Goals (SDGs). The CSR financial year:
teams at all our plants work closely
042
BCL: DRIVING POSITIVE education. In the financial year, we RCCPL: Touching Lives
continued to run a primary school
CHANGE offering free education to 250
RCCPL undertakes social
responsibility programmes under five
children of Durgapur location. We
Initiatives at BCL are identified and focus areas: Healthcare and
also undertook infrastructure
undertaken based on the principles of Sanitation; Infrastructure and Water;
development endeavours in 19 Govt
stakeholder participation, Education Support; Employability;
Schools, held 25 teachers’ capacity
innovativeness, broader impact and Environment and Energy. These
enhancement initiatives, offered
sustainability. Regular and critical programmes are aimed to ensure
learning assistance to 300+ students
review of the undertaken initiatives betterment of basic community
through our 5 supplementary
ensure constant improvement and amenities and improve the standard
education centers, and provided
lead to better impact of the projects. of living of the community members,
scholarships to 30 meritorious but
We leverage our domain expertise thereby upholding their basic right to
underprivileged students for pursuing
and strength towards developing lead a life of dignity.
higher education.
solutions that address core social and
Training the health custodians: Our
environmental issues.
Promoting sustainable agriculture Aarogya Tai/Sakhi programme aims to
practices: We empowered 518 offer access to quality primary
Focus areas:
farmers to enhance their farm healthcare to the communities by
1.) Healthcare, Hygiene & productivity and soil health through enabling the women volunteers with
Sanitation sustainable practices such as use of skills training on a regular basis. In the
2.) Education Farm Yard Manure, application of financial year, we reached out to
fertilisers and pesticides, capacity 40,000 beneficiaries across 16
3.) Livelihood & Women enhancement of farmers and soil test. villages by empowering a total of 28
Empowerment Tais/Sakhi in all. Several healthcare
4.) Rural Infrastructure Making every drop count: Our interventions were undertaken for the
Development Watershed programme ensured villagers such as village health survey,
ample availability of water for promoting institutional delivery,
Ensuring good health for mothers agriculture and domestic purpose, adolescent healthcare, malnutrition
& children: A Mother & Child ground water recharge and top soil support and vaccination (Child
healthcare initiative, ANKURAM conservation. This was achieved immunisation and Covid vaccination).
programme continued to focus on through 14 initiatives in areas of water
Enhancing access to clean drinking
providing better healthcare services body deepening activities undertaken
water: Since its inception, RCCPL has
to communities by developing and in the financial year.
emphasised on improving the
empowering Anganwadi centers of availability of clean drinking water for
various villages into model centers. Expanding green cover: In our effort
the communities around its
Areas of intervention included to promote social forestry, our teams
operations. Multiple initiatives are
strengthening the centers’ undertook plant saplings distribution
undertaken towards this purpose,
infrastructure and transforming them exercise on a periodic basis while also
some of which include provision of
into joyful learning centers, capacity making efforts to maintain the
hand pumps and RO water units, and
building of staff and health workers, existing green cover.
thereby benefitting 9000 people.
and nutritional trainings. Regular
Spreading the light of quality
home visits, family counselling, &
- Raebareli Unit received the education: Under our Adhyanshree
immunisation were also organised in
coveted 4TH ICC SOCIAL programme, we empowered over 1100
the centers. Outcome: 29 villages |
IMPACT AWARD - 2022 students of 12 villages. The case of
29 centers | 4000 families
Certificate of Appreciation on quality education was promoted in the
account of achieving govt. primary schools by
Spreading the joy of education: We
excellence in CSR implementing an innovative ‘learning
continued to help underprivileged
programmes. while playing’ concept, monitoring
students reach their full potential in
life by enabling them the right to dropout rates of student and holding
- Satna Unit received ‘Silver home visits to counsel parents, as well
quality education by way of running
Award’ in Cement Sector for as flagging off Mobile Education Van
primary schools, developing
Outstanding Achievement in to improve computer literacy and
infrastructure of government schools,
Corporate Social encourage fun learning environment.
capacity enhancement of teachers,
Responsibility by Sustainable We also provided school bags for 430
offering supplementary classes and
Development Foundation. students, supported 50 students for
scholarship support for higher
competitive examinations &
043
supported rural schools by providing
mini science lab & digitalisation of
Anganwadi, etc. We also ran Covid-19
prevention activities in these schools
and distributed masks among
children. In the financial year, we
reached out to 8000 children through
such initiatives.
Spearheading the Better Cotton

Initiative: Better Cotton is the world's
leading sustainability initiative for
cotton with a mission to help cotton
communities survive and thrive, while
protecting and restoring the
environment. Cotton is one of the
world's most important renewable
natural resources. Safeguarding the
growing and production of Cotton is
essential. Towards this, RCCPL
started a sustainable cotton farming
production management programme.
The approach was to engage good
practices such as crop protection, soil
health, water stewardship, ensuring
fiber quality, biodiversity, and decent
work ethics. 4,000 farmers were
benefitted in FY2021-22 under this
programme.
044
OCCUPATIONAL HEALTH & SAFETY
We have adopted a proactive Company adheres to all the statutory incidents are being shared with
approach to achieve excellence in requirements and remains committed all plants.
Occupational Health & Safety. to implementing best practices,
Workforce wellbeing is a high priority complying with the national and In the financial year, various initiatives
area at all our plants, mines and international standards. were actioned including trainings,
offices. Company has taken many safety improvement drives, safety
proactive steps to institutionalise the We ensure that all hazards and risks week celebrations, equipment
Safety Management System with an are identified and control measures upgradation, emergency drills,
aim to strengthen safety standards are implemented. All incidents inspections, tool box talks, and review
and involve each and every employee including near misses are investigated meetings.
and workman to embrace good safety and corrective & preventive actions
practices. are implemented. Learning from the
The safety excellence measure of our plants were recognised by the National Safety Council, Sustainable
development Foundation, Indian Chamber of Commerce etc. Butibori plant won Vishwakarma Rashtriya
Purushkar given by Hon’ble Minister Shri Bhupendra Yadav, Ministry of Labour & Employment, Govt of India.
Award organised by National Safety Council in association with DGFASLI. In all, our plants won 10 safety
awards in FY2021-22 in various categories.
ENVIRONMENTAL STEWARDSHIP
Environmental stewardship is integral
part of all the activities of the
Company. Our operating philosophy is
creating sustainable value for the
stakeholders through responsible use
of resources, reuse/recycle of waste
and custodianship of the natural
environment. Our units not only
adhere to the environmental laws of
the land but also proactively
implement voluntary environmental
measures as well as keeping
protection of environment at the heart.
Your Company continues to make

technology advancements in
manufacturing with an aim to address
climate change challenges
particularly energy conservation &
recovery, CO2 reduction, use of green
energy, waste to energy, water
conservation and plantation.
The emissions from the stacks are

well within the regulatory limits, and
monitored continuously through
045
online emission monitoring systems. in the financial year, to the tune of Raw Material (AFR) Utilisation and
World-class air pollution control 21.77% of total power consumption as Thermal Substitution Rate (TSR), in
systems have also been installed in against 18.82% in the previous year. order to reduce dependence on fossil
our unit, which are highly efficient in fuels for kiln operation.
controlling pollution. We also create a Additionally, plans are in place to add
value out of industrial waste a total of 8 MW solar power capacity Extensive planting of trees are carried
by-products like fly ash and steel slag at Chanderia, Satna and Kundanganj out in and around mining, plants and
by using them in the cement units in FY2022-23. Investments are residential areas.
manufacturing process and reducing also being made to generate an
greenhouse gas emission. additional 9 MW from waste heat In FY2021-22, our plants received
recovery system at Mukutban. recognition for Energy Excellence
Your Company is Water Positive and Sustainable Development. The
thanks to innumerable of efforts in Our plants are committed to ensure Company received two National
water conservation, rainwater continuous upgradation of technology Awards in Energy Excellence & five
harvesting and reuse of treated through installation of latest National Awards in Sustainable
wastewater. energy-efficient clinker coolers and Development. Our mines received
grinding systems like VRM and Roll five star rating from Ministry of
We also rely on the power of Press. In the financial year, our Mining, Govt. of India.
renewable energy and our Chanderia unit spearheaded various
dependence on solar power and modifications in existing facilities to
waste heat recovery system increased increase use of Alternative Fuels and
Your Company has Our Mukutban plant

exemplifies our commitment to
installed Solar environmental excellence. In
Power Plants at terms of waste utilization,
different factories around 22,000 ton waste fly ash
was consumed in construction
for increasing share of the plant. The CO2 emissions
of renewable power marked significant reduction
in captive power due to consumption of PPC
instead of OPC.
consumption.
The plant’s Rain Water
Harvesting capacity stands at
1,70,000 M3. Its thermal captive
power plant is based on
Air-Cooled Condenser (ACC)
technology instead of the water
cooled approach with an aim to
actualise 90% water savings.
These water conservation
measures have helped the
unit become
1.2 X Water Positive.
The plant is also witness to a
sprawling green belt with
around 33,000 plants.
046
BIRLA
CORPORATION
LIMITED
NOTICE
To the Members
NOTICE is hereby given that the 102nd (Hundred and Second) Annual General Meeting of the Members of the Company will be held on
Tuesday, the 27th day of September, 2022 at 10.30 a.m. (IST) at Kalpataru Uttam Mancha, 10/1/1, Monohar Pukur Road, Kolkata -700 026 to
transact the following business:-
ORDINARY BUSINESS:
1. To receive, consider and adopt:
(a) the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2022 together with 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 31st March, 2022 together with the
Report of the Auditors thereon.
2. To declare a dividend of `10/- per ordinary share of face value of `10/- each for the financial year ended 31st March, 2022.
3. To appoint a Director in place of Shri Harsh V. Lodha (DIN: 00394094), who retires by rotation and being eligible, offers himself for re-
appointment.
4. To consider and, if thought fit, to pass the following Resolution as an Ordinary Resolution:
“RESOLVED that pursuant to the provisions of Sections 139,141,142 and other applicable provisions, if any, of the Companies Act, 2013
(“the Act”) read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment(s)
thereof, for the time being in force) and pursuant to the recommendations of the Audit Committee and the Board of Directors of the
Company, Messrs. V. Sankar Aiyar & Co., Chartered Accountants (Firm Registration No.109208W), be and are hereby re-appointed as the
Statutory Auditors of the Company for the second term of 5 (Five) consecutive years to hold office from the conclusion of this 102nd
(Hundred and Second) Annual General Meeting till the conclusion of the 107th (Hundred and Seventh) Annual General Meeting of the
Company to be held in the year 2027 and the Board of Directors of the Company be and is hereby authorised to fix their remuneration
and sanction travelling and other incidental expenses that may be incurred by them in connection with the Audit of Accounts of the
Company.”
“RESOLVED FURTHER that the Board of Directors of the Company, be and is hereby authorised to do all acts and take all such steps as
may be necessary, proper or expedient to give effect to this Resolution.”
SPECIAL BUSINESS:
5. To consider and, if thought fit, to pass the following Resolution as an Ordinary Resolution:
“RESOLVED that pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 read with
the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being
in force), the remuneration of `4,50,000 (Rupees four lakh fifty thousand only) plus applicable taxes and reimbursement of actual
travelling and out of pocket expenses incurred in connection with the cost audit, payable to M/s. Shome & Banerjee, Cost Accountants
(Firm Registration No. 000001), Cost Auditors of the Company, for the financial year 2022-2023 as approved by the Board of Directors of
the Company, at its Meeting held on 11th May, 2022, be and is hereby ratified and confirmed.”
“RESOLVED FURTHER that the Board of Directors of the Company, be and is hereby authorised to do all acts and take all such steps as
may be necessary, proper or expedient to give effect to this Resolution.”
Registered Office: By Order of the Board

Birla Building,
9/1, R.N. Mukherjee Road, Manoj Kumar Mehta
Kolkata - 700 001 Company Secretary & Legal Head
CIN: L01132WB1919PLC003334
Email: [email protected]
Dated: 8th August, 2022

Place: Kolkata
47
Notes:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING (’AGM’ OR ‘MEETING’) IS ENTITLED TO
APPOINT ONE OR MORE PROXIES TO ATTEND AND VOTE ON POLL INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED NOT
BE A MEMBER OF THE COMPANY. Proxies, in order to be effective, must be received by the Company not less than 48 hours
before the commencement of the Meeting.
2. A person shall not act as Proxy for more than Fifty (50) members and holding in aggregate not more than ten percent of the
total share capital of the company carrying voting rights. A member holding more than ten percent of the total share capital of
the Company carrying voting rights, may appoint a single person as Proxy and such person shall not act as Proxy for any other
member.
3. Attendance Slip, Proxy Form and the Route Map of the venue of the Meeting are annexed herewith.
4. Members/Proxies/Authorised Representatives are requested to carry valid ID proof such as PAN, Voter Card, Passport, Driving Licence,
Aadhaar Card along with the Attendance Slip duly filled in for attending the Meeting.
5. Institutional Investors are encouraged to attend and vote on the resolutions provided in the Notice. Institutional/Corporate Members
(i.e. other than individuals, HUF, NRI etc.) intending to authorize their representatives for the purpose of voting through remote
e-Voting, participation in the AGM and Voting at the AGM are requested to send a certified copy of the Board Resolution/ Authorization
etc. authorizing their representative to attend and vote on their behalf to the Scrutinizer by email at [email protected] with a copy
marked to [email protected].
6. The Statement pursuant to Section 102(1) of the Companies Act, 2013 (’Act’), in respect of special business set out under Item No. 5 is
annexed hereto and forms part of the Notice. Further, additional information with respect to Item No. 4 is also annexed hereto as
required under Regulation 36(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing
Regulations').
7. The relevant details of the Director seeking re-appointment as required under Regulation 36(3) of the Listing Regulations and
the Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India are also annexed as
Annexure- A to the Notice.
8. The Annual Report for the financial year 2021-2022 along with Notice of the AGM, Attendance Slip and Proxy Form are being sent
through electronic mode to those Members whose email addresses are registered with the Company/Depository Participant(s). For
members who have not registered their email addresses, physical copies of the aforesaid documents are being sent in the permitted
mode. The physical copy of the Notice along with Annual Report shall also be made available to the Member(s) who may request for the
same in writing to the Company. The Notice of AGM along with the Annual Report for the financial year 2021-2022 is also available on
the Company's website at www.birlacorporation.com, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of
India Limited at www.bseindia.com and www.nseindia.com respectively. The AGM Notice is also available on the website of CDSL at
www.evotingindia.com.
9. The Register of Members and the Share Transfer Books of the Company will remain closed from 21st September, 2022 to 27th
September, 2022 (both days inclusive) for the purpose of this AGM and for the purpose of determining the entitlement of the members
to the dividend, for the financial year ended 31st March, 2022.
10. The dividend on the ordinary shares, if approved at the AGM, will be paid subject to deduction of tax at source, to the Members whose
names appear in the Register of Members/list of Beneficial Owners as at the end of business hours on Tuesday, 20th September, 2022,
i.e. the date prior to the commencement of book closure.
11. Pursuant to Finance Act, 2020, dividend income will be taxable in the hands of shareholders w.e.f. 1st April, 2020 and the Company is
required to deduct tax at source from dividend paid to shareholders at the prescribed rates. For the prescribed rates for various
categories, the shareholders are requested to refer to the Finance Act, 2020 and amendments thereof. The shareholders are requested
to update their PAN with the Company/ RTA (in case of shares held in physical mode) and depositories (in case of shares held in demat
mode). A resident individual shareholder with PAN and who is not liable to pay income tax can submit a yearly declaration in Form No.
15G/15H, to avail the benefit of non-deduction of tax at source by email to [email protected]. Shareholders are requested to note that
in case their PAN is not registered, the tax will be deducted at a higher rate of 20%. Non-resident shareholders can avail beneficial rates
under tax treaty between India and their country of residence, subject to providing necessary documents i.e. No Permanent
Establishment and Beneficial Ownership Declaration, Tax Residency Certificate, Form 10F, any other document which may be required
to avail the tax treaty benefits by sending an email to [email protected]. The Company will be issuing a communication detailing
information regarding deduction of tax at source on dividend distribution including action required from members prior to payment of
dividend separately. For the detailed process, the information is available on the Company's website at
https://www.birlacorporation.com/notice.html.
48
BIRLA
CORPORATION
LIMITED
12. Pursuant to the Listing Regulations, all companies mandatorily have to use the bank account details furnished by the depositories for
payment of dividends. Dividend will be credited to the Members' Bank Account through NACH/NEFT wherever complete core banking
details are available with the Company. In cases where the core banking details are not available, dividend warrants will be issued to the
Members with bank details printed thereon as available in the Company's records.
13. Members are requested to intimate changes, if any, pertaining to their name, postal address, e-mail address, telephone/mobile
numbers, Permanent Account Number ('PAN'), mandates, nominations, power of attorney, bank details such as, name of the bank and
branch details, bank account number, IFSC , MICR code etc.
For shares held in electronic form: to their Depository Participant only and not to the Company or RTA. Changes intimated to the
Depository Participant will then be automatically reflected in the Company's records, which will help the Company and its RTA to
provide efficient and better service to the Members.
For shares held in physical form: to the Company's RTA in prescribed Form ISR -1 and other forms pursuant to SEBI circular
SEBI/HO/MIRSD/MIRSD_RTAMB/P/ CIR/2021/655 dated 3rd November, 2021, as per instructions mentioned in the form. The said forms
can be downloaded from the Company's website under the link: https://www.birlacorporation.com/downloads.html.
14. The Company has transferred the unpaid or unclaimed dividends declared up to financial years 2013-2014 to the Investor Education
and Protection Fund (“IEPF”) established by the Central Government in compliance with the applicable provisions of the Act read with
the rules framed thereunder. The details of the unpaid/unclaimed amounts lying with the Company as on 31st March, 2021 are
available on the website of the Company at www.birlacorporation.com.
15. Pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
(IEPF Rules), as amended from time to time, all Shares in respect of which Dividend has not been paid or claimed by the Members for
seven consecutive years or more would be transferred to the demat account of IEPF Authority. In terms of the aforesaid provisions,
during the financial year 2021-2022, the Company has transferred all shares in respect of which dividend had remained unpaid or
unclaimed for seven consecutive years or more as on the due date of transfer, i.e. 26th September, 2021. Details of shares transferred to
the IEPF Authority are uploaded on the website of IEPF Authority and the same can be accessed through the link: www.iepf.gov.in.
16. The Members whose dividend/shares has been transferred to the IEPF Authority can claim their shares from the IEPF Authority by
following the Refund Procedure as detailed on the website of IEPF Authority at http://www.iepf.gov.in/IEPF/refund.html. In case the
Members have any query on the subject matter and the IEPF Rules, they may contact the Company/RTA.
17. Regulation 40 of Listing Regulations, as amended, mandates that transfer, transmission and transposition of securities of listed
companies held in physical form shall be effected only in demat mode. Further, SEBI, vide its Circular dated 25th January, 2022, has
clarified that listed companies, with immediate effect, shall issue the securities only in demat mode while processing investor service
requests pertaining to issuance of duplicate shares, exchange of shares, endorsement, sub-division/ consolidation of share certificates,
etc. In view of this and also to eliminate all risks associated with physical shares and for ease of portfolio management, Members
holding shares in physical form are requested to consider converting their holdings to demat mode. Members can refer the procedure
for dematerialization under the weblink at https://www.birlacorporation.com/investors/demat_process.pdf.
18. As per the provisions of Section 72 of the Act and SEBI Circular, the facility for making nomination is available for the Members in respect
of the shares held by them. Members who have not yet registered their nomination are requested to register the same by submitting
Form No. SH-13. If a Member desires to opt out or cancel the earlier nomination and record a fresh nomination, he/ she may submit the
same in Form ISR-3 or SH-14 as the case may be. The said forms can be downloaded from the Company's website at
https://www.birlacorporation.com/downloads.html. Members are requested to submit the said details to their DP's in case the shares
are held by them in dematerialized form and to the Company/RTA in case the shares are held in physical form.
19. SEBI has mandated the submission of PAN, KYC details and nomination by holders of physical securities by 31st March, 2023, and
linking PAN with Aadhaar by 31st March, 2022 vide its circular dated 3rd November, 2021 and 15th December, 2021. Shareholders are
requested to submit their PAN, KYC and nomination details to the Company's registrar at [email protected]. The forms for
updating the same are available at https://www.birlacorporation.com/downloads.html.
In case a holder of physical securities fails to furnish these details or link their PAN with Aadhaar before the due date, our registrars are
obligated to freeze such folios. The securities in the frozen folios shall be eligible to receive payments (including dividend) and lodge
grievances only after furnishing the complete documents. If the securities continue to remain frozen as on 31st December, 2025, the
RTA/Company shall refer such securities to the administering authority under the Benami Transactions (Prohibitions) Act, 1988, and / or
the Prevention of Money Laundering Act, 2002.
49
20. To support “Green Initiatives”, Members who have not yet registered their email address are requested to register the same with their
depository participant(s) where shares are held in dematerialized form and with the RTA/Company where the shares are held in
physical form. Members may follow the process detailed below for registration of email ID to obtain the Notice of AGM, Annual Report,
user ID/password for e-Voting or any other document/information:
a. Members holding shares in physical mode and who have not updated their email addresses with the Company are requested to
update their email addresses by submitting duly filled and signed Form ISR-1, the format of which is available on the Company's
website under the weblink at https://www.birlacorporation.com/investors/downloads/Form-ISR-1-p-BCL.pdf along with self-
attested copy of the PAN card and self-attested copy of any document (eg.: Driving License, Bank Statement, Election Identity
Card, Passport, Aadhaar Card) in support of the address of the Member.
b. Members holding shares in dematerialized mode are requested to register/update their email addresses with their respective
Depository Participants.
c. In case of any queries/difficulties in registering the email address, Members may write to the Company at
[email protected].
21. Instructions for Members for Remote e-Voting are given below:
a) In compliance with the provisions of Section 108 of the Act, read with Rule 20 of the Companies (Management and
Administration) Rules, 2014, as amended, SS-2 and Regulation 44 of the Listing Regulations and in terms of SEBI Circular No.
SEBI/HO/CFD/CMD/CIR/P/2020/242 dated 9th December, 2020 on “e-Voting facility provided by Listed Companies”, the Company
is pleased to provide the facility to members to exercise their right to vote on the resolutions proposed to be considered at the
AGM by electronic means. The facility of casting the vote by the members using an electronic voting system from a place other
than venue of the Meeting (“remote e-Voting”) will be provided by CDSL.
b) The remote e-Voting period commences on Saturday, 24th September, 2022 at 9.00 a.m. (IST) and ends on Monday, 26th
September , 2022 at 5.00 p.m. (IST). During this period, members of the Company, holding shares either in physical form or in
dematerialized form, as on the cut-off date of Tuesday, 20th September, 2022, may cast their vote by remote e-Voting. The remote
e-Voting module shall be disabled by CDSL for voting thereafter. Once the vote on a resolution is cast by the member, the member
shall not be allowed to change it subsequently.
c) Members desiring to vote through remote e-Voting may refer to the following steps:
Step 1: Access through Depositories CDSL/NSDL e-Voting system in case of individual shareholders holding shares in
demat mode.
In terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated 9th December, 2020 on “e-Voting facility provided by Listed
Companies”, Individual shareholders holding securities in demat mode are allowed to vote through their demat account
maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and e-mail
address in their demat accounts in order to access e-Voting facility.
Pursuant to aforesaid SEBI Circular, Login method for Individual shareholders holding securities in Demat mode with
CDSL/NSDL is given below:
Type of shareholders Login Method

Individual Shareholders holding 1. Existing users who have opted for CDSL Easi/Easiest facility, can login through
securities in Demat mode with their existing user id and password. Option will be made available to reach
CDSL e-Voting page without any further authentication. The URL for users to
login to Easi/Easiest are https://web.cdslindia.com/myeasi/home/login or visit
www.cdslindia.com and click on Login icon and select New System Myeasi.
2. After successful login the Easi / Easiest user will be able to see the e-Voting
option for eligible companies where the evoting is in progress as per the
information provided by company. On clicking the evoting option, the user
will be able to see e-Voting page of CDSL for casting of vote during the remote
e-Voting period. Additionally, there is also links provided to access the system
of all e-Voting Service Providers i.e. CDSL/NSDL/KARVY/LINKINTIME, so that
the user can visit the e-Voting service providers' website directly.
50
BIRLA
CORPORATION
LIMITED
Type of shareholders Login Method
3. If the user is not registered for Easi/Easiest, option to register is available at

https://web.cdslindia.com/myeasi/Registration/EasiRegistration.
4. Alternatively, the user can directly access e-Voting page by providing
Demat Account Number and PAN from an e-Voting link available on
www.cdslindia.com home page or click on https://evoting.cdslindia.com/
Evoting/EvotingLogin. The system will authenticate the user by sending OTP
on registered Mobile & Email as recorded in the Demat Account.
5. After successful authentication, user will be able to see the e-Voting option
where the evoting is in progress and also able to directly access the system of
all e-Voting Service Providers.
Individual Shareholders A. NSDL IDeAS facility:

holding securities in demat
1. If you are already registered for NSDL IDeAS facility, please visit the
mode with NSDL.
e-Services website of NSDL. Open web browser by typing the following URL:
https://eservices.nsdl.com either on a Personal Computer or on a mobile. Once
the home page of e-Services is launched, click on the “Beneficial Owner” icon
under “Login” which is available under “IDeAS” section. A new screen will open.
You will have to enter your User ID and Password.
2. After successful authentication, you will be able to see e-Voting services. Click
on “Access to e-Voting” under e-Voting services and you will be able to see e-
Voting page. Click on company name or e-Voting service provider - NSDL
and you will be re-directed to NSDL website for casting your vote during the
remote e-Voting period.
3. If the user is not registered for IDeAS e-Services, option to register is
available at https://eservices.nsdl.com. Select “Register Online for IDeAS”
Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp.
B. E-Voting website of NSDL:

1. Visit the e-Voting website of NSDL. Open web browser by typing the following
URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a
mobile. Once the home page of e-Voting system is launched, click on the icon
“Login” which is available under 'Shareholder/Member' section. A new screen
will open. You will have to enter your User ID (i.e. your sixteen digit demat
account number hold with NSDL), Password/OTP and a Verification Code as
shown on the screen.
2. After successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on company name or e-Voting
service provider - NSDL name and you will be redirected to e-Voting website
of NSDL for casting your vote during the remote e-Voting period.
Individual Shareholders 1. You can also login using the login credentials of your demat account through
(holding securities in demat your Depository Participant registered with NSDL/CDSL for e-Voting facility.
mode) login through their
2. Once you login, you will be able to see e-Voting option. Once you click on e-
depository participants
Voting option, you will be redirected to NSDL/CDSL Depository site after
successful authentication, wherein you can see e-Voting feature.
3. Click on options available against company name or e-Voting service
provider-CDSL and you will be redirected to e-Voting website of CDSL for
casting your vote during the remote e-Voting period.
51
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. CDSL and NSDL.
Login type Helpdesk details

Individual Shareholders Members facing any technical issue in login can contact CDSL helpdesk by
holding securities in demat sending a request at [email protected] or contact at toll free no.
mode with CDSL 1800 22 55 33 or at 022-23058738 or 022-23058542/43.
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by
securities in demat mode with sending a request at [email protected] or call at toll free no.: 1800 1020 990 and
NSDL 1800 22 44 30.
Step 2: Access through CDSL e-Voting system in case of shareholders holding shares in physical mode and non-individual
shareholders in demat mode.
i. Login method through CDSL e-voting system for remote e-Voting for shareholders other than Individual shareholders
holding securities in demat mode and shareholders holding securities in physical mode.
1. Visit the e-Voting website of CDSL. Open web browser by typing the following URL: https://www.evotingindia.com/
either on a Personal Computer or on a mobile.
2. Click on “Shareholders” module.
3. Now enter your User ID
a) For CDSL: 16 digits beneficiary ID,
b) For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c) Shareholders holding shares in Physical Form should enter Folio Number registered with the Company.
4. Next enter the Image Verification as displayed and Click on Login.
5. If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier e-voting
of any company, then your existing password is to be used.
6. If you are a first-time user follow the steps given below:
For Physical shareholders and other than individual shareholders holding

shares in Demat.
PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department
(Applicable for both demat shareholders as well as physical shareholders)
l Shareholders who have not updated their PAN with the Company/
Depository Participant are requested to use the sequence number sent by
Company/RTA or contact Company/RTA.
Dividend Bank Details OR Date of Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as
Birth (DOB) recorded in your demat account or in the company records in order to login.
l If both the details are not recorded with the depository or company, please
enter the member id / folio number in the Dividend Bank details field.
7. After entering these details appropriately, click on “SUBMIT” tab.

8. Shareholders holding shares in physical form will then directly reach the Company selection screen. However,
shareholders holding shares in demat form will now reach 'Password Creation' menu wherein they are required to
mandatorily enter their login password in the new password field. Kindly note that this password is to be also used by
52
BIRLA
CORPORATION
LIMITED
the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that
company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any
other person and take utmost care to keep your password confidential.
9. For shareholders holding shares in physical form, the details can be used only for e-voting on the resolutions contained
in this Notice.
10. Click on the EVSN for “Birla Corporation Limited”
11. On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting.
Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies
that you dissent to the Resolution.
12. Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
13. After selecting the resolution, you have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed. If
you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly modify your
vote.
14. Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
15. You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.
16. If a demat account holder has forgotten the login password then Enter the User ID and the image verification code and
click on Forgot Password & enter the details as prompted by the system.
17. There is also an optional provision to upload Board Resolution/POA if any uploaded, which will be made available to
scrutinizer for verification.
ii. Additional Facility for Non-Individual Shareholders and Custodians For Remote Voting only.
1. Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on to
www.evotingindia.com and register themselves in the “Corporates” module.
2. A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to
[email protected].
3. After receiving the login details a Compliance User should be created using the admin login and password. The
Compliance User would be able to link the account(s) for which they wish to vote on.
4. The list of accounts linked in the login will be mapped automatically & can be delink in case of any wrong mapping.
5. It is mandatory that, a scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in
favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.
6. Alternatively, Non-Individual shareholders are required mandatory to send the relevant Board Resolution/Authority
letter etc. together with attested specimen signature of the duly authorized signatory who are authorized to vote, to
the Scrutinizer and to the Company at the email address viz; [email protected], if they have voted
from individual tab & not uploaded same in the CDSL e-voting system for the scrutinizer to verify the same.
22. General Guidelines for shareholders

a) It is strongly recommended not to share your password with any other person and take utmost care to keep your password
confidential. Login to the e-Voting website will be disabled upon five unsuccessful attempts to key in the correct password. In
such an event, you will need to go through the “Forgot User Details/Password?” or “Physical User Reset Password?” option to reset
the password.
b) If you have any queries or issues regarding e-Voting from the CDSL e-Voting System, you can write an email to
[email protected] or contact at toll free no. 1800 22 55 33.
All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh Dalvi, Sr. Manager,
Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg,
Lower Parel (East), Mumbai - 400013 or send an email to [email protected] or call toll free no. 1800 22 55 33.
53
c) You can also update your mobile number and email id in the user profile details of the folio which may be used for sending future
communication(s).
d) The Facility for voting through ballot/polling papers shall be made available at the Meeting and the members attending the
Meeting who have not already cast their vote by remote e-Voting shall be able to exercise their voting right at the Meeting
through Polling Paper. However, the members who have cast their vote by remote e-Voting prior to the Meeting may also attend
the Meeting but shall not be entitled to cast their vote again at the Meeting.
e) The voting rights of members shall be in proportion to their shares of the paid-up equity share capital of the Company as on the
cut-off date of Tuesday, 20th September, 2022. Any person who is not a member as on the said cut-off date should treat this Notice
for information purpose only.
f) Any person, who acquires shares of the Company and become a member of the Company after dispatch of the Notice and holding
shares as on the cut-off date i.e. Tuesday, 20th September, 2022 may obtain the User ID and password by sending a request at
[email protected] or [email protected].
However, if you are already registered with CDSL for remote e-Voting then you can use your existing user ID and password for
casting your vote.
g) A person, whose name is recorded in the register of members or in the register of beneficial owners maintained by the
depositories as on the cut-off date only shall be entitled to avail the facility of remote e-Voting or casting vote through ballot
paper at the Meeting.
h) In case of joint holders, the Member whose name appears as the first holder in the order of names as per the Register of Members
of the Company will be entitled to vote at the AGM.
i) Shri Anil Murarka (Membership No. F3150, C.P No. 1857), LLB, Company Secretary in Wholetime Practice, has been appointed as
the Scrutinizer to scrutinize the voting and remote e-Voting process in a fair and transparent manner.
j) The Scrutinizer shall, immediately after the conclusion of voting at the AGM, first count the votes cast at the AGM and thereafter
unblock the votes cast through remote e-Voting and shall make, not later than 2 working days of the conclusion of the AGM, a
consolidated 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 countersign the same.
k) The Results declared along with the Scrutinizer's Report shall be placed on the Company's website at www.birlacorporation.com
and on the website of CDSL at https://www.evotingindia.com. The Company shall simultaneously forward the results to the
National Stock Exchange of India Limited and BSE Limited, where the shares of the Company are listed.
23. The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Act, and the
Register of Contracts or Arrangements in which the Directors are interested, maintained under Section 189 of the Act, will be available
for inspection by the Members during the AGM. All relevant documents referred to in the Notice, if any, will also be available for
inspection at the Registered Office/Corporate Office of the Company during business hours between 10 A.M. to 12 Noon on any
working day excluding Saturday and Sunday prior to the date of the AGM and will also be available for inspection during the AGM.
54
BIRLA
CORPORATION
LIMITED
STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
The following Statement sets out all material facts relating to the business proposed to be transacted under Item Nos. 4 & 5 of the
accompanying Notice:
Item No. 4
This explanatory statement is in terms of Regulation 36(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”).
The Members of the Company at the 97th Annual General Meeting (AGM) held on 31st July, 2017 approved the appointment of M/s. V. Sankar
Aiyar & Co., Chartered Accountants, (Firm Registration No. 109208W) as the Statutory Auditors of the Company for a period of 5 (five) years,
commencing from conclusion of 97th AGM till the conclusion of 102nd AGM to be held in the year 2022. In terms of the provisions of Section
139 of the Companies Act, 2013 (“the Act”), the Companies (Audit and Auditors) Rules, 2014, and other applicable provisions, the Company
can appoint or reappoint an audit firm as statutory auditors for not more than two terms of five consecutive years.
After evaluating and considering various aspects of the audit firm like industry experience, market standing of the firm, clientele served,
technical knowledge, competency of the audit team, independence etc., the Board of Directors, based on the recommendation of the Audit
Committee, at its meeting held on 11th May, 2022, approved the re-appointment of M/s. V. Sankar Aiyar & Co., Chartered Accountants, (Firm
Registration No. 109208W), as the Statutory Auditors of the Company for the second term of five consecutive years, to hold office from the
conclusion of this 102nd AGM till the conclusion of the 107th AGM of the Company to be held in the year 2027 at such remuneration as may
be decided by the Board plus travelling and other incidental expenses that may be incurred by them in connection with the Audit. The re-
appointment is subject to approval of members of the Company.
M/s. V. Sankar Aiyar & Co. have given their consent to act as Statutory Auditors of the Company and have confirmed that the said
appointment, if made, will be in accordance with the conditions prescribed under Sections 139 and 141 of the Act.
M/s V. Sankar Aiyar & Co. is a Chartered Accountants Firm registered with Institute of Chartered Accountants of India having Firm Registration
No.109208W. The firm is in practice since 1952. The firm has 14 partners and total staff of more than 100 people working with them. The Firm
has vast experience in audits of corporates and non-corporates engaged in manufacturing, financial sector (banking and insurance),
exports, service industry etc., and Public Sector Undertakings. The Firm is also empanelled with the Auditor and Comptroller General of
India. The Firm provides range of services which include Audit & Assurance, Taxation, Valuation & Corporate Advisory, etc.
None of the Directors/Key Managerial Personnel of the Company and/or their relatives are, in any way, concerned or interested in the
resolution as set out at Item No. 4 of the Notice.
The Board of Directors, therefore, recommends the resolution set out at Item No. 4 to be passed as Ordinary Resolution by the members.
Item No. 5
Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as
amended from time to time, the Company is required to undertake the audit of its cost records for products covered under the Companies
(Cost Records and Audit) Rules, 2014 conducted by a Cost Accountant in practice.
In compliance with the above, the Board of Directors of the Company, based on the recommendation of the Audit Committee, at its meeting
held on 11th May, 2022, has considered and approved the appointment of M/s. Shome & Banerjee, Cost Accountants (Firm Registration
No. 000001), as the Cost Auditors of the Company for the financial year 2022-2023 to conduct the audit of the cost records of the Company for
the following products at a total remuneration of `4,50,000 (Rupees four lakh fifty thousand only) per annum plus tax as applicable and
reimbursement of travelling and incidental expenses incurred in connection with the Cost Audit:
1. Cement - `2,85,000 (Rupees two lakh eighty five thousand only) per annum.
2. Jute Goods - `1,40,000 (Rupees one lakh forty thousand only) per annum.
3. Steel - `25,000 (Rupees twenty five thousand only) per annum.
55
In accordance with the provisions of Section 148(3) of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014,
the remuneration payable to the Cost Auditors has to be ratified by the members of the Company.
None of the Directors/Key Managerial Personnel of the Company and/or their relatives are, in any way, concerned or interested in the
resolution as set out at Item No. 5 of the Notice.
The Board of Directors, therefore, recommends the resolution set out at Item No. 5 to be passed as Ordinary Resolution by the members for
ratification of the remuneration payable to the Cost Auditors for the financial year 2022-2023.
Registered Office: By Order of the Board

Birla Building,
9/1, R.N. Mukherjee Road, Manoj Kumar Mehta
Kolkata - 700 001 Company Secretary & Legal Head
CIN: L01132WB1919PLC003334
Dated: 8th August, 2022

Place: Kolkata
56
BIRLA
CORPORATION
LIMITED
ANNEXURE-A
ANNEXURE TO ITEM NO. 3 OF THE NOTICE
Details of Director seeking re-appointment at the forthcoming Annual General Meeting

[in pursuance to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings]
(As on 31st March, 2022)
Name of the Director Shri Harsh V. Lodha

(DIN: 00394094)
Date of Birth and Age 13.02.1967 (55 years)
Nationality Indian
Date of first appointment on the Board of 23.04.1996

Directors of the Company
Qualifications Chartered Accountant
Experience (including nature of expertise in Shri Harsh V. Lodha has over 36 years of experience in the field of business,
specific functional areas)/ Brief Resume finance, advisory and consultancy. He has handled audits of several large
publicly quoted companies in India and has been involved in several
advisory assignments in the fields of international takeovers and financing,
domestic financing, project structuring, capital mobilisation, joint ventures/
collaborations, mergers/ reconstructions and rehabilitation.
Number of shares held in the Company 1260#
List of directorships held in other companies 1. Alfred Herbert (India) Ltd.
2. Birla Cable Ltd.
3. Hindustan Gum & Chemicals Ltd.
4. J.K. Fenner (India) Ltd.
5. Punjab Produce Holdings Ltd.*
6. Universal Cables Ltd.
7. Vindhya Telelinks Ltd.
8. Baroda Agents & Trading Co. Pvt. Ltd.*
9. Birla Furukawa Fibre Optics Pvt. Ltd.
10. East India Investment Co. Pvt. Ltd.*
11. Gwalior Webbing Co. Pvt. Ltd.*
12. Oneworld Resources Pvt. Ltd.
13. RCCPL Private Limited
14. The Punjab Produce & Trading Co. Pvt. Ltd.*
57
ANNEXURE TO ITEM NO. 3 OF THE NOTICE (Contd.)
Chairman/Member of the Committees of Chairman

the Boards of the Companies in which he is Director
Stakeholders Relationship Committee-
Birla Corporation Limited
Corporate Social Responsibility Committee-

Hindustan Gum & Chemicals Limited
RCCPL Private Limited
The Punjab Produce & Trading Co. Pvt. Limited*
Universal Cables Limited
Vindhya Telelinks Ltd.
Committee of Directors-
Member
Corporate Social Responsibility Committee-
Gwalior Webbing Co. Pvt. Limited*
Nomination and Remuneration Committee-
Listed entities from which he resigned in Nil

the past three years
Relationship with other Directors, Manager None

and Key Managerial Personnel of the Company
Number of meetings of the Board attended Shri Harsh V. Lodha has attended all the six Board Meetings held
during the year 2021-2022 during the year.
Number of ESOPs granted Nil
Terms and conditions of Re-appointment Liable to retire by rotation
Details of Remuneration sought to be paid Shri Harsh V. Lodha shall be entitled to sitting fees for attending meetings of
the Board and Committees thereof and Commission as may be decided by
the Board of Directors of the Company from time to time.
Remuneration last drawn (including sitting fees, if any) The details of the Remuneration paid to Shri Harsh V. Lodha during the
financial year 2021-2022 is provided in the Report on Corporate Governance.
#
Shares held jointly with other shareholder
* As per declaration received by the Company from Shri Harsh V. Lodha, these Companies have filed Form DIR-12 with the Ministry of
Corporate Affairs on the basis of an illegal direction from one of the Administrators pendente lite of the Estate of Priyamvada Devi Birla
purportedly acting as a Chairman of a meeting of Board of Directors of the Companies held on 19th October, 2020 that he has ceased to be a
director in the said Companies. The wrongful act has been done without his knowledge, consent and without proper compliance with the
provisions of Law which has been legally challenged by him. There has been no valid cessation of his directorship in the said Companies. The
legality of such action is subject to the decision of Court.
58
BIRLA
CORPORATION
LIMITED
Route Map of the AGM venue

Kalpataru Uttam Mancha, 10/1/1, Monohar Pukur Road, Kolkata - 700 026
59
CONSOLIDATED FINANCIAL HIGHLIGHTS
(` in Crores)
As per IND AS As per Indian GAAP

2021 - 22 2020 - 21 2019 - 20 2018 - 19 2017 - 18 2016 - 17 2015 - 16 2014-15 2013-14 2012-13
OPERATING RESULTS
Revenue from Operations/Turnover 7461.22 6785.45 6915.69 6548.73 5943.11 4981.22 3761.59 3692.17 3477.92 2994.34
Surplus before Finance Cost, Depreciation, 1208.79 1437.48 1421.10 1027.08 882.12 769.40 463.47 457.55 382.03 521.15
Tax Expenses & Exceptional Items (EBITDA)
Finance Cost 242.66 296.28 387.67 370.52 377.64 276.79 82.26 78.37 85.60 64.86
Surplus after Finance Cost but before 966.13 1141.20 1033.43 656.56 504.48 492.61 381.21 379.18 296.43 456.29
Depreciation & Amortisation, Tax
Expenses & Exceptional Items
Depreciation and Amortisation 396.94 370.76 351.91 339.12 332.16 255.50 148.76 153.46 133.06 104.91
Exceptional Items 31.44 57.85 – – 12.48 6.82 31.49 12.84 10.93 –
Income Tax/ Deferred Tax/ Income Tax Refund 139.16 82.45 176.34 61.74 5.89 10.82 33.23 37.44 22.61 81.09
(Net)
Net Profit 398.59 630.14 505.18 255.70 153.95 219.47 167.73 175.44 129.82 270.28
Dividend Payout 77.01 57.75 69.62# 60.34 60.24 55.61 55.61 55.61 54.06 62.92
Dividend Percentage 100.00 75.00 75.00 65.00 65.00 60.00 60.00 60.00 60.00 70.00
Retained Earning during the year 321.58 572.39 435.56 195.36 93.71 163.86 112.12 119.83 75.76 207.36
ASSETS & LIABILITIES

Fixed Assets :
Gross Block 12305.99 11213.62 10345.24 9252.17 8867.18 7572.26 2245.88 3284.54 3090.27 2921.80
Net Block 10127.95 9428.40 8929.45 8178.35 8131.07 7168.32 2097.35 2050.38 2012.23 1967.16
Other Assets 3723.64 3467.19 3246.02 3153.26 2943.87 2529.50 3131.97 2940.88 2858.82 2562.18
Total Assets 13851.59 12895.59 12175.47 11331.61 11074.94 9697.82 5229.32 4991.26 4871.05 4529.34
Represented by :
Share Capital 77.01 77.01 77.01 77.01 77.01 77.01 77.01 77.01 77.01 77.01
Other Equity /Reserves & Surplus 5971.84* 5408.98* 4729.12* 4418.21* 4202.81* 3227.98 2848.31 2547.10 2452.07 2375.97
Net Worth 6048.85 5485.99 4806.13 4495.22 4279.82 3304.99 2925.32 2624.11 2529.08 2452.98
Borrowings 4208.04 4046.42 4281.95 4049.20 4130.46 4254.94 1281.25 1302.18 1401.30 1226.05
Other Liabilities & Provisions 3594.70 3363.18 3087.39 2787.19 2664.66 2137.89 1022.75 1064.97 940.67 850.31
Total Equity & Liabilities 13851.59 12895.59 12175.47 11331.61 11074.94 9697.82 5229.32 4991.26 4871.05 4529.34
Key Indicators
Earning per Ordinary Share ( ` ) 51.76 81.83 65.60 33.21 19.99 28.50 21.78 22.78 16.86 35.10
Cash Earning per Ordinary Share ( ` ) 121.38 140.68 134.20 85.26 63.89 63.09 45.41 47.57 37.08 59.25
( annualised )
Net Worth per Ordinary Share ( ` ) 785.51 712.42 624.13 583.75 555.78 429.19 379.89 340.77 328.43 318.55
Debt Equity Ratio ( on long-term loans ) 0.79:1 0.88:1 1.08:1 1.13:1 1.21:1 1.26:1 0.42:1 0.44:1 0.49:1 0.39:1
Current Ratio 1.34 1.32 1.28 1.40 1.54 1.59 2.86 3.65 2.58 2.22
* Including Revaluation Surplus
# Dividend Paid in the FY 2020-2021
60
Statement of Revenue from Operations by Activities
2021-22 (` in Crores)
5.46% 0.01%
94.53%
Cement : 7053.00 (94.53%)
Jute : 407.60 (5.46%)
Others : 0.62 (0.01%)
Revenue Distribution
2021-22 (` in Crores)
3.68%
16.29%
28.85%
44.39%
6.79%
Raw Materials : 1074.34 (16.29%)
Manufacturing Expenses : 2926.72 (44.39%)
Employees Benefits Expenses : 448.08 (6.79%)
Selling, Administration & Other Expenses : 1902.07 (28.85%)
Finance Costs : 242.66 (3.68%)
61 61
DIRECTORS’ REPORT & MANAGEMENT DISCUSSION AND ANALYSIS
To the Members
The Directors have the pleasure in presenting the 102nd Annual Report on the business and operations of the Company together with the
Audited Financial Statements of the Company and its Subsidiaries for the financial year ended 31st March, 2022. The Management
Discussion and Analysis also forms a part of this Report.
FINANCIAL PERFORMANCE
The financial performance of the Company (Standalone and Consolidated) for the financial year ended 31st March, 2022 and its comparison
with the previous year is summarised below:
(` in Crore)
STANDALONE CONSOLIDATED
PARTICULARS 31.03.2022 31.03.2021 31.03.2022 31.03.2021
Revenue from Operations (Gross) 4790.93 4442.15 7461.22 6785.45

Total Revenue 4885.32 4553.38 7560.00 6885.36
Profit before Finance Costs, Tax, 581.27 720.89 1208.79 1437.48
Depreciation, Amortization, Minority
Interest and Exceptional items
Finance Costs 100.53 129.71 242.66 296.28
Profit before Tax, Depreciation, Amortization, 480.74 591.18 966.13 1141.20
Minority Interest and Exceptional items
Depreciation and Amortization Expense 176.86 160.82 396.94 370.76
Exceptional items 31.44 - 31.44 57.85
Tax Expense (Net) 69.52 277.82 1.85 162.67 139.16 567.54 82.45 511.06
Profit for the year 202.92 428.51 398.59 630.14
Profit for the year attributable to - - - -
non controlling interest
Profit for the year attributable to 202.92 428.51 398.59 630.14
owner of the Parent
Re-measurement of the defined benefit 5.66 2.10 6.25 1.46
plans (net of tax expenses)
Finance Lease adjustment due to - - - -
Ind AS 116 (net of tax expenses)
Total Surplus during the year 208.58 430.61 404.84 631.60

Surplus as per the last Financial Statements* 947.81 574.95 1497.68 923.83
Appropriations:
Dividend paid on Ordinary Shares 77.01 57.75 77.01 57.75
Net Surplus 1079.38 947.81 1825.51 1497.68

* After adjustment of re-measurement of the defined benefit plans (net of tax expenses)
FINANCIAL HIGHLIGHTS AND STATE OF COMPANY’S AFFAIRS

Financial year 2021-2022 was extremely challenging as the COVID-19 pandemic continued to impact operations, albeit to a lesser degree,
and input costs particularly fuel increased substantially. The Company’s full year consolidated revenue for the financial year 2021-2022 grew
9.80% over the previous year to `7,560 crore, despite sluggish demand in the nine months till December, thanks largely to a significant spurt
in sales in the March quarter.
62
BIRLA
CORPORATION
LIMITED
However, profitability was seriously impaired by rising input costs prudent basis, so as to reflect, in a true and fair manner, the form and
and the cement industry’s inability to raise prices. Whereas the substance of transactions and reasonably present the Company’s
Company turned record consolidated EBIDTA and cash profit in the state of affairs, profits and cash flows for the year ended 31st March,
previous year, EBIDTA for the financial year 2021-2022 at `1,208.79 2022.
crore was down 15.91% from the previous year and cash profit was
CONSOLIDATED FINANCIAL STATEMENTS
down 15.34% at `966.13 crore. Consolidated Net profit for the
year declined 36.75% year-on-year to `398.59 crore, compared with The Consolidated Financial Statements of the Company are
`630.14 crore in the previous year. prepared in accordance with the provisions of the Companies Act,
2013 and SEBI (Listing Obligations and Disclosure Requirements)
DIVIDEND
Regulations, 2015 by following applicable IND AS issued by the
The Directors are pleased to recommend a dividend of `10 per share Institute of Chartered Accountants of India and forms an integral
(i.e. 100%) on 7,70,05,347 Ordinary Shares of the Company for the part of this Report.
year ended 31st March, 2022 aggregating to `77.01 crores. The MATERIAL CHANGES AND COMMITMENTS
Company maintained its dividend pay-out in line with the previous
year. The dividend recommended is in accordance with the There are no material changes and commitments affecting the
Company’s Dividend Distribution Policy. The Dividend Distribution financial position of the Company which have occurred between
Policy of the Company is uploaded on the Company’s website at the end of the financial year 2021-2022 and the date of this Report.
https://www.birlacorporation.com/investors/policies/dividend- COVID-19 AND ITS IMPACT
distribution-policy.pdf.
The COVID-19 crisis continued to impact during the financial year
Dividend is subject to approval of the Members at the ensuing 2021-2022 on account of sporadic lockdowns/restrictions imposed
Annual General Meeting. In view of the changes made under the by State Governments. The Company could overcome these
Income Tax Act, 1961, by the Finance Act, 2020, dividends paid or difficulties and deliver satisfactory result through continuous
distributed by the Company shall be taxable in the hands of the engagement of all stakeholders. Company followed all safety
Shareholders. Accordingly, the Company shall make the payment of instructions, protocols and precautions directed by the
Dividend after deduction of tax at prescribed rates as per the Income Government for COVID-19.
Tax Act, 1961 and rules framed thereunder.
The Company has taken all necessary steps and precautionary
TRANSFER TO RESERVES measures to ensure uninterrupted operations and to ensure the
safety and well-being of all its employees. The Board and the
The Board of Directors have decided to retain the entire amount of
Management will continue to closely monitor the situation as it
profit for the financial year 2021-2022 in the statement of Profit & evolves and do its best to take all necessary measures in the interests
Loss for the financial year ended 31st March, 2022. of all stakeholders of the Company.
SHARE CAPITAL KEY FINANCIAL RATIOS
The paid up Equity Share Capital of the Company as on 31st March, The key financial ratios of the Company showing financial
2022 stood at `77.01 crores comprising of 7,70,05,347 Ordinary performance for the financial year ended 31st March, 2022, are
Shares of `10 each. During the year under review, the Company has given herein below:
neither issued shares with differential voting rights nor has granted
any stock options or sweat equity. As on 31st March, 2022, none of Sl. Financial Ratios 2021-2022 2020-2021
the Directors of the Company holds instruments convertible into No.
equity shares of the Company. 1. Debtors Turnover 22.64 23.37
DEBENTURES 2. Inventory Turnover 7.93 7.48
3. Interest Coverage Ratio 5.47 5.56
During the year under review, the Company has issued and allotted
1500, Secured, Rated, Listed, Redeemable Non-Convertible 4. Current Ratio 1.59 1.58
Debentures (NCDs) of `10,00,000/- each at 5.75% p.a. (payable 5. Debt Equity Ratio* 0.25 0.31
monthly), aggregating to `150 Crores (Rupees one hundred fifty 6. Operating Profit Margin (%)** 10.28% 13.88%
crores) on private placement basis on 17th February, 2022. The 7. Net Profit Margin (%)# 4.28% 9.75%
Company has also redeemed 1500, Secured, Rated, Listed,
8. Return on Net Worth (%)## 4.77% 10.71%
Redeemable Non-Convertible Debentures (NCDs) of `10,00,000/-
each at 9.15% p.a., aggregating to `150 Crores (Rupees one hundred * Debt Equity Ratio was lower for the year ended 31st March, 2022 due to
fifty crores) on 18th August, 2021. higher net worth.
** Operating Profit Margin was lower for the year ended 31st March, 2022 due to
FINANCIAL STATEMENTS lower profitability and higher input cost.
# Net Profit Margin was lower for the year ended 31st March, 2022 due to lower
The Company has prepared its financial statements as per IND AS profitability.
requirements for the financial year 2021-2022. The estimates and ## Return on Net Worth was lower for the year ended 31st March, 2022 due to
judgments relating to the financial statements are made on a lower EBIDTA.
63
CHANGE IN NATURE OF BUSINESS the Company managed to raise realization per ton for financial
year 2021-2022 by 2.25% to `4,938 as against `4,829 in the
There has been no change in the nature of business of the Company
previous year. EBIDTA per ton for financial year 2021-2022
during the financial year 2021-2022.
declined 25.29% to ` 755 from `1,012 in the previous year.
CEMENT DIVISION
With focus on sustainability and cost rationalization, the
(a) INDUSTRY STRUCTURE AND DEVELOPMENTS: Company has constantly been trying to expand the share of
During the year, the cement industry struggled to raise prices renewables within its total power consumption. As in the
against tepid demand even as input costs kept rising in line previous year, progress was made in financial year 2021-2022
with crude oil. In the last few months of financial year 2021- in this regard. For the year ended 31st March, 2022, solar
2022, international coal prices shot up in the wake of the Russia- power and waste heat recovery system accounted for 21.77%
Ukraine conflict, unseasonal rainfall in mining areas of Australia of total power consumption as against 18.82% in the previous
and Indonesia’s ban on coal exports, according to rating agency year.
Crisil.
Production of the Company (BCL Standalone):
Power and fuel accounts for 50-55% of total cost of the cement
industry. According to Crisil’s estimates, cement companies in The details of production of clinker and cement of the
India witnessed a 400-500 basis point contraction in margin in Company are as follows:-
financial year 2021-2022. Margins would continue to remain
Particulars 2021-2022 2020-2021 Change %
under pressure in financial year 2022-2023 due to input costs,
(Lakh Tons) (Lakh Tons)
and the cement industry could witness another 100-200 basis
point decline in margin, says Crisil. Clinker production 53.40 48.08 11.06%
At the same time, demand for cement in India in financial year Cement production 83.22 80.95 2.80%
2021-2022 was impacted by unseasonal rainfall and poor
availability of sand and construction workers. Still, cement Production of RCCPL Private Limited (RCCPL), wholly
demand in India during the year is estimated to have grown at owned material subsidiary of the Company:
around 7%, largely due to a revival in demand across all key The details of production of clinker and cement of RCCPL are as
markets in the fourth quarter, according to Crisil. follows:-
Cement companies have managed to raise prices at the end of Particulars 2021-2022 2020-2021 Change %
financial year 2021-2022, and in view of the intensifying cost
(Lakh Tons) (Lakh Tons)
pressure, they would seek a further price hike of `25-50 a bag,
according to Crisil, but given the inflationary pressure on the Clinker production 35.03 33.46 4.69%
economy and the squeeze on liquidity, it is not immediately Cement production 60.02 52.11 15.18%
clear whether the price hike could be sustained.
Sales:
(b) REVIEW OF OPERATIONS AND PERFORMANCE:
During the year under review, the Company has registered an
The Company managed to scale up full-year consolidated increase of 0.82% in cement sales on standalone basis and
cement sales by volume to its highest ever, i.e., 14.22 million 6.20% on consolidated basis. In absolute terms, the sale of
tons versus 13.39 million tons in the previous year, which cement on standalone basis has increased to 83.24 lakh tons
represents a growth of 6.20%. Sales by volume in financial year compared to 82.56 lakh tons in the previous year.
2021-2022 surpassed the previous highest of 13.65 million tons
RCCPL has sold 59.88 lakh tons of cement during financial year
achieved in financial year 2018-2019. In the financial year 2021- 2021-2022 compared to 52.89 lakh tons in the previous year.
2022, the Company achieved a capacity utilization of 92% as
against 85% in the previous year. Power Plant:
Sales by volume in the fourth quarter of financial year 2021- The details of power generated at various plants of BCL are as
2022 witnessed a 2% jump year-on-year. In the March quarter, under:
the Company sold 4.24 million tons of cement as against 4.17
million tons in the same period last year. Sequentially, though, (Lakh Units) (Lakh Units)
sales in the March quarter were up 27% as demand
Thermal Power Plant 2747.66 3460.44 (20.59)%
strengthened only at the end of financial year 2021-2022.
WHRS 1121.69 1048.39 6.99%
Market conditions were not conducive to raise prices until at the
end of the financial year and even amid strong cost headwinds, Solar Power 100.18 102.48 (2.24)%
64
BIRLA
CORPORATION
LIMITED
Cost and Profitability: Pradhan Mantri Awas Yojana, metro construction and urban
infrastructure development. Going forward, the Company
To mitigate the substantial increase in freight costs, the
intends to provide greater focus to the non-trade segment, and
Company has rationalized delivery costs by reducing lead
driven by that strategy. It is enlisting its brands with panchayat
distance for dispatches from almost all plants. Alongside, the
and block-level administration with the aim of shoring up sales
Company also scaled back direct delivery by road. Even so,
to government projects.
given the 18% year-on-year jump in diesel prices, delivery cost
went up sharply, impacting profitability. Digital Initiatives:
Consequently, the Company’s EBIDTA margin for financial year The Company continues to take significant strides in its digital
2021-2022 fell to 16% from 21% in the previous year - a decline transformation journey. It has made substantial progress across
of 488 basis points, which is broadly in line with the rest of the the key initiatives that it embarked on in an endeavour to
industry. achieve operational excellence across sales and marketing,
logistics, project management, customer service, plant
The Company’s total debt as at 31st March, 2022, stood at operations, mines operations and support functions.
`4,231 crore, marginally higher than ` 4,072 crore a year earlier.
Highlights of the progress across key digitalization initiatives
Average interest cost for the quarter ending 31st March, 2022
are as follows:
was 6.8% compared with 7.5% for the same period in the
previous year. l Customer Experience and Engagement:
Marketing Initiatives: o Humsafar Dealer Application launched successfully

and is now operational in all relevant states. Over 8,600
Despite challenges caused by the lockdown due to the COVID- dealers are already on-board and it has improved their
19 pandemic at the beginning of financial year 2021-2022 and overall ease in doing business with the Company;
sluggish demand through several months till December, the
Company managed to scale up its cement sales by volume to its o The dealers find the application quite intuitive and
highest ever in a financial year. Almost all production units of accessible: it is mobile-based and available in four key
the Company contributed to the record-breaking jump in sales languages – English Hindi, Bengali, Marathi;
by achieving landmark dispatch figures. o As of date, approx. 60% of all sales orders are placed
through Humsafar App;
While scaling up sales in all key markets, the Company
managed to improve the share of blended and premium o The app also enables real-time data and analytics to
cement in total sales. Sales of blended cement in the March help monitor the overall delivery status and
quarter at 3.84 million tons represents 1% year-on-year growth stakeholder incentives;
from 3.8 million tons in the same period last year. For the full o Mr. Perfect, Artificial Intelligence/Machine Language
year, sales of blended cement grew 4% over the previous year (AI/ML) powered virtual assistant (for prospective and
to 12.86 million tons. Share of high yielding blended cement existing customers) is now available via a Chatbot on
within total sales was at 91% for the March quarter as well as for our website as well as on Whatsapp. It is readily
the full year. accessible via internet and mobile, in all four key
Sales of premium cement for the full year stood at 5.69 million languages and is designed to enhance the overall
tons which was also the highest ever, up 7% over the previous customer experience;
year. Share of sales of premium cement within the more o Existing Call Centre facility is also integrated and
profitable trade channel was at 51% for the full year, one available via Chatbot and Whatsapp services to make
percentage point higher than the previous year. In December, overall customer service hassle-free.
the Company launched a super-premium brand, Rakshak l Logistical Excellence:
whose sales have gained momentum within months.
o A successful pilot implementation of system-driven
The rabi crop of 2021-2022 has been good and should boost near real-time Distribution Network Optimisation via
rural demand despite some harvest time losses due to advanced modelling and analytics was carried out for
heatwave. The current year 2022-2023 started with cement optimizing overall logistics costs. Based on success, a
companies raising prices and if the revised prices hold, they full-scale rollout was planned and implementation is
could think of further revision. However, across the world, currently in progress;
crude prices and inflation are the key red herrings, which may
impair people’s real income and, in turn, consumption. o Efficient price discovery via E-bidding enabled at
Chanderia, Maihar, Durgapur, Satna, Butibori. Roll-out
For India’s cement sector, the key drivers of growth are to be done for remaining plants in next couple of
expected to be government projects such as Bharatmala, months;
65
o GPS tracking and Electronic Proof of Delivery (E- limits of Chittorgarh City and within 10 km of Bassi Wildlife
PoD) enabled at Chanderia, Satna & Maihar. This will Sanctuary or within the eco-sensitive zone of Bassi Wildlife
provide near real-time monitoring of shipment status Sanctuary, if finally notified.
to enable supervision over routes for diversion and The MoEFCC has vide Notification dated 8th April, 2021 duly
trans-shipment tracking and improved Expected Time notified an area to an extent varying from zero to 3.0 kilometres
of Arrival prediction, leading to improvement in overall around the boundary of Bassi Wildlife Sanctuary as the Eco-
turnaround time (TAT). GPS tagged E-PoD helps Sensitive Zone (ESZ). National Green Tribunal (NGT), on
accurate measurement of lead distances from origin to 24th September, 2021 has passed an Order to continue the
destination and provides a quicker and verifiable proof interim Order dated 8th March, 2019 on the subject of
of delivery; prohibiting mining in the radius of 10 km from Bassi Wildlife
o Comprehensive Warehouse Inventory Management Sanctuary. The said prohibition will continue till the decision is
via Artificial Intelligence/Machine Learning powered taken after an expert study of impact of mining beyond the
analytics initiative is currently under implementation at boundaries of ESZ as per notification dated 8th April, 2021. The
key warehouses to help improve overall visibility of said study will be conducted by an expert Committee
inventory across supply-chain and for overall constituted vide NGT’s order dated 24th September, 2021
optimisation of logistics cost. within the time limit of 3 months from the first meeting of the
said Committee. The said Committee has visited the area and
Several other digitally empowered control mechanisms and the study report is expected soon.
process improvements via adoption of leading-edge
(c) RISK AND CONCERNS:
technologies and industry benchmarks in the area of mining,
plant operations and maintenance to improve real-time India’s GDP is projected to grow by around 7.5% in financial year
visibility and achieve operational efficiency are currently 2022-2023. But red herrings abound that could affect the
underway across the Company. economy such as international geopolitical uncertainties and
high commodity prices. With the Reserve Bank of India recently
A focused approach and roadmap creation for adoption of
raising the policy rate and squeezing liquidity, it is clear that
Industry 4.0 for real-time equipment monitoring, pattern
inflation is the key concern among India’s policymakers. It is
recognition, anomaly detection, predictive maintenance and
widely expected that the central bank may have to increase
production optimisation is currently in progress and will form
Repo Rate again, which implies that inflationary pressure may
the cornerstone of our efforts to make the Company future- persist.
ready.
So far, private consumption has been the slowest to recover
Mining Operations at Chanderia: from the Covid-19 pandemic, says Crisil, adding that private
consumption could come under further pressure due to
The Mining Operations (through blasting) at the Chanderia
inflation. At the same time, spiking commodity prices could
plant had been suspended since August, 2011 owing to the
widen the government’s current account deficit and impact
Order of Jodhpur High Court (Rajasthan), which was
public spending on infrastructure. That, in turn, could weaken
challenged by the Company before the Hon’ble Supreme
cement demand in India.
Court. As a partial relief, the Supreme Court had allowed mining
operations beyond two kms from the Chittorgarh Fort by using (d) THREATS AND OPPORTUNITIES:
heavy earth moving machinery. The Hon’ble Supreme Court Demand for cement has strengthened in the last few months of
had further directed the Central Building Research Institute financial year 2021-2022. It is expected that rural housing will
(CBRI) to submit a report after comprehensive study of all be a key driver for cement demand in financial year 2022-2023,
relevant aspects and facets relating to full-scale mining but it is too early to predict if this momentum will be sustained
operations and its impact, if any, on the Chittorgarh Fort. The even in the face of inflationary pressure. As a rule of thumb,
report of CBRI has concluded that vibrations and air pressures housing accounts for about 60% of cement consumption in
induced by the mine of Birla Cement Works and adjoining India. Pent up demand from financial year 2021-2022 could
mines are well within safe limits as per national and escalate growth, but much depends on the government’s
international standards and there is no damage to the Fort due ability to spend on infrastructure.
to the mining operations. The Company has filed an Interim
Application seeking Interim Relief for blasting at the existing Going forward, demand for cement is expected to remain
stable, if capital expenditure by state and union governments
working pit. The matter is in the final stage of hearing.
on infrastructure is not scaled back. Cement demand could
The Principal Bench of the National Green Tribunal (NGT), New grow by an estimated 5-7% in financial year 2022-2023,
Delhi, on 8th March, 2019 had ordered to stop all mining according to Crisil. However, cost pressures are unlikely to ease
activities which are being carried out within the municipal in the foreseeable future and could impact profitability.
66
BIRLA
CORPORATION
LIMITED
(e) OUTLOOK: 83.83% from `4045.11 lakh in the previous year to `7436.23
lakh.
Dispatches from the newly commissioned integrated plant
of the Company’s subsidiary, RCCPL Private Limited, at In its new line of business of manufacturing and exporting jute
Mukutban in Maharashtra have started, and the plant’s shopping bags, the division has reported sales of over `2700
operating parameters are expected to reach optimum level by lakh in its first full year of operations. It is expected that this new
the end of financial year 2022-2023, pending further scaling up. line of business will grow substantially.
The plant is strategically located in a region where demand is Production & Dispatch
strong compared with supply. It was commissioned at an
investment of ` 2,744 crore. Further, the plant was
commissioned with 20 million man-hours of construction and Production of
zero fatal accidents. Jute Goods (MT) 30792 24907 23.63%
Over time, the Mukutban unit will increase the Company’s Dispatches of
Jute Goods (MT)
annual production capacity to 20 million tons, is expected to
give a fillip to revenue and profitability. At the same time, the a) Domestic 26206 23035 13.77%
plant will create jobs and deliver to Maharashtra’s Yavatmal b) Export 3620 2957 22.42%
district the economic multipliers of industrialization which
have long eluded this underdeveloped region. Sales
As coal becomes more scarce and expensive, the Company has Particulars 2021-2022 2020-2021
stepped up production from its captive mines. Production from (` in Lakh) (` in Lakh)
Sial Ghogri coal mine has already been ramped up to 30,000 Net Sales
tons per month, which is 20% higher than its peak rated
capacity. The Company has accelerated the development of the a) Domestic 32849.40 24425.03
Bikram coal mine, and it is expected that production will start b) Export 7436.23 4045.11
by the fourth quarter of financial year 2022-2023.
FOB Value 7012.52 3964.12
Alongside, the Company, in its bid to scale up the share of
renewables in power consumption, has planned to add in (c) OPPORTUNITIES, THREATS, RISK AND CONCERN:
financial year 2022-2023 a total of 8 megawatt solar power
capacity at Chanderia, Satna and Kundanganj. In addition, In the long-term, demand for Jute products is expected to
investments are being made to generate an additional increase due to increased awareness and acceptability of
9 megawatt from waste heat recovery system at Mukutban. environmentally sustainable products.
The Company consumes industrial and agricultural waste to Opportunities:

feed into its kilns as alternative fuels and raw materials (AFR). In With increasing concern and awareness about the adverse
the financial year 2021-2022, AFR usage was at 7% of total fuel effect of synthetic packaging material to the environment, the
consumption in the Company’s kilns, which is expected to be demand of jute goods is expected to strengthen going forward.
ramped up to 12% in the next financial year. Increase in use of jute shopping bag, floor covering, jute
JUTE DIVISION geotextile products provide opportunity to boost demand of
jute goods. With the increased demand of jute products due to
(a) INDUSTRY STRUCTURE AND DEVELOPMENTS: increased acceptability of environmentally friendly and
Jute Industry is mostly concentrated in the eastern part of India, sustainable products, it is expected that jute industry will be
particularly in West Bengal. It plays a vital role in the economy of able to sustain its upward trajectory in long run.
the state. Jute Industry supports over 300,000 workers and over Threats, Risks and Concern:
four million farm families. Jute Industry is principally
dependent on the orders from the government food grains Indian jute mills are facing a daunting competition from
procuring agencies and over the previous few years, subsidized duty-free imports from Bangladesh. The industry is
dependence on the government orders is increasing and now it not only losing market share overseas, Bangladesh is also
accounts for about 70% of its installed capacity. extensively pushing jute goods into India at the cost of market
share of domestic jute mills.
(b) PERFORMANCE:
Jute manufacturing is a labour-intensive process and requires
Jute Division has reported its highest ever EBIDTA for the year at huge labour force. Jute industry has traditionally been
`4600.74 lakh which is more than twice the EBIDTA of `2146.97 dependent on migrant labours from states neighbouring West
lakh in the previous year. Export for the year has increased by Bengal. However, migration from other states has virtually
67
stopped due to availability of jobs locally. Further, local people and 10.60 MW Waste Heat Recovery System. Captive Power Plant
are getting alternative employment in less laborious industries has been commissioned on 17th January, 2022 and the kiln was lit
such as embroidery and masonry. Difficulty in getting worker up on 21st January, 2022. Further, on 30th April, 2022 the unit had
for running the mills is resulting in lower capacity utilization, commenced its cement production.
causing further increase in cost of production per unit.
It is the fourth integrated cement unit of M.P. Birla Group, with a
To overcome these problems of a) loss of traditional market; b) production capacity of 3.90 million tons and is one of the biggest in
lower availability of workers; c) subsidized import from Maharashtra. It has been built with state-of-the art technology and
Bangladesh; d) ever increasing raw jute prices, the Company is going to be one of the most efficient cement plants in India.
has taken up large scale modernization of mills resulting in
lower requirement of manpower thereby reducing Maihar Cement Works, Madhya Pradesh:
dependence on manpower availability, reducing cost and l Installation of Wall Putty and Construction Chemical Plant;
diversifying into non-traditional product category.
l Modification of BTAP Wagon Flyash unloading system to
(d) OUTLOOK: reduce unloading time.
With the expectations of a normal monsoon, the jute crop this Kundanganj Cement Works, Uttar Pradesh:
year should be good which can lead to reduction in elevated
raw jute prices. l Modification of fly ash feeding arrangement in mill for uniform
distribution which leads to increase in mill output and reduce
With the demand being healthy, better availability of raw jute at
power consumption;
reasonable prices should improve the profitability of the
industry. l Installation of Capacitor Banks for power factor improvement.
VINDHYACHAL STEEL FOUNDRY ANNUAL RETURN

Vindhyachal Steel Foundry produces iron & steel castings primarily Pursuant to Section 92(3) read with Section 134(3)(a) of the
for internal consumption. The total production of castings during Companies Act, 2013 and Rules framed thereunder, the draft Annual
the year has been 408 tons as against 401 tons in the previous year. Return as on 31st March, 2022 is available on the Company’s website
The total sale of castings during the year was 510 tons (including 480 at https://www.birlacorporation.com/annual-return.html.
tons inter departmental transfer) as against 467 tons (including 461
tons inter departmental transfer) in the previous year. COMPOSITION, NUMBER AND DATES OF MEETINGS OF THE
BOARD AND COMMITTEES
CAPITAL EXPENDITURE
The details of the composition, number and dates of meetings of the
The details of various Capital Expenditure and Projects of the
Board and Committees held during the financial year 2021-2022 are
Company and its material Subsidiary during the financial year 2021-
2022 are as follows: provided in the Report on Corporate Governance forming part of
this Annual Report. The number of meetings attended by each
Birla Corporation Limited Director during the financial year 2021-2022 are also provided in the
Report on Corporate Governance. The Independent Directors of the
Project Completed:
Company held a separate meeting during the financial year 2021-
l Expansion project of New Chanderia Cement Works (NCCW) 2022 details of which are also provided in the Report on Corporate
plant at Chanderia to increase clinker production capacity from Governance.
3600 TPD to 5500 TPD.
DIRECTORS’ RESPONSIBILITY STATEMENT
Projects under implementation:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of
l Installation of 1 MW Solar Power Plant at Chanderia unit.
Directors, to the best of their knowledge and ability, confirm that:
l Installation of 5 MW Solar Power Plant at Satna unit.
(a) in the preparation of the annual accounts for the year ended
RCCPL Private Limited (Wholly Owned Material Subsidiary 31st March, 2022, the applicable accounting standards have
Company) been followed with proper explanation relating to material
departures, if any;
Projects Completed:
(b) the accounting policies adopted in the preparation of the
Mukutban Greenfield Cement Plant, Maharashtra: annual accounts have been applied consistently except as
Setting up of a 3.90 million ton Greenfield Integrated Cement otherwise stated in the Notes to Financial Statements and
Plant at Mukutban (Maharashtra) with 40 MW Captive Power Plant reasonable and prudent judgments and estimates have been
68
BIRLA
CORPORATION
LIMITED
made so as to give a true and fair view of the state of affairs of The Company has timely repaid its outstanding Non-Convertible
the Company at the end of the financial year 2021-2022 and of Debentures amounting to ` 150 crores along with interest on
the profit for the year ended 31st March, 2022; 18th August, 2021 and other term loans along with interest due as
scheduled. The Company has prepaid high cost debt amounting
(c) proper and sufficient care has been taken for the maintenance
to ` 128.81 crores resulting in savings in the finance cost.
of adequate accounting records in accordance with the
provisions of the Companies Act, 2013, for safeguarding the Further, the Company has entered into Overnight Indexed
assets of the Company and for preventing and detecting fraud Swaps (OIS) partly converting its fixed rate debts to floating rate
and other irregularities; interest with a view to reduce the cost.
(d) the annual accounts for the year ended 31st March, 2022, have CORPORATE GOVERNANCE
been prepared on a going concern basis;
The Board of Directors reaffirm their continued commitment to
(e) proper internal financial controls were in place and that the good Corporate Governance Practices as set out by the Securities
financial controls are adequate and are operating effectively; and Exchange Board of India (‘SEBI’). The Company has complied
(f ) proper systems to ensure compliance with the provisions of all with the Corporate Governance Code as stipulated under the SEBI
applicable laws were in place and are adequate and operating (Listing Obligations and Disclosure Requirements) Regulations,
effectively. 2015. A separate section on Report on Corporate Governance, along
with certificate from the auditors confirming the compliance of
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS conditions of Corporate Governance, is annexed and forms part of
Details of Loans, Guarantees, Investments and acquisition covered the Annual Report.
under the provisions of Section 186 of the Companies Act, 2013, are
given in the Notes forming part of the Standalone Financial RELATED PARTY TRANSACTIONS
Statements. All transactions entered with Related Parties during the financial
year 2021-2022 were on an arm’s length basis and in the ordinary
CREDIT RATING
course of business and the provisions of Section 188 of the
CRISIL has reaffirmed its ratings on short term debt including Companies Act, 2013 are not attracted. The transactions are in
Commercial Paper (CP) to the extent of `300 crores as “A1+”. compliance with the applicable provisions of the Companies Act,
ICRA has also re-affirmed its rating of “AA” with stable outlook for 2013 and SEBI (Listing Obligations and Disclosure Requirements)
Long Term Non-Convertible Debentures of the Company of `250 Regulations, 2015. Further, during the year under review, there were
crores. no materially significant related party transactions which may have
a potential conflict with the interest of the Company at large.
Further, CARE has reaffirmed its rating on Long Term Facilities as Accordingly, the disclosure required under Section 134(3)(h) of
“CARE AA” (Outlook Stable) and “CARE A1+” (Outlook Stable) for the the Companies Act, 2013 read with Rule 8(2) of the Companies
Company’s Short Term/Long Term Bank facilities aggregating to (Accounts) Rules, 2014 in Form AOC-2 is not applicable to the
`1433.04 crores. The rating Committee of CARE has reaffirmed as Company.
“CARE AA” (Outlook Stable) for the outstanding Non- Convertible
Debentures of `250 crores. All Related Party Transactions are placed before the Audit
Committee for review and approval. Prior omnibus approval of the
India Ratings and Research has reaffirmed IND AA/Stable ratings to
Audit Committee is obtained for the transactions which are of a
Non-Convertible Debentures (unlisted) amounting to `150 crores
foreseen and repetitive nature. The transactions entered into
and assigned IND AA/Stable ratings for `150 crores Non-Convertible
pursuant to the omnibus approval so granted, along with a
Debentures (listed) issued during the financial year 2021-2022.
statement giving details of all related party transactions, are placed
Non-Convertible Debentures rated AA/Stable (ratings reaffirmed by before the Audit Committee for its review on quarterly basis.
ICRA and CARE) amounting to `150 crores were repaid as scheduled
During the year, the Company has amended its policy on Related
during the financial year 2021-2022.
Party Transactions as per the requirements of the SEBI (Listing
FINANCE Obligations and Disclosure Requirements) Regulations 2015, and
the same is uploaded on the Company’s website and may be
The Company efficiently manages its surplus funds by investing in
accessed at the link https://www.birlacorporation.com/investors/
highly rated debt securities, fixed deposits with banks and highly
policies/policy-on-related-party-transactions-BCL.pdf.
rated companies and debt schemes of mutual funds considering
safety, liquidity and return. It monitors the borrowings on a The details of the transactions with related parties pursuant to IND
continuous basis for opportunities to refinance or prepay its loans in AS during financial year 2021-2022 are provided in the
order to reduce borrowing costs and foreign exchange exposure. accompanying financial statements.
69
Transactions with person or entity belonging to the promoter/ v Chanderia Unit received the following award/recognition:
promoter group which hold(s) 10% or more shareholding in the
l 22nd National Award for Excellence in Energy
Company have been disclosed in the accompanying financial
Management 2021 by Confederation of Indian Industry in
statements.
August, 2021.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND l Certificate of Excellence under “Best Employer – 2021”
FOREIGN EXCHANGE EARNINGS AND OUTGO Award Competition for the Excellence in Maintaining
Harmonious Employer – Employee Relation.
Pursuant to the provisions of the Companies Act, 2013 and Rule 8(3)
of Companies (Accounts) Rules, 2014, details relating to l “1st Prize for General Cleanliness” competitions of 44th
Conservation of Energy, Technology Absorption and Foreign Mines Safety Week organized this year under the aegis of
Exchange Earnings and Outgo are given in “Annexure - A”, which is Directorate General of Mines Safety, Udaipur Region.
annexed hereto and forms part of the Directors’ Report. v Raebareli Unit received the following award/recognition:
RISK MANAGEMENT l Indian Chamber of Commerce (ICC) 4th Social Impact

Awards 2022 in Jury Appreciation category for Healthcare
The Company’s board and management are fully committed to in Large Enterprise Category.
maintaining sound risk management systems to safeguard
v Satna Unit received the following award/recognition:
Company and shareholders’ interests. The board and senior
management of the Company set the tone at the top for proactive l “Gold Award” in Occupational Health & Safety by “Apex
and transparent identification and management of risks. India Foundation.”
The Board has formulated a Risk Management Committee (‘RMC’) to l “Platinum Award” in Cement Sector for Outstanding
frame, implement and monitor the Risk Management Policy of the Achievement in “Environment Preservation” and “Silver
Company and to ensure the adequacy of the risk management Award” in Cement Sector for Outstanding Achievement in
systems. The said Policy is also reviewed by the Audit Committee “Corporate Social Responsibility” by Sustainable
and approved by the Board from time to time. Robust mechanisms Development Foundation.
and systems have been put in place to identify and manage the
inherent risks in business and strategy, and to monitor the OCCUPATIONAL HEALTH & SAFETY
Company’s exposure to key risks that could impact the overall The Company recognises that excellence in Health, Safety and
strategy and sustainability of the business. The purpose is to identify Environment is an ongoing journey and remains committed to
risks in time which have the potential effect on the Company’s implementing best practices, complying with the national and
business or corporate standing or growth and manage them by international standards.
calibrated action.
The Health, Safety & Well-being of the employees, subcontractors
The major risks have been identified by the Company and its and all related personnel is paramount. The Company believes that
mitigation process/measures have been formulated in the areas it is critical to protect the health and safety of everyone involved in
such as raw materials and fuel, quality, market, safety, litigation, its operations and to carry out operations in environmentally
logistics, community relations, intellectual property, project sustainable manner.
execution, financial, human resources, fraud, environment,
To strengthen the safety culture, the Company ensures that all
information technology and statutory compliance.
hazards and risks are identified, and control measures implemented
AWARDS & RECOGNITIONS to reduce risks to as low as reasonably practicable, investigate all
near misses & first aid learning events and implement corrective &
The details of various awards and recognitions received by the preventive actions. As a part of the continuous effort to build a safe
Company during the financial year 2021-2022 are as follows: workplace, the Company has engaged a reputed safety consultancy
organization to roll out all comprehensive Safety Management
v On 1st March, 2022, the Company was declared as the winner of
System with an aim of involving each and every employee of
Greentech Corporate Governance Award 2022 for ‘Excellence in
the Company whether on permanent roll or contract manpower. A
Corporate Governance’ category. The ‘Greentech Corporate total of 15 separate elements of Safety Management System are
Governance Award’ is presented to companies who implemented in a structured manner.
demonstrate excellent performance in the areas of corporate
governance, promote policy & practices, prove a strong link Separate capex is earmarked for safety and health related assets
between the corporate reputation & stakeholder trust and every year and all necessary safety related equipment and disaster
enhance brand value & public positioning of companies. management infrastructure is being put in place.
70
BIRLA
CORPORATION
LIMITED
The Company has taken extensive vaccination programme for all The Company is actively associated with various social and
the employees. Free medical check-ups and financial assistance philanthropic activities undertaken on its own as well as by different
were provided to the covid affected families. Trusts and Societies. As a constructive partner in the communities in
which it operates, the Company has been taking concrete action to
To get good results in the accident prevention, the Company has realize its social responsibility objective. The Company has been
included safety programmes like investigation and analysis of all playing a pro-active role in the socio economic growth and has
serious and fatal accidents, recommendations/remedial measures contributed to all spheres ranging from health, education, women
to prevent similar accidents. Near-miss situation/incident with no empowerment, rural infrastructure development, environmental
injury is accorded serious consideration for planning of preventive conservation etc. In the past several decades, the Company has
measures. supported innumerable social initiatives in India, touching the lives
To inspire and energize the employees to change their behavior for of lakhs of people positively by supporting environmental and
better performance and safety attitude, the Company provides health care projects and social, cultural and educational programs.
various training programmes related to Safety Management. The CSR activities undertaken include:
The Company complies with all statutory provisions as required Health Care activities:
under the Factories Act. Competent persons carry out compulsory
The Company provides active assistance, finance as well as
testing/examination of lifting tools, pressure vessels, cranes, safety
managerial, to various hospitals set up by trusts and societies.
belts etc. as per statutory requirement. Safety poster, slogans are
widely displayed inside the Company’s factories-at shop floors, The Company has provided financial as well as administrative
canteen and plant gates to continuously remind everyone about support in setting up a hospital in Chittorgarh namely MP Birla
safe working practices and environment so as to inculcate a culture Hospital and Research Centre, where the Company has two cement
of safety amongst the workers. Safety day/week celebration is plants. This is a State-of-the-Art multi-speciality hospital, which has
organized every year with a view to create and motivate safety numerous diagnostic and treatment facilities.
consciousness amongst the employees.
The hospital is also the first hospital of the district with accreditation
from NABH which is a seal of approval for quality care and
CORPORATE SOCIAL RESPONSIBILITY
service for any hospital. Currently, in the “In-Patient Department”
In compliance with the provisions of the Companies Act, 2013, approximately 135 beds are operational and best medical services
the Company has framed its Corporate Social Responsibility (CSR) are provided to patients at a nominal cost. At the time of Pandemic
Policy for the development of programmes and projects for when the world had been fighting Coronavirus, the hospital came
the benefits of the society and the same has been approved by forward as beacon of hope for the people of Chittorgarh. It is the
the CSR Committee and the Board of Directors of the Company. only private hospital in Chittorgarh district having 128 slice CT Scan
The CSR policy of the Company provides a road map for its CSR which is well-recognised diagnostic tool to measure the level of
activities. The purpose of CSR policy is to devise an appropriate infection. The hospital also provides in-patient services to Covid- 19
strategy and focus its CSR initiatives and lay down the broad patients, yet again the only private hospital in Chittorgarh district to
principles on the basis of which the Company will fulfil its CSR do so. The initiative has helped people in and around Chittorgarh to
objectives. As per the said Policy, the Company continues the avoid travelling to nearby cities like Ahmedabad and Udaipur to get
strategy of discharging parts of its CSR responsibilities related to themselves treated.
social services through various trusts/societies, in addition to its
The Company has also provided various health care facilities like
own initiatives and donations made to other non-government
free medical check-up, free medicines and treatments for needy
organisations. The Company had further streamlined its processes
people. It has organised medical check-up camps, free eye camps,
and initiatives to strictly adhere to Companies (Corporate Social
speciality health camps. Apart from this the Company conducted
Responsibility Policy) Amendment Rules, 2021 (CSR Rules) notified
adolescent health awareness camp and provided baby kits to new
by the Ministry of Corporate Affairs. The CSR Policy has been
born babies to improve maternal and child health. In the mother and
uploaded on the Company’s website and may be accessed at the
child health care program, village Anganwadi centres are developed
link http://www.birlacorporation.com/investors/policies/csr-
in villages. Trainings are imparted to the mothers on better health,
policy.pdf.
hygiene and sanitation at Company’s different locations.
Pursuant to the provisions of Section 135 of the Companies Act, COVID-19 Pandemic:
2013 and Rules made thereunder, a Report on CSR activities and
initiatives taken during the year in the prescribed format is given in The Company has provided masks, soaps, free rations (both dry and
“Annexure - B” which is annexed hereto and forms part of the cooked) to the migrant labours and villagers and in the community
Directors’ Report. kitchens. Personal Protective Equipment, are provided to the front-
71
line COVID workers. The Company also supported the village the importance of voting in elections. It has promoted Social
quarantine centres. Awareness drives were also undertaken in the forestry in the Common and Private land in the neighbourhood
localities. villages.
Educational Initiatives: ENVIRONMENTAL SUSTAINABILITY

In addition to financial and institutional support provided to the The Company is well aware of its responsibility towards sustainable
schools located close to the Company’s plant, the Company has development and environment. Various initiatives are taken for
upgraded school infrastructures by providing furniture, addressing climate change challenges particularly CO2 reduction
electrification, repairing and painting. It has promoted technology and pollution prevention. In the Mukutban project, 22,000 ton of
by establishing smart education system in the government waste fly ash was used thus reducing about 17.6 million Kg of CO2
high schools. Scholarships are provided to the meritorious emissions. Extensive plantation has been done in the factories and
underprivileged children for their higher education. Under “Swachh mining area. The Company is focussed towards conservation of
Bharat” Mission Company renovated toilets for girls and boys and water by putting special efforts for rain water harvesting,
provided water tank for drinking water. conservation of water resources (like using Air Cooled Condenser
instead of water cooled in CPP) and reusing treated waste water for
Empowerment of Women:
dust suppression and plantation in sustainable way.
Empowerment of women is one of the Company’s long term Emissions from the Stacks are well within regulatory limits,
initiatives. With the aim of imparting women the skills to get jobs, monitored through online continuous emission monitoring
the Company has taken various initiatives (sewing & stitching, systems. Concerns for environment and sustainable development
embroidery works) to promote skill development. The Company are integral to the Company’s business decisions. SO2 & NOx gas
also supports schemes that generates employments for women in analyzer in kiln stack has been installed for close monitoring. To
villages surrounding its factories and mining areas. Necessary control NOx, SNCR system has been installed in both Satna &
training and support are provided to self-help groups (SHG) under Chanderia Plant. Measures are also taken for conservation of
various projects to make them self-reliant. limestone reserves by optimizing (like blending high grade with low
grade limestone) limestone consumption. Water tankers, pumps,
Livestock Development and Improved Agriculture Practices:
rain guns and water spray system have been provided for
Livestock development program provides an opportunity for pressurized spraying to control dust pollution around mining areas
farmers to improve their livestock based livelihoods by improving and connecting roads. The Company continuously strives for
productivity of the progeny through breed improvement and reduction of carbon footprint and Green House Gases emission by
dissemination of improved animal husbandry practices. The using best energy efficient & environment friendly technologies to
programme provided extension services like breeding, fodder improve power & thermal efficiency of the plants.
propagation and training of farmers to different villages. The Company has Alternative Fuel and Raw Material Feeding
Company’s Sustainable Agriculture programme attempts to de-risk System (AFRS) for higher use of alternative fuel on continuous basis
farmers from erratic weather events through the promotion of at its clinker manufacturing units, thus reducing consumption of
climate-smart agriculture premised on dissemination of relevant natural resource like Coal. This move ensures availability of
package of practices, adoption of appropriate mechanisation and alternative fuel throughout the year and has resulted in reduction of
provision of institutional services. These were supplemented by fuel costs and also helped in reducing the carbon footprint.
support activities (including hands-on training) in production of Company is extending its AFR facility to consume any of the
vermicompost, drip-irrigation techniques, high-yield seed and available hazardous waste from other industry. Municipal waste
nursery development etc. whenever made available is also being co-processed in the Kiln.
Horticulture Development: The Waste Heat Recovery System at Satna and Chanderia plants of
the Company uses the hot gases coming out of the pre-heater and
The Company has developed 60 orchards in its mining lease areas, clinker cooler to generate substantial power, thereby reducing
where beneficiaries have started accruing income on regular basis. Green House Gases (GHG) emissions. Grinding aid is introduced in
Rural Infrastructure development initiatives: all the units to improve consumption of fly ash and slag. Further, to
protect the environment, the Company has consumed substantial
Various rural development projects such as providing drinking quantity of fly ash during the financial year 2021-2022 at various
water facilities, strengthening village infrastructure are undertaken cement plants. The Company has own slag granulation unit at
in the plant’s neighbourhood villages. The Company has also Durgapur to consume optimum quantity of slag in ecofriendly
organised various awareness program on Road & driver safety and manner. This has resulted in reduction of clinker usage, which in turn
72
BIRLA
CORPORATION
LIMITED
reduced GHG emissions at plants, without compromising on the independence as prescribed both under the Companies Act, 2013
quality and the strength of cement. Company is exploring use of and SEBI (Listing Obligations and Disclosure Requirements)
Phospho Gypsum/Chemical Gypsum which leads to conservation Regulations, 2015, as amended.
of mineral Gypsum and environment.
Further, declaration has been received from all the Independent
With a view to promote renewable energy and also to produce Directors confirming compliance with Rule 6(3) of the Companies
energy through cleaner and greener sources, the Company has (Appointment and Qualification of Directors) Rules, 2014, as
installed Solar Power Plants at its Integrated Cement Plants. Also, it is amended, regarding the requirement relating to enrollment in the
sourcing solar power for Raebareli Plant in group captive mode in Data Bank maintained with the Indian Institute of Corporate Affairs
long term PPA. (‘IICA’). In terms of the amended Section 150 of the Companies Act,
2013 read with Rule 6(4) of the Companies (Appointment &
A Waste Heat Recovery System and Solar Power Plant were also
Qualification of Directors) Rules, 2014, the Independent Director(s)
installed at Maihar plant of RCCPL Private Limited, Wholly Owned
Subsidiary Company. Maihar Plant is sourcing Fly Ash through BTAP of the Company are exempt from the requirement to undertake the
rail wagon which is most sustainable mode of transportation. About online proficiency self-assessment test conducted by IICA.
68 Million Kg of Co2 has been reduced by Solar and WHRS Initiative
COMPANY’S POLICY ON DIRECTORS’ APPOINTMENT AND
(when compared to Coal power).
REMUNERATION
BUSINESS RESPONSIBILITY REPORT
In terms of Section 178(3) of the Companies Act, 2013 and
The Business Responsibility Report for the year under review as Regulation 19 of the SEBI (Listing Obligations and Disclosure
required under Regulation 34(2) of the SEBI (Listing Obligations and Requirements) Regulations, 2015, the Board of Directors of the
Disclosure Requirements) Regulations, 2015 forms an integral part Company, based on the recommendation of the Nomination and
of this Annual Report. Remuneration Committee, had formulated a Nomination and
Remuneration Policy in terms of Section 178(3) of the Companies
DIRECTORS AND KEY MANAGERIAL PERSONNEL Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and
Retirement by Rotation: Disclosure Requirements) Regulations, 2015.
Shri Harsh V. Lodha (DIN: 00394094), Director of the Company, The Nomination and Remuneration Policy of the Company, inter-
retires by rotation at the ensuing Annual General Meeting and being alia, includes the aims and objectives, principles of remuneration,
eligible offers himself for reappointment. fixed and variable components in the remuneration package,
guidelines for remuneration to Executive Directors and Non-
Appointment/Change in designation/Cessation:
Executive Directors, criteria for identification of the Board members
Shri Pracheta Majumdar (DIN:00179118) ceased to be the and appointment of senior management.
Wholetime Director (Key Managerial Personnel) of the Company
The criteria for identification of the Board Members, including those
with effect from the close of business hours on 19th May, 2021 in
for determining qualification, positive attributes, independence etc.
view of completion of his tenure.
is summarily given hereunder:
Shri Brij Behari Tandon (DIN:00740511) resigned from the Board of
Directors of the Company with effect from 11th May, 2022 due to his l A Director should possess high level of personal and
advancing age and health issues. professional ethics, integrity and values. He/she should be able
to balance the legitimate interest and concerns of all the
In terms of Section 203 of the Companies Act, 2013, the following Company’s stakeholders in arriving at decisions, rather than
are the Key Managerial Personnel (KMP) of the Company as on advancing the interests of a particular constituency.
31st March, 2022:
l A Director must be willing to devote sufficient time and energy
1. Shri Arvind Pathak: Managing Director & Chief Executive in carrying out his/her duties and responsibilities effectively.
Officer. He/she must have the aptitude to critically evaluate
2. Shri Aditya Saraogi: Chief Financial Officer. management’s working as part of a team in an environment of
collegiality and trust.
3. Shri Manoj Kumar Mehta: Company Secretary & Legal Head.
l Independent Directors shall be a person of integrity and
DECLARATION BY INDEPENDENT DIRECTORS possess expertise and experience and/or someone who the
The Company has received declarations from all the Independent Committee/Board believes could contribute to the
Directors of the Company confirming that they meet the criteria of growth/philosophy/strategy of the Company.
73
l In evaluating the suitability of individual Board members, the Further, the performance evaluation of Independent Directors of
Committee takes into account many factors, including general the Company was done by the entire Board, excluding the
understanding of the Company’s business dynamics, global Independent Director being evaluated.
business, social perspective, educational and professional
background and personal achievements. Factors like eligibility SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
criteria, independence, term and tenure of a Director shall be in COMPANIES
accordance with the provisions of the Act and the Listing
As on 31st March, 2022, the Company has 7 (Seven) subsidiary
Regulations for the time being in force.
companies namely, RCCPL Private Limited, Lok Cement Limited,
l The Committee evaluates each individual with the objective of Talavadi Cements Limited, Birla Jute Supply Company Limited, Budge
having a group that best enables the success of the Company’s Budge Floorcoverings Limited, Birla Cement (Assam) Limited and M.P.
business and achieve its objectives in a sustainable manner. Birla Group Services Private Limited. 2 (Two) subsidiary companies,
namely Thiruvaiyaru Industries Limited and Birla Corporation Cement
The Nomination and Remuneration policy as approved by the Board
Manufacturing PLC, Ethiopia, are under the process of voluntary
is uploaded on the Company’s website and may be accessed at the
winding up. In view of the aforesaid, these subsidiaries have not been
link https://www.birlacorporation.com/investors/nomination-and-
considered in preparing the Consolidated Financial Statements.
remuneration-policy.pdf
During the year under review, RCCPL Private Limited, wholly owned
Neither the Managing Director nor the Whole-time Directors of the
material subsidiary of the Company has performed satisfactorily
Company received any remuneration or commission from any of its
considering the prevailing uncertain economic scenario.
subsidiaries.
Further, during the year under review, RCCPL Private Limited has
ANNUAL EVALUATION OF THE BOARD, ITS COMMITTEES AND acquired two subsidiary companies namely, AAA Resources Private
INDIVIDUAL DIRECTORS Limited and Utility Infrastructure & Works Private Limited on
31st July, 2021 and 31st March, 2022, respectively. Accordingly, AAA
The Nomination and Remuneration Committee pursuant to the
Resources Private Limited and Utility Infrastructure & Works Private
powers delegated to it by the Board, has carried out an annual
Limited have become step down wholly owned subsidiaries of the
evaluation of the performance of the Board, the Directors
Company.
individually as well as the evaluation of the functioning of various
Committees based on the criteria for performance evaluation Apart from the above, no Company has become or ceased to be the
forming part of the Performance Evaluation Policy of the Company. Company’s Subsidiaries, Joint Venture or Associate Company during
the financial year 2021-2022.
For the purpose of proper evaluation, the Directors of the Company
have been divided into 3 (three) categories i.e. Independent The “Policy on ‘Material’ Subsidiary” is available on the
Directors; Non-Independent Chairman and Non-Independent Non- Company’s website and may be accessed at the link
Executive Directors; and Executive Directors. https://www.birlacorporation.com/investors/policies/policy-on-
material-subsidiary.pdf.
The criteria for evaluation include factors such as engagement,
strategic planning, vision and direction for growth and Pursuant to Section 129(3) of the Companies Act, 2013 read with
development, team spirit and consensus building, effective Rule 5 of the Companies (Accounts) Rules, 2014, a statement
leadership, domain knowledge, ensuring best practices in containing salient features of the financial statements of
governance, financial management and operations, contributions Subsidiaries/ Associate Companies/Joint Ventures in Form AOC-1
towards achieving short term and long term goals of the Company forms part of the consolidated financial statement and hence not
and roadmap for achieving them, management qualities, team repeated here for the sake of brevity. Further, pursuant to the
work abilities, result/achievements, understanding and awareness, provisions of Section 136 of the Companies Act, 2013, the Annual
leadership qualities, motivation/commitment/diligence, integrity/ Financial Statements of each of the Subsidiaries are available on the
ethics/values and openness/ receptivity. Company’s website at www.birlacorporation.com.
The Independent Directors of the Company in its separate meeting DEPOSITS

held during the year also reviewed the performance of Non-
Independent Directors and Board as a Whole and Chairman of the During the year under review, the Company has not accepted
Company taking into account the views of Executive Directors and deposits from the public falling within the ambit of Section 73 of the
Non-Executive Directors. Companies Act, 2013 and the Rules framed thereunder.
74
BIRLA
CORPORATION
LIMITED
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY INTERNAL FINANCIAL CONTROL SYSTEM
THE REGULATORS, COURTS AND TRIBUNALS
The Company has a robust and comprehensive Internal Financial
No significant and material order has been passed by the regulators, Control system commensurate with the size, scale and complexity
courts, tribunals impacting the going concern status and of its operations. The system encompasses the major processes to
Company’s operations in future. ensure reliability of financial reporting, compliance with policies,
procedures, laws, and regulations, safeguarding of assets and
In the appeals filed by the Company and Shri Harsh Vardhan Lodha, economical and efficient use of resources.
the Hon’ble Division Bench of the Hon’ble High Court at Calcutta
The controls were tested during the year and no reportable material
(“the Hon’ble Division Bench”) vide order dated 1st October, 2020
weaknesses either in their design or operations were observed.
had inter-alia clarified the order passed by the Hon’ble Single Bench
dated 18th September, 2020 in T. S. No. 6 of 2004 (proceedings The policies and procedures adopted by the Company ensures
relating to the grant of Letters of Administration with the Will orderly and efficient conduct of its business and adherence to the
annexed of Smt. Priyamvada Devi Birla, to which the Company is not Company’s policies, prevention and detection of frauds and errors,
a party) that “the operation of paragraph (b) among the directions accuracy in the record-keeping and timely preparation of reliable
would be a restriction on plaintiff no. 1 Harsh Vardhan Lodha to the financial information.
extent of it being a restriction from holding any office in any of the
The Internal Auditors continuously monitor the efficacy of Internal
entities of the M.P. Birla Group during the pendency of the suit, on
Financial Control System with the objective of providing to the
the strength of the shares referable to the estate of PDB (Priyamvada
Audit Committee and the Board of Directors an independent,
Devi Birla).” (emphasis supplied by Court). Based on the above
objective and reasonable assurance on the adequacy and
clarification, Shri Harsh Vardhan Lodha not being appointed as effectiveness of the organization’s risk management measures with
Director of the Company on the strength of the shares referable to regard to the Internal Financial Control System.
the estate of PDB, is continuing as a Director & Chairman of the
Company. The Audit Committee has satisfied itself on the adequacy and
effectiveness of the Internal Financial Control System laid down by
Two several contempt petitions filed by some of the defendants in the management. The Statutory Auditors in its report have
T. S. No. 6 of 2004 against the Chairman and Directors and Key expressed an unmodified opinion on the adequacy and operating
Managerial Personnels of the Company, for the alleged violation of effectiveness of the Internal Financial Control System over financial
the order dated 1st October, 2020 has been dismissed by the reporting.
judgment and order dated 22nd April, 2021 passed by the Hon’ble
Division Bench. Special Leave Petitions filed by some of the VIGIL MECHANISM/WHISTLE BLOWER POLICY
defendants and two of the three Joint Adminstrators pendente lite
The Company has adopted a Vigil Mechanism/Whistle Blower Policy
(appointed over the estate of Priyamvada Devi Birla holding
for Directors and employees to create a fraud, anti-bribery and a
1,260 shares in the Company) against the said judgment and order
corruption free culture. The Policy empowers the Directors and the
dated 22nd April, 2021 have not been entertained by the Hon’ble
employees to report concerns about unethical behaviour, actual or
Supreme Court vide orders passed on 12th July, 2021 and
suspected fraud or violation of the Company’s Code of Conduct or
4th February, 2022 respectively.
ethics policy, if any. The Policy also provides for the requisite checks,
balances and safeguards to ensure no employee is victimized who
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
avail of the mechanism and also provides for direct access to the
The Company has in place adequate internal control systems and Chairman of the Audit Committee. The Policy also provides
procedures which are commensurate with its size and nature of mechanism for reporting of instances of leak or suspected leak of
business. The objective of these procedures are to ensure efficient Unpublished Price Sensitive Information in terms of Regulation 9A
use and protection of the Company’s resources, accuracy in financial of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The
reporting and due compliance with statutes, corporate policies and Vigil Mechanism/Whistle Blower Policy has also been uploaded on
procedures. the website of the Company.
DETAILS RELATING TO REMUNERATION OF DIRECTORS, KEY
Internal Audit is conducted periodically across all locations by
Chartered Accountant/ Audit firms who verify and report on the MANAGERIAL PERSONNEL AND EMPLOYEES
efficiency and effectiveness of internal controls. The adequacy of Disclosure pertaining to remuneration and other details as required
internal control systems are reviewed by the Audit Committee of the under Section 197(12) of the Companies Act, 2013 read with Rule
Board periodically. 5(1) of the Companies (Appointment and Remuneration of
75
Managerial Personnel) Rules, 2014 is given in “Annexure - C” which HR Department. Industrial relations remained harmonious at all our
is annexed hereto and forms part of the Directors’ Report. offices and establishments throughout the year. Statutory
compliances related to labour laws have been followed with due
In terms of the provisions of Section 197(12) of the Companies Act,
emphasis.
2013 and Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, a statement The Company has permanently closed the manufacturing
comprising the names of top 10 (ten) employees in terms of establishment at its unit namely, Auto Trim Division situated at
remuneration drawn and every person employed throughout the Birlapur w.e.f. 30th July, 2021.
year, who were in receipt of remuneration exceeding the prescribed
limit, forms part of the Directors’ Report. Suspension of Operation continues at Soorah Jute Mills and Birla
Vinoleum, Birlapur.
The above Annexure is not being sent along with this Annual Report
to the Members of the Company in line with the provision of Section PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE
136 of the Companies Act, 2013. Members who are interested in WORKPLACE
obtaining these particulars may write to the Company Secretary at
the Registered Office/Corporate Office of the Company. The In order to provide women employees with a safe working
aforesaid Annexure is also available for inspection by Members at environment at workplace and also in compliance with the
the Registered Office/Corporate Office of the Company 21 days provisions of the Sexual Harassment of Women at Workplace
before and upto the date of the ensuing Annual General Meeting (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed
during the business hours on working days. thereunder, the Company has formulated a Policy on Prevention of
Sexual Harassment of Women at the Workplace. The said Policy has
Commission to Non-Executive Directors:
been uploaded on the internal portal of the Company for
The Board of Directors of the Company approved payment of a sum information of all employees.
of `10 Lakhs each as commission to all the Non-Executive Directors
The Company has complied with the provisions relating to
of the Company for the financial year 2021-2022. However, Shri
constitution of Internal Complaints Committee under the Sexual
Harsh V. Lodha, Non-Executive Chairman of the Company has
Harassment of Women at Workplace (Prevention, Prohibition and
decided not to accept any commission and has foregone his right
Redressal) Act, 2013. The Internal Complaints Committee comprises
for the financial year 2021-2022 in view of ongoing COVID-19
pandemic and uncertain economic scenario. of three employees and one outside member. One of the Senior
female employee of the Company is the Presiding Officer of the said
HUMAN RESOURCES AND INDUSTRIAL RELATIONS Committee.
Employees are the core strength of the Company. The Company No complaint pertaining to sexual harassment of women
continued to focus on creating the right workplace environment employees from any of the Company’s locations was received
that provides opportunities for employees to improve their during the financial year ended 31st March, 2022.
performance. Robust and up to date Human Resource (HR) Policies
are in place for proper evaluation of performances, which is the key AUDITORS & AUDITORS’ REPORT
to building future leaders.
Statutory Auditors:
HR functions in the organization have witnessed a paradigm shift
and evolved to bring together modern day practices with proper M/s. V. Sankar Aiyar & Co., Chartered Accountants (Firm Registration
use of technology and automation. This had a profound impact on No.109208W) who were appointed as the Statutory Auditors of the
the morale and motivation of the employees who are the prime- Company at the 97th Annual General Meeting held on 31st July,
movers. The Company has succeeded in fostering a relationship 2017 for a term of five consecutive years commencing from the
with its employees which will help transform the organization. conclusion of the 97th Annual General Meeting till the conclusion of
the 102nd Annual General Meeting of the Company to be held in the
There is a well-calibrated mechanism to reward meritocracy. year 2022 would be completing their first term of five years at the
Learning and development initiatives for employees are geared to ensuing Annual General Meeting and are eligible for re-
enable all-round performance, both as individuals and as teams. appointment for a further period of five years.
There is a continuous effort to improve HR service delivery in order The Company has received confirmation from the Auditors to the
to better serve the customers with simple well executed processes effect that their appointment, if made, will be in accordance with the
with proper use of technology. limits specified under the Companies Act, 2013 and the firm satisfies
Encouraging cordial working relation and maintaining good the criteria specified in Section 141 of the Companies Act, 2013 read
industrial relations have been the philosophy and endeavour of the with Rule 4 of Companies (Audit & Auditors) Rules 2014.
76
BIRLA
CORPORATION
LIMITED
The Board of Directors based on the recommendation of the Audit which is annexed hereto and forms part of Directors’ Report. The
Committee at their Meeting held on 11th May, 2022, approved the Report is self-explanatory and do not call for any comments.
re-appointment of M/s. V. Sankar Aiyar & Co., Chartered Accountants
Further, the Board on the recommendation of the Audit Committee
as the Statutory Auditors of the Company for the second term of five
has appointed M/s. Mamta Binani & Associates, Company
(5) years i.e. from the conclusion of ensuing Annual General Meeting
Secretaries, to conduct secretarial audit of the Company for the
till the conclusion of the 107th Annual General Meeting of the
financial year 2022-2023.
Company to be held in the year 2027.
Pursuant to the provisions of Regulation 24A of SEBI (Listing
The Board is of the opinion that continuation of M/s V. Sankar Aiyar &
Obligations and Disclosure Requirements) Regulations, 2015, the
Co., as Statutory Auditors will be in the best interest of the Company
Secretarial Audit Report submitted by the Secretarial Auditor of
and therefore, recommends to the shareholders the re-
RCCPL Private Limited, a material subsidiary of the Company in
appointment of M/s V. Sankar Aiyar & Co., as the Statutory Auditors
terms of Regulation 16(1)(c) of the SEBI (Listing Obligations and
of the Company.
Disclosure Requirements) Regulations, 2015 has been given in
The Auditors’ Report and notes to the financial statements are self- “Annexure - E” which is annexed hereto and forms part of Directors’
explanatory and therefore do not call for any further Report.
comments/explanation.
There are no audit qualifications, adverse remarks or disclaimer in
Cost Records and Cost Auditors: the respective reports of the Statutory Auditors and Secretarial
Auditors for the year under review.
The Company is required to maintain cost records as specified by the
Central Government under Section 148(1) of the Act read with the None of the Auditors of the Company has reported any fraud as
Companies (Cost Records and Audit) Rules, 2014 and accordingly, specified under Section 143(12) of the Companies Act, 2013.
such accounts and records are made and maintained by the APPLICATION UNDER THE INSOLVENCY AND BANKRUPTCY
Company. CODE
The Board of Directors based on the recommendation of the Audit No application has been made under the Insolvency and
Committee has appointed M/s. Shome & Banerjee, (Firm Bankruptcy Code; hence the requirement to disclose the details of
Registration No. 000001), Cost Accountants, as the Cost Auditors of application made or any proceeding pending under the Insolvency
the Company for the financial year 2022-2023 for auditing the cost and Bankruptcy Code, 2016 during the year along with their status
records relating to cement, jute goods and steel products as at the end of the financial year is not applicable.
manufactured by the Company.
DIFFERENCE IN VALUATION
As required under Section 148(3) of the Companies Act, 2013, the
remuneration payable to the Cost Auditor, as approved by the There were no instance of one-time settlement with banks or
Board, is required to be placed before the Members in a general financial institutions and hence the differences in valuation as
meeting for their ratification and the same forms part of the notice enumerated under Rule 8 (5) (xii) of Companies (Accounts) Rules,
of the ensuing Annual General Meeting. 2014, as amended, do not arise.
M/s. Shome & Banerjee has confirmed that they are free from any COMPLIANCE WITH SECRETARIAL STANDARDS
disqualifications specified under Section 141(3) and proviso to The Company has complied with all the applicable provisions of
Section 148(3) read with Section 141(4) and all other applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the
provisions of the Companies Act, 2013 and their appointment Board of Directors’ and ‘General Meetings’, respectively, issued by
meets the requirements of Section 141(3)(g) of the Companies Act, the Institute of Company Secretaries of India.
2013. They have further confirmed their independent status and
arm’s length relationship with the Company. CAUTIONARY STATEMENT
The Company submits its Cost Audit Report with the Ministry of Statements in this Report, particularly those which relate to
Corporate Affairs within the stipulated time period. Management Discussion & Analysis, describing the Company’s
objectives, projections, estimates, expectations or predictions may
Secretarial Auditors: be ‘forward looking statements’ within the meaning of applicable
The Board of Directors on the recommendation of the Audit laws or regulations. Actual results could however differ materially
Committee had appointed M/s. Mamta Binani & Associates, from those expressed or implied. Important factors that could make a
Company Secretaries, to conduct secretarial audit of the Company difference to the Company’s operations include global and domestic
for the financial year 2021-2022. The Secretarial Audit Report for the demand-supply conditions, finished goods prices, raw materials and
financial year ended 31st March, 2022 is given in “Annexure - D” fuels cost & availability, transportation costs, changes in Government
77
regulations and tax structure, economic developments within India and The Directors regret the loss of life due to Covid-19 pandemic and
in the countries with which the Company has business contacts and are deeply grateful and have immense respect for every person who
other factors such as litigation and industrial relations. risked their life and safety to fight this pandemic.
APPRECIATION
The Directors would like to express their sincere appreciation for the For and on behalf of the Board of Directors
assistance and co-operation received by the Company from the
Government of India, State Governments, Financial Institutions,
Banks, Dealers, Customers, vendors and last but not the least, from Harsh V. Lodha Arvind Pathak
the Stakeholders. Chairman Managing Director &
Inspired by a vision, driven by values and powered by internal (DIN: 00394094) Chief Executive Officer
vitality, the Directors look forward to the future with confidence and (DIN: 00585588)
stand committed to creating an even brighter future for all Place: Kolkata
stakeholders. Dated, the 11th May, 2022
78
BIRLA
CORPORATION
LIMITED
ANNEXURE TO DIRECTORS’ REPORT (Contd.)

ANNEXURE - A
THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
[Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014]
Cement Jute Steel Foundry
A. Conservation of Energy
i) a) Energy Conservation Chanderia
measures taken 1 Upgradation of Pyro Circuit (Preheater, Tertiary Air Duct, 1 Installation of VFD at twisting 1 The conservation of energy is
kiln feed system, kiln burner and Reverse Air Bag machine and thereby replace- a continuous exercise. Trend of
House). ment of 2 nos of 30 Kw motors energy consumption is
2 Optimization of cement grinding at CCW - CM1. each with energy efficient regularly monitored and
motors of 15 Kw. remedial measures are
3 Installation of MV drive Panel for NCCW Raw Mill CA Fan . initiated to improve energy
2 Replacement of tubewell pump
4 Installation of VFD Panel for CCW limestone crusher BDC motor of 11 Kw with energy efficiency.
Fan. efficient motor of 7.5 Kw. 2 Control of metal heating
5 Grinding media regradation in CCW and BCW Cement 3 Discontinuation of compressor process temperature to
Mill. motor of 22 Kw on spreader optimize energy requirement.
6 Optimization in Raw Meal Grinding-CCW Raw Mill-2 machines by disconnecting 3 Efficiency improvement in
(Vertical Roller Mill). individual hydraulic system. cooling system leads to
7 Raw mix & fuel optimzation of CCW-1 Kiln. reduced energy consumption.
4 Optimize air requirement
Satna to improve efficiency of
1 Installation of VFD for trapped water pump at WHRS. compressor.
2 Upgradation of cooling water pump motor with VFD
(2 Nos).
3 Rotary air lock installation in place of trickle valve .
Durgapur
1 Installation of 55 KW VFD at Packer-5 main BDC Fan for
replacing damper control.
2 Installation of AIRTRON energy saver controller at Roller
Press MCC-2 and DCW MCC-1&2.
3 Installation of Brushless Direct Current (BLDC) fan in
plant area replacing conventional ceiling fans.
4 Installation of LED light fittings in plant area replacing
conventional lights.
Raebareli
1 Reduction in electricity contract demand of RHTC Plant
from 2 MVA to 1.5 MVA .
2 Installation of individual energy meters at Compressors.
3 Utilization of Solar Power at RHTC and RCW unit.
4 Installation of capacitor bank (Automatic Power Factor
Correction - APFC Panel) for improvement of power
factor.
b) Impact on conservation of Chanderia
energy 1 Increase in production as well as reduction in specific Reduction in power –
heat and specific power consumption. consumption.
2 After this modification saving in specific heat consump-
tion of 5 - 8 Kcal/kg of clinker.
3 Savings of 70 kwh by installing MVAC drive instead of
Slip Power Recovery System (SPRS), CA Fan.
4 Installation of VFD drive to achieve 30 kwh power
saving.
5 Reduction in power consumption in all grade of cement
(OPC, PPC etc).
6 Reduced power consumption of raw meal grinding in
CCW RM-2 (VRM) through optimization.
7 Reduced clinker thermal energy consumption of CCW-1
Kiln by plant optimization, raw mix/fuel optimization.
79

Satna – –
Energy saving of approx 2.85 Lakhs units per year.
Durgapur
Saving of power consumption by approx 28.2 kwh.
Raebareli
1 By reducing electricity Contract Demand there is a
saving of approx ` 1.0 Lakh per month.
2 Identify issue and accordingly remedial measures taken
to reduce the compressed power of individual
compressor.
3 RHTC plant utilized approx 6.42 Lakhs Unit solar energy,
resulting reduction of carbon footprint.
4 RCW plant utilized approx 71.60 Lakhs Unit solar energy,
resulting reduction of carbon footprint.
5 Improved power factor and saving in energy
consumption.
ii) Steps in utilization of 1 AFR used in kiln in both Satna & Chanderia Plant which – –
alternate sources of energy includes Carbon Black, Waste mix solids, ETP sludge,
Mustard husk, TDI Tar, Industrial waste, Non hazardous
waste and replacing fossil fuel in sustainable manner.
2 Liquid waste fuel firing to NCCW calciner.
3 Modification in CCW & NCCW firing system for dosing of
carbon black.
4 WHRS system is operating in both Satna & Chanderia
Unit for power generation from waste flue gas.
5 Sourcing renewable energy from captive solar power
plant at both Satna & Chanderia.
6 Sourcing renewable energy from group captive solar
power plant at Raebareli.
iii) Capital investment on energy `250 Lakhs `2.80 Lakhs –

conservation equipments
B. Technology Absorption
Research & Development
i) Specification of 1 Replacement of twin lobe roots blowers with turbo 1 Automatic centralised lubrica- –
Technology absorption blowers for NCCW kiln & calciner firing. tion system in 31 nos. Drawing
and/or R&D Machines.
2 Installation of 500 KVAR Automatic Power Factor
Correction Capacitor( APFC ) Panel at CCW. 2 Installed automatic six headed
3 Upgradation of PC of AAQMS & CEMS System (SCW & screen printing machine with 3
BVC). dryers.
4 RM Ball Mill Osepa DC drive upgradation in BVC. 3 Technology absorbed for

creating hair free, smooth
5 Upgradation of Motor & Starters for KGK-4 Compressor surfaced jute fabric.
in SCW.
6 Upgradation of existing Generation-1 LRS (Liquid Resis-
tance Starter) with vapromatic LRS.
7 OTIS lift electric control system upgradation for both
SCW & BVC.
8 Installation of Preheater fan 2300 kw new HT motor.
9 Installation of Dense Phase system to convey the coarse
fly ash from RHTC coarse silo to RCW Fly ash Silo.
10 Installation of water harvesting system in RHTC.
80
BIRLA
CORPORATION
LIMITED
ii) Benefits 1 After installation of turbo blowers for kiln and calciner 1 Optimise lubricants consump- –
firing, saving in specific power consumption of Plant has tion and thereby reducing cost.
been observed.
2 Improved overall lubrication of
2 Improvement in power factor correction during lesser machinery and thereby lower
loading on grid supply. wear & tear of spares.
3 Upgraded with the latest software for smooth & fast
operation. 3 Reduced down time for lubri-
cation.
4 Upgraded panel with a controlled rectifier unit
improves the control of DC voltage & current. 4 Higher productivity in printing.
5 Reduce stoppage due to frequent starter problem and 5 Microprocessor based touch
maintenance. screen system ensures precise
6 Improve reliability of system and reduce stoppages. operation and accurancy in
printing.
7 Upgraded system having much reliable protection &
safety features.
8 Upgraded squirrel cage motor to increase efficiency &
reliability.
9 Improved plant safety by avoiding bulker movement
within plant premises and also achieved dust free & cost
effective material transfer.
10 Maintaining ground water level good and conservation
of water.
C. Foreign Exchange Earning &

Outgo
i) Total Foreign Exchange `14,144.75 Lakhs
used -
ii) Total Foreign Exchange `7,436.23 Lakhs
earned (including export
in INR)
Note: Excludes borrowings and repayments in Foreign Currency.
For and on behalf of the Board of Directors
Harsh V. Lodha Arvind Pathak

Chairman Managing Director &
Place: Kolkata (DIN: 00394094) Chief Executive Officer
Dated, the 11th May, 2022 (DIN: 00585588)
81
ANNEXURE – B
ANNUAL REPORT ON CSR ACTIVITIES

FOR THE FINANCIAL YEAR 2021-2022
1. Brief outline on CSR Policy of the Company:
As per the provisions of the Companies Act, 2013 and Rules framed thereunder, the Company has formulated its Corporate Social
Responsibility (CSR) policy to contribute to economic development in different ways to ensure the economically disadvantaged
section of society is benefited. The Company believes in undertaking business in a way that will lead to overall development of all
stakeholders and society. The CSR initiatives are steered by the guiding principle of sensitivity to the needs of the people, enhancing
the quality of their lives and protection of the environment.
The Company’s CSR Programs are directed mainly in the areas of Education, Healthcare, Water, Environmental Sustainability, Women
Empowerment, Enhancement of livelihood and Rural Development. While planning the CSR activities the needs of the people are
taken into account and people living around the places where our manufacturing operations are carried out, are consulted. Greater
emphasis is laid on activities for preventive healthcare, education of poor children, water facility, rural infrastructure development,
cleanliness and enhancing the income of the poor people. The Company has undertaken the CSR activities directly through its staff
with support from reputed NGOs and also through Madhav Prasad Priyamvada Birla Apex Charitable Trust.
2. Composition of CSR Committee:
Sl. Name of Director Designation/Nature of Number of Number of meetings
No. Directorship meetings of CSR of CSR Committee
Committee held attended during
during the year the year
1 Shri Harsh V. Lodha Chairman 2 2
(Non-Independent Non-Executive
Director)
2 Shri Vikram Swarup Member (Independent Director) 2 2
3 Shri Brij Behari Tandon Member (Independent Director) 2 1
4 Shri Dhruba Narayan Ghosh Member (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:
The Composition of CSR Committee, CSR Policy and CSR projects approved by the Board are placed on the website of the Company and
the web-link for the same is as under:
Particulars Web-link of the website
Composition of CSR Committee https://www.birlacorporation.com/board-committees.html
CSR Policy https://www.birlacorporation.com/investors/policies/csr-policy.pdf
CSR projects approved by the Board https://www.birlacorporation.com/csr.html
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):
Not Applicable
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. No. Financial Year Amount available for set-off Amount required to be set-off
from preceding financial years for the financial year, if any
(in ` Lakhs) (in ` Lakhs)
1 2020-2021 25.13 5.34
82
BIRLA
CORPORATION
LIMITED
6. Average net profit of the Company as per Section 135(5): `33,480.90 Lakhs
7. (a) Two percent of average net profit of the Company as per Section 135(5): `669.62 Lakhs
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(c) Amount required to be set off for the financial year, if any: `5.34 Lakhs
(d) Total CSR obligation for the financial year (7a+7b-7c): `664.28 Lakhs
8. (a) CSR amount spent or unspent for the financial year:
Amount Unspent (in `)

Total Amount Total Amount transferred to Amount transferred to any fund specified
Spent for the Unspent CSR Account as per under Schedule VII as per second proviso
Financial Year Section 135(6) to Section 135(5)
(in ` Lakhs)
Amount Date of transfer Name of the Fund Amount Date of transfer
664.28 NA NA NA NA NA
(b) Details of CSR amount spent against ongoing projects for the financial year:
There are no ongoing projects against which CSR amount has been spent during the financial year 2021-2022.
(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 of the Project/ Item from the list Local Area Location of the Project Amount Spent Mode of Mode of Implementation-
No. Programme of activities in (Yes/ No) (State/ District) for the Project Implemen- Through implementing
schedule VII to (in ` Lakhs) tation- agency (Name, CSR
the Act Direct Registration Number)
(Yes/No)
1 l Provide healthcare services to Health Care, Both 1. Shahdol 50.77 Yes –
under privileged patients by Hygiene & (Madhya Pradesh)
supporting basic health Sanitation 2. Chhindwara 220.45 No l Madhav Prasad
infrastructure and health care (Madhya Pradesh) Priyamvada Birla Apex
services to Hospital. 3. Chittorgarh Charitable Trust
l Promoting healthcare including (Rajasthan) (CSR00014506)
preventive health care, hygiene 4. Raebareli l Vishwas Sansthan
and sanitation among (Uttar Pradesh) (CSR00000960)
communities. 5. Satna l Shamayita Math
l Free eye check-up camps and (Madhya Pradesh) (CSR00000552)
surgeries for the under 6. Durgapur l Socio Economic Reforms
privileged in the communities (West Bengal) by Voluntary Efforts
and infrastructure support (CSR00001496)
for it. l Priyanshi Educational,
l Making available of safe Cultural and Social
drinking water in communities Society (CSR00000450)
by supplying water tankers,
setting up new water sources
and strengthening existing
water sources.
l Mother and Child health care,
adolescent health care, infant
and child health and nutritional
program for mothers and child.
l Support and strengthen
existing government health
infrastructure in the communities.
l Create mass awareness on Health,
Hygiene & Sanitation in
communities by organising
different extension services.
83
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. Name of the Project/ Item from the list Local Area Location of the Project Amount Spent Mode of Mode of Implementation-
No Programme of activities in (Yes/ No) (State/ District) for the Project Implemen- Through implementing
(Yes/No)
2 COVID-19 Alleviating Program Disaster Yes 1. Shahdol 89.89 Yes -

l Supply dry and cooked food to Management (Madhya Pradesh)
the migrant labour and villagers 2. Gaya (Bihar) 1.01 No Vishwas Sansthan
and support to the community 3. Chittorgarh (CSR00000960)
kitchen in villages during the (Rajasthan)
second and third wave of 4. Raebareli
COVID-19 pandemic. (Uttar Pradesh)
l Support villages/panchayats 5. Satna
quarantine centres. (Madhya Pradesh)
l Free distribution of masks & 6. Durgapur
sanitizers in communities. (West Bengal)
l Create awareness on COVID-19
among community through
different promotional method.
l Provide safety kits, sanitizers to
the Covid warriors in the Covid
hospitals and district
administration.
3 l Enhance the quality of education Promote Yes 1. Shahdol 101.22 Yes -

by strengthening Government Education (Madhya Pradesh)
School's Infrastructure in villages. 2. Gaya (Bihar) 6.05 No l Vishwas Sansthan
l Running primary school for under 3. Chittorgarh (CSR00000960)
privileged children in community. (Rajasthan) l Priyanshi Educational,
l Enhance the quality of education 4. Raebareli Cultural and Social
by promoting technology in the (Uttar Pradesh) Society
Government High Schools in 5. Satna (CSR00000450)
villages. (Madhya Pradesh)
l Provide scholarship to the under 6. Durgapur
privileged meritorious students (West Bengal)
for their higher education.
4 Women empowerment Women Yes 1. Chittorgarh 0.54 Yes -

through organising and Empowerment (Rajasthan)
imparting skill 2. Raebareli 16.08 No l Vishwas Sansthan
development trainings, (Uttar Pradesh) (CSR00000960)
set up micro enterprise 3. Durgapur l Priyanshi Educational,
activities, supporting Self (West Bengal) Cultural and Social
Help Groups in Society
communities and create (CSR00000450)
awareness on Women l Shamayita Math
Safety. (CSR00000552)
5 Enhance the income of Livelihood & Yes 1. Shahdol 7.02 Yes -

farmers through different Environmental (Madhya Pradesh)
Sustainable Agriculture Sustainability, 2. Gaya (Bihar) 70.26 No l Manas Foundation
practices, Horticulture Natural 3. Chittorgarh (CSR00013456)
development Program and Resource (Rajasthan) l BAIF Institute for
improved animal Management 4. Satna Sustainable
Husbandry practices in (Madhya Pradesh) Livelihoods and
villages. Social Forestry 5. Durgapur Development
Program. (West Bengal) (CSR00000259)
l Jagrati Yuwa
Manch Sanstha
(CSR00008731)
l Socio Economic
Reforms by
Voluntary Efforts
(CSR00001496)
l Sarv Mangal
Gramin Vikas
Sansthan
(CSR00000154)
84
BIRLA
CORPORATION
LIMITED
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. Name of the Project/ Item from the list Local Area Location of the Project Amount Spent Mode of Mode of Implementation-
No Programme of activities in (Yes/ No) (State/ District) for the Project Implemen- Through implementing
(Yes/No)
6 l Developing community Rural Yes 1. Shahdol 83.20 Yes -

infrastructure through the Development (Madhya Pradesh)
construction and repair of Projects 2. Chhindwara
road and rainwater (Madhya Pradesh)
harvesting. 3. Chittorgarh
(Rajasthan)
l Refurbishment of the 4. Raebareli
school buildings, build (Uttar Pradesh)
community centres, 5. Satna
improve drainage systems (Madhya Pradesh)
in villages. 6. Durgapur
(West Bengal)
7. Gaya (Bihar)
7 Setting up Old Age Home & Old Age Yes 1. Raebareli 16.12 Yes -
Orphanage, setting up Homes, (Uttar Pradesh)
public libraries and Orphanage 2. Gaya (Bihar)
development of traditional and Rural 3. Chittorgarh
arts & culture, promotion & sports (Rajasthan)
development of rural sports. 4. Satna
(Madhya Pradesh)
5. Durgapur
(West Bengal)
Total 662.61
(d) Amount spent in administrative Overheads: `1.67 Lakhs

(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f) Total amount spent for the financial Year (8b+8c+8d+8e): `664.28 Lakhs
(g) Excess amount for set off, if any:
Sl.No. Particular Amount (in ` Lakhs)

(i) Two percent of average net profit of the company as per Section 135(5) 669.62
(ii) Total amount spent for the financial year 669.62
(iii) Excess amount spent for the financial year [(ii)-(i)] Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of Nil
the previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil
9. (a) Details of Unspent CSR amount for the preceding three financial years: Nil
(b) Details of CSR amount spent in the financial year for ongoing projects of preceding financial year(s): Nil
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. (Asset-wise details)
(a) Date of Creation or acquisition of the capital asset(s) - Not Applicable
(b) Amount of CSR Spent for creation or acquisition of capital asset - Not Applicable
85
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address
etc. - Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset) -
Not Applicable
11. Specify the reason (s), if the company has failed to spend two per cent of the average net profit as per the Section 135 (5) -
Not Applicable

Chairman of the CSR Committee Managing Director &
86
BIRLA
CORPORATION
LIMITED

ANNEXURE – C
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE

COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
(i) The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary during the financial year
2021-2022 and ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the
financial year 2021-2022:
Sl. Name of Director(s)/ Designation Ratio of remuneration of each % increase in
No. KMPs Director to median Remuneration in the
remuneration of employees ** FY 2021-2022
01. Shri Arvind Pathak Managing Director & 178.22 N.A.#
Chief Executive Officer
02. Shri Pracheta Majumdar* Wholetime Director designated - -
as Chief Management Advisor
03. Shri Aditya Saraogi Chief Financial Officer N.A. 16.08%
04. Shri Manoj Kumar Mehta Company Secretary & N.A. 16.22%
Legal Head
# Appointed w.e.f. 31st March, 2021, therefore % increment in the FY 2021-2022 is not applicable.
* Ceased to be the Wholetime Director of the Company w.e.f. 20th May, 2021.
** The median remuneration of employees of the Company during the financial year 2021-2022 was `2.41 Lakhs.
Notes:
a. The ratio of remuneration to Median Remuneration is provided only for those Directors who have drawn remuneration from the
Company for the full financial year 2021-2022.
b. For the purpose of computation of increase in remuneration, incentive remuneration has been considered based on accruals and
payments relating to earlier years have been excluded.
c. The Non-Executive Directors of the Company are entitled for sitting fees and commission as per the statutory provisions and within the
limits approved by the Members. The details of sitting fees and commission paid to the Non-Executive Directors are provided in the
Report on Corporate Governance.
(ii) There was an increase of 1.13% in the median remuneration of employees during the financial year 2021-2022.
(iii) There were 7,184 permanent employees on the rolls of Company as on 31st March, 2022.
(iv) Average percentage increase made in the salaries of employees other than the managerial personnel in the financial year i.e. 2021-
2022 was 6.33% whereas the increase in the managerial remuneration for the same financial year was 17.13%.
Average increase in the remuneration of the employees other than the Managerial Personnel and that of the managerial personnel
depends upon the factors like industry standards, individual performance etc. during the year.
(v) It is hereby affirmed that the remuneration paid during the year ended 31st March, 2022 is as per the Nomination and Remuneration
Policy of the Company.

Chairman Managing Director &
87
ANNEXURE – D
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31.03.2022
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To
The Members
Birla Building
9/1, R N Mukherjee Road
Kolkata 700001
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by Birla Corporation Limited (hereinafter called the Company), bearing CIN: L01132WB1919PLC003334. The 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 and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India
warranted due to the spread of the Covid 19 pandemic, we hereby report that in our opinion, the Company has, during the audit period
covering the financial year ended on 31st March, 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 31st March 2022, to the extent applicable, 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 there under;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings;
v. The Investor Education and Protection Fund Authority Rules, 2016;
vi. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’), to the
extent applicable:
(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 (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
(e) 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;
(f ) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) 2015; and
(g) The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.
vii. The other laws applicable specifically to the Cement/Jute/Iron & Steel division of the Company, namely:
(a) Mineral Conservation and Development Rules, 2017
(b) The Mines and Minerals (Development and Regulation) Act, 1957
(c) The Explosive Rules, 2008
(d) Ammonium Nitrate Rules, 2012
(e) The Environment (Protection) Act, 1986
88
BIRLA
CORPORATION
LIMITED
(f ) The Limestone and Dolomite Mines Labour Welfare Fund Act, 1972
(g) Indian Electricity Rules, 1956
(h) The Jute Packaging Materials (Compulsory Use in Packing Commodities) Act, 1987
(i) The Jute Manufactures Cess Act, 1983
(j) The National Jute Board Act, 2008
(k) The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
(l) The West Bengal Factories Rules, 1958
(m) West Bengal Labour Welfare Fund Act, 1974 & Rules 1976
(n) Contract Labour (R&A) Act, 1970
We have also examined compliance of Secretarial Standards issued by The Institute of Company Secretaries of India.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
mentioned herein 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 had been given to all the Directors to schedule the Board Meetings (including meetings of the Committees), agenda and
detailed notes on agenda were sent at least seven days in advance except in one case of the Board meeting dated 18th January 2022 was
conducted at a shorter notice with the consent of all the Directors and in presence of independent director of the Company and all the
provisions with regard to conducting meeting at a shorter notice was duly complied with. A system exists for seeking and obtaining further
information and clarification on the agenda items before the meeting and for meaningful participation at the meeting.
As per the minutes of the meetings duly recorded and signed by the Chairman, the decisions of the Board were unanimous and therefore
there were no dissenting views that were required to be recorded.
We further report that during the audit period the Company has redeemed 1500 Secured Redeemable Non-Convertible Debentures (‘NCD’)
Series- V of Rs.10,00,000 each at an interest rate of 9.15% p.a. The full redemption money along with the interest @9.15% p.a. due on 18th
August, 2021 has been paid to NCD holders and the Company has duly complied with applicable laws, rules, regulations and guidelines, with
respect to the said redemption.
We further report that during the audit period the Company has issued and Listed 1500 Secured Redeemable Non-Convertible Debentures
Series- IX of Rs.10,00,000 each at an interest rate of 5.75% p.a payable monthly, on a private placement basis and the Company has taken all
the necessary approvals and duly complied with applicable laws, rules, regulations and guidelines, with respect to the said issuance.
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 there were no investments/disinvestments made by the Company having a major bearing on
the Company’s affairs. The details are given as under:
1. Details of investments of the Company in other companies resulting which a subsidiary company has been formed:
No
2. Company/Bodies Corporate which has become associate:
No
3. Company which has become Joint Venture:
No
For Mamta Binani & Associates
CS Madhuri Pandey
Partner
CP No. : 20723
Date: 11.05.2022 Membership No.: A55836
Place: Kolkata UDIN: A055836D000383559
89
Annexure-E
FORM NO. MR-3
SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2022
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To
The Members of
Industry House, 2nd Floor
159, Churchgate Reclamation
Mumbai - 400 020
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices
by RCCPL Private Limited (hereinafter called “the Company”) bearing CIN: U26940MH2007PTC173458. The Secretarial Audit was
conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing
my opinion thereon.
Based on my verification of the books, papers, minute books, forms and returns filed and other records maintained by the Company and also
based on the information provided by the Company, its officers, agents and authorized representatives during the conduct of Secretarial
Audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2022
(“Audit Period”) 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.
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial
year ended on 31st March, 2022, to the extent applicable, according to the provisions of:
(i) The Companies Act, 2013 (“the Act”) and the rules made thereunder;
(ii) 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;
(iii) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015*;
(iv) The Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015**;
*The Company being a ‘material subsidiary’ of Birla Corporation Limited (BCL) as defined in Regulation 16(1)(c) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, certain employees of the Company have been categorized as
Designated Persons and are covered by BCL’s Code of Conduct framed under the Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 2015.
**The Company has not entered into any listing agreement with the Stock Exchanges.
(v) Other applicable laws generally applicable to the Industry/Company.
a) The Factories Act, 1948;
b) The Payment of Wages Act, 1936;
c) The Minimum Wages Act, 1948;
d) The Payment of Gratuity Act, 1972;
e) The Mines Act, 1952;
f) The Mines and Minerals (Development and Regulation) Act, 1957 and its amendment Act, 2015;
90
BIRLA
CORPORATION
LIMITED
g) The Explosives Rules, 2008;

h) Ammonium Nitrate Rules, 2012;
i) The Limestone and Dolomites Mines Labour Welfare Fund Act, 1972;
j) The Child Labour (Prohibition& Regulations) Act, 1986;
k) The Environment (Protection) Act, 1986, read with the Environment (Protection) Rules, 1986;
l) The Water (Prevention & Control of Pollution) Act, 1974, read with Water (Prevention & Control of Pollution) Rules, 1975;
m) The Air (Prevention & Control of Pollution) Act, 1981 read with Air (Prevention & Control of Pollution) Rules, 1982;
n) Contract Labour (Regulation & Abolition) Act, 1970;
o) The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952;
p) The Limestone and Dolomites Mines Labour Welfare Fund Act, 1972.
I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standard-I and II issued by the Institute of Company Secretaries of India;
and
(ii) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as the
Company is a ‘material unlisted subsidiary’ of Birla Corporation Limited (BCL), listed on BSE Limited and National Stock
Exchange of India Limited.
During the period under review the Company has generally complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards etc. mentioned above to the extent applicable.
In respect of other laws specifically applicable to the Company, I have relied in information/records produced by the Company during the
course of my audit and the reporting is limited to that extent.
I 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/committee meetings agenda and detailed notes on agenda were
sent at least seven days in advance 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
As per the minutes of the meetings duly recorded and signed by the Chairman, the decisions of the Board were unanimous and therefore
there were no dissenting views that were required to be recorded.
I further report that there are adequate systems and processes in place in the Company which is commensurate with its size and operations,
to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
I further report that during the audit period, the Equity and Preference Shareholders of the Company at their Extraordinary General
Meeting and a Separate Class Meeting held on 7th December, 2021 accorded their consent to extend the maturity period of Preference
Shares from existing period of 5 years to 6 years i.e., till 21st December, 2022.
Rajesh Ghorawat
Practising Company Secretary
M. No.: F7226
C.P. No.: 20897
Place: Kolkata UDIN: F007226D000290377
Date: 9th May, 2022 ICSI Peer Review No.: 1992/2022
91
ANNEXURE A
To
The Members of
M/s. RCCPL Private Limited
Industry House, 2nd Floor
159, Churchgate Reclamation
Mumbai – 400020
My report of even date is to be read along with this letter.

1. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an opinion
on these secretarial records based on my audit.
2. I 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 test basis to ensure that correct facts are reflected in secretarial records.
I believe that the processes and practices, followed by me provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, I 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. My examination was limited to the verification of procedures on 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.
Rajesh Ghorawat
Practising Company Secretary
M. No.: F7226
C.P. No.: 20897
Place: Kolkata UDIN: F007226D000290377
Date: 9th May, 2022 ICSI Peer Review No.: 1992/2022
92
BIRLA
CORPORATION
LIMITED
BUSINESS RESPONSIBILITY REPORT 2021-2022
The Directors present the Business Responsibility Report of the Company for the financial year ended on 31st March, 2022, pursuant to
Regulation 34(2)(f ) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Adoption of responsible business practices in the interest of the social set-up and the environment are as vital as their financial and
operational performance. This is all the more relevant for listed entities which, considering the fact that they have accessed funds from the
public, have an element of public interest involved, and are obligated to make exhaustive continuous disclosures on a regular basis. This
Business Responsibility Report is a testament to our accountability towards creating enduring value for all stakeholders in a responsible
manner. In line with SEBI’s proposed index and the nine principles of the Government of India’s ‘National Voluntary Guidelines on Social,
Environmental and Economic Responsibilities of Business’, the report summarises our efforts to conduct business with responsibility.
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY
1 Corporate Identity Number (CIN) of the Company L01132WB1919PLC003334
2 Name of the Company Birla Corporation Limited
3 Registered address 9/1, R N Mukherjee Road, Birla Building,
Kolkata -700001
4 Website www.birlacorporation.com
5 E-mail id [email protected]
6 Financial Year reported 1st April, 2021 to 31st March, 2022
7 Sector(s) that the Company is engaged in (industrial Details of major Products
activity code-wise)
Group Class Sub Class Description
239 2394 23941 Manufacturing of Clinker and
23942 Cement.
131 1313 13135 Manufacturing of Jute Goods.
8 List three key products/ services that the Company (i) The Company manufactures cement of various kinds viz. Ordinary
manufactures/ provides (as in balance sheet) Portland Cement, Portland Pozzolana Cement and Portland Slag
Cement.
(ii) The Company also manufactures Jute Goods.
9 Total number of locations where business activity is (a) Number of International Locations (Provide details of major 5)- Nil
undertaken by the Company (b) Number of National Locations:
2 Integrated Cement Units, 2 Grinding Units, 1 Blending Unit,
1 Jute Mill, 1 Steel Foundry, Registered Office and Corporate Office
& Regional Sales Offices in various States.
10 Markets served by the Company – Local/State/ Local/State/National/International
National/International
Local State National International
Yes Yes Yes Yes
SECTION B: FINANCIAL DETAILS OF THE COMPANY
1 Paid up Capital (INR) `77.01 crores

2 Total Turnover (INR) `4790.93 crores
3 Total profit after taxes (INR) `202.92 crores
4 Total Spending on Corporate Social Responsibility (CSR) During the year 2021-2022, an amount of `669.62 Lakhs was spent on
as percentage of profit after tax (%) CSR activities. This represents the statutory limit of 2% of average net
profit for three financial years immediately preceding the financial year
2021-2022.
93
BUSINESS RESPONSIBILITY REPORT 2021-2022 (Contd.)
5 List of activities in which expenditure in 4 above has 1. Health Care activities

been incurred:- 2. Educational Initiatives
3. Disaster Management (Covid-19 pandemic)
4. Livelihood & Women Empowerment
5. Livestock Development
6. Sustainable Agricultural Programme
7. Rural Development Program
SECTION C: OTHER DETAILS
1. Does the Company have any Subsidiary Company/ Companies?
Yes, as on 31st March, 2022, the Company has 7 (Seven) Subsidiary Companies, viz. RCCPL Private Limited (material subsidiary), Lok
Cement Limited, Talavadi Cements Limited, Birla Jute Supply Company Limited, Budge Budge Floorcoverings Limited, Birla Cement
(Assam) Ltd. and M.P. Birla Group Services Pvt. Ltd.
2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, then indicate the
number of such subsidiary company(s)
The Business Responsibility initiatives of the Company apply to its material subsidiary.
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR
initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than 30%, 30-60%, More than
60%]
Other entities viz. suppliers, distributors etc. with whom the Company does business, do not participate in the Business Responsibility
initiatives of the Company.
SECTION D: BR INFORMATION
1. Details of Director/ Directors responsible for BR
a) Details of the Director/ Directors responsible for implementation of the BR policy/ policies
1 DIN Number 00585588
2 Name Shri Arvind Pathak
3 Designation Managing Director & Chief Executive Officer
b) Details of the BR head

No. Particulars Details
1 DIN Number (if applicable) 00585588
2 Name Shri Arvind Pathak
3 Designation Managing Director & Chief Executive Officer
4 Telephone Number (033) 6603-3300
5 E-mail ID [email protected]
94
BIRLA
CORPORATION
LIMITED
2. Principle-wise (as per NVGs) BR Policy/policies

a) Details of compliance (Reply in Y/N)
The Nine principles as per BRR are as given below:-
P1 Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle.
P3 Businesses should promote the well-being of all employees.
P4 Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are
disadvantaged, vulnerable and marginalised.
P5 Businesses should respect and promote human rights.
P6 Businesses should respect, protect, and make efforts to restore the environment.
P7 Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner.
P8 Businesses should support inclusive growth and equitable development.
P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner.
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy/ policies for Y Y Y Y Y Y Y Y Y
2 Has the policy being formulated in consultation Y Y Y Y Y Y Y Y Y
with the relevant stakeholders?
3 Does the policy conform to any national / The policies are based on the ‘National Voluntary Guidelines
international standards? If yes, specify? (50 words) on Social, Environmental and Economic Responsibilities of
Business’ released by the Ministry of Corporate Affairs.
4 Has the policy being approved by the Board? Y Y Y Y Y Y Y Y Y
Is yes, has it been signed by MD/ owner/ CEO/
appropriate Board Director?
5 Does the company have a specified committee Y Y Y Y Y Y Y Y Y
of the Board / Director / Official to oversee the
implementation of the policy?
6 Indicate the link for the policy to be viewed online? Copy of the policy will be made available on receipt of written
request from a stakeholder.
7 Has the policy been formally communicated to all The policy has been communicated to key internal
relevant internal and external stakeholders? stakeholders of the Company.
8 Does the company have in-house structure to Y Y Y Y Y Y Y Y Y
implement the policy/ policies.
9 Does the Company have a grievance redressal Y Y Y Y Y Y Y Y Y
mechanism related to the policy / policies to
address stakeholders’ grievances related to the
policy/ policies?
10 Has the company carried out independent audit/ The policies are evaluated internally from time to time and
evaluation of the working of this policy by an updated whenever required.
internal or external agency?
95
b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The company has not understood the Principles
2 The company is not at a stage where it finds itself in
a position to formulate and implement the policies
on specified principles
3 The company does not have financial or manpower Not Applicable
resources available for the task
4 It is planned to be done within next 6 months
5 It is planned to be done within next 1 year
6 Any other reason (please specify)
3. Governance related to BR
a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance of
the Company. Within 3 months, 3-6 months, Annually, More than 1 year.
BR performance of the Company is assessed annually.
b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently
it is published?
The Company prepares Business Responsibility Report annually. The Business Responsibility Report is part of this Annual Report
and the same is also placed on the website of the Company at www.birlacorporation.com.
SECTION E: PRINCIPLE-WISE PERFORMANCE
PRINCIPLE 1: BUSINESSES SHOULD CONDUCT AND GOVERN THEMSELVES WITH ETHICS, TRANSPARENCY AND ACCOUNTABILITY
1. Does the policy relating to ethics, bribery and corruption cover only the company? Yes/ No. Does it extend to the Group/Joint
Ventures/ Suppliers/Contractors/NGOs /Others?
Corporate Governance is of utmost importance to the organization and it is an integral part of the management practices and
operations. All the Directors and Senior Management of the Company come under the purview of the Company’s Code of Conduct.
Further to maintain higher ethical standards, a Whistle Blower Policy/ Vigil Mechanism is also in place to provide opportunity to all
stakeholders to report any concerns/issues/incidents about unethical behaviour, actual or suspected fraud or violation of the code of
conduct or policies.
2. How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily
resolved by the management? If so, provide details thereof, in about 50 words or so.
During the financial year 2021-2022, the Company has received 2 (Two) complaints from the shareholders which were resolved by the
management.
PRINCIPLE 2: BUSINESSES SHOULD PROVIDE GOODS AND SERVICES THAT ARE SAFE AND CONTRIBUTE TO SUSTAINABILITY
THROUGHOUT THEIR LIFE CYCLE
1. List up to 3 of your products or services whose design has incorporated social or environmental concerns, risks and/or
opportunities.
The Company understands its obligations on social and environmental concerns, risks and opportunities. The Company has adopted
latest technology in manufacturing process and focusses on developing products that are environment friendly, utilising waste by
product from other industries. The Company also utilises waste heat of clinkerization process for power generation by installation of
Waste Heat Recovery System (WHRS). This helps into reduction of carbon footprint and making the plant more energy efficient.
The Company’s major product range comprises of blended cements which include Portland Pozzolana Cement (PPC) and Portland Slag
Cement (PSC). Fly ash from waste from Thermal Power Plant is used in PPC and also Slag waste from steel industry is used in PSC.
Another product is Pozzolana Composite Cement (PCC) in which both fly ash and slag are used.
96
BIRLA
CORPORATION
LIMITED
For conservation of fossil fuel, Company is using alternate fuel sourced from waste of different sectors. Agricultural waste, industrial
waste, hazardous & non-hazardous waste are used in different form (solid/liquid) to the extent of availability.
The Company is focusing on green energy to reduce carbon footprint by installation of Solar Power Plants in different location for
captive consumption.
2. For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of
product (optional):
(a) Reduction during sourcing/production/ distribution achieved since the previous year throughout the value chain?
The Company is committed to environment protection, climate change and taking lot of initiatives to reduce carbon footprint. As
a part of promoting renewal energy, the Company has installed Waste Heat Recovery System (WHRS) and Solar Power Plant at
Satna and Chanderia units. The Company is always promoting energy efficient technology to ensure lower energy consumption.
The Company, as a part of conserving natural resources and reduce energy consumption, consumes industrial waste by-products
like fly ash, steel slag in the cement manufacturing process, which reduces greenhouse gas emission. The Company has installed
Solar Power Plants at different factories for increasing share of renewable power in captive power consumption. For further
details, please refer to Annexure – ‘A’ to the Directors’ Report covering inter-alia, details of Conservation of Energy.
(b) Reduction during usage by consumers (energy, water) has been achieved since the previous year?
The Company’s products are used by variety of consumers and it is neither feasible to measure reduction in the usage (energy,
water) nor available with the Company. However, at plant level the Company is taking various measures to reduce energy and
water as explained under Sl. No. 2(a) above.
The Company has also installed effluent treatment plant for recycling waste water and use the same for plantation, dust
suppression etc.
3. Does the company have procedures in place for sustainable sourcing (including transportation)?
(a) If yes, what percentage of your inputs was sourced sustainably? Also, provide details thereof, in about 50 words or so.
The Company’s main raw material, is sourced mostly through its own mines, situated close to the plants. These are transported
through long belt conveyors/ropeway. Most of the Company’s inward bulk materials are sourced from nearby areas in a
sustainable manner.
The Company has its own slag processing (granulation) plant near to steel plant and procure fly ash and slag from nearby areas as
much as possible. The Company has started sourcing fly ash through rail wagon for sustainable sourcing.
The Company is using Alternate Fuel (bio mass, plastic wastes, co-processed industrial waste, hazardous & non-hazardous waste)
to replace part of fossil fuel, in a sustainable manner.
4. Has the company taken any steps to procure goods and services from local & small producers, including communities
surrounding their place of work?
(a) If yes, what steps have been taken to improve their capacity and capability of local and small vendors?
The Company encourages local vendors to supply its regular needs. The Company also encourages procurement of goods and
services from SME & MSME vendors and contributes in their overall development. Services like general maintenance, small repairs
job, catering, housekeeping, horticulture and other various work are sourced from local contractor/workforce.
The Company has trained and developed local contractors to meet its repair and maintenance needs as much as possible. These
contractors employ workmen mostly from local villages. Company also provides training for skill development, safety measure
and environment issues to workmen of these vendor/contractor for better growth led to overall well-being of their employees.
5. Does the company have a mechanism to recycle products and waste? If yes, what is the percentage of recycling of products and
waste (separately as <5%, 5-10%, >10%). Also, provide details thereof, in about 50 words or so.
Cement manufacturing process does not generate any by-product/ waste as such. The Company utilises wastes of other industries like
steel plants, power plants and other chemical plants as additives in cement manufacture and thus contributes to sustainable
development. Fly ash generated in power plants and Slag, a waste generated from steel industry are used in the cement manufacturing
process. Fly ash generated from own captive thermal power plants is also used in cement manufacturing process. Apart from that,
waste from agriculture and industries are used as alternate fuel in kiln to replace fossil fuel. Solid waste such as electronic waste and
liquid waste such as used oil, lubricants are sold/disposed to authorize recycling vendors. Waste water is treated in effluent plant and
used for green belt development and dust suppression.
97
PRINCIPLE 3: BUSINESSES SHOULD PROMOTE THE WELL-BEING OF ALL EMPLOYEES

1. Please indicate the Total number of employees.
As on 31st March, 2022, the Company had total 7,184 number of employees.
2. Please indicate the Total number of employees hired on temporary/contractual/casual basis.
Total temporary/contractual/casual employees were 4,896 as on 31st March, 2022.
3. Please indicate the Number of permanent women employees.
There were 39 permanent women employees as on 31st March, 2022.
4. Please indicate the Number of permanent employees with disabilities.
There were 3 permanent employees with disabilities as on 31st March, 2022.
5. Do you have an employee association that is recognized by management.
Yes.
6. What percentage of your permanent employees is members of this recognized employee association?
49.70%.
7. Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment in the
last financial year and pending, as on the end of the financial year.
No. Category No. of complaints filed during the No. of complaints pending as on
financial year 2021-2022 end of the financial year
31st March, 2022
1 Child labour/ forced labour/ involuntary The Company does not employ such Not Applicable
labour labour
2 Sexual harassment Nil Not Applicable
3 Discriminatory employment Nil Not Applicable
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?
No. Category Safety and skill up-gradation training
(a) Permanent Employees 29.61%
(b) Permanent Women Employees 69.23%
(c) Casual/Temporary/Contractual Employees 88.97%
(d) Employees with Disabilities Nil
PRINCIPLE 4: BUSINESSES SHOULD RESPECT THE INTERESTS OF, AND BE RESPONSIVE TOWARDS ALL STAKEHOLDERS, ESPECIALLY
THOSE WHO ARE DISADVANTAGED, VULNERABLE AND MARGINALIZED.
1. Has the company mapped its internal and external stakeholders? Yes/No
Yes. For Birla Corporation Limited, maintaining relationship with its stakeholders is a business imperative. The business revolves around
stakeholders, right from suppliers to customers, shareholders to communities, government to workforce and contractors.
2. Out of the above, has the company identified the disadvantaged, vulnerable & marginalized stakeholders.
The Company has mapped disadvantaged, vulnerable and marginalised stakeholders viz. communities in and around the areas of its
significant operations and is actively working towards their inclusive growth as part of Company’s CSR efforts.
3. Are there any special initiatives taken by the company to engage with the disadvantaged, vulnerable and marginalized
stakeholders. If so, provide details thereof, in about 50 words or so.
The Company runs initiatives in the areas of Health Care including preventive health care and sanitation, providing safe drinking water,
education, skill development leading to creation of alternative employment, Infrastructure development and ensuring environmental
sustainability through agro forestry, conservation of natural resources and maintaining quality of soil, air and water, all directed
towards helping neighbouring communities, including disadvantaged, vulnerable and marginalised stakeholders and being
instrumental in cultivating their progress. To achieve the same, the Company has a well-established CSR policy which reflects the
objective of economic and social development to create a positive impact.
98
BIRLA
CORPORATION
LIMITED
PRINCIPLE 5: BUSINESSES SHOULD RESPECT AND PROMOTE HUMAN RIGHTS

1. Does the policy of the company on human rights cover only the company or extend to the Group/Joint Ventures/
Suppliers/Contractors/NGOs/Others?
The Policy relating to respecting and promoting human rights covers the Company and its subsidiaries only. The Company encourages
its business partners and third parties with whom it conducts business to abide by this policy.
2. How many stakeholder complaints have been received in the past financial year and what percent was satisfactorily resolved
by the management?
During the financial year 2021-2022, the Company did not receive any complaint with regard to violation of human rights.
PRINCIPLE 6: BUSINESS SHOULD RESPECT, PROTECT, AND MAKE EFFORTS TO RESTORE THE ENVIRONMENT
1. Does the policy related to Principle 6 cover only the company or extends to the Group/Joint Ventures/Suppliers/Contractors/
NGOs/others.
The Policy relating to respecting, protecting and restoring the Environment covers the Company and its subsidiaries.
2. Does the company have strategies/initiatives to address global environmental issues such as climate change, global warming,
etc? Y/N. If yes, please give hyperlink for webpage etc.
The Company has taken initiatives to proactively address challenges like climate change, global warming etc. The Company has taken
measures to reduce Carbon foot print by producing blended cements. The Company is using different waste material from different
sectors as Alternative Fuels and Raw Materials (AFR) to reduce usage of scarce natural resource & fossil fuel promoting circular
economy. The Company has installed Air Cooled Condenser (ACC) in Captive Power Plants to reduce water consumption. The Company
has installed WHRS and solar power plants to reduce carbon emission, harvested rain water at mined out areas for supply of water to the
plant as well as local areas during summer. The Company has special program for tree plantation in the mined out areas, waste land and
plant premises. The hyperlink for the same is http://www.birlacorporation.com/climatic.html.
3. Does the company identify and assess potential environmental risks? Y/N
Yes. The Company identifies and assesses potential environmental risks periodically across its plant operations and projects. The
Company has invested heavily to comply with all the new Environment norms. The Company has dedicated Sustainable Development
Team to identify, assess, monitor and mitigate the environmental risk on regular basis.
4. Does the company have any project related to Clean Development Mechanism? If so, provide details thereof, in about 50
words or so. Also, if yes, whether any environmental compliance report is filed?
Currently no projects related to Clean Development Mechanism (CDM) has been taken up by the Company. However, the Company has
already completed CDM project on Waste Heat Recovery based power generation at Satna and Chanderia Units. It is continuously
endeavouring to identify opportunities to contribute in this regard.
5. Has the company undertaken any other initiatives on – clean technology, energy efficiency, renewable energy, etc. Y/N. If yes,
please give hyperlink for web page etc.
Yes. The Company has taken various initiatives on clean technology, energy efficiency, renewable energy etc., to reduce its impact on
the environment. The Company has taken several initiatives in process and technology to improve plant performance and energy
efficiency. The Company has installed Waste Heat Recovery System to generate power from waste heat of clinkerization process. The
Company has already commissioned Solar Power System to promote green energy and reduce carbon emission. Installed solar power
plant also complies RPO obligation. In addition, the Company has installed system for feeding AFR (bio mass, plastic waste, co-
processed industrial and chemical wastes hazardous & non-hazardous waste etc.). For further details please refer to ‘Annexure - A’ to the
Directors’ Report covering inter-alia, details of Conservation of Energy.
6. Are the Emissions/Waste generated by the company within the permissible limits given by CPCB/SPCB for the financial year
being reported?
Yes. The emissions/waste generated by the Company are within the permissible limits for the financial year 2021-2022.
99
7. Number of show cause/ legal notices received from CPCB/SPCB which are pending (i.e. not resolved to satisfaction) as on end
of Financial Year.
There are no show cause/ legal notices received from CPCB/SPCB which are pending as at end of the financial year 2021-2022.
PRINCIPLE 7: BUSINESSES, WHEN ENGAGED IN INFLUENCING PUBLIC AND REGULATORY POLICY, SHOULD DO SO IN A RESPONSIBLE
MANNER
1. Is your company a member of any trade and chamber or association? If Yes, Name only those major ones that your business
deals with:
The Company is a Member of the following trade/chamber associations:
(a) Indian Chamber of Commerce.
(b) Cement Manufacturers’ Association.
(c) Coal Consumers’ Association of India.
2. Have you advocated/lobbied through above associations for the advancement or improvement of public good? Yes/No; if yes
specify the broad areas (drop box: Governance and Administration, Economic Reforms, Inclusive Development Policies,
Energy security, Water, Food Security, Sustainable Business Principles, Others)
The Company continuously advocates the use of eco-friendly mining practices, use of alternative fuels, increase in usage of fly-ash,
installation of Waste Heat Recovery System in cement manufacturing units, energy conservation and construction of concrete roads.
PRINCIPLE 8: BUSINESSES SHOULD SUPPORT INCLUSIVE GROWTH AND EQUITABLE DEVELOPMENT

1. Does the company have specified programmes/initiatives/projects in pursuit of the policy related to Principle 8? If yes details
thereof.
In line with the provisions of the Companies Act, 2013, the Company has framed its Corporate Social Responsibility (CSR) Policy for the
development of programmes and projects for the benefits of weaker sections of society and the same has been approved by the CSR
Committee and the Board of Directors of the Company. The CSR Policy of the Company provides a road map for its CSR activities. The
Company has been playing a pro-active role in the socio economic growth and has contributed to all spheres ranging from Healthcare,
Water & Sanitation, Education, Livelihood & Women Empowerment, Environment & Energy and Rural Development Program etc. In the
past ten decades, the Company has supported a large number of social initiatives in India, touching the lives of lakhs of people
positively. In recent times, the CSR Committee and Board approved initiatives taken at nearly all our units to support the State and
Central Govt. initiatives to handle the Covid-19 Pandemic. The Company carried out CSR activities, primarily focusing on:
1) Health Care Activities
2) Educational Initiatives
3) Disaster Management (Covid-19 Pandemic)
4) Livelihood & Women Empowerment
5) Livestock Development
6) Sustainable Agricultural Programme
7) Rural Development Program.
2. Are the programmes/projects undertaken through in-house team/own foundation/external NGO/government
structures/any other organization?
The Company has undertaken the CSR activities directly through its employees as well as through renowned NGOs (M/s. BAIF Institute
for Sustainable Livelihoods and Development, Pune; M/s. Shamayita Math, Bankura, WB; M/s. Sarv Mangal Gramin Vikas Sansthan,
Bundi, Rajasthan; M/s. Priyanshi Educational, Cultural and Social Society, Bhopal, MP; Socio Economic Reforms by Voluntary Efforts,
Vishwas Sansthan, Bhagwant Kaur Colony, Canal Road, Raebareli, UP; Manas Foundation, Shadol, Madhya Pradesh; Jagrati Yuwa Manch
Sanstha, Satna, MP and also through Madhav Prasad Priyamvada Birla Apex Charitable Trust).
100
BIRLA
CORPORATION
LIMITED
3. Have you done any impact assessment of your initiative?

The CSR activities are designed and implemented as per community’s need and priorities. Base line survey and community need
assessment survey are carried out location wise. Yearly basis, project wise milestones and budget are set up to meet out the needs and
priority. In house monitoring and reporting system are designed, developed and implemented to meet out the target on time. Program
generally have their own sustainable approach mechanism, so that it can run self-sustainable after phasing out. The Company has
implemented robust in-house monitoring and reporting systems to meet the target on time. Each program has its own sustainable
approach mechanism, so that it can run self-sustainably after phasing out.
4. What is your company’s direct contribution to community development projects- Amount in INR and the details of the projects
undertaken.
During the financial year 2021-2022, the Company has spent ` 669.62 Lakhs as part of its CSR initiatives. Details of the projects are given
in ‘Annexure - B’- Annual Report on CSR Activities, forming part of Directors’ Report.
5. Have you taken steps to ensure that this community development initiative is successfully adopted by the community? Please
explain in 50 words, or so.
Yes. Community need assessment was carried out by using different multiple tools in the neighbourhood villages of plant locations.
Primary and secondary data were procured through Participatory Appraisal method and focus group discussion and different Govt.
sources. As per the need and priority of the communities different interventions are carried out in the field. Community contributions
and Village level institutions are formed in villages to implement and sustain the program successfully. Regular Field visits, different MIS
are designed to monitor and evaluate the programs in the field.
PRINCIPLE 9: BUSINESSES SHOULD ENGAGE WITH AND PROVIDE VALUE TO THEIR CUSTOMERS AND CONSUMERS IN A
RESPONSIBLE MANNER
1. What percentage of customer complaints/consumer cases are pending as on the end of financial year.
The Company is always striving to provide best in class products and services to its customers. The Company has a team of qualified and
competent people who extend all types of support to its customers be it pre-sales or post-sales. The Company has put in place a well
established and formal system of complaint redressal through Toll free number, e-mail, website & Social Media Platforms. A total of 10
(ten) complaints were received from customers during the financial year 2021-2022, all of which were addressed and disposed off
leaving Zero cases pending as on end of the financial year 2021-2022.
2. Does the company display product information on the product label, over and above what is mandated as per local laws?
Yes/No/N.A./Remarks (additional information)
The Company follows the guidelines laid down by Bureau of Indian Standards (BIS). As mandated by BIS, the product information is
clearly displayed on all the products and no other label is provided which may confuse the customers. The test reports of cement
supplied is available and furnished on demand to the customers.
3. Is there any case filed by any stakeholder against the company regarding unfair trade practices, irresponsible advertising
and/or anti-competitive behaviour during the last five years and pending as on end of financial year. If so, provide details
thereof, in about 50 words or so.
During the financial year 2021-2022, there have been no cases in relation to unfair trade practices, irresponsible advertising and/or
violation of any such laws.
4. Did your company carry out any consumer survey/ consumer satisfaction trends?
Yes. The Company carries out customer satisfaction and consumer perception surveys on a periodic basis to fine tune the market
offerings. The feedback of various programs for customers/ influencers education is also taken. The Company has a practice of
conducting Brand Equity Surveys to gauge the health of its brand. All these activities help the Company to proactively increase
customer satisfaction levels.
101
REPORT ON CORPORATE GOVERNANCE
1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE:

Composition of the Board as on
The philosophy of Birla Corporation Limited (“Company”) on 31st March, 2022
Code of Governance is to achieve the highest levels of
transparency, integrity, fairness and accountability in all its
11%
interactions with its stakeholders including shareholders,
22%
employees, lenders and the government. The Company
believes that Corporate Governance is a voluntary and self
discipline code which means not only ensuring compliance
with regulatory requirements but also being responsive to the
stakeholders needs. 67%
Over the years, Company has strengthened relationship with
its stakeholders in a manner that is dignified, distinctive and
responsible. The Company continues to review and
Non Executive Independent Director
benchmark the corporate governance practices of the
Company against best practices. Focus of the Company has Executive Director
always been to ensure continuing value creation for each of its Other Non Executive Director
stakeholders and above all to achieve business excellence with
the goal of long-term sustainable development.
None of the Directors of the Company are Members of more
A Report on compliance with the principles of Corporate than 10 (Ten) Committees (i.e. Audit Committee and
Governance as prescribed by the Securities and Exchange Stakeholders Relationship Committee) nor Chairman of more
Board of India (SEBI) in Chapter IV read with Schedule V of the than 5 (Five) such Committees as specified in Regulation 26 of
SEBI (Listing Obligations and Disclosure Requirements) the Listing Regulations.
Regulations, 2015, as amended (hereinafter referred to as None of the Directors of the Company holds directorship in
“Listing Regulations”), for the year ended 31st March, 2022 is more than 10 (Ten) public companies and in more than 7
given below: (Seven) listed companies or serves as an Independent Director
in more than 7 (Seven) listed companies, nor the Executive
2. BOARD OF DIRECTORS: Director serves as an Independent Director in more than 3
(Three) listed companies.
Board Composition:
Directors’ Profile:
The Board of Directors (“Board”) of the Company comprises of
The Board of Directors is composed of highly renowned
an optimum combination of Executive and Non-Executive
professionals drawn from diverse fields, who bring with them a
Directors with Independent Directors forming majority which
wide range of skill and experience to the Board, which
not only meet the legal obligation but also make a diversified enhances the quality of the Board’s decision making process.
Board with a mixed blend of experience, expertise and
The brief profile of the Company’s Board of Directors is as
professionals.
under:
The strength of the Board of Directors of the Company as on
Shri Harsh V. Lodha, Chairman of the Company has over 36
31st March, 2022, is 9 (Nine). Of the 9 (Nine) Directors, 1 (One),
years of experience in the fields of business, finance, advisory
is an Executive Director and 8 (Eight) i.e. more than 50% are
and consultancy. He is the Chairman of Birla Corporation
Non-Executive Directors out of which 6 (Six) are Independent Limited, RCCPL Private Limited, Universal Cables Ltd., Vindhya
Directors including 1(One) Independent Woman Director. The Telelinks Ltd., Birla Cable Limited, Birla Furukawa Fibre Optics
Chairman of the Board is a Non-Executive Director and is not Pvt. Ltd. and Hindustan Gum & Chemicals Limited. He also
related to the Managing Director & Chief Executive Officer of serves as Trustee and Managing Committee Member of many
the Company. The composition of the Board is in conformity social and philanthropic organizations. He is the executive
with Regulation 17 of the Listing Regulations read with Section committee member of Indian Chamber of Commerce. He has
149 of the Companies Act, 2013. served as the member of the executive committee of FICCI and
102
BIRLA
CORPORATION
LIMITED
REPORT ON CORPORATE GOVERNANCE (Contd.)
served as the Co-Chairman of its Young Leaders Forum Industries and Power as well as Chairman of the H.P. State
amongst other committees and also on the Managing Electricity Board.
Committee of Assocham. He has been a member of the Shri Dhruba Narayan Ghosh, Independent Director, was
Accounting Standards Board of the Institute of Chartered the former Secretary to the Govt. of India and a former
Accountants of India and on the board of several other leading Chairman of State Bank of India. He was the Founder
companies in the past. Chairman of ICRA Ltd., the premier Rating Agency and former
Apart from handling audits of several large publicly Chairman of Larsen & Toubro Ltd., Philips (India) Ltd. and the
quoted companies in India amongst other professional Management Development Institute, Gurgaon and Founder
work, he has been involved in several advisory assignments Chairman of the Indian Institute of Management, Lucknow.
in the fields of international takeovers and financing, Dr. Deepak Nayyar, Independent Director, is an eminent
domestic financing, project structuring, capital mobilisation, economist and Emeritus Professor of Economics at Jawaharlal
joint ventures/collaborations, mergers/ reconstructions and Nehru University. Earlier, he taught at the University of Oxford,
rehabilitation. University of Sussex and IIM Calcutta. More recently, he was
Shri Lodha has served as the Honorary Consul of the Distinguished University Professor of Economics at the New
Government of Romania for West Bengal, Orissa and Bihar and School of Social Research, New York. He is the Chairman of the
as Vice Consul of the Republic of Philippines for Eastern India. Board of the Institute of Development Studies, Sussex, in the
UK. He was a Rhodes Scholar at Oxford and is Honorary Fellow,
Shri Vikram Swarup, Independent Director, is the Balliol College, Oxford. He served as Chief Economic Adviser to
Chairman-cum-Managing Director of Paharpur Cooling the Government of India and Secretary, Ministry of Finance. He
Towers Limited. He is a Mechanical Engineer and is an also served as Vice Chancellor, University of Delhi. He has
acknowledged authority on thermal design of cooling towers published 18 books and more than 100 papers in academic
in India. He has vast experience in Marketing, Engineering and journals. Dr. Nayyar was an Independent Director on the Board
other General Management functions. He is the Vice Chairman of the State Bank of India, ICRA, SAIL and ONGC. He is, at
of Kalyan Bharti Trust which owns and operates The Heritage present, on the Board of The Press Trust of India Limited.
Group of Educational Institutions in Kolkata, Chairman of the
Ms. Shailaja Chandra, Independent Woman Director, was a
School Management Committee of The Heritage School and
Member of the Indian Administrative Service (IAS) who
Vice Chairman of the Board of Governors of the Heritage
distinguished herself in several assignments including as
Institute of Technology. He is also on the Executive Committee
Secretary in the Ministry of Health and later as Delhi’s only
of the Indo-Italian Chamber of Commerce & Industries.
woman Chief Secretary. Apart from 15 years with the Central
Shri Anand Bordia, Independent Director, Member of the Government where she held assignments in the Ministries of
Indian Revenue Service (Retd.), held senior positions in the Defence, Power and Health, she has been posted in
Central Government such as, Director Audit, Indian Customs Maharashtra, Manipur, Goa, Delhi and the Andaman & Nicobar
and Central Excise, Member Finance, National Highways Islands.
Authority of India. He worked in the Secretariat of the World After retirement, Ms. Chandra held a series of assignments
Customs Organization, Brussels, Belgium. He undertook carrying full-time responsibility including as the Chairman of
consultancy projects for the Harvard Institute for International the Public Grievances Commission and Appellate Authority
Development, UNODC and Asian Development Bank. under the Delhi Right to Information Act and as the first
Executive Director of the National Population Stabilisation
Shri Brij Behari Tandon, Independent Director, was a
Fund, under the Ministry of Health & Family Welfare.
Member of the Indian Administrative Service (IAS) and has
served as Former Chief Election Commissioner of India and as a She was a full-time member of the Yamuna Monitoring
Member of the Delimitation Commission. He was Secretary, Committee set up by the National Green Tribunal until early
Ministry of Personnel, as well as Secretary, Mines to the 2021. She continues to be on the Boards and Management
Government of India. He served as Additional Secretary in the Committees of listed Indian companies and Apex level NGOs
Department of Company Affairs and Cabinet Secretariat. He working for women’s and children’s welfare.
was the convener of the Working Group on Revision of the Recently she was conferred an honorary degree of Doctor of
Companies Act, 1956. In the State Government of Himachal Literature by the University of Transdisciplinary Health
Pradesh, he served as Principal Secretary, Department of Sciences & Technology, Bengaluru.
103
Shri Dilip Ganesh Karnik, Non-Independent Non- briefed about the industry specific issues to enable them to
Executive Director, Arbitrator and Legal Consultant, retired as understand the business environment in which the Company
a Judge of Bombay High Court in May 2012. He was elevated as operates. To enhance their skills and knowledge, the Directors
Additional Judge of the Court in October 2001. A practicing are regularly updated on the changes in the policies, laws and
advocate from 1972 to 2001, he was a Gold Medalist in Law regulations, developments in the business environment etc.
from the University of Pune. He is currently serving on the The Board members are provided necessary documents,
Board of the ICICI group of companies and M.P. Birla group of reports and other presentations about the Company from
companies. time to time.
Shri Arvind Pathak, Managing Director & Chief Executive Efforts are also made to familiarise the Directors about their
Officer, has around 39 years of overall experience of which 37 roles, rights, responsibility in the Company, its business model
years has been in the cement industry. He has held CEO or and the environment in which the Company operates.
equivalent positions for over 15 years in various large The details of such familiarisation programmes have been
organisations which includes ACC, Dangote, Adani and placed on the website of the Company at http://www.birla
Reliance ADAG group. Skilled in manufacturing, operations corporation.com/directors-induction.html
management, strategic planning, project development and
execution, driving cost reduction and negotiations, Shri Meetings, attendance and agenda of the Board Meetings:
Pathak has a strong track record of successful planning and During the financial year 2021-2022, 6 (Six) Meetings of the
execution of long-term business plans. He holds a degree in Board of Directors of the Company were held on 12th May,
Electrical Engineering from Indian Institute of Technology 2021; 5th August, 2021; 10th September, 2021; 10th
(Banaras Hindu University), Varanasi and a postgraduate November, 2021; 18th January, 2022 and 4th February, 2022.
degree in Industrial Engineering and Management. He has The time gap between two consecutive board meetings did
also been trained in a number of international management not exceed one hundred and twenty days.
institutions.
The Company’s Board plays a pivotal role in ensuring good
Directors’ induction, familiarisation and training: governance and functioning of the Company. Members of the
The Company acknowledges the importance of continuous Board freely express their views on the meeting agenda
education and training of the Directors to enable effective and discuss pertinent issues at the meeting with the
discharge of their responsibility. permission of the Chairman. They provide valuable guidance
and advice on various aspects of business, policy, direction,
Any new Director who joins the Board is presented with a brief strategy, governance and compliance. The Board is kept
background of the Company and its operations. While updated on regulatory/statutory amendments applicable to
inducting a Director on the Board, a formal letter of the Company.
appointment is issued to such Director which, inter-alia,
Meetings are governed by a structured agenda which are
explains the role, functions, duties and responsibilities of the
circulated to the Directors in advance. All the agenda items are
Director and the Board’s expectations from him/her. A
backed by comprehensive background information and
specimen thereof has been posted on the website of the
documents to enable the Board to take informed decisions. In
Company which can be accessed at link https://www.birlacor
special and exceptional circumstances, additional item(s) are
poration.com/letter-of-appointment.pdf. The requirement of
also considered. The Chairman along with the Executive
obtaining declarations from the Directors under the
Director, Chief Executive Officer, Chief Financial Officer,
Companies Act, 2013, Listing Regulations and other relevant
Executive Presidents, Presidents of the Company makes
regulations are also explained in detail to the Directors and
presentation on the quarterly and annual financial
necessary affirmations are received from them in respect
performance and on annual operating and capex budget, as
thereto.
and when required. Presentations relating to major projects
Senior management personnel of the Company make for which Board’s approval are sought are also made. Post
presentations to the Board Members on a periodical basis, meetings, important decisions taken by the Board are
briefing them on the operations of the Company, plans, communicated to the concerned officials and departments.
strategy, risks involved, new initiatives, etc., and seek their The Board is also kept updated about the developments on
opinions and suggestions on the same. Directors are regularly various functional areas. The Draft minutes are prepared and
104
BIRLA
CORPORATION
LIMITED
circulated to all the Directors for their comments. The finalised as at the Annual General Meeting held during the financial
Minutes duly incorporating the comments of the Directors are year 2021-2022 (through Video Conferencing/Other Audio
entered in the Minutes Book and thereafter signed by the Visual Means), number of Directorships and Committee
Chairman, in due compliance with the applicable provisions of Memberships/Chairmanships in other Companies, name of
the Companies Act, 2013 and the Secretarial Standards. other listed companies in which the Director is a Director and
The details of Directors on the Board, their relationship with number of shares held by them as on 31st March, 2022 are as
other Directors, their attendance at the Board Meetings as well follows:
Name of the Director Category No. of Board Attendance No. of shares No. of other Details of other List of Directorship
Meetings at last AGM held Directorship$ Board Committee / held in Other Listed
attended held on Membership# Companies and
29.09.2021 Category of Directorship
Member Chairman
Shri Harsh V. Lodha Non-Independent 6 P 1260* 7 - - 1. Alfred Herbert (India) Ltd, (NED)
(Chairman) Non- Executive 2. Birla Cable Ltd., (NED)
3. Universal Cables Ltd., (NED)
4. Vindhya Telelinks Ltd., (NED)
Shri Vikram Swarup Independent 6 P 500* 6 1 - 1. Jay Shree Tea & Industries
Non-Executive Limited (ID)
Shri Anand Bordia Independent 6 P 500* 1 1 - 1. Roto Pumps Ltd., (ID)

Non-Executive
Shri Brij Behari Tandon Independent 1 A 500* 3 3 - 1. Filatex India Ltd., (ID)
Non-Executive 2. Duncan Engineering Ltd., (ID)
Shri Dhruba Narayan Independent 6 P 500* 1 - - None

Ghosh Non-Executive
Dr. Deepak Nayyar Independent 6 A 500* 1 1 - None
Non-Executive
Ms. Shailaja Chandra Independent 6 A 596** 3 2 1 1. Fortis Healthcare Limited (ID)

Non-Executive 2. Fortis Malar Hospitals
Limited(ID)
Shri Dilip Ganesh Karnik Non-Independent 5 A 500 5 3 - 1. ICICI Prudential Life Insurance
Non-Executive Co. Ltd., (ID)
2. Universal Cables Ltd., (NED)
3. Vindhya Telelinks Ltd., (NED)
Shri Arvind Pathak Executive 6 P 550 - - - None

(Managing Director &
Chief Executive Officer)
P= Present, A= Absent, NED= Non-Independent Non-Executive Director, ID= Independent Non-Executive Director
* Shares held jointly with other shareholder.
** 96 shares are held in her name singly and 500 shares are held jointly with other shareholder.
$ As per the disclosure received from the respective directors and excludes Alternate Directorships, Directorships held in Private Limited Companies,
Foreign Companies and Section 8 Companies.
# Only covers Membership/Chairmanship of Audit Committee and Stakeholders Relationship Committee of other Public Limited Companies.
None of the Directors are related to any other Director on the Board.
The requisite quorum was present at all the Board and Committee Meetings.
105
List of core skills/expertise/competencies identified by the adheres to high standards of ethics, transparency and
Board of Directors as required in the context of its disclosure.
business(es) and sector(s) for it to function effectively and The brief profile of Directors forming part of this Report gives
those actually available with the Board: an insight into the education, expertise, skills and experience
of the Directors, thus bringing in diversity to the Board's
The Board comprises of persons of repute with strength of
perspectives.
character and professional eminence who bring a wide range
of experience and expertise by providing leadership, strategic The Board of Directors have identified the following core
guidance, an objective and independent view to the skills/expertise/competencies fundamental for the effective
Company's management while discharging its fiduciary functioning of the Company, which are currently available
responsibilities, thereby ensuring that the management with the Board:
Shri Harsh V. Shri Vikram Shri Anand Shri Brij Dr. Deepak Shri Dhruba Smt. Shailaja Shri Dilip Shri Arvind
Skills and its description Lodha Swarup Bordia Behari Nayyar Narayan Chandra Ganesh Pathak
Tandon Ghosh Karnik
Understanding the business and         
domain knowledge of Industry
Strategic Planning and        - 
Development
Financial expertise        - 
Risk Management     -    
Industrial Relationship   - - - -  - 
Management including Labour
and Environment, Health and
Safety
Legal knowledge & expertise   -   -   
Governance, Statutory and other      -   
Compliances
Project Management- Adopting    - - - - - 
best practices
General Administration   -   -   
Human Resource Development      -  - 
Social sciences of health, - - - - - -  - 
Demographics and Education
Economic Analysis and Evaluation - - -   -  - 
Independent Directors confirmation by the Board: Video Conferencing:

All Independent Directors are non-executive directors as The Companies Act, 2013 read with the relevant rules
defined under Regulation 16(1)(b) of the Listing Regulations made thereunder, facilitates the participation of a
read with Section 149(6) of the Companies Act, 2013 along Director in Board/Committee Meetings through video
with rules framed thereunder. In terms of Regulation 25(8) of conferencing or other audio visual mode. In compliance
the Listing Regulations, they have confirmed that they are not with the relaxations granted by the Ministry of Corporate
aware of any circumstances or situation which exists or may be Affairs due to ongoing Covid-19 pandemic, all the
reasonably anticipated that could impair or impact their ability Board/Committee Meetings of the Company were held
to discharge their duties with an objective independent through Video Conferencing during the financial year 2021-
judgement and without any external influence. Based on the 2022.
declarations received from the Independent Directors, the
Board of Directors have confirmed that they meet the criteria Information Placed before Board of Directors:
of independence as mentioned under Regulation 16(1)(b) of
the Listing Regulations and Section 149 of the Companies Act, The Company has complied with Part A of Schedule II of the
2013 and that they are independent of the management. Listing Regulations read with Regulation 17(7) of the said
106
BIRLA
CORPORATION
LIMITED
Regulations with regard to information to be placed before the 4. Approval or any subsequent modification of transactions
Board of Directors. of the company with related parties;
Code of Conduct: 5. Evaluation of internal financial controls and risk
management systems;
The Board of Directors has laid down a Code of Conduct
for all Board members and all employees in management 6. Review compliance with the provisions of SEBI (Prohibition
grade of the Company. The Code of Conduct has been of Insider Trading) Regulations, 2015 as amended from
placed on the website of the Company which can be time to time, at least once in a financial year;
accessed at https://www.birlacorporation.com/investors/ 7. To perform such other functions as may be delegated by
code-of-conduct/code-of-conduct-director-and-senior- the Board and/ or mandated by any regulatory provisions
management.pdf from time to time.
All Board members and senior management personnel have 3.3 During the year 2021-2022, 4(Four) meetings of the Audit
affirmed their adherence to the provisions of the said Code of Committee of the Company were held on 11th May, 2021, 4th
Conduct during the year 2021-2022. August, 2021, 9th November, 2021 and 3rd February, 2022. The
time gap between any two consecutive meetings did not
A declaration to this effect signed by the Managing Director & exceed one hundred and twenty days. The composition of the
Chief Executive Officer in terms of the Listing Regulations is Committee and the attendance of members of the Committee
attached in this report and forms part of the Annual Report of during the year 2021-2022 is as under:
the Company.
Name of the Member Category No. of meetings
Code of Conduct of Independent Directors: attended
As per the provisions of Section 149(8) of the Companies Act, Shri Vikram Swarup Independent 4
(Chairman) Non-Executive Director
2013, the Company and Independent Directors shall abide by
Shri Anand Bordia Independent 4
the provisions specified in Schedule IV of the Companies Act, Non-Executive Director
2013. Further, Schedule IV lays down a Code for Independent Shri Brij Behari Tandon Independent 1
Directors of the Company. Pursuant to the said provisions of Non-Executive Director
the Companies Act, 2013, the Company has formulated a Code Dr. Deepak Nayyar Independent 4
for Independent Directors of the Company and the same has Non-Executive Director
also been placed on the website of the Company which can be
As on 31st March, 2022 all the Members of the Audit Committee
accessed at link: https://www.birlacorporation.com/
are Non-Executive Directors and all of them, including the
investors/code-of-conduct/code-of-conduct-independent-
Chairman are Independent Directors. As per the requirements
directors.pdf of Regulation 18 of the Listing Regulations and Section 177 of
3. AUDIT COMMITTEE: the Companies Act, 2013, all Members of the Audit Committee
including the Chairman are financially literate and have
3.1 The Company has a qualified and independent Audit expertise in accounting or related financial management.
Committee in place. The role and terms of reference of the
The Executive Directors, Chief Management Advisor, Chief
Committee are as laid down under Section 177 of the
Financial Officer, Executive Presidents, Presidents, Head of
Companies Act, 2013 and Regulation 18 read with Schedule II
Management Audit Department and representatives of the
Part C of the Listing Regulations. The Committee acts as a link
Statutory Auditors are invited to the Audit Committee
between the auditors and the Board of Directors. Meetings as and when required. Internal Auditors are also
3.2 The extract of terms of reference of the Audit Committee inter- invited for discussion with the Audit Committee Members.
alia includes the following: The Cost Auditors appointed by the Company under Section
148 of the Companies Act, 2013 attend the Audit Committee
1. Oversight of the company’s financial reporting process
Meeting, where cost audit report are discussed.
and the disclosure of its financial information to ensure
that the financial statement is correct, sufficient and During the year under review, in terms of SEBI Circular No.
credible; SEBI/HO/MIRSD/CRADT/CIR/P/2019/121 dated 4th
November, 2019, the Audit Committee also held a separate
2. Recommendation for appointment, remuneration and
one-to-one meeting with the Credit Rating Agencies to
terms of appointment of auditors of the company;
discuss issues including related party transactions, internal
3. Reviewing, with the management, the annual financial financial control and other material disclosures made by the
statements and auditor’s report thereon before management, which have a bearing on rating of the listed
submission to the board for approval; Non-Convertible Debentures.
107
The Company Secretary acts as the Secretary of the Audit As on 31st March, 2022, the Nomination and Remuneration
Committee. Committee consisted of five directors, all of whom are Non-
The minutes of the meetings of the Audit Committee are Executive Directors.
placed before and noted by the Board. All recommendations The minutes of the meetings of the Nomination and
made by the Audit Committee were accepted by the Board of Remuneration Committee are placed before and noted by the
Directors of the Company during the financial year 2021-2022. Board. All recommendations made by the Nomination and
The Chairman of the Audit Committee was present at the last Remuneration Committee were accepted by the Board of
Annual General Meeting of the Company held on 29th Directors of the Company during the financial year 2021-2022.
September, 2021. The Chairman of the Nomination and Remuneration
Committee was present at the last Annual General Meeting of
4. NOMINATION AND REMUNERATION COMMITTEE:
the Company held on 29th September, 2021.
4.1 The Nomination and Remuneration Committee acts in
accordance with the prescribed provisions of Section 178 of 4.4 Nomination and Remuneration Policy:
the Companies Act, 2013 and Regulation 19 of the Listing Pursuant to the provisions of Section 178 of the Companies
Regulations. Act, 2013 and the Listing Regulations, the Board of Directors of
4.2 The extract of terms of reference of the Nomination and the Company, based on the recommendation of the
Remuneration Committee inter-alia includes the following: Nomination and Remuneration Committee, has formulated a
Nomination and Remuneration Policy for Directors and Senior
i) Formulate the criteria for determining qualifications,
Management, the details of which forms part of the Directors’
positive attributes and independence of a director and
Report.
recommend to the Board a policy, relating to the
remuneration for the directors, key management 4.5 Performance Evaluation criteria:
personnel and other employees;
The Nomination and Remuneration Committee of the Board
ii) Formulation of criteria for evaluation of performance of approved the criteria for determining qualifications, positive
Independent Directors and the Board of Directors; attributes and independence of Directors in terms of the
iii) Devising a policy on Board diversity; Companies Act, 2013 and the Rules made thereunder and
iv) To affirm compliance with the provisions of Schedule V to Listing Regulations, both in respect of Independent Directors
the Companies Act, 2013; and other Directors as applicable. The details in this regard are
v) Recommend to the board, all remuneration, in whatever covered in the Directors’ Report.
form, payable to senior management; 4.6 Details of remuneration paid to the Executive/Non-
vi) Perform such other functions as may be delegated by the Executive Directors during the financial year ended
Board and/or mandated by any regulatory provisions 31st March, 2022:
from time to time.
(a) Shri Arvind Pathak, Managing Director & Chief
4.3 During the year 2021-2022, 2 (Two) meetings of the Executive Officer:
Nomination and Remuneration Committee of the Company (` in Lakhs)
were held on 11th May, 2021 and 10th September, 2021. The Salary Perquisites Sitting Perfor- Total Period of Notice
composition of the Committee and the attendance of Name and Fees mance amount Service period
Allowances Linked paid/payable Contract
members of the Committee during the year 2021-2022 is as Bonus in 2021-2022
under: Shri Arvind 120.00 230.41 - 80.00 430.41 3 Years 3 months’
Name of the Member Category No. of meetings Pathak w.e.f. notice
31.03.2021 period
attended
Shri Vikram Swarup Independent 2 (b) Shri Pracheta Majumdar, Wholetime Director
(Chairman) Non-Executive Director
designated as Chief Management Advisor*:
Shri Harsh V. Lodha Non-Independent 2 (` in Lakhs)
Non-Executive Director
Salary Perquisites Sitting Performance Total amount Period of
Shri Anand Bordia Independent 2 Name and Fees Linked Bonus paid/ payable Service
Non-Executive Director Allowances in 2021-2022 Contract
Shri Brij Behari Tandon Independent 1 Shri Pracheta 20.73 0.12 - - 20.85 3 Years
Non-Executive Director Majumdar w.e.f.
Dr. Deepak Nayyar Independent 2 20.05.2018
Non-Executive Director * Ceased to be the Wholetime Director w.e.f. 20th May, 2021.
108
BIRLA
CORPORATION
LIMITED
(c) Non-Executive Directors: i. To look into the mechanism of redressal of grievances of

The details of the commission and sitting fees Shareholders, Debenture holders and other Security
holders;
paid/payable to Non-Executive Directors for the financial
year 2021-2022 is given below: ii. Review of adherence to the service standards adopted by
(In `) the Company in respect of various services being
rendered by the Registrar & Share Transfer Agent;
Commission
iii. Review of the various measures and initiatives taken by
Name (Relating to Sitting Fees
financial year the Company for reducing the quantum of unclaimed
2021-2022) dividends and ensuring timely receipt of dividend
warrants/annual reports/statutory notices by the
Shri Harsh V. Lodha* - 8,00,000
shareholders of the Company;
Shri Vikram Swarup 10,00,000 13,50,000 iv. Perform such other functions as may be delegated by the
Shri Anand Bordia 10,00,000 12,00,000 Board and/or mandated by any regulatory provisions
Shri Brij Behari Tandon 10,00,000 2,75,000
from time to time.
6.3 During the year 2021-2022, 4(Four) meetings of the
Shri Dhruba Narayan Ghosh 10,00,000 7,50,000
Stakeholders Relationship Committee of the Company were
Dr. Deepak Nayyar 10,00,000 12,00,000 held on 12th May, 2021, 5th August, 2021, 10th November,
Ms. Shailaja Chandra 10,00,000 8,00,000 2021 and 4th February, 2022. The composition of the
Committee and the attendance of members of the Committee
Shri Dilip Ganesh Karnik 10,00,000 6,00,000
during the year 2021-2022 is as under:
* Shri Harsh V. Lodha, Non-Executive Chairman of the Name of the Member Category No. of meetings
Company has decided not to accept any commission and attended
foregone his right for the financial year 2021-22 in view of
Shri Harsh V. Lodha Non-Independent 4
continuous COVID-19 pandemic situation and uncertain (Chairman) Non-Executive Director
economic scenario.
Shri Pracheta Majumdar* Executive Director 1
Non-Executive Directors, including Independent Directors, are Shri Vikram Swarup Independent 4
paid sitting fees for attending the meetings of the Board and Non-Executive Director
Committees of the Board. The Non-Executive Directors Shri Arvind Pathak# Executive Director 3
including Independent Directors are also paid commission, * Ceased to be a member of the Committee w.e.f. 13th May, 2021.
the amount whereof is determined by the Board within the # Appointed as a member of the Committee w.e.f. 13th May, 2021.
prescribed ceiling under the Companies Act, 2013.

6.4 In addition, the Stakeholders Relationship Committee
There is no other pecuniary relationship or transactions with approved 10 (Ten) Resolutions by Circulation for effecting
the Non-Executive Directors vis-à-vis the Company. registration of transmission of shares request for issuance of
duplicate Share Certificates, deletion of name of the deceased,
The Company has no stock option plans and hence such correction/change of names and other issues concerning
instruments do not form a part of the remuneration package investor services during the year.
payable to any Executive and/or Non-Executive Director.
The Company has received 2 (Two) complaints from the
5. DIRECTORS AND OFFICERS INSURANCE: shareholders during the year 2021-2022 and the same has
been processed in time and replied/resolved to the
In line with the requirements of Regulation 25(10) of the
satisfaction of the shareholders.
Listing Regulations, the Company has undertaken Directors
and Officers Insurance (‘D and O’ insurance) for all its Directors, As on 31st March, 2022, no grievances of the shareholders
including Independent Directors for such quantum and risks remained unaddressed/pending.
as determined by the Board of Directors of the Company. The minutes of the meetings of the Stakeholders Relationship
Committee are placed before and noted by the Board. During
6. STAKEHOLDERS RELATIONSHIP COMMITTEE: the year, all recommendations made by the Stakeholders
Relationship Committee were accepted by the Board of
6.1 Stakeholders Relationship Committee acts in accordance with
Directors of the Company.
the prescribed provisions of Section 178 of the Companies Act,
2013 and Regulation 20 of the Listing Regulations. Shri Manoj Kumar Mehta, Company Secretary & Legal Head is
the Compliance Officer of the Company for complying with
6.2 The extract of terms of reference of the Stakeholders the requirements of the Listing Regulations. He is also the
Relationship Committee inter-alia includes the following: Nodal Officer for IEPF matters.
109
The Chairman of the Stakeholders Relationship Committee 8.3 During the year 2021-2022, 2 (Two) meetings of the CSR
was present at the last Annual General Meeting of the Committee of the Company were held on 12th May, 2021 and
Company held on 29th September, 2021. 10th November, 2021. The composition of the Committee and
the attendance of members of the Committee during the year
7. COMMITTEE OF DIRECTORS:
2021-2022 is as under:
7.1 The Committee of Directors has been constituted by the Board Name of the Member Category No. of meetings
of Directors of the Company with necessary powers delegated attended
to it with a view to conduct the affairs of the Company Shri Harsh V. Lodha Non-Independent 2
smoothly. (Chairman) Non-Executive Director
7.2 During the year 2021-2022, no meeting of the Committee of Shri Vikram Swarup Independent 2
Directors of the Company was held. The composition of the
Committee is as under: Shri Brij Behari Tandon Independent 1
Name of the Member Category Shri Dhruba Narayan Ghosh Independent 2
Shri Harsh V. Lodha Non-Independent Non-Executive Director
(Chairman) Non-Executive Director The minutes of the meetings of the CSR Committee are
Shri Pracheta Majumdar* Executive Director placed before and noted by the Board. During the year,
Shri Vikram Swarup Independent all recommendations made by the Corporate Social
Non-Executive Director Responsibility Committee were accepted by the Board of
Shri Arvind Pathak# Executive Director Directors of the Company.
* Ceased to be a member of the Committee w.e.f. 13th May, 2021. 9. RISK MANAGEMENT COMMITTEE:
# Appointed as a member of the Committee w.e.f. 13th May, 2021.
9.1 Pursuant to the provisions of Regulation 21 of the Listing
8. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE: Regulations, the Risk Management Committee has been
constituted by the Board of Directors of the Company. The
8.1 The Corporate Social Responsibility (CSR) Committee has been
constituted by the Board of Directors of the Company as per Committee acts in accordance with the provisions of Section
the provisions of Section 135 of the Companies Act, 2013 read 134 of the Companies Act, 2013 read with the provisions of the
with the Companies (Corporate Social Responsibility Policy) Listing Regulations.
Rules, 2014. 9.2 The extract of terms of reference of the Risk Management
8.2 The extract of terms of reference of the Corporate Social Committee of the Company inter-alia includes the following:
Responsibility Committee of the Company inter-alia includes i. To formulate a detailed risk management policy which
the following: shall include:
a. To formulate and recommend to the Board, a Corporate (a) A framework for identification of internal and
Social Responsibility Policy which shall indicate the external risks specifically faced by the listed entity, in
activities to be undertaken by the Company as specified particular including financial, operational, sectoral,
in Schedule VII of the Companies Act, 2013; sustainability (particularly, ESG related risks),
b. To recommend the amount of expenditure to be incurred information, cyber security risks or any other risk as
on various CSR activities in a financial year; may be determined by the Committee;
c. To monitor the Corporate Social Responsibility Policy of (b) Measures for risk mitigation including systems and
the Company from time to time; processes for internal control of identified risks;
d. To formulate and recommend to the Board, an Annual CSR (c) Business continuity plan;
Action Plan in pursuance of its CSR policy; ii. To ensure that appropriate methodology, processes and
e. To decide on any other matter/thing as may be systems are in place to monitor and evaluate risks
considered expedient by the members in furtherance of associated with the business of the Company;
and to comply with the CSR Policy of the Company; iii. To monitor and oversee implementation of the risk
f. To perform such other functions as may be delegated by management policy, including evaluating the adequacy
the Board and/or mandated by any regulatory provisions of risk management systems;
from time to time. iv. To review the cyber security systems of the Company;
110
BIRLA
CORPORATION
LIMITED
v. To perform such other functions as may be delegated by c) Evaluation of the quality, content and timelines of flow of
the Board and/or mandated by any regulatory provisions information between the Management and the Board
from time to time. that is necessary for the Board to effectively and
reasonably perform its duties.
9.3 During the year 2021-2022, 2 (Two) meetings of the Risk
Management Committee were held on 4th August, 2021 and The attendance of Directors at the meeting held during the
31st January, 2022. The gap between two meetings was not year 2021-2022 is as under:
more than one hundred and eighty days as stipulated under Name of the Director No. of meetings
the Listing Regulations. The composition of the Committee Attended
and the attendance of members of the Committee during the
Shri Dhruba Narayan Ghosh * 1
year 2021-2022 is as under:
Shri Vikram Swarup 1
No. of
Name of the Member Category meetings Shri Anand Bordia 1
attended
Shri Brij Behari Tandon 0
Shri Brij Behari Tandon Independent 0
(Chairman) Non-Executive Director Dr. Deepak Nayyar 1
Ms. Shailaja Chandra Independent 2 Ms. Shailaja Chandra 1
* Shri Dhruba Narayan Ghosh was unanimously elected as the
Shri Dilip Ganesh Karnik Non-Executive Director 2
Chairman of the Meeting.
Shri Aditya Saraogi Member 2
(Chief Financial Officer) The Independent Directors expressed satisfaction on the
Shri Arvind Pathak* Executive Director 2 performance of Non-Independent Directors, the Board as a
whole and the Chairman of the Company. The Independent
* Appointed as a member of the Committee w.e.f. 13th May, 2021
Directors were also satisfied with the quality, quantity and
The minutes of the meetings of the Risk Management timeliness of flow of information between the Company,
Committee are placed before and noted by the Board. During Management and the Board.
the year, all recommendations made by the Risk Management
11. SUBSIDIARY COMPANIES:
Committee were accepted by the Board of Directors of the
Company. In terms of Regulation 24(1) of the Listing Regulations, the
Company has a material unlisted Subsidiary namely RCCPL
10. SEPARATE MEETING OF INDEPENDENT DIRECTORS’: Private Limited. The requirements relating to composition of
Board of Directors of unlisted material subsidiary has been
Section 149(8) read with Schedule IV of the Companies Act,
complied with.
2013 and the Rules thereunder and Regulation 25(3) of the
Listing Regulations mandate that the Independent Directors The Company monitors performance of the subsidiary
of the Company shall hold at least one meeting in a year, companies, inter-alia, by the following means:
without the attendance of Non-Independent Directors and a) Financial statements, in particular the investments made
members of the Management. by the unlisted subsidiary companies are reviewed
In compliance with Regulation 25(3) of the Listing Regulations quarterly by the Audit Committee of the Company;
and Schedule IV of the Companies Act, 2013, during the year b) Minutes of the Meetings of the Board of Directors of all
under review, 1 (One) separate meeting of the Independent subsidiary companies are placed before the Company’s
Directors of the Company was held on 4th February, 2022 Board regularly;
without the presence of Non-Independent Directors and
c) A statement containing all the significant transactions
members of the management. At the said meeting, the
and arrangements entered into by the unlisted subsidiary
Independent Directors, inter-alia, considered and discussed
companies are placed before the Company’s Board/Audit
the following:
Committee;
a) Evaluation of the performance of Non-Independent
d) Reviewing, the utilization of loans and/or advances
Directors and the Board of Directors as a whole;
from/investment by the holding company in the
b) Evaluation of the performance of the Chairman of the subsidiary exceeding rupees 100 crore or 10% of the asset
Company, taking into account the views of the Executive size of the subsidiary, whichever is lower, by the Audit
and Non-Executive Directors; Committee of the Company.
111
12. GENERAL BODY MEETINGS: attract the provisions of Section 188 of the Companies Act,
2013. There were no materially significant transactions with
12.1 The details of Annual General Meeting held during the last
related parties during the financial year 2021-2022 which were
three years are as under:
in conflict with the interest of the Company.
AGM Financial Venue Date Time
Year Suitable disclosure as required by the Indian Accounting
Standard (IND-AS 24) has been made in the Note No. 61 of the
101st 2020-2021 AGM held through Video 29.09.2021 10:30 A.M.
Conference / Other Audio-
Financial Statements.
Visual Means (Deemed Venue The Policy on Related Party Transaction has been placed on the
was 1, Shakespeare Sarani,
2nd Floor, Kolkata - 700 071) website of the Company and can be accessed at
https://www.birlacorporation.com/investors/policies/polic y-
100th 2019-2020 AGM held through Video 25.08.2020 10:30 A.M.
Conference / Other Audio-
on-related-party-transactions-BCL.pdf
Visual Means (Deemed Venue ii) Compliance with Accounting Standard:
was 1, Shakespeare Sarani,
2nd Floor, Kolkata - 700 071) In the preparation of the financial statements, the Company
99th 2018-2019 Kalpataru Uttam Mancha 13.08.2019 10:30 A.M. has followed and adopted all relevant Accounting Standards
10/1/1, Monohar Pukur Road, notified by the Companies (Indian Accounting Standards)
Kolkata - 700 026 Rules, 2015 (IND AS) specified under Section 133 of the
12.2 The details of the Special Resolutions passed in the last three Companies Act, 2013 read with relevant Rules made
Annual General Meeting are as follows: thereunder and other recognized accounting policies and
practices. The Significant Accounting Policies which are
AGM Financial Details of Special Resolution passed
Year
consistently applied and followed by the Company to the
extent applicable have been set out in the Notes to the
101st 2020-2021 No Special Resolution was passed.
Financial Statements.
100th 2019-2020 Payment of Commission to Shri Harsh V. Lodha (DIN:
00394094), Non-Executive Chairman of the Company for iii) Details of non-compliance by the Company, penalties,
the financial year 2020-2021. strictures imposed on the Company by the Stock
99th 2018-2019 1. Re-appointment of Ms. Shailaja Chandra (DIN: Exchanges, SEBI or any Statutory Authority on any matter
03320688) as an Independent Director for a second related to Capital Markets:
term of 5 (Five) consecutive years w.e.f. 5th February,
2020. The Company has complied with all the requirements of the
2. Payment of Commission to Shri Harsh V. Lodha (DIN: Listing Regulations as well as regulations and guidelines of
00394094), Non-Executive Chairman of the Company SEBI. There has been no non-compliance by the Company on
for the financial year 2019-2020.
any matter related to Capital Markets during the last three
12.3 Extraordinary General Meeting: years. No penalties or strictures have been imposed on the
Company by SEBI, Stock Exchanges or any statutory authority
No Extraordinary General Meeting of the members was held
during last three years except for the nominal fine of `8,260/-
during the Financial Year 2021-2022.
(including GST), in terms of circular no. SEBI/HO/CFD/CMD/
12.4 Postal Ballot: CIR/P/2018/77 dated 7th May, 2018 with respect to submission
During the Financial Year 2021-2022, no resolution has been of Statement of Investors Complaints for the quarter ended
passed through Postal Ballot. June, 2019 on account of some technical reasons. The
Company had contested the levy of fine and had deposited the
At present, there is no proposal for passing any Special
amount under protest.
Resolution through Postal Ballot.
iv) Risk Management:
13. DISCLOSURES:
The Company has laid a comprehensive Risk Management
i) Disclosure on materially significant related party
Policy which is reviewed by the Risk Management Committee
transactions: and the Audit Committee and approved by the Board from
All transactions entered into with Related Parties as defined time to time. These procedures are reviewed and updated to
under the Companies Act, 2013 and the Listing Regulations ensure that executive management controls risk through
during the financial year 2021-2022 were in the ordinary means of a properly defined framework and the risks are
course of business and on an arms length basis and do not properly dealt with and mitigated.
112
BIRLA
CORPORATION
LIMITED
v) Vigil Mechanism/Whistle Blower Policy: Company Secretaries certifying that none of the Directors of
the Company have been debarred or disqualified from being
In compliance with the provisions of Section 177(9) of the
appointed or continuing as Director of Company by the
Companies Act, 2013 and Regulation 22 of the Listing
Securities and Exchange Board of India and Ministry of
Regulations, the Company has framed a Vigil Mechanism/
Corporate Affairs or any such other Statutory Authority, is
Whistle Blower Policy and the same has also been placed on
attached to this report and forms part of the Annual Report.
the website of the Company.
It is affirmed that none of the Directors nor any employees of x) Where the board had not accepted any recommendation
the Company has been denied access to the Chairman of the of any committee of the board which is mandatorily
Audit Committee. required, in the relevant financial year:
vi) Details of compliance with mandatory requirements and All the recommendations of the various Committees were
adoption of non-mandatory requirements: accepted by the Board.
The Company has complied with all the applicable mandatory xi) Total fees for all services paid by the listed entity and its
requirements of Regulation 34(3) read with Schedule V of the subsidiaries, on a consolidated basis, to the statutory
Listing Regulations. auditor and all entities in the network firm/network entity
of which the statutory auditor is a part:
The following non-mandatory requirements under Part E of
Schedule II of the Listing Regulations to the extent they have The Company has paid a total sum of `1.09 Crores on
been adopted are mentioned below: consolidated basis to M/s. V. Sankar Aiyar & Co., Statutory
Auditors of the Company for all the services provided to the
i) Shareholders’ Rights: As the quarterly, half yearly and
Company and its subsidiaries.
annual financial performance along with significant
events are published in the newspapers and are also xii) Disclosures in relation to the Sexual Harassment of
posted on the Company’s website, the same are not being Women at Workplace (Prevention, Prohibition and
sent to the shareholders separately. Redressal) Act, 2013:
ii) Modified Opinion in Auditors Report: The Company’s The Company has adopted zero tolerance for sexual
financial statements for the financial year 2021-2022 do harassment at workplace and has formulated a policy on
not contain any modified audit opinion. prevention, prohibition and redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment
iii) Reporting of Internal Auditors: The Internal Auditors
of Women at Workplace (Prevention, Prohibition and
reports to the Audit Committee and they participate in
Redressal) Act, 2013 and the rules framed thereunder for
the meetings of the Audit Committee and present their
prevention and redressal of complaints of sexual harassment
internal audit observations to the Audit Committee.
at workplace.
vii) Policy for determining ‘Material’ Subsidiaries: There were no complaints relating to sexual harassment,
The Company’s Policy for determining Material Subsidiary is pending at the beginning of financial year, received during the
placed on the website of the Company and can be accessed at year and pending as on the end of the Financial Year 2021-
the link: https://www.birlacorporation.com/investors/ 2022.
policies/policy-on-material-subsidiary.pdf xiii) The details of loans and advances granted by the Company to
viii) Details of utilization of funds raised through preferential the firms/companies in which directors are interested has
allotment or qualified institutions placement as specified been disclosed in Note No.11 of the Standalone Financial
under Regulation 32 (7A): Statements.
The Company did not raise any funds through preferential xiv) There has been no instances of non-compliance of any
allotment or qualified institutions placement during the year requirement of Corporate Governance Report as mentioned in
under review. sub-paras (2) to (10) of para C of Schedule V to the Listing
Regulations.
ix) A certificate from a Company Secretary in practice
xv) The Company has duly complied with the applicable
regarding Non-Debarment and Non-Disqualification of
requirement specified in Regulation 17 to 27 and clauses (b) to
Directors:
(i) of sub-regulation (2) of Regulation 46 of the Listing
The Certificate received from M/s. Mamta Binani & Associates, Regulations.
113
14. PREVENTION OF INSIDER TRADING: 15. CEO & CFO CERTIFICATION:
Pursuant to SEBI (Prohibition of Insider Trading) Regulations, The Managing Director & Chief Executive Officer and Chief
2015 (‘Prohibition of Insider Trading Regulations’), the Financial Officer of the Company have issued a certificate
Company has formulated and adopted the ‘Internal Code of pursuant to the provisions of Regulation 17(8) of the Listing
Conduct to Regulate, Monitor and Report Trading by Regulations certifying that the financial statements do not
Designated Persons and Code of Practices and Procedures for contain any materially untrue statement and these statements
Fair Disclosures of Unpublished Price Sensitive Information’ represent a true and fair view of the Company’s affairs. The said
(‘Code’). Certificate is attached to this report and forms part of the
Annual Report.
The said Code was amended and approved by the Board of
Directors at its meeting held on 12th May, 2021. The Chief Executive Officer and Chief Financial Officer also give
quarterly certification on financial results to the Board in terms
The said Code is applicable to all the Designated Persons, their of Regulation 33(2) of the Listing Regulations.
immediate relatives, and subsidiaries of the Company and
inter-alia, prohibits trading in securities of the Company while 16. COMPLIANCE CERTIFICATE OF THE AUDITORS:
in possession of unpublished price sensitive information in
relation to the Company. The Code is also placed on the A Compliance Certificate has been received from the
Company’s website and can be accessed at the link: Company’s Statutory Auditors, M/s. V. Sankar Aiyar & Co.,
http://www.birlacorporation.com/bcl-insider-trading.pdf Chartered Accountants, pursuant to Schedule V of the Listing
Regulations regarding the compliance of conditions of
The Company has put in place adequate and effective system Corporate Governance. The said certificate is attached to this
of internal controls to ensure compliance with the report and forms part of the Annual Report.
requirements of the Prohibition of Insider Trading Regulations.
17. MEANS OF COMMUNICATION:
A structured digital database is being maintained by the
Company, which contains the names of the Designated The quarterly, half-yearly and the annual financial results of the
Persons and other particulars as prescribed under the Code. Company are published in one English newspaper circulating
in whole or substantially the whole of India and in one
The Board has also framed a policy for determination of vernacular newspaper. The results are also displayed on the
Legitimate Purposes as a part of Code of Practices and Company’s website at www.birlacorporation.com. The
Procedures for Fair Disclosure of Unpublished Price Sensitive Company issues Press Releases on the quarterly, half-yearly
Information as per the requirements of the Prohibition of and the annual financial results which are also displayed on the
Insider Trading Regulations. Company’s website at www.birlacorporation.com. As per the
requirements of the Listing Regulations, the financial results,
The Code expressly lays down the guidelines and the
Statutory Notices and Press Releases are furnished to the Stock
procedures to be followed and disclosures to be made, while
Exchanges where the securities of the Company are listed. The
dealing with the Shares of the Company.
Management Discussion and Analysis, forms part of the
The Company follows closure of trading window from the end Directors’ Report and is covered in the Annual Report.
of every quarter till 48 hours after the declaration of financial
Annual Report: Pursuant to the MCA circulars and SEBI
results. The Company has been advising the Designated
Circulars, the Annual Report for Financial Year 2020-2021
Persons covered by the Code not to trade in Company’s
containing the Notice of AGM was sent through email to all
securities during the closure of trading window period.
those Members whose email IDs were registered with the
The Board of Directors and the Designated Persons have Company/Depository Participants.
affirmed their adherence to the provisions of the said Code.
SEBI Complaints Redressal System (SCORES): The investors
As required under Regulation 9A of the Prohibition of Insider complaints are also being processed through the centralized
Trading Regulations, the Audit Committee and Board of the web based complaint redressal system. The salient features of
Company has reviewed the Compliances with the provisions SCORES are availability of centralized data base of the
of these regulations and has also verified the internal control complaints, uploading online action taken reports by the
systems in this respect and the same are adequate and Company. Through the SCORES website, the investors can
operating effectively. view online, the action taken and the current status of the
complaints.
114
BIRLA
CORPORATION
LIMITED
Communication related to Dividend and updation of Non-Convertible

Debentures Listing Details
records: The Company issues various reminder letters to Series
shareholders whose dividend is outstanding, PAN, Bank details Series VII Listed on the Wholesale Debt Market Segment of BSE Limited.
are not updated and those whose shares are liable to be Series VIII Not listed
transferred to IEPF. Series IX# Listed on the Wholesale Debt Market Segment of BSE Limited.
18. GENERAL SHAREHOLDERS’ INFORMATION: * Redeemed during the financial year 2021-2022.
# Issued during the financial year 2021-2022.
18.1 Annual General Meeting
Annual Listing fees for the financial year(s) 2021-2022 and
Date and Time : 27th September, 2022 at 10.30 a.m. 2022-2023 have been paid by the Company on time to the
Venue : Kalpatru Uttam Mancha, above Stock Exchanges.
10/1/1, Monohar Pukur Road,
C. Debenture Trustees
Kolkata - 700026.
IDBI Trusteeship Services Limited
18.2 Financial Year: 1st April to 31st March Asian Bldg., Ground Floor, 17, R. Kamani Marg,
18.3 Financial Calendar (tentative and subject to change) Ballard Estate, Mumbai- 400001
1st Quarterly Results
2nd Quarterly/Half yearly Results :
3rd Quarterly Results
Audited yearly Results (for the :
} Within 45 days of the
end of the quarter
Within 60 days of the
18.7 ISIN Code for the Company’s Ordinary Shares:
INE340A01012
18.8 ISIN Code for various series of Debentures is as under:
year ending 31st March, 2023) end of the Financial Details of Debentures ISIN
Year Secured Redeemable Non-Convertible Debentures Series –V INE340A07076*
18.4 Date of Book closure : 21st September, 2022 to Secured Redeemable Non-Convertible Debentures Series –VI INE340A07084
27th September, 2022 Secured Redeemable Non-Convertible Debentures Series –VII INE340A07092
(both days inclusive) Secured Redeemable Non-Convertible Debentures Series –VIII INE340A07100
18.5 Dividend Payment date : Within 30 days from Secured Redeemable Non-Convertible Debentures Series –IX INE340A07118#
the date of Annual *Redeemed during the financial year 2021-2022.
General Meeting. #
Issued during the financial year 2021-2022.
18.6 Listing of Shares and Debentures: 18.9 Corporate Identity Number (CIN):
A. Ordinary Shares L01132WB1919PLC003334
The Ordinary shares are at present listed at the following
18.10 Market Price Data during financial year 2021-2022:
Stock Exchanges.
BSE Limited (in `) National Stock
Name of the Stock Exchanges Stock Code/Symbol
Month Exchange of India
1. National Stock Exchange of India Ltd. (NSE) BIRLACORPN – EQ Limited ( `)
Exchange Plaza, C - 1, Block - G, High Low High Low
Bandra-Kurla Complex, Bandra (East),
April, 2021 1014.20 898.45 1014.90 897.25
Mumbai- 400 051.
May, 2021 1387.90 899.00 1384.80 905.00
2. BSE Limited (BSE) 500335
June, 2021 1296.90 1135.40 1296.00 1141.00
Phiroze Jeejeebhoy Towers, Dalal Street,
Fort, Mumbai-400 001. July, 2021 1560.00 1186.60 1585.00 1186.80
August, 2021 1518.00 1242.10 1518.00 1256.50
B. Debt Securities
September, 2021 1449.00 1278.00 1447.80 1276.15
The details of Non-Convertible Debentures issued by the
October, 2021 1600.00 1314.00 1602.95 1313.00
Company are as under:
November, 2021 1649.00 1218.00 1650.00 1211.05
Non-Convertible
Debentures Listing Details
December, 2021 1514.55 1295.45 1515.00 1296.00
Series January, 2022 1626.55 1303.25 1628.50 1301.40
Series V* Listed on the Wholesale Debt Market Segment of BSE Limited. February, 2022 1432.15 1052.15 1432.00 1035.05
Series VI Listed on the Wholesale Debt Market Segment of BSE Limited. March, 2022 1197.85 976.40 1197.90 975.00
115
18.11 Stock Performance in comparison to broad-based indices 18.13 Share Transfer System:
like BSE and Nifty is given below:
To enhance ease of dealing in securities market by investors,
Month Closing Price of BSE Closing Price of NSE SEBI has decided that listed companies shall henceforth issue
Equity Share (SENSEX) Equity Share (NIFTY)
at BSE (`) at NSE (`)
the securities in dematerialized form only (vide Gazette
Notification no. SEBI/LADNRO/ GN/2022/66 dated January 24,
April, 2021 917.20 48782.36 918.15 14631.10
2022) while processing the service request mentioned in the
May, 2021 1255.40 51937.44 1255.25 15582.80
above notification (viz., Issue of duplicate securities
June, 2021 1212.05 52482.71 1212.85 15721.50 certificate, Claim from Unclaimed Suspense Account,
July, 2021 1494.00 52586.84 1492.60 15763.05 Transmission, Transposition etc.). The Board has delegated
August, 2021 1355.10 57552.39 1354.10 17132.20 the authority for approving transmissions or transposition of
September, 2021 1440.55 59126.36 1435.70 17618.15 shares etc. to the Stakeholders Relationship Committee. The
October, 2021 1521.80 59306.93 1528.30 17671.65 decisions of Stakeholders Relationship Committee are placed
November, 2021 1357.30 57064.87 1349.10 16983.20 before the Board at the subsequent Board Meeting. The
December, 2021 1420.20 58253.82 1421.65 17354.05
Company obtains from a Company Secretary in Practice, a
yearly certificate of compliance with the share transfer
January, 2022 1358.70 58014.17 1360.75 17339.85
formalities as required under Regulation 40 of the Listing
February, 2022 1095.15 56247.28 1097.25 16793.90
Regulations and files a copy of the certificate with the Stock
March, 2022 1179.45 58568.51 1182.20 17464.75 Exchanges.
Stock performance versus Nifty 50 performance Shareholders holding shares in physical form are advised
18500.00 1625.00
to avail the facility of dematerialisation. Shareholders
17000.00 1450.00 should communicate with MCS Share Transfer Agent Limited,
15500.00 1275.00 the Company’s Registrar & Share Transfer Agent at
14000.00 1100.00 [email protected] quoting their folio number or DP ID/
12500.00 925.00 Client ID number, for any queries relating to their securities.
11000.00 750.00
9500.00 575.00 All requests for dematerialisation of shares, which are found
8000.00 400.00 to be in order, are generally processed within 15 days and the
confirmation is given to the respective depositories i.e.,
1
-21
1
1
-21
-21
1
1
2
1
-22
2
y-2
t-2
b-2
r-2
c-2
v-2
g-2
r-2
National Securities Depository Limited (NSDL) and Central

Jun
Jul
Sep
Jan
Ma
Ap
Oc
Ma
De
No
Fe
Au
NSE Closing Price of Equity Share at NSE (`) Depository Services (India) Limited (CDSL).
18.14 Outstanding GDRs/ADRs/warrants or any convertible
Stock performance versus Sensex performance instruments, conversion date and likely impact on
65000 1625.00 equity:
60000 1450.00
55000 1275.00
Nil.
50000 1100.00 18.15 Commodity price risk or foreign exchange risk and
45000 925.00 hedging activities:
40000 750.00
The Company does not have material exposure of any
35000 575.00
commodity and accordingly, no hedging activities for the
30000 400.00
same are carried out. Therefore, there is no disclosure to offer
1
-21
1
1
-21
-21
1
1
1
-22
2
2
y-2
t-2
r-2
c-2
v-2
g-2
r-2
in terms of SEBI circular no. SEBI/HO/CFD/CMD1/CIR/P/2018/

b-2
Jun
Jul
Sep
Jan
Ma
Ap
Oc
Ma
De
No
Au
Fe
0000000141 dated 15th November, 2018.

BSE SENSEX Closing Price of Equity Share at BSE (`)
During the year 2021-2022, the Company had managed the
18.12 Registrar & Share Transfer Agent: foreign exchange risk and hedged to the extent considered
MCS Share Transfer Agent Limited necessary. The Company enters into forward contracts for
383, Lake Gardens, 1st Floor, hedging foreign exchange exposures against exports and
Kolkata -700 045 imports. The details of foreign currency exposure are
Phone: (033) 4072 4051 to 4052 disclosed in Note No. 55.3.2 to the Annual Standalone
E-mail : [email protected] Financial Statement.
116
BIRLA
CORPORATION
LIMITED
18.16 Details of Credit Ratings assigned/re-affirmed to the The Company has uploaded the details of unpaid and
Company during financial year 2021-2022: unclaimed dividend amounts lying with the Company as on
Instrument details Amount Rating
31st March, 2021 on the website of the Company at
(` in Crore) https://www.birlacorporation.com/investors/unpaid-
9.25% Non-Convertible 200.00 ICRA AA (Stable); CARE AA
dividend/Form-IEPF-2-web.pdf and on the website of the
Debentures (Stable) Ministry of Corporate Affairs at www.iepf.gov.in. The details of
9.25% Non-Convertible 50.00 ICRA AA (Stable); CARE AA
unpaid and unclaimed dividend amounts lying with the
Debentures (Stable) Company as on 31st March, 2022 shall be updated within 60
9.15% Non-Convertible 150.00* ICRA AA (Stable); CARE AA
days of AGM.
Debentures (Stable) 18.19 Transfer of ‘Shares’ to Investor Education and Protection
7.05% Non-Convertible 150.00 IND AA (Stable) Fund (IEPF) (in cases where unclaimed dividends have
Debentures
been transferred to IEPF for a consecutive period of seven
5.75% Non-Convertible 150.00# IND AA (Stable) years):
Debentures (Floating Rate)
In accordance with the provisions of Sections 124 and 125 of
Commercial Paper 300.00 CRISIL A1+
the Companies Act, 2013 read with Investor Education &
Long Term Bank facilities 700.04 CARE AA (Stable)
Protection Fund (IEPF) Authority (Accounting, Audit, Transfer
Long / Short Term Bank facilities 733.00 CARE AA (Stable)/ CARE A1+ and Refund) Rules, 2016, the Company is required to transfer
* Redeemed during the financial year 2021-2022. shares in respect of which dividends remained
# Issued during the financial year 2021-2022. unpaid/unclaimed for a period of seven consecutive years or
more to the IEPF Account established by the Central
18.17 Dividend history for the last 5 years is as under: Government. Accordingly, during the financial year 2021-
2022, the Company has transferred 19,425 ordinary shares to
Financial Year Date of Dividend per
the demat account of IEPF Authority in respect of which
Declaration Share (`)
dividend had remained unpaid or unclaimed for seven
2021 – 2022 27.09.2022 10.00* consecutive years or more as on the due date of transfer, i.e.
26th September, 2021.
2020 – 2021 29.09.2021 10.00
In the interest of the shareholders, the Company sends
2019 – 2020 25.08.2020 7.50 periodical reminders to the shareholders to claim their
2018 – 2019 13.08.2019** 7.50 dividends in order to avoid transfer of dividends/shares to
IEPF Authority.
2017 – 2018 20.07.2018 6.50
All shares in respect of which dividends have remained
2016 – 2017 31.07.2017 6.50 unpaid/unclaimed for a consecutive period of seven years or
more since 2014-2015 will also be transferred to the IEPF
* Subject to approval of shareholders.
Authority within 30 days from the due date of transfer i.e. 7th
** The Hon’ble High Court at Calcutta vide its Order dated 9th August, August, 2022. Before transferring the shares, the Company
2019 had imposed restriction on the Company for publishing the publish Notice in the newspapers inviting the Members
voting results of the business transacted at the Annual General
attention in this regard. The Company also send out individual
Meeting held on 13th August, 2019. Subsequent upon the lifting of
communication to the concerned Members whose shares are
the above restriction by the Division Bench of Hon’ble High Court
vide its Order dated 4th May, 2020, the Company paid the dividend to liable to be transferred to IEPF Account, pursuant to the IEPF
the Shareholders. Rules. Members who have not encashed the dividend
warrant(s) from financial year 2014-2015, onwards may
18.18 Unclaimed Dividends: forward their claims to the Company’s Registrar & Share
The Company is required to transfer dividends which have Transfer Agent to avoid any transfer of dividend or shares to
remained unpaid/unclaimed for a period of seven years to the the IEPF Authority.
Investor Education & Protection Fund established by the Further, it may also be noted that in terms of Sections 124(6)
Government. Accordingly, during the financial year 2022- and 125(3) of the Companies Act, 2013 read with Rule 7 of the
2023, final dividend for the financial year 2014-2015 declared IEPF Rules, the shares and unclaimed dividends transferred to
at the Annual General Meeting of the Company held on 2nd the IEPF Authority can however be claimed back by the
July, 2015 which remains unpaid/unclaimed on due date i.e. concerned shareholders from IEPF Authority after complying
7th August, 2022, will be transferred to the IEPF Authority. with the procedure prescribed under the IEPF Rules. The
117
Member/Claimant is required to make an online application The voting rights on the aforesaid shares lying in the Unclaimed
to the IEPF Authority in e-Form No. IEPF-5 (available on Suspense Account as on 31st March, 2022 shall remain frozen till the
www.iepf.gov.in) and submit the requisite documents to the rightful owner of such shares claims the shares.
Nodal Officer/Deputy Nodal Officer of the Company whose e- Shareholders who have not claimed their shares are requested to
mail id is [email protected]. contact the Registrar & Share Transfer Agent of the Company by
The Company has appointed a Nodal Officer under the forwarding a request letter duly signed by the shareholders
provisions of IEPF, the details of which are available on the furnishing their postal address, self-attested copies of PAN card &
website of the Company at https://www.birlacorporation. proof of address and for delivery of shares in DEMAT form, a copy of
com/nodal-officer.html. Demat Account-Client Master Report duly certified by the Depository
Participant and a recent demat account statement, to enable the
18.20 Payment of Dividend to Investors through Electronic Company to release the said shares to the rightful owner.
Mode:
18.22 Distribution of shareholding as on 31st March, 2022:
The Company provides the facility for direct credit of the
dividend to the Members’ Bank Account. Listing Regulations No. of Ordinary No. of % of No. of Ordinary % of
shares held shareholders Shareholders shares shareholding
also mandate companies to credit the dividend to the
members electronically. Members are therefore urged to Upto 500 88201 97.23 4904618 6.37
avail this facility to ensure safe and speedy credit of their 501 to 1000 1306 1.44 952945 1.24
dividend into their bank account through the banks’
1001 to 2000 594 0.65 860076 1.12
NACH/NEFT/Direct Credit facility mode. Members who hold
2001 to 3000 164 0.18 410564 0.53
shares in demat mode should inform their depository
participant, whereas members holding shares in physical 3001 to 4000 88 0.10 314011 0.41
form should inform the Company of the core banking account 4001 to 5000 62 0.07 289430 0.37
details allotted to them by their bankers. In cases where the
5001 to 10000 90 0.10 663372 0.86
core banking account details are not available, the Company
10001 and above 205 0.23 68610331 89.10
will issue the demand drafts mentioning the existing bank
details available with the Company. Total 90710 100.00 77005347 100.00
18.21 Details of outstanding shares in the Unclaimed Suspense Physical Mode 3074 3.39 286343 0.37
Account: Electronic Mode 87636 96.61 76719004 99.63
The details in respect of ordinary shares lying in the

unclaimed suspense account which was issued in demat form 18.23 Shareholding Pattern:
and physical form, respectively as on 31st March, 2022, are as Category of Shareholders as on 31st March, 2022:
under:
Category No. of % of No. of Ordinary % of
Demat Physical shareholders Shareholders shares shareholding
Particulars Number Number of Number Number of
of Share- Ordinary of Share- Ordinary Promoter & 32 0.04 48434191 62.90
holders shares holders shares Promoter Group
Aggregate Number of shareholders 96 6904 0 0 Insurance 9 0.01 1878807 2.44

and outstanding shares in the Companies
Unclaimed Suspense Account lying
at the beginning of the year i.e. 1st Foreign Portfolio 90 0.10 3200792 4.16
April, 2021 Investors
Number of shareholders/ legal heirs 0 0 0 0 Mutual Funds 64 0.07 10644641 13.82
who approached the Company for
transfer of shares and to whom Bodies Corporate 945 1.04 2016383 2.62
shares were transferred from (others)
Unclaimed Suspense Account
during the year Financial 18 0.02 23250 0.03
Number of shareholders and shares 87 6654 0 0 Institutions/Banks
transferred to the IEPF Authority
NRIs/ Foreign 2719 3.00 512194 0.67
from the Unclaimed Suspense
Account Nationals
Aggregate Number of shareholders 9 250 0 0 Individuals 86682 95.55 9121720 11.84

and the outstanding shares in the
Unclaimed Suspense Account lying Others 151 0.17 1173369 1.52
at the end of the year i.e. 31st March,
2022 TOTAL 90710 100.00 77005347 100.00
118
BIRLA
CORPORATION
LIMITED
18.26 Plant Locations:

SHAREHOLDING PATTERN AS ON 31ST MARCH, 2022 Birla Corporation Limited:
Satna P.O. Birla Vikas, Satna - 485 005, Madhya Pradesh
(Madhya Pradesh)
62.90%
Chanderia Madhavnagar, P.O. Cement Factory,
(Rajasthan) Chanderia - 312 021, Rajasthan
Kolkata 102, Narkeldanga Main Road, Kolkata - 700 054
(West Bengal)
Birlapur Birlapur - 743 318, 24 Parganas (S), West Bengal
1.52% (West Bengal)
2.44%
Durgapur Near DSP Slag Bank, Durgapur - 713 203,
4.16% (West Bengal) Dist: Paschim Bardhaman, West Bengal
11.84%
Raebareli Plot No. D/9 to D/15, UPSIDC Industrial Area,
(Uttar Pradesh) Phase II, Amawan Road, P.O. Raebareli - 229 001,
13.82% Uttar Pradesh
0.67% 2.62% Chakan Gate nos. 357/96, 97, 98 & 100,
0.03% (Maharashtra) Village - Kharabwadi,
Chakan Talegaon Road, Chakan - 410 501,
Taluka - Khed, Dist - Pune, Maharashtra
Gurgaon Village- Nawada : Fatehpur, Post Office-
Promoter & Promoters Group - 62.90% Insurance Companies - 2.44%
(Haryana) Sikanderpur - Badha, Dist - Gurugram,
Foreign Portfolio Investors - 4.16% Mutual Funds - 13.82% Gurugram - 122 001
Bodies Corporate - 2.62% Financial Institutions/Banks - 0.03%
RCCPL Private Limited (wholly owned material subsidiary of the
NRIs/Foreign National - 0.67% Individuals - 11.84% Company):
Others - 1.52% Maihar Village - Bharauli, PO - Itahra, Maihar - 485 775,
(Madhya Pradesh) Satna, Madhya Pradesh
Kundanganj Village - Karanpur, Near Kundanganj Railway
18.24 Dematerialisation of Shares and Liquidity:
(Uttar Pradesh) Station, Dist. Raebareli - 229 303, UP
As on 31st March, 2022, 99.63% of the Company’s total Butibori J-2, M.I.D.C., Butibori Industrial Area, Butibori,
ordinary shares representing 76719004 shares were held in (Maharashtra) Nagpur - 441 122, Maharashtra
dematerialised form and 286343 shares representing 0.37% Mukutban Taluka - Zari Jamani, Dist. Yavatmal,
of paid-up share capital were held in physical form. (Maharashtra) Maharashtra - 445 319
The Company’s shares are compulsorily traded in 18.27 Address for Correspondence:
dematerialized form on NSE and BSE and have adequate The shareholders may address their communications/
liquidity. suggestions/ grievances/ queries to:
The Company Secretary,
18.25 Reconciliation of Share Capital Audit:
Birla Corporation Limited,
As stipulated by the Securities and Exchange Board of India Birla Building,
(SEBI), a practicing Company Secretary carries out the Share 9/1, R.N. Mukherjee Road,
Capital Audit to reconcile the total admitted Capital with Kolkata-700 001
National Securities Depository Limited (NSDL) and Central Phone No.: (033) 66166729, 66166737
Fax: (033) 2248-7988/2872
Depository Services (India) Limited (CDSL) and the total
issued and listed capital. This audit is carried out every quarter
and the report thereon is submitted to the Stock Exchanges, 18.28 Exclusive e-mail id for Investors’ Grievances:
and is also placed before the Board of Directors. [email protected]
119
DECLARATION ON CODE OF CONDUCT
This is to confirm that the Board of Directors of the Company has laid down a Code of Conduct for its members and senior management
personnel of the Company. The same has also been posted on the Company’s website. It is further confirmed that all the Directors and Senior
Management Personnel of the Company have affirmed compliance with the Code of Conduct of the Company for the Financial Year ended
31st March, 2022 as envisaged under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
For BIRLA CORPORATION LIMITED
(ARVIND PATHAK)
Place: Kolkata Managing Director &
Dated, the 11th May, 2022 Chief Executive Officer
CERTIFICATE
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Birla Corporation Limited
and having registered office at Birla Building, 9/1, R N Mukherjee Road, Kolkata 700001, West Bengal, India (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 for the Financial Year ending on 31st March, 2022 have been debarred or disqualified
from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs,
or any such other Statutory Authority.
For Mamta Binani & Associates
CS Madhuri Pandey
Partner
CP No. : 20723
Membership No.: A55836
UDIN: A055836D000383273
Place: Kolkata
Date: 11.05.2022
120
BIRLA
CORPORATION
LIMITED
Managing Director & Chief Executive Officer and Chief Financial Officer (CFO) Certification
[Pursuant to Regulation 17(8) of SEBI (Listing Obligations & Disclosure Requirements), Regulations, 2015]
The Board of Directors

9/1, R.N. Mukherjee Road,
Kolkata – 700 001
We, Arvind Pathak, Managing Director & Chief Executive Officer and Aditya Saraogi, Chief Financial Officer of Birla Corporation Limited certify
that:
a) We have reviewed the Financial Statements and the Cash Flow Statement for the financial year ended 31st March, 2022 and that to the
best of our knowledge and belief, we state that:
i) these statements do not contain any materially untrue statement, or omit any material fact or contain any statements that might
be misleading;
ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with the existing
accounting standards, applicable laws and regulations.
b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year, which are fraudulent,
illegal or violative of the Company’s Code of Conduct.
c) We accept the responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the
effectiveness of the internal control systems of the Company pertaining to financial reporting and we have disclosed to the Auditors
and Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we
have taken or propose to take to rectify these deficiencies.
d) We have indicated to the Auditors and Audit Committee:
i) significant changes, if any, in the internal controls over financial reporting during the year;
ii) significant changes, if any, in accounting policies during the year and that the same has been disclosed in the notes to the financial
statements; and
iii) instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an
employee having a significant role in the Company’s internal control system over financial reporting.
Place: Kolkata (ARVIND PATHAK) (ADITYA SARAOGI)

Dated, the 11th May, 2022 Managing Director & Chief Executive Officer Chief Financial Officer
121
INDEPENDENT AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE
TO THE MEMBERS OF BIRLA CORPORATION LIMITED

1. We have examined the compliance of regulations of Corporate Governance by Birla Corporation Limited (‘the Company’) for the year
ended 31st March, 2022, as stipulated in Regulations 17 to 27, clauses (b) to (i) of Regulation 46(2), and paragraphs C, D and E of
Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the
‘Listing Regulations’).
Management’s Responsibility
2. The compliance of conditions of corporate governance is the responsibility of the management. This responsibility includes the
designing, implementing and maintaining operating effectiveness of internal control to ensure compliance with the conditions of
corporate governance as stipulated in the Listing Regulations.
Auditors’ Responsibility
3. Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in the form of an
opinion as to whether the Company has complied with the conditions of corporate governance as stated in paragraph 2 above. Our
responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring the
compliance with the conditions of corporate governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
4. We have examined the relevant records of the Company in accordance with the applicable Generally Accepted Auditing Standards in
India, the Guidance Note on Certification of Corporate Governance issued by the Institute of Chartered Accountants of India (the ‘ICAI’),
and the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI which requires that we comply with the ethical
requirements of the Code of Ethics issued by the ICAI.
5. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that
Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.
Opinion
6. Based on the procedures performed by us and to the best of our information and according to the explanations provided to us, in our
opinion, the Company has complied, in all material respects, with the conditions of corporate governance as stipulated in the Listing
Regulations during the year ended 31st March, 2022. We 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.
Restriction on use
7. This certificate is issued solely for the purpose of complying with the aforesaid regulations and may not be suitable for any other
purpose.
For V. Sankar Aiyar & Co.

Chartered Accountants
(Firm Regn. No.: 109208W)
(M.S. BALACHANDRAN)
Place: Kolkata Partner (M. No.: 024282)
Dated, the 11th May, 2022 UDIN: 22024282AIUCKD9045
122
STANDALONE FINANCIAL STATEMENTS
123 123
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Standalone Financial Statements statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters. We have
Opinion
determined the matters described below to be the key audit
We have audited the accompanying standalone financial matters to be communicated in our report.
statements of BIRLA CORPORATION LIMITED (“the Company”),
which comprise the Balance Sheet as at 31st March 2022, the Key Audit Matters Auditor’s Response
Statement of Profit and Loss (including Other Comprehensive Recoverability of MAT Credit
Income), the Statement of Changes in Equity and the Entitlement in future:
Statement of Cash Flows for the year then ended, and notes The Company has recognised Audit procedures included,
to the standalone financial statements, including a summary deferred tax assets mainly on among others, review of:
account of tax credit available • The appropriateness of the
of significant accounting policies and other explanatory for set off (Minimum Alternate
information (hereinafter referred to as “the standalone financial methodology applied by the
Tax) under the Income Tax Company with applicable
statements”). Act, 1961. Under Ind AS 12 Indian accounting standards
– Income Taxes, deferred tax and applicable taxation
In our opinion and to the best of our information and according assets shall be recognised to laws along with the future
to the explanations given to us, the aforesaid standalone the extent that it is probable business forecast of taxable
financial statements give the information required by the that future taxable profit will profits.
be available against which
Companies Act, 2013, as amended, (“the Act”) in the manner the unused tax credit can • The likelihood of the
so required and give a true and fair view in conformity with be utilised. The assessment Company to utilize the
accounting principles generally accepted in India, of the state of of valuation of deferred tax available MAT credit
assets requires significant entitlements in the future
affairs (financial position) of the Company as at 31st March 2022,
management judgement with underlying projections
profit (financial performance including other comprehensive and estimation. This include, and assumptions relating
income), changes in equity and its cash flows for the year ended amongst others, estimation of to future estimated profits,
on that date. long-term future profitability, future capitalisations and
future revenue from proposed depreciation allowance
Basis for Opinion projects and tax regulations thereon and future estimates
and developments. of taxable income.
We conducted our audit of the standalone financial statements
As a result, the recognition • The adequacy of the
in accordance with the Standards on Auditing (SAs) specified Company’s disclosures in
of the deferred tax asset on
under section 143(10) of the Act. Our responsibilities under those above is significant to our the financials on deferred
Standards are further described in the “Auditor’s Responsibilities audit. tax assets and assumptions
for the Audit of the Standalone Financial Statements” section of our used.
The disclosures relating to the
report. We are independent of the Company in accordance with above are included in Note No.
the Code of Ethics issued by the Institute of Chartered Accountants 25 of the standalone financial
statements.
of India (“ICAI”) together with the ethical requirements that are
relevant to our audit of the standalone financial statements under Litigations and Claims
the provisions of the Act and the Rules made thereunder, and we The Company is exposed to Our audit procedure in
have fulfilled our other ethical responsibilities in accordance with different laws, regulations and response to this key Audit
interpretations thereof which Matter included, among
these requirements and the ICAI’s Code of Ethics. We believe that
encompasses direct / indirect others,
the audit evidence we have obtained is sufficient and appropriate taxation and legal matters. In
to provide a basis for our opinion on the standalone financial the normal course of business, • Assessment of the process
provisions and contingent and relevant controls
statements. implemented to identify
liabilities may arise from
Key Audit Matters legal and tax proceedings, legal and tax litigations,
including regulatory and other and pending administrative
Key audit matters are those matters that, in our professional Governmental proceedings, proceedings.
judgment, were of most significance in our audit of the standalone constructive obligations as
financial statements of the current period. These matters were well as investigations by
authorities and commercial
addressed in the context of our audit of the standalone financial claims.
124
Based on the nature of • Assessment of assumptions view of the financial position, financial performance including
regulatory and legal cases used in the evaluation of other comprehensive income, changes in equity and cash flows
management applies possible legal and tax risks by of the Company in accordance with the accounting principles
significant judgement when the legal and tax department generally accepted in India, including the Indian Accounting
considering whether, and of the Company considering
how much, to provide for the the legal precedence and Standards (Ind AS) specified under Section 133 of the Act.
potential exposure of each other rulings in similar cases. This responsibility also includes maintenance of adequate
matter. accounting records in accordance with the provisions of the Act
• Inquiry with the legal and
These estimates could change tax divisions of the Company for safeguarding the assets of the Company and for preventing
significantly over time as new regarding the status of the and detecting frauds and other irregularities; selection and
facts emerge and each legal most significant disputes application of appropriate accounting policies; making
case progresses. and perusal of the relevant judgments and estimates that are reasonable and prudent; and
documentation.
Given the inherent complexity design, implementation and maintenance of adequate internal
and magnitude of potential • Taking note of opinion financial controls, that were operating effectively for ensuring the
exposures and the judgement received from the experts,
necessary to estimate the where available. accuracy and completeness of the accounting records, relevant
amounts of provisions to the preparation and presentation of the standalone financial
required or to determine • Review of the adequacy of
statements that give a true and fair view and are free from material
required disclosures, this is a the disclosures in the notes
to the standalone financial misstatement, whether due to fraud or error.
key audit matter.
statements.
(Refer Note No. 41 to In preparing the standalone financial statements, the Board of
the standalone financial Directors is responsible for assessing the Company’s ability to
statements) continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis
Information Other than the Standalone Financial Statements of accounting unless the Board of Directors either intends to
and Auditor’s Report Thereon liquidate the Company or to cease operations, or has no realistic
The Company’s Board of Directors is responsible for the alternative but to do so.
preparation of the other information. The other information The Board of Directors are also responsible for overseeing the
comprises the information included in the Directors’ Report and Company’s financial reporting process.
Management Discussion and Analyses, Business Responsibility
Report and the Report on Corporate Governance but does not Auditor’s Responsibilities for the Audit of the Standalone
include the standalone financial statements and our auditor’s Financial Statements
report thereon. Our objectives are to obtain reasonable assurance about whether
Our opinion on the standalone financial statements does not the standalone financial statements as a whole are free from
cover the other information and we do not express any form of material misstatement, whether due to fraud or error, and to
assurance conclusion thereon. issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that
In connection with our audit of the standalone financial
an audit conducted in accordance with SAs will always detect a
statements, our responsibility is to read the other information and,
material misstatement when it exists. Misstatements can arise
in doing so, consider whether the other information is materially
from fraud or error and are considered material if, individually or
inconsistent with the standalone financial statements or our
in the aggregate, they could reasonably be expected to influence
knowledge obtained during the course of our audit or otherwise
the economic decisions of users taken on the basis of these
appears to be materially misstated.
standalone financial statements.
If, based on the work we have performed, we conclude that there is
As part of an audit in accordance with SAs, we exercise professional
a material misstatement of this other information, we are required
judgment and maintain professional skepticism throughout the
to report that fact. We have nothing to report in this regard.
audit. We also:
Responsibilities of Management and Those Charged with
y Identify and assess the risks of material misstatement of the
Governance for the Standalone Financial Statements
standalone financial statements, whether due to fraud or
The Company’s Board of Directors is responsible for the matters error, design and perform audit procedures responsive to
stated in Section 134(5) of the Act with respect to the preparation those risks, and obtain audit evidence that is sufficient and
of these standalone financial statements that give a true and fair appropriate to provide a basis for our opinion. The risk of not
125 125
detecting a material misstatement resulting from fraud is of the current period and are therefore the key audit matters.
higher than for one resulting from error, as fraud may involve We describe these matters in our auditor’s report unless law or
collusion, forgery, intentional omissions, misrepresentations, regulation precludes public disclosure about the matter or when,
or the override of internal control. in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
y Obtain an understanding of internal control relevant to the
consequences of doing so would reasonably be expected to
audit in order to design audit procedures that are appropriate
outweigh the public interest benefits of such communication.
in the circumstances. Under section 143(3)(i) of the Companies
Act, 2013, we are also responsible for expressing our opinion Report on Other Legal and Regulatory Requirements
on whether the Company has adequate internal financial
1 As required by the Companies (Auditor’s Report) Order, 2020
controls system in place and the operating effectiveness of
(“the Order”) issued by the Government of India in terms of
such controls.
sub-section (11) of section 143 of the Act, and on the basis of
y Evaluate the appropriateness of accounting policies used such checks of the books and records of the Company as we
and the reasonableness of accounting estimates and related considered appropriate and according to the information and
disclosures made by management. explanations given to us, we give in “Annexure A” a statement
on the matters specified in the paragraphs 3 and 4 of the said
y Conclude on the appropriateness of management’s use of
Order, to the extent applicable.
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty 2 As required by section 143(3) of the Act, we report that:
exists related to events or conditions that may cast significant
a) We have sought and obtained all the information and
doubt on the Company’s ability to continue as a going
explanations which to the best of our knowledge and
concern. If we conclude that a material uncertainty exists,
belief were necessary for the purposes of our audit of the
we are required to draw attention in our auditor’s report to
aforesaid standalone financial statements;
the related disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our opinion. b) In our opinion, proper books of account as required by
Our conclusions are based on the audit evidence obtained up law have been kept by the Company so far as it appears
to the date of our auditor’s report. However, future events or from our examination of those books;
conditions may cause the Company to cease to continue as a c) The Balance Sheet, the Statement of Profit and Loss
going concern. (including other comprehensive income), the statement
y Evaluate the overall presentation, structure and content of the of Changes in Equity and the Statement of Cash Flows
standalone financial statements, including the disclosures, dealt with by this report are in agreement with the books
and whether the standalone financial statements represent of account;
the underlying transactions and events in a manner that d) In our opinion, the aforesaid standalone financial
achieves fair presentation. statements comply with the Indian Accounting
Standards (Ind AS) specified under section 133 of the
We communicate with those charged with governance
Act, read with relevant rules issued thereunder;
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any e) On the basis of written representations received from the
significant deficiencies in internal control that we identify during directors as on 31st March, 2022 taken on record by the
our audit. Board of Directors, none of the directors is disqualified as
on 31st March, 2022 from being appointed as a director
We also provide those charged with governance with a statement in terms of section 164(2) of the Act;
that we have complied with relevant ethical requirements
f) With respect to the adequacy of the internal financial
regarding independence, and to communicate with them all
controls with reference to standalone financial
relationships and other matters that may reasonably be thought
statements of the Company and the operating
to bear on our independence, and where applicable, related
effectiveness of such controls, refer to our separate
safeguards.
report in “Annexure B”;
From the matters communicated with those charged with g) With respect to the other matters to be included in the
governance, we determine those matters that were of most Auditor’s Report in accordance with the requirements of
significance in the audit of the standalone financial statements section 197(16) of the Act, as amended:
126
In our opinion and to the best of our information in any manner whatsoever by or on behalf of
and according to the explanations given to us, the the Company (“Ultimate Beneficiaries”) or
remuneration paid by the Company to its directors provide any guarantee, security or the like on
during the year is in accordance with the provisions of behalf of the Ultimate Beneficiaries (Refer Note
section 197 of the Act. 59.4 to the standalone financial statements);
h) With respect to the other matters to be included in (b) The management has represented, that, to the
the Auditor’s Report in accordance with Rule 11 of the best of it’s knowledge and belief, other than
Companies (Audit and Auditors) Rules, 2014, as amended, as disclosed in the notes to the accounts, no
in our opinion and to the best of our information and funds (which are material either individually
according to the explanations given to us: or in the aggregate) have been received by
the Company from any persons or entities,
i. The Company has disclosed the impact of pending
including foreign entities (“Funding Parties”),
litigations as on 31st March, 2022 on its financial
with the understanding, whether recorded in
position in its standalone financial statements –
writing or otherwise, that the Company shall,
Refer Note 41 to the standalone financial statements;
directly or indirectly, lend or invest in other
ii. The Company has made provision as on 31st persons or entities identified in any manner
March 2022, as required under the applicable law whatsoever by or on behalf of the Funding
or accounting standards, for material foreseeable Party (“Ultimate Beneficiaries”) or provide any
losses, if any, on long-term contracts including guarantee, security or the like on behalf of the
derivative contracts; Ultimate Beneficiaries (Refer Note 59.4 to the
standalone financial statements); and
iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education (c) Based on the audit procedures performed
and Protection Fund by the Company during the that we have considered reasonable and
year ended 31st March, 2022 in accordance with the appropriate in the circumstances, nothing has
relevant provisions of the Act and Rules made there come to our notice that has caused us to believe
under; that the representations under sub-clause (a)
and (b) contain any material mis-statement.
iv. (a) The management has represented that, to the
best of its knowledge and belief, other than v. The dividend declared and paid during the year by
as disclosed in the notes to the accounts, no the Company is in accordance with section 123 of
funds (which are material either individually the Act.
or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds
or share premium or any other sources or kind For V. Sankar Aiyar & Co.
of funds) by the Company to or in any other Chartered Accountants
persons or entities, including foreign entities (Firm Regn. No.: 109208W)
(“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that (M.S. BALACHANDRAN)
the Intermediary shall, directly or indirectly lend Place : Kolkata Partner (M. No: 024282)
or invest in other persons or entities identified Date : 11th May, 2022 UDIN: 22024282AIUCCK5845
127 127
Annexure- A to the Independent Auditors’ Report to the Members of Birla Corporation Limited
on the standalone financial statements for the year ended 31st March, 2022.
(i) (a) (A) The Company is maintaining proper records pending against the Company for holding any benami
showing full particulars, including quantitative property under the Benami Transactions (Prohibition)
details and situation of property, plant and Act, 1988 (45 of 1988) and rules made thereunder.
equipment, investment property, right of use (ROU) Therefore, rest of the provisions of clause 3(i)(e) of the
assets and non-current assets held for sale. Order are not applicable.
(B) The Company is maintaining proper records (ii) (a) The stock of finished goods, stores, spare parts and
showing full particulars of intangible assets. raw materials have been physically verified by the
(b) The property, plant and equipment have been physically management/ outside agencies at reasonable intervals
verified by the management/ outside agencies in a during the year, except for Soorah Jute Mills (due to
phased manner and reconciled with books of account, suspension of work) and Auto Trim Division at Gurgaon
except in case of Soorah Jute Mills (due to suspension of and Chakan, where physical verification could not be
work) with carrying value other than land and building, done. We are informed that inventory held at these
at ₹ 0.30 crore and Auto Trim Division at Gurgaon locations were insignificant. In our opinion, the coverage
& Chakan with carrying value, other than land and and procedure of the verification by the management/
building, at ₹ 1.14 crores, where verification could not be outside agencies is appropriate. No discrepancies of 10%
done. We are informed that no major discrepancies were or more in the aggregate for each class of inventory were
noticed on such verification. Minor discrepancies stand noticed on physical verification and minor discrepancies
adjusted in the accounts. In our opinion, the frequency stand adjusted in the accounts.
of verification is reasonable in relation to the size of the (b) On the basis of the verification of records and information
Company. and explanations given to us, the quarterly returns or
statements filed by the Company with the banks or
(c) According to the information and explanations given
financial institutions, from whom working capital limits
to us and the records examined by us and based on the
have been taken, are broadly in agreement with the
examination of the registered sale deed/ transfer deed/
books of account of the Company. We have not found
conveyance deed etc., provided to us, we report that
any major discrepancies which may require reporting
the title deeds of all the immovable properties (other
under this clause.
than properties where the Company is the lessee and
the lease agreements are duly executed in favour of (iii) The Company has, during the year, made investments in
the lessee) disclosed in the financial statements of the one company and various mutual fund schemes, granted
Company are held in the name of the Company. The unsecured loan to companies and employees, stood
title deeds relating to certain immovable properties guarantee for one company.
have been pledged as security with banks and financial (a) The aggregate amount during the year, and balance
institution for loans, guarantees etc., are held in the outstanding at the balance sheet date with respect to
name of the Company based on the confirmations from such loans, guarantees and securities to subsidiaries and
the Security Trustees. to parties other than subsidiaries are as per the table
(d) During the year Company has revalued its one class of given below:
property, plant and equipment i.e. free hold land. The Particulars Loans Guarantees
revaluation is based on the basis of valuation reports Aggregated amount
obtained from the registered valuers. Changes in the granted / provided during
the year
value of free hold land is more by ₹153.96 crores, i.e.,
– Subsidiaries ₹13.70 crores –
13.20%, of its carrying amount from previous revalued
– Others – –
figures.
Balance outstanding at
(e) According to the information and explanations given the balance sheet date
to us and the representation obtained from the – Subsidiaries ₹0.07 crore ₹295.34 crores
management, no proceedings have been initiated or are – Others – –
128
(b) In respect of aforesaid investments, guarantees, been maintained. We have not, however, made a detailed
securities and loans, the term and conditions under examination of the records with a view to determine whether
which investments were made, guarantees and securities they are accurate and complete.
provided and loans were granted are not prejudicial to (vii) (a) According to the records of the Company, the Company
the Company’s interest, based on the information and has been generally regular in depositing undisputed
explanations provided by the Company. statutory dues including goods and service tax (GST),
(c) The loans granted to subsidiaries are interest free and the provident fund, employees’ state insurance, income-tax,
sales-tax, service tax, duty of customs, duty of excise,
schedule of repayment of principal has been stipulated
value added tax, cess and any other statutory dues with
by the Company except for one loan aggregating ₹ 0.07
the appropriate authorities. There were no arrears of
crore (fully provided in the books) where no schedule of
undisputed statutory dues as at 31st March 2022, which
repayment of principal and payment of interest has been
were outstanding for a period of more than six months
stipulated. Except for the aforesaid instances (where in
from the date they became payable.
absence of stipulation of repayment / payment terms, we
are unable to comment on the regularity of repayment (b) The disputed statutory dues of different years as referred
of principal and payment of interest), repayments of in sub-clause (vii)(a) above, which have remained unpaid
principal amount and payment of interest are regular. as on 31st March, 2022 for which appeals are pending as
under:
(d) According to the information and explanations given to
us and based on the audit procedures performed by us, Name of the Nature of Amount Period Forum where the
Statute Dues (₹ in to which dispute is pending
there are no loans are overdue during the year, except for amount
Crore)
one loan aggregating ₹ 0.07 crore (fully provided in the relates
books) recoverable from the subsidiary company. The Sales Tax, VAT Sales Tax, 78.19 FY 1993-94 to Department/ 1st
subsidiary company stands liquidated as per Ethopian and Entry Tax VAT and 2015-16 Appellate Authority
Laws and distribution (repatriation) of the available Laws Entry Tax 1.91 FY 1989-90 to Appellate Tribunals
money after satisfaction of liabilities is still pending. 2010-11
89.57 FY 1988-89 to High Court
(e) No loan granted which has fallen due during the year 2017-18
that has been renewed or extended or fresh loans
IGST, SGST and IGST and 38.36 FY 2017-18 to Department/ 1st
granted to settle the overdue of existing loans given to CGST Act SGST 2019-20 Appellate Authority
same parties. 0.80 FY 2017-18 High Court
(f ) The Company has not granted any loans or advances Central Excise Excise Duty 20.08 FY 1980-81 to Department/ 1st
in the nature of loan either repayable on demand or Act, 1944 2017-18 Appellate Authority
without the specifying the terms or period of repayment. 44.17 FY 2001-02 to Appellate Tribunals
2017-18
(iv) The Company has not given any loan or provided any 16.57 FY 2013-14 to High Court
guarantees or security to parties covered under section 185 2017-18
of the Companies Act, 2013. In respect of loans, investments, Finance Act, Service Tax 6.61 FY 2005-06 to Appellate Tribunals
guarantees and security, the Company has complied with the 1994 2010-11 and
provisions of section 186 of the Companies Act, 2013. 2013-14 to
2016-17
(v) The Company has not accepted deposits and no amount has Customs Act, Custom Duty 3.18 FY 2012-13 Appellate Tribunals
become deemed to be a deposit during the year in terms 1962
of the provisions of section 73 to 76 or any other provisions Income Tax Act, Income Tax 26.52 AY 2016-17 to Department/ 1st
of the Companies Act, and the Rules made thereunder. 1961 2018-19 Appellate Authority
Therefore, the provisions of clause 3(v) of the Order are not Rajasthan Octroi 1.00 FY 1983-84 to High Court
applicable. Municipalities 1986-87
Act
(vi) We have broadly reviewed the books of accounts maintained
by the Company, pursuant to rules made under sub- Rajasthan Environment 11.95 FY 2008-09 to Supreme Court
Environment & Health 2014-15
section (1) of section 148 of the Act and are of the opinion & Health Cess Cess
that prima facie, the prescribed accounts and records have Rules – 2008
129 129
any funds from any entity or person on account of or
Name of the Nature of Amount Period Forum where the
Statute Dues to which dispute is pending to meet the obligations of its subsidiaries, associates or
(₹ in
Crore) amount joint ventures. Therefore, the provisions of clause 3(ix)(e)
relates of the Order are not applicable.
House Tax, House Tax, 1.12 FY 1977-78 to Department/ 1st (f ) In our opinion and according to the information and
Property Tax, Property Tax, 1996-97 Appellate Authority
Land Tax and Land Tax and explanations given to us, the Company has not raised
30.01 FY 1986-87 to High Court any loans during the year on the pledge of securities
Other Local Other Local
2021-22
Laws Tax & Cess held in its subsidiaries, associates or joint ventures.
Stamp Duty and Stamp Duty, 87.28 FY 1979-80 to High Court Therefore, the provisions of clause 3(ix)(f ) of the Order
State Minerals Royalty and 2013-14 are not applicable.
Laws Cess
(x) (a) In our opinion and according to the information and
Electricity Laws Electricity 5.02 FY 1981-82 to High Court
Duty, 2006-07 explanations given to us, the Company has applied
Surcharge the monies raised by way of debt instruments for the
17.27 FY 2006-07 to Supreme Court
and Cess purposes for which they were raised.
2011-12
Gratuity Act, Gratuity 0.01 FY 2020-21 Department/ 1st (b) During the year, the Company has not made any
1972 Appellate Authority preferential allotment or private placement of shares
Employees State Employees 1.13 FY 1985-86 to Department/ 1st or convertible debentures (fully, partly or optionally
Insurance Act, State 1996-97 Appellate Authority convertible). Therefore, the provisions of clause 3(xiv) of
1948 Insurance the Order are not applicable.
2.23 FY 1984-85 to High Court
2013-14 (xi) (a) Based on the audit procedures performed and
(viii) On the basis of the verification of records and information representation obtained from the management, we
and explanations given to us, we report that there is no case, report that no case of material fraud by the Company or
where transaction not recorded in the books of account on the Company by has been noticed or reported during
have been surrendered or disclosed as income during the year.
the year in the tax assessments under the Income Tax Act, (b) We report that, no report under sub-section (12) of
1961 (43 of 1961). We also report that there is no previously section 143 of the Companies Act has been filed by us
unrecorded income required to be recorded in the books of in Form ADT-4 as prescribed under rule 13 of Companies
account during the year. (Audit and Auditors) Rules, 2014 with the Central
(ix) (a) On the basis of the verification of records and information Government.
and explanations given to us, the Company has not (c) As represented to us by the management, there were
defaulted in repayment of loans or other borrowings or no whistle-blower complaints received by the Company
in the payment of interest thereon to any lender. during the year.
(b) According to the information and explanations given (xii) The Company is not a Nidhi Company. Therefore, the
to us and the representation obtained from the provisions of clause 3(xii) of the Order are not applicable.
management, the Company has not been declared
(xiii) In our opinion and according to the information and
wilful defaulter by any bank or financial institution or
explanations given to us, all the transactions with the related
other lender.
parties are in compliance with section 177 and 188 of the
(c) In our opinion and according to the information and Companies Act, 2013 to the extent applicable and the details
explanations given to us, the Company has utilized term have been disclosed in the financial statements as required
loans for the purposes for which they were obtained. by the applicable Indian Accounting Standards (Ind AS).
(d) In our opinion and according to the information and (xiv) (a) In our opinion and according to the information and
explanations given to us, the Company has not utilized explanation given to us, there is adequate internal audit
the funds raised on short term basis for long term system, commensurate with the size of the Company
purposes. and the nature of its business.
(e) In our opinion and according to the information and (b) We have considered the internal auditors’ reports for the
explanations given to us, the Company has not taken period under audit.
130
(xv) According to the information and explanations given to us (xix) According to the information and explanation given to
and the representation obtained from the management, the us and on the basis of examination of financial ratios,
Company has not entered into any non-cash transactions ageing and expected dates of realisation of financial assets
with directors or persons connected with them. Therefore, and payment of financial liabilities, other information
the provisions of clause 3(xv) of the Order are not applicable. accompanying the standalone financial statements, our
knowledge of the Board of Directors and management
(xvi) (a) In our opinion and according to the information and
plans and based on our examination of the evidence
explanations given to us, the Company is not required
supporting the assumptions, nothing has come to our
to be registered under section 45-IA of the Reserve
attention, which causes us to believe that any material
Bank of India Act, 1934. Therefore, the provisions of
uncertainty exist as on the date of the audit report that the
clause 3(xvi)(a) of the Order are not applicable.
Company is not capable of meeting its liabilities existing at
(b) In our opinion and according to the information the date of balance sheet as and when they fall due within
and explanations given to us, the Company has not a period of one year from the balance sheet date. We,
conducted any Non-Banking Financial or Housing however, state that this is not an assurance as to the future
Finance activities as per the Reserve Bank of India Act, viability of the Company. We further state that our reporting
1934. Therefore, the provisions of clause 3(xvi)(b) of the is based on the facts up to the date of the audit report and
Order are not applicable. we neither give any guarantee nor any assurance that all
(c) In our opinion and according to the information and liabilities falling due within a period of one year from the
explanations given to us, the Company is not a Core balance sheet date, will get discharged by the Company as
Investment Company (CIC) as defined in the regulations and when they fall due.
made by the Reserve Banks of India. Therefore, the
(xx) On the basis of the verification of records, there is no unspent
provisions of clause 3(xvi)(c) of the Order are not
amount at the year-end as per the provisions of section 135
applicable.
of the Companies Act, 2013. Accordingly, reporting under
(d) Based on the information and explanations provided
clause 3(xx) of the Order is not applicable.
by the management of the Company, the Group does
not have any CICs, which are part of the Group. We (xxi) The reporting under Clause 3(xxi) of the Order is not
have not, however, separately evaluated whether the applicable in respect of audit of standalone financial
information provided by the management is accurate statements. Accordingly, no comment in respect of the said
and complete. Accordingly reporting under clause clause has been included in this report.
3(xvi)(d) of the Order are not applicable.
(xvii) The Company has not incurred cash losses during the
financial year and in the immediately preceding financial
year.
(xviii) There is no resignation by the Statutory Auditors during the (M.S. BALACHANDRAN)
year. Therefore, the provisions of clause 3(xviii) of the Order Place : Kolkata Partner (M. No: 024282)
are not applicable. Date : 11th May, 2022 UDIN: 22024282AIUCCK5845
131 131
Annexure-B referred to the Independent Auditors’ Report to the Members of Birla Corporation
Limited on the standalone financial statements for the year ended 31st March, 2022.
We have audited the internal financial controls with reference to with reference to the standalone financial statements, assessing
the standalone financial statements of the Company as of 31st the risk that a material weakness exists, and testing and evaluating
March, 2022 in conjunction with our audit of the standalone the design and operating effectiveness of internal control based
financial statements of the Company for the year ended on that on the assessed risk. The procedures selected depend on the
date. auditor’s judgement, including the assessment of the risks of
material misstatement of the standalone financial statements,
Management’s Responsibility for Internal Financial Controls
whether due to fraud or error.
The Company’s management is responsible for establishing and
We believe that the audit evidence we have obtained is sufficient
maintaining internal financial controls based on the internal
and appropriate to provide a basis for our audit opinion on the
control with reference to the standalone financial statements
Company’s internal financial controls system with reference to the
criteria established by the Company considering the essential
standalone financial statements.
components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls over Financial Reporting (the Meaning of Internal Financial Controls with reference to the
“Guidance Note”) issued by the Institute of Chartered Accountants standalone financial statements
of India (ICAI). These responsibilities include the design,
A Company’s internal financial control with reference to the
implementation and maintenance of adequate internal financial
standalone financial statements is a process designed to provide
controls that were operating effectively for ensuring the orderly
reasonable assurance regarding the reliability of financial
and efficient conduct of its business, including adherence to
reporting and the preparation of standalone financial statements
Company’s policies, the safeguarding of its assets, the prevention
for external purposes in accordance with generally accepted
and detection of frauds and errors, the accuracy and completeness
accounting principles. A Company’s internal financial control
of the accounting records, and the timely preparation of reliable
with reference to the standalone financial statements includes
financial information, as required under the Act.
those policies and procedures that (1) pertain to the maintenance
Auditors’ Responsibility of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the Company;
Our responsibility is to express an opinion on the Company’s
(2) provide reasonable assurance that transactions are recorded
internal financial controls with reference to the standalone
as necessary to permit preparation of standalone financial
financial statements based on our audit. We conducted our
statements in accordance with generally accepted accounting
audit in accordance with the Guidance Note and the Standards
principles, and that receipts and expenditures of the Company
on Auditing, issued by ICAI and deemed to be prescribed under
are being made only in accordance with authorisations of
section 143(10) of the Act, to the extent applicable to an audit of
management and directors of the Company; and (3) provide
internal financial controls, both applicable to an audit of Internal
reasonable assurance regarding prevention or timely detection
Financial Controls and issued by ICAI. Those Standards and the
of unauthorised acquisition, use, or disposition of the Company’s
Guidance Note require that we comply with ethical requirements
assets that could have a material effect on the standalone financial
and plan and perform the audit to obtain reasonable assurance
statements.
about whether adequate internal financial controls with reference
to the standalone financial statements was established and Inherent Limitations of Internal Financial Controls over
maintained and if such controls operated effectively in all material Financial Reporting
respects.
Because of the inherent limitations of internal financial controls
Our audit involves performing procedures to obtain audit evidence with reference to the standalone financial statements, including
about the adequacy of the internal financial controls system the possibility of collusion or improper management override
with reference to the standalone financial statements and their of controls, material misstatements due to error or fraud may
operating effectiveness. Our audit of internal financial controls occur and not be detected. Also, projections of any evaluation of
with reference to the standalone financial statements reporting the internal financial controls with reference to the standalone
included obtaining an understanding of internal financial controls financial statements to future periods are subject to the risk that
132
the internal financial control with reference to the standalone internal control over financial reporting criteria established by
financial statements may become inadequate because of changes the Company considering the essential components of internal
in conditions, or that the degree of compliance with the policies control stated in the Guidance Note issued by the ICAI.
or procedures may deteriorate.
Opinion For V. Sankar Aiyar & Co.

In our opinion, the Company has, in all material respects, an
adequate internal financial controls system with reference to
the standalone financial statements and such internal financial (M.S. BALACHANDRAN)
controls with reference to standalone financial statements Place : Kolkata Partner (M. No: 024282)
were operating effectively as at 31st March, 2022 based on the Date : 11th May, 2022 UDIN: 22024282AIUCCK5845
133 133
STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2022
(` in Crores)
Note No. As at 31st March, 2022 As at 31st March, 2021
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 5 3,304.16 3,050.35
Capital Work-In-Progress 5 198.16 189.87
Investment Property 6 0.40 0.13
Intangible Assets 7 29.32 26.97
Intangible Assets under Development 7 1.74 1.37
Biological Assets other than Bearer Plants 8 0.85 0.84
Investment in Subsidiaries 9 2,280.49 2,280.49
Financial Assets
Investments 10 407.31 288.98
Loans 11 0.46 0.29
Other Financial Assets 12 137.63 147.24
Non Current Tax Asset (Net) 30.74 15.55
Other Non-Current Assets 13 80.12 6,471.38 85.77 6,087.85
CURRENT ASSETS
Inventories 14 602.71 591.56
Financial Assets
Investments 15 618.91 524.29
Trade Receivables 16 221.77 196.67
Cash and Cash Equivalents 17 72.92 36.16
Bank Balances other than Cash and Cash Equivalents 18 52.45 85.43
Loans 11 1.03 1.24
Other Current Assets 13 185.77 190.12
Non-Current Assets classified as Held for Sale 19 1.08 1,891.51 1.42 1,859.88
Total Assets 8,362.89 7,947.73
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 20 77.01 77.01
Other Equity 21 5,118.13 5,195.14 4,750.27 4,827.28
LIABILITIES
NON-CURRENT LIABILITIES
Financial Liabilities
Borrowings 22 952.96 978.64
Lease Liabilities 52.41 30.70
Other Financial Liabilities 23 413.28 432.39
Provisions 24 40.73 40.33
Deferred Tax Liabilities (Net) 25 373.18 310.01
Non Current Tax Liabilities (Net) 1.26 1.39
Other Non-Current Liabilities 26 141.82 1,975.64 150.73 1,944.19
CURRENT LIABILITIES
Borrowings 27 226.35 272.91
Trade Payables 28
– Total outstanding dues of 7.31 3.49
micro enterprises and small enterprises
– Total outstanding dues of creditors other 470.29 393.05
than micro enterprises and small enterprises
Other Current Liabilities 26 204.54 217.70
Current Tax Liabilities (Net) - 1,192.11 5.73 1,176.26
Total Equity and Liabilities 8,362.89 7,947.73
Basis of Preparation 2
Significant Accounting Policies 3
Significant Judgements and Key Estimates 4
The Notes are an integral part of the Standalone Financial Statements
As per our annexed Report of even date For and on behalf of the Board of Directors
For V. SANKAR AIYAR & CO.
Chartered Accountants ADITYA SARAOGI HARSH V. LODHA
Firm Registration No. 109208W Chief Financial Officer Chairman
(DIN : 00394094)
M. S. BALACHANDRAN
Partner MANOJ KUMAR MEHTA ARVIND PATHAK
Membership No. 024282 Company Secretary Managing Director
& Legal Head & Chief Executive Officer
(DIN : 00585588)
Kolkata
Date: 11th May, 2022
134
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Crores)
For the year ended For the year ended
Note No. 31st March, 2022 31st March, 2021
INCOME
Revenue from Operations 29 4,790.93 4,442.15
Other Income 30 94.39 111.23
Total Income 4,885.32 4,553.38
EXPENSES
Cost of Materials Consumed 31 993.49 959.53
Purchases of Stock-In-Trade 32 26.54 24.67
Changes in Inventories of Finished Goods, Stock-In-Trade and Work-In-Progress 33 (13.98) 35.82
Employee Benefits Expense 34 332.52 297.65
Finance Costs 35 100.53 129.71
Depreciation and Amortisation Expense 36 176.86 160.82
Other Expenses 37 2,965.48 2,514.82
Total Expenses 4,581.44 4,123.02
Profit before Exceptional Items and Tax 303.88 430.36

Exceptional Items (Net) 38 31.44 –
Profit before Tax 272.44 430.36
Tax Expense: 39
Current Tax 50.08 86.67
Deferred Tax 20.35 (34.81)
Income Tax for earlier years (0.91) –
Deferred Tax for earlier years 25.3 – (50.01)
69.52 1.85
Profit for the year 202.92 428.51

Other Comprehensive Income :
A. Items that will not be reclassified to profit or loss 40.1 282.11 131.87
Income tax relating to these items (41.89) (17.79)
240.22 114.08
B. Items that will be reclassified to profit or loss 40.2 2.66 (9.24)
Income tax relating to these items (0.93) 3.27
1.73 (5.97)
Other Comprehensive Income for the Year (Net of Tax) 241.95 108.11
Total Comprehensive Income for the Year 444.87 536.62
Earnings Per Share (Face Value of ` 10/- each)

Basic & Diluted (`) 47 26.35 55.65
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata
135 135
STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Crores)
a) Equity Share Capital (Refer Note No. 20)
Balance as at 1st April, 2020 77.01
Changes in Equity Share Capital due to prior period errors –
Restated Balance as at 1st April, 2020 77.01
Add/(Less): Changes in Equity Share Capital during the year –
Balance as at 31st March, 2021 77.01
b) Other Equity (Refer Note No. 21)

Reserves & Surplus Items of Other Comprehensive Income Total
Capital Debenture General Retained Debt Instrument Effective Portion Equity Revaluation
Particulars Reserve Redemption Reserve Earnings through Other of Cash Flow Instrument Surplus
Reserve Comprehensive Hedges through Other
Income Comprehensive
Income
Balance as at 1st April, 2021 1.05 52.09 2,700.05 947.81 (0.40) (6.24) 232.31 823.60 4,750.27
Profit for the Year – – – 202.92 – – – – 202.92
Other Comprehensive Income/
(Loss) for the year
Remeasurement Gain/(Loss) on – – – 8.70 – – – – 8.70
Defined Benefit Plans
Revaluation Gain on Free Hold – – – – – – – 153.96 153.96
Land
Mark to Market Gain/(Loss) – – – – (0.25) 2.91 119.45 – 122.11
Impact of Tax – – – (3.04) 0.08 (1.01) (5.69) (33.16) (42.82)
Total Comprehensive Income for – – – 208.58 (0.17) 1.90 113.76 120.80 444.87
the year
Final Dividend Paid (₹ 10.00 per share) – – – (77.01) – – – – (77.01)
Transfer to General Reserve – (27.13) 27.13 – – – – – –
Total Appropriations/Adjustments – (27.13) 27.13 (77.01) – – – – (77.01)
Balance as at 31st March, 2022 1.05 24.96 2,727.18 1,079.38 (0.57) (4.34) 346.07 944.40 5,118.13
136
STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Crores)
Reserves & Surplus Items of Other Comprehensive Income Total

Capital Debenture General Retained Debt Instrument Effective Portion Equity Revaluation
Particulars Reserve Redemption Reserve Earnings through Other of Cash Flow Instrument Surplus
Reserve Comprehensive Hedges through Other
Income Comprehensive
Income
Balance as at 1st April, 2020 1.05 84.59 2,667.55 574.95 (0.67) - 121.74 822.19 4,271.40
Profit for the Year – – – 428.51 – – – – 428.51
Other Comprehensive Income/
(Loss) for the year
Remeasurement Gain/(Loss) on – – – 3.22 – – – – 3.22
Revaluation Gain on Free Hold – – – – – – – – –
Land
Mark to Market Gain/(Loss) – – – – 0.35 (9.59) 128.65 – 119.41
Impact of Tax – – – (1.12) (0.08) 3.35 (18.08) 1.41 (14.52)
Total Comprehensive Income for – – – 430.61 0.27 (6.24) 110.57 1.41 536.62
the year
Final Dividend Paid (₹ 7.50 per share) – – – (57.75) – – – – (57.75)
Transfer to General Reserve – (32.50) 32.50 – – – – – –
Total Appropriations/Adjustments – (32.50) 32.50 (57.75) – – – – (57.75)
Balance as at 31st March, 2021 1.05 52.09 2,700.05 947.81 (0.40) (6.24) 232.31 823.60 4,750.27
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata
137 137
STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Crores)
31st March, 2022 31st March, 2021
Cash Flow from Operating Activities:
Profit after Exceptional Items & before Tax 272.44 430.36
Adjustments for :
Depreciation & Amortisation 176.86 160.82
Investing Activities (Net) (32.10) (55.90)
Bad Debts 0.03 0.19
Expected Credit Loss on Incentive and Subsidy – 32.62
(Profit)/Loss on sale/ discard of Property, Plant and Equipment / CWIP (Net) (2.76) (0.85)
(Profit)/Loss on sale of Non-Current Assets classified as Held for Sale (0.03) –
Fair Valuation for Biological Assets other than Bearer Plants (0.01) 0.02
Amortisation of Deferred Revenue (1.69) (1.24)
Excess Liabilities, Unclaimed Balances and Provisions written back (Net) (40.67) (15.35)
Effect of Foreign Exchange Fluctuations 0.99 1.17
Finance Costs 100.53 129.71
Operating Profit before Working Capital changes 473.59 681.55
Adjustments for :
(Increase)/ Decrease in Trade Receivables (24.79) (17.42)
(Increase)/ Decrease in Inventories (11.15) (7.92)
(Increase)/ Decrease in Loans, Other Financial Assets & Other Assets 40.81 (38.31)
Increase/ (Decrease) in Trade Payables & Other Liability 71.71 135.12
Increase/ (Decrease) in Provisions 10.91 1.74
Cash generated from operations 561.08 754.76
Direct Taxes (Paid) / Refund Received (Net) (70.22) (83.47)
Net Cash from Operating Activities 490.86 671.29
Cash Flow from Investing Activities:
Purchase of Tangible & Intangible Assets including CWIP/ Capital Advances (249.45) (179.07)
Sale of Tangible Assets 4.34 4.42
(Purchase)/ Sale of Liquid Investments (Net) (148.17) 58.06
Purchase of other Current Investments (408.49) (615.50)
Sale of other Current Investments 434.68 783.26
Purchase of Non-Current Investments (0.28)
Sale of Non-Current Investments 0.76 –
Payment towards Investment in Subsidiary – (0.25)
(Increase)/ Decrease in Other Bank Balances 118.96 (70.10)
Interest received 9.78 11.99
Dividend received 51.65 1.01
Net Cash used in Investing Activities (186.22) (6.18)
138
STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Crores)
Cash Flow from Financing Activities:
Proceeds from Long Term Borrowings 162.01 312.13
Repayments of Long Term Borrowings (350.74) (685.75)
(Repayments)/Proceeds from Short Term Borrowings (Net) 107.04 (31.58)
Payment of Lease Liabilities (5.36) (0.50)
Interest paid (103.82) (132.60)
Dividend paid (77.01) (115.50)
Dividend Distribution Tax paid – (11.87)
Net Cash used in Financing Activities (267.88) (665.67)
Net Increase/ (Decrease) in Cash and Cash Equivalents 36.76 (0.56)
Cash and Cash Equivalents (Opening Balance) 36.16 36.72
Cash and Cash Equivalents (Closing Balance) 72.92 36.16
Cash and Cash Equivalents as per balance sheet (Closing Balance) 72.92 36.16
(Refer Note No. 17)
Overdraft Balance in Current Account shown under Short Term Borrowings – –
Cash and Cash Equivalents (Closing Balance) after adjusting
72.92 36.16
Overdraft balance
Note :
a) Reconciliation of Liabilities arising from financing activities
Particulars Balance as on Proceeds Repayments Forex Fair Value Balance as on
1st April, 2021 Adjustments Changes/ 31st March, 2022
Other
Adjustments
Long Term Borrowings (Including 1,221.13 162.01 350.74 12.62 (3.17) 1,041.85
Current Maturity)
Short Term Borrowings (Excluding 30.42 480.24 373.20 – – 137.46
Overdraft Balance in Current Account
and Current Maturity of Long Term
Borrowings)
b) The above Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in Ind AS 7, ‘Statement of Cash Flows’.
c) The composition of Cash & Cash Equivalents has been determined based on the Accounting Policy No. 3.2.
d) Figures for the previous year have been re-grouped wherever considered necessary.
e) Direct Taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities.
f) The Notes are an integral part of Standalone Financial Statements.
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata
139 139
NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022
1 CORPORATE AND GENERAL INFORMATION
Birla Corporation Limited is the flagship company of the M. P. Birla Group. The Company is a Public Limited Listed Company domiciled and
incorporated in India having its registered office at Kolkata, West Bengal, India. It was incorporated as per the provisions of the Companies Act as
Birla Jute Manufacturing Company Limited in the year 1919. The Company is primarily engaged in the manufacturing of cement as its core business
activity. It has significant presence in the jute industry as well.
2 BASIS OF PREPARATION
2.1 Statement of Compliance
These standalone financial statements (“the financial statements”) have been prepared in accordance with the Indian Accounting Standards (“Ind
AS”) as prescribed under Section 133 of the Companies Act, 2013 (“the Act”), read with the Companies (Indian Accounting Standards) Rules, 2015
(as amended), other relevant provisions of the Act and other accounting principles generally accepted in India.
The financial statements of the Company for the year ended 31st March, 2022 have been approved by the Board of Directors in their meeting held
on 11th May, 2022.
2.2 Basis of Measurement
The financial statements have been prepared on historical cost basis, except for following:
Financial Assets and Liabilities (including Derivative Instruments) that is measured at fair value/ amortised cost;
Non-Current Assets classified as Held for Sale - measured at the lower of the carrying amounts and fair value less cost to sell;
Defined Benefit Plans - plan assets measured at fair value;
Biological Assets - at fair value less cost to sell; and
Freehold Land falling under Property, Plant & Equipment that is measured at fair value.
2.3 Functional and Presentation Currency
The financial statements have been presented in Indian Rupees (INR or `), which is also the Company’s functional currency. All financial information
presented in INR has been rounded off to the nearest Crores, unless otherwise stated. Wherever the amount represented ` “0.00” (Zero) construes
value less than Rupees fifty thousand.
2.4 Use of Estimates and Judgements
The preparation of financial statements require judgements, estimates and assumptions to be made that affect the reported amount of assets
and liabilities including contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during
the reporting period. Difference between actual results and estimates are recognized in the period prospectively in which the results are known/
materialized.
2.5 Current versus Non-Current classification
The Company presents assets and liabilities in the Balance Sheet based on current/ non-current classification. An asset is classified as current when it is:
Expected to be realized or intended to be sold or consumed in normal operating cycle;
Held primarily for the purpose of trading;
Expected to be realized within twelve months after the reporting period; or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting
period.
All the other assets are classified as non-current.
A liability is current when:
It is expected to be settled in normal operating cycle;
It is held primarily for the purpose of trading;
It is due to be settled within twelve months after the reporting period; or
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Company classifies all other liabilities as non-current. Deferred Tax Assets and Liabilities are classified as non-current assets and liabilities
respectively.
140
3 SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies applied in the preparation of the standalone financial statements are as given below. These
accounting policies have been applied consistently to all the periods presented in the financial statements.
3.1 Inventories
Inventories are valued at Cost or Net Realizable Value, whichever is lower. Cost comprise of all costs of purchase (Net of Input Tax Credit), costs of
conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average
basis. Net Realizable Value is the estimated selling price in the ordinary course of business less estimated cost of completion and the estimated cost
necessary to make the sale. However, materials and other items held for use in the production of inventories are not written down below cost if the
finished products in which they will be incorporated are expected to be sold at or above cost.
3.2 Cash and Cash Equivalents
Cash and cash equivalents in the Balance Sheet comprise cash in hand, balance with Banks and short term deposits with an original maturity of
three months or less, which are subject to an insignificant risk of change in value. However, for the purpose of the Cash Flow Statement the same is
net of outstanding bank overdrafts.
3.3 Income Tax
Income Tax comprises current and deferred tax. It is recognized in the Statement of Profit and Loss except to the extent that it relates to an item
recognized directly in equity or in other comprehensive income.
3.3.1 Current Tax
Current tax liabilities (or assets) for the current and prior periods are measured at the amount expected to be paid to (recovered from) the taxation
authorities using the tax rates (and tax laws) that have been enacted or substantively enacted, at the end of the reporting period.
3.3.2 Deferred Tax
Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realized or the
liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the corresponding amounts used for taxation purposes (i.e., tax base). Deferred tax is also recognized for carry forward of
unused tax losses and unused tax credits.
Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period. The Company reduces the carrying amount of a
deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or that
entire deferred tax asset to be utilized. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profit will
be available.
Deferred tax relating to items recognized outside the Statement of Profit and Loss is recognized either in other comprehensive income or
in equity. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in
equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and
liabilities on a net basis.
The Government of India, on September 20, 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new Section 115BAA in
the Income Tax Act, 1961, which provides an option to the Company for paying Income Tax at reduced rates as per the provisions/conditions
defined in the said section. The Company is continuing with higher income tax rate option, based on the available outstanding MAT credit
entitlement and different exemptions & deduction enjoyed by the Company. However, the Company has estimated and applied the lower
income tax rate on the deferred tax assets / liabilities to the extent these are expected to be realized or settled in the future period when the
Company may be subjected to lower tax rate.
3.4 Property, Plant and Equipment
3.4.1 Recognition and Measurement
Property, plant and equipment held for use in the production or/and supply of goods or services, or for administrative purposes, are stated
141 141
in the Balance Sheet at cost, less accumulated depreciation and accumulated impairment losses (if any) except freehold land where the
Company had opted revaluation model, (Refer Note No.5.2).
Cost of an item of property, plant and equipment acquired comprises its purchase price including import duties and non-refundable
purchase taxes, directly attributable borrowing costs, any other directly attributable costs of bringing the assets to its working condition and
location for its intended use, present value of any estimated cost of dismantling and removing the item and restoring the site on which it is
located.
In case of self-constructed assets, cost includes the costs of all materials used in construction, direct labour, allocation of directly attributable
overheads, directly attributable borrowing costs incurred in bringing the item to working condition for its intended use, and estimated cost
of dismantling and removing the item and restoring the site on which it is located. The costs of testing whether the asset is functioning
properly, after deducting the net proceeds from selling items produced while bringing the asset to that location and condition are also added
to the cost of self-constructed assets.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items
(major components) of property, plant and equipment.
Profit or loss arising on the disposal of property, plant and equipment are recognized in the Statement of Profit and Loss.
3.4.2 Subsequent Expenditure
Subsequent costs are included in the asset’s carrying amount, only when it is probable that future economic benefits associated with the cost
incurred will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for
as a separate asset is derecognized when replaced.
Major Inspection/ Repairs/ Overhauling expenses are recognized in the carrying amount of the item of property, plant and equipment
as a replacement if the recognition criteria are satisfied. Any unamortized part of the previously recognized expenses of similar nature is
derecognized.
3.4.3 Depreciation and Amortization
Depreciation on tangible assets is provided on straight line method at the rates determined based on the useful lives of respective assets as
prescribed in the Schedule II of the Act.
In case the cost of part of tangible asset is significant to the total cost of the assets and useful life of that part is different from the remaining
useful life of the asset, depreciation has been provided on straight line method based on internal assessment and independent technical
evaluation carried out by external valuers, which the management believes that the useful lives of the component best represent the period
over which it expects to use those components. In case of certain components of plant and machineries depreciation has been provided
based on the useful life considered at 2-15 years.
Depreciation and amortization on right of use assets (leasehold land and plant & machinery) is provided on straight line method over the
period of lease.
Depreciation on additions (disposals) during the year is provided on a pro-rata basis i.e. from (up to) the date on which asset is ready for use
(disposed off ).
Depreciation method, useful lives and residual values are reviewed at each financial year-end and adjusted, if appropriate.
3.4.4 Disposal of Assets
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the
continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the
difference between net disposal proceeds and the carrying amount of the asset and is recognized in the Statement of Profit and loss.
3.4.5 Reclassification to Investment Property
When the use of a property changes from owner-occupied to investment property, the property is reclassified as investment property at its carrying
amount on the date of reclassification.
3.4.6 Capital Work in Progress
Capital work-in-progress is stated at cost less accumulated impairment loss, if any, which includes expenses incurred during construction period,
interest on amount borrowed for acquisition of qualifying assets and other expenses incurred in connection with project implementation in so far
as such expenses relate to the period prior to the commencement of commercial production.
3.4.7 Stripping Cost
The stripping cost incurred during the production phase of a surface mine is recognized as an asset if such cost provides a benefit in terms of
142
improved access to ore in future periods and following criteria are met.
It is probable that the future economic benefits (improved access to an ore body) associated with the stripping activity will flow to the entity;
The entity can identify the component of an ore body for which access has been improved; and
The costs relating to the improved access to that component can be measured reliably.
The stripping activity asset is subsequently depreciated on a unit of production basis over the life of the identified component of the ore body
that became more accessible as a result of the stripping activity and is then stated at cost less accumulated depreciation and any accumulated
impairment loss, if any. The expenditure which cannot be specifically identified to have been incurred to access ore is charged to revenue based on
stripping ratio as per the mining plan.
3.5 Leases
3.5.1 Determining whether an arrangement contains a lease
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease.
The arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset or assets and the arrangement
conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
3.5.2 Company as lessor
Finance Lease
Leases which effectively transfer to the lessee substantially all the risks and benefits incidental to ownership of the leased item are classified
and accounted for as finance lease. Lease rental receipts are apportioned between the finance income and capital repayment based on the
implicit rate of return. Contingent rents are recognized as revenue in the period in which they are earned.
Operating Lease
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating
leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease except where scheduled
increase in rent compensates the Company with expected inflationary costs.
3.5.3 Company as Lessee
The Company’s lease asset classes primarily comprise of lease for land and building. 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: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset
through the period of the lease and (iii) the Company has the right to direct the use of the asset.
The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. For
these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term
of the lease. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying
assets as below:
Right of Use Assets

The Company recognizes right of use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use).
Right of use assets are measured at cost, less any accumulated depreciation and impairment loss, if any, and adjusted for any remeasurement
of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right of use assets are depreciated on a straight-line
basis over the shorter of the lease term and the estimated useful lives of the underlying assets.
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life of the asset. The right of use assets are also subject to impairment. Refer to the
accounting policies in section ‘Impairment of Non-Financial Assets’.
Lease Liabilities
At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
143 143
The lease payments also include the exercise price of a purchase option reasonably certain to be exercized by the Company and payments of
penalties for terminating the lease, If any.
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date. After
the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the
lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a
change in the assessment of an option to purchase the underlying asset.
The Company’s lease liabilities are included in other current and non-current financial liabilities.
Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12
months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized
as expense on a straight-line basis over the lease term.
“Lease liability” and “Right of Use Asset” have been separately presented in the Balance Sheet and lease payments have been classified as
financing cash flows.
3.6 Revenue Recognition
Effective 1st April, 2018, the Company has adopted Ind AS 115 “Revenue from Contracts with Customers” in respect of recognition of revenue from
contracts with customers which provides a control-based revenue recognition model and a five step application approach for revenue recognition
as under:
Identification of the contract(s) with customers;
Identification of the performance obligations;
Determination of the transaction price;
Allocation of the transaction price to the performance obligations;
Recognition of the revenue when or as the Company satisfies performance obligation.
Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that
reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue excludes amounts
collected on behalf of third parties.
3.6.1 Sale of Goods
Revenue from the sale of goods is recognized when the Company satisfies a performance obligation at a point in time by transferring the goods to
customers, i.e., when customers obtain control of the goods. Revenue from the sale of goods is measured at fair value of the consideration received
or receivable, net of returns and variable considerations i.e. discounts, rebates, sales claim etc.
3.6.2 Variable Consideration
If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in
exchange for transferring the goods to customer. The variable consideration is estimated at contract inception and constrained until it is highly
probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with
the variable consideration is subsequently resolved.
The Company provides volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold
specified in the contract. Rebates are offset against amounts payable by the customer. The volume rebates/cash discount give rise to variable
consideration. To estimate the variable consideration for the expected future rebates/ cash discount, the Company applies the most likely amount
method for contracts with a single volume threshold and the expected value method for contracts with more than one volume threshold that best
predicts the amount of variable consideration.
3.6.3 Interest Income
For all debt instruments measured either at amortized cost or at fair value through other comprehensive income (FVTOCI), interest income is
recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the
financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset.
144
3.6.4 Dividend Income
Dividend Income from investments is recognized when the Company’s right to receive payment has been established.
3.7 Employee Benefits
3.7.1 Short Term Benefits
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related services are provided. Liabilities
for wages and salaries, including non-monetary benefits that are expected to be settled wholly within twelve months after the end of the period in
which the employees render the related service are recognized in respect of employee’s services up to the end of the reporting period.
3.7.2 Other Long Term Employee Benefits
The liabilities for earned leaves and sick leaves that are not expected to be settled wholly within twelve months are measured as the present value
of the expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected
unit credit method. The benefits are discounted using the government securities (G-Sec) rates at the end of the reporting period that have terms
approximating to the terms of related obligation. Remeasurements as the result of experience adjustment and changes in actuarial assumptions are
recognized in the Statement of Profit and Loss.
3.7.3 Post Employment Benefits
The Company operates the following post employment schemes:
The liability or asset recognized in the Balance Sheet in respect of defined benefit plans is the present value of the defined benefit obligation
at the end of the reporting period less the fair value of plan assets. 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.
The defined benefit obligation is calculated annually by Actuaries using the projected unit credit method.
The liability recognized for defined benefit plans is the present value of the defined benefit obligation at the reporting date less the fair
value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service costs. The net interest cost is
calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. The benefits are
discounted using the government securities (G-Sec) rates at the end of the reporting period that have terms approximating to the terms of
related obligation.
Remeasurements of the net defined benefit obligation, which comprise actuarial gains and losses, the return on plan assets (excluding interest)
and the effect of the asset ceiling, are recognized in other comprehensive income. Remeasurement recognized in other comprehensive
income is reflected immediately in retained earnings and will not be reclassified to the Statement of Profit and Loss.
Defined Contribution Plan
Contributions to defined contribution plans such as provident fund contribution to government administered fund in respect of certain
employees are charged to the Statement of Profit and Loss as and when incurred. Such benefits are classified as defined contribution plans
as the Company does not carry any further obligations, apart from the contributions made on monthly basis.
Further in respect of other employees, provident fund contributions are made to various non government administered trusts.The interest
rates payable to the members of the trust cannot be lower than the statutory rate of interest notified by the government. The Company has
an obligation to make good the shortfall in the interest amount, if any. In view of the Company’s obligation to meet the shortfall, the same
has been considered as the defined benefit plan. The expenses on account of provident fund maintained by the trusts are based on actuarial
valuation using projected unit credit method.
3.7.4 Termination Benefit
Expenditure incurred on Voluntary Retirement Scheme is charged to the Statement of Profit and Loss immediately.
3.8 Government Grants
Government grants are recognized at their fair values when there is reasonable assurance that the grants will be received and the Company will
comply with all the attached conditions. When the grant relates to an expense item, it is recognized as income on a systematic basis over the
periods that the related costs, for which it is intended to compensate, are expensed. Grants related to purchase of property, plant and equipment
are included in non-current liabilities as deferred income and are credited to the Statement of Profit and Loss on a straight line basis over the
expected useful life of the related asset and presented within other operating revenue or netted off against the related expenses.
145 145
3.9 Foreign Currency Transactions
Foreign currency transactions are translated into the functional currency using the spot rates of exchanges at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchanges at the
reporting date.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and
liabilities are generally recognized in the Statement of Profit and Loss in the year in which they arise except for exchange differences on foreign
currency borrowings relating to assets under construction for future productive use, which are included in the cost of those qualifying assets
when they are regarded as an adjustment to interest costs on those foreign currency borrowings, the balance is presented in the Statement
of Profit and Loss within finance costs.
Non monetary items are not retranslated at period end and are measured at historical cost (translated using the exchange rate at the
transaction date).
3.10 Borrowing Cost
Borrowing Costs consists of interest and other costs that an entity incurs in connection with the borrowings of funds. Borrowing costs also
includes exchange difference to the extent regarded as an adjustment to the borrowing costs.
Borrowing costs directly attributable to the acquisition or construction of a qualifying asset are capitalized as a part of the cost of that asset
that necessarily takes a substantial period of time to complete and prepare the asset for its intended use or sale. The Company considers a
period of twelve months or more as a substantial period of time.
Transaction costs in respect of long term borrowing are amortized over the tenure of respective loans using Effective Interest Rate (EIR)
method. All other borrowing costs are recognized in the Statement of Profit and Loss in the period in which they are incurred.
3.11 Interest in Subsidiaries
Investments in subsidiaries are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying
amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of investments in subsidiaries, the
difference between net disposal proceeds and the carrying amounts are recognized in the Statement of Profit and Loss.
3.12 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.
3.12.1 Financial Assets
Recognition and Initial Measurement:
All financial assets are initially recognized when the Company becomes a party to the contractual provisions of the instruments. A financial
asset is initially measured at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs
that are attributable to the acquisition of the financial asset.
Classification and Subsequent Measurement:
For purposes of subsequent measurement, financial assets are classified in four categories:
Measured at Amortized Cost;
Measured at Fair Value Through Other Comprehensive Income (FVTOCI);
Measured at Fair Value Through Profit or Loss (FVTPL); and
Equity Instruments measured at Fair Value Through Other Comprehensive Income (FVTOCI).
Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business
model for managing financial assets.
Measured at Amortized Cost : A debt instrument is measured at the amortized cost if both the following conditions are met:
The asset is held within a business model whose objective is achieved by both collecting contractual cash flows; and
The contractual terms of the financial 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 amortized cost using the effective interest rate (EIR)
method.
146
Measured at FVTOCI : A debt instrument is measured at the FVTOCI if both the following conditions are met:
The objective of the business model is achieved by both collecting contractual cash flows and selling the financial assets; and
The asset’s contractual cash flows represent SPPI.
Debt instruments meeting these criteria are measured initially at fair value plus transaction costs. They are subsequently measured at
fair value with any gains or losses arising on remeasurement recognized in other comprehensive income, except for impairment gains
or losses and foreign exchange gains or losses. Interest calculated using the effective interest method is recognized in the Statement of
Profit and Loss in investment income.
Measured at FVTPL : FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is classified as FVTPL. In addition, the Company may elect to designate a debt
instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. Debt instruments included within the FVTPL category
are measured at fair value with all changes recognized in the Statement of Profit and Loss.
Equity Instruments measured at FVTOCI : All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments
which are, held for trading are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to
present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by-
instrument basis. The classification is made on initial recognition and is irrevocable. In case the Company decides to classify an equity
instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the other comprehensive
income. There is no recycling of the amounts from other comprehensive income to the Statement of Profit and Loss, even on sale of
investment.
Derecognition
The Company derecognizes a financial asset on trade date only when the contractual rights to the cash flows from the asset expire, or when
it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
Impairment of Financial Assets
The Company assesses at each date of Balance Sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109 requires
expected credit losses to be measured through a loss allowance. The Company recognizes lifetime expected credit losses for all contract
assets and/ or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are
measured at an amount equal to the 12 month expected credit losses or at an amount equal to the life time expected credit losses if the credit
risk on the financial asset has increased significantly since initial recognition.
3.12.2 Financial Liabilities
Financial liabilities are classified, at initial recognition, as at fair value through profit or loss, loans and borrowings, payables or as derivatives,
as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly
attributable transaction costs.
Subsequent Measurement:
Financial liabilities are measured subsequently at amortized cost or FVTPL. A financial liability is classified as 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 including
borrowings and payables are subsequently measured at amortized cost using the effective interest rate method. Interest expense and
foreign exchange gains and losses are recognized in the Statement of Profit and Loss. Any gain or loss on derecognition is also recognized in
the Statement of Profit and Loss.
Financial Guarantee Contracts:
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the holder
for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly attributable
to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per
impairment requirement of Ind AS 109 and the amount recognized less cumulative amortization.
147 147
Derecognition:
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.
Offsetting financial instruments:
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is a legally enforceable right to offset
the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally
enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of
default, insolvency or bankruptcy of the counterparty.
3.12.3 Derivative financial instruments Hedge Accounting:
The Company enters into derivative financial instruments viz. foreign exchange forward contracts, interest rate swaps and cross currency
swaps to manage its exposure to interest rate and foreign exchange rate risks. The Company does not hold derivative financial instruments
for speculative purposes.
Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their
fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately except for the effective
portion of cash flow hedges which is taken in the other comprehensive income (net of tax).
The Company designates certain hedging instruments in respect of certain foreign currency risk and interest rate risk as cash flow hedges.
The Cash flow hedge are initially recognized at fair value on the date when a derivative contract is entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether
the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Company designates certain
derivatives as either:
hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedges); or
hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions
(cash flow hedges).
The Company documents at the inception of the hedging transaction the relationship between hedging instruments and hedged items, as
well as its risk management objective and strategy for undertaking various hedge transactions. The Company also documents its assessment,
both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will
continue to be highly effective in offsetting changes in fair values or cash flows of hedged items.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is
more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the other
comprehensive income in cash flow hedging reserve within equity, limited to the cumulative change in fair value of the hedged item on a
present value basis from the inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or
loss.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs.
When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported
in equity are immediately reclassified to profit or loss.
3.13 Impairment of Non-Financial Assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. An asset is treated as impaired
when the carrying cost of the asset exceeds its recoverable value being higher of value in use and net selling price. Value in use is computed
at net present value of cash flow expected over the balance useful lives of the assets. For the purpose of assessing impairment, assets are
grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from
other assets or group of assets (Cash Generating Units - CGU).
An impairment loss is recognized as an expense in the Statement of Profit and Loss in the year in which an asset is identified as impaired. The
impairment loss recognized in earlier accounting period is reversed if there has been an improvement in recoverable amount.
148
3.14 Provisions, Contingent Liabilities and Contingent Assets
3.14.1 Provisions
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event and 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 determined by discounting the expected future cash flows (representing the best estimate of the expenditure required
to settle the present obligation at the Balance Sheet date) at a pre-tax rate that reflects current market assessments of the time value of money
and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.
Restoration (including Mine closure), rehabilitation and decommissioning:
It includes the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas for
mines. This provision is based on all regulatory requirements and related estimated cost based on best available information. Restoration/
Rehabilitation/ Decommissioning costs are provided for in the accounting period when the obligation arises based on the net present value
of the estimated future costs of restoration to be incurred and are reviewed at each Balance Sheet date.
Onerous Contracts:
Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist when
a contract under which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received from it.
3.14.2 Contingent Liabilities
Contingent liability is a possible obligation arising from past events and the existence of which will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past
events but is not recognized because it is not possible that an outflow of resources embodying economic benefit will be required to settle the
obligations or reliable estimate of the amount of the obligations cannot be made. The Company discloses the existence of contingent liabilities in
Other Notes to financial statements.
3.14.3 Contingent Assets
Contingent assets are not recognized in Financial Statements since this may result in the recognition of income that may never be realised.
However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognized.
3.15 Intangible Assets
3.15.1.1 Mining Rights
Mining Rights are initially recognized at cost and subsequently at cost less accumulated amortization and accumulated impairment loss, if any.
Acquisition Cost i.e., cost associated with acquisition of licenses, and rights to explore including related professional fees, payment towards
statutory forestry clearances, as and when incurred, are treated as addition to the Mining Right.
3.15.1.2 Other Intangible Assets
Software which is not an integral part of related hardware, is treated as intangible asset and stated at cost on initial recognition and subsequently
measured at cost less accumulated amortization and accumulated impairment loss, if any.
incurred will flow to the Company and the cost of the item can be measured reliably. All other expenditure is recognized in the Statement of Profit
and Loss.
3.15.3 Amortization
Mining Rights are amortized on the basis of annual production to the total estimated mineable reserves. In case the mining rights are not
renewed, the balance related cost will be charged to revenue in the year of decision of non-renewal.
Other Intangible assets are amortized over a period of three years.
The amortization period and the amortization method are reviewed at least at the end of each financial year. If the expected useful life of the
assets is significantly different from previous estimates, the amortization period is changed accordingly.
149 149
3.15.4 Intangible Assets under Development
Intangible Assets under development is stated at cost less accumulated impairment losses (if any). Cost includes expenses incurred in connection
with development of Intangible Assets in so far as such expenses relate to the period prior to the getting the assets ready for use.
3.16 Investment properties
Investment Property is property (comprising land or building or both) held to earn rental income or for capital appreciation or both, but not
for sale in ordinary course of business, use in the production or supply of goods or services or for administrative purposes.
Upon initial recognition, an investment property is measured at cost. Subsequently they are stated in the Balance Sheet at cost, less
accumulated depreciation and accumulated impairment losses, if any.
Any gain or loss on disposal of investment property is determined as the difference between net disposal proceeds and the carrying amount
of the property and is recognized in the Statement of Profit and Loss.
The depreciable investment property i.e., buildings, are depreciated on a straight line method at a rate determined based on the useful life
as provided under Schedule II of the Act.
Investment properties are derecognized either when they have been disposed of or no future economic benefit is expected from their
disposal. The net difference between the net disposal proceeds and the carrying amount of the asset is recognized in the Statement of Profit
and Loss in the period of derecognition.
When the use of a property changes from investment property to owner-occupied (for Company’s business purpose), the property is
reclassified as Property, Plant & Equipment at its carrying amount on the date of reclassification.
3.17 Biological Assets other than Bearer Plants
Biological Assets other than Bearer Plants are recognized when the Company controls the asset as a result of past events and it is probable
that future economic benefits associated with the asset will flow to the entity and the fair value or cost of the asset can be measured reliably. A
Biological Asset other than Bearer Plants is measured on initial recognition and at the end of each reporting period at its fair value less cost to sell.
3.18 Non-current assets (or disposal groups) held for sale and discontinued operations
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of the carrying
amount and the fair value less cost to sell.
An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain
is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative
impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal
group) is recognized at the date of de-recognition.
Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for
sale. Non-current assets (or disposal group) classified as held for sale are presented separately in the Balance Sheet. Any profit or loss arising
from the sale or remeasurement of discontinued operations is presented as part of a single line item in Statement of Profit and Loss.
3.19 Operating Segment
The identification of operating segment is consistent with performance assessment and resource allocation by the Chief Operating Decision
Maker. An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses including revenues and expenses that relate to transactions with any of the other components of the Company and for which discrete
financial information is available. Operating segments of the Company comprises three segments Cement, Jute and Others. All operating
segments’ operating results are reviewed regularly by the Chief Operating Decision Maker to make decisions about resources to be allocated to
the segments and assess their performance.
3.20 Measurement of Fair Values
A number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets
and liabilities.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes
place either:
150
In the principal market for the asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best
interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
described as follows, based on the input that is significant to the fair value measurement as a whole:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
Level 3 - Inputs which are unobservable inputs for the asset or liability.
External valuers are involved for valuation of significant assets and liabilities. Involvement of external valuers is decided by the management of
the Company considering the requirements of Ind AS and selection criteria include market knowledge, reputation, independence and whether
professional standards are maintained.
3.21 Standard Issued/amended but not yet effective
Ministry of Corporate Affairs (“MCA”), vide notification dated 23rd March 2022, has made the following amendments to the existing standards
which are effective from 1st April, 2022:
(a) Ind AS 109: Annual Improvements to Ind AS (2021)
(b) Ind AS 103: Reference to Conceptual Framework
(c) Ind AS 37: Onerous Contracts – Costs of Fulfilling a Contract
(d) Ind AS 16: Proceeds before intended use
(e) Ind AS 41: Agriculture
Based on preliminary assessment, the Company does not expect significant impact of these changes on its standalone financial statements.
4. Significant Judgements and Key sources of Estimation in applying Accounting Policies
Information about Significant judgements and Key sources of estimation made in applying accounting policies that have the most significant
effects on the amounts recognized in the financial statements is included in the following notes:
Recognition of Deferred Tax Assets: The extent to which deferred tax assets can be recognized is based on an assessment of the probability
of the Company’s future taxable income against which the deferred tax assets can be utilized. In addition, significant judgement is required
in assessing the impact of any legal or economic limits.
Useful lives of depreciable/amortisable assets (tangible and intangible): Management reviews its estimate of the useful lives of
depreciable/ amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to
actual normal wear and tear that may change the utility of plant and equipment.
Leases: The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option
to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised. The Company has several lease contracts that include extension and termination options. The Company applies
judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it
considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement
date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects
its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or
significant customisation to the leased asset).
Defined Benefit Obligation (DBO): Employee benefit obligations are measured on the basis of actuarial assumptions which include
mortality and withdrawal rates as well as assumptions concerning future developments in discount rates, medical cost trends, anticipation of
151 151
future salary increases and the inflation rate. The Company considers that the assumptions used to measure its obligations are appropriate.
However, any changes in these assumptions may have a material impact on the resulting calculations.
Restoration (including Mine closure), rehabilitation and decommissioning: Estimation of restoration/rehabilitation/decommissioning
costs requires interpretation of scientific and legal data, in addition to assumptions about probability of future costs.
Provisions and Contingencies: The assessments undertaken in recognising provisions and contingencies have been made in accordance
with Indian Accounting Standards (Ind AS) 37, ‘Provisions, Contingent Liabilities and Contingent Assets’. The evaluation of the likelihood of
the contingent events is applied best judgement by management regarding the probability of exposure to potential loss.
Impairment of Financial Assets: The Company reviews its carrying value of investments carried at amortized cost annually, or more
frequently when there is indication of impairment. If recoverable amount is less than its carrying amount, the impairment loss is accounted
for.
Allowances for Doubtful Debts: The Company makes allowances for doubtful debts through appropriate estimations of irrecoverable
amount. The identification of doubtful debts requires use of judgment and estimates. Where the expectation is different from the original
estimate, such difference will impact the carrying value of the trade and other receivables and doubtful debts expenses in the period in which
such estimate has been changed.
Fair value measurement of financial Instruments: When the fair values of financial assets and financial liabilities recorded in the Balance
Sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the
Discounted Cash Flow model. The input to these models are taken from observable markets where possible, but where this not feasible, a
degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and
volatility.
Revenue Recognition: The Company’s contracts with customers include promises to transfer goods to the customers. 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 discounts, rebates, etc. 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 recognized will
not occur and is reassessed at the end of each reporting period. Estimates of discounts and rebates are sensitive to changes in circumstances
and the Company’s past experience regarding returns, discount and rebate entitlements and may not be representative of customers’ actual
returns, discount and rebate entitlements in the future.
152
NOTES TO STANDALONE FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2022
5 PROPERTY, PLANT AND EQUIPMENT (` in Crores)

Year Ended 31st March, 2022
Net
Gross Carrying Amount Accumulated Depreciation Carrying
Amount
Particulars As at Transfer Additions Transfer Disposals Revaluation Other As at As at Transfer Charged Transfer Deductions Other As at As at
1st April, from/(to) Adjustments 31st March, 1st April, from/(to) during the Adjustments 31st March, 31st March,
2021 Investment 2022 2021 Investment year 2022 2022
Property Property
(Refer Note (Refer Note
No. 6.1) No. 6.1)
Freehold Land (Refer Note
1,166.25 (0.27) 13.02 - - 153.96 - 1,332.96 - - - - - - - 1,332.96
No. 5.1 to 5.2)
Sub-Total 1,166.25 (0.27) 13.02 - - 153.96 - 1,332.96 - - - - - - - 1,332.96
Buildings 239.07 - 16.04 - 0.01 - - 255.10 49.22 - 9.52 - 0.01 - 58.73 196.37
(Refer Note No. 5.1)
Plant and Machinery 2,402.81 - 197.00 - 3.79 - - 2,596.02 779.92 - 144.17 - 2.84 - 921.25 1,674.77
Furniture and Fittings 9.57 - 0.45 - 0.02 - - 10.00 4.80 - 0.73 - 0.01 - 5.52 4.48
Vehicles 23.89 - 1.30 - 0.48 - - 24.71 12.76 - 2.35 - 0.36 - 14.75 9.96
Office Equipments 29.27 - 4.28 - 0.44 - - 33.11 18.96 - 3.25 - 0.40 - 21.81 11.30
Railway Sidings 14.90 - 10.70 - 0.15 - - 25.45 6.27 - 1.34 - 0.06 - 7.55 17.90
Right of Use Assets
(Refer Note No. 46)
- Leasehold Land 9.33 - - - - - - 9.33 0.62 - 0.31 - - - 0.93 8.40
- Plant and Machinery 27.97 - 24.06 - - - - 52.03 0.16 - 3.85 - - - 4.01 48.02
Total 3,923.06 (0.27) 266.85 - 4.89 153.96 - 4,338.71 872.71 - 165.52 - 3.68 - 1,034.55 3,304.16
Capital Work-In-Progress 189.87 - 251.08 242.79 - - - 198.16 - - - - - - - 198.16

Net
Amount
Particulars As at Transfer Additions Transfer Disposals Revaluation Other As at As at Transfer Charged Transfer Deductions Other As at As at
1st April, from/(to) Adjustments 31st March, 1st April, from/(to) during the Adjustments 31st March, 31st March,
2020 Investment 2021 2020 Investment year 2021 2021
Property Property
No. 6.1) No. 6.1)
Freehold Land (Refer Note
1,161.33 - 4.92 - - - - 1,166.25 - - - - - - - 1,166.25
No. 5.1 to 5.2)
Sub-Total 1,161.33 - 4.92 - - - - 1,166.25 - - - - - - - 1,166.25
Buildings 230.99 0.04 8.06 - 0.01 - (0.01) 239.07 40.11 0.01 9.10 - 0.00 - 49.22 189.85
Plant and Machinery 2,291.19 - 113.10 - 1.38 - (0.10) 2,402.81 645.76 - 135.11 - 0.95 - 779.92 1,622.89
Furniture and Fittings 8.13 - 1.43 - 0.01 - 0.02 9.57 3.93 - 0.88 - 0.01 - 4.80 4.77
Vehicles 23.45 - 0.64 - 0.20 - - 23.89 10.42 - 2.49 - 0.15 - 12.76 11.13
Office Equipments 25.88 - 3.34 - 0.04 - 0.09 29.27 15.59 - 3.40 - 0.03 - 18.96 10.31
Railway Sidings 14.90 - - - - - - 14.90 5.09 - 1.18 - - - 6.27 8.63
Right of Use Assets
(Refer Note No. 46)
- Leasehold Land 9.33 - - - - - - 9.33 0.31 - 0.31 - - - 0.62 8.71
- Plant and Machinery - - 27.97 - - - - 27.97 - - 0.16 - - - 0.16 27.81
Total 3,765.20 0.04 159.46 - 1.64 - - 3,923.06 721.21 0.01 152.63 - 1.14 - 872.71 3,050.35
Capital Work-In-Progress 146.99 - 179.60 136.63 3.00 - 2.91 189.87 - - - - - - - 189.87
Notes :
5.1 Gross carrying amount includes ₹ 2.86 Crores (Previous Year ₹ 1.59 Crores) in Freehold Land and ₹ 7.00 Crores (Previous Year ₹ 7.00 Crores) in Building
under Co-ownership basis and also ₹ 0.00 Crore (Previous Year ₹ 0.00 Crore) being value of investments in Shares of a Private Limited Company.
5.2 The Company has adopted revaluation model for one class of Property, Plant and Equipment i.e. Freehold land and have revalued as on 1st April, 2017
and 1st April, 2021 on the basis of valuation reports made by independent registered valuer as defined under rule 2 of Companies (Registered Valuers
and Valuation) Rules, 2017. Carrying amount of Freehold Land as on 1st April, 2021 include revaluation surplus of ₹ 1,054.56 Crores and ₹ 153.96
Crores on account of revaluation made on 1st April, 2017 and 1st April, 2021 respectively. The resulting revaluation surpluses has been recognized
and presented under "Other Comprehensive Income".
The fair valuation was based on current prices in the active market for similar properties. The main inputs used were quantum, area, location, demand,
restrictive entry to the land. This valuation was based on valuations performed by accredited independent registered valuer. Fair valuation was based
on depreciated open market price method. The fair value measurement was categorized in level 2/ level 3 fair value hierarchy.
153 153
5.3 Capital Work In Progress ageing schedule: (` in Crores)
As at 31st March, 2022
Particulars
Less than 1 year 1-2 Years 2-3 Years More than 3 Years Total
Projects in progress 146.66 38.63 11.19 0.17 196.65
Projects temporarily Suspended – – – 1.51 1.51
Total 146.66 38.63 11.19 1.68 198.16

Particulars
Total 86.78 81.68 19.35 2.06 189.87
5.4 Capital Work In Progress completion schedule:

Details of capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan, are as follows:
To be completed in
Particulars Less than 1 1-2 Years 2-3 Years More than Total Reasons
year 3 Years
Projects in progress – – – – – –
Projects temporarily suspended
Grinding Units in Madhya Pradesh – – 1.51 – 1.51 Reassessment of Technical usage
feasibility is being done
Total – – 1.51 – 1.51

To be completed in
year 3 Years
Projects in progress – – – – – –
Grinding Units in Madhya Pradesh – – 1.51 – 1.51 Reassessment of Technical usage
feasibility is being done
Total – – 1.51 – 1.51
5.5 The amount of expenditures recognized in the carrying amount of an item of Property, Plant and Equipment in the course of its construction:
As at As at
Particulars
Assets under construction 192.85 183.95
Expenditure incurred on Project Development Pending Capitalization / allocation 5.31 5.92
Total 198.16 189.87
154
(` in Crores)
As at As at
Particulars
Pre-operative expenses pending allocation:
Opening Balance 5.92 1.58
Salaries, wages and bonus (Refer Note No. 34) 1.67 1.10
Finance costs (Refer Note No. 35) - 2.91
Other Expenses 0.94 0.33
Total Pre-operative expenses 8.53 5.92
Less: Capitalized/ charged during the year 3.22 -
Balances included in Capital Work in Progress 5.31 5.92
5.6 All the title deeds of the immovable property are held in the name of the Company.
5.7 Title deed for freehold land amounting to ₹ 11.89 Crores (Previous year ₹ 9.49 Crores), although in the name of Company, is in dispute and is pending
resolution before the Court of Civil Judge, Rajgurunagar (Khed) and Additional Division Commissioner, Pune.
5.8 No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and rules made thereunder.
5.9 Other Adjustments also include finance costs capitalized during the year on the qualifying assets as required by IND AS 23 Borrowing Costs amounting
to Nil (Previous Year ₹ 2.91 Crores), (Refer Note No. 35).
5.10 Right of Use Assets includes:
(a) "Leasehold Land" represents land obtained on long term lease from various Government and other authorities.
(b) "Plant & Machinery" represents:
– Machinery recognized as per long term power purchase agreement in accordance with the principles of IND AS 116 "Leases" (Refer Note
No. 62); and
– Railway Wagons recognized as per long term wagon leasing agreement in accordance with the principles of IND AS 116 "Leases".
5.11 Refer Note No. 43 for disclosure of contractual commitments for the acquisition of Property, Plant and Equipment.
5.12 Refer Note No. 44 for information on property, plant and equipment pledged as securities by the Company.
6 INVESTMENT PROPERTY
Year ended Year ended
Particulars
Gross Carrying Amount
Opening Gross Carrying Amount 0.15 0.19
Additions – –
Transferred from/(to) Property, Plant & Equipment (Refer Note No. 6.1) 0.27 (0.04)
Disposals – –
Other Adjustments – –
Closing Gross Carrying Amount 0.42 0.15
Accumulated Depreciation
Opening Accumulated Depreciation 0.02 0.03
Depreciation charged during the year 0.00 0.00
Transferred to Property, Plant & Equipment (Refer Note No. 6.1) – (0.01)
Closing Accumulated Depreciation 0.02 0.02
Net Carrying Amount 0.40 0.13
6.1 During the year, freehold land having book value of ₹ 0.27 Crore have been transferred to Investment Property from Property, Plant and Equipment
as the same have been considered by the management as not for further use for business purposes and held for capital appreciation.
In previous year, certain portion of a property was started to be used by the Company for its normal business purpose. Hence, this portion of building
was transferred from Investment Property to Property, Plant and Equipment.
155 155
(` in Crores)
6.2 Fair value of the Company’s Investment Properties as at 31st March, 2022 (including Freehold Land transferred from Property, Plant & Equipment) and
31st March, 2021 (excluding proportionate portion transferred to Property, Plant & Equipment) are ₹ 27.46 Crores and ₹ 15.74 Crores respectively. The
fair value has been arrived on the basis of valuation performed by independent registered valuers as defined under rule 2 of Companies (Registered
Valuers and Valuation) Rules, 2017, who are specialist in valuing these types of Investment Properties, having appropriate qualifications and recent
experience in the valuation of properties in relevant locations.
6.3 The fair valuation is based on current prices in the active market for similar properties and rental income of similar type of property in the same
locality. The main inputs used are quantum, area, location, demand, restrictive entry to the land and building, age of the building and trend of fair
market rent in the locality. This valuation is based on valuations performed by accredited independent registered valuers. Fair valuation is based on
depreciated open market price method and rental method. The fair value measurement is categorized in level 3 fair value hierarchy.
6.4 The amounts recognized in Statement of Profit and Loss in relation to the Investment Properties:
For the Year ended For the Year ended

Particulars
Rental Income 0.39 0.10
Direct Operating Expenses in relation to
– Properties generating rental income 0.43 0.31
6.5 The Company has no restriction on the realisability of it’s Investment Properties or the remittance of income and proceeds of disposal. There is no
contractual obligations to purchase, construct or develop Investment Property or for repairs, maintenance or enhancements.
7 INTANGIBLE ASSETS

Net
Gross Carrying Amount Accumulated Amortisation Carrying
Particulars Amount
As at Additions Disposals / Other As at As at Charged Deductions Other As at As at
1st April, Transfer Adjustments 31st March, 1st April, during the Adjustments 31st March, 31st March,
2021 2022 2021 year 2022 2022
Computer Software 8.88 0.82 – – 9.70 6.01 1.58 – – 7.59 2.11
Mining Rights (includes site 39.64 12.87 – – 52.51 15.54 9.76 – – 25.30 27.21
preparation)
Total 48.52 13.69 – – 62.21 21.55 11.34 – – 32.89 29.32
Intangible Assets under

1.37 14.06 13.69 – 1.74 – – – – – 1.74
Development

Net
Particulars Amount
2020 2021 2020 year 2021 2021
preparation)
Total 34.42 14.10 – – 48.52 13.36 8.19 – – 21.55 26.97
Intangible Assets under

1.92 13.55 14.10 – 1.37 – – – – – 1.37
Development
156
Notes :
7.1 Intangible Assets under Development ageing schedule: (` in Crores)
Particulars
Projects in progress 0.50 0.08 – 1.16 1.74
Projects temporarily Suspended – – – – –
Total 0.50 0.08 – 1.16 1.74

Particulars
Total 0.12 0.09 0.25 0.91 1.37
7.2 There is no intangible assets under development as on 31st March 2022 and 31st March 2021, whose completion is overdue or has exceeded its cost
compared to its original plan.
7.3 The Company has not revalued its intangible assets.
7.4 Refer Note No. 43 for disclosure of contractual commitments for the acquisition of intangible assets.
7.5 Refer Note No. 44 for information on intangible assets pledged as securities by the Company.
8 BIOLOGICAL ASSETS OTHER THAN BEARER PLANTS

Particulars
Additions/Acquisitions – 0.05
Disposals 0.00 0.01
Fair Value Adjustments 0.01 (0.02)
Closing Balance 0.85 0.84
8.1 The Company owns Bearer Biological Assets i.e., livestock from which milk is produced. The livestock is maintained by the Company at Satna and
Birlapur. The milk produced from the live stock are internally consumed and not sold commercially.
157 157
9 INVESTMENT IN SUBSIDIARIES (` in Crores)
Refer Note Face Value of As at 31st March, 2022 As at 31st March, 2021
Particulars No. ` 10 each unless
Qty. Amount Qty. Amount
otherwise stated
EQUITY INVESTMENTS VALUED AT COST
UNQUOTED (FULLY PAID UP)
Investment In Subsidiaries
Birla Corporation Cement Mfg PLC 9.1 1,000 Birr 1,699 0.45 1,699 0.45
Less: Impairment 0.45 0.45
Net – –
Lok Cement Limited 9.2 10 12,50,700 1.26 12,50,700 1.26
Less: Impairment 1.01 1.01
Net 0.25 0.25
RCCPL Private Limited 10 31,28,22,900 2,272.26 31,28,22,900 2,272.26
Talavadi Cements Limited 10 58,80,400 5.88 58,80,400 5.88
Budge Budge Floorcoverings Limited 10 40,00,000 2.00 40,00,000 2.00
Birla Cement (Assam) Limited 10 50,000 0.05 50,000 0.05
Birla Jute Supply Co. Limited 10 6,000 0.03 6,000 0.03
M.P. Birla Group Services Private Limited 10 20,000 0.02 20,000 0.02
TOTAL 2,280.49 2,280.49
Aggregate amount of Unquoted Investments 2,281.95 2,281.95

Aggregate amount of Impairment in Value of Investments 1.46 1.46
Notes :
9.1 The Company stands liquidated as per Ethiopian Laws. However, distribution (repatriation) of the available money after satisfaction of liabilities still
remains and hence shown in accounts.
9.2 In the previous year, the Company had subscribed for the Right Issue of equity share aggregating to 250,000 @ ₹ 10 per share.
9.3 In the previous year, due to diminution in the value of net assets of the investment company, a provision of ₹ 1.01 Crores had been made.
10 NON–CURRENT INVESTMENTS (` in Crores)
Refer As at 31st March, 2022 As at 31st March, 2021

Face
Particulars Note Qty. Amount Qty. Amount
Value
No.
A INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

EQUITY INSTRUMENTS (FULLY PAID UP)
QUOTED
Century Textiles & Industries Limited 10 18,07,660 154.47 18,07,660 84.06
Birla Cables Limited 10 53,88,515 84.44 53,88,515 32.49
Universal Cables Limited 10 8,00,157 11.06 8,00,157 10.91
Hindustan Media Ventures Limited 10 4,440 0.03 4,440 0.03
The Rameshwara Jute Mills Limited 10.1 10 19,133 0.01 19,133 0.01
Vindhya Telelinks Limited 10 100 0.01 100 0.01
Birla Precision Technologies Limited 2 2,121 0.01 2,121 0.00
Zenith Steel Pipes and Industries Limited 10 6,362 0.00 6,362 0.00
UltraTech Cement Limited 10 2,25,957 149.18 2,25,957 152.25
Sub Total 399.21 279.76
158
(` in Crores)

Face
Value
No.
UNQUOTED 10.1
Birla Buildings Limited 10 24,000 0.02 24,000 0.02
Neosym Industry Limited 10 52,000 0.01 52,000 0.01
Lotus Court Limited 10 1 0.01 1 0.01
Industry House Limited 10 600 0.01 600 0.01
The Eastern Economist Limited 10 400 0.01 400 0.01
Woodlands Multispeciality Hospital Limited 10 520 0.00 520 0.00
Twin Star Venus Co-Operative Society Housing Society Limited 10 10 0.00 10 0.00
Elgin Mills Company Limited 10.2 10 2,250 0.00 2,250 0.00
Bally Jute Mills Employees Consumers' Co-operative Stores Limited 10 250 0.00 250 0.00
Gangangiri Park Co-Operative Society Housing Society Limited 10 15 0.00 15 0.00
Craig Jute Mills Limited 3 50 0.00 50 0.00
Sub Total 0.06 0.06
Investment in Quoted Government Securities

8.97% GOI 2030 10.3 100 1,00,000 1.17 1,00,000 1.21
Sub Total 1.17 1.21
Investments In Quoted Bonds
9.70% IFCI Limited 2030 10,00,000 63 6.33 63 6.54
9.55% IFCI Limited 2025 10,00,000 5 0.54 13 1.41
Sub Total 6.87 7.95
TOTAL (A) 407.31 288.98
B INVESTMENTS AT FAIR VALUE THROUGH PROFIT AND LOSS

Investment In Preference Shares - Unquoted (Fully paid up)
10.1 &
Elgin Mills Company Limited. - 5% Preference Shares 10.2 10 100 0.00 100 0.00
Sub Total 0.00 0.00

TOTAL (B) 0.00 0.00
TOTAL NON-CURRENT INVESTMENTS 407.31 288.98
Aggregate Book Value of Quoted Investments 407.25 288.92

Aggregate Fair Value of Quoted Investments 407.25 288.92
Aggregate amount of Unquoted Investments 0.06 0.06
Aggregate amount of Impairment in Value of Investments – –
Notes :
10.1 Fair valuation not carried out as the amounts are not significant.
10.2 The Investee company is under liquidation.
10.3 Lien marked in favour of Clearing Corporation of India Limited.
159 159
11 LOANS (` in Crores)
Non Current Current

Refer Note
Particulars As at 31st As at 31st As at 31st As at 31st
No.
March, 2022 March, 2021 March, 2022 March, 2021
Loans & Advances to Related Parties 11.1, 11.2 & 11.3
Loan Receivables – – 0.07 0.07
Less: Provision for Doubtful Receivables – – 0.07 0.07
– – – –
Loans & Advances to Others 11.1, 11.2 & 11.3
Loan Receivables 0.46 0.29 1.03 1.24
0.46 0.29 1.03 1.24
Total 0.46 0.29 1.03 1.24
11.1 Break Up of Loans

Loan Receivables considered good - Secured – – – –
Loan Receivables considered good - Unsecured 0.46 0.29 1.03 1.24
Loan Receivables which have significant increase in Credit Risk – – 0.07 0.07
Loan Receivables - Credit Impaired – – – –
0.46 0.29 1.10 1.31
0.46 0.29 1.03 1.24
11.2 No Loans are due from directors or other officers of the Company either severally or jointly with any other person. No Loan due from firms or private
companies respectively in which any director is a partner, a director or a member except as disclosed in Note No. 11.3 given below.
11.3 Details of loans and advances to related parties as required by Sec. 186 of the Companies Act, 2013 read with SEBI (Listing Obligations Disclosure
Requirements) Regulations, 2015:
Balance Outstanding Maximum amount Outstanding
Refer Note As at For the year ended
Particulars
No. 31st March, 31st March, 31st March, 31st March,
2022 2021 2022 2021
i. Subsidiary Companies
RCCPL Private Limited (iii)(b) – – 13.62 –
Lok Cement Limited (ii)(b) – – 0.00 0.00
Birla Corporation Cement Manufacturing PLC (ii)(a) & (c) – – 0.07 0.07
Talavadi Cements Limited (ii)(b) – – 0.07 0.13
Birla Jute Supply Co. Limited (ii)(b) – – 0.00 0.00
Budge Budge Floorcoverings Limited (ii)(b) – – 0.01 0.01
Birla Cement (Assam) Limited (ii)(b) – – 0.00 0.00
M. P. Birla Group Services Private Limited (ii)(b) – – 0.00 0.00
ii. Purpose for which the advance was provided
a. Advance given for implementation of Project
b. Advance given for working capital needs
c. Net of Provision for Doubtful Receivables
iii. For Guarantee refer Note No. 41.3 and for Investments
refer Note No. 9, 10, 15 & 62.
160
12 OTHERS FINANCIAL ASSETS (` in Crores)
Refer Non Current Current
Particulars Note As at 31st As at 31st As at 31st As at 31st
No. March, 2022 March, 2021 March, 2022 March, 2021
Security Deposits
Unsecured, considered good 62 27.97 27.00 8.61 8.61
27.97 27.00 8.61 8.61
Incentive and Subsidy Receivable 138.58 138.58 34.51 40.67
Less : Provision for Expected Credit Loss 55.1.2 33.61 33.61 0.45 0.45
104.97 104.97 34.06 40.22
Other Deposits, Advances and Claims Recoverable
Unsecured, considered good 12.1 1.64 12.24 19.59 23.62
Unsecured, considered doubtful – – 2.01 2.01
1.64 12.24 21.60 25.63
Less: Provision for Doubtful Advances – – 2.01 2.01
1.64 12.24 19.59 23.62
Deposits with Bank having maturity of more than one year from the 12.2 0.63 0.63 – –
balance sheet date
Fixed Deposit with Others – – 70.00 156.00
Interest Accrued on Deposits 0.05 0.03 2.33 4.27
Derivative Contracts (Net) – – 0.23 0.26
Amount Paid Under Protest 2.37 2.37 – –
Others – – 0.05 0.01
3.05 3.03 72.61 160.54
Total 137.63 147.24 134.87 232.99
12.1 No other receivables are due from directors or other officers of the Company either severally or jointly with any other person. No other receivables
are due from firms or private companies respectively in which any director is a partner, a director or a member.
12.2 Represents deposits marked lien in favour of Govt. Authorities and Banks.
13 OTHER ASSETS

Advance against supply of Goods and Services – – 151.94 164.79
Less : Provision for Doubtful Advances – – 0.04 0.04
– – 151.90 164.75
Capital Advances 31.49 20.60 – –
Prepaid Expenses 1.60 0.98 5.33 3.76
Balances with Government & Statutory Authorities 0.28 0.29 18.68 17.11
Security Deposits
Unsecured considered good 1.85 1.85 0.44 0.45
Other Advances (Including Balance with Gratuity Fund) 0.58 0.58 9.42 4.05
Total 80.12 85.77 185.77 190.12
13.1 No other receivables are due from directors or other officers of the Company either severally or jointly with any other person. No other receivables
are due from firms or private companies respectively in which any director is a partner, a director or a member except ₹ 4.96 Crores (Previous Year
₹ 1.32 Crores) are receivables from a private company in which a director of the Company is director.
161 161
14 INVENTORIES (` in Crores)
Refer Note As at 31st As at 31st

Particulars March, 2022 March, 2021
No.
(As valued and certified by the Management) 3.1

Raw Materials 14.1 95.10 110.90
Work-In-Progress 14.1 98.10 87.44
Finished Goods 14.1 85.73 82.53
Stock-In-Trade 14.1 1.04 0.92
Stores and Spares 14.1 188.94 164.66
Fuels 129.20 138.85
Packing Materials 13.76 10.80
611.87 596.10
Less: Provision for Non-Moving Stores and Spares 9.16 4.54
Total 602.71 591.56
14.1 The above includes goods-in-transit as under:

Raw Materials 2.04 1.68
Work-In-Progress 3.88 0.12
Finished Goods 2.20 7.78
Stores and Spares 0.03 0.95
Fuels 0.51 –
Total 8.66 10.53
14.2 Refer Note No. 44 for information on amount of inventories pledged as securities by the Company.
162
15 CURRENT INVESTMENTS (` in Crores)

Face
Value
No.
A INVESTMENT AT FAIR VALUE THROUGH PROFIT OR LOSS

Investments in Mutual Funds
UNQUOTED
Axis Liquid Fund - Direct Growth 84,757 20.03 – –
Axis Money Market Fund Direct Growth 1,04,509 12.04 45,178 5.00
Axis Ultra Short Term Fund Direct Growth – – 92,34,001 11.05
Baroda BNP Paribas Banking & PSU Bond Fund- Direct Plan Growth (Previously
– – 19,99,900 2.00
known as Baroda Banking and PSU Bond Fund -Direct Plan Growth)
Baroda BNP Paribas Liquid Fund - Direct Growth (Previously known as Baroda
– – 33,783 8.00
Liquid Fund -Plan B Growth)
DSP Savings Fund- Direct Plan- Growth 11,44,351 5.01 11,89,309 5.01
HSBC Corporate Bond Fund Direct Growth – – 9,99,950 1.02
HDFC Money Market Fund- Direct Plan- Growth Option 10,791 5.02 – –
HDFC Ultra Short Term Fund -Direct Growth 1,29,05,281 16.02 – –
IDFC Ultra Short Term Fund -Direct Plan - Growth 5,42,33,467 67.31 7,45,05,438 89.19
IDFC Floating Rate Fund Direct Plan-Growth – – 99,99,500 10.04
IDFC Money Manager Fund Growth- Direct Plan 25,85,925 9.03 39,04,110 13.14
IDFC Banking & PSU Debt Fund- Direct Plan- Growth 19,95,380 4.07 – –
IDFC Cash Fund- Growth- Direct Plan 77,900 20.03 – –
ICICI Prudential Ultra Short Term Fund- Direct Plan- Growth 8,40,132 2.01 – –
ICICI Prudential Liquid Fund- Direct Plan- Growth 5,07,697 16.01 – –
Invesco India Money Market Fund- Direct Plan Growth 67,240 17.09 41,014 10.03
Invesco India Ultra Short term Fund -Direct Plan Growth 21,766 5.02 10,655 2.36
Invesco India Liquid Fund- Direct Plan Growth 66,493 19.44 – –
Kotak Liquid Fund Direct Plan Growth 11,622 5.00 12,030 5.00
Kotak Money Market Fund -Direct Plan- Growth 69,410 25.13 57,512 20.04
Kotak Savings Fund - Direct Plan - Growth 30,69,151 11.06 1,05,62,382 36.63
LIC MF Savings Fund -Direct Plan- Growth 14,57,623 5.02 15,09,828 5.00
L & T Money Market Fund Direct Plan- Growth 27,10,589 6.03 46,72,947 10.03
L & T Ultra Short Term Fund Direct Plan- Growth 1,15,26,884 41.95 1,15,26,884 40.45
L & T Liquid Fund Direct Plan- Growth 68,633 20.00 – –
Mahindra Manulife Liquid Fund- Direct- Growth 36,129 5.00 – –
Nippon India Liquid Fund - Direct Plan Growth Plan -Growth Option 52,516 27.35 14,417 7.26
Nippon India Money Market Fund -Direct Growth Plan Growth Option 74,946 25.11 65,430 21.07
PGIM India Liquid Fund- Direct Plan- Growth 1,80,266 5.00 – –
PGIM India Ultra Short Duration Fund- Direct Plan- Growth 28,05,184 8.04 – –
Sundaram Liquid Fund -Direct Plan Growth 26,614 5.00 – –
SBI Liquid Fund Direct Growth 45,063 15.02 – –
SBI Magnum Low Duration Fund Direct - Growth 15.1 – – 1,03,038 28.81
SBI Magnum Ultra Short Duration Fund Direct Growth 41,045 20.10 – –
SBI Floating Rate DEBT Fund Direct Plan Growth 94,28,776 10.04 – –
SBI Savings Fund -Direct Plan- Growth – – 70,10,551 23.97
Tata Money Market Fund Direct Plan -Growth 68,360 26.15 57,896 21.25
Tata Liquid Fund Direct Plan- Growth 20,890 7.02 – –
Tata Overnight Fund Direct Plan- Growth 4 0.00 – –
UTI Treasury Advantage Fund- Direct Growth Plan Growth – – 30,971 8.19
UTI Liquid Cash Plan- Direct Plan- Growth 14,338 5.00 – –
Sub Total 491.15 384.54
RCCPL Private Limited - 10% Redeemable Cumulative Preference Shares 15.2 100 1,00,00,000 102.77 1,00,00,000 139.75
Sub Total 102.77 139.75
TOTAL (A) 593.92 524.29
163 163
(` in Crores)
Face
Value
No.
B INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Investment in Quoted Non - Convertible Debentures
2% Tata Steel Limited 2022 10,00,000 134 24.99 – –
Sub Total 24.99 –
TOTAL (B) 24.99 –
TOTAL CURRENT INVESTMENTS 618.91 524.29

Aggregate Book Value of Quoted Investments 24.99 –
Aggregate Fair Value of Quoted Investments 24.99 –
Notes :
15.1 Out of the same Nil (Previous Year: 45,930 units) are held as margin in favour of State Bank of India against bank guarantee.
15.2 Preference Shares of RCCPL Private Limited were extended for a period of one year from 21st December, 2021 to 21st December, 2022.
15.3 The Company has not traded or invested in crypto currency or virtual currency during the year ended 31st March, 2022 and 31st March, 2021.
16 TRADE RECEIVABLES
Particulars
No. March, 2022 March, 2021
Trade Receivables 16.1 & 16.2 232.21 207.45
Less: Provision for Doubtful Receivables 10.44 10.78
Total 221.77 196.67
Break Up of Trade Receivables

Trade Receivables considered good - Secured 90.80 106.53
Trade Receivables considered good - Unsecured 130.97 90.14
Trade Receivables which have significant increase in Credit Risk 10.44 10.78
Trade Receivables - Credit Impaired – –
Total 232.21 207.45
Total 221.77 196.67
16.1 Trade receivables are non-interest bearing and are generally on terms of 0 to 90 days. Refer Note No. 44 for information on amount of trade receivables
pledged as securities by the Company.
16.2 No trade receivables are due from directors or other officers of the Company either severally or jointly with any other person. No trade receivables
are due from firms or private companies respectively in which any director is a partner, a director or a member, except ₹ 42.94 Crores (Previous year
₹ 12.34 Crores) are receivables from a private company in which directors of the Company are directors.
164
16.3 Trade Receivables ageing schedule
As at 31st March, 2022 (` in Crores)
Outstanding for following periods from due date of payment
Particulars Not Due Less than Six 6 Months – 1 1-2 Years 2-3 Years More than 3 Total
Months Year Years
(i) Undisputed Trade Receivables – 26.49 185.29 4.54 2.42 0.68 2.35 221.77
considered good
(ii) Undisputed Trade Receivables – – – – – 0.16 1.48 1.64
which have significant increase in
credit risk
(iii) Undisputed Trade Receivables – credit – – – – – – –
impaired
(iv) Disputed Trade Receivables – – – – – – – –
considered good
(v) Disputed Trade Receivables – which – – – – 0.13 8.67 8.80
have significant increase in credit risk
(vi) Disputed Trade Receivables – credit – – – – – – –
impaired
Total Trade Receivables 26.49 185.29 4.54 2.42 0.97 12.50 232.21
Less: Provision for Doubtful Receivables 10.44
Net Trade Receivables 221.77

Months Year Years
considered good
(ii) Undisputed Trade Receivables – – – 0.07 0.30 – 1.67 2.04
credit risk
impaired
considered good
(v) Disputed Trade Receivables – which – – – 0.03 0.05 8.66 8.74
impaired
16.4 There are no unbilled trade receivables as on 31st March, 2022 and 31st March, 2021.
165 165
(` in Crores)
17 CASH AND CASH EQUIVALENTS
Particulars
Balances with Banks :
In Current/ Cash Credit Account 32.79 20.70
In Deposit Accounts with Original Maturity of less than three months 40.02 14.93
Cheques/ Drafts on Hand – 0.41
Cash on Hand 0.11 0.12
Total 72.92 36.16
18 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

Balance in Unpaid Dividend Account 1.41 1.44
Other Fixed Deposit with Banks 18.1 51.04 83.99
Total 52.45 85.43
18.1 Includes deposits marked lien in favour of Govt. Authorities and Banks. 8.75 2.54
19 NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE

Plant & Machinery 19.1 1.08 1.42
Total 1.08 1.42
19.1 Plant & Machinery related to:

Unit Birla Carbide & Gases: Suspension of operations was declared of the Company’s unit Birla Carbide & Gases, Birlapur, West Bengal w.e.f. 29th
October, 2001. Subsequently, closure of the Unit was declared w.e.f. 31st January, 2005. A resolution was passed by Board of Directors of the Company
on 4th November, 2015 for disposal of assets of the Unit. All Plant & Machineries has been disposed off during the year ended 31st March, 2022.
Unit Auto Trim Division: Suspension of operations was declared of the Company’s unit Auto Trim Division at Birlapur, West Bengal w.e.f. 18th
February, 2014. There have been no operations at Gurgaon plant, Haryana and at Chakan plant, Maharashtra since November, 2007 and August,
2007 respectively. All Plant & Machineries, except some Machineries were transferred to other units of the Company till April, 2019. A resolution was
passed by Board of Directors of the Company on 3rd May, 2019 for disposal of remaining assets of the Unit. It was expected that the sale of the assets
to be completed by March, 2022. However, due to Covid 19 Pandemic the complete disposal could not take place and now the Company expects to
carry out the same by March, 2023. The assets of the unit comprising remaining Plant & Machineries are presented within total assets of the “Others
Segment Assets” under Segment Reporting.
Non recurring fair value measurements
The fair value of the Plant & Machineries, classified as held for sale, was determined using the sales comparison approach. This is level 2 measurement
as per the fair value hierarchy set out in accounting policies related to fair value measurement. The key inputs under this approach are price of the
similar Plant & Machineries at the same location, condition and age.
20 EQUITY SHARE CAPITAL
As at 31st March, 2022 As at 31st March, 2021
Particulars
No. of Shares Amount No. of Shares Amount
20.1 Authorised Share Capital

Ordinary Shares of ₹ 10/- each 9,00,00,000 90.00 9,00,00,000 90.00
Preference Shares of ₹ 100/- each 10,00,000 10.00 10,00,000 10.00
Total 9,10,00,000 100.00 9,10,00,000 100.00
20.2 Issued Share Capital
Total 7,70,13,416 77.01 7,70,13,416 77.01
20.3 Subscribed and Paid-up Share Capital
Ordinary Shares of ₹ 10/- each fully paid-up 7,70,05,347 77.01 7,70,05,347 77.01
Add: Forfeited Ordinary Shares (Amount originally paid-up) – – – –
Total 7,70,05,347 77.01 7,70,05,347 77.01
166
(` in Crores)
20.4 Reconciliation of the number of shares at the beginning and at the end of the year
There has been no change/ movements in number of shares outstanding at the beginning and at the end of the year.
20.5 Terms/ Rights attached to Equity Shares :
The Company has only one class of issued shares i.e., Ordinary Shares having par value of ₹ 10 per share. Each holder of the Ordinary Shares is entitled
to one vote per share and equal right for dividend. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in
the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the ordinary shareholders are eligible to receive
the remaining assets of the Company after payment of all preferential amounts, in proportion to their shareholding.
20.6 Shareholding Pattern in respect of Holding or Ultimate Holding Company
The Company does not have any Holding Company or Ultimate Holding Company.
20.7 Details of Shareholding of Promoters in the Company
As at 31st March, 2022 As at 31st March, 2021 % Change
Particulars during the year
No. of Shares % Holding No. of Shares % Holding
Estate of Late Smt Priyamvada Devi Birla represented by Justice 1,260 0.00% 1,260 0.00% NIL
Mohit Shantilal Shah, Shri Mahendra Kumar Sharma and Shri
Amal Chandra Chakrabortti in their capacity as Administrators
pendente lite
August Agents Limited 60,15,912 7.81% 60,15,912 7.81% NIL
Baroda Agents & Trading Co. Private Limited 9,14,355 1.19% 9,14,355 1.19% NIL
Belle Vue Clinic 1,75,148 0.23% 1,75,148 0.23% NIL
Birla Cable Limited 280 0.00% 280 0.00% NIL
Birla Financial Corporation Limited 280 0.00% 280 0.00% NIL
East India Investment Co. Private Limited 73,475 0.10% 73,475 0.10% NIL
Eastern India Educational Institution 33,61,200 4.36% 33,61,200 4.36% NIL
Express Dairy Company Limited 280 0.00% 280 0.00% NIL
Gwalior Webbing Co. Private Limited 17,75,200 2.31% 17,75,200 2.31% NIL
Hindustan Gum & Chemicals Limited 2,70,000 0.35% 2,70,000 0.35% NIL
Hindustan Medical Institution 71,59,460 9.30% 71,59,460 9.30% NIL
Insilco Agents Limited 60,04,080 7.80% 60,04,080 7.80% NIL
Laneseda Agents Limited 59,94,680 7.78% 59,94,680 7.78% NIL
M.P. Birla Foundation Educational Society 1,00,100 0.13% 1,00,100 0.13% NIL
M.P. Birla Institute of Fundamental Research 100 0.00% 100 0.00% NIL
Mazbat Tea Estate Limited 14,67,689 1.91% 14,67,689 1.91% NIL
Punjab Produce Holdings Limited 36,65,407 4.76% 36,65,407 4.76% NIL
Shreyas Medical Society 1,17,740 0.15% 1,17,740 0.15% NIL
South Point Foundation 1,40,000 0.18% 1,40,000 0.18% NIL
The Punjab Produce & Trading Co. Private Limited 45,20,572 5.87% 45,20,572 5.87% NIL
Universal Cables Limited 2,96,730 0.39% 2,96,730 0.39% NIL
Vindhya Telelinks Limited 63,80,243 8.29% 63,80,243 8.29% NIL
20.8 Details of Equity Shareholders holding more than 5% shares in the Company
Name of Shareholders
Ordinary Shares of ₹ 10/- each fully paid
Hindustan Medical Institution 71,59,460 9.30 71,59,460 9.30
Vindhya Telelinks Limited 63,80,243 8.29 63,80,243 8.29
August Agents Limited 60,15,912 7.81 60,15,912 7.81
Insilco Agents Limited 60,04,080 7.80 60,04,080 7.80
Laneseda Agents Limited 59,94,680 7.78 59,94,680 7.78
The Punjab Produce & Trading Co. Private Limited 45,20,572 5.87 45,20,572 5.87
20.9 No ordinary shares have been reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestment as at the Balance
Sheet date.
167 167
(` in Crores)
20.10 The Company has neither allotted any equity shares against consideration other than cash nor has issued any bonus shares nor has bought back any
shares during the period of five years preceding the date at which the Balance Sheet is prepared.
20.11 No securities convertible into Equity/ Preference shares have been issued by the Company during the year.
20.12 No calls are unpaid by any Director or Officer of the Company during the year.
21 OTHER EQUITY (Refer Statement of Change in Equity)
The Description of the nature and purpose of each reserve within equity is as follows:
21.1 Capital Reserve: Capital reserve are mainly the reserve created during business combination for the gain on bargain purchase.
21.2 Debenture Redemption Reserve (DRR): The Company has issued redeemable non-convertible debentures. Accordingly, the Companies (Share
Capital and Debentures) Rules, 2014 (as amended), requires the Company to create DRR out of profits of the Company available for payment
of dividend. DRR is required to be created for an amount which is equal to 25% of the value of debentures issued. However, this requirement is
no more applicable as per the amendment in the Companies (Share capital and Debentures) Rules, 2014. Accordingly from previous year, the
Company has not made any new addition in the said reserve and accounted the reversal of outstanding reserve linked to payment of specific non-
convertible debentures.
21.3 General Reserve: General reserve is created out of retained earnings and being used for appropriation purposes.
21.4 Retained Earnings: Retained earnings represents the undistributed profit of the Company.
21.5 Debt Instrument through Other Comprehensive Income: This reserve is created on account of fair valuation of selected debt instrument and will
be transferred to statement of profit and loss on liquidation of respective instruments.
21.6 Effective Portion of Cashflow Hedges: The Company has designated certain hedging instruments as cash flow hedges and any effective portion
of cashflow hedge is maintained in the said reserve. In case the hedging becomes ineffective or instruments settled, the amount will be transferred
to the statement of profit and loss.
21.7 Equity Instrument through Other Comprehensive Income: This reserve is created on account of fair valuation of equity instruments other than
investments in subsidiaries. This will be directly transferred to retained earnings on disposal of respective equity instruments.
21.8 Revaluation Surplus: Revaluation surplus arises on account of fair valuation of freehold land. This will be directly transferred to retained earnings
at the time of sale/disposal/transfer (if any) of the respective portion of freehold land.
22 LONG TERM BORROWINGS
Non-Current Portion Current Maturities
Refer Note
No.
Non-Convertible Debentures (NCD) 22.1(a)
(Face Value of ` 10,00,000/- each)
2,500 (Previous Year - 2,500) 9.25% NCD 2026 250.00 250.00 – –
NIL (Previous Year - 1,500) 9.15% NCD 2021 – – – 150.00
1,500 (Previous Year - 1,500) 7.05% NCD 2024 120.00 150.00 30.00 –
1,500 (Previous Year - Nil) 5.75% NCD 2027 150.00 – – –
520.00 400.00 30.00 150.00
Term Loans
From Banks:
Rupee Loans 22.1(b) 280.12 107.73 43.00 56.18
Foreign Currency Loans 22.1 (c) 131.05 457.56 15.89 36.31
From Other:
Rupee Loan 22.1(d) 21.79 13.35 – –
432.96 578.64 58.89 92.49
Total 952.96 978.64 88.89 242.49

Amount disclosed under the head "Short Term Borrowings" 27 – – (88.89) (242.49)
Total 952.96 978.64 – –
Break Up of Security Details

Secured 952.96 943.64 88.89 242.49
Unsecured – 35.00 – –
Total 952.96 978.64 88.89 242.49
168
(` in Crores)
22.1 Terms and Conditions of Long Term Borrowings :
Refer Note As at As at
Particulars
No. 31st March, 2022 31st March, 2021
a) Non-Convertible Debentures
i) 9.25% NCD 2026 22.1 (e) (i) 250.00 250.00
ii) 7.05% NCD 2024 22.1 (e) (ii) 150.00 150.00
iii) 5.75% NCD 2027 22.1 (e) (iii) 150.00 –
iv) 9.15% NCD 2021 – 150.00
22.1 (g) 324.48 163.91
b) Rupee Term Loans - From Banks - in Indian Rupees
and (h)
c) Foreign Currency Loans - From Banks - in Foreign Currency 22.1 (f) 146.94 495.62
d) Rupee Term Loan - From Other - in Indian Rupees 22.1 (i) 33.01 20.99
e) Non-Convertible Debentures are redeemable fully at par as under :-
i) 9.25% NCD 2026 of ₹ 250.00 Crores, includes ₹ 60.00 Crores repayable in August 2024, ₹ 15.00 Crores repayable in September 2024, ₹ 60.00
Crores repayable in August 2025, ₹ 15.00 Crores repayable in September 2025, ₹ 80.00 Crores repayable in August 2026 and ₹ 20.00 Crores
repayable in September 2026.
ii) 7.05% NCD 2024 of ₹ 150.00 Crores, includes ₹ 30.00 Crores repayable in December 2022, ₹ 60.00 Crores repayable in December 2023 and
₹ 60.00 Crores repayable in December 2024.
iii) 5.75% NCD 2027 of ₹ 150.00 Crores, repayable in February 2027.
f) Foreign Currency Loan from Bank (SGD: 2.58 Crores) is repayable as under:-
Term Loan ₹ 146.94 Crores (rate of interest @ 1.58% p.a.)
i) ₹ 19.86 Crores repayable in 5 equal quarterly installments starting from June 2022 to June 2023.
ii) ₹ 127.08 Crores repayable in 12 equal quarterly installments starting from September 2023 to June 2026.
g) Rupee Loan from Bank is repayable as under:-
Term Loan ₹ 252 Crores (6.75% p.a. upto 5th November, 2022 and thereafter @ 6 months MCLR + 15 bps)
₹ 56.00 Crores repayable in 8 equal quarterly installments from June 2022 to March 2024.
` 70.00 Crores payable in 8 equal quarterly installments from June 2024 to March 2026.
` 84.00 Crores repayable in 8 equal quarterly installments from June 2026 to March 2028.
` 42.00 Crores repayable in 2 equal quarterly installments from June 2028 to September 2028.
The above loans (e) (i), (e) (ii), (f ) and (g) are secured by first charge on the movable and immovable Property, Plant and Equipment & Intangible
Assets of the Company's Cement Division, ranking pari-passu with debenture holders and other lender banks. Non-Convertible Debentures
referred in (e) (iii) is secured by first charge on freehold land belongs to Company's unit Soorah Jute Mills situated at Narkeldanga, Kolkata.
h) Rupee Loan from Bank is repayable as under:-
Term Loan ₹ 72.48 Crores, (6.75% p.a. upto 5th November, 2022 and thereafter @ 6 months MCLR)
` 24.96 Crores repayable in 6 equal quarterly installments from December 2023 to March 2025.
The loan is secured by first charge on the movable and immovable Property, Plant and Equipment & Intangible Assets of the Company's Jute
Division and land situated at Birlapur and Narkeldanga, ranking pari-passu with debenture holders.
i) Rupee Loans from Other is repayable as under:-
Interest free Term Loans ₹ 33.01 Crores from Pradeshiya Industrial & Investment Corporation of U.P. Ltd.
` 33.01 Crores includes, ₹ 2.82 Crores repayable in January 2025, ₹ 2.42 Crores repayable in March 2025, ₹ 6.67 Crores repayable in May 2025,
₹ 9.08 Crores repayable in March 2028 and ₹ 12.02 Crores repayable in March 2029.
The loans are secured by Bank Guarantees.
22.2 The borrowings obtained by the Company from banks and proceedings from issue of Non-Convertible Debentures have been applied for the
purpose for which such borrowings were taken and Non-Convertible Debentures were issued.
169 169
(` in Crores)
23 OTHER FINANCIAL LIABILITIES
Non Current Current
Refer Note
No.
Trade & Security Deposits (Unsecured) 403.55 420.82 – –
Interest accrued but not due on Borrowings – – 16.81 26.14
Interest accrued and due on Borrowings – – 1.90 2.01
Unpaid and Unclaimed Dividends – – 1.41 1.44
Employees Related Liabilities – – 29.40 25.77
Amount Payable for Capital Goods – – 52.49 25.91
Derivative Contracts (Net) 1.77 4.01 0.51 12.75
Other Payables (including rebates and discounts) – – 165.82 177.60
405.32 424.83 268.34 271.62
Liabilities Under Litigation 35.05 32.41 – –
Less : Paid Under Protest 27.09 24.85 – –
7.96 7.56 – –
Total 413.28 432.39 268.34 271.62
24 PROVISIONS
Provision for Employee Benefits 40.73 40.33 5.61 3.85
Provision for Mines Restoration 24.1 – – 6.96 6.91
Total 40.73 40.33 12.57 10.76
24.1 Movement of Provision :

Provision for Mines Restoration
Particulars
Balance as at year beginning 6.91 6.59
Provision made during the year 0.45 0.50
Provision utilised/written back during the year 0.40 0.18
Balance as at year end 6.96 6.91
The Company has an obligation to restore the mines after extracting of reserves. Therefore provision has been recognized for the estimated
decommissioning and restoration cost in accordance with the mines closure plan.
25 DEFERRED TAX LIABILITIES (NET)
As at As at
Particulars
Deferred Tax Liabilities
Arising on account of :
Depreciation & Lease adjustments 291.52 285.18
Revaluation Surplus 264.12 230.96
Mark to Market Gain on Investments 33.69 26.19
Others 2.33 3.35
591.66 545.68
Less: Deferred Tax Assets
Mat Credit Entitlement 162.27 181.28
Items u/s 43B of Income Tax Act, 1961 48.90 47.97
Others 7.31 6.42
218.48 235.67
Deferred Tax Liabilities (Net) 373.18 310.01
170
(` in Crores)
25.1 Movement in deferred tax assets and liabilities during the year ended 31st March, 2021 and 31st March, 2022
As at Recognised in Recognised in Other As at
Particulars 1st April, Statement of Comprehensive 31st March,
2021 Profit and Loss Income 2022
Depreciation & Lease adjustments 285.18 6.34 – 291.52
Revaluation Surplus 230.96 – 33.16 264.12
Mark to Market Gain on Investments 26.19 1.89 5.61 33.69
Remeasurement of the Defined Benefit Plans – (3.04) 3.04 –
Others 3.35 (2.03) 1.01 2.33
545.68 3.16 42.82 591.66
Deferred Tax Assets
Mat Credit Entitlement 181.28 (19.01) – 162.27
Items u/s 43B of Income Tax Act, 1961 47.97 0.93 – 48.90
Others 6.42 0.89 – 7.31
235.67 (17.19) – 218.48
Deferred Tax Liabilities (Net) 310.01 20.35 42.82 373.18

Depreciation & Lease adjustments 381.39 (96.21) – 285.18
Revaluation Surplus 232.37 – (1.41) 230.96
Mark to Market Gain on Investments 11.49 (3.46) 18.16 26.19
Others 0.26 6.44 (3.35) 3.35
625.51 (94.35) 14.52 545.68
Deferred Tax Assets
Items u/s 43B of Income Tax Act, 1961 55.92 (7.95) – 47.97
Others 7.38 (0.96) – 6.42
245.20 (9.53) – 235.67
Deferred Tax Liabilities (Net) 380.31 (84.82) 14.52 310.01
25.2 Deferred tax assets and Deferred tax liabilities have been offset wherever the Company has a legally enforceable right to set off current tax
assets against current tax liabilities and where the deferred tax assets and deferred tax liabilities relate to income tax levied by the same taxation
authority.
25.3 During the previous year, the Company had recognized unused tax credits (MAT credit entitlements) of ₹ 50.01 Crores related to Financial Year
2010-11 and 2011-12, which were earlier not recognized on account of prudence.
171 171
(` in Crores)
26 OTHER LIABILITIES
Non Current Current

Refer Note
Particulars As at As at As at As at
No.
31st March, 2022 31st March, 2021 31st March, 2022 31st March, 2021
128.26 139.54 – –
Advances Received from Customers – – 81.25 106.20
Statutory Dues – – 109.31 101.40
Bonus Liability – – 11.66 8.33
Deferred Revenue 26.1 8.67 6.30 2.32 1.77
Others 4.89 4.89 – –
Total 141.82 150.73 204.54 217.70
26.1 Movement of Deferred Revenue

Particulars 2021-22 2020-21
Grants Received during the year 4.61 3.69
Less: Released to Statement of Profit & Loss 1.69 1.24
Current portion 2.32 1.77
Non Current portion 8.67 6.30
27 SHORT TERM BORROWINGS

Particulars
Current Maturities of Long Term Debt 22 88.89 242.49
Loans Repayable on Demand
From Banks
Rupee Loans 27.1 127.46 10.24
Other Loans
From Banks
Packing Credit in Indian Currency 27.1 10.00 20.18
Total 226.35 272.91
The above amount includes
Secured Borrowings 108.35 272.91
Unsecured Borrowings 118.00 –
Total 226.35 272.91
27.1 The Company has been sanctioned working capital facilities (fund and non-fund based) from various Banks, secured by way of first charge on
hypothecation of Company's Current Assets viz. Raw Materials, Stock-in-Trade, Consumable Stores and Books Debts, both present & future and
further secured by way of second charge on pari-passu basis on movable and immovable Property, Plant and Equipment and Intangible Assets of
the Company's Cement Division.
27.2 The Company has filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities, which are in agreement
with the books of account.
27.3 There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.
27.4 The Company has not been declared as a Wilful Defaulter by any bank or financial institution or other lender.
172
(` in Crores)
28 TRADE PAYABLES
Particulars
Trade Payables for goods and services
– Total outstanding dues of micro enterprises and small enterprises 45 7.31 3.49
– Total outstanding dues of creditors other than micro enterprises and small 470.29 393.05
enterprises
Total 477.60 396.54
28.1 Trade Payables ageing schedule

Particulars Unbilled Not Due Outstanding for following periods from due date of payment
Less than 1 1–2 Years 2–3 Years More than 3 Total
year Years
i) MSME 0.28 2.57 4.25 0.14 0.05 0.02 7.31
ii) Others 118.35 37.28 270.88 10.03 11.17 19.45 467.16
iii) Disputed dues – MSME – – – – – – –
iv) Disputed dues – Others – – 0.02 – – 3.11 3.13
Total 118.63 39.85 275.15 10.17 11.22 22.58 477.60

year Years
i) MSME 0.26 2.25 0.90 0.06 0.02 – 3.49
ii) Others 110.90 33.49 206.09 7.82 15.16 16.45 389.91
Total 111.16 35.74 207.02 7.88 15.18 19.56 396.54
29 REVENUE FROM OPERATIONS

Refer Note For the year ended For the year ended
Particulars
Sale of Products 29.1 to 4,736.60 4,392.75
29.4
4,736.60 4,392.75
Other Operating Revenues
Incentives & Subsidies 57 2.11 7.63
Export Benefits 57.5 2.61 1.90
Income from Royalty 35.15 29.99
Insurance and Other Claims (Net) 2.62 1.18
Miscellaneous Sale 11.84 8.70
54.33 49.40
Total 4,790.93 4,442.15
173 173
(` in Crores)
29.1 Disaggregated Revenue Information
a) Disaggregation of the Company's Revenue from Contracts with Customers:
Particulars For the year ended 31st March, 2022 For the year ended 31st March, 2021
Cement Jute Others Total Cement Jute Others Total
Sale of Products
Manufactured Goods 4,300.23 398.49 0.56 4,699.28 4,076.97 284.65 0.17 4,361.79
Traded Goods 32.95 4.37 – 37.32 30.94 0.02 – 30.96
Total Revenue from Contracts with Customers 4,333.18 402.86 0.56 4,736.60 4,107.91 284.67 0.17 4,392.75
Incentives & Subsidies 1.75 0.36 – 2.11 7.19 0.44 – 7.63
Export Benefits – 2.61 – 2.61 – 1.90 – 1.90
Income from Royalty 35.15 – – 35.15 29.99 – – 29.99
Insurance and Other Claims (Net) 2.49 0.13 – 2.62 1.18 – – 1.18
Miscellaneous Sale 10.14 1.64 0.06 11.84 8.36 0.29 0.05 8.70
49.53 4.74 0.06 54.33 46.72 2.63 0.05 49.40
Total Revenue from Operations 4,382.71 407.60 0.62 4,790.93 4,154.63 287.30 0.22 4,442.15
Within India 4,382.63 333.24 0.62 4,716.49 4,154.52 246.85 0.22 4,401.59
Outside India 0.08 74.36 – 74.44 0.11 40.45 – 40.56
Timing of Revenue Recognition
Goods or Services transferred at a point in time 4,382.71 407.60 0.62 4,790.93 4,154.63 287.30 0.22 4,442.15
b) Reconciliation of the Revenue from Contracts with Customers with the amounts disclosed in the segment information:
Revenue
External Sales 4,382.71 407.60 0.62 4,790.93 4,154.63 287.30 0.22 4,442.15
Inter Segment Revenue 1.06 – 7.23 8.29 0.60 0.04 5.87 6.51
Total 4,383.77 407.60 7.85 4,799.22 4,155.23 287.34 6.09 4,448.66
Less : Inter Segment Revenue 1.06 – 7.23 8.29 0.60 0.04 5.87 6.51
Revenue from Operations 4,382.71 407.60 0.62 4,790.93 4,154.63 287.30 0.22 4,442.15
29.2 Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers:
Particulars
Contract Liabilities
Advances from Customers 26 81.25 106.20
29.3 Reconciling the amount of Revenue recognized in the Statement of Profit and Loss with the Contracted Price:
Particulars
Revenue as per contracted price 5,097.32 4,733.50
Less: Sales Claims 0.59 0.37
Less: Rebate & Discounts 360.13 340.38
Total Revenue from Contracts with Customers 4,736.60 4,392.75
Other Operating Revenues 54.33 49.40
Revenue from Operations 4,790.93 4,442.15
29.4 The transaction price allocated to the remaining performance obligation (unsatisfied or partially unsatisfied) as at Balance Sheet date are,
as follows:
Management expects that the entire transaction price allotted to the unsatisfied contract as at the end of the reporting period will be recognized
as revenue during the next financial year.
174
(` in Crores)
30 OTHER INCOME
Particulars
Interest Income
On Investments 0.86 0.81
On Deposits with Banks and Other Financial Institutions 7.18 9.91
On Income Tax Refund 3.06 –
On Other Deposits, etc. 2.16 14.24
Dividend Income 51.65 1.01
Net Gain/ (Loss) on sale of Investments measured at fair value through Profit & Loss 3.95 17.97
Net Gain/ (Loss) on restatement of Investments (Mark to Market) measured at fair (31.55) 27.17
value through Profit & Loss
Gain on Foreign currency transaction and translation (Net) 30.1 3.68 –
Other Non Operating Income
Profit on sale/discard of Property, Plant and Equipment (Net) 2.76 0.06
Profit on sale of Capital Work In Progress – 0.79
Profit on revaluation of Live Stock 0.01 –
Profit on sale of Non Current Assets classified as Held for Sale 0.03 –
Excess Liabilities and Unclaimed Balances written back (Net) 40.33 15.23
Excess Provision written back (Net) 0.34 0.12
Excess Depreciation written back – –
Miscellaneous Income 6.97 20.69
Total 94.39 111.23
30.1 Gain on Foreign currency transaction and translation (Net)

Gain on Foreign currency transaction and translation (Net) 6.59 –
Less: Transfer to Other Comprehensive Income 40.2.2 2.91 –
Total 3.68 –
31 COST OF MATERIALS CONSUMED

Raw Material Consumed 993.49 959.53
Total 993.49 959.53
32 PURCHASES OF STOCK IN TRADE

Traded Goods 26.54 24.67
Total 26.54 24.67
33 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK–IN–TRADE AND WORK–IN–PROGRESS

Inventories at the beginning of the year
Stock–In–Trade 0.92 0.93
Work–In–Progress 87.44 60.74
170.89 206.71
Inventories at the end of the year
Stock–In–Trade 1.04 0.92
Work–In–Progress 98.10 87.44
184.87 170.89
Changes in Inventories (13.98) 35.82
175 175
(` in Crores)
34 EMPLOYEE BENEFITS EXPENSE
Particulars
Salaries & Wages 293.99 261.96
Contribution to Provident and Other Funds 28.77 26.87
Staff Welfare Expenses 11.43 9.92
334.19 298.75
Less: Amount Capitalized 1.67 1.10
Total 332.52 297.65
35 FINANCE COST
Interest Expenses
To Debenture Holders 38.77 46.41
To Banks on Term Loans, etc. 34.44 66.79
To Banks On Working Capital Loans 3.54 0.42
On Deposits and Others 22.75 21.16
Exchange Differences regarded as an adjustment to Borrowing Costs – (3.23)
Other Borrowing Costs
Other Financial Charges 1.03 1.07
100.53 132.62
Less : Amount Capitalised 35.1 – 2.91
Total 100.53 129.71
35.1 The borrowing cost on specific borrowing has been capitalised at the rate applicable specific borrowing.
36 DEPRECIATION AND AMORTISATION EXPENSE
On Tangible Assets 5 161.36 152.16

On Intangible Assets 7 11.34 8.19
On Investment Property 6 – –
On Right of Use Assets 5 4.16 0.47
Total 176.86 160.82
37 OTHER EXPENSES
Manufacturing Expenses
Stores & Spare Parts Consumed 226.25 197.41
Packing Materials Consumed 181.73 149.64
Power & Fuel 1,099.43 817.09
Royalty & Cess 67.57 62.48
Repairs to Buildings 18.71 15.83
Repairs to Machinery 87.79 68.94
Freight & Material Handling on Inter Unit Transfer 54.46 35.35
Other Manufacturing Expenses 84.91 73.96
1,820.85 1,420.70
176
(` in Crores)
Particulars
Selling and Administration Expenses
Brokerage & Commission on Sales 42.16 36.70
Transport & Forwarding Expenses 914.09 863.69
Insurance 11.25 10.33
Rent 17.39 16.30
Repairs to Other Assets 5.47 5.04
Rates & Taxes 11.67 11.36
Advertisement 33.29 26.46
Charity & Donation 1.25 –
Corporate Social Responsibility Expenses 49 6.64 4.53
Auditors' Remuneration 37.1 0.76 0.69
Loss on Revaluation of Live Stock (Net) – 0.02
Net (Gain)/ Loss on Foreign currency transaction and translation 37.2 – 1.17
Provision for Diminution in value of Investment 9.3 – 1.01
Transfer of loss from Other Comprehensive Income related to bonds – –
40.2.1
sold during the year
Loss on Sale of Non–Current Investments 0.04 –
Non–Current Investments Written Off – –
Net (Gain)/Loss on Mark to Market of Derivative Contracts related to NCDs 0.68 –
Expected Credit Loss on Incentive and Subsidy 55.1.2 – 32.62
Bad Debts 0.03 0.19
Directors' Fees 0.70 0.87
Directors' Commission 0.70 0.70
1,144.63 1,094.12
Total 2,965.48 2,514.82
37.1 Auditors' Remuneration

a) Statutory Auditors
Audit Fees 0.31 0.27
Tax Audit Fees 0.07 0.07
Limited Review 0.19 0.19
Travelling Expenses 0.01 0.01
Issue of Certificates 0.14 0.11
0.72 0.65
b) Cost Auditors
Travelling Expenses – –
0.04 0.04
Total 0.76 0.69
37.2 Net (Gain)/ Loss on Foreign Currency Transaction and Translation
Net (Gain)/ Loss on foreign currency transaction and translation – 10.76

Less: Transfer to Other Comprehensive Income 40.2.2 – 9.59
Total – 1.17
177 177
(` in Crores)
38 EXCEPTIONAL ITEM
Particulars
On account of Insurance and other claims 38.1 (7.00) –
On account of Interest on Entry tax 38.2 38.44 –
Total 31.44 –
38.1 Representing compensation claim received from a party on account of damages caused to the asset of the Company.
38.2 On account of provision made towards interest on payment of U.P. Entry Tax. While the matter is sub judice, as a matter of abundant caution, such
provision has been made.
39 TAX EXPENSE
Current Tax 39.1 50.08 86.67
Deferred Tax
On Other Items 1.34 (85.44)
Add : MAT Credit Utilised 19.01 50.63
20.35 (34.81)

Total 69.52 1.85
39.1 Reconciliation of Estimated Income Tax Expense at Indian Statutory Income Tax Rate to Income Tax Expense reported in Statement of
Profit and Loss:
Income before Income Taxes 272.44 430.36
Indian Statutory Income Tax Rate 39.2 34.944% 34.944%
Estimated Income Tax Expenses 95.20 150.38
Tax Effect of adjustments to reconcile expected Income Tax Expense to reported
Income Tax Expense:
Deduction under Chapter VIA (34.41) (28.52)
Tax payable at different rate / Capital Gain 1.63 (1.12)
Deferred Tax Adjustment (0.09) (3.97)
Permanent Difference 12.09 9.78
Others 0.38 0.28
Effect of Reversal of Deferred Tax Liability for change in income tax rates 39.2 (4.37) (74.97)
(25.68) (148.53)
Income Tax Expense in the Statement of Profit and Loss 69.52 1.85
39.2 The Government of India, on 20th September 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new Section 115BAA in the
Income Tax Act, 1961, which provides an option to a corporate for paying Income Tax at reduced rates as per the provisions/conditions defined
in the said section. The Company is continuing to provide for income tax at old rates, based on the available outstanding MAT credit entitlement
and various exemptions and deductions available to the Company under the Income Tax Act, 1961. However, the Company has applied the lower
income tax rates on the deferred tax assets / liabilities to the extent these are expected to be realised or settled in the future period when the
Company may be subjected to lower tax rate and accordingly as on 31st March, 2022 and 31st March, 2021 the Company has reversed net deferred
tax liability of ₹ 4.37 Crores and ₹ 74.97 Crores respectively.
Applicable Indian Statutory Income Tax Rate for both the Fiscal Years 2022 and 2021 is 34.944%.
39.3 There is no income or transaction which has not been disclosed or recorded in the books of accounts which has been surrendered or disclosed as
income in the tax assessment during the year 31st March, 2022 and 31st March, 2021.
178
(` in Crores)
40 OTHER COMPREHENSIVE INCOME
Particulars
40.1 Items that will not be reclassified to profit or loss
40.1.1 Remeasurement of the Defined Benefit Plans 8.70 3.22
Less: Tax expense on the above 3.04 1.12
5.66 2.10
40.1.2 Revaluation Surplus 5.2 153.96 –

Less: Tax expense on the above 33.16 (1.41)
120.80 1.41
40.1.3 Equity Instruments through Other Comprehensive Income 119.45 128.65

113.76 110.57
40.2 Items that will be reclassified to profit or loss

40.2.1 Debt Instruments through Other Comprehensive Income (0.25) 0.35
Less: Amount reclassified to Statement of Profit and Loss 37 – –
(0.25) 0.35
Less: Tax expense on the above (0.08) 0.08
(0.17) 0.27
40.2.2 Effective Portion of Cash Flow Hedges 55.4 2.91 (9.59)

Less: Amount reclassified to Statement of Profit and Loss – –
2.91 (9.59)
1.90 (6.24)
Total Other Comprehensive Income for the year (Net of tax) 241.95 108.11
41 CONTINGENT LIABILITIES :
41.1 Claims/Disputes/Demands against the Company not acknowledged as debt :
As at As at
Sl. No. Particulars
41.1.1 Sales Tax, VAT, CST and Entry Tax matters 111.17 150.53
41.1.2 Excise Duty, Service Tax, Goods & Service Tax and Custom Duty matters 135.71 134.51
41.1.3 Income Tax matters 28.45 4.56
41.1.4 Electricity Duty and Renewable Energy Surcharge matters 21.52 21.52
41.1.5 Royalty on Limestone 67.91 67.91
41.1.6 Others (Primarily related to demand for Alleged Impermissible Mining, Water Supply 37.55 37.30
Charges, Stamp Duty, House Tax, Education Cess, etc.)
41.2 The Company is subject to electricity tariff notified by the relevant authorities. As there is substantial time lag in notifying such changes, the
difference, if any, is accounted for at the time of notification of changes in tariff.
41.3 In respect of the matters in Note No. 41.1, future cash outflows are determinable only on receipt of judgements/decisions pending at various
forums/ authorities. Furthermore, there is no possibility of any reimbursements to be made to the Company from any third party.
41.4 The Company has provided corporate guarantee in the nature of financial guarantee to the lenders of one of its wholly owned subsidiary amounting
to ₹ 295.34 Crores (Previous Year ₹ 340.75 Crores) against the long term loans availed by the Subsidiary. As on the Balance Sheet date, the balance
of such loans outstanding of ₹ 295.34 Crores (Previous Year ₹ 340.75 Crores).
179 179
(` in Crores)
41.5 Other Contingent Liabilities
As at As at
Sl. No. Particulars
41.5.1 Bills discounted with Banks remaining outstanding 2.37 2.99
41.5.2 Customs Duty including interest thereon, which may have to be paid on account of – 0.03
non-fulfillment of Export Obligation under EPCG and Advance License Scheme
42 Dividend
The Board of Directors at its meeting held on 11th May, 2022 have recommended a payment of final dividend of ₹ 10.00 per equity share of face
value of ₹ 10 each for the financial year ended 31st March, 2022. The same amounts to ₹ 77.01 Crores.
The above is subject to approval at the ensuing Annual General Meeting of the Company and hence is not recognized as a liability.
43 Commitments
Capital Commitments
As at As at
Particulars
Estimated amount of contracts remaining to be executed on Capital Account (Net of Advances) 54.63 98.93
and not provided for
44 Assets Pledged as Security

The carrying amounts of Assets Pledged as Security for Current and Non-Current Borrowings are:
Refer As at As at
Particulars
Current
Financial Assets
221.77 196.67
Non-Financial Assets
Inventories 14 602.71 591.56
Others 13 0.03 0.03
602.74 591.59
Total Current Assets Pledged as Security 824.51 788.26
Non-Current
Land 5 1,225.37 1,076.52
Buildings 5 180.91 173.74
Plant & Machinery 5 1,671.44 1,619.18
Others Tangible Assets 5 37.60 34.84
Capital Work-In-Progress 5 198.16 189.87
Other Non Current Assets (including Intangible Assets) 7 & 13 58.28 44.29
Total Non-Current Assets Pledged as Security 3,371.76 3,138.44
Total Assets Pledged as Security 4,196.27 3,926.70
180
(` in Crores)
45 Disclosure as required under the Micro, Small and Medium Enterprises Development Act, 2006, to the extent ascertained and as per notification
number GSR 679 (E) dated 4th September, 2015 :
Sl. As at As at
Particulars
i. The principal amount and the interest due thereon remaining unpaid to any supplier at the
end of each financial year:
Trade Payable
Principal 7.31 3.49
Interest – –
Other Financial Liability
Principal 1.48 0.90
Interest – –
ii. The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and
Medium Enterprises Development Act, 2006, along with the amount of the payment made
to the supplier beyond the appointed day during each accounting year.
Principal – 0.04
Interest – 0.00
iii. The amount of interest due and payable for the period of delay in making payment but – –
without adding the interest specified under the Micro, Small and Medium Enterprises
Development Act, 2006.
– –
iv. The amount of interest accrued and remaining unpaid at the end of each accounting year.
v. 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.
46 Leases
46.1 As Lessee
46.1.1 The Company’s significant leasing arrangements are in respect of leases for premises (residential, manufacturing facilities, office, stores, godown,
etc.) These leasing arrangements which are cancellable ranging between 11 months and 99 years generally, or longer, and are usually renewable
by mutual consent on mutually agreeable terms.
46.1.2 The following is the summary of practical expedients used for lease accounting:
(a) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.
(b) Applied the exemption not to recognized right of use assets and liabilities for leases with less than 12 months of lease term and low value of
assets.
(c) Used hindsight in determining the lease term whether the contract contained options to extend or terminate the lease.
181 181
(` in Crores)
46.1.3 Following is carrying value of right of use assets recognized and movements thereof during the year ended 31st March, 2021 and 31st
March, 2022:
Right of Use Assets

Particulars
Leasehold Land Plant and Machinery Total
Balance as at 1st April, 2020 9.02 – 9.02
Additions during the year – 27.97 27.97
Deletion during the year – – –
Depreciation of Right of Use Assets (Refer Note No. 36) (0.31) (0.16) (0.47)
Balance as at 31st March, 2021 8.71 27.81 36.52
Additions during the year – 24.06 24.06
Deletion during the year – – –
Depreciation of Right of Use Assets (Refer Note No. 36) (0.31) (3.85) (4.16)
Balance as at 31st March, 2022 8.40 48.02 56.42
46.1.4 The following is the carrying value of lease liability recognized and movements thereof during the year ended 31st March, 2021 and
31st March, 2022:
As at As at
Particulars
Additions during the year 23.84 26.07
Finance cost accrued during the year 4.94 0.71
Deletions – –
Current maturities of Lease Liability 2.71 1.00

Non-Current Lease Liability 52.41 30.70
46.1.5 Amounts recognized in the statement of profit and loss during the year:
As at As at
Particulars
Depreciation charge of right-of-use assets - Leasehold Land (Refer Note No. 5) 0.31 0.31
Depreciation charge of right-of-use assets - Plant and Machinery (Refer Note No. 5) 3.85 0.16
Finance cost accrued during the year (included in finance cost) (Refer Note No. 35) 4.94 0.71
Expense related to short term leases (included in other expense) (Refer Note No. 37) 17.39 16.30
46.1.6 The maturity analysis of lease liabilities:

Particulars Lease Payments Present value of Lease Payments Present value of
Lease Payments Lease Payments
Within one year 7.83 2.71 4.49 1.00
After one year but not more than five years 30.58 12.63 17.16 4.30
More than five years 60.50 39.78 47.55 26.40
Total lease liabilities payments 98.91 55.12 69.20 31.70
Less: Amounts representing Finance Charges 43.79 – 37.50 –
Present value of lease liabilities payments 55.12 55.12 31.70 31.70
182
(` in Crores)
46.1.7 Non-cash investing activities during the year:
As at As at
Particulars
Acquisition of right of use assets 24.06 27.97
Disposals of right of use assets – –
46.1.8 The weighted average incremental borrowing rate applied to lease liabilities for leasehold land is 8.00% and for plant and machinery is 7.78% and
11.77%.
46.1.9 The Company does not face a significant liquidity risk with regards to its lease liabilities as the current assets are sufficient to meet the obligations
related to lease liabilities as and when the fall due.
46.2 As Lessor
46.2.1 The Company leased out its investment property on operating lease basis on cancellable basis. Rental income earned and direct operating
expenses incurred on property letting on lease has been disclosed in Note No 6.
47 Earnings Per Share
As at As at
Particulars
Profit for the year attributable to the owner of the Company 202.92 428.51
Weighted average number of equity shares 7,70,05,347 7,70,05,347
Earnings per share basic and diluted (₹) 26.35 55.65
(Face value of ` 10/- per share)
48 Disclosure pursuant to Indian Accounting Standard - 19 ‘Employee Benefits’ as notified u/s 133 of the Companies Act, 2013:
48.1 Defined Contribution Plan :

The amount recognized as an expense for the Defined Contribution Plans are as under:

Sl. No. Particulars
48.1.1 Provident Fund 1.35 1.10
48.1.2 Superannuation Fund 2.55 2.82
48.1.3 Pension Fund 6.82 6.31
48.2 Defined Benefit Plan

The following are the types of defined benefit plans:
48.2.1 Gratuity Plan

Every employee who has completed five years or more of service is entitled to gratuity on terms not less favourable than the provisions of the
Payment of Gratuity Act, 1972. The present value of defined obligation and related current cost are measured using the Projected Unit Credit
Method with actuarial valuation being carried out at Balance Sheet date.
48.2.2 Pension Plan

Pension is payable to certain categories of employees who are eligible under the Company’s Pension Scheme.
48.2.3 Provident Fund

Provident Fund (other than government administered) as per the provisions of the Employees Provident Funds and Miscellaneous Provisions Act,
1952.
183 183
(` in Crores)
48.2.4 Risk Exposure
Defined benefit plans expose the Company to actuarial risks such as Interest Rate Risk, Salary Risk and Demographic Risk.
a) Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If the bond yield falls, the
defined benefit obligation will tend to increase.
b) Salary risk : Higher than expected increases in salary will increase the defined benefit obligation.
c) Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that includes mortality, withdrawal,
disability and retirement. The effect of these decrements on the defined benefits obligations is not straight forward and depends on the
combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis
the retirement benefit of the short career employee typically costs less per year as compared to a long service employee.
48.2.5 Reconciliation of the Net Defined Benefit Obligation

The following table shows a reconciliation from the opening balances to the closing balances for the net Defined Benefit Obligation and its
components:
Gratuity (Funded) Pension (Unfunded)
Particulars
2021-22 2020-21 2021-22 2020-21
Balance at the beginning of the year 137.79 134.06 0.60 0.64
Current Service Cost 8.62 8.20 – –
Interest Cost on Defined Benefit Obligation 8.61 8.36 0.04 0.04
Actuarial Gain and Losses arising from
Changes in Demographic Assumptions – – 0.03 –
Changes in Financial Assumptions (2.89) 0.09 (0.01) –
Experience Adjustment (5.44) (1.93) (0.03) 0.03
Benefits Paid (10.43) (10.99) (0.11) (0.11)
Balance at the end of the year 136.26 137.79 0.52 0.60
48.2.6 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:
Particulars
2021-22 2020-21 2021-22 2020-21
Balance at the beginning of the year 137.48 128.24 – –
Interest Income on Plan Assets 8.79 8.32 – –
Remeasurement of Defined Benefit Obligation:
Return on Plan Assets greater/ (lesser) than discount rate 0.36 1.41 – –
Employer Contributions to the Plan 6.00 10.50 – –
Benefits Paid (10.43) (10.99) – –
Balance at the end of the year 142.20 137.48 – –
48.2.7 The amount recognized in the Balance Sheet

Particulars
2021-22 2020-21 2021-22 2020-21
Present value of Defined Benefit Obligation 136.26 137.79 0.52 0.60
Fair Value of Plan Assets 142.20 137.48 – –
Net Asset/ (Liability) recognized in the Balance Sheet 5.94 (0.31) (0.52) (0.60)
184
(` in Crores)
48.2.8 Expenses recognized in Profit and Loss

Particulars
2021-22 2020-21 2021-22 2020-21
Interest Cost 8.61 8.36 0.04 0.04
Interest Income on Plan Assets (8.79) (8.32) – –
Total Expenses recognised in Profit and Loss 8.44 8.24 0.04 0.04
48.2.9 Remeasurements (gain)/ loss recognized in Other Comprehensive Income

Particulars
2021-22 2020-21 2021-22 2020-21
Actuarial (gain)/ loss on Defined Benefit Obligation (8.33) (1.84) (0.01) 0.03
Return on Plan Assets (greater)/ lesser than discount rate (0.36) (1.41) – –
Total remeasurements (gain)/ loss recognized in Other (8.69) (3.25) (0.01) 0.03
Comprehensive Income
48.2.10 Major Categories of Plan Assets

Particulars
2021-22 2020-21 2021-22 2020-21
Qualified Insurance Policy 100% 100% – –
The Gratuity Scheme is invested in a Group Gratuity-cum-Life Assurance Cash accumulation policy offered by Life Insurance Corporation (LIC) of
India, Cap Assure Group Gratuity Scheme offered by SBI Life Insurance Co. Limited, HDFC Life Group variable employee benefit plan offered by
HDFC Standard Life Insurance Company Limited, IndiaFirst New Corporate Benefit plan for gratuity offered by IndiaFirst Life Insurance Company
Limited and Bajaj Allianz Group Employee Care plan offered by Bajaj Allianz Life Insurance Company Ltd. The information on the allocation of the
fund into major asset classes and expected return on each major class are not readily available.
48.2.11 Asset-Liability Matching Strategy

The Company’s investment is in Cash Accumulation Plan/Traditional Plan of various Insurance Companies, the investments are being managed by
these Insurance Companies and at the year end interest is being credited to the fund value. The Company has not changed the process used to
manage its risk from previous periods. The Company’s investments are fully secured and would be sufficient to cover its obligations.
48.2.12 Actuarials Assumptions

Particulars
2021-22 2020-21 2021-22 2020-21
Financial Assumptions
Discount Rate 6.80% 6.50% 6.80% 6.50%
Salary Escalation Rate 7% to 8% 5% to 8% – –
Demographic Assumptions
Mortality Rate IAL (2006-08) IAL (2006-08) Indian Individual LIC (1996-1998)
Modified Modified Annuitant's Ultimate
Ultimate Ultimate Mortality
(2012-2015)
Withdrawal Rate 2.00% 2.00% – –
48.2.13 The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors,
such as supply and demand in the employment market.
185 185
(` in Crores)
47.2.14 As on 31st March 2022, the weighted average duration of the Defined Benefit Obligation is 4 to 11 years (previous year 4 to 11 years). The
distribution of the timing of benefits payment i.e., the maturity analysis of the benefit payments is as follows:
Expected benefits payment for the year ending on (undiscounted) Gratuity (Funded) Pension (Unfunded)
2021-22 2020-21 2021-22 2020-21
Within 1 Year 16.66 15.72 0.09 0.10
1 to 2 Year 14.64 13.49 0.08 0.10
2 to 3 Year 15.25 14.54 0.08 0.09
3 to 4 Year 16.17 15.61 0.07 0.08
4 to 5 Year 17.95 16.53 0.06 0.07
More than 5 Years 69.77 73.33 0.22 0.24
48.2.15 The Company expects to contribute ₹ 5.00 Crores (previous year ₹ 10.00 Crores) to its gratuity fund in 2022-23.
48.2.16 The following payments are expected contributions to the defined benefit plan in future years:
Expected contributions 2021-22 2020-21 2021-22 2020-21
Within next 12 months (next annual reporting period) 5.00 10.00 – –
Between 2 and 5 years 5.00 10.00 – –
Beyond 10 years 10.00 12.00 – –
48.2.17 Sensitivity Analysis

The sensitivity analysis below have been determined based on a method that extrapolates the impact on defined benefit obligation (DBO) as a
result of reasonable changes in key assumptions occurring at the end of the reporting period. Reasonably possible changes at the reporting date
to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the
amounts shown below:

Particulars
2021-22 2020-21 2021-22 2020-21
Effect on DBO due to 1% increase in Discount Rate (8.80) (9.29) (0.02) (0.02)
Effect on DBO due to 1% decrease in Discount Rate 10.15 10.56 0.02 0.03
Effect on DBO due to 1% increase in Salary Escalation Rate 9.97 10.40 – –
Effect on DBO due to 1% decrease in Salary Escalation Rate (8.81) (9.18) – –
Sensitivity due to mortality and withdrawal rate are being insignificant, hence ignored.
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the
sensitivity of the assumptions shown.
Provident fund for certain eligible employees is managed by the Company through the various Provident Fund Trusts, namely “M P Birla Group
Provident Fund Institution”, “Satna Cement Works Employees’ Provident Fund Trust”, “Birla Cement Works Staff Provident Fund Trust”, “Birla Jute Mills
Workers’ Provident Fund Trust”, “Soorah Jute Mills Employees’ Provident Fund Trust”, “Durgapur Cement Works Employees’ Provident Fund Trust”
and ”Birla Industries Provident Fund”, in line with the Provident Fund and Miscellaneous Provisions Act, 1952. The plan guarantees interest at the
rate notified by the Provident Fund Authorities. The contribution by the employer and employee together with the interest accumulated thereon
are payable to employees at the time of their separation from the Company or retirement, whichever is earlier. The benefits vest immediately on
rendering of the services by the employee.
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.
These administered rates are determined annually predominantly considering the social rather than economic factors and in most cases the actual
return earned by the Trust has been higher in the past years. The actuary has provided a valuation for provident fund liabilities on the basis of
guidance issued by Actuarial Society of India and based on the below provided assumptions there is no shortfall in current year. In previous year,
there was shortfall in one Trust ₹ 0.10 Crore.
186
(` in Crores)
The details of fund and plan asset position are given below:
Particulars Present value of obligation Fair value of plan assets Net amount
As at 31 March, 2022 367.37 380.43 13.06
As at 31 March, 2021 348.30 360.90 12.60
The plan assets have been primarily invested in government securities.

Assumptions used in determining the present value obligation of the interest rate guarantee under the Deterministic Approach:
Particulars 31st March, 2022 31st March, 2021
Discount Rate (per annum) 6.80% 6.50%
Expected Rate of Return on Plan Assets (per annum) 7.75% to 8.10% 8.00% to 8.50%
The Company contributed ₹ 7.84 Crores and ₹ 7.01 Crores during the year ended 31st March, 2022 and 31st March, 2021 respectively.
49 Disclosure for Expenditure on Corporate Social Responsibility Activities

For the year ended on
Particulars
Gross Amount required to be spent by the Company 6.70 4.28

Less: Excess spent in previous year utilized during the year 0.25 -
Net Amount required to be spent by the Company (A) 6.45 4.28
Amount spent by the Company during the year for

(i) Construction/ acquisition of any asset – –
(ii) On purposes other than (i) above: 6.64 4.53
Total Amount spent (B) 6.64 4.53
Shortfall / (Excess) ^ (A) - (B) (0.19) (0.25)
Total of previous year Shortfall – –
Reason for Shortfall NA NA
Nature of CSR activities Rural & Rural &

Community Community
Development, Development,
Education, Health Education, Health
Care, Environment Care, Environment
and others and others
Related Party Transactions as per Ind AS 24 in relation to CSR Expenditure Nil Nil
Provision made in relation to CSR Expenditure and movement thereof Nil Nil
^ Excess amount spent by the Company not showing as prepaid expenses in the accounts.
50 The Board of Directors of the Company at its meeting held on 25th July, 2013 had approved the Scheme of Amalgamation to amalgamate Talavadi
Cements Limited, a 98.01% subsidiary company, with the Company with an appointed date of 1st April, 2013. The Scheme is pending for approval
of the National Company Law Tribunal, Kolkata.
51 The Ministry of Coal had allocated Bikram and Brahampuri Coal Blocks in the state of Madhya Pradesh through E-Auction process vide CMDPA
(Coal Mine Development and Production Agreement) dated 18th December, 2019 and Vesting Order dated 10th February, 2020. The Company is
in process to develop these blocks for extraction of Coal. Till 31st March 2022 and 31st March 2021, Company has spent ₹ 18.20 Crores and ₹ 15.11
Crores respectively and shown under Capital Work-In-Progress.
187 187
(` in Crores)
52.1 As a policy, the Company annually assesses the impairment of property plant and equipment (PPE) and other non-current assets by comparing
the carrying value of PPE and other non-current assets with its fair value. In case the fair value is less than the carrying value an impairment charge
is created. Management has concluded that there is no impairment of PPE and other assets during the current year and in previous year, except in
previous year in case of an investment in a Subsidiary Company (Refer Note No. 9).
52.2 Certain Trade Receivables, Loans & Advances and Trade Payables are subject to confirmation. In the opinion of the management, the value of Trade
Receivables and Loans & Advances on realisation in the ordinary course of business, will not be less than the value at which these are stated in the
Balance Sheet.
53.1 The Company’s Unit Soorah Jute Mills is under Suspension of Operations since 29th March, 2004.
53.2 The Company’s Unit Birla Vinoleum and Auto Trim Division at Birlapur, are under Suspension of Operations since 18th February, 2014.
53.3 In respect of mining matter of Company’s unit Chanderia before the Hon’ble Supreme Court, a comprehensive report has been submitted by
Central Building Research Institute (CBRI) on full scale mining. The matter is in the final stage of hearing. The Principal Bench of the National Green
Tribunal (NGT), New Delhi, on 8th March, 2019 had ordered to stop all mining activities which are being carried out within the municipal limits of
Chittorgarh City and within 10 km of Bassi Wildlife Sanctuary or within the eco-sensitive zone of Bassi Wildlife Sanctuary, if finally notified.
The MoEFCC has vide Notification dated 8th April, 2021 duly notified an area to an extent varying from zero to 3.0 kilometres around the boundary
of Bassi Wildlife Sanctuary as the Eco-Sensitive Zone (ESZ). National Green Tribunal (NGT), on 24th September, 2021 has passed an Order to
continue the interim Order dated 8th March, 2019 on the subject of prohibiting mining in the radius of 10 km from Bassi Wildlife Sanctuary. The said
prohibition will continue till the decision is taken after an expert study of impact of mining beyond the boundaries of ESZ as per notification dated
8th April, 2021, subject to further orders of the Hon’ble Supreme Court. The said study will be conducted by an expert Committee constituted vide
NGT’s order dated 24th September, 2021 within the time limit of three months from the first meeting of the said Committee. The said committee
has visited the area and the study report is expected soon. In the opinion of the management, there is no material impact of such order on the
current mining operations of the Company.
54 Fair Value Measurement:

The fair value of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date.
54.1 The following methods and assumptions were used to estimate the fair values:
54.1.1 The bonds, non-convertible debentures and government securities being listed, the fair value has been taken at the market rates of the same as
on the reporting dates. They are classified as Level 1 fair values in fair value hierarchy.
54.1.2 The fair values of non-current borrowings are based on the discounted cash flows using a current borrowing rate. Debentures are classified as
Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including own credit risks, which was assessed as on the
balance sheet date to be insignificant.
54.1.3 The management has assessed that the fair values of cash and cash equivalents, trade receivables, trade payables, short term borrowings, and other
current financial liabilities approximates their carrying amounts largely due to the short-term maturities of these instruments. The management
has assessed that the fair value of floating rate instruments approximates their carrying value.
54.2 Fair Value Hierarchy

The following are the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognized and
measured at fair value and (b) measured at amortized cost and for which fair value are disclosed in the Standalone Financial Statements. To provide
an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three
levels of fair value measurement as prescribed under the Ind AS 113 “Fair Value Measurement”. An explanation of each level follows underneath
the tables.
188
(` in Crores)
54.3 The following table provides classification of financial instruments and the fair value hierarchy of the Company’s assets and liabilities:
54.3.1 Disclosure for the year ended 31st March, 2022
Fair Value heirarchy

Particulars Carrying Value
Fair Value Level 1 Level 2 Level 3
(1) Financial Assets
Financial Assets at amortised cost
Trade Receivables 221.77 221.77 – – –
Loan Receivables 1.49 1.49 – – –
Cash and Cash Equivalents 72.92 72.92 – – –
Other Bank Balances 52.45 52.45 – – –
Security Deposits 36.58 36.58 – – –
Other Deposits, Advances and Claims Recoverable 21.23 21.23 – – –
Fixed Deposit with Others 70.00 70.00 – – –
Interest Accrued on Deposits 2.38 2.38 – – –
Fixed Deposits maturing after 12 months from Balance Sheet date 0.63 0.63 – – –
Other Financial Assets 2.42 2.42 – – –
Incentive and Subsidy Receivable 139.03 139.03 – – –
Sub Total 620.90 620.90 – – –
Financial Assets at fair value through Profit & Loss
Investments
- Unlisted Preference Shares 102.77 102.77 – – 102.77
- Mutual Funds 491.15 491.15 491.15 – –
Derivative Contracts 0.23 0.23 – 0.23 –
Sub Total 594.15 594.15 491.15 0.23 102.77
Financial Assets at fair value through
Other Comprehensive Income
Investments
- Listed Equity Instrument 399.21 399.21 399.21 – –
- Unlisted Equity Instrument 0.06 0.06 – – 0.06
- Bonds 6.87 6.87 6.87 – –
- Non-convertible Debentures 24.99 24.99 24.99 – –
- Government Securities 1.17 1.17 1.17 – –
Sub Total 432.30 432.30 432.24 – 0.06
Total Financial Assets 1,647.35 1,647.35 923.39 0.23 102.83
189 189
(` in Crores)

(2) Financial Liabilities
Financial Liabilities at amortised cost
Long Term Borrowings
- Debentures 550.00 556.86 – – 556.86
- Rupee Term Loan 323.12 323.12 – – –
- Foreign Currency Term Loan 146.94 146.94 – – –
Others - Rupee Term Loan 21.79 21.79 – – –
Short Term Borrowings 137.46 137.46 – – –
(Other than current maturity of Long term Borrowings)
Lease Liabilities 55.12 55.12 – – –
Trade Payables 477.60 477.60 – – –
Trade & Security Deposits 403.55 403.55 – – –
Amount Payable for Capital Goods 52.49 52.49 – – –
Interest accrued but not due on Borrowings 16.81 16.81 – – –
Interest accrued and due on Borrowings 1.90 1.90 – – –
Employees Related Liabilities 29.40 29.40 – – –
Other Financial Liabilities 175.19 175.19 – – –
Sub Total 2,391.37 2,398.23 – – 556.86
Financial Liabilities at fair value through Profit & Loss
Sub Total 2.28 2.28 – 2.28 –
Total Financial Liabilities 2,393.65 2,400.51 – 2.28 556.86


Fixed Deposit with Others 156.00 156.00 – – –
Interest accrued on Deposits 4.30 4.30 – – –
Fixed Deposits maturing after 12 months from Balance Sheet date 0.63 0.63 – – –
Sub Total 699.76 699.76 – – –
190
(` in Crores)
Investments
- Mutual Funds 384.54 384.54 384.54 – –
Sub Total 524.55 524.55 384.54 0.26 139.75
Financial Assets at fair value through Other Comprehensive
Income
Investments
- Bonds 7.95 7.95 7.95 – –
Sub Total 288.98 288.98 288.92 – 0.06

- Debentures 550.00 552.07 – – 552.07
- Rupee Term Loan 163.91 163.91 – – –
Short Term Borrowings (Other than current maturity of Long term 30.42 30.42 – – –
Borrowings)
Trade Payables 396.54 396.54 – – –
Sub Total 2,367.04 2,369.11 – – 552.07
Sub Total 16.76 16.76 – 16.76 –
191 191
(` in Crores)
54.4 Description of significant unobservable inputs to Valuation
Significant Fair value as at Sensitivity of the

Particulars
Unobservable Inputs 31st March, 2022 31st March, 2021 Input to Fair Value
Unquoted Preference Shares Risk Adjusted 102.77 139.75 Increase in Risk adjusted discount rate by
Discount Rate (9.90%, 50 bps would lead to a decrease in fair
Previous Year: 10.28%) value by ₹ 0.34 Crore (Previous Year: ₹ 0.45
Crore) whereas a decline by 50 bps would
increase the fair value by ₹ 0.34 Crore
(Previous Year: ₹ 0.46 Crore).
54.5 During the year ended 31st March, 2022 and 31st March, 2021, there were no transfers between Level 1 and Level 2 fair value measurements, and
no transfer into and out of Level 3 fair value measurements.
55 Financial Risk Management

The Company has a Risk Management Policy which covers risk associated with the financial assets and liabilities. The Risk Management Policy is
approved by the Board of Directors. The different types of risk impacting the fair value of financial instruments are as below:
55.1 Credit Risk

The credit risk is the risk of financial loss arising from counter party failing to discharge an obligation. The Company is exposed to credit risk from
its operating activities (primarily trade receivables) and from its financing activities, including deposits placed with banks and financial institutions
and other financial instruments.
55.1.1 Trade Receivables

The credit risk is controlled by analysing credit limits and credit worthiness of customers on continuous basis to whom the credit has been granted,
obtaining necessary approvals for credit and taking security deposits from trade channels. Summary of the Company’s exposure to credit risk by
age of the outstanding from various customers is as follows:

Not due 0-30 days 31-60 days 61-90 days Above 90
Ageing schedule
past due past due past due days past due
Gross carrying amount 26.49 161.26 11.83 4.66 27.97
Expected loss rate 0.00% 0.00% 0.00% 0.00% 37.33%
Expected credit losses (Loss allowance provision) – – – – 10.44
Carrying amount of trade receivables (net of impairment) 26.49 161.26 11.83 4.66 17.53

Ageing schedule
Expected loss rate 0.00% 0.00% 0.00% 0.00% 39.76%
Reconciliation of loss allowance provision for Trade Receivable:

Loss allowance as at beginning 10.78 10.90
Changes in loss allowance (Net) (0.34) (0.12)
Loss allowance as at Year end 10.44 10.78
There is one customer (Previous Year Nil) who represents more than 10% of the total balance of trade receivables.
192
(` in Crores)
55.1.2 Incentives receivable from the Government
The Company’s manufacturing units in various states; mainly those in West Bengal, Rajasthan and Madhya Pradesh are eligible for incentives un-
der the respective State Industrial Policy. The Company accrued these incentives as refund claims in respect of VAT/GST paid, on the basis that all
attaching conditions were fulfilled by the Company and there was reasonable assurance that the incentive claims will be disbursed by the State
Governments. During the previous year, in view of the management re-assessing the expected recovery period for incentives receivables, a charge
of ₹ 32.62 Crores due to time value of money computed based on the expected credit loss method was included in Other Expenses. The Company
is confident about the ultimate realisation of the dues from the State Governments.
55.2 Liquidity Risk
The Company determines its liquidity requirement in the short, medium and long term. This is done by drawings up cash forecast for short term
and long term needs.
The Company manages its liquidity risk in a manner so as to meet its normal financial obligations without any significant delay or stress. Such
risk is managed through ensuring operational cash flow while at the same time maintaining adequate cash and cash equivalents position. The
management has arranged for diversified funding sources and adopted a policy of managing assets with liquidity monitoring future cash flow
and liquidity on a regular basis. Surplus funds not immediately required are invested in certain mutual funds and fixed deposit which provide
flexibility to liquidate. Besides, it generally has certain undrawn credit facilities which can be assessed as and when required; such credit facilities
are reviewed at regular basis.
55.2.1 Maturity Analysis for financial liabilities

a) The following are the remaining contractual maturities of financial liabilities as at 31st March, 2022:
0 to 6 More than 6 More than More than 5

Particulars On Demand Months months to 1 1 year to 5 years Total
year years
Non-derivative
Trade payables – 477.60 – – – 477.60
Borrowings
Redeemable Debentures (Refer Note
No. 22.1 (a))
2500 9.25% NCD 2026 – – – 250.00 – 250.00
1500 7.05% NCD 2024 – – 30.00 120.00 – 150.00
1500 5.75% NCD 2027 – – – 150.00 – 150.00
Rupee Term Loan from bank (Refer Note – 21.50 21.50 197.48 84.00 324.48
No. 22.1 (b))
Foreign Currency Term Loan (Refer Note – 7.94 7.94 131.06 – 146.94
no. 22.1 (c))
Rupee Term Loan from other (Refer Note – – – 11.91 21.10 33.01
No. 22.1 (d))
Short Term Borrowings other than current 2.46 135.00 – – – 137.46
maturity of long term borrowings
Other financial liabilities
Lease Liabilities – – 2.71 12.63 39.78 55.12
Trade & Security Deposits* – – – – 403.55 403.55
Amount Payable for Capital Goods – 52.49 – – – 52.49
Interest accrued but not due on – 13.69 3.12 – – 16.81
Borrowings
Interest accrued and due on Borrowings – 1.90 – – – 1.90
Employees Related Liabilities – 29.40 – – – 29.40
Others Financial Liabilities 1.41 165.82 – 7.96 – 175.19
Total 3.87 905.34 65.27 881.04 548.43 2,403.95
Derivative
Foreign Exchange forwards contracts and – 0.44 0.07 1.77 – 2.28
other Derivative Instruments
* Trade & Security Deposits classified under more than 5 years maturity pertain to “Dealer Trade Deposit“ which are refundable only after
surrender of dealership subject to clearance of outstanding dues.
193 193
(` in Crores)
b) The following are the remaining contractual maturities of financial liabilities as at 31st March, 2021:

year years
Non-derivative
Trade payables – 396.54 – – – 396.54
Borrowings
No. 22.1 (a))
2500 9.25% NCD 2026 – – – 150.00 100.00 250.00
1500 9.15% NCD 2021 – 150.00 – – – 150.00
1500 7.05% NCD 2024 – – – 150.00 – 150.00
Rupee Term Loan from bank (Refer Note – 9.97 46.21 95.61 12.12 163.91
No. 22.1 (b))
Foreign Currency Term Loan (Refer Note – 15.84 20.46 317.14 142.18 495.62
no. 22.1 (c))
Rupee Term Loan from other (Refer Note – – – 11.91 9.08 20.99
No. 22.1 (d))
Lease Liabilities – – 1.00 4.30 26.40 31.70
Trade & Security Deposits* – – – – 420.82 420.82
Amount Payable for Capital Goods – 25.91 – – – 25.91
Borrowings
Employees Related Liabilities – 25.77 – – – 25.77
Others Financial Liabilities 1.44 177.60 – 7.56 – 186.60
Total 11.68 846.83 70.80 736.52 710.60 2,376.43
Derivative
Foreign Exchange forwards contracts and – 12.53 0.22 3.72 0.29 16.76
* Trade & Security Deposits classified under more than 5 years maturity pertain to “ Dealer Trade Deposit “ which are refundable only after
c) The amounts are gross and undiscounted (except for lease liability) and exclude the impact of netting agreements (if any). The future cash
flows on derivative instruments may be different from the amount in the above tables as exchange rates change. Except for these financial
liabilities, it is not expected that cash flows included in the maturity analysis could occur significantly earlier, or at significantly different
amounts. When the amount payable is not fixed, the amount disclosed has been determined with reference to conditions existing at the
reporting date.
55.3 Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises four type of risks: Commodity Price Risk, Foreign Currency Risk, Interest Rate Risk and Other Price Risk.
55.3.1 Commodity Price Risk
The Company primarily imports coal, pet coke, gypsum and raw jute. It is exposed to commodity price risk arising out of movement in prices of
such commodities. Such risks are monitored by tracking of the prices and are managed by entering into fixed price contracts, where considered
necessary.
194
(` in Crores)
55.3.2 Foreign Currency Risk
The Company has Foreign Currency Exchange Risk on imports of input materials, capital equipments and also borrows funds in foreign currency
for its business. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. Certain
transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies. For
the remaining exposure to foreign exchange risk, the Company adopts a policy of selective hedging based on risk perception of the management
using derivative, wherever required, to mitigate or eliminate the risk.
a) Exposure to currency risk

The Company's exposure to foreign currency risk at the end of the reporting period are as follows:
i) Unhedged Foreign Currency Exposure

Particulars
USD INR EUR INR GBP INR
Financial Assets
Trade Receivables – – 0.01 0.46 – –
Foreign Currency Term Loan – – – – – –
Trade Payables & Others 0.00 0.03 0.00 0.23 0.00 0.05
Net Exposure (Liability) 0.00 0.03 0.01 (0.23) 0.00 0.05

Particulars
Financial Assets
Trade Receivables – – 0.00 0.15 0.00 0.17
Foreign Currency Term Loan – – – – – –
Net Exposure (Liability) 0.00 0.13 0.01 0.29 (0.00) (0.12)
ii) Hedge Foreign Currency Exposure

Particulars
USD INR EUR INR SGD INR
Derivative Assets
Forward Contract against Trade Receivable 0.13 9.90 – – – –
Forward Contract against Firm Commitments 0.22 16.68 – – – –
Derivative Liabilities
Forward Contract - Against Payable – – – – – –
Cross Currency Swaps Contract - – – – – 2.58 146.95
Against Payable (Refer Note (b) below)
Forward Contract - Against Firm Commitments 1.81 137.19 – – – –
Net Exposure (Liability) 1.46 110.61 – – 2.58 146.95
195 195
(` in Crores)
Particulars
Derivative Assets
Forward Contract - Against Payable 4.71 344.50 – – – –
Net Exposure (Liability) 4.46 326.60 – – 2.79 151.73
b) The Company uses Cross Currency Swaps to hedge foreign exchange rate and Interest rate of External Commercial Borrowings of SGD 2.58
Crores (Previous Year: SGD 2.79 Crores).
c) Sensitivity Analysis
The Analysis is based on assumption that the increase/decrease in foreign currency by 5% with all other variables held constant, on the
unhedged foreign currency exposure. The following table demonstrates the sensitivity in the USD, EUR and GBP to the Indian Rupee with all
other variables held constant.

Sensitivity Impact On Sensitivity Impact On
Particulars
Analysis Profit Before Other Equity Analysis Profit Before Other Equity
Tax Tax
USD Sensitivity Increase 5% (0.00) (0.00) 5% (0.01) (0.00)
USD Sensitivity Decrease 5% 0.00 0.00 5% 0.01 0.00
EUR Sensitivity Increase 5% 0.01 0.01 5% (0.01) (0.01)
EUR Sensitivity Decrease 5% (0.01) (0.01) 5% 0.01 0.01
Sensitivity analysis for GBP is insignificant, hence ignored.
55.3.3 Interest Rate Risk

The Company is exposed to risk due to interest rate fluctuation on long term borrowings. Such borrowings are based on fixed as well as floating
interest rate. Interest rate risk is determined by current market interest rates, projected debt servicing capability and view on future interest rate.
Such interest rate risk is actively evaluated and is managed through portfolio diversification and exercise of prepayment/refinancing options
where considered necessary.
The Company is also exposed to interest rate risk on surplus funds parked in fixed deposits and investments viz. mutual funds, bonds. To manage
such risks, such investments are done mainly for short durations, in line with the expected business requirements for such funds.
a) Exposure to Interest Rate Risk

Fixed Rate Instruments
Financial Assets – –
Financial Liabilities 146.94 701.71
146.94 701.71
Variable Rate Instruments
874.48 507.82
196
(` in Crores)
b) Interest Rate Sensitivity
A Change in 50 bps in interest rate would have following impact on Profit Before Tax and Other Equity:

Particulars
Tax Tax
Interest Rate Increase by 0.50% (4.37) (2.84) 0.50% (2.54) (1.65)
Interest Rate Decrease by 0.50% 4.37 2.84 0.50% 2.54 1.65
55.3.4 Other Price Risk

The Company's exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at
fair value through other comprehensive income or at fair value through profit and loss. Having regard to the nature of securities, intrinsic worth,
intent and long term nature of securities held by the Company, fluctuation in their prices are considered acceptable and do not warrant any
management.
a) Exposure to other market price risk

Investment in Equity Instruments - quoted 399.21 279.76
Investment in Mutual Funds 491.15 384.54
Investment In Bonds and Non-convertible Debentures 31.86 7.95
Investment in Government Securities 1.17 1.21
923.39 673.46
b) Sensitivity Analysis
The Analysis is based on assumption that the increase/decrease by 5% with all other variables held constant.

Particulars
Tax Tax
Market rate Increase 5% 46.17 30.04 5% 33.67 21.91
Market rate Decrease 5% (46.17) (30.04) 5% (33.67) (21.91)
55.4 Hedge Accounting - Cash Flow Hedges

The objective of cross currency swap and interest rate swaps is to hedge the cash flows of the foreign currency denominated debt related to
variation in foreign currency exchange rates and interest rates. The hedge provides for exchange of notional amount at agreed exchange rate of
principle at each repayment date and conversion of variable interest rate into fixed interest rate as per notional amount at agreed exchange rate.
The Company also enters into foreign currency forward contracts to hedge the foreign currency exchange risk arising from borrowings, other debt
and forecasted purchases/sales. Some of the forward contracts are designated as cash flow hedges. The Company is following hedge accounting
for cross currency & interest rate swaps and Interest rate swaps and some foreign currency forward contracts based on qualitative approach. The
Company is having risk management objectives and strategies for undertaking these hedge transactions. The Company has maintained adequate
documents stating the nature of the hedge and hedge effectiveness test. The Company assesses hedge effectiveness based on following criteria:
i. An economic relationship between the hedged item and the hedging instrument
ii. The effect of credit risk
iii. Assessment of the hedge ratio
The Company designates cross currency swaps and interest rate swaps and some foreign currency forward contracts to hedge its currency and
interest risk and generally applies hedge ratio of 1:1.
All these derivatives have been marked to market to reflect their fair value and the fair value differences representing the effective portion of such
hedge have been taken to equity.
197 197
(` in Crores)
55.4.1 Disclosure of effects of hedge accounting on financial position as at 31st March, 2022:
Type of hedge and risks Nominal Carrying Maturity date Changes in fair Changes in the fair
value amount of value Gain / value Gain / (loss)
Assets / hedging (loss) of hedging of hedged item
(Liabilities) instrument instrument used as the basis for
Assets / since inception recognising hedge
(Liabilities) of hedge effectiveness
Cash flow hedge
Foreign currency loan (SGD 2.58 Crores)
Refer Note No. 22.1 (f )
- Cross Currency Swap (146.94) (1.22) June '22 to Jun'26 1.94 (5.46)
Total (146.94) (1.22) 1.94 (5.46)
Disclosure of effects of hedge accounting on financial position as at 31st March, 2021:

Cash flow hedge
Foreign currency loan (USD 4.70 Crores)
- Forward contracts (343.91) (12.41) Apr'21 to May'21 (12.41) 5.92
Foreign currency loan (SGD 2.79 Crores)
Refer Note No. 22.1 (f )
- Cross Currency Swap (151.71) (4.33) Sep'21 to Jun'26 (4.33) 1.23
Total (495.62) (16.74) (16.74) 7.15
55.4.2 The movement of effective portion of Cash Flow Hedges are shown below:

Opening Balance (6.24) –
Gain/(loss) recognized on cash flow hedges 2.91 (9.59)
Income tax relating to gain/(loss) recognized on cash flow hedges (1.01) 3.35
Reclassified to Statement of Profit and Loss – –
Income tax relating to Reclassified to Statement of Profit and Loss – –
Closing Balance (4.34) (6.24)
55.4.3 Foreign Currency Forward Contracts and Overnight Index Swaps

The Company enters into forward contracts with intention to reduce the foreign exchange risk of expected purchases and enters into overnight
index swap to manage interest cost on fixed rate borrowings. Certain foreign currency forward contracts are not designated as cash flow hedges
and are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally within one year. Similarly, the
overnight index swaps are also not designated as cash flow hedges. The fair value of foreign currency forward contracts and overnight index swaps
are as under:

Particulars
Assets Liability Assets Liability
Foreign Currency Forward Contracts 0.23 0.38 0.26 0.02
Overnight Index Swaps – 0.68 – –
198
(` in Crores)
56 Capital Management
The Company's objective to manage its Capital is to ensure continuity of business while at the same time provide reasonable returns to its various
stakeholders but keep associated costs under control. In order to achieve this, requirement of Capital is reviewed periodically with reference to
operating and business plans that take into account capital expenditure and strategic Investments. Sourcing of Capital is done through judicious
combination of equity/internal accruals and borrowings, both short term and long term. The Company monitors Capital using Gearing Ratio
which is Net Debt (total borrowings less current investments, cash and cash equivalents and other bank balances) divided by Total Equity plus Net
Debt.
Gearing Ratio 0.07 0.10
57 Government grants during the year comprising Incentive and Subsidies include:
57.1 Tax incentive for capital investments under various State Investment Promotion Schemes of ₹ 0.00 Crores (Previous Year ₹ 5.99 Crores).
57.2 Amortisation of the deferred revenue of ₹ 1.27 Crore (Previous Year ₹ 0.74 Crore) arising due to difference between the fair value & nominal value
of interest free loan granted under State Investment Promotion Scheme.
57.3 Amortisation of the deferred revenue of ₹ 0.42 Crore (Previous Year ₹ 0.50 Crore) on account of investment in plant & machineries under various
State Investment Promotion Schemes.
57.4 Renewable energy certificates for generation of power from solar power plant under Central Electricity Regulatory Commission (Terms and
Conditions for Recognition and Issuance of Renewable Energy Certificate for Renewable Energy Generation) Regulations, 2010 of ₹ 0.42 Crore
(Previous Year ₹ 0.40 Crore).
57.5 The Government of India (vide press release dated 31st December, 2020) Introduced the benefit of the Scheme for Remission of Duties and Taxes
on Exported Products (RoDTEP) to all export goods with effect from 1st January, 2021. With the introduction of the RoDTEP scheme, the benefit of
ROSCTL scheme stood withdrawn, and the MEIS Scheme was also withdrawn w.e.f. 1st January, 2021. Rates of RoDTEP are notified in the current
year only, therefore the Company has accrued income relating to benefits of RoDTEP scheme on the Export Sales made for the period from
1st January, 2021 to 31st March, 2021 in the current year.
58 Financial Performance Ratios
Ratios Numerator Denominator 31st March, 2022 31st March, 2021 Variance (%)
Current Ratio (in times) Current Assets Current Liabilities 1.59 1.58 0.63%
Debt-Equity Ratio Non-Current Borrowings Equity (excluding Revaluation 0.25 0.31 -19.35%
(in times) plus Current maturities of Surplus and Capital Reserve)
Non-Current Borrowings
Debt Service Coverage Ratio Earnings before Interest, Interest Expense plus Principal 1.22 1.08 12.96%
(in times) Tax and Depreciation Payment for Non-Current
Borrowings during the year
Return on Equity Ratio Profit after Tax Equity (excluding Revaluation 4.77% 10.71% -55.46%
(Refer Note i below) Surplus and Capital Reserve)
Inventory Turnover Ratio (in Sale of Products & Services Average Inventory 7.93 7.48 6.02%
times)
Trade Receivables Turnover Sale of Products & Services Average Debtors 22.64 23.37 -3.12%
Ratio (in times)
Trade Payables Turnover Ratio Purchases Average Creditors 12.41 12.14 2.22%
(in times)
Net Capital Turnover Ratio (in Sale of Products & Services Closing Working Capital 6.01 4.74 26.79%
times) (Refer Note ii below)
Net Profit Ratio Profit after Tax Sale of Products & Services 4.28% 9.75% -56.10%
(Refer Note iii below)
Return on Capital Employed Earnings before Interest Capital Employed (Tangible 6.43% 10.07% -36.15%
(Refer Note iv below) and Tax net worth plus total debt plus
deferred tax liability)
Return on Investment Return on Investments and Average Investments and 13.74% 18.30% -24.92%
Fixed Deposits Fixed Deposits
Note: Explanation for changes in ratio by more than 25%
(i) Return on Equity decreased on account of decrease in profitability.
(ii) Growth in revenue and decreased working capital improves net capital turnover ratio.
(iii) Net profit ratio decreased on account of decrease in profitability.
(iv) Decreased earnings resulted in decrease of return on capital employed.
199 199
(` in Crores)
59 Additional regulatory information required by Schedule III of Companies Act, 2013
59.1 Struck off Companies
(a) Details of relationships and transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the
Companies Act, 1956:
Nature of Balance Balance Relationship with
Name of struck off Company transactions with outstanding as at outstanding as at the Struck off
struck-off Company 31st March, 2022 31st March, 2021 company
Maharaja Agency Private Limited Receivables 0.82 0.02 Vendor
Maharaja Agency Private Limited Payables 0.05 0.05 Vendor
Surface Commercial Private Limited Payables 0.01 0.01 Vendor
Mahesh Carriers Private Limited Payables 0.01 0.01 Vendor
(b) Details of Stuck off entities holding equity shares in the Company:
As at 31st March, 2022 As at 31st March, 2021 Relationship
Name of struck off Company with the Struck
No. of Shares Paid-up value No. of Shares Paid-up value off company
Held in (₹) Held in (₹)
A.S. Moloobhoy Marine Services Private Limited 100 1000 100 1000 Shareholder
Mangal & Co Pvt Ltd 6 60 6 60 Shareholder
Rbg Investment And Finance Limited 50 500 50 500 Shareholder
Sanketh Metals Private Limited – – 2100 21000 Shareholder
Trump It Entertainment And Creative Services Private
– – 75 750 Shareholder
Limited
59.2 Compliance with number of layers of companies:

The Company has complied with the number of layers prescribed under clause 87 of section 2 of the Companies Act, 2013 read with the Companies
(Restriction on Number of Layers) Rules, 2017.
59.3 Loans or Advances to Promoters, Directors, KMPs and the related parties
The Company has not given any loan or advance in the nature of loan to promoters, directors, KMPs and the related parties (as defined under
the Act), either severally or jointly with any other person during the year ended 31st March, 2022 and the year ended 31st March, 2021 except as
disclosed in Note No. 11.
59.4 Utilisation of Borrowed Funds and Share Premium
The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any
other persons or entities including foreign entities (intermediaries) with the understanding that the Intermediaries shall 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 provided any
guarantee, security or the like or on behalf of the Ultimate Beneficiaries.
The Company has not received any fund from any persons or entities, including foreign entities (funding party) with the understanding 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 provided any guarantee, security or the like or on behalf of the Ultimate Beneficiaries.
200
(` in Crores)
60 Segment Reporting
A) Primary Segment Information
2021-22 2020-21
Particulars
Business Segment
Segment Revenue
(a) External Sales 4,382.71 407.60 0.62 4,790.93 4,154.63 287.30 0.22 4,442.15
(b) Inter Segment Revenue 1.06 – 7.23 8.29 0.60 0.04 5.87 6.51
Total 4,383.77 407.60 7.85 4,799.22 4,155.23 287.34 6.09 4,448.66
Segment Result 317.16 44.10 (2.85) 358.41 502.42 13.55 (3.11) 512.86
Add:
(i) Interest Income 13.26 24.96
(ii) Unallocated Income net of 1.30 22.25
unallocated Expense
Less :
(i) Interest Expense 100.53 129.71
Tax Expenses
Deferred Tax 20.35 (34.81)
Deferred Tax for earlier years – (50.01)
Profit after tax 202.92 428.51
Other Information
Segment Assets 3,482.11 1,073.71 163.99 4,719.81 3,414.06 926.76 145.48 4,486.30
Unallocated assets 3,643.08 3,461.43
Total Assets 8,362.89 7,947.73
Segment Li abilities 1,090.86 16.05 2.31 1,109.22 1,021.40 17.63 2.00 1,041.03
Unallocated liabilities 2,058.53 2,079.42
Total Liabilities 3,167.75 3,120.45
Segment Capital Expenditure 250.85 5.56 – 256.41 172.60 10.65 0.42 183.67
Common Capital Expenditure 11.47 4.55
Total Capital Expenditure 267.88 188.22
Segment Depreciation 164.14 6.97 0.75 171.86 149.89 6.62 0.87 157.38
Common Depreciation 5.00 3.45
Total Depreciation 176.86 160.83
B) Secondary (Geographical) Segment Information
Geographical segment is identified as the secondary segment and details are given below:
1. Revenue from external customers
– Within India 4,716.49 4,401.59
– Outside India 74.44 40.56
Total 4,790.93 4,442.15
2. The Company does not have any tangible, intangible assets and non current operating assets located outside India.
3. During the year as well as previous year, No customer contributed 10% or more to the Company’s revenue from operations.
C) Other Disclosures
The Company’s operations predominantly relate to Cement. Other products are Jute Goods and Steel Castings. Accordingly, these business
segments comprise the primary basis of segmental information set out in the standalone financial statements.
Inter-segment transfers are based on prevailing market prices except for Iron & Steel Castings which is based on cost plus profit.
The accounting policies adopted for segment reporting are in line with the accounting policy of the Company.
201 201
(` in Crores)
61 Related Party Disclosures
61.1 As defined in Indian Accounting Standard (Ind AS)-24, the Company has a related party relationship in the nature of control over its
subsidiaries namely:
Name of the Entity Relation Place of Ownership Interest held by the Company
Incorporation 31st March, 2022 31st March, 2021
Birla Corporation Cement Manufacturing PLC * Ethiopia 100% 100%
Birla Jute Supply Company Limited India 100% 100%
Talavadi Cements Limited India 98.01% 98.01%
Lok Cement Limited India 100% 100%
Subsidiary
Budge Budge Floorcoverings Limited India 100% 100%
Birla Cement (Assam) Limited India 100% 100%
M. P. Birla Group Services Private Limited India 100% 100%
RCCPL Private Limited India 100% 100%
AAA Resources Private Limited (w.e.f. 30th July, 2021) India 100% N.A.
Stepdown
Utility Infrastructure & Works Private Limited Subsidiary India 100% N.A.
(w.e.f. 31st March, 2022)
* The subsidiary company stands liquidated as per Ethiopian Laws. However, distribution (repatriation) of the available money after satisfaction
of liabilities still remains and hence shown in accounts.
61.2 Other related parties with whom transactions have taken place during the year and previous year are:
61.2.1 Nature Name of the Company
Entities exercising significant Vindhya Telelinks Limited
influence over the Company August Agents Limited
Insilco Agents Limited
Laneseda Agents Limited
61.2.2 Nature Name Designation

Key Management Personnels Mr. Harsh V. Lodha Chairman
Mr. Arvind Pathak Managing Director and Chief Executive Officer (appointed w.e.f.
31st March, 2021)
Mr. Pracheta Majumdar Wholetime Director and Chief Executive Officer (upto 30th
March, 2021)
Wholetime Director designated as Chief Management Advisor
Ceased to be the Wholetime Director designated as Chief
Management Advisor w.e.f. 20th May, 2021
Mr. Vikram Swarup
Mr. Anand Bordia
Mr. Brij Behari Tandon
Mr. Dhruba Narayan Ghosh Directors
Mr. Deepak Nayyar
Ms. Shailaja Chandra
Mr. Dilip Ganesh Karnik
202
(` in Crores)
61.2.3 Nature Name of the Trust/Fund
Post Employment Benefit Plan Trust Satna Cement Works Employees' Provident Fund
Soorah Jute Mills Employees' Provident Fund Trust
M P Birla Group Provident Fund Institution
Birla Cement Works Staff Provident Fund
Birla Jute Mills Workers' Provident Fund Trust
Durgapur Cement Works Employees' Provident Fund
Birla Corporation Limited, Employees Gratuity Fund
Birla DLW Ltd. Employees Gratuity Fund
Birla Corporation Superannuation Fund
61.2.4 Nature Name Relations

Close members of the family of a Ms. Radhika Bordia Daughter of Mr. Anand Bordia (Director)
Key Management Personnel (KMP) Ms. Devika Bordia Daughter of Mr. Anand Bordia (Director)
61.3 Transactions during the year

2021–22 2020–21
Subsidiaries Entities Key Post Close Subsidiaries Entities Key Post Close
RCCPL Others exercising Management Employment members RCCPL Others exercising Management Employment members of
Particulars Private significant Personnel Benefit Plan of the Private significant Personnel Benefit Plan the family of
Limited influence Trust family of a Limited influence Trust a KMP
over the KMP over the
Company Company
Sales of goods/CWIP/services 405.80 – – – – – 310.44 3.78 – – – –
provided
Purchase of goods/ services 239.40 0.76 1.20 – – – 347.77 0.73 0.66 – – –
received
Gain/(Loss) on restatement of (36.98) – – – – – 17.25 – – – – –
investment in Preference Shares
(Mark to Market )
Provision for impairment in value – – – – – – – 1.01 – – – –
of Investments
Payment of rent – 0.09 – – – 0.06 – 0.09 – – – –
Receipt of rent – 0.00 0.06 – – – – 0.00 0.06 – – –
Advances given 13.62 0.08 – – – – – 0.18 – – – –
Advances recovered 13.62 0.08 – – – – – 0.18 – – – –
Paid to Trust–Employees – – – – 7.84 – – – – – 7.01 –
Provident Fund Contribution
Paid to Trust–Employees Gratuity – – – – 6.00 – – – – 10.50 –
Fund Contribution –
Paid to Trust–Employees – – – – 2.55 – – – – – 2.82 –
Superannuation Fund
Contribution
Remuneration, Perquisites & – – – 5.91 – – – – 4.98 – –
Others (Refer Note No. 61.3.1) –
Change in the Corporate (45.41) – – – – – (37.37) – – – – –
Guarantee (to the extent of
changes in loan outstanding)
Dividend Paid – – – – – – – – – –
– Vindhya Telelinks Limited 6.38 9.57
– August Agents Limited 6.02 9.02
– Insilco Agents Limited 6.00 9.01
– Laneseda Agents Limited 5.99 8.99
Dividend Received 50.00 – 0.00 – – – – – 0.00 – – –
203 203
(` in Crores)
61.3.1 Key Management Personnel compensation
Particulars
Short-Term Employee Benefits 4.37 3.41
Post-Employment Benefits 0.14 0.00
Director's sitting fees 0.70 0.87
Director's Commission 0.70 0.70
Total Compensation 5.91 4.98
The above does not include Gratuity and Leave encashment benefits since the same is computed actuarially for all employees and the amount
attributable to the managerial person cannot be ascertained separately.
61.4 Balance Outstanding as at the balance sheet date

As at As at
Particulars
Trade Payables
Entities exercising significant influence over the Company 0.17 0.10
Provision for Employees benefit
Post Employment Benefit Plan Trust 0.68 0.55
Trade Receivables
Subsidiaries - RCCPL Private Limited 42.94 12.34
Other Receivables
Subsidiaries - Others 0.39 2.02
Post Employment Benefit Plan Trust 5.94 –
Advances Given / Security Deposited
Close members of the family of a KMP 0.03 –
Investments (other than equity shares)
Corporate Guarantee Outstanding (to the extent of loan outstanding)
Provision for Doubtful Advances
Short-term employee benefits
Key Management Personnel 1.12 1.41
61.5 Terms and Conditions of transactions with Related Parties:

All Related Party Transactions are net off taxes and duties. The sales to and purchases from related party are made in the normal course of business
and on terms equivalent to those that prevail in arm's length transactions. The Loans and Advances as well as Corporate Guarantee issued to
related parties are on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year end are unsecured and
settlement occurs in cash, the Company has recorded the receivable relating to amount due from related parties net of impairment (if any). This
assessment is undertaken each financial year through examining the financial position of the related parties and the market in which the related
party operates.
204
62 The Company had made an investment in AMP Solar Clean Power Private Limited ('AMP') by way of purchase of 2,54,946 (Previous Year: 2,27,040)
fully paid up equity shares having face value of ₹ 10 each, amounting of ₹ 0.25 Crore (Previous Year: ₹ 0.23 Crore) (7.80% holding in AMP) and
in 22,945 (Previous Year: 20,433) compulsorily convertible debentures having face value of ₹ 1000 each, amounting of ₹ 2.29 Crores (Previous
Year: ₹ 2.04 Crores) under Share Purchase, Subscription and Shareholders Agreement. Further, the Company had entered into a long-term power
purchase agreement (‘PPA’) with the AMP which is engaged in the business of generating and sales of solar power. The PPA has a lock-in period
of 15 years wherein the Company (alongwith the subsidiary company) is required to purchase the entire contracted power capacity from the said
plant.
The investment in equity shares in AMP together with the Subsidiary Company is 26%. Considering the substance of the transactions, in the opinion
of the management, it is not considered as a related party under Ind AS 24/28. Accordingly, the investment in equity shares and compulsorily
convertible debentures is recognized at amortised cost under “Deposits” at ₹ 0.54 Crore (Previous Year ₹ 0.43 Crore) as per the provision of Ind AS
109 and the difference between amortised cost and investment value of ₹ 2.12 Crores (Previous Year: ₹ 1.90 Crores) is considered for valuation of
“Right of Use Assets- Plant and Machinery”.
Taking into consideration the terms and conditions of PPA, it is considered that the arrangement in respect of long term power purchase agreement
satisfies all the conditions of the lease as per IND AS 116. Consequently, Right of Use Assets and Lease Liabilities is recognized.
63 The Company has made an assessment of the impact of the continuing COVID-19 pandemic on its current and future operations, liquidity position
and cash flow giving due consideration to the internal and external factors. The Company is continuously monitoring the situation and does not
foresee any significant impact on its operations and the financials position as at 31st March, 2022.
64 The Code on Social Security, 2020 which received the President’s assent on 28th September 2020 subsumes nine laws relating to Social security,
retirement and employee benefits, including the Provident Fund and Gratuity. The effective date of the Code and rules thereunder are yet to be
notified. The impact of the changes, if any, will be assessed and recognized post notification of the relevant provisions.
65 Previous year figures have been regrouped/ rearranged/ reclassified wherever necessary. Further, there are no material regroupings/ reclassifications
during the year.
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata Kolkata
205 205
Form AOC-1
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
(Pursuant to first proviso to sub-section (3) of section 129 of the Companies Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014)
Part “A”: Subsidiaries

(` in Crores)
Sl. Name of the RCCPL Birla Jute Talavadi Lok Cement Budge Birla M.P. Birla AAA Utility Infra-
No. Subsidiary Private Supply Cements Limited Budge Cement Group Resources structure
Limited Company Limited Floor- (Assam) Services Private & Works
Limited coverings Limited Private Limited Private
Limited Limited (Refer Limited
Note 4) (Refer
Note 4)
1 Date of acquisition/ 22.08.2016 16.11.1950 01.12.1998 01.01.1999 26.05.2006 16.04.2008 29.04.2008 30.07.2021 31.03.2022
incorporation
2 Share Capital 312.82 0.06 6.00 1.25 4.00 0.05 0.02 0.74 0.69
3 Reserve & Surplus 2,808.93 2.21 3.20 (0.69) (2.18) (0.02) (0.02) 12.09 (0.70)
4 Total Assets 7,901.35 2.59 9.85 0.57 1.95 0.03 0.00 13.13 5.43
5 Total Liabilities 4,779.59 0.32 0.65 0.00 0.14 0.00 0.00 0.29 5.43
6 Investments 97.19 – 0.00 – 0.15 – – 0.32 –
7 Turnover 3,137.51 – – – – – – 0.27 –
8 Profit before Taxation 266.70 0.06 0.40 0.01 0.00 (0.00) (0.00) 0.01 (0.00)
9 Provision for Taxation 69.57 0.01 0.05 – (0.01) – – 0.01 –
10 Profit After Taxation 197.13 0.04 0.35 0.01 0.01 (0.00) (0.00) 0.00 (0.00)
11 Proposed Dividend – – – – – – – – –
12 % of Shareholding 100% 100% 98.01% 100% 100% 100% 100% 100% 100%
Notes : 1. None of the subsidiaries have reporting period different from the Parent Company.
2. None of the above mentioned subsidiaries are foreign subsidiaries.
3. a) Subsidiaries which are yet to commence operations.
i) Lok Cement Limited
ii) Birla Cement (Assam) Limited
iii) M.P. Birla Group Services Private Limited
b) Subsidiaries which have been liquidated or sold during the year: Nil
4. Stepdown Indian Subsidiaries.
5. PART B of the Form AOC-1 is not applicable as there are no associate companies/joint ventures of the Company as on 31st March, 2022.
ADITYA SARAOGI HARSH V. LODHA

Chief Financial Officer Chairman
(DIN : 00394094)
MANOJ KUMAR MEHTA ARVIND PATHAK

Company Secretary Managing Director
Kolkata & Legal Head & Chief Executive Officer
Date: 11th May, 2022 (DIN : 00585588)
206
CONSOLIDATED FINANCIAL STATEMENTS
207 207
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Consolidated Financial Statements to provide a basis for our opinion on the consolidated financial
statements.
Opinion
Key Audit Matters
We have audited the accompanying consolidated financial
statements of BIRLA CORPORATION LIMITED (hereinafter Key audit matters are those matters that, in our professional
referred to as “the Holding Company”) and its subsidiaries judgment, were of most significance in our audit of the
(Holding Company and its subsidiaries together referred to consolidated financial statements of the current period. These
as “the Group”), which comprise the consolidated Balance matters were addressed in the context of our audit of the
Sheet as at 31st March, 2022 and the consolidated Statement consolidated financial statements as a whole, and in forming our
of Profit and Loss (including Other Comprehensive Income), opinion thereon, and we do not provide a separate opinion on
the consolidated Statement of Changes in Equity and the these matters. We have determined the matters described below
consolidated Statement of Cash Flows for the year then to be the key audit matters to be communicated in our report.
ended, and notes to the consolidated Financial statements,
Key Audit Matters Auditor’s Response
including a summary of significant accounting policies and
other explanatory information (hereinafter referred to as “the Recoverability of MAT Credit
Entitlement in future -
consolidated financial statements”).
Relating to Parent Company:
In our opinion and to the best of our information and according
The Parent Company has Audit procedures included,
to the explanations given to us, and based on the consideration recognised deferred tax assets among others, review of:
of reports of other auditors on separate financial statements mainly on account of tax credit
• The appropriateness of the
and on the other financial information of the subsidiaries, the available for set off (Minimum
methodology applied by
aforesaid consolidated financial statements give the information Alternate Tax) under the
the Parent Company with
required by the Companies Act, 2013, as amended, (“the Act”) in Income Tax Act, 1961. Under
applicable Indian accounting
the manner so required and give a true and fair view in conformity Ind AS 12 – Income Taxes,
standards and applicable
deferred tax assets shall be
with accounting principles generally accepted in India, of the taxation laws along with the
recognised to the extent that it
consolidated state of affairs (financial position) of the Group as future business forecast of
is probable that future taxable
at 31st March, 2022, consolidated profit (financial performance taxable profits.
profit will be available against
including other comprehensive income), consolidated changes which the unused tax credit • The likelihood of the
in equity and its consolidated cash flows and for the year ended can be utilised. The assessment Parent Company to utilize
on that date. of valuation of deferred tax the available MAT credit
assets requires significant entitlements in the future
Basis for Opinion management judgement with underlying projections
and estimation. This include, and assumptions relating
We conducted our audit of the consolidated financial statements
amongst others, estimation of to future estimated profits,
in accordance with the Standards on Auditing (SAs) specified long-term future profitability, future capitalizations and
under section 143(10) of the Act. Our responsibilities under those future revenue from proposed depreciation allowance
Standards are further described in the “Auditor’s Responsibilities projects and tax regulations thereon and future estimates
for the Audit of the Consolidated Financial Statements” section of and developments. of taxable income.
our report. We are independent of the Group in accordance with As a result, the recognition • The adequacy of the Parent
the Code of Ethics issued by the Institute of Chartered Accountants of the deferred tax asset on Company’s disclosures in
of India (“ICAI”) together with the ethical requirements that are above was significant to our the financials on deferred
relevant to our audit of the consolidated financial statements under audit. tax assets and assumptions
the provisions of the Act and the Rules made thereunder, and we used.
The disclosures relating to the
have fulfilled our other ethical responsibilities in accordance with above are included in Note
these requirements and the ICAI’s Code of Ethics. We believe that No. 25 of the consolidated
the audit evidence we have obtained is sufficient and appropriate financial statements.
208
Litigations and Claims In connection with our audit of the consolidated financial
statements, our responsibility is to read the other information
The Group is exposed to Our audit procedure in and, in doing so, consider whether such other information is
different laws, regulations and response to this key Audit
materially inconsistent with the consolidated financial statements
interpretations thereof which Matter included, among
encompasses direct/indirect others, or our knowledge obtained in the audit or otherwise appears to
taxation and legal matters. In be materially misstated. If, based on the work we have performed
• Assessment of the process
the normal course of business, and based on the work done/audit report of other auditors,
and relevant controls
provisions and contingent implemented to identify we conclude that there is a material misstatement of this other
liabilities may arise from legal and tax litigations, information, we are required to report that fact. We have nothing
legal and tax proceedings, and pending administrative to report in this regard.
including regulatory and other proceedings.
Governmental proceedings, Responsibilities of Management and Those Charged with
constructive obligations as • Assessment of assumptions
Governance for the Consolidated Financial Statements
well as investigations by used in the evaluation of
authorities and commercial possible legal and tax risks by TThe Holding Company’s Board of Directors is responsible for
claims. the legal and tax department
the preparation and presentation of these consolidated financial
of the Group considering the
Based on the nature of legal precedence and other statements in terms of the requirements of the Act that give a true
regulatory and legal cases rulings in similar cases. and fair view of the consolidated financial position, consolidated
management applies financial performance including other comprehensive income,
significant judgement when • Inquiry with the legal and
tax divisions of the Group consolidated cash flows and consolidated changes in equity of
considering whether, and
how much, to provide for the regarding the status of the the Group in accordance with the accounting principles generally
potential exposure of each most significant disputes accepted in India, including the Indian Accounting Standards
matter. and perusal of the relevant (Ind AS) specified under Section 133 of the Act. The respective
documentation. board of the companies included in the Group are responsible for
These estimates could change
significantly over time as new • Taking note of opinion maintenance of the adequate accounting records in accordance
facts emerge and each legal received from the experts, with the provisions of the Act for safeguarding the assets of
case progresses. where available. the Group and for preventing and detecting frauds and other
Given the inherent complexity • Review of the adequacy of irregularities; selection and application of appropriate accounting
and magnitude of potential the disclosures in the notes policies; making judgments and estimates that are reasonable
exposures and the judgement to the consolidated financial and prudent; and design, implementation and maintenance
necessary to estimate the statements
of adequate internal financial controls, that were operating
amount of provisions required effectively for ensuring the accuracy and completeness of the
or to determine required
accounting records, relevant to the preparation and presentation
disclosures, this is a key audit
matter. of the consolidated financial statements that give a true and
fair view and are free from material misstatement, whether
(Refer Note No. 41 to the
due to fraud or error, which have been used for the purpose of
consolidated financial
statements) preparation of consolidated financial statements by the Directors
of the Holding Company, as aforesaid.
Information Other than the Consolidated Financial
Statements and Auditor’s Report Thereon In preparing the consolidated financial statements, the
respective Board of Directors of the companies included in the
TThe Holding Company’s Board of Directors is responsible for
Group are responsible for assessing the Group’s ability to continue
the preparation of the other information. The other information
as a going concern, disclosing, as applicable, matters related to
comprises the information included in the Directors’ Report and
going concern and using the going concern basis of accounting
Management Discussion and Analysis, Business Responsibility
unless the Board of Directors either intends to liquidate the
Report and the Report on Corporate Governance, but does not
Group or to cease operations, or has no realistic alternative but
include the consolidated financial statements and our auditor’s
to do so.
report thereon.
Our opinion on the consolidated financial statements does not The respective Board of Directors of the companies included in the
cover the other information and we do not express any form of Group are also responsible for overseeing the financial reporting
assurance conclusion thereon. process of the Group.
209 209
Auditor’s Responsibilities for the Audit of Consolidated up to the date of our auditor’s report. However, future events
Financial Statements or conditions may cause the Group to cease to continue as a
going concern.
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from y Evaluate the overall presentation, structure and content of the
material misstatement, whether due to fraud or error, and to consolidated financial statements, including the disclosures,
issue an auditor’s report that includes our opinion. Reasonable and whether the consolidated financial statements represent
assurance is a high level of assurance, but is not a guarantee that the underlying transactions and events in a manner that
an audit conducted in accordance with SAs will always detect a achieves fair presentation.
material misstatement when it exists. Misstatements can arise y Obtain sufficient appropriate audit evidence regarding the
from fraud or error and are considered material if, individually or financial information of the entities or business activities
in the aggregate, they could reasonably be expected to influence within the Group to express an opinion on the consolidated
the economic decisions of users taken on the basis of these financial statements, of which we are the independent
consolidated financial statements. auditors. We are responsible for the direction, supervision and
performance of the audit of the financial statements of such
As part of an audit in accordance with SAs, we exercise professional
entities included in the consolidated financial statements of
judgment and maintain professional skepticism throughout the
which we are the independent auditors. For the other entities
audit. We also :
included in the consolidated financial statements, which have
y Identify and assess the risks of material misstatement of the been audited by other auditors, such other auditors remain
consolidated financial statements, whether due to fraud or responsible for the direction, supervision and performance of
error, design and perform audit procedures responsive to the audits carried out by them. We remain solely responsible
those risks, and obtain audit evidence that is sufficient and for our audit opinion.
appropriate to provide a basis for our opinion. The risk of not
We communicate with those charged with governance of
detecting a material misstatement resulting from fraud is
the Holding Company and such other entities included in
higher than for one resulting from error, as fraud may involve
the consolidated financial statements of which we are the
collusion, forgery, intentional omissions, misrepresentations,
independent auditors regarding, among other matters, the
or the override of internal control.
planned scope and timing of the audit and significant audit
y Obtain an understanding of internal control relevant to findings, including any significant deficiencies in internal control
the audit in order to design audit procedures that are that we identify during our audit.
appropriate in the circumstances. Under section 143(3)
We also provide those charged with governance with a statement
(i) of the Companies Act, 2013, we are also responsible for
that we have complied with relevant ethical requirements
expressing our opinion on whether the Holding Company
regarding independence, and to communicate with them all
and its subsidiary companies has adequate internal financial
relationships and other matters that may reasonably be thought
controls system in place and the operating effectiveness of
to bear on our independence, and where applicable, related
such controls.
safeguards.
y Evaluate the appropriateness of accounting policies used
From the matters communicated with those charged with
and the reasonableness of accounting estimates and related
governance, we determine those matters that were of most
disclosures made by management.
significance in the audit of the consolidated financial statements
y Conclude on the appropriateness of management’s use of the current period and are therefore the key audit matters.
of the going concern basis of accounting in preparation of We describe these matters in our auditor’s report unless law or
consolidated financial statements and, based on the audit regulation precludes public disclosure about the matter or when,
evidence obtained, whether a material uncertainty exists in extremely rare circumstances, we determine that a matter
related to events or conditions that may cast significant should not be communicated in our report because the adverse
doubt on the ability of the Group to continue as a going consequences of doing so would reasonably be expected to
concern. If we conclude that a material uncertainty exists, we outweigh the public interest benefits of such communication.
are required to draw attention in our auditor’s report to the
Other Matters
related disclosures in the consolidated financial statements
or, if such disclosures are inadequate, to modify our opinion. (a) We did not audit the financial statements and other financial
Our conclusions are based on the audit evidence obtained information of six subsidiaries, whose financial statements
210
(before consolidation adjustments) reflect the total assets of certified by the Management.
₹ 14.99 Crores as at 31st March 2022, total revenues of ₹ 1.03
Report on Other Legal and Regulatory Requirements
Crores and net cash flow amounting of ₹ 0.13 Crore for the
year ended on that date, as considered in the consolidated 1 As required by the Companies (Auditor’s Report) Order,
financial statements. These financial statements have been 2020 (“the Order”) issued by the Central Government of
audited by other auditors whose reports have been furnished India in terms of sub-section (11) of section 143 of the Act,
to us by the management and our opinion on the consolidated and based on our audit and the consideration of report of
financial statements, in so far as it relates to the amounts and the other auditors on separate financial statements and the
disclosures included in respect of these subsidiaries and our financial information of the subsidiaries companies, as noted
report in terms of sub-section (3) of Section 143 of the Act, in in the “Other Matter” paragraph, we give in “Annexure A” a
so far as it relates to the aforesaid subsidiaries is based solely statement on the matters specified in the paragraphs 3(xxi)
on the reports of the other auditors. of the said Order, to the extent applicable.
(b) The consolidated financial statements include unaudited 2 As required by section 143(3) of the Act, we report to the
financial statement and other unaudited financial extent applicable that:
information of one subsidiary, whose financial statement a) We have sought and obtained all the information and
(before consolidation adjustments) reflect the total assets explanations which to the best of our knowledge and
of ₹ 5.43 Crores as at 31st March 2022, total revenues of ₹ belief were necessary for the purposes of our audit of the
Nil for the year ended 31st March 2022 and net cash flow aforesaid consolidated financial statements;
amounting of ₹ Nil for the year ended on that date. This
unaudited financial statement and other unaudited financial b) In our opinion, proper books of account as required by
information have been furnished to us by the management law relating to preparation of the aforesaid consolidated
and our opinion on the Statement, in so far as it relates to the financial statements have been kept so for as it appears
amounts and disclosures included in respect of this subsidiary from our examination of those books and the reports of
is based solely on such unaudited financial statement and the other auditors;
other unaudited financial information. In our opinion and c) The Consolidated Balance Sheet, the Consolidated
according to the information and explanations given to us by Statement of Profit and Loss (including other
the management, this statement is not material to the Group. comprehensive income), the Consolidated Statement
of Changes in Equity and the Consolidated Statement
(c) The consolidated financial statements include financial
of Cash Flows dealt with by this report are in agreement
statement and other financial information of one subsidiary,
with the relevant books of account maintained for the
whose financial statement (before consolidation adjustments)
purpose of preparation of the consolidated financial
reflect the total assets of ₹ 12.30 Crores as at 31st March 2022,
statements;
total revenues of ₹ 0.40 Crore for the year ended 31st March
2022 and net cash flow amounting of ₹ (-) 0.02 Crore for the d) In our opinion, the aforesaid consolidated financial
year ended on that date. This financial statement and other statements comply with the Indian Accounting
financial information has been audited by another auditor Standards specified under section 133 of the Act, read
and for consolidation purpose, adjustments have been made with relevant rules made thereunder;
by the subsidiary company’s management. We have audited e) On the basis of the written representations received from
these consolidation adjustments made by the subsidiary the Directors of the Holding Company as on 31st March,
company’s management. Our opinion in so far relates to 2022 and taken on record by the Board of Directors of the
the balances and affairs of the above mentioned subsidiary Holding Company and the reports of Statutory Auditors
is based on report of the other auditor and consolidation of its subsidiary companies, none of the Directors of the
adjustments prepared by the subsidiary company’s Group Companies, is disqualified as on 31st March, 2022
management and audited by us. from being appointed as a director in terms of section
164(2) of the Act.
Our opinion on the consolidated financial statements, and our
report on Other Legal and Regulatory Requirements below, is f) With respect to the adequacy of the internal financial
not modified in respect of the above matters with respect to our controls with reference to consolidated financial
reliance on the work done and the reports of the other auditors statements of the Group and the operating effective-
and the financial statement and other financial information ness of such controls, refer to our separate report in
211 211
“Annexure B”, which is based on the auditor’s report of understanding, whether recorded in writing or
the Holding Company and its Subsidiary Companies. otherwise, that the Intermediary shall, directly
or indirectly lend or invest in other persons or
g) With respect to the other matters to be included in the
entities identified in any manner whatsoever
Auditor’s Report in accordance with the requirements of
by or on behalf of the Holding Company or its
section 197(16) of the Act, as amended:
subsidiary companies (“Ultimate Beneficiaries”)
In our opinion and to the best of our information or provide any guarantee, security or the like on
and according to the explanations given to us, the behalf of the Ultimate Beneficiaries;
remuneration paid by the Group to its directors during
(b) The respective management of the Holding
the year is in accordance with the provisions of section
Company and its subsidiaries have represented
197 of the Act.
to us and the other auditors of subsidiaries
h) With respect to the other matters to be included in respectively that, to the best of its knowledge
the Auditor’s Report in accordance with Rule 11 of the and belief, no funds (which are material
Companies (Audit and Auditors) Rules, 2014, as amended, either individually or in the aggregate) have
in our opinion and to the best of our information and been received by the Holding Company or
according to the explanations given to us and based on its subsidiaries from any persons or entities,
the consideration of the report of the other auditors on including foreign entities (“Funding Parties”),
separate financial statements of the subsidiaries: with the understanding, whether recorded in
writing or otherwise, that the Holding Company
i. The consolidated financial statements disclose the
or any of its subsidiaries companies shall,
impact of pending litigations as on 31st March,
directly or indirectly, lend or invest in other
2022 on the consolidated financial position of the
persons or entities identified in any manner
Group – Refer Note 41 to the consolidated financial
whatsoever by or on behalf of the Funding
statements;
Party (“Ultimate Beneficiaries”) or provide any
ii. Provision has been made in the consolidated guarantee, security or the like on behalf of the
financial statements as on 31st March 2022, as Ultimate Beneficiaries; and
required under the applicable law or accounting
(c) Based on the audit procedures, that has been
standards, for material foreseeable losses, if any, on
considered reasonable and appropriate in the
long-term contracts including derivative contracts;
circumstances, performed by us and those
iii. There has been no delay in transferring amounts, performed by the auditors of subsidiaries,
required to be transferred, to the Investor Education nothing has come to our or other auditor’s
and Protection Fund by the holding Company and notice that has caused us or other auditor’s to
its subsidiary Companies during the year ended believe that the representations under sub-
31st March, 2022 in accordance with the relevant clause (a) and (b) contain any material mis-
provisions of the Act and Rules made there under. statement.
iv. (a) The respective management of the Holding v. The dividend declared and paid during the year by
Company and its subsidiaries have represented the Holding Company and one of the subsidiaries,
to us and the other auditors of subsidiaries are in compliance with section 123 of the Act.
respectively that, to the best of their knowledge
and belief, no funds (which are material either
individually or in the aggregate) have been For V. Sankar Aiyar & Co.
advanced or loaned or invested (either from Chartered Accountants
borrowed funds or share premium or any (Firm Regn. No.: 109208W)
other sources or kind of funds) by the Holding
Company or its subsidiaries companies to (M.S. BALACHANDRAN)
or in any other persons or entities, including Place : Kolkata Partner (M. No: 024282)
foreign entities (“Intermediaries”), with the Date : 11th May, 2022 UDIN: 22024282AIUCHM5960
212
Annexure-A referred to in the Independent Auditors’ report of even date to the Members of Birla
Corporation Limited on the consolidated financial statements for the year ended 31st March, 2022.
In terms of the information and explanations sought by us and given by the Holding Company and the books of account and records
examined by us in the normal course of audit and to the best of our knowledge and belief and based on the consideration of report of
respective auditors of the subsidiary companies, we state that:
(xxi) There are no qualifications or adverse remarks by the respective auditors in their report on Companies (Auditors Report) Order, 2020
of the companies included in the consolidated financial statements except the following :
Name of the CIN Nature of Clause No. of Remarks

Company Relationship CARO Report
RCCPL Private U26940MH2007PTC173458 Wholly owned (i) (c) Mutation in favour
Limited Subsidiary of the Subsidiary
Company is in process
for freehold land,
stated at book value of
` 0.78 Crores

(M.S. BALACHANDRAN)
Place : Kolkata Partner (M. No: 024282)
Date : 11th May, 2022 UDIN: 22024282AIUCHM5960
213 213
Annexure-B referred to in the Independent Auditors’ report of even date to the Members of Birla
Corporation Limited on the consolidated financial statements for the year ended 31st March, 2022.
We have audited the internal financial controls over financial included obtaining an understanding of internal financial controls
reporting of BIRLA CORPORATION LIMITED (hereinafter referred with reference to consolidated financial statements, assessing the
to as “the Holding Company”) and its subsidiaries (collectively risk that a material weakness exists, and testing and evaluating
referred to as “the Group”), as of 31st March, 2022 in conjunction the design and operating effectiveness of internal control based
with our audit of the consolidated financial statements of the on the assessed risk. The procedures selected depend on the
Company for the year ended on that date. auditor’s judgement, including the assessment of the risks of
material misstatement of the consolidated financial statements,
Management’s Responsibility for Internal Financial Controls
whether due to fraud or error.
The respective Board of Directors of the Holding Company and
We believe that the audit evidence we have obtained is sufficient
its subsidiary companies are responsible for establishing and
and appropriate to provide a basis for our audit opinion on the
maintaining internal financial controls based on the internal
Company’s internal financial controls system with reference to
control over financial reporting criteria established by the Holding
consolidated financial statements.
Company and its subsidiary companies considering the essential
components of internal control stated in the Guidance Note on Meaning of Internal Financial Controls with reference to
Audit of Internal Financial Controls over Financial Reporting (the consolidated financial statements
“Guidance Note”) issued by the Institute of Chartered Accountants
A Company’s internal financial control with reference to
of India (ICAI). These responsibilities include the design,
consolidated financial statements is a process designed to
implementation and maintenance of adequate internal financial
provide reasonable assurance regarding the reliability of financial
controls that were operating effectively for ensuring the orderly
reporting and the preparation of financial statements for external
and efficient conduct of its business, including adherence to
purposes in accordance with generally accepted accounting
Company’s policies, the safeguarding of its assets, the prevention
principles. A Company’s internal financial control with reference
and detection of frauds and errors, the accuracy and completeness
to consolidated financial statements includes those policies and
of the accounting records, and the timely preparation of reliable
procedures that (1) pertain to the maintenance of records that,
financial information, as required under the Act.
in reasonable detail, accurately and fairly reflect the transactions
Auditors’ Responsibility and dispositions of the assets of the Company; (2) provide
reasonable assurance that transactions are recorded as necessary
Our responsibility is to express an opinion on the Company’s
to permit preparation of financial statements in accordance
internal financial controls with reference to consolidated
with generally accepted accounting principles, and that receipts
financial statements based on our audit and those conducted
and expenditures of the Company are being made only in
by other auditors. We and other auditors conducted our audit
accordance with authorisations of management and directors of
in accordance with the Guidance Note and the Standards on
the Company; and (3) provide reasonable assurance regarding
Auditing, issued by ICAI and deemed to be prescribed under
prevention or timely detection of unauthorised acquisition, use,
section 143(10) of the Act, to the extent applicable to an audit of
or disposition of the Company’s assets that could have a material
internal financial controls, both applicable to an audit of Internal
effect on the consolidated financial statements.
Financial Controls and issued by ICAI. Those Standards and the
Guidance Note require that ourselves and other auditors (We) Inherent Limitations of Internal Financial Controls with
comply with ethical requirements and plan and perform the reference to consolidated financial statements
audit to obtain reasonable assurance about whether adequate
Because of the inherent limitations of internal financial controls
internal financial controls with reference to consolidated financial
with reference to consolidated financial statements, including
statements was established and maintained and if such controls
the possibility of collusion or improper management override
operated effectively in all material respects.
of controls, material misstatements due to error or fraud may
The audit involves performing procedures to obtain audit occur and not be detected. Also, projections of any evaluation
evidence about the adequacy of the internal financial controls of the internal financial controls with reference to consolidated
system with reference to consolidated financial statements financial statements to future periods are subject to the risk
and their operating effectiveness. The audit of internal financial that the internal financial control with reference to consolidated
controls with reference to consolidated financial statements financial statements may become inadequate because of changes
214
in conditions, or that the degree of compliance with the policies Other Matter
or procedures may deteriorate. Our aforesaid reports under section 143(3)(i) of the Act on the
adequacy and operating effectiveness of the Internal finance
Opinion
controls with reference to consolidated financial statements in
In our opinion, to the best of our information and according to the so far as it relates to seven subsidiary companies is based on the
explanation given to us and based on the reports of other auditors, corresponding reports of the other auditors of the subsidiary
the Holding Company and its subsidiary companies have, in all companies. Our opinion is not qualified in respect of this
material respects, an adequate internal financial controls system matter.
with reference to consolidated financial statements and such For V. Sankar Aiyar & Co.
internal financial controls with reference to consolidated financial Chartered Accountants
statements were operating effectively as at 31st March 2022, based (Firm Regn. No.: 109208W)
on the internal control with reference to consolidated financial
statements criteria established by the Company considering the (M.S. BALACHANDRAN)
essential components of internal control stated in the Guidance Place : Kolkata Partner (M. No: 024282)
Note issued by the ICAI. Date : 11th May, 2022 UDIN: 22024282AIUCHM5960
215 215
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2022
(` in Crores)
Note No. As at 31st March, 2022 As at 31st March, 2021
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 6 6,585.91 6,372.56
Capital Work-In-Progress 6 2,549.32 2,103.42
Investment Property 7 0.40 0.13
Goodwill on Consolidation 0.03 0.03
Intangible Assets 8 989.70 950.05
Intangible Assets under Development 8 1.74 1.37
Biological Assets other than Bearer Plants 9 0.85 0.84
Investment in Subsidiaries
Financial Assets
Investments 10 407.31 288.98
Loans 11 0.46 0.29
Non Current Tax Asset (Net) 42.85 63.86
Other Non-Current Assets 13 177.16 10,985.46 194.95 10,227.51
CURRENT ASSETS
Inventories 14 819.99 810.09
Financial Assets
Investments 15 601.63 463.47
Cash and Cash Equivalents 17 84.39 90.54
Bank Balances other than Cash and Cash Equivalents 18 53.59 86.71
Loans 11 1.03 1.24
Other Current Assets 13 428.61 410.30
Non-Current Assets classified as Held for Sale 19 1.08 2,866.13 1.42 2,668.08
Total Assets 13,851.59 12,895.59
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 20 77.01 77.01
Other Equity 21 5,971.84 6,048.85 5,408.98 5,485.99
Non-Controlling Interest 0.04 0.04
LIABILITIES
NON-CURRENT LIABILITIES
Borrowings 22 3,790.59 3,604.40
Deferred Tax Liabilities (Net) 25 972.20 866.79
Non Current Tax Liabilities (Net) 1.29 1.41
Other Non-Current Liabilities 26 141.82 5,667.92 150.73 5,384.76
CURRENT LIABILITIES
Borrowings 27 417.45 442.02
Trade Payables 28
– Total outstanding dues of micro enterprises and small enterprises 10.01 15.61
– Total outstanding dues of creditors other than micro enterprises and small enterprises 751.96 573.40
Other Current Liabilities 26 349.58 361.40
Current Tax Liabilities (Net) – 2,134.78 5.73 2,024.80
Total Equity and Liabilities 13,851.59 12,895.59
Basis of Consolidation 3
The Notes are an integral part of the Consolidated Financial Statements
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata
216
CONSOLIDATED STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Crores)
INCOME
Revenue from Operations 29 7,461.22 6,785.45
Other Income 30 98.78 99.91
Total Income 7,560.00 6,885.36
EXPENSES
Cost of Materials Consumed 31 1,048.37 887.11
Purchases of Stock-In-Trade 32 25.97 24.61
Changes in Inventories of Finished Goods, Stock-In-Trade and Work-In-Progress 33 (20.82) 75.44
Employee Benefits Expense 34 448.08 397.77
Finance Costs 35 242.66 296.28
Depreciation and Amortisation Expense 36 396.94 370.76
Other Expenses 37 4,849.61 4,062.95
Total Expenses 6,990.81 6,114.92
Profit before Exceptional Items and Tax 569.19 770.44

Exceptional Items (Net) 38 31.44 57.85
Tax Expense: 39
Deferred Tax 62.98 45.70
139.16 82.45
Profit for the year 398.59 630.14

Profit attributable to:
Owners of the Parent 398.59 630.14
Non-Controlling Interest 0.00 0.00
Other Comprehensive Income :
A. Items that will not be reclassified to profit or loss 40.1 283.96 131.02
Income tax relating to these Items (42.33) (17.58)
241.63 113.44
B. Items that will be reclassified to profit or loss 40.2 (1.16) (9.24)
Income tax relating to these Items 0.03 3.27
(1.13) (5.97)
Other Comprehensive Income for the year (Net of Tax) 240.50 107.47
Other Comprehensive Income attributable to:
Non-Controlling Interest – –
Total Comprehensive Income for the year 639.09 737.61
Total Comprehensive Income attributable to:
Non-controlling Interest 0.00 0.00
Earnings Per Share (Face value of ` 10/- each)
Basic & Diluted ( ` ) 47 51.76 81.83
Basis of Consolidation 3
The Notes are an integral part of the Consolidated Financial Statements
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata
217 217
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2022
a) Equity Share Capital (Refer Note No. 20) (` in Crores)
Balance as at 1st April, 2020 77.01
b) Other Equity (Refer Note No. 21)

Reserve & Surplus Items of Other Comprehensive Income Total Attributable
Particulars Capital Capital Debenture General Retained Debt Effective Equity Revaluation Attributable to Non
Reserve Reserve on Redemption Reserve Earnings Instrument Portion of Instrument Surplus to the Controlling
Consolidation Reserve through Other Cash Flow through Other Total
Owners of Interest
Comprehensive Hedges Comprehensive the Company
Income Income
Balance as at 1st April, 2021 1.05 108.21 52.09 2,700.40 1,497.68 (0.40) (6.24) 232.31 823.88 5,408.98 0.04 5,409.02
Profit for the Year – – – – 398.59 – – – – 398.59 0.00 398.59
218
Other Comprehensive
Income / (Loss) for the year
Remeasurement Gain/ – – – – 9.49 – – – – 9.49 – 9.49
(Loss) on Defined Benefit
Plans
Revaluation Gain on Free – – – – – – – – 155.02 155.02 – 155.02
Hold Land
Mark to Market Gain/ – – – – – (0.25) (0.91) 119.45 – 118.29 – 118.29
(Loss)
Impact of Tax – – – – (3.24) 0.08 (0.05) (5.69) (33.40) (42.30) – (42.30)
Total Comprehensive – – – – 404.84 (0.17) (0.96) 113.76 121.62 639.09 0.00 639.09
Income for the year
On account of Business – 0.78 – – – – – – – 0.78 – 0.78
Combination (Refer Note
No. 59)
Final Dividend Paid – – – – (77.01) – – – – (77.01) – (77.01)
(₹ 10.00 per share)
Transfer to General Reserve – – (27.13) 27.13 – – – – – – – –
Total Appropriations / – 0.78 (27.13) 27.13 (77.01) – – – – (76.23) – (76.23)
Adjustments
Balance as at 31st March, 2022 1.05 108.99 24.96 2,727.53 1,825.51 (0.57) (7.20) 346.07 945.50 5,971.84 0.04 5,971.88
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2022 (Contd.)
(` in Crores)
Reserve & Surplus Items of Other Comprehensive Income Total Attributable
Particulars Capital Capital Debenture General Retained Debt Effective Equity Revaluation Attributable to Non
Reserve Reserve on Redemption Reserve Earnings Instrument Portion of Instrument Surplus to the Controlling
Consolidation Reserve through Other Cash Flow through Other Total
Owners of Interest
Comprehensive Hedges Comprehensive the Company
Income Income
Balance as at 1st April, 2020 1.05 108.21 84.59 2,667.90 923.83 (0.67) – 121.74 822.47 4,729.12 0.04 4,729.16
Profit for the Year – – – – 630.14 – – – – 630.14 0.00 630.14
Other Comprehensive
Income / (Loss) for the year
Remeasurement Gain/ – – – – 2.37 – – – – 2.37 – 2.37
(Loss) on Defined Benefit
Plans
Revaluation Gain on Free – – – – – – – – – – –
Hold Land
Mark to Market Gain/(Loss) – – – – – 0.35 (9.59) 128.65 – 119.41 – 119.41
Impact of Tax – – – – (0.91) (0.08) 3.35 (18.08) 1.41 (14.31) – (14.31)
219
Total Comprehensive - - - - 631.60 0.27 (6.24) 110.57 1.41 737.61 0.00 737.61
Income for the year
Final Dividends Paid – – – – (57.75) – – – – (57.75) – (57.75)
(₹ 7.50 per share)
Transfer to General Reserve – – (32.50) 32.50 – – – – – – – –
Total Appropriations / – – (32.50) 32.50 (57.75) – – – – (57.75) – (57.75)
Adjustments
Balance as at 31st March, 2021 1.05 108.21 52.09 2,700.40 1,497.68 (0.40) (6.24) 232.31 823.88 5,408.98 0.04 5,409.02
The Notes are an integral part of the Consolidated Financial Statements.
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata
219
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Crores)
Cash Flow from Operating Activities:
Profit after Exceptional Items & before Tax 537.75 712.59
Adjustments for :
Depreciation & Amortisation 396.94 370.76
Investing Activities (Net) (21.85) (44.31)
Provision for Doubtful Debts (2.45) –
Bad Debts 2.45 0.19
Expected Credit Loss on Incentive and Subsidy – 32.62
(Profit)/Loss on sale/ discard of Property, Plant and Equipment / CWIP (Net) (2.76) 13.98
(Profit)/Loss on sale of Non Current Assets classified as Held for Sale (0.03) –
Fair Valuation for Biological Assets other than Bearer Plants (0.01) 0.02
Lease Liability De-recognised (0.29) –
Amortisation of Deferred Revenue (1.69) (1.24)
Excess Liabilities, Unclaimed Balances and Provisions written back (Net) (46.03) (15.35)
Effect of Foreign Exchange Fluctuations (4.34) 8.03
Unwinding of Interest on Loan – 1.45
Loss on Impairment of Assets – 57.85
Finance Costs 242.66 296.28
Operating Profit before Working Capital changes 1,100.35 1,432.87
Adjustments for :
(Increase)/ Decrease in Trade Receivables (22.06) (29.20)
(Increase)/ Decrease in Inventories (9.90) (22.46)
(Increase)/ Decrease in Loans, Other Financial Assets & Other Assets (122.66) (221.39)
Increase/ (Decrease) in Trade Payables & Other Liability 141.78 247.85
Increase/ (Decrease) in Provisions 12.66 5.08
Cash generated from operations 1,100.17 1,412.75
Direct Taxes (Paid) / Refund Received (Net) (61.02) (84.32)
Net Cash from Operating Activities 1,039.15 1,328.43
Cash Flow from Investing Activities:
Purchase of Tangible & Intangible Assets including CWIP/ Capital Advances (780.60) (803.54)
Sale of Tangible Assets 4.36 0.72
(Purchase)/Sale of Liquid Investments (Net) (153.25) 25.51
Purchase of other Current Investments (408.81) (675.50)
Sale of other Current Investments 435.42 893.81
Purchase of Non-Current Investments (1.04) –
Sale of Non-Current Investments 0.76 –
(Increase)/ Decrease in Other Bank Balances 115.88 (36.84)
Interest received 10.54 13.32
Dividend received 1.65 1.01
Net Cash used in Investing Activities (775.09) (581.51)
220
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Crores)
Cash Flow from Financing Activities
Proceeds from Long Term Borrowings 603.32 731.70
Repayments of Long Term Borrowings (642.84) (902.32)
(Repayments)/Proceeds from Short Term Borrowings (Net) 179.46 (52.08)
Interest paid (317.85) (349.26)
Dividend paid (77.01) (115.50)
Dividend Distribution Tax paid – (11.87)
Net Cash used in Financing Activities (270.26) (701.87)
Net Increase/ (Decrease) in Cash and Cash Equivalents (6.20) 45.05
Cash and Cash Equivalents (Opening Balance) 90.59 45.49
Cash and Cash Equivalents (Closing Balance) 84.39 90.54
Cash and Cash Equivalents as per balance sheet (Opening Balance) 90.54 45.49
Cash and Cash Equivalents on account of Business Combination 0.05 –
Cash and Cash Equivalents (Opening Balance) after adjustment 90.59 45.49
Cash and Cash Equivalents as per balance sheet (Closing Balance) 84.39 90.54
(Refer Note No. 17)
Overdraft Balance in Current Account shown under Short Term Borrowings – –
Cash and Cash Equivalents (Closing Balance) after adjusting Overdraft
84.39 90.54
balance
Note :
a) Reconciliation of Liabilities arising from financing activities
Particulars Opening Proceeds Repayments Forex Fair Value Closing
Adjustments Changes/
Other
Adjustments
Long Term Borrowings (Including 4,016.00 603.32 642.84 16.47 2.63 3,995.58
Current Maturity)
Short Term Borrowings (Excluding 30.42 734.60 555.14 – 2.58 212.46
Overdraft Balance in Current Account
and Current Maturity of Long Term
Borrowings)
b) The above Statement of Cash Flows has been prepared under the ‘Indirect Method’ as set out in Ind AS 7, ‘Statement of Cash Flows’.
c) The composition of Cash & Cash Equivalent has been determined based on the Accounting Policy No. 4.2.
d) Figures for the previous year have been re-grouped wherever considered necessary.
e) Direct Taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities.
f) The Notes are an integral part of Consolidated Financial Statements.
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata
221 221
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2022
1 CORPORATE AND GENERAL INFORMATION
Birla Corporation Limited (the Parent Company) is the flagship company of the M. P. Birla Group. The Parent Company is a Public Limited Listed
Company domiciled and incorporated in India having its Registered Office at Kolkata, West Bengal, India. It was incorporated as per the provisions
of Companies Act as Birla Jute Manufacturing Company Limited in the year 1919. The Parent Company and its subsidiaries together referred as “the
Group”. The Group is primarily engaged in the manufacturing of cement as its core business activity. It has significant presence in the jute industry
as well.
2 BASIS OF PREPARATION
2.1 Statement of Compliance
These consolidated financial statements (“the financial statements”) have been prepared in accordance with the Indian Accounting Standards (“Ind
AS”) as prescribed under Section 133 of the Companies Act, 2013 (“the Act”), read with the Companies (Indian Accounting Standards) Rules, 2015
(as amended), other relevant provisions of the Act and other accounting principles generally accepted in India.
The financial statements of the Group for the year ended 31st March, 2022 have been approved by the Board of Directors in their meeting held on
11th May, 2022.
2.2 Basis of Measurement
The financial statements have been prepared on historical cost basis, except for following:
Financial Assets and Liabilities (including Derivative Instruments) that is measured at fair value/ amortised cost;
Non-Current Assets classified as Held for Sale - measured at the lower of the carrying amounts and fair value less cost to sell;
Defined Benefit Plans – plan assets measured at fair value;
Biological assets – At fair value less cost to sell; and
Freehold Land falling under Property, Plant & Equipment that is measured at fair value.
2.3 Functional and Presentation Currency
The financial statements have been presented in Indian Rupees (INR or ₹), which is also the Group’s functional currency. All financial information
presented in INR has been rounded off to the nearest Crores, unless otherwise stated. Wherever the amount represented ₹ “0.00” (Zero) construes
value less than Rupees fifty thousand.
2.4 Use of Estimates and Judgements
The preparation of financial statements require judgements, estimates and assumptions to be made that affect the reported amount of assets
and liabilities including contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during
the reporting period. Difference between actual results and estimates are recognized in the period prospectively in which the results are known/
materialized.
2.5 Current versus Non-Current classification
The Group presents assets and liabilities in the Balance Sheet based on current/ non-current classification. An asset is classified as current when it is:
Expected to be realized or intended to be sold or consumed in normal operating cycle;
Held primarily for the purpose of trading;
Expected to be realized within twelve months after the reporting period; or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting
period.
All the other assets are classified as non-current.
A liability is current when:
It is expected to be settled in normal operating cycle;
It is held primarily for the purpose of trading;
It is due to be settled within twelve months after the reporting period; or
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non-current. Deferred Tax Assets and Liabilities are classified as non-current assets and liabilities
respectively.
222
3 BASIS OF CONSOLIDATION
Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group 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 to direct the relevant activities of the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date when
control ceases. Profit/ (loss) and Other Comprehensive Income (‘OCI’) of subsidiaries acquired or disposed of during the period are recognized from
the effective date of acquisition, or up to the effective date of disposal, as applicable. All the consolidated subsidiaries have a consistent reporting
date of 31st March, 2022. The Group consolidates the financial statements of the parent and its subsidiaries on line by line basis adding together
the items of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and unrealised gains on transactions between
group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred
asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s Statement of Profit and Loss and net assets that is not
held by the Group. Profit/ (loss) and each component of OCI are attributed to the equity holders of the Parent Company and to the non-controlling
interests, even if this results in the non-controlling interests having a deficit balance. The Group attributes total comprehensive income or loss of the
subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.
The Group treats transactions with non-controlling interests that do not result in a loss of control, as transactions with equity owners of the Group.
Such a change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests
to reflect their relative interests in the Subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any
consideration paid or received is recognized within equity.
Associates
Investment in entities in which there exists significant influence but not a controlling interest are accounted for under the equity method i.e. the
investment is initially recorded at cost, identifying any goodwill/capital reserve arising at the time of acquisition, as the case may be, which will be
inherent in investment. The carrying amount of the investment is adjusted thereafter for the post acquisition change in the share of net assets of the
investee, adjusted where necessary to ensure consistency with the accounting policies of the Group. The consolidated Statement of Profit and Loss
includes the Group’s share of the results of the operations of the investee. Dividends received or receivable from associate ventures are recognized
as a reduction in the carrying amount of the investment. Unrealized gains on transactions between the Group and associates are eliminated to the
extent of the Group’s interest in these entities.
Business combinations
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of
a subsidiary is calculated as the sum of the fair values of assets transferred on acquisition-date, liabilities incurred and the equity interests issued by
the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed
as incurred.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values on
acquisition-date.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-
controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets
acquired is in excess of the aggregate consideration transferred, the excess is recognized capital reserve.
Contingent consideration is classified either as equity or financial liability. Amount classified as financial liability are subsequently re-measured to
fair value with changes in fair value recognized in Statement of Profit and Loss.
Business combinations involving entities or businesses under common control have been accounted for using the pooling of interest method. The
assets and liabilities of the combining entities are reflected at their carrying amounts. No adjustments have been made to reflect fair values, or to
recognize any new assets or liabilities except changes made to harmonise the accounting policies.
4 SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies applied in the preparation of the consolidated financial statements are as given below. These
accounting policies have been applied consistently to all the periods presented in the financial statements.
4.1 Inventories
Inventories are valued at Cost or Net Realizable Value, whichever is lower. Cost comprise of all costs of purchase (Net of Input Tax Credit), costs of
conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average
223 223
basis. Net Realizable Value is the estimated selling price in the ordinary course of business less estimated cost of completion and the estimated cost
necessary to make the sale. However, materials and other items held for use in the production of inventories are not written down below cost if the
finished products in which they will be incorporated are expected to be sold at or above cost.
4.2 Cash and Cash Equivalents
Cash and cash equivalents in the Balance Sheet comprise cash in hand, balance with Banks and short term deposits with an original maturity of
three months or less, which are subject to an insignificant risk of change in value. However, for the purpose of the Cash Flow Statement the same is
net of outstanding bank overdrafts.
4.3 Income Tax
Income Tax comprises current and deferred tax. It is recognized in the Statement of Profit and Loss except to the extent that it relates to an item
recognized directly in equity or in other comprehensive income.
4.3.1 Current Tax
Current tax liabilities (or assets) for the current and prior periods are measured at the amount expected to be paid to (recovered from) the taxation
authorities using the tax rates (and tax laws) that have been enacted or substantively enacted, at the end of the reporting period.
4.3.2 Deferred Tax
Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realized or the
liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the corresponding amounts used for taxation purposes (i.e., tax base). Deferred tax is also recognized for carry forward of
unused tax losses and unused tax credits.
Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period. The Group reduces the carrying amount of a
deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or that
entire deferred tax asset to be utilized. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profit will
be available.
Deferred tax relating to items recognized outside the Statement of Profit and Loss is recognized either in other comprehensive income or
in equity. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in
equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and
liabilities on a net basis.
The Government of India, on September 20, 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new Section 115BAA in
the Income Tax Act, 1961, which provides an option to the Group for paying Income Tax at reduced rates as per the provisions/conditions
defined in the said section. The Parent Company is continuing with higher income tax rate option, based on the available outstanding MAT
credit entitlement and different exemptions & deduction enjoyed by the Parent Company. However, the Parent Company has estimated and
applied the lower income tax rate on the deferred tax assets / liabilities to the extent these are expected to be realized or settled in the future
period when the Parent Company may be subjected to lower tax rate.
4.4 Property, Plant and Equipment
4.4.1 Recognition and Measurement :
Property, plant and equipment held for use in the production or/and supply of goods or services, or for administrative purposes, are stated in
the Balance Sheet at cost, less accumulated depreciation and accumulated impairment losses (if any)except freehold land where the Group
had opted revaluation model, (Refer Note No.6.2).
Cost of an item of property, plant and equipment acquired comprises its purchase price, including import duties and non-refundable
purchase taxes, directly attributable borrowing costs, any other directly attributable costs of bringing the assets to its working condition and
location for its intended use, present value of any estimated cost of dismantling and removing the item and restoring the site on which it is
located.
In case of self-constructed assets, cost includes the costs of all materials used in construction, direct labour, allocation of directly attributable
224
overheads, directly attributable borrowing costs incurred in bringing the item to working condition for its intended use, and estimated cost
of dismantling and removing the item and restoring the site on which it is located. The costs of testing whether the asset is functioning
properly, after deducting the net proceeds from selling items produced while bringing the asset to that location and condition are also added
to the cost of self-constructed assets.
The Group had opted for accounting the exchange differences arising on reporting of long term foreign currency monetary items in line
with Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard-11 notified by Government of India on
31st March, 2009 (as amended on 29th December, 2011), which will be continued in accordance with Ind-AS 101 for all pre-existing long
term foreign currency monetary items as at 31stMarch, 2016. Accordingly, exchange differences relating to long term monetary items, arising
during the year, in so far as they relate to the acquisition of fixed assets, are adjusted in the carrying amount of such assets.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items
(major components) of property, plant and equipment.
Profit or Loss arising on the disposal of property, plant and equipment are recognized in the Statement of Profit and Loss.
incurred will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a
separate asset is derecognized when replaced.
Major Inspection/ Repairs/ Overhauling expenses are recognized in the carrying amount of the item of property, plant and equipment
as a replacement if the recognition criteria are satisfied. Any unamortized part of the previously recognized expenses of similar nature is
derecognized.
4.4.3 Depreciation and Amortization
Depreciation on tangible assets is provided on straight line method at the rates determined based on the useful lives of respective assets as
prescribed in the Schedule II of the Act.
In case the cost of part of tangible asset is significant to the total cost of the assets and useful life of that part is different from the remaining
useful life of the asset, depreciation has been provided on straight line method based on internal assessment and independent technical
evaluation carried out by external valuers, which the management believes that the useful lives of the component best represent the period
over which it expects to use those components. In case of certain components of plant and machineries depreciation has been provided
based on the useful life considered at 2-15 years. Depreciation and amortization on right of use assets (Lease hold land, Building and Plant &
Machinery) is provided on straight line method over the period of lease.
Depreciation on additions (disposals) during the year is provided on a pro-rata basis i.e. from (up to) the date on which asset is ready for use
(disposed off ).
Depreciation method, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
4.4.4 Disposal of Assets
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the
continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the
difference between net disposal proceeds and the carrying amount of the asset and is recognized in the Statement of Profit and Loss.
4.4.5 Reclassification to Investment Property
When the use of a property changes from owner-occupied to investment property, the property is reclassified as investment property at its carrying
amount on the date of reclassification.
4.4.6 Capital Work in Progress
Capital work-in-progress is stated at cost less accumulated impairment loss, if any, which includes expenses incurred during construction period,
interest on amount borrowed for acquisition of qualifying assets and other expenses incurred in connection with project implementation in so far
as such expenses relate to the period prior to the commencement of commercial production.
4.4.7 Stripping Cost
The stripping cost incurred during the production phase of a surface mine is recognized as an asset if such cost provides a benefit in terms of
improved access to ore in future periods and following criteria are met.
It is probable that the future economic benefits (improved access to an ore body) associated with the stripping activity will flow to the entity;
225 225
The entity can identify the component of an ore body for which access has been improved; and
The costs relating to the improved access to that component can be measured reliably.
The stripping activity asset is subsequently depreciated on a unit of production basis over the life of the identified component of the ore body
that became more accessible as a result of the stripping activity and is then stated at cost less accumulated depreciation and any accumulated
impairment loss, if any. The expenditure which cannot be specifically identified to have been incurred to access ore is charged to revenue based on
stripping ratio as per the mining plan.
4.5 Leases
4.5.1 Determining whether an arrangement contains a lease
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease.
The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement
conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
4.5.2 Company as lessor
Finance Lease
Leases which effectively transfer to the lessee substantially all the risks and benefits incidental to ownership of the leased item are classified
and accounted for as finance lease. Lease rental receipts are apportioned between the finance income and capital repayment based on the
implicit rate of return. Contingent rents are recognized as revenue in the period in which they are earned.
Operating Lease
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases.
Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease except where scheduled
increase in rent compensates the Group with expected inflationary costs.
4.5.3 Group as Lessee
The Group’s lease asset classes primarily comprise of lease for land and building. 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:
(i) the contract involves the use of an identified asset (ii) the Group has substantially all of the economic benefits from use of the asset through the
period of the lease and (iii) the Group has the right to direct the use of the asset.
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. For
these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of
the lease. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets
as below:
Right of Use Assets
The Group recognizes right of use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right
of use assets are measured at cost, less any accumulated depreciation and impairment loss, if any, and adjusted for any re-measurement
of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right of use assets are depreciated on a straight-line
basis over the shorter of the lease term and the estimated useful lives of the underlying assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life of the asset. The right of use assets are also subject to impairment. Refer to the
accounting policies in section ‘Impairment of Non-Financial Assets’.
Lease Liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable,
variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option reasonably certain to be exercized by the Group and payments of penalties for
terminating the lease, If any.
226
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the lease
payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change
in the assessment of an option to purchase the underlying asset.
The Group’s lease liabilities are included in other current and non-current financial liabilities.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or
less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption
to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense
on a straight-line basis over the lease term.
“Lease liability” and “Right of Use” asset have been separately presented in the Balance Sheet and lease payments have been classified as
financing cash flows.
4.6 Revenue Recognition
Effective 1st April, 2018, the Group has adopted Ind AS 115 “Revenue from Contracts with Customers” in respect of recognition of revenue from
contracts with customers which provides a control-based revenue recognition model and a five step application approach for revenue recognition
as under:
Identification of the contract(s) with customers;
Identification of the performance obligations;
Determination of the transaction price;
Allocation of the transaction price to the performance obligations;
Recognition of the revenue when or as the Company satisfies performance obligation.
Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that
reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue excludes amounts collected
on behalf of third parties.
4.6.1 Sale of Goods
Revenue from the sale of goods is recognized when the Group satisfies a performance obligation at a point in time by transferring the goods to
customers, i.e., when customers obtain control of the goods. Revenue from the sale of goods is measured at fair value of the consideration received
or receivable, net of returns and variable considerations i.e. discounts, rebates, sales claim etc.
4.6.2 Variable Consideration
If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in
exchange for transferring the goods to customer. The variable consideration is estimated at contract inception and constrained until it is highly
probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with
the variable consideration is subsequently resolved.
The Group provides volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold specified
in the contract. Rebates are offset against amounts payable by the customer. The volume rebates/ cash discount give rise to variable consideration.
To estimate the variable consideration for the expected future rebates/ cash discount, the Group applies the most likely amount method for
contracts with a single volume threshold and the expected value method for contracts with more than one volume threshold that best predicts the
amount of variable consideration.
4.6.3 Interest Income
For all debt instruments measured either at amortized cost or at fair value through other comprehensive income (FVTOCI), interest income is
recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the
financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset.
4.6.4 Dividend Income
Dividend Income from investments is recognized when the Group’s right to receive payment has been established.
227 227
4.7 Employee Benefits
4.7.1 Short Term Benefits
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related services are provided. Liabilities
for wages and salaries, including non-monetary benefits that are expected to be settled wholly within twelve months after the end of the period in
which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period.
4.7.2 Other Long Term Employee Benefits
The liabilities for earned leaves and sick leaves that are not expected to be settled wholly within twelve months are measured as the present value
of the expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected
unit credit method. The benefits are discounted using the government securities (G-Sec) rates at the end of the reporting period that have terms
approximating to the terms of related obligation. Re-measurements as the result of experience adjustment and changes in actuarial assumptions
are recognized in the Statement of Profit and Loss.
4.7.3 Post Employment Benefits
The Group operates the following post-employment schemes :
The liability or asset recognized in the Balance Sheet in respect of defined benefit plans is the present value of the defined benefit obligation
at the end of the reporting period less the fair value of plan assets. 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. The defined
benefit obligation is calculated annually by Actuaries using the projected unit credit method.
The liability recognized for defined benefit plans is the present value of the defined benefit obligation at the reporting date less the fair
value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service costs. The net interest cost is
calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. The benefits are
discounted using the government securities (G-Sec) at the end of the reporting period that have terms approximating to the terms of related
obligation.
Re-measurements of the net defined benefit obligation, which comprise actuarial gains and losses, the return on plan assets (excluding
interest) and the effect of the asset ceiling, are recognized in other comprehensive income. Re-measurement recognized in other
comprehensive income is reflected immediately in retained earnings and will not be reclassified to the Statement of Profit and Loss.
Defined Contribution Plan
Contributions to defined contribution plans such as provident fund contribution to government administered fund in respect of certain
employees are charged to the Statement of Profit and Loss as and when incurred. Such benefits are classified as defined contribution plans
as the Group does not carry any further obligations, apart from the contributions made on monthly basis.
Further in respect of other employees, provident fund contributions are made to various non-government administered trusts. The interest
rates payable to the members of the trust cannot not be lower than the statutory rate of interest notified by the government. The Group has
an obligation to make good the shortfall in the interest amount, if any. In view of the Group’s obligation to meet the shortfall, the same has
been considered as the defined benefit plan. The expenses on account of provident fund maintained by the trusts are based on actuarial
valuation using projected unit credit method.
4.7.4 Termination Benefit
Expenditure incurred on Voluntary Retirement Scheme is charged to the Statement of Profit and Loss immediately.
4.8 Government Grants
Government grants are recognized at their fair values when there is reasonable assurance that the grants will be received and the Group will
comply with all the attached conditions. When the grant relates to an expense item, it is recognized as income on a systematic basis over the
periods that the related costs, for which it is intended to compensate, are expensed. Grants related to purchase of property, plant and equipment
are included in non-current liabilities as deferred income and are credited to the Statement of Profit and Loss on a straight line basis over the
expected useful life of the related asset and presented within other operating revenue or netted off against the related expenses.
4.9 Foreign Currency Transactions
Foreign currency transactions are translated into the functional currency using the spot rates of exchanges at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the
reporting date.
228
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and
liabilities are generally recognized in the Statement of Profit and Loss in the year in which they arise except for exchange differences on foreign
currency borrowings relating to assets under construction for future productive use, which are included in the cost of those qualifying assets
when they are regarded as an adjustment to interest costs on those foreign currency borrowings, the balance is presented in the Statement
of Profit and Loss within finance costs.
Non-monetary items are not retranslated at period end and are measured at historical cost (translated using the exchange rate at the
transaction date).
The Group had opted for accounting the exchange differences arising on reporting of long term foreign currency monetary items in line with
Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard-11 notified by Government of India on 31st
March, 2009 (as amended on 29th December, 2011), which is continued in accordance with Ind-AS 101 for all pre-existing long term foreign
currency monetary items as at 31st March, 2016. Accordingly, exchange differences relating to long term monetary items, in so far as they
relate to the acquisition of fixed assets, are adjusted in the carrying amount of such assets.
4.10 Borrowing Cost
Borrowing Costs consists of interest and other costs that an entity incurs in connection with the borrowings of funds. Borrowing costs also
includes exchange difference to the extent regarded as an adjustment to the borrowing costs.
Borrowing costs directly attributable to the acquisition or construction of a qualifying asset are capitalized as a part of the cost of that asset
that necessarily takes a substantial period of time to complete and prepare the asset for its intended use or sale. The Group considers a period
of twelve months or more as a substantial period of time.
Transaction costs in respect of long term borrowing are amortized over the tenure of respective loans using Effective Interest Rate (EIR)
method. All other borrowing costs are recognized in the Statement of Profit and Loss in the period in which they are incurred.
4.11 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.
4.11.1 Financial Assets
All financial assets are initially recognized when the Group becomes a party to the contractual provisions of the instruments. A financial asset
is initially measured at fair value plus, in the case of financial assets not recorded at fair value through Profit or Loss, transaction costs that are
attributable to the acquisition of the financial asset.
Classification and Subsequent Measurement:
For purposes of subsequent measurement, financial assets are classified in four categories:
Measured at Amortized Cost;
Measured at Fair Value Through Other Comprehensive Income (FVTOCI);
Measured at Fair Value Through of Profit or Loss (FVTPL); and
Equity Instruments measured at Fair Value through Other Comprehensive Income (FVTOCI).
Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Group changes its business model
for managing financial assets.
Measured at Amortized Cost: A debt instrument is measured at the amortized cost if both the following conditions are met:
The asset is held within a business model whose objective is achieved by both collecting contractual cash flows; and
The contractual terms of the financial 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 amortized cost using the effective interest rate (EIR)
method.
Measured at FVTOCI : A debt instrument is measured at the FVTOCI if both the following conditions are met:
The objective of the business model is achieved by both collecting contractual cash flows and selling the financial assets; and
The asset’s contractual cash flows represent SPPI.
Debt instruments meeting these criteria are measured initially at fair value plus transaction costs. They are subsequently measured at
229 229
fair value with any gains or losses arising on re-measurement recognized in other comprehensive income, except for impairment gains
or losses and foreign exchange gains or losses. Interest calculated using the effective interest method is recognized in the Statement of
Profit and Loss in investment income.
Measured at FVTPL : FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is classified as FVTPL. In addition, the Group may elect to designate a debt instrument,
which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. Debt instruments included within the FVTPL category are
measured at fair value with all changes recognized in the Statement of Profit and Loss.
Equity Instruments measured at FVTOCI : All equity investments in scope of Ind AS – 109 are measured at fair value. Equity instruments
which are, held for trading are classified as at FVTPL. For all other equity instruments, the Group may make an irrevocable election to
present in other comprehensive income subsequent changes in the fair value. The Group makes such election on an instrument-by-
instrument basis. The classification is made on initial recognition and is irrevocable. In case the Group decides to classify an equity
instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the other comprehensive
income. There is no recycling of the amounts from other comprehensive income to the Statement of Profit and Loss, even on sale of
investment.
Derecognition
The Group derecognizes a financial asset on trade date only when the contractual rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
Impairment of Financial Assets
The Group assesses at each date of Balance Sheet whether a financial asset or a group of financial assets is impaired. Ind AS – 109 requires
expected credit losses to be measured through a loss allowance. The Group recognizes lifetime expected losses for all contract assets and/
or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an
amount equal to the 12 month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the
financial asset has increased significantly since initial recognition.
4.11.2 Financial Liabilities
Recognition and Initial Measurement
Financial liabilities are classified, at initial recognition, as at fair value through Profit or Loss, loans and borrowings, payables or as derivatives,
as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly
attributable transaction costs.
Subsequent Measurement
Financial liabilities are measured subsequently at amortized cost or FVTPL. A financial liability is classified as 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 including
borrowings and payables are subsequently measured at amortized cost using the effective interest rate method. Interest expense and
foreign exchange gains and losses are recognized in the Statement of Profit and Loss. Any gain or loss on de-recognition is also recognized
in the Statement of Profit and Loss.
Financial Guarantee Contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it
incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee
contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the
guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirement
of Ind AS 109 and the amount recognized less cumulative amortization.
De-recognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is a legally enforceable right to offset
the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally
230
enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of
default, insolvency or bankruptcy of the counterparty.
4.11.3 Derivative financial instruments Hedge Accounting:
The Group enters into derivative financial instruments viz. foreign exchange forward contracts, interest rate swaps and cross currency
swaps to manage its exposure to interest rate and foreign exchange rate risks. The Group does not hold derivative financial instruments for
speculative purposes.
Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured to
their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately except for the effective
portion of cash flow hedges which is taken in the other comprehensive income (net of tax).
The Group designates certain hedging instruments in respect of certain foreign currency risk and interest rate risk as cash flow hedges.
The Cash flow hedge are initially recognized at fair value on the date when a derivative contract is entered into and are subsequently re-
measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether
the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives
as either:
hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedges); or
hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions
(cash flow hedges).
The Group documents at the inception of the hedging transaction the relationship between hedging instruments and hedged items, as well
as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both
at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will continue
to be highly effective in offsetting changes in fair values or cash flows of hedged items.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is
more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the other
comprehensive income in cash flow hedging reserve within equity, limited to the cumulative change in fair value of the hedged item on a
present value basis from the inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or
loss.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs.
When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported
in equity are immediately reclassified to profit or loss.
4.12 Impairment of Non-Financial Assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. An asset is treated as impaired
when the carrying cost of the asset exceeds its recoverable value being higher of value in use and net selling price. Value in use is computed
at net present value of cash flow expected over the balance useful lives of the assets. For the purpose of assessing impairment, assets are
grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from
other assets or group of assets (Cash Generating Units – CGU).
An impairment loss is recognized as an expense in the Statement of Profit and Loss in the year in which an asset is identified as impaired. The
impairment loss recognized in earlier accounting period is reversed if there has been an improvement in recoverable amount.
4.13 Provisions, Contingent Liabilities and Contingent Assets
4.13.1 Provisions
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event and 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 determined by discounting the expected future cash flows (representing the best estimate of the expenditure required
to settle the present obligation at the Balance Sheet date) at a pre-tax rate that reflects current market assessments of the time value of money
and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.
231 231
Restoration (including Mine closure), rehabilitation and decommissioning:
It includes the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas for
mines. This provision is based on all regulatory requirements and related estimated cost based on best available information. Restoration/
Rehabilitation/ Decommissioning costs are provided for in the accounting period when the obligation arises based on the net present value
of the estimated future costs of restoration to be incurred and are reviewed at each Balance Sheet date.
Onerous Contracts:
Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist when
a contract under which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received from it.
4.13.2 Contingent Liabilities
Contingent liability is a possible obligation arising from past events and the existence of which will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Group or a present obligation that arises from past events
but is not recognized because it is not possible that an outflow of resources embodying economic benefit will be required to settle the obligations
or reliable estimate of the amount of the obligations cannot be made. The Group discloses the existence of contingent liabilities in Other Notes to
financial statements.
4.13.3 Contingent Assets
Contingent assets are not recognized in Financial Statements since this may result in the recognition of income that may never be realised.
However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognized.
4.14 Intangible Assets
4.14.1.1 Mining Rights
Mining Rights are initially recognized at cost and subsequently at cost less accumulated amortization and accumulated impairment loss, if any.
Acquisition Cost i.e., cost associated with acquisition of licenses, and rights to explore including related professional fees, payment towards
statutory forestry clearances, as and when incurred, are treated as addition to the Mining Right.
4.14.1.2 Other Intangible Assets
Software which is not an integral part of related hardware is treated as intangible asset and stated at cost on initial recognition and subsequently
measured at cost less accumulated amortization and accumulated impairment loss, if any.
4.14.1.3 Intangible Assets acquired through Business Combination
Intangible assets acquired in a business combination are recognized at fair value at the acquisition date. Subsequently, intangible assets are
carried at cost less any accumulated amortisation and accumulated impairment losses, if any.
incurred will flow to the Group and the cost of the item can be measured reliably. All other expenditure is recognized in the Statement of Profit
and Loss.
4.14.3 Amortization
Mining Rights are amortized on the basis of annual production to the total estimated mineable reserves. In case the mining rights are not
renewed, the balance related cost will be charged to revenue in the year of decision of non-renewal.
Supplier’s Agreements are amortized over the period of five to twenty years.
Useful life of Trade Mark is taken as indefinite.
Other Intangible assets are amortized over a period of three years.
The amortization period and the amortization method are reviewed at least at the end of each financial year. If the expected useful life of the
assets is significantly different from previous estimates, the amortization period is changed accordingly.
4.14.4 Intangible Assets under Development
Intangible Assets under development is stated at cost less accumulated impairment losses (if any). Cost includes expenses incurred in connection
with development of Intangible Assets in so far as such expenses relate to the period prior to the getting the assets ready for use.
232
4.15 Investment properties
Investment Property is property (comprising land or building or both) held to earn rental income or for capital appreciation or both, but not
for sale in ordinary course of business, use in the production or supply of goods or services or for administrative purposes.
Upon initial recognition, an investment property is measured at cost. Subsequently they are stated in the Balance Sheet at cost, less
accumulated depreciation and accumulated impairment losses, if any.
Any gain or loss on disposal of investment property is determined as the difference between net disposal proceeds and the carrying amount
of the property and is recognized in the Statement of Profit and Loss.
The depreciable investment property i.e., buildings, are depreciated on a straight line method at a rate determined based on the useful life
as provided under Schedule II of the Act.
Investment properties are derecognized either when they have been disposed of or no future economic benefit is expected from their
disposal. The net difference between the net disposal proceeds and the carrying amount of the asset is recognized in the Statement of Profit
and Loss in the period of de-recognition.
When the use of a property changes from investment property to owner-occupied (for Group’s business purpose), the property is reclassified
as Property, Plant & Equipment at its carrying amount on the date of reclassification.
4.16 Biological Assets other than Bearer Plants
Biological Assets other than Bearer Plants are recognized when the Group controls the asset as a result of past events and it is probable that future
economic benefits associated with the asset will flow to the entity and the fair value or cost of the asset can be measured reliably. A Biological Asset
other than Bearer Plants is measured on initial recognition and at the end of each reporting period at its fair value less cost to sell.
4.17 Non-current assets (or disposal groups) held for sale and discontinued operations
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of the carrying
amount and the fair value less cost to sell.
An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain
is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative
impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal
group) is recognized at the date of de-recognition.
Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for
sale. Non-current assets (or disposal group) classified as held for sale are presented separately in the Balance Sheet. Any profit or loss arising
from the sale or re-measurement of discontinued operations is presented as part of a single line item in Statement of Profit and Loss.
4.18 Operating Segment
The identification of operating segment is consistent with performance assessment and resource allocation by the Chief Operating Decision
Maker. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses
including revenues and expenses that relate to transactions with any of the other components of the Group and for which discrete financial
information is available. Operating segments of the Group comprises three segments Cement, Jute and Others. All operating segments’ operating
results are reviewed regularly by the Chief Operating Decision Maker to make decisions about resources to be allocated to the segments and
assess their performance.
4.19 Measurement of Fair Values
A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets
and liabilities.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes
place either:
In the principal market for the asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best
233 233
interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
described as follows, based on the input that is significant to the fair value measurement as a whole:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
Level 3 - Inputs which are unobservable inputs for the asset or liability.
External valuers are involved for valuation of significant assets and liabilities. Involvement of external valuers is decided by the management
of the Group considering the requirements of Ind AS and selection criteria include market knowledge, reputation, independence and whether
professional standards are maintained.
4.20 Standard Issued/amended but not yet effective
Ministry of Corporate Affairs (“MCA”), vide notification dated 23rd March 2022, has made the following amendments to the existing standards
which are effective from 1st April, 2022:
(a) Ind AS 109: Annual Improvements to Ind AS (2021)
(b) Ind AS 103: Reference to Conceptual Framework
(c) Ind AS 37: Onerous Contracts – Costs of Fulfilling a Contract
(d) Ind AS 16: Proceeds before intended use
(e) Ind AS 41: Agriculture
Based on preliminary assessment, the Group does not expect significant impact of these changes on its consolidated financial statements.
5. Significant Judgements and Key sources of Estimation in applying Accounting Policies
Information about Significant judgements and Key sources of estimation made in applying accounting policies that have the most significant
effects on the amounts recognized in the financial statements is included in the following notes:
Recognition of Deferred Tax Assets: The extent to which deferred tax assets can be recognized is based on an assessment of the probability
of the Group’s future taxable income against which the deferred tax assets can be utilized. In addition, significant judgement is required in
assessing the impact of any legal or economic limits.
Useful lives of depreciable/amortisable assets (tangible and intangible): Management reviews its estimate of the useful lives of
depreciable/ amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to
actual normal wear and tear that may change the utility of plant and equipment.
Leases: The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement
in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers
all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date,
the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability
to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant
customisation to the leased asset).
Defined Benefit Obligation (DBO): Employee benefit obligations are measured on the basis of actuarial assumptions which include
mortality and withdrawal rates as well as assumptions concerning future developments in discount rates, medical cost trends, anticipation
of future salary increases and the inflation rate. The Group considers that the assumptions used to measure its obligations are appropriate.
However, any changes in these assumptions may have a material impact on the resulting calculations.
Restoration (including Mine closure), rehabilitation and decommissioning: Estimation of restoration/ rehabilitation/ decommissioning
costs requires interpretation of scientific and legal data, in addition to assumptions about probability of future costs.
234
Provisions and Contingencies: The assessments undertaken in recognising provisions and contingencies have been made in accordance
with Indian Accounting Standards (Ind AS) 37, ‘Provisions, Contingent Liabilities and Contingent Assets’. The evaluation of the likelihood of
the contingent events is applied best judgement by management regarding the probability of exposure to potential loss.
Impairment of Financial Assets: The Group reviews its carrying value of investments carried at amortized cost annually, or more frequently
when there is indication of impairment. If recoverable amount is less than its carrying amount, the impairment loss is accounted for.
Allowances for Doubtful Debts: The Group makes allowances for doubtful debts through appropriate estimations of irrecoverable amount.
The identification of doubtful debts requires use of judgment and estimates. Where the expectation is different from the original estimate,
such difference will impact the carrying value of the trade and other receivables and doubtful debts expenses in the period in which such
estimate has been changed.
Fair value measurement of financial Instruments: When the fair values of financial assets and financial liabilities recorded in the Balance
Sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the
Discounted Cash Flow model. The input to these models are taken from observable markets where possible, but where this not feasible, a
degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and
volatility.
Revenue Recognition: The Group’s contracts with customers include promises to transfer goods to the customers. 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 discounts rebates etc. 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 recognized will not occur
and is reassessed at the end of each reporting period. Estimates of discounts and rebates are sensitive to changes in circumstances and the
Group’s past experience regarding returns, discount and rebate entitlements and may not be representative of customers’ actual returns,
discount and rebate entitlements in the future.
235 235
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2022
6 PROPERTY, PLANT AND EQUIPMENT (` in Crores)

Net
Amount
Particulars As at Additions Transfer Additions Transfer Disposals Re- Other As at As at Transfer Charged Transfer Deductions Other As at As at
1st April, through from/(to) valuation Adjust- 31st 1st April, from/(to) during the Adjust- 31st 31st March,
2021 Business Investment ments March, 2021 Investment year ments March, 2022
Combination Property 2022 Property 2022
7.1) 7.1)
Freehold Land (Refer Note 2,023.85 0.36 (0.27) 13.60 – – 155.02 – 2,192.56 33.27 – 7.52 – – – 40.79 2,151.77
No. 6.1 to 6.2)
Sub-Total 2,023.85 0.36 (0.27) 13.60 – – 155.02 – 2,192.56 33.27 – 7.52 – – – 40.79 2,151.77
Buildings 695.02 – – 68.61 – 0.01 – – 763.62 124.94 – 27.63 – 0.01 – 152.56 611.06
Plant and Machinery 4,819.67 1.91 – 287.96 – 6.91 – – 5,102.63 1,394.36 – 290.17 – 3.28 – 1,681.25 3,421.38
Furniture and Fittings 13.69 – – 1.77 – 0.02 – – 15.44 6.44 – 1.17 – 0.01 – 7.60 7.84
Vehicles 27.04 – – 1.82 – 0.56 – – 28.30 14.00 – 2.77 – 0.44 – 16.33 11.97
Office Equipments 41.94 – – 6.52 – 0.82 – – 47.64 25.63 – 5.43 – 0.76 – 30.30 17.34
Railway Sidings 129.23 – – 10.70 – 0.15 – – 139.78 30.90 – 9.06 – 0.06 – 39.90 99.88
Right of Use Assets
(Refer Note No. 46)
- Leasehold Land 158.30 – – – – – – – 158.30 5.74 – 2.66 – – – 8.40 149.90
- Buildings 4.70 – – – – – – – 4.70 1.36 – 0.68 – – – 2.04 2.66
- Plant and Machinery 96.52 – – 24.57 – – – – 121.09 0.76 – 8.22 – – – 8.98 112.11
Total 8,009.96 2.27 (0.27) 415.55 – 8.47 155.02 – 8,574.06 1,637.40 – 355.31 – 4.56 – 1,988.15 6,585.91
Capital Work-In-Progress 2,103.42 – – 605.86 243.53 – – 83.57 2,549.32 – – – – – – – 2,549.32

Net
Amount
Particulars As at Additions Transfer Additions Transfer Disposals Re- Other As at As at Transfer Charged Transfer Deductions Other As at As at
1st April, through from/(to) valuation Adjust- 31st 1st April, from/(to) during the Adjust- 31st 31st March,
2020 Business Investment ments March, 2020 Investment year ments March, 2021
Combination Property 2021 Property 2021
7.1) 7.1)
Freehold Land (Refer Note 2,014.27 – – 9.58 – – – – 2,023.85 25.74 – 7.53 – – – 33.27 1,990.58
No. 6.1 to 6.2)
Sub-Total 2,014.27 – – 9.58 – – – – 2,023.85 25.74 – 7.53 – – – 33.27 1,990.58
Buildings 665.26 – 0.04 32.30 (2.56) 0.01 – (0.01) 695.02 99.79 0.01 25.84 (0.70) 0.00 – 124.94 570.08
Plant and Machinery 4,667.67 – – 153.53 – 1.43 – (0.10) 4,819.67 1,116.45 – 279.05 – 1.14 – 1,394.36 3,425.31
Furniture and Fittings 11.78 – – 1.90 – 0.01 – 0.02 13.69 5.18 – 1.27 – 0.01 – 6.44 7.25
Vehicles 26.49 – – 0.98 – 0.43 – – 27.04 11.42 – 2.91 – 0.33 – 14.00 13.04
Office Equipments 36.63 – – 5.39 – 0.17 – 0.09 41.94 20.43 – 5.36 – 0.16 – 25.63 16.31
Railway Sidings 94.13 – – 35.10 – – – – 129.23 24.20 – 6.70 – – – 30.90 98.33
Right of Use Assets
(Refer Note No. 46)
- Leasehold Land 155.74 – – – 2.56 – – – 158.30 2.38 – 2.66 0.70 – – 5.74 152.56
- Buildings 4.70 – – – – – – – 4.70 0.68 – 0.68 – – – 1.36 3.34
- Plant and Machinery 2.97 – – 93.55 – – – – 96.52 0.12 – 0.64 – – – 0.76 95.76
Total 7,679.64 – 0.04 332.33 – 2.05 – – 8,009.96 1,306.39 0.01 332.64 – 1.64 – 1,637.40 6,372.56
Capital Work-In-Progress 1,601.98 - - 660.27 195.19 21.01 - 57.37 2,103.42 - - - - - - - 2,103.42
Notes :
6.1 Gross carrying amount includes ₹ 2.86 Crores (Previous Year ₹ 1.59 Crores) in Land and ₹ 7.00 Crores (Previous Year ₹ 7.00 Crores) in Building under
Co-ownership basis and also ₹ 0.00 Crore (Previous Year ₹ 0.00 Crore) being value of investments in Shares of a Private Limited Company.
6.2 The Group has adopted revaluation model for one class of Property, Plant and Equipment i.e. Freehold land and have revalued as on 1st April, 2017
and 1st April, 2021 on the basis of valuation reports made by independent registered valuer as defined under rule 2 of Companies (Registered Valuers
and Valuation) Rules, 2017. Carrying amount of Freehold Land as on 1st April, 2021 include revaluation surplus of ₹ 1,054.92 Crores and ₹ 155.02
Crores on account of revaluation made on 1st April, 2017 and 1st April, 2021 respectively. The resulting revaluation surpluses has been recognized
and presented under "Other Comprehensive Income".
The fair valuation was based on current prices in the active market for similar properties. The main inputs used were quantum, area, location, demand,
restrictive entry to the land. This valuation was based on valuations performed by accredited independent registered valuer. Fair valuation was based
on depreciated open market price method. The fair value measurement was categorized in level 2/ level 3 fair value hierarchy.
236
6.3 Capital Work In Progress ageing schedule: (` in Crores)
Particulars
Projects in progress 819.13 606.21 669.12 448.13 2,542.59
Total 819.13 606.21 669.12 454.86 2,549.32

Particulars
Projects in progress 771.91 779.34 64.79 480.65 2,096.69
Total 771.91 779.34 64.79 487.38 2,103.42
6.4 Capital Work In Progress completion schedule:

Details of capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan, are as follows:
To be completed in
year 3 Years
Projects in progress
Mukutban Integrated Unit 2,151.81 – – – 2,151.81 Delay due to COVID 19 pandemic
Maihar Integrated Unit-SILO Project – – 5.22 – 5.22 Reassessment of Technical usage
Grinding Units in Madhya Pradesh – – 1.51 – 1.51 feasibility is being done
Total 2,151.81 – 6.73 – 2,158.54

To be completed in
year 3 Years
Projects in progress
Mukutban Integrated Unit – 1,613.21 – – 1,613.21 Delay due to COVID 19 pandemic
Maihar Integrated Unit-SILO Project – – 5.22 – 5.22 Reassessment of Technical usage
Grinding Units in Madhya Pradesh – – 1.51 – 1.51 feasibility is being done
Total – 1,613.21 6.73 – 1,619.94
6.5 The amount of expenditures recognized in the carrying amount of an item of Property, Plant and Equipment in the course of its construction:
As at As at
Particulars
Assets under construction 1,814.91 1,484.41
Expenditure incurred on Project Development Pending Capitalization / allocation 471.77 356.37
Fair value of Mining Rights under Development 262.64 262.64
Total 2,549.32 2,103.42
237 237
(` in Crores)
As at As at
Particulars
Pre-operative expenses pending allocation:
Salaries, wages and bonus (Refer Note No. 34) 24.42 18.33
Finance costs (Refer Note No. 35) 83.57 57.37
Depreciation 0.44 0.31
Licences, Cleareances, Taxes, etc. 2.31 4.31
Total Pre-operative expenses 475.73 377.63
Less: Capitalized/ charged during the year 3.96 0.25
Less: Reclassification – 6.95
Less: Write off – 14.06
Balances included in Capital Work in Progress 471.77 356.37
6.6 Title deed for freehold land amounting to ₹ 11.89 Crores (Previous year ₹ 9.49 Crores), although in the name of Group, is in dispute and is pending
resolution before the Court of Civil Judge, Rajgurunagar (Khed) and Additional Division Commissioner, Pune.
6.7 No proceedings have been initiated or are pending against the Group for holding any benami property under the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and rules made thereunder.
6.8 The Group has capitalized during the year with the Property, Plant and Equipment amounts to ₹ 2.09 Crores (Previous Year de-capitalized ₹ 2.85
Crores) on account of foreign exchange differences pursuant to using the optional exemption available under Para D13AA of Ind AS 101 "First Time
Adoption" for continuing with the policy adopted for accounting for exchange difference on the Long Term Foreign Exchange Monetary Items
recognized under previous GAAP as described in note no. 37.2 to the consolidated financial statement.
6.9 During the year, the Group has capitalized finance costs on the qualifying assets as required by IND AS 23 Borrowing Costs amounting to ₹ 83.57
Crores (Previous Year ₹ 57.37 Crores), (Refer Note No. 35).
6.10 Right of Use Assets includes:
(a) "Leasehold Land" represents land obtained on long term lease from various Government and other authorities.
(b) "Plant & Machinery" represents:
– Machinery recognized as per long term power purchase agreement in accordance with the principles of IND AS 116 "Leases". (Refer Note
No. 63)
– Railway Wagons recognized as per long term wagon leasing agreement in accordance with the principles of IND AS 116 "Leases".
6.11 Refer Note No. 43 for disclosure of contractual commitments for the acquisition of Property, Plant and Equipment.
6.12 Refer Note No. 44 for information on Property, Plant and Equipment pledged as securities by the Group.
7 INVESTMENT PROPERTY
Particulars
Gross Carrying Amount
Opening Gross Carrying Amount 0.15 0.19
Additions – –
Transferred from/(to) Property Plant & Equipment (Refer Note No. 7.1) 0.27 (0.04)
Disposals – –
Other Adjustments – –
Closing Gross Carrying Amount 0.42 0.15
Accumulated Depreciation
Opening Accumulated Depreciation 0.02 0.03
Depreciation charged during the year 0.00 0.00
Transferred to Property Plant & Equipment (Refer Note No. 7.1) – (0.01)
Closing Accumulated Depreciation 0.02 0.02
Net Carrying Amount 0.40 0.13
238
(` in Crores)
7.1 During the year, freehold land having book value of ₹ 0.27 Crore have been transferred to Investment Property from Property, Plant and Equipment
as the same have been considered by the management as not for further use for business purposes and held for capital appreciation.
In previous year, certain portion of a property was started to be used by the Group for its normal business purpose. Hence, this portion of building
was transferred from Investment Property to Property, Plant and Equipment.
7.2 Fair value of the Group’s Investment Properties as at 31st March, 2022 (including Freehold Land transferred transferred from Property, Plant &
Equipment) and 31st March, 2021 (excluding proportionate portion transferred to Property, Plant & Equipment) are ₹ 27.46 Crores and ₹ 15.74
Crores respectively. The fair value has been arrived on the basis of valuation performed by independent registered valuers as defined under rule 2
of Companies (Registered Valuers and Valuation) Rules, 2017, who are specialist in valuing these types of Investment Properties, having appropriate
qualifications and recent experience in the valuation of properties in relevant locations.
7.3 The fair valuation is based on current prices in the active market for similar properties and rental income of similar type of property in the same
locality. The main inputs used are quantum, area, location, demand, restrictive entry to the land and building, age of the building and trend of fair
market rent in the locality. This valuation is based on valuations performed by accredited independent registered valuers. Fair valuation is based on
depreciated open market price method and rental method. The fair value measurement is categorized in level 3 fair value hierarchy.
7.4 The amounts recognized in the Statement of Profit and Loss in relation to the investment properties:
For the Year ended For the Year ended

Particulars
Rental Income 0.39 0.10
Direct Operating Expenses in relation to
– Properties generating rental income 0.43 0.31
7.5 The Group has no restriction on the realisability of it’s Investment Properties or the remittance of income and proceeds of disposal. There is no
contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements.
8 INTANGIBLE ASSETS

Net
Particulars Amount
2021 2022 2021 year 2022 2022
Supplier Agreement-Flyash 19.61 – – – 19.61 8.73 0.99 – – 9.72 9.89
Trademark 198.27 – – – 198.27 – – – – – 198.27
preparation)
Total 1,097.85 81.72 – – 1,179.57 147.80 42.07 – – 189.87 989.70
Intangible Assets under 1.37 82.09 81.72 – 1.74 – – – – – 1.74

Development
239 239
(` in Crores)
Net
Particulars Amount
2020 2021 2020 year 2021 2021
Supplier Agreement-Flyash 19.61 – – – 19.61 6.12 2.61 – – 8.73 10.88
Trademark 198.27 – – – 198.27 – – – – – 198.27
preparation)
Total 1,060.66 37.19 – – 1,097.85 109.37 38.43 – – 147.80 950.05
Intangible Assets under 1.92 36.64 37.19 – 1.37 – – – – – 1.37

Development
Notes :
8.1 Intangible Assets under Development ageing schedule:
Particulars
Projects in progress 0.50 0.08 – 1.16 1.74
Total 0.50 0.08 – 1.16 1.74

Particulars
Projects temporarily Suspended - - - - -
Total 0.12 0.09 0.25 0.91 1.37
8.2 There is no intangible assets under development as on 31st March 2022 and 31st March 2021, whose completion is overdue or has exceeded its cost
compared to its original plan.
8.3 The Group has not revalued its intangible assets.
8.4 Refer Note No. 43 for disclosure of contractual commitments for the acquisition of Intangible Assets.
8.5 Refer Note No. 44 for information on Intangible Assets pledged as securities by the Group.
9 BIOLOGICAL ASSETS OTHER THAN BEARER PLANTS

Particulars
Additions/Acquisitions – 0.05
Disposals 0.00 0.01
Fair Value Adjustments 0.01 (0.02)
9.1 The Group owns Bearer Biological Assets i.e., livestock from which milk is produced. The livestock is maintained by the Parent Company at Satna and
Birlapur. The milk produced from the live stock are internally consumed and not sold commercially.
240
10 NON–CURRENT INVESTMENTS (` in Crores)

Face
Value
No.
A DEBT INSTRUMENTS AT AMORTISED COST

Unquoted
National Savings Certificate 10.1 10,000 1.00 0.00 1.00 0.00
Sub Total 0.00 0.00
TOTAL (A) 0.00 0.00

EQUITY INSTRUMENTS (FULLY PAID UP)
QUOTED
Century Textiles & Industries Limited 10 18,07,660 154.47 18,07,660 84.06
Birla Cables Limited 10 53,88,515 84.44 53,88,515 32.49
Universal Cables Limited 10 8,00,157 11.06 8,00,157 10.91
Hindustan Media Ventures Limited 10 4,440 0.03 4,440 0.03
The Rameshwara Jute Mills Limited 10.2 10 19,133 0.01 19,133 0.01
Vindhya Telelinks Limited 10 100 0.01 100 0.01
Birla Precision Technologies Limited 2 2,121 0.01 2,121 0.00
Zenith Steel Pipes and Industries Limited 10 6,362 0.00 6,362 0.00
UltraTech Cement Limited 10 2,25,957 149.18 2,25,957 152.25
Sub Total 399.21 279.76
UNQUOTED 10.2
Birla Buildings Limited 10 24,000 0.02 24,000 0.02
Neosym Industry Limited 10 52,000 0.01 52,000 0.01
Lotus Court Limited 10 1 0.01 1 0.01
Industry House Limited 10 600 0.01 600 0.01
The Eastern Economist Limited 10 400 0.01 400 0.01
Woodlands Multispeciality Hospital Limited 10 520 0.00 520 0.00
Twin Star Venus Co-Operative Society Housing Society Limited 10 10 0.00 10 0.00
Elgin Mills Company Limited 10.3 10 2,250 0.00 2,250 0.00
Bally Jute Mills Employees Consumers' Co-operative Stores Limited 10 250 0.00 250 0.00
Gangangiri Park Co-Operative Society Housing Society Limited 10 15 0.00 15 0.00
Craig Jute Mills Limited 3 50 0.00 50 0.00
Sub Total 0.06 0.06
Investment in Quoted Government Securities

8.97% GOI 2030 10.4 100 1,00,000 1.17 1,00,000 1.21
Sub Total 1.17 1.21
Investments In Quoted Bonds
9.70% IFCI Limited 2030 10,00,000 63 6.33 63 6.54
9.55% IFCI Limited 2025 10,00,000 5 0.54 13 1.41
Sub Total 6.87 7.95
TOTAL (B) 407.31 288.98
241 241
(` in Crores)

Face
Value
No.
C INVESTMENTS AT FAIR VALUE THROUGH PROFIT AND LOSS

10.2 &
Elgin Mills Company Limited. - 5% Preference Shares 10 100 0.00 100 0.00
10.3
Sub Total 0.00 0.00
TOTAL (C) 0.00 0.00
TOTAL NON-CURRENT INVESTMENTS 407.31 288.98
Aggregate Book Value of Quoted Investments 407.25 288.92

Aggregate Fair Value of Quoted Investments 407.25 288.92
Notes :
10.1 Deposited with Government Department as Security.
10.2 Fair valuation not carried out as the amounts are not significant.
10.3 The investee company is under liquidation.
10.4 Lien marked in favour of Clearing Corporation of India Limited.
11 LOANS
Non Current Current

Refer Note
No.
Loans & Advances to Related Parties 11.1, 11.2 & 11.3
Loan Receivables – – 0.07 0.07
– – – –
Loans & Advances to Others 11.1, 11.2 & 11.3
Loan Receivables 0.46 0.29 1.03 1.24
0.46 0.29 1.03 1.24
Total 0.46 0.29 1.03 1.24
11.1 Break Up of Loans

Loan Receivables considered good - Secured – – – –
Loan Receivables considered good - Unsecured 0.46 0.29 1.03 1.24
Loan Receivables which have significant increase in Credit Risk – – 0.07 0.07
Loan Receivables - Credit Impaired – – – –
0.46 0.29 1.10 1.31
0.46 0.29 1.03 1.24
11.2 No Loans are due from directors or other officers of the Group either severally or jointly with any other person. No Loan due from firms or private
companies respectively in which any director of Group is a partner, a director or a member except as disclosed in Note No. 11.3 given below.
242
(` in Crores)
11.3 Details of loans and advances to related parties as required by Sec. 186 of the Companies Act, 2013 read with SEBI (Listing Obligations Disclosure
Requirements ) Regulations, 2015 :
Balance Outstanding Maximum amount Outstanding
Refer Note As at For the year ended
Particulars
No. 31st March, 31st March, 31st March, 31st March,
2022 2021 2022 2021
i. Subsidiary Company (not consolidated)
Birla Corporation Cement Manufacturing PLC (ii) (a) & (b) – – 0.07 0.07
ii. Purpose for which the advance was provided
a. Advance given for implementation of Project
b. Net of Provision for Doubtful Receivables
iii. For Guarantee refer Note No. 41.3 and for
Investments refer Note No. 9, 10, 15 & 63.
12 OTHERS FINANCIAL ASSETS

Security Deposits
Unsecured, considered good 63 46.73 52.53 8.61 8.61
46.73 52.53 8.61 8.61
Incentive and Subsidy Receivable 199.64 207.77 473.03 334.50

Less : Provision for Expected Credit Loss 55.1.2 33.61 33.61 0.45 0.45
166.03 174.16 472.58 334.05
Other Deposits, Advances and Claims Recoverable
Unsecured, considered good 12.1 1.64 12.24 17.55 21.60
Unsecured, considered doubtful – – 2.01 2.01
1.64 12.24 19.56 23.61
Less: Provision for Doubtful Advances – – 2.01 2.01
1.64 12.24 17.55 21.60
Deposits with Bank having maturity of more than one year from the
balance sheet date 12.2 12.91 9.70 – –
Fixed Deposits with Others – – 70.00 156.00
Interest accrued on Deposits 0.05 0.03 2.33 4.27
Derivative Contracts (Net) – – 0.23 0.26
Amount paid under Protest 2.37 2.37 – –
Others – – 1.70 0.01
15.33 12.10 74.26 160.54
Total 229.73 251.03 573.00 524.80

12.1 No other receivables are due from directors or other officers of the Group either severally or jointly with any other person. No other receivables are
due from firms or private companies respectively in which any director of Group is a partner, a director or a member.
12.2 Represents deposits marked lien in favour of Govt. Authorities and Banks.
243 243
13 OTHER ASSETS (` in Crores)

Advance against supply of Goods and Services – – 197.04 221.08
Less : Provision for Doubtful Advances – – 0.04 0.04
– – 197.00 221.04
Capital Advances 99.59 101.13 – –
Prepaid Expenses 3.75 2.93 11.37 9.88
Balances with Government & Statutory Authorities 0.60 0.60 209.86 174.30
Security Deposits
Unsecured considered good 1.85 1.85 0.44 0.45
Other Advances / Receivables 13.2 8.42 8.35 9.94 4.63
(Including Balance with Gratuity Fund)
Total 177.16 194.95 428.61 410.30
13.1 No other receivables are due from directors or other officers of the Group either severally or jointly with any other person. Nor other receivables are
due from firms or private companies respectively in which any director of Group is a partner, a director or a member except ₹ 4.96 Crores (Previous
Year ₹ 1.32 Crores) are receivable from private companies in which directors of the Group are directors.
13.2 Other Advances / Receivable (Non-Current) includes ₹ 6.95 Crores (Previous Year ₹ 6.95 Crores), represents the realizable value of expenditures
incurred on shelved future projects.
14 INVENTORIES

Particulars March, 2022 March, 2021
No.
(As valued and certified by the Management) 4.1

Raw Materials 14.1 98.13 124.28
Work-In-Progress 14.1 142.95 126.42
Finished Goods 14.1 109.33 105.16
Stock-In-Trade 1.04 0.92
Stores and Spares 14.1 245.80 226.40
Fuels 14.1 208.54 211.83
Packing Materials 24.31 20.05
830.10 815.06
Less Provision on Non-Moving Stores and Spares 10.11 4.97
Total 819.99 810.09
14.1 The above includes goods-in-transit as under:

Raw Materials 5.62 6.62
Stores and Spares 0.03 3.06
Fuels 0.51 46.98
Total 12.24 64.56
14.2 Refer Note No. 44 for information on amount of inventories pledged as securities by the Group.
244
15 CURRENT INVESTMENTS (` in Crores)

Face
Value
No.
A INVESTMENT AT FAIR VALUE THROUGH PROFIT OR LOSS

Investments in Mutual Funds
UNQUOTED
Axis Liquid Fund - Direct Growth 84,757 20.03 74,440 17.01
Axis Money Market Fund Direct Growth 1,04,509 12.04 45,178 5.00
Axis Ultra Short Term Fund Direct Growth – – 92,34,001 11.05
Baroda BNP Paribas Banking & PSU Bond Fund - Direct Plan Growth (Previously
– – 19,99,900 2.00
known as Baroda Banking and PSU Bond Fund - Direct Plan Growth)
Baroda BNP Paribas Liquid Fund - Direct Growth (Previously known as Baroda
20,388 5.00 71,789 17.01
Liquid Fund - Plan B Growth)
Baroda BNP Paribas Overnight Fund - Direct Plan Growth Growth (Previously
44,810 5.00 – –
Baroda Overnight Fund - Direct Plan Growth)
DSP Savings Fund- Direct Plan - Growth 11,44,351 5.01 11,89,309 5.01
DSP Liquidity Fund- Direct Plan - Growth 16,434 5.00 – –
HSBC Corporate Bond Fund Direct Growth – – 9,99,950 1.02
HDFC Money Market Fund- Direct Plan - Growth Option 10,791 5.02 – –
HDFC Ultra Short Term Fund - Direct Growth 1,29,05,281 16.02 6,00,000 0.72
HDFC Liquid Fund- Direct Plan - Growth Option 11,951 5.00 – –
IDFC Ultra Short Term Fund Direct Plan - Growth 5,42,33,467 67.31 7,45,05,438 89.19
IDFC Floating Rate Fund Direct Plan - Growth – – 99,99,500 10.04
IDFC Money Manager Fund Growth - Direct Plan 25,85,925 9.03 39,04,110 13.14
IDFC Banking & PSU Debt Fund- Direct Plan- Growth 19,95,380 4.07 – –
IDFC Cash Fund- Growth- Direct Plan 77,900 20.03 – –
ICICI Prudential Ultra Short Term Fund- Direct Plan- Growth 8,40,132 2.01 – –
ICICI Prudential Liquid Fund - Direct Plan -Growth 5,07,697 16.01 1,64,170 5.00
Invesco India Money Market Fund - Direct Plan Growth 67,240 17.09 41,014 10.03
Invesco India Ultra Short term Fund - Direct Plan Growth 21,766 5.02 10,655 2.36
Invesco India Liquid Fund- Direct Plan Growth 66,493 19.44 – –
Kotak Liquid Fund Direct Plan Growth 11,622 5.00 38,525 16.02
Kotak Money Market Fund -Direct Plan- Growth 69,410 25.13 57,512 20.04
Kotak Savings Fund - Direct Plan - Growth 30,69,151 11.06 1,05,62,382 36.63
Kotak Overnight Fund Direct- Growth 88,227 10.00
LIC MF Savings Fund -Direct Plan- Growth 14,57,623 5.02 15,09,828 5.00
LIC MF Liquid Fund- Direct Plan- Growth 12,933 5.00
L & T Money Market Fund Direct Plan- Growth 27,10,589 6.03 46,72,947 10.03
L & T Ultra Short Term Fund Direct Plan- Growth 1,15,26,884 41.95 1,15,26,884 40.45
L & T Liquid Fund Direct Plan- Growth 68,633 20.00 – –
Mahindra Manulife Liquid Fund- Direct- Growth 36,129 5.00 – –
Mirae Asset Overnight Fund Direct Plan- Growth 91,818 10.00 – –
Mirae Asset Cash Management Fund- Direct Plan Growth 22,256 5.00 – –
Nippon India Liquid Fund - Direct Plan Growth Plan -Growth Option 79,426 41.37 36,325 18.29
Nippon India Money Market Fund -Direct Growth Plan Growth Option 75,908 25.43 65,430 21.07
Nippon India Low Duration Fund- Retail Option Growth Plan 476 0.14 476 0.13
PGIM India Liquid Fund- Direct Plan- Growth 1,80,266 5.00 – –
PGIM India Ultra Short Duration Fund- Direct Plan- Growth 28,05,184 8.04 – –
Sundaram Liquid Fund -Direct Plan Growth 63,879 12.00 – –
SBI Liquid Fund Direct Growth 45,063 15.02 62,117 20.01
SBI Magnum Low Duration Fund Direct - Growth 15.1 – – 1,03,038 28.81
SBI Magnum Ultra Short Duration Fund Direct Growth 41,045 20.10 – –
SBI Floating Rate DEBT Fund Direct Plan Growth 94,28,776 10.04 – –
SBI Savings Fund -Direct Plan- Growth – – 70,10,551 23.97
Tata Money Market Fund Direct Plan -Growth 68,360 26.15 57,896 21.25
Tata Liquid Fund Direct Plan- Growth 62,563 21.03 15,405 5.00
Tata Overnight Fund Direct Plan- Growth 4 0.00 – –
UTI Treasury Advantage Fund- Direct Growth Plan Growth – – 30,971 8.19
UTI Liquid Cash Plan- Direct Plan- Growth 14,338 5.00 – –
TOTAL (A) 576.64 463.47
245 245
(` in Crores)

Face
Value
No.

Investment in Quoted Non -Convertible Debentures
2% Tata Steel Limited 2022 10,00,000 134 24.99 – –
TOTAL (B) 24.99 –
TOTAL CURRENT INVESTMENTS 601.63 463.47

Aggregate Book Value of Quoted Investments 24.99 –
Aggregate Fair Value of Quoted Investments 24.99 –
Notes :
15.1 Out of the same Nil units (Previous Year: 45,930 units) are held as margin in favour of State Bank of India against bank guarantee.
15.2 The Group has not traded or invested in crypto currency or virtual currency during the year ended 31st March, 2022 and 31st March, 2021.
16 TRADE RECEIVABLES
Particulars
Trade Receivables 16.1 & 16.2 314.67 294.37
Total 302.81 279.51
Break Up of Trade Receivables

Trade Receivables considered good - Secured 128.46 139.29
Trade Receivables considered good - Unsecured 174.35 140.22
Trade Receivables which have significant increase in Credit Risk 11.86 14.86
Trade Receivables - Credit Impaired – –
Total 314.67 294.37
Total 302.81 279.51
16.1 Trade receivables are non-interest bearing and are generally on terms of 0 to 90 days. Refer Note No. 44 for information on amount of trade receivables
pledged as security by the Group.
16.2 No trade receivables are due from directors or other officers of the Group either severally or jointly with any other person. No any trade receivables
are due from firms or private companies respectively in which any director of the Group is a partner, a director or a member.
246
16.3 Trade Receivables ageing schedule (` in Crores)

Months Year Years
considered good
(ii) Undisputed Trade Receivables – – – – – 0.16 2.90 3.06
credit risk
impaired
considered good
(v) Disputed Trade Receivables – which – – – – 0.13 8.67 8.80
impaired

Months Year Years
considered good
(ii) Undisputed Trade Receivables – – – 0.07 0.30 1.01 4.74 6.12
credit risk
impaired
considered good
(v) Disputed Trade Receivables – which – – – 0.03 0.05 8.66 8.74
impaired
16.4 There are no unbilled trade receivables as on 31st March, 2022 and 31st March, 2021.
247 247
17 CASH AND CASH EQUIVALENTS (` in Crores)

Particulars
Balances With Banks :
In Current/ Cash Credit Account 43.17 75.01
In Deposit Accounts with Original Maturity of less than three months 40.02 14.93
Cheques/ Drafts on Hand 1.03 0.41
Cash on Hand 0.17 0.19
Total 84.39 90.54
18 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

Balance in Unpaid Dividend Account 1.41 1.44
Other Fixed Deposit with Banks 18.1 52.18 85.27
Total 53.59 86.71
18.1 Includes deposits marked lien in favour of Govt. Authorities and Banks 8.75 2.54
19 NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE

Plant & Machinery 19.1 1.08 1.42
Total 1.08 1.42
19.1 Plant & Machinery related to:

Unit Birla Carbide & Gases: Suspension of operations was declared of the Parent Company’s unit Birla Carbide & Gases, Birlapur, West Bengal w.e.f.
29th October, 2001. Subsequently, closure of the Unit was declared w.e.f. 31st January, 2005. A resolution was passed by Board of Directors of the
Parent Company on 4th November, 2015 for disposal of assets of the Unit. All Plant & Machineries has been disposed off during the year ended 31st
March, 2022.
Unit Auto Trim Division: Suspension of operations was declared of the Parent Company’s unit Auto Trim Division at Birlapur, West Bengal w.e.f. 18th
February, 2014. There have been no operations at Gurgaon plant, Haryana and at Chakan plant, Maharashtra since November, 2007 and August, 2007
respectively. All Plant & Machineries, except some Machineries were transferred to other units of the Parent Company till April, 2019. A resolution
was passed by Board of Directors of the Parent Company on 3rd May, 2019 for disposal of remaining assets of the Unit. It was expected that the sale
of the assets will be completed by March, 2022. However, due to Covid 19 Pandemic the complete disposal could not take place and now the Parent
Company expects to carry out the same by March, 2023. The assets of the unit comprising remaining Plant & Machineries are presented within total
assets of the “Others Segment Assets” under Segment Reporting.
Non recurring fair value measurements
The fair value of the Plant & Machineries, classified as Held for Sale, was determined using the sales comparison approach. This is level 2 measurement
as per the fair value hierarchy set out in accounting policies related to fair value measurement. The key inputs under this approach are price of the
similar Plant & Machineries at the same location, condition and age.
20 EQUITY SHARE CAPITAL
Particulars
No. of Shares Amount No. of Shares Amount
20.1 Authorised Share Capital
Preference Shares of ₹ 100/- each 10,00,000 10.00 10,00,000 10.00
Total 9,10,00,000 100.00 9,10,00,000 100.00
20.2 Issued Share Capital
Total 7,70,13,416 77.01 7,70,13,416 77.01
20.3 Subscribed and Paid-up Share Capital
Ordinary Shares of ₹ 10/- each fully paid-up 7,70,05,347 77.01 7,70,05,347 77.01
Add: Forfeited Ordinary Shares (Amount originally paid-up) – 0.00 – 0.00
Total 7,70,05,347 77.01 7,70,05,347 77.01
248
(` in Crores)
20.4 Reconciliation of the number of shares at the beginning and at the end of the year
There has been no change/ movements in number of shares outstanding at the beginning and at the end of the year.
20.5 Terms/ Rights attached to Equity Shares :
The Parent Company has only one class of issued shares i.e., Ordinary Shares having par value of ₹ 10 per share. Each holder of the Ordinary Shares
is entitled to one vote per share and equal right for dividend. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the ordinary shareholders are
eligible to receive the remaining assets of the Group after payment of all preferential amounts, in proportion to their shareholding.
20.6 Shareholding Pattern in respect of Holding or Ultimate Holding Company
The Parent Company does not have any Holding Company or Ultimate Holding Company.
20.7 Details of Shareholding of Promoters in the Parent Company
As at 31st March, 2022 As at 31st March, 2021 % Change
Name of Promoters during the year
Estate of Late Smt Priyamvada Devi Birla represented by Justice 1,260 0.00% 1,260 0.00% NIL
Mohit Shantilal Shah, Shri Mahendra Kumar Sharma and Shri Amal
Chandra Chakrabortti in their capacity as Administrators pendente
lite
August Agents Limited 60,15,912 7.81% 60,15,912 7.81% NIL
Baroda Agents & Trading Co. Private Limited 9,14,355 1.19% 9,14,355 1.19% NIL
Belle Vue Clinic 1,75,148 0.23% 1,75,148 0.23% NIL
Birla Cable Limited 280 0.00% 280 0.00% NIL
Birla Financial Corporation Limited 280 0.00% 280 0.00% NIL
East India Investment Co. Private Limited 73,475 0.10% 73,475 0.10% NIL
Eastern India Educational Institution 33,61,200 4.36% 33,61,200 4.36% NIL
Express Dairy Company Limited 280 0.00% 280 0.00% NIL
Gwalior Webbing Co. Private Limited 17,75,200 2.31% 17,75,200 2.31% NIL
Hindustan Gum & Chemicals Limited 2,70,000 0.35% 2,70,000 0.35% NIL
Hindustan Medical Institution 71,59,460 9.30% 71,59,460 9.30% NIL
Insilco Agents Limited 60,04,080 7.80% 60,04,080 7.80% NIL
Laneseda Agents Limited 59,94,680 7.78% 59,94,680 7.78% NIL
M.P. Birla Foundation Educational Society 1,00,100 0.13% 1,00,100 0.13% NIL
M.P. Birla Institute of Fundamental Research 100 0.00% 100 0.00% NIL
Mazbat Tea Estate Limited 14,67,689 1.91% 14,67,689 1.91% NIL
Punjab Produce Holdings Limited 36,65,407 4.76% 36,65,407 4.76% NIL
Shreyas Medical Society 1,17,740 0.15% 1,17,740 0.15% NIL
South Point Foundation 1,40,000 0.18% 1,40,000 0.18% NIL
The Punjab Produce & Trading Co. Private Limited 45,20,572 5.87% 45,20,572 5.87% NIL
Universal Cables Limited 2,96,730 0.39% 2,96,730 0.39% NIL
Vindhya Telelinks Limited 63,80,243 8.29% 63,80,243 8.29% NIL
20.8 Details of Equity Shareholders holding more than 5% shares in the Company
Name of Shareholders
Ordinary Shares of ₹ 10/- each fully paid
Hindustan Medical Institution 71,59,460 9.30 71,59,460 9.30
Vindhya Telelinks Limited 63,80,243 8.29 63,80,243 8.29
August Agents Limited 60,15,912 7.81 60,15,912 7.81
Insilco Agents Limited 60,04,080 7.80 60,04,080 7.80
Laneseda Agents Limited 59,94,680 7.78 59,94,680 7.78
The Punjab Produce & Trading Co. Private Limited 45,20,572 5.87 45,20,572 5.87
20.9 No ordinary shares have been reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestment as at the Balance
Sheet date.
249 249
(` in Crores)
20.10 The Parent Company has neither allotted any equity shares against consideration other than cash nor has issued any bonus shares nor has bought
back any shares during the period of five years immediately preceding the date at which the Balance Sheet is prepared.
20.11 No securities convertible into Equity/ Preference shares have been issued by the Group during the year.
20.12 No calls are unpaid by any Director or Officer of the Group during the year.
21 OTHER EQUITY (Refer Statement of Changes in Equity)
The Description of the nature and purpose of each reserve within equity is as follows:
21.1 Capital Reserve: Capital Reserves are mainly the reserves created during business combination for the gain on bargain purchase.
21.2 Capital Reserve on Consolidation: This reserve arises on account of consolidation of the financials of subsidiaries.
21.3 Debenture Redemption Reserve (DRR): The Parent Company has issued redeemable non-convertible debentures. Accordingly, the Companies
(Share Capital and Debentures) Rules, 2014 (as amended), requires the Parent Company to create DRR out of profits of the Parent Company
available for payment of dividend. DRR is required to be created for an amount which is equal to 25% of the value of debentures issued. However,
this requirement is no more applicable as per the amendment in the Companies (Share capital and Debentures) Rules, 2014. Accordingly from
previous year, the Parent Company has not made any new addition in the said reserve and accounted the reversal of outstanding reserve linked to
payment of specific non-convertible debentures.
21.4 General Reserve: The general reserve is created out of retained earnings and use for appropriation purposes.
21.5 Retained Earnings: Retained earnings represents the undistributed profit of the Group.
21.6 Debt Instrument through Other Comprehensive Income: This reserve is created on account of fair valuation of selected debt instrument and will
be transferred to statement of profit and loss on liquidation of respective instruments.
21.7 Effective Portion of Cashflow Hedges: The Group has designated certain hedging instruments as cash flow hedges and any effective portion of
cashflow hedge is maintained in the said reserve. In case the hedging becomes ineffective or instruments settled, the amount will be transferred
to the statement of profit and loss.
21.8 Equity Instrument through Other Comprehensive Income: This reserve is created on account of fair valuation of equity instruments. This will be
directly transferred to retained earnings on disposal of respective equity instruments.
21.9 Revaluation Surplus: Revaluation surplus arises on account of fair valuation of freehold land. This will be directly transferred to retained earnings
at the time of sale/disposal/transfer (if any) of the respective portion of freehold land.
22 LONG TERM BORROWINGS
Non-Current Portion Current Maturities
Refer Note
No.
Non-Convertible Debentures (NCD) 22.1(a)
(Face Value of ` 10,00,000/- each)
2,500 (Previous Year - 2,500) 9.25% NCD 2026 250.00 250.00 – –
NIL (Previous Year - 1,500) 9.15% NCD 2021 – – – 150.00
1,500 (Previous Year - 1,500) 7.05% NCD 2024 120.00 150.00 30.00 –
1,500 (Previous Year - Nil) 5.75% NCD 2027 150.00 – – –
520.00 400.00 30.00 150.00
Term Loans
From Banks:
Rupee Loans 22.1(b) 2,922.88 2,356.36 136.48 147.19
Foreign Currency Loans 22.1(c) 325.92 834.69 38.51 114.41
From Others:
Rupee Loans 22.1(d) 21.79 13.35 – –
3,270.59 3,204.40 174.99 261.60
Total 3,790.59 3,604.40 204.99 411.60

Amount disclosed under the head "Other Financial Liabilities" 27 – – (204.99) (411.60)
Total 3,790.59 3,604.40 – –
Break Up of Security Details

Secured 3,767.97 3,525.76 182.37 389.78
Unsecured 22.62 78.64 22.62 21.82
Total 3,790.59 3,604.40 204.99 411.60
250
(` in Crores)
22.1 Terms and Conditions of Long Term Borrowings :
Particulars
a) Non-Convertible Debentures
i) 9.25% NCD 2026 22.1 (e) (i) 250.00 250.00
ii) 7.05% NCD 2024 22.1 (e) (ii) 150.00 150.00
iii) 5.75% NCD 2027 22.1 (e) (iii) 150.00 –
iv) 9.15% NCD 2021 – 150.00
b) Rupee Term Loan- From Banks- in Indian Rupees 22.1 (f) 3,073.44 2,517.59
c) Foreign Currency Loans - From Banks - in Foreign Currency 22.1 (g) 364.42 955.31
d) Rupee Term Loan - From Other - in Indian Rupees 22.1 (h) 33.01 20.99
e) Non-Convertible Debentures are redeemable fully at par as under :-
i) 9.25% NCD 2026 of ₹ 250.00 Crores, includes ₹ 60.00 Crores repayable in August 2024, ₹ 15.00 Crores repayable in September 2024, ₹ 60.00
Crores repayable in August 2025, ₹ 15.00 Crores repayable in September 2025, ₹ 80.00 Crores repayable in August 2026, ₹ 20.00 Crores
repayable in September 2026.
ii) 7.05% NCD 2024 of ₹ 150.00 Crores, includes ₹ 30.00 Crores repayable in December 2022, ₹ 60.00 Crores repayable in December 2023 and
₹ 60.00 Crores repayable in December 2024.
iii) 5.75% NCD 2027 of ₹ 150.00 Crores, repayable in February 2027.
The Non-Convertible Debentures referred in (e) (i) and (e) (ii) are secured by first charge on the movable and immovable Property, Plant and
Equipment & Intangible Assets of the Parent Company's Cement Division, ranking pari-passu with other lender banks. Non-Convertible Debentures
referred in (e) (iii) is secured by first charge on freehold land belongs to Parent Company's unit Soorah Jute Mills situated at Narkeldanga, Kolkata.
f) Rupee Loan from Banks :
i) ₹ 252 Crores (6.75% p.a. upto 5th November, 2022 and thereafter @ 6 months MCLR + 15 bps) is repayable as under:
₹ 42.00 Crores repayable in 2 equal quarterly installments from June 2028 to September 2028.
The loan is secured by first charge on the movable and immovable Property, Plant and Equipment & Intangible Assets of the Parent Company's
Cement Division, ranking pari-passu with debenture holders and other lender banks.
ii) ₹ 72.48 Crores (6.75% p.a. upto 5th November, 2022 and thereafter @ 6 months MCLR) is repayable as under:
₹ 24.96 Crores repayable in 6 equal quarterly installments from December 2023 to March 2025.
The loan is secured by first charge on the movable and immovable Property, Plant and Equipment & Intangible Assets of the Parent Company's
Jute Division and land situated at Birlapur and Narkeldanga, ranking pari-passu with debenture holders.
iii) ₹ 507.47 Crores (3 months repo rate plus spread of 1.50% p.a.) is repayable as under:
₹ 38.87 Crores repayable in 4 equal quarterly installments from June, 2022 to March, 2023.
₹ 271.59 Crores repayable in 14 equal quarterly installments from June, 2025 to September, 2028.
₹ 54.74 Crores repayable in December, 2028.
iv) ₹ 262.60 Crores (3 months mibor plus spread of 1.40% p.a.) is repayable as under:
v) ₹ 265.31 Crores (rate of interest linked to G-Sec) is repayable as under:
251 251
(` in Crores)
vi) ₹ 93.05 Crores (1 year MCLR plus spread of 0.30% p.a.) outstanding as on 31st March, 2022 against sanctioned amount of ₹ 190
Crores, balance amount to be drawn in future. Sanctioned amount of ₹ 190 Crores is repayable as under:
₹ 1.90 Crores repayable in 2 equal quarterly installment from December, 2022 to March, 2023.
The above loans as referred in f (iii), f (iv), f (v) and f (vi) are secured by way of first charge on all present and future movable and immovable
Property, Plant and Equipment & Intangible Assets pertaining to Projects at Maihar (Madhya Pradesh), Kundanganj (Uttar Pradesh) and Coal
mines located at Sial Ghogri (Madhya Pradesh), ranking pari passu with other lender banks and second charge on entire current assets of the
subsidiary Company ranking pari passu with other lender banks.
vii) ₹ 250.10 Crores (7.25% p.a. upto 16th February, 2026 and thereafter @ 1 year MCLR) is repayable as under:
₹ 48.72 Crores repayable in 6 equal quarterly installments from May, 2022 to August, 2023.
₹ 20.01 Crores repayable in 2 equal quarterly installments from November, 2023 to February, 2024.
₹ 172.55 Crores repayable in 17 equal quarterly installments from May, 2024 to May, 2028.
₹ 9.66 Crores repayable in August, 2028
The Loan is secured by way of subservient charge on all present and future movable and immovable Property, Plant and Equipment and Intangible
Assets relating to Subsidiary Company except assets relating to Projects at Maihar (Madhya Pradesh) and Kundanganj (Uttar Pradesh).
viii) ₹ 1,313.43 Crores (1 year MCLR plus spread of 0.05% to 0.30% p.a.) outstanding as on 31st March, 2022 against sanctioned amount
of ₹ 1,625 Crores, balance amount to be drawn in future. Sanction amount of ₹ 1,625 Crores are repayable as under:
₹ 4.06 Crores repayable in 1 quarterly installment in September 2022.
₹ 12.26 Crores repayable in 3 equal quarterly installments from December, 2022 to June 2023.
₹ 61.19 Crores repayable in 3 equal quarterly installments from December, 2023 to June 2024.
₹ 97.89 Crores repayable in 3 equal quarterly installments from December 2024 to June 2025.
₹ 161.98 Crores repayable in 4 equal quarterly installments from September 2025 to June 2026.
₹ 105.30 Crores repayable in 2 equal quarterly installments from September 2027 to December 2027.
₹ 53.03 Crores repayable in 1 quarterly installment in March 2028.
₹ 53.23 Crores repayable in 1 quarterly installment in June 2028.
₹ 111.12 Crores repayable in 1 quarterly installment in December 2030.
The Loans (consortium) are secured by way of first pari-passu charge on all present and future movable and immovable Property, Plant and
Equipment & Intangible Assets pertaining to Projects at Mukutban (Maharashtra) and movable fixed assets at Butibori (Maharashtra) of the
subsidiary Company and second charge on entire current assets of the subsidiary Company ranking pari passu with other lender banks.
ix) ₹ 57.00 Crores (7.25% p.a. upto 16th February, 2026 and thereafter @ 1 year MCLR) is repayable as under:
The loan is repayable in 27 quarterly installments of ₹ 2.00 Crores each from June 2022 to December 2028 and balance ₹ 3.00 Crores repayable
on March 2029.
The loan is secured by way of first charge on all present and future movable and immovable Property, Plant and Equipment & Intangible Assets
pertaining to Projects at Maihar (Madhya Pradesh), ranking pari passu with other lender banks.
252
(` in Crores)
g) Foreign Currency Loans from Banks are repayable as under:-
i) Term Loan ₹ 146.94 Crores (SGD : 2.58 Crores), rate of interest @ 1.58% p.a., is repayable as under:
₹ 19.86 Crores repayable in 5 equal quarterly installments starting from June 2022 to June 2023.
₹ 127.08 Crores repayable in 12 equal quarterly installments starting from September 2023 to June 2026.
The loan are secured by first charge on the movable and immovable Property, Plant and Equipment & Intangible Assets of the Parent Company's
Cement Division, ranking pari-passu with Debenture holders and other lender banks.
ii) ₹ 172.24 Crores (USD : 2.27 Crores), rate of interest @ 6.40% p.a., is repayable as under:
₹ 5.66 Crores repayable in December, 2028
The loan is secured by way of first charge on all present and future movable and immovable Property, Plant and Equipment & Intangible Assets
pertaining to Projects at Maihar (Madhya Pradesh), Kundanganj (Uttar Pradesh) and Coal mines located at Sial Ghogri (Madhya Pradesh), ranking
pari passu with other lender banks and second charge on entire current assets of the subsidiary Company ranking pari passu with other lender
banks.
iii) ₹ 45.24 Crores (USD : 0.60 Crore), rate of interest @ 6M LIBOR plus 175 bps p.a.
The loan is unsecured and repayable in 4 semi-annual installments from September 2022 to March 2024.
h) Rupee Loans from Other is repayable as under:-
Interest free Term Loan of ₹ 33.01 Crores from Pradeshiya Industrial & Investment Corporation of U.P. Ltd.
i) ₹ 33.01 Crores includes, ₹ 2.82 Crores repayable in January 2025, ₹ 2.42 Crores repayable in March 2025, ₹ 6.67 Crores repayable in May
2025, ₹ 9.08 Crores repayable in March 2028 and ₹ 12.02 Crores repayable in March 2029.
The loans are secured by Bank Guarantees.
22.2 The borrowings obtained by the Group from banks and proceedings from issue of Non-Convertible Debentures have been applied for the purpose
for which such borrowings were taken and Non-Convertible Debentures were issued.
23 OTHER FINANCIAL LIABILITIES

Non Current Current
Refer Note
No.
Trade & Security Deposits (Unsecured) 576.16 591.56 – –
Interest accrued but not due on Borrowings – – 17.13 28.72
Interest accrued and due on Borrowings – – 1.90 2.01
Unpaid and Unclaimed dividends – – 1.41 1.44
Employees Related Liabilities – – 52.67 46.99
Amount Payable for Capital Goods – – 186.89 145.68
Derivative Contracts (Net) 1.77 4.01 1.14 16.62
Other Payables (Including rebates and discounts) – – 325.67 370.18
577.93 595.57 586.81 611.64
Liability Under Litigation 35.05 32.41 – –
Less: Paid Under Protest 27.09 24.85 – –
7.96 7.56 – –
Total 585.89 603.13 586.81 611.64
24 PROVISIONS
Provision for Employee Benefits 54.29 53.27 6.58 4.59
Provision for Mines Restoration 24.1 9.37 8.61 6.96 6.91
Total 63.66 61.88 13.54 11.50
253 253
(` in Crores)
24.1 Movement of Provision :
Non Current Current
Provision for Mines Restoration Provision for Mines Restoration
Particulars
As at 31st As at 31st As at 31st As at 31st
Balance as at year beginning 8.61 4.75 6.91 6.59
Provision made during the year 0.76 3.86 0.45 0.50
Provision utilised/written back during the year – – 0.40 0.18
Balance as at year end 9.37 8.61 6.96 6.91
The Group has an obligation to restore the mines after extracting of reserves. Therefore provision has been recognised for the estimated
decommissioning and restoration cost in accordance with the mines closure plan.
25 DEFERRED TAX LIABILITIES (NET)
As at As at
Particulars
Depreciation & Lease adjustments 916.06 911.13
Revaluation Surplus 264.43 231.03
Mark to Market Gain on Investments 33.72 26.24
Others (14.23) (12.38)
1,199.98 1,156.02
Less: Deferred Tax Assets
Mat Credit Entitlement 162.73 181.69
Items u/s 43B of Income Tax Act, 1961 54.54 58.01
Unused Tax Credit 0.48 39.92
Others 10.03 9.61
227.78 289.23
Deferred Tax Liabilities (Net) 972.20 866.79
25.1 Movement in deferred tax assets and liabilities during the year ended 31st March, 2021 and 31st March, 2022
As at Recognized Recognized Acquired As at
1st April, in Statement in Other through Business 31st March,
Particulars
2021 of Profit and Comprehensive Combinations 2022
Loss Income
Depreciation & Lease adjustments 911.13 4.28 – 0.65 916.06
Revaluation Surplus 231.03 – 33.40 – 264.43
Remeasurement of the Defined Benefit Plans – (3.24) 3.24 – –
Mark to Market Gain on Investments 26.24 1.87 5.61 – 33.72
Others (12.38) (1.90) 0.05 – (14.23)
1,156.02 1.01 42.30 0.65 1,199.98
Deferred Tax Assets
Mat Credit Entitlement 181.69 (18.96) – – 162.73
Items u/s 43B of Income Tax Act, 1961 58.01 (3.47) – – 54.54
Unused Tax Credit 39.92 (39.96) – 0.52 0.48
Others 9.61 0.42 – – 10.03
289.23 (61.97) – 0.52 227.78
Deferred Tax Liabilities (Net) 866.79 62.98 42.30 0.13 972.20
254
(` in Crores)

Deferred Income Tax Liabilities
Depreciation & Lease adjustments 999.35 (88.22) – 911.13
Revaluation Surplus 232.44 – (1.41) 231.03
Mark to Market Gain on Investments 11.53 (3.45) 18.16 26.24
Others 1.36 (10.39) (3.35) (12.38)
1,244.68 (102.97) 14.31 1,156.02
Deferred Income Tax Assets
Items u/s 43B of Income Tax Act, 1961 58.88 (0.87) – 58.01
Unused Tax Credit 137.14 (97.22) – 39.92
Others 9.62 (0.01) – 9.61
387.89 (98.66) – 289.23
Deferred Tax Liabilities (Net) 856.79 (4.31) 14.31 866.79
25.2 Deferred tax assets and Deferred tax liabilities have been offset wherever the Group has a legally enforceable right to set off current tax assets
against current tax liabilities and where the deferred tax assets and deferred tax liabilities relate to income tax levied by the same taxation authority.
25.3 During the previous year, the Group had recognized unused tax credits (MAT credit entitlements) of ₹ 50.01 Crores related to Financial Year 2010-11
and 2011-12, which were earlier not recognised on account of prudence.
26 OTHER LIABILITIES
Non Current Current

Refer Note
Particulars As at As at As at As at
No.
31st March, 2022 31st March, 2021 31st March, 2022 31st March, 2021
128.26 139.54 – –
Advance Received from Customers – – 136.37 155.17
Statutory Dues – – 199.23 196.13
Bonus Liability – – 11.66 8.33
Deferred Revenue 26.1 8.67 6.30 2.32 1.77
Others 4.89 4.89 0.00 0.00
Total 141.82 150.73 349.58 361.40
26.1 Movement of Deferred Revenue

Grants Received during the year 4.61 3.69
Less: Released to the Statement of Profit & Loss 1.69 1.24
Current portion 2.32 1.77
Non Current portion 8.67 6.30
255 255
(` in Crores)
27 SHORT TERM BORROWINGS
Particulars
Current maturities of Long Term Debt 204.99 411.60
Loans Repayable on Demand
From Banks
Rupee Loans 27.1 202.46 10.24
Other Loans
From Banks
Packing Credit in Indian Currency 27.1 10.00 20.18
Total 417.45 442.02
The above amount includes
Secured Borrowings 201.83 420.20
Unsecured Borrowings 215.62 21.82
Total 417.45 442.02
27.1 The Group has been sanctioned working capital facilities (fund and non-fund based) from various Banks. Security terms are as follows:
(a) Working Capital Loans of ₹ 137.46 Crores, secured by way of first charge on hypothecation of Parent Company's Current Assets viz. Raw
Materials, Stock-in-Trade, Consumable Stores and Books Debts, both present & future and further secured by way of second charge on pari-
passu basis on Movable and Immovable Property, Plant and Equipment and Intangible Assets of the Parent Company's Cement Division.
(b) Working Capital Loans of ₹ 75 Crores, secured by way of first charge on hypothecation of Subsidiary Company's Current Assets viz. Raw
Materials, Stock-in-Trade, Consumable Stores and Books Debts, both present & future and further secured by way of second charge on pari-
passu basis on Movable and Immovable Property fixed assets pertaining to Maihar (Madhya Pradesh), Kundangunj (Uttar Pradesh), Mukutban
(Maharashtra) and Coal Mines located at Sial Ghogri Coal Mines, Madhya Pradesh.
27.2 The Group has filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities, which are in agreement with
the books of account.
27.3 The Group has not been declared as a Wilful Defaulter by any bank or financial institution or other lender.
256
(` in Crores)
28 TRADE PAYABLES
Particulars
Trade Payables for goods and services
- Total outstanding dues of micro enterprises and small enterprises 45 10.01 15.61
- Total outstanding dues of creditors other than micro enterprises and small 751.96 573.40
enterprises
Total 761.97 589.01
28.1 Trade Payables ageing schedule

year Years
i) MSME 0.28 5.27 4.25 0.14 0.05 0.02 10.01
ii) Others 165.57 129.06 400.84 19.84 11.64 21.23 748.18
Total 165.85 134.33 405.11 19.98 11.69 25.01 761.97

year Years
i) MSME 0.26 14.37 0.90 0.06 0.02 – 15.61
ii) Others 110.90 100.32 315.24 10.01 15.39 17.75 569.61
iv) Disputed dues – Others – – 0.03 0.00 0.65 3.11 3.79
Total 111.16 114.69 316.17 10.07 16.06 20.86 589.01
29 REVENUE FROM OPERATIONS

Particulars
Sale of Products 29.1 to 7,287.75 6,598.53
29.4
7,287.75 6,598.53
Incentives & Subsidies 152.08 172.23
Export Benefits 2.61 1.90
Miscellaneous Sale 16.16 11.60
173.47 186.92
Total 7,461.22 6,785.45
257 257
(` in Crores)
29.1 Disaggregated Revenue Information
a) Disaggregation of the Company's Revenue from Contracts with Customers:
Sale of Products
Manufactured Goods 6,851.38 398.49 0.56 7,250.43 6,282.81 284.65 0.17 6,567.63
Traded Goods 32.95 4.37 – 37.32 30.88 0.02 – 30.90
Total Revenue from Contracts with Customers 6,884.33 402.86 0.56 7,287.75 6,313.69 284.67 0.17 6,598.53
Incentives & Subsidies 151.72 0.36 – 152.08 171.79 0.44 – 172.23
Export Benefits – 2.61 – 2.61 – 1.90 – 1.90
Insurance and Other Claims (Net) 2.49 0.13 – 2.62 1.19 – – 1.19
Miscellaneous Sale 14.46 1.64 0.06 16.16 11.26 0.29 0.05 11.60
168.67 4.74 0.06 173.47 184.24 2.63 0.05 186.92
Within India 7,052.92 333.24 0.62 7,386.78 6,497.82 246.85 0.22 6,744.89
Outside India 0.08 74.36 – 74.44 0.11 40.45 – 40.56
Timing of Revenue Recognition
Goods or Services transferred at a point in time 7,053.00 407.60 0.62 7,461.22 6,497.93 287.30 0.22 6,785.45
b) Reconciliation of the Revenue from Contracts with Customers with the amounts disclosed in the segment information:
Revenue
External Sales 7,053.00 407.60 0.62 7,461.22 6,497.93 287.30 0.22 6,785.45
Inter Segment Revenue 1.06 – 7.23 8.29 0.60 0.06 5.87 6.53
Total 7,054.06 407.60 7.85 7,469.51 6,498.53 287.36 6.09 6,791.98
29.2 Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers:
Particulars
Contract Liabilities
29.3 Reconciling the amount of Revenue recognised in the Statement of Profit and Loss with the Contracted Price:
Particulars
Revenue as per contracted price 7,851.62 7,085.05
Less: Sales Claims 0.59 0.37
Less: Rebate & Discounts 563.28 486.15
Total Revenue from Contracts with Customers 7,287.75 6,598.53
Other Operating Revenues 173.47 186.92
Revenue from Operations 7,461.22 6,785.45
29.4 The transaction price allocated to the remaining performance obligation (unsatisfied or partially unsatisfied) as at Balance Sheet date are,
as follows:
Management expects that the entire transaction price allotted to the unsatisfied contract as at the end of the reporting period will be recognised
as revenue during the next financial year.
258
(` in Crores)
30 OTHER INCOME
Particulars
Interest Income
On Investments 0.86 0.81
On Deposits with Banks and Other Financial Institutions 7.94 11.24
On Income Tax Refund 6.60 –
On Other Deposits, etc. 3.06 15.45
Dividend Income 1.65 1.01
Net Gain/ (Loss) on sale of Investments measured at fair value through Profit & Loss 5.82 21.09
Net Gain/ (Loss) on restatement of Investments (Mark to Market) measured at fair 5.45 10.01
value through Profit & Loss
Net Gain on Foreign currency transaction and translation 37.2 8.72 –
Other Non Operating Income
Profit on sale/discard of Property, Plant and Equipment (Net) 2.76 –
Profit on revaluation of Live Stock 0.01 –
Profit on sale of Non Current Assets classified as Held for Sale 0.03 –
Excess Liabilities and Unclaimed Balances written back (Net) 40.34 15.23
Excess Provision written back (Net) 0.55 0.12
Excess Depreciation written back – 0.00
Miscellaneous Income 10.10 19.76
Total 98.78 99.91
31 COST OF MATERIALS CONSUMED

Raw Material Consumed 1,048.37 887.11
Total 1,048.37 887.11
32 PURCHASES OF STOCK-IN-TRADE
Traded Goods 25.97 24.61
Total 25.97 24.61
33 CHANGE IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS

Inventories at the beginning of the year
232.50 307.94
Inventories at the end of the year
253.32 232.50
Changes in Inventories (20.82) 75.44
259 259
(` in Crores)
34 EMPLOYEE BENEFITS EXPENSE
Particulars
Salaries & Wages 422.63 371.56
Contribution to Provident and Other Funds 35.46 32.42
Staff Welfare Expenses 14.41 12.12
472.50 416.10
Less: Amount Capitalized 24.42 18.33
Total 448.08 397.77
35 FINANCE COST
Interest Expenses
To Debenture Holders 38.77 46.41
To Banks on Term Loans, etc. 238.76 275.36
To Banks On Working Capital Loans 4.57 1.17
On Deposits and Others 30.30 29.43
Exchange Differences regarded as an adjustment to Borrowing Costs – (3.23)
Other Borrowing Costs
Other Financial Charges 13.83 4.51
326.23 353.65
Less : Amount Capitalised 35.1 83.57 57.37
Total 242.66 296.28
35.1 The borrowing cost on specific borrowings has been capitalised at the rate applicable for respective borrowings.
36 DEPRECIATION AND AMORTISATION EXPENSE
On Tangible Assets 6 343.75 328.66

On Intangible Assets 8 42.07 38.43
On Investment Property 7 0.00 0.00
On Right of Use Assets 6 11.56 3.98
397.38 371.07
Less: Transferred to Capital Work-In-Progress 0.44 0.31
Total 396.94 370.76
37 OTHER EXPENSES
Manufacturing Expenses
Stores & Spare Parts Consumed 315.13 269.10
Packing Materials Consumed 312.15 244.52
Power & Fuel 1,624.61 1,211.56
Royalty & Cess 151.92 136.22
Repairs to Buildings 21.44 18.69
Repairs to Machinery 106.34 86.66
Freight & Material Handling on Inter Unit Transfer 269.73 266.20
Other Manufacturing Expenses 146.22 119.38
2,947.54 2,352.33
260
(` in Crores)
Particulars
Selling and Administration Expenses
Brokerage & Commission on Sales 42.16 36.70
Transport & Forwarding Expenses 1,479.84 1292.96
Insurance 18.02 16.13
Rent 26.02 23.94
Repairs to Other Assets 20.44 20.30
Rates & Taxes 30.56 32.87
Advertisement 60.74 41.56
Charity & Donation 1.25 –
Corporate Social Responsibility Expenses 49 12.50 8.72
Auditors' Remuneration 37.1 1.13 1.00
Loss on Revaluation of Live Stock (Net) – 0.02
Loss on sale/ discard of Property, Plant and Equipment (Net) – 13.98
Net Loss on Foreign currency transaction and translation 37.2 – 8.03
Transfer of loss from Other Comprehensive Income related to bonds
40.2.1 0.00 –
sold during the year
Loss on Sale of Non-Current Investments 0.04 –
Non-Current Investments Written Off – 0.00
Loss on extinguishment of financial liabilities 0.96 –
Goodwill on Consolidation written off 59 0.10 –
Expected Credit Loss on Incentive and Subsidy 55.1.2 – 32.62
Net (Gain)/Loss on Mark to Market of Derivative Contracts related to NCDs 0.68 –
Net Provision for doubtful debts/ advances (2.45) –
Bad Debts 2.45 0.19
Directors' Fees 1.14 1.36
Directors' Commission 1.10 1.02
1,902.07 1,710.62
Total 4,849.61 4,062.95
37.1 Auditors' Remuneration

a) Statutory Auditors
Tax Audit Fees 0.07 0.07
Limited Review 0.19 0.19
Issue of Certificates 0.29 0.23
1.09 0.96
b) Cost Auditors
0.04 0.04
Total 1.13 1.00
37.2 Net (Gain)/ Loss on Foreign Currency Transaction and Translation

Net (Gain)/ Loss on foreign currency transaction and translation (5.72) 14.77
Less: Transfer to Other Comprehensive Income 40.2.2 0.91 9.59
Less: Amount Capitalised/ (Decapitalized) 6.9 2.09 (2.85)
Total (8.72) 8.03
261 261
(` in Crores)
38 EXCEPTIONAL ITEM
Particulars
On account of Insurance and other claims 38.1 (7.00) –
On account of Interest on Entry tax 38.2 38.44 –
On account of Intangible Assets 38.3 – 57.85
Total 31.44 57.85
38.1 Representing compensation claim received from a party on account of damages caused to the asset of the Parent Company.
38.2 On account of provision made towards interest on payment of U.P. Entry Tax. While the matter is sub judice, as a matter of abundant caution, such
provision has been made in the books of Parent Company.
38.3 Represents adjustment on account of reassessment of value of certain intangible assets based on the probability of expected future economic
benefits embodied in the assets flowing to the Subsidiary Company.
39 TAX EXPENSE
Current Tax 39.1 77.09 86.76
Deferred Tax
On Other Items 44.02 (4.87)
Less : MAT Credit Entitlement 0.05 0.06
Add : MAT Credit Utilized/ Written Off 19.01 50.63
62.98 45.70

Total 139.16 82.45
39.1 Reconciliation of Estimated Income Tax Expense at Indian Statutory Income Tax Rate to Income Tax Expense reported in Statement of
Profit and Loss:
Income before Income Taxes 537.75 712.59
Indian Statutory Income Tax Rate 39.2 34.944% 34.944%
Estimated Income Tax Expenses 187.91 249.01
Tax Effect of adjustments to reconcile expected Income Tax Expense to reported
Income Tax Expense:
Deduction under Chapter VIA (34.41) (28.52)
Tax payable at different rate / Capital Gain (29.73) (33.14)
Deferred Tax Adjustment 3.37 (0.77)
Permanent Difference 16.56 16.61
IT Order Impact and Others 0.74 4.24
Effect of Reversal of Deferred Tax Liability for change in income tax rates 39.2 (4.37) (74.97)
(48.75) (166.56)
Income Tax expense in the Statement of Profit and Loss 139.16 82.45
39.2 The Government of India, on 20th September 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new Section 115BAA in the
Income Tax Act 1961, which provides an option to a corporate for paying Income Tax at reduced rates as per the provisions/conditions defined in the
said section. The Parent Company is continuing to provide for income tax at old rates, based on the available outstanding MAT credit entitlement
and various exemptions and deductions available to the Parent Company under the Income Tax Act, 1961. However, the Parent Company had
applied the lower income tax rates on the deferred tax assets / liabilities to the extent these are expected to be realized or settled in the future
period when the Parent Company may be subjected to lower tax rate and accordingly as on 31st March, 2022 and 2021 the Parent Company
has reversed net deferred tax liability of ₹ 4.37 Crores and ₹ 74.97 Crores respectively. Out of seven subsidiaries and two stepdown subsidiaries,
four subsidiaries (RCCPL Private Limited, Birla Jute Supply Company Limited, Lok Cement Limited, Budge Budge Floorcoverings Limited) and
one stepdown subsidiary (AAA Resources Private Limited) have provided tax expenses at reduced rates. Remaining subsidiaries and a stepdown
262
(` in Crores)
subsidiary continue to provide for income tax at old rates. Applicable Indian Statutory Income Tax Rate for Fiscal Year 2022 and 2021 is 34.944%
(existing provision) and 25.168% (new tax regime).
39.3 There is no income or transaction which has not been disclosed or recorded in the books of accounts which has been surrendered or disclosed as
income in the tax assessments during the year 31st March, 2022 and 31st March, 2021.
40 OTHER COMPREHENSIVE INCOME
Particulars
40.1 Items that will not be reclassified to profit or loss
40.1.1 Changes in revaluation surplus
Remeasurement of the Defined Benefit Plans 9.49 2.37
6.25 1.46
40.1.2 Revaluation Surplus 6.2 155.02 –
121.62 1.41
40.1.3 Equity Instruments through Other Comprehensive Income 119.45 128.65
113.76 110.57
40.2 Items that will be reclassified to profit or loss
40.2.1 Debt Instruments through Other Comprehensive Income (0.25) 0.35
Less: Amount reclassified to Statement of Profit and Loss 37 0.00 –
(0.25) 0.35
Less: Tax expense on the above (0.08) 0.08
(0.17) 0.27
40.2.2 Effective Portion of Cash Flow Hedges 55.4.2 (0.91) (9.59)
Less: Amount reclassified to Statement of Profit and Loss – –
(0.91) (9.59)
(0.96) (6.24)
Total Other Comprehensive Income for the year (Net of Tax) 240.50 107.47
41 CONTINGENT LIABILITIES :
41.1 Claims/Disputes/Demands against the Group not acknowledged as debt :
As at As at
Sl. No. Particulars
41.1.1 Sales Tax, VAT, CST and Entry Tax matters 114.04 153.40
41.1.2 Excise Duty, Service Tax, Goods & Service Tax and Custom Duty matters 136.43 135.23
41.1.3 Income Tax matters 28.45 4.56
41.1.4 Electricity Duty and Renewable Energy Surcharge matters 21.52 21.52
41.1.5 Royalty on Limestone 67.91 67.91
41.1.6 Others (Primarily related to demand for Alleged Impermissible Mining, Water Supply 64.83 64.58
Charges, Stamp Duty, House Tax, Education Cess etc.)
41.2 An Appeal has been filed by Budge Budge Floorcoverings Limited, a subsidiary, before the Division Bench of the Hon'ble Calcutta High Court, for
award against the subsidiary in respect of Suspension of Work and settlement of charter of demand made by the workers. The Division Bench of the
Hon'ble Calcutta High Court has stayed the operation of award till further order. The contingent liability could not be ascertained at this stage.
41.3 The Group is subject to electricity tariff notified by the relevant authorities. As there is substaintial time lag in notifying such charges, the differences,
if any, is accounted for at the time of notification of changes in tariff.
41.4 In respect of the matters in Note No. 41.1 to 41.3, future cash outflows are determinable only on receipt of judgements/decisions pending at various
forums/ authorities. Furthermore, there is no possibility of any reimbursements to be made to the Group from any third party.
263 263
(` in Crores)
41.5 The Group has provided corporate guarantee in the nature of financial guarantee to the statutory authority on behalf of a vendor amounting to
₹ 6.10 Crores (Previous Year ₹ Nil).
41.6 Other Contingent Liabilities
As at As at
Sl. No. Particulars
41.6.1 Bills discounted with Banks remaining outstanding 2.37 2.99
41.6.2 Customs Duty including interest thereon, which may have to be paid on account of – 0.03
non-fulfillment of Export Obligation under EPCG and Advance Licence Scheme
42 Dividend
The Board of Directors of the Parent Company at its meeting held on 11th May, 2022 have recommended a payment of final dividend of ₹ 10.00 per
equity share of face value of ₹ 10 each for the financial year ended 31st March, 2022. The same amounts to ₹ 77.01 Crores.
The above is subject to approval at the ensuing Annual General Meeting of the Parent Company and hence is not recognized as a liability.
43 Commitments
Capital Commitments
As at As at
Particulars
Estimated amount of contracts remaining to be executed on Capital Account (Net of Advances) 347.98 511.43
and not provided for
44 Assets Pledged as Security

The carrying amounts of Assets Pledged as Security for Current and Non-Current Borrowings are:
Refer As at As at
Particulars
Current
Financial Assets
302.81 279.51
Non-Financial Assets
Inventories 14 819.87 809.90
Others 13 0.03 0.03
819.90 809.93
Total Current Assets Pledged as Security 1,122.71 1,089.44
Non-Current
Land 6 2,182.60 2,042.76
Buildings 6 596.23 554.83
Plant & Machinery 6 3,279.36 3,270.32
Others Tangible Assets 6 265.13 470.25
Capital Work-In-Progress 6 2,549.32 2,103.42
Other Non Current Assets (including Intangible Assets) 8 & 13 58.28 44.29
Total Non-Current Assets Pledged as Security 8,930.92 8,485.87
Total Assets Pledged as Security 10,053.63 9,575.31
264
(` in Crores)
45 Disclosure as required under the Micro, Small and Medium Enterprises Development Act, 2006, to the extent ascertained, and as per notification
number GSR 679 (E) dated 4th September, 2015.
Sl. As at As at
Particulars
i. The principal amount and the interest due thereon remaining unpaid to any supplier at the
end of each financial year:
Trade Payable
Principal 10.01 15.61
Interest – –
Other Financial Liability
Principal 1.48 0.90
Interest – –
ii. The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and
Medium Enterprises Development Act, 2006, along with the amount of the payment made
to the supplier beyond the appointed day during each accounting year.
Principal – 0.04
Interest – 0.00
iii. The amount of interest due and payable for the period of delay in making payment but – –
without adding the interest specified under the Micro, Small and Medium Enterprises
Development Act, 2006
iv. The amount of interest accrued and remaining unpaid at the end of each accounting year – –
v. 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
46 Leases
46.1 As Lessee
46.1.1 The Group’s significant leasing arrangements are in respect of leases for premises (residential, manufacturing-facilities, office, stores, godown,
etc.). These leasing arrangements which are cancellable ranging between 11 months and 99 years generally, or longer, and are usually renewable
by mutual consent on mutually agreeable terms.
46.1.2 The following is the summary of practical expedients used for lease accounting:
(a) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.
(b) Applied the exemption not to recognised right of use assets and liabilities for leases with less than 12 months of lease term and low value of
assets.
(c) Used hindsight in determining the lease term whether the contract contained options to extend or terminate the lease.
265 265
(` in Crores)
46.1.3 Following is carrying value of right of use assets recognized and movements thereof during the year ended 31st March, 2021 and 31st
March, 2022:
Right of Use Assets

Particulars
Leasehold Land Building Plant and Machinery Total
Balance as at 1st April, 2020 153.36 4.02 2.85 160.23
Re-classification 1.86 – – 1.86
Additions during the year – – 93.55 93.55
Deletion during the year – – – –
Depreciation of Right of Use Assets (Refer Note No. 36) (2.66) (0.68) (0.64) (3.98)
Balance as at 31st March, 2021 152.56 3.34 95.76 251.66
Additions during the year – – 24.57 24.57
Deletion during the year – – – –
Depreciation of Right of Use Assets (Refer Note No. 36) (2.66) (0.68) (8.22) (11.56)
Balance as at 31st March, 2022 149.90 2.66 112.11 264.67
46.1.4 The following is the carrying value of lease liability recognized and movements thereof during the year ended 31st March, 2021 and 31st
March, 2022:
As at As at
Particulars
Additions during the year 23.84 87.21
Finance cost accrued during the year 12.44 1.97
Deletions (2.96) –
Current maturities of Lease Liability 5.43 3.50

Non-Current Lease Liability 112.47 96.42
46.1.5 Amounts recognised in the statement of profit and loss during the year:
As at As at
Particulars
Depreciation charge of right-of-use assets - Leasehold Land (Refer Note No. 6) 2.66 2.66
Depreciation charge of right-of-use assets - Building (Refer Note No. 6) 0.68 0.68
Depreciation charge of right-of-use assets - Plant and Machinery (Refer Note No. 6) 8.22 0.64
Finance cost accrued during the year (included in finance cost) (Refer Note No. 35) 12.44 1.97
Expense related to short term leases (included in other expense) (Refer Note No. 37) 26.02 23.94
46.1.6 The maturity analysis of lease liabilities:

Particulars Lease Payments Present value of Lease Payments Present value of
Lease Payments Lease Payments
Within one year 17.70 5.43 14.72 3.50
After one year but not more than five years 68.93 25.80 67.06 20.39
More than five years 136.31 86.67 129.09 76.03
Total lease liabilities payments 222.94 117.90 210.87 99.92
Less: Amounts representing Finance Charges 105.04 – 110.95 –
Present value of lease liabilities payments 117.90 117.90 99.92 99.92
266
(` in Crores)
46.1.7 Non-cash investing activities during the year:
As at As at
Particulars
Acquisition of right of use assets 24.57 93.55
Disposals of right of use assets – –
46.1.8 The weighted average incremental borrowing rates applied to lease liabilities w.r.t. Leasehold land, Building and Plant & Machinery are 8.00%,
10.17% and 7.75% to 11.80% respectively.
46.1.9 The Group does not face a significant liquidity risk with regards to its lease liabilities as the current assets are sufficient to meet the obligations
related to lease liabilities as and when the fall due.
46.2 As Lessor
The Group leased out its investment property on operating lease basis on cancellable basis. Rental income earned and direct operating expenses
incurred on property letting on lease has been disclosed in Note No 7.
47 Earnings Per Share
As at As at
Particulars
Profit for the year attributable to the owner of the Parent Company 398.59 630.14
Weighted average number of equity shares 7,70,05,347 7,70,05,347
Earnings per share basic and diluted (₹) 51.76 81.83
(Face value of ` 10/- per share)
48 Disclosure pursuant to Indian Accounting Standard - 19 ‘Employee Benefits’ as notified u/s 133 of the Companies Act, 2013:
48.1 Defined Contribution Plan:

The amount recognized as an expense for the Defined Contribution Plans are as under:

Sl. No. Particulars
48.1.1 Provident Fund 4.61 3.75
48.1.2 Superannuation Fund 2.59 2.86
48.1.3 Pension Fund 7.82 7.21
48.2 Defined Benefit Plan

The following are the types of defined benefit plans:
48.2.1 Gratuity Plan

Every employee who has completed five years or more of service is entitled to gratuity on terms not less favourable than the provisions of the
Payment of Gratuity Act, 1972. The present value of defined obligation and related current cost are measured using the Projected Unit Credit
Method with actuarial valuation being carried out at Balance Sheet date.
48.2.2 Pension Plan

Pension is payable to certain categories of employees who are eligible under the Group’s Pension Scheme.

Provident Fund (other than government administered) as per the provisions of the Employees Provident Funds and Miscellaneous Provisions Act,
1952.
267 267
(` in Crores)
48.2.4 Risk Exposure
Defined benefit plans expose the Group to actuarial risks such as: Interest Rate Risk, Salary Risk and Demographic Risk.
a) Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If the bond yield falls, the
defined benefit obligation will tend to increase.
b) Salary risk : Higher than expected increases in salary will increase the defined benefit obligation.
c) Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that includes mortality, withdrawal,
disability and retirement. The effect of these decrements on the defined benefits obligations is not straight forward and depends on the
combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis
the retirement benefit of the short career employee typically costs less per year as compared to a long service employee.
48.2.5 Reconciliation of the Net Defined Benefit Obligation

The following table shows a reconciliation from the opening balances to the closing balances for the net Defined Benefit Obligation and its
components:
Particulars
2021-22 2020-21 2021-22 2020-21
Balance at the beginning of the year 150.72 143.92 0.60 0.64
Interest Cost on Defined Benefit Obligation 9.40 9.01 0.04 0.04
Actuarial Gain and Losses arising from
Changes in Demographic Assumptions – – 0.03 –
Changes in Financial Assumptions (3.69) 0.45 (0.01) –
Experience Adjustment (5.60) (1.49) (0.03) 0.03
Benefits Paid (10.97) (11.34) (0.11) (0.11)
Balance at the end of the year 150.86 150.72 0.52 0.60
48.2.6 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:
Particulars
2021-22 2020-21 2021-22 2020-21
Balance at the beginning of the year 148.92 137.80 – –
Interest Income on Plan Assets 9.57 9.00 – –
Remeasurement of Defined Benefit Obligation:
Return on Plan Assets greater/ (lesser) than discount rate 0.19 1.36 – –
Employer Contributions to the Plan 8.00 11.75 – –
Benefits Paid (10.43) (10.99) – –
Balance at the end of the year 156.25 148.92 – –
48.2.7 The amount recognized in the Balance Sheet

Particulars
2021-22 2020-21 2021-22 2020-21
Present value of Defined Benefit Obligation 150.86 150.72 0.52 0.60
Fair Value of Plan Assets 156.25 148.92 – –
Net Asset/ (Liability) recognized in the Balance Sheet 5.39 (1.80) (0.52) (0.60)
268
(` in Crores)
48.2.8 Expenses recognized in Profit and Loss

Particulars
2021-22 2020-21 2021-22 2020-21
Interest Cost 9.40 9.01 0.04 0.04
Interest Income on Plan Assets (9.57) (9.00) – –
Total Expenses recognised in Profit and Loss 10.83 10.18 0.04 0.04
48.2.9 Remeasurements (gain)/ loss recognized in Other Comprehensive Income

Particulars
2021-22 2020-21 2021-22 2020-21
Actuarial (gain)/ loss on Defined Benefit Obligation (9.29) (1.04) (0.01) 0.03
Return on Plan Assets (greater)/ lesser than discount rate (0.19) (1.36) – –
Total remeasurements (gain)/ loss recognized in Other (9.48) (2.40) (0.01) 0.03
48.2.10 Major Categories of Plan Assets

Particulars
2021-22 2020-21 2021-22 2020-21
Qualified Insurance Policy 100% 100% – –
Insurer Managed Funds 100% 100% – –
The Gratuity Scheme is invested in a Group Gratuity-cum-Life Assurance Cash accumulation policy offered by Life Insurance Corporation (LIC) of
India, Cap Assure Group Gratuity Scheme offered by SBI Life Insurance Co. Limited, HDFC Life Group variable employee benefit plan offered by
HDFC Standard Life Insurance Company Limited, IndiaFirst New Corporate Benefit plan for gratuity offered by IndiaFirst Life Insurance Company
Limited, Bajaj Allianz Group Employee Care plan offered by Bajaj Allianz Life Insurance Company Ltd and Rel Group Gratuity Plus Plan offered by
Reliance Nippon Life Insurance Co. Ltd. The information on the allocation of the fund into major asset classes and expected return on each major
class are not readily available.
48.2.11 Asset-Liability Matching Strategy

The Group’s investment is in Cash Accumulation Plan/ Traditional Plan of various Insurance Companies, the investments are being managed by
these Insurance Companies and at the year end interest is being credited to the fund value. The Group has not changed the process used to
manage its risk from previous periods . The Group’s investments are fully secured and would be sufficient to cover its obligations.
48.2.12 Actuarials Assumptions

Particulars
2021-22 2020-21 2021-22 2020-21
Financial Assumptions
Discount Rate 6.50% to 6.90% 6.30% to 6.50% 6.80% 6.50%
Salary Escalation Rate 7% to 8% 5% to 8% – –
Demographic Assumptions
Mortality Rate IAL (2006-08) IAL (2006-08) Indian Individual LIC (1996-1998)
Modified Modified Annuitant's Ultimate
Ultimate Ultimate Mortality
(2012-2015)
Withdrawal Rate 2% to 4% 2% to 4% – –
269 269
(` in Crores)
48.2.13 The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors,
such as supply and demand in the employment market.
48.2.14 At 31st March 2022, the weighted average duration of the defined benefit obligation is 4 to 11 years (previous year 4 to 11 years). The distribution
of the timing of benefits payment i.e., the maturity analysis of the benefit payments is as follows:
Expected benefits payment for the year ending on (undiscounted) Gratuity (Funded) Pension (Unfunded)
2021-22 2020-21 2021-22 2020-21
Within 1 Year 17.37 16.88 0.09 0.10
1 to 2 Year 15.40 14.09 0.08 0.10
2 to 3 Year 16.58 15.28 0.08 0.09
3 to 4 Year 17.45 16.89 0.07 0.08
4 to 5 Year 20.43 17.77 0.06 0.07
More than 5 Years 84.31 86.54 0.22 0.24
48.2.15 The Group expects to contribute ₹ 6.00 Crores (previous year ₹ 11.50 Crores) to its gratuity fund in 2022-23.
48.2.16 The following payments are expected contributions to the defined benefit plan in future years:
Expected contributions
2021-22 2020-21 2021-22 2020-21
Within next 12 months (next annual reporting period) 6.00 11.50 – –
Beyond 10 years 11.00 13.00 – –
48.2.17 Sensitivity Analysis
The sensitivity analysis below have been determined based on a method that extrapolates the impact on defined benefit obligation (DBO) as a
result of reasonable changes in key assumptions occurring at the end of the reporting period. Reasonably possible changes at the reporting date
to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the
amounts shown below:
Particulars
2021-22 2020-21 2021-22 2020-21
Effect on DBO due to 1% increase in Discount Rate (9.99) (10.37) (0.02) (0.02)
Effect on DBO due to 1% decrease in Discount Rate 11.51 11.80 0.02 0.03
Effect on DBO due to 1% increase in Salary Escalation Rate 11.29 11.62 – –
Effect on DBO due to 1% decrease in Salary Escalation Rate (9.99) (10.25) – –
Sensitivity due to mortality and withdrawal rate are being insignificant, hence ignored.
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the
sensitivity of the assumptions shown.
48.2.18 Provident fund for certain eligible employees is managed by the Parent Company through the various Provident Fund Trusts, namely “M P Birla
Group Provident Fund Institution”, “Satna Cement Works Employees’ Provident Fund Trust”, “Birla Cement Works Staff Provident Fund Trust”, “Birla
Jute Mills Workers’ Provident Fund Trust”, “Soorah Jute Mills Employees’ Provident Fund Trust”, “Durgapur Cement Works Employees’ Provident Fund
Trust” and ”Birla Industries Provident Fund”, in line with the Provident Fund and Miscellaneous Provisions Act, 1952. The plan guarantees interest
at the rate notified by the Provident Fund Authorities. The contribution by the employer and employee together with the interest accumulated
thereon are payable to employees at the time of their separation from the Parent Company or retirement, whichever is earlier. The benefits vest
immediately on rendering of the services by the employee.
The Parent 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. These administered rates are determined annually predominantly considering the social rather than economic factors and in most
cases the actual return earned by the Trust has been higher in the past years. The actuary has provided a valuation for provident fund liabilities on
the basis of guidance issued by Actuarial Society of India and based on the below provided assumptions there is no shortfall, in current year. In
previous year, there was a shortfall in one Trust ₹ 0.10 Crore.
270
(` in Crores)
The details of fund and plan asset position are given below:
Particulars Present value of obligation Fair value of plan assets Net amount
As at 31 March, 2022 367.37 380.43 13.06
As at 31 March, 2021 348.30 360.90 12.60
The plan assets have been primarily invested in government securities.

Assumptions used in determining the present value obligation of the interest rate guarantee under the Deterministic Approach:
Discount Rate (per annum) 6.80% 6.50%
Expected Rate of Return on Plan Assets (per annum) 7.75% to 8.10% 8.00% to 8.50%
The Parent Company contributed ₹ 7.84 Crores and ₹ 7.01 Crores during the year ended 31st March, 2022 and 31st March, 2021 respectively.
49 Disclosure for Expenditure on Corporate Social Responsibility Activities

For the year ended on
Particulars
Gross Amount required to be spent by the Company 12.66 8.16

Less: Excess spent in previous year utilized during the year 0.56 –
Net Amount required to be Spent by the Company (A) 12.10 8.16
Amount spent by the Company during the year for

(i) Construction/acquisition of any asset – –
(ii) On purposes other than (i) above: 12.50 8.72
Total Amount Spent (B) 12.50 8.72
Shortfall / (Excess) ^ (A) - (B) (0.40) (0.56)
Total of previous year Shortfall – –
Reason for Shortfall NA NA
Nature of CSR activities Rural & Rural &

Community Community
Development, Development,
Education, Health Education, Health
Care, Environment Care, Environment
and others and others
Related Party Transactions as per Ind AS 24 in relation to CSR Expenditure Nil Nil
Provision made in relation to CSR Expenditure and movement thereof Nil Nil
^ Excess amount spent by the Company not showing as prepaid expenses in the accounts.
271 271
(` in Crores)
50 Companies included/ not included in Consolidation :
Extent of Relationship Extent of Relationship
Shareholding Shareholding
A. Companies included in Consolidation
Companies incorporated in India
i RCCPL Private Limited 100.00% Subsidiary 100.00% Subsidiary
ii Birla Jute Supply Company Limited 100.00% Subsidiary 100.00% Subsidiary
iii Talavadi Cements Limited 98. 01% Subsidiary 98. 01% Subsidiary
iv Lok Cement Limited 100.00% Subsidiary 100.00% Subsidiary
v Budge Budge Floorcoverings Limited 100.00% Subsidiary 100.00% Subsidiary
vi Birla Cement (Assam) Limited 100.00% Subsidiary 100.00% Subsidiary
vii M.P. Birla Group Services Private Limited 100.00% Subsidiary 100.00% Subsidiary
viii AAA Resources Private Limited (w.e.f. 2nd July, 2021) 100.00% Stepdown Subsidiary – –
ix Utility Infrastructure & Works Private Limited 100.00% Stepdown Subsidiary – –
B. Company not included in Consolidation
Company incorporated Outside India, Ethiopia
i Birla Corporation Cement Manufacturing PLC * 100.00% Subsidiary 100.00% Subsidiary
* The Subsidiary Company stands liquidated as per Ethiopian Laws. However, distribution (repatriation) of the available money after satisfaction of
liabilities still remains and hence shown in accounts.
51 Talavadi Cements Ltd, one of the subsidiary, has been granted Mining Lease for 2130 Hectors in Satna District in the State of Madhya Pradesh. An
appeal against the above grant has been filed. Pursuant to order of the Hon’ble Supreme Court, the subsidiary had filed Review Petition before
the Hon’ble High Court at Jabalpur. The Hon’ble High Court vide its order dated 23rd October, 2018 dismissed the Review Petition and further
directed the subsidiary to raise all questions of Law and facts before the State Government. Aggrieved by the above order the subsidiary again
filed a SLP before the Hon’ble Supreme Court. By an order and judgment dated 15th April, 2019 the Hon’ble Supreme Court dismissed the SLP
with a direction to the State Government to decide the matter in accordance with Law in terms of the order of the Hon’ble High Court of Jabalpur.
Matter is pending before the State Government for adjudication as per direction of Hon’ble Supreme Court as well as Hon’ble High Court, Jabalpur.
52 The Ministry of Coal had allocated Bikram and Brahampuri Coal Blocks in the state of Madhya Pradesh through E-Auction process vide CMDPA (Coal
Mine Development and Production Agreement) dated 18th December, 2019 and Vesting Order dated 10th February, 2020. The Parent Company
is in process to develop these blocks for extraction of Coal. Till 31st March, 2022 and 31st March, 2021, Parent Company has spent ₹ 18.20 Crores
and ₹ 15.11 Crores respectively and shown under Capital Work-In-Progress.
53.1 As a policy, the Group annually assesses the impairment of property plant and equipment (PPE) and other non-current assets by comparing the
carrying value of PPE and other non-current assets with its fair value. In case the fair value is less than the carrying value an impairment charge is
created. Management has concluded that there is no impairment of PPE and other assets during the year and in previous year, except in previous
year in case of an item of Capital Work-In-Progress (Refer Note No. 38).
53.2 Certain Trade Receivables, Loans & Advances and Trade Payables are subject to confirmation. In the opinion of the management, the value of Trade
Receivables and Loans & Advances on realisation in the ordinary course of business, will not be less than the value at which these are stated in the
Balance Sheet.
53.3 The Parent Company’s unit Soorah Jute mill is under Suspension of Operations since 29th March, 2004.
53.4 The Parent Company’s unit Birla Vinoleum and Auto Trim Division at Birlapur, are under Suspension of Operations since 18th February, 2014.
53.5 Budge Budge Floorcoverings Limited, one of the subsidiaries considered for consolidation, is under Suspension of Operations since 29th October,
2003.
53.6 In respect of mining matter of Parent Company’s unit Chanderia before the Hon’ble Supreme Court, a comprehensive report has been submitted
by Central Building Research Institute (CBRI) on full scale mining. The matter is in the final stage of hearing. The Principal Bench of the National
Green Tribunal (NGT), New Delhi, on 8th March, 2019 had ordered to stop all mining activities which are being carried out within the municipal
limits of Chittorgarh City and within 10 km of Bassi Wildlife Sanctuary or within the eco-sensitive zone of Bassi Wildlife Sanctuary, if finally notified.
The MoEFCC has vide Notification dated 8th April, 2021 duly notified an area to an extent varying from zero to 3.0 kilometres around the boundary
of Bassi Wildlife Sanctuary as the Eco-Sensitive Zone (ESZ). National Green Tribunal (NGT), on 24th September, 2021 has passed an Order to
272
(` in Crores)
continue the interim Order dated 8th March, 2019 on the subject of prohibiting mining in the radius of 10 km from Bassi Wildlife Sanctuary. The said
prohibition will continue till the decision is taken after an expert study of impact of mining beyond the boundaries of ESZ as per notification dated
8th April, 2021, subject to further orders of the Hon’ble Supreme Court. The said study will be conducted by an expert Committee constituted vide
NGT’s order dated 24th September, 2021 within the time limit of 3 months from the first meeting of the said Committee. The said committee has
visited the area and the study report is expected soon.
In the opinion of the management, there is no material impact of such order on the current mining operation of the Parent Company.
53.7 Following Subsidiary Company has not been consolidated during the year as these are under voluntarily winding up:
Accumulated loss
Name of the Company As at As at
Birla Corporation Cement Manufacturing PLC * 0.45 0.45

* The Subsidiary Company stands liquidated as per Ethiopian Laws. However, distribution (repatriation) of the available money after satisfaction of
liabilities still remains and hence shown in accounts.
54 Fair Value Measurement:
The fair value of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date.
54.1 The following methods and assumptions were used to estimate the fair values:
54.1.1 The bonds, non-convertible debentures and government securities being listed, the fair value has been taken at the market rates of the same as
on the reporting dates. They are classified as Level 1 fair values in fair value hierarchy.
54.1.2 The fair values of non-current borrowings are based on the discounted cash flows using a current borrowing rate. Debentures are classified as
Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including own credit risks, which was assessed as on the
balance sheet date to be insignificant.
54.1.3 The management has assessed that the fair values of cash and cash equivalents, trade receivables, trade payables, short term borrowings, and other
current financial liabilities approximates their carrying amounts largely due to the short-term maturities of these instruments. The management
has assessed that the fair value of floating rate instruments approximates their carrying value.
54.2 Fair Value Hierarchy

The following are the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognized and
measured at fair value and (b) measured at amortized cost and for which fair value are disclosed in the Consolidated Financial Statements. To
provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into
the three levels of fair value measurement as prescribed under the Ind AS 113 “Fair Value Measurement”. An explanation of each level follows
underneath the tables.
273 273
(` in Crores)
54.3 The following table provides classification of financial instruments and the fair value hierarchy of the Company’s assets and liabilities:
Carrying Fair Value heirarchy

Particulars
Value Fair Value Level 1 Level 2 Level 3
Investment
- Government Securities 0.00 0.00 – – –
Fixed Deposit With Others 70.00 70.00 – – –
Fixed Deposits maturing after 12 months from Balance 12.91 12.91 – – –
Sheet date
Sub Total 1,244.78 1,244.78 – – –
Investments
- Mutual Funds 576.64 576.64 576.64 – –
Sub Total 576.87 576.87 576.64 0.23 0.00
Financial Assets at fair value through Other
Investments
- Bonds 6.87 6.87 6.87 – –
- Non-convertible Debentures 24.99 24.99 24.99 – –
Sub Total 432.30 432.30 432.24 – 0.06
Total Financial Assets 2,253.95 2,253.95 1,008.88 0.23 0.06
274
(` in Crores)
Particulars
- Debentures 550.00 556.86 – – 556.86
- Rupee Term Loan 3,059.36 3,059.36 – – –
Short Term Borrowings (Other than current maturity of Long 212.46 212.46 – – –
term Borrowings)
Trade Payables 761.97 761.97 – – –
Sub Total 6,257.70 6,264.56 – – 556.86
Sub Total 2.91 2.91 – 2.91 –

Particulars
Investment
- Government Securities 0.00 0.00 – – –
Fixed Deposit With Others 156.00 156.00 – – –
Fixed Deposits maturing after 12 months from Balance 9.70 9.70 – – –
Sheet date
Sub Total 1,233.86 1,233.86 – – –
275 275
(` in Crores)
Particulars
Investments
- Mutual Funds 463.47 463.47 463.47 – –
Sub Total 463.73 463.73 463.47 0.26 0.00
Financial Assets at fair value through Other
Investments
- Bonds 7.95 7.95 7.95 – –
Sub Total 288.98 288.98 288.92 – 0.06

- Debentures 550.00 552.07 – – 552.07
- Rupee Term Loan 2,503.55 2,503.55 – – –
Short Term Borrowings 30.42 30.42 – – –
Trade Payables 589.01 589.01 – – –
Sub Total 5,929.49 5,931.56 – – 552.07
Sub Total 20.63 20.63 – 20.63 –
54.4 During the year ended 31st March, 2022 and 31st March, 2021, there were no transfers between Level 1 and Level 2 fair value measurements, and
no transfer into and out of Level 3 fair value measurements.
276
(` in Crores)
55 Financial Risk Management
The Group has a Risk Management Policy which covers risk associated with the financial assets and liabilities. The Risk Management Policy is
approved by the Board of Directors. The different types of risk impacting the fair value of financial instruments are as below:
55.1 Credit Risk

The credit risk is the risk of financial loss arising from counter party failing to discharge an obligation. The Group is exposed to credit risk from its
operating activities (primarily trade receivables) and from its financing activities, including deposits placed with banks and financial institutions
and other financial instruments.
55.1.1 Trade Receivables

The credit risk is controlled by analysing credit limits and credit worthiness of customers on continuous basis to whom the credit has been granted,
obtaining necessary approvals for credit and taking security deposits from trade channels. Summary of the Group’s exposure to credit risk by age
of the outstanding from various customers is as follows:

Ageing schedule
Expected loss rate 0% 0% 0% 0% 25.48%

Ageing schedule
Expected loss rate 0% 0% 0% 0% 38.16%
Reconciliation of loss allowance provision for Trade Receivable :

Loss allowance as at beginning 14.86 14.98
Changes in loss allowance (Net) (3.00) (0.12)
Loss allowance as at Year end 11.86 14.86
There is no customer (Previous Year Nil) who represents more than 10% of the total balance of trade receivables.
55.1.2 Incentives receivable from the Government

The Parent Group’s manufacturing units in various states; mainly those in West Bengal, Rajasthan, Uttar Pradesh and Madhya Pradesh are eligible
for incentives under the respective State Industrial Policy. The Group accrued these incentives as refund claims in respect of VAT/GST paid, on the
basis that all attaching conditions were fulfilled by the Group and there was reasonable assurance that the incentive claims will be disbursed by
the State Governments. During the previous year, in view of the management re-assessing the expected recovery period for incentives receivables,
a charge of ₹ 32.62 Crores due to time value of money computed based on the expected credit loss method was included in Other Expenses. The
Group is confident about the ultimate realisation of the dues from the State Governments.
277 277
(` in Crores)
55.2 Liquidity Risk
The Group determines its liquidity requirement in the short, medium and long term. This is done by drawings up cash forecast for short term and
long term needs.
The Group manage its liquidity risk in a manner so as to meet its normal financial obligations without any significant delay or stress. Such risk
is managed through ensuring operational cash flow while at the same time maintaining adequate cash and cash equivalent position. The
management has arranged for diversified funding sources and adopted a policy of managing assets with liquidity monitoring future cash flow
and liquidity on a regular basis. Surplus funds not immediately required are invested in certain mutual funds and fixed deposit which provide
flexibility to liquidate. Besides, it generally has certain undrawn credit facilities which can be assessed as and when required; such credit facilities
are reviewed at regular basis.
55.2.1 Maturity Analysis for financial liabilities

a) The following are the remaining contractual maturities of financial liabilities as at 31st March, 2022:

year years
Non-derivative
Trade payables – 761.97 – – – 761.97
Borrowings
No. 22.1 (a))
2500 9.25% NCD 2026 – – – 250.00 – 250.00
1500 7.05% NCD 2024 – – 30.00 120.00 – 150.00
1500 5.75% NCD 2027 – – – 150.00 – 150.00
Rupee Term Loan (Refer Note No. 22.1 (b)) – 65.23 71.25 1,595.49 1,341.47 3,073.44
no. 22.1 (c))
Rupee Term Loan - other (Refer Note No. – – – 11.91 21.10 33.01
22.1 (d))
maturity of long term
Trade & Security Deposits* – – – 15.87 560.29 576.16
Amount Payable for Capital Goods – 115.66 71.23 – – 186.89
Lease Liabilities – 1.23 4.20 25.80 86.67 117.90
Borrowings
Employees related Liabilities – 52.67 – – – 52.67
Others Financial Liabilities 1.41 218.22 107.45 7.96 – 335.04
Total 3.87 1,460.14 306.50 2,450.44 2,062.04 6,282.99
Derivative
Foreign Exchange forwards contracts and – 0.44 0.22 2.25 – 2.91
* Trade & Security Deposits classified under more than 5 years maturity pertain to "Dealer Trade Deposit" which are refundable only after
278
(` in Crores)
b) The following are the remaining contractual maturities of financial liabilities as at 31st March, 2021:

year years
Non-derivative
Trade payables – 589.01 – – – 589.01
Borrowings
No. 22.1 (a))
2500 9.25% NCD 2026 – – – 150.00 100.00 250.00
1500 9.15% NCD 2021 – 150.00 – – – 150.00
1500 7.05% NCD 2024 – – – 150.00 – 150.00
Rupee Term Loan (Refer Note No. 22.1 (b)) – 50.33 96.86 1,025.80 1,344.60 2,517.59
no. 22.1 (c))
Rupee Term Loan - other (Refer Note No. – – – 11.91 9.08 20.99
22.1 (d))
Trade & Security Deposits* – – – 11.36 580.20 591.56
Amount Payable for Capital Goods – 86.28 59.40 – – 145.68
Lease Liabilities – 1.13 2.38 20.39 76.02 99.92
Borrowings
Employees related Liabilities – 46.99 – – – 46.99
Others Financial Liabilities 1.44 253.87 116.31 7.56 - 379.18
Total 11.68 1,272.48 345.40 1,908.81 2,419.02 5,957.37

Derivative
Foreign Exchange forwards contracts and – 13.11 3.50 3.72 0.29 20.63
* Trade & Security Deposits classified under more than 5 years maturity pertain to "Dealer Trade Deposit" which are refundable only after
c) The amounts are gross and undiscounted (except for lease liability) and exclude the impact of netting agreements (if any). The future cash
flows on derivative instruments may be different from the amount in the above tables as exchange rates change. Except for these financial
liabilities, it is not expected that cash flows included in the maturity analysis could occur significantly earlier, or at significantly different
amounts. When the amount payable is not fixed, the amount disclosed has been determined with reference to conditions existing at the
reporting date.
279 279
(` in Crores)
55.3 Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises four type of risks: Commodity Price Risk, Foreign Currency Risk, Interest Rate Risk and Other Price Risk.
55.3.1 Commodity Price Risk
The Group primarily imports coal, pet coke, gypsum and raw jute. It is exposed to commodity price risk arising out of movement in prices of
such commodities. Such risks are monitored by tracking of the prices and are managed by entering into fixed price contracts, where considered
necessary.
55.3.2 Foreign Currency Risk
The Group has Foreign Currency Exchange Risk on imports of input materials, capital equipments and also borrows funds in foreign currency
for its business. The Group evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. Certain
transactions of the Group act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies. For the
remaining exposure to foreign exchange risk, the Group adopts a policy of selective hedging based on risk perception of the management using
derivative, wherever required, to mitigate or eliminate the risk.
a) Exposure to currency risk

The Group's exposure to foreign currency risk at the end of the reporting period are as follows:
i) Unhedged Foreign Currency Exposure

Particulars
Financial Assets
Trade Receivables – – 0.01 0.46 – –
Foreign Currency Term Loan 0.60 45.24 – – – –
Net Exposure (Liability) 0.60 45.31 0.06 3.99 0.00 0.07
* Trade payable in GBP represents GBP 7,350.

Particulars
Financial Assets
Trade Receivables – – 0.00 0.15 0.00 0.17
Foreign Currency Term Loan 0.90 65.45 – – – –
Net Exposure (Liability) 0.93 67.51 0.06 4.27 (0.00) (0.10)
ii) Hedge Foreign Currency Exposure

Particulars
Derivative Assets
Forward Contract - Against Payable – – – – – –
Cross Currency Swaps Contract - 2.27 172.27 – – 2.58 146.95
Forward Contract - Against Firm Commitments 1.81 137.19 0.08 7.02 – –
280
(` in Crores)
Particulars
Derivative Assets
Forward Contract - Against Payable 10.11 739.37 0.07 6.02 – –
b) The Parent Company uses Cross Currency Swaps to hedge foreign exchange and Interest rate of External Commercial Borrowings of SGD 2.58
Crores (Previous Year SGD 2.79 Crores) and Subsidiary Company uses Cross Currency Swaps to hedge foreign exchange and Interest rate of
External Commercial Borrowings of USD 2.27 Crores (Previous Year Nil).
c) Sensitivity Analysis
The Analysis is based on assumption that the increase/decrease in foreign currency by 5% with all other variables held constant, on the
unhedged foreign currency exposure. The following table demonstrates the sensitivity in the USD, EUR, CHF and GBP to the Indian Rupee
with all other variables held constant.

Particulars
Tax Tax
USD Sensitivity Increase 5% (2.27) (1.47) 5% (3.38) (2.20)
USD Sensitivity Decrease 5% 2.27 1.47 5% 3.38 2.20
EUR Sensitivity Increase 5% (0.20) (0.13) 5% (0.21) (0.14)
EUR Sensitivity Decrease 5% 0.20 0.13 5% 0.21 0.14
Sensitivity analysis for GBP are being insignificant, hence ignored.
55.3.3 Interest Rate Risk

The Group is exposed to risk due to interest rate fluctuation on long term borrowings. Such borrowings are based on fixed as well as floating
interest rate. Interest rate risk is determined by current market interest rates, projected debt servicing capability and view on future interest rate.
Such interest rate risk is actively evaluated and is managed through portfolio diversification and exercise of prepayment/refinancing options
where considered necessary.
The Group is also exposed to interest rate risk on surplus funds parked in fixed deposits and investments viz. mutual funds, bonds. To manage
such risks, such investments are done mainly for short durations, in line with the expected business requirements for such funds.
a) Exposure to interest rate risk

Fixed Rate Instruments
319.19 701.71
Variable Rate Instruments
Financial Liabilities 3,668.67 3,321.18
3,668.67 3,321.18
281 281
(` in Crores)
b) Interest Rate Sensitivity
A Change in 50 bps in interest rate would have following impact on Profit Before Tax and Other Equity:

Particulars
Tax Tax
Interest Rate Increase by 0.50% (18.34) (11.93) 0.50% (16.61) (10.80)
Interest Rate Decrease by 0.50% 18.34 11.93 0.50% 16.61 10.80
55.3.4 Other Price Risk

The Group's exposure to equity securities price risk arises from investments held by the Group and classified in the balance sheet either at fair
value through OCI or at fair value through profit and loss. Having regard to the nature of securities, intrinsic worth, intent and long term nature of
securities held by the Group, fluctuation in their prices are considered acceptable and do not warrant any management.
a) Exposure to other market price risk

Investment in Equity Instruments 399.21 279.76
Investment in Mutual Funds 576.64 463.47
Investment In Bonds and Non-convertible Debentures 31.86 7.95
Investment in Government Securities 1.17 1.21
1,008.88 752.39
b) Sensitivity Analysis
The Analysis is based on assumption that the increase/decrease by 5% with all other variables held constant.

Particulars
Tax Tax
Market rate Increase 5% 50.44 32.82 5% 37.62 24.47
Market rate Decrease 5% (50.44) (32.82) 5% (37.62) (24.47)
55.4 Hedge Accounting - Cash Flow Hedges

The objective of cross currency swap and interest rate swaps is to hedge the cash flows of the foreign currency denominated debt related to
variation in foreign currency exchange rates and interest rates. The hedge provides for exchange of notional amount at agreed exchange rate of
principle at each repayment date and conversion of variable interest rate into fixed interest rate as per notional amount at agreed exchange rate.
The Group also enters into foreign currency forward contracts to hedge the foreign currency exchange risk arising from borrowings, other debt
and forecasted purchases/sales. Some of the forward contracts are designated as cash flow hedges. The Group is following hedge accounting
for cross currency & interest rate swaps and Interest rate swaps and some foreign currency forward contracts based on qualitative approach.
The Group is having risk management objectives and strategies for undertaking these hedge transactions. The Group has maintained adequate
documents stating the nature of the hedge and hedge effectiveness test. The Group assesses hedge effectiveness based on following criteria :
i. An economic relationship between the hedged item and the hedging instrument
ii. The effect of credit risk
iii. Assessment of the hedge ratio
The Parent Company designates cross currency swaps and interest rate swaps and some foreign currency forward contracts to hedge its currency
and interest risk and generally applies hedge ratio of 1:1.
All these derivatives have been marked to market to reflect their fair value and the fair value differences representing the effective portion of such
hedge have been taken to equity.
282
(` in Crores)
55.4.1 Disclosure of effects of hedge accounting on financial position as at 31st March, 2022:
Cash flow hedge
Foreign currency loan
- Cross Currency Swap (SGD 2.58 (146.94) (1.22) June '22 to June 1.94 (5.46)
Crores) Refer Note No. 22.1 (g)(i) '26
- Cross Currency Swap (USD 2.27 (172.24) (1.58) February '22 to (1.58) (2.24)
Crores) Refer Note No. 22.1 (g)(ii) December '28
Total (319.18) (2.80) 0.36 (7.70)
Disclosure of effects of hedge accounting on financial position as at 31st March, 2021:

Cash flow hedge
Foreign currency loan (USD 4.70 Crores)
- Forward contracts (343.91) (12.41) Apr'21 to May'21 (12.41) 5.92
Foreign currency loan
- Cross Currency Swap (SGD 2.79 (151.71) (4.33) Sep'21 to Jun'26 (4.33) 1.23
Crores) Refer Note No. 22.1 (g)(i)
Total (495.62) (16.74) (16.74) 7.15
55.4.2 The movement of effective portion of Cash Flow Hedges are shown below:
Opening Balance (6.24) –
Gain/(loss) recognized on cash flow hedges (0.91) (9.59)
Income tax relating to gain/(loss) recognized on cash flow hedges (0.05) 3.35
Reclassified to Statement of Profit and Loss – –
Income tax relating to Reclassified to Statement of Profit and Loss – –
Closing Balance (7.20) (6.24)
55.4.3 Foreign Currency Forward Contracts and Overnight Index Swaps

The Group enters into forward contracts with intention to reduce the foreign exchange risk of expected purchases and enters into overnight index
swap to manage interest cost on fixed rate borrowings. Certain foreign currency forward contracts are not designated as cash flow hedges and
are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally within one year. Similarly, the
overnight index swaps are also not designated as cash flow hedges. The fair value of foreign currency forward contracts and overnight index swaps
are as under:
Particulars
Assets Liability Assets Liability
Foreign Currency Forward Contracts 0.23 (0.57) 0.26 3.89
Overnight Index Swaps – 0.68 – –
283 283
(` in Crores)
56 Capital Management
The Group's objective to manage its Capital is to ensure continuity of business while at the same time provide reasonable returns to its various
stakeholders but keep associated costs under control. In order to achieve this, requirement of Capital is reviewed periodically with reference to
operating and business plans that take into account capital expenditure and strategic Investments. Sourcing of Capital is done through judicious
combination of equity/internal accruals and borrowings, both short term and long term. The Group monitors Capital using Gearing Ratio which is
Net Debt (total borrowings less current investments, cash and cash equivalents and other bank balances) divided by Total Equity plus Net Debt.

Gearing Ratio 0.36 0.37
57 Government grants during the year comprising Incentive and Subsidies include:
57.1 Tax incentive for capital investments under various State Investment Promotion Schemes of ₹ 149.97 Crores (Previous Year ₹ 170.59 Crores).
57.2 Amortisation of the deferred revenue of ₹ 1.27 Crores (Previous Year ₹ 0.74 Crore) arising due to difference between the fair value & nominal value
of interest free loan granted under State Investment Promotion Scheme.
57.3 Amortisation of the deferred revenue of ₹ 0.42 Crore (Previous Year ₹ 0.50 Crore) on account of Investment in Plant & Machineries under various
State Investment Promotion Schemes.
57.4 Renewable Energy Certificates for generation of power from solar power plant under Central Electricity Regulatory Commission (Terms and
Conditions for Recognition and Issuance of Renewable Energy Certificate for Renewable Energy Generation) Regulations, 2010 of ₹ 0.42 Crore
(Previous Year ₹ 0.40 Crore).
57.5 The Government of India (vide press release dated 31st December, 2020) Introduced the benefit of the Scheme for Remission of Duties and Taxes
on Exported Products (RoDTEP) to all export goods with effect from 1st January, 2021. With the introduction of the RoDTEP scheme, the benefit of
ROSCTL scheme stood withdrawn, and the MEIS Scheme was also withdrawn w.e.f. 1st January, 2021. Rates of RoDTEP are notified in the current
year only, therefore the Parent Company has accrued income relating to benefits of RoDTEP scheme on the Export Sales made for the period from
1st January, 2021 to 31st March, 2021 in the current year.
58 Additional regulatory information required by Schedule III of Companies Act, 2013
58.1 Struck off Companies
(a) Details of relationships and transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the
Companies Act, 1956:
Nature of Balance Balance Relationship with
Name of struck off Company transactions with outstanding as at outstanding as at the Struck off
struck-off Company 31st March, 2022 31st March, 2021 company
Maharaja Agency Private Limited Receivables 0.82 0.02 Vendor
Maharaja Agency Private Limited Payables 0.05 0.05 Vendor
Surface Commercial Private Limited Payables 0.01 0.01 Vendor
Mahesh Carriers Private Limited Payables 0.01 0.01 Vendor
Vsk Logistics Private Limited Payables 0.08 0.08 Vendor
Silex Hotels and Restuarants Private Limited Payables 0.00 0.00 Vendor
Sheiban Systems Private Limited Payables 0.02 0.02 Vendor
Pro Trainer India Private Limited Payables 0.00 0.00 Customer
(b) Details of Stuck off entities holding equity shares in the Company:
As at 31st March, 2022 As at 31st March, 2021 Relationship
Name of struck off Company with the Struck
No. of Shares Paid-up value No. of Shares Paid-up value off company
Held in (₹) Held in (₹)
A.S. Moloobhoy Marine Services Private Limited 100 1000 100 1000 Shareholder
Mangal & Co Pvt. Ltd. 6 60 6 60 Shareholder
Rbg Investment And Finance Limited 50 500 50 500 Shareholder
Sanketh Metals Private Limited – – 2100 21000 Shareholder
Trump It Entertainment And Creative Services Private
– – 75 750 Shareholder
Limited
284
(` in Crores)
58.2 Compliance with number of layers of companies:
The Group has complied with the number of layers prescribed under clause 87 of section 2 of the Companies Act, 2013 read with the Companies
(Restriction on Number of Layers) Rules, 2017.
58.3 Loans or Advances to Promoters, Directors, KMPs and the related parties
The Group has not given any loan or advance in the nature of loan to promoters, directors, KMPs and the related parties (as defined under the Act),
either severally or jointly with any other person during the year ended 31st March, 2022 and the year ended 31st March, 2021 except as disclosed
in Note No. 11.
58.4 Utilisation of Borrowed Funds and Share Premium
The Group has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any
other persons or entities including foreign entities (intermediaries) with the understanding that the Intermediaries shall 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 provided any
guarantee, security or the like or on behalf of the Ultimate Beneficiaries.
The Group has not received any fund from any persons or entities, including foreign entities (funding party) with the understanding 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 provided any guarantee, security or the like or on behalf of the Ultimate Beneficiaries.
59 The Subsidiary Company (RCCPL Private Limited) has acquired 100% of the issued capital of AAA Resources Private Limited. Accordingly, AAA
Resources Private Limited became subsidiary of the RCCPL Private Limited and step down subsidiary of the Parent Company effective 2nd July,
2021 on satisfactory completion of the closing conditions under the Share Purchase Agreement ('SPA') and has been consolidated with effect from
that date.
Further, the Company has acquired 100% equity share capital of Utility Infrastructure & Works Private Limited. Accordingly, Utility Infrastructure
& Works Private Limited became a wholly owned subsidiary of the RCCPL Private Limited and step down subsidiary of the Parent Company w.e.f.
31st March 2022.
Purchase consideration AAA Resources Private Limited Utility Infrastructure & Works Private Limited
Number of Equity share issued 10,000 6,94,000
Total Purchase consideration** 0.01 0.10
Fair Value of Net identifiable assets acquired 0.79 –
Capital Reserve/ (Goodwill) 0.78 (0.10)*
* Goodwill has been written off.

** After acquisition, further investment of ₹ 12.05 Crores in 7,30,000 equity shares of AAA Resources Private Limited has been made during the
year.
285 285
(` in Crores)
60 Segment Reporting
A) Primary Segment Information
2021-22 2020-21
Particulars
Business Segment
Segment Revenue
(a) External Sales 7,053.00 407.60 0.62 7,461.22 6,497.93 287.30 0.22 6,785.45
(b) Inter Segment Revenue 1.06 – 7.23 8.29 0.60 0.06 5.87 6.53
Total 7,054.06 407.60 7.85 7,469.51 6,498.53 287.36 6.09 6,791.98
Segment Result 720.47 44.17 (2.99) 761.65 968.37 13.62 (3.27) 978.72
Add:
(i) Interest Income 18.46 27.50
(ii) Unallocated Income net of 0.30 2.65
unallocated Expense
Less :
(i) Interest Expense 242.66 296.28
Tax Expenses
Deferred Tax 62.98 45.70
Deferred Tax for earlier years – (50.01)
Profit after tax 398.59 630.14
Other Information
Segment Assets 11,239.81 1,075.16 165.78 12,480.75 10,642.39 927.20 147.26 11,716.85
Unallocated assets 1,370.84 1,178.74
Total Assets 13,851.59 12,895.59
Segment Li abilities 1,924.44 16.05 2.33 1,942.82 1,781.64 17.63 2.02 1,801.29
Unallocated liabilities 5,859.88 5,608.27
Total Liabilities 7,802.70 7,409.56
Segment Capital Expenditure 894.66 5.56 – 900.22 761.54 10.65 0.42 772.61
Common Capital Expenditure 11.47 4.30
Total Capital Expenditure 911.69 776.91
Segment Depreciation 384.16 6.97 0.81 391.94 359.76 6.62 0.93 367.31
Common Depreciation 5.00 3.45
Total Depreciation 396.94 370.76
B) Secondary (Geographical) Segment Information
Geographical segment is identified as the secondary segment and details are given below:
1. Revenue from external customers
– Within India 7,386.78 6,744.89
– Outside India 74.44 40.56
Total 7,461.22 6,785.45
2. The Group does not have any tangible, intangible assets and non current operating assets located outside India.
3. During the year as well as previous year, No customer contributed 10% or more to the Group’s revenue from operations.
C) Other Disclosures
The Group’s operations predominantly relate to Cement and other products are Jute Goods, Auto Trims and Steel Castings. Accordingly, these
business segments comprise the primary basis of segmental information set out in the consolidated financial statements.
Inter-segment transfers are based on prevailing market prices except for Iron & Steel Castings which is based on cost plus profit.
The accounting policies adopted for segment reporting are in line with the accounting policy of the Group.
286
(` in Crores)
61 Related Party Disclosures
61.1 Other related parties with whom transactions have taken place during the year and previous year are:
61.1.1 Nature Name of the Company
Entities exercising significant Vindhya Telelinks Limited
influence over the Group August Agents Limited
Insilco Agents Limited
Laneseda Agents Limited
61.1.2 Nature Name Designation

Key Management Personnels Mr. Harsh V. Lodha Chairman
Mr. Arvind Pathak Managing Director and Chief Executive Officer (appointed w.e.f.
31st March, 2021)
Mr. Pracheta Majumdar Wholetime Director and Chief Executive Officer (upto 30th
March, 2021)
Wholetime Director designated as Chief Management Advisor
Ceased to be the Wholetime Director designated as Chief
Management Advisor w.e.f. 20th May, 2021
Mr. Vikram Swarup
Mr. Anand Bordia
Mr. Brij Behari Tandon
Mr. Dhruba Narayan Ghosh Directors
Mr. Deepak Nayyar
Ms. Shailaja Chandra
Mr. Dilip Ganesh Karnik
61.1.3 Nature Name of the Trust/Fund

Post Employment Benefit Plan Trust Satna Cement Works Employees' Provident Fund
Soorah Jute Mills Employees' Provident Fund Trust
M P Birla Group Provident Fund Institution
Birla Cement Works Staff Provident Fund
Birla Jute Mills Workers' Provident Fund Trust
Durgapur Cement Works Employees' Provident Fund
Birla Corporation Limited, Employees Gratuity Fund
Birla DLW Ltd. Employees Gratuity Fund
Birla Corporation Superannuation Fund
61.1.4 Nature Name Relations

Close members of the family of a Ms. Radhika Bordia Daughter of Mr. Anand Bordia (Director)
Key Management Personnel (KMP) Ms. Devika Bordia Daughter of Mr. Anand Bordia (Director)
287 287
(` in Crores)
61.2 Transactions during the year
2021-22 2020-21
Entities Key Post Close Entities Key Post Close
exercising Management Employment members of exercising Management Employment members of
Particulars significant Personnel Benefit Plan the family of significant Personnel Benefit Plan the family of
influence Trust a KMP influence over Trust a KMP
over the the Parent
Group Company
Sales of goods/ services
0.11 – – – 0.12 – – –
provided
Purchase of goods/ services
received
- Vindhya Telelinks Limited 2.73 – – – 3.45 – – –
Payment of rent – – – 0.06 – – – –
Receipt of rent 0.06 – – – 0.06 – – –
Paid to Trust-Employees
– – 7.84 – – – 7.01 –
Provident Fund Contribution
– – 6.00 – – – 10.50 –
Gratuity Fund Contribution
Superannuation Fund – – 2.55 – – – 2.82 –
Contribution
Remuneration, Perquisites &
– 6.14 – – – 5.25 – –
Others (Refer Note No. 61.2.1)
Dividend Paid
- Vindhya Telelinks Limited 6.38 – – – 9.57 – – –
- August Agents Limited 6.02 – – – 9.02 – – –
- Insilco Agents Limited 6.00 – – – 9.01 – – –
- Laneseda Agents Limited 5.99 – – – 8.99 – – –
Dividend Received 0.00 – – – 0.00 – – –
61.2.1 Key Management Personnel compensation

Particulars
Short-Term Employee Benefits 4.37 3.41
Post-Employment Benefits 0.14 0.00
Director's sitting fees 0.85 1.06
Director's Commission 0.78 0.78
Total Compensation 6.14 5.25
The above does not include Gratuity and Leave encashment benefits since the same is computed actuarially for all employees and the amount
attributable to the managerial person cannot be ascertained separately.
288
(` in Crores)
61.3 Balance Outstanding as at the balance sheet date
As at As at
Particulars
Trade Payables
Entities exercising significant influence over the Group 0.34 0.64
Provision for Employees benefit
Post Employment Benefit Plan Trust 0.68 0.55
Trade Receivables
Entities exercising significant influence over the Group 0.00 –
Other Receivables
Post Employment Benefit Plan Trust 5.94 –
Advances Given / Security Deposited
Close members of the family of a KMP 0.03 –
Short-term employee benefits
Key Management Personnel 1.19 1.48
61.4 Terms and Conditions of transactions with Related Parties:

All Related Party Transactions are net off taxes and duties. The sales to and purchases from related party are made in the normal course of business
and on terms equivalent to those that prevail in arm's length transactions. The Loans and Advances given to related parties are on terms equivalent
to those that prevail in arm's length transactions. Outstanding balances at the year end are unsecured and settlement occurs in cash, the Group
has recorded the receivable relating to amount due from related parties net of impairment (if any). This assessment is undertaken each financial
year through examining the financial position of the related parties and the market in which the related party operates.
62 Additional Information, as required under Schedule III to the Companies Act, 2013, of enterprises consolidated as Subsidiary:
Net Assets (Total Assets Share of Profit for the Share in Other Share in Total
minus Total Liabilities) year Comprehensive Income Comprehensive Income
Name of the Entity As % of (` in As % of (` in As % of (` in As % of (` in
Consoli– Crores) Consoli– Crores) Consoli– Crores) Total Crores)
dated Net dated Profit dated Other Compre–
Assets for the year Compre– hensive
hensive Income
Income
Parent
Birla Corporation Limited 85.89 5,195.14 50.92 202.92 100.61 241.95 69.62 444.87
Subsidiaries
Indian
1. Birla Jute Supply Company Limited 0.04 2.27 0.01 0.04 0.34 0.82 0.13 0.86
2. Talavadi Cements Limited 0.15 9.20 0.09 0.35 – – 0.04 0.35
3. Lok Cement Limited 0.01 0.56 0.00 0.01 – – 0.00 0.01
4. Budge Budge Floorcoverings Limited 0.03 1.82 0.00 0.01 0.00 0.00 0.00 0.01
5. M.P. Birla Group Services Private 0.00 0.00 (0.00) (0.00) – – (0.00) (0.00)
Limited
6. Birla Cement (Assam) Limited 0.00 0.03 (0.00) (0.00) – – (0.00) (0.00)
7. RCCPL Private Limited 51.62 3,121.76 49.45 197.13 (0.95) (2.27) 30.50 194.86
Stepdown Subsidiaries
Indian
AAA Resources Private Limited 0.21 12.83 0.00 0.00 – – 0.00 0.00
Utility Infrastructure & Works Private (0.00) (0.00) (0.00) (0.00) – – (0.00) (0.00)
Limited
Minority Interest in all subsidiaries (0.00) (0.04) (0.00) (0.00) – – (0.00) (0.00)
Consolidation adjustments (37.94) (2,294.72) (0.47) (1.87) – – (0.29) (1.87)
Total 100.00 6,048.85 100.00 398.59 100.00 240.50 100.00 639.09
289 289
63 The Group had made an investment in AMP Solar Clean Power Private Limited ('AMP') by way of purchase of 8,49,821 (Previous Year: 7,56,800)
fully paid up equity shares having face value of ₹ 10 each, amounting of ₹ 0.85 Crore (Previous Year: ₹ 0.76 Crore) (26% holding in AMP) and in
76,484 (Previous Year: 68,112) compulsorily convertible debentures having face value of ₹ 1000 each, amounting of ₹ 7.65 Crores (Previous Year: ₹
6.81 Crores) under Share Purchase, Subscription and Shareholders Agreement. Further, the Group had entered into a long term power purchase
agreement (‘PPA’) with the AMP which is engaged in the business of generating and sales of solar power. The PPA has a lock-in period of 15 years
wherein the Group is required to purchase the entire contracted power capacity from the said plant.
The investment in equity shares in AMP is 26%. Considering the substance of the transactions, in the opinion of the management, it is not
considered as a related party under Ind AS 24/28. Accordingly, the investment in equity shares and compulsorily convertible debentures is
recognized at amortised cost under “Deposits” at ₹ 1.81 Crores (Previous Year: ₹ 1.44 Crores) as per the provision of Ind AS 109 and the difference
between amortised cost and investment value of ₹ 7.06 Crores (Previous Year: ₹ 6.33 Crores) is considered for valuation of “Right of Use Assets-
Plant and Machinery”.
Taking into consideration the terms and conditions of PPA, it is considered that the arrangement in respect of long term power purchase agreement
satisfies all the conditions of the lease as per IND AS 116. Consequently, Right of Use Assets and Lease Liabilities is recognized.
64 The Group has made an assessment of the impact of the continuing COVID-19 pandemic on its current and future operations, liquidity position
and cash flow giving due consideration to the internal and external factors. The Group is continuously monitoring the situation and does not
foresee any significant impact on its operations and the financials position as at 31st March, 2022.
65 The Code on Social Security, 2020 which received the President’s assent on 28th September 2020 subsumes nine laws relating to Social security,
retirement and employee benefits, including the Provident Fund and Gratuity. The effective date of the Code and rules thereunder are yet to be
notified. The impact of the changes, if any, will be assessed and recognised post notification of the relevant provisions.
66 Previous year figures have been regrouped/rearranged/reclassified wherever necessary. Further, there are no material regroupings/reclassifications
during the year.
(DIN : 00394094)
M. S. BALACHANDRAN
(DIN : 00585588)
Kolkata
290
Notes
291 291
Notes
292
•••
•••
•• ■ MPBIRLA
CROUP
CIN-L01132WB1919PLC003334
Registered Office: 'Birla Building', 9/1, R.N. Mukherjee Road, Kolkata- 700 001.
E-mail: [email protected]; Website: www.birlacorporation.com
Phone: (033) 6616 6729/6737
102ND ANNUAL GENERAL MEETING
I PROXY FORM I
[Pursuant to Section 105/6) of the Companies Act, 2013 and Rule 19/3) of the Companies (Management and Administration) Rules, 2014]
Name of the Member(s) :

Registered Address :
E-mail ID:
Folio No.:
DP ID No./Client ID No.•:
• Applicable for Investors holding shares in electronic form.

IN,/e being the Member(s) of .......................... shares of Bir1a Corporation Limited hereby appoint :
(1) Name: ............................................................... Address: ............................................................................... .
E-mail ID: ........................... .. ......... ...... ............... Signature: ..............................................., or failing him/ her
(2) Name: ............................................................... Address: .............................................................................. ..
E-mail ID: ............... ............................................ Signature: ..............................................., or failing him/ her

(3) Name: ............................................................... Address: ................... .... .........................................................
E-mail ID: ....... ........ ............................................ Signature: ............................................................................. .
as my / our proxy to attend and vote (on a poll) for me/ us and on my/ our behalf at the 102nd Annual General
Meeting of the Company to be held on Tuesday, the 27th day of September, 2022 at 10.30 a.m. at
Kalpataru Uttam Mancha, 10/1 /1, Monohar Pukur Road, Kolkata- 700 026 and at any adjournment thereof in favour
of/ against the Resolution(s) as are indicated below:
Resolutio
Description
No.
Ordinary Business:
01. Consider and adopt:
a) the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2022 together with the
Reports of the Boord of Directors and Auditors thereon: and
b) the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March, 2022 together With
the Report of the Auditors thereon (Ordinary Resolution).
02. Declaration of DMdend on Ordinary Shares of the Company for the financial year ended 31st March, 2022 (Ordinary Resolution).
03. Re-appointment of Shri Harsh V. Lodha (DIN: 00394094), Director of the Company, who retires by rotation (Ordinary
Resolution).
04. Appointment of Statutory Auditors of the Company and fixation of their Remuneration (Ordinary ResolutiOn).
Special Business:
05. Ratification of Remuneration of the Cost Auditors of the Company (Ordinary Resolution).
Signed this ................................. day of ..................................... 2022

Affix
Signciture of Shareholder(s) .................................................................................................. :.......... Revenue
Stamp
Signature of Proxy holder(s) .............................................................................................................
Notes:
(1) This form of proxy In order ta be effective should be duly completed and deposited at the Registered Office of the
Company not less than 41 hours before the commencement of the meeting.
(2) For the Resolutions. Statement pursuant to Section 102 of the Companies Act, 201 3 and Notes. please refer to the Notice of
the 102nd Annual General Meeting. •
(3) Please complete all details including details of member (s) in the above box before submission.
•••
•••
•• ■ MPBll~LA
CROUP
CIN-L01132WB1919PLC003334
Registered Office: 'Birla Building', 9/1, R.N. Mukherjee Road, Kolkata- 700 001.
E-mail: [email protected]; Website: www.birlacorporation.com
Phone: (033) 6616 6729/6737
I ATTENDANCE SLIP I
Name and Address of the Shareholder(s)
DP Id **
Client Id**
Folio No.
•••
••
• ■ MPBIRLA
CROUP
No. of Shares
Full Name of the Member/

Proxy attending the meeting
I hereby record my presence at the l 02nd Annual General Meeting of the Company being held at
Kalpataru Uttam Mancha, l 0/l /1 , Monohar Pukur Road, Kolkata- 700 026 on Tuesday, the 27th day of
September, 2022 at 10.30 a .m.
I Signature of the attending Member/Proxy

** Applicable for investors holding shares in electronic form.
Notes : 1. Shareholder/Proxyholder wishing to attend the meeting must bring the Attendance Slip to the
meeting and handover at the entrance, duly signed.
2. Shareholder/Proxyholder is requested to bring their copies of the Annual Report and Accounts
with them to the Meeting.
•••
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -)f

•••
•• ■ MPBIRLA
CROUP
IELECTRONIC VOTING I
The Company is providing electronic voting (e-voting) facility for the Resolutions contained in the Notice
convening the l 02nd Annual General Meeting on Tuesday, the 27th day of September, 2022. The
procedure for e -voting has been me_ n tioned in the aforesaid Notice. Your User ID and Password for
e -voting purposes are given below:
Electronic Voting Sequence Number (EVSN) User ID Password
-K- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - )f
w w w. b i r l a co r p o r a t i o n . co m

Annual Reports 21 22 Birla

Uploaded by

Document Informationclick to expand document information

Copyright:

Available Formats

Annual Reports 21 22 Birla

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Annual Reports 21 22 Birla

Uploaded by

Copyright:

Available Formats

HEART & STRENGTH

ANNUAL REPORT AND ACCOUNTS 2021-22

Shri Harsh V. Lodha, Chairman

Shri Dhruba Narayan Ghosh Dr. Deepak Nayyar

SENIOR MANAGEMENT TEAM

Shri Asim Chattopadhyay Shri Aditya Saraogi Shri Dev Banerjee

Shri Manoj Kumar Mehta

STATUTORY AUDITORS REGISTRAR & SHARE CORPORATE OFFICE

Consolidated Financial Highlights 60

Directors’ Report & Management Discussion and Analysis 62

Business Responsibility Report 93

Report on Corporate Governance 102

Auditors’ Report 124

Balance Sheet 134

Statement of Profit and Loss 135

Statement of Change in Equity 136

Cash Flow Statement 138

Notes to Financial Statements 140

Financial Information of Subsidiary Companies 206

Consolidated Financial Statements 207

Harsh V. Lodha, Chairman, Birla Corporation Limited

RCCPL Maihar, excellence and

The foundation stone of the MP Birla

Over the years, we have scripted

To be admired for our

100+ 11 Cement Plants 20 MN

Alongside, your Company has been

• Stepping up coal production from • Plans in place for setting up a new

manufacturing plants are ISO Jammu &

9001:2000 certified. Our RCCPL

India judged by operating Punjab

parameters. We continually Uttarakhand

deliver high quality cement to Rajasthan Assam

BIRLA CORPORATION LIMITED

RCCPL Private Limited (Formerly Reliance

Bihar | Uttar Pradesh | Madhya Pradesh West Bengal | Jharkhand

West Bengal | Bihar | Uttar Pradesh | Madhya Pradesh

The plant is the fourth

Maihar BTAP Wagon unloading facility

Leveraging the power of technology

Raebareli chalked a milestone

Even as the MP Birla Group builds world-class

Spearheading the Better Cotton

Your Company continues to make

The emissions from the stacks are

Your Company has Our Mukutban plant

Registered Office: By Order of the Board

Dated: 8th August, 2022

Type of shareholders Login Method

Type of shareholders Login Method

3. If the user is not registered for Easi/Easiest, option to register is available at

Individual Shareholders A. NSDL IDeAS facility:

B. E-Voting website of NSDL:

Login type Helpdesk details

For Physical shareholders and other than individual shareholders holding

7. After entering these details appropriately, click on “SUBMIT” tab.

22. General Guidelines for shareholders

STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

Registered Office: By Order of the Board