Balance Sheet

(` in crores)
As at As at
Notes
March 31, 2023 M arch 31, 2022
I. ASSETS
(1) NON-CURRENT ASSETS
(a) Property, plant and equipment 3 (b) 11,707.87 11,733.44
(b) Capital work-in-progress 3 (c) 575.65 585.21
(c) Right of use assets 4 (b) 421.27 332.45
(d) Other intangible assets 5 (b) 2,413.18 2,009.87
(e) Intangible assets under development 5 (c) 509.30 882.03
(f) Investments in subsidiaries, joint ventures and associates 6 27,976.80 27,917.45
(g) Financial assets
(i) Investments 7 1,204.82 1,338.94
(ii) Loans and advances 9 114.40 48.43
(iii) Other financial assets 11 2,405.23 1,992.52
(h) Deferred tax assets (net) 28 1,477.26 -
(i) Non-current tax assets (net) 868.22 777.68
(j) Other non-current assets 13 596.82 662.24
50,270.82 48,280.26
(2) CURRENT ASSETS
(a) Inventories 15 (b) 3,027.90 3,718.49
(b) Financial assets
(i) Investments 8 3,142.96 5,143.08
(ii) Trade receivables 16 2,307.72 2,111.78
(iii) Cash and cash equivalents 18 (b) 1,121.43 2,450.23
(iv) Bank balances other than (iii) above 19 293.22 155.20
(v) Loans and advances 10 132.29 139.37
(vi) Other financial assets 12 255.25 809.51
(c) Other current assets 14 1,219.18 1,091.95
11,499.95 15,619.61
TOTAL ASSETS 61,770.77 63,899.87
II. EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 20 766.02 765.88
(b) Other equity 21,703.83 19,178.27
22,469.85 19,944.15
LIABILITIES
(1) NON-CURRENT LIABILITIES
(a) Financial liabilities
(i) Borrowings 22 10,445.70 14,102.74
(ii) Lease liabilities 305.26 237.84
(iii) Other financial liabilities 25 414.44 460.37
(b) Provisions 27 (b) 1,588.75 1,474.11
(c) Deferred tax liabilities (net) 28 51.16 173.72
(d) Other non-current liabilities 29 692.08 514.13
13,497.39 16,962.91
(2) CURRENT LIABILITIES
(a) Financial liabilities
(i) Borrowings 23 8,426.74 9,129.91
(ii) Lease liabilities 100.99 58.58
(iii) Trade payables 24
(a) Total outstanding dues of micro and small enterprises 114.67 146.10
(b) Total outstanding dues of creditors other than micro and small enterprises 7,047.93 5,956.00
(iv) Acceptances 5,839.39 7,883.96
(v) Other financial liabilities 26 1,300.18 1,113.26
(b) Provisions 27 (c) 408.89 608.06
(c) Current tax liabilities (net) 53.66 49.67
(d) Other current liabilities 30 2,511.08 2,047.27
25,803.53 26,992.81
TOTAL EQUITY AND LIABILITIES 61,770.77 63,899.87
Integrated Report / 2022-23

See accompanying notes to financial statements

In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI

Chartered Accountants Chairman Group Chief Financial Officer
Firm's Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No. 103334
UDIN: 23103334BGYMRR6797
Place: Mumbai Place: Mumbai
Date: May 12, 2023 Date: May 12, 2023
318
 1-141 142-304 305-551
Integrated Report Statutory Reports Financial Statements

Statement of Profit and Loss

(` in crores)
Year ended Year ended
Notes March 31, 2023 March 31, 2022
REVENUE FROM OPERATIONS
Revenue 65,298.84 46,880.97
Other operating revenue 458.49 382.71
I. Total revenue from operations 31 (b) 65,757.33 47,263.68
II. Other Income 32 (b) 820.94 659.91
III. Total Income (I+II) 66,578.27 47,923.59
IV. Expenses
(a) Cost of materials consumed 42,226.81 31,693.11
(b) Purchases of products for sale 6,561.32 5,030.00
(c) Changes in inventories of finished goods, work-in-progress and products for sale 484.69 (403.87)
(d) Employee benefits expense 33 4,021.63 3,601.51
(e) Finance costs 34 2,047.51 2,121.73
(f) Foreign exchange loss (net) 279.76 136.81
(g) Depreciation and amortisation expense 1,766.86 1,760.57
(h) Product development/Engineering expenses 899.06 593.90
(i) Other expenses 35 7,819.74 6,018.71
(j) Amount transferred to capital and other accounts 36 (1,066.73) (905.42)
Total Expenses (IV) 65,040.65 49,647.05
V. Profit/(loss) before exceptional items and tax (III-IV) 1,537.62 (1,723.46)
VI. Exceptional items:
(a) Employee separation cost 1.36 8.35
(b) Cost of slump sale of PV undertaking - 50.00
(c) Provision/reversal for loan given to/investment in/cost of closure of subsidiary companies 4.55 (139.24)
(d) Provision for Intangible assets under development 276.91 -
(e) Others 49 (iii) - (2.52)
VII. Profit/(loss) before tax (V-VI) 1,254.80 (1,640.05)
VIII. Tax expense/(credit) (net) 28
(a) Current tax 81.60 51.18
(b) Deferred tax (1,554.93) 48.00
Total tax expense/(credit) (net) (1,473.33) 99.18
IX. Profit/(loss) for the year from continuing operations (VII-VIII) 2,728.13 (1,739.23)
X. Profit/(loss) before tax for the year from discontinued operations 45 - 392.51
XI. Tax expense (net) of discontinued operations 28
(a) Current tax - 44.14
(b) Deferred tax - -
Total tax expense - 44.14
XII. Profit for the year after tax from discontinued operations (X-XI) 45 - 348.37
XIII. Profit/(loss) for the year (IX+XII) 2,728.13 (1,390.86)
XIV. Other comprehensive income/(loss):
(A) (i) Items that will not be reclassified to profit and loss:
(a) Remeasurement losses on defined benefit obligations (net) (61.43) (57.66)
(b) Equity instruments at fair value through other comprehensive income (134.12) 371.29
(ii) Income tax credit/(expense) relating to items that will not be reclassified to profit and loss 34.96 (32.33)
(B) (i) Items that will be reclassified to profit and loss - gains/(losses) in cash flow hedges (99.69) 1.62
(ii) Income tax credit/(expense) relating to items that will be reclassified to profit and loss 9.93 (0.57)
Total other comprehensive income/(loss), net of taxes (250.35) 282.35
XV. Total comprehensive income/(loss) for the year (XIII+XIV) 2,477.78 (1,108.51)
XVI. Earnings/(loss) per share (EPS) 38
Earnings/(loss) per share from continuing operations (EPS)
(A) Ordinary shares (face value of ` 2 each) :
(i) Basic ` 7.11 (4.54)
(ii) Diluted ` 7.11 (4.54)
(B) ‘A’ Ordinary shares (face value of ` 2 each) :
(i) Basic ` 7.21 (4.54)
(ii) Diluted ` 7.21 (4.54)
Earnings/(loss) per share from discontinued operations (EPS)
(A) Ordinary shares (face value of ` 2 each) :
(i) Basic ` - 0.90
(ii) Diluted ` - 0.90
(B) ‘A’ Ordinary shares (face value of ` 2 each) :
(i) Basic ` - 1.00
(ii) Diluted ` - 1.00
Earnings/(loss) per share from continuing and discontinued operations (EPS)
(A) Ordinary shares (face value of ` 2 each) :
(i) Basic ` 7.11 (3.63)
(ii) Diluted ` 7.11 (3.63)
(B) ‘A’ Ordinary shares (face value of ` 2 each) :
(i) Basic ` 7.21 (3.63)
(ii) Diluted ` 7.21 (3.63) Integrated Report / 2022-23

See accompanying notes to financial statements

In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI

Chartered Accountants Chairman Group Chief Financial Officer
Firm's Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No. 103334
UDIN: 23103334BGYMRR6797
Place: Mumbai Place: Mumbai
Date: May 12, 2023 Date: May 12, 2023
319
 Cash Flow Statement
(` in crores)
Year ended Year ended
March 31, 2023 March 31, 2022
Cash flows from operating activities:
Profit/(Loss) for the year from continuing operations 2,728.13 (1,739.23)
Profit for the year from discontinued operations - 348.37
Adjustments for:
Depreciation and amortisation expense 1,766.86 2,724.93
Allowances for trade and other receivables 105.12 42.71
Discounting of warranty and other provisions (128.53) -
Inventory write down (net) 32.21 25.25
Provision for Intangible assets under development 276.91 -
Provision/(reversal) for loan given to/investment and cost of closure in subsidiary
companies/joint venture (net) 4.55 (699.15)
Accrual for share-based payments 20.46 18.04
Profit on sale of assets (net) (including assets scrapped / written off) (88.47) (70.95)
Profit on sale of investments at FVTPL (net) (71.82) (109.82)
Marked-to-market gain on investments measured at FVTPL (6.81) (10.16)
Tax expense/(credit) (net) (1,473.33) 143.32
Finance costs 2,047.51 2,300.73
Interest income (245.42) (323.59)
Dividend income (187.52) (80.08)
Unrealized foreign exchange loss (net) 230.40 112.69
2,282.12 4,073.92
Cash flows from operating activities before changes in following assets and liabilities 5,010.25 2,683.06

Trade receivables (306.46) (1,015.62)

Loans and advances and other financial assets 126.28 (245.40)
Other current and non-current assets (98.21) (240.50)
Inventories 658.37 (1,201.08)
Trade payables and acceptances (957.24) 5,285.19
Other current and non-current liabilities 620.22 (56.72)
Other financial liabilities (88.17) 289.73
Provisions (21.46) (60.79)
Cash generated from/(used in) operations 4,943.58 5,437.87
Income taxes paid (net) (168.15) (155.94)
Net cash from/(used in) operating activities 4,775.43 5,281.93
Cash flows from investing activities:
Payments for property, plant and equipments (761.29) (1,191.03)
Integrated Report / 2022-23

Payments for other intangible assets (936.07) (639.64)

Proceeds from sale of property, plant and equipments 122.70 99.57
Investments in Mutual Fund (purchased)/sold (net) 2,078.75 (3,560.47)
Investments in subsidiary companies (191.18) (870.91)
Proceeds from sale of defence business - 234.09
Loan given to subsidiary companies/payment for costs of closure in subsidiary companies (45.00) (51.10)
Return of Investment by subsidiary company 131.83 -
(Increase)/decrease in short term inter corporate deposit (net) (15.00) 30.00
320
 1-141 142-304 305-551
Integrated Report Statutory Reports Financial Statements

Cash Flow Statement

(` in crores)
Year ended Year ended
March 31, 2023 March 31, 2022
Deposits/restricted deposits with financial institution (500.00) (600.00)
Realisation of deposits with financial institution 800.00 1,300.00
Deposits/restricted deposits with banks (276.64) (540.87)
Realisation of deposits/restricted deposits with banks 141.78 2,259.30
Interest received 185.27 301.49
Dividend received 187.52 80.08
Net cash generated from/(used in) investing activities 922.67 (3,149.49)
Cash flows from financing activities
Proceeds from issue of shares and share application pending allotment (net of issue expenses) 19.60 18.61
Proceeds from long-term borrowings 8.99 1,999.79
Repayment of long-term borrowings (4,808.33) (3,482.07)
Proceeds/(payment) from Option Settlement of long term borrowings (106.51) (97.77)
Proceeds from short-term borrowings 52.35 5,137.27
Repayment of short-term borrowings (937.10) (4,936.80)
Net change in other short-term borrowings (with maturity up to three months) 825.77 3,270.78
Repayment of lease liabilities (including interest) (68.33) (151.63)
Dividend paid - (1.53)
Interest paid [including discounting charges paid, `425.37 crores (March 31, 2022 `492.62 crores)] (2,007.76) (2,272.49)
Net cash from/(used in) financing activities (7,021.32) (515.84)
Net increase/(decrease) in cash and cash equivalents (1,323.22) 1,616.60
Cash and cash equivalents as at April 1, (opening balance) 2,450.23 2,365.54
Cash outflow as a part of slump sale of PV undertaking (refer note 45) - (1,200.00)
Adjustment due to conversion of joint operation into joint venture - (341.21)
Effect of foreign exchange on cash and cash equivalents (5.58) 9.30
Cash and cash equivalents as at March 31, (closing balance) 1,121.43 2,450.23

Non-cash transactions:
Liability towards property, plant and equipment and other intangible assets purchased on credit/
deferred credit 317.14 185.40

In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI
Chartered Accountants Chairman Group Chief Financial Officer
Firm's Registration No: 101248W/W-100022
Integrated Report / 2022-23

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No. 103334
UDIN: 23103334BGYMRR6797
Place: Mumbai Place: Mumbai
Date: May 12, 2023 Date: May 12, 2023
321
322 Integrated Report / 2022-23

Statement of Changes in Equity for the year ended March 31, 2023
A. EQUITY SHARE CAPITAL
(` in crores)
Particulars
Balance as at April 1, 2022 765.88
Changes in equity share capital due to prior period errors -
Restated balance as at April 1, 2022 765.88
Issue of shares on exercise of stock options by employees 0.14
Balance as at March 31, 2023 766.02
B. Other Equity (refer note 21) (` in crores)

Share Capital Total other

Share Other components of equity
application Capital Debenture reserve (on equity
Securities based Retained
Particulars money redemption redemption merger)/(sale Equity Cost of
premium payments earnings Hedging
pending reserve reserve of business) instruments hedging
reserve reserve
allotment (net) through OCI reserve
Balance as at April 1, 2022 14,459.14 38.27 6.39 2.28 411.14 1,609.89 2,146.05 606.03 (13.80) (87.12) 19,178.27
Changes in accounting policies or prior period errors - - - - - - - - - - -
Restated balance as at April 1, 2022 14,459.14 38.27 6.39 2.28 411.14 1,609.89 2,146.05 606.03 (13.80) (87.12) 19,178.27
Profit for the year - - - - - - 2,728.13 - - - 2,728.13
Remeasurement gain /(loss) on defined benefit
obligations (net) - - - - - - (65.93) - - - (65.93)
Other comprehensive income/(loss) for the year - - - - - - - (94.65) 52.17 (141.94) (184.42)
Total comprehensive income for the year - - - - - - 2,662.20 (94.65) 52.17 (141.94) 2,477.78
Share-based payments - 28.31 - - - - - - - - 28.31
Money received on exercise of stock options by
employees 23.40 - (3.93) - - - - - - - 19.47
Exercise of stock option by employees 3.79 (3.79) - - - - - - - - -
Transfer of lapsed stock options - (1.30) - - - - 1.30 - - - -
Transfer from debenture redemption reserve - - - - (199.80) - 199.80 - - - -
Balance as at March 31, 2023 14,486.33 61.49 2.46 2.28 211.34 1,609.89 5,009.35 511.38 38.37 (229.06) 21,703.83

See accompanying notes to financial statements

In terms of our report attached For and on behalf of the Board
For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI
Chartered Accountants Chairman Group Chief Financial Officer
Firm's Registration No: 101248W/W-100022
SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No. 103334
UDIN: 23103334BGYMRR6797
Place: Mumbai Place: Mumbai
Date: May 12, 2023 Date: May 12, 2023
 Statement of Changes in Equity for the year ended March 31, 2022
A. EQUITY SHARE CAPITAL
(` in crores)
Particulars
Balance as at April 1, 2021 765.81
Changes in equity share capital due to prior period errors -
Restated balance as at April 1, 2021 765.81
Issue of shares on exercise of stock options by employees 0.07
Balance as at March 31, 2022 765.88
B. Other Equity (refer note 21)
(` in crores)
Share Capital Other components of equity
Share
application Capital Debenture reserve (on
Securities based Retained Equity Cost of Total other
Particulars money redemption redemption merger)/(sale Hedging
premium payments earnings equity
1-141

pending reserve reserve of business) instruments hedging

reserve reserve
allotment (net) through OCI reserve
Balance as at April 1, 2021 25,618.63 22.18 - 2.28 904.44 (350.15) (8,092.95) 287.70 (101.17) (0.80) 18,290.16
Changes in accounting policies or prior period errors - - - - - - - - - - -
Restated balance as at April 1, 2021 25,618.63 22.18 - 2.28 904.44 (350.15) (8,092.95) 287.70 (101.17) (0.80) 18,290.16
Integrated Report

Loss for the year - - - - - - (1,390.86) - - - (1,390.86)

Remeasurement gain /(loss) on defined benefit
obligations (net) (37.03) - - - (37.03)
Other comprehensive income/(loss) for the year - - - - - - - 318.33 87.37 (86.32) 319.38
Total comprehensive loss for the year - - - - - (1,427.89) 318.33 87.37 (86.32) (1,108.51)
142-304

Share-based payments - 18.04 - - - - - - - - 18.04

Money received on exercise of stock options by
employees 12.15 - 6.39 - - - - - - - 18.54
Exercise of stock option by employees 1.95 (1.95) - - - - - - - - -
Statutory Reports

Reduction of share capital in accordance with

approved Scheme of Arrangement (refer note 45) (11,173.59) - - - - - 11,173.59 - - - -
Excess of consideration received over the carrying
value of net assets transferred of PV undertaking (refer
note 45) - - - - - 1,960.04 - - - - 1,960.04
305-551

Transfer from debenture redemption reserve - - - - (493.30) - 493.30 - - - -

Balance as at March 31, 2022 14,459.14 38.27 6.39 2.28 411.14 1,609.89 2,146.05 606.03 (13.80) (87.12) 19,178.27

See accompanying notes to financial statements

Financial Statements

In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI
Chartered Accountants Chairman Group Chief Financial Officer
Firm's Registration No: 101248W/W-100022
SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No. 103334
UDIN: 23103334BGYMRR6797
Place: Mumbai Place: Mumbai
Date: May 12, 2023 Date: May 12, 2023

323 Integrated Report / 2022-23