Income Statement Historical

FY ended 31st March(Rs. Cr) 2019-20 2020-21 2021-22

Income
Revenue from contract with customer 9,008.69 8,571.64 9,983.10
other operating income 68.78 47.40 139.76
Revenue from operations 9077.47 8619.04 10122.86
Checkline 9,077.47 8,619.04 10,122.86
other income 615.34 452.03 454.28
Total Income 9692.81 9071.07 10577.14
Checkline 9,692.81 9,071.07 10,577.14
Expenses
cost of material consumed 4,661.17 5,052.57 5,759.44
purchases of traded goods 214.25 204.58 226.18
change in inventories 110.35 -154.76 (23.76)
COGS 4,985.77 5,102.39 5,961.86
Gross Profit 4707.04 3968.68 4615.28
Gross Profit margin % 51.85% 46.05% 45.59%
employee benefit expense 765.12 803.95 776.83
other expenses 1,122.80 926.19 1,270.61
EBITDA 2,819.12 2,238.54 2,567.84
EBITDA Margin % 31.06% 25.97% 25.37%
finance cost 10.86 9.20 10.25
EBIT 2808.26 2229.34 2557.59
depriciation and amortisation 377.92 446.03 445.52
Profit before tax 2,430.34 1,783.31 2,112.07
Tax expense
Current tax 548.82 492.61 521.04
Deferred tax -22.30 -39.00 4.81
Total tax expense 526.52 453.61 525.85
Net profit after tax 1,903.82 1,329.70 1,586.22
 Forecasted
2022-23 2023-24 2024-25

11,181.07 12,634.61 14,529.80

160.00 604.85 662.84
11341.07 13239.46 15192.64
11,341.07 13,239.46 15,192.64
551.18 604.85 662.84
11892.25 13844.31 15855.49
11,892.25 13,844.31 15,855.49

6,302.89 7,199.04 7,927.74

273.52 346.11 412.24
118.92 138.44 158.55
6,695.34 7,683.59 8,498.54
5196.91 6160.72 7356.95
45.82% 46.53% 48.42%
951.38 1107.54 1268.44
260.84 330.99 395.01
3,984.69 4,722.19 5,693.50
35.14% 35.67% 37.48%
12.30 13.90 15.98
3972.39 4708.29 5677.51
559.05 631.73 726.49
3,413.34 4,076.56 4,951.02

853.33 1019.14 1237.76

2,560.00 3,057.42 3,713.27
BALANCE SHEET
2019-2020 (in cr) 2020-2021 (in cr)
ASSETS
Non-current assets
(a) Property, plant and equipment 1,996.60 1,888.30
(b) Capital work-in-progress 26.75 59.78
(c) Investment property 3.16 -
(d) Intangible assets 184.83 338.89
(e) Right of use assets 184.16 196.17
(f) Intangible assets under development 285.42 250.38
(g) Investments in subsidiaries & joint ventures 68.86 68.86
(h) Financial assets
(i) Investments 1,344.22 899.85
(ii) Other financial assets 23.90 22.75
(i) Non-current tax assets 46.52 51.33
(j) Other non-current assets 77.99 100.91
Total non-current assets 4,242.41 3,877.22
Current assets
(a) Inventories 518.05 769.13
(b) Financial assets
(i) Investments 2,512.50 1,076.08
(ii) Loans 0.12 459.16
(iii) Trade receivables 133.97 256.18
(iv) Cash and cash equivalents 19.00 62.67
(v) Bank balances other than (iv) above 2,907.38 5,736.24
(vi) Other financial assets 92.85 214.91
(c) Other current assets 152.73 173.32
Total current assets 6,336.60 8,747.69
Total assets 10,579.01 12,624.91
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 27.30 27.33
(b) Other equity 8,248.04 9,677.67
Total equity 8,275.34 9,705.00
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Lease liability 76.23 45.97
(ii) Other financial liabilities 12.66 14.62
(b) Provisions 21.20 22.56
(c) Deferred tax liabilities (net) 252.04 221.13
(d) Government grant 60.02 63.42
(e) Other non-current liabilities 26.39 123.50
Total non-current liabilities 448.54 491.20
Current liabilities
(a) Financial liabilities
(i) borrowings
(ii) Lease liability 24.43 14.23
(iii) Trade payables
Total outstanding dues of micro and small enterpri 18.42 45.83
Total outstanding dues of creditors other than mic 982.51 1,471.56
(iii) Other financial liabilities 167.64 174.74
(b) Provisions 73.68 89.73
(c) Current tax liabilities 90.06 130.88
(d) Government grant 13.52 15.61
(e) Contract liability 349.81 227.24
(f) Other current liabilities 135.06 258.89
Total current liabilities 1,855.13 2,428.71
Total liabilities 2,303.67 2,919.91
Total equity and liabilities 10,579.01 12,624.91
2020-2021 (in cr)

1,891.49
133.38
327.34
327.34
181.80
370.80
187.31

5,337.95
72.90
144.85
138.93

9,114.09

898.37

424.70
676.79
492.87
26.62
2,671.94
65.70
240.81
5,497.80
14,284.55

27.34
10,767.23
10,794.57

34.64
14.81
38.50
222.86
63.76
236.54
611.11
 5.98
12.34

37.78
1,726.68
245.77
149.87
231.86
19.38
168.08
281.13
2,878.87
3,489.98
14,284.55
Cash flow statement
2019-2020 (in cr)
A. CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES
Profit before tax 2,430.34
Adjustments for:

Depreciation and amortisation expense

377.92
Gain on disposal of property, plant and equipment
-0.21
Property, plant and equipment discarded 0.35
Loss on sale of property, plant and equipment
2.55
Dividend from joint venture company
-68.00
Net gain on financial instruments at fair value through profit or loss
-302.98
Interest income recognised in profit or loss
-220.58
Expenses recognised in respect of equity-settled share-based payments
25.02
Exchange difference on conversion of foreign branch
9.64
Gains/(losses) in cash flow hedges

Exchange difference on reinstatement of property, plant and equipment

-6.78
Unrealised foreign exchange difference
-3.96
Finance income on lease

Gain on exercise of termination option of leases

Bad debts / advances written off

Provision for doubtful debts and advances

Finance costs recognized in profit or loss

10.86
Amortisation of premium on bonds

Operating profit before changes in working capital

2,254.17
Changes in working capital:

Adjustments for (increase) / decrease in non-current assets:

Other financial assets 2.99

Other assets 1.69
Adjustments for (increase) / decrease in current assets:

Inventories 87.29
Trade receivables (23.40)
Loans 1.17
Other financial assets 5.84
Other assets 23.48
Adjustments for increase / (decrease) in non-current liabilities:

Other financial liabilities 2.70

Provisions (2.92)
Government grant (2.64)
Other liabilities 19.79
Adjustments for increase / (decrease) in current liabilities:

Trade payables (218.83)

 Other financial liabilities 0.83
Provisions 18.56
Government grant 1.94
Contract liability 263.05
Other liabilities (89.55)
Cash generated from operating activities 2,359.47
Direct taxes paid (628.31)
Net cash flow from / (used in) operating activities (A)
1,696.91

B. CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES

Payment for property, plant and equipment (555.19)

Proceeds from disposal of property, plant and equipment 0.80
Investment in subsidiary company (0.93)
Proceeds from sale of investments (0.99)
Investment in equity shares of a company

Proceeds from sale of debt mutual funds and bonds 8,176.17

Purchases of debt mutual funds and bonds (8,746.27)
Investments in fixed deposits (4,681.98)
Maturity proceeds from fixed deposits 4,017.00
Bill discounting on behalf of a related party (refer note 46) 68.00
Dividend from joint venture company -
Interest received 204.06
Net cash flow from / (used in) investing activities (B) (1,519.33)
C. CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES

Short term borrowings availed 211.93

Re-payment of short term borrowings (277.08)
Interest paid (0.87)
Proceeds from issue of equity share capital under ESOP Scheme (including security premium) 28.90
stock unit plan
lease receivables
intres on lease liabilities paid
Repayment of lease liabilities (37.51)
Dividend paid (682.43)
Tax on dividend paid (126.30)
Net cash flow used in financing activities (C) (883.36)
Net Increase/(decrease) in cash and cash equivalents (A)+(B)+(C) (671.53)
Cash and cash equivalents at the beginning of the year (less bank overdraft) 690.53
Cash and cash equivalents at the end of the year 19.00
2020-21 (in cr) 2021-2022(in cr)

1,783.31 2,112.07

446.03 445.52
(0.40) (0.90)

1.92 4.76
- (27.20)
(106.69) (155.30)
(310.19) (244.24)
37.41 (29.34)
31.37 (9.07)
- 0.04
(0.74) 3.29
2.53 1.18
(1.24) (1.63)
(3.25) -
- 1.38
18.12 -
9.20 10.25
- 19.27
1,907.38 2,130.08

8.14 (2.63)
(21.00) (14.23)

(251.08) (129.24)
(124.14) (239.38)
0.08 -
(1.88) (8.32)
(36.09) (69.99)

1.96 0.19
0.59 13.53
3.40 0.34
97.11 113.04

493.13 278.32
 33.14 (11.95)
16.82 56.96
2.09 3.77
(122.57) (59.16)
123.83 22.24
2,130.91 2,083.57
(456.61) (513.57)
1,674.31 1,570.00

(520.98) (628.72)
16.91 1.61
- (118.45)
0.09 -
- (4.16)
5,970.50 3,500.29
(3,983.10) (7,130.14)
(4,976.87) (3,593.29)
2,145.87 6,626.97
(459.12) (217.63)
- 27.20
192.17 398.64
(1,614.53) (1,137.68)

-
-
-1.89 -3.47
40.36 6.49

-10.83 5.06
-6.54 -4.37
-37.21 -13.39
- -464.67
-
-16.11 (474.35)
43.67 (42.03)
19.00 62.67
62.67 20.64
REVENUE TAB Historical Results Forecast Period
FY ended 31st March(₹ in crore) 2019-20 2020-21 2021-22 2022-23 2023-24

Revenue from contract with customer 9,008.69 8,571.64 9,983.10

### 11,181.07 12,634.61
Y/Y -4.85% 16.47%
### 12.00% 13.00%
% of Gross Total Segment Revenue 99.24% 99.45% 98.62%
### 98.59% 95.43%

Other operating income 68.78 47.40 139.76

### 160.00 180.00
Y/Y -31.08% 194.85%
### 14.48% 12.50%
% of Gross Total Segment Revenue 0.76% 0.55% 1.38%
### 1.21% 1.18%

Revenue From operations 9,077.47 8,619.04 10,122.86

### 11,341.07 12,814.61
% of Total Income 93.65% 95.02% 95.71%
### 95.37% 95.49%

Other Income 615.34 452.03 454.28

### 551.18 604.85
% of Total Income 6.35% 4.98% 4.29%
### 4.86% 4.72%

Total Income 9,692.81 9,071.07 10,577.14

### 11,892.25 13,419.46

No. of Unit sold (commercial vehicles) 48721 41268 57077

Revenue from commercial 5405 4886 5690
Revenue per unit 0.11 0.12 0.10
41
No. of Unit sold (Motorcylces) 697582 609403 595474
Revenue From motorcycles 3874 3686 4293
###
Revenue per unit 0.01 0.01 0.01
###
59
recast Period
2024-25

14,529.80
15.00%
95.64%

200.00
11.11%
#DIV/0!

14,729.80 11892.25 13419.46 15392.64

95.69%

662.84
4.50%

15,392.64
Expenses tab

FY ended 31st March(Rs. Cr)

%Expense w.r.t Total Income

cost of material consumed 48% 56% 54% 53% 52% 50%

purchases of traded goods 2.2% 2.3% 2.1% 2.30% 2.50% 2.60%
change in inventories 1.1% -1.7% -0.2% 1% 1% 1%
employee benefit expense 7.89% 8.86% 7.34% 8.00% 8.00% 8.00%
other expenses 11.6% 10.2% 12.0% 2.2% 2.4% 2.5%
FY ended 31st March(Rs. million) 2019-20 2020-21 2021-22 2022-23 E 2023-24 E 2024-25 E
Finance costs 10.86 9.20 10.25 12 14 16

Finance cost as % of EBIT 0.11% 0.10% 0.10% 0.11% 0.11% 0.11%

FY ended 31 2019-20 2020-21 2021-22 2022-23 E 2023-24 E 2024-25 E
Depreciati 377.92 446.03 445.52 559 632 726

Depreciati 4.16% 5.17% 4.40% 5.00% 5.00% 5.00%

FY ended 31st March(Rs. million) 2019-20 2020-21 2021-22 2022-23 E 2023-24 E 2024-25 E
Total Tax 526.52 453.61 525.85 853 1019 1238

Total Tax as % of EBIT 21.66% 25.44% 24.90% 25.00% 25.00% 25.00%