Balance Sheet

₹ Cr. Mar-20 Mar-21

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 24,417.18 17,611.65
Capital work-in-progress 2,551.75 4,477.64
Goodwill 1,512.31 1,304.90
Other intangible assets 3,759.78 2,463.13
Intangible assets under development 4,304.73 3,394.97
Investments accounted using equity method 11,229.40 12,256.22
Financial assets
(i) Investments 1,685.38 6,489.62
(ii) Trade receivables 556.19 366.16
(iii) Loans 45,945.23 38,412.64
(iv) Other financial assets 1,187.72 1,610.42
Deferred tax assets (net) 1,290.53 1,717.32
Income tax assets (net) 1,897.98 1,887.47
Other non-current assets 2,623.05 2,332.44
Total non-current assets 102,961.23 94,324.58
CURRENT ASSETS
Inventories 11,111.86 9,615.41
Financial assets
(i) Investments 6,295.56 10,031.82
(ii) Trade receivables 6,928.28 6,007.76
(iii) Cash and cash equivalents 4,745.03 3,374.59
(iv) Bank balances other than cash and cash equivalents 3,165.87 9,477.40
(v) Loans 27,963.68 29,080.23
(vi) Other financial assets 1,177.36 1,470.72
Other current assets 2,561.29 3,079.98
Assets held for sale 96.50 -
Total current assets 64,045.43 72,137.91
TOTAL ASSETS 167,006.66 166,462.49

EQUITY AND LIABILITIES

EQUITY
Equity share capital 554.28 555.15
Other equity 39,415.03 41,026.77
Equity attributable to owners of the company 39,969.31 41,581.92
Non-controlling interests 7,691.74 9,070.31
Total equity & non-controlling interests 47,661.05 50,652.23

LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities
(i) Borrowings 49,999.23 52,778.37
(ii) Compulsorily convertible preference shares -
(iii) Lease liabilities 2,298.82 2,128.19
(iv) Trade payables
Total outstanding dues of creditors other than micro enterprises and small enterprises 10.25 1.44
(v) Other financial liabilities 1,781.40 1,595.21
Provisions 4,384.13 1,600.88
Deferred tax liabilities (net) 1,511.89 1,494.16
Other non-current liabilities 5,350.37 4,766.00
Total non-current liabilities 65,336.09 64,364.25
CURRENT LIABILITIES
Financial liabilities
(i) Borrowings 29,794.23 25,180.00
(ii) Lease liabilities 474.73 538.27
(iii) Trade payables
(a) Total outstanding dues of micro enterprises and small enterprises 147.45 151.58
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises 14,837.90 15,354.21
(iv) Other financial liabilities 3,800.63 4,841.72
Other current liabilities 2,902.05 3,867.07
Provisions 1,751.54 1,074.34
Current tax liabilities (net) 300.99 438.82
Total current liabilities 54,009.52 51,446.01
TOTAL EQUITY AND LIABILITIES 167,006.66 166,462.49
 Mar-22 Mar-23 Mar-24

21,902.26 20,351.33 21,408.60

3,036.10 1,222.66 3,461.33
1,340.40 2,548.90 2,448.37
2,775.83 4,239.75 4,272.44
3,666.71 2,745.92 4,577.97
13,149.70 14,380.57 13,800.71

6,060.85 6,625.93 7,772.75

309.43 282.60 270.66
38,849.40 52,772.75 67,783.65
2,206.65 3,353.97 4,297.97
1,724.31 1,615.46 1,578.99
1,604.24 1,802.88 2,129.91
2,338.92 2,623.61 4,231.74
98,964.80 114,566.33 138,035.09

11,595.82 16,854.97 18,590.47

10,849.88 14,265.92 13,634.64

6,373.95 7,028.02 7,459.40
3,487.59 3,493.41 4,530.10
7,630.02 7,780.02 7,482.65
29,242.26 34,684.81 39,060.13
1,998.95 1,951.70 2,102.43
3,969.53 5,209.99 5,380.35
- 56.60 25.47
75,148.00 91,325.44 98,265.64
174,112.80 205,891.77 236,300.73

556.06 556.82 557.38

46,566.58 55,808.97 65,633.17
47,122.64 56,365.79 66,190.55
9,702.62 10,716.32 11,318.79
56,825.26 67,082.11 77,509.34

48,625.06 55,027.39 67,719.69

- 400.00 2,021.73
2,432.55 2,882.50 2,813.92

1.55 0.04 -
1,406.04 970.45 1,208.50
1,497.99 1,815.95 1,763.28
1,786.10 1,608.64 1,772.13
5,249.92 5,525.28 5,946.49
60,999.21 68,230.25 83,245.74

26,042.12 33,739.62 35,483.54

505.48 597.34 608.37
 195.51 363.63 459.70
18,841.04 23,472.03 25,205.94
4,422.25 4,424.94 4,480.96
4,921.72 6,176.38 7,641.62
968.19 1,189.48 1,123.00
392.02 615.99 542.52
56,288.33 70,579.41 75,545.65
174,112.80 205,891.77 236,300.73
Income Statement
₹ Cr. Mar-20
INCOME
Revenue from operations 75,381.93
Other income 1,028.69
Total Income 76,410.62
EXPENSES
Cost of materials consumed 32,321.80
Purchases of stock-in-trade 5,273.50
826.62
Employee benefits expense 8,214.82
Finance costs 6,021.15
Depreciation, amortisation and impairment expense 3,366.68
Loss from investments related to subsidiaries, associates and joint ventures -
Other expenses 15,553.62
Total Expenses 71,578.19
Profit Before Exceptional Items, share of profit of associates and joint ventures and tax 4,832.43
Exceptional items (net) (1,171.28)
Share of profit of associates and joint ventures, (net) 1,027.28
Profit Before Tax 4,688.43
Tax Expense
Current tax (2,314.16)
Deferred tax 338.55
Profit for the year 2,712.82
Non-controlling interest (448.04)
Profit (loss) from discoutinued operations (3,033.82)
Profit for the owners of the company 127.04
 Mar-21 Mar-22 Mar-23 Mar-24

74,277.78 90,170.57 121,361.96 139,078.27

1,033.11 934.51 1,166.95 2,176.42
75,310.89 91,105.08 122,528.91 141,254.69

32,797.56 46,265.48 68,477.97 77,848.82

5,473.64 6,399.37 7,541.90 7,221.25
135.59 (861.66) (2,032.31) (1,455.32)
7,813.26 8,386.74 9,677.95 10,624.33
6,102.22 5,018.05 5,829.70 7,488.21
3,378.11 3,507.50 4,356.81 4,723.78
- - 53.87 32.92
14,381.18 15,297.79 17,317.75 19,914.34
70,081.56 84,013.27 111,223.64 126,398.33
5,229.33 7,091.81 11,305.27 14,856.36
(1,158.26) 414.17 1,249.52 -
1,276.66 1,855.79 1,505.44 1,121.43
5,347.73 9,361.77 14,060.23 15,977.79

(2,014.89) (1,868.10) (2,742.04) (3,597.39)

369.08 (240.66) 56.29 (110.58)
3,701.92 7,253.01 11,374.48 12,269.82
(300.10) 675.69 1,092.98 1,001.18
(2,189.53) - - -
1,812.49 6,577.32 10,281.50 11,268.64
Liquidity Ratios

₹ crore 2020 2021 2022 2023 2024 Notes

Current assets 64,045.43 72,137.91 75,148.00 91,325.44 98,265.64
Current liabilities 54,009.52 51,446.01 56,288.33 70,579.41 75,545.65
Current ratio 1.19 1.40 1.34 1.29 1.30

Inventory 11,111.86 9,615.41 11,595.82 16,854.97 18,590.47

Quick Ratio 0.98 1.22 1.13 1.06 1.05
Working capital 10,035.91 20,691.90 18,859.67 20,746.03 22,719.99
Profitability Ratios

₹ crore 2020 2021 2022 2023 2024

Revenue from operations 75,381.93 74,277.78 90,170.57 121,361.96 139,078.27
Revenue growth %
Less: Material costs 38,421.92 38,406.79 51,803.19 73,987.56 83,614.75
Less: Employee costs 8,214.82 7,813.26 8,386.74 9,677.95 10,624.33
Less: Other expenses 15,553.62 14,381.18 15,297.79 17,371.62 19,947.26
EBITDA 13,191.57 13,676.55 14,682.85 20,324.83 24,891.93
Less: Depreciation & Amortization 3,366.68 3,378.11 3,507.50 4,356.81 4,723.78
EBIT 9,824.89 10,298.44 11,175.35 15,968.02 20,168.15
Add: Non-operating income 1,028.69 1,033.11 934.51 1,166.95 2,176.42
Less: Interest expense 6,021.15 6,102.22 5,018.05 5,829.70 7,488.21
EBT 4,832.43 5,229.33 7,091.81 11,305.27 14,856.36
Less: Tax (1,975.61) (1,645.81) (2,108.76) (2,685.75) (3,707.97)
Add: Other profit (loss) (3,177.82) (2,071.13) 2,269.96 2,754.96 1,121.43
Less: Non-controlling interest (448.04) (300.10) 675.69 1,092.98 1,001.18
Net Profit (PAT) 127.04 1,812.49 6,577.32 10,281.50 11,268.64

Margin %
EBITDA margin % 17.5% 18.4% 16.3% 16.7% 17.9%
EBIT margin % 13.0% 13.9% 12.4% 13.2% 14.5%
PAT margin % 0.2% 2.4% 7.3% 8.5% 8.1%

Return %
Book value of equity 39,969.31 41,581.92 47,122.64 56,365.79 66,190.55
RoE % 0.3% 4.4% 14.0% 18.2% 17.0%
Capital employed 122,536.32 122,206.75 124,727.85 148,612.64 172,816.07
RoCE % 8.0% 8.4% 9.0% 10.7% 11.7%
Total Assets 167,006.66 166,462.49 174,112.80 205,891.77 236,300.73
RoA % 0.1% 1.1% 3.8% 5.0% 4.8%
staBLE EBITDA MARKET

GROWING ROI IN LAST

Activity Ratios

₹ crore 2020 2021 2022 2023

Trade Receivables 6,928.28 6,007.76 6,373.95 7,028.02
Inventory 11,111.86 9,615.41 11,595.82 16,854.97
Trade Payables 14,985.35 15,505.79 19,036.55 23,835.66

Activity Ratios
Accounts receivable turnover 10.9 12.4 14.1 17.3
Receivables days 33.5 29.5 25.8 21.1
Inventory turnover 3.5 4.0 4.5 4.4
Inventory days 105.6 91.4 81.7 83.1
Accounts payables turnover 2.6 2.5 2.7 3.1
Payables days 142.4 147.4 134.1 117.6

Cash conversion cycle (days) -3.3 -26.5 -26.6 -13.3

Total Assets 167,006.66 166,462.49 174,112.80 205,891.77

Assets turnover 0.5 0.4 0.5 0.6
 2024 Notes
7,459.40
18,590.47
25,665.64

18.6###
19.6###
4.5###
81.2###
3.3###
112.0###

-11.3

236,300.73
0.6
Debt Ratios SOLVENCY RATIOS

₹ crore 2020 2021 2022 2023 2024 Notes

Short-term borrowings 29,794.23 25,180.00 26,042.12 33,739.62 35,483.54
Short-term lease 474.73 538.27 505.48 597.34 608.37
Long-term borrowings 49,999.23 52,778.37 48,625.06 55,027.39 67,719.69
Long-term lease 2,298.82 2,128.19 2,432.55 2,882.50 2,813.92
Total book value of Debt 82,567.01 80,624.83 77,605.21 92,246.85 106,625.52
Book value of Equity 39,969.31 41,581.92 47,122.64 56,365.79 66,190.55
Capital employed 122,536.32 122,206.75 124,727.85 148,612.64 172,816.07

Debt/Capital Ratio 0.7 0.7 0.6 0.6 0.6

D/E Ratio 206.6% 193.9% 164.7% 163.7% 161.1%

Interest expense 6,021.2 6,102.2 5,018.1 5,829.7 7,488.2

Interest coverage 1.6 1.7 2.2 2.7 2.7
Market Ratios

As on date: Notes
Net Profit 12,269.8
No. of shares outstanding (crore) 8
Earnings per share (EPS)

Share price (on ___)

P/E Ratio

Book value of equity

Book value per share
P/B Ratio

Dividend paid
Dividend per share (DPS)
Dividend payout ratio
Dividend yield

Retention ratio
Growth in EPS