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BALANCE SHEET AS AT MARCH 31, 2015
(Rs. million)
Note As At March 31, 2015 As At March 31

Equity and Liabilities

Shareholders Funds
Share Capital 3 1,004.60 1,003.47
Reserves and Surplus 4 13,321.24 9,489.31
Share application money pending allotment 5 -
Non-current Liabilities
Long-term Borrowings 6 12,786.03 13,353.62
Deferred Tax Liabilities (Net) 7 1,121.44 925.53
Other Long-term Liabilities 8 5.11
Long-term Provisions 9 1,107.77 980.35
Current liabilities
Short-term Borrowings 10 7,380.95 8,123.69
Trade Payables 11 5,078.15 4,298.94
Other Current Liabilities 12 5,541.43 2,793.69
Short-term Provisions 13 921.88 432.97
Total 48,268.60 41,405.79

Assets
Non-current Assets
Fixed Assets
Tangible Assets 14 18,955.76 12,505.67
Intangible Assets 15 31.12
Capital Work-in-Progress 1,533.50 5,239.35
Non-current Investments 16 6,163.43 7,069.14
Long-term Loans and Advances 17 1,217.82 1,212.87
Other Non-current Assets 18 134.47 896.51

Current Assets
Current Investments 19 896.08 435.23
Inventories 20 7,816.80 6,872.30
Trade Receivables 21 3,866.03 2,183.03
Cash and Bank Balances 22 2,666.24 1,916.22
Short-term Loans and Advances 23 4,126.21 2,393.07
Other Current Assets 24 861.14 647.08

Total 48,268.60 41,405.79


100
The Notes are an integral part of these financial statements.
This is the Balance Sheet referred to in our report of the even date.
For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors
Firm Registration No: 012754N/ N500016
Mehul Desai
Partner
Membership No. 103211
Place:Mumbai
Date: April 29 , 2015
Balkrishan Goenka
Chairman
DIN: 00270175
Shashikant Thorat
Company Secretary
Place:Mumbai
Date: April 29 , 2015
Rajesh Mandawewala
Managing Director DIN : 00007179
Altaf Jiwani
Chief Financial Officer
Place:Mumbai
Date: April 29 , 2015
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED MARCH 31, 2015
(Rs. million)
Note Year ended March 31,
2015
Revenue from Operations (Gross) 25 44,925.99
Less : Excise Duty 850.37
Revenue from Operations (Net) 44,075.62
Other Income 26 944.17
Total Revenue 45,019.79
Expenses
Cost of materials consumed 27 21,796.26
Purchases of stock-in-trade 28 60.04
Changes in inventory of finished goods, work-in- progress and stock-in-trade 29 (700.31)

Employee benefits expense 30 3,253.32


Finance costs 31 1,806.37
Depreciation and amortization expense 32 2,662.90
Other expenses 33 9,283.73
Total expenses 38,162.31

Profit before tax 6,857.48


Tax Expense
- Current Tax 1,523.20
- Deferred Tax 232.92
Profit for the year 5,101.36
Earnings Per Share (Rs.) [Nominal value per share : Rs. 10 (March 31, 2014 : 45
Rs. 10)]
- Basic 50.80
- Diluted 50.80
101
The Notes referred are an integral part of these financial statements.
This is the Statement of Profit and Loss referred to in our report of the even date.
For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors
Firm Registration No: 012754N/ N500016
Mehul Desai
Partner
Membership No. 103211
Place: Mumbai
Date: April 29 , 2015
Balkrishan Goenka
Chairman
DIN: 00270175
Shashikant Thorat
Company Secretary
Place: Mumbai
Date: April 29 , 2015
Rajesh Mandawewala
Managing Director DIN : 00007179
Altaf Jiwani
Chief Financial Officer
Place: Mumbai
Date: April 29 , 2015
CASH FLOW STATEMENT
FOR THE YEAR ENDED MARCH 31, 2015
(Rs. million)
For the Year Ended For the Year Ended
March 31, 2015 March 31, 2015

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit Before Tax 6,857.48


Adjustments for :
Depreciation and Amortisation Expenses 2,662.90
Unrealised Foreign Exchange Differences 1.64
Loss / (Profit) on Sale of Fixed Assets 34.90
Loss / (Profit) on Redemption/ Sale of Units in (0.13)
Mutual Funds
Loss / (Profit) on Sale of Bonds/ Certificate of Deposits 3.03

Dividend Income (12.78)


Provision for Doubtful Loans and Advances 1.94
Interest Income (250.31)
Interest and Other Expenses 1,806.37
4,247.56

Operating Profit Before Working Capital Changes 11,105.04

Adjustments for changes in working capital :


Trade Receivables (1,683.00)
Trade and Other Payables and Provisions 749.10
Inventories (944.50)
Loans and Advances and Other Assets (1,509.82)
(3,388.22)
Cash Flow Generated from Operations 7,716.82
Income Tax paid (1,422.36)
Net Cash Flow from Operating Activities 6,294.46

B. CASH FLOW USED IN INVESTING ACTIVITIES


Purchase of Fixed Assets and Capital Work-in- Progress (5,776.35)
Sale of Fixed Assets 28.03
Capital Subsidy 95.22
Investment in Fixed Deposits and Margin Money (Net) (228.54)

Sales/ (Purchase) of Investment (Net) 441.96


Dividend Received 12.78
Interest Received 173.70
Net Cash Flow used in Investing Activities (5,253.20)

102
CASH FLOW STATEMENT
FOR THE YEAR ENDED MARCH 31, 2015
(Rs. million)
For the Year Ended For the Year Ended
March 31, 2015 March 31, 2015

C. CASH FLOW FROM / (USED IN) FINANCING ACTIVITIES

Proceeds from Issue of Equity Shares/ Share Application Money 3.51


pending Allotment
Issue of Debentures 1,000.00
Proceeds from Borrowings (Net) 552.17
Dividend Paid (599.29)
Tax on Dividend Paid (111.42)
Interest and Other Finance Expenses (1,953.46)
Net Cash Flow (used in)/ from Financing Activities (1,108.49)

Net (decrease) / increase in Cash and Cash Equivalents (A + (67.23)


B + C)

Cash and Cash Equivalents at the beginning of the year 1,517.83

Cash and Cash Equivalents at the end of the year 1,450.60


Net Increase in Cash and Cash Equivalents (67.23)
103
NOTES :
1. Previous years comparatives have been reclassified to conform with the current years presentation, wherever
applicable.
2. Cash and Cash Equivalents as at March 31, 2015 includes fixed deposits of Rs.98.33 million which are not available for use by the Compa
This is the Cash Flow referred to in our report of the even date.
For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors
Firm Registration No: 012754N/ N500016
Mehul Desai
Partner
Membership No. 103211
Place: Mumbai
Date: April 29 , 2015
Balkrishan Goenka
Chairman
DIN: 00270175
Shashikant Thorat
Company Secretary
Place: Mumbai
Date: April 29 , 2015
Rajesh Mandawewala
Managing Director DIN : 00007179
Altaf Jiwani
Chief Financial Officer
Place: Mumbai
Date: April 29 , 2015
As At March 31, 2014

1,003.47
9,489.31
0.52

13,353.62
925.53
3.70
980.35

8,123.69
4,298.94
2,793.69
432.97
41,405.79

12,505.67
35.32
5,239.35
7,069.14
1,212.87
896.51

435.23
6,872.30
2,183.03
1,916.22
2,393.07
647.08

41,405.79
Year ended March 31,
2014
35,364.63
52.60
35,312.03
1,036.24
36,348.27

19,717.89
69.74
(1,034.00)

2,342.69
1,439.14
6,227.92
7,138.56
35,901.94

446.33

1,575.25
(1,427.28)
298.36

2.98
2.98
For the Year Ended
March 31, 2014

446.33

6,227.92
(87.88)
(1.44)
0.08

(27.84)

(8.74)
52.80
(207.56)
1,439.14
7,386.48

7,832.81

(1,046.19)
1,960.58
(1,772.18)
(1,292.27)
(2,150.06)
5,682.75
(140.23)
5,542.52

(7,178.06)
23.56
-
(201.77)

(2,408.70)
8.74
129.92
(9,626.31)

For the Year Ended


March 31, 2014

11.90

-
6,210.86
(200.40)
(34.06)
(1,666.45)
4,321.85

238.06

1,279.77

1,517.83
238.06

ailable for use by the Company as these are earmarked for the repayment of borrowings.