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(in Millions)

2015 2016
Revenue from Operations
Sale of Products (including excise duty) - Geography wise
India 69,105 77,845
Outside India 203,346 201,036
Net Sale of Products 272,451 278,881
Other operating revenues 1,469 5,990
Net Revenue 273,920 284,870
COGS 112,418 111,027
Gross Profit 161,502 173,843
Other Expenses 82,835 92,260
EBITDA 78,667 81,583
Depreciation & Amortisation 11,947 10,375
Operating Profit 66,720 71,208
Interest Expense 5,790 5,232
Other Income 5,477 6,583
Profit Before Exceptional Items and Tax 66,407 72,558
Exceptional Items (2,378) (6,852)
Profit Before Tax 64,029 65,706
Income tax expenses 9,147 9,138
Profit for the year 54,882 56,569
Share of profit/(loss) of associates (126) (19)
Share of profit/(loss) of joint ventures 0 33
Profit for the year before non-controlling interests 54,757 56,583
Non-controlling interests 9,363 11,126
Profit for the year attributable to owners of the Company 45,394 45,457

Earnings per equity share (face value per equity share - ` 1) 52


Basic ( in `) 29.0 18.9
Diluted ( in `) 29.0 18.9

Assumptions 2015 2016


Sales Growth - India 13%
Sales Growth - Outside India -1%
Other Operating Profit Growth 308%
COGS as % of sales 41% 39%
Other Expenses as % of sales 30% 32%
Effective Tax rate 14% 14%
2017 2018 2019 2020 2021

80,610 88,671 97,538 107,292 118,021


222,032 230,913 240,150 249,756 259,746
302,642 319,585 337,688 357,048 377,768
13,142 14,456 15,902 17,492 19,241
315,784 334,041 353,590 374,540 397,009
130,330 135,049 142,953 151,423 160,507
185,454 198,992 210,637 223,117 236,502
84,561 99,550 105,376 111,620 118,316
100,893 99,441 105,261 111,498 118,186
12,648 14,814 17,405 20,149 23,056
88,245 84,628 87,856 91,349 95,130
3,998
6,232 6,232 6,232 6,232 6,232
90,479 90,859 94,088 97,580 101,362
0 0 0 0 0
90,479 90,859 94,088 97,580 101,362
12,116 12,594 13,042 13,526 14,050
78,363 78,265 81,046 84,055 87,312
300 300 300 300 300
(200) (200) (200) (200) (200)
78,462 78,364 81,145 84,154 87,411
8,819
69,644 78,364 81,145 84,154 87,411

2017 2018 2019 2020 2021


4% 10% 10% 10% 10%
10% 4% 4% 4% 4%
119% 10% 10% 10% 10%
41% 40% 40% 40% 40%
27% 30% 30% 30% 30%
13% 14% 14% 14% 14%
2015 2016 2017 2018
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 70,000.70 75,831.40 84,952.90 92,215.61
(b) Capital work-in-progress 15,317.70 12,034.60 15,647.60 14,333.30
(c) Goodwill (Net) 54,845.90 56,347.40 55,362.20 55,362.20
(d) Other intangible assets 6,461.30 26,543.70 36,436.60 47,764.40
(e) Intangible assets under development 5,068.40 9,719.90 12,366.20 9,051.50
(f) Investments in associates 2,175.70 3,008.80 4,605.40 3,263.30
(g) Investments in joint ventures 418 655 429.5 500.83
(h) Financial assets
(i) Investments 10,772.10 7,496.90 4,575.10 7,614.70
(ii) Loans 1,830.10 1,073.20 698.1 1,200.47
(iii) Other financial assets 1,583.40 9,809.90 6,452.20 5,948.50
(i) Deferred tax assets (Net) 27,172.10 31,489.90 24,928.20
(j) Income tax assets (Net) 11,238.80 15,726.20 31,250.10
(k) Other non-current assets 5,934.20 6,152.80 6,861.80
Total non-current assets 212,818.40 255,889.70 284,565.90 237,254.81
(2) Current Assets
(a) Inventories 56,668.90 64,225.40 68,328.10
(b) Financial assets
(i) Investments 21,662.20 7,138.10 2,308.80
(ii) Trade receivables 50,927.50 67,756.60 72,026.10
(iii) Cash and cash equivalents 72,645.90 80,751.40 86,628.00
(iv) Bank balances other than (iii) above 37,124.80 51,065.10 64,780.40
(v) Loans 10,481.60 10,715.50 10,190.80
(vi) Other financial assets 26,751.90 890.8 2,258.50
(c) Other current assets 12,519.40 16,798.20 22,949.90
288,782.20 299,341.10 329,470.60
Assets classified as held for sale 71.9 65.9
Total current assets 288,782.20 299,413.00 329,536.50
TOTAL ASSETS 501,600.60 555,302.70 614,102.40

EQUITY AND LIABILITIES


Equity
(a) Equity share capital 2,071.20 2,406.60 2,399.30
(b) Share suspense account 334.8
(c) Other equity 278,008.50 327,418.20 363,997.40
Equity attributable to the owners of the Company 280,414.50 329,824.80 366,396.70
Non-controlling interests 28,511.90 40,852.50 37,908.60
Total equity 308,926.40 370,677.30 404,305.30

Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 13,597.70 31,103.00 14,360.80
(ii) Trade payables 10.2
(iii) Other financial liabilities 1,816.70 1,842.20 1,048.00
(b) Provisions 23,074.50 18,958.60 12,111.10
(c) Deferred tax liabilities (Net) 751.4 1,027.70 3,147.90
(d) Other non-current liabilities 129.8 254.3 259.1
Total non-current liabilities 39,380.30 53,185.80 30,926.90
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings 62,126.70 52,061.20 66,549.20
(ii) Trade payables 32,430.30 35,829.20 43,953.90
(iii) Other financial liabilities 24,137.40 6,873.30 22,116.30
(b) Other current liabilities 4,237.80 4,469.40 4,620.50
(c) Provisions 24,447.00 29,734.40 40,159.10
(d) Current tax liabilities (Net) 5,914.70 2,472.10 1,471.20
Total current liabilities 153,293.90 131,439.60 178,870.20
Total liabilities 192,674.20 184,625.40 209,797.10

TOTAL EQUITY AND LIABILITIES 501,600.60 555,302.70 614,102.40

check - - -
2019 2020 2021

99,315.82 106,256.41 113,041.35


14,333.30 14,333.30 14,333.30
55,362.20 55,362.20 55,362.20
58,618.36 68,983.06 78,842.79
9,051.50 9,051.50 9,051.50
3,263.30 3,263.30 3,263.30
500.83 500.83 500.83

7,614.70 7,614.70 7,614.70


1,200.47 1,200.47 1,200.47
5,948.50 5,948.50 5,948.50

255,208.98 272,514.28 289,158.94


A. Cash flow from operating activities
Profit Before Tax
Adjustments for:
Depreciation and amortisation expense
Impairment of property, plant and equipment and other intangible assets (including amount
considered in exceptional items in previous year)

Impairment of goodwill (including amount considered in exceptional items in previous year) -


(Gain) /loss on sale / write off of property, plant and equipment and other intangible assets, net
(including amount considered in exceptional items)
Finance costs
Interest income
Dividend income
Net gain arising on financial assets measured at fair value through profit or loss
Gain on sale of financial assets measured at fair value through profit or loss
Gain on disposal of an associate entity
Provision / write off for doubtful trade receivables / advances
Sundry balances written back
Expense on Stock Based Compensation
Impairment of non-current investment in an associate [` Nil (Previous year ` 16,380)]
Impairment of investments
Effect of exchange rate changes
Operating profit before working capital changes
Movements in working capital:
(Increase) in inventories
(Increase) in trade receivables
(Increase) / decrease in other assets
Increase in trade payables
Decrease in other liabilities
Increase / (decrease) in provisions
Cash generated from operations
Income tax paid (net of refund)
Net cash from operating activities (A)

B. Cash flow from investing activities


Payments for purchase of property, plant and equipment (including capital-work-in-progress, other
intangible assets and intangible assets under development)
Proceeds from disposal of property, plant and equipment and other intangible assets
Loans / Inter corporate deposits
Given / placed
Received back / matured
Purchase of investments [including associate and joint venture ` 1,543.6 Million (Previous year `
1,071.6 Million)]
Proceeds from sale of investments
Bank balances not considered as cash and cash equivalents
Fixed deposits / margin money placed
Fixed deposits / margin money matured
Net cash outflow on acquisition of subsidiaries / business units (Refer note 78)
Interest received
Purchase of fixed assets given under finance lease
Receipt of rental on assets given under finance lease
Dividend received
Net cash used in investing activities (B)

C. Cash flow from financing activities


Proceeds from borrowings
Repayment of borrowings
Payment for buy-back of equity shares of parent and buy-back of equity shares held by
noncontrolling interests of subsidiary
Dividend payment to non-controlling interests
Payment for share buy-back expenses
Net increase in working capital demand loans
Proceeds from issue of equity shares on exercise of stock options / share application money
received
Finance costs (includes borrowing costs capitalised)
Dividend paid
Tax on dividend
Net cash used in financing activities (C)

Net increase in cash and cash equivalents (A+B+C)

Cash and cash equivalents at the beginning of the year


Pursuant to scheme of amalgamation

Effect of exchange differences on restatement of foreign currency cash and cash equivalents
Cash and cash equivalents at the end of the year
2015 2016 2017 2018 2019 2020 2021

64,029.00 65,706.30 90,478.70 90,859.16 94,087.56 97,580.33 101,361.56

11,947.20 10,375.30 12,647.50

- 4,981.10 203.60

1,001.10 1,942.30 -

267.50 -400.40 108.80


5,789.90 5,232.40 3,998.00
-2,568.10 -3,572.20 -3,711.70
-0.20 -502.90 -420.50
-353.30 -72.20
-2,144.30 -528.00 -479.30
-201.30
416.10 1,602.10 341.80
-307.60 -175.20 -618.50
205.00 98.80 32.30
163.20 - -
- 166.80 6.80
-7,033.70 -297.60 -6,828.60
71,765.10 84,275.50 95,485.40

1,896.90 -1,667.40 -3,449.90


-10,464.20 -18,102.70 -2,934.50
-114.70 20,922.40 -6,464.20
3,411.30 3,624.80 7,354.50
2,030.90 -1,023.00 -1,530.70
5,035.70 -1,286.40 2,932.70
73,561.00 86,743.20 91,393.30
-17,403.60 -19,884.60 -20,571.20
56,157.40 66,858.60 70,822.10

-23,418.80 -34,035.20 -36,928.60


501.00 706.00 1,024.70

-9,029.60 -5,045.70 -6,504.60


3,719.00 5,120.30 6,796.80
-288,018.90 -401,217.20 -388,310.40
288,405.90 416,414.10 391,943.90

-42,315.30 -66,025.50 -67,586.60


41,879.50 46,731.20 55,224.30
-3,194.60 -10,255.50 -1,671.80
2,885.20 3,378.70 3,365.20
-79.10 - -
8.10 10.00 10.60
0.20 502.90 420.50
-28,657.40 -43,715.90 -42,216.00

79,183.70 82,945.30 53,639.50


-96,644.80 -90,764.90 -45,268.20

1.60 -469.50 -27,307.80


-25.70 -30.40
-34.20
11,982.20 1,038.60 2,349.90

748.70 91.30 24.80


-3,503.90 -3,013.90 -3,338.30
-3,104.80 -7,216.80 -2,399.20
-528.00 -1,469.70 -490.00
-11,865.30 -18,885.30 -22,853.90

15,634.70 4,257.40 5,752.20

43,587.00 71,834.90 80,316.90


12,308.30 434.50 204.40

1,115.90 4,224.60 354.50


72,645.90 80,751.40 86,628.00
Depreciation & Amortisation Schedule
2015 2016 2017 2018 2019
Sales 273,920 284,870 315,784 334,041 353,590
Capex PPE 15,538 16,848 16,702 17,680
Capex Intangible Assets 21,642 15,140 16,702 17,680
Capex PPE as % of Sales 5% 5% 5% 5%
Capex Intangible Assets as %
of Sales 8% 5% 5% 5%

Depreciation as % of avg PPE 8% 7% 7% 7%


Amortisation as % of avg
intangible assets 6% 8% 8% 8%

2,015 2,016 2,017 2,018 2,019

Property, Plant & Equipment


Beginning Gross PP&E 103,617 103,617 123,033 133,994 150,696
Consolidation Adjustment 3,706 -2,295
Assets Acquired 2,598 4,156
Capex 15,538 16,848 16,702 17,680
Disposals -2,427 -7,747
Ending Gross PP&E 103,617 123,033 133,994 150,696 168,376

Beginning Accumulated
Depreciation 33,617 33,617 47,201 49,041 58,481
Consolidation Adjustment 1,719 -1,098
Depreciation Expense 8,571 8,522 9,439 10,579
Impairment losses recognised
in P&L 4,953 204
Eliminated on Disposal of
assets -1,658 -5,788
Ending Accumulated
Depreciation 33,617 47,201 49,041 58,481 69,060

Ending Net PP&E 70,001 75,831 84,953 92,216 99,316

Other Intangible Assets


Beginning Gross Intangible 19,613 19,613 42,424 55,308 72,010
Consolidation Adjustment 905 -1,478
Assets Acquired 374 4
Capex 21,642 15,140 16,702 17,680
Disposals -109 -783
Ending Gross Intangible 19,613 42,424 55,308 72,010 89,689
Beginning Accumulated
Amortisation 13,152 13,152 15,881 18,871 24,245
Consolidation Adjustment 937 -592
Amortisation Expense 1,805 4,125 5,374 6,826
Impairment losses recognised
in P&L 68 -
Eliminated on Disposal of
assets -80 -543
Ending Accumulated
Amortisation 13,152 15,881 18,871 24,245 31,071

Ending Net Intangible Assets 6,461 26,544 36,437 47,764 58,618

Reconciliation of Goodwill
Opening balance 54,846 56,347 55,362 55,362

Additions due to acquisition 689 114


Less due to impairment -1,942 -
Add/(less): Foreign currency
translation diff 2,755 -1,099
Closing balance 54,846 56,347 55,362 55,362 55,362
2020 2021
374,540 397,009
18,727 19,850
18,727 19,850
5% 5%

5% 5%

7% 7%

8% 8%

2,020 2,021

168,376 187,103

18,727 19,850

187,103 206,953

69,060 80,846

11,786 13,066

80,846 93,912

106,256 113,041

89,689 108,416

18,727 19,850

108,416 128,267
31,071 39,433

8,362 9,991

39,433 49,424

68,983 78,843

55,362 55,362

55,362 55,362