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 Corporate Overview   Management Review   Governance   Financial Statements
BALANCE SHEET Standalone

As at 31st March, 2023

(C in crore) (C in crore)

As at As at As at As at
Notes Notes
31st March 2023 31st March 2022 31st March 2023 31st March 2022

Assets Equity and Liabilities

Non-Current Assets Equity
Property, Plant and Equipment 1 2,32,238 2,23,824 Equity Share capital 14 6,766 6,765
Intangible Assets 1 12,926 15,802 Other Equity 15 4,72,328 4,64,762
Capital Work-in-Progress 1 30,958 19,267 Total Equity 4,79,094 4,71,527
Intangible Assets Under Development 1 17,957 15,395 Liabilities
Financial Assets Non-Current Liabilities
Investments 2 3,03,558 3,30,493 Financial Liabilities
Loans 3 22,448 41,951 Borrowings 16 1,35,561 1,67,231
Other Financial Assets 4 2,215 2,247 Lease Liabilities 2,786 2,790
Other Non-Current Assets 5 2,333 7,297 Other Financial Liabilities 17 584 3,210
Total Non-Current Assets 6,24,633 6,56,276 Provisions 18 1,296 1,598
Current Assets Deferred Tax Liabilities (Net) 19 33,968 30,832
Inventories 6 48,926 45,923 Other Non-Current Liabilities 20 - 504
Financial Assets Total Non-Current Liabilities 1,74,195 2,06,165
Investments 7 86,074 78,304 Current Liabilities
Trade Receivables 8 16,898 14,394 Financial Liabilities
Cash and Cash Equivalents 9 56,811 21,714 Borrowings 21 80,262 27,332
Loans 10 595 161 Lease Liabilities 97 86
Other Financial Assets 11 49,408 54,901 Trade Payables Due to: 22
Other Current Assets 13 7,220 7,001 Micro and Small Enterprises 210 138
Total Current Assets 2,65,932 2,22,398 Other than Micro and Small Enterprises 1,10,512 1,33,867
Total Assets 8,90,565 8,78,674 Other Financial Liabilities 23 25,611 33,225
Other Current Liabilities 24 19,659 5,438
Provisions 25 925 896
Total Current Liabilities 2,37,276 2,00,982
Total Liabilities 4,11,471 4,07,147
Total Equity and Liabilities 8,90,565 8,78,674
Significant Accounting Policies A-D
See accompanying Notes to the Financial Statements 1 to 48

As per our Report of even date For and on behalf of the Board

For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP Srikanth Venkatachari M.D. Ambani Chairman and
Chartered Accountants Chartered Accountants Chief Financial Officer DIN: 00001695 Managing Director
(Registration No. (Registration No.
N.R. Meswani H.R. Meswani
117366W /W-100018) 101720W/W-100355)
DIN: 00001620 DIN: 00001623
Executive Directors
P.M.S. Prasad
DIN: 00012144
Abhijit A. Damle Sandesh Ladha Savithri Parekh
Nita M. Ambani Adil Zainulbhai
Partner Partner Company Secretary
DIN: 03115198 DIN: 06646490
Membership No. 102912 Membership No. 047841
Raminder Singh Gujral Dr. Shumeet Banerji
Date: July 21, 2023 DIN: 07175393 DIN: 02787784
Arundhati Bhattacharya
Non-Executive
DIN: 02011213 Directors
His Excellency Yasir Othman H. Al Rumayyan
DIN: 09245977
K.V. Chowdary K.V. Kamath
DIN: 08485334 DIN: 00043501

320 Reliance Industries Limited Integrated Annual Report 2022-23 321

 Corporate Overview   Management Review   Governance   Financial Statements
STATEMENT OF PROFIT AND LOSS Standalone

For the year ended 31st March, 2023

(C in crore) (C in crore)

Notes 2022-23 2021-22 Notes 2022-23 2021-22

Income Earnings per Equity Share of Face Value of K 10 Each

Value of Sales 5,62,234 4,63,067 Continuing Operations:
Income from Services 3,113 1,978 Basic (in C) - After / Before Exceptional Item 34 63.58 57.50
Value of Sales & Services (Revenue) 5,65,347 4,65,045 Diluted (in C) - After / Before Exceptional Item 34 63.58 56.77
Less: GST Recovered 23,556 21,050 Discontinued Operations:
Revenue from Operations 26 5,41,791 4,43,995 Basic (in C) - After / Before Exceptional Item 34 1.76 1.74
Other Income 27 11,229 13,843 Diluted (in C) - After / Before Exceptional Item 34 1.76 1.72
Total Income 5,53,020 4,57,838 Continuing and Discontinued operations:
Expenses Basic (in C) - After / Before Exceptional Item 34 65.34 59.24
Cost of Material Consumed 3,91,508 3,20,852 Diluted (in C) - After / Before Exceptional Item 34 65.34 58.49
Purchase of Stock-in-Trade 9,974 10,691 Significant Accounting Policies A-D
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade 28 (6,487) (7,962) See accompanying Notes to the Financial Statements 1 to 48
Excise Duty 13,476 21,672
As per our Report of even date For and on behalf of the Board
Employee Benefits Expense 29 5,691 5,419
For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP Srikanth Venkatachari M.D. Ambani Chairman and
Finance Costs 30 12,626 9,123 DIN: 00001695 Managing Director
Chartered Accountants Chartered Accountants Chief Financial Officer
Depreciation / Amortisation and Depletion Expense 1 10,118 10,264 (Registration No. (Registration No.
N.R. Meswani H.R. Meswani
117366W /W-100018) 101720W/W-100355)
Other Expenses 31 61,981 42,383 DIN: 00001620 DIN: 00001623
Executive Directors
P.M.S. Prasad
Total Expenses 4,98,887 4,12,442 DIN: 00012144
Profit Before Exceptional Item and Tax 54,133 45,396 Abhijit A. Damle Sandesh Ladha Savithri Parekh
Nita M. Ambani Adil Zainulbhai
Partner Partner Company Secretary
Exceptional Item (Net of Tax) 32 - - DIN: 03115198 DIN: 06646490
Membership No. 102912 Membership No. 047841
Raminder Singh Gujral Dr. Shumeet Banerji
Profit Before Tax * 54,133 45,396 DIN: 07175393 DIN: 02787784
Date: July 21, 2023
Tax Expenses * Arundhati Bhattacharya
Non-Executive
DIN: 02011213 Directors
Current Tax 12 6,186 544 His Excellency Yasir Othman H. Al Rumayyan
DIN: 09245977
Deferred Tax 12 4,930 6,915
K.V. Chowdary K.V. Kamath
Profit From Continuing Operations 43,017 37,937 DIN: 08485334 DIN: 00043501

Profit From Discontinued Operations (Net of Tax) 33 1,188 1,147

Profit for the Year 44,205 39,084
Other Comprehensive Income
Continuing Operations:
i. Items that will not be reclassified to Profit or Loss 27.1 11 241
ii. Income tax relating to items that will not be reclassified to Profit or Loss (4) (58)
iii. Items that will be reclassified to Profit or Loss 27.2 (9,949) (2,678)
iv. Income tax relating to items that will be reclassified to Profit or Loss 1,803 537
Total Other Comprehensive Income / (Loss) from Continuing Operations (Net of Tax) (8,139) (1,958)
Discontinued Operations:
i. Items that will be reclassified to Profit or Loss (Net of Tax) 15 (21)
Total Other Comprehensive Income / (Loss)from Discontinued Operations (Net of Tax) 15 (21)
Total Other Comprehensive Income / (Loss) for the Year (Net of Tax) (8,124) (1,979)
Total Comprehensive Income for the Year 36,081 37,105

*Profit before tax is after Exceptional Item and tax thereon. Tax expenses are excluding the Current Tax and Deferred Tax on Exceptional Item.

322 Reliance Industries Limited Integrated Annual Report 2022-23 323

 Corporate Overview   Management Review   Governance   Financial Statements
STATEMENT OF CHANGES IN EQUITY Standalone

For the year ended 31st March, 2023

A. Equity Share Capital (C in crore)

(C in crore) Total Transfer Transfer On Balance
Balance as
Comprehensive (to)/from (to)/from On Rights Employee as at 31st
Balance as at Change during the Balance as at Change during Balance as at at 1st Dividend Others
Income for the Retained General Issue # Stock March,
1st April, 2021 year 2021-22 31st March, 2022 the year 2022-23 31st March, 2023 April, 2021
Year Earnings Reserve Options 2022

6,445 320 6,765 1 6,766

As at 31st March, 2022

B. Other Equity Share Call Money Account 39,843 - - - - (39,843) - - -

Reserves and Surplus
(C in crore)

Total Transfer Transfer On Balance

Capital Reserve 403 - - - - - - - 403
Balance as On
Comprehensive (to)/from (to)/from Employee as at 31st Securities Premium 59,442 - - - - 39,447 841 - 99,730
at 1st Dividend Rights Others
Income for the Retained General Stock March,
April, 2022 Issue#
year Earnings Reserve Options 2023 Debenture Redemption Reserve 5,965 - - - (1,795) - - - 4,170
Share Based Payments Reserve 419 - - - - - (386) - 33
As at 31st March, 2023
$
General Reserve 2,58,410 - - - (34,348) - - - 2,24,062
Reserves and Surplus
Retained Earnings 41,893 39,084 (4,297) (4,135) - - - - 72,545
Capital Reserve 403 - - - - - - - 403
Special Economic Zone 4,975 - - 4,135* - - - - 9,110
Securities Premium 99,730 - - - - 40 22 - 99,792
Reinvestment Reserve
Debenture Redemption Reserve 4,170 - - - (2,487) - - - 1,683
Other Comprehensive Income 56,688 (1,979) - - - - - - 54,709
Share Based Payments Reserve 33 - - - - - 8 - 41
Total 4,68,038 37,105 (4,297) - (36,143) (396) 455 - 4,64,762
General Reserve 2,24,062 - - - 2,487 - - - 2,26,549 #
Refer Note 14.7 & 15
$
Retained Earnings 72,545 44,205 (5,083) 8,960 - - - (23,502) 97,125 $
Includes transfer of C 36,143 crore to statement of profit and loss (Refer Note 32 & 44.2).
Special Economic Zone 9,110 - - (8,960) - - - - 150 * Considers Special Economic Zone Reinvestment Reserve created during the year of C 5,040 crore.
Reinvestment Reserve *
Other Comprehensive Income 54,709 (8,124) - - - - - - 46,585 As per our Report of even date For and on behalf of the Board

Total 4,64,762 36,081 (5,083) - - 40 30 (23,502) 4,72,328 For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP Srikanth Venkatachari M.D. Ambani Chairman and
Chartered Accountants Chartered Accountants Chief Financial Officer DIN: 00001695 Managing Director
Refer Note 14.7 & 15
#
(Registration No. (Registration No.
N.R. Meswani H.R. Meswani
Transfer to statement of profit and loss on demerger (Refer Note 33 & 44.1).
$
117366W /W-100018) 101720W/W-100355)
DIN: 00001620 DIN: 00001623
* Special Economic Zone Reinvestment (SEZ) Reserve created during the year of C NIL. Executive Directors
P.M.S. Prasad
DIN: 00012144
Abhijit A. Damle Sandesh Ladha Savithri Parekh
Nita M. Ambani Adil Zainulbhai
Partner Partner Company Secretary
DIN: 03115198 DIN: 06646490
Membership No. 102912 Membership No. 047841
Raminder Singh Gujral Dr. Shumeet Banerji
Date: July 21, 2023 DIN: 07175393 DIN: 02787784
Arundhati Bhattacharya
Non-Executive
DIN: 02011213 Directors
His Excellency Yasir Othman H. Al Rumayyan
DIN: 09245977
K.V. Chowdary K.V. Kamath
DIN: 08485334 DIN: 00043501

324 Reliance Industries Limited Integrated Annual Report 2022-23 325

 Corporate Overview   Management Review   Governance   Financial Statements
STATEMENT OF CASH FLOW Standalone

For the year ended 31st March, 2023

(C in crore) Change in Liability Arising from Financing Activities

2022-23 2021-22 (C in crore)

Foreign exchange
A. Cash Flow from Operating Activities 1st April, 2022 Cash flow 31st March, 2023
movement/Others
Net Profit Before Tax as per Statement of Profit and Loss (After Exceptional item
and Tax thereon) Borrowing - Non-Current (including current maturities) 1,85,165 (15,992) 10,278 1,79,451
Continuing Operations 54,133 45,396 (Refer Note 16)
Discontinued Operations 1,439 1,390 Borrowing - Current (Refer Note 21) 9,398 27,696 (722) 36,372
Adjusted for:
1,94,563 11,704 9,556 2,15,823
Premium on buy back of debentures 33 380
Loss on Sale / Discard of Property, Plant and Equipment and Intangible Assets (Net) 33 80 (C in crore)
Depreciation / Amortisation and Depletion Expense of Continuing Operations 10,118 10,264
Foreign exchange
1st April, 2021 Cash flow 31st March, 2022
Depreciation / Amortisation and Depletion Expense of Discontinued Operations 13 12 movement/ Others
Effect of Exchange Rate Change (3,174) 1,920
Net Loss / (Gain) on Financial Assets # 1,116 (765) Borrowing - Non-Current (including current maturities) 1,88,546 (6,623) 3,242 1,85,165
(Refer Note 16)
Dividend Income #
(92) (276)
Interest Income # (11,060) (12,390) Borrowing - Current (Refer Note 21) 33,152 (23,754) - 9,398
Finance costs #
12,626 9,123 2,21,698 (30,377) 3,242 1,94,563
Operating Profit before Working Capital Changes 65,185 55,134
Adjusted for:
As per our Report of even date For and on behalf of the Board
Trade and Other Receivables 3,508 (12,639)
For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP Srikanth Venkatachari M.D. Ambani Chairman and
Inventories (3,003) (9,337) Chartered Accountants Chartered Accountants Chief Financial Officer DIN: 00001695 Managing Director
Trade and Other Payables (12,725) 35,796 (Registration No. (Registration No.
N.R. Meswani H.R. Meswani
Cash Generated from Operations 52,965 68,954 117366W /W-100018) 101720W/W-100355)
DIN: 00001620 DIN: 00001623
Executive Directors
Taxes Paid (Net) (4,915) (1,463) P.M.S. Prasad
Net Cash Flow from Operating Activities* 48,050 67,491 DIN: 00012144
Abhijit A. Damle Sandesh Ladha Savithri Parekh
B. Cash Flow from Investing Activities Nita M. Ambani Adil Zainulbhai
Partner Partner Company Secretary
Expenditure on Property, Plant and Equipment and Intangible Assets (28,573) (18,154) DIN: 03115198 DIN: 06646490
Membership No. 102912 Membership No. 047841
Raminder Singh Gujral Dr. Shumeet Banerji
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets 146 30
Date: July 21, 2023 DIN: 07175393 DIN: 02787784
Investments in Subsidiaries (59,983) (37,574) Arundhati Bhattacharya
Non-Executive
Disposal of Investments in Subsidiaries 213 956 DIN: 02011213 Directors
His Excellency Yasir Othman H. Al Rumayyan
Purchase of Other Investments (2,19,404) (5,21,980)
DIN: 09245977
Proceeds from Sale of Financial Assets 2,78,222 5,02,224 K.V. Chowdary K.V. Kamath
Loans (given) / repaid (net) – Subsidiaries, Associates, Joint Ventures and Others 19,069 22,952 DIN: 08485334 DIN: 00043501

Interest Income # 9,634 5,955

Dividend Income from Subsidiaries / Associates # 92 275
Dividend Income from Others - 1
Net Cash Used in Investing Activities (584) (45,315)
C. Cash Flow From Financing Activities
Proceeds from Issue of Equity Share Capital -@ 5
Net Proceeds from Rights Issue 40 39,762
Payment of Lease Liabilities (77) (109)
Proceeds from Borrowings - Non-Current (including current maturities) 4,260 29,916
Repayment of Borrowings - Non-Current (including current maturities) (20,252) (36,539)
Borrowings - Current (Net) 27,696 (23,754)
Dividends Paid (5,083) (4,297)
Interest Paid # (13,953) (11,019)
Net Cash Used in Financing Activities (7,369) (6,035)
Net Increase in Cash and Cash Equivalents 40,097 16,141
Opening Balance of Cash and Cash Equivalents 21,714 5,573
Less: On Demerger (Refer Note 44.1) 5,000 -
Closing Balance of Cash and Cash Equivalents (Refer Note No. 9) 56,811 21,714
#
Other than Financial Services Segment.
* Includes amount spent in cash towards Corporate Social Responsibility of C 744 crore (Previous Year C 813 crore).
@
C 10,00,000

326 Reliance Industries Limited Integrated Annual Report 2022-23 327