Britannia Industries Limited Annual Report 2022-23 Corporate Overview | Statutory Reports | Financial Statements

STANDALONE BALANCE SHEET STANDALONE STATEMENT OF PROFIT AND LOSS

(All amounts ` in Crores, unless otherwise stated) (All amounts ` in Crores, unless otherwise stated)
As at Note 31 March 2023 31 March 2022
I Assets
For the year ended Note 31 March 2023 31 March 2022
(1) Non-current assets I Revenue from operations
(a) Property, plant and equipment 4 2,220.21 1,327.41 Sale of goods 26 15,285.12 13,169.04
(b) Capital work-in-progress 4 104.47 535.27
(c) Investment property 5 60.50 34.42 Other operating revenues 26 333.30 202.58
(d) Intangible assets 6 12.75 15.60 15,618.42 13,371.62
(e) Financial assets II Other income 27 220.59 359.43
(i) Investments 7 1,525.18 1,221.61
(ii) Loans receivable 8 150.00 100.00 III Total Income (I+II) 15,839.01 13,731.05
(iii) Other financial assets 9 12.96 13.13
(f) Deferred tax assets (net) 35 48.31 40.58 IV Expenses:
(g) Tax assets (net) 35 39.63 27.54
(h) Other non-current assets 10 43.75 94.33 Cost of materials consumed 28 7,084.09 6,366.31
Total non-current assets 4,217.76 3,409.89 Purchases of stock-in-trade 29 2,453.42 2,183.41
(2) Current assets Changes in inventories of finished goods, work-in-progress and stock- in-trade 30 (82.13) (73.96)
(a) Inventories 11 1,074.62 1,251.64
(b) Financial assets Employee benefits expense 31 520.55 413.56
(i) Investments 12 1,798.47 802.50 Finance costs 32 154.95 133.46
(ii) Trade receivables 13 278.42 253.85 Depreciation and amortisation expense 4, 5, 6 195.10 170.01
(iii) Cash and cash equivalents 14 9.09 9.97
(iv) Bank balances other than (iii) above 14 54.76 42.32 Other expenses 33 2,900.70 2,393.14
(v) Loans receivable 15 560.00 698.00 Total expenses 13,226.68 11,585.93
(vi) Other financial assets 16 449.90 426.37
V Profit before exceptional items and tax (III-IV) 2,612.33 2,145.12
(c) Other current assets 17 163.08 120.29
(d) Assets held-for-sale 48 32.36 - VI Exceptional items [(Income)/Expense] 34 (227.74) -
Total current assets 4,420.70 3,604.94 VII Profit before tax (V-VI) 2,840.07 2,145.12
Total assets 8,638.46 7,014.83
II Equity and liabilities VIII Tax expense/(credit) :
(1) Equity (i) Current tax 35 708.50 590.36
(a) Equity share capital 18 24.09 24.09 (ii) Deferred tax 35 (7.73) (48.43)
(b) Other equity 19 3,157.06 2,378.45
Total equity 3,181.15 2,402.54 700.77 541.93
(2) Liabilities IX Profit for the year (VII-VIII) 2,139.30 1,603.19
(A) Non-current liabilities X Other comprehensive income
(a) Financial liabilities
(i) Borrowings 20 (a) 1,551.02 698.52 Items that will not be reclassified to profit or loss
(ii) Lease liabilities 20 (b) 0.76 0.03 Remeasurements of the net defined benefit (liability)/asset 0.30 0.65
(iii) Other financial liabilities 21 60.15 52.39
Income-tax relating to items not to be reclassified to profit or loss (0.08) (0.16)
Total non-current liabilities 1,611.93 750.94
(B) Current liabilities Other comprehensive income, net of tax 0.22 0.49
(a) Financial liabilities
(i) Borrowings 20 (a) 1,110.76 1,479.62
XI Total comprehensive income for the year (IX+X) 2,139.52 1,603.68
(ii) Lease liabilities 20 (b) 1.17 0.57
(iii) Trade payables 22
(a) total outstanding dues of micro enterprises and small enterprises 43.92 62.49 Earnings per share (face value of ` 1 each) 42
(b) total outstanding dues of creditors other than micro enterprises and small enterprises 1,264.84 1,131.72
(iv) Other financial liabilities 23 692.63 558.12 Basic [in `] 88.82 66.56
(b) Other current liabilities 24 157.39 118.11 Diluted [in `] 88.82 66.56
(c) Provisions 25 508.86 451.16 Weighted average number of equity shares used in computing earnings per share:
(d) Tax liabilities (net) 35 65.81 59.56
Total current liabilities 3,845.38 3,861.35 - Basic 240,868,296 240,868,296
Total liabilities 5,457.31 4,612.29 - Diluted 240,868,296 240,868,296
Total equity and liabilities 8,638.46 7,014.83 Significant accounting policies 3
Significant accounting policies 3
See accompanying notes to the standalone financial statements See accompanying notes to the standalone financial statements
As per our report of even date attached As per our report of even date attached
for Walker Chandiok & Co LLP for and on behalf of the Board of Directors for Walker Chandiok & Co LLP for and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants
Firm registration number: 001076N/N500013 Nusli N Wadia Varun Berry Firm registration number: 001076N/N500013 Nusli N Wadia Varun Berry
Chairman Executive Vice-Chairman and Managing Director Chairman Executive Vice-Chairman and Managing Director
(DIN:00015731) (DIN:05208062) (DIN:00015731) (DIN:05208062)
Aasheesh Arjun Singh Rajneet Singh Kohli N.Venkataraman T.V.Thulsidass Aasheesh Arjun Singh Rajneet Singh Kohli N.Venkataraman T.V.Thulsidass
Partner Executive Director Executive Director Company Secretary Partner Executive Director Executive Director Company Secretary
Membership number: 210122 and Chief Executive Officer and Chief Financial Officer (Membership number:A20927) Membership number: 210122 and Chief Executive Officer and Chief Financial Officer (Membership number:A20927)
(DIN: 09743554) (DIN:05220857) (DIN: 09743554) (DIN:05220857)
Place : Bengaluru Place : Bengaluru Place : Bengaluru Place : Bengaluru
Date : 5 May 2023 Date : 5 May 2023 Date : 5 May 2023 Date : 5 May 2023

141 142
 STANDALONE STATEMENT OF CHANGES IN EQUITY

143
(All amounts ` in Crores, unless otherwise stated)
Equity share Other equity Total equity
capital Reserves and Surplus attributable to
equity
Particulars Securities Retained Capital Capital Debenture General Share options Remeasurement holders of the
premium earnings reserve redemption redemption reserve outstanding of the net Company
reserve reserve account defined benefit
(liability)/asset
Balance as at 1 April 2022 24.09 244.98 1,953.48 0.43 3.96 180.24 - - (4.64) 2,402.54
Changes in equity for the year ended 31 March 2023
Dividends - - (1,360.91) - - - - - - (1,360.91)
Britannia Industries Limited

Utilization on repayment of bonus debentures - - 180.24 - - (180.24) - - - -

Other comprehensive income for the year, net of tax - - - - - - - - 0.22 0.22
Transfer to retained earnings from remeasurement of the - - (4.42) - - - - - 4.42 -
net defined benefit (liability)/asset
Profit for the year - - 2,139.30 - - - - - - 2,139.30
Balance as at 31 March 2023 24.09 244.98 2,907.69 0.43 3.96 - - - - 3,181.15

Equity share Other equity Total equity

capital Reserves and Surplus attributable to
equity
Particulars Securities Retained Capital reserve Capital Debenture General reserve Share options Remeasurement holders of the
premium earnings redemption redemption outstanding of the net Company
reserve reserve account defined benefit
(liability)/asset
Balance as at 1 April 2021 24.09 244.98 1,949.12 0.43 3.96 180.24 893.74 28.10 (5.13) 3,319.53
Changes in equity for the year ended 31 March 2022
Share based payment [Refer note 31] - - - - - - - 4.78 - 4.78
Transfer to Retained earnings - - - - - - (195.22) (0.42) - (195.64)
Transfer from general reserve - - 195.22 - - - - - - 195.22
Transfer from Share options outstanding account - - 0.42 - - - - - - 0.42
Dividends - - (1,794.47) - - - - - - (1,794.47)
Issue of bonus debentures - - - - - - (698.52) - - (698.52)
Other comprehensive income for the year, net of tax - - - - - - - - 0.49 0.49
Transfer to liabilities - Cash-settled (Phantom Option - - - - - - - (32.46) - (32.46)
Scheme)
Profit for the year - - 1,603.19 - - - - - - 1,603.19
Balance as at 31 March 2022 24.09 244.98 1,953.48 0.43 3.96 180.24 - - (4.64) 2,402.54
See accompanying notes to the standalone financial statements

As per our report of even date attached

for Walker Chandiok & Co LLP for and on behalf of the Board of Directors
Chartered Accountants
Firm registration number: 001076N/N500013 Nusli N Wadia Varun Berry
Chairman Executive Vice-Chairman and Managing Director
(DIN:00015731) (DIN:05208062)
Aasheesh Arjun Singh Rajneet Singh Kohli N.Venkataraman T.V.Thulsidass
Partner Executive Director Executive Director Company Secretary
Membership number: 210122 and Chief Executive Officer and Chief Financial Officer (Membership number:A20927)
(DIN: 09743554) (DIN:05220857)
Place : Bengaluru Place : Bengaluru
Date : 5 May 2023 Date : 5 May 2023
Annual Report 2022-23


loss

Changes in
Bad debts

Inventories
Adjustments for :

Interest paid
Finance costs
For the year ended

Interest income
Profit before tax

intangible assets

Interest received
Trade receivables
Dividend income

Dividend received

Repayment of term loan

Issue of bonus debentures
Investment in joint venture
Share based (ESOS) expenses

Proceeds from lease liabilities

Cash flow from investing activities

Cash flow from financing activities

Cash flow from operating activities

Income-tax paid, net of refund

Change in other bank balances

Interest paid on lease liabilities

Inter- corporate deposits placed

Repayment of commercial paper

Inter-corporate deposits redeemed
Cash generated from operating activities

Principal payment of lease liabilities

Purchase of non-current investments
Other financial assets and other assets
Depreciation and amortisation expense

Net cash generated from investing activities

Net cash generated from operating activities

(Purchase) / Sale of current investments, net

Redemption of preference shares in subsidiary

Proceeds from sale of non-current investments
Profit on sale of property, plant and equipment

Proceeds from sale of equity shares in subsidiary

Trade payables, other financial liabilities, other liabilities and provisions

Proceeds from sale of property, plant and equipment and assets held-for-sale
Exceptional items - profit on sale of equity shares of subsidiary (Refer note 34)

Acquisition of property, plant and equipment, capital work-in-progress and

Net gain on financial asset measured at fair value through statement of profit and
STANDALONE STATEMENT OF CASH FLOW

(52.50)
-
-
(0.12)
2.69
(1.36)
(182.10)
(1,386.44)
21.14
159.07
(12.44)
938.00
(850.00)
-
262.05
(214.91)
(1,179.51)
443.27
(341.40)
77.76
(689.47)
2,442.05
(714.42)
3,156.47
330.06
(79.83)
(29.52)
177.02
2,758.74
154.95
4.95
(151.58)
(15.03)
(227.74)
(0.68)
(41.30)
-
195.10
2,840.07

-
(966.29)
698.52
(0.14)
-
(0.77)
(108.15)
930.63
140.22
185.95
(9.10)
941.00
(740.00)
6.00
-
-
830.79
116.28
-
1.70
(542.21)
1,206.09
(564.52)
1,770.61
48.92
(69.66)
(55.49)
(260.36)
2,107.20
133.46
-
(171.97)
(146.33)
-
(1.03)
(26.84)
4.78
170.01
2,145.12
31 March 2023 31 March 2022
(All amounts ` in Crores, unless otherwise stated)

144
Corporate Overview | Statutory Reports | Financial Statements
Britannia Industries Limited Annual Report 2022-23 Corporate Overview | Statutory Reports | Financial Statements

STANDALONE STATEMENT OF CASH FLOW NOTES TO STANDALONE FINANCIAL STATEMENTS

(All amounts ` in Crores, unless otherwise stated)
For the year ended 31 March 2023 31 March 2022
Repayment of bonus debentures (720.95) - 1 Reporting entity
Proceeds from non-current borrowings 1,010.00 - Britannia Industries Limited (the ‘Company’) is a company domiciled in India, with its registered office situated at
Proceeds from working capital borrowings, net* 255.76 650.00 5/1A, Hungerford Street, Kolkata, West Bengal - 700017. The Company has been incorporated under the provisions of
Dividends paid (including bonus debentures) (1,359.24) (2,484.88) Indian Companies Act and its equity shares are listed on the National Stock Exchange (NSE) and the Bombay Stock
Net cash used in financing activities (1,047.82) (2,211.71) Exchange (BSE) in India. The Company is primarily involved in manufacturing and sale of various food products.
Net change in cash and cash equivalents 7.79 (74.99) 2 Basis of preparation
Cash and cash equivalents at beginning of the year (net of bank overdraft) 1.30 76.29
Cash and cash equivalents at end of the year (net of bank overdraft) 9.09 1.30 A. Statement of compliance
Note: The financial statements of the Company have been prepared in accordance with Indian Accounting Standards
Cash and cash equivalents at the end of the year [Refer note 14] 9.09 9.97 (Ind AS) as per the Companies (Indian Accounting Standards) Rules 2015, as amended, notified under Section
Bank overdraft [Refer note 20] - (8.67) 133 of Companies Act, 2013, (the ‘Act’) and other relevant provisions of the Act.
9.09 1.30
The standalone financial statements were authorised for issue by the Company’s Board of Directors on 5 May
Debt reconciliation statement in accordance with Ind AS 7
2023.
Current borrowings and Current lease liabilities
Opening balance 759.24 1,076.47 Details of the Company’s accounting policies are included in Note 3.
Proceeds / (Repayment) from borrowings, net 247.69 (309.11) B. Current and Non-current Classification
Net interest accrued - (8.12)
Closing balance 1,006.93 759.24 The Company has ascertained its operating cycle as 12 months for the purpose of current / non-current
Non - current borrowings, Non-current lease liabilities and Current maturities of classification of assets and liabilities. This is based on the nature of products and the time between acquisition
long-term debt of assets for processing and their realisation in cash and cash equivalents.
Opening balance 1,419.50 721.55 C. Functional and presentation currency
Proceeds / (Repayment) from borrowings, net 237.28 697.95
These standalone financial statements are presented in Indian Rupees (`), which is also the Company’s functional
Closing balance 1,656.78 1,419.50
currency. All amounts have been rounded-off to two decimal places to the nearest crores, unless otherwise
* Bank Overdraft is shown under cash and cash equivalent as per requirement of IND AS 7, hence proceeds from borrowings indicated.
under financing activity is excluding the movement in bank overdraft.
D. Basis of measurement
Significant accounting policies [Refer note 3] The standalone financial statements have been prepared on the historical cost basis except for the following
items:
See accompanying notes to the standalone financial statements
Items Measurement basis
As per our report of even date attached
Certain financial assets and liabilities Fair value
for Walker Chandiok & Co LLP for and on behalf of the Board of Directors
Chartered Accountants Cash-settled (Phantom Option Scheme) Fair value
Firm registration number: 001076N/N500013 Nusli N Wadia Varun Berry Net defined benefit asset/(liability) Fair value of plan assets less present value of defined benefit
Chairman Executive Vice-Chairman and Managing Director obligations
(DIN:00015731) (DIN:05208062)
Aasheesh Arjun Singh Rajneet Singh Kohli N.Venkataraman T.V.Thulsidass E. Use of estimates and judgements
Partner Executive Director Executive Director Company Secretary
Membership number: 210122 and Chief Executive Officer and Chief Financial Officer (Membership number:A20927) In preparing these standalone financial statements, the Company has made judgements, estimates and
(DIN: 09743554) (DIN:05220857) assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
Place : Bengaluru Place : Bengaluru income and expenses. Actual results may differ from these estimates.
Date : 5 May 2023 Date : 5 May 2023
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised prospectively.
Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the
amounts recognised in the standalone financial statements is included in the following notes:
- Note 37 - leases: whether an arrangement contains a lease and lease classification

145 146