Investors
Financial Analysis

Financial Results Trend

Consolidated Profit & Loss

Rs. Crore
  Particulars Year Ended
    31st Mar 15 31st Mar 14
1 Income from Operation    
  (a) Net Sales / Income from Operations (Net of Excise Duty) 26,115 25,619
  (b) Other Operating Income 401 272
  Total Income from Operations (Net) 26,516 25,892
       
2 Expenses    
  (a) Cost of Material Consumed 3,322 2,944
  (b) Purchase of Stock-In-Trade 2,326 2,184
  (c) Change in Inventories of Finished Goods, (95) (227)
  Work-In-Progress and Stock-In-Trade    
  (d) Employee Benefit Expense 2,421 3,895
  (e) Depreciation and Amortisation Expense 1,703 1,609
  (f) Benefits Paid - Life Insurance Business 3,772 3,666
  (g) Change in Valuation of Liability in respect of Life
Insurance Policies
244 (343)
  (h) Other Expenses 9,136 9,186
  Total Expenses 22,829 22,914
       
3 Profit from Operations before Other Income, Finance Costs and Exceptional Items (1 - 2) 3,688 2,977
       
4 Other Income 408 340
       
5 Profit before Finance Costs and Exceptional Items (3 + 4) 4,095 3,318
       
6A Finance Costs related to Lending Activity of Subsidiaries 1,105 742
6B Other Finance Costs 652 809
       
7 Profit after Finance Costs but before Exceptional Items (5 - 6) 2,338 1,767
       
8 Exceptional Items (13) 5
       
9 Profit before Tax (7 + 8) 2,325 1,772
       
10 Tax Expenses 833 550
       
11 Net Profit for the Period (9 - 10) 1,491 1,222
       
12 Minority Interest 76 79
       
13 Net Profit after Taxes and Minority Interest (11 - 12) 1,416 1,143
       
14 Paid Up Equity Share Capital (Face Value of Rs. 10 each) 130 130
       
15 Basic Earnings per Share ( Rs.) 108.79 92.08

Consolidated Balance Sheet

Rs. Crore
  Particulars  As at   As at 
    31st Mar 2015 31st Mar 2014
   
A EQUITY AND LIABILITIES
 
1 Shareholders' Funds:
(a) Share Capital 130 130
(b) Reserves & Surplus 12,738 11,059
(c) Money Received against Share Warrants - -
Sub Total - Shareholders' Funds 12,868 11,189
 
2 Preference Share issued by Subsidiary and Joint Venture Companies 3 0
 
3 Minority Interest 802 778
 
4 Non-current Liabilities
(a) Long-term Borrowings 15,037 11,896
(b) Deferred Tax Liabilities (Net) 549 552
(c) Other Long-term Liabilities 473 562
(d) Long-term Provisions 290 243
(e) Policyholders' Fund 27,184 22,802
(f) Fund for Discontinued Policies 524 475
(g) Fund for Future Appropriations 10 18
Sub Total - Non-current Liabilities 44,068 36,548
 
5 Current Liabilities
(a) Short-term Borrowings 6,421 6,534
(b) Trade Payables 3,080 3,091
(c) Other Current Liabilities # 6,873 4,286
(d) Short-term Provisions 388 343
(e) Policyholders' Fund 738 207
(f) Fund for Discontinued Policies 374 -
(g) Fund for Future Appropriations 8 55
Sub Total - Current Liabilities 17,881 14,515
 
TOTAL - EQUITY AND LIABILITIES 75,622 63,031
 
B ASSETS
 
1 Non-current Assets
(a) Fixed Assets 13,053 14,238
(b) Goodwill on Consolidation 2,785 3,761
(c) Non-current investments - -
i) Investments of Life Insurance Business 5,351 3,357
ii) Other Investments 551 478
(d) Assets Held to Cover Linked Liabilities of Life Insurance Business 21,530 17,000
(e) Deferred Tax Assets (Net) 64 48
(f) Long-term Loans and Advances 11,071 6,532
(g) Other Non-current Assets 27 44
Sub Total - Non-Current Assets 54,432 45,458
 
2 Current Assets
(a) Current Investments
i) Investments of Life Insurance Business 332 773
ii) Other Investments 3,608 663
(b) Assets Held to Cover Linked Liabilities of Life Insurance Business 2,934 3,635
(c) Inventories 1,743 1,542
(d) Trade Receivables 2,496 2,643
(e) Cash & Bank Balances 1,128 719
(f) Short-term Loans and Advances 8,430 6,841
(g) Other Current Assets 520 757
Sub Total - Current Assets 21,190 17,573
 
TOTAL - ASSETS 75,622 63,031
# Includes Current maturities of Long-term Debts ` 4,527 Crores (Previous Year : `2,110 Crores)

 

Consolidated Cash Flow Statement

Rs. Crore
PARTICULARS  2013-14   2012-13 
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 1,772.3 1,525.7
Adjustments for :
Exceptional Items        (5.4) -  
Depreciation and Amortisation Expenses 1,608.9 1,295.5
Change in Valuation of Liability in respect of Life Insurance Policies in Force (343.1) (324.0)
Diminution / (Reversal of Diminution) in value of fertiliser bonds 0.6 (0.6)
Bad Debts and Provision for Bad and Doubtful Debt and Advances including Contingency Provision for Standard Assets of NBFC 101.1 54.9
Expense on Employee Stock Options Scheme 2.9 (4.0)
Expense on Employee Stock Appreciation Rights 0.5 -  
Unrealised (Gain) / Loss on Foreign Exchange 13.3 (3.4)
Finance Cost 819.7 865.1
Interest Income (70.3) (113.1)
(Profit) / Loss on Fixed Assets sold (2.1) 12.5
(Gain) / Loss on Sale of Investments (53.1) (36.9)
Dividend Income (15.7) (10.9)
Demerger Expenses Paid -   (9.1)
2,057.3 1,725.9
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 3,829.6 3,251.5
Adjustments for:
Decrease / (Increase) in Trade Receivables 167.2 (1,153.4)
Decrease / (Increase) in Loans & Advances  (4,063.0) (3,667.4)
Decrease / (Increase) in Other Assets (115.1) (132.4)
Decrease / (Increase) in Inventories (274.0) (107.7)
Decrease / (Increase) in Investment of Life Insurance Policyholders 447.6 472.4
Increase / (Decrease) in Trade Payables 233.4 460.2
Increase / (Decrease) in Other Liabilities 268.2 188.3
Increase / (Decrease) in Provisions 83.1 (3,252.6) 22.4 (3,917.5)
CASH GENERATED FROM OPERATIONS 577.0 (666.0)
Income Taxes Refund/(Paid) (529.4) (327.7)
NET CASH (USED IN)/FROM OPERATING ACTIVITIES 47.6 (993.7)
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets  (4,427.5) (1,660.9)
Sale  of Fixed Assets  34.6 23.7
Acquisition of additional shares / investment in subsidiary (Net of Cash) (291.4) (11.0)
Sale of Carbon Black Business (Net of Cash & Cash Equivalents) 314.7 -  
Purchase of Long-term Investments (105.4) (407.8)
Sale of Long-term Investments 75.0 66.0
Sale/ (Purchase) of Current Investments (net) 1,598.3 (2,194.2)
Inter-Corporate Deposit - Received Back 2.0 74.5
Interest received 73.1 120.3
(Increase) / Decrease in Other Bank Deposits (Original Maturity more than three months) 84.4 267.7
Dividend Received from Long Term Investment 4.7 5.2
Dividend Received from Current Investment 11.0 5.7
NET CASH (USED IN)/FROM INVESTING ACTIVITIES (2,626.5) (3,710.9)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Shares (including Securities Premium) 681.6 611.0
Proceeds from Issue of share warrants -   223.6
Repayment of  Borrowings (1,343.5) (3,385.4)
Proceeds from Borrowings 4,202.6 7,948.7
Buy Back of Shares by Subsidiary from Minority Shareholders (72.8) -  
Dividend paid by the Company (78.2) (68.1)
Dividend paid by Subsidiaries to Minority Shareholders (33.0) (53.4)
Dividend Distribution Tax Paid by Subsidiaries / Joint Ventures (28.7) (39.0)
Interest paid (777.0) (855.7)
NET CASH (USED IN)/FROM FINANCING ACTIVITIES 2,551.0 4,381.6
Foreign Exchange difference on translation of foreign currency cash and cash equivalents 0.6 1.6
NET INCREASE / (DECREASE) IN CASH AND EQUIVALENTS (27.2) (321.4)
CASH AND CASH EQUIVALENTS (OPENING BALANCE) 693.8 1,012.0
CASH AND CASH EQUIVALENTS (CASH TAKEN OVER ON DEMERGER) -   3.2
CASH AND CASH EQUIVALENTS (CLOSING BALANCE) 666.5 693.8

Standalone Profit & Loss Account

Rs. Crore
  Particulars Year Ended
    31st Mar 15 31st Mar 14
1 Income from Operation    
  (a) Net Sales / Income from Operations (Net of Excise Duty) 8,868 7,950
  (b) Other Operating Income 70 70
  Total Income from Operations (Net) 8,938 8,021
   
2 Expenses
  (a) Cost of Material Consumed 3,322 2,944
  (b) Purchase of Stock-In-Trade 1,283 1,191
  (c) Change in Inventories of Finished Goods, (43) (204)
  Work-In-Progress and Stock-In-Trade    
  (d) Employee Benefit Expense 742 639
  (e) Power and Fuel 843 955
  (f) Depreciation and Amortisation Expense 189 199
  (g) Other Expenditure 1,777 1,621
  Total Expenses 8,114 7,345
   
3 Profit from Operations before Other Income, Finance Costs and Exceptional Items (1 - 2) 825 676
   
4 Other Income 172 371
   
5 Profit before Finance Costs and Exceptional Items (3 + 4) 996 1,047
   
6 Finance Costs 263 267
   
7 Profit after Finance Costs but before Exceptional Items (5 - 6) 733 780
   
8 Exceptional Items - 24
   
9 Profit before Tax (7 + 8) 733 804
   
10 Tax Expenses 205 130
   
11 Net Profit for the Period (9 - 10) 528 674
   
12 Paid Up Equity Share Capital (Face Value of Rs. 10 each) 130 130
   
13 Reserve excluding Revaluation Reserve 8,389 7,978
   
14 Basic Earnings per Share ( Rs.) 41 54

Standalone Balance Sheet

Rs. Crore
  Particulars  As at   As at 
    31st Mar 2015 31st Mar 2014
A EQUITY AND LIABILITIES    
 
1 Shareholders' Funds:
  (a) Share Capital 130 130
  (b) Reserves & Surplus 8,389 7,978
  (c) Money Received against Share Warrants - -
  Sub Total - Shareholders' Fund 8,519 8,108
   
2 Non-current Liabilities
  (a) Long-term Borrowings 1,480 1,392
  (b) Deferred Tax Liabilities (Net) 106 88
  (c) Other Long-term Liabilities 115 97
  (d) Long-term Provisions 6 5
  Sub Total - Non-current Liabilities 1,708 1,582
   
3 Current Liabilities
  (a) Short-term Borrowings 1,959 2,134
  (b) Trade Payables 1,703 1,505
  (c) Other Current Liabilities# 494 453
  (d) Short-term Provisions 266 209
  Sub Total - Current Liabilities 4,423 4,301
 
  TOTAL - EQUITY AND LIABILITIES 14,650 13,991
   
B ASSETS
   
1 Non-current Assets
  (a) Fixed Assets 1,868 1,848
  (b) Non-current investments 8,695 7,952
  (c) Long-term Loans and Advances 197 192
  (d) Other Non-current Assets 1 1
  Sub Total - Non-current Assets 10,760 9,994
 
2 Current Assets
  (a) Current Investments 30 16
  (b) Inventories 1,247 1,104
  (c) Trade Receivables 2,251 2,046
  (d) Cash & Bank Balance 45 39
  (e) Short-term Loans and Advances 274 721
  (f) Other Current Assets 43 73
  Sub Total - Current Assets 3,890 3,998
   
  TOTAL - ASSETS 14,650 13,991
# Includes Current maturities of Long-term Debts ` 2,484 Crores (Previous Year ` 2,272 Crores)

 

Standalone Cash Flow Statement

Rs. Crore
PARTICULARS  2013-14   2012-13 
A CASH FLOW FROM OPERATING ACTIVITIES        
  Profit before tax   804.3     536.9  
  Adjustments for :        
  Exceptional item (24.1)   -    
  Depreciation and Amortisation Expenses 199.0   219.2  
  Provision for Bad and Doubtful Debt and Advances 3.3   4.0  
  Bad Debts 0.1   -    
  Diminution/ (Reversal of Diminution) in value of fertiliser bonds 0.6   (0.6)  
  Employee Stock Options Expenses 1.5   0.0  
  Unrealised (Gain) / Loss on Foreign Exchange 12.4   4.4  
  Finance Costs 266.6   360.0  
  Interest Income (44.1)   (36.5)  
  (Gain) / Loss on Fixed Assets sold 0.9   3.0  
  (Gain) / Loss on Sale of Investments (41.7)   (7.6)  
  Gain on Buy-back of Investments of Subsidiary (144.3)   -    
  Dividend Income (122.4)   (151.1)  
    107.8     394.8  
  OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES   912.1     931.7  
  Adjustments for:        
  Decrease / (Increase) in Trade Receivables 240.9   (1,121.7)  
  Decrease / (Increase) in Loans & Advances  (0.7)   5.5  
  Decrease / (Increase) in Other Assets (4.9)   (9.4)  
  Decrease / (Increase) in Inventories (257.2)   (72.6)  
  Increase / (Decrease) in Trade Payable  270.6   297.5  
  Increase / (Decrease) in Other Liabilities  26.6   71.9  
  Increase / (Decrease) in Provision 5.8   14.6  
    281.1     (814.1)  
  CASH GENERATED FROM OPERATIONS   1,193.2     117.6  
  Income Taxes Refund/(Paid)   (205.0)     (116.4)  
  NET CASH (USED IN)/ FROM OPERATING ACTIVITIES     988.2     1.2
         
B CASH FLOW FROM INVESTING ACTIVITIES        
  Purchase of Tangible assets   (405.3)     (428.4)  
  Purchase of Intangible assets   (5.8)     (27.5)  
  Sale of Tangible Assets   10.3     7.2  
  Acquisition  of additional shares /Investment in subsidiary   (2,174.2)     (703.1)  
  Sale of Investment in Subsidiary    -       444.5  
  Buy Back of investments by Subsidiary   207.2     -    
  Sale of Carbon Black Business (Net of Cash and Cash equivalent)   314.7     -    
  Sale/ (Purchase) of Current Investments (net)   278.0     (270.4)  
  Purchase of Subsidiary  Optionally Fully Convertible Debentures   (338.3)     -    
  Redemption of Subsidiary Optionally Fully Convertible Debentures   380.0     -    
  Inter Corporate Deposits  to subsidiaries - given   (784.4)     (1,953.8)  
  Inter Corporate Deposits to subsidiaries - received back   293.3     2,189.3  
  Other Bank Deposits (Original Maturity more than three months) - Matured   -       374.8  
  Other Bank Deposits (Original Maturity more than three months) - Placed   -       (146.4)  
  Interest received from Subsidiaries   8.0     6.7  
  Interest received- Others   34.6     34.1  
  Dividend received From Subsidiaries   87.5     145.9  
  Dividend received From Joint Venture   25.1     -    
  Dividend received on Other Long tem investment   4.7     5.2  
  Dividend received on Current investments   5.1     72.9  
  NET CASH (USED IN)/FROM INVESTING ACTIVITIES     (2,059.5)     (249.3)
C CASH FLOW FROM FINANCING ACTIVITIES        
  Proceeds from Issue of Shares (including Securities Premium)   674.4     609.7  
  Proceeds from Issue of Share Warrants   -       223.6  
  Repayment of Long term Borrowings   (480.9)     (492.6)  
  Proceeds from  Long Term Borrowings    259.0     496.6  
  Short term Borrowings (Net)   951.9     (456.1)  
  Dividends paid   (78.2)     (68.1)  
  Interest paid   (271.3)     (378.6)  
  NET CASH (USED IN)/FROM FINANCING ACTIVITIES     1,054.9     (65.5)
                   
  NET INCREASE IN CASH AND EQUIVALENTS   (16.4)   (313.6)
  CASH AND CASH EQUIVALENTS (OPENING BALANCE)   52.3 365.9
  CASH AND CASH EQUIVALENTS (CLOSING BALANCE)     35.9     52.3