Financial Results Trend

Financial
Results Trend

Two Year
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Financials

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Consolidated
Standalone

Consolidated Profit & Loss

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	Particulars	Year Ended
Rs. Crore
		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

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	Particulars	As at	As at
Rs. Crore
		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

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	PARTICULARS			2013-14			2012-13
Rs. Crore

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

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	Particulars	Year Ended
Rs. Crore
		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

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	Particulars	As at	As at
Rs. Crore
		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

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	PARTICULARS			2013-14			2012-13
Rs. Crore

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