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(CIN: L51434WB1923PLC004793)
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DIRECTORS’ RESPONSIBILITY STATEMENT
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34
Annexure A
ANNEXURES TO THE DIRECTORS' REPORT
DISCLOSURES WITH RESPECT TO EMPLOYEES STOCK OPTION PLAN/SCHEME PURSUANT

TO REGULATION 14 OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SHARE BASED
EMPLOYEE BENEFITS) REGULATIONS, 2014 AS ON MARCH 31, 2019:
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A) Relevant disclosures in terms of Indian Accounting Standard (Ind AS - 102) under Section 133 of The Companies Act,
2013 read with The Companies (Indian Accounting Standards ) Rules, 2015.
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accordance with 'Ind AS-33' – Earnings per Share under Section 133 of The Companies Act, 2013 read with
The Companies (Indian Accounting Standards) Rules, 2015.
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ANNEXURE 1
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III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (Contd.)
Holding/Subsidiary/ % of Applicable
Sl. No. Name and Address of the Company CIN/GLN
Associate Shares held Section
3 Berger Nippon Paint Automotive Coatings
Private Limited
8'/
$2NKOD,QGXVWULDO $VVRFLDWH 49.00
)7&
(VWDWH3KDVH,,
1HZ'HOKL±
4 Beepee Coatings Private Limited
3ORW1R*,'&(VWDWH 8*-37&
6XEVLGLDU\ 100 LL
9LWKDO8G\RJQDJDU.KHGD 005049
*XMDUDW±
5. SBL Specialty Coatings Private Limited
)RUPHUO\NQRZQDV6DERR&RDWLQJV3ULYDWH
/LPLWHG6&)&DELQ1R)LUVW)ORRU 8&+37&
6XEVLGLDU\ 100 LL
0RWRU0DUNHWDQG&RPPHUFLDO&RPSOH[ 015100
0DQL0DMUD&KDQGLJDUK±
Saboo Hesse Wood Coatings Private Limited
*UDSKLWH5RDG1&35,QGXVWULDO/D\RXW 8.$37&
6XEVLGLDU\ 51 LL
0DKDGHYDSXUD%DQJDORUH
7 Berger Rock Paints Private Limited

8:%37&
³%HUJHU+RXVH´ 6XEVLGLDU\ 51 LL

3DUN6WUHHW.RONDWD
Berger Jenson & Nicholson
(Nepal) Private Limited
1$ 6XEVLGLDU\ 100 LL
³%HUJHU+RXVH´7LNXQH.RWHVKZRU
.DWKPDQGX±1HSDO
9 Berger Paints (Cyprus) Limited
7KDVRX'DGDODZ+RXVH 1$ 6XEVLGLDU\ 100 LL
3&1LFRVLD&\SUXV
10 Lusako Trading Limited
7KDVRX'DGDODZ+RXVH3& 1$ 6XEVLGLDU\ 100 LL
1LFRVLD&\SUXV
8.3DLQWV,QGLD3ULYDWH/WGH[HUFLVHVRUFRQWUROVLHPRUHWKDQRQHKDOIRIWKHWRWDOVKDUHFDSLWDORI%HUJHU3DLQWV,QGLD/LPLWHG

DORQJZLWKLWVVXEVLGLDU\FRPSDQLHVQDPHO\
% holding
D8.3DLQWV,QGLD3ULYDWH/WG
E-HQVRQ 1LFKROVRQ$VLD/WG8.
>ZKROO\RZQHGVXEVLGLDU\RIDQGQRPLQHH
VKDUHKROGHURI%-1+ROGLQJV,/LPLWHG³%-1´
%-1LVDZKROO\RZQHGVXEVLGLDU\RI
8.3DLQWV2YHUVHDV/LPLWHGZKLFKLQWXUQ
LVDZKROO\RZQHGVXEVLGLDU\RI
8.3DLQWV,QGLD3YW/WG@
F :DQJ,QYHVWPHQW)LQDQFH3YW/WG
G&LWODQG&RPPHUFLDO&UHGLWV/WG

39
Notes:
%ROL[6$3RODQGLVDZKROO\RZQHGVXEVLGLDU\RI/XVDNR7UDGLQJ/LPLWHG%ROL[8.5$,1$VS]RR8NUDLQH%8,/'±75$'(
VS]RR3RODQG6ROWKHUP([WHUQDO,QVXODWLRQV/LPLWHG8QLWHG.LQJGRP6ROWKHUP,QVRODWLRQV7KHUPLTXH([WHULHXUH)UDQFHDUHIRXU
VXEVLGLDULHVRI%ROL[6$3RODQGDQG6XUH¿UH0DQDJHPHQW6HUYLFHV/LPLWHG8.606LVD-RLQW9HQWXUH
%HUJHU3DLQWV2YHUVHDV/LPLWHG5XVVLDLVDZKROO\RZQHGVXEVLGLDU\RI%HUJHU3DLQWV&\SUXV/LPLWHG
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Share Holding
No. of Shares (face value of `1/-) held at the No. of Shares ( face value of `1/-) held at the
beginning of the year (01.04.2018) end of the year (31.03.2019) %
Category
Change
of % of % of during
Shareholders Demat Physical Total Total Demat Physical Total Total the Year
Shares Shares
A. Promoters
(1) Indian
D,QGLYLGXDO+8) 0 3.32 0 3.32 0.00
E&HQWUDO*RYWV
F6WDWH*RYWV
G%RGLHV&RUSRUDWH 0 0 0.00
H%DQNV)LQDQFLDO

,QVWLWXWLRQV
(f) Others
Sub-total (A)(1) 587487919 0 587487919 60.50 587487919 0 587487919 60.50 0.00
(2) Foreign
D15,V,QGLYLGXDOV
E2WKHU,QGLYLGXDOV
F%RGLHV&RUSRUDWH 0 14.49 0
G%DQNV),
H$Q\RWKHUV
Sub-total (A) (2) 140656782 0 140656782 14.49 140656782 0 140656782 14.48 (-)0.01
Total Share holding of
Promoter & Promoter 728144701 0 728144701 74.99 728144701 0 728144701 74.98 (-)0.01
Group (A) = (A)(1)+(A) (2)
B. Public Share holding
1. Institutions
D0XWXDO)XQGV 4410 1.45 4410 (+) 1.03
E%DQNV)LQDQFLDO
0.10
,QVWLWXWLRQV
F&HQWUDO*RYWV
G6WDWH*RYWV
H9HQWXUH&DSLWDO
)XQGV
I,QVXUDQFH&RPSDQLHV 0 1.95 0 1.54
J)RUHLJQ,QVWLWXWLRQDO
0 4.92 40121422 0 40121422 4.13
,QYHVWRUV),,
40
(i) Category-wise Share Holding (Contd.):
No. of Shares (face value of `1/-) held at the No. of Shares (face value of ` 1/-) held at the
beginning of the year (01.04.2018) end of the year (31.03.2019) %
Category
Change
of % of % of during
Shareholders Demat Physical Total Total Demat Physical Total Total the Year
Shares Shares
K)RUHLJQ9HQWXUH

&DSLWDO)XQGV
L)RUHLJQ3RUWIROLR
0 5.73 0 5.44
,QYHVWRUV
M$OWHUQDWLYH
0 0.09 0 0.14 (+) 0.05
,QYHVWPHQW)XQG
Sub-total (B)(1) 138333821 19798 138353619 14.24 134075583 19798 134095381 13.81 (-) 0.43
B 2. Non- Institutions
D%RGLHV&RUSRUDWH
L,QGLDQ 1.95 24005939 (+) 0.53
LL2YHUVHDV
E,QGLYLGXDOV
(i) ,QGLYLGXDOVKDUH
KROGHUVKROGLQJ
70497999
QRPLQDOVKDUH
FDSLWDOXSWRÒDNK
(ii) ,QGLYLGXDOVKDUH
KROGHUVKROGLQJ
0 0.40 0
QRPLQDOVKDUHFDSLWDO
LQH[FHVVRIÒDNK
F2WKHUVVSHFLI\
1. NRI 322939 0.25 314204 (+) 0.03
&OHDULQJ0HPEHU 0 0.04 570430 0 570430 (+) 0.02
3. OCB
7UXVW 0 0.14
)RUHLJQ1DWLRQDO
,(3)$& 0 0 (+) 0.03
8QFODLPHG
1241435 0 1241435 0.13 954035 0 954035 0.1
6XVSHQVH$&
Sub-total (B)(2) 92871700 11661408 104533108 10.77 99821331 9068298 108889629 11.21 (+) 0.44
B. Total Public Share
holding 231205521 11681206 242886727 25.01 233896914 9088096 242985010 25.02 (+) 0.01
(B)=(B)(1)+(B)(2)
TOTAL(A) +(B) 959350222 11681206 971031428 100.00 962041615 9088096 971129711 100.00 0.00
C. Shares held by
Custodian for
GDRs &ADRs
Grand Total
(A) +(B) +(C) 959350222 11681206 971031428 100.00 962041615 9088096 971129711 100.00 0.00
41
(ii) Share holding of Promoters
Shareholding at the beginning of the year Shareholding at the end of the year
% of Shares % of Shares
Sl. % of total % of total
No. of Pledged No. of Pledged
No. Shareholder’s Shares
Shares
encumbered
Shareholder’s
Shares
Shares
encumbered
Name of the Name of the
(F.V. ` 1/-) to total (F.V. `1/-) to total
Company Company
Shares Shares
8.3DLQWV
8.3DLQWV,QGLD
1. ,QGLD 50.11 0 50.11 0
3ULYDWH/LPLWHG
3ULYDWH/LPLWHG
-HQVRQ -HQVRQ1LFKROVRQ
2. 1LFKROVRQ$VLD 14.49 0 $VLD/LPLWHG 0
/LPLWHG8. 8.
&LWODQG &LWODQG
3. &RPPHUFLDO 0 &RPPHUFLDO 0
&UHGLWV/LPLWHG &UHGLWV/LPLWHG
:DQJ,QYHVWPHQW :DQJ,QYHVWPHQW
4. )LQDQFH3ULYDWH 3.07 0 )LQDQFH3ULYDWH 3.07 0
/LPLWHG /LPLWHG
%LJJ,QYHVWPHQW %LJJ,QYHVWPHQW
5. )LQDQFH3ULYDWH 7952420 0 )LQDQFH3ULYDWH 7952420 0
/LPLWHG /LPLWHG
0HHWD'KLQJUD 999999 0.10 0 0HHWD'KLQJUD 999999 0.10 0
7. 9LQX'KLQJUD 0 9LQX'KLQJUD 0
*XUEDFKDQ6LQJK *XUEDFKDQ6LQJK
0.25 0 0.25 0
'KLQJUD 'KLQJUD
.XOGLS6LQJK .XOGLS6LQJK
9. 0.57 0 0.57 0
'KLQJUD 'KLQJUD
<XYUDQL5LVKPD <XYUDQL5LVKPD
10. 0 0
.DXU .DXU
11. -HVVLPD.XPDU 0 -HVVLPD.XPDU 0
12. 'LSWL'KLQJUD 131712 0.01 0 'LSWL'KLQJUD 131712 0.01 0
13. 6XQDLQD.RKOL 0 6XQDLQD.RKOL 0
14. $QVKQD6DZKQH\ 0 $QVKQD6DZKQH\ 0
.DQZDUGLS6LQJK .DQZDUGLS6LQJK
15. 0 0
'KLQJUD 'KLQJUD
.6')DPLO\7UXVW 0 .6')DPLO\7UXVW 0
*%6'KLQJUD *%6'KLQJUD
17. 0 0
)DPLO\7UXVW )DPLO\7UXVW
Total 728144701 74.99 0 728144701 74.98 0
ZKROO\RZQHGVXEVLGLDU\RIDQGQRPLQHHVKDUHKROGHURI%-1+ROGLQJV,/LPLWHG³%-1´%-1LVDZKROO\RZQHGVXEVLGLDU\RI8.3DLQWV

2YHUVHDV/LPLWHGZKLFKLQWXUQLVDZKROO\RZQHGVXEVLGLDU\RI8.3DLQWV,QGLD3YW/WG
42
(iii) Change in Promoters’ Share holding (please specify, if there is no change)
Shareholding at the Cumulative Shareholding

Sl. beginning of the year during the year
Shareholder’s Name
No. No. of Shares % of total Shares No. of Shares % of total Shares
(F.V. `1/-) of the Company (F.V. `1/-) of the Company
1. 8.3DLQWV,QGLD3ULYDWH/WG 50.11 50.11
2. -HQVRQ 1LFKROVRQ$VLD/WG8. 14.49
3. &LWODQG&RPPHUFLDO&UHGLWV/WG
4. :DQJ,QYHVWPHQW)LQDQFH/WG 3.07 3.07
5. %LJJ,QYHVWPHQW )LQDQFH3YW/WG 7952420 7952420
0HHWD'KLQJUD 999999 0.10 999999 0.10
7. 9LQX'KLQJUD
*XUEDFKDQ6LQJK'KLQJUD 0.25 0.25
9. .XOGLS6LQJK'KLQJUD 0.57 0.57
10. <XYUDQL5LVKPD.DXU
11. -HVVLPD.XPDU
12. 'LSWL'KLQJUD 131712 0.01 131712 0.01
13. 6XQDLQD.RKOL
14. $QVKQD6DZKQH\
15. .DQZDUGLS6LQJK'KLQJUD
.6')DPLO\7UXVW
17. *%6'KLQJUD)DPLO\7UXVW
ZKROO\RZQHGVXEVLGLDU\RIDQGQRPLQHHVKDUHKROGHURI%-1+ROGLQJV,/LPLWHG³%-1´%-1LVDZKROO\RZQHGVXEVLGLDU\RI8.3DLQWV

2YHUVHDV/LPLWHGZKLFKLQWXUQLVDZKROO\RZQHGVXEVLGLDU\RI8.3DLQWV,QGLD3YW/WG
(iv) Share holding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

beginning of the year during the year
Sl. For each of the Top
No. 10 Shareholders % of total % of total
No. of Shares Shares of the No. of Shares Shares of the
Company Company
1. NALANDA INDIA FUND
LIMITED
D$WWKHEHJLQQLQJRIWKH\HDU
E&KDQJHVGXULQJWKH\HDU Date Reason
04/01/2019 6DOH 1270000 0.13 45449295
11/01/2019 6DOH 5400000 40049295 4.12
25/01/2019 6DOH 975000 0.10 39074295 4.02
F$WWKHHQGRIWKH\HDU 31/03/2019 39074295 4.02
43
(iv) Share holding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs): (Contd.)
Company Company
2. THE NEW INDIA
ASSURANCE COMPANY
LIMITED
D$WWKHEHJLQQLQJRIWKH\HDU 0.91 0.91
6DOH 100000 0.01 0.90
6DOH 200000 0.02
6DOH 330000 0.03
6DOH 400000 0.04
6DOH 50000 0.01
6DOH 122129 0.01 7591541 0.79
6DOH 0.01
6DOH 30000 0.00
6DOH 270000 0.03 0.75
6DOH 40000 0.01 0.74
6DOH 0.03 0.71
F$WWKHHQGRIWKH\HDU 31/03/2019 0.71
3. SPAN INDIA PRIVATE

LIMITED
6DOH 0.01 0.71
%X\ 10000 0.00 0.71
%X\ 0.00 0.71
%X\ 0.01 0.72
4. BNY MELLON TRUST

AND DEPOSITARY(UK)
LIMITED AS TRUSTEE
FOR ST. JAMES’S PLACE
EMERGING MARKETS
EQUITY UNIT TRUST
MANAGED BY WASATCH
ADVISORS INC
D$WWKHEHJLQQLQJRIWKH\HDU 5219071 0.53 5219071 0.53
%X\ 0.01 0.54
%X\ 0.00 0.54
44

Company Company
6DOH 0.02 5123303 0.52
6DOH 0.03 0.49
6DOH 0.24 0.25
6DOH 0.05 0.02
6DOH 0.11 0.09
6DOH 0.09
F$WWKHHQGRIWKH\HDU 31/03/2019 1LO 1LO
5. LIFE INSURANCE
CORPORATION OF INDIA
E&KDQJHVGXULQJWKH\HDU 1LO 1LO 1LO 1LO
F$WWKHHQGRIWKH\HDU 0.49
6. WASATCH INTERNATIONAL
GROWTH FUND
6DOH 51570 0.01 0.40
6DOH 0.02
6DOH 0.01 3599405 0.37
6DOH 0.02 3401325 0.35
6DOH 0.01 0.34
7. GENERAL INSURANCE
CORPORATION OF INDIA
6DOH 200000 0.02 3700000
6DOH 100000 0.01 0.37
6DOH 100000 0.01 3500000
6DOH 100000 0.01 3400000 0.35
6DOH 0.00 0.35
6DOH 0.01 3300000 0.34
6DOH 50000 0.01 3250000 0.33
45
Company Company
6DOH 0.02 3077402 0.31
6DOH 7402 0.02 3000000 0.31
6DOH 219052 0.02 0.29
6DOH 100000 0.01
F$WWKHHQGRIWKH\HDU 31/03/2019
8. VANGUARD EMERGING
MARKETS STOCK
INDEX FUND, A
SERIES OF VANGUARD
INTERNATIONAL EQUITY
INDEX FUNDS
6DOH 0.00 0.40
6DOH 10032 0.00 0.40
6DOH 7920 0.00 0.40
6DOH 7920 0.01 0.39
6DOH 0.00 0.39
6DOH 0.00 3799703 0.39
6DOH 0.00 0.39
6DOH 0.00 0.39
%X\ 0.00 0.39
%X\ 17277 0.00 3791005 0.39
%X\ 0.00 3799422 0.39
%X\ 23922 0.00 0.39
01/02/2019 %X\ 0.00 0.39
%X\ 57972 0.01 3903994 0.40
15/02/2019 %X\ 0.00 0.40
29/03/2019 %X\ 0.00 3927350 0.40
F$WWKHHQGRIWKH\HDU 31/03/2019 3927350 0.40
9. FRANKLIN INDIA
SMALLER COMPANIES
FUND
6DOH 50000 0.01

Sl. For each of the Top Shareholding at the Cumulative Shareholding

No. 10 Shareholders beginning of the year during the year
% of total % of total
Company Company
6DOH 50000 0.00
6DOH 50000 0.01 0.35
10. SPAN HOLDINGS PVT. LTD.

6DOH 10000 0.00
6DOH 35573 0.00
6DOH 12500 0.00
6DOH 12253 0.00
F$WWKHHQGRIWKH\HDU 31/03/2019
11. UTI-EQUITY FUND

%X\ 0.23
%X\ 100000 0.01 0.24
%X\ 30000 0.00 0.24
%X\ 0.01 0.25
%X\ 100000 0.01
%X\ 0.02
%X\ 75000 0.01 0.29
%X\ 150000 0.02 0.31
%X\ 0.00 0.31
01/02/2019 %X\ 50000 0.01 0.32
%X\ 0.01 0.33
15/02/2019 %X\ 140135 0.01 0.34
22/02/2019 %X\ 510000 0.05 0.39
01/03/2019 %X\ 250000 0.03 0.42
47
(v) Share holding of Directors and Key Managerial Personnel as on 31st March, 2019):

Sl. For each of the
No. Directors and KMPs % of total % of total
No of Shares Shares of the No of Shares Shares of the
Company Company
1. Mr Kuldip Singh Dhingra*
2. Mr Gurbachan Singh
Dhingra*
3. Mr Abhijit Roy
(623 0.00 0.01
4. Mr Srijit Dasgupta
(623 0.00 0.01
5. Mr Kamal Ranjan Das

6. Mr Pulak Chandan Prasad

D$WWKHEHJLQQLQJRIWKH\HDU 1LO 1LO 1LO 1LO
F$WWKHHQGRIWKH\HDU 1LO 1LO 1LO 1LO
7. Mr Naresh Gujral
F$WWKHHQGRIWKH\HDU 7000 0.00

(v) Share holding of Directors and Key Managerial Personnel as on 31st March, 2019): (Contd.)
Sl. For each of the Shareholding at the Cumulative Shareholding
No Directors and KMPs beginning of the year during the year
% of total % of total
No of Shares Shares of the No of Shares Shares of the
Company Company
8. Mr Dhirendra Swarup
9. Mr Gopal Krishna Pillai

10. Ms Rishma Kaur

F$WWKHHQGRIWKH\HDU
11. Mr Kanwardip Singh Dhingra

F$WWKHHQGRIWKH\HDU
12. Mr Aniruddha Sen

(623 0.00 0.00
13. Mr Anoop Hoon @

14. Mrs Sonu Halan Bhasin @

'RHVQRWLQFOXGHVKDUHVKHOGE\0HVVUV.XOGLS6LQJK'KLQJUDDQG*XUEDFKDQ6LQJK'KLQJUDDV6HWWORU7UXVWHHRI.6')DPLO\7UXVWDQG*%6'KLQJUD)DPLO\7UXVWUHVSHFWLYHO\
#0U$QRRS+RRQDQG0UV6RQX+DODQ%KDVLQZHUHDSSRLQWHGDV$GGLWLRQDODQG,QGHSHQGHQW'LUHFWRUVRIWKH&RPSDQ\ZHIVW)HEUXDU\7KH\GRQRWKHOGDQ\VKDUHVRIWKH&RPSDQ\
49
(v) INDEBTEDNESS
,QGHEWHGQHVVRIWKH&RPSDQ\LQFOXGLQJLQWHUHVWRXWVWDQGLQJDFFUXHGEXWQRWGXHIRUSD\PHQW
(ìn Crore)
Secured Loans Unsecured Total
Deposits
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the
Financial Year i.e.on 01.04.2018
L3ULQFLSDO$PRXQW 143.27 143.27
LL,QWHUHVWGXHEXWQRWSDLG
LLL,QWHUHVWDFFUXHGEXWQRWGXH
Total (i+ii+iii) 143.27 - - 143.27
&KDQJHLQ,QGHEWHGQHVVGXULQJWKH¿QDQFLDO
\HDU
$GGLWLRQ
5HGXFWLRQ
1HW&KDQJH 72.11
Indebtedness at the end of the
Financial Year i.e.on 31.03.2019
L3ULQFLSDO$PRXQW 130.34 215.34
LL,QWHUHVWGXHEXWQRWSDLG
LLL,QWHUHVWDFFUXHGEXWQRWGXH 0.04 0.04
Total (i+ii+iii) 130.38 85.00 - 215.38
(vi) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
$5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRUVDQGRU0DQDJHU
Name of MD/WTD/Manager
Sl. Particulars of
Mr Kanwardip Singh Total Amount
No. Remuneration Mr Abhijit Roy (MD, Ms Rishma Kaur
Dhingra (Executive
CEO & KMP) (Executive Director )*
Director )*
1. *URVVVDODU\ (`) (`) (`) (`)

D6DODU\DVSHUSURYLVLRQV
FRQWDLQHGLQVHFWLRQ

RIWKH,QFRPHWD[$FW

E9DOXHRISHUTXLVLWHV
XV,QFRPHWD[$FW

F3UR¿WVLQOLHXRIVDODU\
XQGHU6HFWLRQ,QFRPH
7D[$FW
2. 6WRFN2SWLRQ ± ±
3. 6ZHDW(TXLW\ ± ± ±
50
$5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRUVDQGRU0DQDJHU&RQWG
Name of MD/WTD/Manager
Sl. Particulars of Mr Kanwardip Singh
Mr Abhijit Roy (MD, Ms Rishma Kaur Total Amount
No. Remuneration Dhingra (Executive
CEO & KMP) (Executive Director )*
Director )*
&RPPLVVLRQ
4. DVRISUR¿W ± ±
RWKHUVVSHFLI\
5. 2WKHUVSOHDVHVSHFLI\ ± ± ±
Total (A) 3,16,74,522 45,48,621 42,37,427 4,04,60,570
&HLOLQJDVSHUWKH$FW
,QWHUPVRIWKHSUHVFULEHG)RUPWKHVDODU\LVJLYHQDVSHUWKHSURYLVLRQVRIUHOHYDQWVHFWLRQVRIWKH,QFRPH7D[$FW7KHUHPXQHUDWLRQRIWKH'LUHFWRUV
DVVKRZQHOVHZKHUHLQ'LUHFWRUV¶5HSRUWDQG)LQDQFLDO6WDWHPHQWDUHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHUHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FW
)RUUHPXQHUDWLRQRI.H\0DQDJHULDO3HUVRQQHOSOHDVHVHHLWHP&EHORZ
B. REMUNERATION TO OTHER DIRECTORS:

(ìn Crore)
Particulars of
Name of Directors
Remuneration
Total
Mr Kamal Mr Pulak Mr Mr Gopal Mr Mr Mrs Sonu Amount
1. Independent
Ranjan Chandan Dhirendra Krishna Naresh Anoop Halan
Directors
Das Prasad Swarup Pillai Gujral Hoon Bhasin
)HHIRUDWWHQGLQJ
%RDUG&RPPLWWHH ± ± ±
0HHWLQJV
&RPPLVVLRQ
2WKHUVSOHDVH ± ± ±
VSHFLI\
7RWDO 3,16,000 – 7,42,000 7,36,000 7,28,000 – – 25,22,000
Mr
2. Other Mr Kuldip
Gurbachan
Non-Executive Singh
Singh
Directors Dhingra
Dhingra
)HHIRUDWWHQGLQJ
%RDUG&RPPLWWHH
0HHWLQJV
&RPPLVVLRQ
2WKHUVSOHDVH
± ± ±
VSHFLI\
Total (2) 10,14,000 10,22,000 20,36,000
Total (B) = (1+2) 10,14,000 10,22,000 3,16,000 – 7,42,000 7,36,000 7,28,000 ± ± 45,58,000
Total Managerial
10,14,000 10,22,000 3,16,000 – 7,42,000 7,36,000 7,28,000 ± ± 45,58,000
Remuneration
2YHUDOO&HLOLQJDV

SHUWKH$FW
51
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD:
LQ`)
Sl.
Particulars of Remuneration Key Managerial Personnel
No.
Mr Aniruddha Sen
Mr Srijit Dasgupta
(Senior Vice President
1. ( Director-Finance & Total
& Company Secretary
CFO & KMP )
& KMP)
*URVVVDODU\
D6DODU\DVSHUSURYLVLRQVFRQWDLQHGLQVHFWLRQ

RIWKH,QFRPH7D[$FW
E9DOXHRISHUTXLVLWHVXV

,QFRPH7D[$FW
F3UR¿WVLQOLHXRIVDODU\XQGHUVHFWLRQ

,QFRPH7D[$FW
2. 6WRFN2SWLRQ
3. 6ZHDW(TXLW\ ± ± ±
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Details of Penalty/
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A. COMPANY
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52
ANNEXURE 2
REPORT ON CSR ACTIVITIES/INITIATIVE

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Sr. No. iTrain Centres Status
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Details of amount spent on CSR activities during the year 2018-19:
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Manner in which the amount was spent during the Financial Year is detailed below:
1 2 3 4 5 7
CSR project Sector in Projects / Amount outlay Amount spent on the Cumulative Amount
or activity which the Programmes (budget) projects or programmes Expenditure spent: direct
LGHQWL¿HG Project is 1. Local area or project or sub-heads: upto the or through
covered other program wise 1. Direct Expenditure reporting implementing
on projects or period agency
2. State and district
where projects or programmes
programmes were 2. Overheads
undertaken
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55
ANNEXURE 3
PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 134(3)(q) OF THE COMPANIES

ACT, 2013 READ WITH RULE 5(2) & 5(3) OF THE COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
Nature of
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Name / Nature of (whether 4XDOL¿FDWLRQ Age employment/
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ANNEXURE 4A
SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED ON 31st March, 2019
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“Annexure A”
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Company Secretaries
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59
ANNEXURE 4B
SECRETARIAL COMPLIANCE REPORT

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FOR THE FINANCIAL YEAR ENDED ON 31st March, 2019
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ANNEXURE 5
ANNEXURE TO DIRECTORS’ REPORT PURSUANT TO SECTION 134(3)(m) OF THE

COMPANIES ACT, 2013 READ WITH RULE 8(3) OF COMPANIES (ACCOUNTS) RULES, 2014
A) CONSERVATION OF ENERGY:
1) The steps taken or impact on conservation of energy:

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iii) Protecton:
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ANNEXURE 6
BUSINESS RESPONSIBILITY REPORT FOR THE FINANCIAL YEAR 2018-19

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INTRODUCTION
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Section A: General Information about the Company

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Section C: Other Details

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Section E: Principle-Wise Performance
Principle 1
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Principle 2
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GHYHORSPHQWRIQHZWHFKQRORJLHVWKDWUHGXFHVLIQRWHOLPLQDWHVGHSHQGHQFHRQHFRORJLFDOO\KDUPIXOUDZPDWHULDOVDQGRUUHGXFHG
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SR. NO. DATE OF MEETING NO. OF DIRECTORS PRESENT

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SR. NO. DATE OF MEETING NO. OF DIRECTORS PRESENT
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NAME OF DIRECTORS NO. OF MEETINGS ATTENDED
HELD ON 3RD AUGUST, 2018
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INDEPENDENT DIRECTORS:
I. Meetings:
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II. Familiarization program for Independent Directors:
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III. Formal Letter of appointment:-
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COMMITTEES OF DIRECTORS:
I. AUDIT COMMITTEE:
The Composition of the Audit Committee as on 31st March, 2019 was as follows:
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SR. NO. DATE OF MEETING

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2 30th0D\
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NAME OF DIRECTORS STATUS NO. OF MEETINGS ATTENDED

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WHISTLE-BLOWER POLICY:
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II. COMPENSATION AND NOMINATION AND REMUNERATION COMMITTEE:
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The Composition of the Remuneration Committee as on 31st March, 2019 was as follows:
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EMPLOYEE STOCK OPTION PLAN
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NAME OF KMPs DESIGNATION NO. OF EQUITY SHARES ALLOTTED
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0565,-,7'$6*837$ ',5(&725),1$1&( &)2 VKDUHV
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PERFORMANCE EVALUATION CRITERIA FOR INDEPENDENT DIRECTORS:

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REMUNERATION OF DIRECTORS:
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web link: https://www.bergerpaints.com/about-us/remuneration-policy.html
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A. EXECUTIVE DIRECTORS
The details of the remuneration paid to the Executive Directors for the Financial Year 2018-19 are as follows:
MR ABHIJIT ROY MR KANWARDIP SINGH DHINGRA MS RISHMA KAUR

PARTICULARS
(`) ( `) (`)
FIXED COMPONENTS:
&2162/,'$7('6$/$5<

&203$1<¶6&2175,%87,2172
3529,'(17)81'*5$78,7<$1'
683(5$118$7,21)81'

A. EXECUTIVE DIRECTORS (Contd.)
MR ABHIJIT ROY MR KANWARDIP SINGH DHINGRA MS RISHMA KAUR

PARTICULARS
(`) ( `) (`)
$//2:$1&(6$1'(67,0$7('

3(548,6,7(6,1.,1'
VARIABLE COMPONENT:
6(9(5$1&()((6
&200,66,21
3(5)250$1&(,1&(17,9(
(623'(7$,/6
TOTAL 3,08,34,158 45,32,366 45,35,787
B. NON-EXECUTIVE DIRECTORS:
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The details of the remuneration paid to the Non-Executive Directors for the Financial Year 2018-19 are as follows:
NAME OF DIRECTORS COMMISSION (`) SITTING FEES (`) TOTAL (`)

05.8/',361*+'+,1*5$
05*85%$&+$16,1*+'+,1*5$
05.$0$/5$1-$1'$6
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0538/$.&+$1'$135$6$'
05*23$/.5,6+1$3,//$,
05$1223+221
0566218+$/$1%+$6,1
TOTAL 44,60,000 98,000 45,58,000
Total number of equity shares of (`) 1/- each held by Key Managerial Personnel (KMP) as on 31st March, 2019
is as follows:
NAME OF KMPs DESIGNATION NUMBER OF EQUITY SHARES HELD
05$%+,-,752< 0$1$*,1*',5(&725 &(2

0565,-,7'$6*837$ ',5(&725),1$1&( &)2
6(1,259,&(35(6,'(17
05$1,58''+$6(1
&203$1<6(&5(7$5<

III. SHAREHOLDERS’ COMMITTEE:
A. SHARE TRANSFER COMMITTEE:
The Composition of Share Transfer Committee as on 31st March, 2019 was as follows:
1. 0U$EKLMLW5R\±&KDLUPDQ
2. 0U6ULMLW'DVJXSWD
3. 0U.DPDO5DQMDQ'DV
4. 0U$QLUXGGKD6HQ
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SR. NO. DATE OF MEETING SR. NO. DATE OF MEETING

1. 7.
2.
3. 9.
4. 10. 31.01.2019
5. 11.
12. 30.03.2019
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05.$0$/5$1-$1'$6 0(0%(5 11
05$1,58''+$6(1 0(0%(5 12
0565,-,7'$6*837$ 0(0%(5 12
B. STAKEHOLDERS’ RELATIONSHIP AND INVESTOR GRIEVANCE COMMITTEE:
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1. 0U.DPDO5DQMDQ'DV±&KDLUPDQ
2. 0U$EKLMLW5R\
3. 0U*XUEDFKDQ6LQJK'KLQJUD
4. 0U$QLUXGGKD6HQ±6HFUHWDU\
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0U*XUEDFKDQ6LQJK'KLQJUD±&KDLUPDQ
0U.DPDO5DQMDQ'DV
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05.$0$/5$1-$1'$6 &+$,50$1 3
05$%+,-,752< 0(0%(5 5
05*85%$&+$16,1*+'+,1*5$ 0(0%(5 3
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SHAREHOLDERS’ COMPLAINTS RECEIVED DURING THE YEAR:
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1RRI&RPSODLQWVUHVROYHGGXULQJWKH\HDU
1RRI&RPSODLQWVQRWVROYHGWRWKHVDWLVIDFWLRQRIVKDUHKROGHUV 1,/
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IV. BUSINESS PROCESS AND RISK MANAGEMENT COMMITTEE:
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The Composition of Business Process and Risk Management Committee as on 31st March, 2019 was as follows:
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NAME STATUS NO. OF MEETINGS ATTENDED

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The Composition of CSR Committee as on 31st March, 2019 was as follows:

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VI. COMMITTEE OF DIRECTORS FOR REGULAR MATTERS

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The Composition of Committee of Directors for Regular Matters as on 31st March, 2019 was as follows:
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SR. NO. DATE OF MEETING SR. NO. DATE OF MEETING SR. NO. DATE OF MEETING
1 9 17
2 10
3 11 19 17.01.2019
4 12 20 01.02.2019
5 13 21
14 22 01.03.2019
7 15 23 15.03.2019
24 29.03.2019

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GENERAL BODY MEETINGS:
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WHETHER SPECIAL
FINANCIAL YEAR VENUE DATE TIME
RESOLUTION PASSED
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NO. OF SHARES AND CONVERTIBLE INSTRUMENTS HELD BY THE NON-EXECUTIVE DIRECTORS:
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91
DECLARATION UNDER REGULATION 34(3) READ WITH PART D OF SCHEDULE V OF
THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
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GENERAL SHAREHOLDERS' INFORMATION

ANNUAL GENERAL MEETING : DATEWK$XJXVW
TIME$0
VENUE.DODPDQGLU6KDNHVSHDUH6DUDQL.RONDWD
FINANCIAL YEAR 7KHDFFRXQWLQJ\HDUFRYHUVWKHSHULRGIURPVW$SULOWRVW0DUFK
Financial Reporting for the quarters ending on:
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ERWKGD\VLQFOXVLYH
DIVIDEND PAYMENT DATE 'LYLGHQGLIGHFODUHGZLOOEHSDLGRQWK$XJXVW
LISTING ON STOCK EXCHANGES : The shares of the Company are listed on the following Stock Exchanges:
NATIONAL STOCK EXCHANGE (NSE)

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BOMBAY STOCK EXCHANGE (BSE)

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CALCUTTA STOCK EXCHANGE (CSE)

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STOCK CODES : CSE – 12529 BSE – 509480 NSE – BERGEPAINT
DEPOSITORIES D NATIONAL SECURITIES DEPOSITORY LIMITED

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ISIN No. : INE463A01038
93
GENERAL SHAREHOLDERS’ INFORMATION
MARKET PRICE (HIGH / LOW) AT BSE DURING EACH MONTH FOR THE FINANCIAL YEAR 2018-19:
Month High (`) Low (`)

$SULO
0D\ 305.40
-XQH 297.15
-XO\ 325.35
$XJXVW 349.00 307.00
6HSWHPEHU 340.00
2FWREHU 295.55
1RYHPEHU 329.55 277.45
'HFHPEHU 344.45 297.00
-DQXDU\
)HEUXDU\ 329.45
0DUFK 327.45
SHARE PERFORMANCE IN RELATION TO BSE SENSEX:
Berger Close Price

Share Performance in relation to BSE Sensex (Indexed)
BSE Sensex
44,000.00
410
37,000.00
310 30,000.00
Berger Close Price
BSE Sensex
23,000.00
210
16,000.00
110
9,000.00
10 2,000.00
Nov-18
Apr-18
May-18
Mar-19
Jun-18
Jul-18
Aug-18
Jan-19
Feb-19
Dec-18
Oct-18
Sep-18
NUMBER OF SHAREHOLDERS AS ON 31st MARCH, 2019: 78242
94
SHAREHOLDING PATTERN AS ON 31st MARCH, 2019
HOLDING (%)
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Status Holding %
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TOTAL 97,11,29,711 100.00
95
DISTRIBUTION OF SHAREHOLDING AS AT 31st MARCH, 2019
SHAREHOLDING OF NOMINAL
SHARE AMOUNT SHAREHOLDER
VALUE
(`) (`) % to TOTAL NUMBER % to TOTAL
± 2.50 74102 94.71
± 1.49 2079
± 1.77 1247 1.59
± 312 0.40
±
± 0.37 0.10
± 0.75 0.14
DERYH 175 0.22
TOTAL 97,11,29,711 100.00 78242 100.00
SHARE TRANSFER SYSTEM:

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DEMATERIALISATION OF SHARES AND LIQUIDITY AS ON 31st MARCH, 2019:

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OUTSTANDING GDRs/ADRs/WARRANTS OR ANY CONVERTIBLE INSTRUMENTS, CONVERSION DATE AND

LIKELY IMPACT ON EQUITY:
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SHARES HELD IN PHYSICAL AND DEMATERIALISED MODE AS ON 31st MARCH, 2019:
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DIVIDEND HISTORY (LAST 10 YEARS)
DIVIDEND TOTAL DIVIDEND

DIVIDEND PER TOTAL DIVIDEND
FINANCIAL YEAR DISTRIBUTION TAX (INCLUDING DIVIDEND
SHARE (`) (` in Crore)
(` in Crore) DISTRIBUTION TAX)
35.93 210.71
1.75 34.59 204.52
)LQDO 1.00 97.09
,QWHULP
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,QWHULP 41.59 50.10
2.20 12.95
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ANNEXURE D
CERTIFICATE PURSUANT TO REGULATION 34(3) AND SCHEDULE V PARA C CLAUSE (10)(i) OF

THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To,
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INDEPENDENT AUDITOR’S REPORT
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Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
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ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE
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BALANCE SHEET AS AT MARCH 31, 2019
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Notes As at March 31, 2019 As at March 31, 2018
ASSETS
Non-current assets
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2,281.08 2,099.21
Total assets 3,837.26 3,504.70
EQUITY AND LIABILITIES
Equity
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Total Equity 2,372.35 2,143.61
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1,386.49 1,294.31
Total liabilities 1,464.91 1,361.09
Total equity and liabilities 3,837.26 3,504.70
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STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2019
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Notes Year Ended Year Ended
March 31, 2019 March 31, 2018
Income
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Total income 5,569.18 4,885.90
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113
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2019
a. Equity Share Capital:

As at March 31, 2019 As at March 31, 2018
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Particulars Share based Capital Total Equity

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As at April 1, 2018 112.34 2.20 0.02 0.04
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114
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2019
For the year ended March 31, 2018 ` in Crores

Reserves & Surplus (refer note 11)
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115
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2019
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NOTES TO IND AS FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2019
1. Corporate Information
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3.9. Research and Development

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3.10. Borrowing Costs

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3.11. Leases
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3.21. Cash dividend to equity holders of the Company

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3.22. Operating Segments

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3.24. Changes in accounting policies and disclosures
New and amended standards

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Appendix B to Ind AS 21 Foreign Currency Transactions and Advance Considerations

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3.25 Standards Issued but not yet effective

1. IND AS 116 – Leases
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3. Amendments to Ind AS 109: Prepayment Features with Negative Compensation
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4. Amendments to Ind AS 19: Plan Amendment, Curtailment or Settlement
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5. Amendments to Ind AS 28: Long-term interests in associates and joint ventures

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$SULO7KH&RPSDQ\GRHVQRWH[SHFWWKLVDPHQGPHQWWRKDYHDQ\VLJQL¿FDQWLPSDFWRQLWV,QG$6¿QDQFLDOVWDWHPHQWV
Annual improvement to Ind AS (2018);
7KHVHLPSURYHPHQWVLQFOXGH
1. Amendments to Ind AS 103: Party to a Joint Arrangements obtains control of a business that is a Joint Operation
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2. Amendments to Ind AS 111: Joint Arrangements
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3. Amendments to Ind AS 12: Income Taxes
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WKHHQWLW\RULJLQDOO\UHFRJQLVHGWKRVHSDVWWUDQVDFWLRQVRUHYHQWV
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4. Amendments to Ind AS 23: Borrowing Costs
7KHDPHQGPHQWVFODULI\WKDWDQHQWLW\WUHDWVDVSDUWRIJHQHUDOERUURZLQJVDQ\ERUURZLQJRULJLQDOO\PDGHWRGHYHORS
DTXDOLI\LQJDVVHWZKHQVXEVWDQWLDOO\DOORIWKHDFWLYLWLHVQHFHVVDU\WRSUHSDUHWKDWDVVHWIRULWVLQWHQGHGXVHRUVDOHDUH
FRPSOHWH
$QHQWLW\DSSOLHVWKRVHDPHQGPHQWVWRERUURZLQJFRVWVLQFXUUHGRQRUDIWHUWKHEHJLQQLQJRIWKHDQQXDOUHSRUWLQJSHULRG
LQZKLFKWKHHQWLW\¿UVWDSSOLHVWKRVHDPHQGPHQWV$QHQWLW\DSSOLHVWKRVHDPHQGPHQWVIRUDQQXDOUHSRUWLQJSHULRGV
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GRHVQRWH[SHFWDQ\HIIHFWRQLWV,QG$6¿QDQFLDOVWDWHPHQWV
131
NOTES TO IND AS FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
Note 4(a) - Property, plant and equipment

` in Crores
Gross Block at Cost Depreciation / Amortisation Net Block
On Deletions
Particulars As at As at As at As at As at As at
For the (accumulated
April 1, Additions Deletions March April 1, March 31, March 31, March
Year upto the date
2018 31, 2019 2018 2019 2019 31, 2018
of sale)
/DQG
)UHHKROG 10.07 12.73 - 12.73 10.07
/HDVHKROG 25.40 34.12 0.41 0.34 0.75 33.37 8.31
%XLOGLQJV
)UHHKROG 374.57 32.97 407.54 15.09 51.47 356.07 338.19
/HDVHKROG 12.96 0.95 0.27 1.22 11.74 12.01
3ODQW (35.79) 771.75 (34.02) 249.09 522.66 481.52
(TXLSPHQW
)XUQLWXUHDQG 27.32 3.32 30.38 9.23 (0.14) 12.55 17.83 18.09
)L[WXUHV
&RPSXWHU 47.02 49.00 19.39 23.93 25.07 27.63
2I¿FH 10.57 3.11 13.50 2.23 6.23 7.27 6.41
(TXLSPHQW
9HKLFOHV 10.71 3.94 13.05 1.90 2.27 (0.94) 3.23 9.82 8.81
TOTAL 1,181.83 207.44 (44.24) 1,345.03 270.79 119.04 (41.36) 348.47 996.56 911.04
3DUWO\RQOHDVHKROGODQG
L,QFOXGHVIROORZLQJDVVHWV&RORU%DQNJLYHQXQGHURSHUDWLQJOHDVHDUUDQJHPHQWV
` in Crores
On Deletions
April 1, Additions Deletions March 31, April 1, March 31, March 31, March 31,
Year upto the date
2018 2019 2018 2019 2019 2018
of sale)
3ODQW
213.91 43.73 (35.45) 222.19 41.00 (33.74) 115.79
(TXLSPHQW
&RPSXWHU 23.14 2.53 20.03 12.11 5.15 (5.39) 11.03
Total 237.05 46.26 (41.09) 242.22 120.64 46.15 (39.13) 127.66 114.56 116.41
LL $OVRUHIHUQRWH
LLL )RU3URSHUW\SODQWDQGHTXLSPHQWH[LVWLQJRQ$SULOLHLWVGDWHRIWUDQVLWLRQWR,QG$6WKH&RPSDQ\KDVXVHGSUHYLRXV*$$3
FDUU\LQJYDOXHVDVGHHPHGFRVW6XEVHTXHQWO\PHDVXUHPHQWLVDWFRVW
LY )RUFKDUJHFUHDWHGRQ3URSHUW\SODQWDQGHTXLSPHQWUHIHUQRWHLLL
132
Note 4(a)(i)
7LWOHGHHGVRILPPRYDEOHSURSHUWLHVVHWRXWLQ1RWHDDERYHDUHLQWKHQDPHRIWKH&RPSDQ\H[FHSWWKRVHPHQWLRQHGEHORZZKLFKZHUH
WUDQVIHUUHGWRDQGYHVWHGLQWKH&RPSDQ\SXUVXDQWWRWKHUHVSHFWLYH6FKHPHVRI$UUDQJHPHQWLQHDUOLHU\HDUV
` in Crores
Gross Carrying Amount Net Carrying Amount
No. of title As at 31st As at 31st As at 31st As at 31st
Particulars Held in the name of
deeds March, March, March, March,
2019 2018 2019 2018
1 %HUJHU$XWR
)UHHKROGODQGDW5LVKUD:HVW%HQJDO
,QGXVWULDO&RDWLQJV/LPLWHG
/HDVHKROGODQGDW3DQDML*RD 1 0.35 0.35 5DMGRRW3DLQWV3ULYDWH/LPLWHG
/HDVHKROGODQGDW6LNDQGUDEDG 1 0.27 0.27 0.14 0.15 5DMGRRW3DLQWV3ULYDWH/LPLWHG
8WWDU3UDGHVK
/HDVHKROGODQGDW&KDQGLJDUK 1 0.05 0.05 0.03 0.03 5DMGRRW3DLQWV3ULYDWH/LPLWHG
Note 4(b) - Intangible assets

` in Crores
As at As at As at For the On Deletions As at As at As at
Particulars April 1, March April 1, Year (accumulated March 31, March 31, March 31,
Additions Deletions
2018 31, 2019 2018 upto the date 2019 2019 2018
of sale)
&RPSXWHU6RIWZDUH 13.17 (0.17) 19.20 8.88 3.13 (0.17) 11.84 7.36 4.29
TOTAL 13.17 6.20 (0.17) 19.20 8.88 3.13 (0.17) 11.84 7.36 4.29
L )RU3URSHUW\SODQWDQGHTXLSPHQWH[LVWLQJRQ$SULOLHLWVGDWHRIWUDQVLWLRQWR,QG$6WKH&RPSDQ\KDVXVHGSUHYLRXV*$$3
Note 4(c) - Capital work in progress

` in Crores
Gross Block at Cost
Particulars As at As at
Additions Capitalisation
April 1, 2018 March 31, 2019
%XLOGLQJV 4.31 (32.97) 79.64
3ODQW (TXLSPHQW 82.94 124.23 (139.15) 68.02
2WKHUDVVHWV 0.02 7.31 0.07
TOTAL 87.27 239.84 (179.38) 147.73
133
Note 4(d) - Property, plant and equipment

` in Crores
Gross Block at Cost Depreciation Net Block
On Deletions
Particulars As at As at As at As at As at
April 1, Additions Deletions March 31, April 1, March 31, March 31,
Year upto the date
2017 2018 2017 2018 2018
of sale)
/DQG
)UHHKROG 10.07 10.07 - 10.07
/HDVHKROG 0.45 8.72 0.19 0.22 0.41 8.31
%XLOGLQJV
)UHHKROG 374.57 21.92 36.38 338.19
/HDVHKROG 12.96 0.34 0.95 12.01
3ODQW (TXLSPHQW 102.79 679.89 (0.20) 198.37 481.52
)XUQLWXUHDQG)L[WXUHV 21.79 (0.03) 27.32 (0.02) 9.23 18.09
&RPSXWHU 10.73 (0.14) 47.02 10.20 9.32 (0.13) 19.39 27.63
2I¿FH(TXLSPHQW 2.13 (0.03) 10.57 2.32 (0.01) 4.16 6.41
9HKLFOHV 3.79 10.71 1.04 2.14 1.90 8.81
TOTAL 1,046.65 138.10 (2.92) 1,181.83 163.78 108.65 (1.64) 270.79 911.04
$OVRUHIHUQRWHDL
L,QFOXGHVIROORZLQJDVVHWV&RORU%DQNJLYHQXQGHURSHUDWLQJOHDVHDUUDQJHPHQWV
` in Crores
As at Additions Deletions As at As at For the On Deletions As at As at
Particulars April 1, March 31, April 1, Year (accumulated March 31, March 31,
2017 2018 2017 upto the date 2018 2018
of sale)
3ODQW (TXLSPHQW 171.41 42.50 213.91 39.40
&RPSXWHU 19.21 3.93 23.14 4.31 12.11 11.03
Total 190.62 46.43 - 237.05 76.93 43.71 - 120.64 116.41
LLDOVRUHIHUQRWH
LLL )RU3URSHUW\SODQWDQGHTXLSPHQWH[LVWLQJRQ$SULOLHLWVGDWHRIWUDQVLWLRQWR,QG$6WKH&RPSDQ\KDVXVHGSUHYLRXV*$$3
LY)RUFKDUJHFUHDWHGRQ3URSHUW\SODQWDQGHTXLSPHQWUHIHUQRWHLLL
134
Note 4(e) - Intangible assets

` in Crores
Gross Block at Cost Amortisation Net Block
On Deletions
Particulars As at As at As at As at As at
April 1, Additions Deletions March 31, April 1, March 31, March 31,
Year upto the date
2017 2018 2017 2018 2018
of sale)
&RPSXWHU6RIWZDUH 1.49 13.17 3.27 8.88 4.29
TOTAL 11.68 1.49 - 13.17 5.61 3.27 - 8.88 4.29
Note 4(f) - Capital work-in-progress

` in Crores
Gross Block at Cost
April 1, 2017 March 31, 2018
%XLOGLQJV 10.10 4.31
3ODQW (TXLSPHQW 154.43 (117.14) 82.94
2WKHUDVVHWV 0.02
TOTAL 56.23 169.14 (138.10) 87.27
135
Note 5a. Financial assets - Investments
Number of shares ` in Crores

Nominal
Value As at As at As at As at
per unit Currency March 31, March 31, March 31, March 31,
2019 2018 2019 2018
Non Current
$WIDLUYDOXHWKURXJKSUR¿WDQGORVV
(TXLW\6KDUHV8QTXRWHG)XOO\3DLG
6KDNWLNXQM$SDUWPHQWV/LPLWHG 1.00 ` 0.00 0.00
At cost:
(TXLW\6KDUHV8QTXRWHG)XOO\3DLG
,QYHVWPHQWLQ6XEVLGLDULHV
%HHSHH&RDWLQJV3ULYDWH/LPLWHG 10.00 ` 2.50 2.50
%HUJHU-HQVRQ 1LFKROVRQ1HSDO3ULYDWH/LPLWHG 100.00 1(3$/(6(
583((
%HUJHU3DLQWV&\SUXV/LPLWHG 1.71 (852
/HVV,PSDLUPHQWORVV5HIHUQRWH
/XVDNR7UDGLQJ/LPLWHG 1.71 (852
6%/6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG 10.00 `
IRUPHUO\NQRZQDV6DERR&RDWLQJV3ULYDWH/LPLWHG
UHIHUQRWHLLL
6DERR+HVVH:RRG&RDWLQJV3ULYDWH/LPLWHGUHIHUQRWHLL 1.00 ` 1.50
%HUJHU5RFN3DLQWV3ULYDWH/LPLWHGUHIHUQRWHL 1.00 `
,QYHVWPHQWLQ-RLQW9HQWXUHV
%HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 100.00 ` 2.71 2.71
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/WG ` 135.24
)RUPHUO\%1%&RDWLQJV,QGLD3ULYDWH/LPLWHG
%1%&RDWLQJV,QGLD/LPLWHG
Total 331.80 303.18
Aggregate amount of Unquoted Investments 331.80 303.18
Aggregate amount of impairment in value of Investment 56.60 28.00
1RWH
L 7KH&RPSDQ\KDVVXEVFULEHGWRHTXLW\VKDUHVRI%HUJHU5RFN3DLQWV3ULYDWH/LPLWHG³%HUJHU5RFNÚHSUHVHQWLQJRIWKH
SDLGXSHTXLW\VKDUHFDSLWDORI%HUJHU5RFNXSRQLQFRUSRUDWLRQRI%HUJHU5RFNRQ6HSWHPEHU
LL 7KH&RPSDQ\KDVDFTXLUHGRIWKHSDLGXSHTXLW\VKDUHFDSLWDORI6DERR+HVVH:RRG&RDWLQJ3ULYDWH/LPLWHGDIWHUFORVHRI
EXVLQHVVKRXUVRQ-DQXDU\
LLL 'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\KDGDFTXLUHGRIWKHSDLGXSHTXLW\VKDUHFDSLWDORI6%/6SHFLDOW\&RDWLQJV3ULYDWH
/LPLWHG>IRUPHUO\NQRZQDV6DERR&RDWLQJV3ULYDWH/LPLWHG³6&3/´@DIWHUFORVHRIEXVLQHVVKRXUVRQ-XQH
5HIHU1RWH

Note 5b. Financial assets - Loans and Deposits

8QVHFXUHGFRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
` in Crores
Non-Current Current
As at As at As at As at
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
6HFXULW\GHSRVLWV 19.99
Total 16.42 19.99 7.98 1.96
5HIHUQRWHIRUVHFXULW\GHSRVLWVJLYHQWRUHODWHGSDUW\
1RWHF )LQDQFLDODVVHWV2WKHU¿QDQFLDODVVHWV
` in Crores
Non-Current Current
%DQNGHSRVLWVZLWKRULJLQDOPDWXULW\PRUHWKDQWZHOYH
0.09 0.07 0.07
PRQWKV
$GYDQFHVWRUHODWHGSDUWLHVLQFOXGHV6KDUH$SSOLFDWLRQ
PRQH\SHQGLQJDOORWPHQW 4.14 2.44
5HIHU1RWH
,QWHUHVWDFFUXHGRQGHSRVLWV
2WKHUUHFHLYDEOHV 2.34 1.99
Total 4.14 2.53 3.27 2.89
LQFOXGHVGHSRVLWVSOHGJHGDJDLQVWEDQNJXDUDQWHHV

%HUJHU3DLQWV&\SUXV/LPLWHG
4.14 2.44
ZKROO\RZQHGVXEVLGLDU\
4.14 2.44
LQFOXGHVUHFHLYDEOHIURPUHODWHGSDUWLHV
%HUJHU3DLQWV%DQJODGHVK/LPLWHG 0.42 0.39
%HUJHU-HQVRQ 1LFKROVRQ1HSDO3ULYDWH/LPLWHG 1.79 1.30
Total 2.21 1.69
Note 6. Income Tax Assets (net)

` in Crores
Non-Current
As at As at
March 31, 2019 March 31, 2018
$GYDQFHSD\PHQWRILQFRPHWD[>QHWRISURYLVLRQIRUWD[RI`&URUHV
19.33
0DUFK±`&URUHV@
Total 19.33 46.14
137
Note 7. Other Assets

` in Crores
Non-Current Current
&DSLWDODGYDQFHV 22.21
$GYDQFHVRWKHUWKDQFDSLWDODGYDQFHV 12.17
3UHSD\PHQWV 4.01
6XEVLG\UHFHLYDEOH
%DODQFHVZLWKVWDWXWRU\JRYHUQPHQWDXWKRULWLHV
Total 32.84 31.05 169.09 208.83
,QWKHSUHYLRXV\HDU([FLVHGXW\GLVFORVHGLQ6WDWHPHQWRI3UR¿WDQG/RVVIRUWKHWKUHHPRQWKVSHULRGHQGHG-XQHLVQHWRI
H[FLVHGXW\EHQH¿WRI`FURUHV6XEVHTXHQWWRWKHLPSOHPHQWDWLRQRI*67ZHI-XO\WKH&RPSDQ\KDVFODLPHGVXEVLG\DYDLODEOH
XQGHU6FKHPHRI%XGJHWDU\6XSSRUWXQGHU*675HJLPHWRWKHHOLJLEOHXQLWVORFDWHGLQVSHFL¿HG6WDWHVDPRXQWLQJWR`FURUHV
0DUFK`FURUHV
Note 8. Inventories
DWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
` in Crores
As at As at
March 31, 2019 March 31, 2018
5DZPDWHULDOV>,QFOXGLQJLQWUDQVLW`FURUHV0DUFK`FURUHV@
3DFNLQJPDWHULDOV>,QFOXGLQJLQWUDQVLW`FURUH0DUFK`FURUH@ 19.49
:RUNLQSURJHVV 79.24
)LQLVKHGJRRGV
7UDGHGJRRGV>,QFOXGLQJLQWUDQVLW`FURUHV0DUFK`FURUHV@ 71.71
6WRUHVDQG6SDUHV 11.53 10.39
Total 1,149.13 939.36

Note 9a. Financial assets - Current Investments
Number of units ` in Crores

Nominal
Value As at As at As at As at
` per unit March March March 31, March 31,
31, 2019 31, 2018 2019 2018
$WIDLUYDOXHWKURXJKSUR¿WDQGORVV)973/
,QYHVWPHQWVLQ0XWXDO)XQGV8QTXRWHG
$[LV8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
'636DYLQJV)XQG'LUHFW*URZWK3ODQ 10
)UDQNOLQ,QGLD/LTXLG)XQG6XSHU,QVWLWXWLRQDO3ODQ'LUHFW*URZWK 1000
)UDQNOLQ,QGLD6DYLQJV)XQG5HWDLO2SWLRQ'LUHFW*URZWK 10
+')&8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10 33.31
,&,&,3UXGHQWLDO8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
.RWDN6DYLQJV)XQG'LUHFW3ODQ*URZWK 10 24.14
87,/LTXLG&DVK3ODQ,QVWLWXWLRQDO'LUHFW3ODQ*URZWK 1000
87,8OWUD6KRUW7HUP)XQG'LUHFW*URZWK3ODQ 1000 5.55
.RWDN/RZ'XUDWLRQ)XQG'LUHFW*URZWK 10
,&,&,3UXGHQWLDO6DYLQJV)XQG'LUHFW3ODQ*URZWK 100
%LUOD6XQOLIH)ORDWLQJ5DWH)XQG/RQJWHUP'LUHFW*URZWK 100 15.95
,')&8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
,&,&,3UXGHQWLDO,QFRPH2SSRUWXQLW\)XQG'LUHFW3ODQ*URZWK 10 11.42
%LUOD6XQOLIH6DYLQJV)XQG'LUHFW*URZWK 100 35.23
%LUOD6XQOLIH6KRUW7HUP)XQG'LUHFW*URZWK 10
%LUOD6XQOLIH&DVK3OXV'LUHFW*URZWK 100
,&,&,3UXGHQWLDO0RQH\0DUNHW)XQG'LUHFW*URZWK 10 2.95
/ 7/LTXLG)XQG'LUHFW3ODQ*URZWK 10 3.35
.RWDN)ORDWHU6KRUW7HUP'LUHFW*URZWK 1000 3.19
+')&)03')XQG'LUHFW*URZWK 10 22.13
87,7UHDVXU\$GYDQWDJH)XQG,QVWLWXWLRQDO2SWLRQ 1000
'LUHFW*URZWK
%LUOD6XQOLIH)ORDWLQJ5DWH)XQG6KRUWWHUP'LUHFWJURZWK 10 17.93
)UDQNOLQ,QGLD6KRUW7HUP,QFRPH3ODQ:HHNO\'LYLGHQG 1000 4.33 3.95
)UDQNOLQ,QGLD8OWUD6KRUW7HUP%RQG)XQG'LUHFW*URZWK 10 25.33
+')&/LTXLG)XQG'LUHFW*URZWK 1000 2.54
87,0RQH\0DUNHW)XQG,QVWLWXWLRQDO'LUHFW*URZWK 1000 3.47

Aggregate amount of Repurchase price of Unquoted Investments 245.51 227.59
5HIHUQRWHIRUGHWHUPLQDWLRQRIIDLUYDOXH
139
Note 9b. Financial Assets - Trade receivables

8QVHFXUHG
` in Crores
Non-Current Current
8QVHFXUHGFRQVLGHUHGJRRG 574.33
7UDGHUHFHLYDEOHVFUHGLWLPSDLUHG 4.29
4.29 574.33
Impairment allowance
(allowance for bad and doubtful debts)
7UDGHUHFHLYDEOHVFUHGLWLPSDLUHG (4.29)
Total - - 574.33 598.01
,QFOXGHVGHEWVGXHIURPUHODWHGSDUWLHV
%HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 1.52
6DERR&RDWLQJV3ULYDWH/LPLWHGQRZNQRZQDV6%/
1.13
6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/WG
)RUPHUO\%1%&RDWLQJV,QGLD3ULYDWH/LPLWHG%1% 5.40
&RDWLQJV,QGLD/LPLWHG
%HUJHU3DLQWV2YHUVHDV/LPLWHG 1.10
%HUJHU5RFN3DLQWV3ULYDWH/LPLWHG
7UDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGJHQHUDOO\KDVFUHGLWSHULRGIURPWRGD\V
)RUWHUPVDQGFRQGLWLRQVUHODWLQJWRUHODWHGSDUW\UHFHLYDEOHVUHIHU1RWH
Note 9c. Financial assets - Cash and Cash Equivalents

` in Crores
Non-Current
As at As at
March 31, 2019 March 31, 2018
%DODQFHVZLWKEDQNV
±2QFXUUHQWDFFRXQWV 12.40
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQWKUHHPRQWKV
&KHTXHVGUDIWVRQKDQG 14.24 10.30
&DVKRQKDQG
Total 27.24 64.18
Note 9d. Financial assets - Other bank balances

` in Crores
As at As at
March 31, 2019 March 31, 2018
±%DODQFHZLWKEDQNVLQ8QSDLG'LYLGHQG$FFRXQW 5.72 5.54
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIQRWOHVVWKDQWKUHHPRQWKVEXWOHVVWKDQWZHOYHPRQWKV
Total 104.53 56.39
'HSRVLWVDW%DQNVHDUQLQWHUHVWEHWZHHQWR0DUFKWRDQGDUHPDGHIRUSHULRGVEHWZHHQWR
GD\V0DUFKSHULRGVEHWZHHQWRGD\V
140
)RUWKHSXUSRVHRIWKHVWDWHPHQWRIFDVKÀRZVFDVKDQGFDVKHTXLYDOHQWVFRPSULVHWKHIROORZLQJ
` in Crores
As at As at
March 31, 2019 March 31, 2018
%DODQFHVZLWKEDQNV
±2QFXUUHQWDFFRXQWV 12.40
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQWKUHHPRQWKV
&DVKRQKDQG
27.24 64.18
/HVV±%DQN2YHUGUDIW5HIHU1RWHD (3.02)
Total 27.24 61.16
Note - 10. Equity

` in Crores
As at As at
March 31, 2019 March 31, 2018
Authorised Share Capital
(TXLW\6KDUHVRI`HDFK
120.00 120.00
0DUFK(TXLW\6KDUHVRI`HDFK
Issued Share Capital
(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
97.12 97.11
0DUFK(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
Subscribed and Paid-up Share Capital
(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS
97.11 97.10
a) The reconciliation of share capital is given below:

No. of Shares ` in Crores No. of Shares ` in Crores
$GG6KDUHVLVVXHGRQH[HUFLVHRI(PSOR\HH6WRFN2SWLRQV
0.01 0.00
5HIHU1RWH
$WWKHHQGRIWKH\HDU 97,11,29,711 97.11 97,10,31,428 97.10
5HIHU1RWH
b) Terms/Rights attached to equity shares

7KH&RPSDQ\KDVRQO\RQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`HDFK+ROGHURIHDFKHTXLW\VKDUHLVHQWLWOHGWRRQHYRWHSHU
VKDUH7KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKH
DSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJH[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQRIWKH
&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDO
DPRXQWV7KHGLVWULEXWLRQZLOOEHLQSURSRUWLRQWRWKHQXPEHURIHTXLW\VKDUHVKHOGE\WKHVKDUHKROGHUV
141
c) Equity shares held by the holding company and/or the subsidiaries/associates of holding company
` in Crores
As at As at
March 31, 2019 March 31, 2018
8.3DLQWV,QGLD3ULYDWH/LPLWHG+ROGLQJ&RPSDQ\
-HQVRQ 1LFKROVRQ$VLD/LPLWHG8.
&LWODQG&RPPHUFLDO&UHGLWV/LPLWHG
:DQJ,QYHVWPHQW)LQDQFH3YW/WG
%LJJ,QYHVWPHQW )LQDQFH3YW/WG
d) Details of shareholders holding more than 5 percent of equity shares in the Company

No. of Shares % holding No. of Shares % holding
8.3DLQWV,QGLD3ULYDWH/LPLWHG+ROGLQJ&RPSDQ\ 50.11% 50.11%
-HQVRQ 1LFKROVRQ$VLD/LPLWHG8. 14.49%
$V SHU UHFRUGV RI WKH &RPSDQ\ LQFOXGLQJ LWV UHJLVWHU RI VKDUHKROGHUVPHPEHUV DQG RWKHU GHFODUDWLRQV UHFHLYHG IURP VKDUHKROGHUV
UHJDUGLQJ EHQH¿FLDO LQWHUHVW WKH DERYH VKDUHKROGLQJ UHSUHVHQWV ERWK OHJDO DQG EHQH¿FLDO RZQHUVKLS RI VKDUHV DV GHFODUHG XQGHU WKH
UHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FW
e) Shares reserved for issue under Employee Stock Options:
)RUGHWDLOVRIVKDUHVUHVHUYHGIRULVVXHXQGHUWKH(PSOR\HH6WRFN2SWLRQ3ODQ(623RIWKH&RPSDQ\UHIHU1RWH
Note - 11. Other equity

` in Crores
As at As at
March 31, 2019 March 31, 2018
Reserves & Surplus
6HFXULWLHV3UHPLXP 112.34
5HWDLQHGHDUQLQJV
*HQHUDO5HVHUYH
Other reserves
6KDUHEDVHGSD\PHQW5HVHUYH 2.20
&DSLWDO5HVHUYH 0.02 0.02
&DSLWDOUHGHPSWLRQ5HVHUYH 0.04 0.04
Total other equity 2,275.24 2,046.51
Securities Premium3UHPLXPUHFHLYHGRQHTXLW\VKDUHVLVVXHGLQFOXGLQJWKRVHXQGHU(PSOR\HH6WRFN2SWLRQ3ODQDUHUHFRJQLVHGLQWKH
VHFXULWLHVSUHPLXPDFFRXQWQHWRIXWLOL]DWLRQIRUERQXVVKDUHVLVVXHG
Retained Earnings5HWDLQHGHDUQLQJVLQFOXGHVVXUSOXVLQWKH6WDWHPHQWRI3UR¿WDQG/RVV,QG$6UHODWHGDGMXVWPHQWVDVRQWKHGDWHRI
WUDQVLWLRQUHPHDVXUHPHQWJDLQVORVVHVRQGH¿QHGEHQH¿WSODQVDQG5HYDOXDWLRQ5HVHUYHWKDWKDGDULVHQIURPUHYDOXDWLRQRI/HDVHKROG
/DQG)UHHKROG/DQGDQG)UHHKROG%XLOGLQJVRIWKH&RPSDQ\LQDQGGRQHE\DSSURYHGYDOXHUV7KHDIRUHPHQWLRQHG
UHYDOXDWLRQUHVHUYHLVQRWDIUHHUHVHUYHDVSHUWKH&RPSDQLHV$FWDQGKHQFHLVQRWDYDLODEOHIRUGLVWULEXWLRQDVGLYLGHQG
General Reserve8QGHUWKHHUVWZKLOH,QGLDQ&RPSDQLHV$FWDJHQHUDOUHVHUYHZDVFUHDWHGWKURXJKDQDQQXDOWUDQVIHURIQHWLQFRPH
DWDVSHFL¿HGSHUFHQWDJHLQDFFRUGDQFHZLWKDSSOLFDEOHUHJXODWLRQVWRHQVXUHWKDWLIDGLYLGHQGGLVWULEXWLRQLQDJLYHQ\HDULVPRUHWKDQ
142
RIWKHSDLGFDSLWDORIWKH&RPSDQ\IRUWKDW\HDUWKHWRWDOGLYLGHQGGLVWULEXWLRQLVOHVVWKDQWKHWRWDOGLVWULEXWDEOHUHVXOWVIRUWKDW\HDU
&RQVHTXHQWWRLQWURGXFWLRQRI&RPSDQLHV$FWWKHUHTXLUHPHQWWRPDQGDWRULO\WUDQVIHUDVSHFL¿HGSHUFHQWDJHRIWKHQHWSUR¿WWR
JHQHUDOUHVHUYHKDVEHHQZLWKGUDZQ
Share based payment reserve7KH&RPSDQ\KDVWZR(PSOR\HH6WRFN2SWLRQ3ODQV(623XQGHUZKLFKRSWLRQVWRVXEVFULEHIRUWKH
&RPSDQ\¶VVKDUHVKDYHEHHQJUDQWHGWRVSHFL¿FHPSOR\HHV
7KH 6KDUH EDVHG SD\PHQW UHVHUYH LV XVHG WR UHFRJQLVH WKH YDOXH RI HTXLW\VHWWOHG VKDUHEDVHG SD\PHQWV WR HPSOR\HHV DV SDUW
RIWKHLUUHPXQHUDWLRQ7KH\HDUHQGEDODQFHLVQHWRIRSWLRQVH[HUFLVHGE\WKHFRQFHUQHGHPSOR\HHV5HIHUWR1RWHIRUIXUWKHUGHWDLOV
RIWKHVHSODQV
Capital redemption reserve5HSUHVHQWVDPRXQWHTXDOWRWKHIDFHYDOXHRIHTXLW\VKDUHVWUDQVIHUUHGDWWKHWLPHRIEX\EDFNRIVKDUHV
1RWH2WKHU¿QDQFLDOOLDELOLWies
` in Crores
Non-Current Current
D2WKHU¿QDQFLDOOLDELOLWLHVDWDPRUWL]HGFRVW
,QWHUHVWDFFUXHGEXWQRWGXHRQERUURZLQJV 0.04
8QSDLG'LYLGHQGVWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQ
5.72 5.54
DQG3URWHFWLRQ)XQGDVDQGZKHQGXH
'HSRVLWV 11.94 3.54 44.37
&DSLWDOFUHGLWRUV 35.03 33.41
$FFUXHGHPSOR\HHOLDELOLWLHV 40.77
2WKHUSD\DEOHV 2.39
E)LQDQFLDOJXDUDQWHHFRQWUDFWV>UHIHUQRWHLLL@ 2.09 2.02
Total 11.94 3.54 130.41 113.95
Note 13. Provisions

` in Crores
Non-Current Current
3URYLVLRQIRUHPSOR\HHEHQH¿WV
3URYLVLRQIRUJUDWXLW\5HIHU1RWH 1.43 2.12
3URYLVLRQIRUOHDYHHQFDVKPHQW 17.24
Others
3URYLVLRQIRUGHFRPPLVVLRQLQJ
2.92
5HIHU1RWHDEHORZ
Total 3.16 2.92 18.67 15.98
(a) Provision for decommissioning

` in Crores
'LVFRXQWXQZLQGLQJIRUWKH\HDU 0.24 0.21
$WWKHHQGRIWKH\HDU 3.16 2.92
3URYLVLRQIRUGHFRPPLVVLRQLQJGLVPDQWOLQJRI3URSHUW\3ODQWDQG(TXLSPHQW
143
Note 14a. Deferred tax assets & liabilities (net)

` in Crores
6WDWHPHQWRI3UR¿WDQG/RVVDQG
Other Comprehensive Income
(expence/income)
As at As at Year ended Year ended
Nature - (liability) / asset March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Deferred tax liabilities
$ULVLQJRXWRIWHPSRUDU\GLIIHUHQFHVLQGHSUHFLDEOHDVVHWV
)LQDQFLDO$VVHWVDWIDLUYDOXHWKURXJKSUR¿WDQGORVV 1.54 (0.51)
Others 9.59
Total (A) 71.50 64.59 (6.91) 0.94
Deferred tax assets
([SHQVHVDOORZDEOHRQSD\PHQWDFWXDOEDVLVIRUWD[SXUSRVHV 5.53 (3.17)

'HFRPPLVVLRQLQJOLDELOLW\ 0.21 (0.37) 0.35
2WKHUVWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH 1.35 0.25 (1.10)
Others
Total (B) 10.63 5.99 (4.64) (0.55)
Net deferred tax (liabilities)/assets (B-A) (60.87) (58.60) 2.27 (1.49)
Reconciliation of deferred tax liabilities (net)

` in Crores
As at As at
March 31, 2019 March 31, 2018
2SHQLQJEDODQFH
7D[H[SHQVHLQFRPHGXULQJWKHSHULRGUHFRJQLVHGLQ6WDWHPHQWRI3UR¿WDQG/RVV 3.37 (2.11)
7D[H[SHQVHLQFRPHGXULQJWKHSHULRGUHFRJQLVHGLQ2&, (1.10)
&ORVLQJEDODQFH 60.87 58.60
'XULQJWKH\HDUHQGHG0DUFKDQG0DUFKWKH&RPSDQ\KDVSDLGGLYLGHQGWRLWVVKDUHKROGHUV7KLVKDVUHVXOWHGLQ
SD\PHQWRI'LYLGHQG'LVWULEXWLRQ7D[''7WRWKHWD[DWLRQDXWKRULWLHV7KH&RPSDQ\EHOLHYHVWKDW''7UHSUHVHQWVDGGLWLRQDOSD\PHQW
WRWD[DWLRQDXWKRULW\RQEHKDOIRIWKHVKDUHKROGHUV
144
1RWH E 5HFRQFLOLDWLRQ RI WD[ H[SHQVH DQG WKH DFFRXQWLQJ SUR¿W PXOWLSOLHG E\ ,QGLD¶V GRPHVWLF WD[ UDWH IRU 0DUFK DQG
March 31, 2018:
,QFRPHWD[RQWKH&RPSDQ\
VWD[DEOHSUR¿WGLIIHUVIURPWKHWKHRUHWLFDODPRXQWWKDWZRXOGKDYHDULVHQKDGWKHHQDFWHGUDWHRIFRUSRUDWH
WD[LQ,QGLDEHLQJDSSOLHGWRVXFKWD[DEOHSUR¿WVDVH[SODLQHGEHORZ
` in Crores
Year Ended Year Ended
March 31, 2019 March 31, 2018
$FFRXQWLQJ3UR¿WEHIRUHLQFRPHWD[
3UR¿WEHIRUHLQFRPHWD[PXOWLSOLHGE\VWDQGDUGUDWHRIFRUSRUDWHWD[LQ,QGLDRI0DUFK
241.90 229.04

(IIHFWVRI
3HUPDQHQWGLIIHUHQFHVDIIHFWLQJLQFRPHWD[H[SHQVH
±$GGLWLRQDOGHGXFWLRQDOORZHGLQUHVSHFWRI5 'DFWLYLWLHVFDUULHGRXWE\WKHFRPSDQ\ (3.51) (2.22)
±'LVDOORZDQFHRIH[FHSWLRQDOLWHPLPSDLUPHQWUHIHU1RWH 10.00
±8WLOLVDWLRQRIXQUHFRJQLVHGWD[ORVVHVRI%-1,QGLDRQDPDOJDPDWLRQ
±2WKHUPLVFHOODQHRXVGLVDOORZDQFHV 3.74 4.57
Net effective income tax 252.13 230.59
7D[H[SHQVHUHSRUWHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
&XUUHQWWD[
'HIHUUHGWD[ 3.37 (2.11)
,QFRPHWD[H[SHQVHFUHGLWUHFRJQLVHGLQ2WKHU&RPSUHKHQVLYH,QFRPH (1.10)
252.13 230.59
Note 14(c). Current tax liabilities (net)

` in Crores
March 31, 2019 March 31, 2018
3URYLVLRQIRULQFRPHWD[>QHWRIDGYDQFHWD[RI`&URUHV
3.54 3.54
0DUFK`&URUHV@
Total 3.54 3.54
Note 15. Other liabilities

` in Crores
Non-Current Current
Others
$GYDQFHIURPFXVWRPHUV
6WDWXWRU\OLDELOLWLHV
2WKHUOLDELOLWLHV 2.45 1.72 1.11
Total 2.45 1.72 50.39 85.00
145
Note 16a. Financial Liabilities- Current borrowings

` in Crores
As at As at
March 31, 2019 March 31, 2018
Secured
)URP%DQNV
%DQNRYHUGUDIW 3.02
&DVKFUHGLW 53.74 140.25
:RUNLQJFDSLWDOGHPDQGORDQ
Unsecured
&RPPHUFLDO3DSHU
Total 215.34 143.27
&DVK&UHGLWVIURPEDQNVDUHVHFXUHGE\ZD\RI¿UVWFKDUJHRQERRNGHEWVDQGRWKHUFXUUHQWDVVHWVUDQNLQJSDULSDVVXEHWZHHQWKHOHQGHUV
¿UVWSDULSDVVXFKDUJHRYHUHQWLUHFXUUHQWDVVHWV&DVK&UHGLWLVUHSD\DEOHRQGHPDQGDQGFDUULHVLQWHUHVWDWWRSHUDQQXP
0DUFKSHUDQQXP
:RUNLQJ&DSLWDOGHPDQGORDQIURPEDQNVDUHVHFXUHGE\ZD\RI¿UVWFKDUJHRQERRNGHEWVDQGRWKHUFXUUHQWDVVHWVUDQNLQJSDULSDVVX
EHWZHHQWKHOHQGHUV¿UVWSDULSDVVXFKDUJHRYHUHQWLUHFXUUHQWDVVHWV:RUNLQJFDSLWDOGHPDQGORDQLVUHSD\DEOHZLWKLQ$SULO
DQGFDUULHVLQWHUHVWDWSHUDQQXP0DUFK1LO
&RPPHUFLDOSDSHUFDUULHVLQWHUHVWDWSHUDQQXP0DUFK1LODQGLVUHSD\DEOHE\$SULO
Amendments to Ind AS 7 Statement of Cash Flows:
7KHDPHQGPHQWVWR,QG$6UHTXLUHHQWLWLHVWRSURYLGHGLVFORVXUHRIFKDQJHVLQWKHLUOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHVLQFOXGLQJ
ERWKFKDQJHVDULVLQJIURPFDVKÀRZVDQGQRQFDVKFKDQJHVVXFKDVIRUHLJQH[FKDQJHJDLQVRUORVVHV7KH&RPSDQ\KDVSURYLGHGWKH
LQIRUPDWLRQIRUERWKWKHFXUUHQWDQGWKHFRPSDUDWLYHSHULRGLVDVXQGHU
&KDQJHVLQOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHV
` in Crores
Particulars April 1, 2018 &DVKÀRZV Exchange difference March 31, 2019
Current Borrowings
%DQNRYHUGUDIW 3.02 (3.02)
&DVKFUHGLW 140.25 53.74
6HFXUHG/RDQ
&RPPHUFLDOSDSHU
Particulars April 1, 2017 &DVKÀRZV Exchange difference March 31, 2018

Current Borrowings
%DQNRYHUGUDIW 5.19 (2.17) 3.02
&DVKFUHGLW 30.20 110.05 140.25
%X\HUV
&UHGLW

Note 16b. Financial Liabilities- Trade Payables

` in Crores
As at As at
March 31, 2019 March 31, 2018
L7RWDORXWVWDQGLQJGXHVRIPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHVUHIHUQRWHEHORZ
LL7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV
$FFHSWDQFHV
2XWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQDFFHSWDQFHV

>LQFOXGHV5VFURUHV0DUFK`FURUHVSD\DEOHWRUHODWHGSDUWLHV@
Total 921.76 914.73
Total (i + ii) 968.14 932.57
` in Crores
As at As at
March 31, 2019 March 31, 2018
'LVFORVXUHXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FWDUHSURYLGHGDV
XQGHUWRWKHH[WHQWWKH&RPSDQ\KDVUHFHLYHGLQWLPDWLRQIURPWKHVXSSOLHUVUHJDUGLQJWKHLUVWDWXVXQGHU
WKH$FW
3ULQFLSDODPRXQWUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU 44.24

,QWHUHVWGXHWKHUHRQUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU 2.14 1.51
46.38 17.84
'HOD\HGSD\PHQWRI3ULQFLSDODPRXQWSDLGEH\RQGDSSRLQWHGGDWHGXULQJWKH
27.00
HQWLUH¿QDQFLDO\HDU
,QWHUHVWDFWXDOO\SDLGXQGHU6HFWLRQRIWKH$FWGXULQJWKHHQWLUHDFFRXQWLQJ\HDU
$PRXQWRI,QWHUHVWGXHDQGSD\DEOHIRUWKHSHULRGRIGHOD\LQPDNLQJWKHSD\PHQWZKLFKKDYHEHHQSDLG
0.24 0.33
EXWEH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDUEXWZLWKRXWDGGLQJLQWHUHVWVSHFL¿HGXQGHUWKLV$FW
$PRXQWRI,QWHUHVWGXHDQGSD\DEOHIRUWKHSHULRGZKHUHSULQFLSDOKDVEHHQSDLGEXWLQWHUHVWXQGHUWKH
0.30
060('$FWQRWSDLG
,QWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU 0.43
7KH DPRXQW RI IXUWKHU LQWHUHVW UHPDLQLQJ GXH DQG SD\DEOH HYHQ LQ VXFFHHGLQJ \HDUV XQWLO VXFK GDWH
ZKHQWKHLQWHUHVWGXHVDVDERYHDUHDFWXDOO\SDLGWRWKH0LFURDQG6PDOO(QWHUSULVHVIRUWKHSXUSRVHRI 2.14 1.51
GLVDOORZDQFHVDVGHGXFWLEOHH[SHQGLWXUHXQGHU6HFWLRQRIWKLV$FW
Terms and conditions of the above trade payables:

7UDGHSD\DEOHVDUHQRQLQWHUHVWEHDULQJDQGDUHQRUPDOO\VHWWOHGRQGD\VWHUPV
)RUWHUPVDQGFRQGLWLRQVRIWUDQVDFWLRQVZLWKUHODWHGSDUWLHVUHIHU1RWH
147
1RWH7KHFDUU\LQJYDOXHDQGIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWVE\FDWHJRU\DVDWHQGRIWKH\HDUDUHDVIROORZV
Note 17a. Financial Assets

` in Crores
As at As at
March 31, 2019 March 31, 2018
Financial Assets - Non Current
$W)DLU9DOXHWKURXJKSUR¿WRUORVV
,QYHVWPHQWV 0.00 0.00
$W$PRUWLVHG&RVW
D/RDQVDQGGHSRVLWV 19.99
E2WKHU¿QDQFLDODVVHWV 4.14 2.53
20.56 22.52
$W'HHPHG&RVW6XEVHTXHQWDGGLWLRQVDWFRVW
D,QYHVWPHQWV
7RWDO1RQFXUUHQW¿QDQFLDODVVHWVD 352.36 325.70
)LQDQFLDODVVHWVFXUUHQW
$WIDLUYDOXHWKURXJKSUR¿WRUORVV
D,QYHVWPHQWV 245.51 227.59
$W$PRUWLVHGFRVW
D7UDGHUHFHLYDEOHV 574.33
E&DVKDQGFDVKHTXLYDOHQWV 27.24
F%DQNEDODQFHVRWKHUWKDQEDERYH 104.53
G/RDQVDQGGHSRVLWV
H2WKHU¿QDQFLDODVVHWV 3.27
7RWDO&XUUHQW¿QDQFLDODVVHWVE 962.86 951.02
7RWDO¿QDQFLDODVVHWVDE 1,315.22 1,276.72
5HIHU1RWH

Note 17b. Financial liabilities

` in Crores
As at As at
March 31, 2019 March 31, 2018
Financial Liabilities - Non Current
$W$PRUWLVHG&RVW
D2WKHU)LQDQFLDO/LDELOLWLHV
'HSRVLWV 11.94 3.54
Total Non Current Financial Liabilities (a) 11.94 3.54
)LQDQFLDO/LDELOLWLHV&XUUHQW
2WKHU)LQDQFLDOOLDELOLWLHV
)RUHLJQH[FKDQJHIRUZDUGFRQWUDFWV
)LQDQFLDOJXDUDQWHHFRQWUDFWV 2.09 2.02
$W$PRUWLVHG&RVW
D%RUURZLQJV 215.34 143.27
E7UDGH3D\DEOHV
L7RWDORXWVWDQGLQJGXHVRIPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV
LL7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV 914.73
F2WKHU)LQDQFLDOOLDELOLWLHV
8QSDLG'LYLGHQGVWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGDVDQGZKHQGXH 5.72 5.54
Others
'HSRVLWV 44.37
&DSLWDOFUHGLWRUV 35.03 33.41
$FFUXHGHPSOR\HHOLDELOLWLHV 40.77
2WKHUSD\DEOHV 2.39
7RWDO&XUUHQW¿QDQFLDOOLDELOLWLHVE 1,313.89 1,189.79
7RWDO¿QDQFLDOOLDELOLWLHVDE 1,325.83 1,193.33
$OVRUHIHU1RWHIRUIDLUYDOXHKHLUDUFK\
149
Note 18. Distribution made and proposed

` in Crores
As at As at
March 31, 2019 March 31, 2018
Dividends on equity shares declared and paid:
)LQDOGLYLGHQGIRU0DUFK`SHUVKDUH0DUFK`SHUVKDUH
'LYLGHQG'LVWULEXWLRQ7D[RQ¿QDOGLYLGHQG 35.93 34.59
210.71 204.52
Proposed dividends on equity shares:
'LYLGHQG'LVWULEXWLRQ7D[RQSURSRVHGGLYLGHQG 37.93 35.93
222.44 210.71
$VDW0DUFKSURSRVHGGLYLGHQGRQHTXLW\VKDUHVDUHVXEMHFWWRDSSURYDOLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ3HQGLQJVXFK
DSSURYDOSURSRVHGGLYLGHQGDQGGLYLGHQGGLVWULEXWLRQWD[WKHUHRQKDYHQRWEHHQUHFRJQLVHGLQWKHVH,QG$6¿QDQFLDOVWDWHPHQWV
Note 19. Revenue from Operations

` in Crores
Year ended Year ended
March 31, 2019 March 31, 2018
6DOHRISURGXFWVQHWRIUHEDWHVDQGGLVFRXQWVLQFOXGLQJH[FLVHGXW\>UHIHUQRWHEHORZ@ 5,457.05 4,792.67
&RQWUDFWUHYHQXH 3.35
2WKHURSHUDWLQJUHYHQXH
6FUDSVDOHV 10.79
Others
Total 5,515.55 4,839.37
5HYHQXHIURPRSHUDWLRQVIRUSHULRGXSWR-XQHLQFOXGHVH[FLVHGXW\)URP-XO\RQZDUGVH[FLVHGXW\DQGPRVWLQGLUHFWWD[HV
LQ,QGLDKDYHEHHQUHSODFHGE\*RRGVDQG6HUYLFH7D[*677KH&RPSDQ\FROOHFWV*67IURPLWVFXVWRPHUVRQEHKDOIRIWKH*RYHUQPHQW
DQGKHQFH*67LVQRWLQFOXGHGLQ5HYHQXHIURPRSHUDWLRQV5HYHQXHIURPRSHUDWLRQVLQFOXGHVH[FLVHGXW\FROOHFWHGIURPFXVWRPHUVRI
`1LO0DUFK`FURUHV5HYHQXHIURPRSHUDWLRQVQHWRIH[FLVHGXW\LV`0DUFK`FURUHV,Q
YLHZRIWKHDIRUHVDLGFKDQJHLQLQGLUHFWWD[HV5HYHQXHIURPRSHUDWLRQVIRU\HDUHQGHG0DUFKLVQRWFRPSDUDEOHZLWKWKHDPRXQW
UHSRUWHGIRUWKH\HDUHQGHG0DUFK
5HYHQXHIURPVDOHRISURGXFWVDUHUHFRJQLVHGZKHQJRRGVDUHWUDQVIHUUHGDWDSRLQWLQWLPH
&RQWUDFWUHYHQXHLVUHFRJQLVHGRYHUDSHULRGRIWLPH
150
Note 20. Other income

` in Crores
March 31, 2019 March 31, 2018
,QWHUHVW,QFRPH
,QYHVWPHQWLQ'HSRVLWVZLWKEDQNVFDUULHGDWDPRUWLVHGFRVW 4.70
Others
'LYLGHQGLQFRPHIURPVXEVLGLDU\
2WKHUQRQRSHUDWLQJLQFRPH
1HWJDLQRQVDOHRIPXWXDOIXQGLQYHVWPHQWVPHDVXUHGDW)973/
)DLUYDOXHJDLQRQPXWXDOIXQGLQYHVWPHQWVPHDVXUHGDW)973/ 4.41
Others 22.92
Total 53.63 46.53
Note 21. Cost of materials consumed

` in Crores
March 31, 2019 March 31, 2018
5DZ0DWHULDOV&RQVXPHG
2SHQLQJ6WRFN
3XUFKDVHV
&ORVLQJVWRFN
2,722.99 2,108.05
3DFNLQJ0DWHULDO&RQVXPHG
2SHQLQJ6WRFN 19.49
3XUFKDVHV 427.91
&ORVLQJVWRFN (19.49)
427.04 362.38
Cost of materials consumed* 3,150.03 2,470.43
$OVRUHIHUQRWHIRUH[SHQVHVRQUHVHDUFKDQGGHYHORSPHQW
151
1RWH,QFUHDVHLQLQYHQWRULHVRI¿QLVKHGJRRGVZRUNLQSURJUHVVDQGWUDGHGJRRGV

` in Crores
March 31, 2019 March 31, 2018
Opening Stock
:RUNLQSURJUHVV
)LQLVKHGJRRGV 517.71
7UDGHGJRRGV 71.71
630.69 637.63
Closing Stock
:RUNLQSURJUHVV 79.24
)LQLVKHGJRRGV
7UDGHGJRRGV 71.71
799.36 630.69
,QFUHDVHLQ([FLVH'XW\RQ6WRFNRI)LQLVKHG*RRGV
,QFUHDVHLQLQYHQWRULHVRI¿QLVKHGJRRGVZRUNLQSURJUHVVDQGWUDGHGJRRGV (168.67) (87.66)
,QFOXGHVUHYHUVDORIH[FLVHGXW\RQ,QYHQWRU\DVDW0DUFK'XHWRLPSOHPHQWDWLRQRI*67LQWKHSUHYLRXV\HDUWKHUHLVQR
H[FLVHGXW\HOHPHQWRQWKHLQYHQWRU\DVDW0DUFKDQG0DUFK
1RWH(PSOR\HHEHQH¿WVH[SHQVH
` in Crores
March 31, 2019 March 31, 2018
6DODULHVDQGZDJHV
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV5HIHU1RWH
(PSOR\HHVWRFNRSWLRQFRVW5HIHU1RWH
6WDIIZHOIDUHH[SHQVHV 22.45
Total 311.67 269.84
$OVRUHIHUQRWHQRIRUH[SHQVHVRQUHVHDUFKDQGGHYHORSPHQW
Note 24. Finance Costs

` in Crores
March 31, 2019 March 31, 2018
,QWHUHVWRQGHEWDQGERUURZLQJV 20.55 15.99
8QZLQGLQJRIGLVFRXQWRQSURYLVLRQV5HIHU1RWH 0.24 0.21
Total 20.79 16.20
152
Note 25. Depreciation and amortization expense

` in Crores
March 31, 2019 March 31, 2018
'HSUHFLDWLRQRIWDQJLEOHDVVHWV 119.04
$PRUWL]DWLRQRILQWDQJLEOHDVVHWV 3.13 3.27
Total 122.17 111.92
Note 26. Other expenses

` in Crores
March 31, 2019 March 31, 2018
)UHLJKWRFWURLDQGGHOLYHU\ 307.53
3RZHUDQGIXHODOVRUHIHUQRWH 40.00
&RQVXPSWLRQRIVWRUHV 9.93
5HSDLUV
3ODQWDQGPDFKLQHU\ 15.02
%XLOGLQJ
2WKHUV 3.01
5HQW5HIHU1RWH 50.70
5DWHVDQG7D[HV 5.19 7.01
7UDYHOOLQJ
$GYHUWLVHPHQWDQG6DOHV3URPRWLRQ([SHQVHV 222.23
,QVXUDQFH 2.00
3URFHVVLQJ&KDUJHV 49.04 44.12
'LUHFWRUV
VLWWLQJIHHV 0.01 0.02
)RUHLJQ([FKDQJH/RVVQHW 1.43
&RPPLVVLRQWR1RQ([HFXWLYH'LUHFWRUV 0.45 0.45
/RVVRQVDOHGLVFDUGRI3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWV
$XGLW)HHV5HIHU1RWH
&65H[SHQGLWXUH5HIHU1RWH 13.47 10.43
0LVFHOODQHRXV([SHQVHVDOVRUHIHUQRWH
Total 979.87 922.21
%DGGHEWVZULWWHQRII`&URUHV0DUFK`&URUHV
Note 26.1 Auditor's Remuneration

` in Crores
March 31, 2019 March 31, 2018
As Auditor:
$XGLWIHHV 0.47 0.47
7D[DXGLWIHH 0.04 0.04
0LVFHOODQHRXVFHUWL¿FDWHVDQGRWKHUPDWWHUV
5HLPEXUVHPHQWRIH[SHQVHV 0.02
Total 0.65 0.61
153
Note 26.2 Details of CSR expenditure:

` in Crores
March 31, 2019 March 31, 2018
D*URVVDPRXQWUHTXLUHGWREHVSHQWE\WKH&RPSDQ\GXULQJWKH\HDU 12.19 10.34
E$PRXQWVSHQWGXULQJWKH\HDU
L&RQVWUXFWLRQ$FTXLVWLRQRIDQDVVHW
LL3XUSRVHVRWKHUWKDQLDERYH 13.47 10.43
Total 13.47 10.43
&RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ H[SHQVHG ` FURUHV 0DUFK ` FURUHV LQFOXGHV &RPSDQ\¶V RZQ SURJUDPPH IRU
SURPRWLQJHPSOR\PHQWHQKDQFLQJYRFDWLRQDOVNLOOSURJUDPPHQDPHG
L7UDLQ

Note 26.3. Exceptional Items

` in Crores
March 31, 2019 March 31, 2018
,PSDLUPHQWLQVXEVLGLDU\
Total (28.60) -
7KH&RPSDQ\KDGLQDQHDUOLHU\HDUSURYLGHGIRULPSDLUPHQWDPRXQWLQJWR`FURUHVLQWKHFDUU\LQJYDOXHRILWVLQYHVWPHQWLQLWVZKROO\
RZQHGVXEVLGLDU\%HUJHU3DLQWV&\SUXV/LPLWHG%3&/RQDFFRXQWRIORVVHVVXVWDLQHGE\WKHXOWLPDWHZKROO\RZQHGVXEVLGLDU\%HUJHU3DLQWV
2YHUVHDV/LPLWHG%32/GXHWRGRZQWXUQLQ5XVVLDQHFRQRP\ZKLFKZHUHUHÀHFWHGLQWKHFRQVROLGDWHG¿QDQFLDOSRVLWLRQRIWKH&RPSDQ\
%32/FRQWLQXHVWRPDNHORVVHVDQGKHQFHWKH&RPSDQ\KDVPDGHDQDVVHVVPHQWRIWKHIDLUYDOXHOHVVFRVWVWRVHOORIIWKHLQYHVWPHQWVLQ
%HUJHU3DLQWV2YHUVHDV/LPLWHGWDNLQJLQWRDFFRXQWPDQDJHPHQW
VEHVWHVWLPDWHRIWKHHVWLPDWHGIDLUYDOXHOHVVFRVWVWRVHOORIIWKHFDUU\LQJ
YDOXHRIDVVHWVDQGOLDELOLWLHVRIWKHZKROO\RZQHGVXEVLGLDU\%DVHGRQWKHDERYHDQGDVPDWWHURISUXGHQFHDIXUWKHUSURYLVLRQRI`
FURUHVKDVEHHQUHFRJQLVHGLQWKHFXUUHQW\HDUWRZDUGVLPSDLUPHQWRIVXFKLQYHVWPHQWDQGKDVEHHQDFFRXQWHGIRUDVDQH[FHSWLRQDOLWHP
LQWKH6WDWHPHQWRI3UR¿WDQG/RVV
154
Note 27. Earnings Per Share (EPS)
%DVLF(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WIRUWKH\HDUDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\E\WKHZHLJKWHGDYHUDJH
QXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU
'LOXWHG(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\E\WKHZHLJKWHGDYHUDJHQXPEHU
RIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDUSOXVWKHZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVWKDWZRXOGEHLVVXHGRQFRQYHUVLRQRIDOO
WKHGLOXWLYHSRWHQWLDOHTXLW\VKDUHVLQWRHTXLW\VKDUHV
7KHIROORZLQJWDEOHUHÀHFWVWKHLQFRPHDQGHDUQLQJVSHUVKDUHGDWDXVHGLQWKHEDVLFDQGGLOXWHG(36FRPSXWDWLRQV
` in Crores
March 31, 2019 March 31, 2018
1HW3UR¿WDIWHUWD[IRUFDOFXODWLRQRI%DVLFDQG'LOXWHG(DUQLQJV3HU6KDUH `LQFURUHV, 439.03
:HLJKWHGDYHUDJHQXPEHURIVKDUHV,,
%DVLF
'LOXWHGUHIHUQRWHEHORZ
(DUQLQJSHUHTXLW\VKDUH>QRPLQDOYDOXHRI5HSHUVKDUH>,,,@
%DVLF 4.52 4.45

'LOXWHG 4.52 4.45
1HW3UR¿WDIWHUWD[IRUFDOFXODWLRQRI%DVLFDQG'LOXWHG(DUQLQJV3HU6KDUHLVQHWRIIH[FHSWLRQDO
LWHPUHIHUQRWHIRUGHWDLOV
(IIHFWRIGLOXWLRQ
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJ%DVLF(DUQLQJV3HU6KDUH

'LOXWLRQ6WRFNRSWLRQVJUDQWHGXQGHU(623
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJGLOXWHG(36
1RWH6LJQL¿FDQWDFFRXQWLQJMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQV
7KH SUHSDUDWLRQ RI WKH &RPSDQ\¶V ,QG$6 ¿QDQFLDO VWDWHPHQWV UHTXLUHV PDQDJHPHQW WR PDNH MXGJHPHQWV HVWLPDWHV DQG DVVXPSWLRQV
WKDWDIIHFWWKHUHSRUWHGDPRXQWVRIUHYHQXHVH[SHQVHVDVVHWVDQGOLDELOLWLHVDQGWKHDFFRPSDQ\LQJGLVFORVXUHVDQGWKHGLVFORVXUHRI
FRQWLQJHQWOLDELOLWLHV8QFHUWDLQW\DERXWWKHVHDVVXPSWLRQVDQGHVWLPDWHVFRXOGUHVXOWLQRXWFRPHVWKDWUHTXLUHDPDWHULDODGMXVWPHQWWRWKH
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Judgements, Estimates and assumptions

7KHNH\DVVXPSWLRQVFRQFHUQLQJWKHIXWXUHDQGRWKHUNH\VRXUFHVRIHVWLPDWLRQXQFHUWDLQW\DWWKHUHSRUWLQJGDWHWKDWKDYHDVLJQL¿FDQW
ULVNRIFDXVLQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQWKHQH[W¿QDQFLDO\HDUDUHGHVFULEHGEHORZ
7KH &RPSDQ\ EDVHG LWV DVVXPSWLRQV DQG HVWLPDWHV RQ SDUDPHWHUV DYDLODEOH ZKHQ WKH )LQDQFLDO 6WDWHPHQWV ZHUH SUHSDUHG ([LVWLQJ
FLUFXPVWDQFHVDQGDVVXPSWLRQVDERXWIXWXUHGHYHORSPHQWVKRZHYHUPD\FKDQJHGXHWRPDUNHWFKDQJHVRUFLUFXPVWDQFHVDULVLQJWKDW
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WKH&RPSDQ\¶VDFFRXQWLQJSROLFLHVPDQDJHPHQWKDVPDGHWKHIROORZLQJMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQVZKLFKKDYHWKHPRVW
VLJQL¿FDQWHIIHFWRQWKHDPRXQWVUHFRJQLVHGLQWKH,QG$6)LQDQFLDO6WDWHPHQWV
'H¿QHG(PSOR\HU%HQH¿WSODQV
7KHFRVWDQGWKHSUHVHQWYDOXHRIWKHGH¿QHGEHQH¿WJUDWXLW\SODQDQGRWKHUSRVWHPSOR\PHQWOHDYHHQFDVKPHQWEHQH¿WDUHGHWHUPLQHG
XVLQJDFWXDULDOYDOXDWLRQV$QDFWXDULDOYDOXDWLRQLQYROYHVPDNLQJYDULRXVDVVXPSWLRQVWKDWPD\GLIIHUIURPDFWXDOGHYHORSPHQWVLQIXWXUH
7KHVHLQFOXGHWKHGHWHUPLQDWLRQRIDSSURSULDWHGLVFRXQWUDWHHVWLPDWLQJIXWXUHVDODU\LQFUHDVHVDQGPRUWDOLW\UDWHV'XHWRWKHFRPSOH[LWLHV
LQYROYHGLQWKHYDOXDWLRQDQGLWVORQJWHUPQDWXUHDGH¿QHGEHQH¿WREOLJDWLRQLVKLJKO\VHQVLWLYHWRFKDQJHVLQWKHVHDVVXPSWLRQV$OO
DVVXPSWLRQVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH)RUIXUWKHUGHWDLOVUHIHU1RWH
155
)DLUYDOXHPHDVXUHPHQWRI¿QDQFLDOLQVWUXPHQWVDQGJXDUDQWHHV
:KHQWKHIDLUYDOXHVRI¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVUHFRUGHGLQWKH%DODQFH6KHHWFDQQRWEHPHDVXUHGEDVHGRQTXRWHGSULFHVLQ
DFWLYHPDUNHWVWKHLUIDLUYDOXHLVPHDVXUHGXVLQJYDOXDWLRQWHFKQLTXHVLQFOXGLQJWKH'&)PRGHO7KHLQSXWVWRWKHVHPRGHOVDUHWDNHQIURP
REVHUYDEOHPDUNHWVZKHUHSRVVLEOHEXWZKHUHWKLVLVQRWIHDVLEOHDGHJUHHRIMXGJHPHQWLVUHTXLUHGLQHVWDEOLVKLQJIDLUYDOXHV-XGJHPHQWV
LQFOXGHFRQVLGHUDWLRQVRILQSXWVVXFKDVOLTXLGLW\ULVNFUHGLWULVNDQGYRODWLOLW\&KDQJHVLQDVVXPSWLRQVDERXWWKHVHIDFWRUVFRXOGDIIHFW
WKHUHSRUWHGIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV6HH1RWHIRUIXUWKHUGLVFORVXUHV
Depreciation on Property, Plant and Equipment

3URSHUW\ SODQW DQG HTXLSPHQW UHSUHVHQW D VLJQL¿FDQW SURSRUWLRQ RI WKH DVVHW EDVH RI WKH &RPSDQ\7KH FKDUJH LQ UHVSHFW RI SHULRGLF
GHSUHFLDWLRQLVGHULYHGDIWHUGHWHUPLQLQJDQHVWLPDWHRIDQDVVHW¶VH[SHFWHGXVHIXOOLIHDQGWKHH[SHFWHGUHVLGXDOYDOXHDWWKHHQGRILWVOLIH
7KHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRIFRPSDQ\
VDVVHWVDUHGHWHUPLQHGE\PDQDJHPHQWDWWKHWLPHWKHDVVHWLVDFTXLUHGDQGUHYLHZHG
SHULRGLFDOO\LQFOXGLQJDWHDFK¿QDQFLDO\HDUHQG7KHOLYHVDUHEDVHGRQKLVWRULFDOH[SHULHQFHZLWKVLPLODUDVVHWVDVZHOODVDQWLFLSDWLRQRI
IXWXUHHYHQWVZKLFKPD\LPSDFWWKHLUOLIHVXFKDVFKDQJHVLQWHFKQRORJ\
Decommissioning Liability
'HFRPPLVVLRQLQJ/LDELOLW\KDVEHHQUHFRJQLVHGIRULWHPVRISURSHUW\SODQWDQGHTXLSPHQWEXLOWRULQVWDOOHGRQVSHFL¿HGOHDVHKROGODQG
WKHWHUPVRIZKLFKVDLGOHDVHVLQFOXGHGHFRPPLVVLRQLQJRIVXFKDVVHWVRQH[SLU\RIWKHOHDVHSULRUWRKDQGLQJRYHUWRWKHOHVVRU7KH
GHFRPPLVVLRQLQJFRVWVDVDWWKHHQGRIWKHOHDVHSHULRGKDYHEHHQHVWLPDWHGEDVHGRQFXUUHQWFRVWVE\WKH&RPSDQ\
VRZQWHFKQLFDO
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WKHOHDVHSHULRGLVQRZGLVFRXQWHGWRWKHSUHVHQWYDOXHRIVXFKOLDELOLW\E\DSSO\LQJ&RPSDQ\
VZHLJKWHGDYHUDJHFRVWRIFDSLWDO
Impairment of Investment
7KHFDUU\LQJDPRXQWRIWKH&RPSDQ\¶VLQYHVWPHQWVDUHDVVHVVHGDWWKHHQGRIHDFKUHSRUWLQJSHULRGWRGHWHUPLQHZKHWKHUWKHUHLVDQ\
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7KHUHFRYHUDEOHDPRXQWRIWKHDVVHWLVFRPSXWHGDVWKHKLJKHURIDQDVVHW¶VRUFDVKJHQHUDWLQJXQLW¶VIDLUYDOXHOHVVFRVWVWRVHOODQGLWV
YDOXHLQXVH6XFKIDLUYDOXHLVGHULYHGXVLQJYDOXDWLRQWHFKQLTXHVLHWKH'LVFRXQWHG&DVK)ORZ'&)PRGHORUPDQDJHPHQW¶VEHVW
HVWLPDWHRIWKHHVWLPDWHGIDLUYDOXHRIWKHFDUU\LQJYDOXHRIDVVHWVDQGOLDELOLWLHV7KHLQSXWVWRWKH'LVFRXQWHG&DVK)ORZPRGHOVDUH
WDNHQIURPREVHUYDEOHPDUNHWVZKHUHSRVVLEOHEXWZKHUHWKLVLVQRWIHDVLEOHDGHJUHHRIMXGJPHQWLVUHTXLUHGLQHVWDEOLVKLQJIDLUYDOXHV
.H\DVVXPSWLRQVRQZKLFKPDQDJHPHQWKDVEDVHGLWVGHWHUPLQDWLRQRIUHFRYHUDEOHDPRXQWLQFOXGHVHVWLPDWHGORQJWHUPJURZWKUDWHV
ZHLJKWHGDYHUDJHFRVWRIFDSLWDOHVWLPDWHGRSHUDWLQJPDUJLQVHWF&DVKÀRZSURMHFWLRQVWDNHLQWRDFFRXQWSDVWH[SHULHQFHDQGUHSUHVHQW
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Note 29. Information on joint ventures
'HVFULSWLRQRI&RPSDQ\
VLQWHUHVWLQWKHMRLQWYHQWXUH&RPSDQLHV
As at As at
March 31, 2019 March 31, 2018
Proportion of Country of Proportion of Country of
Name of the entity Interest Incorporation Interest Incorporation
%HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG ,QGLD ,QGLD
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/WG)RUPHUO\
%1%&RDWLQJV,QGLD3ULYDWH/LPLWHG%1%&RDWLQJV,QGLD/LPLWHG 49.00% ,QGLD 49.00% ,QGLD
6XUH¿UH0DQDJHPHQW6HUYLFHV/WG606 75.00% 8QLWHG.LQJGRP 75.00% 8QLWHG.LQJGRP

1RWH*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQH¿WSODQV
, 'H¿QHGEHQH¿WSODQV
(a) Gratuity
L 7KHIROORZLQJWDEOHVXPPDUL]HVWKHFRPSRQHQWVRIQHWGH¿QHGEHQH¿WH[SHQVHWRZDUGVJUDWXLW\UHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿W
DQGORVVDQG2&,DQGWKHIXQGHGVWDWXVDQGDPRXQWVUHFRJQLVHGLQWKH%DODQFH6KHHW
` in Crores
As at As at
Particulars
March 31, 2019 March 31, 2018
&KDQJHVLQWKHSUHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQ
3UHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQDVDW\HDUEHJLQQLQJ 31.53 30.14
&XUUHQW6HUYLFH&RVW 2.70
,QWHUHVW&RVW 2.30 2.10
3DVW6HUYLFHFRVW3ODQDPHQGPHQWV
5HPHDVXUHPHQWVJDLQVORVVHV
$FWXDULDOJDLQVORVVHVDULVLQJIURPFKDQJHVLQ¿QDQFLDODVVXPSWLRQV 0.43 (1.09)

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%HQH¿WV3DLG (2.77)
3UHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQDVDW\HDUHQG 37.10 31.53
Changes in fair value of plan assets
)DLU9DOXHRI3ODQ$VVHWVDVDW\HDUEHJLQQLQJ 29.41

,QWHUHVW,QFRPH 2.39 2.03
5HWXUQRQSODQDVVHWVH[FOXGLQJDPRXQWLQFOXGHGLQQHW,QWHUHVWH[SHQVH 0.11 (0.09)

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Fair Value of Plan Assets as at year end 35.67 29.41
Amounts Recognised in the Balance Sheet
3UHVHQWYDOXHRIGH¿QHGEHQH¿WREOLJDWLRQDWWKH\HDUHQG 37.10 31.53

)DLU9DOXHRIWKH3ODQ$VVHWVDWWKH\HDUHQG 29.41
(Liability) Recognised in the Balance Sheet (1.43) (2.12)
157
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` in Crores
Particulars
March 31, 2019 March 31, 2018
([SHQVHUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
&RVWRIFXUUHQWVHUYLFHDQGSODQDPPHQGPHQWV 2.70 3.93
1HW,QWHUHVW&RVW,QFRPH (0.09) 0.07
1HW&RVW5HFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV 2.61 4.00
Expense recognised in the Other Comprehensive Income:

5HPHDVXUHPHQWVJDLQVORVVHV 3.15
Net Cost Recognised in the Other Comprehensive Income: 3.15 (1.78)
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March 31, 2019 March 31, 2018
'LVFRXQW5DWH 7.50%
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Note 32. Leases
Operating lease – Company as lessee

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Note 33. Commitment and Contingencies

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b. Contingent Liabilities
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Financial guarantees
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34a. Disclosure in respect of Related Parties pursuant to Ind AS 24

List of Related Parties
I. Parent and Subsidiary Companies:
Name of related parties Nature of relationship Principal Place of business

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II. Other related parties with whom transactions have taken place during the year:
a) Key Management Personnel
Name of related parties Nature of relationship

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II. Other related parties with whom transactions have taken place during the year: (Contd)
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34b. Disclosure in respect of Related Parties pursuant to Ind AS 24

A. During the year the following transactions were carried out with the related parties in the ordinary course of business:
` in Crores
Transaction Related Party Year ended Year ended
March 31, 2019 March 31, 2018
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6%/6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG 1.75
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A. During the year the following transactions were carried out with the related parties in the ordinary course of business: (Contd)
` in Crores
March 31, 2019 March 31, 2019
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,QWHUHVW,QFRPH 6%/6SHFLDOW\&RDWLQJV3ULYDWH/LPLWHG 0.09
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3URFHVVLQJ&KDUJHV 8.3DLQWV,QGLD3ULYDWH/LPLWHG 22.00
%HHSHH&RDWLQJV3ULYDWH/LPLWHG 25.29 24.45
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)OH[3URSHUWLHV3ULYDWH/LPLWHG 0.15
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.DQZDU3URSHUWLHV3ULYDWH/LPLWHG 0.55
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6HFXULW\'HSRVLW5HIXQGHG 8.3DLQWV,QGLD3ULYDWH/LPLWHG 0.11 0.11
6DOHRI3URSHUW\SODQWDQGHTXLSPHQW %HUJHU5RFN3DLQWV3ULYDWH/LPLWHG
&RUSRUDWH*XDUDQWHH,QFRPH /XVDNR7UDGLQJ/LPLWHG 1.39 0.91
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6KDUHG6HUYLFHV,QFRPH %HUJHU5RFN3DLQWV3ULYDWH/LPLWHG
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A. During the year the following transactions were carried out with the related parties in the ordinary course of business: (Contd)
` in Crores
March 31, 2019 March 31, 2018
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B. Balances outstanding at the year end (including commitments):

` in Crores
Outstanding Related Party As at As at
March 31, 2019 March 31, 2018
Payable 8.3DLQWV,QGLD3ULYDWH/LPLWHG 25.22 24.79
%HHSHH&RDWLQJV3ULYDWH/LPLWHG 10.35
6HDZDUG3DFNDJLQJ3ULYDWH/LPLWHG 12.93 9.45
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170
B. Balances outstanding at the year end (including commitments): (Contd.)

` in Crores
Outstanding Related Party As at As at
March 31, 2019 March 31, 2018
Receivable %HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 1.52
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C. Details of remuneration to Key Managerial Personnel is given below

` in Crores
Particulars Year ended Year ended
March 31, 2019 March 31, 2018
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Notes:
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171
Note 35. Segment Information
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Note 36. Fair Value Hierarchy
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(b) Financial instruments at amortized cost

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Note 37. Financial risk management objectives and policies
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Market Risk
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Year ended March 31, 2019
%RUURZLQJV 53.74 215.34
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409.25 1,001.63 37.84 3.54 - 1,452.26
Note 38. Capital management
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As at As at
March 31, 2019 March 31, 2018
%RUURZLQJVQRWHD 215.34 143.27
/HVVFDVKDQGFDVKHTXLYDOHQWVQRWHF (27.24)
Net debt 188.10 79.09
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Capital and net debt 2,560.45 2,222.70
*HDULQJUDWLR 7% 4%
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As at As at
March 31, 2019 March 31, 2018
(PSOR\HHEHQH¿WVH[SHQVH 10.05
&RVWRIPDWHULDOVFRQVXPHG 1.20 0.99
3RZHUDQGIXHO 0.39 0.39
'HSUHFLDWLRQRIWDQJLEOHDVVHWV 2.04 1.95
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15.73 14.55
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3.75 1.40
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FINANCIAL SUMMARY OF BERGER PAINTS INDIA LIMITED
(STANDALONE) – FIVE YEARS AT A GLANCE
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2018-19* 2017-18* 2016-17* 2015-16* 2014-15^
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5HWDLQHG(DUQLQJV
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Total 2,372.35 2,143.61 1,912.77 1,592.14 1,344.30
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EQUITY AND LIABILITIES 3,837.26 3,504.70 3,087.34 2,512.06 2,309.91
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STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES / ASSOCIATE COMPANIES / JOINT VENTURES
Part "A" : Subsidiaries
` in Crores
SBL Specialty
Coatings
Soltherm Saboo
Berger Jenson Beepee Private Limited Soltherm Berger
Berger Paints Lusako Berger Paints Bolix Insolations Hesse Wood
& Nicholson Coatings (Formerly BuildTrade External Rock Paints
Sl. No. Name of subsidiary (Cyprus) Trading Overseas Bolix S.A UKRAINA Thermique Coatings
(Nepal) Private Private known as sp. z.o.o Insulations Private
Limited Limited Limited sp. z.o.o Exterieure Private
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Part "B": Associates and Joint Ventures
STATEMENT PURSUANT TO SECTION 129(3) OF THE COMPANIES ACT, 2013 RELATED TO ASSOCIATE COMPANIES AND JOINT VENTURES
Sl. No. Name of associates / Joint Ventures Berger Becker Coatings Private Limited Berger Nippon Paint Automotive Coatings Private Limited 6XUH¿UH0DQDJHPHQW6HUYLFHV/LPLWHG
(INR) "Formely BNB Coatings India Pvt. Ltd." (INR) (GBP)
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INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF BERGER PAINTS INDIA LIMITED
Report on the Audit of the Consolidated Ind AS Financial Statements
Opinion
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2WKHUFXUUHQWDVVHWV 221.24
2583.60 2359.31
TOTAL ASSETS 4362.66 3943.39
EQUITY AND LIABILITIES
Equity
(TXLW\VKDUHFDSLWDO 97.10
2WKHUHTXLW\ D 2097.41
(TXLW\DWWULEXWDEOHWRHTXLW\KROGHUVRIWKHSDUHQW 2472.70 2194.51
1RQFRQWUROOLQJLQWHUHVW E
Total Equity 2476.15 2194.51
Liabilities
Non-Current Liabilities
E2WKHU¿QDQFLDOOLDELOLWLHV 7.27
3URYLVLRQV
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2WKHUQRQFXUUHQWOLDELOLWLHV 1.72
353.48 346.22
Current Liabilities
E7UDGHSD\DEOHV E
F2WKHU¿QDQFLDOOLDELOLWLHV 144.70
2WKHUFXUUHQWOLDELOLWLHV
3URYLVLRQV
&XUUHQWWD[OLDELOLWLHVQHW G 5.25
1533.03 1402.66
Total Liabilities 1886.51 1748.88
TOTAL EQUITY AND LIABILITIES 4362.66 3943.39
5HIHU1RWH

STATEMENT OF CONSOLIDATED PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2019
` in Crores
Notes Year Ended Year Ended
March 31, 2019 March 31, 2018
Income
5HYHQXHIURPRSHUDWLRQV
2WKHULQFRPH
Total Income 6121.89 5327.99
Expenses
&RVWRIPDWHULDOVFRQVXPHG
3XUFKDVHVRIWUDGHGJRRGV 431.79
,QFUHDVHLQLQYHQWRULHVRI¿QLVKHGJRRGVZRUNLQSURJUHVVDQGWUDGHGJRRGV (99.97)
([FLVHGXW\
(PSOR\HHEHQH¿WVH[SHQVH
)LQDQFHFRVWV 24.55
2WKHUH[SHQVHV 992.20
Total Expense 5,350.39 4,623.89
3UR¿WEHIRUHVKDUHRIMRLQWYHQWXUHVH[FHSWLRQDOLWHPVDQGWD[ 704.10

6KDUHRISUR¿WORVVLQMRLQWYHQWXUHV
3UR¿WEHIRUHWD[ 704.74
Tax Expense
&XUUHQWWD[
'HIHUUHGWD[&UHGLW DE (1.73)
273.15 243.91
3UR¿WIRUWKH\HDU, 460.83
Other Comprehensive income:
2WKHUFRPSUHKHQVLYHLQFRPHQRWWREHUHFODVVL¿HGWRSUR¿WRUORVVLQVXEVHTXHQWSHULRGV
5HPHDVXUHPHQWJDLQVDQGORVVHVRQGH¿QHGEHQH¿WREOLJDWLRQVQHW 1.73
,QFRPHWD[HIIHFWWKHUHRI
6KDUHRI2WKHUFRPSUHKHQVLYHLQFRPHLQ-RLQW9HQWXUHQHWRIWD[ 0.05
2WKHUFRPSUHKHQVLYHLQFRPHWREHUHFODVVL¿HGWRSUR¿WRUORVVLQVXEVHTXHQWSHULRGV
([FKDQJHGLIIHUHQFHVRQWUDQVODWLRQRIIRUHLJQRSHUDWLRQV
Other comprehensive income/(loss) for the year, net of tax (II) (10.73) 34.44
Total comprehensive income for the year, net of tax (I + II) 486.72 495.27
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2ZQHUVRIWKH&RPSDQ\
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Other comprehensive income/(loss) for the year attributable to
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Total comprehensive income for the year attributable to
2ZQHUVRIWKH&RPSDQ\ 495.27
(DUQLQJVSHUHTXLW\VKDUHRI`HDFK
%DVLFURXQGHGRIIXSWRWZRGHFLPDOSODFHV 4.75
'LOXWHGURXQGHGRIIXSWRWZRGHFLPDOSODFHV 4.74
5HIHU1RWH

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2019
a. Equity Share Capital:

(TXLW\VKDUHVRI`HDFKLVVXHGVXEVFULEHGDQGIXOO\SDLG No. of shares ` in Crores No. of shares ` in Crores
At the beginning of the year 97.10 97.10
$GG,VVXHRI6KDUHVRQH[HUFLVHRI6WRFN2SWLRQV1RWH 0.01 0.00
At the end of the year 971,129,711 97.11 971,031,428 97.10
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b. Other equity
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Reserves & Surplus (refer note 10) Items of OCI
Share Foreign Non-
Capital Total
Particulars Securities based Retained Capital General Currency Controlling
Redemption Equity
premium payment earnings Reserve Reserve Translation Interest
reserve
reserve Reserve
As at April 1, 2018 112.34 2.20 0.19 0.04 2.04 2097.41
3UR¿WIRUWKH\HDU (0.41)
2WKHUFRPSUHKHQVLYH (10.73)
LQFRPHIRUWKH\HDU
Total Comprehensive (0.41)
Income for the year
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VXEVLGLDU\
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As at March 31, 2019 114.62 2.38 1962.00 0.19 302.87 0.04 (6.51) 3.45 2375.59
190
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2019
a. Equity Share Capital&RQWG
For the year ended March 31, 2018

Reserves & Surplus (refer note 10) Items of OCI
Share Foreign Non-
Capital Total
Particulars Securities based Retained Capital General Currency Controlling
Redemption Equity
premium payment earnings Reserve Reserve Translation Interest
reserve
reserve Reserve
$VDW$SULO 111.31 1420.40 0.19 0.04 (31.22)
3UR¿WIRUWKH\HDU
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LQFRPHIRUWKH\HDU
Total Comprehensive 495.27
Income for the year
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As at March 31, 2018 112.34 2.20 1677.73 0.19 302.87 0.04 2.04 - 2097.41
191
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2019
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Particulars 2018-19 2017-18
$ &DVKÀRZVIURPRSHUDWLQJDFWLYLWLHV
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,QFUHDVHGHFUHDVHLQORDQVGHSRVLWVDQGRWKHU¿QDQFLDODVVHWV
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& &DVKÀRZVIURP¿QDQFLQJDFWLYLWLHV
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Cash and cash equivalents at the beginning of the year 83.59 45.25
Cash and cash equivalents as at end of the year 57.07 83.59
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192
NOTES TO CONSOLIDATED IND AS FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2019
1. Corporate Information
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2.2 Basis of consolidation

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193
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Consolidation procedure:
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3.2. Investment in joint ventures

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3.4. Foreign Currencies

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3.6. Revenue from contract with customer

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3.8. Taxes
Current Income Tax
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3.9. Property, Plant and Equipment

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3.10. Intangible Assets

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3.11. Research and Development

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3.12. Borrowing Costs

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3.13. Leases
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3.14. Inventories
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3.19. Cash and Cash Equivalents
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3.20. Forward Currency Contracts
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3.23. Cash dividend to equity holders of the Holding Company

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3.24. Operating Segments

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3.26. Changes in accounting policies and disclosures

a. New and amended standards
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Appendix B to Ind AS 21 Foreign Currency Transactions and Advance Considerations
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b. Standards Issued but not yet effective
1. IND AS 116 – Leases
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2. Appendix C to Ind AS 12 Uncertainty over Income Tax Treatment
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3. Amendments to Ind AS 109: Prepayment Features with Negative Compensation
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4. Amendments to Ind AS 19: Plan Amendment, Curtailment or Settlement
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5. Amendments to Ind AS 28: Long-term interests in associates and joint ventures
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DIWHU$SULO7KH*URXSGRHVQRWH[SHFWWKLVDPHQGPHQWWRKDYHDQ\VLJQL¿FDQWLPSDFWRQLWVFRQVROLGDWHG,QG
$6¿QDQFLDOVWDWHPHQWV
211
Annual improvement to Ind AS (2018);

7KHVHLPSURYHPHQWVLQFOXGH
1. Amendments to Ind AS 103: Party to a Joint Arrangements obtains control of a business that is a Joint
Operation
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UHPHDVXUHVLWVHQWLUHSUHYLRXVO\KHOGLQWHUHVWLQWKHMRLQWRSHUDWLRQ
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EHJLQQLQJRIWKH¿UVWDQQXDOUHSRUWLQJSHULRGEHJLQQLQJRQRUDIWHU$SULO7KHVHDPHQGPHQWVDUHFXUUHQWO\
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2. Amendments to Ind AS 111: Joint Arrangements
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RI WKH ¿UVW DQQXDO UHSRUWLQJ SHULRG EHJLQQLQJ RQ RU DIWHU $SULO 7KHVH DPHQGPHQWV DUH FXUUHQWO\ QRW
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3. Amendments to Ind AS 12: Income Taxes
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4. Amendments to Ind AS 23: Borrowing Costs
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XVHRUVDOHDUHFRPSOHWH
$QHQWLW\DSSOLHVWKRVHDPHQGPHQWVWRERUURZLQJFRVWVLQFXUUHGRQRUDIWHUWKHEHJLQQLQJRIWKHDQQXDOUHSRUWLQJ
SHULRG LQ ZKLFK WKH HQWLW\ ¿UVW DSSOLHV WKRVH DPHQGPHQWV $Q HQWLW\ DSSOLHV WKRVH DPHQGPHQWV IRU DQQXDO
UHSRUWLQJSHULRGVEHJLQQLQJRQRUDIWHU$SULO6LQFHWKH*URXS¶VFXUUHQWSUDFWLFHLVLQOLQHZLWKWKHVH
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212
CONSOLIDATED NOTES TO IND AS FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
Note 4(a) - Property plant and equipment

` in Crores
Deletions
Translation Acquisition For the (Accumulated Translation
April 1, Additions Deletions March 31, April 1, March 31 , March 31, March 31,
Difference ** Year upto the Difference
2018 2019 2018 2019 2019 2018
date of sale)
/DQG
)UHHKROG 13.35 0.04 13.35
/HDVHKROG 25.40 34.39 0.41 0.34 0.75
%XLOGLQJV
)UHHKROG 35.10 (0.34) 432.52 42.19 17.15 373.24 355.57
/HDVHKROG 0.42 (0.05) 0.00 1.25 (0.04) 4.39 24.07 24.91
3ODQW 0DFKLQHU\ (39.94) (0.07) 207.45 0.17 (37.45) 0.27 572.50

)XUQLWXUHDQG (3.32) 0.14 39.97 13.19 0.07 (3.19) 0.07 15.95 24.02 23.72
)L[WXUHV
&RPSXWHU 47.20 49.30 19.49 0.03 24.11 25.19 27.71
2I¿FH(TXLSPHQW 11.14 3.77 (0.19) 14.72 4.50 0.30 2.41 (0.17) 7.04
9HKLFOHV (3.32) 0.11 3.05 4.90 (2.90) 0.03 5.24 15.74
TOTAL 1291.29 235.71 (53.23) (0.12) 1473.65 293.46 0.73 134.22 (49.85) 0.31 378.87 1094.78 997.83
,QGLFDWHVDFFXPXODWHGGHSUHFLDWLRQRQDVVHWVDFTXLUHGIURP6DERR+HVVH:RRG&RDWLQJV3ULYDWH/LPLWHGDIWHUFORVHRIEXVLQHVVKRXUV
RQ-DQXDU\
L )RU3URSHUW\SODQWDQGHTXLSPHQWH[LVWLQJRQ$SULOLHLWVGDWHRIWUDQVLWLRQWR,QG$6WKH*URXSKDVXVHGSUHYLRXV*$$3
LL )RUFKDUJHFUHDWHGRQ3URSHUW\SODQWDQGHTXLSPHQWUHIHUQRWHF
Note 4(a)(i)
7LWOHGHHGVRILPPRYDEOHSURSHUWLHVVHWRXWLQ1RWHDDERYHDUHLQWKHQDPHRIWKH&RPSDQ\H[FHSWWKRVHPHQWLRQHGEHORZZKLFKZHUH
WUDQVIHUUHGWRDQGYHVWHGLQWKH+ROGLQJ&RPSDQ\SXUVXDQWWRWKHUHVSHFWLYH6FKHPHVRI$UUDQJHPHQWLQHDUOLHU\HDUV
` in Crores
No. of Gross Carrying Amount Net Carrying Amount
Particulars title As at March As at March As at March As at March Held in the name of
deeds 31, 2019 31, 2018 31, 2019 31, 2018
%HUJHU$XWR ,QGXVWULDO
)UHHKROGODQGDW5LVKUD:HVW%HQJDO 1
&RDWLQJV/LPLWHG
5DMGRRW3DLQWV3ULYDWH
/HDVHKROGODQGDW3DQDML*RD 1 0.35 0.35
/LPLWHG
/HDVHKROGODQGDW6LNDQGUDEDG 5DMGRRW3DLQWV3ULYDWH
1 0.27 0.27 0.14 0.15
8WWDU3UDGHVK /LPLWHG
5DMGRRW3DLQWV3ULYDWH
/HDVHKROGODQGDW&KDQGLJDUK 1 0.05 0.05 0.03 0.03
/LPLWHG
213
Note 4(b) - Goodwill

` in Crores
Deletions
Translation For the (Accumulated Translation
April 1, Additions Deletions March 31, April 1, Acquisition March 31, March 31, March 31,
Difference Year upto the date Difference
2018 2019 2018 2019 2019 2018
of sale)
*RRGZLOO 1.90
TOTAL 264.57 1.90 - 2.78 269.25 - - - - - - 269.25 264.57
,QFOXGHV*RRGZLOORQFRQVROLGDWLRQ`&URUHV`&URUHV
Note 4(c) - Other Intangible Assets

` in Crores
Deletions
2018 2019 2018 2019 2019 2018
of sale)
&RPSXWHU
0.31 22.57 0.04 3.55 0.30 14.47 4.77
6RIWZDUH
TOTAL 15.61 6.91 (0.26) 0.31 22.57 10.84 0.04 3.55 (0.26) 0.30 14.47 8.10 4.77
## (i) Included following assets (color bank) given under operating lease
` in Crores
Particulars Gross Block at Cost Depreciation Net Block
Deletions
As at As at As at As at As at As at
2018 2019 2018 2019 2019 2018
of sale)
3ODQW
(34.39) 115.59
(TXLSPHQW
&RPSXWHU 2.53 21.51 12.41 5.15 (5.39) 12.17 9.34 12.21
Total 243.56 47.15 (41.74) - 248.97 119.79 - 47.75 (39.78) - 127.76 121.21 123.77
LL$OVRUHIHUQRWH
Note 4(d) - Capital work in Progress

` in Crores
Gross Block at Cost
April 1, 2018 March 31, 2019
%XLOGLQJV 4.31 (35.52)
3ODQW (TXLSPHQW 152.21
2WKHUDVVHWV 0.02 0.23
TOTAL 97.16 280.38 (207.65) 169.89
214
Note 4(e) - Property, plant and equipment

` in Crores
Particulars Gross Block at Cost Depreciation Net Block
As at Additions Deletions Translation As at As at Acquisition For the Deletions Translation As at As at As at
April 1, Difference March 31, April 1 ** Year (Accumulated Difference March 31, March 31, March 31 ,
2017 2018 , 2017 upto the date 2018 2018 2017
of sale)
/DQG
)UHHKROG 12.57 0.32 13.35 13.35 12.57
/HDVHKROG 0.45 0.19 0.22 0.41
%XLOGLQJV
)UHHKROG 17.03 (0.34) 1.94 42.19 355.57 354.29
/HDVHKROG 27.22 2.11 0.02 1.05 24.91 25.11
3ODQW (3.03) (2.05) 5.00 207.45
0DFKLQHU\
)XUQLWXUHDQG 9.97 (0.90) 7.15 0.07 13.19 23.72 19.33
)L[WXUHV
&RPSXWHU 10.91 (0.14) 47.20 10.19 9.37 (0.13) 19.49 27.71
2I¿FH 2.32 (0.07) 11.14 2.53 0.01 1.97 (0.01) 4.50
(TXLSPHQW
9HKLFOHV 13.99 1.24 0.53 0.15 4.35 (2.77) 0.79 3.05 15.74
TOTAL 1119.47 168.80 (9.11) 12.13 1291.29 169.27 0.69 120.45 (5.84) 8.89 293.46 997.83 950.20
Note 4(f) - Goodwill

` in Crores
On Deletions
2017 2018 2017 2018 2018 2017
of sale)
*RRGZLOO 21.49
TOTAL 178.90 64.18 - 21.49 264.57 - - - - - - 264.57 178.90
,QFOXGHV*RRGZLOORQFRQVROLGDWLRQ`FURUHV`FURUHV*RRGZLOORI`FURUHVVLVRQDFFRXQWRIDFTXLVLWLRQRI

6DERR&RDWLQJV3ULYDWH/LPLWHGGXULQJWKH\HDU
215
Note 4(g) - Other Intangible Assets

` in Crores
Particulars As at Additions Deletions Translation As at As at Acquisition For the Deletions Translation As at As at As at

April 1, Difference March 31, April 1, ** Year (Accumulated Difference March 31, March 31, March 31,
2017 2018 2017 upto the date of sale) 2018 2018 2017
&RPSXWHU 1.73 (0.29) 2.21 5.10 0.07 (0.27) 4.77
6RIWZDUH
TOTAL 11.96 1.73 (0.29) 2.21 15.61 5.10 0.07 3.76 (0.27) 2.18 10.84 4.77 6.86
,QGLFDWHVDFFXPXODWHGGHSUHFLDWLRQRQDVVHWVDFTXLUHGIURP6DERR&RDWLQJV3ULYDWH/LPLWHGGXULQJWKH\HDUDVDWWKH-XQH
## (i) Included following assets ( color bank ) given under operating lease
` in Crores
Particulars As at As at As at Deletions As at As at As at
Translation For the Translation
April 1, Additions Deletions March 31, April 1, Acquisition (Accumulated March 31, March 31, March 31,
Difference Year Difference
2017 2018 2017 upto the date of sale) 2018 2018 2017
3ODQW 40.10 105.57
(TXLSPHQW
&RPSXWHU 19.20 (1.04) 7.79 5.31 12.41 12.21 11.41
Total 192.05 52.55 (1.04) - 243.56 75.07 - 45.41 (0.69) - 119.79 123.77 116.98
LL $OVRUHIHUQRWH
LLL )RUFKDUJHFUHDWHGRQ3URSHUW\SODQWDQGHTXLSPHQWUHIHUQRWHF
Note 4(h) - Capital work in Progress

` in Crores
Gross Block at Cost
April 1, 2017 March 31, 2018
%XLOGLQJV 13.49 (17.90) 4.31
3ODQW (TXLSPHQW
2WKHUDVVHWV 0.02
TOTAL 62.21 203.75 (168.80) 97.16

Note 5a. Investment in Joint Ventures
7KH*URXSKDVDDQGLQWHUHVWLQ%HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHGDQG%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH
/LPLWHGUHVSHFWLYHO\&RPSDQ\
V-RLQW9HQWXUHZLWK%HFNHU,QGXVWULDO&RDWLQJV+ROGLQJ$%6ZHGHQDQG1LSSRQ3DLQWV$XWRPRWLYH&RDWLQJV
&R/WG-DSDQZKLFKDUHLQYROYHGLQWKHPDQXIDFWXUHDQGVHOOLQJRISDLQWV7KHVHMRLQWYHQWXUHVDUHSULYDWHOLPLWHGFRPSDQLHVWKDWDUHQRW
OLVWHGRQDQ\SXEOLFH[FKDQJH7KH*URXS¶VLQWHUHVWLQMRLQWYHQWXUHVDUHDFFRXQWHGIRUXVLQJWKHHTXLW\PHWKRGLQWKHFRQVROLGDWHG,QG$6
¿QDQFLDOVWDWHPHQWV%RWKWKHMRLQWYHQWXUHVDUHLQGLYLGXDOO\LPPDWHULDOWRWKHUHSRUWLQJHQWLW\6XPPDULVHG¿QDQFLDOLQIRUPDWLRQRIWKHMRLQW
YHQWXUHEDVHGWKHUH,QG$6¿QDQFLDOVWDWHPHQWVDUHVHWRXWEHORZ
` in Crores
As at As at
March 31, 2019 March 31, 2018
&DUU\LQJDPRXQWRILQWHUHVWLQMRLQWYHQWXUHV 144.12 105.54
1RQFXUUHQWDVVHWV
&XUUHQW$VVHWV 251.95
1RQ&XUUHQW/LDELOLWLHV (3.12)
&XUUHQW/LDELOLWLHV
(TXLW\ 380.31 302.63
` in Crores
7RWDO,QFRPH 525.91
([SHQVHV 522.09
3$7
7RWDO&RPSUHKHQVLYH,QFRPH (2.33)
*URXS
V6KDUHRI3UR¿W/RVVIURPMRLQWYHQWXUHV (0.90)
*URXS
VVKDUHRI2WKHU&RPSUHKHQVLYH,QFRPH/RVVIRUWKH\HDUIURPMRLQWYHQWXUHV 0.01 0.05
*URXS
VVKDUHRIWRWDOFRPSUHKHQVLYHLQFRPHIRUWKH\HDUIURPMRLQWYHQWXUHV
Note 5b. Financial Assets - Investments
` in Crores
Nominal Value Currency As at As at As at As at
per unit March 31, March 31, March 31, March 31,
2019 2018 2019 2018
Investments (Fully Paid)
(FVTPL):
(TXLW\6KDUHV)XOO\3DLG8QTXRWHG
6KDNWLNXQM$SDUWPHQWV/LPLWHG 1 ` 0.00 0.00
&KDURWDU*DV&RPSDQ\ 10 ` 10 10 0.00 0.00
Total Non-current Investments at 0.00 0.00
cost
,QYHVWPHQWVDWIDLUYDOXHWKURXJKSUR¿WDQGORVVIXOO\SDLGUHÀHFWLQYHVWPHQWLQXQTXRWHGHTXLW\VHFXULWLHV5HIHUQRWHIRUGHWHUPLQDWLRQ
RIWKHLUIDLUYDOXH
5HIHU1RWH
217
Note 5c. Financial assets - Loans and deposits

` in Crores
Non-Current Current
As at March 31, As at March 31, As at March 31, As at March 31,
2019 2018 2019 2018
6HFXULW\'HSRVLWV 20.42
2WKHU/RDQV 0.01
Total 16.91 20.43 7.98 1.96
1RWHG )LQDQFLDODVVHWV2WKHU¿QDQFLDODVVHWV
` in Crores
Non-Current Current
%DQN'HSRVLWVZLWKRULJLQDOPDWXULW\RIPRUH 1.54 0.09 0.07 0.07
WKDQWZHOYHPRQWKV
6HFXULW\'HSRVLWV 0.03 0.02
$GYDQFHVWRUHODWHGSDUWLHVWRZDUGV6KDUH 4.14 2.44
$SSOLFDWLRQPRQH\SHQGLQJDOORWPHQW
,QWHUHVWDFFUXHGRQGHSRVLWV 2.40 1.77

2WKHUUHFHLYDEOHV 0.00 1.95
Total 5.68 2.53 3.14 3.81
LQFOXGHVGHSRVLWVSOHGJHGDJDLQVWEDQN
JXDUDQWHHV
UHPLWWDQFHWR%HUJHU3DLQWV&\SUXV/LPLWHG
WRZDUGVVKDUHDSSOLFDWLRQPRQH\SHQGLQJ
DOORWPHQW
LQFOXGHVUHFHLYDEOHIURPUHODWHGSDUWLHV
IHOORZVXEVLGLDU\
0.42 0.39

Note 6. Other assets

` in Crores
Non-Current Current
&DSLWDODGYDQFHV 0.27
$GYDQFHVRWKHUWKDQFDSLWDODGYDQFHV 0.54 0.54 15.02 11.72
3UHSD\PHQWV 4.39 9.01
6XEVLG\UHFHLYDEOH
%DODQFHVZLWKVWDWXWRU\JRYHUQPHQWDXWKRULWLHV 11.13
Total 38.34 35.07 178.19 221.24
,QWKHSUHYLRXV\HDU([FLVHGXW\GLVFORVHGLQ6WDWHPHQWRI3UR¿WDQG/RVVIRUWKHWKUHHPRQWKVSHULRGHQGHG-XQHLVQHWRIH[FLVH
GXW\ EHQH¿W RI ` &URUHV 6XEVHTXHQW WR WKH LPSOHPHQWDWLRQ RI *67 ZHI -XO\ WKH &RPSDQ\ KDV FODLPHG VXEVLG\ DYDLODEOH
XQGHU 6FKHPH RI %XGJHWDU\ 6XSSRUW XQGHU *67 5HJLPH WR WKH HOLJLEOH XQLWV ORFDWHG LQ VSHFL¿HG 6WDWHV DPRXQWLQJ WR ` &URUHV
0DUFK`&URUHV
Note 7. Inventories
DWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
` in Crores
As at As at
March 31, 2019 March 31, 2018
5DZPDWHULDOV>,QFOXGLQJLQWUDQVLW`FURUHVVW0DUFK`FURUHV@ 354.00 304.34
3DFNLQJPDWHULDO&RQWDLQHUV>,QFOXGLQJLQWUDQVLW`FURUHVW0DUFK`FURUH@ 23.30
:RUNLQSURJUHVV
)LQLVKHGJRRGV
7UDGHGJRRGV>,QFOXGLQJLQWUDQVLW`FURUHVVW0DUFK`FURUHV@
6WRUHVDQG6SDUHV
Total 1,233.53 1,007.34
219
Note 8a. Financial assets - Current Investments
Number of units ` in Crores

Nominal As at As at As at As at
Value March 31, March 31, March 31, March 31,
` per unit 2019 2018 2019 2018
,QYHVWPHQWVDW)DLUYDOXHWKURXJKSUR¿WDQGORVV)973/
,QYHVWPHQWVLQ0XWXDO)XQGV8QTXRWHG
$[LV8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
'636DYLQJV)XQG'LUHFW*URZWK3ODQ 10
)UDQNOLQ,QGLD/LTXLG)XQG6XSHU,QVWLWXWLRQDO3ODQ 1000
'LUHFW*URZWK
)UDQNOLQ,QGLD6DYLQJV)XQG5HWDLO2SWLRQ'LUHFW*URZWK 10
+')&8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10 33.31
,&,&,3UXGHQWLDO8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
.RWDN6DYLQJV)XQG'LUHFW3ODQ*URZWK 10 24.14
87,/LTXLG&DVK3ODQ,QVWLWXWLRQDO'LUHFW3ODQ*URZWK 1000
87,8OWUD6KRUW7HUP)XQG'LUHFW*URZWK3ODQ 1000 5.55
.RWDN/RZ'XUDWLRQ)XQG'LUHFW*URZWK 10
,&,&,3UXGHQWLDO6DYLQJV)XQG'LUHFW3ODQ*URZWK 100 1177
%LUOD6XQOLIH)ORDWLQJUDWH)XQGORQJWHUP'LUHFW*URZWK 100 15.95
,')&8OWUD6KRUW7HUP)XQG'LUHFW*URZWK 10
,&,&,3UXGHQWLDO,QFRPH2SSRUWXQLW\)XQG'LUHFW3ODQ*URZWK 10 11.42
%LUOD6XQOLIH6DYLQJV)XQG'LUHFW*URZWK 100 35.23
%LUOD6XQOLIH6KRUW7HUP)XQG'LUHFW*URZWK 10
%LUOD6XQOLIH&DVK3OXV'LUHFW*URZWK 100
,&,&,3UXGHQWLDO0RQH\0DUNHW)XQG'LUHFW*URZWK 10 2.95
/ 7/LTXLG)XQG'LUHFW3ODQ*URZWK 10 3.35
.RWDN)ORDWHU6KRUW7HUP'LUHFW*URZWK 1000 3.19
+')&)03G)XQG'LUHFW*URZWK 10 22.13
87,7UHDVXU\$GYDQWDJH)XQG,QVWLWXWLRQDO2SWLRQ'LUHFW*URZWK 1000
%LUOD6XQOLIH)ORDWLQJ5DWH)XQG6KRUWWHUP'LUHFWJURZWK 10 17.93
)UDQNOLQ,QGLD6KRUW7HUP,QFRPH3ODQ:HHNO\'LYLGHQG 1000 4.33 3.95
)UDQNOLQ,QGLD8OWUD6KRUW7HUP%RQG)XQG'LUHFW*URZWK 10 25.33
+')&/LTXLG)XQG'LUHFW*URZWK 1000 5.00
.RWDN/LTXLG)XQG'LUHFW*URZWK 1000
87,0RQH\0DUNHW)XQG,QVWLWXWLRQDO'LUHFW*URZWK 1000 3.47
Aggregate amount of Repurchase price of Unquoted Investments 250.80 227.59
5HIHUQRWHIRUGHWHUPLQDWLRQRIIDLUYDOXH
220
Note 8b. Financial assets - Trade receivables

` in Crores
Non-Current Current
As at March 31, As at March 31, As at March 31, As at March 31,
2019 2018 2019 2018
8QVHFXUHGFRQVLGHUHGJRRG
7UDGHUHFHLYDEOHVFUHGLWLPSDLUHG

Impairment allowance (allowance for bad and doubtful debts)
7UDGHUHFHLYDEOHVFUHGLWLPSDLUHG
Total - - 671.48 692.40
,QFOXGHVGHEWVGXHIURPUHODWHGSDUWLHV-RLQW9HQWXUHV
%HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/WG
)RUPHUO\%1%&RDWLQJV,QGLD3ULYDWH/LPLWHG%1%&RDWLQJV,QGLD/LPLWHG
7UDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGJHQHUDOO\KDVFUHGLWSHULRGIURPWRGD\V
)RUWHUPVDQGFRQGLWLRQVUHODWLQJWRUHODWHGSDUW\UHFHLYDEOHVUHIHU1RWH
Note 8c. Financial assets - Cash and Cash Equivalents

` in Crores
As at As at
March 31, 2019 March 31, 2018
%DODQFHVZLWKEDQNV
±2QFXUUHQWDFFRXQWV 41.52 23.47
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQWKUHHPRQWKV 0.54
&DVKRQKDQG 0.77
Total 57.07 83.59
Note 8d. Financial assets - Other bank balances

` in Crores
As at As at
March 31, 2019 March 31, 2018
2WKHUEDQNEDODQFHV
±%DODQFHZLWKEDQNVLQ8QSDLG'LYLGHQG$FFRXQW 5.72 5.54
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIQRWOHVVWKDQWKUHHPRQWKVEXWQRWPRUHWKDQWZHOYHPRQWKV
(DUPDUNHGEDODQFHV 0.03
Total 181.41 121.38
'HSRVLWV DW %DQNV HDUQ LQWHUHVW EHWZHHQ WR 0DUFK WR DQG DUH PDGH IRU SHULRGV EHWZHHQ
WRGD\V0DUFKSHULRGVEHWZHHQWRGD\V
221
Note 8d. Other bank balances (Contd.)
)RUWKHSXUSRVHRIWKHVWDWHPHQWRIFDVKÀRZVFDVKDQGFDVKHTXLYDOHQWVFRPSULVHWKHIROORZLQJ
` in Crores
As at As at
March 31, 2019 March 31, 2018
Balances with banks:
±2QFXUUHQWDFFRXQWV 41.52 23.47
±'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQWKUHHPRQWKV 0.54
&DVKRQKDQG 0.77
Total 57.07 83.59
/HVV%DQN2YHUGUDIW5HIHU1RWHD (3.02)
57.07 80.57
Note - 9. Equity Share Capital

` in Crores
As at As at
March 31, 2019 March 31, 2018
Authorised capital
(TXLW\6KDUHVRI`HDFK0DUFK(TXLW\6KDUHVRI`HDFK 120.00 120.00
Issued capital
(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS 97.12 97.11
97.12 97.11
Subscribed and paid-up capital
(TXLW\6KDUHVRI`HDFKIXOO\SDLGXS 97.11 97.10
97.11 97.10
a) The Reconciliation of shares capital is given below:

No. of Shares ` in Crores No. of Shares ` in Crores
$GG6KDUHVLVVXHGRQH[HUFLVHRI(PSOR\HH6WRFN2SWLRQV 0.01 0.00
5HIHU1RWH
At the end of the year 971,129,711 97.11 971,031,428 97.10
5HIHU1RWH
b) Terms/Rights attached to class of shares
7KH+ROGLQJ&RPSDQ\KDVRQO\RQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`HDFK+ROGHURIHDFKHTXLW\VKDUHLVHQWLWOHGWRRQHYRWH
SHUVKDUH7KH+ROGLQJ&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFW
WRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJH[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQRI
WKH+ROGLQJ&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWVRIWKH+ROGLQJ&RPSDQ\DIWHUGLVWULEXWLRQ
RIDOOSUHIHUHQWLDODPRXQWV7KHGLVWULEXWLRQZLOOEHLQSURSRUWLRQWRWKHQXPEHURIHTXLW\VKDUHVKHOGE\WKHVKDUHKROGHUV
222
Note - 9. Equity Share Capital (Contd.)

c) Equity Shares held by the Holding Company and/or the subsidiaries/associates of Holding Company
As at As at
March 31, 2019 March 31, 2018
8.3DLQWV,QGLD3ULYDWH/LPLWHG+ROGLQJ&RPSDQ\
-HQVRQ 1LFKROVRQ$VLD/LPLWHG8.
&LWODQG&RPPHUFLDO&UHGLWV/LPLWHG
:DQJ,QYHVWPHQW)LQDQFH3YW/WG
%LJJ,QYHVWPHQW )LQDQFH3YW/WG
d) Details of Shareholders holding more than 5 percent of Equity Shares in the Holding Company
As at As at
March 31, 2019 March 31, 2018
No. of Shares % holding No. of Shares % holding
8.3DLQWV,QGLD3ULYDWH/LPLWHG+ROGLQJ&RPSDQ\ 50.11% 50.11%
-HQVRQ 1LFKROVRQ$VLD/LPLWHG8. 14.49%
$VSHUUHFRUGVRIWKH+ROGLQJ&RPSDQ\LQFOXGLQJLWVUHJLVWHURIVKDUHKROGHUVPHPEHUVDQGRWKHUGHFODUDWLRQVUHFHLYHGIURPVKDUHKROGHUV
UHJDUGLQJ EHQH¿FLDO LQWHUHVW WKH DERYH VKDUHKROGLQJ UHSUHVHQWV ERWK OHJDO DQG EHQH¿FLDO RZQHUVKLS RI VKDUHV DV GHFODUHG XQGHU WKH
UHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FW
e) Shares reserved for issue under Employee Stock Options:
)RUGHWDLOVRIVKDUHVUHVHUYHGIRULVVXHXQGHUWKH(PSOR\HH6WRFN2SWLRQ3ODQ(623RIWKH+ROGLQJ&RPSDQ\UHIHU1RWH
Note - 10a. Other equity

` in Crores
As at As at
March 31, 2019 March 31, 2018
Reserves & Surplus
6HFXULWLHV3UHPLXP 112.34
5HWDLQHGHDUQLQJV
*HQHUDO5HVHUYH
Other reserves
6KDUHEDVHGSD\PHQWUHVHUYH 2.20
&DSLWDOUHVHUYH 0.19 0.19
&DSLWDOUHGHPSWLRQUHVHUYH 0.04 0.04
Items of OCI
)RUHLJQ&XUUHQF\7UDQVODWLRQ5HVHUYH 2.04
Total 2375.59 2097.41
223
Note - 10b. Non- controlling interest

` in Crores
As at As at
March 31, 2019 March 31, 2018
1RQFRQWUROOLQJLQWHUHVW 3.45
Total 3.45 -
Notes
Securities Premium3UHPLXPUHFHLYHGRQHTXLW\VKDUHVLVVXHGLQFOXGLQJWKRVHXQGHU(PSOR\HHVWRFNRSWLRQSODQDUHUHFRJQLVHGLQWKH
VHFXULWLHVSUHPLXPDFFRXQWQHWRIXWLOL]DWLRQIRUERQXVVKDUHVLVVXHGHWF
Retained Earnings5HWDLQHGHDUQLQJVLQFOXGHVVXUSOXVLQWKH6WDWHPHQWRI3UR¿WDQG/RVV,QG$6UHODWHGDGMXVWPHQWVDVRQWKHGDWHRI
WUDQVLWLRQUHPHDVXUHPHQWJDLQVORVVHVRQGH¿QHGEHQH¿WSODQVDQG5HYDOXDWLRQ5HVHUYHWKDWKDGDULVHQIURPUHYDOXDWLRQRI/HDVHKROG
/DQG)UHHKROG/DQGDQG)UHHKROG%XLOGLQJVRIWKH&RPSDQ\LQDQGGRQHE\DSSURYHGYDOXHUV7KHDIRUHPHQWLRQHG
UHYDOXDWLRQUHVHUYHLVQRWDIUHHUHVHUYHDVSHUWKH&RPSDQLHV$FWDQGKHQFHLVQRWDYDLODEOHIRUGLVWULEXWLRQDVGLYLGHQG
General Reserve 8QGHU WKH HUVWZKLOH ,QGLDQ &RPSDQLHV$FW D JHQHUDO UHVHUYH ZDV FUHDWHGWKURXJK DQ DQQXDO WUDQVIHU RI QHW
LQFRPHDWDVSHFL¿HGSHUFHQWDJHLQDFFRUGDQFHZLWKDSSOLFDEOHUHJXODWLRQVWRHQVXUHWKDWLIDGLYLGHQGGLVWULEXWLRQLQDJLYHQ\HDULVPRUH
WKDQRIWKHSDLGFDSLWDORIWKH&RPSDQ\IRUWKDW\HDUWKHWRWDOGLYLGHQGGLVWULEXWLRQLVOHVVWKDQWKHWRWDOGLVWULEXWDEOHSUR¿WVORVVHV
IRUWKDW\HDU&RQVHTXHQWWRLQWURGXFWLRQRI&RPSDQLHV$FWWKHUHTXLUHPHQWWRPDQGDWRULO\WUDQVIHUDVSHFL¿HGSHUFHQWDJHRIWKHQHW
SUR¿WWRJHQHUDOUHVHUYHKDVEHHQZLWKGUDZQ
Share based payment reserve7KH&RPSDQ\KDVWZR(PSOR\HH6WRFN2SWLRQ3ODQV(623VXQGHUZKLFKRSWLRQVWRVXEVFULEHIRU

WKH &RPSDQ\¶V VKDUHV KDYH EHHQ JUDQWHG WR VSHFL¿F HPSOR\HHV 7KH 6KDUH EDVHG SD\PHQW UHVHUYH LV XVHG WR UHFRJQLVH WKH YDOXH RI
HTXLW\VHWWOHGVKDUHEDVHGSD\PHQWVWRHPSOR\HHVDVSDUWRIWKHLUUHPXQHUDWLRQ7KH\HDUHQGEDODQFHLVQHWRIIRSWLRQVH[HUFLVHGE\WKH
FRQFHUQHGHPSOR\HHV5HIHUWR1RWHIRUIXUWKHUGHWDLOVRIWKHVHSODQV
Capital redemption reserve5HSUHVHQWVDPRXQWHTXDOWRWKHIDFHYDOXHRIHTXLW\VKDUHVWUDQVIHUUHGDWWKHWLPHRIEX\EDFNRIVKDUHV
Foreign Currency Translation Reserve 5HSUHVHQWVH[FKDQJHGLIIHUHQFHRQWUDQVODWLRQRI¿QDQFLDOVWDWHPHQWVRIIRUHLJQVXEVLGLDULHV
Note 11. Other Financial Liabilities

` in Crores
Non-Current Current
D2WKHU¿QDQFLDOOLDELOLWLHVDWDPRUWL]HGFRVW
&XUUHQWPDWXULW\RIORQJWHUPGHEW
8QSDLG 'LYLGHQGV WR EH FUHGLWHG WR ,QYHVWRU (GXFDWLRQ DQG 5.72 5.54
3URWHFWLRQ)XQGDVDQGZKHQGXH
'HSRVLWV 15.94 44.49
&DSLWDOFUHGLWRUV 33.51
$FFUXHGHPSOR\HHOLDELOLWLHV
2WKHUSD\DEOHV 0.90 13.90 20.39
Total 15.94 7.27 193.30 144.70
224
Note 12. Provisions

` in Crores
Non-Current Current
3URYLVLRQIRU(PSOR\HHEHQH¿WV
±3URYLVLRQIRU*UDWXLW\5HIHU1RWH 1.97 2.13
±3URYLVLRQIRU/HDYHHQFDVKPHQW 1.20
±3URYLVLRQIRU+RXVLQJ)XQG :DUUDQW\ 7.22
5HIHU1RWHD EEHORZ
3URYLVLRQIRU'HFRPPLVVLRQLQJ&RVW5HIHU1RWHFEHORZ 2.92
Others 0.55 0.44 4.99 5.21
Total 6.96 4.56 31.97 30.88
(a) Housing Fund

` in Crores
Current
As at As at
March 31, 2019 March 31, 2018
$WWKHEHJLQQLQJRIWKH\HDU 5.20
$ULVHQGXULQJWKH\HDU 0.70
8WLOL]HGGXULQJWKH\HDU
At the end of the year 6.75 6.05
3URYLVLRQIRUKRXVLQJIXQGFRVWKDVEHHQUHFRJQLVHGLQFRPSOLDQFHZLWK6HFRI1HSDO/DERXU$FW
(b) Warranty Provision

` in Crores
Current
As at As at
March 31, 2019 March 31, 2018
$WWKHEHJLQQLQJRIWKH\HDU 0.70
$ULVHQGXULQJWKH\HDU
8WLOL]HGGXULQJWKH\HDU (0.13) (0.10)
$SURYLVLRQIRUZDUUDQW\LVUHFRJQL]HGZKHQWKHXQGHUO\LQJSURGXFWVRUVHUYLFHVDUHVROG7KHSURYLVLRQLVEDVHGRQKLVWRULFDOZDUUDQW\
GDWDDQGDZHLJKLQJRIDOOSRVVLEOHRXWFRPHVDJDLQVWWKHLUDVVRFLDWHGSUREDELOLWLHV
225
(c) Provision for Decommissioning Cost*

` in Crores
Non-Current
As at As at
March 31, 2019 March 31, 2018
$ULVHQGXULQJWKH\HDU
,QWHUHVWXQZLQGLQJIRUWKH\HDU 0.24 0.21
3URYLVLRQIRUGHFRPPLVVLRQLQJGLVPDQWOLQJRI3URSHUW\3ODQWDQG(TXLSPHQW
Note 13a. Deferred Tax Assets & Liabilities (net)

` in Crores
6WDWHPHQWRI3UR¿WDQG/RVVIRUDQG
Balance Sheet Other Comprehensive Income for the
year ended
As at As at
Nature - (Liability) / Asset March 31, 2019 March 31, 2018
March 31, 2019 March 31, 2018
$ULVLQJRXWRIWHPSRUDU\GLIIHUHQFHVLQ 101.25 9.17 (9.24)
GHSUHFLDEOHDVVHWV
)LQDQFLDO$VVHWVDWIDLUYDOXHWKURXJKSUR¿WDQGORVV 1.54 (0.51)
'LIIHUHQFHLQYDOXDWLRQPHWKRGRILQYHQWRULHV 0.05 0.01 (0.01)
Others 9.44
Total (A) 103.47 93.67 9.8 (0.32)
Deferred tax assets
2QH[SHQVHVDOORZDEOHDJDLQVWWD[DEOHLQFRPHLQIXWXUH\HDUV 10.11 3.22 (2.17)
'HFRPPLVVLRQLQJOLDELOLW\ 0.21 0.37 0.35
2WKHUVWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH 1.54 0.37 1.17 0.59
Others 3.43 3.00 (0.24)
Total (B) 15.66 10.47 5.45 (1.47)
Deferred Tax Expenses/(Credit) (A-B) 4.35 (1.15)
Net Deferred Tax (Liabilities)/Assets (B-A) (87.81) (83.20)
Reconciliation of Deferred Tax Liabilities (net)

` in Crores
As at As at
March 31, 2019 March 31, 2018
2SHQLQJEDODQFH
7D[LQFRPH([SHQVHGXULQJWKHSHULRGUHFRJQLVHGLQ3UR¿W (5.52) 1.74
DQG/RVV
7D[LQFRPH([SHQVHGXULQJWKHSHULRGUHFRJQLVHGLQ2&, 1.17 (0.59)
)RUHLJQFXUUHQF\WUDQVODWLRQ (2.90)
&ORVLQJEDODQFH (87.81) (83.20)
'XULQJWKH\HDUHQGHG0DUFKDQG0DUFKWKH+ROGLQJ&RPSDQ\KDVSDLGGLYLGHQGWRLWVVKDUHKROGHUV7KLVKDVUHVXOWHG
LQSD\PHQWRI'LYLGHQG'LVWULEXWLRQ7D[''7WRWKHWD[DWLRQDXWKRULWLHV7KH+ROGLQJ&RPSDQ\EHOLHYHVWKDW''7UHSUHVHQWVDGGLWLRQDO
SD\PHQWWRWD[DWLRQDXWKRULW\RQEHKDOIRIWKHVKDUHKROGHUV

Note 13b. Deferred Tax Assets & Liabilities

` in Crores
6WDWHPHQWRI3UR¿WDQG/RVVIRUDQG2WKHU
Balance Sheet
Comprehensive Income for the year ended
Nature - (Liability) / Asset As at As at
March 31, 2019 March 31, 2018
March 31, 2019 March 31, 2018
$ULVLQJRXWRIWHPSRUDU\GLIIHUHQFHVLQ 0.29 0.03
GHSUHFLDEOHDVVHWV
Total (A) 0.29 0.26 0.03 (0.16)
Deferred tax assets
([SHQVHVDOORZDEOHRQSD\PHQWDFWXDOEDVLVIRUWD[ 0.77 0.74 0.02 (0.17)
SXUSRVH
2WKHUVWKURXJK2WKHU&RPSUHKHQVLYH,QFRPH 0.23 (0.03) (0.01)
Total (B) 1.00 1.00 (0.01) (0.18)
Deferred Tax Expenses/(Credit) (A-B) 0.04 (0.02)
Net Deferred Tax (Liabilities)/Assets (B-A) 0.71 0.74
Reconciliation of Deferred Tax Liabilities (net)

` in Crores
March 31, 2019 March 31, 2018
2SHQLQJEDODQFH 0.74
7D[ LQFRPH([SHQVH GXULQJ WKH SHULRG UHFRJQLVHG (0.01) (0.01)
LQ3UR¿WDQG/RVV
7D[ LQFRPH([SHQVH GXULQJ WKH SHULRG UHFRJQLVHG (0.03) (0.01)
LQ2&,
$FTXLVLWLRQ 0.01
&ORVLQJEDODQFH 0.71 0.74
'XULQJWKH\HDUHQGHG0DUFKDQG0DUFKWKH&RPSDQ\KDVSDLGGLYLGHQGWRLWVVKDUHKROGHUV7KLVKDVUHVXOWHGLQ
SD\PHQWRI'LYLGHQG'LVWULEXWLRQ7D[''7WRWKHWD[DWLRQDXWKRULWLHV7KH&RPSDQ\EHOLHYHVWKDW''7UHSUHVHQWVDGGLWLRQDOSD\PHQW
WRWD[DWLRQDXWKRULW\RQEHKDOIRIWKHVKDUHKROGHUV+HQFH''7SDLGLVFKDUJHGWRHTXLW\
Note 13c. Income Tax Assets (net)

` in Crores
As at As at
March 31, 2019 March 31, 2018
$GYDQFHSD\PHQWRILQFRPHWD[ 20.37
>QHWRISURYLVLRQIRUWD[RI`FURUHV0DUFK`FURUHV@
Total 20.37 46.53
Note 13(d) . Current tax liabilities (net)

` in Crores
As at As at
March 31, 2019 March 31, 2018
3URYLVLRQIRULQFRPHWD[>QHWRIDGYDQFHWD[RI`FURUHV 5.25
0DUFK`FURUHV@
Total 3.63 5.25
227
1RWH H 5HFRQFLOLDWLRQ RI WD[ H[SHQVH DQG WKH DFFRXQWLQJ SUR¿W PXOWLSOLHG E\ ,QGLD¶V GRPHVWLF WD[ UDWH IRU 0DUFK
and March 31, 2018.
7KHWD[RQWKH*URXS
VSUR¿WEHIRUHWD[GLIIHUVIURPWKHWKHRUHWLFDODPRXQWWKDWZRXOGDULVHXVLQJWKHVWDQGDUGUDWHRIFRUSRUDWLRQWD[LQ
,QGLD0DUFKDVIROORZV
` in Crores
March 31, 2019 March 31, 2018
$FFRXQWLQJ3UR¿WEHIRUHLQFRPHWD[EHIRUHVKDUHRISUR¿WIURP-9 771.50 704.10
3UR¿WEHIRUHLQFRPHWD[PXOWLSOLHGE\VWDQGDUGUDWHRIFRUSRUDWHWD[LQ,QGLDRI
0DUFK
(IIHFWVRI
3HUPDQHQWGLIIHUHQFHVDIIHFWLQJLQFRPHWD[H[SHQVH
$GGLWLRQDOGHGXFWLRQDOORZHGLQUHVSHFWRI5 'DFWLYLWLHVFDUULHGRXWE\WKHKROGLQJFRPSDQ\ (3.51) (2.22)
(IIHFWRIGLIIHUHQWWD[UDWHVLQWKHFRPSRQHQWV 2.02
2WKHUPLVFHOODQHRXVGLVDOORZDQFHV 3.75
Net effective income tax 271.85 244.51
,QFRPHWD[H[SHQVHUHSRUWHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV 273.15 243.91
Income tax expense reported in Other Comprehensive Income (1.14)
272.01 244.51
7KH6XEVLGLDULHVRI%HUJHU3DLQWV&\SUXV/LPLWHGDQG/XVDNR7UDGLQJ/LPLWHGKDYHXQDEVRUEHGWD[ORVVHVZKLFKDURVHRQLQFXUUHQFHRI

EXVLQHVVORVVHVXQGHUWKHUHVSHFWLYHWD[ORVVIRUZKLFKQRGHIHUUHGWD[DVVHWKDVEHHQUHFRJQLVHGLQWKH%DODQFH6KHHW5HIHUWDEOHEHORZ
` in Crores
Financial Year Particulars March 31, 2019 Expiry Date March 31, 2018 Expiry Date
)< %XVLQHVV/RVV 'HF
)< %XVLQHVV/RVV 5.92 'HF 'HF
)< %XVLQHVV/RVV 'HF 'HF
)< %XVLQHVV/RVV 'HF 0.95 'HF
)< %XVLQHVV/RVV 'HF 7.55 'HF
)< %XVLQHVV/RVV 9.09 'HF
$WWKHHQGRIWKHUHSRUWLQJSHULRGWKHDJJUHJDWHDPRXQWRIWHPSRUDU\GLIIHUHQFHVDVVRFLDWHGZLWKXQGLVWULEXWHGHDUQLQJVRIWKHVXEVLGLDULHV
IRUZKLFKGHIHUUHGWD[OLDELOLWLHVKDYHQRWEHHQUHFRJQLVHGLV`FURUHV`FURUHV1ROLDELOLW\KDVEHHQUHFRJQLVHG
LQUHVSHFWRIWKHVHGLIIHUHQFHVEHFDXVHPDQDJHPHQWFRQWUROVWKHGLVWULEXWLRQVRIWKHHDUQLQJVRIWKHVXEVLGLDULHVWRWKHKROGLQJFRPSDQ\
DQGLWKDVQRLQWHQWLRQWRGLVWULEXWHWKHHDUQLQJVRIWKHVXEVLGLDULHV

Note 14a. Financial Liabilities- Borrowings

` in Crores
Non-Current Current
Secured
7HUP/RDQ
)URP%DQNVVHFXUHG 230.49 244.20
/RDQVUHSD\DEOHRQGHPDQG
)URP%DQNV
%DQN2YHUGUDIW 3.02
&DVKFUHGLW 140.71
/RQJWHUPPDWXULW\RI¿QDQFHOHDVHREOLJDWLRQV 5.27
2WKHUORDQV
Unsecured
&RPPHUFLDO3DSHU
238.92 249.47 245.01 172.70
7HUP/RDQIURPEDQNVDUHVHFXUHGE\DFKDUJHE\ZD\RIPRUWJDJHRQVRPHVSHFL¿F¿[HGDVVHWV
7HUPORDQRI`FURUHV`FURUHVLVUHSD\DEOHE\'HFHPEHUDQGFDUULHVLQWHUHVWRIPRQWK/,%25
%DVLVSRLQWV7HUPORDQRI`FURUHV`FURUHVLVUHSD\DEOHE\$SULODQGFDUULHVLQWHUHVWRIPRQWK
/,%25%DVLVSRLQWV
%DQNRYHUGUDIWDUHUHSD\DEOHRQGHPDQGDQGFDUU\LQWHUHVWUDWHRI1LO0DUFK0,%25ESV
&DVK&UHGLWVIURPEDQNVDUHVHFXUHGE\ZD\RI¿UVWFKDUJHRQERRNGHEWVDQGRWKHUFXUUHQWDVVHWVUDQNLQJSDULSDVVXEHWZHHQWKHOHQGHUV
¿UVWSDULSDVVXFKDUJHRYHUHQWLUHFXUUHQWDVVHWV&DVK&UHGLWLVUHSD\DEOHRQGHPDQGDQGFDUULHVLQWHUHVWDWWRSHUDQQXP
0DUFKSHUDQQXP
,QFOXGHV:RUNLQJ&DSLWDOGHPDQGORDQIURPEDQNVDUHVHFXUHGE\ZD\RI¿UVWFKDUJHRQERRNGHEWVDQGRWKHUFXUUHQWDVVHWVUDQNLQJSDUL
SDVVXEHWZHHQWKHOHQGHUV¿UVWSDULSDVVXFKDUJHRYHUHQWLUHFXUUHQWDVVHWV:RUNLQJFDSLWDOGHPDQGORDQLVUHSD\DEOHZLWKLQ$SULO
DQGFDUULHVLQWHUHVWDWSHUDQQXP0DUFK1LO
&RPPHUFLDOSDSHUFDUULHVLQWHUHVWDWSHUDQQXP0DUFK1LODQGLVUHSD\DEOHE\$SULO
Amendments to Ind AS 7 Statement of Cash Flows:

7KHDPHQGPHQWVWR,QG$6UHTXLUHHQWLWLHVWRSURYLGHGLVFORVXUHRIFKDQJHVLQWKHLUOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHVLQFOXGLQJ
ERWKFKDQJHVDULVLQJIURPFDVKÀRZVDQGQRQFDVKFKDQJHVVXFKDVIRUHLJQH[FKDQJHJDLQVRUORVVHV7KH&RPSDQ\KDVSURYLGHGWKH
LQIRUPDWLRQIRUERWKWKHFXUUHQWDQGWKHFRPSDUDWLYHSHULRGLVDVXQGHU
229
&KDQJHVLQOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHV
` in Crores
Exchange
Particulars April 1, 2018 &DVKÀRZV March 31, 2019
difference
1RQ&XUUHQW%RUURZLQJV
7HUP/RDQ 244.20 (33.07) 230.49
H[FOXGHVFXUUHQWPDWXULW\RIORQJWHUPGHEW`FURUHV0DUFK1LO
Exchange
difference
1RQ&XUUHQW%RUURZLQJV
7HUP/RDQ 259.59 (15.39) 244.20
Exchange
difference
&XUUHQW%RUURZLQJV
%DQNRYHUGUDIW 3.02 (3.02)
&DVKFUHGLW 140.71 (57.30)
&RPPHUFLDOSDSHU
2WKHU/RDQV
Exchange
difference
&XUUHQW%RUURZLQJV
%DQNRYHUGUDIW 5.19 (2.17) 3.02
&DVKFUHGLW 30.51 110.20 140.71
%X\HUV
&UHGLW 5.17
2WKHU/RDQV 24.14
230
Note 14b. Financial Liabilities- Trade Payables

` in Crores
As at As at
March 31, 2019 March 31, 2018
L7RWDORXWVWDQGLQJGXHVRIPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHVUHIHUQRWHEHORZ
LL7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV
$FFHSWDQFHV
2XWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQDFFHSWDQFHV
952.18 937.41
` in Crores
As at As at
March 31, 2019 March 31, 2018
Disclosure under the Micro, Small and Medium enterprises Development Act, 2006 are provided as
under to the extent the Company has received intimation from the suppliers regarding their status
under the Act.
3ULQFLSDODPRXQWUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU
,QWHUHVWGXHWKHUHRQUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU 2.14 1.51
46.82 17.84
'HOD\HGSD\PHQWRI3ULQFLSDODPRXQWSDLGEH\RQGDSSRLQWHGGDWHGXULQJWKHHQWLUH¿QDQFLDO\HDU 27
,QWHUHVWDFWXDOO\SDLGXQGHU6HFWLRQRIWKH$FWGXULQJWKHHQWLUHDFFRXQWLQJ\HDU
$PRXQWRI,QWHUHVWGXHDQGSD\DEOHIRUWKHSHULRGRIGHOD\LQPDNLQJWKHSD\PHQWZKLFKKDYHEHHQSDLGEXW 0.24 0.33
EH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDUEXWZLWKRXWDGGLQJLQWHUHVWVSHFL¿HGXQGHUWKLV$FW
$PRXQW RI ,QWHUHVW GXH DQG SD\DEOH IRU WKH SHULRG ZKHUH SULQFLSDO KDV EHHQ SDLG EXW LQWHUHVW XQGHU WKH 0.30
060('$FWQRWSDLG
,QWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRIWKH\HDU 0.43
7KHDPRXQWRIIXUWKHULQWHUHVWUHPDLQLQJGXHDQGSD\DEOHHYHQLQVXFFHHGLQJ\HDUVXQWLOVXFKGDWHZKHQWKH 2.14 1.51
LQWHUHVWGXHVDVDERYHDUHDFWXDOO\SDLGWRWKH0LFURDQG6PDOO(QWHUSULVHVIRUWKHSXUSRVHRIGLVDOORZDQFHV
DVGHGXFWLEOHH[SHQGLWXUHXQGHU6HFWLRQRIWKLV$FW
Terms and conditions of the above trade payables:

7UDGHSD\DEOHVDUHQRQLQWHUHVWEHDULQJDQGDUHQRUPDOO\VHWWOHGRQGD\WHUPV
)RUWHUPVDQGFRQGLWLRQVZLWKUHODWHGSDUWLHVUHIHUWR1RWH
Note 15. Other liabilities

` in Crores
Non-Current Current
Others
$GYDQFHIURPFXVWRPHUV 19.12 19.29
6WDWXWRU\OLDELOLWLHV 39.15 73.43
2WKHUOLDELOLWLHV 1.72
Total 3.85 1.72 60.12 93.88
231
1RWHD7KHFDUU\LQJYDOXHDQGIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWVE\FDWHJRU\DVDWHQGRIWKH\HDUDUHDVIROORZV
` in Crores
As at As at
March 31, 2019 March 31, 2018
Financial Assets - Non Current
,QYHVWPHQWV 0.00 0.00
$WDPRUWLVHGFRVW
D/RDQVDQGGHSRVLWV 20.43
E2WKHU¿QDQFLDODVVHWV 2.53
22.59 22.96
$WGHHPHGFRVWVXEVHTXHQWDGGLWLRQVDWFRVW
,QYHVWPHQWVLQMRLQWYHQWXUHV 144.12 105.54
7RWDOQRQFXUUHQW¿QDQFLDODVVHWVD 166.71 128.50
Financial Assets - Current

D,QYHVWPHQWV 227.59
$WDPRUWLVHGFRVW
D/RDQVDQGGHSRVLWV
E&DVKDQGFDVKHTXLYDOHQWV 57.07
F%DQNEDODQFHVRWKHUWKDQEDERYH
G7UDGHUHFHLYDEOHV
H2WKHU¿QDQFLDODVVHWV 3.14
7RWDOFXUUHQW¿QDQFLDODVVHWVE 1,171.88 1,130.73
7RWDO¿QDQFLDODVVHWVDE 1,338.59 1,259.23
232
Note 16b. Financial Liabilities

` in Crores
As at As at
March 31, 2019 March 31, 2018
Financial Liabilities - Non Current
$W$PRUWLVHG&RVW
D%RUURZLQJV 249.47
E2WKHU)LQDQFLDO/LDELOLWLHV 15.94 7.27
7RWDO1RQFXUUHQW¿QDQFLDOOLDELOLWLHVD 254.86 256.74
Financial liabilities - current

$WDPRUWLVHGFRVW
D%RUURZLQJV 245.01 172.70
E7UDGHSD\DEOHV
F2WKHU¿QDQFLDOOLDELOLWLHV
&XUUHQWPDWXULW\RIORQJWHUPGHEW
8QSDLGGLYLGHQGVWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGDVDQGZKHQGXH 5.72 5.54
Others
'HSRVLWV 44.49
&DSLWDOFUHGLWRUV 33.51
$FFUXHGHPSOR\HHOLDELOLWLHV
2WKHUSD\DEOHV 13.90 20.39
7RWDOFXUUHQW¿QDQFLDOOLDELOLWLHVE 1,437.31 1,272.65
7RWDO¿QDQFLDOOLDELOLWLHVDE 1,692.17 1,529.39

5HIHU1RWH
$OVRUHIHUQRWHIRUIDLUYDOXHKHLUDUFK\
Note 17. Distribution made and proposed

` in Crores
As at As at
March 31, 2019 March 31, 2018
&DVKGLYLGHQGVRQ(TXLW\VKDUHVGHFODUHGDQGSDLG
'LYLGHQG'LVWULEXWLRQ7D[RQ¿QDOGLYLGHQG 35.93 34.59
210.71 204.52
Proposed dividends on equity shares:
)LQDOGLYLGHQGIRU0DUFK`1.90 SHUVKDUH0DUFK`SHUVKDUH
'LYLGHQG'LVWULEXWLRQ7D[RQSURSRVHGGLYLGHQG 37.93 35.93
222.44 210.71
$VDW0DUFKSURSRVHGGLYLGHQGRQHTXLW\VKDUHVLVVXEMHFWWRDSSURYDOLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ3HQGLQJVXFK
DSSURYDOSURSRVHGGLYLGHQGDQGGLYLGHQGGLVWULEXWLRQWD[WKHUHRQKDYHQRWEHHQUHFRJQLVHGLQWKHVH,QG$6¿QDQFLDOVWDWHPHQWV
233
Note 18. Revenue from Operations

` in Crores
March 31, 2019 March 31, 2018
6DOHRISURGXFWVQHWRIIUHEDWHVDQGGLVFRXQWVLQFOXGLQJH[FLVHGXW\>UHIHUQRWHEHORZ@
&RQWUDFWUHYHQXH 3.35
2WKHU2SHUDWLQJUHYHQXH
6FUDS6DOHV 12.12
Others 45.11 39.72
Total 6,061.86 5,282.12
5HYHQXHIURPRSHUDWLRQVIRUSHULRGVXSWR-XQHLQFOXGHVH[FLVHGXW\)URP-XO\RQZDUGVH[FLVHGXW\DQGPRVWLQGLUHFW
WD[HVLQ,QGLDKDYHEHHQUHSODFHGE\*RRGVDQG6HUYLFH7D[*677KH*URXSFROOHFWV*67IURPLWVFXVWRPHUVRQEHKDOIRIWKH*RYHUQPHQW
DQGKHQFH*67LVQRWLQFOXGHGLQ5HYHQXHIURPRSHUDWLRQV5HYHQXHIURPRSHUDWLRQVLQFOXGHVH[FLVHGXW\FROOHFWHGIURPFXVWRPHUVRI
`1LO0DUFK`FURUHV5HYHQXHIURPRSHUDWLRQVQHWRIH[FLVHGXW\LV`0DUFK`FURUHV
5HYHQXHIURPRSHUDWLRQVIRUSHULRGVXSWR-XQHLQFOXGHVH[FLVHGXW\,QYLHZRIWKHDIRUHVDLGFKDQJHLQLQGLUHFWWD[HV5HYHQXH
IURPRSHUDWLRQVIRU\HDUHQGHG0DUFKLVQRWFRPSDUDEOHZLWKWKHDPRXQWUHSRUWHGIRUWKH\HDUHQGHG0DUFK
5HYHQXHIURPVDOHRISURGXFWVDUHUHFRJQLVHGZKHQJRRGVDUHWUDQVIHUUHGDWDSRLQWLQWLPH
&RQWUDFWUHYHQXHLVUHFRJQLVHGRYHUDSHULRGRIWLPH
Note 19. Other Income

` in Crores
March 31, 2019 March 31, 2018
,QWHUHVW,QFRPH
'HSRVLWVZLWKEDQNV
Others 5.94
2WKHUQRQRSHUDWLQJLQFRPH
)DLUYDOXHJDLQRQPXWXDOIXQGLQYHVWPHQWV 4.41
)RUHLJQ([FKDQJH*DLQQHW 0.13 1.77
Others 21.01
Total 60.03 45.87
234
Note 20. Cost of materials consumed

` in Crores
March 31, 2019 March 31, 2018
5DZ0DWHULDOV&RQVXPHG
2SHQLQJ6WRFNV 304.34 247.01
3XUFKDVHV
&ORVLQJVWRFN (354.00) (304.34)
2,969.03 2,298.84
3DFNLQJ0DWHULDO&RQVXPHG
2SHQLQJ6WRFNV 23.30
3XUFKDVHV
&ORVLQJVWRFN (23.30)
447.47 379.30
Cost of materials consumed* 3,416.50 2,678.14
1RWH,QFUHDVHLQLQYHQWRULHVRI¿QLVKHGJRRGVZRUNLQSURJUHVVDQGVWRFNLQWUDGH

` in Crores
March 31, 2019 March 31, 2018
Opening Stock
:RUNLQ3URJUHVV
)LQLVKHG*RRGV 531.95
7UDGHGJRRGV
663.19 657.82
Closing Stock
:RUNLQ3URJUHVV
)LQLVKHG*RRGV
7UDGHGJRRGV
837.14 663.19
,QFUHDVHLQ([FLVH'XW\RQ6WRFNRI)LQLVKHG*RRGV
,QFUHDVHLQLQYHQWRULHVRI¿QLVKHGJRRGVZRUNLQSURJUHVVDQGWUDGHGJRRGV (173.95) (99.97)
,QFOXGHVUHYHUVDORIH[FLVHGXW\RQ,QYHQWRU\DVDW0DUFK'XHWRLPSOHPHQWDWLRQRI*67LQWKHSUHYLRXV\HDUWKHUHLVQRH[FLVH
GXW\HOHPHQWRQWKHLQYHQWRU\DVDW0DUFKDQG0DUFK
1RWH(PSOR\HHEHQH¿WVH[SHQVH
` in Crores
March 31, 2019 March 31, 2018
6DODULHVDQGZDJHV 305.74
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV5HIHU1RWH 25.43
([SHQVHRQHPSOR\HHVWRFNRSWLRQVFKHPH5HIHU1RWH
6WDIIZHOIDUHH[SHQVHV 23.70
Total 408.51 356.58
235
Note 23. Finance costs

` in Crores
March 31, 2019 March 31, 2018
,QWHUHVWRQGHEWVDQGERUURZLQJV 32.09 24.34
8QZLQGLQJRIGLVFRXQWRQSURYLVLRQV5HIHU1RWH 0.24 0.21
Total 32.33 24.55
Note 24. Depreciation and amortization expense

` in Crores
March 31, 2019 March 31, 2018
'HSUHFLDWLRQRIWDQJLEOHDVVHWV1RWH 134.22 120.45
$PRUWL]DWLRQRILQWDQJLEOHDVVHWV1RWH 3.55
Total 137.77 124.21
Note 25. Other Expenses

` in Crores
March 31, 2019 March 31, 2018
)UHLJKWRFWURLDQGGHOLYHU\ 330.19
3RZHUDQGIXHO 59.13
&RQVXPSWLRQRIVWRUHVDQGVSDUHSDUWV 11.42
5HSDLUV
3ODQWDQGPDFKLQHU\ 21.31 3.77
%XLOGLQJ 0.52 15.29
2WKHUV 7.71 5.25
5HQW5HIHUQRWH 53.03
5DWHVDQGWD[HV
7UDYHOOLQJ 54.34 52.43
$GYHUWLVHPHQWDQGVDOHVSURPRWLRQH[SHQVHV 201.75
,QVXUDQFH 3.32
3URFHVVLQJFKDUJHV 25.01
'LUHFWRUV
)HHV 0.01 0.02
)RUHLJQ([FKDQJHORVVQHW 1.43
&RPPLVVLRQWR1RQ([HFXWLYH'LUHFWRUV 0.45 0.45
/RVVRQVDOHGLVFDUGRI3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWV 1.77 0.01
$XGLWIHHV5HIHUQRWH 1.22
&65H[SHQGLWXUH5HIHUQRWH 10.43
0LVFHOODQHRXVH[SHQVHV5HIHUQRWH 201.15
Total 1,072.17 992.20
%DGGHEWVZULWWHQRII`FURUHV0DUFK`FURUHV

Note 25.1 Auditor's Remuneration

` in Crores
March 31, 2019 March 31, 2018
As Auditor:
$XGLWIHHV 1.01
7D[DXGLWIHH 0.07 0.05
0LVFHOODQHRXVFHUWL¿FDWHVDQGRWKHUPDWWHUV 0.09
5HLPEXUVHPHQWRIH[SHQVHV 0.03
Total 1.22 0.82
Note 25.2 Details of CSR expenditure:

` in Crores
March 31, 2019 March 31, 2018
D*URVVDPRXQWUHTXLUHGWREHVSHQWE\WKHJURXSGXULQJWKH\HDU 12.19 10.43
E$PRXQWVSHQWGXULQJWKH\HDU
L&RQVWUXFWLRQ$FTXLVWLRQRIDQDVVHW
LL3XUSRVHVRWKHUWKDQLDERYH 10.43
Total 14.06 10.43
,QFOXGHV&RUSRUDWH6RFLDO5HVSRQVLELOLW\H[SHQVHG`FURUHV0DUFK`FURUHVSHUWDLQLQJWR+ROGLQJ&RPSDQ\¶VRZQ

SURJUDPPHIRUSURPRWLQJHPSOR\PHQWHQKDQFLQJYRFDWLRQDOVNLOOSURJUDPPHQDPHG
L7UDLQ

237
Note 26. Earnings per share (EPS)

%DVLF(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WIRUWKH\HDUDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH+ROGLQJ&RPSDQ\E\WKHZHLJKWHG
DYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU
'LOXWHG(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH+ROGLQJ&RPSDQ\E\WKHZHLJKWHGDYHUDJH
QXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDUSOXVWKHZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVWKDWZRXOGEHLVVXHGRQFRQYHUVLRQ
RIDOOWKHGLOXWLYHSRWHQWLDOHTXLW\VKDUHVLQWRHTXLW\VKDUHV
7KHIROORZLQJUHÀHFWVWKHLQFRPHDQGHDUQLQJSHUVKDUHGDWDXVHGLQWKHEDVLFDQGGLOXWHG(36FRPSXWDWLRQV
` in Crores
March 31, 2019 March 31, 2018
1HW3UR¿WDIWHUWD[IRUFDOFXODWLRQRI%DVLFDQG'LOXWHG(DUQLQJV3HU6KDUH`LQ&URUHV,
:HLJKWHGDYHUDJHQXPEHURIVKDUHV,,
%DVLF
'LOXWHGUHIHUQRWHEHORZ
(DUQLQJSHUHTXLW\VKDUH>QRPLQDOYDOXHRI`SHUVKDUH@>,,,@
%DVLF 5.13 4.75
'LOXWHG 5.13 4.74
(IIHFWRIGLOXWLRQ
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJ%DVLF(DUQLQJV3HU6KDUH
'LOXWLRQ6WRFNRSWLRQVJUDQWHGXQGHU(623
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVLQFDOFXODWLQJGLOXWHG(36
1RWH6LJQL¿FDQWDFFRXQWLQJMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQV
7KH SUHSDUDWLRQ RI WKH *URXS¶V FRQVROLGDWHG ,QG $6 ¿QDQFLDO VWDWHPHQWV UHTXLUHV PDQDJHPHQW WR PDNH MXGJHPHQWV HVWLPDWHV DQG
DVVXPSWLRQV WKDW DIIHFW WKH UHSRUWHG DPRXQWV RI UHYHQXHV H[SHQVHV DVVHWV DQG OLDELOLWLHV DQG WKH DFFRPSDQ\LQJ GLVFORVXUHV DQG WKH
GLVFORVXUHRIFRQWLQJHQWOLDELOLWLHV8QFHUWDLQW\DERXWWKHVHDVVXPSWLRQVDQGHVWLPDWHVFRXOGUHVXOWLQRXWFRPHVWKDWUHTXLUHDPDWHULDO
DGMXVWPHQWWRWKHFDUU\LQJDPRXQWRIDVVHWVRUOLDELOLWLHVDIIHFWHGLQIXWXUHSHULRGV
Judgements, Estimates and Assumptions

7KHNH\DVVXPSWLRQVFRQFHUQLQJWKHIXWXUHDQGRWKHUNH\VRXUFHVRIHVWLPDWLRQXQFHUWDLQW\DWWKHUHSRUWLQJGDWHWKDWKDYHDVLJQL¿FDQW
ULVNRIFDXVLQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQWKHQH[W¿QDQFLDO\HDUDUHGHVFULEHGEHORZ
7KH*URXSEDVHGLWVDVVXPSWLRQVDQGHVWLPDWHVRQSDUDPHWHUVDYDLODEOHZKHQWKHFRQVROLGDWHG,QG$6)LQDQFLDO6WDWHPHQWVZHUHSUHSDUHG
([LVWLQJ FLUFXPVWDQFHV DQG DVVXPSWLRQV DERXW IXWXUH GHYHORSPHQWV KRZHYHU PD\ FKDQJH GXH WR PDUNHW FKDQJHV RU FLUFXPVWDQFHV
DULVLQJWKDWDUHEH\RQGWKHFRQWURORIWKH*URXS6XFKFKDQJHVDUHUHÀHFWHGLQWKHDVVXPSWLRQVZKHQWKH\RFFXU,QWKHSURFHVVRIDSSO\LQJ
WKH *URXS¶V DFFRXQWLQJ SROLFLHV PDQDJHPHQW KDV PDGH WKH IROORZLQJ MXGJHPHQWV HVWLPDWHV DQG DVVXPSWLRQV ZKLFK KDYH WKH PRVW
VLJQL¿FDQWHIIHFWRQWKHDPRXQWVUHFRJQLVHGLQWKHFRQVROLGDWHG,QG$6)LQDQFLDO6WDWHPHQWV
'H¿QHG(PSOR\HU%HQH¿WSODQV
7KHFRVWDQGWKHSUHVHQWYDOXHRIWKHGH¿QHGEHQH¿WJUDWXLW\SODQDQGRWKHUSRVWHPSOR\PHQWOHDYHHQFDVKPHQWEHQH¿WDUHGHWHUPLQHG
XVLQJDFWXDULDOYDOXDWLRQV$QDFWXDULDOYDOXDWLRQLQYROYHVPDNLQJYDULRXVDVVXPSWLRQVWKDWPD\GLIIHUIURPDFWXDOGHYHORSPHQWVLQIXWXUH
7KHVHLQFOXGHWKHGHWHUPLQDWLRQRIDSSURSULDWHGLVFRXQWUDWHHVWLPDWLQJIXWXUHVDODU\LQFUHDVHVDQGPRUWDOLW\UDWHV'XHWRWKHFRPSOH[LWLHV
LQYROYHGLQWKHYDOXDWLRQDQGLWVORQJWHUPQDWXUHDGH¿QHGEHQH¿WREOLJDWLRQLVKLJKO\VHQVLWLYHWRFKDQJHVLQWKHVHDVVXPSWLRQV$OO
DVVXPSWLRQVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH)RUIXUWKHUGHWDLOVUHIHU1RWH

)DLUYDOXHPHDVXUHPHQWRI¿QDQFLDOLQVWUXPHQWVDQGJXDUDQWHHV
:KHQWKHIDLUYDOXHVRI¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVUHFRUGHGLQWKH%DODQFH6KHHWFDQQRWEHPHDVXUHGEDVHGRQTXRWHGSULFHVLQ
DFWLYHPDUNHWVWKHLUIDLUYDOXHLVPHDVXUHGXVLQJYDOXDWLRQWHFKQLTXHVLQFOXGLQJWKH'&)PRGHO7KHLQSXWVWRWKHVHPRGHOVDUHWDNHQIURP
REVHUYDEOHPDUNHWVZKHUHSRVVLEOHEXWZKHUHWKLVLVQRWIHDVLEOHDGHJUHHRIMXGJHPHQWLVUHTXLUHGLQHVWDEOLVKLQJIDLUYDOXHV-XGJHPHQWV
LQFOXGHFRQVLGHUDWLRQVRILQSXWVVXFKDVOLTXLGLW\ULVNFUHGLWULVNDQGYRODWLOLW\&KDQJHVLQDVVXPSWLRQVDERXWWKHVHIDFWRUVFRXOGDIIHFW
WKHUHSRUWHGIDLUYDOXHRI¿QDQFLDOLQVWUXPHQWV6HH1RWHIRUIXUWKHUGLVFORVXUHV
Depreciation on Property, Plant and Equipment
3URSHUW\ SODQW DQG HTXLSPHQW UHSUHVHQW D VLJQL¿FDQW SURSRUWLRQ RI WKH DVVHW EDVH RI WKH *URXS 7KH FKDUJH LQ UHVSHFW RI SHULRGLF
GHSUHFLDWLRQLVGHULYHGDIWHUGHWHUPLQLQJDQHVWLPDWHRIDQDVVHW¶VH[SHFWHGXVHIXOOLIHDQGWKHH[SHFWHGUHVLGXDOYDOXHDWWKHHQGRILWV
OLIH7KHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRIJURXS
VDVVHWVDUHGHWHUPLQHGE\PDQDJHPHQWDWWKHWLPHWKHDVVHWLVDFTXLUHGDQGUHYLHZHG
SHULRGLFDOO\LQFOXGLQJDWHDFK¿QDQFLDO\HDUHQG7KHOLYHVDUHEDVHGRQKLVWRULFDOH[SHULHQFHZLWKVLPLODUDVVHWVDVZHOODVDQWLFLSDWLRQRI
IXWXUHHYHQWVZKLFKPD\LPSDFWWKHLUOLIHVXFKDVFKDQJHVLQWHFKQRORJ\
Decommissioning Liability
'HFRPPLVVLRQLQJ/LDELOLW\KDVEHHQUHFRJQLVHGIRULWHPVRISURSHUW\SODQWDQGHTXLSPHQWEXLOWRULQVWDOOHGRQVSHFL¿HGOHDVHKROGODQGWKH
WHUPVRIZKLFKLQFOXGHVGHFRPPLVVLRQLQJRIVXFKDVVHWVRQH[SLU\RIWKHOHDVHSULRUWRKDQGLQJRYHUWRWKHOHVVRU7KHGHFRPPLVVLRQLQJ
FRVWVDVDWWKHHQGRIWKHOHDVHSHULRGKDYHEHHQHVWLPDWHGEDVHGRQFXUUHQWFRVWVE\WKH+ROGLQJ&RPSDQ\
VRZQWHFKQLFDOH[SHUWVDQG
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LVQRZGLVFRXQWHGWRWKHSUHVHQWYDOXHRIVXFKOLDELOLW\E\DSSO\LQJ+ROGLQJFRPSDQ\
VZHLJKWHGDYHUDJHFRVWRIFDSLWDO
Impairment test for Goodwill

D *RRGZLOOIURP%ROL[6$
*RRGZLOORI`FURUHVKDGDULVHQRQDFTXLVLWLRQRI%ROL[6$DZKROO\RZQHGVWHSGRZQVXEVLGLDU\RIWKH&RPSDQ\LQDQHDUOLHU
\HDU7KH*URXSDVVHVVHVWKHJRRGZLOOIRUDQ\LQGLFDWLRQRILPSDLUPHQWDWDQQXDOEDVLV%DVHGRQVXFKDVVHVVPHQWWKHLPSDLUPHQW
IRUJRRGZLOOKDVQRWEHHQUHFRJQL]HG
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'XULQJWKHSUHYLRXV\HDUWKHFRPSDQ\KDVDFTXLUHG
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239
Note 28. Information related to subsidiaries and joint ventures
7KHVXEVLGLDULHVFRQVLGHUHGLQWKH,QG$6FRQVROLGDWHG¿QDQFLDOVWDWHPHQWVDUHDVIROORZV
% voting power % voting power

Country of Accounting
Name of Company as at as at
Incorporation period
March 31, 2019 March 31, 2018
Direct subsidiaries
%HUJHU-HQVRQ 1LFKROVRQ1HSDO3ULYDWH/LPLWHG 1HSDO 100% 100% WK0DUFKWK
0DUFK
%HHSHH&RDWLQJV3ULYDWH/LPLWHG ,QGLD 100% 100% VW$SULO
VW0DUFK
%HUJHU3DLQWV&\SUXV/LPLWHG &\SUXV 100% 100% VW-DQXDU\VW
'HFHPEHU
/XVDNR7UDGLQJ/LPLWHG &\SUXV 100% 100% VW-DQXDU\VW
'HFHPEHU
6%/6SHFLDOLW\&RDWLQJV3ULYDWH/LPLWHG ,QGLD 100% 100% VW$SULO
)RUPHUO\NQRZQDV6DERR&RDWLQJV3ULYDWH/LPLWHG VW0DUFK
Indirect subsidiaries
%HUJHU3DLQWV2YHUVHDV/LPLWHG 5XVVLD 100% 100% VW-DQXDU\VW
>6XEVLGLDU\RI%HUJHU3DLQWV&\SUXV/LPLWHG@ 'HFHPEHU
%ROL[6$6XEVLGLDU\RI/XVDNR7UDGLQJ/LPLWHG 3RODQG 100% 100% VW-DQXDU\VW
'HFHPEHU
%XLOG7UDGHVS]RR6XEVLGLDU\RI%ROL[6$ 3RODQG 100% 100% VW-DQXDU\VW
'HFHPEHU
%ROL[8.5$,1$VS]RR6XEVLGLDU\RI%ROL[6$ 8NUDLQH 99% 99% VW-DQXDU\VW
'HFHPEHU
6ROWKHUP([WHUQDO,QVXODWLRQV/LPLWHG 8QLWHG.LQJGRP 100% 100% VW-DQXDU\VW
6XEVLGLDU\RI%ROL[6$ 'HFHPEHU
6ROWKHUP,QVRODWLRQV7KHUPLTXH([WHULHXUH6$6 )UDQFH 100% 100% VW-DQXDU\VW
6XEVLGLDU\RI%ROL[6$ 'HFHPEHU
6DERR+HVVH:RRG&RDWLQJV3ULYDWH/LPWHG ,QGLD 51% 1$ VW$SULO
VW0DUFK
%HUJHU5RFN3DLQWV3ULYDWH/LPLWHG ,QGLD 51% 1$ VW$SULO
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Joint Ventures
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Operating lease — Group as lessor

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Finance lease — Group as lessee
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VWDUWHGWKHOHDVLQJRIFDUVDQGWKUHHOHDVLQJDJUHHPHQWVIRUGLVSHQVLQJDQGPL[LQJGHYLFHVZKLFKZHUHFODVVL¿HGDV¿QDQFHOHDVHV
DQGWKHYDOXHRIDOOFDUVLQQHW¿QDQFHOHDVHDQGSLHFHVRIGLVSHQVLQJDQGPL[LQJGHYLFHVDPRXQWVWRDW0DUFKDPRXQWLQJ
WR`FURUHV

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` in Crores
As at As at
March 31, 2019 March 31, 2018
8SWR\HDU 3.09 1.90
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8.86 5.63
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As at As at
March 31, 2019 March 31, 2018
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Note 32. Commitment and Contingencies
a. Commitment
` in Crores
As at As at
March 31, 2019 March 31, 2018
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b. Contingent Liabilities
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` in Crores
As at As at
Legal claim contingency
March 31, 2019 March 31, 2018
,QFRPH7D[ 3.39
6DOHV7D[ 30.71
([FLVH'XW\ &XVWRPV 27.39
56.84 61.41
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249
Note 32. Commitment and Contingencies (Contd.)
F *XDUDQWHHVH[FOXGLQJ¿QDQFLDOJXDUDQWHHV
` in Crores
As at As at
March 31, 2019 March 31, 2018
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Financial guarantees
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D 7KH&RPSDQ\KDVPRUWDJHGFHUWDLQLPPRYDEOHSURSHUWLHVZLWK6WDQGDUG&KDUWHUHG%DQNDQGKDVDOVRFUHDWHGFKDUJHRQFHUWDLQ
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33a. Disclosure in respect of Related Parties pursuant to Ind AS 24
List of Related Parties
I. Parent and Subsidiary Companies:
Name of related parties Nature of relationship Principal Place of business

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250
List of Related Parties (Contd.)
II. Other related parties with whom transactions have taken place during the year:
a) Key Management Personnel

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:DQJ,QYHVWPHQW)LQDQFH3ULYDWH/LPLWHG )HOORZ6XEVLGLDU\
.DQZDU3URSHUWLHV3ULYDWH/LPLWHG )HOORZ6XEVLGLDU\
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251
List of Related Parties (Contd.)
b) Others
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33b. Disclosure in respect of Related Parties pursuant to Ind AS 24
A. During the year the following transactions were carried out with the related parties in the ordinary course of business:
` in Crores
Transaction Related Party March 31, March 31,
2019 2018
6DOHRI*RRGVLQFOXGHVVDOHRIUDZPDWHULDOVSDFNLQJ %HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 0.70 1.57
PDWHULDOVLQWHUPHGLDWHVWUDGHGJRRGVDQGVWRUHV
/LPLWHG
:D]LU(VWDWHV3ULYDWH/LPLWHG 0.04
8.3DLQWV,QGLD3ULYDWH/LPLWHG 0.37 0.40
&RQVXOWDQF\,QFRPH %HUJHU3DLQWV%DQJODGHVK/LPLWHG 0.21 0.29
6RIWZDUH/LFHQVH,QFRPH %HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH 2.53
/LPLWHG
3XUFKDVHRI*RRGVLQFOXGHVSXUFKDVHRIUDZPDWHULDOV 8.3DLQWV,QGLD3ULYDWH/LPLWHG
SDFNLQJPDWHULDOVDQGWUDGHGJRRGV
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH
/LPLWHG
3URFHVVLQJ&KDUJHV 8.3DLQWV,QGLD3ULYDWH/LPLWHG 22.00
5HQW([SHQVHV 8.3DLQWV,QGLD3ULYDWH/LPLWHG 2.45 3.94
)OH[3URSHUWLHV3ULYDWH/LPLWHG 0.15
.DQZDU3URSHUWLHV3ULYDWH/LPLWHG 0.55
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252
33b. Disclosure in respect of Related Parties pursuant to Ind AS 24 (Contd.)

` in Crores
Transaction Related Party Year Ended Year Ended
March 31, March 31,
2019 2018
6HFXULW\'HSRVLW5HIXQGHG 8.3DLQWV,QGLD3ULYDWH/LPLWHG 0.11 0.11
3URFHVVLQJ,QFRPH %HUJHU1LSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH 3.09 2.22
/LPLWHG
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&RQWULEXWLRQWR3URYLGHQW)XQG %HUJHU3DLQWV3URYLGHQW)XQG&RYHUHG 15.21
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&RQWULEXWLRQWR6XSHUDQQXDWLRQ)XQG %HUJHU3DLQWV2I¿FHUV1RQ0DQDJHPHQW
&DWHJRU\6XSHUDQQXDWLRQ)XQG
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'LUHFWRUV&RPPLVVLRQ )HHV 0U.XOGLS6LQJK'KLQJUD 0.10 0.10
0U.DPDO5DQMDQ'DV 0.03 0.03
0U1DUHVK*XMUDO 0.07 0.07
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(TXLW\&RQWULEXWLRQ %HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH 39.20
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-HQVRQ 1LFKROVRQ$VLD/LPLWHG 25.32
Others
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253
B. Balances outstanding at the year end (including commitments):

` in Crores
Outstanding Related Party As at March As at March
31, 2019 31, 2018
3D\DEOH 8.3DLQWV,QGLD3ULYDWH/LPLWHG 25.22 24.79
6HDZDUG3DFNDJLQJ3ULYDWH/LPLWHG 12.93 9.45
%HUJHU3DLQWV2I¿FHUV1RQ0DQDJHPHQW&DWHJRU\ 0.05
6XSHUDQQXDWLRQ)XQG
%HUJHU3DLQWV0DQDJHPHQW6WDII6XSHUDQQXDWLRQ)XQG 0.12
%$,&/(PSOR\HHV6XSHUDQQXDWLRQ)XQG 0.01
)OH[3URSHUWLHV3ULYDWH/LPLWHG 0.01 0.00
:D]LU(VWDWHV3ULYDWH/LPLWHG 0.00 0.00
0U$EKLMLW5R\ 0.52
0U6ULMLW'DVJXSWD 0.04
5HFHLYDEOH %HUJHU%HFNHU&RDWLQJV3ULYDWH/LPLWHG 1.52
%HUJHU1LSSRQ3DLQW$XWRPRWLYH&RDWLQJV3ULYDWH/LPLWHG 5.40
6HFXULW\'HSRVLW5HFHLYDEOH 8.3DLQWV,QGLD3ULYDWH/LPLWHG 0.22 0.33
.DQZDU3URSHUWLHV3ULYDWH/LPLWHG
&RUSRUDWH*XDUDQWHHRXWVWDQGLQJ$OVR5HIHU1RWH /XVDNR7UDGLQJ/LPLWHG
IRUGHWDLOVRIVHFXULW\JLYHQ
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C. Details of remuneration to Key Managerial Personnel is given below

` in Crores
Particulars As at March As at March
31, 2019 31, 2018
±6KRUWWHUPHPSOR\HHEHQH¿WV
±3RVWHPSOR\PHQWEHQH¿WV 0.51
±6KDUHEDVHGSD\PHQW 0.17 0.07
Total 6.65 5.38
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Notes:7HUPVDQGFRQGLWLRQVRIWUDQVDFWLRQVZLWKUHODWHGSDUWLHV
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254
34(a) Disclosure of additional information pertaining to the Holding Company, Subsidiaries and Joint Ventures
` in Crores
As at March 31, 2019 March 31, 2019 March 31, 2019 March 31, 2019
Net assets 6KDUHRI3UR¿W/RVV OCI TCI
Entity Name % of % of % of % of
consolidated Amount consolidated Amount consolidated Amount consolidated Amount
assets SUR¿WDQGORVV OCI TCI
Holding
%HUJHU3DLQWV,QGLD/LPLWHG 99.45 19.11 (2.05) 95.35
Indian Subsidiaries
%HHSHH&RDWLQJV3ULYDWH 0.52 0.55 2.73
/LPLWHG
6%/6SHFLDOW\&RDWLQJV 1.13 9.32 0.93 (0.10) 9.22
3ULYDWH/LPLWHGIRUPHUO\
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3ULYDWH/LPLWHG
%HUJHU5RFN3DLQWV3ULYDWH (0.04) (0.94) (0.19) (0.94) (0.19) (0.94)
/LPLWHG
6DERR+HVVH:RRG&RDWLQJV (2.01) 0.02 0.11 0.02 0.11
3ULYDWH/LPWHG
Foreign Subsidiaries
%HUJHU-HQVRQ 1LFKROVRQ 171.79 40.32 1.12 (0.12) 40.20
1HSDO3ULYDWH/LPLWHG
%HUJHU3DLQWV&\SUXV
/LPLWHGFRQVROLGDWHG
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2YHUVHDV/LPLWHG
/XVDNR7UDGLQJ/LPLWHG (0.27) (1.34) (1.34)
FRQVROLGDWHGZLWK
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Joint Ventures
%HUJHU%HFNHU&RDWLQJV 5.75 (0.09) 0.01
3ULYDWH/LPLWHG
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255
34(b) Disclosure of additional information pertaining to the Holding Company, Subsidiaries and Joint Ventures
` in Crores
As at March 31, 2018 March 31, 2018 March 31, 2018 March 31, 2018
Net assets 6KDUHRI3UR¿W/RVV OCI TCI
Entity Name % of % of % of % of
consolidated Amount consolidated Amount consolidated Amount consolidated Amount
assets SUR¿WDQGORVV OCI TCI
Holding
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,QGLDQ6XEVLGLDULHV
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Foreign Subsidiaries
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Note 35 Fair Value Hierarchy
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Interest rate risk

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Equity price risk

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On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 years Total
%RUURZLQJV
7UDGHSD\DEOHV 2.14 999.00
91.27 1,309.92 36.12 254.86 - 1,692.17
%RUURZLQJV 143.73 249.47 422.17
7UDGHSD\DEOHV 1.51 953.74 955.25
150.78 1,075.64 39.86 263.11 - 1,529.39
259
Note 37. Capital management
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As at As at
March 31, 2019 March 31, 2018
%RUURZLQJVUHIHUQRWHD 422.17
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Net debt 426.86 338.58
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Capital and net debt 2,903.01 2,533.09
*HDULQJUDWLR 15% 13%
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Note 38. Expenditure on Research & Development

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March 31, 2019 March 31, 2018
(PSOR\HHEHQH¿WVH[SHQVH 10.05
&RVWRIPDWHULDOVFRQVXPHG 1.20 0.99
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3.75 1.40
Total 19.48 15.95
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FINANCIAL SUMMARY OF BERGER PAINTS INDIA LIMITED
(CONSOLIDATED) – FIVE YEARS AT A GLANCE
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2018-19* 2017-18* 2016-17* 2015-16* 2014-15^
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Total 2,476.15 2,194.51 1,901.56 1,562.09 1,314.06
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EQUITY AND LIABILITIES 4,362.66 3,943.39 3,440.33 2,877.32 2,667.02
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