152 TITAN COMPANY LIMITED Annual Report 2020-21

Standalone Balance Sheet

as at 31st March 2021
` in crores
As at As at
Note
31st March 2021 31st March 2020
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 3 1,026 1,095
(b) Capital work-in-progress 3 17 11
(c) Right-of-use assets 4 854 870
(d) Investment property 5 24 24
(e) Intangible assets 6 55 64
(f) Intangible assets under development 8 3
(g) Financial assets
(i) Investments 7.1 759 909
(ii) Loans receivable 7.2 146 141
(iii) Other financial assets 7.3 178 159
(h) Deferred tax assets (net) 8 105 172
(i) Income tax assets (net) 8 120 141
(j) Other non-current assets 9 67 65
3,359 3,654
(2) Current assets
(a) Inventories 10 7,984 7,741
(b) Financial assets
(i) Investments 11.1 2,753 74
(ii) Trade receivables 11.2 291 214
(iii) Cash and cash equivalents 11.3 147 50
(iv) Bank balances other than (iii) above 11.3 365 306
(v) Loans receivable 11.4 103 54
(vi) Other financial assets 11.5 187 458
(c) Other current assets 12 671 637
12,501 9,534
TOTAL ASSETS 15,860 13,188
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 13.1 89 89
(b) Other equity 13.2 7,464 6,736
TOTAL EQUITY 7,553 6,825
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities 14.1 971 967
(b) Provisions 15 143 152
1,114 1,119
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings 16.1 - 626
(ii) Gold on loan 16.2 4,094 1,507
(iii) Lease liabilities 16.3 178 169
(iv) Trade payables
- Total outstanding dues of micro and small enterprises 16.4 158 63
- Total outstanding dues of creditors other than micro and small 16.4 537 447
enterprises
(v) Other financial liabilities 16.5 218 191
(b) Other current liabilities 17 1,905 2,123
(c) Provisions 18 23 109
(d) Current tax liabilities (net) 8 80 9
7,193 5,244
TOTAL EQUITY AND LIABILITIES 15,860 13,188
Significant accounting policies 2
See accompanying notes to the standalone financial statements.
As per our report of even date attached for and on behalf of the Board of Directors
for B S R & Co. LLP
Chartered Accountants Bhaskar Bhat Director
Firm Registration No.: 101248W/W-100022
C K Venkataraman Managing Director

Supreet Sachdev
S.Subramaniam Chief Financial Officer
Partner
Membership Number: 205385
Dinesh Shetty General Counsel and Company Secretary
Place: Bengaluru Place: Bengaluru
Date: 29 April 2021 Date: 29 April 2021
 Standalone 153

Standalone Statement of Profit and Loss

01-58
for the year ended 31st March 2021
` in crores
For the year ended For the year ended
Note
31st March 2021 31st March 2020

I. Revenue from operations 19 20,602 20,010

II. Other income 20 181 146

CORPORATE OVERVIEW
III. TOTAL INCOME (I +II) 20,783 20,156
IV. Expenses:
Cost of materials and components consumed 13,143 12,489
Purchase of stock-in-trade 2,462 2,859
Changes in inventories of finished goods, stock-in-trade and work-in-progress 21 164 (836)
Employee benefits expense 22 911 1,040
Finance costs 23 181 149
Depreciation and amortisation expense 24 331 310
Other expenses 25 2,221 2,040
TOTAL EXPENSES 19,413 18,051

59-141
V. Profit before exceptional item and tax (III - IV) 1,370 2,105
VI. Exceptional items 26 137 -
VII. Profit before tax (V - VI) 1,233 2,105
VIII. Tax expense:
Current tax 8 351 552
Deferred tax 8 5 36
TOTAL TAX EXPENSE 356 588

STATUTORY REPORTS
IX. Profit for the year (VII-VIII) 877 1,517
X. Other comprehensive income
(i) Items that will not be reclassified to the statement of profit and loss
- Remeasurement of employee defined benefit plans 45 (69)
- Income-tax on (i) above (11) 18
(ii) Items that will be reclassified to the statement of profit and loss
- Effective portion of gains or (loss) on designated portion of hedging 35.6 234 (255)
instruments in a cash flow hedge
- Income-tax on (ii) above (62) 68
TOTAL OTHER COMPREHENSIVE INCOME 206 (238)

142-300
XI. Total comprehensive income (IX+X) 1,083 1,279
XII. Earnings per equity share of ` 1: {based on profit for the year (IX)}
Basic 28 9.88 17.09
Diluted 9.88 17.09
Significant accounting policies 2
See accompanying notes to the standalone financial statements.
As per our report of even date attached for and on behalf of the Board of Directors
FINANCIAL STATEMENTS

for B S R & Co. LLP

Chartered Accountants Bhaskar Bhat Director
Firm Registration No.: 101248W/W-100022
C K Venkataraman Managing Director

Supreet Sachdev
S.Subramaniam Chief Financial Officer
Partner
Membership Number: 205385
Dinesh Shetty General Counsel and Company Secretary
Place: Bengaluru Place: Bengaluru
Date: 29 April 2021 Date: 29 April 2021
154 TITAN COMPANY LIMITED Annual Report 2020-21

Standalone Statement of Changes in Equity

as at 31st March 2021

(a) Equity share capital ` in crores

As at As at
31st March 2021 31st March 2020
Opening balance 89 89
Changes in equity share capital during the year - -
Closing balance 89 89

(b) Other equity

Reserves and surplus
Items of other comprehensive
income (refer note 13.2) Total
Capital
Capital Securities General Retained Remeasurement other
redemption
reserve premium reserve earnings Cash flow of employee equity
reserve
hedge reserve defined benefit
plans
Balance as at 1st April 2019 0 1 139 3,066 2,876 27 (16) 6,093
Profit for the year (net of taxes) - - - - 1,517 - - 1,517
Other comprehensive income for the - - - - - (187) (51) (238)
year (net of taxes)
Total comprehensive income for 0 - - - 1,517 (187) (51) 1,279
the year
Payment of dividends (refer note 13.3) - - - - (444) - - (444)
Tax on dividends (refer note 13.3) - - - - (91) - - (91)
Transition impact of Ind AS 116 - - - - (156) - - (156)
Deferred tax on transition impact of Ind - - - - 55 - - 55
AS 116 {refer note 8(a)}
Balance as at 31st March 2020 0 1 139 3,066 3,757 (160) (67) 6,736

Balance as at 1st April 2020 0 1 139 3,066 3,757 (160) (67) 6,736
Profit for the year (net of taxes) - - - - 877 - - 877
Other comprehensive income for the - - - - - 172 34 206
year (net of taxes)
Total comprehensive income for 0 - - - 877 172 34 1,083
the year
Payment of dividends (refer note 13.3) - - - - (355) - - (355)
Balance as at 31st March 2021 0 1 139 3,066 4,279 12 (33) 7,464
Significant accounting policies Note 2
See accompanying notes to the standalone financial statements.
As per our report of even date attached for and on behalf of the Board of Directors
for B S R & Co. LLP
Chartered Accountants Bhaskar Bhat Director
Firm Registration No.: 101248W/W-100022
C K Venkataraman Managing Director

Supreet Sachdev
S.Subramaniam Chief Financial Officer
Partner
Membership Number: 205385
Dinesh Shetty General Counsel and Company Secretary
Place: Bengaluru Place: Bengaluru
Date: 29 April 2021 Date: 29 April 2021
 Standalone 155

Standalone Statement of Cash Flow

01-58
for the year ended 31st March 2021
` in crores
For the For the
Note year ended year ended
31st March 2021 31st March 2020
A. Cash flow from operating activities

CORPORATE OVERVIEW
Net profit before tax 1,233 2,105
Adjustments for :
- Depreciation and amortisation expense 331 310
- Net unrealised exchange gain 1 (3)
- (Gain)/ loss on sale/ disposal/ scrapping of property, plant and 6 (3)
equipment (net)
- Provision for doubtful trade receivables (net) and bad trade 34 2
receivables written off
- Interest income (73) (95)
- Gain on investments carried at fair value through profit and loss (34) (31)

59-141
- Gain on sale of investment in joint venture (4) -
- Dividend Income (24) -
- Gain on pre-closure of lease contracts (12) (9)
- Rent waiver (refer note 29) (57) -
- Impairment of investment in subsidiary (refer note 26) 137 -
- Finance costs 181 149
Operating profit before working capital changes 1,719 2,425

STATUTORY REPORTS
Adjustments for :
- (increase)/ decrease in trade receivables (78) 144
- (increase)/ decrease in inventories (243) (1,021)
- (increase)/ decrease in financial assets-loans receivables (6) (16)
- (increase)/ decrease in other financial assets 245 (341)
- (increase)/ decrease in other assets (34) 53
- increase/ (decrease) in gold on loan 2,587 (781)
- increase/ (decrease) in trade payables 187 (263)
- increase/ (decrease) in other financial liabilities 254 (282)
- increase/ (decrease) in other current liabilities (218) 295

142-300
- increase/ (decrease) in provisions (49) 35
Cash generated from operating activities before taxes 4,364 248
- Direct taxes paid, net (263) (537)
Net cash generated from/ (used in) operating activities A 4,101 (289)
FINANCIAL STATEMENTS
156 TITAN COMPANY LIMITED Annual Report 2020-21

Standalone Statement of Cash Flow

for the year ended 31st March 2021
` in crores
For the For the
Note year ended year ended
31st March 2021 31st March 2020
B. Cash flow from investing activities
Purchase of property, plant and equipment, intangible assets and (111) (310)
investment property
Proceeds from sale of property, plant and equipment 7 8
Purchase of investments in subsidiaries and other equity instruments (30) (101)
Proceeds from sale of investment in joint venture 43 -
Loan repayment / (given to) received from subsidiary 2 (2)
Investment in non convertible debentures (5) -
Inter-corporate deposits placed (150) (100)
Proceeds from inter-corporate deposits 100 300
Bank deposits (placed) / matured, net (60) 331
(Purchase) / sale of mutual funds, net (2,640) 27
Loan given to Company's franchisees and vendors (97) -
Proceeds from loan given to Company's franchisees and vendors 94 -
Lease payments received from sub-lease (excluding interest received) 19 21
Dividend received from subsidiary 24 -
Interest received 60 69
Net cash (used in)/ from investing activities B (2,744) 243
C. Cash flow from financing activities
(Repayment) / proceeds from borrowings, net (626) 626
Dividends paid (including dividend distribution tax as applicable) (355) (536)
Payment of lease liabilities (excluding interest paid) (98) (209)
Finance costs paid (181) (149)
Net cash used in financing activities C (1,260) (268)
Net cash generated / (used in) during the year (A+B+C) 97 (314)
Cash and cash equivalents (opening balance) (refer note 11.3) 50 364
Add/ (Less): Unrealised exchange (gain)/ loss 0 0
Cash and cash equivalents (closing balance) (refer note 11.3) 147 50
Debt reconciliation statement in accordance with Ind AS 7
Current borrowings
Opening balance 626 -
(Repayment) / proceeds from borrowings, net (626) 626
Closing balance - 626
Significant accounting policies 2
See accompanying notes to the standalone financial statements.
As per our report of even date attached for and on behalf of the Board of Directors
for B S R & Co. LLP
Chartered Accountants Bhaskar Bhat Director
Firm Registration No.: 101248W/W-100022
C K Venkataraman Managing Director

Supreet Sachdev
S.Subramaniam Chief Financial Officer
Partner
Membership Number: 205385
Dinesh Shetty General Counsel and Company Secretary
Place: Bengaluru Place: Bengaluru
Date: 29 April 2021 Date: 29 April 2021