CONSOLIDATED BALANCE SHEET

as at 31st March, 2020

H in Lacs
Notes As at 31.03.2020 As at 31.03.2019
ASSETS
1. Non-Current Assets
(a) Property, Plant and Equipment 3.1 76,846.77 74,900.02
(b) Capital Work-in-Progress 3.1 685.78 3,521.61
(c) Investment Property 3.2 5,444.93 5,478.18
(d) Goodwill 3.3 - 408.05
(e) Other Intangible Assets 3.3 61,908.33 87,220.66
(f) Right of Use Assets 3.4 1,717.16 -
(g) Intangible Assets under Development 3.3 119.21 111.67
(h) Financial Assets
(i) Investments 3.5
a) Investment in Associates 2,124.18 1,603.29
b) Others 6,684.66 16,308.80
(ii) Loans 3.6 1,173.19 1,424.97
(iii) Other Financial assets 3.7 3,936.85 2,906.89
(i) Deferred Tax Assets ( Net) 3.8 0.50 384.51
(j) Non-Current Tax Assets (Net) 3.9 1,348.50 1,259.22
(k) Other Non-Current Assets 3.10 2,526.30 164,516.36 1,775.90 197,303.77
2. Current Assets
(a) Inventories 3.11 24,464.74 22,173.19
(b) Financial Assets
(i) Investments 3.12 6,832.94 785.64
(ii) Trade Receivables 3.13 30,800.83 21,635.45
(iii) Cash and Cash Equivalents 3.14 1,083.94 11,646.58
(iv) Bank Balance other than (iii) above 3.15 10,821.98 8,693.95
(v) Loans 3.16 6,634.53 292.66
(vi) Other Financial Assets 3.17 7,853.76 4,978.18
(c) Other Current Assets 3.18 14,839.34 103,332.06 14,727.19 84,932.84
TOTAL ASSETS 2,67,848.42 2,82,236.61
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 3.19 4,531.81 4,539.35
(b) Other Equity 3.20 177,843.23 203,066.93
Total Equity attributable to owners of the Company 1,82,375.04 2,07,606.28
(c) Non-Controlling Interest (86.27) (20.04)
Total Equity 1,82,288.77 2,07,586.24
LIABILITIES
1. Non-Current Liabilities
(a) Financial Liabilities
(i) Other Financial Liabilities 3.21 1,543.29 689.56
(b) Provisions 3.22 2,310.20 1,995.33
(c) Deferred Tax Liabilities (Net) 3.23 346.18 1,603.86
(d) Other Non-Current Liabilities 3.24 2,155.69 6,355.36 2,367.55 6,656.30
2. Current Liabilities
(a) Financial Liabilities
(i) Borrowings 3.25 21,023.44 10,986.93
(ii) Trade Payables 3.26
 Total outstanding dues of Micro & 2,304.19 303.48
Small Enterprises
 Total outstanding dues of creditors 30,141.72 28,832.51
other than Micro & Small Enterprises
(iii) Other Financial Liabilities 3.27 5,198.51 13,256.35
(b) Other Current Liabilities 3.28 4,863.46 2,454.17
(c) Provisions 3.29 14,548.58 11,532.57
(d) Current Tax Liabilities 3.30 1,124.39 79,204.29 628.06 67,994.07
TOTAL EQUITY AND LIABILITIES 2,67,848.42 2,82,236.61
Summary of Significant Accounting Policies 2

The accompanying notes are an integral part of these consolidated Ind AS financial statements
As per our report of even date For and on behalf of the Board of Directors
For S. R. BATLIBOI & Co. LLP
Chartered Accountants R S Agarwal R S Goenka S B Ganguly
Firm Registration no: 301003E/E300005 Chairman Director Director

per Sanjay Kumar Agrawal S K Goenka N H Bhansali A K Joshi

Partner Managing Director CEO -Finance, Company Secretary
Membership no: 060352 Strategy and Business & VP-Legal
Kolkata Development & CFO
26th June, 2020

260 | Integrated Annual Report 2019-20

 Company overview Statutory Reports Financial Statements

STATEMENT OF CONSOLIDATED PROFIT AND LOSS

for the year ended 31st March, 2020
H in Lacs
Notes 2019-2020 2018-2019
INCOME
Revenue From Operations 3.31 2,65,488.17 2,69,462.81
Other Income 3.32 5,706.58 3,490.34
Total Income (A) 2,71,194.75 2,72,953.15
EXPENSES
Cost of Materials Consumed 3.33 74,328.89 77,967.51
Purchases of Stock-in-Trade 14,127.46 15,616.38
(Increase)/ Decrease in Inventories of Finished Goods, 3.34 (846.66) (1,283.19)
Stock in trade and Work-in-Progress
Employee Benefits Expense 3.35 29,950.98 27,972.36
Other Expenses 3.37 78,872.49 76,467.62
Total Expenses before Exceptional items, Interest, (B) 1,96,433.16 1,96,740.68
Depreciation, Amortisation and Tax
Earnings before Share of loss of Associates, Exceptional (A-B) 74,761.59 76,212.47
Items, Interest, Depreciation, Amortisation and Tax
Finance Costs (C) 3.36 2,101.15 2,140.29
Depreciation & Amortisation Expense : (D)
a) Amortisation of Intangible Assets 3.3 25,889.85 24,849.66
b) Depreciation of Tangible Assets 3.1 & 3.2 7,346.91 7,681.72
c) Depreciation of Right of Use Assets 3.4 395.96 -
Total Expenses before Exceptional items and Tax (B+C+D)=E 2,32,167.03 2,31,412.35
Share of loss of Associates (F) (602.00) (219.50)
Profit Before Exceptional Items and Tax (A-E-F)=G 38,425.72 41,321.30
Exceptional Items (H) 3.59 1,068.38 979.89
Profit Before Tax (G-H)=I 37,357.34 40,341.41
Tax Expense: (J) 3.48
Current Tax (Including MAT) 7,983.79 9,722.70
Deferred Tax charge/(credit) (856.81) 365.64
Profit for the year (I-J)=K 30,230.36 30,253.07
Other Comprehensive Income
A Items that will not be reclassified to Profit or Loss in
subsequent periods
Equity instrument through other comprehensive (9,751.78) (1,565.36)
income
Remeasurement of the net defined benefit liability/ (11.07) 485.63
asset
Income tax relating to items that will not be (4.48) (191.37)
reclassified to Statement of Profit and Loss
B Items that will be reclassified to Profit or Loss in
subsequent periods
Exchange difference on translation of foreign (333.55) (239.99)
operations
Total Other Comprehensive Income/(Loss) for the year (10,100.88) (1,511.09)
(net of tax)
Total Comprehensive Income for the year 20,129.48 28,741.98
Profit attributable to:
Equityholders of the parent (L) 30,291.42 30,323.02
Non-Controlling Interests (61.06) (69.95)
Total Comprehensive Income attributable to:
Equityholders of the parent 20,195.71 28,818.85
Non-Controlling Interests (66.23) (76.87)
Cash Profit (L+D) 63,924.13 62,854.40
Earnings Per Equity Share 3.63
(1) Basic (Face value of Re. 1 each) 6.67 6.68
(2) Diluted (Face value of Re. 1 each) 6.67 6.68
(3) Cash (Face value of Re. 1 each) 14.08 13.85
Summary of Significant Accounting Policies 2
The accompanying notes are an integral part of these consolidated Ind AS financial statements
As per our report of even date For and on behalf of the Board of Directors
For S. R. BATLIBOI & Co. LLP
Chartered Accountants R S Agarwal R S Goenka S B Ganguly
Firm Registration no: 301003E/E300005 Chairman Director Director

per Sanjay Kumar Agrawal S K Goenka N H Bhansali A K Joshi

Partner Managing Director CEO -Finance, Company Secretary
Membership no: 060352 Strategy and Business & VP-Legal
Kolkata Development & CFO
26th June, 2020

Emami Limited | 261

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31st March, 2020
H in Lacs
2019-2020 2018-2019
A. CASH FLOW FROM OPERATING ACTIVITIES :
NET PROFIT BEFORE TAX 37,357.34 40,341.41
Adjustments for :
(Profit) / Loss on Sale/Fair Value of mutual funds (1,437.53) (924.01)
Depreciation and Amortisation Expenses 33,632.72 32,531.38
Finance Costs 2,101.15 2,140.29
Interest income on loans & deposits (2,832.23) (1,722.28)
Profit on Sale/Disposal of Property, Plant & Equipments (Net) (589.18) (7.15)
Dividend Income from equity investment carried at fair value through OCI (95.35) (95.35)
Share of loss of Associates 602.00 219.50
Unrealised Foreign Exchange Gain / Loss (651.47) (270.03)
Sundry balances written (back) / off (net) (93.11) (15.14)
Loss/(Profit) on fair value of Derivatives 341.87 (160.07)
Provision for doubtful trade receivables 103.13 -
Provision for doubtful receivables 124.69 -
Loss on fair value of Loan at FVTPL 54.75 -
Loss on Impairment of Investment in an Associate 56.50 -
68,675.28 72,038.55
Adjustments for working capital changes :

Increase / (Decrease) in Trade Payables and Other Liabilities 3,109.31 4,970.28
(Increase) in Inventories (2,291.55) (2,777.71)
(Increase) in Trade Receivables (9,268.52) (6,197.39)
(Increase) / (Decrease) in Loans and Advances and Other Financial Assets (854.23) 694.17
(Increase) in Other Non Financial Assets (2,017.20) (5,419.53)
Increase in Provisions 3,319.82 1,337.54
(8,002.37) (7,392.64)
CASH GENERATED FROM OPERATIONS 60,672.91 64,645.91
Less : Direct Taxes Paid 7,598.08 9,272.39
NET CASH FLOW FROM OPERATING ACTIVITIES 53,074.83 55,373.52
B. CASH FLOW FROM INVESTING ACTIVITIES :
Proceeds from Sale of Property, Plant & Equipment 1,097.56 632.44
Interest Received 936.64 1,650.75
Dividend Received 95.35 95.35
Purchases of Investments (1,80,553.85) (84,878.34)
Sale of Investments 1,74,875.92 96,857.75
Short term loans given (net) (6,000.00) -
Purchase of Property, Plant & Equipment & Intangible Assets (15,907.79) (13,921.74)
Investment in Associates (200.00) (250.00)
Investment in Preference Shares - (200.00)
Fixed Deposits made (182.36) (3,333.66)
Proceeds from maturity of Fixed Deposit 3,070.01 1,008.02
NET CASH USED IN INVESTING ACTIVITIES (22,768.52) (2,339.43)

262 | Integrated Annual Report 2019-20

 Company overview Statutory Reports Financial Statements

CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31st March, 2020
H in Lacs
2019-2020 2018-2019
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment of Borrowings (6,142.00) (29,919.58)
Buy Back of Shares including transaction costs (1,245.95) -
Proceeds from Short Term Borrowings from Banks 7877.61 8,028.31
Transfer to Escrow Account for Buyback of shares (5,003.60) -
Interest Paid (2,074.11) (2,140.27)
Dividend Paid (36,314.81) (15,887.73)
Corporate Dividend Tax paid (5,598.08) (3,133.66)
Payment Of Principal Portion Of Lease Liabilites (335.48) -
Cash Credit taken / (repaid) (net) 8300.90 286.77
NET CASH USED IN FINANCING ACTIVITIES (40,535.52) (42,766.16)
D. Effect of Foreign Exchange Fluctuation (333.43) (239.99)
NET INCREASE/ (DECREASE) IN CASH & CASH EQUIVALENTS (A+B+C+D) (10,562.64) 10,027.94
Add- CASH & CASH EQUIVALENTS-OPENING BALANCE 11,646.58 1,618.64
CASH & CASH EQUIVALENTS-CLOSING BALANCE 1,083.94 11,646.58
Cash & Cash Equivalents includes:
Balances with banks 923.94 4,186.43
Fixed Deposits with Banks(Original Maturity of less than 3 Months) - 7,114.15
Cheque-in-hand 141.50 329.36
Cash on hand 18.50 16.64
Total Cash & Cash Equivalents (Refer Note No : 3.14) 1083.94 11,646.58

The accompanying notes are an integral part of these consolidated Ind AS financial statements
As per our report of even date For and on behalf of the Board of Directors
For S. R. BATLIBOI & Co. LLP
Chartered Accountants R S Agarwal R S Goenka S B Ganguly
Firm Registration no: 301003E/E300005 Chairman Director Director

per Sanjay Kumar Agrawal S K Goenka N H Bhansali A K Joshi

Partner Managing Director CEO -Finance, Company Secretary
Membership no: 060352 Strategy and Business & VP-Legal
Kolkata Development & CFO
26th June, 2020

Emami Limited | 263

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
as at and for the year ended 31st March, 2020 H in Lacs
Particulars OTHER EQUITY Total Equity Non-
Reserve & Surplus Other Comprehensive attributable Controlling
Income to equity Interests
Equity Capital Securities Retained General Capital Investment in Foreign holders of (NCI)"
Share Reserve Premium Earnings Reserve Redemption Equity shares Currency the parent
Capital Reserve at Fair value Translation
through Other Reserve
Comprehensive
Income
Balance as at 1.04.2018 2,269.68 79.64 33,205.16 63,077.24 87,500.00 - 14,987.48 241.59 201360.79 56.83
Profit for the Year - - - 30,323.02 - - - - 30,323.02 (69.95)
Other Comprehensive
Income
Foreign Currency Translation - - - - - - - (233.07) (233.07) (6.92)
Reserve
Fair value loss on Equity - - - - - - (1,565.36) - (1,565.36) -
instrument through other
comprehensive income
Remeasurement of the net - - - 485.63 - - - - 485.63 -
defined benefit liability/ asset
Income Tax Effect - - - (191.37) - - - - (191.37) -
Total Comprehensive Income - - - 30,617.28 - - (1,565.36) (233.07) 28,818.84 (76.87)
Effect of Adoption of new - - - (4,076.82) - - - - (4,076.82) -
accounting standard i.e Ind
AS 115
Income Tax Effect - - - 524.85 - - - - 524.85 -
Dividend Paid# - - - (15,887.73) - - - - (15,887.73) -
Corporate Dividend Tax# - - - (3,133.66) - - - - (3,133.66) -
Issue of Bonus Shares 2,269.67 - (2,269.67) - - - - - - -
Balance as at 31.03.2019 4,539.35 79.64 30,935.49 71,121.16 87,500.00 - 13,422.12 8.52 2,07,606.28 (20.04)
Balance as at 1.04.2019 4,539.35 79.64 30,935.49 71,121.16 87,500.00 - 13,422.12 8.52 2,07,606.28 (20.04)
Profit for the Year - - - 30,291.42 - - - - 30,291.42 (61.06)
Other Comprehensive -
Income
Foreign Currency Translation - - - - - - - (328.38) (328.38) (5.17)
Reserve
Fair value loss on Equity - - - - - - (9,751.78) - (9,751.78) -
instrument through other
comprehensive income
Remeasurement of the net - - - (11.07) - - - - (11.07) -
defined benefit liability/ asset
Income Tax Effect - - - (4.48) - - - - (4.48) -
Total Comprehensive Income - - - 30,275.87 - - (9,751.78) (328.38) 20,195.71 (66.23)
Final Dividend Paid# - - - (18,157.41) - - - - (18,157.41) -
Interim Dividend Paid# - - - (18,157.40) - - - - (18,157.40) -
Corporate Dividend Tax# - - - (7,464.61) - - - - (7,464.61) -
Amount transferred to Capital - - - - (7.54) 7.54 - - - -
redemption reserve upon
Buyback of Equity Shares @
Buy back of shares@ (7.54) - (1,236.69) - - - - - (1,244.23) -
Buyback distribution tax @ - - (289.13) - - - - - (289.13) -
Transaction cost towards - - (114.17) - - - - - (114.17) -
Buyback of Equity Shares @
Balance as at 31.03.2020 4,531.81 79.64 29,295.50 57,617.61 87,492.46 7.54 3,670.34 (319.86) 1,82,375.04 (86.27)
# Refer Note No : 3.49
@ Refer Note No : 3.60
Refer Note no 3.20 for nature & purposes of reserve
Accompanying notes are an integral part of these consolidated Ind AS financial statements
As per our report of even date For and on behalf of the Board of Directors
For S. R. BATLIBOI & Co. LLP
Chartered Accountants R S Agarwal R S Goenka S B Ganguly
Firm Registration no: 301003E/E300005 Chairman Director Director

per Sanjay Kumar Agrawal S K Goenka N H Bhansali A K Joshi

Partner Managing Director CEO -Finance, Company Secretary
Membership no: 060352 Strategy and Business & VP-Legal
Kolkata Development & CFO
26th June, 2020

264 | Integrated Annual Report 2019-20