Consolidated Balance Sheet as at 31st March, 2021

` in Lacs
Notes As at 31.03.2021 As at 31.03.2020
ASSETS
1. Non-Current Assets
(a) Property, Plant and Equipment 3.1 71,426.68 76,846.77
(b) Capital Work-in-Progress 3.1 581.54 685.78
(c) Investment Property 3.2 5,304.07 5,444.93
(d) Other Intangible Assets 3.3 35,343.51 61,908.33
(e) Right of Use Assets 3.4 1,109.06 1,717.16
(f ) Intangible Assets under Development 3.3 61.83 119.21
(g) Financial Assets
(i) Investments 3.5
a) Investment in Associates 1,762.78 2,124.18
b) Others 14,879.15 6,684.66
(ii) Loans 3.6 1,080.35 1,173.19
(iii) Other Financial assets 3.7 6,210.59 3,936.85
(h) Deferred Tax Assets (Net) 3.8 - 0.50
(i) Non-Current Tax Assets (Net) 3.9 37.99 1,348.50
(j) Other Non-Current Assets 3.10 1,492.35 1,39,289.90 2,526.30 1,64,516.36
2. Current Assets
(a) Inventories 3.11 30,044.65 24,464.74
(b) Financial Assets
(i) Investments 3.12 8,890.65 6,832.94
(ii) Trade Receivables 3.13 23,175.31 30,800.83
(iii) Cash and Cash Equivalents 3.14 1,981.15 1,083.94
(iv) Bank Balance other than (iii) above 3.15 34,056.15 10,821.98
(v) Loans 3.16 302.88 6,634.53
(vi) Other Financial Assets 3.17 3,625.45 7,853.76
(c) Other Current Assets 3.18 10,602.75 1,12,678.99 14,839.34 1,03,332.06
TOTAL ASSETS 2,51,968.89 2,67,848.42
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 3.19 4,445.14 4,531.81
(b) Other Equity 3.20 1,71,819.86 1,77,843.23
Total Equity attributable to owners of the Parent 1,76,265.00 1,82,375.04
(c) Non-Controlling Interest (88.71) (86.27)
Total Equity 1,76,176.29 1,82,288.77
LIABILITIES
1. Non-Current Liabilities
(a) Financial Liabilities
(i) Other Financial Liabilities 3.21 1,089.18 1,543.29
(b) Provisions 3.22 2,296.58 2,310.20
(c) Deferred Tax Liabilities (Net) 3.23 416.35 346.18
(d) Other Non-Current Liabilities 3.24 1,973.33 5,775.44 2,155.69 6,355.36
2. Current Liabilities
(a) Financial Liabilities
(i) Borrowings 3.25 9,190.93 21,023.44
(ii) Trade Payables 3.26
Total outstanding dues of Micro & Small 1,213.83 1,356.92
Enterprises
Total outstanding dues of creditors other 33,853.72 31,088.99
than Micro & Small Enterprises
(iii) Other Financial Liabilities 3.27 6,096.09 5,198.51
(b) Other Current Liabilities 3.28 3,008.24 4,863.46
(c) Provisions 3.29 14,284.79 14,548.58
(d) Current Tax Liabilities (Net) 3.30 2,369.56 70,017.16 1,124.39 79,204.29
TOTAL EQUITY AND LIABILITIES 2,51,968.89 2,67,848.42
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 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, Strategy & Company Secretary
Membership No: 060352 Business Development and CFO & VP Legal
Kolkata
25th May, 2021

248 | Integrated Annual Report 2020-21

Consolidated Statement of Profit and Loss for the year ended 31st March, 2021
` in Lacs
Notes 2020-2021 2019-2020
INCOME
Revenue from Operations 3.31 2,88,052.65 2,65,488.17
Other Income 3.32 7,027.16 5,706.58
Total Income (A) 2,95,079.81 2,71,194.75
EXPENSES
Cost of Materials Consumed 3.33 70,854.08 74,328.89
Purchases of Stock-in-Trade 24,008.82 14,127.46
(Increase)/ Decrease in Inventories of Finished Goods, Stock in trade and 3.34 (1,940.38) (846.66)
Work-in-Progress
Employee Benefits Expense 3.35 30,917.33 29,950.98
Other Expenses 3.37 75,907.43 78,872.49
Total Expenses before Exceptional items, 1,99,747.28 1,96,433.16
Interest, Depreciation, Amortisation and Tax (B)
Earnings before Share of loss of Associates, 95,332.53 74,761.59
Exceptional Items, Interest, Depreciation, Amortisation and Tax (A-B)
Finance Costs (C) 3.36 1,327.13 2,101.15
Depreciation & Amortisation Expense: (D)
a) Amortisation of Intangible Assets 3.3 26,785.45 25,889.85
b) Depreciation of Tangible Assets 3.1 & 3.2 9,247.63 7,346.91
c) Depreciation of Right of Use Assets 3.4 662.40 395.96

Financial Statements
Total Expenses before Exceptional items and Tax (B+C+D)=E 2,37,769.89 2,32,167.03
Share of loss of Associates (F) (417.78) (602.00)
Profit Before Exceptional Items and Tax (A-E-F)=G 56,892.14 38,425.72
Exceptional Items (H) 3.63 - 1,068.38
Profit Before Tax (G-H)=I 56,892.14 37,357.34
Tax Expense: (J) 3.48
Current Tax (Including MAT) 11,474.34 7,983.79
Deferred Tax charge/(credit) (53.08) (856.81)
Profit for the year (I-J)=K 45,470.88 30,230.36
Other Comprehensive Income
A. Items that will not be reclassified to Profit or Loss in subsequent periods

Statutory Reports
Equity instrument through other comprehensive income 5,758.43 (9,751.78)
Remeasurement of the net defined benefit liability/ asset 146.33 (11.07)
Income tax relating to remeasurement of the net defined benefit liability/ asset (26.52) (4.48)
B. Items that will be reclassified to Profit or Loss in subsequent periods
Exchange difference on translation of foreign operations 256.87 (333.55)
Total Other Comprehensive Income/(Loss) for the year (net of tax) 6,135.11 (10,100.88)
Total Comprehensive Income for the year 51,605.99 20,129.48
Profit attributable to:
Equityholders of the parent (L) 45,469.91 30,291.42
Non-Controlling Interests 0.97 (61.06)
Total Comprehensive Income attributable to:
Equityholders of the parent 51,608.46 20,195.71
Non-Controlling Interests (2.44) (66.23)
Cash Profit (L+D) 82,165.39 63,924.14
Earnings Per Equity Share 3.64
(1) Basic (Face value of `1 each) 10.23 6.67
(2) Diluted (Face value of `1 each) 10.23 6.67
(3) Cash (Face value of `1 each) 18.48 14.08
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 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, Strategy & Company Secretary
Membership No: 060352 Business Development and CFO & VP Legal
Kolkata
25th May, 2021

Emami Limited | 249

Consolidated Cash Flow Statement for the year ended 31st March, 2021
` in Lacs
2020-2021 2019-2020
A. CASH FLOW FROM OPERATING ACTIVITIES:
NET PROFIT BEFORE TAX 56,892.14 37,357.34
Adjustments for :
Profit on Sale/Fair Value of mutual funds and AIF (2,830.38) (1,437.53)
Depreciation and Amortisation Expenses 36,695.48 33,632.72
Finance Costs 1,327.13 2,101.15
Interest income on loans & deposits (1,708.09) (2,832.23)
Loss / (Profit) on Sale/Disposal of Property, Plant & Equipments (Net) 138.37 (589.18)
Dividend Income from equity investment carried at fair value through OCI - (95.35)
Share of loss of Associates 417.78 602.00
Unrealised Foreign Exchange Gain (Net) (4.83) (651.47)
Sundry balances written (back) (Net) (38.51) (93.11)
Provision for litigation written back (562.11) -
(Profit) / Loss on fair value of Derivatives (1.47) 341.87
Provision for doubtful trade receivables 304.00 103.13
Provision for doubtful receivables 395.89 124.69
Loss on fair value of Loan at FVTPL - 54.75
Loss on impairment / (Gain) on reversal of impairment of Investments in an (16.88) 56.50
Associate
Profit on fair value of investment in CCPS in associate (1,090.74) -
89,917.78 68,675.28
Adjustments for working capital changes
Increase in Trade Payables and Other Liabilities 4,027.09 3,109.31
(Increase) in Inventories (5,579.91) (2,291.55)
Decrease/ (Increase) in Trade Receivables 7,330.10 (9,268.52)
Decrease / (Increase) in Loans and Advances and Other Financial Assets 651.06 (854.23)
Decrease / (Increase) in Other Non Financial Assets 4,022.71 (2,017.20)
Increase in Provisions 431.03 3,319.82
10,882.08 (8,002.37)
CASH GENERATED FROM OPERATIONS 1,00,799.86 60,672.91
Less : Direct Taxes Paid (net of refund) 8,647.03 7,598.08
NET CASH FLOW FROM OPERATING ACTIVITIES 92,152.83 53,074.83
B. CASH FLOW FROM INVESTING ACTIVITIES :
Proceeds from Sale of Property, Plant & Equipment 165.69 1,097.56
Interest Received 3,189.13 936.64
Dividend Received - 95.35
Purchases of Investments (1,77,870.00) (1,80,553.85)
Sale of Investments 1,76,724.76 1,74,875.92
Short term loans given (1,500.00) (6,000.00)
Proceeds from repayment of loan given 7,500.00 -
Purchase of Property, Plant & Equipment & Intangible Assets (3,369.02) (15,907.79)
Proceeds from alternative investment fund 808.41 -
Investment in CCPS of Associate (150.00) (200.00)
Fixed Deposits made (61,308.57) (182.36)
Proceeds from maturity of Fixed Deposit 33,114.69 3,070.01
NET CASH USED IN INVESTING ACTIVITIES (22,694.91) (22,768.52)

250 | Integrated Annual Report 2020-21

Consolidated Cash Flow Statement for the year ended 31st March, 2021
` in Lacs
2020-2021 2019-2020
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment of Borrowings (17,350.74) (6,142.00)
Buy Back of Shares including Transaction Costs and Taxes (22,558.95) (1,245.95)
Proceeds from Borrowings 18,739.10 7,877.61
Transfer from / (to) Escrow Account 5,003.60 (5,003.60)
Interest Paid (1,326.80) (2,074.11)
Dividend Paid (35,561.10) (36,314.81)
Corporate Dividend Tax paid (including interest) (1,908.14) (5,598.08)
Payment Of Principal Portion Of Lease Liabilites (633.68) (335.48)
Cash Credit taken / (repaid) (net) (13,220.87) 8,300.90
NET CASH USED IN FINANCING ACTIVITIES (68,817.58) (40,535.52)
D. EFFECT OF FOREIGN EXCHANGE FLUCTUATION 256.87 (333.43)
NET INCREASE/ (DECREASE) IN CASH & CASH EQUIVALENTS (A+B+C+D) 897.21 (10,562.64)
Add - CASH & CASH EQUIVALENTS - OPENING BALANCE 1,083.94 11,646.58
CASH & CASH EQUIVALENTS - CLOSING BALANCE 1,981.15 1,083.94

Financial Statements
Cash & Cash Equivalents includes:
Balances with banks 1395.16 923.94
Cheque-in-hand 561.21 141.50
Cash on hand 24.78 18.50
Total Cash & Cash Equivalents (Refer Note No : 3.14) 1,981.15 1,083.94
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 Board of Directors

Statutory Reports
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, Strategy & Company Secretary
Membership No: 060352 Business Development and CFO & VP Legal
Kolkata
25th May, 2021

Emami Limited | 251