Corporate Overview Statutory Reports Financial Statements

BALANCE SHEET
as on March 31, 2019
` Million

As on As on
Particulars Notes
March 31, 2019 March 31, 2018
A. ASSETS
1. Non-current assets
(a) Property, plant and equipment B1 63,680.79 56,793.23
(b) Capital work-in-progress 6,491.73 6,717.86
(c) Intangible assets B1 314.39 345.45
(d) Intangible assets under development 57.27 -
(e) Financial assets
i. Investments B2 22,325.73 16,393.76
ii. Other financial assets B3 1,210.57 882.92
(f) Other non-current assets B4 7,304.50 1,523.34
Total non-current assets 101,384.98 82,656.56
2. Current assets
(a) Inventories B5 20,514.79 17,214.91
(b) Financial assets
i. Investments B6 - 13,390.47
ii. Trade receivables B7 6,198.22 5,501.46
iii. Cash and cash equivalents B8 2,103.80 2,544.51
iv. Bank balances other than (iii) above B9 71.85 60.72
v. Loans B10 - 5,718.10
vi. Other financial assets B11 283.38 433.10
(c) Other current assets B12 4,335.62 3,905.95
Total current assets 33,507.66 48,769.22
Total assets (1+2) 134,892.64 131,425.78
B. EQUITY AND LIABILITIES
1. Equity
(a) Equity share capital B13 572.05 572.05
(b) Other equity 75,839.56 72,034.06
Total equity 76,411.61 72,606.11
Liabilities
2. Non-current liabilities
(a) Financial liabilities
i. Borrowings B14 24,438.55 18,643.88
ii. Other financial liabilities B15 15.34 131.60
(b) Provisions B16 498.82 450.73
(c) Deferred tax liabilities (net) C9 5,754.60 5,443.36
(d) Other non-current liabilities B17 2,879.47 3,433.39
Total non-current liabilities 33,586.78 28,102.96
3. Current Liabilities
(a) Financial liabilities
i. Borrowings B18 2,925.07 6,474.24
ii. Trade payables
- Total outstanding dues of micro enterprises and small enterprises C20 128.55 133.27
- Total outstanding dues of creditors other than micro enterprises and small B19 13,558.05 14,992.45
enterprises
iii. Other financial liabilities B20 2,975.89 3,193.21
(b) Other current liabilities B21 2,842.88 2,341.96
(c) Provisions B22 1,659.79 2,651.16
(d) Current tax liabilities (net) B23 804.02 930.42
Total current liabilities 24,894.25 30,716.71
Total equity and liabilities (1+2+3) 134,892.64 131,425.78

See accompanying notes forming part of the financial statements

In terms of our report attached For and on behalf of the Board of Directors

For Walker Chandiok & Co LLP

Chartered Accountants
Firm’s Registration No. 001076N/N500013 ONKAR S. KANWAR NEERAJ KANWAR Dr. S. NARAYAN
Chairman & Managing Director Vice Chairman & Managing Director Director
David Jones DIN 00058921 DIN 00058951 DIN 00094081
Partner
Membership No. 98113 GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Gurgaon Membership No- FCS 6690
May 9, 2019

169
 Apollo Tyres Ltd. Annual Report 2018-19

STATEMENT OF PROFIT AND LOSS

for the year ended March 31, 2019
` Million

Year ended Year ended

Particulars Notes
March 31, 2019 March 31, 2018

1. REVENUE FROM OPERATIONS:

Sales 120,895.83 103,881.26
Other operating income B24 2,641.82 1,687.92
123,537.65 105,569.18
2. OTHER INCOME B25 1,114.70 1,195.18
3. TOTAL INCOME (1 +2) 124,652.35 106,764.36
4. EXPENSES :
(a) Cost of materials consumed B26 75,838.42 62,811.50
(b) Purchase of stock-in-trade B26 7,355.28 2,517.58
(c) Changes in inventories of finished goods, stock-in-trade and work-in-progress B27 (2,614.66) 125.46
(d) Excise duty on sales C24 - 2,548.91
(e) Employee benefits expense B26 7,372.42 7,096.78
(f) Finance costs B28 1,378.55 1,375.41
(g) Depreciation and amortisation expense B1 4,463.32 3,643.81
(h) Other expenses B26 20,795.10 17,971.80
Total expenses 114,588.43 98,091.25
5. PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3 - 4) 10,063.92 8,673.11
6. EXCEPTIONAL ITEMS C30 2,000.00 -
7. PROFIT BEFORE TAX (5 - 6) 8,063.92 8,673.11
8. TAX EXPENSE:
(a) Current tax expense 1,806.52 1,884.66
(b) Deferred tax 336.31 564.57
Total 2,142.83 2,449.23
9. NET PROFIT FOR THE YEAR (7 - 8) 5,921.09 6,223.88
10. OTHER COMPREHENSIVE INCOME
I i. Items that will not be reclassified to profit or loss
a. Remeasurements of the defined benefit plans 27.94 (106.18)
ii. Income tax (9.76) 36.75
18.18 (69.43)
II i. Items that may be reclassified to profit or loss
a. Effective portion of gain / (loss) on designated portion
of hedging instruments in a cash flow hedge (99.69) 204.43
ii. Income tax 34.83 (70.75)
(64.86) 133.68
Other comprehensive income/ (loss) (I + II) (46.68) 64.25
Total comprehensive income for the year (9 + 10) 5,874.41 6,288.13
Earnings per equity share of Re 1 each - C31
(a) Basic (`) 10.35 11.55
(b) Diluted (`) 10.35 11.55

See accompanying notes forming part of the financial statements

In terms of our report attached For and on behalf of the Board of Directors

For Walker Chandiok & Co LLP

Chartered Accountants
Firm’s Registration No. 001076N/N500013 ONKAR S. KANWAR NEERAJ KANWAR Dr. S. NARAYAN
Chairman & Managing Director Vice Chairman & Managing Director Director
David Jones DIN 00058921 DIN 00058951 DIN 00094081
Partner
Membership No. 98113 GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Gurgaon Membership No- FCS 6690
May 9, 2019

170
 STATEMENT OF CHANGES IN EQUITY
OTHER EQUITY
` Million

Items of other comprehensive

Reserves and surplus (refer note C4)
income
Particulars Capital Capital Total
Debenture Capital Effective portion
Securities General reserve Capital reserve on Retained Revaluation
redemption redemption of cash flow
premium reserve on AMHPL subsidy forefeiture of earnings surplus
reserve reserve hedge
merger shares
Balance as on March 31, 2017 6,085.71 12,006.63 1,383.68 469.12 25.50 44.40 0.07 32,832.77 (76.23) 31.22 52,802.87
Profit for the year 6,223.88 6,223.88
Effective portion of cash flow hedge 204.43 204.43
Income tax on effective portion of cash flow hedge (70.75) (70.75)
Remeasurements of the defined benefit plans (106.18) (106.18)
Income tax on Remeasurements of the defined 36.75 36.75
benefit plans
Total comprehensive income for the year 6,154.45 133.68 6,288.13
Security premium on issue of shares, net 14,781.01 14,781.01
Transaction with owners in their capacity as owners
Payment of dividend (` 3 per share) (1,527.07) (1,527.07)
Tax on dividend (310.88) (310.88)
Transfer from retained earnings 1,000.00 410.19 (1,410.19) -
Transfer to retained earnings (250.00) 250.00 -
Balance as on March 31, 2018 20,866.72 13,006.63 1,383.68 629.31 25.50 44.40 0.07 35,989.08 57.45 31.22 72,034.06
Profit for the year 5,921.09 5,921.09
Effective portion of cash flow hedge (99.69) (99.69)
Income tax on effective portion of cash flow hedge 34.83 34.83
Remeasurements of the defined benefit plans 27.94 27.94
Corporate Overview

Income tax on Remeasurements of the defined (9.76) (9.76)

benefit plans
Total comprehensive income for the period 5,939.27 (64.86) 5,874.41
Transaction with owners in their capacity as owners
Payment of dividend (` 3 per share) (1,716.15) (1,716.15)
Tax on dividend (352.76) (352.76)
Transfer from retained earnings 1,000.00 410.19 (1,410.19) -
Balance as on March 31, 2019 20,866.72 14,006.63 1,383.68 1,039.50 25.50 44.40 0.07 38,449.25 (7.41) 31.22 75,839.56
Statutory Reports

In terms of our report attached For and on behalf of the Board of Directors
For Walker Chandiok & Co LLP
Chartered Accountants
Firm’s Registration No. 001076N/N500013 ONKAR S. KANWAR NEERAJ KANWAR Dr. S. NARAYAN
Chairman &Managing Director Vice Chairman & Managing Director Director
David Jones DIN 00058921 DIN 00058951 DIN 00094081
Partner
Membership No. 98113 GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Gurgaon Membership No- FCS 6690
Financial Statements

May 9, 2019

171
 Apollo Tyres Ltd. Annual Report 2018-19

CASH FLOW STATEMENT

for the year ended March 31, 2019
` Million

Year ended Year ended

Particulars
March 31, 2019 March 31, 2018

A CASH FLOW FROM OPERATING ACTIVITIES

(i) Net profit before tax 8,063.92 8,673.11
Add: Adjustments for:
Depreciation and amortisation expenses 4,463.32 3,643.81
(Profit) on sale of property, plant and equipment (net) (8.30) (1.85)
(Profit) on sale of investments - (0.47)
Dividend from non-current and current investments (50.83) (45.82)
Provision for constructive liability 34.46 95.66
Provision for compensated absences 11.27 (21.14)
Provision for superannuation 2.50 22.50
Change in fair value of investments (0.04) (140.68)
Liabilities/provisions no longer required written back (367.13) (23.31)
Unwinding of deferred income (1,438.44) (788.13)
Finance cost 1,378.55 1,375.41
Interest income (349.89) (440.87)
Inter corporate deposit written off 2,000.00 -
Provision for estimated loss on derivatives (184.62) (77.68)
Unrealised (gain)/loss on foreign exchange fluctuations 103.09 5,593.94 (56.95) 3,540.48
(ii) Operating profit before working capital changes 13,657.86 12,213.59
Changes in working capital
Adjustments for (increase) / decrease in operating
assets:
Inventories (3,299.88) 79.07
Trade receivables (800.11) (1,553.20)
Loan and advances given (current and non current) - (4,016.14)
Other financial assets (current and non current) (63.62) (60.10)
Other current assets (390.36) (4,553.97) (615.53) (6,165.90)
Adjustments for increase / (decrease) in operating
liabilities:
Trade payables (1,436.73) 4,714.45
Other financial liabilities 296.51 187.79
Other liabilities (current and non current) 522.47 983.46
Provision for contingencies (365.00) -
Provisions for sales related obligations (261.51) (1,244.26) (616.78) 5,268.92
(iii) Cash generated from operations 7,859.63 11,316.61
Less: Direct taxes paid (net of refund) 1,932.92 1,983.22
Net cash generated from operating activities 5,926.71 9,333.39
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (16,423.05) (12,432.20)
Proceeds from sale of fixed assets 97.24 311.99
Proceeds from/ (Investments) in Mutual Funds 3,640.48 (49.41)
Investment in non-current investment (206.94) (6,350.62)
Inter corporate deposits matured, net 7,750.00 -
Investments in inter corporate deposits, net - (9,250.00)
Dividends received from current and non-current investments 50.83 45.82
Interest received 524.31 183.93
Net cash used in investing activities (4,567.13) (27,540.49)

172