CG Power annual report highlights leaner company

CG POWER AND INDUSTRIAL SOLUTIONS LIMITED [ FORMERLY CROMPTON GREAVES LIMITED ]
new
report
annual 2017
2018
dımensıons
contents
corporate board of chairman’s consolidated new management ten years’ directors’ report on financials products and establishments
information directors letter financial dimensions discussion highlights report corporate services
highlights and analysis governance STAND-ALONE
FINANCIALS
119
CONSOLIDATED
FINANCIALS
186
ACCOUNTS
IN FOREIGN
CURRENCY
255
006
008
004
060
264
270
002
062
032
100
010
118
CG Power and Industrial Corporate CG Power and Industrial Corporate
Solutions Limited 2018 Information Solutions Limited 2018 Information
corporate chairman
information
GAUTAM THAPAR
CEO and managing director

K N NEELK ANT
chief financial officer

V R VENK ATESH (w.e.f. 12 August 2017)
company secretary
SHIKHA K APADIA (w.e.f. 12 February 2018)
non-executive directors
B HARIHARAN
OMK AR GOSWAMI
RAMNI NIRUL A
SANJAY L ABROO
VALENTIN VON MASSOW
JITENDER BAL AKRISHNAN (w.e.f. 2 May 2017)
ASHISH KUMAR GUHA (w.e.f. 9 November 2017)
bankers
STATE BANK OF INDIA
A XIS BANK
BANK OF MAHARASHTRA
CORPORATION BANK
CANARA BANK
ICICI BANK
IDBI BANK
STANDARD CHARTERED BANK
YES BANK
BARCL AYS BANK
INDUSIND BANK
auditors
K.K. MANKESHWAR & CO.
registered office
6 TH FLOOR, CG HOUSE
DR ANNIE BESANT ROAD
WORLI, MUMBAI 400 030
002 003
CG Power and Industrial Board of CG Power and Industrial Board of
Solutions Limited 2018 Directors Solutions Limited 2018 Directors
board of
directors
CEO and non-executive non-executive

managing non-executive non-executive non-executive non-executive director director non-executive
chairman director director director director director VALENTIN VON JITENDER director
GAUTAM THAPAR K N NEELK ANT B HARIHARAN OMK AR GOSWAMI RAMNI NIRUL A SANJAY L ABROO MASSOW BAL AKRISHNAN ASHISH KUMAR GUHA
004 005
CG Power and Industrial Chairman’s CG Power and Industrial Chairman’s
Solutions Limited 2018 Letter Solutions Limited 2018 Letter
chairman’s Your Company is

now leaner, tighter
YH[PVSVUN[LYTKLI[[VLX\P[`VM`V\Y*VTWHU`
PZ"[OLPU[LYLZ[JV]LYHNLYH[PVVMJVU[PU\PUN
[OL)VHYK»ZKLJPZPVU
letter
and more focused VWLYH[PVUZPZHJVTMVY[HISL"HUK[OLYH[PV 6\Y,\YVWLHUHZZL[PU0YLSHUKHUK)LSNP\TOH]L
than before. It has VMUL[ZHSLZ[VUL[^VYRPUNJHWP[HSVMJVU[PU\PUN ZPUJLILLUYLZ[Y\J[\YLKHUKHYLWYVÄ[HISL@V\Y
developed a strong VWLYH[PVUZPZH]LYÒLHS[O`:PTWS`W\[`V\Y )VHYK»ZKLJPZPVU[VZ[YH[LNPJHSS`MVJ\ZVUNYV^PUN
performance-
*VTWHUÒHZHSS[OLSL]LYZPUWSHJL[VW\ZOMVY 0UKPH(ZPHHUK(MYPJH4,THYRL[Z^PSSYLX\PYL
driven team. It now
not only has the Z\Z[HPULKWYVÄ[HISLNYV^[O \Z[VYLKLWSV`YLZV\YJLZMYVT[OLZSV^LYNYV^PUN
hunger for success ,\YVWLHUTHYRL[Z0U[OPZYLZWLJ[OH]PUN[HRLU
Dear Shareholder, 7YVÄ[ZILMVYL[H_LZ7);PUJS\KPUNºV[OLY but also a clear From an operational perspective, CG India [OLWH[OVMYLZ[Y\J[\YPUN^L^PSSHJJLSLYH[LV\Y
PUJVTL»I\[^P[OV\[L_JLW[PVUHSP[LTZ^HZ understanding has done well. +LZWP[LJVTWL[P[P]LWYLZZ\YLZ ZLHYJOMVYHI\`LYMVYYLZ[VMV\Y,\YVWLHUHZZL[Z
([ÄYZ[NSHUJLP[TH`ZLLTZ[YHUNL[OH[PUH`LHY IJYVYL of what needs [OLWV^LY[YHUZMVYTLYZI\ZPULZZPZWLYMVYTPUN ;PSS[OL[PTLHZ\P[HISLI\`LYPZMV\UK[OLZLHZZL[Z
ÔLUP[OHZPUJ\YYLKSVZZLZH[IV[O[OLZ[HUK *HZOWYVÄ[MYVTJVU[PU\PUNVWLYH[PVUZ^HZ to be done to ZH[PZMHJ[VYPS`HUKKPZ[YPI\[PVU[YHUZMVYTLYZHSLZ ^PSSMVYTWHY[VMV\Y*VTWHUÌ\ZPULZZ
HSVULHUKJVUZVSPKH[LKSL]LSZÔ`KV0ILSPL]L IJYVYL deliver superior HZ^LSSHZWYVÄ[HIPSP[ÒH]LJVU[PU\LK[VPUJYLHZL
performance
[OH[`V\Y*VTWHUÒHZHJ[\HSS`KVUL^LSS3L[TL 4V[VYZHYLKVPUN]LY`^LSS·PUKLLK^LSSHIV]L 0U0UKPH^P[OZPNUPÄJHU[V]LYJHWHJP[`PUWV^LY
L_WSHPU[OPZHWWHYLU[HUVTHS`H[ZVTLSL]LSVM ;OLZLHYLJYLKP[HISLYLZ\S[ZHUKJSLHYS` [OLYLZ[VM[OLPUK\Z[Y`(UK`V\Y*VTWHUÒHZ [YHUZMVYTLYTHU\MHJ[\YPUN`V\Y)VHYKOHZ
KL[HPS KLTVUZ[YH[L[OH[`V\Y*VTWHU`PZUV^ÄYTS`VU WLYMVYTLKL_JLSSLU[S`PUZLJ\YPUNP[ZOPNOLZ[L]LY KLJPKLKHNHPUZ[HU`M\Y[OLYPU]LZ[TLU[PUJHWHJP[`
[OLWH[OVMWYVÄ[HISLNYV^[O>O`[OLU`V\TH` VYKLYZMYVT0UKPHU9HPS^H`Z0U[LYUH[PVUHSS`[OL PU[OPZI\ZPULZZMVY[OLMVYLZLLHISLM\[\YL;OPZ
-PYZ[JVUZPKLY[OLYLZ\S[ZVM`V\Y*VTWHU`»Z[^V HZRHYL[OLUL[WYVÄ[ZULNH[P]L& 0UKVULZPHUVWLYH[PVUZOH]LILLUZH[PZMHJ[VY` HSZVPUJS\KLZ^PUKPUNKVÛV\Y[YHUZMVYTLYWSHU[
I\ZPULZZ\UP[Z7V^LY:`Z[LTZ)<HUK0UK\Z[YPHS ,]LU[OL)LSNPHUWV^LY[YHUZMVYTLYHUKZ`Z[LTZ PU2HUQ\Y4HYNHUKJVUZVSPKH[PUNP[PUV\YWSHU[PU
:`Z[LTZ)< ;OLHUZ^LYSPLZPUMV\Y^VYKZ!ºJSLHUPUN\W[OL VWLYH[PVUZ[OV\NOZ[PSS[YLH[LKHZKPZJVU[PU\LK )OVWHS6\Y/=:^P[JONLHYHUK4=KPZ[YPI\[PVU
HJJV\U[Z» 0U[OLSHZ[X\HY[LYVM-@`V\Y OH]L[\YULKHYV\UK JVU[PU\LZ[VNYVÔLHS[O`HUKWYVÄ[HIS`
0U-@KLZWP[LZLYPV\ZJVTWL[P[P]LWYLZZ\YLZ *VTWHU`»ZTHUHNLTLU[KLJPKLK[VL_HTPUL HUK^L^PSSJVU[PU\L[VTHRLPU]LZ[TLU[ZPU
MHJLKI`[OL7V^LY:`Z[LTZ)<P[! [OLYLJV]LYHIPSP[`VMJLY[HPUV]LYK\LHZZL[Z[OH[ :PNUPÄJHU[S``V\Y*VTWHUÒHZJVU[PU\LK^P[O JHWHJP[`HZULLKLK0U[OLJHZLVMV\YV[OLY[^V
/HKHU\UL_LJ\[LKVYKLYIVVR<,6)VM OHKHJJ\T\SH[LKV]LY[OL`LHYZ(M[LYKL[HPSLK P[ZMVJ\ZVUKP]LZ[PUNUVUJVYLI\ZPULZZLZHZP[ THU\MHJ[\YPUNZLNTLU[ZTV[VYZHUKYHPS^H`Z^L
IJYVYLHZVU4HYJO HUHS`ZPZIV[O[OL9PZRHUK(\KP[*VTTP[[LL YLLUNPULLYZP[ZLSM[VILPUNHU0UKPHKYP]LUWV^LY ^PSSHSZVSVVRH[PU]LZ[TLU[ZHZYLX\PYLK
.LULYH[LKYL]LU\LUL[VML_JPZLK\[`VM HUK)VHYKVM+PYLJ[VYZVW[LKMVYHJSLHU\WHUK PUK\Z[YPHSHUKYHPS^H`ZZ`Z[LTZTHQVY·VUL[OH[
IJYVYL \UHUPTV\ZS`HNYLLK[V^YP[L[OLZLVɈ:\JO ºTHRLZPU0UKPH»ILZ[PUJSHZZLX\PWTLU[HUK I have no doubt that CG is on a strong growth
,HYULKHU,)0+;(VMIJYVYLHUKHU,)0;VM P[LTZPUJS\KLKWYV]PZPVUZMVYSP[PNH[PVUJSHPTZ Z`Z[LTZ[VZLSS[V[OL^VYSK path. Your Company is now leaner, tighter and
IJYVYL HK]HUJLZNP]LU[VZ\IZPKPHYPLZHUK[OLPYYLSH[LK more focused than before.0[OHZKL]LSVWLK
7VZ[LKHYL[\YUVUJHWP[HSLTWSV`LK96*,VM MVYLPNUL_JOHUNLNHPUSVZZV[OLYHK]HUJLZ ;O\ZHTVUN[OLºKPZJVU[PU\LKVWLYH[PVUZ»*. HZ[YVUNWLYMVYTHUJLKYP]LU[LHT0[UVÛV[
ÔPJOPZNYLH[LY[OHUHU`VM[OLWLLYZPU HUKV]LYK\LPU]LU[VYPLZ([[OLJVUZVSPKH[LK ZVSKP[ZWV^LY[YHUZMVYTLYI\ZPULZZPU*HUHKHPU VUSÒHZ[OLO\UNLYMVYZ\JJLZZI\[HSZVHJSLHY
[OLPUK\Z[Y` SL]LS[OLZLUVUJHZOP[LTZPUJS\KLKWYV]PZPVU -@"ZVSK[OLH\[VTH[PVUI\ZPULZZ\UKLYA0= \UKLYZ[HUKPUNVMÔH[ULLKZ[VILKVUL[VKLSP]LY
MVYSP[PNH[PVUJSHPTZV[OLYHK]HUJLZHUKV]LYK\L PU4HYJO"HUKL_P[LKMYVT[OLKPZ[YPI\[PVU Z\WLYPVYWLYMVYTHUJL
-VY[OL0UK\Z[YPHS:`Z[LTZ)<[OLYLZ\S[Z^LYL PU]LU[VYPLZHNNYLNH[LK[VIJYVYLHUKOH]L MYHUJOPZLI\ZPULZZH[1HSNHVU4HOHYHZO[YH0U
IL[[LYZ[PSS0U-@! ILLUHJJV\U[LKMVYHZºL_JLW[PVUHSP[LTZ» -@`V\Y*VTWHU`ZVSKP[ZÔVSS`VÛLK 3HZ[`LHY0OHK^YP[[LU¸*.PZIL[[LYWVZP[PVULK[V
;OL<,6)PUJYLHZLKI`V]LY [V WV^LYI\ZPULZZPU[OL<:([V>,.HTHQVY SL]LYHNLI\ZPULZZVWWVY[\UP[PLZ[OH[JVTLV\[VM
IJYVYL )LJH\ZLVM[OLZLL_JLW[PVUHSP[LTZUL[WYVÄ[ )YHaPSPHUT\S[PUH[PVUHSPULSLJ[YPJTV[VYZHUKV[OLY OPNOLYLJVUVTPJNYV^[OPUIV[O0UKPHHUKHJYVZZ
5L[YL]LU\LNYLÎ`[VIJYVYL MYVTJVU[PU\PUNVWLYH[PVUZHM[LYTPUVYP[` LSLJ[YVLSLJ[YVUPJWYVK\J[Z(UKZLYPV\ZLɈVY[Z :V\[O,HZ[(ZPH¹(M[LY[^VZ\JJLZZP]L`LHYZVM
,)0+;(^HZIJYVYLHUK,)0;^HZ PU[LYLZ[Z[\YULK[VHUL[SVZZVMI JYVYL HYLILPUNTHKL[VZLSS[OL*VTWHU`»Z/\UNHYPHU Z[YVUNVWLYH[PVUHSWLYMVYTHUJL0HTJVUÄKLU[VM
IJYVYL (UKHM[LY[HRPUNPU[VHJJV\U[UL[SVZZLZMYVT WV^LY[YHUZMVYTLYHUKYV[H[PUNTHJOPULZ L]LUIL[[LYVWLYH[PVUHSYLZ\S[ZPU-@ JV\WSLK
96*,^HZÔPJO^HZHSZVNYLH[LY[OHU KPZJVU[PU\LKVWLYH[PVUZHTV\U[PUN[VIJYVYL I\ZPULZZ ^P[OPTWYV]LKÄUHUJPHSWLYMVYTHUJL
HU`VM[OLJVTWL[P[VYZPU[OLI\ZPULZZ [OLV]LYHSSUL[SVZZMVY`V\Y*VTWHU`PU-@
^HZIJYVYL([HZ[HUKHSVULSL]LS[OPZ^HZH LOOKING AHEAD ;OHURZHZHS^H`ZMVY`V\YZ\WWVY[
:LJVUKSVVRH[[OLYLZ\S[ZH[[OLJVUZVSPKH[LK UL[SVZZVMIJYVYL ([[OL[PTLVMJHSSPUNVɈ[OLZHSLVM[OL
SL]LS! 0U[LYUH[PVUHS)\ZPULZZ[V-PYZ[9LZLY]L`V\Y @V\YZZPUJLYLS`
5L[YL]LU\LHUKPUJVTLMYVTVWLYH[PVUZ^HZ ;OPZJSLHUPUN\W^HZWHPUM\SI\[ULJLZZHY`0[OHZ )VHYKOHK[HRLU[OLKLJPZPVU[VKPZWVZLVɈ[OL
Abbreviations OPNOLYH[I JYVYL OLSWLK[VJYLH[LHSLHULYIHSHUJLZOLL[[OH[JHU ]HYPV\ZPU[LYUH[PVUHSHZZL[ZL_JS\KPUN0UKVULZPH
‘the Company’, ‘CG’
refers to CG Power and ,)0+;(L_JS\KPUNºV[OLYPUJVTL»^HZ ÄUHUJPHSS`HJJVTTVKH[L[OLNYV^[OPTWL[\Z[OH[ ZLWHYH[LS`HZP[^HZTVYLILULÄJPHSMVY`V\Y GAUTAM THAPAR
Industrial Solutions Limited OPNOLYH[IJYVYL `V\Y*VTWHU`PZILNPUUPUN[VLUQV`;OLSL]LYHNL *VTWHU`:\IZLX\LU[KPZWVZHSZOH]L]PUKPJH[LK */(094(5
006 007
CG Power and Industrial Consolidated CG Power and Industrial Consolidated
Solutions Limited 2018 Financial Highlights Solutions Limited 2018 Financial Highlights
consolidated consolidated
6189
5032
5517
FY2016 FY2017 FY2018
net sales from
financial continuing
operations
highlights
FIGURES IN I CRORE
consolidated
net sales of
business units
INDUSTRIAL SYSTEMS
2541
2082
1844
(317)
494
9%
(392)
(42.9%)
POWER SYSTEMS
3633
3417
3188
EBIDTA from profit/(loss) profit/(loss) ROCE from RONW
continuing before taxes after taxes continuing on total
operations from operations operations
EARNINGS continuing RETURN ON CAPITAL RETURN ON
BEFORE INTEREST, operations EMPLOYED NET WORTH
DEPRECIATION, TA XES
& AMORTISATION
INCLUDING OTHER
INCOME
008 009
new dimension ns. new
products. new
w technologies.
new capabilitie
es. new doors.
new scope. new
ew potential.
A slew of new strength, as a core This commitment to
products means a electrical company. growing both for and
lot of things. With these new with India matters.
products, CG also In Indian utilities and
Foremost among these demonstrates its climb industry, new standards
is a positive balance up the technology are replacing the old;
of energy. It requires ladder. and it’s for the Indian
stretching beyond the Industry to step up.
Many of them represent
zone of the comforting Each of them opens
ÄYZ[ZVYULHYÄYZ[Z!
and the routine. It uses, up new business in the
examples of Indian
as fuel, restlessness. present and the future.
designed, developed
0[HSZVZPNUPÄLZH and manufactured This shows a new
continuity of the WYVK\J[ZPUÄLSKZVUJL dimension to CG: a
focus we adopted walked by a small set of vibrant company with a
two years ago, when largely global suppliers. creative pulse. Enjoy its
we redoubled our new side.
commitment to our
010 011
CG Power and Industrial New CG Power and Industrial New
Solutions Limited 2018 Dimensions Solutions Limited 2018 Dimensions
contracted
a self-building, self-
extending network
CG’s newly developed
time.
Diesel Electric Tower Cars
(DETCs) are self-propelled
locomotives that not only
TRACTION ELECTRICS
help build new railway tracks

but also inspect, maintain,
expanded
and erect new masts and
overhead electric lines to
L_[LUK[OLLSLJ[YPÄLKYHPS
network across India.
scope. from component

supplier to project
integrator
CG’s rolling stock
components have long been
part of the Railway’s new
locomotives. Now CG is
sharing the load CG is among the trusted partners

the Railways are now turning
partnering the Indian to build complete locos, due
to the sheer volume needed
EXPECTED
MARKET SIZE Railways to meet to revamp the network. The
the government’s
OVER 2-3 YEARS
L 150 crore
new challenge for CG: the
integrated locomotive, from
aggressive targets shell to propulsion.
for the modernisation a complex canvas

CURRENT
MARKET SIZE and electrification Traction motors, traction
L 150 crore
of the country’s transformers, alternators,
traction convertors, auxiliary
46% of the
extensive rail network
TOTAL RAIL NETWORK
66,687 kms convertors—building a

rail network RAILS ELECTRIFIED
DETC requires complex
planning and coordination
is yet to be IN FY2018
4,087 kms between various CG plants.

SALES
2017–18 electrified TARGET FOR FY2019 Add on the management to
L 128 crore 6,000 kms integrate the diesel engine,
TARGET TILL FY2022 YLJ[PÄLYHUKKYP]LYKLZR
TO COMPLETE
ELECTRIFICATION from other vendors and
6,200 kms there’s an intricate, beautiful
per annum picture.
012 013
a (rail)way for
quick
everyone
CG has indigenously
developed technologies
to build Mainline Electrical
switching.
Multiple Units (MEMUs) and
Diesel Electric Multiple Units
TRACTION ELECTRONICS
(DEMUs) that run from rural

areas to sub-urban areas.
The fuel-powered DEMU is
better
KLWSV`LKPUUVULSLJ[YPÄLK
regions. Electric Multiple
Units (EMUs), similar to
Metro trains, operate
between urban and sub-
rides.
urban areas.
space for more

Multiple units (MU) are
coaches that haul and
control the train. Unlike
conventional locomotives,
only a fraction of the MU
houses the engine and
driver. This leaves more than
half of the coach for more
passengers.
start, stop, reverse, MUs at both ends of the
repeat Advancements train makes reversing
direction practically
in power electronics immediate. With added
and traction motors

capacity, this makes for a
TVYLLɉJPLU[YHPSZ`Z[LTMVY
have given CG the growing urban and sub-

urban populations.
opportunity to develop DEMU MEMU EMU
Multiple Unit traction a switch for the better
systems for various Modern traction systems

use Insulated Gate Bipolar
trains, making daily Transistors (IGBT) in place

of the older Gate Turn-
commutes to the city 6Ɉ;O`YPZ[VYZ;OL`LUQV`
L336 crore
SALES IN
FY 2017–18
L3.5 crore
CURRENT MARKET
SIZE 2018–19
L112 crore
OVER 2-3 YEARS
L3416 crore
L2,412 crore
EXPECTED MARKET SIZE
CURRENT MARKET
SIZE 2018–19
L680 crore
OVER 2-3 YEARS

CURRENT MARKET
SIZE 2018–19
L1,422 crore
OVER 2-3 YEARS

faster switching frequency,
smoother and faster increased acceleration,
quicker braking, quieter
traction, using less power
with fewer losses.
014 015
matching all
parameters is
x6 no easy task
with one circulating
It takes a deep enquiry of
water pump delivered to
Talwandi Sabu Thermal identifying critical points,
Power Plant, CG is well
placed to replace the site constraints and ground-
YLTHPUPUNÄ]L up thinking to replicate an
existing motor. Matching
weight, mechanical and
mounting dimensions were
JY\JPHS[VLUZ\YLHWLYMLJ[Ä[
on the existing platform.
HT MOTORS
fits the bill, shrinks

the spend
Apart from being lighter
and more compact than
the existing Chinese motor,
this 5.25MW 16P 11kV
motor manages to achieve
HNYLH[LYLɉJPLUJ`HUK
more than just a copy power factor owing to CG’s

optimized design that has
With an increasing a higher power to weight

ratio. Delays in repairs and
demand for replacement servicing issues are a thing
of the past, ending the
motors, CG has found a frustration of dealing with a
niche in designing large, remote vendor. Bonus: CG’s

motor is more dependable
high rating, custom to start with, and more

economical than the import
made motors—breaking it replaces.
the monopoly of the few size matters: The

indigenous suppliers largest motor to be
produced by CG India
This HT motor is CG’s most
powerful yet. It puts CG
at par with the very few
Indian specialist companies,
equalling or exceeding them
CURRENT EXPECTED CG’s circulating water pumps VURL`ZWLJPÄJH[PVUZHUK
MARKET SIZE MARKET SIZE and boiler feed pumps for
L15 crore OVER 2-3 YEARS power plants will see them freeing the customer from a
compete with Indian and
per annum L50 crore
Chinese companies.
near-monopoly.
016 017
less no servicing, please

Housed under tonnes of
machinery under a nuclear
error.
reactor dome, this 6MW 4
pole 6.6kV motor pumps
the primary coolant for the
reactor a hundred feet below
more
the ground. Its location
in this highly restricted,
unmanned zone makes
servicing very impractical:
HT MOTORS
it means stopping a nuclear
certainty.
ÄZZPVUYLHJ[PVUSVZPUNKH`Z
of service. This motor has
been designed and built
to critical parameters, to
run without maintenance
setbacks for up to 40 years.
heat, quakes, radiation

too critical to fail The motor has been
thoroughly tested to ensure
CG has exceeded a long life, withstanding
expectations to build long term exposure to heat

and radiation. A seismic
the expertise, pass all

EXPECTED
MARKET SIZE
analysis was done to check
OVER 7 YEARS whether it is adequately
L600 crore
tests and approvals earthquake proof. Passing
these rigorous tests makes
to be a certified CG the second company in
vendor of NPCIL, India to build such a durable

motor indigenously, with no
building its first collaborators.
MARKET SIZE and most durable alert to risk

radiation zone motor
PRESENTLY
L300 crore
Specialized sensors
monitor and control every
important aspects of the
motor’s running condition—
temperature, noise and
vibrations—to ascertain its
reliability at all times.
018 019
water
water does the trick
Based on the pipe cooling
system used to cool HT
motors, CG has developed
in.
HJVTWHJ[^H[LYQHJRL[
system for small motors. The
enhanced cooling—boosting
LɉJPLUJÌ`WYL]LU[PUN
[LTWLYH[\YLÅ\J[\H[PVUZ·
heat
was achieved by engineering
perfectly uniform water
channels across the body.
LT MOTORS
out.
save on space, heat
and noise
CG’s water cooled motors
replace standard, air cooled
motors. With the need for
large internal spaces for
HPYÅV^LSPTPUH[LK[OLZL
motors are compact, with a
a small jacket that cools

ZPNUPÄJHU[YLK\J[PVUPUZOLSS
size and therefore, cost.
big CG has developed With no heat dissipating

from the body, they’re
a new series of water also safer. Additionally, the

elimination of a cooling fan
cooled LT motors that reduces noise and wind-age
losses.
are smaller, quieter and
more efficient buses and mills feel
the cool
This quiet and compact
technology suits electric
engines used for mass
transportation vehicles. The
electric vehicle market is
ripe to grow as the adoption
of cleaner energy increases.
The sugar and steel
industries also hold great
SALES MARKET SIZE EXPECTED potential, for replacing bulky,
2017–18 PRESENTLY MARKET SIZE
L0.3 crore L10 crore OVER 2-3 YEARS outdated motors with more
L20 crore WV^LYM\SHUKLɉJPLU[VULZ
with the same size envelope.
020 021
less
reducing electrical
losses
CG has manufactured a
complete range of IE3 motors
energy.
by optimizing their processes
to balance copper, core and
other mechanical losses using
materials like plastic and
more
aluminium. A further reduction
in wind-age losses has been
achieved by redesigning
cooling fans.
LT MOTORS
work.
CG’s IE3 bombshell
Motors designed for critical
applications for the oil and
gas industry require special
casings that are capable
of withstanding explosions
HUKJVU[YVSSPUNÄYLZPUJHZL
sparking occurs. CG has
a big leap for smaller taken swift action to become
[OLÄYZ[0UKPHUJVTWHU`[V
losses CG continuously go to market with a 350kW
raises the bar for energy to 750kW range of IE3

explosion-proof motors by
efficient motors by re-purposing the approved

casings from its IE2 range of
meeting the standards explosion proof motors.
of developed countries looking ahead of

the curve
IE3 range IE4 range of CG is preparing for the
of products products
future by developing premium
LɉJPLUJ`0,4V[VYZ
and has rolled out models
up-to 55kW ahead of other
multinational companies.
even though the Newer technologies are
government mandate of
January 2018 prescribes being explored to meet IE5
0,LɉJPLUJ`TV[VYZ[V ZWLJPÄJH[PVUZ!THRPUNZTHY[LY
be sold in India, CG is
SALES IN FY 2017–18
L34.2 crore
L220 crore
MARKET SIZE 2018–19
L1387.5 crore
SALES IN FY 2017–18
L0.2 crore
L5 crore
MARKET SIZE 2018–19
L50 crore
BUDGETED SALES 2018–19
BUDGETED SALES 2018–19
already manufacturing use of copper and magnetism

its IE3 range
to produce lighter, simpler and
more sustainable designs.
022 023
less CG and the world’s

largest solar pump
sun.
scheme
KUSUM is a government
initiative towards providing
ZVSHYW\TWZ[VVɈNYPK
farmers and reducing their
more
EXPECTED dependence on diesel.
MARKET SIZE MARKET SIZE
OVER 2-3 YEARS PRESENTLY
This solar pump consists
L1000 crore L100 crore of a pumping system,
photovoltaic cells, and
done.
CG’s newly developed
variable frequency drive
DRIVES
=-+º:\YHQ»*.OHZ
successfully indigenised
their VFD by using 90%
Indian components. Giving
them an advantage over the
competition in terms of cost
and reliability.
efficient overseeing
algorithim
The VFD is key to the
a small part of a big LɈLJ[P]LULZZVM[OLZVSHY

pump system. It converts
future CG is playing the DC current from the

photovoltaic cell and
its part in driving converts it to usable AC
the adoption of
current. The VFD uses an
MPPT (Maximum Power
renewable energy Point Tracking) algorithm,

which ensures that the pump
with the development gets a minimum power

supply even under cloudy
of Suraj, a variable conditions, and uses the
optimum power when the
frequency drive that sun is at its fullest. Protected
powers pumps in against the environment in

a IP54 approved cabinet,
farms beyond the grid :\YHQPZHYLSPHISLHUKZTHY[

route to renewable energy.
024 025
variably
CG first to develop
in India
Variable Shunt Reactors
(VSR) are used to consume
the excess reactive power
reactive.
and stabilize the voltage
along the power line. CG
has developed the 25MVAr,
225kV, 3phase Variable
invariably
Shunt Reactor to ensure
NYPKZ[HIPSP[`HUKLɉJPLUJ`
TRANSFORMERS
With carefully designed

parameters CG’s product is
ready to meet the emerging
available.
demand for optimized power
quality.
less space, more

availability
Traditionally, Fixed shunt
Reactors (FSR) respond
[VSVHK]HYPH[PVU[VHÄ_LK
transforming power degree. If the load variation
exceeds a limit, they must
and countries. Always be manually switched. This
looking ahead, CG’s stresses the system, and

requires more shunts along
newly introduced the line. VSRs respond in

proportion to then load,
Variable Shunt Reactor and over a greater range
of variation. One VSR will
will make long distance replace several circuit
power transmission breakers and also shrink the

installation footprint.
more stable
developing developing
markets
VSR is the ideal solution for
developing nations due to
its suitability to handle long
power lines. Senegal, Africa
PZ[OLÄYZ[KLZ[PUH[PVUMVY
CGs new VSR. Four have
SALES MARKET SIZE EXPECTED MARKET SIZE
2017–18 PRESENTLY OVER 2-3 YEARS
been executed, and orders
L16 crore L30 crore L80 crore MVYÄ]LTVYLOH]LILLU
secured.
026 027
less
oil’s well…
Resin impregnated paper
(RIP) Bushings are much
safer than oil impregnated
supervision.
paper (OIP) bushings since
they are dry and free of
ÅHTTHISLSPX\PK[OH[JV\SK
SLHRVYJH[JOÄYL;OLYLPZ
more
much less risk involved in
handling and installing these
light weight bushings. Even
SWITCHGEARS
in the case of a fault, added

measures have been taken
safety.
[VWYL]LU[WLYZVUHSPUQ\YÌ`
making the external insulator
out of a composite material
that doesn’t shatter like its
porcelain predecessors.
curing a big problem

The development of RIP
the delicate business bushings demands an
expertise in combining
of being tough For the high voltage, mechanical,
EXPECTED
MARKET SIZE first time in India CG polymer and thermal
LUNPULLYPUN0UQ\Z[ZP_
has independently
OVER 2-3 YEARS
L145 crore months the R&D team

were able to master the
developed the intricate intricacies in processing the
resin systems and curing
expertise to build resin cycles to achieve excellent
impregnated bushings dielectric performance.
that are fire and

MARKET SIZE
PRESENTLY
L110 crore
thank you,
CG’s indigenous
explosion proof Elecrama 2018
CG’s technological prowess
development
created a stir in the and support of the Make in
international market
and amongst fellow
India vision were recognized
competitors on the international stage
when this product was
a runner up for the ‘Best
product developed by an
Indian exhibitor’ award at
Elecrama earlier this year.
028 029
less
made indigenously in a
first for the country
CG’s design and
room.
manufacturing teams
employed unconventional
materials and processes
to tackle the challenging
development of Arista— the
more
space saving Indoor Medium
Voltage 36kV Gas Insulated
SWITCHGEARS
Switchgear (GIS)—which
needed quality components
returns.
that are highly reliable, yet
compact. A development
welcomed by Indian utilities
and industries.
safe, automated and

tamper-proof
;OLTHQVYJ\YYLU[JHYY`PUN
EXPECTED as the country grows, and interrupting parts of the

GIS are factory sealed in a
switchgears shrink Gas

MARKET SIZE
OVER 2-3 YEARS robotically welded tank to
L400 crore protect it from nature and
per annum
Insulated Switchgears human tampering resulting
in maintenance-free running.
are a compact solution This ensures a high degree
to save on the cost of of reliability and safety for

on-site personnel.
land while meeting the

demands of India’s a smart investment
that’s cheaper from
expanding urban areas
CURRENT
MARKET SIZE
the start
L150 crore
per annum While the initial cost of
ownership of this GIS is
higher that of Air Insulated
63% :^P[JONLHY(0:ZPNUPÄJHU[
savings come from the
SALES smaller than cost of land needed to
2017–18
L0.9 crore
Air Insulated house the equipment.
Additionally, expenses saved
Switchgear in maintenance give GIS a
lower life cycle cost.
030 031
CG Power and Industrial CG Power and Industrial Management
Solutions Limited 2018 Solutions Limited 2018 Discussion and Analysis
CG Power and Industrial Solutions Limited (‘CG’ or ‘the

I1 crore is Company’), which is the erstwhile Crompton Greaves
management
I10 million
Limited after spinning off its consumer business, is a pure
FY2018 stands B2B company spanning two major businesses. These are:
MVYÄZJHS`LHY
2017–18, i.e. from
(i) The Power Systems business unit, involving power
discussion
1 April 2017 to
31 March 2018 transmission and distribution equipment and system
(UHSVNV\ZS` solutions that cover many differentiated products and
FY2017 and other
services from ultra-high voltage (UHV), high voltage (HV),
ÄZJHS`LHYZ
and analysis
medium voltage (MV) and low voltage (LV).
(ii) The Industrial Systems business unit, consisting of

rotating machines (motors and alternators) across a
wide spectrum of power and ratings, automated AC,
DC and variable frequency drives and control systems
as well as traction electronics and machines, signalling
and coach products and integrated solutions for railway
transportation.
Customers consist of major utilities and industries across

the globe spanning various sectors such as power
generation, transmission, distribution and renewables,
oil and gas, cement, metals and mining, and in railways
and transportation.
Each of the two business units (BUs), Power and

Industrial Systems, is treated as a profit centre and is
responsible for generating revenue growth, profitability
and capital efficiency.
032 033
CG Power and Industrial Management CG Power and Industrial Management
Solutions Limited 2018 Discussion and Analysis Solutions Limited 2018 Discussion and Analysis
switchgears
CG SWITCHGEARS ARE
AN INTEGRAL PART OF
THE INDIAN POWER
INFRASTRUCTURE
continuing and facilities of

discontinued the continuing
operations businesses
CG had opted to adopt the Indian Accounting 12. *.4PKKSL,HZ[-A,;OPZPZ\UKLYSPX\PKH[PVU POWER SYSTEMS BU 1. 7YVK\J[ZJVTWYPZPUNOPNO]VS[HNL/=TV[VYZ
:[HUKHYKZVY0UK(:^P[OLɈLJ[MYVT(WYPS 13. *.7V^LY:VS\[PVUZ3PTP[LK *.»Z7V^LY:`Z[LTZ)<VɈLYZHUL_[LUZP]L YHUNPUN\W[V4>"SV^]VS[HNL3=TV[VYZ
<UKLY0UK(:[OLYLWVY[PUNI\ZPULZZLU[P[` 14. *.7V^LY,X\PWTLU[Z3PTP[LK WVY[MVSPVVMTHU\MHJ[\YLKLX\PWTLU[YHUNPUN YHUNPUN\W[V4>"MYHJ[PVUHSOVYZLWV^LY
OHZ[VJSHZZPM`HUKZLWHYH[LS`KPZJSVZL[OL 15. ;OL1HSNHVUMYHUJOPZLI\ZPULZZVM[OL from high voltage transmission products to those -/7TV[VYZ"KPYLJ[J\YYLU[+*TV[VYZ"(*
ÄUHUJPHSZVMPJVU[PU\PUNI\ZPULZZLZHUKPP[OVZL *VTWHU`ÔPJO^HZWOHZLKV\[K\YPUN[OL`LHY ULLKLKMVYKPZ[YPI\[PVUHZ^LSSHZPU[LNYH[LK generators up to 70 MVA range and AC drives
held for sale or discontinued operations. These are solutions for network management. Its operations \W[V4>"[YHJ[PVUTHJOPULZMVYYHPS^H`
NP]LUILSV^ CONTINUING OPERATIONS HYLJSHZZPÄLKHZNP]LUILSV^! [YHUZWVY[H[PVU"HUKZ[HTWPUNWYVK\J[Z0[OHZ
*VU[PU\PUNVWLYH[PVUZMVY-@^LYLHZMVSSV^Z! MHJPSP[PLZH[;HWPVZaLSL/\UNHY`4HUKPKLLW
DISCONTINUED OPERATIONS 1. *.7V^LYHUK0UK\Z[YPHS:VS\[PVUZ3PTP[LK 1. Products, which comprise Power Transformers, HUK7P[OHTW\Y4HKO`H7YHKLZO(OTLKUHNHY
During FY2018, discontinued operations or 2. CG International BV. EHV Switchgears, MV Switchgears and 4HOHYHZO[YHHUK*VS]HSLHUK2\UKHPT.VH
I\ZPULZZLZOLSKMVYZHSL^LYLHZMVSSV^Z! 3. CG Drives & Automation Netherlands BV. +PZ[YPI\[PVU;YHUZMVYTLYZ-HJPSP[PLZVM[OL
1. CG Holdings Belgium NV. 4. *.+YP]LZ (\[VTH[PVU.LYTHU`.TI/ JVU[PU\PUNI\ZPULZZLZHYLH[2HUQ\Y4HYN 2. Drives and Industrial Automation, which
2. *.7V^LY:`Z[LTZ)LSNP\T5= 5. CG Industrial Holdings Sweden AB. 4\TIHP4HOHYHZO[YH4HSHUW\YHUK4HUKPKLLW PU]VS]LZ(*HUK+*KYP]LZHUK]HYPHISLMYLX\LUJ`
3. *.7V^LY:`Z[LTZ0YLSHUK3[K 6. CG Drives & Automation Sweden AB. 4HKO`H7YHKLZO5HZOPRHUK(\YHUNHIHK KYP]LZ0[OHZMHJPSP[PLZH[/LSZPUNIVYN:^LKLUHZ
4. CG Sales Networks France SA. 7. 7;*.7V^LY:`Z[LTZ0UKVULZPH 4HOHYHZO[YHHUK)VNVY0UKVULZPH ^LSSHZH[4HUKPKLLW4HKO`H7YHKLZO
5. *.:LY]PJL:`Z[LTZ-YHUJL:(: 8. *..HUa.LULYH[VYHUK4V[VY33*MVYTLYS`
6. *.,SLJ[YPJ:`Z[LTZ/\UNHYÀY[;OL*VTWHU` *./VSKPUNZ/\UNHY`2M[ 2. :`Z[LTZHUK:VS\[PVUZÔPJOWYV]PKL[\YURL` 3. 9HPS^H`ZÔPJOPUJS\KLZZVS\[PVUZIHZLK
PZPU[OLWYVJLZZVMKPZWVZPUN[OPZI\ZPULZZ 9. *./VSKPUNZ(TLYPJHZ33* solutions and services for design, manufacture, VUPUZ\SH[LKNH[LIPWVSHY[YHUZPZ[VY0.);
7. *.,SLJ[YPJ:`Z[LTZ/\UNHYÀY[·9V[H[PUN 10. *.7V^LY(TLYPJHZ33*MVYTLYS`*.:HSLZ Z\WWS`JVUZ[Y\J[PVUPUZ[HSSH[PVU[LZ[PUN [LJOUVSVN`[YHJ[PVULSLJ[YVUPJZHUK[YHJ[PVU
4HJOPULZ+P]PZPVU;OL*VTWHU`PZPU[OLWYVJLZZ 5L[^VYRZ(TLYPJHZ commissioning, and servicing of large scale on- THJOPULZMVYYHPS^H`[YHUZWVY[H[PVUHUKZPNUHSSPUN
VMKPZWVZPUN[OPZI\ZPULZZHZ^LSS 11. 8,033*LHYSPLY*.(\[VTH[PVU:VS\[PVU ZOVYLHUKVɈZOVYLJVU]LU[PVUHSHUKYLUL^HISL with facilities at Mandideep and Pithampur
8. *.7V^LY:VS\[PVUZ<23[K;OPZI\ZPULZZPZ <:( LULYN`WYVQLJ[Z;OLJVU[PU\PUNI\ZPULZZVWLYH[LZ 4HKO`H7YHKLZO
ILPUNWOHZLKV\[ 12. *.770(KOLZP]L7YVK\J[Z3PTP[LK V\[VM.\YNHVU/HY`HUHHUK1HRHY[H0UKVULZPH
9. *.:VS\[PVUZ(TLYPJHZ33*LHYSPLY*.7V^LY 13. *YVTW[VU.YLH]LZ:HSLZ5L[^VYR4HSH`ZPH 4. :LY]PJLZMVYHSS[OLHIV]LWYVK\J[ZPUJS\KPUN
:VS\[PVUZ<:(0UJ;OPZI\ZPULZZPZHSZVILPUN Sdn.Bhd. INDUSTRIAL SYSTEMS BU the condition monitoring and training modules for
phased out. 14. CG International Holdings Singapore PTE ;OL0UK\Z[YPHS:`Z[LTZ)<WYV]PKLZLX\PWTLU[ maintenance.
10. *.7V^LY<:(0UJ;OPZ^HZKPZWVZLKVɈ 3PTP[LK HUKZLY]PJLZ[VJVU]LY[LSLJ[YPJHSLULYN`MVY
K\YPUN[OL`LHY 15. PT Crompton Prima Switchgear Indonesia, a PUK\Z[YPHSHWWSPJH[PVUZ0[OHZMV\Y]LY[PJHSZ!
11. *.7V^LY:VS\[PVUZ:H\KP(YHIPH3[K joint venture.
034 035
A net revenue from

BUSINESS CG: POWER SYSTEMS
PERFORMANCE
consolidated
FY2018
financial the main businesses INDUSTRIAL SYSTEMS
highlights
;OL\UL_LJ\[LKVYKLYIVVR<,6)HZVU 6]LYHSS7(;·MVYJVU[PU\PUNHUKKPZJVU[PU\LK FIGURES IN I CRORE
31 March 2018 stood at IJYVYLYLWYLZLU[PUN VWLYH[PVUZ[HRLU[VNL[OLY·^HZHSVZZVM
HNYV^[OVMV]LYH`LHYLHYSPLY I1,164 crore in FY2018, versus a loss of THE GAP BET WEEN
I JYVYLPU[OLWYL]PV\Z`LHY INDUSTRIAL SYSTEMS

AND POWER SYSTEMS
Net sales and income from operations was
HAS NARROWED, FROM
I6,189 crore. This was 12.1% higher than the *HZOWYVÄ[MYVTJVU[PU\PUNVWLYH[PVUZ^HZ
JVTWHYHISLÄN\YLVM[OLWYL]PV\Z`LHY I213 crore in FY2018 versus I246 crore in FY2017.
42.2% TO 30.0% OVER 30.0%
T WO YEARS.
*.»ZLHYUPUNZILMVYLPU[LYLZ[KLWYLJPH[PVU Chart A plots the change in revenues of the two 39.0%

[H_LZHUKHTVY[PZH[PVU,)0+;(PUJS\KPUN THPUI\ZPULZZLZ
ºV[OLYL_WLUZLZ»I\[^P[OV\[ºV[OLYPUJVTL»^HZ 42.2%
IJYVYLPU-@;OPZ^HZOPNOLY[OHU
[OLJVTWHYHISLU\TILYMVY-@
+\L[VOPNOLYPU[LYLZ[JVZ[ZWYVÄ[ZILMVYL
[H_LZ7);L_JS\KPUNºV[OLYPUJVTL»YLK\JLKI`
23% to I87 crore. PBT including ‘other income’
I\[^P[OV\[L_JLW[PVUHSP[LTZ^HZI126 crore in
FY2018.
+\YPUN[OLX\HY[LYLUKLK4HYJO[OL
*VTWHU`L_HTPULK[OLYLJV]LYHIPSP[`VMJLY[HPU
V]LYK\LUVUYLJV]LYHISLHZZL[ZHUKHM[LY[OPZ
HUHS`ZPZOHZ^YP[[LU[OLZLVɈ;OLZLOH]LILLU
HJJV\U[LKMVYHZL_JLW[PVUHSP[LTZHTV\U[PUN[V
IJYVYLUL[ÔPJOHSZVPUJS\KLWYV]PZPVUMVY
litigation claims.
(M[LYPUJVYWVYH[PUN[OLZLL_JLW[PVUHSP[LTZ
7);[\YULKULNH[P]L·[VHSVZZVMI317 crore for
FY2018.
*VUZLX\LU[S`WYVÄ[HM[LY[H_LZ7(;MYVT
JVU[PU\PUNVWLYH[PVUZHM[LYTPUVYP[`PU[LYLZ[Z CG’s net revenue from
the Power System
HUKZOHYLVMWYVÄ[VYSVZZPUHZZVJPH[LZHUKQVPU[
1844
3188
2082
3417
2541
3633
business increased by
ventures, turned to a loss of I392 crore in FY2018. 6.3% between FY2018
and the previous year.
Net revenue from the
PAT from discontinued operations was a loss of Industrial System
I772 crore. business grew by 22.0%
FY2016 FY2017 FY2018
036 037
CG
C G Pow
Power
P err and
e an Industrial
IIn
ndus
dustri
trial
al CG Power and Industrial Management
Solutions
So
Soluti
tions
ons LLimited
Li
imit
mited
edd 201
2018
0188 Solutions Limited 2018 Discussion and Analysis
BUSINESS
PERFORMANCE
power a Business Transfer Agreement as well as a Share
:HSLHUK7\YJOHZL(NYLLTLU[OH]LILLUZPNULK
FY2018
systems BU ^P[O[OL7\YJOHZLYZ;OLZLHYLZ\IQLJ[[VYLJLP]PUN
YLN\SH[VY`HUKV[OLYHWWYV]HSZ;OLYLHM[LY[OL
ULJLZZHY`KVJ\TLU[ZMVYHɈLJ[PUN[YHUZMLYVM
7V^LY:`Z[LTZPZ[OL*VTWHU`»ZSHYNLZ[)< all the shares of ESHU to the Purchasers have
0[MVJ\ZLZVUWV^LY[YHUZTPZZPVUKPZ[YPI\[PVU ILLUL_LJ\[LK*VUZPKLYPUNJLY[HPUJVUKP[PVUZ
power solutions, setting up of integrated power Z\IZLX\LU[[VILWLYMVYTLKIL[^LLU[OLWHY[PLZ
Z`Z[LTZHUKHZZVJPH[LKZLY]PJLZI\ZPULZZLZ [OLZOHYLZOH]LILLUOLSKPULZJYV^HUK^PSSIL
It manufactures a wide range of power and handed over to the Purchasers upon completion
KPZ[YPI\[PVU[YHUZMVYTLYZL_[YHOPNO]VS[HNL VMZ\JOJVUKP[PVUZ*VUZLX\LU[[V[OPZ,:/<
,/=HUKTLKP\T]VS[HNL4=JPYJ\P[IYLHRLYZ ^PSSJLHZL[VILHZ[LWKVÛZ\IZPKPHY`VM[OL
switchgears, EHV instrument transformers, *VTWHU`/LUJLÔPSL[OLZLI\ZPULZZLZHYL
lightning arrestors, isolators and vacuum [YLH[LKHZKPZJVU[PU\LKHZWLY0UK(:[OLZL
PU[LYY\W[LYZ0UHKKP[PVUP[VɈLYZ[\YURL`ZVS\[PVUZ are in the process of divestment.
MVY[YHUZTPZZPVUHUKKPZ[YPI\[PVU; +[OYV\NO
Z\IZ[H[PVUWYVQLJ[ZLUNPULLYPUNWYVJ\YLTLU[ POWER SYSTEMS BU: CONSOLIDATED
HUKJVUZ[Y\J[PVU,7*HZ^LSSHZV[OLYLUK FINANCIAL PERFORMANCE
to-end contracts involving the entire value The consolidated performance of CG’s Power
JOHPU·ZVS\[PVUZKLZPNUWYVK\J[ZWYVJ\YLTLU[ :`Z[LTZ)<PZNP]LUPUTable 1.
construction, erection and servicing. A detailed list (S[OV\NOYL]LU\LVM*.7V^LYNYLÎ`
VM*.»Z7V^LY:`Z[LTZ)<WYVK\J[ZZVS\[PVUZ PU-@]LYZ\Z[OLWYL]PV\Z`LHY[OLYLHYLH
and services as well as its associated facilities is couple of issues that need highlighting.
NP]LUH[[OLLUKVM[OPZ(UU\HS9LWVY[ ;OLÄYZ[PZ[OLKLJSPULPU[OLI\ZPULZZ<,6)
4\JOVM[OPZPZZ[YH[LNPJ!NP]LUV\YJHWHJP[PLZ
DIVESTMENT OF THE US POWER ^LKPKUV[^HU[[V[HRL\WHSHYNLU\TILYVM
SYSTEMS BUSINESS VYKLYZMVYWV^LY[YHUZMVYTLYZLZWLJPHSS`[OVZL
;OL)VHYKVM+PYLJ[VYZVM*.HJJLW[LKHIPUKPUN ^P[OSV^LYWYVÄ[THYNPUZ,X\HSS`^LULLK[V
VɈLYMYVT>,.:(MVYHJX\PYPUN[OL*VTWHU`»Z KLIV[[SLULJRZVTLVMV\YJHWHJP[PLZ[VLUHISL
ÔVSS`VÛLKWV^LYI\ZPULZZPU[OL<:(UHTLS` NYLH[LY[OYV\NOW\[·ZVHZ[VHSSV^[OLI\ZPULZZ
CG Power USA Inc., for an enterprise value of [VIPKMVYTVYLWYVÄ[HISLVYKLYZPU[OLULHY
<:TPSSPVU>,.PZH)YHaPSPHULU[LYWYPZL M\[\YL>LL_WLJ[[OH[[VOHWWLUPU-@ HUK
W\ISPJS`SPZ[LKPU[OL:HV7HVSV:[VJR,_JOHUNL0[ thereafter.
PZHZPNUPÄJHU[NSVIHSWSH`LYPULSLJ[YPJTV[VYZHUK The second concern is a slight drop in the
other electro-electronic products. This divestment ,)0;+(^P[OV[OLYPUJVTLTHYNPU·MYVT
^HZJVTWSL[LKVU1\S`>P[O[OPZ*. VMYL]LU\LSHZ[`LHY[VPU-@;OV\NO
7V^LY<:(0UJJLHZLK[VILHÔVSS`VÛLK [OLKPɈLYLUJLPZZTHSSP[YLÅLJ[ZPUJYLHZPUN
Z[LWKVÛV]LYZLHZZ\IZPKPHY`VM[OL*VTWHU` JVTWL[P[PVULZWLJPHSS`PUWV^LY[YHUZMVYTLYZ
PU0UKPH>L^PSSOH]L[VV]LYJVTL[OPZI`
PROPOSAL TO DIVEST CG’S BUSINESS IN Z\JJLZZM\SS`Z\WWS`PUNOPNOLY]HS\LHKKLKWV^LY
HUNGARY LX\PWTLU[^P[ONYLH[LYWYVÄ[THYNPUZPU[OLM\[\YL
6U(\N\Z[*.»Z)VHYKVM+PYLJ[VYZ
HWWYV]LKHIPUKPUNVɈLYMYVT.HUa=PSSHTVZZHNP POWER SYSTEMS BU: KEY
AY[HUK(SLZ[LY/VSKPUNZ3[K[OLº7\YJOHZLYZ»MVY DEVELOPMENTS IN FY2018
[OLHZZL[ZHUKZHSLVMZOHYLZVM[OL*VTWHU`»Z ;OLWYVK\J[SPULZMVY*.7V^LY:`Z[LTZ)<HYL!
transformers I\ZPULZZPU/\UNHY`L_JS\KPUNZ^P[JONLHYZ WV^LY[YHUZMVYTLYZZ^P[JONLHYZHUKKPZ[YPI\[PVU
CG IS A LEADING VÛLKI`[OL*VTWHU`»ZZ[LWKVÛZ\IZPKPHY` transformers.
MANUFACTURER OF 765 kV
TRANSFORMERS AND
*.,SLJ[YPJ:`Z[LTZ/\UNHYÀY[,:/<H[HU The Indian power transformer market is
REACTORS IN INDIA LU[LYWYPZL]HS\LVM,\YVTPSSPVU:\IZLX\LU[S` L_WLJ[LK[VNYV^KYP]LUI`[OLKLTHUKMYVT
039
CG has full-fledged )LHZ4HUHNLTLU[)VHYK))4)3 ;0UKPHU VM^P[OHOPNOVYKLYPUW\[HUKHJVTMVY[HISL
01
extra high voltage 9HPS^H`ZHZ^LSSHZ[OL2VYLH,SLJ[YPJ7V^LY VYKLYIVVRWVZP[PVU
consolidated financial performance: and medium *VYWVYH[PVU2,7*6HUK6=0;PU/\UNHY` ;OLWSHU[»ZZ\JJLZZOHZILLUPUTHU\MHJ[\YPUN
power systems business in I crore voltage switchgear
plants in India
FY2018 saw T3 achieve its highest ever LZ[LYÄSSLKNYLLU+;Z0[Z\JJLZZM\SS`[LZ[LKHU
KPZWH[JOVMV]LY[YHUZMVYTLYZ,X\HSS` LZ[LYÄSSLK4=(R=[YHUZMVYTLY
CG POWER SYSTEM BU FY2017 FY2018 GROWTH which command
ZH[PZMHJ[VY`^HZ[OLWSHU[»ZTHU\MHJ[\YPUNHPY [OH[^HZJLY[PÄLKI`[OL,SLJ[YPJHS9LZLHYJOHUK
significant
<UL_LJ\[LK6YKLY)VVR<,6) 3,808 3,127 lifting and commissioning of a 80 MVA, 132 kV +L]LSVWTLU[(ZZVJPH[PVU,9+("HUKKLSP]LYLK
leadership position
Net revenue 3,417 3,633 6.3%
in the country [YHUZMVYTLY^P[OPU KH`Z;OPZ[YHUZMVYTLY HUV[OLYLZ[LYÄSSLK4=(R=\UP[[V
,)0+;(0UJS\KPUN6[OLY0UJVTL 386 THU\MHJ[\YLKMVY2,7*6HUK^LPNOPUNV]LY [OL*LU[YHS7\ISPJ>VYRZ+LWHY[TLU[*7>+
EBIT 344 312 TL[YPJ[VUZ^HZHPYMYLPNO[LKMYVT4\TIHP[V >P[OP[Z^PKLWVY[MVSPVVMWYVK\J[Z·PUJS\KPUN
*HWP[HS,TWSV`LK 1,610 Jamaica. TPULYHSVPSÄSSLKLZ[LYVPSÄSSLKHUKJHZ[YLZPUKY`
9L[\YUVU*HWP[HS,TWSV`LK96*, 21.4% 20.4% Minus 1 percentage point
.P]LUNYV^PUNVYKLYZMYVT0UKPHU9HPS^H`Z; [YHUZMVYTLYZ·MVY]HYPV\ZHWWSPJH[PVUZZ\JOHZ
OHZJYLH[LKHKLKPJH[LKMHJPSP[`MVYTHU\MHJ[\YPUN power utilities, mines and metals, locomotive,
Note: Figures have been re-grouped wherever necessary to make these comparable
YHPS^H`[YHUZMVYTLYZ^P[OHJHWHJP[`[VWYVK\JL ,4<HUK[OLH\[VTV[P]LPUK\Z[Y`;PZUV^
\UP[ZWLYTVU[O;OPZMHJPSP[`PUKPNLUV\ZS` well placed to leverage growth opportunities
designed, developed, manufactured, tested and throughout India and South Asia.
[OL7V^LY.YPK*VYWVYH[PVUVM0UKPH3PTP[LK 5H[PVUHS+»,SLJ[YPJP[PL:,5,3,*[OLUH[PVUHS KPZWH[JOLKHJVTWSL_R=(·R=(*
7.*03[OL5H[PVUHS;OLYTHS7V^LY*VYWVYH[PVU LSLJ[YPJP[`JVTWHU`VM:LULNHSHUK7V^LY[LJH EMU transformer in line with stringent technical SWITCHGEARS
5;7*HUKZVTLVM[OLÄUHUJPHSS`Z[YVUNLY:[H[L THQVYLSLJ[YPJHSLX\PWTLU[Z\WWS`HUKLUNPULLYPUN ZWLJPÄJH[PVUZHUKKPTLUZPVUHSJVUZ[YHPU[Z *.OHZM\SSÅLKNLKL_[YHOPNO]VS[HNL,/=HUK
,SLJ[YPJP[`)VHYKZ+LKPJH[LKMYLPNO[JVYYPKVYZVM JVTWHU`PU.YLLJL *.»ZWSHU[H[)VNVY0UKVULZPHTHU\MHJ[\YLZ TLKP\T]VS[HNL4=Z^P[JONLHYWSHU[ZPU0UKPH
[OL0UKPHU9HPS^H`ZPZHSZVL_WLJ[LK[VJYLH[L 4=([V4=(R=[VR=[OYLL ÔPJOJVTTHUKZPNUPÄJHU[SLHKLYZOPWWVZP[PVUPU
additional demand for trackside transformers. T1 has had several successes in FY2018, among WOHZLHUK4=(R=ZPUNSLWOHZL [OLJV\U[Y`0[ZMHJPSP[PLZPU(TIHKULHY5HZOPR
0UWV^LYKPZ[YPI\[PVU[OLJLU[YHSNV]LYUTLU[ ÔPJOHYL! WV^LY[YHUZMVYTLYZ0[ZRL`J\Z[VTLYZHYL7; 4HOHYHZO[YHHUK(\YHUNHIHK4HOHYHZO[YH
PZ[HRPUNV]LYVM[OLKLI[VMV]LYSL]LYHNLK Successful short circuit testing at KEMA 7LY\ZHOHHU3PZ[YPR5LNHYHº735»0UKVULZPH THU\MHJ[\YLHPYPUZ\SH[LK(0:HUKNHZPUZ\SH[LK
JHZOZ[YHWWLK+0:*64Z\UKLY[OLUjwal DISCOM ;OL5L[OLYSHUKZVMH4=(R= a government-owned corporation that has .0:,/=Z^P[JONLHYZ4=Z^P[JONLHYZ]HJ\\T
Assurance Yojana<+(@ZJOLTL·ZVSVUNHZ transformer produced for the Uttar Pradesh Power TVUVWVS`V]LYLSLJ[YPJP[`KPZ[YPI\[PVUHJYVZZ interrupters, instrument transformers and
[OLZLLU[P[PLZHNYLL[VHKLX\H[LS`YHPZL[OLWYPJL ;YHUZTPZZPVU*VTWHU`3PTP[LK<77;*3 [OLHYJOPWLSHNV";YHUZWV^LY5LÂLHSHUK"HUK KPZ[YPI\[PVUWYV[LJ[PVUHUKH\[VTH[PVULX\PWTLU[
VMLSLJ[YPJP[`Z\WWSPLK[V[OLÄUHSJVUZ\TLY0M *VTTPZZPVULK0UKPH»ZÄYZ[Z[H[PJZÙJOYVUV\Z Meralco, Philippines. ;OL(TIHKMHJPSP[`WYVK\JLZPUZ[Y\TLU[
[OPZOLSWZ[VZ\ɉJPLU[S`JSLHU\W[OLHJJV\U[Z JVTWLUZH[VY:;(;*64[YHUZMVYTLYMVY 0UHKKP[PVU[OLMHJPSP[`H[1HRHY[H0UKVULZPH [YHUZMVYTLYZNHZHUK]HJ\\TJPYJ\P[IYLHRLYZ
VMTHU`+0:*64ZP[V\NO[[VJYLH[LOLHKYVVT 7.*03·[OYV\NOHUVYKLYMYVT3 ;HUK:PLTLUZ THU\MHJ[\YLZHUKHZZLTISLZ(0:Z\IZ[H[PVUZ lightning arrestors, AIS and GIS switchgears and
[VNLULYH[LHKKP[PVUHSKLTHUKMVYKPZ[YPI\[PVU 0U[OLJV\YZLVM-@MV\YZ\JO:;(;*64 \W[VR=TVIPSLZ\IZ[H[PVUZ\W[V4=( LSLJ[YVUPJU\TLYPJHSYLSH`Z;OL(\YHUNHIHK
[YHUZMVYTLYZ,HYS`Z[LWZPU[OPZYLNHYKHYL]PZPISL! [YHUZMVYTLYZ^LYLJVTTPZZPVULK"LPNO[^LYL R=HZ^LSSHZ.0:Z\IZ[H[PVUZ\W[VR= unit manufactures vacuum interrupters, vacuum
*.»ZZHSLVMKPZ[YPI\[PVU[YHUZMVYTLYZMYVT;P[Z Z\WWSPLK"HUKHUV[OLYMV\Y^LYLZ\JJLZZM\SS` ;OLZLHYLSHYNLS`MVY735HZ^LSSHZMVY;5) contactors and instrument transformers. All
4HSHUW\YWSHU[OHZILLUHZ\JJLZZZ[VY`VM[OL tested. 4HSH`ZPH VM0UKPH»ZWV^LY[YHUZTPZZPVUHUKKPZ[YPI\[PVU
`LHY +LZPNULKHUKKL]LSVWLKH4=(YR= *.HSZVOHZHQVPU[]LU[\YL^P[O735[V \[PSP[PLZHYLJ\Z[VTLYZ[V*.·[OLTHQVYKVTLZ[PJ
[OYLLWOHZL]HYPHISLZO\U[YLHJ[VYMVY:,5,3,* manufacture switchgears in Indonesia. J\Z[VTLYZILPUN7.*03[OL5\JSLHY7V^LY
POWER TRANSFORMERS (PT) PU:LULNHS;OLVYKLYPZMVYÄ]LZ\JOYLHJ[VYZ *VYWVYH[PVUVM0UKPH3PTP[LK57*035;7*Z[H[L
These are manufactured at CG’s facilities at T1 DISTRIBUTION TRANSFORMERS ( DT ) SL]LS[YHUZTPZZPVUHUKKPZ[YPI\[PVU\[PSP[PLZHUK
2HUQ\Y4HYN4\TIHP;4HUKPKLLWULHY ;OL;MHJPSP[`H[4HUKPKLLWPZ0UKPH»ZSLHKPUN +PZ[YPI\[PVU[YHUZMVYTLYZ+;HYLWYVK\JLKPU PU[LYUH[PVUHSJ\Z[VTLYZZ\JOHZ(5+,7HYHN\H`
)OVWHSHUK)VNVY0UKVULZPH R=THU\MHJ[\YPUNWSHU[0[WYVK\JLZR=ZPUNSL 0UKPHH[[OL;MHJPSP[`H[4HSHUW\Y;OLWYVK\J[Z ,5,30[HS`;5)4HSH`ZPH2,7*62VYLH::0
phase reactors up to 110 MVAr, single phase among others, are ester oil transformers as well <:(HUK273*2LU`HHTVUNV[OLYZ
;OL;MHJPSP[`WYVK\JLZWV^LY[YHUZMVYTLYZ\W WV^LY[YHUZMVYTLY\W[V4=(HZ^LSSHZ as large power transformers up to three-phase In FY2018, net sales from CG’s switchgear
[V[OYLLWOHZL4=(R=HUK[OYLL [OYLLWOHZL[YHUZMVYTLYZ\W[V4=(R= 4=(R=;OLTHQVYJ\Z[VTLYZ^LYL! MHJPSP[PLZPUJS\KPUNL_WVY[ZZ[VVKH[I1,108 crore,
WOHZLYLHJ[VYZ\W[V4=(YR=:VTL JSHZZ;OPZ\UP[HSZVOHZKLKPJH[LKIH`[VWYVK\JL 7.*033 ;:[LYSPUN>PSZVU:7430UMYH:PLTLUZ ÔPJO^HZHIV]L[OH[VM[OLWYL]PV\Z`LHY
VMP[ZTHQVYJ\Z[VTLYZOH]LILLU7.*035;7* R=[OYLLWOHZLSVJVTV[P]L[YHUZMVYTLYZMVY and the Nagpur Metro project. ,_WVY[Z^LYLIJYVYL>P[OPU0UKPH*.»Z
[OL5H[PVUHS/`KYV7V^LY*VYWVYH[PVU5/7* 0UKPHU9HPS^H`Z;OLRL`J\Z[VTLYZHYL7.*03 (M[LYZL]LYHS`LHYZVMTHRPUNSVZZLZ;[\YULK switchgear products accounted for over 26%
3HYZLU ;V\IYV3 ;;LJOUV,SLJ[YPJ;H[H 5;7*[OL4HKO`H7YHKLZO7V^LY;YHUZTPZZPVU around in FY2017 with an EBIDTA of 7.3% to VM[OLTHYRL[;OLI\ZPULZZLHYULKHU,)0+;(
;LUHNH5HZPVUHS)LYOHK;5)VM4HSH`ZPH.HSMHY *VTWHU`3PTP[LK477;*3HUKZVTLRL`Z[H[L ZHSLZ0[KPKIL[[LYZ[PSSPU-@^P[OHU,)0+;( THYNPUVMHUKHU96*,VM
,UNPULLYPUNHUK*VU[YHJ[PUNPU6THU:VJPL[L level power transmission corporations, the Bhakra
040 041
transformers
PGCIL, NTPC, NHPC, L&T
ARE SOME OF THE MAJOR
CUSTOMERS FOR CG
TRANSFORMERS
:^P[JONLHYZ^P[ULZZLKZL]LYHSRL`HJOPL]LTLU[Z has large upside potential in the world of smart

:VTLVM[OLZL^LYL! grids.
0UZ[HSSH[PVUVM4>YVVM[VWZVSHYWHULSZ^P[O :LJ\YLK[OLÄYZ[VYKLYMYVT0UKPHU9HPS^H`ZMVY
associated instrumentation. IH`ZVMR=.0:ÔPJOVWLUZ\W[OPZWYVK\J[
;OLÄYZ[0UKPHULU[LYWYPZL[VNL[HUHWWYV]HS [V[OLYHPS^H`ZHUK[OL4L[YVTHYRL[Z(SZVNV[
MYVT7.*03MVYR=I\ZOPUNZ;^VZ\JO HWWYV]HSMYVT[OL9LZLHYJO+LZPNUHUK:[HUKHYKZ
I\ZOPUNZ^LYLJVTTPZZPVULKPU5V]LTILY" 6YNHUPZH[PVU9+:6VM[OL0UKPHU9HPS^H`ZMVY
HUKHÄYZ[VYKLY^HZYLJLP]LKMVYTVYLVM[OLZL R=(ZPUNSLWVSLWVYJLSHPUJSHKV\[KVVY
I\ZOPUNZ ]HJ\\TJPYJ\P[IYLHRLY
>HZ[OLÄYZ[[VKL]LSVWHUKWYVK\JLH 5L^WYVK\J[Z!P7YVK\JLKJVZ[LɈLJ[P]L
R=J\YYLU[[YHUZMVYTLY*;^P[OPUKPNLUV\Z KLZPNUZMVYR=R(((ZPUNSL
[LJOUVSVN` I\Z.0:"HUKMVYR=R=R((
+L]LSVWLKYLZPUPTWYLNUH[LKWHWLY907 (0:]HJ\\TJPYJ\P[IYLHRLYWHULSPP,UOHUJLK
I\ZOPUNZ\W[VR=HUK^VU[OLY\UULY¶\W YLSPHIPSP[Ì`THU\MHJ[\YPUNOPNOJHU[PSL]LYR=
H^HYKMVY[OLº)LZ[7YVK\J[+L]LSVWLKI`HU SPNO[UPUNHYYLZ[VYZHZ^LSSHZR=HYJHZZPZ[LK
0UKPHU,_OPIP[VY»PU,SLJYHTH NHUNVWLYH[LKNHZJPYJ\P[IYLHRLYZPPP7YVK\JLK
7YVK\JLK[LJOUVSVNPJHSS`LUOHUJLK,/=J\YYLU[ UL^YHUNLZVMR=HUKR=.0:"HUKR=
transformers such as 420 kV CTs with composite (JVUKLUZLYI\ZOPUNZHZ^LSSHZ,/=
PUZ\SH[VYZPUSPUL^P[O7.*03»ZUL^ZWLJPÄJH[PVUZ" current transformers with a composite insulator.
and 420 kV CTs with cast tank for improved
HLZ[OL[PJZHZ^LSSHZIL[[LYWLYMVYTHUJL ENGINEERING PROJECTS DIVISION ( EPD )
9L[YVÄ[[LKVSKLYO`KYH\SPJJPYJ\P[IYLHRLYZH[ ,7+»ZVɈLYPUNZPUJS\KL!
7.*03»Z+HKYPZ\IZ[H[PVU^P[OR=NHZJPYJ\P[ ;\YURL`(0:Z\IZ[H[PVUZVMR=R=HUK
IYLHRLYZ R=
*VTTPZZPVULKHT\S[PH_LZYVIV[PJ^LSKPUN ;\YURL`.0:Z\IZ[H[PVUZMYVTR=[VR=
MHJPSP[`HUKJSLHUYVVTMVYTHU\MHJ[\YPUNTLKP\T Pure installation and commissioning of projects.
voltage GIS switchgears. Also commissioned at
[OLZHTL[PTLHM\SS`TVKLYUPaLKZ[H[LVM[OLHY[ In the past, EPD incurred losses on account of site
.0:THU\MHJ[\YPUNMHJPSP[` completion issues that resulted in costs overruns.
.0:!+L]LSVWLKUL^HUK\UPX\LKLZPNUZMVY 4VZ[VM[OLZL^LYLK\L[VMHJ[VYZIL`VUK*.»Z
R=.0:VYKLYZMYVT(UKYP[a/`KYV=PL[UHT JVU[YVS6\YJ\YYLU[MVJ\ZPZVUJVTWSL[PUN
6KLZZH,ULYNV<RYHPULHUK;VYYLU[7V^LY [OLWYVQLJ[ZH[OHUKÔPJOZOV\SKILKVULI`
:\YH[*YLH[LKHUL^THYRL[MVY.0:PU>LZ[ -@ >L^PSSVUS`JVUZPKLY[HRPUN\WWYVQLJ[Z
)LUNHSI`ZLJ\YPUNVYKLYZMYVT[OL>LZ[)LUNHS [OH[PUZ\SH[L[OL*VTWHU`MYVTWV[LU[PHSSVZZLZ
:[H[L,SLJ[YPJ;YHUZTPZZPVU*VTWHU`3PTP[LK HUKSPX\PKH[LKKHTHNLZ0U[OPZJVU[L_[^LHYL
>):,;*3(UKJHTL\W^P[OHUL^HWWSPJH[PVU L]HS\H[PUNZVTLRL`,7+WYVQLJ[ZPUHZZVJPH[PVU
[OH[SPURLKHIHURVMTLKP\T]VS[HNL.0: with state utilities.
^P[OHWWYVWYPH[LZ\WLY]PZVY`JVU[YVSHUKKH[H
HJX\PZP[PVU:*(+(WHULSZMVY4HOHYHZO[YH
CG developed resin :[H[L,SLJ[YPJP[`+PZ[YPI\[PVU*VTWHU`3PTP[LK
impregnated paper 4:,+*3HUK[OL/HY`HUH=PK`\[7HYP`VQHUH
(RIP) bushings 5PNHT3PTP[LK/=753
upto 145 kV and
won the runner–
+LZPNULKI\PS[HUKZ\JJLZZM\SS`Z\WWSPLKMLLKLY
YLTV[L[LYTPUHS\UP[Z-9;<Z[V;VYYLU[7V^LYMVY
up award for the
‘Best Product (NYHHUK:\YH[-9;<ZHYLPU[LSSPNLU[LSLJ[YVUPJ
Developed by an devices designed for use in feeder automation.
Indian Exhibitor’ 4VYLVYKLYZHYLPU[OLWPWLSPUL>P[O[OPZ*.OHZ
in Elecrama 2018 LU[LYLK[OLHYLHVMKPZ[YPI\[PVUH\[VTH[PVUÔPJO
042 043
CG Pow
CG Power
Poowwer
er and
an Industrial
In
ndus
ustri
trial
all CG Power and Industrial Management
Solutions
Soluti
u onns Li
ns Limited
Limit
mit
ited
ite
it ed 201
20188 Solutions Limited 2018 Discussion and Analysis
BUSINESS
PERFORMANCE
industrial (UK*.»ZZOHYLVM[OLTHYRL[MVYHS[LYUH[VYZ
is almost 39%.
FY2018
systems BU 9LNHYKPUN-/7TV[VYZ*.»ZKVTLZ[PJTHYRL[
share was 13.2%.
As far as large rotating machines and HT motors
*.»Z0UK\Z[YPHS:`Z[LTZOHZMHJPSP[PLZSVJH[LKH[ go, CG’s products accounted for 18% of the
4HUKPKLLWHUK7P[OHTW\Y4HKO`H7YHKLZO Indian market.
(OTLKUHNHY4HOHYHZO[YH*VS]HSLHUK2\UKHPT *.»Z3;TV[VYTHU\MHJ[\YPUNMHJPSP[`H[
.VHHUK;HWPVZaLSL/\UNHY`;OLI\ZPULZZ\UP[ (OTLKUHNHY<UP[0WYVK\JLZ\W[V
THU\MHJ[\YLZ[OLMVSSV^PUN[`WLZVMWYVK\J[Z! THJOPULZWLYTVU[O3;TV[VYZ<UP[00HSZVPU
/PNO]VS[HNL/=TV[VYZ Ahmednagar, manufactures 16,000 motors per
3V^]VS[HNL3=TV[VYZ month. Unit III in Goa produces up to 33,000 units
-YHJ[PVUHSOVYZLWV^LY-/7TV[VYZ per month.
+PYLJ[J\YYLU[+*TV[VYZ The FHP motors plant, also in Goa,
AC and DC drives. manufactures up to 70,000 units per month.
(*NLULYH[VYZ3=HUK/= ;OLUL^/;TV[VYZMHJPSP[`PU)OVWHS·ÔPJO
=HYPHISLMYLX\LUJ`KYP]LZHUKZVS\[PVUZ WYVK\JLZSHYNLTHJOPULZ\W[V4>NLULYH[VYZ
IHZLKVUPUZ\SH[LKNH[LIPWVSHY[YHUZPZ[VY \W[V4>HUKTHKL[VVYKLYTV[VYZ·JHU
0.);[LJOUVSVN`"ZVM[Z[HY[LYZHUKZOHM[WV^LY THU\MHJ[\YL\W[VLX\P]HSLU[TV[VYZWLY
TVUP[VYZ"HUKYV[HYÒLH[L_JOHUNLYZ^P[OZ^P[JO month.
YLS\J[HUJLTV[VYZMVYZH]PUNLULYN` 0U-@,ULYN`,ɉJPLUJ`:LY]PJLZ3PTP[LK
Traction electronics and traction machines for ,,:3HULULYN`ZLY]PJLZJVTWHU`VM[OL
YHPS^H`[YHUZWVY[H[PVU .V]LYUTLU[VM0UKPH[VMHJPSP[H[LLULYN`LɉJPLU[
9HPS^H`ZPNUHSSPUNLX\PWTLU[ projects, put out its largest ever tender worth
Stampings. HWWYV_PTH[LSÌJYVYLMVYLULYN`LɉJPLU[3;
TV[VYZ*.UV[VUS`VɈLYLKIPKZMVYHSS[OLYHUNLZ
Table 2NP]LZ[OLÄUHUJPHSWLYMVYTHUJLVM PU[OL[LUKLYI\[HSZV^VUVM[OLX\HU[P[`
0UK\Z[YPHS:`Z[LTZV]LY[OLSHZ[[^V`LHYZ(ZPZ \UP[ZHUK IJYVYLVM[OL[LUKLY
evident, the BU has done well over the last two value.
`LHYZ ;LZ[LKHUKZ\JJLZZM\SS`KPZWH[JOLKH]LY[PJHS
;OL\UL_LJ\[LKVYKLYIVVR<,6)PUJYLHZLK WYPTHY`JVVSHU[W\TW/;TV[VYVM4>R=
I`V]LY [VIJYVYL MVY57*039HQHZ[OHU;OPZPZHWYPTHY`JVVSHU[
5L[YL]LU\LVM0UK\Z[YPHS:`Z[LTZNYLÎ` W\TWTV[VYÄ[[LKPUZPKL[OLU\JSLHYYLHJ[VY
22.0% to IJYVYL KVTLHUKPZLZ[PTH[LK[VOH]LHSPMLVM`LHYZ
,)0+;(PUJS\KPUNV[OLYPUJVTLKLJSPULKI` 7YVK\JLKHUK[`WL[LZ[LKMVYJVUZ[Y\J[PVU
3.9% to I220 crore. PUK\Z[Y`HWWSPJH[PVUZPSPX\PKJVVSLKTV[VYZ"
,)0;YLK\JLKI`[VI166 crore. PPSPULZ[HY[WLYTHULU[THNUL["3:74TV[VYZ
;OLYL[\YUVUJHWP[HSLTWSV`LK96*, [OH[VWLYH[LH[HÄ_LKZÙJOYVUV\ZZWLLK
PUJYLHZLKI` WLYJLU[HNLWVPU[[V PYYLZWLJ[P]LVM[OLSVHK"HUKPPPNLHYSLZZ[YHJ[PVU
motors for elevators and lifts.
INDUSTRIAL SYSTEMS BU: KEY 0U[YVK\JLKTV[VYZH[[OLUL^0,LɉJPLUJ`
DEVELOPMENTS IN FY2018 level, and produced 8-pole motors in the IE2–IE3
MOTORS range. Also produced drive mounted smart and
HT motors
9L]LU\LMYVTTV[VYZJYVZZLKIJYVYL intelligent motors.
mark. 3H\UJOLK0,(*TV[VYZ·IV[OPUK\J[PVUHUK
CG MANUFACTURES THE HT
MOTORS AT ITS STATE-OF- CG is the clear leader in India in low tension WLYTHULU[THNUL[·VMMYHTLZPaL]HY`PUNMYVT
THE –ART MANUFACTURING 3;TV[VYZHJJV\U[PUNMVYVM[OLKVTLZ[PJ TT[VTTMVYPUK\Z[YPHSHWWSPJH[PVUZ
FACILITY AT MANDIDEEP
(MADHYA PRADESH) IN INDIA
market. The market share of CG’s AC motors >HZ[OLÄYZ[0UKPHUTHU\MHJ[\YLY[VWYVK\JL
AND TAPIOSZELE (HUNGARY) stands at almost 37%. That of DC motors is over ÅHTLWYVVM-37TV[VYZ^P[OHMYHTLZPaLVM
045
sales from new POWER SYSTEMS
02 consolidated financial performance:

industrial systems business in I crore product development INDUSTRIAL SYSTEMS
CG INDUSTRIAL FY2017 FY2018 GROWTH

revenues from
541.1
new products
<UL_LJ\[LK6YKLY)VVR<,6) 743 96.1%
Net revenue 2,082 22.0%
grew 107%
,)0+;(0UJS\KPUNV[OLYPUJVTL 229 220
EBIT 166
*HWP[HS,TWSV`LK 831
9L[\YUVU*HWP[HS,TWSV`LK96*, 21.1% 22.0% 0.9 percentage points
Note: Figures have been re-grouped wherever necessary to make these comparable.
FIGURES IN J CRORE
POWER SYSTEMS NARROWED THE GAP

WITH INDUSTRIAL SYSTEMS
TT0UHZWHJLVMKH`ZKL]LSVWLKHUK RAILWAYS
Z\WWSPLK\UKLYZS\UNR=(HS[LYUH[VYZMVY[OL -VY[OLYHPS^H`ZI\ZPULZZ-@ZH^*. THE SHARE OF NEW PRODUCTS IN
0UKPHU9HPS^H`Z achieving its highest ever order input of over SALES NEARLY DOUBLED TO 15.5%
>HZ[OLÄYZ[0UKPHUTHU\MHJ[\YLY[VWYVK\JL I917 crore, or a growth of 47% over the previous
329.0
^H[LYJVVSLK3;TV[VYZ^P[O[V `LHY0[HSZVYLJVYKLKP[ZOPNOLZ[L]LYZHSLZVM
LUOHUJLKWV^LYV\[W\[,_WHUKLK[OLYHUNLVM almost I623 crore, representing a 43% growth
+*TV[VYZ[VHMYHTLZPaLVMTT>HZ[OL V]LY[OLSHZ[`LHY
ÄYZ[PU0UKPH[VTHU\MHJ[\YL-37IYHRLTV[VYZ CG received the largest ever single order of 60
281.1
which has a large market thanks to import ZL[ZVM(*(*WYVW\SZPVUZ`Z[LT^VY[OI111 crore
259.2
Z\IZ[P[\[PVUWVZZPIPSP[PLZ(SZVKL]LSVWLKH MYVT[OL*OP[[HYHUQHU3VJVTV[P]L>VYRZ*3>
2>TV[VYMVYLSLJ[YPJI\ZLZÔPJOPZ\UKLY which represented a 21% share of the total order.
]HSPKH[PVUI`[OLTHU\MHJ[\YLY 0[HSZVZLJ\YLK[OLOPNOLZ[VYKLYMYVT*3>HUK
0U[OL-/7JH[LNVY`[OLI\ZPULZZSH\UJOLK! [OL+PLZLS3VJVTV[P]L>VYRZ+3>H[=HYHUHZP
PࡻJVVSLYMHUTV[VYZZ\P[HISLMVY TT MVY[OYLLWOHZL[YHJ[PVUTV[VYZ]HS\LKH[
TTHUKTTMHUZ"PPWYLZZ\YLKPLJHZ[ I96.3 crore.
HS\TPUP\T7+*(TV[VYZHJYVZZYH[PUNZ In addition, it received the largest single order
MYVTR>[VR>"PPPTPSKZ[LLSZOLL[ of 89 underslung motors for diesel electric
IVK`TV[VYZMYVTR>[VR>MVYL_WVY[Z [V^LYJHYZ+,;*Z^VY[OI141.7 crore. Plus the
[V5VY[OHUK:V\[O(TLYPJH"P]OPNO[VYX\L OPNOLZ[VYKLYMYVT*3>HUK+3>MVYSVJV
IY\ZOSLZZ+*)3+*TV[VYZVM\W[VYWTMVY transformers worth I116.4 crore. In June 2018, CG
,\YVWLHUTHYRL[Z"]>HUK>TV[VYZ IHNNLKHUV[OLYVYKLYVMI319 crore for underslung
MVY>036W\TWZÔPJOPZHUPTWVY[Z\IZ[P[\[L" electrics for DETCs.
70.7
For the railways HUK]P>YWT)3+*ISV^LYTV[VYMVY *.LUQV`ZHTHYRL[ZOHYLVM[V
58.5
business, FY2018 0UKPHU9HPS^H`Z PUYVSSPUNZ[VJR^P[O*3>+3>+PLZLS3VJV
saw CG recorded
its highest ever
7YV[V[`WLKLSLJ[YPJ[YHJ[PVUTV[VYZMVY 4VKLYUPZH[PVU>VYRZ+4>H[7H[PHSHHUK[OL
propulsion of electrical vehicles. Secured a test 0U[LNYHS*VHJO-HJ[VY`0*-H[*OLUUHP"HUKH
sales of almost
I623 crore, VYKLYMVYMV\YR>R>MV\YWVSLWHK ZOHYLPUYLSH`ZHUKWVPU[THJOPULZHJYVZZ
representing a TV\U[LK^H[LYJVVSLKZWLLKZLUZVYÄ[[LK [OLaVUHSYHPS^H`Z
43% growth over TV[VYZMVY\ZLPUHULSLJ[YPJI\Z^P[OHJHWHJP[`
the last year for 26 seating and 21 standing passengers.
FY2016 FY2017 FY2018
046 047
human development activities. Focus on fairness in the MVSSV^LKI`KLWSV`TLU[[VRL`YVSLZ[VI\PSKM\[\YL H`LHY^HNLZL[[SLTLU[ILPUNZPNULKILMVYL[OL
resources HUU\HS7LYMVYTHUJL4HUHNLTLU[:`Z[LTHUKH
more transparent compensation review has also
talent pipeline. due date. At Stampings M6 and T3, trade union
agreements were signed in time. And at M7, the
( HR ) helped us in improving the scores. FY2018 also saw the launch of a programme 3HYNL4V[VYZHUK;YHJ[PVU<UP[H[4HUKPKLLW[^V
Engagement scores were used to evaluate JHSSLK=90++/0MVY*.»ZZHSLZ[LHT0U[OPZ L_PZ[PUN[YHKL\UPVUZZ\JJLZZM\SS`TLYNLK[VIL
3HZ[`LHY/9MVJ\ZLKVU[VWSL]LSSLHKLYZOPW people managers on their team management ZHSLZLTWSV`LLZ^LYL[YHPULKPUHZ`Z[LTH[PJ recognised as a single union.
transitions as well as on managing people issues ZRPSSZ,]LY`THUHNLY^P[OH[SLHZ[Ä]LYLWVY[LLZ programme rolled out in partnership with Mercuri
K\L[VQVIYV[H[PVUYL[PYLTLU[ZHUKJOHUNLZ received such a scorecard with useful insights .VSKTHUUÔPJOPZHNSVIHSS`YLW\[LKZHSLZ
ILJH\ZLVMKP]LZ[TLU[ZVMWHY[ZVM[OLNSVIHS on the areas in which the leader should focus [YHPUPUNVYNHUPZH[PVU0[JVUZPZ[LKVMMV\YWOHZLZ!
I\ZPULZZLZ0UKVPUNZV*.JVU[PU\LK[VWYVTV[L [VM\Y[OLYZ[YLUN[OLU[LHTLUNHNLTLU[>L P7OHZL!0UP[PHSLUNHNLTLU[HUKHWWYHPZPUN environment,
PU[LYUHS[HSLU[ÔLYL]LYWVZZPISL[VVJJ\W`
]HJHU[SLHKLYZOPWZ[OH[ULLKLK[VILÄSSLK
ILSPL]L[OH[[OPZPUP[PH[P]LOHZNVULHSVUN^H`
PUZLUZP[PZPUNTHUHNLYZVULɈLJ[P]L[LHT
candidates of the fundamentals of programme
[OYV\NOJVTTVU[LSLWOVULJHSS"PP7OHZL!;^V
health and safety
4VYLV]LY[OLVYNHUPZH[PVU[YHUZP[LKMYVTILPUN THUHNLTLU[HUKPUOLSWPUN[OLT[VILJVTL KH`Z[YHPUPUNMVYLUOHUJPUNZHSLZLɈLJ[P]LULZZH[ ( EHS )
TH[YP_IHZLK[VVULNYV\UKLKVUNLVNYHWO` HTIHZZHKVYZVM[OL*.VYNHUPZH[PVU[V[OLPY *.»Z[YHPUPUNJLU[YLH[4\SZOP"PPP7OHZL!7YVQLJ[
In 2016, CG had rolled out a large scale initiative teams. HSSVJH[PVUMVSSV^LKI`YL]PL^"P]7OHZL!([^V CG is committed to minimise the adverse
^P[O[OL.YLH[7SHJL[V>VYR.7;>0UZ[P[\[L KH`MVSSV^\WZLZZPVU PTWHJ[VU[OLLU]PYVUTLU[OLHS[OHUKZHML[`H[
[V\UKLYZ[HUKºÔH[LTWSV`LLZMLLSPZ^VYRPUN (ZVM4HYJO[OL*VTWHUÒHK ^VYRWSHJL0[KVLZZVI`WYV[LJ[PUNHUKLUOHUJPUN
^LSS»HUKºÔH[JV\SKILPTWYV]LK»;OLZL^LYL WLYTHULU[LTWSV`LLZ+\YPUN-@*. ;VLUOHUJLTHUHNLYPHSLɈLJ[P]LULZZH [OL^LSSILPUNVMP[ZLTWSV`LLZ]PZP[VYZHUK
CG’s DrishtikonZ\Y]L`HUKJV]LYLKIV[OIS\L hired fresh talent at the white collar levels. º:P[\H[PVUHS3LHKLYZOPW»WYVNYHTTL^HZ WHY[ULYZ;OL*VTWHU`»Z,/:THUHNLTLU[
HUKÔP[LJVSSHYLKLTWSV`LLZ;^VZ\JOZ\Y]L` ;OLZLJVTWYPZLKNYHK\H[LLUNPULLY[YHPULLZ introduced in FY2018 for middle and senior level Z`Z[LTWYVNYHTTLZHUKWVSPJPLZ^LYLLUOHUJLK
^LYLJVUK\J[LK·VULPU¶PU]VS]PUN ZP_THUHNLTLU[[YHPULLZHUKZP_JOHY[LYLK managers through the Ken Blanchard Institute, PU-@(SS*.\UP[ZPU0UKPHHYLJLY[PÄLKMVY
LTWSV`LLYLZWVUZLZHUK[OLV[OLYPU¶ HJJV\U[HU[Z>OPSLSHYNLS`MVJ\ZPUNVUPU[LYUHS ÔPJOPZHNSVIHSS`YH[LK[YHPUPUNVYNHUPZH[PVU0[ X\HSP[`Z`Z[LTZ^P[O0:6 !*LY[PÄJH[PVU
PU]VS]PUNYLZWVUZLZMYVTWLVWSL-VYIV[O JHUKPKH[LZ[VÄSS\WVYNHUPZH[PVUHSS`PTWVY[HU[ MVJ\ZLKVUPTWHY[PUNÅL_PIPSP[`PUSLHKLYZOPWZ[`SL 0:6!,U]PYVUTLU[HS4HUHNLTLU[
[OLWHY[PJPWH[PVUYH[LZL_JLLKLK ;OLYLZ\S[Z WVZP[PVUZ^LHSZVTHKLZVTLZLUPVYL_[LYUHS [VOLSWTHUHNLYZILJVTLLɈLJ[P]LPUT\S[PWSL :`Z[LT*LY[PÄJH[PVUHUK6/:(:!
of the DrishtikonZ\Y]L`ZOH]LILLUNYH[PM`PUN OPYLZ[VHKK[V[OL[HSLU[IHUK^PK[O JVU[L_[Z *LY[PÄJH[PVU>LHYLPUWYVJLZZVM\WNYHKPUN[V
0:6
,TWSV`LLº[Y\Z[ZJVYLZ»HJYVZZ0UKPHUVWLYH[PVUZ >LZ[YLUN[OLULKV\Y7LYMVYTHUJL4HUHNLTLU[ *.OHZILLUSVUNPTWSLTLU[PUN:L]LU/HIP[Z Senior management’s EHS commitment was
Q\TWLKMYVT [VV]LY[OL[^VZ\Y]L`Z 7YVJLZZIYHUKLKHZ790+,ÔPJOZ[HUKZMVY VM/PNOS`,ɈLJ[P]L7LVWSL^P[OTVYL[OHU YLÅLJ[LKPU[OL\WKH[PUNVM*.»Z*VYWVYH[L
Personal RLZWVUZPIPSP[ìn Delivering E_JLSSLUJL HZZVJPH[LZJV]LYLK[PSSKH[L>LTV]LKVULZ[LW ,/:7VSPJ`HUKPU[YVK\JPUN,/:*HYKPUHS
The sense of CG’s emotional connect with to align rewards with performance. In FY2018, HOLHKHUKWHY[ULYLK^P[O-YHURSPU*V]L`[V 9\SLZ;OLZLUL^Z[HUKHYKZHUKL_WLJ[H[PVUZ
LTWSV`LLZPUJYLHZLKMYVT[V;OPZ the assessment for leadership promotions went launch a new programme, ‘Speed of Trust’, which ^LYLJVTT\UPJH[LK[VYLSL]HU[LTWSV`LLZ]PH
^HZVULVM[OLIL[[LYWLYMVYTHUJLZPU0UKPHHZ \WHUV[JOÔLUHJHYLM\SS`J\YH[LKVUSPUL PZHPTLKH[I\PSKPUNZ[YVUNLYZRPSSZ[VTHUHNL ^LIPUHYZ0UHKKP[PVUYLNPVUHS,/:UL[^VYR
YLWVY[LKI`[OL.7;>0UZ[P[\[L WYVJLZZIHJRLKI`HUºPUWLYZVU»L]HS\H[PVU and inspire team, as well as enhance manager conference calls were used for EHS knowledge
[OYV\NOHNSVIHSS`YLW\[LKHNLUJ`^HZSH\UJOLK JYLKPIPSP[`HUKHJJV\U[HIPSP[` ZOHYPUNILZ[WYHJ[PJLZHUKSLZZVUSLHYU[HJYVZZ
>LILSPL]L[OH[[OLZJVYLZPTWYV]LKVUHJJV\U[ MVYHZZPZ[HU[NLULYHSTHUHNLYZHUKHIV]L2L` I\ZPULZZLZHUKYLNPVUZ
VM[^VMHJ[VYZ-PYZ[[OLZ[YVUNI\ZPULZZ leaders were thereafter called for face-to-face +\YPUN[OL*VTWHU`»Z(UU\HS:[YH[LN`4LL[PU 0UKP]PK\HSSLHKLYZ[VVR\WVULTHUKH[VY`,/:
performance in FY2017 and FY2018 in India interaction and interviews. 4H`P[^HZKLJPKLK[VZOHYWLU[OLMVJ\ZVU NVHSPU[OLPYHUU\HSHWWYHPZHSZ`Z[LTHUKHSS\UP[Z
JVTWHYLK[V[OLPTTLKPH[LS`LHYSPLY`LHYZ(UK ;OLVUSPULHZZLZZTLU[KH[HIHJRLKI`HU the emerging markets of South East Asia, Middle set their annual targets towards meeting the EHS
second, the impact of several corporate culture L_WLY[ºPUWLYZVU»HWWYHPZHSNH]LPTWVY[HU[ ,HZ[HUK(MYPJH2L`PU[LYUHS[HSLU[^LYLPKLU[PÄLK 270Z,]LY`PUKP]PK\HS\UP[»Z,/:WLYMVYTHUJL
I\PSKPUNPUP[PH[P]LZ[OH[^LYLSH\UJOLKZPUJL PUZPNO[ZPU[V[OLWV[LU[PHSHUKJHWHIPSP[PLZVM MVYKLWSV`TLU[PU[OLZLTHYRL[ZHUK[VW\ZO HNHPUZ[ZL[[HYNL[^HZHUHS`ZLKI`\ZPUNHUVUSPUL
FY2016, which have continued since then and the candidates. These were shared with the V\YNYV^[OI`NL[[PUNPU[V[OLWYVÄ[HISLL_WVY[ TVU[OS`,/:)HSHUJLK:JVYLJHYK
where all senior managers were trained in the candidates to help them work on their career and I\ZPULZZ EHS audit processes were revamped. These
engagement framework. ILOH]PV\YKL]LSVWTLU[WSHUZ now focus more on actual EHS implementation
:L]LYHSZWLJPÄJHJ[PVUZOH]LILLU[HRPUN A fast-track promotion process was launched ([*.PUK\Z[YPHSYLSH[PVUZ09ZL[\WUL^ and performance, rather than documentation.
place within the framework of Drishtikon. [VYL]P]L[OLJ\S[\YLVMI\PSKPUNH`V\UN[HSLU[ ILUJOTHYRZPU-@6]LYHSS09YLTHPULK Corrective actions arising out of such audits were
;OLZLHYL[`WPJHSS`\UP[ZWLJPÄJHJ[PVUWSHUZ WVVS/PNOWV[LU[PHSZ^P[O[^V`LHYZVYSLZZPU[OL WLHJLM\S^P[OHNYLH[LYJVUULJ[IL[^LLU[OL captured and tracked for closure through an online
YL]VS]PUNHYV\UKPTWYV]PUN^VYRWSHJLZ`Z[LTZ MLLKLYNYHKLZOH]LILLUWYVTV[LK;OL`^PSSUV^ \UPVUZHUKTHUHNLTLU[6\Y3=94<UP[ZH^ ,]LU[9LWVY[PUN:`Z[LT,9:WVY[HS6]LY
HUKWYVJLZZLZM\UH[^VYRJVSSHIVYH[PVUHUK NV[OYV\NOZ`Z[LTH[PJKL]LSVWTLU[HSPU[LY]LU[PVU the successful forming of an internal union. At corrective actions were reported and tracked in
JVTT\UPJH[PVUJVTWHU`]PZPVUHUKJHYLLY 3=94<UP[[OLYL^HZHOPZ[VYPJHJOPL]LTLU[VM ,9:VMÔPJOHYLJSVZLKVU[PTL
048 049
HT motors
THE NEW HT MOTORS FACILITY
IN BHOPAL PRODUCES LARGE
MACHINES UP TO 25 MW,
GENERATORS UP TO 20 MW
AND MADE TO ORDER MOTORS
information VYKLYZKPZWH[JOLZHUKV\[Z[HUKPUN"PPKPZJV\U[ JLU[YLH[4\TIHP*YP[PJHSZLY]PJLZSPRL:(7
technology HWWYV]HSZ[OH[NVIL`VUKZ[HUKHYKWVSPJ`"
PPPVYKLY[HYNL[X\HY[LYS`[YHJRPUNVMJVTTP[TLU[
*./9<LTHPSHUKJ\Z[VTI\ZPULZZHWWSPJH[PVUZ
HYLUV^ZÙJOYVUPZLKPUYLHS[PTL^P[OaLYVKH[H
( IT ) ]LYZ\ZHJ[\HSKLHSLYWLYMVYTHUJLYH[PUN" SVZZ>L^LU[SP]L^P[O.:;PU[OL:(7Z`Z[LT
P]YLWVZP[VY`VM[LJOUPJHSKVJ\TLU[ZZ\JOHZ ^P[OV\[HU`THQVYPTWHJ[VUI\ZPULZZJVU[PU\P[`
*.»Z0UMVYTH[PVU;LJOUVSVN`ZLY]PJLZ[YH[LN`PZ[V WYVK\J[ZWLJPÄJH[PVUZ[LZ[JLY[PÄJH[LZJ\Z[VTLY In this, customer invoices were converted to A4
RLLWWHJL^P[OULLKZVM[OL*VTWHU`»ZNYV^[O W\YJOHZLVYKLYZWLYMVYTHUJLJLY[PÄJH[LZL[J" ZPaLSH`V\[HZWLYPUK\Z[Y`Z[HUKHYKHUKHUH\[V
HUKP[ZI\ZPULZZTVKLS0UZ[LHKVMºTHRLP[HSS ]KVJ\TLU[ZYLSH[PUN[VSLHKNLULYH[PVULUX\PY` LTHPSMHJPSP[`^HZHSZVPTWSLTLU[LK
in-house’, we have opted for a process driven IHURVɈLYHWWYV]HSZ[HUKHYKPaLKVɈLY[LTWSH[L
HWWYVHJO5PULWSHURZKLÄUL*.»Z0;ZLY]PJLZ HUHS`ZPZVMOP[YH[PVH\[VTH[PVUVM[OLLUX\PY` 7. IT security and compliance.>L\WNYHKLK
;OLZLHYL! [VVɈLYWYVJLZZHUKHJVTWSL[LVɈLYYL]PL^ V\Y0;ZLJ\YP[`PUMYHZ[Y\J[\YL[VWYV[LJ[HNHPUZ[
ILMVYLZ\ITPZZPVU[VHJ\Z[VTLY"]PTHUHNL emerging threats like ransomware, malware, etc.
1. Increased business collaboration and asset and project related insurance claims, >OPSLUV0;ZLJ\YP[`PZMHPSWYVVM[OPZ\WNYHKPUNOHZ
partnership. The focus is on training and PUJS\KPUNNLULYH[PVU[VZL[[SLTLU[WYVJLZZWVSPJ` helped to reduce hacking risks.
LUOHUJLTLU[VMYLZV\YJLZHUKÔLUYLX\PYLK YLWVZP[VY`JSHPTZ40:WYVQLJ[WVSPJ`YLTPUKLYZ
YH[PVUHSPZPUNVM[OLJVTWL[LUJLWVY[MVSPV6\Y 8. Standardising IT procurement. This
LTWOHZPZPZHSS[PTLZLY]PJLKLSP]LY`VYÔH[^L 4. Product enhancement, EHS reporting, PU]VS]LK0;I\KNL[TVUP[VYPUNHUKYLWVY[PUN"
JHSSº2LLWPUN[OLSPNO[ZVU2;36»0U[OPZ^LOH]L operations reporting.:VTLVM[OLZLPU]VS]L! ]LUKVYL]HS\H[PVUHUKYL]PL^Z"UL^[LJOUVSVN`
TV]LK[V^HYKZZLY]PJLSL]LSHNYLLTLU[IHZLK PHZZLZZTLU[VMJYP[PJHS[VX\HSP[`P[LTZWYVJ\YLK L]HS\H[PVU"YLULNV[PH[PUNYH[LJVU[YHJ[Z^P[O
THUHNLKZLY]PJLHZT\JOHZWVZZPISL^P[O[OL MYVT]LUKVYZÔPJOPZILPUN\ZLKI`HSS*.0UKPH 6,4ÔPJOYLZ\S[LKPUHJVZ[YLK\J[PVUVM
governance and monitoring through in-house IT manufacturing units, and is integrated with the "Z[HUKHYKPZH[PVUVMLX\PWTLU[HJYVZZ[OL
L_WLY[Z>LL]HS\H[L0;ZLY]PJLYLX\LZ[IHZLK :(7WYVJ\YLTLU[J`JSL"PPZ[HUKHYK[LTWSH[LZ *VTWHU`Z\JOHZSHW[VWZKLZR[VWZVɉJLHUK
VUMVSSV^PUNWYPUJPWSLZ!PI\`VYYLU[Z[HUKHYK for recording EHS events such as major or minor UL[^VYRWYPU[LYZ"HUKWVVSPUNVMZVM[^HYLSPJLUZL
ZVS\[PVUZ^P[OV\[V]LYJ\Z[VTPaL[OLZL"HUK HJJPKLU[ZZHML[`VIZLY]H[PVUYV\UKZ,/:H\KP[Z agreements which led to lower unit price plus
PPI\PSKPUUV]H[P]LJ\Z[VTZVS\[PVUZÔPJOHYL HUKLU]PYVUTLU[HSPUJPKLU[ZPMHU`·HSS^P[OPU enhanced support.
smarter and can grow. [OLMYHTL^VYRVMH\UP[LU[LYWYPZLIHSHUJLK
ZJVYLJHYKHUK[OLHZZVJPH[LKYPZRYLNPZ[LY" 9. Transition of IT services in the divested
2. SAP to be standard and basic platform in HUKPPP6WLYH[PVUZYLWVY[PUNZ`Z[LTPU]VS]PUN entities. All transition service agreements were
all locations of CG. The IT team focuses on PUJLU[P]LZIHZLKVUWYVK\J[P]P[`JHSJ\SH[PVUZ JVUJS\KLK^P[OV\[HU`THQVYLZJHSH[PVUVY
implementation of standard SAP processes and HYPZPUNV\[VM[OL*.WYVK\J[PVUZ`Z[LTUVYTZ KL]PH[PVU(SSJHY]LV\[Z^LYLOHUKSLKI`[OL
onsite training across various locations for the re- and audits. internal IT team with no additional cost to CG.
ZRPSSPUNVM:(7LUK\ZLYZ>LOH]LW\[PUWSHJLH
KVJ\TLU[THUHNLTLU[Z`Z[LTPU:(7MVYSPURPUN 5. Technology enablement. Introduction of latest
contracts / agreements in all purchase orders. [LJOUVSVN`[V^HYKZJVZ[YLK\J[PVUHUKLUOHUJLK
Further enhancements are in progress to introduce \ZLYL_WLYPLUJL corporate social
JVU[YHJ[THUHNLTLU[M\UJ[PVUHSP[`HJYVZZHSS
contracts and agreements. Going forward, SAP 6. IT infrastructure.9LNHYKPUNNSVIHS
responsibility
^PSSHSZVZLY]LHZHSLNHSYLWVZP[VY`MVYW\YJOHZL JVUULJ[P]P[`^LTPNYH[LKMYVT[OL[YHKP[PVUHS[V ( CSR )
and sale contracts. [OLSH[LZ[ZVM[^HYLKLÄULKHWWSPJH[PVUVMH^PKL
HYLHUL[^VYR:+>(5[LJOUVSVN`(SSSVJH[PVUZ *.»Z^VYRVU*:9PZHWWLUKLK^P[O[OL
3. Smart customised solutions. (UL_HTWSL ^LYLTPNYH[LKPU^LLRZHUKIHUK^PK[O +PYLJ[VYZ»9LWVY[
of this is the use of customer relationship PUJYLHZLKI`MV\Y[PTLZ^P[OOPNOLYZLY]PJLSL]LS
THUHNLTLU[*94ZVM[^HYLMVY3;HUK-/7 HNYLLTLU[ZHUK[YHɉJHUHS`[PJZ0U[OLHYLHVM
motors as well as drives and automation. Used a social engagement platform within CG, we
I`V]LYHJ[P]LKLHSLYZHZ^LSSHZ*.»Z PU[YVK\JLKHUL^PU[YHUL[MVY*.0UKPH·HU
marketing, sales and design teams, this portal has interactive platform to share news, events, and
a direct interface with SAP and monitors several OH]LKPZJ\ZZPVUMVY\TZHUKJOH[ZMVYIL[[LY
HZWLJ[ZVM[OLI\ZPULZZ:VTLVM[OLZLHYL! LUNHNLTLU[(M\SSKPZHZ[LYYLJV]LY`KYPSS^HZ
PVYKLYPUW\[IHZLKVUJYLKP[JOLJR[YHJRPUNVM JVUK\J[LKPU-LIY\HY`MVY[OLNSVIHSKH[H
050 051
FINANCIAL standalone
PERFORMANCE
FY2018
financial
performance
The results have to
Net sales and services increased by 14.3%
ILSVVRLKH[PU[LYTZ
03 04
to L4,981 crore.
VM0UK(:LZWLJPHSS` CG’s standalone results, standalone performance:
the concept of
JVU[PU\PUNI\ZPULZZLZ
Operating EBIDTA grew by 10.6% to
L345 crore.
FY2017 and FY2018 I crore key ratios
HUK[OLº[VILZVSK» YEAR ENDED 31 MARCH FY2017 FY2018 YEAR ENDED 31 MARCH FY2017 FY2018
or discontinued Because of a significant increase in

.YVZZ9L]LU\LMYVTVWLYH[PVUZ 4761 7YVÄ[HIPSP[`9H[PVZ
operations. finance costs in FY2018, operating PBT
3LZZ!L_JPZLK\[` 98 ,)0+;(L_JS\KPUN605L[ZHSLZMYVTJVU[PU\PUNVWLYH[PVUZ 7.2% 6.9%
(excluding other income) reduced from
L57 crore in FY2017 to L29 crore in FY2018. Net sales and services 4981 ,)0+;(PUJS\KPUN605L[ZHSLZMYVTJVU[PU\PUNVWLYH[PVUZ 11.8% 10.9%
Including ‘other income’, PBT reduced Cost of raw materials and components consumed and 7);L_JS\KPUNL_JLW[PVUHSP[LT5L[ZHSLZMYVTJVU[PU\PUNVWLYH[PVUZ 4.6%
from L257 crore in FY2017 to L227 crore in construction material 3202 3679
965>VU[V[HSVWLYH[PVUZ 3.0%
FY2018. The increase in finance cost was ,TWSV`LLILULÄ[ZL_WLUZL 363
96*,L_JS\KPUNL_JLW[PVUHSP[LTH[`LHYLUKJHWP[HSLTWSV`LKVU
on account of larger loans taken in India 6[OLYL_WLUZLZ 484 continuing operations 8.0%
to finance the losses in some international
,)0+;(L_JS\KPUN6[OLY0UJVTL60 312 *HZO96*,L_JS\KPUNL_JLW[PVUHSP[LTMYVTJVU[PU\PUNVWLYH[PVUZ 9.2% 9.9%
operations.
6[OLYPUJVTL60 200 198 ,7:VU[OLIHZPZVM[V[HSWYVÄ[ZMYVTJVU[PU\PUNVWLYH[PVUZ0UI Per
:OHYL 2.33
During the quarter ended 31 March 2018, ,)0+;(0UJS\KPUN60
the Company examined the recoverability ,7:VU[OLIHZPZVM[V[HSWYVÄ[ZMYVTKPZJVU[PU\LKVWLYH[PVUZ0UI Per
Finance costs 164 214 :OHYL
of certain overdue / non-recoverable assets
Depreciation and amortisation 91 102 ,7:VU[OLIHZPZVM[V[HSWYVÄ[Z0UI7LY:OHYL 1.99
and, after analysis, chose to write these
7);L_JS\KPUN60 29
off. These have been accounted for as *HZO,7:MYVTJVU[PU\PUNVWLYH[PVUZ0UI7LY:OHYL 4.81
exceptional items amounting to L453 crore 7);0UJS\KPUN60)LMVYL,_JLW[PVUHS0[LT 227 3L]LYHNL9H[PVZ
which also include provision for litigation ,_JLW[PVUHSP[LTZUL[VMPUJVTLSVZZ 3VUN[LYTKLI[[VLX\P[` 0.1 0.2
claims, advances given to subsidiaries and 7YVÄ[SVZZHM[LY,_JLW[PVUHS0[LTZ Interest coverage ratio of continuing operations 3.1
related foreign exchange gain / loss.
3LZZ!;H_L_WLUZLZ (ZZL[Z,ɉJPLUJ`
Because of the size of the write off on *\YYLU[[H_ 37 - 5L[ZHSLZ[V.YVZZ>VYRPUN*HWP[HS[PTLZ 0.8 1.0
account of exceptional items, net profit for +LMLYYLK;H_!4(;*YLKP[,U[P[SLTLU[ - 5L[ZHSLZ[V5L[>VYRPUN*HWP[HS[PTLZ 1.4 2.2
the year swung from a profit of L125 crore in +LMLYYLK[H_UL[ 47
FY2017 to a loss of L325 crore in FY2018.
5L[7YVÄ[SVZZMVY[OL`LHYMYVTJVU[PU\PUNVWLYH[PVU 146
Net profit from continuing operations 3VZZMYVTKPZJVU[PU\LKVWLYH[PVUZILMVYL[H_
decreased from a profit of L146 crore ;H_L_WLUZLJYLKP[VUKPZJVU[PU\LKVWLYH[PVUZ Standalone results
in FY2017 to a net loss of L273 crore in 5L[SVZZMYVTKPZJVU[PU\LKVWLYH[PVUZHM[LY[H_ of CG for the year
FY2018. 5L[WYVÄ[SVZZMVY[OL`LHY
ended 31 March 2018
and 2017 are given
*HZOWYVÄ[MYVTJVU[PU\PUNVWLYH[PVUZ 283 301
Cash profit from continuing operations in Table 3. Table
increased from L283 crore in FY2017 to ,HYUPUNZ7LY:OHYL*VU[PU\LK6WLYH[PVUZ)HZPJ(UK+PS\[LK 4 shows the key
0UI 2.33
L301 crore in FY2018. ratios (profitability,
,HYUPUNZ7LY:OHYL+PZJVU[PU\LK6WLYH[PVUZ assets efficiency and
)HZPJ(UK+PS\[LK0UI
Net loss from discontinued operations was leverage ratios) of CG
L52 crore in FY2018 versus L21 crore in the (Face Value Of Equity Share of I2 each) for FY2018
previous financial year. and FY2017.
052 053
FINANCIAL consolidated
PERFORMANCE
FY2018
financial
performance
The results have to
Net sales and services: In rupees, it grew by
ILSVVRLKH[PU[LYTZ
05 CG’s consolidated
06
12.1% to L6,189 crore in FY2018. In US$, it
VM0UK(:LZWLJPHSS` increased by 16.6% to US$959 million. consolidated financial
the concept of financial performance performance: key ratios
JVU[PU\PUNI\ZPULZZLZ Operating EBIDTA increased by 2.7% in
HUK[OLº[VILZVSK» rupees to L455 crore; and by 7.6% to US$71 FY2017 FY2018 FY2017 FY2018
or discontinued million. K crore US $ million K crore US $ million 7YVÄ[HIPSP[`9H[PVZ

operations. .YVZZ9L]LU\LMYVTVWLYH[PVUZ 883 6288 974 ,)0+;(L_JS\KPUN605L[ZHSLZMYVTJVU[PU\PUNVWLYH[PVUZ 8.0% 7.4%
PBT including other income, but before
3LZZ!L_JPZLK\[` 407 61 99 ,)0+;(PUJS\KPUN605L[ZHSLZMYVTJVU[PU\PUNVWLYH[PVUZ 9.2% 8.0%
exceptional items decreased by 30.4%
to L126 crore in FY2018; and by 25.9% to Net Sales and Services 822 6189 7);L_JS\KPUNL_JLW[PVUHSP[LT5L[ZHSLZ 3.3% 2.0%
US$20 million. This was largely on account Cost of raw materials and components consumed and 965>VU[V[HSVWLYH[PVUZ
of finance costs, which increased by construction material 3887 4410 683
96*,L_JS\KPUNL_JLW[PVUHSP[LT[LYTPUHSVMJVU[PU\PUNVWLYH[PVUZ 8.2% 9.0%
almost 18% from L186 crore in FY2017 to ,TWSV`LL)LULÄ[ZL_WLUZL 77 82
L219 crore in FY2018. This rise in finance *HZO96*,L_JS\KPUNL_JLW[PVUHSP[LT[LYTPUHSVMJVU[PU\PUN
6[OLY,_WLUZLZ 674 100 792 123 operations 11.3% 12.8%
costs was on account of additional loans
,)0+;(L_JS\KPUN6[OLY0UJVTL60 443 66 71 7LY:OHYLZ9H[PVZ
taken in India to meet the large losses
incurred in some of the international 6[OLY0UJVTL60 67 10 39 6 ,7:VU[OLIHZPZVM[V[HSWYVÄ[ZMYVTJVU[PU\PUNVWLYH[PVUZPUI Per
ZOHYL
subsidiaries. ,)0+;(0UJS\KPUN60 76 494 77
Finance Costs 186 28 219 34 ,7:VU[OLIHZPZVM[V[HSWYVÄ[ZMYVTKPZJVU[PU\LKVWLYH[PVUZPUI Per

ZOHYL
As mentioned earlier, during the quarter
Depreciation and Amortisation 143 21 149 23
ended 31 March 2018, the Company ;V[HS,7:VU[OLIHZPZVM[V[HSWYVÄ[ZMYVTJVU[PU\PUNHUKKPZJVU[PU\LK
7);L_JS\KPUN60 114 17 87 14 VWLYH[PVUZPUI7LYZOHYL
examined the recoverability of certain
overdue / non-recoverable assets and, after 7);0UJS\KPUN60)LMVYL,_JLW[PVUHS0[LT 181 27 126 20 *HZO,7:MYVTJVU[PU\PUNVWLYH[PVUZPUI7LYZOHYL 3.93 3.41
analysis, chose to write these off. These ,_JLW[PVUHS0[LT 3L]LYHNL9H[PVZ
have been accounted for as exceptional 7);HM[LY,_JLW[PVUHSP[LT 108 16 3VUN[LYTKLI[[VLX\P[` 0.1 0.3
items amounting to L443 crore which also
3LZZ!;H_L_WLUZLZ Interest coverage ratio of continuing operations 2.7 2.3
includes provision for litigation claims.
*\YYLU[[H_ 9 34 (ZZL[Z,ɉJPLUJ`9H[PVZ
Due to these exceptional items, net profit +LMLYYLK;H_!4(;*YLKP[,U[P[SLTLU[ - - 5L[ZHSLZ[VNYVZZ^VYRPUNJHWP[HSVMJVU[PU\PUNVWLYH[PVUZ[PTLZ 1.1
from continuing operations (after minority +LMLYYLK[H_UL[ 41 6 5L[ZHSLZ[VUL[^VYRPUNJHWP[HSVMJVU[PU\PUNVWLYH[PVUZ[PTLZ 2.9 6.6
interests) turned to a net loss of L392 crore.
PAT 80 12
That translated to a net loss of US$60
4PUVYP[`0U[LYLZ[ - - 2 0
million.
:OHYLVM7YVÄ[3VZZVMHZZVJPH[LZHUKQVPU[]LU[\YL
Table 5 gives
the consolidated
After taking into account net losses from 7(;HM[LYTPUVYP[`PU[LYLZ[HUKZOHYLVMHZZVJPH[LZHUKQVPU[
venture 79 12
performance of CG,
discontinued operations amounting to
while Table 6 gives
L772 crore, or US$120 million, the overall 3VZZMYVTKPZJVU[PU\LKVWLYH[PVUZILMVYL[H_
the key ratios.
net loss for the Company in FY2018 was ;H_L_WLUZLJYLKP[VUKPZJVU[PU\LKVWLYH[PVUZ
L1,164 crore, or US$180 million.
5L[SVZZMYVTKPZJVU[PU\LKVWLYH[PVUZHM[LY[H_
It should be emphasised that cash profits 5L[SVZZMVY[OL`LHY
for FY2018 from continuing operations was *HZOWYVÄ[MVY[OL`LHYMYVTJVU[PU\PUNVWLYH[PVUZ 246 37 213 33

L213 crore, or US$33 million. ,_JOHUNLYH[LMVY<:VUYLZWLJ[P]L`LHYLUKKH[LZ 67.0978
054 055
risk internal
management controls and
their adequacy
*.KLWSV`ZH^LSSKLZPNULKYPZRTHUHNLTLU[
MYHTL^VYR;OPZPZIHZLK\WVUH[OYLL[PLYLK *.ILSPL]LZ[OH[HZ[YVUNPU[LYUHSJVU[YVS
HWWYVHJO[HRPUNPU[VHJJV\U[PLU[LYWYPZLYPZRZ" MYHTL^VYRPZLZZLU[PHS[VP[ZI\ZPULZZLZ0[
PPWYVJLZZYPZRZ"HUKPPPJVTWSPHUJLYPZRZ [OLYLMVYLOHZHULɈLJ[P]LPU[LYUHSJVU[YVSZ`Z[LT
,U[LYWYPZLYPZRPKLU[PÄJH[PVUHUKTP[PNH[PVU to conduct audits of various divisions, sales
initiatives are managed through an on-going VɉJLZJVYWVYH[LOLHKX\HY[LYZHUKV]LYZLHZ
HJ[PVUHNLUKHIL[^LLU[OLJVYWVYH[LYPZR operations. The internal audit team focuses
KLWHY[TLU[HUKLHJOVM[OLI\ZPULZZLZHZ^LSS WYPTHYPS`VUVWLYH[PVUHSHUKZ`Z[LTZH\KP[Z[OH[
HZMVY[OL*VTWHU`HZHÔVSL;OLJV]LYHNL TVUP[VYJVTWSPHUJL^P[O[OLKLÄULKH\[OVYP[`
L_[LUKZ[VHSSRLÌ\ZPULZZL_WVZ\YLZHZ^LSSHZ KLSLNH[PVUTH[YP_VM[OL*VTWHU`
[VSVZ[VWWVY[\UP[PLZ[OH[HYLPKLU[PÄLK^P[O[OL (UU\HSPU[LYUHSH\KP[WSHUJV]LYZRL`HYLHZ
I\ZPULZZLZ(M[LYNL[[PUNHTLHZ\YLVMLHJOZ\JO VMVWLYH[PVUZ;OPZPZ]L[[LKI`)VHYKSL]LS
enterprise risk, the corporate risk department 9(*ÔPJOPZ\WKH[LKL]LY`X\HY[LY·HUK
tracks the mitigation actions. VJJHZPVUHSSÌL[^LLUZ\JJLZZP]LX\HY[LYZ·VM[OL
Process risk management involves assurances ZPNUPÄJHU[PU[LYUHSH\KP[VIZLY]H[PVUZJVTWSPHUJL
I`[OL*VTWHU`»ZPU[LYUHSH\KP[KLWHY[TLU[ with statutes, risk management and control
YLNHYKPUN[OLLɈLJ[P]LULZZVMI\ZPULZZHUK Z`Z[LTZ;OL9(*HZZLZZLZ[OLHKLX\HJ`HUK
ÄUHUJPHSJVU[YVSZHUKWYVJLZZLZPUHSSRL`HJ[P]P[PLZ LɈLJ[P]LULZZVMPUW\[ZNP]LUI`PU[LYUHSH\KP[VY
HJYVZZ[OL]HYPV\ZI\ZPULZZLZ and suggests improvement for strengthening
Compliance risk management comprises a internal controls from time to time.
detailed mechanism of assurances with respect *.»ZPU[LYUHSJVU[YVSZOH]LILLUKLZPNULK[V
to adherence of all laws and regulations in WYV]PKLHYLHZVUHISLHZZ\YHUJL^P[OYLNHYK[V
L]LY`JV\U[Y`^P[OHYLWVY[PUNWYVJLZZ[OH[ maintaining of proper internal controls, monitoring
ÅV^Z\W^HYKZMYVT[OLHJJV\U[HISLI\ZPULZZ of operations, protecting assets from unauthorised
L_LJ\[P]LZ[V*.»ZÄK\JPHY`9PZRHUK(\KP[ use or losses, compliances with regulations for
*VTTP[[LL9(*HUK[OLU[V[OL)VHYKVM LUZ\YPUNYLSPHIPSP[`VMÄUHUJPHSYLWVY[PUN;OL
Directors. *VTWHU`\ZLZ:(7HZP[ZRL`KH[HHUKHUHS`[PJZ
6\[JVTLZVMI\ZPULZZYL]PL^TLL[PUNZ [VVS·ÔPJOOHZV]LY[OL`LHYZJVUZPKLYHIS`
JVUK\J[LKI`THUHNLTLU[HUKPU[LYUHSH\KP[ enhanced the internal control mechanism.
regarding processes and their compliance, as
^LSSHZVIZLY]H[PVUZVM[OL9(*HUK[OL)VHYKVM
Directors are incorporated to capture new risks
HUK\WKH[L[OLL_PZ[PUNVULZ outlook
(SS[OYLLKPTLUZPVUZVM*.»Z9PZR4HUHNLTLU[
MYHTL^VYRHYLYL]PL^LKHUU\HSS`MVY[OLPY 0[PZ\ZLM\S[VILNPU^P[O[OLSLNHJ`VM[OLWHZ[(Z
YLSL]HUJLHUKJOHUNLZ;OLI\ZPULZZLZHUK we have discussed in the last few annual reports,
internal audit make regular presentations to the *.Z\ɈLYLKMYVTSVZZLZPUJ\YYLKI`ZVTLVMP[Z
9(*MVYKL[HPSLKYL]PL^;OLYPZRTHUHNLTLU[ PU[LYUH[PVUHSVWLYH[PVUZ·ÔPJOULLKLK[VIL
process, including its tracking and adherence, is THKLNVVKI`YLN\SHYJHZOV\[ÅV^ZMYVT[OL
Z\IZ[HU[PHSS`LLUHISLKMVYNYLH[LYJVUZPZ[LUJ` WHYLU[*VTWHU` transformers
HUKIL[[LYYLWVY[PUNJHWHIPSP[PLZ Given these circumstances, the Board of THE TRANSFORMER MARKET
IS EXPECTED TO GROW,
Directors favoured selling these loss-making DRIVEN BY THE DEMAND
I\ZPULZZLZH[YLHZVUHISLLU[LYWYPZL]HS\LZ[V FROM THE PGCIL, NTPC AND
SOME OF THE FINANCIALLY
MVJ\ZVU*.»ZWYVÄ[HISLJVYLJVTWL[LUJ`·VUL STRONGER STATE
VMWYVK\JPUN[YHUZMVYTLYZHUKPUK\Z[YPHSZ`Z[LTZ ELECTRICITY BOARDS
056 057
contribution to F Y2016
Over the last
two years, CG
V\[VMWYVÄ[HISLWSHU[ZPU0UKPHHUK0UKVULZPHHUK
of selling these in India as well as to other parts of
6WLYH[PVUHSS`*.0UKPHOHZKVUL^LSS7V^LY
[YHUZMVYTLYZHYLVUHZ[HISLMVV[PUNHUK
net revenue in… has become a

F Y2017
the world. KPZ[YPI\[PVU[YHUZMVYTLYZHSLZHUKWYVÄ[HIPSP[`
leaner, better Thus, CG divested itself of the power JVU[PU\L[VYPZL4V[VYZHYLKVPUN]LY`^LSS(UK
F Y2018
managed and a [YHUZMVYTLYI\ZPULZZPU*HUHKHPU-@"ZVSK *.OHZWLYMVYTLKL_JLSSLU[S`PUZLJ\YPUNP[Z
FIGURES IN J CRORE more profitable
[OLH\[VTH[PVUI\ZPULZZ\UKLYA0=[V(SMHUHY OPNOLZ[L]LYVYKLYZMYVT0UKPHU9HPS^H`Z
enterprise
,SLJ[YPJ33*VM:H\KP(YHIPHPU4HYJO"HUK The Indonesian operations have also done well.
L_P[LKMYVT[OLKPZ[YPI\[PVUMYHUJOPZLI\ZPULZZ ,]LU[OL)LSNPHUWV^LY[YHUZMVYTLYHUKZ`Z[LTZ
…other …and at Jalgaon, Maharashtra. In FY2018, we sold

[OL*VTWHU`»ZÔVSS`VÛLKWV^LYI\ZPULZZPU
operations, though still treated as discontinued,
have turned around.
countries India [OL<:([V>,.HTHQVY)YHaPSPHUT\S[PUH[PVUHS

in electric motors and other electro-electronic
Therefore, if we can complete the Hungarian
KP]LZ[TLU[HUKZVTLV[OLYYLSH[P]LS`TPUVYZHSLZ
products, for an enterprise value of US$37 VMV]LYZLHZLU[P[PLZHUKPM[OL0UKPHULJVUVT`
million. This divestment was completed on NYV^ZH[WLY`LHYVYTVYLHZWYLKPJ[LKI`
1\S`(UKHZ^L^YP[LLɈVY[ZHYLVU[V [OL9LZLY]L)HURVM0UKPH^LV\NO[[VZLLL]LU
ZLSS[OL*VTWHU`»Z/\UNHYPHUI\ZPULZZL_JS\KPUN IL[[LYVWLYH[PVUHSHUKÄUHUJPHSWLYMVYTHUJLVM*.
switchgears. in FY2019.
That was the pruning of loss-making or
YLSH[P]LS`\UWYVÄ[HISLI\ZPULZZLZ>OH[HIV\[ K N NEELKANT
[OL*VTWHU`»ZJVYLI\ZPULZZLZUHTLS`WV^LY *,6(5+4(5(.05.+09,*;69
Z`Z[LTZPU0UKPHHUK0UKVULZPHHUKP[ZPUK\Z[YPHS +05!
Z`Z[LTZI\ZPULZZPU0UKPH&
These have done well in FY2017 and FY2018. New Delhi, 10 August 2018
6YKLYPUW\[OHZYPZLUPU-@JVTWHYLK[V[OL
767
781
865
234
139
78
241
242
275
WYL]PV\Z`LHYHZOHZUL[ZHSLZ,)0+;(HUK[OL
HZZL[LɉJPLUJ`YH[PVZ-VY[OLZ[HUKHSVULLU[P[`
USA SWEDEN INDONESIA covering Indian operations, the ratio of EBIDTA
^P[OV[OLYPUJVTL[VUL[ZHSLZZ[VVKH[
PU-@0UZOVY[V]LY[OLSHZ[[^V`LHYZ*.
OHZILJVTLHSLHULYIL[[LYTHUHNLKHUKHTVYL
WYVÄ[HISLLU[LYWYPZL
Adopting Ind AS also helped CG to generate
HJSLHULYHUK[PNO[LYIHSHUJLZOLL[;OPZ`LHY
[OL*VTWHU`»ZTHUHNLTLU[P[Z9PZRHUK(\KP[
Committee and Board of Directors decided that
a further cleaning up was needed. This related to
provisions for litigation claims, other advances
HUKV]LYK\LPU]LU[VYPLZ;OL9PZRHUK(\KP[
Committee and the Board of Directors chose to
^YP[L[OLZLVɈ;OLZLOH]LILLUHJJV\U[LKMVYHZ
exceptional itemsUL[HTV\U[PUN[VI443 crore.
(S[OV\NO[OLZLL_JLW[PVUHSP[LTZPTWVZLKH
UVUJHZOJVZ[VU[OLWYVÄ[HUKSVZZHJJV\U[ZVM
IV[O[OLZ[HUKHSVULHUKJVUZVSPKH[LKLU[P[PLZ
^LILSPL]L[OH[[OPZJSLHU\W^HZ^HYYHU[LK0[
has, over a longer term, helped to create a more
Z\Z[HPUHISLÄUHUJPHSHYJOP[LJ[\YLHUKH[PNO[LY
IHSHUJLZOLL[
3782
4341
4969
058 059
CG Power and Industrial Ten Years’ CG Power and Industrial Ten Years’
Solutions Limited 2018 Highlights Solutions Limited 2018 Highlights
2009 2010 2011 2012 2013 2014 2015 2016 2017# 2018
ten years’
what the company owed
highlights
BORROWINGS 54 718 27 501 13 470 8 1044 14 2029 31 2396 68 2092 586 1528 1334 1502 1732 1880
CONSOLIDATED
STAND-ALONE YEAR ENDED 31 MARCH, IN I CRORE

TOTAL
LIABILITIES 1570 3919 1627 3518 1712 3874 1826 5003 2163 6435 2157 7172 1523 5775 2227 3521 2976 3716 3562 4163
2009 2010 2011 2012 2013 2014 2015 2016 2017# 2018 net worth of the company
earnings SHARE
CAPITAL 73 73 128 128 128 128 128 128 128 128 125 125 125 125 125 125 125 125 125 125
TOTAL RESERVES
INCOME 4940 9090 5585 9469 6356 10430 6901 11668 7624 12609 8064 14207 4589 5872 4451 5706 4961 5991 5277 6327 & SURPLUS 1169 1758 1637 2376 2176 3146 2573 3483 2929 3433 3231 3519 4490 4183 4003 4472 4074 3986 3715 2589
GROSS SALES SHAREHOLDERS’

AND SERVICES 4904 9031 5516 9376 6277 10331 6850 11615 7571 12533 7994 14058 4524 5800 4225 5595 4761 5924 5079 6288 FUNDS 1242 1831 1765 2504 2304 3275 2701 3611 3057 3561 3356 3644 4615 4308 4128 4597 4199 4111 3841 2714
NET SALES TANGIBLE

AND SERVICES 4611 8737 5284 9141 5951 10005 6485 11249 7135 12094 7571 13632 4230 5505 3901 5269 4356 5517 4981 6189 NET WORTH*** 1242 1783 1765 2504 2304 3275 2701 3560 3057 3393 3356 3491 4615 4308 4128 4597 4199 4111 3841 2714
EBIDTA* 674 1054 927 1371 1012 1443 771 856 648 459 687 761 331 580 451 542 512 510 543 494
ratios
PBT @
614 867 870 1189 927 1229 677 550 596 185 713 495 342 355 313 180 257 108 227 (317)
BOOK VALUE
PER SHARE (IN L) 19.4 27.8 27.5 39.0 35.9 51.0 42.1 55.5 47.7 52.9 53.0 55.1 73.6 68.7 65.9 73.3 67.0 65.6 61.3 43.3
PAT **@ 397 560 617 860 694 889 505 374 446 (36) 521 244 345 368 (1184) 115 146 80 (273) (392)
EARNINGS
PER SHARE (IN L) 6.19 8.73 9.62 13.40 10.82 13.85 7.87 5.82 6.95 (0.56) 8.23 3.86 5.51 5.88 (18.89) 1.83 2.33 1.25 (4.35) (6.28)
DIVIDEND
PAY-OUT 73 73 81 81 141 141 90 90 77 77 75 75 50 50
CASH EARNINGS
PER SHARE (IN L) 7.08 11.22 10.74 16.62 11.91 17.13 8.96 9.34 8.17 1.30 10.01 8.67 6.60 8.95 (18.28) 3.55 4.52 3.93 4.81 3.41
what the company owned CURRENT

RATIO 1.38:1 1.3:1 1.39:1 1.36:1 1.70:1 1.48:1 1.88:1 1.46:1 1.87:1 1.39:1 1.86:1 1.28:1 2.96:1 1.50:1 2.05:1 1.52:1 2.25:1 1.61:1 1.84:1 1.29:1
GROSS BLOCK DEBT EQUITY

(INCL. CAPITAL WIP) 1124 3083 1204 3099 1651 3890 1424 4558 1560 5539 1662 6429 2357 7114 2186 4331 2145 3139 2295 3254 RATIO 0.04:1 0.4:1 0.02:1 0.2:1 0.00 0.09:1 0.00 0.17:1 0.00 0.44:1 0.00 0.45:1 0.00 0.30:1 0.00 0.13:1 0.12:1 0.12:1 0.22:1 0.31:1
NET BLOCK EBIDTA / NET

(INCL. CAPITAL WIP) 523 1379 567 1376 923 1941 675 2258 775 3066 823 3459 1625 4237 1387 2677 1315 1766 1377 1780 SALES (IN %) 14.6 12.1 17.5 15.0 17.0 14.4 11.9 7.6 9.1 3.8 9.1 5.6 7.8 10.5 11.6 10.3 11.8 9.2 10.9 8.0
RETURN ON TANGIBLE
INVESTMENTS 266 167 688 553 782 675 1053 786 1055 791 826 299 1166 436 483 231 446 209 1029 145 NET WORTH (IN %) ## 32.0 31.4 35.0 34.3 30.1 27.1 18.7 10.5 14.6 (1.1) 15.5 7.0 12.8 0.5 (26.6) (10.0) 3.0 (11.9) (8.5) (42.9)
NET CURRENT FIXED ASSETS TURNOVER

ASSETS 570 969 620 1085 1139 1603 1552 1887 1825 1795 1810 1489 2840 2171 2282 1478 3006 1919 2236 940 RATIO (IN TIMES) 8.8 6.3 9.3 6.6 6.5 5.2 9.6 5.0 9.2 3.9 9.2 3.9 2.6 1.3 2.8 2.0 3.3 3.1 3.6 3.5
NET ASSETS NO. OF PERMANENT

EMPLOYED 1359 2515 1875 3014 2458 3875 2802 4463 3173 5176 3481 5276 5547 6711 4205 4396 4819 3899 4670 2874 EMPLOYEES 5094 8564 5116 8647 5214 8702 5365 8966 5575 9575 5529 9433 4024 7854 3633 7233 3421 6288 3377 5655
* EBIDTA = Earnings before Interest, Depreciation, Amortisation, Tax, Exceptional Items and including other income. *** Tangible Net Worth = Shareholders’ Funds—Miscellaneous Expenses—Deferred Tax Asset.
** Profit for continuing business after Tax, Minority Interest and Share of Associate Companies for Consolidated Statement of Profit and Loss. #
Figures of FY2017 have been regrouped / reclassified, wherever necessary to correspond with the figures of FY2018.
@
After exceptional items. ##
On Total operations.
060 061
CG Power and Industrial CG Power and Industrial Directors’
Solutions Limited 2018 Solutions Limited 2018 Report
To,
The Members
Your Directors are pleased to present their Eighty-first Annual Report on the
business and operations of the Company along with the Audited Financial
Statements, both Stand-alone and Consolidated, for the financial year ended
31 March 2018.
THE YEAR IN RETROSPECT (KL[HPSLKYL]PL^VM[OLVWLYH[PVUZHUKÄUHUJPHS

;OLZ[HUKHSVULHUKJVUZVSPKH[LKÄUHUJPHS performance of the Company and each of the
statements of the Company represent the Businesses is contained in the section titled
continuing operations for the year ended ‘Management Discussion and Analysis’ of this
31 March 2018. The discontinued operations have Annual Report.
been presented under a separate head.
The Company achieved a stand-alone DIVESTMENTS AND OTHER
directors’
net turnover from continued operations of DEVELOPMENTS
I4,981 crore, during the year under review, The Company’s overall strategy is to focus
compared to I4,356 crore during the previous its synergies to core operations and markets
year, recording a growth of 14.3%. The PUJS\KPUN0UKPHHUK0UKVULZPHÔPJOWYV]PKLZ
consolidated net turnover of the Company during HZPNUPÄJHU[NYV^[OVWWVY[\UP[`0USPUL^P[O
report
FY2018 from continued operations grew by this, during the year the Company successfully
12.1% and stood at I6,189 crore, compared with completed divestment of its power business
I5,517 crore in the previous year. in USA comprising its overseas step down
+L[HPSZVMUL[:HSLZHUK7YVÄ[ILMVYL0U[LYLZ[ Z\IZPKPHY`·*.7V^LY<:(0UJVU1\S`
and Tax of the respective Business Units in to WEG Electric Corp for an enterprise value of
JVTWHYPZVU^P[O[OLWYL]PV\ZÄUHUJPHS`LHY US$31 million. WEG Electric Corp is a nominee
are given in Table 1. Further the Financial of WEG S.A., a Brazilian publicly listed company.
Performance of the Company for the continuing *VUZLX\LU[S`*.7V^LY<:(0UJJLHZLK[V
operations for the year ended 31 March 2018 is be a wholly owned step-down subsidiary of
given in Table 2. the Company and has been renamed as WEG
;YHUZMVYTLYZ<:(0UJ
Abbreviations
‘Act’ refers to the
01
BUSINESS UNIT
net sales and profit before interest
and tax ( PBIT ) in I crore
SALES PBIT
Companies Act, 2013
‘Listing Regulations’ refers to 2017–18 2016–17 2017–18 2016–17
SEBI (Listing Obligations and Power Systems
Disclosure Requirements)
Regulations, 2015 Stand-alone 2,700 2,505 185 208
‘the Company’, ‘CG’refers to Consolidated 3,633 3,417 312 344
CG Power and Industrial
Industrial Systems
Solutions Limited
‘SEBI’ refers to the Stand-alone 2,282 1,852 187 190
Securities and Exchange
Consolidated 2,541 2,082 166 175
Board of India
062 063
CG Power and Industrial Directors’ CG Power and Industrial Directors’
Solutions Limited 2018 Report Solutions Limited 2018 Report
Further with respect to the Company’s business conditions. Consequent to this, ESHU will cease DIRECTORS AND KEY Company w.e.f. close of business hours on
in Hungary, CG Electric Systems Hungary Zrt. to be a step-down subsidiary of the Company. MANAGERIAL PERSONNEL 30 September 2017.
(ESHU), the Company’s step-down subsidiary and During the year CG Power Systems Belgium BOARD OF DIRECTORS The Board places on record its gratitude and
*.0U[LYUH[PVUHS)=[OL*VTWHU`»ZZ\IZPKPHY` 5=7:),KP]LZ[LKP[Z Z[HRLPUP[Z1VPU[ COMPOSITION appreciation for the valuable contributions made
have inter-alia entered into a Business Transfer =LU[\YLPU:H\KP(YHIPH:H\KP7V^LY;YHUZMVYTLY As on the date of this report, the Company’s Board by Mr Acharya during his tenure.
Agreement and Share Sale and Purchase Co. Limited. CG Power Solutions Saudi Arabia of Directors consists of nine Directors comprising
(NYLLTLU[^P[O.HUa=PSSHTVZZHNPAY[HUK *VPUÔPJO*./VSKPUNZ)LSNP\T5=HZ[LW of one Executive Director and eight Non-Executive RETIREMENT BY ROTATION
Alester Holdings Limited (‘the Purchasers’) for down overseas subsidiary of the Company, holds +PYLJ[VYZVMÔPJOÄ]LHYL0UKLWLUKLU[+PYLJ[VYZ 0U[LYTZVM[OLWYV]PZPVUZVM:LJ[PVUVM[OL
sale of Assets (excluding switchgear business) 51% equity shareholding shall be liquidated The Chairman, Mr Gautam Thapar is a Non- Act and the Rules made thereunder and Article
and Shares of ESHU respectively for an enterprise upon completion of its open orders. During the Executive Director and represents the Promoter 114 of the Articles of Association of the Company,
value of Euro 38 Million with expected completion year the Solutions businesses in US and UK and Group. Mr K N Neelkant is the CEO and Managing Mr K N Neelkant and Mr B Hariharan retire by
by 31 March 2018 subject to requisite approvals. the Switchgear business in Hungary have been Director. Five other Non-Executive Directors— rotation at the ensuing Annual General Meeting
Upon request of the Purchasers, the completion phased out. 4Y:HUQH`3HIYVV+Y=HSLU[PU]VU4HZZV^ of the Company and being eligible, seek re-
date has been extended pending the receipt of The above divestments are in line with the 4Z9HTUP5PY\SH4Y1P[LUKLY)HSHRYPZOUHUHUK appointment. As per Regulation 36 of the Listing
the requisite approvals. Thereafter, the necessary *VTWHU`»ZZ[YH[LN`[VL_P[MYVTPKLU[PÄLK 4Y(ZOPZO2\THY.\OHHYL0UKLWLUKLU[PU[LYTZ Regulations and Secretarial Standard-2 on General
KVJ\TLU[ZMVYLɈLJ[PUN[YHUZMLYVMHSS[OLZOHYLZ geographies / products of its international of Regulation 16 of the Listing Regulations and 4LL[PUNZPZZ\LKI`[OL0UZ[P[\[LVM*VTWHU`
of ESHU to the Purchasers have been executed. businesses and focus its synergies on the retained Section 149 of the Act. Two other Directors— :LJYL[HYPLZVM0UKPH::[OLIYPLMWYVÄSLHUK
Considering certain conditions subsequent to VULZPUJS\KPUN0UKPHHUK0UKVULZPH^P[O[OL Mr B Hariharan and Dr Omkar Goswami are Non- other relevant details regarding re-appointment
be performed between the parties, the shares objective of improving the overall operational Executive Directors. The Board consists of reputed of Mr K N Neelkant and Mr B Hariharan are
have been held in escrow and will be handed LɉJPLUJ`YLK\JPUNKLI[HUKMVYLUOHUJPUN professionals with diverse functional expertise, contained in the Annexure accompanying the
over to the Purchasers upon completion of such shareholders’ value. PUK\Z[Y`L_WLYPLUJLLK\JH[PVUHSX\HSPÄJH[PVUZ explanatory statement to the Notice of the ensuing
L[OUPJP[`HUKNLUKLYTP_YLSL]HU[[VM\SÄSSPUN[OL Annual General Meeting.
Company’s objectives and strategic goals. The Board recommends their re-appointment
as Directors of the Company, liable to retire by
02 financial
highlights in I crore
CHANGE IN COMPOSITION OF THE BOARD
On recommendation of the Nomination and
Remuneration Committee of the Company,
rotation.
INDEPENDENT DIRECTORS’ DECLARATION

PARTICULARS STAND-ALONE CONSOLIDATED Mr Ashish Kumar Guha was appointed as an The Company has received declarations from all
2017–18 2016 –17 2017–18 2016 –17 (KKP[PVUHS+PYLJ[VY5VU,_LJ\[P]L0UKLWLUKLU[ P[Z0UKLWLUKLU[+PYLJ[VYZJVUÄYTPUN[OH[[OL`
Gross Revenue from Operations 5,079 4,761 6,288 5,924 on the Board of Directors of the Company with meet the criteria of independence as laid down
Less: Excise Duty 98 405 99 407 LɈLJ[MYVT 5V]LTILY0UHJJVYKHUJL under Section 149 of the Act and Regulation 16 of
^P[O:LJ[PVUVM[OL(J[4Y.\OHOVSKZVɉJL the Listing Regulations.
Net Revenue from Operations 4,981 4,356 6,189 5,517
up to the date of the ensuing Annual General
,)0+;( 543 512 494 510
Meeting. The Company has received a notice BOARD MEETINGS
Less: Finance Cost 214 164 219 186
from a member proposing candidature of Mr Guha During FY2018, the Board of Directors met
Less: Depreciation 102 91 149 143
for appointment as Director. Accordingly, your Ä]L[PTLZ[VKPZJ\ZZHUKKLJPKL[OLI\ZPULZZ
7YVÄ[)LMVYL,_JLW[PVUHS0[LTZ ;H_ 227 257 126 181 Directors recommend his appointment as Non- strategies and performance in addition to the
,_JLW[PVUHS0[LTZ (453) (100) (443) (73) ,_LJ\[P]L0UKLWLUKLU[+PYLJ[VYPU[OLLUZ\PUN items reported to the Board in accordance with
7YVÄ[SVZZ)LMVYL;H_ (226) 157 (317) 108 Annual General Meeting. Attention of Members the provisions of the Act, Listing Regulations
Less: Tax expense / (Credit) 47 11 75 28 is invited to relevant disclosures made in the and other statutory provisions. The intervening
7YVÄ[SVZZMYVTJVU[PU\PUNVWLYH[PVUZ (273) 146 (392) 80 Notice of the ensuing Annual General Meeting and gap between the meetings was within the period
3LZZ!4PUVYP[`0U[LYLZ[ - - 2 - explanatory statement thereto with respect to his prescribed under the Act, Listing Regulations and
appointment. Secretarial Standard-1 on Board Meetings issued
:OHYLVMWYVÄ[SVZZPU(ZZVJPH[LZ1VPU[=LU[\YLZ - - (2) (1)
Mr Madhav Acharya, Executive Director, Finance I`[OL0UZ[P[\[LVM*VTWHU`:LJYL[HYPLZVM0UKPH
7YVÄ[SVZZHM[LYTPUVYP[`PU[LYLZ[HUKZOHYLVM(ZZVJPH[LZ
HUK1VPU[=LU[\YL (273) 146 (392) 79 HUK*OPLM-PUHUJPHS6ɉJLYVM[OL*VTWHU`^HZ (SS-1). Details of the Board Meetings held and
7YVÄ[SVZZILMVYL[H_MYVTKPZJVU[PU\LKVWLYH[PVUZ (79) (33) (799) (592) re-designated as Non-Executive Director w.e.f. the attendance of the Directors are given in the
Tax expense / (Credit) from discontinued operations (27) (12) (27) (22)
close of business hours on 11 August 2017. section titled ‘Report on Corporate Governance’
Thereafter, he ceased to be a Director of the which forms part of this Annual Report.
5L[WYVÄ[SVZZVUKPZJVU[PU\LKVWLYH[PVUZ (52) (21) (772) (570)
;V[HSWYVÄ[SVZZMVY[OL`LHY (325) 125 (1,164) (491)
064 065
BOARD COMMITTEES During the year under review, Mr Madhav Acharya LɈLJ[P]LULZZVM)VHYKWYVJLZZLZYLSH[PVUZOPWZ website http://www.cgglobal.com/frontend/
The Board has established statutory and non- YLZPNULKHZ*OPLM-PUHUJPHS6ɉJLYVM[OL*VTWHU` with external stakeholders, strategy and risk finalnonproduct.aspx?cnl2=yrnPqECUvhk=
statutory Committees in compliance with the w.e.f. close of business hours on 11 August 2017 management, ethics and compliance of the
requirements of the Act and Listing Regulations. HUK4Y=9=LURH[LZO^HZHWWVPU[LKHZ Board, Committees and individual Directors, PROMOTER GROUP
These are Risk and Audit Committee, Nomination *OPLM-PUHUJPHS6ɉJLYVM[OL*VTWHU`^LM including self assessment forms were circulated The Company is a part of the Avantha Group, one
and Remuneration Committee, Corporate 12 August 2017. Mr Manoj Koul resigned as to all the Directors of the Company. Evaluation VM0UKPH»ZSLHKPUNI\ZPULZZJVUNSVTLYH[LZ;OL
Social Responsibility Committee, Stakeholders’ Company Secretary w.e.f. the close of business of Committees was carried out based on Group has business interests in diverse areas,
Relationship Committee and Securities Transfer hours on 23 August 2017 and Ms Shikha Kapadia its composition, adequacy of information / including pulp and paper, power transmission
Committee. Details of composition of the statutory was appointed as Company Secretary w.e.f. TH[LYPHSMVYLɈLJ[P]LKPZJ\ZZPVUTHUKH[LVM[OL and distribution equipment and services, food
Committees, their terms of reference, number of 12 February 2018. *VTTP[[LLZHKLX\H[L[PTLHSSVJH[PVUMVYM\SÄSSPUN processing, farm forestry, chemicals, energy,
meetings held and attendance of the Committee its mandate and recommendations to the Board. PUMYHZ[Y\J[\YLPUMVYTH[PVU[LJOUVSVN`0;HUK0;
4LTILYZ[OLYLVMK\YPUN[OLÄUHUJPHS`LHYPZ REMUNERATION POLICY AND CRITERIA The individual and peer assessment of Directors LUHISLKZLY]PJLZ0[PZSLKI`[OL.YV\W»Z-V\UKLY
given in the section titled ‘Report on Corporate FOR DETERMINING ATTRIBUTES, contains facets such as relationship with Board *OHPYTHU4Y.H\[HT;OHWHY
Governance’ forming part of this Annual Report. QUALIFICATION, INDEPENDENCE AND and Senior Management, knowledge, competency
All recommendations made by the Risk and APPOINTMENT OF DIRECTORS and contribution to the Board. The Chairman SUBSIDIARY, JOINT VENTURES
Audit Committee were accepted by the Board of The Company has formulated a Remuneration provides feedback on the individual and peer AND ASSOCIATE COMPANIES
Directors. Policy governing the appointment and assessment of Directors. (ZVU4HYJO[OL*VTWHUÒHZ0UKPHU
During the year under review, the Board remuneration of Directors, Key Managerial Based on the feedback received from each subsidiaries, 23 foreign subsidiaries, 1 joint
constituted a US Business Divestment Committee, Personnel, Senior Management and other Director including the Chairman, the Nomination venture and 2 associate companies. Details are
a Hungary Business Divestment Committee and employees of the Company. This Policy also and Remuneration Committee and the Board provided in Annexure 5 to this Report in Form
a Business Divestment Committee to evaluate, JVU[HPUZJYP[LYPHMVYKL[LYTPUPUNX\HSPÄJH[PVUZ of Directors of the Company discussed the MGT-9 (Extract of Annual Return).
determine and review the proposals for divestment positive attributes, independence of Directors, V\[JVTLVM[OLHUU\HSL]HS\H[PVUHUKPUKLU[PÄLK 7\YZ\HU[[V[OL*VTWHUPLZ0UKPHU(JJV\U[PUN
VMPKLU[PÄLKI\ZPULZZVM[OL*VTWHU` provisions relating to loans and advances to the Board competencies, compliances, ethics, the Standards) Rules, 2015 and Regulation 33 of
The US Business Divestment Committee LTWSV`LLZVM[OL*VTWHU`0[HSZVHPTZ[VH[[YHJ[ Company’s Risk policies, the Board’s interaction 3PZ[PUN9LN\SH[PVUZ[OLÄUHUJPHSZ[H[LTLU[ZVM[OL
JVUZPZ[ZVM4Y1P[LUKLY)HSHRYPZOUHU and retain high caliber personnel from diverse with management and the Chairman’s leadership, *VTWHU`YLÅLJ[[OLJVUZVSPKH[PVUVMHJJV\U[ZVM
Ms Ramni Nirula, and Mr K N Neelkant, held LK\JH[PVUHSÄLSKZHUK]HYPLKL_WLYPLUJL[VZLY]L as the key strengths. Pursuant to the provisions the Company, its subsidiaries, associates and joint
one meeting during the year under review on on the Board of the Company. The Remuneration VM:JOLK\SL0=VM[OL(J[HUK9LN\SH[PVU venture companies.
1\UL6UJVTWSL[PVUVMKP]LZ[TLU[VM Policy of the Company is provided as Annexure 6 VM[OL3PZ[PUN9LN\SH[PVUZ[OL0UKLWLUKLU[ Pursuant to Section 136 of the Act, the audited
power business in USA, this Committee was to this Report. Directors of the Company at their meeting held annual accounts of each of the Company’s
dissolved. The Company believes that diversity at on 12 February 2018 carried out evaluation of subsidiaries, associates and joint venture entities
The Hungary Business Divestment Committee Board level is a critical ingredient to maintain [OLWLYMVYTHUJLVM5VU0UKLWLUKLU[+PYLJ[VYZ are placed on the website of the Company and
consists of Mr Sanjay Labroo, Ms Ramni Nirula, competitive advantage, to understand customers and the Board as a whole, performance of the UV[LUJSVZLKPU[OPZ(UU\HS9LWVY[0MHU`4LTILY
Mr B Hariharan and Mr K N Neelkant. The HUKZ[HRLOVSKLYZMYVTKPɈLYLU[WLYZWLJ[P]LZHUK Chairman and also assessed the quality, quantity of the Company so desires, the Company will
Committee held two meetings during the [VYLHW[OLILULÄ[ZVMHIYVHKLYL_WLYPLUJLPU HUK[PTLSPULVMÅV^VMPUMVYTH[PVUIL[^LLU[OL make available the said audited annual accounts,
`LHY\UKLYYL]PL^VU1\S`HUK decision making. With these in mind, the Company Management and the Board. on written request. Physical copies of these
6 February 2018. has adopted the Board Diversity Policy which sets documents are also available at the Company’s
The Business Divestment Committee consists out the approach for diversity on the Board of FAMILIARIZATION PROGRAMME 9LNPZ[LYLK6ɉJLMVYPUZWLJ[PVUK\YPUNUVYTHS
of Mr Gautam Thapar, Mr K N Neelkant and Directors of the Company. FOR INDEPENDENT DIRECTORS business hours on all working days, excluding
Mr B Hariharan. No meetings were held during the Pursuant to Regulation 25 of the Listing Saturdays, up to the date of the ensuing Annual
year for this Committee. PERFORMANCE EVALUATION OF Regulations, the Company familiarizes its General Meeting and at the venue of the Annual
THE BOARD OF DIRECTORS 0UKLWLUKLU[+PYLJ[VYZ^P[O[OLPYYVSLZYPNO[Z General Meeting.
KEY MANAGERIAL PERSONNEL 0USPUL^P[O[OLYLX\PYLTLU[ZVM[OL(J[HUK responsibilities as well as the Company’s business 0U[LYTZVM:LJ[PVU VM[OL(J[Z[H[LTLU[
Pursuant to Section 203 of the Act, the Key the Listing Regulations, the annual evaluation and operations. Moreover, the Directors are JVU[HPUPUNZHSPLU[MLH[\YLZVM[OLÄUHUJPHS
Managerial Personnel of the Company as on the of performance of the Board, as well as the regularly updated on the business strategies and statements of the Company’s subsidiaries /
date of this report are: evaluation of the working of its Committees and performance, management structure and key associates / joint venture companies in Form
Mr K N Neelkant, CEO and Managing Director individual Directors including Chairman of the initiatives of businesses at every Board Meeting. (6*PZNP]LUPU[OLUV[LZ[V[OLÄUHUJPHS
4Y=9=LURH[LZO*OPLM-PUHUJPHS6ɉJLY Board was carried out during the year under The details of the programme can be viewed under statements in this Annual Report.
Ms Shikha Kapadia, Company Secretary review. A detailed questionnaire on various facets the following link available on the Company’s Pursuant to Regulation 16 of the Listing
such as role and composition of the Board, Regulations, a Policy for determining Material
066 067
transformers
CG TRANSFORMERS ARE
WELL KNOWN FOR THEIR
RELIABILITY AND EFFICIENCY
ACROSS THE WORLD
Subsidiary of the Company as approved by the BUSINESS RESPONSIBILITY REPORT

Board of Directors of the Company is available Pursuant to Regulation 34 of the Listing
on the website of the Company under http:// Regulations, the Business Responsibility Report
www.cgglobal.com/frontend/finalnonproduct. highlighting the initiatives taken by the Company
aspx?cnl2=yrnPqECUvhk= in the areas of environment, social, economic
and governance, is available on the website of
RELATED PARTY TRANSACTIONS the Company under http://www.cgglobal.com/
During the year, all related party transactions frontend/finalnonproduct.aspx?cnl2=Nu/tTrrPlMI=
entered into by the Company, were at an arm’s
length basis and in the ordinary course of ENTERPRISE RISK MANAGEMENT
I\ZPULZZ0U[LYTZVM[OL0UKPH9LSH[LK7HY[` FRAMEWORK
Transactions Policy of the Company, there are no 0U[LNYH[PUN[OLWYVJLZZMVYTHUHNPUNYPZRZ
material related party contracts, arrangements across the Company’s business and operations
or transactions undertaken by the Company is the Company’s philosophy for Enterprise Risk
during the year under review. Hence, disclosure 4HUHNLTLU[,940U[OPZYLNHYK[OL*VTWHU`
of particulars of contracts / arrangements entered has developed a comprehensive ERM framework
into by the Company with related parties referred [VPKLU[PÄ`YPZRJVUK\J[YPZRHZZLZZTLU[HUK
to in sub-section (1) of Section 188 of the Act is suggest mitigation procedure to the Board
not applicable to the Company for the year under of Directors of the Company to ensure that
review. management controls the risks through a properly
An omnibus approval has been granted by the KLÄULKMYHTL^VYR
Risk and Audit Committee of the Board, based ERM framework aims to imbibe a ‘risk culture’
on the criteria determined and approved by the throughout the organization, facilitate risk based
Board of Directors of the Company as well as by decision making, improve governance and
the Risk and Audit Committee, for transactions accountability, protect and enhance stakeholders’
which are of repetitive nature with related parties. value.
Such omnibus approvals are subjected to renewal The Company’s ERM framework helps to
by the Risk and Audit Committee every year and identify elements of risk based on the risk
are monitored by the Risk and Audit Committee PKLU[PÄJH[PVU[LJOUPX\LZHUHSàLHUKJVTWYLOLUK
on a quarterly basis. All related party transactions the nature of risk, escalate and consolidate risks
entered into by the Company are presented and at Unit level to the overall Business Unit, monitor
reviewed by the Risk and Audit Committee every and review risks and implement action plans to
quarter. mitigate risk. These risks cover business strategy,
;OL*VTWHU`»Z0UKPH9LSH[LK7HY[`;YHUZHJ[PVUZ [LJOUVSVN`ÄUHUJPHSVWLYH[PVUZZ`Z[LTZ0;
Policy can be downloaded from the website of legal, regulatory and human resources. The
the Company under http://www.cgglobal.com/ Risk and Audit Committee reviews the key risks
pdfs/policies/India%20Related%20Party%20 associated with the businesses of the Company
Transactions%20Policy.pdf and their mitigation measures.
During the year under review, none of the risks
PARTICULARS OF LOANS, PKLU[PÄLK[OYLH[LU[OLL_PZ[LUJLVM[OL*VTWHU`
GUARANTEES AND INVESTMENTS
Particulars of loans, guarantees given and INTERNAL FINANCIAL CONTROLS
investments made by the Company during ;OL*VTWHUÒHZPUWSHJLHULɈLJ[P]LHUK
FY2018, pursuant to the provisions of Section LɉJPLU[PU[LYUHSJVU[YVSZ[LZ[PUNHUKTVUP[VYPUN
VM[OL(J[HUK:JOLK\SL=VM[OL3PZ[PUN system which enables the Company to ensure
9LN\SH[PVUZHYLNP]LUPU[OLUV[LZ[V[OLÄUHUJPHS [OH[[OLZLJVU[YVSZHYLVWLYH[PUNLɈLJ[P]LS`
statements in this Annual Report. Such systems have been designed to provide
reasonable assurance with regard to maintaining
of proper internal controls, monitoring of
068 069
operations, protecting assets from unauthorised 0USPUL^P[O*.»ZVIQLJ[P]LVMVɈLYPUNJ\Z[VTLY CONSERVATION OF ENERGY, and process compliances across all locations of
use or losses, compliances with regulations, and centric and smart products, the Company TECHNOLOGY ABSORPTION AND FOREIGN the Company. Corrective actions generated from
[OLYLSPHIPSP[`VMÄUHUJPHSYLWVY[PUN developed a Digital Surge Counter to monitor the EXCHANGE EARNINGS AND OUTGO these audits and various EHS events are captured
health of zinc oxide surge arresters. The product Details as required under Section 134 of the Act and tracked for closure in an online Event
RESEARCH AND DEVELOPMENT ( R&D ) shakes hand with digital technology to measure read with the Companies (Accounts) Rules, 2014, Reporting System portal.
+\YPUN[OL`LHY\UKLYYL]PL^[OL*VTWHU`»Z9 + vital parameters such as total leakage current are given in the prescribed format as Annexure 1 (ZHWHY[VMV\YJVU[PU\LKLɈVY[ZHUK
activities continued to focus on development of and total surge counts. Overcoming the use of to this Report. commitment towards the environment, the
PUKPNLUV\ZHUKLULYN`LɉJPLU[WYVK\J[Z JVU]LU[PVUHSHUHSVNJPYJ\P[Z[OPZWYVK\J[VɈLYZ Company has also initiated roof top solar system
6ULVM[OLZPNUPÄJHU[HJOPL]LTLU[Z^HZ[OL real time data acquisition with reliable accuracy ENVIRONMENT, HEALTH & SAFETY ( EHS ) installations across all locations of the Company.
indigenous development and manufacture of and performance. CG is committed in conducting its business in
4>R=]LY[PJHSTV[VYMVY5\JSLHY7V^LY ;OLYL^HZHSZV[OLKL]LSVWTLU[VMR=HUK a responsible manner that creates a sustained CORPORATE SOCIAL
*VYWVYH[PVUVM0UKPH3PTP[LK57*03MVY\ZLPUP[Z R=,_[LYUHSS`.HWWLK3PUL(YYLZ[LYZÔPJO positive impact on society, improves the quality of RESPONSIBILITY ( CSR )
nuclear reactor. At present, the Company is the protect transmission lines from lightning and, thus, life of the underserved communities and preserve The Company believes in inclusive growth,
ZVSL0UKPHUTHU\MHJ[\YLY[VKL]LSVW[OPZTV[VYMVY improve performance and reliability. The design is the ecosystem that supports the communities and diversity and equitable development of society.
57*030[OHZ\UKLYNVULHUKWHZZLKPUZWLJ[PVU such that it can deal with insulation coordination in the Company. That being so, it has undertaken various CSR
I`57*03H[L]LY`Z[HNLVMKL]LSVWTLU[ worst conditions. The Company propagates ‘Zero Harm Culture’ projects during the year under review in the areas
The Company’s Transformers Division has The Company’s Switchgear division has also towards employees, environment and other of education, skill development and upliftment of
KL]LSVWLKLZ[LYVPSÄSSLK[YHUZMVYTLYZ;OL developed sectionalisers, auto-reclosers, compact Z[HRLOVSKLYZHZYLÅLJ[LKPUV\Y*VYWVYH[L,/: underserved communities.
+P]PZPVUHSZVKL]LSVWLK4=(R=[YHUZMVYTLYZ MYHTL]HJ\\TPU[LYY\W[LYZHUKHJVZ[LɉJPLU[ policy and Cardinal Rules. Through our Corporate The details of the composition of CSR
^P[OZÙ[OL[PJLZ[LYVPSHUK4=(R= range of instrument transformers. EHS Policy, we aim at not only complying with Committee, CSR Policy and projects undertaken
transformers with natural ester oil. The Division The Low Tension Motors division of the legal requisites of safeguarding our employees, by the Company during FY2018 are given in the
HSZVKLZPNULK[YHJ[PVU[YHUZMVYTLYZVM4=( *VTWHU`KL]LSVWLK[OLLU[PYLYHUNLVM0, environment and the society at large but also to section titled ‘Annual Report on CSR initiatives’ in
R=MVY[OL5HNW\Y4L[YV motors (80–355 frame, 0.37 kW to 250 kW) with set high internal standards for compliance. Annexure 2 of this Report.
The Switchgear Division indigenously designed an enclosure capable of withstanding the pressure (SS*.\UP[ZPU0UKPHHYLJLY[PÄLKMVYX\HSP[`
HUKKL]LSVWLKYLZPUPTWYLNUH[LKWHWLY907 VML_WSVZP]LNHZHUKWYL]LU[[YHUZMLYVMÅHTLZ Z`Z[LTZ^P[O0:6 !*LY[PÄJH[PVU0:6 MATERIAL CHANGES AND COMMITMENT
I\ZOPUNZ907I\ZOPUNZHYLVMHKY`[`WL^P[OV\[ This division also developed under slung mounted 14001:2015 Environmental Management System AFFECTING FINANCIAL POSITION OF THE
VPSLUJHWZ\SH[LK^P[OJVTWVZP[LPUZ\SH[VYZ0U R=(+.ZL[ZMVY0UKPHU9HPS^H`ZPUVYKLY[V *LY[PÄJH[PVUHUK6/:(:!*LY[PÄJH[PVU COMPANY
907I\ZOPUNZ[OLTHQVYPUZ\SH[PVUJVUZPZ[ZVMH utilize the coach onboard space for transporting >LHYLPUWYVJLZZVM\WNYHKPUN[V0:6 There are no material changes and commitments
core wound from paper which is subsequently goods as additional space. ;OL*VTWHUÌ\ZPULZZH[0UKVULZPH^HZJLY[PÄLK HɈLJ[PUN[OLÄUHUJPHSWVZP[PVUVM[OL*VTWHU`
PTWYLNUH[LK^P[OLWV_`YLZPU907I\ZOPUNZ CG Traction Electronics division, designs and MVY0U[LNYH[PVU4HUHNLTLU[:`Z[LT04:MVY which have occurred between the end of the
are becoming popular worldwide because of its develops Electric Multiple Unit / Mainline Electric 0:6 !0:6!HUK6/:(: ÄUHUJPHS`LHYVM[OL*VTWHU`PL4HYJO
advantages regarding safety. For this indigenous Multiple Unit in collaboration with partners. Further !(SS<UP[ZPU0UKPHOH]LJSLHYHUJL and the date of this Report.
development we received the runner-up Award at *.OHZHSZV[PLK\W^P[O*LU[YLMVY+LZPNU to operate from State Pollution Control Board
CG’s R&D efforts Elecrama 2018 for the ‘Best Product Category by Advanced Computing (CDAC) for the project of Authorities and are complying over and above the MATERIAL ORDERS OF REGULATORS /
enables the HU0UKPHU,_OPIP[VY» *VU[YVS 4VUP[VYPUN:`Z[LTMVYSVJVTV[P]LZ conditions laid down in consent to operate. COURTS / TRIBUNALS
Company to
*.OHZILLUMYVU[Y\UULYPUVɈLYPUNJ\Z[VTPaLK 9LJLU[S`*.OHZ[PLK\W^P[O0UKPHU9HPS^H`Z[V Regular trainings on EHS awareness and +\YPUN[OL`LHY\UKLYYL]PLÛVZPNUPÄJHU[VY
manufacture
ZVS\[PVUZHUKJ\Z[VTLYVYPLU[LKHWWYVHJO0U supply Under Slung Electrics for Diesel Electric sustainable growth are conducted at all material orders were passed by the Regulators
cost competitive
products, offer line with this legacy, the Company has developed Tower Car (DETC). Large quantities of DETCs are manufacturing locations. National Safety or Courts or Tribunals which impact the going
improved and HR=WVS`TLYPJSPNO[UPUNHYYLZ[VY^P[OH YLX\PYLKMVYTHZZP]L[YHJRLSLJ[YPÄJH[PVUKYP]L Week and World Environment Day campaign concern status and Company’s operations in
integrated product cantilever load of 350 kgF—the highest ever [HRLU\WI`0UKPHU9HPS^H`ZHJYVZZ[OLJV\U[Y` is conducted under guidance of Directorate of future.
portfolio, increase load in the history of this product segment. *.»Z9 +LɈVY[ZLUHISLZ[OL*VTWHU`[V 0UK\Z[YPHS:HML[`HUK/LHS[OHUK:[H[L7VSS\[PVU
its market share, Designed according to customer requirements, THU\MHJ[\YLJVZ[JVTWL[P[P]LWYVK\J[ZVɈLY Control Board. Fire safety week are also observed REGISTRAR & SHARE TRANSFER AGENT
shorten lead time, the development included designing and improved and integrated product portfolio, PU0UKPH\UKLY[OLN\PKHUJLVM[OL-PYL(K]PZLY The Company has appointed Datamatics Business
import substitution manufacturing of hollow core composite insulators increase its market share, shorten lead time, 4PUPZ[Y`VM/VTL(ɈHPYZ.V]LYUTLU[VM0UKPH Solutions Limited (Formerly Datamatics Financial
and offer high
and other critical components. The highlight of PTWVY[Z\IZ[P[\[PVUHUKVɈLYOPNOZWLJPÄJH[PVU ,/:2L`7LYMVYTHUJL0UKPJH[VYZ270Z :LY]PJLZ3[K+):3HZP[Z9LNPZ[YHY :OHYL
specification
products as per this product is that it weighs less compared to products as per requirements of international are linked with SMART goals of all units and ;YHUZMLY(NLU[ÔVPZYLNPZ[LYLK^P[O:,)0;OL
requirements porcelain, has an explosion-proof design and markets. individuals for their Annual Performance contact details of DBSL are mentioned in section
of international enhanced reliability in extreme climates and Management process. Quarterly audits are titled ‘Report on Corporate Governance’ of this
markets polluted environments. conducted to review the EHS implementation Annual Report.
070 071
HT motors
CG IS ONE OF THE LEADING
MANUFACTURERS OF LARGE
ROTATING MACHINES IN INDIA
DIVIDEND DISTRIBUTION POLICY VIGIL MECHANISM

Pursuant to Regulation 43A of the Listing The Company has set up a vigil mechanism viz.
Regulations, the Company has formulated a Whistle Blower Policy as per the provisions of
Dividend Distribution Policy as provided in Section 177 of the Act and Regulation 18 of the
Annexure 7 of this Report and is also available Listing Regulations to enable its employees to
on the website of the Company under http:// report violations, genuine concerns, unethical
www.cgglobal.com/frontend/finalnonproduct. behavior and irregularities, if any, noticed by them
aspx?cnl2=yrnPqECUvhk= ÔPJOJV\SKHK]LYZLS`HɈLJ[[OL*VTWHU`»Z
operations.
PUBLIC DEPOSITS ;OL/LHKVM0U[LYUHS(\KP[Z\ITP[ZHYLWVY[[V
The Company has not accepted any deposits the Chairman of the Risk and Audit Committee on
from public or its members during the year under a quarterly basis, on all complaints referred to the
review as per Sections 73 and 76 of the Act and Management Committee, nominated by the CEO
no deposits exists as on date. and Managing Director of the Company, with the
status of investigations and actions taken by the
PARTICULARS OF EMPLOYEES Management Committee.
Disclosures pertaining to remuneration and No material concerns or irregularities have been
other details as required under Section 197 of reported during the year under review and none
the Act read with Rule 5(1) of the Companies of the Whistle Blowers were denied access to the
(Appointment and Remuneration of Managerial Risk and Audit Committee of the Board.
Personnel) Rules, 2014 are given in Annexure 3 of
this Report. AUDITORS AND AUDIT REPORTS
0UHJJVYKHUJL^P[O[OLWYV]PZPVUZVM:LJ[PVU STATUTORY AUDITORS
197(12) of the Act read with Rule 5(2) of The Board of Directors of the Company have,
Companies (Appointment and Remuneration of at its meeting held on 26 April 2018, approved
Managerial Personnel) Rules, 2014, the names and the proposal for availing borrowings up to an
other particulars of the employees covered under amount of approximately US$250 million from
[OLZHPKY\SLHYLH]HPSHISLH[[OL9LNPZ[LYLK6ɉJL a consortium of international lenders (‘the
of the Company for inspection during working (YYHUNLYZ»H[*.0U[LYUH[PVUHS)=*.0)=[OL
hours up to the date of the ensuing Annual wholly-owned subsidiary of the Company, for
General Meeting and any member interested restructuring current debts of the Company and
in obtaining a copy thereof may write to the [VH]HPS[OLILULÄ[VMSV^LYPU[LYLZ[YH[LHUK
Company Secretary of the Company. deferred tenor. These funds will be used to retire
[OLL_PZ[PUNKLI[VM[OL*VTWHUÌV[OPU0UKPH
COMPLAINTS RELATING TO and overseas. A condition prescribed by the
SEXUAL HARASSMENT (YYHUNLYZYLX\PYLZ[OL*VTWHU`[VNL[P[ZÄUHUJPHS
0U[LYTZVM[OL:L_\HS/HYHZZTLU[VM>VTLUH[ statements audited by one of the Big Four
Workplace (Prevention, Prohibition and Redressal) international auditors for the audit from the period
Act, 2013, the Company has adopted a Prevention ending September 2018 onwards.
of Sexual Harassment Policy for protection against .P]LU[OLPTWVY[HUJLVM[OPZÄUHUJPHS
sexual harassment and have also constituted restructuring exercise to the Company and
0U[LYUHS*VTWSHPU[*VTTP[[LLWYLZPKLKI`^VTHU consequent to its discussions on this matter with
LTWSV`LLJVTWYPZPUNVMÄ]L[VZL]LU*VTWHU` 4Z*OH[\Y]LKP :OHO*OHY[LYLK(JJV\U[HU[Z
employees with an external member to which the then Statutory Auditors of the Company, they
employees can address their complaints. have submitted their resignation with immediate
During the year under review, no incident of LɈLJ[]PKL[OLPYSL[[LYKH[LK(WYPS
sexual harassment was reported. 0UVYKLY[VÄSS[OLJHZ\HS]HJHUJ`JH\ZLKI`[OL
YLZPNUH[PVUVM4Z*OH[\Y]LKP :OHO*OHY[LYLK
Accountants, based on the recommendation of
072 073
the Risk and Audit Committee and the Board of SECRETARIAL AUDITOR EXTRACT OF ANNUAL RETURN The Directors would also like to thank the
Directors, the shareholders of the Company had ;OL*VTWHUÒHKHWWVPU[LK4Z7HYPRO The extract of the Annual Return in Form MGT-9 is employee unions, shareholders, customers,
on 29 May 2018 in terms of the requirement of Associates, Practising Company Secretaries, annexed as Annexure 5 of this Report. dealers, suppliers, bankers, government and all
the Companies Act, 2013, appointed, M/s. K.K. Mumbai (Firm Registration No. P1988MH009800) other business associates for their continued
4HURLZO^HY *V*OHY[LYLK(JJV\U[HU[Z^P[O to undertake the Secretarial Audit of the Company DIRECTORS’ RESPONSIBILITY support extended to the Company and the
Firm Registration No.106009W), as the Statutory for FY2018. Secretarial Audit Report for FY2018 STATEMENT Management.
(\KP[VYZVM[OL*VTWHU`[VOVSKVɉJL[PSS[OL in Form MR-3 is annexed as Annexure 4 to this The Directors would like to assure the Members
conclusion of the ensuing 81st Annual General Report. that the Financial Statements both on stand-alone On behalf of the Board of Directors
Meeting of the Company. ;OLYLHYLUVX\HSPÄJH[PVUZYLZLY]H[PVUZVY and consolidated basis, for the year under review
The proposal for appointment of Statutory adverse remarks or disclaimers made by the conform, in their entirety, to the requirements of GAUTAM THAPAR
Auditors of the Company from the conclusion Statutory Auditor or the Secretarial Auditor in the Act. */(094(5
of the ensuing 81st Annual General Meeting, their reports and hence do not call for any further +05!
pursuant to the recommendation of the Risk comments. ;OL+PYLJ[VYZJVUÄYT[OH[!
and Audit Committee and Board of Directors of New Delhi, 10 August 2018
the Company is contained in the accompanying DIVIDEND the Annual Accounts have been prepared
Notice of Annual General Meeting and the No dividend has been recommended or paid for in conformity with the applicable Accounting
explanatory statement thereto. the year ended 31 March 2018. Standards alongwith proper explanations relating
During the year under review, the Statutory to material departures;
Auditors have not reported any instances of RESERVES
VɈLUJLVYMYH\KJVTTP[[LKI`[OLVɉJLYZVY The Reserves, on standalone basis, at the the Accounting Policies selected and applied on
employees of the Company, to the Risk and beginning of the year amounted to I4,074 crore a consistent basis and judgments and estimates
Audit Committee or the Board of Directors of the and at the end of the year stood at I3,715 crore. made are reasonable and prudent to give a true
Company. HUKMHPY]PL^VM[OLZ[H[LVMHɈHPYZVM[OL*VTWHU`
SHARE CAPITAL H[[OLLUKVM[OLÄUHUJPHS`LHYHUKVM[OLWYVÄ[
COST AUDITOR As on 31 March 2018: SVZZVM[OL*VTWHU`MVY[OLÄUHUJPHS`LHY"
As per the requirement of Section 148(1) of the The authorised share capital of the Company
Act, the Company is required to maintain cost was I4,076,000,000 (Rupees four hundred WYVWLYHUKZ\ɉJPLU[JHYLOHZILLU[HRLU
accounts and records. Accordingly, the Company and seven crore and sixty lakh) divided into to maintain adequate accounting records for
has maintained cost accounts and records for 2,038,000,000 equity shares of I2 (Rupees two) safeguarding the assets of the Company and
FY2018 as applicable for its product range. each. for preventing and detecting fraud and other
The Company had appointed M/s. Ashwin The subscribed and paid-up share capital of the irregularities;
:VSHURP (ZZVJPH[LZ*VZ[(JJV\U[HU[Z4\TIHP Company stood at I1,253,492,284 (Rupees one
(Firm Registration No. 100392) to audit the cost O\UKYLKHUK[^LU[`Ä]LJYVYL[OPY[`MV\YSHRO the Annual Accounts have been prepared on a
records related to the Company’s products for ninety two thousand, two hundred and eighty four) going concern basis;
FY2018. The cost audit report for FY2017 has consisting of 626,746,142 equity shares of I2
ILLUÄSLK^P[O[OL9LNPZ[YHYVM*VTWHUPLZ (Rupees two) each. [OLPU[LYUHSÄUHUJPHSJVU[YVSZSHPKKVÛPU
Mumbai within the prescribed statutory deadline. the Company were adequate and operating
<WVUYLJVTTLUKH[PVUVM[OL9PZR (\KP[ The Company’s equity shares are listed and traded LɈLJ[P]LS`"
Committee, the Board has re-appointed M/s. on BSE Limited and National Stock Exchange of
(ZO^PU:VSHURP (ZZVJPH[LZHZ*VZ[(\KP[VYVM 0UKPH3PTP[LK the systems devised to ensure compliance with
the Company for FY2019 at a remuneration of The Company has issued Global Depository the provisions of all applicable laws were adequate
I600,000 p.a. plus out-of-pocket expenses and Receipts (GDRs) in 1996 and the underlying HUKVWLYH[PUNLɈLJ[P]LS`
taxes, as applicable. The remuneration payable to shares for each GDR were issued in the name
4Z(ZO^PU:VSHURP (ZZVJPH[LZMVY-@ PZ of The Bank of New York, the Depository. Each ACKNOWLEDGEMENTS
YLJVTTLUKLKMVYYH[PÄJH[PVUI`[OL4LTILYZH[ .+9VM[OL*VTWHU`PZLX\P]HSLU[[VÄ]LLX\P[` The Board of Directors wish to convey their
the ensuing Annual General Meeting. shares. As on 31 March 2018, 164,501 GDRs were gratitude and appreciation to all the employees of
outstanding, which represent 822,504 underlying [OL*VTWHU`MVY[OLPY[YLTLUKV\ZLɈVY[ZHZ^LSS
equity shares of the Company. as their exemplary dedication and contribution to
the Company’s performance.
074 075
2. THE BENEFITS DERIVED LIKE PRODUCT 3. IMPORTED TECHNOLOGY

IMPROVEMENT, COST REDUCTION, The data for details of the technology imported is
annexure 1 information pertaining to PRODUCT DEVELOPMENT OR IMPORT given in Table 1 of Annexure 1.
conservation of energy, technology absorption SUBSTITUTION
and foreign exchange earnings and outgo ;OLILULÄ[ZKLYP]LKMYVT[OLZLLɈVY[ZHYL!

,UOHUJLKWYVK\J[X\HSP[`HUKLɉJPLU[ZVS\[PVUZ
4. EXPENDITURE ON RESEARCH
&DEVELOPMENT
[OLYLI`TLL[PUNZWLJPÄJJ\Z[VTLYYLX\PYLTLU[Z" ;OL*VTWHU`»ZL_WLUKP[\YLVU9LZLHYJO
0UJYLHZLKLULYN`LɉJPLUJ`HUKYLK\JLK*6 +L]LSVWTLU[9 +VUZ[HUKHSVULIHZPZMVY[OL
Under Section 134 of the Act and Rules Every unit has set targets for paper, power emissions; year ended 31 March 2018 is given in Table 2 of
made thereunder and water consumption per employee which is 0UJYLHZLKTHYRL[WLUL[YH[PVUI`L_WHUKPUN Annexure 1.
monitored on a regular basis. product lines and reducing product lead time;
A. CONSERVATION OF ENERGY Developed indigenous composite insulator to C. FOREIGN EXCHANGE EARNINGS
1. ENERGY CONSERVATION MEASURES 2. ALTERNATE SOURCES OF ENERGY meet switchgears requirements, starting with AND OUTGO
TAKEN 350 KW solar power panels and solar energy composite insulators for Surge Arresters. The total foreign exchange earned and used by
The accelerated momentum on energy plant were installed at Company’s Switchgear the Company during the year under review is given
conservation initiatives continued this year at division. in Table 3 of Annexure 1.
manufacturing plants worldwide, with further Solar heater is being used at factory canteen of
LɈVY[Z[V^HYKZZ\IZ[P[\[PVUVM[YHKP[PVUHSZV\YJLZ
of energy with renewable energy, measures for
LɉJPLU[\ZHNLVMWV^LYHUKPU]LZ[TLU[ZPU
the Company’s plant at Mandideep.
Hot air from compressors was recycled to drive
out compressed air for machines and tools to heat
01 imported
technology
On behalf of the Board of Directors
GAUTAM THAPAR
additional equipments for saving of electricity. work areas and also to heat water in European WHETHER THE IF NOT FULLY ABSORBED, AREAS */(094(5
TECHNOLOGY WHERE ABSORPTION HAS
locations. DETAILS OF TECHNOLOGY YEAR OF HAS BEEN FULLY NOT TAKEN PLACE, AND THE +05!
IMPORTED IMPORT ABSORBED REASONS THEREOF
0SS\Z[YH[P]LTLHZ\YLZ[HRLU[V^HYKZLULYN`
conservation at Units were: 3. CAPITAL INVESTMENT ON ENERGY *VU[YVSLSLJ[YVUPJZMVY0.); New Delhi, 10 August 2018
based power converter from
Replacement of conventional lights with energy CONSERVATION EQUIPMENT *(-7 (:7(05(3;+ FY2017 Yes Not Applicable
LɉJPLU[3,+ZHUK[OLYLI`JVUZPKLYHISLZH]PUNZPU The following processes are under implementation
cost and usage of power. for further reducing energy consumption:
Use of renewable sources of energy was 0UZ[HSSH[PVUVM=HYPHISL-YLX\LUJ`+YP]LZ=-+"
02
encouraged against conventional sources across 0UZ[HSSH[PVUVMYL[YVÄ[[LK3,+SPNO[ZPUVɉJLZHUK
organisation and water sprinklers were installed to ZOVWÅVVYZ" expenditure
regulate temperature. 0UZ[HSSH[PVUVMZVSHYWV^LYZ`Z[LTHUKZVSHY on R&D in I crore
Replacement of conventional roof with insulated panel;
PARTICULARS AMOUNT
MS roof for use of natural light and regulating <ZLKÄ_LKHUK]HYPHISLJHWHJP[VYIHURMVY
temperature, thus control on power consumption. power factor improvement; A. Capital 13.92
0UZ[HSSH[PVUVM=HYPHISL-YLX\LUJ`+YP]LZ=-+PU 0UZ[HSSH[PVUVM;O`YPZ[VYJVU[YVSSLKV]LUZ B. Revenue 36.23

HPYOHUKSPUN\UP[VM,_[YH/PNO=VS[HNLWVSLZHUK C. Total (A + B) 50.15
fans in high voltage poles. B. TECHNOLOGY ABSORPTION Total R&D expenditure
4VKPÄJH[PVUPU[HUR[LZ[PUNWYVJLZZ[VLSPTPUH[L 1. EFFORTS MADE TOWARDS TECHNOLOGY —as a percentage of net turnover (continued operations) 1.01%
crane use. ABSORPTION
·HZHWLYJLU[HNLVMWYVÄ[SVZZILMVYL[H_JVU[PU\LKHUK
Preventive maintenance of plant and Multiple validation tests were conducted discontinued operations) (16.40)%
equipments was observed to reduce the energy to verify thermal gradients in arresters with
consumption. composite insulators;
Energy consumption measures taken by the 0TWSLTLU[H[PVUVMJV\U[LYZOPLSKLK^PUKPUN
03 foreign exchange
Company were continuously benchmarked against [`WLMVYR=;YHUZMVYTLY[VPTWYV]L^PUKPUN
global standards and best practices were adopted quality and reduce winding manufacturing time.
for sustainable growth. earnings and outgo in I crore
Conducted energy audits to save energy and PARTICULARS AMOUNT
awareness on conservation were created among
Total Foreign Exchange Earned 902.27
LTWSV`LLZ[OYV\NOSLHÅL[ZWVZ[LYZZLTPUHYZ
etc. Total Foreign Exchange Used 483.52
076 077
annexure 2 annual report on corporate social

responsibility (CSR) initiatives for FY18 01 details of funds
spent on CSR in I crore
PROJECTS OR PROGRAMS AMOUNT
1. LOCAL AREA OR OTHER OUTLAY CUMULATIVE
2. SPECIFY THE STATE AND (BUDGET) AMOUNT SPENT ON THE EXPENDITURE
1. A BRIEF OUTLINE OF THE COMPANY’S Weblink to download the CSR Policy is available CSR PROJECT DISTRICT WHERE PROJECT OR PROJECT OR PROGRAMS UPTO AMOUNT SPENT DIRECT
CSR POLICY, INCLUDING OVERVIEW OF on the Company’s website under OR ACTIVITY
IDENTIFIED
SECTOR IN WHICH
PROJECT IS COVERED
PROJECTS AND PROGRAMS
WERE UNDERTAKEN
PROGRAM-
WISE
DIRECT EXPENDITURE
AND OVERHEADS
REPORTING
PERIOD
OR THROUGH
IMPLEMENTING AGENCY
PROJECTS OR PROGRAMS PROPOSED TO http://www.cgglobal.com/frontend/policytrf.aspx
Direct and through
BE UNDERTAKEN AND A REFERENCE TO implementing agencies:
THE WEB-LINK TO THE CSR POLICY AND 2. THE COMPOSITION OF THE CSR 1. Maharashtra: Mumbai, Pratham Education
Nashik, Ahmednagar, Foundation, Teach To
PROJECTS OR PROGRAMS COMMITTEE Education and Aurangabad Lead, Sahayini and
CSR POLICY The Committee consists of the following Directors Skill Development ,K\JH[PVU LTWSV`HISL 2. Madhya Pradesh: Gwalior, (NHZ[`H0U[LYUH[PVUHS
for youth skill enchancement Bhopal 2.80 1.69 5.12 Foundation
The Company is committed to its stakeholders as on 31 March 2018:
to conduct its business in a responsible manner Direct and through
Ms Ramni Nirula 0UMYHZ[Y\J[\YHS implementing agencies:
that creates a sustained positive impact on the *OHPYWLYZVU5VU,_LJ\[P]L0UKLWLUKLU[ support to community 1. Maharashtra: Mumbai, Amhi Amchya
society. This means working with underserved Director resources, women Nashik, Ahmednagar, Arogyasathi, National
empowerment, health Aurangabad 0UZ[P[\[LMVY>VTLUHUK
communities to improve the quality of their life Dr Valentin von Massow Community awareness and check 2. Madhya Pradesh: Gwalior, Child Development, Lok
and preserve the ecosystem that supports the 5VU,_LJ\[P]L0UKLWLUKLU[+PYLJ[VY Development ups, community events Bhopal 0.63 0.39 1.12 2HSH1HNY\[P4HUJO
communities and the Company. Mr Gautam Thapar Direct and through

Rain water harvesting implementing agencies:
Non-Executive Director project, Construction of 1. Maharashtra: Mulshi, Pune Yashwant Krushi va
For CG, being a socially responsible corporate Mr K N Neelkant Sustainability Water reservoir 2. Madhya Pradesh: Gwalior 0.95 0.68 0.75 7HUSV[=PRHZ:HUZ[OH
means: CEO and Managing Director 1. Maharashtra: Nashik, Through implementing

Mother and Child Aurangabad, Ahmednagar agency: Avantha
Upholding and promoting the principles Health Healthcare 2. Madhya Pradesh: Bhopal 0.40 - 11.43 Foundation
of inclusive growth, diversity and equitable 3. AVERAGE NET PROFIT OF THE
Co-ordinate and
development in society; COMPANY FOR LAST THREE Administrative management of CSR
Expenses initiatives 7HU0UKPH 0.24 0.14 1.37 Direct
Collaborating with local government agencies FINANCIAL YEARS
and like minded corporate, voluntary and I250.95 crore (Excluding profits of Total 5.02 2.90 19.79
academic organizations in pursuit of our goals; demerged Consumer Products Business)

Building active and long-term partnerships
^P[O[OLZ\YYV\UKPUNJVTT\UP[PLZ[VZPNUPÄJHU[S` 4. PRESCRIBED CSR EXPENDITURE 6. IN CASE THE COMPANY HAS FAILED 7. RESPONSIBILITY STATEMENT
improve the condition of the most underserved (Two percent of the amount as in item 3 above) TO SPEND THE TWO PERCENT OF THE ;OPZPZ[VJVUÄYT[OH[[OLPTWSLTLU[H[PVUHUK
amongst them; I5.02 crore AVERAGE NET PROFIT OF THE LAST monitoring of the CSR Policy, is in compliance
4HRPUNHZ\Z[HPULKLɈVY[PUWYLZLY]PUN[OL THREE FINANCIAL YEARS OR ANY PART with CSR objectives and Policy of the Company.
environment; 5. DETAILS OF CSR SPENT DURING THEREOF, THE COMPANY SHALL PROVIDE
<ZPUNLU]PYVUTLU[MYPLUKS`LULYN`LɉJPLU[HUK THE FINANCIAL YEAR THE REASONS FOR NOT SPENDING THE
safe processes; a. ;V[HSHTV\U[[VILZWLU[MVY[OLÄUHUJPHS`LHY! AMOUNT IN ITS BOARD REPORT
Promoting transparency in disclosure and I5.02 crore 0U-@*.OHZJVU[YPI\[LKPU[OLHYLHZVM overview of the
reporting procedures; b. Amount unspent, if any: I2.12 crore education and skill development for youth and
programs and
Getting our employees involved and sensitized c. Manner in which the amount was spent during women. As a part of CSR strategy, thrust is placed
towards this end and intent to develop as better [OLÄUHUJPHS`LHY!9LMLY[VKL[HPSZNP]LUPUTable 1 on building capacity of community stakeholders projects undertaken
leaders. of Annexure 2. and project implementing partner organizations.
Aiming vertical growth and sustainability of the Over 1,600 youth and women were trained through
0UVYKLY[VHJJVTWSPZO[OLHIV]L^LHYL L_PZ[PUNWYVQLJ[ZÄUHUJPHSYLZV\YJLZ^LYL\[PSPaLK vocational skills training and assisted to develop
building an increased commitment at all levels with prudence and were initiated on a small scale their livelihood by promoting self-employment and
in the organization to operate our business in to learn from on ground realities and the feedback placements in the industries. Quality education
HULJVUVTPJHSS`ZVJPHSS` LU]PYVUTLU[HSS` of the community. Also some new initiatives were projects were implemented in rural and urban
sustainable manner, while recognizing the interests PUWPWLSPULMVYUL_[ÄUHUJPHS`LHY ZS\TZHYLHZ0UUV]H[P]L[LHJOPUNTL[OVKVSVN`
of all stakeholders. personality development, reading-writing skills,
078 079
academic science experiments were implemented HUKTVIPSLYLWHPYPUN*.LUJV\YHNLKILULÄJPHYPLZ

PUPKLU[PÄLKZJOVVSZHUKJVTT\UP[PLZ to be entrepreneurs by applying skills acquired
Key highlights of the CSR activities undertaken in goat rearing, cloth bag making, and organic annexure 3 ratio of the remuneration of each
during FY18 are given below: manure. director to the median employee’s remuneration
EDUCATION AND VOCATIONAL COMMUNITY DEVELOPMENT,
and other details
SKILLS DEVELOPMENT SUSTAINABILITY AND OTHER INITIATIVES
EDUCATION With the aim of improving lives of people in
Supplementary education projects were neighbouring communities CG’s local units In terms of Section 197 (12) of the Act read 6. Remuneration is as per the Remuneration Policy
implemented in Kanjurmarg (slum community implemented community development projects with Rule 5(1) of the Companies (Appointment of the Company.
of Mumbai) and in 25 rural communities. CG such as rainwater harvesting, tree plantations, and Remuneration of Managerial Personnel)
JVSSHIVYH[LK^P[O;LHJOMVY0UKPHHUK7YH[OHT environment awareness, medical camps and solar Rules, 2014 On behalf of the Board of Directors
Education Foundation and covered over 270 street lamps.
students in Kanjurmarg whereas Sahayini covered Note: The information provided below is on stand- GAUTAM THAPAR
JOPSKYLUMYVT5; :*JVTT\UP[PLZPU alone basis for the Company. */(094(5
(OTLKUHNHYKPZ[YPJ[0UUV]H[P]LSLHYUPUNTL[OVKZ +05!
were implemented to develop subject knowledge way ahead 1. Details of the ratio of remuneration of each
HUKJVUJLW[\HSJSHYP[`0[^HZVIZLY]LK[OH[[OL Director to the median remuneration of all the New Delhi, 10 August 2018
JVUÄKLUJLSL]LSHTVUNZ[[OLZL\UKLYWYP]PSLNLK CG has been implementing vocational skills and LTWSV`LLZVM[OL*VTWHU`MVY[OLÄUHUJPHS`LHY
children increased remarkably after these quality education projects amongst marginalised ended 31 March 2018 are provided in Table 1 of
PU[LY]LU[PVUZ(NHZ[`H0U[LYUH[PVUHS-V\UKH[PVU community from past four years. CG has Annexure 3.
organized several science fairs, academic science decided to replicate the success stories across
practicals in Zilla Parishad (Z.P.) schools at CG’s its various locations in order to maximize the 2. Details of percentage increase in remuneration
Bhopal and Gwalior locations. impact. Community participation and stakeholder of each Director, CEO and Managing Director,
With an objective of quality education, CG also engagements would be the key aspects of CSR *OPLM-PUHUJPHS6ɉJLYHUK*VTWHU`:LJYL[HY`
helped Hivrebazar Z.P. school in digitizing their PUP[PH[P]LZ0U[LY]LU[PVUZZ\JOHZ[LHJOLY[YHPUPUNZ PU[OLÄUHUJPHS`LHY\UKLYYL]PL^HYLWYV]PKLKPU
existing 5 classrooms. A Computer lab was set strengthening parent-teacher associations and Table 1 of Annexure 3.
up in Pimpalgaon Malvi ZP School with 5 old village education committees are planned for
JVTW\[LYZKVUH[LKI`*.0U[OLZHTL^H` FY19. Employee volunteering has always been 3. The median remuneration of employees
JVTW\[LYZOH]LILLUWYV]PKLK[VKPɈLYLU[ encouraged in CSR initiatives. While working on increased by 8.36% as compared to previous
schools in Ahmednagar. CG has also contributed livelihood projects advance technical trainings ÄUHUJPHS`LHY
towards infrastructural development in Z.P. ^PSSILJVU[PU\LK^P[O0;0Z[\KLU[Z(ZZVJPH[PVU
schools. ^P[O5()(9++0*+PZ[YPJ[0UK\Z[YPHS*LU[LY 4. The number of permanent employees on the
and other government agencies will be explored rolls of Company as on 31 March 2018: 3,377 (as
VOCATIONAL SKILLS DEVELOPMENT to promote self employment and group against 3,421 as on 31 March 2017).
*.OHZZPNULK46<Z^P[O[OL[OYLL0;0ZSVJH[LK entrepreneurship.
at Mulund: Mumbai, Satpur: Nashik and Gwalior 5. Average percentile increase already made
MVYHK]HUJLZRPSSZ[YHPUPUNMVY0;0Z[\KLU[Z*. RAMNI NIRULA in the salaries of employees other than the
has set up Transformer winding lab in Birla nagar */(097,9:65*:9*6440;;,, THUHNLYPHSWLYZVUULSPU[OLSHZ[ÄUHUJPHS`LHY
0;0.^HSPVYILULÄ[[PUNZ[\KLU[ZL]LY``LHY +05! and its comparison with the percentile increase
‘National Employability Enhancement Mission’ PU[OLTHUHNLYPHSYLT\ULYH[PVUHUKQ\Z[PÄJH[PVU
(NEEM)—a skill enhancement initiative of K N NEELKANT thereof and point out if there are any exceptional
.V]LYUTLU[VM0UKPH^HZPTWSLTLU[LKH[5HZOPR *,6(5+4(5(.05.+09,*;69 circumstances for increase in the managerial
Aurangabad and Goa. Under this scheme, youth +05! remuneration:
are being trained by a blend of technical modules Average increase in salary of Company’s
and self-developmental courses. New Delhi, 10 August 2018 employees was 6.15% other than the managerial
Over 1,600 youth and women were trained in personnel and overall percentile increase in the
vocational skills courses such as electrical, wiring, managerial remuneration is 6.96% as compared to
motor winding, tailoring, beautician, computer, WYL]PV\ZÄUHUJPHS`LHY
080 081
01 ratio of the remuneration of each director to the

median remuneration of all the employees of the
company for the financial year ended 31 March 2018
annexure 4 form no. MR-3
SECRETARIAL AUDIT REPORT I`[OL*VTWHU`MVY[OLÄUHUJPHS`LHYLUKLKVU

and the percentage increase in remuneration of each FOR THE FINANCIAL YEAR ENDED March 31, 2018 according to the provisions of:
director, chief financial officer, chief executive officer, MARCH 31, 2018
[Pursuant to Section 204 (1) of the Companies (i) The Companies Act, 2013 (the Act) and the
company secretary in the financial year under review Act, 2013 and Rule no. 9 of the Companies rules made thereunder;
RATIO OF REMUNERATION OF (Appointment and Remuneration of
DIRECTOR TO MEDIAN % INCREASE / (DECREASE)
NAME OF DIRECTOR / KEY REMUNERATION OF ALL IN COMPARISON TO Managerial Personnel) Rules, 2014] (ii) The Securities Contracts (Regulation) Act, 1956
MANAGERIAL PERSONNEL DESIGNATION EMPLOYEES PREVIOUS FINANCIAL YEAR (‘SCRA’) and the rules made thereunder;
Mr Gautam Thapar Non-Executive; Chairman 0.47 (64.80) To,
Executive; CEO and The Members, (iii) The Depositories Act, 1996 and the
Mr K N Neelkant Managing Director 80.28 38.56 *.7V^LYHUK0UK\Z[YPHS:VS\[PVUZ3PTP[LK Regulations and Bye-laws framed thereunder;
Executive Director; Finance (formerly Crompton Greaves Limited)
Mr Madhav Acharya* *OPLM-PUHUJPHS6ɉJLY 97.41 Refer note 2
6th Floor, CG House, Dr Annie Besant Road, (iv) Foreign Exchange Management Act, 1999
Mr Sanjay Labroo 5VU,_LJ\[P]L"0UKLWLUKLU[ 0.34 (88.51) Worli, Mumbai 400 030. and the rules and regulations made thereunder to
+Y=HSLU[PU]VU4HZZV^ 5VU,_LJ\[P]L"0UKLWLUKLU[ 0.30 (96.38) [OLL_[LU[VM-VYLPNU+PYLJ[0U]LZ[TLU[6]LYZLHZ
Ms Ramni Nirula 5VU,_LJ\[P]L"0UKLWLUKLU[ 0.42 (85.59) We have conducted the secretarial audit of the +PYLJ[0U]LZ[TLU[HUK,_[LYUHS*VTTLYJPHS
4Y1P[LUKLY)HSHRYPZOUHU 5VU,_LJ\[P]L"0UKLWLUKLU[ 0.47 Refer note 3 compliance of applicable statutory provisions and Borrowings;
Mr Ashish Guha*** 5VU,_LJ\[P]L"0UKLWLUKLU[ 0.17 Refer note 3 the adherence to good corporate practices by CG
Dr Omkar Goswami Non-Executive 0.42 (88.37)
7V^LYHUK0UK\Z[YPHS:VS\[PVUZ3PTP[LKMVYTLYS` (v) The following Regulations and Guidelines
Crompton Greaves Limited) (hereinafter called prescribed under the Securities and Exchange
Mr B Hariharan Non-Executive 0.25 (92.77)
the Company). Secretarial Audit was conducted )VHYKVM0UKPH(J[ º:,)0(J[»!
4Y=9=LURH[LZO# *OPLM-PUHUJPHS6ɉJLY 57.95 Refer note 3
in a manner that provided us a reasonable basis
Mr Manoj Koul## Company Secretary 7.69 Refer note 2
for evaluating the corporate conducts / statutory (a) The Securities and Exchange Board of
Ms Shikha Kapadia ###
Company Secretary 1.58 Refer note 3
compliances and expressing our opinion thereon. 0UKPH:\IZ[HU[PHS(JX\PZP[PVUVM:OHYLZHUK
Notes: )HZLKVUV\Y]LYPÄJH[PVUVM[OL*VTWHU`»Z Takeovers) Regulations, 2011 as amended from
* Resigned as an Executive Director; Finance & Chief Financial Officer of the Company and was re-designated as Non-Executive Director w.e.f. close of books, papers, minute books, forms and returns time to time;
business hours on 11 August 2017. He ceased to be a Director of the Company with effect from 30 September 2017.
ÄSLKHUKV[OLYYLJVYKZTHPU[HPULKI`[OL
** Appointed w.e.f. 2 May 2017
*** Appointed w.e.f. 9 November 2017 Company and also the information provided by (b) ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH
#
Appointed w.e.f. 12 August 2017 [OL*VTWHU`P[ZVɉJLYZHNLU[ZHUKH\[OVYPaLK 7YVOPIP[PVUVM0UZPKLY;YHKPUN9LN\SH[PVUZ
##
Resigned w.e.f. close of business hours on 23 August 2017 representatives during the conduct of Secretarial 2015, as amended from time to time;
Appointed w.e.f. 12 February 2018.
(\KP[[OLL_WSHUH[PVUZHUKJSHYPÄJH[PVUZNP]LU
###
1. For the aforesaid purposes, median remuneration has been computed by ascertaining the Cost to Company of all employees of the Company as on
31 March 2018, in all categories, whether workmen or white collar employees. Remuneration includes variable pay paid during the year under review.
to us and the representations made by the (c) ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH
2. Mr Madhav Acharya and Mr Manoj Koul were associated with the Company for a part of FY 2018. Hence, their remuneration figures are not Management, we hereby report that in our opinion, 0ZZ\LVM*HWP[HSHUK+PZJSVZ\YL9LX\PYLTLU[Z
comparable. the Company has, during the audit period covering Regulations, 2009 as amended from time to
3. Mr Jitender Balakrishnan, Mr Ashish Guha, Mr V R Venkatesh and Ms Shikha Kapadia were appointed in FY 2018, hence their remuneration figures
[OLÄUHUJPHS`LHYLUKLKVU4HYJO(\KP[ time (Not applicable to the Company during the
are not comparable.
Period), complied with the statutory provisions Audit Period);
listed hereunder and also that the Company
has proper Board–processes and compliance (d) ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH
mechanism in place to the extent, in the manner :OHYL)HZLK,TWSV`LL)LULÄ[Z9LN\SH[PVUZ
and subject to the reporting made hereinafter: 2014 as amended from time to time (Not
We have examined the books, papers, applicable to the Company during the Audit
TPU\[LIVVRZMVYTZHUKYL[\YUZÄSLKHUKV[OLY Period);
records made available to us and maintained
082 083
(e) The Securities and Exchange Board of be spent during the year towards Corporate Social Company’s step-down subsidiary and CG
0UKPH0ZZ\LHUK3PZ[PUNVM+LI[:LJ\YP[PLZ Responsibility. 0U[LYUH[PVUHS)=[OL*VTWHU`»ZZ\IZPKPHY`
Regulations, 2008 as amended from time to have inter-alia entered into a Business Transfer annexure A
time (Not applicable to the Company during the We further report that: Agreement and Share Sale and Purchase
Audit Period); The Board of Directors of the Company is duly (NYLLTLU[^P[O.HUa=PSSHTVZZHNPAY[HUK(SLZ[LY
constituted with proper balance of Executive Holdings Limited for sale of Assets (excluding To,
(f) ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH Directors, Non-Executive Directors and switchgear business) and Shares of ESHU The Members
9LNPZ[YHYZ[VHU0ZZ\LHUK:OHYL;YHUZMLY 0UKLWLUKLU[+PYLJ[VYZHZVU4HYJO respectively subject to requisite approvals. *.7V^LYHUK0UK\Z[YPHS:VS\[PVUZ3PTP[LK
Agents) Regulations, 1993 as amended from The changes in the composition of the Board of
time to time regarding the Companies Act Directors that took place during the period under (c) The Solution businesses in US and UK and Our report of even date is to be read along with
and dealing with client (Not applicable to the review were carried out in compliance with the the switchgear business in Hungary have been this letter.
Company during Audit Period); provisions of the Act. phased out. 1. Maintenance of secretarial record is the
responsibility of the management of the Company.
(g) ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH Adequate notice was given to all directors to -697(902/ (::6*0(;,: Our responsibility is to express an opinion on
(Delisting of Equity Shares) Regulations, 2009 schedule the Board and Committee Meetings, *647(5@:,*9,;(90,: these secretarial records based on our audit.
as amended from time to time (Not applicable agenda and detailed notes on agenda were sent 2. We have followed the audit practices and
to the Company during the Audit Period) and at least seven days in advance for meetings other P N PARIKH process as were appropriate to obtain reasonable
than those held at shorter notice, and a system PARTNER assurance about the correctness of the contents
(h) ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH exists for seeking and obtaining further information FCS NO: 327 CP NO: 1228 VM[OLZLJYL[HYPHSYLJVYKZ;OL]LYPÄJH[PVU^HZ
(Buyback of Securities) Regulations, 1998 as HUKJSHYPÄJH[PVUZVU[OLHNLUKHP[LTZILMVYL[OL done on test basis to ensure that correct facts are
amended from time to time (Not applicable to meeting and for meaningful participation at the Mumbai, 30 May, 2018 YLÅLJ[LKPUZLJYL[HYPHSYLJVYKZ>LILSPL]L[OH[
the Company during the Audit Period) meeting. the process and practices, we followed provide a
This Report is to be read with our letter of even reasonable basis for our opinion.
(vi) 6[OLYSH^ZHWWSPJHISLZWLJPÄJHSS`[V[OL During the Audit Period, all the decisions in the date which is annexed as Annexure A and forms 3. >LOH]LUV[]LYPÄLK[OLJVYYLJ[ULZZHUK
Company namely: Board Meetings and Committee Meetings were an integral part of this report. HWWYVWYPH[LULZZVMÄUHUJPHSYLJVYKZHUK)VVRZVM
The Electricity Act, 2003 and Rules; carried unanimously as recorded in the Minutes Accounts of the Company.
Explosives Act, 1884 and Rules; of the Board of Directors and Committees of the 4. Wherever required, we have obtained
Batteries (Management and Handling), Board, as the case may be. the Management Representation about the
Rules 2001; Compliance of laws, rules and regulations and
Petroleum Act, 1934 and Rules; We further report that there are adequate happening of events, etc.
The Energy Conservation Act, 2001 systems and processes in the Company 5. The Compliance of the provisions of Corporate
commensurate with the size and operations of the and other applicable laws, rules, regulations,
We have also examined compliance with the Company to monitor and ensure compliance with standards is the responsibility of management.
applicable clauses of the following: applicable laws, rules, regulations, guidelines. 6\YL_HTPUH[PVU^HZSPTP[LK[V[OL]LYPÄJH[PVUVM
procedure on test basis.
(i) :LJYL[HYPHS:[HUKHYKZPZZ\LKI`;OL0UZ[P[\[L We further report that during the Audit Period the 6. The Secretarial Audit Report is neither an
VM*VTWHU`:LJYL[HYPLZVM0UKPH^P[OYLZWLJ[[V following events occurred: assurance as to the future viability of the Company
Board and General Meetings. (SS-1 and SS-2) UVYVM[OLLɉJHJ`VYLɈLJ[P]LULZZ^P[OÔPJO
(a) The Company has completed divestment of its [OLTHUHNLTLU[OHZJVUK\J[LK[OLHɈHPYZVM[OL
(ii) ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH power business in USA comprised in its overseas Company.
(Listing Obligations and Disclosure Requirements) Z[LWKVÛZ\IZPKPHY`·*.7V^LY<:(0UJVU
Regulations, 2015, as amended from time to time. 1\S`[V>,.,SLJ[YPJ*VYWHUVTPULLVM -697(902/ (::6*0(;,:
WEG S.A.—a Brazilian publicly listed company. *647(5@:,*9,;(90,:
During the period under review, the Company has *VUZLX\LU[S`*.7V^LY<:(0UJJLHZLK[V
complied with the provisions of the Act, Rules, be a wholly owned step-down subsidiary of the P N PARIKH
Regulations, Guidelines, Standards etc. mentioned Company. PARTNER
above. The Company has spent an amount of FCS NO: 327 CP NO: 1228
I2.90 crores against the amount of I5.02 crores to (b) The Company’s business in Hungary, CG
Electric Systems Hungary Zrt. (ESHU), the Mumbai, 30 May, 2018
084 085
annexure 5 form no. MGT-9

III particulars of holding, subsidiary
and associate companies
HOLDING /
EXTRACT OF ANNUAL RETURN SR. SUBSIDIARY / APPLICABLE
NO. NAME OF THE COMPANY CIN / GLN ASSOCIATE % OF SHARES HELD SECTION
AS ON THE FINANCIAL YEAR ENDED
ON 31 MARCH 2018 1. CG Power Equipments Limited U31900MH2014PLC258217 Subsidiary 100.00 2(87)
[Pursuant to Section 92(3) of the Act, and 2. *.770(KOLZP]L7YVK\J[Z3PTP[LK U24295GA1988PLC000921 Subsidiary 81.42 2(87)
Rule 12(1) of the Companies (Management 3. CG Power Solutions Limited U40300MH2012PLC228170 Subsidiary 100.00 2(87)
and Administration) Rules, 2014] 4. *.+YP]LZ (\[VTH[PVU.LYTHU`.TI/ Not Applicable Subsidiary 100.00 2(87)
5. *.+YP]LZ (\[VTH[PVU5L[OLYSHUKZ)= Not Applicable Subsidiary 100.00 2(87)
6. *.+YP]LZ (\[VTH[PVU:^LKLU() Not Applicable Subsidiary 100.00 2(87)
I registration and
7. CG Electric Systems Hungary ZRT Not Applicable Subsidiary 100.00 2(87)
8. *./VSKPUNZ)LSNP\T5= Not Applicable Subsidiary 100.00 2(87)

other details 9. CG-Ganz Generator and Motor Limited Liability Company Not Applicable Subsidiary 100.00 2(87)
P*05 L99999MH1937PLC002641 10. *.0UK\Z[YPHS/VSKPUNZ:^LKLU() Not Applicable Subsidiary 100.00 2(87)
(ii) Registration Date 28 April 1937 11. *.0U[LYUH[PVUHS)= Not Applicable Subsidiary 100.00 2(87)
(iii) Name of the Company *.7V^LYHUK0UK\Z[YPHS:VS\[PVUZ3PTP[LK 12. CG Middle East FZE Not Applicable Subsidiary 100.00 2(87)
(iv) Category / Sub-Category of the Company Public Company limited by shares 13. CG Power Solutions UK Ltd Not Applicable Subsidiary 100.00 2(87)
6 Floor, CG House, Dr Annie Besant Road, Worli, Mumbai 400 030

th 14. CG Holdings Americas, LLC Not Applicable Subsidiary 100.00 2(87)
;LS! 15. CG Power Americas, LLC Not Applicable Subsidiary 100.00 2(87)
](KKYLZZVM[OL9LNPZ[LYLKVɉJLHUKJVU[HJ[KL[HPSZ -H_!
16. CG Solutions Americas, LLC Not Applicable Subsidiary 100.00 2(87)
(vi) Whether listed company Yes
17. 8,033* Not Applicable Subsidiary 100.00 2(87)
Datamatics Business Solutions Limited (Formerly Datamatics Financial
Services Limited) 18. *.7V^LY:`Z[LTZ)LSNP\T5= Not Applicable Subsidiary 100.00 2(87)
<UP[!*.7V^LYHUK0UK\Z[YPHS:VS\[PVUZ3PTP[LK
(KKYLZZ!7SV[5V)7HY[)*YVZZ3HUL40+*(UKOLYP,HZ[4\TIHP 19. *.7V^LY:`Z[LTZ*HUHKH0UJ Not Applicable Subsidiary 100.00 2(87)
400 093. 20. *.7V^LY:`Z[LTZ0YLSHUK3[K Not Applicable Subsidiary 100.00 2(87)
;LS! [V
-H_! 21. CG Sales Networks France SA Not Applicable Subsidiary 99.70 2(87)
(vii) Name, Address and Contact details of Registrar and E-mail: cginvestors@datamaticsbpm.com
Transfer Agent, if any Contact person: Mr Satish Patil 22. CG Service Systems France SAS Not Applicable Subsidiary 100.00 2(87)
23. *.0U[LYUH[PVUHS/VSKPUNZ:PUNHWVYL7;,3;+ Not Applicable Subsidiary 100.00 2(87)
24. Crompton Greaves Sales Networks Malaysia Sdn. Bhd. Not Applicable Subsidiary 100.00 2(87)
25. 7;*.7V^LY:`Z[LTZ0UKVULZPH Not Applicable Subsidiary 95.00 2(87)
II principal business activities of the company 26. CG Power Solutions Saudi Arabia Ltd. Not Applicable Subsidiary 51.00 2(87)
27. 7;*YVTW[VU7YPTH:^P[JONLHY0UKVULZPH Not Applicable 1VPU[=LU[\YL 51.00 2(87)

All the business activities contributing 10% or more of the total turnover of the Company
28. *.0U[LYUH[PVUHS)=;9 *VU[7][*V33* Not Applicable Associate 49.00 2(6)
SR. NAME AND DESCRIPTION OF MAIN NIC CODE OF THE % TO TURNOVER
29. 22,S-P1HWHU Not Applicable Associate 40.00 2(6)
NO. PRODUCTS / SERVICES PRODUCT / SERVICE OF THE COMPANY
Notes:
1. Low Tension Motors 27103 37.48
1. Crompton Greaves Consumer Products Limited changed its name to CG Power Equipments Limited w.e.f. 23 June 2017.
2. Power Transformers and Reactors 27102 37.08 2. Microsol Ltd was dissolved w.e.f. 26 April 2017.
3. Switchgears 27900 16.86 3. CG Power USA Inc ceased to be subsidiary of the Company w.e.f. 31 July 2017.
4. Saudi Power Transformers Co. Ltd. ceased to be subsidiary of the Company w.e.f. 10 October 2017.
5. Address of the entities mentioned herein above is provided in the section titled ‘Establishments’of this Annual Report.
086 087
2. Non-institutions
IV share holding pattern a. Bodies Corporate 0 0 0 0.00 0 0 0 0.00 0.00
i. 0UKPHU 15,662,308 32,768 15,695,076 2.50 22,536,741 23,474 22,560,215 3.60 1.10
(equity share capital breakup as percentage of total equity) ii. Overseas 61,250 350 61,600 0.01 61,250 0 61,250 0.01 0.00
b. 0UKP]PK\HSZ 0 0 0 0.00 0 0 0 0.00 0.00
0UKP]PK\HSZOHYLOVSKLYZOVSKPUNUVTPUHS
i. share capital up to I1 lakh 53,522,404 4,828,570 58,350,974 9.31 57,378,231 4,254,655 61,632,886 9.83 0.52
IVA category-wise shareholding

(fractions rounded off to two decimal places)
% CHANGE
ii.
c.
d.
0UKP]PK\HSZOHYLOVSKLYZOVSKPUNUVTPUHS
share capital in excess of I1 lakh
8\HSPÄLK-VYLPNU0U]LZ[VY
6[OLYZWLJPM`!0,7-(\[OVYP[`
9,137,326
0
121,520
0
9,258,846
0
1.48
0.00
0.00
9,994,074
1,053,280
121,520
0.00
10,115,594
1,053,280
1.61
0.00
0.17
0.14
0.00
0.17
SR. NUMBER OF SHARES HELD AT THE NUMBER OF SHARES HELD AT THE DURING THE
NO. CATEGORY OF SHAREHOLDER BEGINNING OF THE YEAR END OF THE YEAR YEAR i. 5909LW[ 2,409,937 7,652 2,417,589 0.39 2,353,670 3,242 2,356,912 0.38 (0.01)
% of % of ii. 5905VU9LW[ 1,149,809 51,895 1,201,704 0.19 1,572,380 47,420 1,619,800 0.26 0.07
total total
iii. Foreign Bodies 0 0 0 0.00 0 0 0 0.00 0.00
Demat Physical Total shares Demat Physical Total shares
A Promoters iv. Foreign National 2,983 0 2,983 0.00 8,954 0 8,954 0.00 0.00
1. Indian Sub Total (B)(2) 81,946,017 5,042,755 86,988,772 13.88 94,958,580 4,450,311 99,408,891 15.86 1.98
a. 0UKP]PK\HSZ/<- 0 0 0 0.00 0 0 0 0.00 0.00 ;V[HS7\ISPJ:OHYLOVSKPUN)$)) 405,205,100 5,207,643 410,412,743 65.48 405,890,633 4,581,935 410,472,568 65.49 0.01
b. Central Government 0 0 0 0.00 0 0 0 0.00 0.00 ;V[HS() 620,656,170 5,207,643 625,863,813 99.86 621,341,703 4,581,935 625,923,638 99.87 0.01
c. State Government(s) 0 0 0 0.00 0 0 0 0.00 0.00 C. Custodians for GDRs and ADRs 882,329 0 882,329 0.14 882,504 0 822,504 0.13 (0.01)
d. Bodies Corporate 215,451,070 0 215,451,070 34.38 215,451,070 0 215,451,070 34.38 0.00 .9(5+;6;(3()* 621,538,499 5,207,643 626,746,142 100.00 622,164,207 4,581,935 626,746,142 100.00 0.00
e. )HURZ-0 0 0 0 0.00 0 0 0 0.00 0.00
f. Any Other (specify) 0 0 0 0.00 0 0 0 0.00 0.00
IVB
Sub Total (A)(1) 215,451,070 0 215,451,070 34.38 215,451,070 0 215,451,070 34.38 0.00
2. Foreign shareholding of promoters
a. 590Z!0UKP]PK\HSZ 0 0 0 0.00 0 0 0 0.00 0.00 (fractions rounded off to three decimal places)
b. 6[OLY!0UKP]PK\HSZ 0 0 0 0.00 0 0 0 0.00 0.00
% CHANGE IN
c. Bodies Corporate 0 0 0 0.00 0 0 0 0.00 0.00 SR. SHAREHOLDER’S SHAREHOLDING AS ON 1 APRIL 2017 (ON THE BASIS OF SHAREHOLDING
NO. NAME SHAREHOLDING PATTERN OF 31 MARCH 2017) SHAREHOLDING AS ON 31 MARCH 2018 DURING THE YEAR
d. )HURZ-0 0 0 0 0.00 0 0 0 0.00 0.00
% of total % of Shares Pledged % of total % of Shares Pledged
e. 8\HSPÄLK-VYLPNU0U]LZ[VY 0 0 0 0.00 0 0 0 0.00 0.00 No. of Shares of the / encumbered to Shares of the / encumbered to
Shares Company total shares No. of Shares Company total shares
f. Any Other (specify) 0 0 0 0.00 0 0 0 0.00 0.00
Avantha Holdings
Sub Total (A)(2) 0 0 0 0.00 0 0 0 0.00 0.00 1. Limited 215,442,496 34.375 34.375 215,442,496 34.375 34.375 0.000
Total Shareholding of Promoter and =HY\U7YHRHZOHU
7YVTV[LY.YV\W($(( 215,451,070 0 215,451,070 34.38 215,451,070 0 215,451,070 34.38 0.00 2. Private Limited 5,022 0.001 0.000 5,022 0.001 0.000 0.000
B Public shareholding
Avantha Realty
1. Institutions 3. Limited 3,552 0.001 0.000 3,552 0.001 0.000 0.000
a. Mutual Funds 147,662,100 5,166 147,667,266 23.56 157,334,258 4,325 157,338,583 25.10 1.54
b. )HURZ-0 615,564 79,360 694,924 0.11 1,370,635 78,050 1,448,685 0.23 0.12
IVC
c. Central Government 0 0 0 0.00 0 0 0 0.00 0.00
d. State Government(s) 0 0 0 0.00 0 0 0 0.00 0.00 change in promoters’ shareholding

e. =LU[\YL*HWP[HS-\UKZ 0 0 0 0.00 0 0 0 0.00 0.00
f. 0UZ\YHUJL*VTWHUPLZ 41,320,507 0 41,320,507 6.59 23,625,075 0 23,625,075 3.77 (2.82)

;OLYLOHZILLUUVJOHUNLPUWYVTV[LYZ»ZOHYLOVSKPUNK\YPUN[OLÄUHUJPHS`LHYLUKLK4HYJO
g. -00Z 132,395,912 80,362 132,476,274 21.14 118,624,486 49,249 118,673,735 18.93 (2.20)
h. -VYLPNU=LU[\YL*HWP[HS-\UKZ 0 0 0 0.00 0 0 0 0.00 0.00
i. 8\HSPÄLK-VYLPNU0U]LZ[VY 0 0 0 0.00 0 0 0 0.00 0.00
j. 6[OLY:WLJPM`!(S[LYUH[L0U]LZ[TLU[-\UKZ 1,265,000 0 1,265,000 0.20 9,977,599 0 9,977,599 1.59 1.39
Sub Total (B)(1) 323,259,083 164,888 323,423,971 51.60 310,932,053 131,624 311,063,677 49.63 (1.97)
088 089
IVD shareholding pattern of top ten shareholders (other than

directors, promoters and holders of GDRs and ADRs)
(fractions rounded off to two decimal places) V indebtedness of the company including interest outstanding /
accrued but not due for payment amount in I
SECURED LOAN EXCLUDING DEPOSITS UNSECURED LOANS DEPOSITS TOTAL INDEBTEDNESS
SHAREHOLDING AS ON
1 APRIL 2017 (ON THE BASIS
SR. OF SHAREHOLDING PATTERN CHANGE IN SHAREHOLDING SHAREHOLDING AS ON
Indebtedness as on 1 April 2017
NO. NAME OF THE SHAREHOLDER OF 31 MARCH 2017) (NO. OF SHARES) $ 31 MARCH 2018
(i) Principal amount 6,425,322,436 6,911,553,301 - 13,336,875,737
% of total % of total PP0U[LYLZ[K\LI\[UV[WHPK - - - -
shares of the shares of the
No. of shares Company Increase Decrease No. of shares Company PPP0U[LYLZ[HJJY\LKI\[UV[K\L 41,667,398 12,278,231 - 53,945,629
1. HDFC Trustee Company Limited-HDFC Equity Fund 57,809,500 9.22 0 21,000 57,788,500 9.22 ;V[HSPPPPPP 6,466,989,834 6,923,831,532 - 13,390,821,366
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Changes in Indebtedness during the financial year
2. Sun Life Frontline Equity Fund 26,493,629 4.23 20,572,239 4,167,251 42,898,617 6.84
Addition 7,559,660,473 4,575,370,390 - 12,135,030,863
3. Reliance Capital Trustee Co. Ltd. 57,717,660 9.21 408,071 27,853,443 30,272,288 4.83
Reduction 2,440,429,926 5,767,156,859 - 8,207,586,785
4. Samena Special Situations Mauritius 30,806,951 4.92 8,117,031 16,769,586 22,154,396 3.53
Net Changes 5,119,230,547 (1,191,786,469) - 3,927,444,078
5. 3PML0UZ\YHUJL*VYWVYH[PVUVM0UKPH 32,820,195 5.24 0 14,432,932 18,387,263 2.93
Indebtedness as on 31 March 2018
6. >.0,TLYNPUN4HYRL[Z:THSSLY*VTWHUPLZ-\UK33* 15,240,659 2.43 1,684,544 1,462,932 15,462,271 2.47
(i) Principal amount 11,586,220,381 5,732,045,063 - 17,318,265,444
7. (I\+OHIP0U]LZ[TLU[(\[OVYP[`3.305= 8,970,000 1.43 41,348 41,348 8,970,000 1.43
PP0U[LYLZ[K\LI\[UV[WHPK - - -
=HUN\HYK,TLYNPUN4HYRL[Z:[VJR0UKL_-\UKHZLYPLZVM
PPP0U[LYLZ[HJJY\LKI\[UV[K\L 69,019,026 - - 69,019,026
8. =HUN\HYK0U[LYUH[PVUHS,X\P[`0UKL_-\UK 7,498,656 1.20 787,594 88,801 8,197,449 1.31
Total (i+ii+iii) 11,655,239,407 5,732,045,063 - 17,387,284,470
9. -YHURSPU;LTWSL[VU4\[\HS-\UK(*-YHURSPU0UKPH7YPTH7S\Z 0 0.00 9,112,949 1,000,000 8,112,949 1.29
10. 0+-*:[LYSPUN,X\P[`-\UK 3,350,337 0.53 4,376,127 1,054,464 6,672,000 1.06
11. /:)*.SVIHS0U]LZ[TLU[-\UKZ0UKPHU,X\P[` 7,021,315 1.12 0 7,021,315 0 0.00
12. /+-*:[HUKHYK3PML0UZ\YHUJL*VTWHU`3PTP[LK 5,069,279 0.81 514,747 8,707 5,575,319 0.89
* Not in the list of top ten shareholders as on 1 April 2017 but is one of the top ten shareholders as on 31 March 2018.
** Not in the list of top ten shareholders as on 31 March 2018 but was one of the top ten shareholders as on 1 April 2017.
$ Detailed list of change in shareholding (Increase and Decrease) for each shareholder mentioned in the above table will be available for inspection at the ensuing Annual General Meeting.
VI remuneration of directors and
key managerial personnel
IVE shareholding of directors and

key managerial personnel
VIA
SR.
remuneration of managing director,
whole-time directors and / or manager amount in I
MR K N NEELKANT (CEO AND MR M ACHARYA* (EXECUTIVE TOTAL
NO. PARTICULARS OF REMUNERATION MANAGING DIRECTOR) DIRECTOR AND CFO) AMOUNT
SR. SHAREHOLDING AS ON CUMULATIVE SHAREHOLDING
NO. SHAREHOLDING OF EACH DIRECTORS AND EACH KEY MANAGERIAL PERSONNEL 1 APRIL 2017 DURING THE YEAR 1. Gross salary :
% of total % of total H:HSHY`HZWLYWYV]PZPVUZJVU[HPULKPUZLJ[PVUVM[OL0UJVTL[H_(J[ 27,356,032 33,118,354 60,474,386

shares of the shares of the
I=HS\LVMWLYX\PZP[LZ\Z0UJVTL[H_(J[ 39,600 12,000 51,600
No. of shares Company No. of shares Company
1. Mr B Hariharan, Non-Executive Director J7YVÄ[ZPUSPL\VMZHSHY`\UKLYZLJ[PVU0UJVTL[H_(J[ - - -
i. As on 1 April 2017 657 0.00 657 0.00 2. Stock Option - - -
+H[L^PZL0UJYLHZL+LJYLHZLPU:OHYLOVSKPUNK\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY 3. Sweat Equity - - -

ii. increase / decrease (e.g. allotment / transfer / bonus / sweat equity etc.) 0 0.00 657 0.00 4. Commission - - -
iii. As on 31 March 2018 657 0.00 657 0.00 HZVMWYVÄ[ - - -
2. Dr V von Massow, Independent Director
V[OLYZ=HYPHISL7H`:L]LYHUJL7H` 8,840,000 12,240,000 21,080,000
i. As on 1 April 2017 [GDR] 2,687 0.00 2,687 0.00
5. Others (Provident Fund / Gratuity Fund / Superannuation Fund) 1,682,685 643,119 2,325,804
+H[L^PZL0UJYLHZL+LJYLHZLPU:OHYLOVSKPUNK\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY Total 37,918,317 46,013,473 83,931,790
ii. increase / decrease (e.g. allotment / transfer / bonus / sweat equity etc.) 0 0.00 2,687 0.00
iii. As on 31 March 2018 2,687 0.00 2,687 0.00 Note: The remuneration paid to the Executive Directors of the Company was within the limits as prescribed under the Act. The above remuneration includes variable pay for FY2017 paid during
the year. However, excludes provisions made by the Company towards variable pay for FY2018.
* Resigned as Executive Director and Chief Financial Officer w.e.f. close of the business hours on 11 August 2017.
090 091
VIB
SR. PARTICULARS OF
remuneration to other directors
amount in I
TOTAL
VII penalties / punishment / compounding of offences
NO. REMUNERATION NAME OF DIRECTORS AMOUNT
SECTION OF THE DETAILS OF PENALTY / PUNISHMENT / AUTHORITY [RD / NCLT APPEAL MADE, (IF ANY
TYPE COMPANIES ACT BRIEF DESCRIPTION COMPOUNDING FEES IMPOSED / COURT] GIVE DETAILS)
Mr Gautam Dr Omkar Mr B Mr Sanjay Dr Valentin Ms Ramni Mr J Mr Ashish
Thapar Goswami Hariharan Labroo von Massow Nirula Balakrishnan # Kumar Guha ##
A. Company
1. Independent Directors
Penalty
Fee for attending Board and
Committee meetings - - - 160,000 140,000 200,000 220,000 80,000 800,000 Punishment
Commission - - - - - - - - - Compounding 503
Others - - - - - - - - - B. Directors
Total (1) - - - 160,000 140,000 200,000 220,000 80,000 800,000 Penalty
Other Non-Executive Punishment

2. Directors
Compounding 503
Fee for attending Board and C. Other officers in default
Committee meetings 220,000 200,000 120,000 - - - - - 540,000
Penalty
Commission - - - - - - - - -
Punishment
Others - - - - - - - - -
Compounding 503
Total (2) 220,000 200,000 120,000 - - - - - 540,000
Total (B) = (1 + 2) 220,000 200,000 120,000 160,000 140,000 200,000 220,000 80,000 1,340,000
Note: The remuneration paid to other Directors was within the limits prescribed under the Act and Rules made thereunder.
#
Appointed w.e.f. 2 May 2017
On behalf of the Board of Directors
##
Appointed w.e.f. 9 November 2017
GAUTAM THAPAR
*/(094(5
VIC remuneration to key managerial personnel (KMP) +05!
(other than MD / WTD / Manager) amount in I New Delhi, 10 August 2018

SR. NO PARTICULARS OF REMUNERATION NAME OF KMP TOTAL AMOUNT
Mr V R Venkatesh** Mr Manoj Koul* Ms Shikha Kapadia #

(Chief Financial Officer) (Company Secretary) (Company Secretary)
1. Gross salary:
annexure 6 remuneration policy

(a) Salary as per provisions contained in section 17(1) of
[OL0UJVTL[H_(J[ 27,114,059 2,187,732 556,460 29,858,251
I=HS\LVMWLYX\PZP[LZ\Z0UJVTL[H_(J[ - 138,978 - 138,978
J7YVÄ[ZPUSPL\VMZHSHY`\UKLYZLJ[PVU0UJVTL
tax Act, 1961 - - - - I. OBJECTIVE comprehensive compensation criteria that fosters
2. Stock Option - - - - 0U[LYTZVM[OLYLX\PYLTLU[Z[H[LK\UKLY meritocracy and growth of the Company and that,
3. Sweat Equity - - - - Companies Act, 2013 and Regulation 19 of the remuneration packages are designed to attract
4. Commission :,)03PZ[PUN9LN\SH[PVUZ*.7V^LYHUK0UK\Z[YPHS and retain high calibre personnel.
HZVMWYVÄ[ - - - - Solutions Limited (‘the Company’) has formulated The Policy is guided by the principles as
Others - - - -
the Remuneration Policy (‘Policy’) which deals with envisaged under Section 178 of the Companies
the remuneration of the Directors, Key Managerial Act, 2013. The Policy has been approved by the
5. Others - - - -
Personnel (KMP), Senior Management and other Nomination and Remuneration Committee (‘NRC’)
=HYPHISLWH`1VPUPUN)VU\Z - 1,176,146 150,000 1,326,146
employees of the Company. at its meeting held on 2nd February, 2015 and by
Provident Fund, Gratuity, Superannuation Fund 260,345 128,724 37,638 426,707
The objective of the Policy is to ensure that the the Board at its Meeting held on 3rd March, 2015.
Total 27,374,404 3,631,580 744,098 31,750,082
Directors, KMPs, Senior Management and other ;OL7VSPJ`ZOHSSILHWWSPJHISLVUS`[V*.0UKPH
Note: The above remuneration includes variable pay for FY2017 paid during the year. However, excludes provisions made by the Company towards variable pay for FY2018. executives of the Company are governed by a
* Appointed w.e.f. 12 August 2017
** Resigned w.e.f. close of business hours on 23 August 2017
092 #
Appointed w.e.f. 12 February 2018 093
II. DEFINITIONS VM[OL:,)03PZ[PUN6ISPNH[PVUZHUK+PZJSVZ\YL strengthen systems and processes, contributions FIXED AND VARIABLE PAY
A. KEY MANAGERIAL PERSONNEL Requirements) Regulations, 2015 available on the to strategic direction, etc. 9LT\ULYH[PVU^V\SKJVTWYPZLVMÄ_LKHUK
‘Key Managerial Personnel’ (KMP) means: website of the Company www.cgglobal.com and variable components of the remuneration
i. *OPLM,_LJ\[P]L6ɉJLYVY[OL4HUHNPUN+PYLJ[VY any other requirements set by the Nomination and (vi) Amounts at (iii), (iv) and (v) will be per diem to ensure that employees are rewarded for
or the Manager, Remuneration Committee. amounts, based on an assumption of 8 hour professional services rendered in line with the
ii. Company Secretary, day, computed and paid for the actual duration level of expertise and skill required, as well as,
iii. Whole-time Director, IV. PROVISIONS RELATING TO of the Meetings, excluding days for travel and to provide an incentive to pursue the goals and
iv. *OPLM-PUHUJPHS6ɉJLYHUK REMUNERATION OF DIRECTORS, preparatory work. interests of the Company. Senior Management
v. Z\JOV[OLYVɉJLYHZTHÌLWYLZJYPILK\UKLY KMP AND OTHER EMPLOYEES compensation shall comprise of a higher
the Companies Act, 2013. A. REMUNERATION TO NON-EXECUTIVE 2. SITTING FEES component of variable pay as compared to the
DIRECTORS (INCLUDING INDEPENDENT The Non-Executive Directors may receive lower levels. The variable components of the
B. SENIOR MANAGEMENT DIRECTORS) remuneration by way of fees for attending remuneration shall be determined based on the
‘Senior Management’ mean personnel of 1. REMUNERATION / COMMISSION meetings of Board or Committee thereof, provided *VTWHU`»ZWLYMVYTHUJLÄUHUJPHSWLYMVYTHUJL
the Company who are members of its core The remuneration / commission shall be in that, the amount of such fees shall not exceed the and individual performance. Company and
management team (CEO minus 1 level) excluding accordance with the statutory provisions of maximum amount as provided in the Companies business performance will be measured on
Board of Directors. the Companies Act, 2013, and the Rules made Act, 2013, per meeting of the Board or Committee. X\HU[P[H[P]LHUKÄUHUJPHSWHYHTL[LYZÔPSZ[
thereunder for the time being in force. individual performance will be measured
C. NOMINATION AND REMUNERATION 3. STOCK OPTIONS on qualitative attributes. The performance
COMMITTEE The remuneration / commission shall be based on (U0UKLWLUKLU[+PYLJ[VYZOHSSUV[ILLU[P[SLK[V measurement criteria and weightages should be
‘Nomination and Remuneration Committee’ following principles: any stock option of the Company. aligned with the benchmark study conducted
or ‘NRC’ shall mean a Committee of Board across the competitive enterprises.
of Directors of the Company, constituted in (i) The overall commission to be paid to Non- B. CEO AND MANAGING DIRECTOR
accordance with the provisions of Section Executive Directors (NED) shall be within the limits The remuneration paid to the CEO and Managing D. ANNUAL REMUNERATION REVIEW
178 of the Companies Act, 2013 and the approved by the shareholders, subject to a limit Director and revisions thereto are recommended Average increase in remuneration every year
:,)03PZ[PUN9LN\SH[PVUZ UV[L_JLLKPUNVM[OLWYVÄ[ZVM[OL*VTWHU` by the NRC and approved by the Board, within ^V\SKILHYLZ\S[VMNYV^[OVMLJVUVT`PUÅH[PVU
computed as per the provisions of the Companies the framework of shareholders’ approval. The mandatory increases, business performance,
III. APPOINTMENT OF DIRECTOR, Act, 2013. remuneration to CEO and Managing Director market surveys for salary projections etc. Once
KMP AND SENIOR MANAGEMENT shall take into account the Company’s overall the overall increment budget is decided, the
NRC plays a critical role in the process of (ii) ,]LY`5,+ZOHSSYLJLP]LHÄ_LKHTV\U[VM performance, Managing Director’s contribution increment matrix would aim at creating a sharper
appointment of Directors, KMPs and Senior commission, to recognise his / her position as an towards Company’s performance and trends in KPɈLYLU[PH[PVUPUWH`MVYPUKP]PK\HSWLYMVYTHUJL
Management as well as reviewing the outcome NED on the Board of Directors of the Company. the industry in general, in a manner, which will 0U[LYUHSS`WLYMVYTHUJLYH[PUNZVMHSSL_LJ\[P]LZ
of evaluation processes and resulting senior ;OLÄ_LKWH`^PSSILWYVWVY[PVUH[LS`HKQ\Z[LK]PZ ensure and support a high performance culture. would be spread across a normal distribution
management’s compensation. a-vis Directors attendance. The annual remuneration package of the CEO and curve. The rating obtained by an employee will be
Managing Director of the Company comprises of a \ZLKHZHUPUW\[[VKL[LYTPUL[OLÄ[TLU[PU[V[OL
A. APPOINTMENT CRITERIA AND (iii) An NED, who is a member of the Board Ä_LKZHSHY`JVTWVULU[HIHZRL[VMHSSV^HUJLZ increment matrix.
QUALIFICATIONS Committees of the Company which are formed for reimbursements, performance bonus or incentive
59*ZOHSSPKLU[PM`HUKHZJLY[HPU[OLX\HSPÄJH[PVU Z[H[\[VY`W\YWVZLZ^PSSYLJLP]LHÄ_LKHTV\U[MVY / commission, housing and other cash as well as E. WORKMEN
expertise and experience of the persons being every Committee Meeting attended, in addition to UVUJHZOWLYX\PZP[LZ;OLWH`TLU[VMHZPNUPÄJHU[ Workmen will be paid wages in accordance to
considered for appointment as a Director, KMP or (ii) above. part of the performance bonus or incentive / the settlement with the recognized union of the
at Senior Management level and recommend the commission may be delayed over a period of one workers as per industry practice, as applicable.
appointment to the Board. (iv) An NED, who is the Company’s nominee or more years. Where there is no union, workmen wages are as
on the Board / Committee of Directors of joint per the industry practice and applicable law would
B. INDEPENDENCE OF INDEPENDENT venture, subsidiary or associate companies, will C. KEY MANAGERIAL PERSONNEL, SENIOR apply. All remuneration components would be in
DIRECTORS receive an additional amount, for every Board / MANAGEMENT AND OTHER EXECUTIVES accordance with applicable statutory compliances.
0UJHZLVMHWWVPU[TLU[VMHU0UKLWLUKLU[ Committee meeting attended. CG REWARD PHILOSOPHY
Director, such person shall additionally meet the Executive compensation would be guided by V. PROVISIONS RELATING TO LOANS
requirements and procedures as stipulated in (v) An NED may further receive an additional the external competitiveness and internal parity AND ADVANCES TO EMPLOYEES
Section 149 of the Companies Act, 2013 read amount, if necessary, based on his / her time and through benchmarking surveys. The Company may provide loans or advances to
^P[O:JOLK\SL0=VM[OLZHPK(J[9LN\SH[PVU involvement with the Company’s executives, to its employees. Such loans and advances shall be
094 095
governed by the provisions of the applicable HR necessary in the interests of the Company, will be paid-up on each share when all shares are not of dividend in pursuance of a guarantee given by
policies, Rules of Procedure for Management and THKLPM[OLYLHYLZWLJPÄJYLHZVUZ[VKVZVPUHU uniformly paid-up i.e. pro-rata. Pro rata means the concerned Government [Section 123(1) of the
applicable provisions of the Companies Act, 2013 individual case. in proportion or proportionately, according to Act].
and Rules made thereunder. a certain rate. The Board of Directors of the
Mumbai, 3 March 2015 Company may decide to pay dividends on pro- vi. The Company may before the declaration of
VI. DEVIATIONS FROM THIS POLICY rata basis if all the equity shares of the company HU`KP]PKLUKPUHU`ÄUHUJPHS`LHY[YHUZMLYZ\JO
Deviations on elements of this policy in are not equally paid-up. However, in the case of WLYJLU[HNLVMP[ZWYVÄ[ZMVY[OH[ÄUHUJPHS`LHYHZ
extraordinary circumstances, when deemed WYLMLYLUJLZOHYLZKP]PKLUKZOHSSILWHPKH[HÄ_LK it may consider appropriate to the reserves of the
rate as per the terms of issue. The permission Company.
given by this Section is, however, conditional upon
the Company’s articles of association expressly vii. 0MV^PUN[VPUHKLX\HJ`VYHIZLUJLVMWYVÄ[Z
authorising the Company in this regard. in any year, the Company proposes to declare
KP]PKLUKV\[VM[OLHJJ\T\SH[LKWYVÄ[ZLHYULKI`
annexure 7 dividend distribution policy ii. Final Dividend is generally declared at an P[PUHU`WYL]PV\ZÄUHUJPHS`LHYZHUK[YHUZMLYYLK[V
annual general meeting [Section 102(2) of the Act] reserves, such declaration of dividend shall not be
at a rate not more than what is recommended made except in accordance with the Companies
1. BACKGROUND for the top 500 listed entities to have a Dividend by the Board in accordance with the articles of (Declaration and Payment of Dividend) Rules,
=PKL.HaL[[L5V[PÄJH[PVU5V:,)03(+596 Distribution Policy. association of a Company. 2014. No dividend shall be declared or paid by
.5¶KH[LK[O1\S` the Company from its reserves other than free
:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH 4. DEFINITIONS iii. An interim dividend is declared by the Board reserves. Further the Company shall not declare
introduced a new Regulation 43A in the Securities ‘Act’ means the Companies Act, 2013. H[HU`[PTLILMVYL[OLJSVZ\YLVMÄUHUJPHS`LHY dividend unless carried over previous losses and
HUK,_JOHUNL)VHYKVM0UKPH3PZ[PUN6ISPNH[PVUZ ‘Board’ means Board of Directors of the ÔLYLHZHÄUHSKP]PKLUKPZKLJSHYLKI`[OL depreciation not provided in the previous year /
and Disclosure Requirements) Regulations, 2015 Company. members of a Company at its annual general `LHYZHYLZL[VɈHNHPUZ[[OLWYVÄ[VM[OL*VTWHU`
that mandates top 500 listed entities based on ‘Company’TLHUZ*.7V^LYHUK0UK\Z[YPHS meeting if and only if the same has been for the current year.
the market capitalization (calculated on the basis Solutions Limited. recommended by the Board of Directors of the
VM4HYJOVML]LY`ÄUHUJPHS`LHY[VMVYT\SH[LH ‘Dividend’ includes any interim dividend. Company. viii. Depreciation, as required under Section 123(1)
Dividend Distribution Policy. ‘Listing Regulations’ means the Securities and of the Act has to be provided in accordance with
,_JOHUNL)VHYKVM0UKPH3PZ[PUN6ISPNH[PVUZHUK iv. 0UHJJVYKHUJL^P[O:LJ[PVURVM[OL [OLWYV]PZPVUZVM:JOLK\SL00[V[OL(J[
2. EFFECTIVE DATE Disclosure Requirements) Regulations, 2015 and Act, the Board of Directors shall state in the
The Board of Directors of the Company at its the amendments thereto. Directors’ Report the amount of dividend, if any, ix. 0M[OL*VTWHU`MHPSZ[VJVTWS`^P[O:LJ[PVU
meeting held on 30 August 2016 has adopted ‘Free Reserves’ means such reserves which, as which it recommends to be paid. The dividend 73 and 74 of the Act, relating to acceptance
the Dividend Distribution Policy of the Company per the latest audited balance sheet of a company, recommended by the Board of Directors in the YLWH`TLU[VMKLWVZP[ZUVKP]PKLUKZOHSSIL
as required in terms of the Regulation 43A of are available for distribution as dividend. Board’s Report must be ‘declared’ at the annual declared on its equity shares till such default
[OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH Provided that— general meeting of the Company. This constitutes continues.
(Listing Obligations and Disclosure Requirements) (i) any amount representing unrealised gains, an item of ordinary business to be transacted at
9LN\SH[PVUZ;OLLɈLJ[P]LKH[LVM[OL notional gains or revaluation of assets, whether every annual general meeting. This does not apply x. ;OLHTV\U[VMKP]PKLUKÄUHSHZ^LSSHZPU[LYPT
Dividend Distribution Policy is 30 August 2016. shown as a reserve or otherwise, or to interim dividend. shall be deposited in a separate bank account
(ii) any change in carrying amount of an asset or within 5 days from the date of declaration. [Section
3. OBJECTIVE of a liability recognized in equity, including surplus v. No dividend shall be declared or paid by the 123(4) of the Act.]
Appropriation of net earnings and its allocation PUWYVÄ[HUKSVZZHJJV\U[VUTLHZ\YLTLU[VM *VTWHU`MVYHU`ÄUHUJPHS`LHYL_JLW[V\[VM
among the shareholders continues to be one the asset or the liability at fair value, shall not be [OLWYVÄ[ZVM[OL*VTWHU`MVY[OH[`LHYHYYP]LK xi. Dividend has to be paid within 30 days from the
of the important agenda items that Companies treated as free reserves. at after providing for depreciation in accordance date of declaration.
KPZJ\ZZH[[OL)VHYKSL]LSZ0UVYKLY[VOLSW ^P[O:LJ[PVUVM[OL(J[VYV\[VMWYVÄ[Z
investors to get a clearer picture on returns from 5. LEGAL FRAMEWORK VM[OL*VTWHU`MVYHU`WYL]PV\ZÄUHUJPHS`LHY xii. :LJ[PVUVM[OL(J[JVUMLYZVU:,)0
their investments in the listed entities and also The Companies Act, 2013 lays down certain years arrived at after providing for depreciation in the power of administration of the provisions
identify the stocks matching their investment provisions for declaration of dividend, which are: accordance with the provisions of above sub- pertaining to non-payment of dividend.
objectives, the market regulator the Securities and Section and remaining undistributed or out of
,_JOHUNL)VHYKVM0UKPHOHZTHKLP[THUKH[VY` i. Section 51 permits Companies to pay dividends both or out of moneys provided by the Central xiii. 0MKP]PKLUKOHZUV[ILLUWHPKVYJSHPTLK
proportionately i.e. in proportion to the amount Government or a State Government for payment within the 30 days from the date of its declaration,
096 097
the Company shall transfer the total amount of C. INTERNAL & EXTERNAL FACTORS 7. AMOUNT OF DIVIDEND
dividend which remains unpaid or unclaimed, to a The most important internal and external factors The Company shall endeavor to maintain a
special account to be opened by the Company in [OH[HɈLJ[[OLKP]PKLUKWH`V\[HYLYLN\SH[PVUZ reasonable dividend payout ratio subject to;
a scheduled bank to be called “Unpaid Dividend [H_H[PVUYLWH[YPH[PVU HJJV\U[PUNWVSPJPLZ a) capital needs of the Company, b) positive
Account”. Such transfer shall be made within 7 industry growth rate, natural calamity, capital VWLYH[PUNJHZOÅV^ZHUKJV[OLYÄUHUJPHS
days from the date of expiry of the said period of PU]LZ[TLU[ULLKZWYVÄ[HIPSP[`LHYUPUNZ]HYPHIPSP[` parameters enumerated herein above.
30 days. SPX\PKP[`HUKJHZOÅV^ZÄUHUJPHSSL]LYHNLHUK
asset characteristics such as the composition of 8. POLICY EXCLUSION
xiv. Any money transferred to the unpaid dividend tangible and intangible assets. The policy shall not be applicable in the following
account of a Company in pursuance of Section circumstances;
124 of the Act which remains unpaid or unclaimed D. UTILIZATION OF RETAINED EARNINGS i. Any distribution of cash as an alternative to
for a period of seven years from the date of such Considering the cost of the borrowings vis-à-vis payment of dividend by way of buyback of equity
transfer shall be transferred by the company to the available funds (retained earnings), the quantum shares.
0U]LZ[VY,K\JH[PVUHUK7YV[LJ[PVU-\UK of reserves and available depreciation fund, the ii. Distribution of dividend in kind, i.e. by issue
Board may decide to plough back the earnings of fully or partly paid bonus shares or other
xv. Any dividend payable in cash may be paid MVYHWHY[PJ\SHYÄUHUJPHS`LHYZ;OLKLJPZPVUVM securities.
by cheque or warrant through post directed to utilization of the retained earnings of the Company iii. Determination and declaring dividend on
the registered address of the shareholder who is shall be based on the following factors; preference shares.
entitled to the payment of the dividend or to his i. /PNOÄUHUJPHSSL]LYHNL
order or in any electronic mode sent to his banker. ii. Mitigate dependence on external debts 9. POLICY AMENDMENTS
[Section 123(5) of the Act] iii. 7SHU[L_WHUZPVU KP]LYZPÄJH[PVU Any change / amendment, if required in terms of
iv. 4HYRL[ WYVK\J[L_WHUZPVU HU`HWWSPJHISLSH^[OL*,6 4HUHNPUN+PYLJ[VY
6. PARAMETERS v. Replacement of capital assets VY[OL*OPLM-PUHUJPHS6ɉJLYVM[OL*VTWHU`
A. CIRCUMSTANCES UNDER WHICH vi. Futuristic (long-term) business strategic plans shall be jointly / severally authorized to review
DIVIDEND PAYOUT MAY OR MAY NOT BE vii. :\JOV[OLYJYP[LYPHHZ[OL)VHYKTH`KLLTÄ[ HUKHTLUK[OL7VSPJ`[VNP]LLɈLJ[[VHU`Z\JO
EXPECTED from time to time. changes / amendments. Such amended Policy
Dividend payout is dependent on various factors, shall be periodically placed before the Board for
which are enumerated herein below in this policy E. ADOPTION OF PARAMETERS FOR UV[PUNHUKULJLZZHY`YH[PÄJH[PVUPTTLKPH[LS`HM[LY
document and the Board of Directors shall before DIVIDEND PAYOUT WITH RESPECT TO such changes. A dividend payout, in deviation of
taking any decision on dividend payout consider VARIOUS CLASSES OF SHARES this policy shall be reported in the Annual Report
these factors in the best interest of the Company i. The factors and parameters for declaration of the Company.
and the shareholders. VMKP]PKLUK[VKPɈLYLU[JSHZZVMZOHYLZVM[OL
Company shall be in compliance with the existing 10. CAUTIONARY STATEMENT
B. FINANCIAL PARAMETERS FOR laws, governing the dividend payout. The Policy reflects the intent of the Company to
DECLARING DIVIDEND ii. The parameters for declaration of dividend to reward its shareholders by sharing a portion of its
The decision of the dividend payout or retention of KPɈLYLU[JSHZZVMZOHYLZVM[OL*VTWHU`ZOHSSIL profits after retaining sufficient funds for growth
[OLWYVÄ[ZI`[OL)VHYKZOHSSPU[LYHSPHKLWLUKVU same as covered above. of the Company. The Company shall pursue this
[OLMVSSV^PUNÄUHUJPHSWHYHTL[LYZ" iii. The payment of dividend shall be based on the Policy to pay, subject to the circumstances and
i. Quantum of anticipated Capital expenditure, respective rights attached to each class of shares factors enlisted herein above, which shall be
ii. 4HNUP[\KLVMYLHSPaLKWYVÄ[Z as per their terms of issue. consistent with the performance of the Company
iii. 6WLYH[PUNJHZOÅV^ SPX\PKP[` iv. The dividends shall be paid out of the over the years.
iv. 0U]LZ[TLU[VWWVY[\UP[PLZ *VTWHU`»ZKPZ[YPI\[HISLWYVÄ[ZHUKVY
v. Capacity to service interest / principal general reserves, and shall be allocated among K N NEELKANT
(borrowings), shareholders on a pro-rata basis according to the *,6(5+4(5(.05.+09,*;69
vi. Cost of borrowings vis-à-vis cost of capital, number of each type and class of shares held.
vii. Sales volume, v. +P]PKLUKÔLUKLJSHYLKZOHSSILÄYZ[WHPK[V[OL Mumbai, 30 August 2016
viii. Anticipated expenses, preference shareholders of the Company as per
ix. Financial ratios (e.g. EPS-post dividend), etc. the terms and conditions of their issue.
098 099
CG Power and Industrial CG Power and Industrial Report on
Solutions Limited 2018 Solutions Limited 2018 Corporate Governance
PHILOSOPHY ON CORPORATE GOVERNANCE
The Company places great emphasis on adopting high

This Report standards of corporate governance and, in doing so, serve
is pursuant its shareholders, customers, employees and business
to Part C of
partners with honesty, fairness and integrity. The 5 CG
report on
Schedule V of the
Securities and Values—Performance Excellence, Leading Edge Knowledge,
Exchange Board Nurturance, Customer Orientation and Intellectual Honesty—
of India (Listing
Obligations
are well entrenched in the performance culture of the
corporate
and Disclosure Company. CG’s operations strive to reflect the ethical conduct
Requirements) of management and employees, thereby enhancing trust and
Regulations, 2015
confidence of all its stakeholders.
governance
The Company strives to achieve well-defined levels of
business excellence by continuously benchmarking itself
against global standards. It has adopted the ‘CG Code of
Conduct and Business Practices’ which sets out high ethical
and moral standards for all CG employees and the Board of
Directors. It promotes innovation through its various research
and development initiatives. And it believes that its actions
must serve the society at large to create social and
economic value.
As a responsible corporate citizen, CG has always focused

on communities that surround its operations across various
locations by supporting projects and sponsoring identified
community causes. Employees are encouraged to participate
in these programmes—and thus create a trusting partnership
between the Company and the communities.
Abbreviations
‘Act’ refers to the Companies
CG’s commitment to good corporate governance is reflected
Act, 2013
‘Listing Regulations’ refers to
in the fact that the Company realizes the importance of
SEBI (Listing Obligations and
Disclosure Requirements)
disseminating important information. It therefore, keeps all
Regulations, 2015 its stakeholders abreast with detailed information on issues
‘the Company’, ‘CG’ refers to
CG Power and Industrial concerning the Company’s business and financial performance
Solutions Limited
‘SEBI’ refers to the Securities through various means of communication.
and Exchange Board of India
100 101
CG Power and Industrial Report on CG Power and Industrial Report on
Solutions Limited 2018 Corporate Governance Solutions Limited 2018 Corporate Governance
gas insulated
switchgears
CG MANUFACTURES
GIS UP TO 245KV AT ITS
PLANT AT NASHIK, INDIA
BOARD OF DIRECTORS of annual strategic and operating plans, capital

COMPOSITION allocation and annual budgets of businesses.
As on the date of this report, the Company’s +\YPUN[OL`LHYÄ]L)VHYK4LL[PUNZ^LYL
Board comprises nine Directors. Details of the held: on 25–26 May 2017, 11 August 2017,
Board composition and representations of the 9 November 2017, 12 February 2018 and
Directors across Board and Committees of other 8 March 2018. The Company’s last Annual General
companies are provided in Table 1 forming part of Meeting was held on 22 September 2017. Details
this Report. of attendance of Directors at the Board meetings
held during the year under review and the previous
OTHER DIRECTORSHIPS Annual General Meeting are provided in Table 1
As on 31 March 2018, as per the disclosures forming part of this Report.
received, none of the members of the Board is a
Director in more than 20 companies (including 10 SELECTION AND APPOINTMENT
public limited companies) or is an Independent OF DIRECTORS
Director in more than seven listed companies. CG has adopted a policy on selection,
Further, none of the Directors is a member of appointment and remuneration of Directors as
more than 10 Committees or a chairperson well as a remuneration policy on remuneration
of more than 5 Committees across all public determination of the Directors, Key Managerial
limited companies. For the purpose of reckoning Personnel, senior management and other
Committee Chairpersonship / Membership only employees of the Company. In terms of the
Audit Committee and Stakeholders’ Relationship requirement of Regulation 46(2)(b) of the Listing
Committee have been considered. Regulations, the Company has issued formal
The CEO and Managing Director of the letters of appointment to the Independent
Company does not hold any position as an Directors, whose terms and conditions are
Independent Director on the Board of any other available on the Company’s website and can
listed company. be accessed at http://www.cgglobal.com/
pdfs/BOD/T&C- IndependentDirectorsAppt.
BOARD MEETINGS pdfIndependentDirectorsAppt.pdf
Dates of the Board meetings are pre-scheduled
and communicated to the Directors in advance. INDEPENDENT DIRECTORS’ MEETING
The Board meetings are convened at appropriate During FY2018, a meeting of the Independent
intervals with a maximum time gap of not more Directors was held on 12 February 2018. The
than 120 days between two consecutive meetings Independent Directors present at the meeting
by giving advance notice along with agenda discussed the performance evaluation of the
papers to the Directors. In case of exigencies or Board and Chairman, assessed the quality,
urgency of matters, resolutions are passed by X\HU[P[`HUK[PTLSPULZZVMPUMVYTH[PVUÅV^ZMYVT
circulation for such matters as permitted by law the management to the Board, and the current
HUKHYLJVUÄYTLKH[[OLZ\IZLX\LU[TLL[PUN strategic and operational position of the Company.
The Board critically evaluates the Company’s
strategic direction, risks and opportunities, DIRECTORS’ SHAREHOLDING
key mergers and amalgamations, investments, AND RELATIONSHIP INTER-SE
ÄUHUJPHSWLYMVYTHUJLHZZL[VW[PTPZH[PVU As on 31 March 2018, Mr B Hariharan
THUHNLTLU[WVSPJPLZHUK[OLPYLɈLJ[P]LULZZ held 657 equity shares of I2 each, and
Additionally, the Board reviews the compliance Dr Valentin von Massow held 2,687 Global
processes, internal control systems, material Depository Receipts of the Company. None of the
occurrences, if any, in the areas of environment, other Directors hold any shares in the Company.
OLHS[OHUKZHML[`ÄUHUJPHSSPHIPSP[PLZYLN\SH[VY` Further, none of the Directors on the Board is
claims and developments in human resources. related to each other.
The Board also has dedicated meetings for review
102 103
01 details of the board of directors

as on date of this report
NAME OF DIRECTOR CATEGORY NO. OF REPRESENTATIONS ATTENDANCE AT BOARD AND COMMITTEE MEETINGS
Nomination and Stakeholders’ Corporate Social Attended Previous

Committee Committee Board Risk and Audit Remuneration Relationship Responsibility Annual General
Directorships@ Chairperson# Membership# Meetings Committee Committee Committee Committee Meeting
Mr Gautam Thapar Non-Executive; Chairman 9 NIL 3 5 NA 3 1 2 Yes
Mr K N Neelkant^ Executive; CEO and Managing Director 3 NIL 1 5 NA NA 1 1 Yes
Dr Omkar Goswami Non-Executive 10 NIL 7 5 5 NA NA NA Yes
Mr B Hariharan Non-Executive 10 3 5 5 5 NA 1 NA Yes
Mr Sanjay Labroo Non-Executive; Independent 16 1 3 3 3 2 NA NA No
Dr Valentin von Massow Non-Executive; Independent 2 NIL NIL 5 NA NA NA 2 No
Ms Ramni Nirula* Non-Executive; Independent 10 4 5 4 4 1 NA 1 No
Mr Jitender Balakrishnan** Non-Executive; Independent 11 3 5 5 4 2 NA NA Yes
Mr Ashish Kumar Guha*** Non-Executive; Independent 3 NIL 2 3 NA 1 NA NA NA
Notes: *** Mr Ashish Kumar Guha was appointed as a Non-Executive Independent Director and as a member of the Nomination and Remuneration Committee with effect from 9 November 2017.
^ Mr K N Neelkant was appointed as a member of the Corporate Social Responsibility Committee with effect from 12 June 2017. @
Directorships include directorships as on date in only Indian companies (including CG) but excludes alternate directorships.
* Ms Ramni Nirula ceased to be the chairperson and member of the Nomination and Remuneration Committee with effect from 12 June 2017. #
Committee Chairmanship and Membership as on date include only Audit Committee and Stakeholders’ Relationship Committee of Public Limited Companies (including CG).
** Mr Jitender Balakrishnan was appointed as a Non-Executive Independent Director of the Company with effect from 2 May 2017. He was appointed as the Chairperson of the Risk and Audit Mr Madhav Acharya ceased to be an Executive Director and CFO of the Company from the close of business hours on 11 August 2017. He was thereafter a Non-Executive Director on the
Committee and member of the Nomination and Remuneration Committee with effect from 12 June 2017. Board from 12 August 2017, and resigned from the Board on 30 September 2017.
DIRECTORS’ INDUCTION CODE OF CONDUCT AND Ms Ramni Nirula and skills, and this is line with the Company’s
AND FAMILIARISATION BUSINESS PRACTICES Member, Independent Director nature, size and complexity of business. The
The Company has in place the practice of The Company has adopted ‘CG Code of Conduct Dr Omkar Goswami Head of Internal Audit reports to the RAC. The
familiarising Independent Directors about CG’s HUK)\ZPULZZ7YHJ[PJLZ»[OH[YLÅLJ[ZP[ZZ[HUKHYKZ Member, Non-Executive Director RAC provides assurance to the Board on the
business through induction and regular updates. of integrity and ethics. The Directors and Senior LɈLJ[P]LULZZVM[OL*VTWHU`»ZPU[LYUHSJVU[YVS
These provide information on the Company’s Management Personnel of the Company have +\YPUN-@[OL9(*TL[VUÄ]LVJJHZPVUZ!VU environment.
background, operations, procedures and policies, HɉYTLK[OLPYHKOLYLUJL[V[OPZ*VKLVM*VUK\J[ 26 May 2017, 11 August 2017, 9 November 2017, ;OL9(*TVUP[VYZ[OLÄUHUJPHSYLWVY[PUN
director’s roles, responsibilities, rights and duties and Business Practices for FY2018. As required 12 February 2018 and 8 March 2018. The processes and other processes as per the
under the Act and other statutes. The Board by Regulation 34 of the Listing Regulations, attendance record of the Committee Members regulatory requirements and functions in
Members are provided with necessary documents, Mr K N Neelkant, CEO and Managing Director thereat is given in Table 1 forming part of this accordance with the terms of reference approved
brochures, forms, reports and internal policies to VM[OL*VTWHUÒHZZPNULKHUKJVUÄYTLK Report. by the Board of Directors in compliance with
enable them to familiarize with the Company’s adherence to this Code of Conduct and Business Members of the RAC have wide exposure and Section 177 of the Act and Regulation 18 of the
procedures and practices. The Board Members Practices by Directors and Senior Management, RUV^SLKNLPU[OLHYLHVMÄUHUJLHUKHJJV\U[PUN Listing Regulations.
are apprised on the operations, strategic and which is annexed at the end of this Report. The CEO and Managing Director, Chief Financial
future plans of the Company through annual 6ɉJLY*OPLMVM0U[LYUHS(\KP[HUKYLWYLZLU[H[P]LZ NOMINATION AND REMUNERATION
business review meeting and quarterly Board COMMITTEES OF THE BOARD of the Statutory Auditors attend the meetings of COMMITTEE ( NRC )
Meetings. This process helps the Independent RISK AND AUDIT COMMITTEE ( RAC ) RAC. The Company Secretary is the Secretary to The Board of Directors has constituted NRC
Directors to take well informed decisions in a RAC consists of four Non–Executive Directors, of this Committee. The Chairman of the RAC briefs in compliance with the provisions of Section
timely manner. whom three are Independent. These are: the Board of Directors at every Board meeting 178 of the Act and Regulation 19 of the Listing
Web link giving details of familiarization Mr Jitender Balakrishnan on the discussions that take place at the RAC Regulations. The NRC consists of the following
programme for the Independent Directors can be Chairman, Independent Director meeting. The minutes of meetings are placed four Non-Executive Directors, of which three,
accessed at http://www.cgglobal.com/frontend/ Mr Sanjay Labroo before the Board. including the Chairperson, are Independent. These
finalnonproduct.aspx?cnl2=yrnPqECUvhk= Member, Independent Director CG has an independent in-house internal audit are:
function with adequate professional resources
104 105
Mr Sanjay Labroo diversity and equitable development, making In order to expedite the process, the Board have been provided in the Directors’ Report of this
Chairman, Independent Director Z\Z[HPULKLɈVY[ZH[LU]PYVUTLU[WYLZLY]H[PVU of Directors has also delegated the authority Annual Report.
Mr Jitender Balakrishnan working with underserved communities and severally to the CEO and Managing Director and
Member, Independent Director preserving the ecosystem that supports the the Company Secretary to approve the share INFORMATION ON GENERAL BODY
Mr Ashish Kumar Guha Company. transfers / transmissions. MEETINGS
Member, Independent Director The CSR Committee and the Board annually The Board of Directors has appointed Details of the last three Annual General Meetings
Mr Gautam Thapar approves the CSR expenditure budget and project Ms Shikha Kapadia, Company Secretary, as the of the Company held along with Special
Member, Non-Executive Director plan. In the course of the year, the Committee *VTWSPHUJL6ɉJLYPUJVTWSPHUJL^P[O9LN\SH[PVU Resolutions passed are indicated in Table 2
reviews CSR expenditure, activities undertaken VM[OL3PZ[PUN9LN\SH[PVUZ^P[OLɈLJ[MYVT forming part of this Report. During FY2018, no
The role of the NRC inter-alia includes the and the milestones achieved. 12 February 2018. Ms Kapadia also acts as a resolution was put through by postal ballot.
following: During FY2018, two CSR Committee Meetings Secretary to all the Committees of the Board.
a. Formulate evaluation policies for the were held: on 26 May 2017 and 12 February 2018. MEANS OF COMMUNICATION
performance appraisal of senior management The attendance record of the Committee Members REMUNERATION OF DIRECTORS Full and timely disclosure of information regarding
and remuneration of Directors, Key Managerial is given in Table 1 forming part of this Report. The Company has no pecuniary relationship [OL*VTWHU`»ZÄUHUJPHSWVZP[PVUHUKWLYMVYTHUJL
Personnel and senior management. or transaction with its Non-Executive Directors is an important part of CG’s corporate governance
b. Review all major aspects of CG’s HR processes, STAKEHOLDERS’ RELATIONSHIP other than payment of sitting fees for attending ethos. To this end, it:
including hiring, training, talent management, COMMITTEE ( SRC ) [OL)VHYKHUK*VTTP[[LLTLL[PUNZHUKWYVÄ[
succession planning and the compensation SRC consists of the following Directors: IHZLKJVTTPZZPVUZ\IQLJ[[V[OLUL[WYVÄ[ZVM[OL Prepares and dispatches through permitted
structure of the Directors and senior management. Mr B Hariharan standalone entity and within the limits as approved modes a full version of its Annual Report, despite
c. Identify persons who can be considered as Chairman, Non-Executive Director by the Shareholders. an abridged version being allowed by the
Directors and who may be appointed in senior Mr Gautam Thapar The Executive Directors are paid remuneration regulations.
management. Member, Non-Executive Director as per the terms and conditions of their
d. Evaluate each Director’s performance. Mr K N Neelkant appointment in compliance with the Company’s :\ITP[ZZ[HUKHSVULHUKJVUZVSPKH[LKÄUHUJPHS
e. Set up a policy on Board diversity. Member, CEO and Managing Director Remuneration Policy, and subject to applicable results of the Company on a quarterly basis to
provisions of the Act and Rules made thereunder National Stock Exchange of India Limited and
During FY2018, the NRC met three times: During FY2018, the SRC met on 12 February 2018, read with Schedule V of the Act and approval of BSE Limited through their designated web portals
on 26 May 2017, 9 November 2017 and at which all the members were present. the Shareholders. The Company does not have within the prescribed timelines. These results
12 February 2018. The attendance record of the The SRC reviews the redressal of grievances any employee stock option plan or scheme. are simultaneously published in two leading
Committee Members is given in Table 1 forming of security holders of the Company, including Details of criteria for making payments to newspapers: Financial Express (in English) and
part of this Report. shareholders’ complaints related to transfers and Non-Executive Directors, remuneration paid to all 3VRZH[[HPU4HYH[OP;OL*VTWHU`HSZVÄSLZ
transmissions, non-receipt of annual reports, Directors and the other disclosures required to be VUSPULPUMVYTH[PVUVUÄUHUJPHSYLZ\S[ZHUKV[OLY
CORPORATE SOCIAL RESPONSIBILITY dividends and other share related matters, the made under Schedule V of the Listing Regulations
( CSR ) COMMITTEE WLYPVKPJP[`HUKLɈLJ[P]LULZZVM[OLZOHYL[YHUZMLY
The CSR Committee of the Board consists of WYVJLZZYLN\SH[VY`JLY[PÄJH[PVUZKLWVZP[VY`
the following four Directors among them are related issues and activities of the Registrar and
02 last three Annual General Meetings

three Non-Executive Directors, two of whom are Transfer Agent. In addition to a review by this
Independent including the Chairperson: Committee, the Company continues its practice
Ms Ramni Nirula of reporting to the Directors at each Board
held and special resolutions passed
Chairperson, Independent Director meeting, the number and category of shareholder SPECIAL RESOLUTIONS
FINANCIAL YEAR LOCATION DATE TIME (IST) PASSED
Dr Valentin von Massow complaints received and the status of their
Member, Independent Director resolution. The Company enjoys a high level of Ravindra Natya
Mandir, Sayani Road, Adoption of new Articles
Mr Gautam Thapar PU]LZ[VYZH[PZMHJ[PVUÔPJOPZYLÅLJ[LKPU[OL Prabhadevi, Mumbai of Association of the
Member, Non-Executive Director ]LY`PUZPNUPÄJHU[U\TILYVMPU]LZ[VYJVTWSHPU[Z 2014–15 400 025 24 July 2015 3.00 p.m. Company
Mr K N Neelkant 0[YLJLP]LKÄ]LZOHYLOVSKLYZ»JVTWSHPU[ZK\YPUN Sale of Non-India

Member, CEO and Managing Director [OLÄUHUJPHS`LHY\UKLYYL]PL^ÔPJO^LYLVMH Swatantryaveer Savarkar Transmission and
Rashtriya Smarak, Dadar Distribution (T&D)
routine nature and were satisfactorily resolved. 2015–16 (W), Mumbai 400 028 30 August 2016 3.00 p.m. Businesses
CG’s CSR Policy has been adopted by the Board There are no outstanding complaints or transfer Swatantryaveer Savarkar
and articulates its CSR principles of responsible request pending as on 31 March 2018. Rashtriya Smarak, Dadar
2016–17 (W), Mumbai 400 028 22 September 2017 3.00 p.m. None
corporate citizenship envisaging inclusive growth,
106 107
ZWLJPÄLKTH[[LYZVU[OLº755L^Z^PYL»^LIZP[L GENERAL SHAREHOLDER INFORMATION

as approved by the London Stock Exchange. 81ST ANNUAL GENERAL MEETING
Date: 28 September 2018
Conducts analyst interactions to provide greater Time: 3:00 p.m.
[YHUZWHYLUJ`HUKJSHYPÄJH[PVUZVU[OL*VTWHU`»Z Venue: 4th Floor, Swatantryaveer Savarkar
ÄUHUJPHSHUKVWLYH[PVUHSWLYMVYTHUJL;YHUZJYPW[Z Rashtriya Smarak, 252, Veer Savarkar Marg,
of such analyst interactions are sent to the Stock Shivaji Park, Dadar (West), Mumbai 400 028
Exchanges on which shares of the Company are
listed. FINANCIAL YEAR AND TENTATIVE
CALENDAR FOR THE FINANCIAL YEAR
Promptly reports all material information ENDING 31 MARCH 2019
PUJS\KPUNVɉJPHSWYLZZYLSLHZLZL[J[VHSS:[VJR The Company’s accounting year is of a twelve
Exchanges on which shares of the Company are months period from 1 April to 31 March. The
listed. All information and disclosures made to tentative calendar of Board meetings for
Stock Exchanges and investors are simultaneously JVUZPKLYH[PVUVMÄUHUJPHSYLZ\S[ZMVYÄUHUJPHS`LHY
displayed on the Company’s website: www. ending 31 March 2019 is:
cgglobal.com
First quarter results
Supports Shareholders through the CG’s On / before 14 August 2018
Investor Query System, a web-based system for
sending queries relating to any processing activity Second quarter results
concerning their shareholding in the Company. On / before 14 November 2018
The ‘Information to Investor’ section on the Third quarter results

Company’s website provides ‘live’ share prices, On / before 14 February 2019
as well as graphical information relating to the
OPZ[VYPJHSZOHYLWYPJLZHUKW\ISPZOLKÄUHUJPHSZ Last quarter results and annual audited results
.YHWOZYLSH[PUN[VPUJVTLHUKWYVÄ[HIPSP[ÌHSHUJL On / before 30 May 2019
sheet and equity position, ratios, share returns
on the standalone and consolidated position NAME AND ADDRESS OF
of the Company across a number of years are THE STOCK EXCHANGES
readily available in a user friendly manner for retail BSE LIMITED
investors and researchers. Phiroze Jeejeebhoy Towers,
Dalal Street,
As reinforcement of its commitment towards Mumbai 400 001
the environment and to have e-enabled Stock Code: 500093
regulatory compliances, the Company sends
its Annual Report as well as other shareholder NATIONAL STOCK EXCHANGE
correspondences electronically to Members OF INDIA LIMITED
whose e-mail address is registered with the Exchange Plaza, C-1, Block G
Company / Depository Participants. In case any Bandra Kurla Complex
such Member desires to receive a physical copy Bandra (East), Mumbai 400 051
of the Annual Report or other correspondence, the Stock Code: CGPOWER
Company provides the same upon request.
switchgears
Members who have not registered their e-mail ISIN: INE067A01029
CG HAS FULL-FLEDGED
EXTRA HIGH VOLTAGE
HKKYLZZTH`KVZVI`Z\ITP[[PUNHK\S`ÄSSLK Depository: National Securities Depository
AND MEDIUM VOLTAGE ‘E-mail Registration Form’, enclosed with the Limited and Central Depository Services
SWITCHGEAR PLANTS
AT NASHIK AND
Notice accompanying this Annual Report, to the (India) Limited
AURANGABAD IN INDIA Company / Depository Participant. GDR Code: 5090318
108 109
The Company has paid the annual listing fees to As per the recent amendment made to
A CG share price on BSE versus BSE-Sensex

each Stock Exchange on which its securities are Regulation 40 of Listing Regulations vide CG SHARE PRICE
listed. UV[PÄJH[PVUKH[LK1\ULYLHK^P[O:,)0
SENSEX
Circular dated 5 July 2018, it is mandatory indexed to 100 on 1 April 2017
MARKET PRICE DATA: BSE LIMITED to transfer the securities of the Company in
The market price data for BSE Limited is given in dematerialised form w.e.f. 5 December 2018.
Table 3 and Chart A forming part of this Report. Accordingly, shareholders of the Company who
continue to hold shares in physical form are
DISTRIBUTION AND CATEGORIES advised to dematerialize their shares on or before
OF SHAREHOLDING 4 December 2018 otherwise transfer of securities 120
Data on the distribution and categories of in physical form will not be permitted.
shareholders is given in Table 4 and Table 5
respectively, forming part of this Report. GLOBAL DEPOSITORY RECEIPTS ( GDRs )
The Company issued GDRs in 1996 and the 110
REGISTRAR AND SHARE underlying shares for each GDR were issued in the
TRANSFER AGENT name of The Bank of New York (the Depository).
The Company’s Registrar and Share Transfer ,HJO.+9PZLX\P]HSLU[[VÄ]LZOHYLZ(ZVU
Agent is Datamatics Business Solutions Limited, 31 March 2018, 164,501 GDRs were outstanding,
100
registered with SEBI and whose contact details which represented 822,504 underlying equity
are: shares.
DATAMATICS BUSINESS PLANT LOCATIONS

SOLUTIONS LIMITED Detailed information on plant locations, products, 90
(Formerly known as Datamatics Financial Services establishments and service centres with their
JUL 2017
APR 2017
MAY 2017
JUN 2017
AUG 2017
SEP 2017
OCT 2017
NOV 2017
DEC 2017
JAN 2018
FEB 2018
MAR 2018
31 MAR 2018
Limited) contact details, is provided at the end of this
Unit: CG Power and Industrial Solutions Limited Annual Report.
Plot No B-5, Part B Cross Lane, MIDC
Andheri (East) Mumbai 400 093 ADDRESS FOR CORRESPONDENCE
Tel: +91 (0) 22 6671 2001 to 6671 2006 The shareholders can direct their communication
03 market price data:

Fax: +91 (0) 22 6671 2011 to the Company Secretary at:
Email: cginvestors@datamaticsbpm.com CG House, 10th Floor
Dr Annie Besant Road BSE Limited
SHARE TRANSFER SYSTEM Worli, Mumbai 400 030 HIGHEST (L) LOWEST (L) CLOSING (L) (1ST TRADING SENSEX (1ST TRADING
The Company’s shares are compulsorily traded in MONTH OF THE MONTH OF THE MONTH DAY OF THE MONTH) DAY OF THE MONTH)
dematerialised form. Request for share transfers In addition to the Share Registrar and Transfer April 2017 82.10 77.50 79.70 29910.22
in physical form, lodged at the Registrar and Agent, our Corporate Secretarial Department, May 2017 97.30 75.65 78.35 29921.18
:OHYL;YHUZMLY(NLU[»ZVɉJLHYLWYVJLZZLK which is located at the Company’s Registered
June 2017 87.10 78.05 83.35 31137.59
within a maximum period of 15 days from the 6ɉJLPZOHWW`[VHZZPZ[PMPU]LZ[VYZL_WLYPLUJL
July 2017 86.90 80.50 82.65 31221.62
date of receipt. All share transfers and other share HU`KPɉJ\S[PLZPU[OLPYPU[LYHJ[PVU^P[O+H[HTH[PJZ
August 2017 85.90 67.60 84.20 32575.17
related issues are approved by Securities Transfer Business Solutions Limited.
September 2017 90.15 75.25 81.65 31892.23
*VTTP[[LL*VTWHU`»Z6ɉJPHSK\S`H\[OVYPZLK Time: 2.00 p.m. to 5.00 p.m. (IST) (Monday to
by the Board of Directors in this regard. During Friday) October 2017 86.00 75.70 78.40 31497.38
FY2018, 47 such approvals were granted. Tel: +91 (0) 22 2423 7806 November 2017 90.55 78.55 86.60 33600.27
Fax: +91 (0) 22 2423 7545 December 2017 94.30 80.55 84.15 32832.94
DEMATERIALISATION OF SHARES E-mail: ho.secretarial@cgglobal.com January 2018 99.00 89.65 92.75 33812.75
As on 31 March 2018, 99.27% of the total February 2018 92.35 78.20 91.75 35906.66
equity shares of the Company were held in March 2018 83.70 73.05 82.05 34046.94
dematerialised form, compared to 99.18% in the
Share Price Sensex
previous year.
As on 31 March 2018 77.75 32968.68
110 111
OTHER DISCLOSURES Company. The Company has also established TRANSFER OF UNCLAIMED DIVIDENDS
04 distribution of shareholding DISCLOSURE OF MATERIAL RELATED HTLJOHUPZT[OYV\NOÔPJOÄUHUJPHSJVUJLYUZ TO THE INVESTOR EDUCATION AND
PARTY TRANSACTIONS material defaults, show cause notices, dangerous PROTECTION FUND ( IEPF )
as on 31 March 2018 During the year under review there were no related VJJ\YYLUJLZWYVK\J[SPHIPSP[`JSHPTZZPNUPÄJHU[ In terms of the provisions of Sections 124 and
NO. OF SHARES NO. OF SHAREHOLDERS % OF SHAREHOLDERS
WHY[`[YHUZHJ[PVUZVMHTH[LYPHSS`ZPNUPÄJHU[UH[\YL developments in human resources, major 125 of the Act and the Investor Education and
in terms of the Listing Regulations that could ÄUHUJPHSKLJPZPVUZHUKZPTPSHYZPNUPÄJHU[HJ[PVUZ Protection Fund Authority (Accounting, Audit,
Upto 500 110,106 82.26
OH]LHWV[LU[PHSJVUÅPJ[^P[O[OLPU[LYLZ[ZVM[OL decisions of all subsidiary companies are reported Transfer and Refund) Rules, 2016 as amended
501–1000 9,105 6.80 Company at large. The policy on dealing with to the Company’s Board of Directors. In addition, from time to time, the dividend(s) which have
1001–2000 7,905 5.91 related party transactions can be accessed on the ÄUHUJPHSZ[H[LTLU[ZJVTWSPHUJLPZZ\LZPU[LYUHS remained unclaimed / unpaid for a period of seven
2001–3000 2,361 1.76 website of the Company. control procedures and operational risks of these years have been transferred to the IEPF. Details of
3001–4000 1,164 0.87 subsidiaries are also reviewed by the Risk and the due dates for transfer of dividends pertaining
4001–5000 834 0.62 DISCLOSURE OF PENDING CASES AND Audit Committee of the Company, as applicable. [V[OLÄUHUJPHS`LHYZ¶[V¶ÔPJO
5001–10000 1,313 0.98 INSTANCES OF NON-COMPLIANCE The Company has a policy on material if remain, unclaimed / unpaid for a period of seven
10001 and above 1,072 0.80
There has been no instance of non-compliance subsidiaries which is available on the weblink consecutive years are given below.
Total 133,860 100.00
by the Company; or of penalties and strictures http://www.cgglobal.com/pdfs/policies/Policy-
imposed by the Stock Exchanges or SEBI or any determining-Mat-Subsidiaries.pdf. DATE OF DECLARATION DUE DATE FOR TRANSFER
OF DIVIDEND TO THE IEPF
other statutory authority on any matter related to :PNUPÄJHU[[YHUZHJ[PVUZLU[LYLKPU[VI`[OL
the capital market on the Company during the last material subsidiaries are monitored on a quarterly 19 October 2011 18 November 2018
[OYLLÄUHUJPHS`LHYZ basis by the Risk and Audit Committee and the
05
31 January 2012 2 March 2019
categories of shareholders There is no non-compliance of any requirements Board. 23 March 2012 22 April 2019
of Corporate Governance Report as prescribed 20 July 2012 19 August 2019
as on 31 March 2018
under sub-paras (2) to (10) of Part C of Schedule COMMODITY FOREIGN EXCHANGE 1 November 2012 30 November 2019
CATEGORY NO. OF SHARES OF L2 EACH % OF SHAREHOLDING V of the Listing Regulations, except in respect of RISK AND HEDGING ACTIVITIES
6 August 2013 5 September 2020
Promoters 215,451,070 34.38 JVTWVZP[PVUVM)VHYKVM+PYLJ[VYZJH\ZLKIYPLÅ` The Company does not trade in commodities.
8 November 2013 7 December 2020
Financial Institutions 853,858 0.14
due to resignation of an Independent Director Hence, disclosure relating to commodity price
29 January 2014 28 February 2021
ÔPJO^HZYLJ[PÄLKI`HWWVPU[TLU[VM[^V risks and commodity hedging activities is not
Banks 576,452 0.09 5 August 2014 4 September 2021
Independent Directors during the year 2017–18. given.
Insurance Companies 23,625,075 3.77 1 October 2014 15 November 2021
Mutual Funds 157,338,583 25.10 3 February 2015 2 March 2022
WHISTLE BLOWER POLICY UNCLAIMED SHARES
Foreign Investors 133,539,129 21.31
The Company has set up a vigil mechanism i.e. Regulation 39 of the Listing Regulations requires
Directors 657 0.00 Whistle Blower Policy for employees to report a listed company to transfer shares which have
Domestic Companies 23,613,495 3.76 concerns of unethical behaviour and violation remained unclaimed pursuant to a public issue NON-MANDATORY REQUIREMENTS
Individuals 71,747,823 11.45 of the Company’s Code of Business Practices. or any other issue to an Unclaimed Suspense The Company has implemented the following
Total 626,746,142 100.00 Details of the policy are contained in the Directors’ Account with a Depository Participant. The non-mandatory requirements recommended under
Report and are also posted on the website of the voting rights with respect to the shares held in Regulation 27 of the Listing Regulations:
Company. The Whistle blowers are not denied such Unclaimed Suspense Account are frozen
access to the Risk and Audit Committee. and future share allotments are also to be a. 6ɉJL^P[OYLX\PZP[LMHJPSP[PLZPZWYV]PKLKHUK
06
issued directly to such account. This Regulation maintained at the Company’s expense for use by
details of GOVERNANCE OF SUBSIDIARIES requires a Company to send three reminders in the Chairman of the Company. The Company also
unclaimed shares The Company’s subsidiaries are adequately this regard before the transfer. During FY2018, reimburses all expenses incurred in his furthering
empowered through delegation of the operational 28 shareholders have claimed 9,457 shares, the Company’s business interests.
BEGINNING OF THE YEAR END OF THE YEAR
powers to local management at all locations. which were transferred to their respective demat
NO. OF NO. OF Management(s) of the subsidiary companies are account. b. ;OLVɉJLVM[OL*OHPYTHUHUK*OPLM,_LJ\[P]L
SHAREHOLDERS SHAREHOLDERS
WHO TO WHOM responsible for statutory compliances, health Details of unclaimed shares at the beginning of 6ɉJLYHYLZLWHYH[LSÒLSKI`[^VKPɈLYLU[
NO. OF NO. OF APPROACHED SHARES WERE NO. OF NO. OF
SHAREHOLDERS SHARES FOR TRANSFER TRANSFERRED SHAREHOLDERS SHARES and safety concerns, integrity of accounts the year and at the end of the year and requests individuals who are not related to each other.
4,072 954,938 28 28 1,411 345,568 and assurance on internal controls. Material processed during the year are given in Table 6.
contents of the minutes of the Board Meetings c. The Internal Auditor of the Company functionally
Note: During the year, 599,913 shares held by 2,633 shareholders were transferred to the Investor Education
and Protection Fund (IEPF) Authority.
of all Indian as well as overseas subsidiaries reports to the Risk and Audit Committee of the
are placed before the Board of Directors of the Board.
112 113
d. The Auditor’s opinion on the Stand-alone are listed. However, during the Quiet Period, the
and Consolidated Financial Statements of the
*VTWHU`PZ\UTVKPÄLK
Company continues to address investor related
issues and communications with the Stock
CEO-CFO annual certification
Exchanges and other Regulatory Authorities as
ADDITIONAL INFORMATION required by law. To,
MANAGEMENT DISCUSSION AND ANALYSIS The Board of Directors
The Report on Management Discussion and CEO / CFO CERTIFICATION CG Power and Industrial Solutions Limited
Analysis is given as a separate chapter in the For FY2018, Mr K N Neelkant, CEO and Managing
Annual Report. Director and Mr V R Venkatesh, Chief Financial DECLARATION
6ɉJLYVM[OL*VTWHUÒH]LJLY[PÄLK[V[OL
BUSINESS RESPONSIBILITY REPORT )VHYK^P[OYLZWLJ[[V[OLÄUHUJPHSZ[H[LTLU[Z >LOH]LYL]PL^LK[OL:[HUKHSVULHUK*VUZVSPKH[LKÄUHUJPHSZ[H[LTLU[ZHUK[OLJHZOÅV^Z[H[LTLU[MVY
The Business Responsibility Report for FY2018 internal controls and other matters, as required by the year ended March 31, 2018 and certify that:
under Regulation 34 of the Listing Regulations is Regulation 34 of the Listing Regulations and the
available on website of the Company at ZHPK*LY[PÄJH[LMVYTZ[OLWHY[VM[OPZ9LWVY[ A. These statements to the best of our knowledge and belief:
www.cgglobal.com
CERTIFICATE ON CORPORATE (1) do not contain any materially untrue statement or omit any material fact or contain statements that
ACCOUNTING POLICIES GOVERNANCE might be misleading;
The Company has adopted accounting treatments ;OL*VTWHUÒHZVI[HPULKHJLY[PÄJH[LMYVT
which are in conformance with those prescribed M/s. Parikh & Associates, Practising Company (2) WYLZLU[H[Y\LHUKMHPY]PL^VM[OL*VTWHU`»ZHɈHPYZHUKHYLPUJVTWSPHUJL^P[OL_PZ[PUNHJJV\U[PUN
by the applicable Accounting Standards. Secretaries, Firm Registration Number standards, applicable laws and regulations.
P1988MH009800 regarding compliance with
IT ACTIVITIES the provisions relating to Corporate Governance B. To the best of our knowledge and belief, no transactions entered into by the Company during the year,
As permitted under the Act, CG maintains for FY2018, as prescribed by Regulation 34 of which are fraudulent, illegal or violate the Company’s Code of Conduct and Business Practices.
its books of accounts in electronic form. The the Listing Regulations, which forms part of this
Company hosts and manages all business Report. C. >LHJJLW[YLZWVUZPIPSP[`MVYLZ[HISPZOPUNHUKTHPU[HPUPUNPU[LYUHSJVU[YVSZMVYÄUHUJPHSYLWVY[PUNHUK
applications and data in its own Tier 3 data centre OH]LL]HS\H[LK[OLLɈLJ[P]LULZZVMPU[LYUHSJVU[YVSZ`Z[LTZVM[OL*VTWHU`WLY[HPUPUN[VÄUHUJPHS
located at Mumbai, and does not utilise any cloud On behalf of the Board of Directors YLWVY[PUNHUKOH]LKPZJSVZLK[V[OL(\KP[VYZHUK[OL9PZRHUK(\KP[*VTTP[[LLKLÄJPLUJPLZPU[OL
or third party hosted environments for this service. design or operation of such internal controls, if any, of which we are aware, and the steps taken or
GAUTAM THAPAR WYVWVZLK[VIL[HRLU[VYLJ[PM`[OLZLKLÄJPLUJPLZ
INSIDER TRADING CHAIRMAN
CG has comprehensive guidelines in accordance (DIN: 00012289) D. We have indicated to the Auditors and the Risk and Audit Committee:
with the SEBI (Prohibition of Insider Trading)
Regulations, 2015 in this regard, which advise and New Delhi, 10 August 2018 (1) ZPNUPÄJHU[JOHUNLZPUPU[LYUHSJVU[YVSV]LYÄUHUJPHSYLWVY[PUNK\YPUN[OL`LHYPMHU`"
caution the Directors, Management, employees
and their connected persons on the procedures (2) ZPNUPÄJHU[JOHUNLZPUHJJV\U[PUNWVSPJPLZK\YPUN[OL`LHYPMHU`HUK[OH[[OLZHTLOH]LILLU
to be followed, while dealing with the securities of KPZJSVZLKPU[OLUV[LZ[V[OLÄUHUJPHSZ[H[LTLU[Z"HUK
the Company. The Code on Insider Trading framed
by the Company helps in ensuring compliance E. ;V[OLILZ[VMV\YRUV^SLKNLHUKILSPLM[OLYLHYLUVPUZ[HUJLZVMZPNUPÄJHU[MYH\KPU]VS]PUNLP[OLY
with these requirements. [OLTHUHNLTLU[VYLTWSV`LLZOH]PUNHZPNUPÄJHU[YVSLPU[OL*VTWHU`»ZPU[LYUHSJVU[YVSZ`Z[LTV]LY
ÄUHUJPHSYLWVY[PUN
QUIET PERIOD POLICY
CG follows a Quiet Period Policy during which the K N NEELKANT
Company does not engage in any discussions, CEO AND MANAGING DIRECTOR
communications or other interaction with DIN: 05122610
analysts, investors or media. This ‘Quiet Period’
commences on 16th of the third month of each V R VENKATESH
X\HY[LYHUKJVU[PU\LZ\U[PS[OLÄUHUJPHSYLZ\S[Z CHIEF FINANCIAL OFFICER
for the respective quarter are announced to the
Stock Exchanges on which the Company’s shares Gurgaon, 30 May 2018
114 115
certificate regarding compliance of declaration of compliance with CG

conditions of corporate governance code of conduct and business practices
To, To,
The Members, The Members,
CG Power and Industrial Solutions Limited CG Power and Industrial Solutions Limited
(Formerly known as Crompton Greaves Limited)
CIN: L99999MH1937PLC002641 I, the undersigned, hereby declare that all the Board Members and Senior Management of the Company
6th Floor, CG House, OH]LHɉYTLKJVTWSPHUJL^P[Oº*.*VKLVM*VUK\J[HUK)\ZPULZZ7YHJ[PJLZ»SHPKKVÛHUKHKVW[LKI`
Dr. Annie Besant Road, Worli, the Company, during the year ended March 31, 2018.
Mumbai – 400 030
K N NEELKANT
We have examined the compliance of the conditions of Corporate Governance by CG Power and CEO AND MANAGING DIRECTOR
0UK\Z[YPHS:VS\[PVUZ3PTP[LKMVY[OLÄUHUJPHS`LHYLUKLK4HYJOHZZ[PW\SH[LK\UKLY9LN\SH[PVUZ (DIN: 05122610)
17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 and Para C, D, and E of Schedule
V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Gurgaon, 30 May 2018
Regulations, 2015 (‘SEBI Listing Regulations’).
The compliance of the conditions of Corporate Governance is the responsibility of the Management and
our examination was limited to the procedure and implementation thereof as adopted by the Company. It
PZULP[OLYHUH\KP[UVYHUL_WYLZZPVUVMVWPUPVUVU[OLÄUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`
In our opinion and to the best of our information and according to the explanation given to us, we certify
[OH[[OL*VTWHUÒHZJVTWSPLK^P[O[OLJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJLHZZWLJPÄLKPU[OL:,)0
Listing Regulations for the year March 31, 2018 except in respect of composition of Board of Directors
caused briefly due to resignation of an Independent Director which was rectified by appointment of two
Independent Directors during the year 2017–18.
We further state that such compliance is neither an assurance as to the future viability of the Company
UVYVM[OLLɉJHJ`VYLɈLJ[P]LULZZ^P[OÔPJO[OL4HUHNLTLU[OHZJVUK\J[LK[OLHɈHPYZVM[OL
Company.
FOR PARIKH & ASSOCIATES

PRACTISING COMPANY SECRETARIES
P.N. PARIKH
PARTNER
FCS: 327 CP NO.: 1228
Mumbai, 30 May 2018
116 117
CG Power and Industrial CG Power and Industrial
Solutions Limited 2018 Solutions Limited 2018
stand-alone
financials financials
118 119
Solutions Limited 2018 Financials Solutions Limited 2018 Financials
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CG POWER AND INDUSTRIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS CROMPTON GREAVES LIMITED) ANNEXURE ‘A’ REFERRED TO IN THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS
OF CG POWER AND INDUSTRIAL SOLUTIONS LIMITED (REFERRED TO IN PARAGRAPH 10 OF OUR REPORT OF EVEN DATE)
Report on the Standalone Financial Statements the manner so required and give a true and fair view in conformity N .SWJXUJHYTKNYXÁ]JIFXXJYX According to the information and explanations given to us,
with the accounting principles generally accepted in India, of the no undisputed amount payable in respect of provident fund,
1. We have audited the accompanying Standalone Financial state of affairs of the Company as at March 31, 2018, and its loss
Statements of CG Power and Industrial Solutions Limited (a) The Company has maintained proper records showing full
NSHQZINSL4YMJW(TRUWJMJSXN[J.SHTRJYMJ(MFSLJXNS*VZNY^ employees’ state insurance, income tax, sales tax, service
(formerly known as Crompton Greaves Limited) (“the particulars including quantitative details and situation of
and its Cash Flows for the year ended on that date. tax, duty of customs, duty of excise, value added tax, goods
Company”), which comprise the Balance Sheet as at March Á]JIFXXJYX
YMJ 8YFYJRJSY TK 5WTÁY FSI 1TXX NSHQZINSL 4YMJW Report on Other Legal and Regulatory Requirements and services tax, cess and other material statutory dues
Comprehensive Income), the Statement of Changes in Equity &X WJVZNWJI G^ YMJ (TRUFSNJX &ZINYTW¸X 7JUTWY 4WIJW G &XJ]UQFNSJIYTZXYMJXJÁ]JIFXXJYXMF[JGJJSUM^XNHFQQ^ were in arrears as at March 31, 2018 for a period of more
and the Statement of Cash Flows for the year then ended and µYMJ4WIJW¶NXXZJIG^YMJ(JSYWFQ,T[JWSRJSYTK.SINFNSYJWRXTK
F XZRRFW^ TK YMJ XNLSNÁHFSY FHHTZSYNSL UTQNHNJX FSI TYMJW [JWNÁJI G^ YMJ RFSFLJRJSY NS FHHTWIFSHJ \NYM F UMFXJI than six months from the date they became payable.
Section 143(11) of the Act, we give in “Annexure A” a statement UWTLWFRRJTK[JWNÁHFYNTS\MNHMNSTZWTUNSNTSNXWJFXTSFGQJ
explanatory information (hereinafter referred to as “the Standalone TSYMJRFYYJWXXUJHNÁJINSUFWFLWFUMXFSITKYMJ4WIJWYT
Ind AS Financial Statements”). the extent applicable. considering the size of the Company and nature of its assets. (b) According to the information and explanations given to us
Management’s Responsibility for the Standalone Ind AS Financial 9MJKWJVZJSH^TKUM^XNHFQ[JWNÁHFYNTSNXWJFXTSFGQJFSIST and the records examined by us, the particulars of income
11. As required by Section 143(3) of the Act, we report that:
Statements RFYJWNFQINXHWJUFSHNJX\JWJSTYNHJITSXZHM[JWNÁHFYNTS tax, sales tax, service tax duty of customs, duty of excise
a) We have sought and obtained all the information and
2. The Company’s Board of Directors is responsible for the matters explanations which to the best of our knowledge and belief and value added taxes at March 31, 2018 which have not
(c) According to information and explanations given to us, the
stated in Section 134(5) of the Companies Act, 2013 (“the Act”) were necessary for the purposes of our audit; been deposited on account of a dispute pending, are as
with respect to the preparation of these Standalone Ind AS title deeds of immovable properties are held in name of the
b) In our opinion, proper books of account as required by law under:
+NSFSHNFQ8YFYJRJSYXYMFYLN[JFYWZJFSIKFNW[NJ\TKYMJÁSFSHNFQ have been kept by the Company so far as it appears from Company.
UTXNYNTS ÁSFSHNFQ UJWKTWRFSHJ NSHQZINSL 4YMJW (TRUWJMJSXN[J our examination of those books;
.SHTRJ (FXM ÂT\X FSI (MFSLJX NS JVZNY^ TK YMJ (TRUFS^ NS NN &XJ]UQFNSJIYTZXNS[JSYTWNJXMF[JGJJSUM^XNHFQQ^[JWNÁJIG^
accordance with the accounting principles generally accepted H 9MJ 'FQFSHJ 8MJJY YMJ 8YFYJRJSY TK 5WTÁY FSI 1TXX Period to
NSHQZINSL 4YMJW (TRUWJMJSXN[J .SHTRJ (FXM +QT\ the management during the year other than inventory lying with Nature of Forum where
NS .SINF NSHQZINSL YMJ .SINFS &HHTZSYNSL 8YFSIFWIX XUJHNÁJI Amount which the
under section 133 of the Act read with the Companies (Indian Statement and Statement of Changes in Equity dealt with YMNWIUFWYNJX.STZWTUNSNTSYMJKWJVZJSH^TKXZHM[JWNÁHFYNTSNX Name of the Statute the disputed disputes are
` crore* amount
Accounting Standards) Rules, 2015, as amended. by this Report are in agreement with the relevant books of WJFXTSFGQJ9MJINXHWJUFSHNJXSTYNHJITSXZHM[JWNÁHFYNTS\MNHM dues pending
relates
account; were not material, have been properly dealt with in the books of
3. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act d) In our opinion, the aforesaid Standalone Ind AS Financial account. Income Tax Act,1961 Tax, Interest 14.64 2011-12, Commissionerate
for safeguarding the assets of the Company and for preventing 8YFYJRJSYXHTRUQ^\NYMYMJ.SI&8XUJHNÁJIZSIJWXJHYNTS & Penalty 2013-14, (Appeals)
and detecting frauds and other irregularities; selection and 133 of the Act read with the Companies (Indian Accounting iii. According to the information and explanations given to us, the 2014-15
application of appropriate accounting policies; making judgments Standards) Rules, 2015, as amended;
Company has not granted any loans, secured or unsecured to
and estimates that are reasonable and prudent; and design, J 4S YMJ GFXNX TK YMJ \WNYYJS WJUWJXJSYFYNTSX WJHJN[JI KWTR
NRUQJRJSYFYNTS FSI RFNSYJSFSHJ TK FIJVZFYJ NSYJWSFQ ÁSFSHNFQ ÁWRXQNRNYJIQNFGNQNYÛFWYSJWXMNUXTWTYMJWUFWYNJXHT[JWJINSYMJ The Central Excise Duty, 0.21 2001-02, High Court
the directors as on March 31, 2018 taken on record by the Act 1944, The Service tax, 2002-03,
controls, that were operating effectively for ensuring the accuracy 'TFWITK)NWJHYTWXSTSJTKYMJINWJHYTWXNXINXVZFQNÁJIFXTS register maintained under section 189 of the Act. The Company
and completeness of the accounting records, relevant to the has granted unsecured loans to companies covered in the register Customs Act 1962, Interest and 2004-05 to
March 31, 2018 from being appointed as a director in terms
preparation and presentation of the Standalone Ind AS Financial of Section 164(2) of the Act; maintained under Section 189 of the act: and Service Tax Penalty 2007-08
Statements that give a true and fair view and are free from material ZSIJWYMJÁSFSHJ
misstatement, whether due to fraud or error. K <NYMWJXUJHYYTYMJFIJVZFH^TKYMJNSYJWSFQÁSFSHNFQHTSYWTQX 7.87 1991-92, CESTAT / Tribunal
T[JW ÁSFSHNFQ WJUTWYNSL TK YMJ (TRUFS^ FSI YMJ TUJWFYNSL (a) the terms and conditions are not prejudicial to the interests Act 1994
effectiveness of such controls, refer to our separate Report 1999-2000
Auditor’s Responsibility of the Company;
in “Annexure B”; and to 2014-15
4ZWWJXUTSXNGNQNY^NXYTJ]UWJXXFSTUNSNTSTSYMJXJ8YFSIFQTSJ
Ind AS Financial Statements based on our audit. g) With respect to the other matter to be included in the Auditor’s (b) the receipts of principal amounts and interest have been 18.80 2002-03 to Commissionerate
Report in accordance with Rule 11 of the Companies (Audit regular / as per stipulations; and
5. We have taken into account the provisions of the Act, the and Auditors) Rules, 2014, as amended, in our opinion 2017-18 (Appeals)
accounting and auditing standards and matters which are and to the best of our information and according to the (c) there are no overdue amounts for more than ninety days. The Central Sales Tax, Interest 1.14 1989-90, High Court
required to be included in the audit report under the provisions of explanations given to us:
the Act and the Rules made thereunder. 9F]&HY1THFQ and Penalty 1991-92,
i. The Company has disclosed the impact of pending iv. According to the information and explanations given to us, the
QNYNLFYNTSX TS NYX ÁSFSHNFQ UTXNYNTS NS NYX 8YFSIFQTSJ Sales Tax Acts and 1996-97,
6. We conducted our audit of the Standalone Ind AS Financial Company has complied with the provisions of Sections 185 and
Statements in accordance with the Standards on Auditing Ind AS Financial Statements. (Refer note 38 to the Works Contract Tax 1999-2000,
XUJHNÁJI ZSIJW 8JHYNTS TK YMJ &HY 9MTXJ 8YFSIFWIX Standalone Ind AS Financial Statements); 186 of the Act in respect of grant of loans, making investments, Act 2006-07
require that we comply with ethical requirements and plan and ii. The Company did not have any long-term contracts for providing guarantees and securities.
perform the audit to obtain reasonable assurance about whether which there were any material foreseeable losses; and 44.92 1992-93, CESTAT / Tribunal
the Standalone Ind AS Financial Statements are free from material v. According to the information and explanations given to us, the 1994-95,
misstatement. iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education Company has not accepted any deposits from the public during 1996-97,
7. An audit involves performing procedures to obtain audit evidence and Protection Fund by the Company. YMJ ^JFW &HHTWINSLQ^ YMJ UFWFLWFUM [ TK YMJ 4WIJW NX STY 2000-01 to
about the amounts and the disclosures in the Standalone Ind applicable to the Company. 2003-04,
AS Financial Statements. The procedures selected depend on Other Matter
2005-06 to
the auditor’s judgment, including the assessment of the risks 9MJHTRUFWFYN[J.SI&8ÁSFSHNFQNSKTWRFYNTSTKYMJ(TRUFS^KTW vi. We have broadly reviewed the books of accounts and records
of material misstatement of the Standalone Ind AS Financial 2008-09,
the year ended March 31, 2017, included in these Standalone RFNSYFNSJIG^YMJ(TRUFS^XUJHNÁJIG^YMJ(JSYWFQ,T[JWSRJSY 2011-12,
Statements, whether due to fraud or error. In making those risk
.SI&8ÁSFSHNFQXYFYJRJSYXMF[JGJJSFZINYJIG^YMJUWJ[NTZX
FXXJXXRJSYX YMJ FZINYTW HTSXNIJWX NSYJWSFQ ÁSFSHNFQ HTSYWTQ for the maintenance of cost records under section 148(1) of the 2014-15
relevant to the Company’s preparation of the Standalone Ind AS FZINYTW FQTSL \NYM FSTYMJW ÁWR TK (MFWYJWJI &HHTZSYFSYX
(“previous joint auditors”). The report of the previous joint auditors Act with respect to its manufacturing activities and are of the
Financial Statements that give a true and fair view in order to opinion that prima facie, the prescribed accounts and records 163.18 1997-98 to Commissionerate
design audit procedures that are appropriate in the circumstances. TS YMJ HTRUFWFYN[J ÁSFSHNFQ NSKTWRFYNTS IFYJI 2F^
J]UWJXXJIFSZSRTINÁJITUNSNTS have been made and maintained. The contents of these accounts 1999-2000, (Appeals)
An audit also includes evaluating the appropriateness of
and records have not been examined by us. 2001-02 to
the accounting policies used and the reasonableness of the
accounting estimates made by the Company’s Board of Directors, 2015-16
as well as evaluating the overall presentation of the Standalone K. K. MANKESHWAR & CO.
vii. (a) According to the information and explanations given to
Ind AS Financial Statements. CHARTERED ACCOUNTANTS (*net of pre-deposit paid in getting the stay / appeal admitted)
Firm’s Registration No. 106009W us and on the basis of our examination of the records of
<JGJQNJ[JYMFYYMJFZINYJ[NIJSHJ\JMF[JTGYFNSJINXXZKÁHNJSY by the hand of the Company, amount deducted / accrued in the books of viii. According to information and explanations given to us and as per
and appropriate to provide a basis for our audit opinion on the account in respect of undisputed statutory dues including
Standalone Ind AS Financial Statements. ASHWIN MANKESHWAR the records of the Company examined by us, the Company has
provident fund, employees’ state insurance, income tax,
PARTNER not defaulted in repayment of loans or borrowings to banks. The
Opinion duty of customs, duty of excise, sales tax, value added tax,
Membership No. 046219 (TRUFS^ MFX STY YFPJS FS^ QTFSX TW GTWWT\NSLX KWTR ÁSFSHNFQ
9. In our opinion and to the best of our information and according entry tax, service tax, cess, goods and services tax and any
to the explanations given to us, the aforesaid Standalone Ind AS 5QFHJ,ZWLFTS other statutory dues have generally been regularly deposited NSXYNYZYNTSX FSI ,T[JWSRJSY 9MJ (TRUFS^ MFX STY NXXZJI FS^
Financial Statements give the information required by the Act in Date: May 30, 2018 with the appropriate authorities. debentures.
120 121
ANNEXURE ‘A’ TO THE INDEPENDENT AUDITOR’S REPORT (Contd.) ANNEXURE ‘B’ REFERRED TO IN THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL
STATEMENTS OF CG POWER AND INDUSTRIAL SOLUTIONS LIMITED
ix. According to information and explanations given to us, the xiv. According to information and explanations given to us, the <J MF[J FZINYJI YMJ NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ Meaning of Internal Financial Controls over Financial Reporting
Company has not raised money by way of initial public offer or Company has not made any preferential allotment or private reporting of CG Power and Industrial Solutions Limited
&(TRUFS^¸XNSYJWSFQÁSFSHNFQHTSYWTQT[JWÁSFSHNFQWJUTWYNSLNXF
further public offer (including debt instruments). In our opinion placement of shares or fully or partly convertible debentures (formerly known as Crompton Greaves Limited) (“the
process designed to provide reasonable assurance regarding the
and according to the explanations given to us, on an overall basis, during the year. Accordingly, the Paragraph 3(xiv) of the order is Company”) as of March 31, 2018 in conjunction with our audit of
WJQNFGNQNY^ TK ÁSFSHNFQ WJUTWYNSL FSI YMJ UWJUFWFYNTS TK +NSFSHNFQ
the term loans were applied for the purposes for which those not applicable to the Company. the Standalone Ind AS Financial Statements of the Company for
Statements for external purposes in accordance with generally
were raised. the year ended on that date.
FHHJUYJI FHHTZSYNSL UWNSHNUQJX & (TRUFS^¸X NSYJWSFQ ÁSFSHNFQ
xv. According to information and explanations given to us, the Management’s Responsibility for Internal Financial Controls HTSYWTQ T[JW ÁSFSHNFQ WJUTWYNSL NSHQZIJX YMTXJ UTQNHNJX FSI
x. During the course of our examination of the books and records of
the Company carried out in accordance with generally accepted Company has not entered into any non-cash transactions 2. The Company’s Management is responsible for establishing and procedures that: (1) pertain to the maintenance of records that, in
auditing practices in India and according to the information and with directors or persons connected with him during the year. RFNSYFNSNSLNSYJWSFQÁSFSHNFQHTSYWTQXGFXJITSYMJNSYJWSFQHTSYWTQ WJFXTSFGQJIJYFNQFHHZWFYJQ^FSIKFNWQ^WJÂJHYYMJYWFSXFHYNTSXFSI
explanations given to us, we have neither come across any fraud &HHTWINSLQ^YMJ5FWFLWFUM ][TKYMJ4WIJWNXSTYFUUQNHFGQJYT T[JW ÁSFSHNFQ WJUTWYNSL HWNYJWNF JXYFGQNXMJI G^ YMJ (TRUFS^ dispositions of the assets of the company; (2) provide reasonable
G^YMJ(TRUFS^TWFS^KWFZITSYMJ(TRUFS^G^NYXTKÁHJWXTW the Company. considering the essential components of internal control stated assurance that transactions are recorded as necessary to
employees noticed or reported during the year nor have we been NSYMJ,ZNIFSHJ3TYJTS&ZINYTK.SYJWSFQ+NSFSHNFQ(TSYWTQXT[JW permit preparation of Financial Statements in accordance with
informed of such case by the management. xvi. According to information and explanations given to us, the +NSFSHNFQ7JUTWYNSL YMJµ,ZNIFSHJ3TYJ¶NXXZJIG^YMJ.SXYNYZYJ generally accepted accounting principles, and that receipts and
Company is not required to be registered under section 45-IA of of Chartered Accountants of India (ICAI). These responsibilities expenditures of the Company are being made only in accordance
xi. According to information and explanations given to us, the the Reserve Bank of India Act, 1934. include the design, implementation and maintenance of adequate with authorisations of management and directors of the Company;
managerial remuneration has been paid or provided for in NSYJWSFQ ÁSFSHNFQ HTSYWTQX YMFY \JWJ TUJWFYNSL JKKJHYN[JQ^ KTW and (3) provide reasonable assurance regarding prevention or
accordance with the approvals mandated by the provisions of JSXZWNSL YMJ TWIJWQ^ FSI JKÁHNJSY HTSIZHY TK NYX GZXNSJXX timely detection of unauthorised acquisition, use, or disposition
section 197 read with Schedule V to the Act. including adherence to Company’s policies, the safeguarding of of the company’s assets that could have a material effect on the
its assets, the prevention and detection of frauds and errors, the Financial Statements.
xii. According to information and explanations given to us, the accuracy and completeness of the accounting records, and the Inherent Limitations of Internal Financial Controls over Financial
K. K. MANKESHWAR & CO. YNRJQ^ UWJUFWFYNTS TK WJQNFGQJ ÁSFSHNFQ NSKTWRFYNTS FX WJVZNWJI Reporting
Company is not a Nidhi Company. Accordingly, the paragraph CHARTERED ACCOUNTANTS under the Companies Act, 2013 (the “Act”).
]NNTKYMJ4WIJWNXSTYFUUQNHFGQJYTYMJ(TRUFS^ Firm’s Registration No. 106009W 'JHFZXJ TK YMJ NSMJWJSY QNRNYFYNTSX TK NSYJWSFQ ÁSFSHNFQ HTSYWTQX
by the hand of Auditor’s Responsibility T[JW ÁSFSHNFQ WJUTWYNSL NSHQZINSL YMJ UTXXNGNQNY^ TK HTQQZXNTS
xiii. According to information and explanations given to us, all 4ZW WJXUTSXNGNQNY^ NX YT J]UWJXX FS TUNSNTS TS YMJ (TRUFS^¸X or improper management override of controls, material
transactions with the related parties are in compliance with ASHWIN MANKESHWAR
PARTNER
NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ WJUTWYNSL GFXJI TS TZW misstatements due to error or fraud may occur and not be
Sections 177 and 188 of the act, where applicable and the relevant FZINY<JHTSIZHYJITZWFZINYNSFHHTWIFSHJ\NYMYMJ,ZNIFSHJ detected. Also, projections of any evaluation of the internal
Membership No. 046219
details have been disclosed in the Standalone Ind AS Financial Note and the Standards on Auditing, issued by the Institute of ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ WJUTWYNSL YT KZYZWJ UJWNTIX FWJ
Statements as required by the applicable Indian Accounting 5QFHJ,ZWLFTS Chartered Accountants of India (ICAI) and deemed to be prescribed XZGOJHYYTYMJWNXPYMFYYMJNSYJWSFQÁSFSHNFQHTSYWTQT[JWÁSFSHNFQ
Standards. Date: May 30, 2018 under Section 143(10) of the Act, to the extent applicable to an reporting may become inadequate because of changes in
FZINYTKNSYJWSFQÁSFSHNFQHTSYWTQXGTYMFUUQNHFGQJYTFSFZINYTK conditions, or that the degree of compliance with the policies or
Internal Financial Controls and both issued by the ICAI. Those procedures may deteriorate.
8YFSIFWIX FSI YMJ ,ZNIFSHJ 3TYJ WJVZNWJ YMFY \J HTRUQ^ \NYM
Opinion
ethical requirements and plan and perform the audit to obtain
WJFXTSFGQJFXXZWFSHJFGTZY\MJYMJWFIJVZFYJNSYJWSFQÁSFSHNFQ 8. In our opinion, the Company has, in all material respects,
HTSYWTQXT[JWÁSFSHNFQWJUTWYNSL\FXJXYFGQNXMJIFSIRFNSYFNSJI FS FIJVZFYJ NSYJWSFQ ÁSFSHNFQ HTSYWTQX X^XYJR T[JW ÁSFSHNFQ
and if such controls operated effectively in all material respects. WJUTWYNSL FSI XZHM NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ
4ZWFZINYNS[TQ[JXUJWKTWRNSLUWTHJIZWJXYTTGYFNSFZINYJ[NIJSHJ reporting were operating effectively as at March 31, 2018, based
FGTZYYMJFIJVZFH^TKYMJNSYJWSFQÁSFSHNFQHTSYWTQXX^XYJRT[JW TSYMJNSYJWSFQHTSYWTQT[JWÁSFSHNFQWJUTWYNSLHWNYJWNFJXYFGQNXMJI
ÁSFSHNFQ WJUTWYNSL FSI YMJNW TUJWFYNSL JKKJHYN[JSJXX 4ZW FZINY by the Company considering the essential components of internal
TK NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ WJUTWYNSL NSHQZIJI HTSYWTQ XYFYJI NS YMJ ,ZNIFSHJ 3TYJ NXXZJI G^ YMJ .SXYNYZYJ TK
TGYFNSNSL FS ZSIJWXYFSINSL TK NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW Chartered Accountants of India (ICAI).
ÁSFSHNFQ WJUTWYNSL FXXJXXNSL YMJ WNXP YMFY F RFYJWNFQ \JFPSJXX
exists, and testing and evaluating the design and operating
K. K. MANKESHWAR & CO.
effectiveness of internal control based on the assessed risk. CHARTERED ACCOUNTANTS
The procedures selected depend on the auditor’s judgement, Firm’s Registration No. 106009W
including the assessment of the risks of material misstatement by the hand of
of the Standalone Ind AS Financial Statements, whether due to
fraud or error. ASHWIN MANKESHWAR
PARTNER
<JGJQNJ[JYMFYYMJFZINYJ[NIJSHJ\JMF[JTGYFNSJINXXZKÁHNJSY Membership No. 046219
and appropriate to provide a basis for our audit opinion on the
(TRUFS^¸X NSYJWSFQ ÁSFSHNFQ HTSYWTQX X^XYJR T[JW ÁSFSHNFQ 5QFHJ,ZWLFTS
reporting. Date: May 30, 2018
122 123
` crore ` crore
BALANCE SHEET AS AT 31ST MARCH, 2018 STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2018
Note No. As at 31-03-2018 As at 31-03-2017 Note No. 2017-18 2016-17

ASSETS CONTINUING OPERATIONS
1. NON-CURRENT ASSETS: INCOME:
(a) Property, plant and equipment 5 1287.69 1232.78
Revenue from operations 29 5079.41 4761.43
(b) Capital work-in-progress 5 8.19 8.23
H 4YMJWNSYFSLNGQJFXXJYX 6 49.18 46.23 4YMJWNSHTRJ 30 198.08 200.41
(d) Intangible assets under development 6 32.19 28.01 TOTAL INCOME 5277.49 4961.84
(e) Financial assets EXPENSES:
(i) Investments 7 1028.51 440.65
NN 1TFSX 8 6.87 6.64 Cost of materials consumed 31 3452.99 3144.71
NNN 4YMJWX 9 19.55 46.89 Purchases of stock-in-trade 32 46.65 225.12
K 4YMJWSTSHZWWJSYFXXJYX 10 2.09 3.18 (MFSLJXNSNS[JSYTWNJXTKÁSNXMJILTTIX\TWPNSUWTLWJXXFSIXYTHPNSYWFIJ 33 179.07 (168.12)
2434.27 1812.61
Excise Duty 98.40 404.60
2. CURRENT ASSETS:
(a) Inventories 11 414.05 750.76 *RUQT^JJGJSJÁYXJ]UJSXJ 34 363.44 358.32
(b) Financial assets Finance costs 35 213.98 163.83
(i) Investments 12 0.01 5.22 Depreciation and amortisation expense 36 102.10 91.74
(ii) Trade receivables 13 1719.88 1480.37
4YMJWJ]UJSXJX 37 593.64 484.81
(iii) Cash and cash equivalents 14 593.15 554.48
(iv) Bank balances other than (iii) above 15 0.98 1.27 TOTAL EXPENSES 5050.27 4705.01
[ 1TFSX 16 1569.55 1466.97 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 227.22 256.83
[N 4YMJWX 17 45.55 204.27 Exceptional items (net) 50 (453.40) (99.80)
(c) Current tax assets (net) 84.27 51.86
I 4YMJWHZWWJSYFXXJYX 18 478.93 902.69
PROFIT / (LOSS) BEFORE TAX (226.18) 157.03
4906.37 5417.89 TAX EXPENSE :
3. (ZZL[ZJSHZZPÂLKHZOLSKMVYZHSLHUKKPZJVU[PU\LKVWLYH[PVUZ 49 74.80 160.63 Current tax 23 - 36.31
TOTAL ASSETS 7415.44 7391.13
Deferred tax - MAT (credit) entitlement 23 - (11.83)
EQUITY AND LIABILITIES Deferred tax (credit) 23 46.51 (13.67)
EQUITY:
46.51 10.81
(a) Equity share capital 19 125.35 125.35 PROFIT / (LOSS) FROM CONTINUING OPERATIONS AFTER TAX (272.69) 146.22
(b) 4YMJWJVZNY^ 3715.36 4073.94 LOSS FROM DISCONTINUED OPERATIONS BEFORE TAX 49 (79.56) (33.27)
3840.71 4199.29
Tax expense / (credit) on discontinued operations 23 (27.53) (11.51)
LIABILITIES:
1. NON-CURRENT LIABILITIES:
LOSS FROM DISCONTINUED OPERATIONS AFTER TAX (52.03) (21.76)
(a) Financial liabilities PROFIT / (LOSS) FOR THE YEAR (324.72) 124.46
(i) Borrowings 20 836.65 503.60
NN 4YMJWÁSFSHNFQQNFGNQNYNJX 21 1.46 1.10
OTHER COMPREHENSIVE INCOME:
838.11 504.70
(b) Provisions 22 53.30 59.77 & N .YJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX (35.90) (54.95)
(c) Deferred tax liabilities (net) 23 12.14 214.75 NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX 2.04 1.73
2. CURRENT LIABILITIES: ' N .YJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX - -
(a) Financial liabilities
NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX - -
(i) Borrowings 24 631.14 710.23
(ii) Trade payables 25 1252.83 1091.33 OTHER COMPREHENSIVE INCOME FOR THE YEAR (33.86) (53.22)
NNN 4YMJWÁSFSHNFQQNFGNQNYNJX 26 411.59 255.36 TOTAL COMPREHENSIVE INCOME FOR THE YEAR (358.58) 71.24
2295.56 2056.92 Earnings per share for continuing operations (`) 55 (4.35) 2.33
G 4YMJWHZWWJSYQNFGNQNYNJX 27 273.62 285.97
(Face value of equity share of ` 2 each)
(c) Provisions 28 101.12 68.75
3. 3PHIPSP[PLZHZZVJPH[LK^P[ONYV\WVMHZZL[ZJSHZZPÂLKHZOLSKMVYZHSLHUKKPZJVU[PU\LK Earnings per share for discontinued operations (`) 55 (0.83) (0.34)
operations 49 0.88 0.98 (Face value of equity share of ` 2 each)
TOTAL EQUITY AND LIABILITIES 7415.44 7391.13
Earnings per share (basic and diluted) (`) 55 (5.18) 1.99
CONTINGENT LIABILITIES AND COMMITMENTS 38
SIGNIFICANT ACCOUNTING POLICIES 3 SIGNIFICANT ACCOUNTING POLICIES 3
;OLHJJVTWHU`PUNUV[LZMVYTHUPU[LNYHSWHY[VMÂUHUJPHSZ[H[LTLU[Z ;OLHJJVTWHU`PUNUV[LZMVYTHUPU[LNYHSWHY[VMÂUHUJPHSZ[H[LTLU[Z
As per our report attached As per our report attached

K. K. MANKESHWAR & CO. V. R. Venkatesh K.N. Neelkant K. K. MANKESHWAR & CO. V. R. Venkatesh K.N. Neelkant
CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR
Firm’s Registration No. 106009W DIN: 05122610 Firm’s Registration No. 106009W DIN: 05122610
by the hand of by the hand of
Ashwin Mankeshwar Shikha Kapadia Gautam Thapar Ashwin Mankeshwar Shikha Kapadia Gautam Thapar
PARTNER COMPANY SECRETARY CHAIRMAN PARTNER COMPANY SECRETARY CHAIRMAN
Membership No. 046219 DIN: 00012289 Membership No. 046219 DIN: 00012289
,ZWLFTSYM2F^ ,ZWLFTSYM2F^ ,ZWLFTSYM2F^ ,ZWLFTSYM2F^
124 125
` crore ` crore
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018 CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018 (Contd.)
2017-18 2016-17 2017-18 2016-17

[A] CASH FLOWS FROM OPERATING ACTIVITIES [C] CASH FLOWS FROM FINANCING ACTIVITIES
7YVÂ[SVZZILMVYL[H_MYVTJVU[PU\PUNVWLYH[PVUZ (226.18) 157.03 (KK! 0UÃV^ZMYVTÂUHUJPUNHJ[P]P[PLZ

Adjustments for: Proceeds from long-term borrowings 582.36 647.70
Depreciation and amortisation expense 102.10 91.74 Proceeds from short-term borrowings 631.14 1654.17
5WT[NXNTSKTWNRUFNWRJSYTSÁSFSHNFQFXXJYX 67.81 19.10 1213.50 2301.87
Finance costs 213.98 163.83
Less:6\[ÃV^ZMYVTÂUHUJPUNHJ[P]P[PLZ
Interest income (180.21) (168.57)
Repayment of long-term borrowings (105.13) (32.23)
Income from investments (net) (0.38) (0.38)
Repayment of short-term borrowings (710.23) (1522.12)
5WTÁYTSXFQJTKNS[JXYRJSYX SJY (0.41) (7.21)
Dividend paid (0.29) (0.35)
Unrealised exchange (gain) / loss (net) (94.38) 109.31
Interest paid (212.47) (159.54)
5WTÁYQTXXTSXFQJTKUWTUJWYÛQFSYFSIJVZNURJSY SJY 4.36 (4.41)
(1028.12) (1714.24)
112.87 203.41
5L[JHZO\ZLKPUMYVTÂUHUJPUNHJ[P]P[PLZ 185.38 587.63
6WLYH[PUNWYVÂ[SVZZILMVYL^VYRPUNJHWP[HSJOHUNLZ (113.31) 360.44
Adjustments for: Net cash (used in) / from discontinued activities - -
(Increase) / Decrease in trade and other receivables 68.25 (712.21) Net cash (used in) / from continuing and discontinued activities [C] 185.38 587.63
(Increase) / Decrease in inventories 336.72 (357.60)

Increase / (Decrease) in trade and other payables 160.63 60.76 NET INCREASE / (DECREASE) IN CASH AND BANK BALANCES (A+B+C) 38.64 43.96
Increase / (Decrease) in provisions 19.99 (4.69) Cash and bank balances at beginning of the year 554.51 510.55
585.59 (1013.74) Cash and bank balances at end of the year 593.15 554.51
Cash (used in) / from operations 472.28 (653.30)
Direct taxes paid (net of refunds) (32.41) (50.20) Cash and cash equivalents from continuing operations 593.15 554.48
Net cash (used in) / from operating activities 439.87 (703.50)
Cash and cash equivalents from discontinued operations - 0.03
Net cash (used in) / from discontinued activities 6.15 (29.71)
Cash and cash equivalents from continuing and discontinued operations 593.15 554.51
Net cash (used in) / from continuing and discontinued activities [A] 446.02 (733.21)
Notes:
[B] CASH FLOWS FROM INVESTING ACTIVITIES 9MJHFXMÂT\XYFYJRJSYMFXGJJSUWJUFWJIZSIJWYMJNSINWJHYRJYMTIFXXJYTZYNS.SINFS&HHTZSYNSL8YFSIFWI .SI&88YFYJRJSYTK(FXM+QT\X
(KK! 0UÃV^ZMYVTPU]LZ[PUNHJ[P]P[PLZ 2 Additions to property, plant and equipment and intangible assets include movements of capital work-in-progress and intangible assets under development
Sale of property, plant and equipment 0.85 14.97 respectively during the year.
Sale of investments 32.43 104.76 3 Cash and cash equivalents at the end of the year represent cash and bank balances and include unrealised loss of ` 6.84 crore (Previous year gain of ` 1.75 crore)
Sale of Investments in subsidiary - 31.71 on account of translation of foreign currency bank balances.
Interest received 187.57 161.69

Income received from investments 0.38 0.38
As per our report attached
221.23 313.51
K. K. MANKESHWAR & CO. V. R. Venkatesh K.N. Neelkant
Less:6\[ÃV^ZMYVTPU]LZ[PUNHJ[P]P[PLZ CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR
Purchase of property, plant and equipment and intangible assets (169.31) (41.91) Firm’s Registration No. 106009W DIN: 05122610
Purchase of investments - (106.47) by the hand of
Conversion of loans and advances into equity (644.68) -

Ashwin Mankeshwar Shikha Kapadia Gautam Thapar
Investment in subsidiary - (0.05)
PARTNER COMPANY SECRETARY CHAIRMAN
(813.99) (148.43)
Membership No. 046219 DIN: 00012289
Net cash (used in) / from investing activities (592.76) 165.08 ,ZWLFTSYM2F^ ,ZWLFTSYM2F^
Net cash (used in) / from discontinued activities - 24.46
Net cash (used in) / from continuing and discontinued activities [B] (592.76) 189.54
126 127
` crore NOTES ACCOMPANYING THE FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2018 1. CORPORATE INFORMATION
(A) EQUITY SHARE CAPITAL (,5T\JWFSI.SIZXYWNFQ8TQZYNTSX1NRNYJIKTWRJWQ^PST\SFX(WTRUYTS,WJF[JX1NRNYJI YMJ·(TRUFS^¸NXFQNRNYJIHTRUFS^NSHTWUTWFYJI
For the year ended 31st March, 2018 FSIITRNHNQJINS.SINF\MTXJXMFWJXFWJUZGQNHQ^YWFIJI9MJWJLNXYJWJITKÁHJNXQTHFYJIFYYM+QTTW(,MTZXJ)W&SSNJ'JXFSY7TFI<TWQN
Changes in 2ZRGFN³.SINF9MJ(TRUFS^MFXHMFSLJINYXSFRJKWTR(WTRUYTS,WJF[JX1NRNYJIYT(,5T\JWFSI.SIZXYWNFQ8TQZYNTSX1NRNYJI
equity share w.e.f. 27th February, 2017.
Balance as at capital during Balance as at
1-04-2017 the year 31-03-2018 The Company is a global enterprise providing end-to-end solutions to utilities, industries and consumers for the management and application
125.35 - 125.35 TKJKÁHNJSYFSIXZXYFNSFGQJJQJHYWNHFQJSJWL^.YTKKJWXUWTIZHYXXJW[NHJXFSIXTQZYNTSXNSY\TRFNSGZXNSJXXXJLRJSYX[N_5T\JW8^XYJRXFSI
Industrial Systems for the year ended 31st March, 2018.
For the year ended 31st March, 2017
9MJÁSFSHNFQXYFYJRJSYXTKYMJ(TRUFS^KTWYMJ^JFWJSIJIXY2FWHM\JWJFZYMTWNXJIKTWNXXZJNSFHHTWIFSHJ\NYMFWJXTQZYNTSTKYMJ
Changes in
equity share directors on 30th May, 2018.
1-04-2016 the year 31-03-2017 2. BASIS OF PREPARATION
125.35 - 125.35 9MJÁSFSHNFQXYFYJRJSYXTKYMJ(TRUFS^MF[JGJJSUWJUFWJINSFHHTWIFSHJ\NYM.SINFS&HHTZSYNSL8YFSIFWIX .SI&8STYNÁJIZSIJWXJHYNTS
(B) OTHER EQUITY
133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended thereafter.
For the year ended 31st March, 2018 9MJÁSFSHNFQXYFYJRJSYXMF[JGJJSUWJUFWJITSFMNXYTWNHFQHTXYGFXNXJ]HJUYKTWYMJKTQQT\NSLFXXJYXFSIQNFGNQNYNJX\MNHMMF[JGJJSRJFXZWJI

at fair value:
Capital Securities
Retained ,JSJWFQ Capital Redemption Premium +;4(.
)JWN[FYN[JÁSFSHNFQNSXYWZRJSYX
Particulars Earnings Reserve Reserve Reserve Reserve Reserve Total Equity
Balance as at 1st April, 2017 3029.52 415.89 672.49 12.95 18.29 (75.20) 4073.94 (JWYFNSÁSFSHNFQFXXJYXFSIQNFGNQNYNJXRJFXZWJIFYKFNW[FQZJ WJKJWFHHTZSYNSLUTQNH^WJLFWINSLÁSFSHNFQNSXYWZRJSYX
1TXXKTWYMJ^JFW (324.72) - - - - - (324.72) 9MJÁSFSHNFQXYFYJRJSYXFWJUWJXJSYJINS.SINFS7ZUJJX ·.37¸FSIFQQ[FQZJXFWJWTZSIJIYTYMJSJFWJXYHWTWJJ]HJUY\MJSTYMJW\NXJNSINHFYJI
4YMJWHTRUWJMJSXN[JNSHTRJKTWYMJ^JFW
3. SIGNIFICANT ACCOUNTING POLICIES
7JRJFXZWJRJSYXLFNSX QTXXTSIJÁSJIGJSJÁY
plans (3.86) - - - - - (3.86) 3.1 Property, plant and equipment:
+FNW[FQZJQTXXTS+;4(.ÁSFSHNFQFXXJY - - - - - (30.00) (30.00)
Property, plant and equipment are stated at original cost net of tax / duty credit availed, less accumulated depreciation and accumulated
Balance as at 31st March, 2018 2700.94 415.89 672.49 12.95 18.29 (105.20) 3715.36 impairment losses, if any. The cost comprises the purchase price and directly attributable costs of bringing the asset to its working
For the year ended 31st March, 2017 condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price. Such cost includes the cost
Capital Securities of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria
Retained ,JSJWFQ Capital Redemption Premium +;4(. FWJRJY<MJSXNLSNÁHFSYUFWYXTKUWTUJWYÛQFSYFSIJVZNURJSYFWJWJVZNWJIYTGJWJUQFHJIFYNSYJW[FQXYMJ(TRUFSÎJWJHTLSNXJXYMJ
Particulars Earnings Reserve Reserve Reserve Reserve Reserve Total Equity
WJUQFHJIUFWYFSIWJHTLSNXJXYMJSJ\UFWY\NYMNYXT\SFXXTHNFYJIZXJKZQQNKJFSINYNXIJUWJHNFYJIFHHTWINSLQ^1NPJ\NXJ\MJSFRFOTW
Balance as at 1st April, 2016 2911.46 415.89 672.49 12.95 18.29 (28.38) 4002.70
inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria
5WTÁYKTWYMJ^JFW 124.46 - - - - - 124.46 FWJXFYNXÁJI
Subsequent expenditure related to an item of property, plant and equipment is added to its book value only if it is probable that future
7JRJFXZWJRJSYXLFNSX QTXXTSIJÁSJIGJSJÁY
plans (6.40) - - - - - (6.40) JHTSTRNH GJSJÁYX FXXTHNFYJI \NYM YMJ NYJR \NQQ ÂT\ YT YMJ (TRUFS^ &QQ TYMJW WJUFNW FSI RFNSYJSFSHJ HTXYX FWJ WJHTLSNXJI NS YMJ
XYFYJRJSYTKUWTÁYFSIQTXXFXNSHZWWJI9MJ UWJXJSY[FQZJTKYMJJ]UJHYJIHTXYKTW YMJIJHTRRNXXNTSNSLTK YMJFXXJYFKYJWNYX ZXJNX
+FNW[FQZJQTXXTS+;4(.ÁSFSHNFQFXXJY - - - - - (46.82) (46.82)
included in the cost of the respective asset if the recognition criteria for a provision are met.
Balance as at 31st March, 2017 3029.52 415.89 672.49 12.95 18.29 (75.20) 4073.94
The cost of a self-constructed item of property, plant and equipment comprises the cost of materials and direct labour, any other costs
directly attributable to bringing the item to working condition for its intended use, and estimated costs of dismantling and removing the
item and restoring the site on which it is located.
Capital work-in-progress includes cost of property, plant and equipment under installation / under development as at the balance sheet
date and stated at cost, net of accumulated impairment loss, if any.
CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR
Firm’s Registration No. 106009W DIN: 05122610 (FUNYFQJ]UJSINYZWJTSYFSLNGQJFXXJYXKTWWJXJFWHMFSIIJ[JQTURJSYNXHQFXXNÁJIZSIJWUWTUJWYÛQFSYFSIJVZNURJSYFSINXIJUWJHNFYJI
by the hand of on the same basis as other property, plant and equipment.
5WTUJWYÛQFSYFSIJVZNURJSYFWJJQNRNSFYJIKWTRÁSFSHNFQXYFYJRJSYJNYMJWTSINXUTXFQTW\MJSWJYNWJIKWTRFHYN[JZXJ1TXXJXFWNXNSL
Ashwin Mankeshwar Shikha Kapadia Gautam Thapar in case of retirement of property, plant and equipment and gains or losses arising from disposal of property, plant and equipment are
WJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXNSYMJ^JFWTKTHHZWWJSHJ
,ZWLFTSYM2F^ ,ZWLFTSYM2F^ 9MJFXXJYXWJXNIZFQ[FQZJXZXJKZQQN[JXFSIRJYMTIXTKIJUWJHNFYNTSFWJWJ[NJ\JIFYJFHMÁSFSHNFQ^JFWJSIFSIFIOZXYJIUWTXUJHYN[JQ^NK
appropriate.
)JUWJHNFYNTS TS YMJ UWTUJWY^ UQFSY FSI JVZNURJSY NX UWT[NIJI TS XYWFNLMYQNSJ RJYMTI T[JW YMJ ZXJKZQ QNKJ TK FXXJYX FX XUJHNÁJI NS
8HMJIZQJ..YTYMJ(TRUFSNJX&HY\MNHMNXNSQNSJ\NYMYMJRFSFLJRJSY¸XJXYNRFYJTKYMJZXJKZQQNKJTKYMJFXXJYX4SUWTUJWYÛQFSY
and equipment which are added / disposed off during the year, depreciation is provided on pro-rata basis with reference to the month of
addition / deletion. However, in case of the following category of property, plant and equipment, the depreciation has been provided based
TSYMJYJHMSNHFQJ[FQZFYNTSTKYMJWJRFNSNSLZXJKZQQNKJ\MNHMNXINKKJWJSYKWTRYMJTSJXUJHNÁJINS8HMJIZQJ..YTYMJ(TRUFSNJX&HY
128 129
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS (Contd.) NOTES ACCOMPANYING THE FINANCIAL STATEMENTS (Contd.)
3. SIGNIFICANT ACCOUNTING POLICIES (Contd.) 3. SIGNIFICANT ACCOUNTING POLICIES (Contd.)
The range of useful lives of the property, plant and equipment are as follows: 0TWHPYTLU[VMUVUÂUHUJPHSHZZL[Z!
5QFSYFSIRFHMNSJW^ YT^JFWX 2F]NRZR As at each balance sheet date, the Company assesses whether there is an indication that an asset may be impaired and also whether
+ZWSNYZWJFSIÁ]YZWJX YT^JFWX 2F]NRZR there is an indication of reversal of impairment loss recognised in the previous periods. If any indication exists, or when annual impairment
testing for an asset is required, if any, the Company determines the recoverable amount and impairment loss is recognised when the
4KÁHJJVZNURJSYX YT^JFWX
carrying amount of an asset exceeds its recoverable amount.
'ZNQINSLX YT^JFWX
Recoverable amount is determined:
;JMNHQJX YT^JFWX
.SYMJHFXJTKFSNSIN[NIZFQFXXJYFYYMJMNLMJWTKYMJKFNW[FQZJQJXXHTXYYTXJQQFSIYMJ[FQZJNSZXJ FSI
1JFXJMTQIQFSI YT^JFWX
.SYMJHFXJTKHFXMLJSJWFYNSLZSNY FLWTZUTKFXXJYXYMFYLJSJWFYJXNIJSYNÁJINSIJUJSIJSYHFXMÂT\XFYYMJMNLMJWTKYMJHFXM
Leased assets generating unit’s fair value less cost to sell and the value in use.
1JFXJMTQIQFSIXFWJFRTWYNXJIT[JWYMJUJWNTITKQJFXJ'ZNQINSLXHTSXYWZHYJITSQJFXJMTQIQFSIFWJIJUWJHNFYJIGFXJITSYMJZXJKZQQNKJ .SFXXJXXNSL[FQZJNSZXJYMJJXYNRFYJIKZYZWJHFXMÂT\XFWJINXHTZSYJIYTYMJNWUWJXJSY[FQZJZXNSLFUWJYF]INXHTZSYWFYJYMFYWJÂJHYX
XUJHNÁJINS8HMJIZQJ..YTYMJ(TRUFSNJX&HY\MJWJYMJQJFXJUJWNTITKQFSINXGJ^TSIYMJZXJKZQQNKJTKYMJGZNQINSL HZWWJSYRFWPJYFXXJXXRJSYXTKYMJYNRJ[FQZJTKRTSJ^FSIYMJWNXPXXUJHNÁHYTYMJFXXJY.SIJYJWRNSNSLKFNW[FQZJQJXXHTXYXTKINXUTXFQ
In other cases, buildings constructed on leasehold lands are amortised over the primary lease period of the lands. WJHJSY RFWPJY YWFSXFHYNTSX FWJ YFPJS NSYT FHHTZSY .K ST XZHM YWFSXFHYNTSX HFS GJ NIJSYNÁJI FS FUUWTUWNFYJ [FQZFYNTS RTIJQ NX ZXJI
These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value
3.2 Intangible assets:
indicators.
.SYFSLNGQJFXXJYXFWJWJHTLSNXJI\MJSNYNXUWTGFGQJYMFYYMJKZYZWJJHTSTRNHGJSJÁYXYMFYFWJFYYWNGZYFGQJYTYMJFXXJYX\NQQÂT\YTYMJ
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of
Company and the cost of the asset can be measured reliably. Intangible assets acquired are measured on initial recognition at cost.
YMJ(TRUFS^¸X(,:XYT\MNHMYMJNSIN[NIZFQFXXJYXFWJFQQTHFYJI9MJXJGZILJYXFSIKTWJHFXYHFQHZQFYNTSXLJSJWFQQ^HT[JWFUJWNTITKÁ[J
Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if
^JFWX+TWQTSLJWUJWNTIXFQTSLYJWRLWT\YMWFYJNXHFQHZQFYJIFSIFUUQNJIYTUWTOJHYKZYZWJHFXMÂT\XFKYJWYMJÁKYM^JFW
any. Cost comprises the purchase price and any directly attributable cost of bringing the asset to its working condition for its intended use.
.RUFNWRJSYQTXXJXTKHTSYNSZNSLTUJWFYNTSXNSHQZINSLNRUFNWRJSYTSNS[JSYTWNJXFWJWJHTLSNXJINSYMJ8YFYJRJSYTKUWTÁYFSIQTXXJ]HJUY
.SYJWSFQQ^LJSJWFYJINSYFSLNGQJXJ]HQZINSLHFUNYFQNXJIIJ[JQTURJSYHTXYXFWJSTYHFUNYFQNXJIFSIYMJWJQFYJIJ]UJSINYZWJNXWJÂJHYJINS
KTWUWTUJWYNJXUWJ[NTZXQ^WJ[FQZJI\NYMYMJWJ[FQZFYNTSYFPJSYT4YMJW(TRUWJMJSXN[J.SHTRJ YMJ·4(.¸NKFS^+TWXZHMUWTUJWYNJXYMJ
YMJ8YFYJRJSYTKUWTÁYFSIQTXXNSYMJUJWNTINS\MNHMYMJJ]UJSINYZWJNXNSHZWWJI NRUFNWRJSYNXWJHTLSNXJINS4(.ZUYTYMJFRTZSYTKFSÛWJ[NTZXWJ[FQZFYNTS
9MJZXJKZQQN[JXTKNSYFSLNGQJFXXJYXFWJFXXJXXJIFXJNYMJWÁSNYJTWNSIJÁSNYJ9MJFRTWYNXFYNTSUJWNTIFSIYMJFRTWYNXFYNTSRJYMTIKTWFS 3.4 Inventories:
NSYFSLNGQJFXXJY\NYMFÁSNYJZXJKZQQNKJFWJWJ[NJ\JIFYQJFXYFYYMJJSITKJFHMWJUTWYNSLUJWNTI(MFSLJXNSYMJJ]UJHYJIZXJKZQQNKJTWYMJ
Inventories are carried in the balance sheet as follows:
J]UJHYJIUFYYJWSTKHTSXZRUYNTSTKKZYZWJJHTSTRNHGJSJÁYXJRGTINJINSYMJFXXJYFWJHTSXNIJWJIYTRTINK^YMJFRTWYNXFYNTSUJWNTITW
method, as appropriate, and are treated as changes in accounting estimates. (a) Raw materials, packing materials, construction materials, : At lower of cost, on weighted average basis and net realisable
stores and spares value.
,FNSXTWQTXXJXFWNXNSLKWTRIJWJHTLSNYNTSTKFSNSYFSLNGQJFXXJYFWJRJFXZWJIFXYMJINKKJWJSHJGJY\JJSYMJSJYINXUTXFQUWTHJJIXFSI
YMJHFWW^NSLFRTZSYTKYMJFXXJYFSIFWJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXX\MJSYMJFXXJYNXIJWJHTLSNXJI (b) Work-in-progress – Manufacturing : At lower of cost of material, plus appropriate production
overheads and net realisable value.
Research and development cost:
(c) Finished goods – Manufacturing : At lower of cost of materials plus appropriate production
7JXJFWHMHTXY
overheads, including excise duty paid / payable on such goods
Revenue expenditure on research is expensed under the respective heads of accounts in the period in which it is incurred. and net realisable value.
)J[JQTURJSYHTXY (d) Finished goods – Trading : At lower of cost, on weighted average basis and net realisable
Development expenditure on new product is capitalised as intangible asset, if all of the following criteria can be demonstrated: value.
(i) The technical feasibility of completing the intangible asset so that it will be available for use or sale; The cost of inventories have been computed to include all cost of purchases, cost of conversion and other related costs incurred in
bringing the inventories to their present location and condition. Slow and non-moving material, obsolesces, defective inventories are duly
(ii) The Company has intention to complete the development of intangible asset and use or sell it;
UWT[NIJIKTWFSI[FQZJIFYSJYWJFQNXFGQJ[FQZJ,TTIXFSIRFYJWNFQXNSYWFSXNYFWJ[FQZJIFYFHYZFQHTXYNSHZWWJIZUYTYMJIFYJTKGFQFSHJ
(iii) The Company has ability to use or sell the intangible asset; XMJJY2FYJWNFQXFSIXZUUQNJXMJQIKTWZXJNSYMJUWTIZHYNTSTKNS[JSYTWNJXFWJSTY\WNYYJSIT\SNKYMJÁSNXMJIUWTIZHYXNS\MNHMYMJ^\NQQ
N[ 9MJRFSSJWNS\MNHMYMJUWTGFGQJKZYZWJJHTSTRNHGJSJÁY\NQQGJLJSJWFYJINSHQZINSLYMJJ]NXYJSHJTKFRFWPJYKTWTZYUZYTKYMJ be used are expected to be sold at or above cost.
intangible asset or the intangible asset itself or if it is to be used internally, the usefulness of the intangible asset; 3.5 Cash and cash equivalents:
[ 9MJF[FNQFGNQNY^TKFIJVZFYJYJHMSNHFQÁSFSHNFQFSITYMJWWJXTZWHJXYTHTRUQJYJYMJIJ[JQTURJSYFSIYTZXJTWXJQQYMJNSYFSLNGQJ Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of
asset; and YMWJJRTSYMXTWQJXX\MNHMFWJXZGOJHYYTFSNSXNLSNÁHFSYWNXPTKHMFSLJXNS[FQZJ
(vi) The Company has ability to measure the expenditure attributable to the intangible asset during the development reliably. +TWYMJUZWUTXJTKYMJXYFYJRJSYTKHFXMÂT\XHFXMFSIHFXMJVZN[FQJSYXHTSXNXYTKHFXMFSIXMTWYYJWRIJUTXNYXFXIJÁSJIFGT[JSJY
)J[JQTURJSYHTXYXTSYMJNSYFSLNGQJFXXJYXKZQÁQQNSLYMJHWNYJWNFFWJFRTWYNXJIT[JWFUJWNTITKÁ[J^JFWXTYMJW\NXJFWJJ]UJSXJINS of outstanding bank overdrafts as they are considered an integral part of the Company’s cash management.
the period in which they are incurred. 3.6 Foreign currency transactions:
.SYFSLNGQJFXXJYX\NYMÁSNYJQN[JXFWJFRTWYNXJIT[JWYMJZXJKZQJHTSTRNHQNKJFSIFXXJXXJIKTWNRUFNWRJSY\MJSJ[JWYMJWJNXFSNSINHFYNTS 9MJ(TRUFS^¸XÁSFSHNFQXYFYJRJSYXFWJUWJXJSYJINS.37\MNHMNXFQXTYMJ(TRUFS^¸XKZSHYNTSFQHZWWJSH^
that the intangible asset may be impaired.
Foreign currency transactions are recorded on initial recognition in the functional currency, using the exchange rate at the date of the
Intangible assets are amortised as follows: transaction. At each balance sheet date, foreign currency monetary items are reported using the closing exchange rate. Exchange
8UJHNFQNXJIXTKY\FWJ 4[JWFUJWNTITKÁ[JYTXN]^JFWX differences that arise on settlement of monetary items or on reporting at each balance sheet date of the Company’s monetary items at the
closing rate are recognised as income or expenses in the period in which they arise. Non-monetary items which are carried at historical
9JHMSNHFQPST\MT\ 4[JWFUJWNTITKÁ[J^JFWX KWTRYMJIFYJTKF[FNQFGNQNY^KTWNYXZXJ FSI
cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. Non-monetary items measured
(TRRJWHNFQWNLMYX 4[JWFUJWNTITKYJS^JFWX at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss
.SYFSLNGQJFXXJYX\NYMNSIJÁSNYJZXJKZQQN[JXNKFS^FWJSTYFRTWYNXJIGZYFWJYJXYJIKTWNRUFNWRJSYFSSZFQQ^JNYMJWNSIN[NIZFQQ^TWFYYMJ arising on translation of non-monetary items is recognised in line with the gain or loss of the item that gave rise to the translation difference
HFXMLJSJWFYNSLZSNYQJ[JQ9MJFXXJXXRJSYTKNSIJÁSNYJQNKJNXWJ[NJ\JIFSSZFQQ^YTIJYJWRNSJ\MJYMJWYMJNSIJÁSNYJQNKJHTSYNSZJXYTGJ NJYWFSXQFYNTSINKKJWJSHJXTSNYJRX\MTXJLFNSTWQTXXNXWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJTWYMJXYFYJRJSYTKUWTÁYFSIQTXXNX
XZUUTWYFGQJ.KSTYYMJHMFSLJNSZXJKZQQNKJKWTRNSIJÁSNYJYTÁSNYJNXRFIJTSFUWTXUJHYN[JGFXNX FQXTWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJTWYMJXYFYJRJSYTKUWTÁYFSIQTXXWJXUJHYN[JQ^
130 131
3.7 Service concession arrangements: Interest income

The Company constructs or upgrades infrastructure (construction or upgrade services) used to provide a public service and operates and +TWFQQÁSFSHNFQNSXYWZRJSYXRJFXZWJIFYFRTWYNXJIHTXYNSYJWJXYNSHTRJNXWJHTWIJIZXNSLYMJJKKJHYN[JNSYJWJXYWFYJ *.7\MNHMNXYMJ
RFNSYFNSXYMFYNSKWFXYWZHYZWJ TUJWFYNTSXJW[NHJXKTWFXUJHNÁJIUJWNTITKYNRJ WFYJYMFYJ]FHYQÎNXHTZSYXYMJJXYNRFYJIKZYZWJHFXMUF^RJSYXTWWJHJNUYXYMWTZLMYMJJ]UJHYJIQNKJTKYMJÁSFSHNFQNSXYWZRJSYTWFXMTWYJW
These arrangements may include infrastructure used in a public-to-private service concession arrangement for its entire useful life. UJWNTI\MJWJFUUWTUWNFYJYTYMJSJYHFWW^NSLFRTZSYTKYMJÁSFSHNFQFXXJY.SYJWJXYNSHTRJNXNSHQZIJINSTYMJWNSHTRJNSYMJXYFYJRJSY
Under Appendix A to Ind AS 11 – Service Concession Arrangements, these arrangements are accounted for based on the nature of the TKUWTÁYFSIQTXX
consideration. The intangible asset model is used to the extent that the Company receives a right (i.e. a franchisee) to charge users of the
,TWSV`LLILULÂ[Z!
UZGQNHXJW[NHJ9MJÁSFSHNFQFXXJYRTIJQNXZXJI\MJSYMJ(TRUFS^MFXFSZSHTSINYNTSFQHTSYWFHYZFQWNLMYYTWJHJN[JHFXMTWFSTYMJW
ÁSFSHNFQFXXJYKWTRTWFYYMJINWJHYNTSTKYMJLWFSYTWKTWYMJHTSXYWZHYNTSXJW[NHJX<MJSYMJZSHTSINYNTSFQWNLMYYTWJHJN[JHFXMHT[JWX &QQ JRUQT^JJ GJSJÁYX UF^FGQJ \MTQQ^ \NYMNS Y\JQ[J RTSYMX FKYJW YMJ JSI TK YMJ WJUTWYNSL UJWNTI NS \MNHM YMJ JRUQT^JJX WJSIJW YMJ
only part of the service, the two models are combined to account separately for each component. If the Company performs more than one WJQFYJIXJW[NHJXFWJHQFXXNÁJIFXXMTWYYJWRJRUQT^JJGJSJÁYX'JSJÁYXXZHMFXXFQFWNJX\FLJXXMTWYYJWRHTRUJSXFYJIFGXJSHJX
service (i.e., construction or upgrade services and operation services) under a single contract or arrangement, consideration received or performance incentives etc. and the expected cost of bonus, ex-gratia are recognised during the period in which the employee renders
WJHJN[FGQJNXFQQTHFYJIG^WJKJWJSHJYTYMJWJQFYN[JKFNW[FQZJXTKYMJXJW[NHJXIJQN[JWJI\MJSYMJFRTZSYXFWJXJUFWFYJQ^NIJSYNÁFGQJ related service.
The Company manages concession arrangements which include constructing power distribution assets for distribution of electricity. The
5F^RJSYXYTIJÁSJIHTSYWNGZYNTSWJYNWJRJSYUQFSXFWJWJHTLSNXJIFXFSJ]UJSXJ\MJSJRUQT^JJXMF[JWJSIJWJIYMJXJW[NHJJSYNYQNSLYMJR
Company maintains and services the infrastructure during the concession period. These concession arrangements set out rights and
to the contribution.
obligations related to the infrastructure and the service to be provided.
9MJWNLMYYTHTSXNIJWFYNTSLN[JXWNXJYTFSNSYFSLNGQJFXXJYFSIÁSFSHNFQWJHJN[FGQJFSIFHHTWINSLQ^GTYMYMJNSYFSLNGQJFXXJYFSIÁSFSHNFQ Provident Fund
receivable models are applied. Income from the concession arrangements earned under the intangible asset model consists of the (i) fair 9MJ(TRUFS^RFPJXHTSYWNGZYNTSYT(WTRUYTS,WJF[JX1NRNYJI5WT[NIJSY+ZSIYT\FWIXUWT[NIJSYKZSI\MNHMNXFIRNSNXYJWJIG^YMJ
value of contract revenue, which is deemed to be fair value of consideration transferred to acquire the asset; and (ii) payments actually trustees. The Rules of the Company’s Provident Fund administered by a trust, require that if the Board of the Trustees are unable to pay
WJHJN[JIKWTRYMJZXJWX9MJNSYFSLNGQJFXXJYNXFRTWYN_JIT[JWNYXJ]UJHYJIZXJKZQQNKJNSF\F^YMFYWJÂJHYXYMJUFYYJWSNS\MNHMYMJFXXJY¸X
NSYJWJXYFYYMJWFYJIJHQFWJIG^YMJ,T[JWSRJSYZSIJW5FWFTKYMJ*RUQT^JJX5WT[NIJSY+ZSI8HMJRJKTWYMJWJFXTSYMFYYMJ
JHTSTRNHGJSJÁYXFWJHTSXZRJIG^YMJ(TRUFS^XYFWYNSLKWTRYMJIFYJ\MJSYMJWNLMYYTTUJWFYJXYFWYXYTGJZXJI'FXJITSYMJXJ
WJYZWSTSNS[JXYRJSYNXQJXXKTWFS^TYMJWWJFXTSYMJSYMJIJÁHNJSH^XMFQQGJRFIJLTTIG^YMJ(TRUFS^RFPNSLNSYJWJXYXMTWYKFQQF
UWNSHNUQJXYMJNSYFSLNGQJFXXJYNXFRTWYN_JINSQNSJ\NYMYMJFHYZFQZXFLJTKYMJXUJHNÁHUZGQNHKFHNQNY^\NYMFRF]NRZRTKYMJIZWFYNTSTK
the concession. IJÁSJIGJSJÁYUQFS&HHTWINSLQ^YMJ(TRUFS^TGYFNSXFHYZFWNFQ[FQZFYNTSFSIGFXJITSYMJ[FQZFYNTSNKYMJWJNXSTIJÁHNJSH^FXFYYMJ
balance sheet date then, the liability is restricted towards monthly contributions only.
Financial receivable is recorded at a fair value of guaranteed residual value to be received at the end of the concession period. This
receivable is subsequently measured at amortised cost. 9MJHTXYTKUWT[NINSLGJSJÁYXZSIJWYMJIJÁSJIGJSJÁYUQFSNXIJYJWRNSJIZXNSLYMJUWTOJHYJIZSNYHWJINYRJYMTI\NYMFHYZFWNFQ[FQZFYNTSX
&S^FXXJYHFWWNJIZSIJWHTSHJXXNTSFWWFSLJRJSYXNXIJWJHTLSNXJITSINXUTXFQTW\MJSSTKZYZWJJHTSTRNHGJSJÁYXFWJJ]UJHYJIKWTRNYX GJNSLHFWWNJITZYFYJFHMGFQFSHJXMJJYIFYJ\MNHMWJHTLSNXJXJFHMUJWNTITKXJW[NHJFXLN[NSLWNXJYTFIINYNTSFQZSNYTKJRUQT^JJGJSJÁY
KZYZWJZXJTWINXUTXFQTW\MJSYMJHTSYWFHYZFQWNLMYXYTYMJÁSFSHNFQFXXJYJ]UNWJ JSYNYQJRJSYFSIRJFXZWJJFHMZSNYXJUFWFYJQ^YTGZNQIZUYMJÁSFQTGQNLFYNTS
3.8 Revenue recognition: Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets, excluding amounts
Sale of goods NSHQZIJINSSJYNSYJWJXYTSYMJSJYIJÁSJIGJSJÁYQNFGNQNY^ FXXJYFWJWJHTLSNXJINRRJINFYJQ^NSYMJGFQFSHJXMJJY\NYMFHTWWJXUTSINSL
7J[JSZJKWTRXFQJTKLTTIXNXWJHTLSNXJI\MJSFQQXNLSNÁHFSYWNXPXFSIWJ\FWIXTKT\SJWXMNUFWJYWFSXKJWWJIYTYMJGZ^JWFXUJWYMJYJWRX IJGNY TW HWJINY YMWTZLM TYMJW HTRUWJMJSXN[J NSHTRJ NS YMJ UJWNTI NS \MNHM YMJ^ THHZW 7JRJFXZWJRJSYX FWJ STY WJHQFXXNÁJI YT YMJ
TKYMJHTSYWFHYXYMJFRTZSYHFSGJRJFXZWJIWJQNFGQ^FSINYNXUWTGFGQJYMFYYMJJHTSTRNHGJSJÁYXFXXTHNFYJI\NYMYMJYWFSXFHYNTS\NQQ XYFYJRJSYTKUWTÁYFSIQTXXNSXZGXJVZJSYUJWNTIX5FXYXJW[NHJHTXYNXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXNSYMJUJWNTITKUQFS
ÂT\YTYMJ(TRUFS^+ZWYMJWWJ[JSZJNXWJHTLSNXJITSQ^NKYMJ(TRUFS^WJYFNSXSJNYMJWHTSYNSZNSLRFSFLJWNFQNS[TQ[JRJSYYTYMJIJLWJJ amendment.
usually associated with ownership nor effective control over the goods sold, and the costs incurred or to be incurred in respect of the
transaction can be measured reliably. Revenue also includes excise duty and price variations based on the contractual agreements and 3JYNSYJWJXYNXHFQHZQFYJIG^FUUQ^NSLYMJINXHTZSYWFYJYTYMJSJYIJÁSJIGJSJÁYQNFGNQNY^TWFXXJY
excludes value added tax / sales tax / goods and services tax. It is measured at fair value of consideration received or receivable, net of 9MJ(TRUFS^WJHTLSNXJXYMJKTQQT\NSLHMFSLJXNSYMJSJYIJÁSJIGJSJÁYTGQNLFYNTSZSIJWJRUQT^JJGJSJÁYJ]UJSXJXNSYMJXYFYJRJSYTK
returns and allowances, trade discount, cash discount and volume rebates. UWTÁYFSIQTXX
Rendering of services
8JW[NHJHTXYXHTRUWNXNSLHZWWJSYXJW[NHJHTXYXUFXYXJW[NHJHTXYXLFNSXFSIQTXXJXTSHZWYFNQRJSYXFSISTSWTZYNSJXJYYQJRJSYX
Revenue from sale of services is recognised as per the terms of the contract with customers based on stage of completion when the
3JYNSYJWJXYJ]UJSXJTWNSHTRJ
outcome of the transactions involving rendering of services can be estimated reliably. Percentage of completion method requires the
Company to estimate the services performed to date as a proportion of the total services to be performed. Gratuity
Revenue from construction contracts 9MJHTXYTKUWT[NINSLGJSJÁYZSIJWLWFYZNYÛQFSNXIJYJWRNSJITSYMJGFXNXTKFHYZFWNFQ[FQZFYNTSZXNSLYMJUWTOJHYJIZSNYHWJINYRJYMTI
Revenue from construction contracts is recognised by applying percentage of completion method after providing for foreseeable losses, FY YMJ WJUTWYNSL IFYJ 9MJ XHMJRJ NX KZSIJI \NYM YMJ ,WFYZNY^ 9WZXY 7JRJFXZWJRJSYX HTRUWNXNSL TK FHYZFWNFQ LFNSX FSI QTXXJX FWJ
if any. Percentage of completion is determined as a proportion of the cost incurred up to the reporting date to the total estimated cost to recognized in full in the statement of other comprehensive income in the reporting period in which they occur. Remeasurements are not
complete. Foreseeable losses, if any, on the contracts is recognised as an expense in the period in which it is foreseen, irrespective of the WJHQFXXNÁJIYTUWTÁYFSIQTXXXZGXJVZJSYQ^
stage of completion of the contract. While determining the amount of foreseeable loss, all elements of cost and related incidental income
\MNHMNXSTYNSHQZIJINSHTSYWFHYWJ[JSZJNXYFPJSNSYTHTSXNIJWFYNTS(TSYWFHYNXWJÂJHYJIFYHTXYYMFYFWJJ]UJHYJIYTGJWJHT[JWFGQJYNQQ Leave encashment
such time the outcome of the contract cannot be ascertained reliably and at realisable value thereafter. Claims are accounted as income &HHZRZQFYJI QJF[J \MNHM NX J]UJHYJI YT GJ ZYNQN_JI \NYMNS YMJ SJ]Y Y\JQ[J RTSYMX NX YWJFYJI FX XMTWYYJWR JRUQT^JJ GJSJÁY 9MJ
in the year of acceptance by customer. Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused
Dividend income entitlement that has accumulated at the reporting date.
Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve the 9MJ (TRUFS^ YWJFYX FHHZRZQFYJI QJF[J J]UJHYJI YT GJ HFWWNJI KTW\FWI GJ^TSI Y\JQ[J RTSYMX FX QTSLYJWR JRUQT^JJ GJSJÁY KTW
dividend.
measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the projected unit
Lease income credit method at the reporting date. Remeasurements, comprising of actuarial gains and losses are recognized in full in the statement of
1JFXJFLWJJRJSYX\MJWJYMJWNXPXFSIWJ\FWIXNSHNIJSYFQYTYMJT\SJWXMNUTKFSFXXJYXZGXYFSYNFQQ^[JXY\NYMYMJQJXXTWFWJWJHTLSNXJIFX UWTÁYFSIQTXX
TUJWFYNSLQJFXJX1JFXJWJSYFQXFWJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXTSXYWFNLMYQNSJGFXNXT[JWYMJYJWRTKYMJQJFXJZSQJXXYMJ
;LYTPUH[PVUILULÂ[Z
UF^RJSYXYTYMJQJXXTWFWJXYWZHYZWJIYTNSHWJFXJNSQNSJ\NYMJ]UJHYJILJSJWFQNSÂFYNTSYTHTRUJSXFYJKTWYMJQJXXTW¸XJ]UJHYJINSÂFYNTSFW^
cost increases. 9JWRNSFYNTSGJSJÁYXFWJWJHTLSNXJIFXFSJ]UJSXJNSYMJUJWNTINS\MNHMYMJ^FWJNSHZWWJI
132 133
3.10 Borrowing costs: Deferred tax

Borrowing cost consists of interest and other costs that the Company incurs in connection with borrowing of funds. Borrowing costs that Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax bases of assets
are attributable to the acquisition, construction, or production of a qualifying asset are capitalised as a part of the cost of such asset till FSIQNFGNQNYNJXFSIYMJNWHFWW^NSLFRTZSYXKTWÁSFSHNFQWJUTWYNSLUZWUTXJXFYYMJWJUTWYNSLIFYJ
such time the asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a substantial period of time
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
(generally over twelve months) to get ready for its intended use or sale. Borrowing cost also includes exchange differences to the extent
regarded as an adjustment to the borrowing costs. XZKÁHNJSYYF]FGQJUWTÁY\NQQGJF[FNQFGQJYTFQQT\FQQTWUFWYTKYMJIJKJWWJIYF]FXXJYYTGJZYNQNXJI:SWJHTLSNXJIIJKJWWJIYF]FXXJYXFWJ
WJFXXJXXJIFYJFHMWJUTWYNSLIFYJFSIFWJWJHTLSNXJIYTYMJJ]YJSYYMFYNYMFXGJHTRJUWTGFGQJYMFYKZYZWJYF]FGQJUWTÁYX\NQQFQQT\YMJ
All other borrowing costs are recognised as expense in the period in which they are incurred.
deferred tax asset to be recovered.
3.11 Segment accounting:
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the
9MJ (MNJK 4UJWFYNTSFQ )JHNXNTS 2FPJW RTSNYTWX YMJ TUJWFYNSL WJXZQYX TK NYX 'ZXNSJXX 8JLRJSYX XJUFWFYJQ^ KTW YMJ UZWUTXJ TK RFPNSL
liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
IJHNXNTSXFGTZYWJXTZWHJFQQTHFYNTSFSIUJWKTWRFSHJFXXJXXRJSY8JLRJSYUJWKTWRFSHJNXJ[FQZFYJIGFXJITSYMJUWTÁYTWQTXXFSINX
RJFXZWJIHTSXNXYJSYQ^\NYMUWTÁYTWQTXXNSYMJÁSFSHNFQXYFYJRJSYX )JKJWWJIYF]WJQFYNSLYTNYJRXWJHTLSNXJITZYXNIJYMJXYFYJRJSYTKUWTÁYFSIQTXXNXWJHTLSNXJITZYXNIJYMJXYFYJRJSYTKUWTÁYFSIQTXX
9MJ4UJWFYNSLXJLRJSYXMF[JGJJSNIJSYNÁJITSYMJGFXNXTKYMJSFYZWJTKUWTIZHYXXJW[NHJX Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.
8JLRJSYWJ[JSZJNSHQZIJXXFQJXFSITYMJWNSHTRJINWJHYQ^NIJSYNÁFGQJ\NYMFQQTHFGQJYTYMJXJLRJSYNSHQZINSLNSYJWXJLRJSYWJ[JSZJ Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set-off current tax assets against current tax
liabilities and the deferred taxes relate to the same taxable entity and levied by same taxation authority.
*]UJSXJXYMFYFWJINWJHYQ^NIJSYNÁFGQJ\NYMFQQTHFGQJYTXJLRJSYXFWJHTSXNIJWJIKTWIJYJWRNSNSLYMJXJLRJSYWJXZQY*]UJSXJX\MNHM
relate to the Company as a whole and not allocable to segments are included under unallocable expenditure. The break-up of the major components of the deferred tax assets and liabilities as at balance sheet date has been arrived at after setting
3. Income which relates to the Company as a whole and not allocable to segments is included in unallocable income. off deferred tax assets and liabilities where the Company have a legally enforceable right to set-off assets against liabilities and where such
assets and liabilities relate to taxes on income levied by the same governing taxation laws.
8JLRJSYWJXZQYNSHQZIJXRFWLNSXTSNSYJWXJLRJSYXFQJX\MNHMFWJWJIZHJINSFWWN[NSLFYYMJUWTÁYGJKTWJYF]TKYMJ(TRUFS^
8JLRJSY FXXJYX FSI QNFGNQNYNJX NSHQZIJ YMTXJ INWJHYQ^ NIJSYNÁFGQJ \NYM YMJ WJXUJHYN[J XJLRJSYX :SFQQTHFGQJ FXXJYX FSI QNFGNQNYNJX Minimum alternate tax (MAT) credit is recognized as deferred tax asset only when and to the extent there is convincing evidence that the
represent the assets and liabilities that relate to the Company as a whole and not allocable to any segment. (TRUFS^\NQQUF^STWRFQNSHTRJYF]IZWNSLYMJXUJHNÁJIUJWNTI8ZHMFXXJYNXWJ[NJ\JIFYJFHM'FQFSHJ8MJJYIFYJFSIYMJHFWW^NSL
FRTZSYNX\WNYYJSIT\SYTYMJJ]YJSYYMJ(TRUFSÎTJXSTYMF[JHTS[NSHNSLJ[NIJSHJYMFYNY\NQQUF^STWRFQYF]IZWNSLYMJXUJHNÁJI
Inter-Segment transfer pricing:
period.
Segment revenue resulting from transactions with other business segments is accounted on the basis of transfer price agreed between the
segments. Such transfer prices are either determined to yield a desired margin or agreed on a negotiated basis. 3.15 Provisions, Contingent liabilities, Contingent assets and Commitments:
3.12 Leases: General
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date, Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, when it is probable
\MJYMJWKZQÁQRJSYTKYMJFWWFSLJRJSYNXIJUJSIJSYTSYMJZXJTKFXUJHNÁHFXXJYTWFXXJYXTWYMJFWWFSLJRJSYHTS[J^XFWNLMYYTZXJYMJ YMFYFSTZYÂT\TKWJXTZWHJXJRGTI^NSLJHTSTRNHGJSJÁYX\NQQGJWJVZNWJIYTXJYYQJYMJTGQNLFYNTSFSIFWJQNFGQJJXYNRFYJHFSGJRFIJTK
FXXJYJ[JSNKYMFYWNLMYNXSTYJ]UQNHNYQ^XUJHNÁJINSFSFWWFSLJRJSY the amount of the obligation.
+NSFSHJQJFXJXYMFYYWFSXKJWXZGXYFSYNFQQ^FQQTKYMJWNXPXFSIGJSJÁYXNSHNIJSYFQYTT\SJWXMNUTKYMJQJFXJINYJRFWJHFUNYFQNXJIFYYMJ .K YMJ JKKJHY TK YMJ YNRJ [FQZJ TK RTSJ^ NX RFYJWNFQ UWT[NXNTSX FWJ INXHTZSYJI ZXNSL F HZWWJSY UWJYF] WFYJ YMFY WJÂJHYX HZWWJSY RFWPJY
HTRRJSHJRJSYTKYMJQJFXJFYYMJKFNW[FQZJTKYMJQJFXJIUWTUJWY^TWNKQT\JWFYYMJUWJXJSY[FQZJTKYMJRNSNRZRQJFXJUF^RJSYX1JFXJ FXXJXXRJSYXTKYMJYNRJ[FQZJTKRTSJ^FSIYMJWNXPXXUJHNÁHYTYMJQNFGNQNY^<MJSINXHTZSYNSLNXZXJIYMJNSHWJFXJNSYMJUWT[NXNTSIZJ
UF^RJSYXFWJFUUTWYNTSJIGJY\JJSÁSFSHJHMFWLJXFSIFWJIZHYNTSNSYMJQJFXJQNFGNQNY^XTFXYTFHMNJ[JFHTSXYFSYWFYJTKNSYJWJXYTSYMJ YTYMJUFXXFLJTKYNRJNXWJHTLSNXJIFXFÁSFSHJHTXY
WJRFNSNSLGFQFSHJTKYMJQNFGNQNY^+NSFSHJHMFWLJXFWJWJHTLSNXJINSÁSFSHJHTXYXNSYMJXYFYJRJSYTKUWTÁYFSIQTXX
Contingent liability is disclosed in the case of:
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Company will obtain
F UWJXJSY TGQNLFYNTS FWNXNSL KWTR UFXY J[JSYX \MJS NY NX STY UWTGFGQJ YMFY FS TZYÂT\ TK WJXTZWHJX \NQQ GJ WJVZNWJI YT XJYYQJ YMJ
ownership by the end of the lease term, an asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.
obligation;
&XXJYX FHVZNWJI TS QJFXJX \MJWJ F XNLSNÁHFSY UTWYNTS TK YMJ WNXPX FSI WJ\FWIX TK T\SJWXMNU FWJ WJYFNSJI G^ QJXXTW FWJ HQFXXNÁJI FX
TUJWFYNSLQJFXJX1JFXJWJSYFQXFWJHMFWLJIYTYMJXYFYJRJSYTKUWTÁYFSIQTXXTSXYWFNLMYQNSJGFXNXT[JWYMJYJWRTKYMJQJFXJZSQJXX FUWJXJSYTGQNLFYNTSFWNXNSLKWTRUFXYJ[JSYX\MJSSTWJQNFGQJJXYNRFYJNXUTXXNGQJ FSI
XZHMUF^RJSYXFWJXYWZHYZWJIYTNSHWJFXJNSQNSJ\NYMJ]UJHYJILJSJWFQNSÂFYNTSYTHTRUJSXFYJKTWYMJQJXXTW¸XJ]UJHYJINSÂFYNTSFW^HTXY FUTXXNGQJTGQNLFYNTSFWNXNSLKWTRUFXYJ[JSYX\MTXJTHHZWWJSHJNXSTY^JYHJWYFNSFSINXGFXJITSTSJTWRTWJKZYZWJJ[JSYZSQJXX
increases. YMJUWTGFGNQNY^TKTZYÂT\TKWJXTZWHJXNXWJRTYJ
3.13 Earnings per share: Commitments include the amount of purchase order (net of advances) issued to parties for completion / purchase of assets.
'FXNHJFWSNSLXUJWXMFWJFWJHFQHZQFYJIGÎN[NINSLYMJSJYUWTÁYKTWYMJ^JFWFYYWNGZYFGQJYTJVZNY^XMFWJMTQIJWXG^YMJ\JNLMYJIF[JWFLJ 5WT[NXNTSXHTSYNSLJSYQNFGNQNYNJXHTSYNSLJSYFXXJYXFSIHTRRNYRJSYXFWJWJ[NJ\JIFYJFHMGFQFSHJXMJJYIFYJFSIFIOZXYJIYTWJÂJHY
number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the reporting
current best estimates.
period is adjusted for events such as bonus issue, bonus element in a rights issue, share split, and reverse share split (consolidation of
shares), if any occurred during the reporting period, that have changed the number of equity shares outstanding, without a corresponding Warranty provisions
change in resources. Provisions for warranty-related costs are recognised when the product is sold or service provided to the customer. Initial recognition is
+TWYMJUZWUTXJTKHFQHZQFYNSLINQZYJIJFWSNSLXUJWXMFWJYMJSJYUWTÁYKTWYMJ^JFWFYYWNGZYFGQJYTYMJJVZNY^XMFWJMTQIJWXFSIYMJ\JNLMYJI based on historical experience. The initial estimate of warranty-related costs is revised annually.
average number of equity shares outstanding during the year, are adjusted for the effects of all dilutive potential equity shares. Liquidated damages
The number of shares and potential dilutive equity shares are adjusted retrospectively for all periods presented for any bonus shares issues
Provision for liquidated damages is recognised on contracts for which delivery dates are exceeded and computed in reasonable manner.
NSHQZINSLKTWHMFSLJXJKKJHYJIUWNTWYTYMJFUUWT[FQTKYMJÁSFSHNFQXYFYJRJSYXG^YMJ'TFWITK)NWJHYTWX
Other litigation claims
3.14 Taxes on income:
Current tax Provision for litigation related obligation represents liabilities that are expected to materialise in respect of matters in appeal.
1. Tax on income for the current period is determined on the basis on estimated taxable income and tax credits computed in accordance Onerous contracts
with the provisions of the relevant tax laws and based on the expected outcome of assessments / appeals. &UWT[NXNTSKTWTSJWTZXHTSYWFHYXNXWJHTLSNXJI\MJSJ]UJHYJIGJSJÁYXYTGJIJWN[JIG^YMJ(TRUFS^FWJQT\JWYMFSZSF[TNIFGQJHTXYX
(ZWWJSYNSHTRJYF]WJQFYNSLYTNYJRXWJHTLSNXJIINWJHYQ^NSJVZNY^NXWJHTLSNXJINSJVZNY^FSISTYNSYMJXYFYJRJSYTKUWTÁYFSIQTXX of meeting future obligation under contract. Provision is measured at the present value of the lower expected costs of terminating the
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are contract and the expected cost of continuing with the contract. Before a provision is established, the Company recognises impairment on
subject to interpretation and establishes provisions where appropriate. the assets pertaining to the contract.
134 135
3.16 Exceptional items: 3.19 Non-current assets held for sale and discontinued operations:
4SHJWYFNSTHHFXNTSXYMJXN_JYÛJTWNSHNIJSHJTKFSNYJRTKNSHTRJTWJ]UJSXJUJWYFNSNSLYTYMJTWINSFW^FHYN[NYNJXTKYMJ(TRUFS^ 3TSHZWWJSYFXXJYXFSIINXUTXFQLWTZUXFWJHQFXXNÁJIFXMJQIKTWXFQJNKYMJNWHFWW^NSLFRTZSYX\NQQGJWJHT[JWJIUWNSHNUFQQ^YMWTZLMFXFQJ
NXXZHMYMFYNYXINXHQTXZWJNRUWT[JXYMJZSIJWXYFSINSLTKYMJUJWKTWRFSHJTKYMJ(TRUFS^XZHMNSHTRJTWJ]UJSXJNXHQFXXNÁJIFXFS YWFSXFHYNTSWFYMJWYMFSYMWTZLMHTSYNSZNSLZXJ3TSHZWWJSYFXXJYXFSIINXUTXFQLWTZUXHQFXXNÁJIFXMJQIKTWXFQJFWJRJFXZWJIFYYMJ
J]HJUYNTSFQNYJRFSIFHHTWINSLQÎNXHQTXJINSYMJSTYJXFHHTRUFS^NSLYMJÁSFSHNFQXYFYJRJSYX lower of their carrying amount and fair value less costs to sell. This condition is regarded as met only when the sale is highly probable and
*\YYLU[HUKUVUJ\YYLU[JSHZZPÂJH[PVU! the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which
9MJ(TRUFSÛWJXJSYXFXXJYXFSIQNFGNQNYNJXNSYMJGFQFSHJXMJJYGFXJITSHZWWJSYSTSHZWWJSYHQFXXNÁHFYNTS XMTZQIGJJ]UJHYJIYTVZFQNK^KTWWJHTLSNYNTSFXFHTRUQJYJIXFQJ\NYMNSTSJ^JFWKWTRYMJIFYJTKHQFXXNÁHFYNTS
An asset is treated as current when it is: )NXHTSYNSZJITUJWFYNTSXFWJJ]HQZIJIKWTRYMJWJXZQYXTKHTSYNSZNSLTUJWFYNTSXFSIFWJUWJXJSYJIFXFXNSLQJFRTZSYFXUWTÁYTWQTXXFKYJW
*]UJHYJIYTGJWJFQNXJITWNSYJSIJIYTGJXTQITWHTSXZRJINSSTWRFQTUJWFYNSLH^HQJ YF]KWTRINXHTSYNSZJITUJWFYNTSXNSYMJXYFYJRJSYTKUWTÁYFSIQTXX&QXTHTRUFWFYN[J8YFYJRJSYTKUWTÁYFSIQTXXNXWJUWJXJSYJIFXNKYMJ
operation had been discontinued from the start of the comparative period.
-JQIUWNRFWNQ^KTWYMJUZWUTXJTKYWFINSL
*]UJHYJIYTGJWJFQNXJI\NYMNSY\JQ[JRTSYMXFKYJWYMJWJUTWYNSLUJWNTITW &XXJYXFSIQNFGNQNYNJXHQFXXNÁJIFXMJQIKTWINXUTXFQFWJUWJXJSYJIXJUFWFYJQ^KWTRTYMJWFXXJYXFSIQNFGNQNYNJXNSYMJGFQFSHJXMJJY
(FXM TW HFXM JVZN[FQJSY ZSQJXX WJXYWNHYJI KWTR GJNSL J]HMFSLJI TW ZXJI YT XJYYQJ F QNFGNQNY^ KTW FY QJFXY Y\JQ[J RTSYMX FKYJW YMJ &INXUTXFQLWTZUVZFQNÁJXFXINXHTSYNSZJITUJWFYNTSNKNYNXFHTRUTSJSYTKYMJ(TRUFS^YMFYJNYMJWMFXGJJSINXUTXJITKTWNXHQFXXNÁJI
reporting period. as held for sale, and:
&QQTYMJWFXXJYXFWJHQFXXNÁJIFXSTSHZWWJSY WJUWJXJSYXFXJUFWFYJRFOTWQNSJTKGZXNSJXXTWLJTLWFUMNHFQFWJFTKTUJWFYNTSX
A liability is treated as current when: NXUFWYTKFXNSLQJHTTWINSFYJIUQFSYTINXUTXJTKFXJUFWFYJRFOTWQNSJTKGZXNSJXXTWLJTLWFUMNHFQFWJFTKTUJWFYNTSX
.YNXJ]UJHYJIYTGJXJYYQJINSSTWRFQTUJWFYNSLH^HQJ 4W
.YNXMJQIUWNRFWNQ^KTWYMJUZWUTXJTKYWFINSL NXFXZGXNINFW^FHVZNWJIJ]HQZXN[JQ^\NYMF[NJ\YTWJXFQJ
.YNXIZJYTGJXJYYQJI\NYMNSY\JQ[JRTSYMXFKYJWYMJWJUTWYNSLUJWNTITW 5WTUJWYÛQFSYFSIJVZNURJSYFSINSYFSLNGQJFXXJYXTSHJHQFXXNÁJIFXMJQIKTWXFQJFWJSTYIJUWJHNFYJITWFRTWYN_JI
9MJWJNXSTZSHTSINYNTSFQWNLMYYTIJKJWYMJXJYYQJRJSYTKYMJQNFGNQNY^KTWFYQJFXYY\JQ[JRTSYMXFKYJWYMJWJUTWYNSLUJWNTI
3.20 Financial instruments:
&QQTYMJWQNFGNQNYNJXFWJHQFXXNÁJIFXSTSHZWWJSY
(i) Financial assets:
)JKJWWJIYF]FXXJYXQNFGNQNYNJXFWJHQFXXNÁJIFXSTSHZWWJSY
Initial recognition and measurement
Operating cycle:
&QQÁSFSHNFQFXXJYXFWJWJHTLSNXJINSNYNFQQ^FYKFNW[FQZJUQZXNSYMJHFXJTKÁSFSHNFQFXXJYXSTYWJHTWIJIFYKFNW[FQZJYMWTZLMUWTÁYTW
A portion of the Company activities (primarily long-term project activities) has an operating cycle that exceeds one year. Accordingly,
QTXXYWFSXFHYNTSHTXYXYMFYFWJFYYWNGZYFGQJYTYMJFHVZNXNYNTSTKYMJÁSFSHNFQFXXJY
FXXJYXFSIQNFGNQNYNJXWJQFYJIYTYMJXJQTSLYJWRHTSYWFHYX\MNHM\NQQSTYGJWJFQNXJIUFNI\NYMNSTSJ^JFWMF[JGJJSHQFXXNÁJIFXHZWWJSY
For all other activities, operating cycle is twelve months. +NSFSHNFQ FXXJYX FWJ HQFXXNÁJI FY NSNYNFQ WJHTLSNYNTS FX ÁSFSHNFQ FXXJYX RJFXZWJI FY KFNW [FQZJ TW FX ÁSFSHNFQ FXXJYX RJFXZWJI FY
3.18 Fair value measurement: amortised cost.
9MJ(TRUFS^RJFXZWJXÁSFSHNFQNSXYWZRJSYXXZHMFXIJWN[FYN[JXFSIHJWYFNSNS[JXYRJSYXFYKFNW[FQZJFYJFHMGFQFSHJXMJJYIFYJ Subsequent measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market +TWUZWUTXJXTKXZGXJVZJSYRJFXZWJRJSYÁSFSHNFQFXXJYXFWJHQFXXNÁJINSY\TGWTFIHFYJLTWNJX
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or +NSFSHNFQFXXJYXFYKFNW[FQZJ
transfer the liability takes place either:
+NSFSHNFQFXXJYXFYFRTWYNXJIHTXY
.SYMJUWNSHNUFQRFWPJYKTWYMJFXXJYTWQNFGNQNY^
<MJWJFXXJYXFWJRJFXZWJIFYKFNW[FQZJLFNSXFSIQTXXJXFWJJNYMJWWJHTLSNXJIJSYNWJQ^NSYMJXYFYJRJSYTKUWTÁYFSIQTXX NJKFNW
4W
[FQZJYMWTZLMUWTÁYTWQTXXTWWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJ NJKFNW[FQZJYMWTZLMTYMJWHTRUWJMJSXN[JNSHTRJ
.SYMJFGXJSHJTKFUWNSHNUFQRFWPJYNSYMJRTXYFI[FSYFLJTZXRFWPJYKTWYMJFXXJYTWQNFGNQNY^
&ÁSFSHNFQFXXJYYMFYRJJYXYMJKTQQT\NSLY\THTSINYNTSXNXRJFXZWJIFYFRTWYNXJIHTXY SJYTKFS^\WNYJIT\SKTWNRUFNWRJSYZSQJXX
The principal or the most advantageous market must be accessible by the Company.
YMJFXXJYNXIJXNLSFYJIFYKFNW[FQZJYMWTZLMUWTÁYTWQTXXZSIJWYMJKFNW[FQZJTUYNTS
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best interest. Business model test:9MJTGOJHYN[JTKYMJ(TRUFS^¸XGZXNSJXXRTIJQNXYTMTQIYMJÁSFSHNFQFXXJYYTHTQQJHYYMJHTSYWFHYZFQ
HFXMÂT\X WFYMJWYMFSYTXJQQYMJNSXYWZRJSYUWNTWYTNYXHTSYWFHYZFQRFYZWNY^YTWJFQNXJNYXKFNW[FQZJHMFSLJX
&KFNW[FQZJRJFXZWJRJSYTKFSTSÁSFSHNFQFXXJYYFPJXNSYTFHHTZSYFRFWPJYUFWYNHNUFSY¸XFGNQNY^YTLJSJWFYJJHTSTRNHGJSJÁYXG^ZXNSL
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. *HZOÃV^JOHYHJ[LYPZ[PJZ[LZ[!9MJHTSYWFHYZFQYJWRXTKYMJÁSFSHNFQFXXJYLN[JWNXJTSXUJHNÁJIIFYJXYTHFXMÂT\XYMFYFWJ
9MJ(TRUFS^ZXJX[FQZFYNTSYJHMSNVZJXYMFYFWJFUUWTUWNFYJNSYMJHNWHZRXYFSHJXFSIKTW\MNHMXZKÁHNJSYIFYFFWJF[FNQFGQJYTRJFXZWJ solely payments of principal and interest on the principal amount outstanding.
fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. &ÁSFSHNFQFXXJYYMFYRJJYXYMJKTQQT\NSLY\THTSINYNTSXNXRJFXZWJIFYKFNW[FQZJYMWTZLMTYMJWHTRUWJMJSXN[JNSHTRJZSQJXXYMJ
&QQ FXXJYX FSI QNFGNQNYNJX KTW \MNHM KFNW [FQZJ NX RJFXZWJI TW INXHQTXJI NS YMJ ÁSFSHNFQ XYFYJRJSYX FWJ HFYJLTWNXJI \NYMNS YMJ KFNW [FQZJ FXXJYNXIJXNLSFYJIFYKFNW[FQZJYMWTZLMUWTÁYTWQTXXZSIJWYMJKFNW[FQZJTUYNTS
MNJWFWHMÎJXHWNGJIFXKTQQT\XGFXJITSYMJQT\JXYQJ[JQNSUZYYMFYNXXNLSNÁHFSYYTYMJKFNW[FQZJRJFXZWJRJSYFXF\MTQJ Business model test: 9MJ ÁSFSHNFQ FXXJY NX MJQI \NYMNS F GZXNSJXX RTIJQ \MTXJ TGOJHYN[J NX FHMNJ[JI G^ GTYM HTQQJHYNSL
1J[JQ´6ZTYJI ZSFIOZXYJIRFWPJYUWNHJXNSFHYN[JRFWPJYXKTWNIJSYNHFQFXXJYXTWQNFGNQNYNJX HTSYWFHYZFQHFXMÂT\XFSIXJQQNSLÁSFSHNFQFXXJYX
1J[JQ´;FQZFYNTSYJHMSNVZJXKTW\MNHMYMJQT\JXYQJ[JQNSUZYYMFYNXXNLSNÁHFSYYTYMJKFNW[FQZJRJFXZWJRJSYNXINWJHYQ^TWNSINWJHYQ^ *HZOÃV^JOHYHJ[LYPZ[PJZ[LZ[!9MJHTSYWFHYZFQYJWRXTKYMJÁSFSHNFQFXXJYLN[JWNXJTSXUJHNÁJIIFYJXYTHFXMÂT\XYMFYFWJ
observable solely payments of principal and interest on the principal amount outstanding.
1J[JQ´;FQZFYNTSYJHMSNVZJXKTW\MNHMYMJQT\JXYQJ[JQNSUZYYMFYNXXNLSNÁHFSYYTYMJKFNW[FQZJRJFXZWJRJSYNXZSTGXJW[FGQJ Even if an instrument meets the two requirements to be measured at amortised cost or fair value through other comprehensive
For assets and liabilities that are recognised in the balance sheet on a recurring basis, the Company determines whether transfers have NSHTRJFÁSFSHNFQFXXJYNXRJFXZWJIFYKFNW[FQZJYMWTZLMUWTÁYTWQTXXNKITNSLXTJQNRNSFYJXTWXNLSNÁHFSYQ^WJIZHJXFRJFXZWJRJSY
THHZWWJIGJY\JJSQJ[JQXNSYMJMNJWFWHM^G^WJFXXJXXNSLHFYJLTWNXFYNTS GFXJITSYMJQT\JXYQJ[JQNSUZYYMFYNXXNLSNÁHFSYYTYMJKFNW[FQZJ TWWJHTLSNYNTSNSHTSXNXYJSH^ XTRJYNRJXWJKJWWJIYTFXFS·FHHTZSYNSLRNXRFYHM¸YMFY\TZQITYMJW\NXJFWNXJKWTRRJFXZWNSLFXXJYX
measurement as a whole) at the end of each reporting period. or liabilities or recognising the gains and losses on them on different bases.
*]YJWSFQ [FQZFYNTS NX ZXJI KTW [FQZFYNTS TK ZSVZTYJI ÁSFSHNFQ FXXJYX .S[TQ[JRJSY TK J]YJWSFQ [FQZJW NX IJHNIJI ZUTS FSSZFQQ^ G^ YMJ
&QQTYMJWÁSFSHNFQFXXJYXFWJRJFXZWJIFYKFNW[FQZJYMWTZLMUWTÁYTWQTXX
management. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained.
The management decides, after discussions with the Company external valuer, which valuation techniques and inputs to use for each &QQJVZNY^NS[JXYRJSYXFWJRJFXZWJIFYKFNW[FQZJNSYMJGFQFSHJXMJJY\NYM[FQZJHMFSLJXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSI
case. QTXXJ]HJUYKTWYMTXJJVZNY^NS[JXYRJSYXKTW\MNHMYMJJSYNY^MFXJQJHYJIYTUWJXJSY[FQZJHMFSLJXNS·TYMJWHTRUWJMJSXN[JNSHTRJ¸
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, If an equity investment is not held for trading, an irrevocable election is made at initial recognition to measure it at fair value through
characteristics and risks of the assets or liability and the level of fair value hierarchy as explained above. TYMJWHTRUWJMJSXN[JNSHTRJ\NYMTSQÎN[NIJSINSHTRJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXX
136 137
Derecognition (ii) Financial liabilities:

&ÁSFSHNFQFXXJY TW\MJWJFUUQNHFGQJFUFWYTKFÁSFSHNFQFXXJYTWUFWYTKFLWTZUTKXNRNQFWÁSFSHNFQFXXJYXNXUWNRFWNQÎJWJHTLSNXJI Initial recognition and measurement
(i.e. removed from the Company’s balance sheet) when: &QQ ÁSFSHNFQ QNFGNQNYNJX FWJ WJHTLSNXJI NSNYNFQQ^ FY KFNW [FQZJ FSI NS YMJ HFXJ TK QTFSX FSI GTWWT\NSLX FSI UF^FGQJX SJY TK INWJHYQ^
9MJWNLMYXYTWJHJN[JHFXMÂT\XKWTRYMJFXXJYMF[JJ]UNWJITW attributable transaction costs.
9MJ(TRUFS^MFXYWFSXKJWWJINYXWNLMYXYTWJHJN[JHFXMÂT\XKWTRYMJFXXJYTWMFXFXXZRJIFSTGQNLFYNTSYTUF^YMJWJHJN[JI 9MJ(TRUFS^¸XÁSFSHNFQQNFGNQNYNJXNSHQZIJYWFIJFSITYMJWUF^FGQJXQTFSXFSIGTWWT\NSLXNSHQZINSLGFSPT[JWIWFKYXFSIIJWN[FYN[J
HFXMÂT\XNSKZQQ\NYMTZYRFYJWNFQIJQF^YTFYMNWIUFWY^ZSIJWF·UFXXYMWTZLM¸FWWFSLJRJSYFSIJNYMJW ÁSFSHNFQNSXYWZRJSYX
(a) The Company has transferred substantially all the risks and rewards of the asset, or Subsequent measurement
(b) The Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred 9MJRJFXZWJRJSYTKÁSFSHNFQQNFGNQNYNJXIJUJSIXTSYMJNWHQFXXNÁHFYNTSFXIJXHWNGJIGJQT\
control of the asset.
-PUHUJPHSSPHIPSP[PLZH[MHPY]HS\L[OYV\NOWYVÂ[VYSVZZ
<MJSYMJ(TRUFS^MFXYWFSXKJWWJINYXWNLMYXYTWJHJN[JHFXMÂT\XKWTRFSFXXJYTWMFXJSYJWJINSYTFUFXXYMWTZLMFWWFSLJRJSY
+NSFSHNFQQNFGNQNYNJXFYKFNW[FQZJYMWTZLMUWTÁYTWQTXXNSHQZIJÁSFSHNFQQNFGNQNYNJXMJQIKTWYWFINSLFSIÁSFSHNFQQNFGNQNYNJXIJXNLSFYJIZUTS
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
NSNYNFQWJHTLSNYNTSFXFYKFNW[FQZJYMWTZLMUWTÁYTWQTXX
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the
transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognises an associated +NSFSHNFQQNFGNQNYNJXFWJHQFXXNÁJIFXMJQIKTWYWFINSLNKYMJ^FWJNSHZWWJIKTWYMJUZWUTXJTKWJUZWHMFXNSLNSYMJSJFWYJWR9MNXHFYJLTW^
QNFGNQNY^9MJYWFSXKJWWJIFXXJYFSIYMJFXXTHNFYJIQNFGNQNY^FWJRJFXZWJITSFGFXNXYMFYWJÂJHYXYMJWNLMYXFSITGQNLFYNTSXYMFYYMJ FQXTNSHQZIJXIJWN[FYN[JÁSFSHNFQNSXYWZRJSYXJSYJWJINSYTG^YMJHTRUFS^YMFYFWJSTYIJXNLSFYJIFXMJILNSLNSXYWZRJSYXNSMJILJ
Company has retained. WJQFYNTSXMNUX FX IJÁSJI G^ .SI &8 8JUFWFYJI JRGJIIJI IJWN[FYN[JX FWJ FQXT HQFXXNÁJI FX MJQI KTW YWFINSL ZSQJXX YMJ^ FWJ
designated as effective hedging instruments.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that the Company could be required to repay. ,FNSXTWQTXXJXTSQNFGNQNYNJXMJQIKTWYWFINSLFWJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXX
Investment in associates, joint venture and subsidiaries +NSFSHNFQQNFGNQNYNJXIJXNLSFYJIZUTSNSNYNFQWJHTLSNYNTSFYKFNW[FQZJYMWTZLMUWTÁYTWQTXXFWJIJXNLSFYJIFYYMJNSNYNFQIFYJTKWJHTLSNYNTS
The Company has accounted for its investment in subsidiaries, joint venture and associates, at cost as per Ind AS 27, except where FSITSQ^NKYMJHWNYJWNFNS.SI&8FWJXFYNXÁJI
investments accounted for at cost shall be accounted for in accordance with Ind AS 105, Non-current Assets Held for Sale and Loans and borrowings
)NXHTSYNSZJI4UJWFYNTSX\MJSYMJ^FWJHQFXXNÁJIFXMJQIKTWXFQJ
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method.
0TWHPYTLU[VMÂUHUJPHSHZZL[Z ,FNSXFSIQTXXJXFWJWJHTLSNXJINSUWTÁYTWQTXX\MJSYMJQNFGNQNYNJXFWJIJWJHTLSNXJIFX\JQQFXYMWTZLMYMJ*.7FRTWYNXFYNTSUWTHJXX
9MJ(TRUFS^FXXJXXJXNRUFNWRJSYGFXJITSJ]UJHYJIHWJINYQTXXJX *(1RTIJQYTYMJKTQQT\NSL Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part
+NSFSHNFQFXXJYXRJFXZWJIFYFRTWYNXJIHTXY FSI TKYMJ*.79MJ*.7FRTWYNXFYNTSNXNSHQZIJIFXÁSFSHJHTXYXNSYMJXYFYJRJSYTKUWTÁYFSIQTXX
+NSFSHNFQFXXJYXRJFXZWJIFYKFNW[FQZJYMWTZLMTYMJWHTRUWJMJSXN[JNSHTRJ +;94(. Financial guarantee contracts
Expected credit losses are measured through a loss allowance at an amount equal to: Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the
9MJRTSYMJ]UJHYJIHWJINYQTXXJX J]UJHYJIHWJINYQTXXJXYMFYWJXZQYKWTRYMTXJIJKFZQYJ[JSYXTSYMJÁSFSHNFQNSXYWZRJSYYMFY MTQIJWKTWFQTXXNYNSHZWXGJHFZXJYMJXUJHNÁJIIJGYTWKFNQXYTRFPJFUF^RJSY\MJSIZJNSFHHTWIFSHJ\NYMYMJYJWRXTKFIJGY
are possible within 12 months after the reporting date); or instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss
+ZQQQNKJYNRJJ]UJHYJIHWJINYQTXXJX J]UJHYJIHWJINYQTXXJXYMFYWJXZQYKWTRFQQUTXXNGQJIJKFZQYJ[JSYXT[JWYMJQNKJTKYMJÁSFSHNFQ
instrument). allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
9MJ(TRUFS^KTQQT\X·XNRUQNÁJIFUUWTFHM¸KTWWJHTLSNYNTSTKNRUFNWRJSYQTXXFQQT\FSHJTS Derecognition
9WFIJWJHJN[FGQJXTWHTSYWFHYWJ[JSZJWJHJN[FGQJX FSI &ÁSFSHNFQQNFGNQNY^NXIJWJHTLSNXJI\MJSYMJTGQNLFYNTSZSIJWYMJQNFGNQNY^NXINXHMFWLJITWHFSHJQQJITWJ]UNWJX<MJSFSJ]NXYNSL

ÁSFSHNFQQNFGNQNY^NXWJUQFHJIG^FSTYMJWKWTRYMJXFRJQJSIJWTSXZGXYFSYNFQQÎNKKJWJSYYJWRXTWYMJYJWRXTKFSJ]NXYNSLQNFGNQNY^FWJ
&QQQJFXJWJHJN[FGQJX
XZGXYFSYNFQQ^RTINÁJIXZHMFSJ]HMFSLJTWRTINÁHFYNTSNXYWJFYJIFXYMJIJWJHTLSNYNTSTKYMJTWNLNSFQQNFGNQNY^FSIYMJWJHTLSNYNTSTK
:SIJWYMJXNRUQNÁJIFUUWTFHMYMJ(TRUFSÎTJXSTYYWFHPHMFSLJXNSHWJINYWNXP7FYMJWNYWJHTLSNXJXNRUFNWRJSYQTXXFQQT\FSHJ
FSJ\QNFGNQNY^9MJINKKJWJSHJNSYMJWJXUJHYN[JHFWW^NSLFRTZSYXNXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXX
GFXJITSQNKJYNRJ*(1XFYJFHMWJUTWYNSLIFYJWNLMYKWTRNYXNSNYNFQWJHTLSNYNTS
PPP 6MMZL[[PUNVMÂUHUJPHSPUZ[Y\TLU[Z!
The Company uses a provision matrix to determine impairment loss allowance on the portfolio of trade receivables. The provision
matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward +NSFSHNFQFXXJYXFSIÁSFSHNFQQNFGNQNYNJXFWJTKKXJYFSIYMJSJYFRTZSYNXWJUTWYJINSYMJGFQFSHJXMJJYNKYMJWJNXFHZWWJSYQ^JSKTWHJFGQJ
looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the
estimates are analysed. liabilities simultaneously.
+TWWJHTLSNYNTSTKNRUFNWRJSYQTXXTSTYMJWÁSFSHNFQFXXJYXFSIWNXPJ]UTXZWJYMJ(TRUFSÎJYJWRNSJXYMFY\MJYMJWYMJWJMFXGJJS P] +LYP]H[P]LÂUHUJPHSPUZ[Y\TLU[ZHUKOLKNLHJJV\U[PUN!

FXNLSNÁHFSYNSHWJFXJNSYMJHWJINYWNXPXNSHJNSNYNFQWJHTLSNYNTS.KHWJINYWNXPMFXSTYNSHWJFXJIXNLSNÁHFSYQ^RTSYM*(1NXZXJIYT 9MJ(TRUFS^JSYJWXNSYTIJWN[FYN[JHTSYWFHYXYTMJILJKTWJNLSHZWWJSHÛWNHJWNXPTSZSJ]JHZYJIÁWRHTRRNYRJSYXFSIMNLMQ^
UWT[NIJKTWNRUFNWRJSYQTXX-T\J[JWNKHWJINYWNXPMFXNSHWJFXJIXNLSNÁHFSYQ^QNKJYNRJ*(1NXZXJI.KNSFXZGXJVZJSYUJWNTIHWJINY UWTGFGQJ KTWJHFXY YWFSXFHYNTSX 8ZHM IJWN[FYN[J ÁSFSHNFQ NSXYWZRJSYX FWJ NSNYNFQQ^ WJHTLSNXJI FY KFNW [FQZJ TS YMJ IFYJ TS \MNHM F
VZFQNY^TKYMJNSXYWZRJSYNRUWT[JXXZHMYMFYYMJWJNXSTQTSLJWFXNLSNÁHFSYNSHWJFXJNSHWJINYWNXPXNSHJNSNYNFQWJHTLSNYNTSYMJSYMJ IJWN[FYN[JHTSYWFHYNXJSYJWJINSYTFSIFWJXZGXJVZJSYQ^WJRJFXZWJIFYKFNW[FQZJ)JWN[FYN[JXFWJHFWWNJIFXÁSFSHNFQFXXJYX\MJSYMJ
(TRUFS^WJ[JWYXYTWJHTLSNXNSLNRUFNWRJSYQTXXFQQT\FSHJGFXJITSRTSYM*(1 KFNW[FQZJNXUTXNYN[JFSIFXÁSFSHNFQQNFGNQNYNJX\MJSYMJKFNW[FQZJNXSJLFYN[J
+TWFXXJXXNSLNSHWJFXJNSHWJINYWNXPFSINRUFNWRJSYQTXXYMJ(TRUFS^HTRGNSJXÁSFSHNFQNSXYWZRJSYXTSYMJGFXNXTKXMFWJIHWJINY &S^LFNSXTWQTXXJXFWNXNSLKWTRHMFSLJXNSYMJKFNW[FQZJTKIJWN[FYN[JXFWJYFPJSINWJHYQ^YTXYFYJRJSYTKUWTÁYFSIQTXXJ]HJUYKTWYMJ
WNXPHMFWFHYJWNXYNHX\NYMYMJTGOJHYN[JTKKFHNQNYFYNSLFSFSFQ^XNXYMFYNXIJXNLSJIYTJSFGQJXNLSNÁHFSYNSHWJFXJXNSHWJINYWNXPYTGJ
JKKJHYN[JUTWYNTSTKHFXMÂT\MJILJX\MNHMNXWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJFSIUWJXJSYJIFXFXJUFWFYJHTRUTSJSY
NIJSYNÁJITSFYNRJQ^GFXNX
TKJVZNY^\MNHMNXQFYJWWJHQFXXNÁJIYTXYFYJRJSYTKUWTÁYFSIQTXX\MJSYMJMJILJNYJRFKKJHYXUWTÁYTWQTXX
138 139
3. SIGNIFICANT ACCOUNTING POLICIES (Contd.) 4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
3.21 Business combinations under common control: 9MJUWJUFWFYNTSTKYMJ(TRUFS^¸XÁSFSHNFQXYFYJRJSYXWJVZNWJXRFSFLJRJSYYTRFPJOZILJRJSYXJXYNRFYJXFSIFXXZRUYNTSXYMFYFKKJHYYMJ

Common control business combinations include transactions, such as transfer of subsidiaries or businesses, between entities within a reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.
Company. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of
assets or liabilities affected in future periods.
Business combinations involving entities or businesses under common control are accounted for using the pooling of interests method.
:SIJW UTTQNSL TK NSYJWJXY RJYMTI YMJ FXXJYX FSI QNFGNQNYNJX TK YMJ HTRGNSNSL JSYNYNJX FWJ WJÂJHYJI FY YMJNW HFWW^NSL FRTZSYX YMJ TSQ^ Judgements
adjustments that are made are to harmonise accounting policies. Discontinued operations:
9MJÁSFSHNFQNSKTWRFYNTSNSYMJÁSFSHNFQXYFYJRJSYXNSWJXUJHYTKUWNTWUJWNTIXFWJWJXYFYJIFXNKYMJGZXNSJXXHTRGNSFYNTSMFITHHZWWJI Power distribution business
KWTR YMJ GJLNSSNSL TK YMJ UWJHJINSL UJWNTI NS YMJ ÁSFSHNFQ XYFYJRJSYX NWWJXUJHYN[J TK YMJ FHYZFQ IFYJ TK YMJ HTRGNSFYNTS -T\J[JW NK
In pursuant to the certain unresolved disputes arising out of the Distribution Franchisee Agreement (DFA) of the Company with Maharashtra
business combination had occurred after that date, the prior period information is restated only from that date.
8YFYJ*QJHYWNHNY^)NXYWNGZYNTS(TRUFS^1NRNYJI 28*)(1FY/FQLTFSNS2FMFWFXMYWF28*)(1MFXJ]JWHNXJINYXXYJUNSWNLMYXFSIYFPJST[JW
The difference, if any, between the amount recorded as share capital issued plus any additional consideration in the form of cash or other
YMJ)NXYWNGZYNTS+WFSHMNXJJNS/FQLTFSKWTRYMJ(TRUFS^\NYMJKKJHYKWTRYM&ZLZXY9MJTUJWFYNTSX\JWJYJWRNSFYJI\NYMNRRJINFYJ
assets and the amount of share capital of the transferor is transferred to capital reserve and presented separately from other capital
JKKJHYFSIYMJÁSFQHQFNRXJYYQJRJSYGJY\JJSYMJ(TRUFS^FSI28*)(1NXNSUWTLWJXX9MJ(TRUFS^MFXHQFXXNÁJIYMJ5T\JWINXYWNGZYNTS
reserves with disclosure of its nature and purpose in the notes.
segment as held for disposal from 12th August, 2015 for the following reasons:
5T\JWINXYWNGZYNTSXJLRJSYWJUWJXJSYXFXJUFWFYJRFOTWQNSJTKGZXNSJXXTKTUJWFYNTSX
9MJ TUJWFYNTSX \JWJ FGFSITSJI \NYM NRRJINFYJ JKKJHY KWTR YM &ZLZXY FSI MJSHJ YMJ HFWW^NSL FRTZSY \NQQ STY GJ WJHT[JWJI
principally through continuing use.
Automation business
In pursuance to the discontinuance of the Automation business unit, the Board considered the Automation business unit to meet the criteria to
GJHQFXXNÁJIFXMJQIKTWINXYWNGZYNTSFYYMFYIFYJKTWYMJKTQQT\NSLWJFXTSX
9MJFHYNTSXYTHTRUQJYJYMJINXYWNGZYNTS\JWJNSNYNFYJIFSIYMJGZXNSJXX\FXXTQIIZWNSLYMJ^JFWJSIJIXY2FWHM
&ZYTRFYNTSGZXNSJXXWJUWJXJSYXFXJUFWFYJRFOTWQNSJTKGZXNSJXXTKTUJWFYNTSX
Lease of equipment not in legal form of lease
8NLSNÁHFSYOZILRJSYNXWJVZNWJIYTFUUQ^QJFXJFHHTZSYNSLWZQJXZSIJW&UUJSIN](YT.SI&8IJYJWRNSNSL\MJYMJWFS&WWFSLJRJSYHTSYFNSX
F1JFXJ.SFXXJXXNSLYMJFUUQNHFGNQNY^YTFWWFSLJRJSYXJSYJWJINSYTG^YMJ(TRUFS^RFSFLJRJSYMFXJ]JWHNXJIOZILRJSYYTJ[FQZFYJYMJWNLMY
YTZXJYMJZSIJWQ^NSLFXXJYXXZGXYFSHJTKYMJYWFSXFHYNTSNSHQZINSLQJLFQQ^JSKTWHJIFWWFSLJRJSYXFSITYMJWXNLSNÁHFSYYJWRXFSIHTSINYNTSX
of the arrangement to conclude whether the arrangements meet the criteria under Appendix C to Ind AS 17.
Estimates and assumptions
9MJPJ^FXXZRUYNTSXHTSHJWSNSLYMJKZYZWJFSITYMJWPJ^XTZWHJXTKJXYNRFYNTSZSHJWYFNSY^FYYMJWJUTWYNSLIFYJYMFYMF[JFXNLSNÁHFSYWNXPTK
HFZXNSLFRFYJWNFQFIOZXYRJSYYTYMJHFWW^NSLFRTZSYXTKFXXJYXFSIQNFGNQNYNJX\NYMNSYMJSJ]YÁSFSHNFQ^JFWFWJIJXHWNGJIGJQT\9MJ(TRUFS^
GFXJI NYX FXXZRUYNTSX FSI JXYNRFYJX TS UFWFRJYJWX F[FNQFGQJ \MJS YMJ ÁSFSHNFQ XYFYJRJSYX \JWJ UWJUFWJI *]NXYNSL HNWHZRXYFSHJX FSI
assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of
YMJ(TRUFS^8ZHMHMFSLJXFWJWJÂJHYJINSYMJFXXZRUYNTSX\MJSYMJ^THHZW
0TWHPYTLU[VMUVUÂUHUJPHSHZZL[Z
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when
annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is
YMJMNLMJWTKFSFXXJY¸XTW(,:¸XKFNW[FQZJQJXXHTXYXTKINXUTXFQFSINYX[FQZJNSZXJ.YNXIJYJWRNSJIKTWFSNSIN[NIZFQFXXJYZSQJXXYMJFXXJY
ITJXSTYLJSJWFYJHFXMNSÂT\XYMFYFWJQFWLJQ^NSIJUJSIJSYTKYMTXJKWTRTYMJWFXXJYXTWLWTZUXTKFXXJYX<MJWJYMJHFWW^NSLFRTZSYTKFS
FXXJYTW(,:J]HJJIXNYXWJHT[JWFGQJFRTZSYYMJFXXJYNXHTSXNIJWJINRUFNWJIFSINX\WNYYJSIT\SYTNYXWJHT[JWFGQJFRTZSY
.SFXXJXXNSL[FQZJNSZXJYMJJXYNRFYJIKZYZWJHFXMÂT\XFWJINXHTZSYJIYTYMJNWUWJXJSY[FQZJZXNSLFUWJYF]INXHTZSYWFYJYMFYWJÂJHYXHZWWJSY
RFWPJYFXXJXXRJSYXTKYMJYNRJ[FQZJTKRTSJ^FSIYMJWNXPXXUJHNÁHYTYMJFXXJY.SIJYJWRNSNSLKFNW[FQZJQJXXHTXYXTKINXUTXFQWJHJSYRFWPJY
YWFSXFHYNTSXFWJYFPJSNSYTFHHTZSY.KSTXZHMYWFSXFHYNTSXHFSGJNIJSYNÁJIFSFUUWTUWNFYJ[FQZFYNTSRTIJQNXZXJI9MJXJHFQHZQFYNTSXFWJ
corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
Taxes
)JKJWWJIYF]FXXJYXFWJWJHTLSNXJIKTWZSZXJIYF]QTXXJXYTYMJJ]YJSYYMFYNYNXUWTGFGQJYMFYYF]FGQJUWTÁY\NQQGJF[FNQFGQJFLFNSXY\MNHMYMJ
QTXXJXHFSGJZYNQNXJI8NLSNÁHFSYRFSFLJRJSYOZILJRJSYNXWJVZNWJIYTIJYJWRNSJYMJFRTZSYTKIJKJWWJIYF]FXXJYXYMFYHFSGJWJHTLSNXJI
GFXJIZUTSYMJQNPJQ^YNRNSLFSIYMJQJ[JQTKKZYZWJYF]FGQJUWTÁYXYTLJYMJW\NYMKZYZWJYF]UQFSSNSLXYWFYJLNJX
140 141
` crore
NOTES
8.23
8.19
2.00
7.58
8.23
7.99
7.62
8.19
1.76
-
ACCOMPANYING THE FINANCIAL STATEMENTS (Contd.)
progress
work-in-
Capital
4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (Contd.)
+LÂULKILULÂ[WSHUZ
9MJHTXYTKYMJIJÁSJIGJSJÁYUQFSFSITYMJWUTXYJRUQT^RJSYGJSJÁYXFSIYMJUWJXJSY[FQZJTKXZHMTGQNLFYNTSFWJIJYJWRNSJIZXNSLFHYZFWNFQ
1938.88
2058.01
706.10
1969.70
139.34
673.66
79.22
770.32
1232.78
24.44
20.21
70.57
15.00
35.06
1287.69
3.07
45.62
9.64
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include
Total
the determination of the discount rate, future salary increases, mortality rates and attrition rate. Due to the complexities involved in the valuation
FSINYXQTSLYJWRSFYZWJFIJÁSJIGJSJÁYTGQNLFYNTSNXMNLMQ^XJSXNYN[JYTHMFSLJXNSYMJXJFXXZRUYNTSX&QQFXXZRUYNTSXFWJWJ[NJ\JIFYJFHM
reporting date.
10.35
11.29
6.01
11.60
2.01
6.33
2.24
7.55
0.70
4.34
0.84
1.07
1.09
1.41
3.74
-
2.09
-
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the
Vehicles
RFSFLJRJSYHTSXNIJWXYMJNSYJWJXYWFYJXTKLT[JWSRJSYGTSIXNSHZWWJSHNJXHTSXNXYJSY\NYMYMJHZWWJSHNJXTKYMJUTXYJRUQT^RJSYGJSJÁY
obligation. The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response
YTIJRTLWFUMNHHMFSLJX+ZYZWJXFQFW^NSHWJFXJXFSILWFYZNY^NSHWJFXJXFWJGFXJITSJ]UJHYJIKZYZWJNSÂFYNTSWFYJX
39.95
45.21
4.65
43.79
37.47
33.92
2.46
35.64
0.74
6.03
1.56
0.81
2.40
5.58
8.15
0.37
5.99
0.83
equipments
-HPY]HS\LTLHZ\YLTLU[VMÂUHUJPHSPUZ[Y\TLU[Z
4KKNHJ
<MJSYMJKFNW[FQZJXTKÁSFSHNFQFXXJYXFSIÁSFSHNFQQNFGNQNYNJXWJHTWIJINSYMJGFQFSHJXMJJYHFSSTYGJRJFXZWJIGFXJITSVZTYJIUWNHJXNS
active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow (DCF) model. The inputs to these
44.25
55.30
34.55
78.41
36.16
31.23
2.90
33.78
0.35
13.02
0.88
0.39
2.88
6.29
44.63
1.52
8.18
3.75
models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair
Furniture and
fittings
[FQZJX/ZILJRJSYXNSHQZIJHTSXNIJWFYNTSXTKNSUZYXXZHMFXQNVZNINY^WNXPHWJINYWNXPFSI[TQFYNQNY^(MFSLJXNSFXXZRUYNTSXFGTZYYMJXJKFHYTWX
HTZQIFKKJHYYMJWJUTWYJIKFNW[FQZJTKÁSFSHNFQNSXYWZRJSYX
Development costs
-
14.39
9.60
-
-
-
-
-
-
9.60
-
-
14.39
-
machinery
The Company capitalises development costs for a project in accordance with the accounting policy. Initial capitalisation of costs is based on
leasehold
Plant and
RFSFLJRJSY¸XOZILJRJSYYMFYYJHMSTQTLNHFQFSIJHTSTRNHKJFXNGNQNY^NXHTSÁWRJIZXZFQQ^\MJSFUWTIZHYIJ[JQTURJSYUWTOJHYMFXWJFHMJIF
IJÁSJIRNQJXYTSJFHHTWINSLYTFSJXYFGQNXMJIUWTOJHYRFSFLJRJSYRTIJQ.SIJYJWRNSNSLYMJFRTZSYXYTGJHFUNYFQNXJIRFSFLJRJSYRFPJX
FXXZRUYNTSXWJLFWINSLYMJJ]UJHYJIKZYZWJHFXMLJSJWFYNTSTKYMJUWTOJHYINXHTZSYWFYJXYTGJFUUQNJIFSIYMJJ]UJHYJIUJWNTITKGJSJÁYX
827.40
910.76
825.32
95.78
541.33
566.17
39.73
594.51
37.38
11.39
261.23
20.03
12.42
11.36
316.25
1.18
12.89
5.06
machinery
Plant and
0TWHPYTLU[VMÂUHUJPHSHZZL[Z
9MJNRUFNWRJSYUWT[NXNTSXKTWÁSFSHNFQFXXJYXFWJGFXJITSFXXZRUYNTSXFGTZYWNXPTKIJKFZQYFSIJ]UJHYJIQTXXWFYJX9MJ(TRUFS^ZXJX
judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company’s past history, existing
market conditions as well as forward looking estimates at the end of each reporting period.
615.27
612.10
616.22
2.35
39.17
61.61
28.33
23.26
1.82
88.12
553.66
1.13
5.52
0.82
523.98
-
2.08
-
Buildings
209.03
209.03
209.03
3.60
7.16
3.56
3.56
-
10.72
201.87
-
198.31
-
-
-
1JFXJMTQI
land
192.63
192.63
192.63
-
-
-
-
-
192.63
-
192.63
-
-
-
Freehold
land
ACCOMPANYING THE FINANCIAL STATEMENTS (Contd.)
PROPERTY, PLANT AND EQUIPMENT
Transferred to discontinued operation
Transferred to discontinued operation
Depreciation charge for the year

Accumulated depreciation:
Disposals / transfers
As at 31-03-2018
As at 31-03-2018
As at 31-03-2018
As at 31-03-2017
As at 31-03-2017
As at 31-03-2017
As at 1-04-2016
As at 1-04-2016
Net book value

Additions
Additions
Cost:
NOTES
5.
142 143
` crore ` crore
6. OTHER INTANGIBLE ASSETS Face value No. of

per unit in shares / units
Intangible ` unless
Computer Technical Commercial Development assets under otherwise As at As at As at
software know-how rights cost Total development specified 31-03-2018 31-03-2018 31-03-2017
Cost: 7. NON-CURRENT FINANCIAL ASSETS - INVESTMENTS (Contd.)
As at 1-04-2016 55.50 24.27 43.52 53.31 176.60 37.95 Details of investments:
Additions 0.70 - - 20.03 20.73 10.54 A) Quoted investments
Disposals / transfers - - - - - 20.03 Government and trust securities
Transferred to discontinued operation 0.53 14.00 12.43 0.08 27.04 0.45 (JSYWFQ,T[JWSRJSY8JHZWNYNJX
As at 31-03-2017 55.67 10.27 31.09 73.26 170.29 28.01
,4.TK` 100 each 100 39000 0.44 0.44
Additions 14.66 1.99 - 9.18 25.83 13.36 Total (A) 0.44 0.44
Disposals / transfers - - - - - 9.18

B) Unquoted investments
As at 31-03-2018 70.33 12.26 31.09 82.44 196.12 32.19
Investments in equity instruments
Accumulated amortisation:
Investment in subsidiary companies
As at 1-04-2016 34.11 20.51 38.71 32.74 126.07 Fully paid equity shares
Amortisation charge for the year 7.23 - 1.11 12.83 21.17 (,.SYJWSFYNTSFQ'; EUR 100 1530000 1190.54 545.86
Transferred to discontinued operation 0.49 10.24 12.43 0.02 23.18 Less : Provision for diminution in value of investment (545.86) (545.86)
As at 31-03-2017 40.85 10.27 27.39 45.55 124.06 644.68 -
Amortisation charge for the year 8.91 0.25 1.11 12.61 22.88 (,5T\JW*VZNURJSYX1NRNYJI Formerly(WTRUYTS,WJF[JX(TSXZRJW5WTIZHYX1NRNYJI 2 250000 0.05 0.05
As at 31-03-2018 49.76 10.52 28.50 58.16 146.94 Less : Provision for diminution in value of investment (0.05) (0.05)
- -
Net book value
(,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI USD 1 44121460 238.29 238.29
As at 31-03-2017 14.82 - 3.70 27.71 46.23 28.01
(,55.&IMJXN[J5WTIZHYX1NRNYJI 10 3175520 13.03 13.03
As at 31-03-2018 20.57 1.74 2.59 24.28 49.18 32.19
(,5T\JW8TQZYNTSX1NRNYJI 10 50000 0.05 0.05
Partly paid equity shares
1 (,5T\JW*VZNURJSYX1NRNYJI Formerly(WTRUYTS,WJF[JX(TSXZRJW5WTIZHYX1NRNYJI 0.20 156436537 3.13 3.13
As at As at
31-03-2018 31-03-2017 Less : Provision for diminution in value of investment (3.13) (3.13)
- -
7. NON-CURRENT FINANCIAL ASSETS - INVESTMENTS
896.05 251.37
Quoted investments
Carried at fair value
.S[JXYRJSYNS,T[JWSRJSYTWYWZXYXJHZWNYNJX 0.44 0.44
Through other comprehensive income
0.44 0.44 &[FSYMF5T\JW.SKWFXYWZHYZWJ1NRNYJI 10 213300228 121.80 151.80
Unquoted investments 121.80 151.80
Investments in equity instruments ;OYV\NOWYVÂ[VYSVZZ
Subsidiary companies (Carried at cost) 896.05 251.37 )NSJYYJ*]HQZXN[J(QZG5WN[FYJ1NRNYJI 100 500 0.01 0.01
Investments in equity instruments 7FINFSY*QJHYWTSNHX1NRNYJI 100 190000 0.00 0.00
Carried at fair value through other comprehensive income 121.80 151.80 0.01 0.01
(FWWNJIFYKFNW[FQZJYMWTZLMUWTÁYFSIQTXX 0.01 0.01 Investments in debentures or bonds
Investments in debentures or bonds *HYYPLKH[MHPY]HS\L[OYV\NOWYVÂ[HUKSVZZ
(FWWNJIFYKFNW[FQZJYMWTZLMUWTÁYFSIQTXX 8.05 8.05 &[FSYMF-TQINSLX1NRNYJI 100 800000 8.00 8.00
Other non-current investments 4UYNTSFQQ^(TS[JWYNGQJ?JWT(TZUTS3TSRFWPJYFGQJYWFSXKJWFGQJ)JGJSYZWJX
)NSJYYJ*]HQZXN[J(QZG5WN[FYJ1NRNYJI 100 5000 0.05 0.05
(FWWNJIFYKFNW[FQZJYMWTZLMUWTÁYFSIQTXX 1.01 27.83
(0% Unsecured Irredeemable Non-convertible Debentures of ` 100 each)
Investment in joint venture
8.05 8.05
Carried at cost 1.15 1.15
Other non-current investments
1028.07 440.21
UTI Hybrid Equity Fund - Dividend Plan - Payout 10 55909 0.16 0.12
1028.51 440.65
5T\JW*VZNURJSY1NRNYJI USD 10 20600 0.00 0.00
Notes:
*]NIJ1NKJ9WFINYNTSFQ*RUQT^JJ'JSJÁYX5QFS8HMJRJ 1 0.10 15.81
Quoted investments -)+(1NKJ8JHZWJ2FSFLJI+ZSI 313393 0.71 10.40
Book value 0.44 0.44 .SINF+NWXY*RUQT^JJ'JSJÁY5QFS*VZNY^&I[FSYFLJ+ZSI 23171 0.04 1.50
Market value 0.37 0.44
1.01 27.83
Unquoted investments Investment in Joint Venture
Book value 1028.07 440.21 PT Crompton Prima Switchgear Indonesia 1.15 1.15
1.15 1.15
Total (B) 1028.07 440.21
Total (A+B) 1028.51 440.65
144 145
` crore ` crore
As at As at 12. CURRENT FINANCIAL ASSETS - INVESTMENTS (Contd.)

31-03-2018 31-03-2017
Face value No. of
8. NON-CURRENT FINANCIAL ASSETS - LOANS per unit in shares / units
` unless
Unsecured, considered good, unless otherwise stated otherwise As at As at As at
Deposits 6.87 6.64 specified 31-03-2018 31-03-2018 31-03-2017
6.87 6.64 Details of investments:

3NHHT(TWUTWFYNTS1NRNYJI 2 330390 0.01 0.02
As at As at
31-03-2018 31-03-2017 /(9*QJHYWTSNHX1NRNYJI 1 250000 0.00 0.00
9. NON-CURRENT FINANCIAL ASSETS - OTHERS .)'.'FSP1NRNYJI - 0.96
Financial guarantee fees receivable (Refer note 48) 19.55 46.89 0.01 0.98
19.55 46.89 Investments in mutual fund

'NWQF8ZSQNKJ8F[NSL+ZSI,WT\YM)NWJHY5QFS - 4.24
- 4.24
As at As at
31-03-2018 31-03-2017 0.01 5.22
10. NON-CURRENT ASSETS - OTHERS
Unsecured, considered good, unless otherwise stated
Capital advances 2.09 3.18
As at 31-03-2018 As at 31-03-2017
2.09 3.18
13. TRADE RECEIVABLES
Unsecured
Considered good 1719.88 1480.37
As at 31-03-2018 As at 31-03-2017 Considered doubtful 102.25 91.85
11. INVENTORIES
1822.13 1572.22
Raw materials 172.34 330.28
Less: Allowance for doubtful debts 102.25 91.85
&II,TTIXNSYWFSXNY 4.64 5.50
1719.88 1480.37
176.98 335.78
Work-in-progress - manufacturing 191.65 201.31
Finished goods - manufacturing 40.45 121.63
Stock-in-trade 0.60 88.83 As at 31-03-2018 As at 31-03-2017
Stores, spares and packing materials 4.24 3.18 14. CASH AND CASH EQUIVALENTS
1TTXJYTTQX 0.13 0.03 Cash and cash equivalents:

414.05 750.76 Balances with banks:
4SHZWWJSYFHHTZSYX 586.18 399.52
As at As at
31-03-2018 31-03-2017 4SIJUTXNYFHHTZSYX 7JKJWSTYJGJQT\ 6.91 154.90
12. CURRENT FINANCIAL ASSETS - INVESTMENTS 593.09 554.42
Quoted investments Cash on hand 0.06 0.06

Investments in equity instruments 593.15 554.48
Investments in mutual funds Note:
Deposits of ` 3.00 crore (Previous year ` 32.90 crore) are held as margin money or security against borrowings, guarantees, other commitments and under lien
(FWWNJIFYKFNW[FQZJYMWTZLMUWTÁYFSIQTXX - 4.24
with banks.
0.01 5.22
Note:
Quoted investments
Book value 0.01 5.22
146 147
` crore ` crore
As at As at As at As at
31-03-2018 31-03-2017 31-03-2018 31-03-2017
15. BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS 19. SHARE CAPITAL
Other balance: Authorised:

Earmarked balance with banks for: 2,03,80,00,000 Equity Shares of ` 2 each
Unpaid dividends 0.98 1.27 (Previous year 2,03,80,00,000 Equity Shares of ` 2 each) 407.60 407.60
0.98 1.27 Issued:

62,67,88,442 Equity Shares of ` 2 each
There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at 31st March, 2018 and 31st March, 2017.
(Previous year 62,67,88,442 Equity Shares of ` 2 each) 125.35 125.35
Subscribed and paid-up:
As at 31-03-2018 As at 31-03-2017
16. CURRENT FINANCIAL ASSETS - LOANS
Forfeited shares:
Amount paid-up on 42,300 Equity Shares of ` 2 each (Amount paid-up ` 32,175) 0.00 0.00
Loans to subsidiaries (Refer note 48) 1539.76 1437.86
Security deposits: 125.35 125.35
Considered good 29.79 29.11 Notes:

Considered doubtful 0.05 0.05 (a) Reconciliation of the number of the shares outstanding at the beginning and at the end of the year:
29.84 29.16
Less: Allowance for doubtful advances 0.05 0.05 Authorised share capital As at 31-03-2018 As at 31-03-2017
29.79 29.11 No. of Shares ` crore No. of Shares ` crore
1569.55 1466.97 Balance at the beginning of the year 2038000000 407.60 2038000000 407.60
Balance at the end of the year 2038000000 407.60 2038000000 407.60
There are no outstanding loans due from directors of the Company.
As at As at Issued share capital As at 31-03-2018 As at 31-03-2017

31-03-2018 31-03-2017
No. of Shares ` crore No. of Shares ` crore
17. CURRENT FINANCIAL ASSETS - OTHERS
Balance at the beginning of the year 626788442 125.35 626788442 125.35
Bank deposits (Refer note below) - 149.03
Balance at the end of the year 626788442 125.35 626788442 125.35
Financial guarantee fees receivable (Refer note 48) 45.23 30.99
Derivative instruments - 16.29
4YMJWÁSFSHNFQWJHJN[FGQJX 0.32 7.96 Subscribed and paid-up share capital As at 31-03-2018 As at 31-03-2017
45.55 204.27 No. of Shares ` crore No. of Shares ` crore
Note: Balance at the beginning of the year 626746142 125.35 626746142 125.35
Deposits of ` Nil (Previous year ` 149.03 crore) are held as margin money or security against borrowings, guarantees, other commitments and under lien with Balance at the end of the year 626746142 125.35 626746142 125.35
banks.
The Company has not issued any equity shares during the current and in the previous year.
As at As at (b) Terms / rights attached to equity shares:
31-03-2018 31-03-2017
The Company has one class of share capital, i.e., equity shares having face value of ` 2 per share. Each holder of equity share is entitled to one vote per share.
18. OTHER CURRENT ASSETS In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in
Advance to suppliers 105.53 508.44 proportion to their shareholding.
Advance to other related parties (Refer note 48) 127.16 115.26 (c) Details of shareholders holding more than 5 % shares in the Company:
Prepaid expenses 5.89 22.73

As at 31-03-2018 As at 31-03-2017
Due from customer (constructions and project related activity) 7.52 17.93
% No. of Shares % No. of Shares
Insurance receivables 0.63 14.04
1 &[FSYMF-TQINSLX1NRNYJI 34.37 215442496 34.37 215442496
Statutory and other receivables 232.20 224.29 2 7JQNFSHJ(FUNYFQ9WZXYJJ(T1YI&H7JQNFSHJ*VZNY^4UUTWYZSNYNJX+ZSI - - 9.21 57717660
478.93 902.69 3 -)+(9WZXYJJ(TRUFS^1NRNYJI-)+(*VZNY^+ZSI 9.22 57788500 9.22 57809500
4 1NKJ.SXZWFSHJ(TWUTWFYNTSTK.SINF - - 5.24 32820195
5 &INY^F'NWQF8ZS1NKJ9WZXYJJ5WN[FYJ1NRNYJI&H&INY^F'NWQF8ZS1NKJ+WTSYQNSJ*VZNY^+ZSI 6.84 42898617 - -
(d) There are no shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestment.
148 149
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS (Contd.) ` crore

19. SHARE CAPITAL (Contd.) NOTES ACCOMPANYING THE FINANCIAL STATEMENTS (Contd.)
As at As at
L (NNYLNH[LU\TILYVMZOHYLZIV\NO[IHJRK\YPUN[OLWLYPVKVMÂ]L`LHYZPTTLKPH[LS`WYLJLKPUN[OLYLWVY[PUNKH[L! 31-03-2018 31-03-2017
As at As at 20. NON-CURRENT FINANCIAL LIABILITIES - BORROWINGS
31-03-2018 31-03-2017
Secured loans
No. of Shares No. of Shares Term loans from banks {Refer note (a) below} 799.80 390.41
Shares bought back 14745394 14745394 Unsecured loans
Term loans from banks {Refer note (b) below} 36.85 113.19
(f) Aggregate number of shares issued as GDRs:
836.65 503.60
As at 31-03-2018 As at 31-03-2017 Notes:
% No. of Shares % No. of Shares Security created to the extent of:
The Bank of New York 0.13 822504 0.14 882329 (a) Secured term loans from banks:
(i) The term loan of ` 402.02 crore (as at 31-03-2017 `HWTWJFYFSNSYJWJXYWFYJTK^JFW'FSP¸X2(17UQZXFXUWJFITK
UFUF^FGQJRTSYMQ^9MJ
QTFSNXWJUF^FGQJ\NYMNSÁ[J^JFWXKWTRYMJIFYJTKINXGZWXJRJSYNJWI&ZLZXYNSXYWZHYZWJIVZFWYJWQÛF^RJSYX\NYMFRTWFYTWNZRTKRTSYMX
(g) Dividend paid and proposed:
9MJQTFSNXXJHZWJIG^+NWXYJ]HQZXN[JHMFWLJTSNIJSYNÁJIUQFSYFSIRFHMNSJW^FSINRRT[FGQJÁ]JIFXXJYX (ZWWJSYRFYZWNYÛJWYFNSNSLYTYMJXFNIQTFSNX
3TIN[NIJSIXMF[JGJJSUWTUTXJIIJHQFWJITWUFNIIZWNSLYMJÁSFSHNFQ^JFW 5WJ[NTZX^JFW` Nil) or after the Financial year but before
` 44.60 crore (Previous year ` 22.30 crore), Refer note 26).
YMJÁSFSHNFQXYFYJRJSYX\JWJFUUWT[JIKTWNXXZJ
(ii) The term loan of ` 159.51 crore and ` 43.50 crore respectively (as at 31-03-2017 `3NQFYFSNSYJWJXYWFYJTKRTSYMX2(179MJQTFSYJSZWJNXRTSYMX
(h) Nature and purpose of reserves: for ` 159.51 crore and 13 months for ` 43.50 crore respectively. The loan is secured by First charge on movable and immovable property. (Current maturity
(i) Capital redemption reserve: pertaining to the said loan is ` 65.63 crore (Previous year ` Nil), Refer note 26).
Capital redemption reserve was created on buy back of shares. The Company may issue fully paid-up bonus shares to its members out of the capital
(iii) The term loan of ` 305.00 crore (as at 31-03-2017 `3NQFYFSNSYJWJXYWFYJTK^JFW'FSP¸X2(17UQZX
UFUF^FGQJFYRTSYMQ^NSYJW[FQ9MJQTFSNX
redemption reserve account.
WJUF^FGQJ\NYMNSÁ[J^JFWXKWTRYMJIFYJTKINXGZWXJRJSYNJYM/ZQ^NSJVZFQRTSYMQ^NSXYFQRJSYXFKYJWFRTWFYTWNZRTK^JFWX9MJQTFSNX
(ii) Security premium account: XJHZWJIG^XJHTSIHMFWLJTSNIJSYNÁJIUQFSYFSIRFHMNSJW^FSINRRT[FGQJÁ]JIFXXJYX
Security premium account is created when shares are issued at premium. The Company may issue fully paid-up bonus shares to its members out of (b) Unsecured term loans from banks:
the security premium reserve account, and Company can use this reserve for buy-back of shares.
(i) The term loan of ` 119.30 crore (as at 31-03-2017 `HWTWJFYFSNSYJWJXYWFYJQNSPJIYT'FSP¸X^JFW2(17 +QTFYNSLWFYJ9MJQTFSNXWJUF^FGQJ\NYMNS
(iii) Capital reserve: ^JFWXKWTRYMJIFYJTKINXGZWXJRJSYNJYM/ZQ^NSJVZFQVZFWYJWQ^NSXYFQQRJSYX\NYMÁWXYNSXYFQQRJSYXYFWYNSLFKYJWRTSYMXKWTRYMJIFYJTK
disbursement. (Current maturity pertaining to the said loan is ` 97.44 crore (Previous year ` 97.44 crore), Refer note 26).
9MJ(TRUFS^MFIUFNIHJWYFNSIJKJWWJIXFQJXYF]QNFGNQNYNJXNSFHHTWIFSHJ\NYMYMJXHMJRJKTWRZQFYJIG^YMJ8YFYJ,T[JWSRJSYTK2FMFWFXMYWFKTW
such optional prepayments. The resultant surplus of ` 19.12 crore, representing the excess of the recorded liability over the amount paid was credited
(ii) The term loan of ` 71.24 crore (as at 31-03-2017 `3NQFYFSNSYJWJXYWFYJTKGFSP2(17UQZXFUUQNHFGQJRFWLNSUF^FGQJFYRTSYMQ^NSYJW[FQX9MJQTFSNX
to Capital reserve.
WJUF^FGQJ\NYMNS^JFWXKWTRYMJIFYJTKINXGZWXJRJSYNJYM2F^NSXYWZHYZWJIRTSYMQ^NSXYFQQRJSYX\NYMÁWXYXYFWYNSLFKYJWRTSYMXKWTRYMJ
)ZWNSLYMJÁSFSHNFQ^JFWJSIJIXY2FWHMYMJHFUNYFQWJXJW[JTK` 652.53 crore is recognised due to demerger of consumer products segment date of disbursement. (Current maturity of the said loan is ` 56.25 crore (Previous year ` Nil ), Refer note 26).
UZWXZFSYYTYMJYWFSXKJWTKFQQFXXJYXFSIQNFGNQNYNJXYTYMJWJXZQYNSLHTRUFS^NJ(WTRUYTS,WJF[JX(TSXZRJW*QJHYWNHFQX1NRNYJI
Finance lease commitments
9MJ(TRUFS^MFXIZWNSLYMJÁSFSHNFQ^JFWRFIJWJFXXJXXRJSYTKFSFWWFSLJRJSYFKYJWNYXNSHJUYNTS\MNHM\FXJFWQNJWFXXJXXJIFXHTSYFNSNSLFÁSFSHJ
lease. The reassessment was necessitated on account of change in the contractual terms (which did not relate only to renewal or extension of the arrangement). The
arrangement is now reassessed as not containing a lease and thus, lease accounting ceased to apply from the date when the change in circumstances giving rise to
the reassessment occurred.
The difference between the carrying amount of the leased assets and the lease liability, amounting to ` Nil (Previous year ` 3.07 crore) has been recognised in the
8YFYJRJSYTKUWTÁYFSIQTXX
As at As at
31-03-2018 31-03-2017
21. NON-CURRENT OTHER FINANCIAL LIABILITIES

Deposits payable 1.46 1.10
1.46 1.10
As at As at
31-03-2018 31-03-2017
22. NON-CURRENT PROVISIONS

5WT[NXNTSKTWUTXYWJYNWJRJSYRJINHFQGJSJÁY 10.18 23.39
Provision for leave encashment 22.09 20.31
4YMJWUWT[NXNTSX 7JKJWSTYJ 21.03 16.07
53.30 59.77
150 151
` crore ` crore
23. TAXATION As at As at
31-03-2018 31-03-2017
0UJVTL[H_YLSH[LK[VP[LTZJOHYNLKVYJYLKP[LKKPYLJ[S`[VWYVÂ[HUKSVZZK\YPUN[OL`LHY!
24. CURRENT FINANCIAL LIABILITIES - BORROWINGS
2017-18 2016-17 Secured loans
Statement of profit or loss From Bank, Cash Credit, Packing Credit, etc. (Refer note below) 248.59 229.82
Current income tax (continuing operations) - 36.31
Unsecured loans
Current income tax (discontinued operations) - (11.51)
)JKJWWJIYF]J]UJSXJ GJSJÁY Working capital loan from bank:
Minimum alternate tax (continuing operations) - (11.83)
Demand loan 292.84 391.79
Relating to origination and reversal of temporary differences (continuing operations) 46.51 (13.67)
Relating to origination and reversal of temporary differences (discontinued operations) (27.53) - 8ZUUQNJWÁSFSHJKFHNQNY^ 89.71 88.62
Total 18.98 (0.70) 631.14 710.23
Statement of Other Comprehensive Income
(ZWWJSYYF]WJQFYJIYTNYJRXWJHTLSNXJINS4(.IZWNSLNSYMJ^JFW - 1.73 Note:
)JKJWWJIYF]WJQFYJIYTNYJRXWJHTLSNXJINS4(.IZWNSLNSYMJ^JFW (2.04) - Secured by hypothecation of inventories, book debts and trade receivables, both present and future.
Total (2.04) 1.73
As at As at
Income Tax expense:
31-03-2018 31-03-2017
25. CURRENT FINANCIAL LIABILITIES - TRADE PAYABLES

2017-18 2016-17
Reconciliation: Acceptances 102.27 81.62
5WTÁY QTXXGJKTWJYF]KWTRHTSYNSZNSLTUJWFYNTSX (226.18) 157.03 Due to micro and small enterprises 81.55 59.88
1TXXGJKTWJYF]KWTRINXHTSYNSZJITUJWFYNTSX (79.56) (33.27)
(305.74) 123.76 Due to other than micro and small enterprises 1056.40 933.51
(JJV\U[PUNWYVÂ[SVZZILMVYLPUJVTL[H_
Applicable tax rate 34.608% 34.608% Due to subsidiaries (Refer note 48) 12.61 16.32
Computed tax expense (105.81) 42.83
1252.83 1091.33
Income not considered for tax purpose (0.12) (2.30)
Expense not allowed for tax purpose 0.87 3.46 Note:
Additional allowances for tax purpose (7.76) (15.61)
The Company has amounts due to suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, (MSMED Act) as at 31st March, 2018.
Tax paid at lower rate - (20.16)
4YMJWYJRUTWFWÎNKKJWJSHJX (87.75) (8.92)
The disclosure pursuant to the said Act is as under:
Total income tax expense (200.57) (0.70)
Tax on exceptional items 219.55 -
5L[PUJVTL[H_L_WLUZLJOHYNLK[VZ[H[LTLU[VMWYVÂ[HUKSVZZ 18.98 (0.70)
2017-18 2016-17
Income tax attributable to continued operations 46.51 10.81
Income tax attributable to discontinued operations (27.53) (11.51) (a) Principal amount due to suppliers under MSMED Act, 2006 81.55 59.88
Total 18.98 (0.70) (b) Interest accrued and due to suppliers under MSMED Act on the above amount, unpaid 0.06 0.02
Deferred tax relates to the following: (c) Payment made to suppliers (other than interest) beyond the appointed day, during the year 14.70 12.68
Recognised in statement (d) Interest paid to suppliers under MSMED Act (other than Section 16) - -
Balance sheet
of profit or loss
(e) Interest paid to suppliers under MSMED Act (Section 16) 0.04 0.03
As at As at (f) Interest due and payable towards suppliers under MSMED Act for payments already made 0.00 -
31-03-2018 31-03-2017 2017-18 2016-17
Expenses allowable on payment basis 1.46 2.14 (0.68) (0.34) (g) Interest accrued and remaining unpaid at the end of each of the year to suppliers under MSMED Act 0.06 0.02
4YMJWNYJRXLN[NSLWNXJYTYJRUTWFWÎNKKJWJSHJX 30.17 34.60 (4.43) (7.56)
Accelerated depreciation for tax purposes (81.11) (81.01) (0.10) 19.82 9MJNSKTWRFYNTSMFXGJJSLN[JSNSWJXUJHYTKXZHM[JSITWXYTYMJJ]YJSYYMJ^HTZQIGJNIJSYNÁJIFXRNHWTFSIXRFQQJSYJWUWNXJXTSYMJGFXNXTKNSKTWRFYNTS
Finance lease - - - (1.71) available with the Company.
Service concession arrangements - - - (0.45)
Fair valuation of property, plant and equipment (PP&E) (196.38) (204.82) 8.44 6.02
Impairment of loan 3.88 3.88 - -
Provision for loss allowance 17.45 18.63 (1.18) (2.11)
Minimum alternate tax 11.83 11.83 - 11.83
Unabsorbed losses and Unabsorbed depreciation 200.56 - (18.99) -
Deferred tax asset / (liability) (12.14) (214.75)
Tax on exceptional items 219.55 -
Net (income) / expense 202.61 25.50
Reconciliation of deferred tax assets / (liabilities) net:
As at As at
31-03-2018 31-03-2017
4UJSNSLGFQFSHJFXTSXY&UWNQ (214.75) (240.25)
9F]NSHTRJ J]UJSXJIZWNSLYMJUJWNTIWJHTLSNXJINSUWTÁYTWQTXX (46.51) 13.67
9F]NSHTRJ J]UJSXJIZWNSLYMJUJWNTIWJHTLSNXJINSUWTÁYTWQTXXKWTRINXHTSYNSZJITUJWFYNTSX 27.53 -
)JKJWWJIYF]TS4YMJW(TRUMWJSXN[J.SHTRJ 2.04 -
Unabsorbed losses and Unabsorbed depreciation 219.55 -
Deferred Tax - Minimum alternate tax - 11.83
Closing balance (12.14) (214.75)
152 153
` crore ` crore
28. SHORT-TERM PROVISIONS (Contd.)

As at 31-03-2018 As at 31-03-2017 Note:
26. CURRENT-OTHER FINANCIAL LIABILITIES Disclosures as required by Indian Accounting Standard (Ind AS) 37 Provisions, Contingent Liabilities and Contingent Assets:
Current maturities of long- term debts 263.92 119.74 (1) Movement in provisions:
.SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSXKWTR8YFYJ,T[JWSRJSY 0.12 0.12
Excise duty / Customs duty /
Interest accrued but not due on borrowings 6.90 5.39 Warranties Sales tax / VAT
Nature of provisions Service tax
Due to related parties: 2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
Due to subsidiaries (Refer note 48) 4.80 5.07 Carrying amount at the beginning of the year* 44.44 40.63 8.32 11.93 3.50 3.50
Investor Education and Protection Fund: (Refer note below) Amount transferred due to demerger - 0.94 - - - -
Unclaimed dividend 0.98 1.27
Additional provision made during the year # 22.19 13.61 1.08 - - -
Security deposits 8.48 7.47
Amounts used during the year 1.50 - - - - -
Due to directors 2.54 4.32
Unused amounts reversed during the year # 6.05 8.86 0.59 3.61 1.83 -
Financial guarantee obligations 65.35 78.74
Carrying amount at the end of the year* 59.08 44.44 8.81 8.32 1.67 3.50
Derivative Instruments 11.85 -
Other payables:
1NVZNIFYJIIFRFLJX 4YMJWQNYNLFYNTSHQFNRX Total
Employee dues 13.08 13.61 Nature of provisions
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
4YMJWX 33.57 19.63 Carrying amount at the beginning of the year* 7.69 7.69 6.28 4.24 70.23 67.99
46.65 33.24
Amount transfered due to demerger - - - - - 0.94
411.59 255.36
Additional provision made during the year # - - 28.57 4.97 51.84 18.58
Amounts used during the year - - - - 1.50 -

Note:
There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at 31st March, 2018 and 31st March, 2017. Unused amounts reversed during the year # - - 0.50 2.93 8.97 15.40
Carrying amount at the end of the year* 7.69 7.69 34.35 6.28 111.60 70.23
# Additional provision made during the year and reversal of unused amount are included in the respective head of accounts.
As at 31-03-2018 As at 31-03-2017
* Carrying amounts comprise of non-current and current provisions.
27. OTHER CURRENT LIABILITIES
220.61 236.28 (2) Nature of provisions:
Advances from customers
16.68 24.18 (a) Product Warranties: The Company gives warranties on certain products and services in the nature of repairs / replacement, which fail to perform satisfactorily
Due to customers
IZWNSLYMJ\FWWFSYÛJWNTI5WT[NXNTSRFIJWJUWJXJSYXYMJFRTZSYTKYMJJ]UJHYJIHTXYTKRJJYNSLXZHMTGQNLFYNTSTSFHHTZSYTKWJHYNÁHFYNTSWJUQFHJRJSY
Balance with banks overdrawn as per books - 0.71
9MJYNRNSLTKTZYÂT\XNXJ]UJHYJIYTGJ\NYMNSFUJWNTITKY\T^JFWX
Other payables:
(b) Provision for sales tax / VAT represents liability on account of non-collection of declaration forms and other legal matters which are in appeal under the Act / Rules.
Statutory dues 14.83 5.98
(c) Provision for excise duty / custom duty / service tax represents the differential duty liability that is expected to materialise in respect of matters in appeal.
4YMJWX 21.50 18.82
36.33 24.80 (d) Provision for liquidated damages has been made on contracts for which delivery dates are exceeded and computed in reasonable and prudent manner.
273.62 285.97 (e) Provision for litigation related obligations represents liabilities that are expected to materialise in respect of matters in appeal.
As at As at
31-03-2018 31-03-2017
28. SHORT-TERM PROVISIONS

Provision for gratuity 7.68 10.01
5WT[NXNTSKTWUTXYWJYNWJRJSYRJINHFQGJSJÁY 0.39 1.44
Provision for leave encashment 2.48 3.14
4YMJWUWT[NXNTSX 7JKJWSTYJGJQT\ 90.57 54.16
101.12 68.75
154 155
` crore ` crore
2017-18 2016-17 2017-18 2016-17

29. REVENUE FROM OPERATIONS 32. PURCHASES OF STOCK-IN-TRADE
Sale of products 4863.64 4379.10 Purchases of stock-in-trade 46.65 225.12

46.65 225.12
Sale of services 43.03 46.43
Construction contracts 172.74 335.90
5079.41 4761.43 2017-18 2016-17

33. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND
STOCK-IN-TRADE
*OHUNLZPUPU]LU[VYPLZVMÂUPZOLKNVVKZHUK^VYRPUWYVNYLZZ!
2017-18 2016-17 Closing stock:
CONTRACTS IN PROGRESS Finished goods 40.45 121.63
Contract revenue recognised for the year 172.74 335.90 Work-in-progress 191.65 201.31
&LLWJLFYJFRTZSYTKHTXYXNSHZWWJIFSIWJHTLSNXJIUWTÁYX QJXXWJHTLSNXJIQTXXJXYTIFYJ 1916.37 2374.61 232.10 322.94

Opening stock:
Amount of customer advances outstanding for contracts in progress as at the reporting date 8.72 28.37
Finished goods 121.63 43.25
Retention amount due from customer for contract in progress as at the reporting date 98.29 122.61
Work-in-progress 201.31 199.89
322.94 243.14
90.84 (79.80)
2017-18 2016-17
Changes in inventories of stock-in-trade:
30. OTHER INCOME
Closing stock:
Interest income:
Stock-in-trade 0.60 88.83
Subsidiaries (Refer note 48) 159.16 129.45 Opening stock:
4YMJWX 21.05 39.12 Stock-in-trade 88.83 0.51
Dividend income: 88.23 (88.32)

179.07 (168.12)
Subsidiaries 0.38 0.38
,FNSTSXFQJTKNS[JXYRJSYX SJY 0.41 2.52
Exchange gain (net) 3.74 4.98 2017-18 2016-17
+FNW[FQZJLFNSTSÁSFSHNFQNSXYWZRJSYXFYKFNW[FQZJYMWTZLMUWTÁYTWQTXX 0.00 4.69 34. EMPLOYEE BENEFITS EXPENSE

Salaries, wages and bonus 326.32 307.52
Other non-operating income:
Contribution to provident and other funds 20.51 19.88
Income from business service centers 1.21 0.70
5TXYWJYNWJRJSYRJINHFQGJSJÁYX (14.37) 2.81
5WTÁYTSXFQJTKUWTUJWYÛQFSYFSIJVZNURJSY SJY - 4.41
Staff welfare expenses 30.98 28.11
Miscellaneous income 12.13 14.16 363.44 358.32
198.08 200.41
2017-18 2016-17
2017-18 2016-17 35. FINANCE COSTS
31. COST OF MATERIALS CONSUMED Interest on loans 213.98 163.83
4UJSNSLXYTHP 335.78 146.43 213.98 163.83
Add: Purchases 3157.58 3164.27
Less: Closing stock 176.98 335.78
3316.38 2974.92
2017-18 2016-17
Less: Scrap sales 78.87 50.30
36. DEPRECIATION AND AMORTISATION EXPENSE
3237.51 2924.62
Depreciation and amortisation expense (Refer note 5 and 6) 102.10 91.74
Add: Sub-contracting charges 215.48 220.09 102.10 91.74
3452.99 3144.71
156 157
` crore ` crore
2017-18 2016-17 2017-18 2016-17

37. OTHER EXPENSES 40. Expenses capitalised during the year:
Consumption of stores and spares 28.56 25.64 (a) Raw materials consumed 0.07 -
Power and fuel 40.26 41.04 (b) *RUQT^JJGJSJÁYXJ]UJSXJ 6.21 5.89
Rent 6.45 4.43 (c) 4YMJWJ]UJSXJX 7.17 5.12
Repairs to buildings 6.38 5.73 41. Value of imports (on C.I.F. basis):
Repairs to machinery 22.81 19.81 (a) Raw materials 406.03 482.02
Insurance 7.97 8.59
(b) Spare parts 4.39 4.45
Rates and taxes 14.79 14.49
(c) Capital goods 5.19 2.23
Freight and forwarding 83.51 74.86
42. Expenditure in foreign currency:
Packing materials 48.96 55.41
After sales services including warranties (a) Technical know-how fees 9.89 8.27
53.97 46.97
Sales promotion 53.78 26.17 (b) Professional charges 1.39 0.48
Directors' sitting fees 0.13 0.10 (c) Interest 7.20 2.86
Allowance for doubtful debts and advances 54.48 9.91 (d) Commission, travelling and others 49.43 27.61
Corporate social responsibility expenses 2.90 2.29 43. Earnings in foreign exchange:
1JLFQFSIUWTKJXXNTSFQHMFWLJX 48.71 41.32 (a) *]UTWYTKLTTIX TS+4'GFXNXNSHQZINSLIJJRJIJ]UTWYX` 43.10 crore; 755.65 669.46
Miscellaneous expenses (Refer note below) 119.98 108.05 (Previous year ` 49.15 crore)
593.64 484.81 (b) Service income 2.73 6.18
Note: (c) Interest 63.53 57.85
(d) 4YMJWX 80.36 72.93
2017-18 2016-17 44. Expenditure on research and development:
MISCELLANEOUS EXPENSES INCLUDES THE FOLLOWING: (a) Capital expenditure:
Auditors' remuneration (excluding service tax) Plant and equipments 0.28 0.01
Audit fees 0.85 1.08 +ZWSNYZWJFSIÁ]YZWJX 0.01 -
Tax audit fees 0.10 0.10 Vehicles 0.10 -
(JWYNÁHFYNTS\TWP 1.17 0.86 Intangible assets 0.17 -
4YMJWXJW[NHJX 0.04 0.01
Intangible assets under development 13.36 10.54
Expenses reimbursed 0.18 0.70
Sub-total (a) 13.92 10.55
2.34 2.75
(b) Revenue expenditure:
Raw materials consumed 1.18 0.82
As at As at *RUQT^JJGJSJÁYX 14.61 14.29
31-03-2018 31-03-2017
Depreciation and amortisation 16.22 14.19
38. CONTINGENT LIABILITIES AND COMMITMENTS
4YMJWJ]UJSXJX
A. Contingent liabilities: Consumption of stores and spares 0.14 0.17
(to the extent not provided for)
Power and fuel 0.21 0.16
(a) Claims against the Company not acknowledged as debts 7.25 9.01
Rent 0.10 0.08
(b) Sales tax / VAT liability that may arise in respect of matters in appeal 47.48 42.06
Repairs to buildings 0.00 0.01
(c) Excise duty / customs duty / service tax liability that may arise in respect of matters in appeal 6.25 6.35
Repairs to machinery 0.03 0.05
(d) Income tax liability that may arise in respect of matters in appeal preferred by the department 4.27 4.27 Insurance 0.09 0.00
B. Commitments: Rates and taxes 0.01 0.04
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 6.47 10.96 Miscellaneous expenses 3.64 4.87
Notes: Sub-total (b) 36.23 34.68
(a) The Company does not expect any reimbursement in respect of the above contingent liabilities. Total (a) + (b) 50.15 45.23
G .YNXSTYUWFHYNHFGQJYTJXYNRFYJYMJYNRNSLTKHFXMTZYÂT\XNKFS^NSWJXUJHYTKRFYYJWXFY FYT IFGT[JUJSINSLWJXTQZYNTSTKYMJFWGNYWFYNTSFUUJQQFYJ
proceedings.
39. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 17 LEASES

Operating lease commitments:
(i) Company as lessor:
The Company has not entered into operating leases.
(ii) Company as lessee:
The Company has taken various residential / commercial premises and plant and equipments under cancellable operating lease. These lease agreements are
normally renewed on expiry, wherever required.
158 159
` crore ` crore
46. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS (Contd.)
2017-18 2016-17 9MJ KTQQT\NSL YFGQJX XZRRFWNXJ YMJ HTRUTSJSYX TK SJY GJSJÁY J]UJSXJX WJHTLSNXJI NS YMJ XYFYJRJSY TK UWTÁY FSI QTXX FSI YMJ KZSIJI XYFYZX FSI FRTZSYX
45. COST OF MATERIALS CONSUMED recognised in the balance sheet for the respective plans:
Percentage Percentage
Post Retirement Medical
of total of total
,WFYZNY^ Benefits
Consumption ` crore Consumption ` crore
Raw materials and construction materials: 2017-18 2016-17 2017-18 2016-17
Imported 12.04 399.30 15.85 471.38 (Funded) (Funded) (Non-funded) (Non-funded)

Indigenous 87.96 2917.08 84.15 2503.54 I *OHUNLPUWYLZLU[]HS\LVMKLÂULKILULÂ[VISPNH[PVUK\YPUN[OL`LHY
100.00 3316.38 100.00 2974.92 1 5WJXJSY;FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJGJLNSSNSLTKYMJ^JFW 61.62 52.90 25.03 23.12
Spare parts: 2 Interest cost 4.71 4.34 1.89 1.92
Imported 9.70 2.76 7.85 2.01 3 Current service cost 3.47 3.05 1.03 0.89
Indigenous 90.30 25.68 92.15 23.60 4 Curtailment - - (17.29) -
100.00 28.44 100.00 25.61 5 Past service cost - - - -
1TTXJYTTQX 6 1NFGNQNY^YWFSXKJWWJITZYIN[JXYRJSY - (0.67) - (0.74)
Indigenous 100.00 0.12 100.00 0.03 7 'JSJÁYXUFNIINWJHYQ^G^JRUQT^JW (1.93) (0.92) (0.51) (1.64)
100.00 0.12 100.00 0.03 8 'JSJÁYXUFNI (7.26) (8.75) - -
9 Actuarial changes arising from changes in demographic assumptions - - - -
10 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSÁSFSHNFQFXXZRUYNTSX (0.87) 1.77 (0.32) 4.47
Note: Disclosures reported in Notes 39 to 45 are with respect to continuing operations.
11 Actuarial changes arising from changes in experience adjustments 3.86 9.90 0.85 (2.99)
12 5WJXJSY;FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJJSITKYMJ^JFW 63.60 61.62 10.68 25.03
46. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS II Change in fair value of plan assets during the year
H +LÂULKJVU[YPI\[PVUWSHUZ! 1 Fair value of plan assets at the beginning of the year 51.61 36.86 NA NA
Amount of ` 16.27 crore (Previous year `HWTWJNXWJHTLSNXJIFXFSJ]UJSXJFSINSHQZIJINS*RUQT^JJGJSJÁYXJ]UJSXJFXZSIJWYMJKTQQT\NSLIJÁSJI 2 Interest income 3.94 3.03 NA NA
contribution plans: 3 Contributions paid by the employer 10.02 16.04 NA NA
4 'JSJÁYXUFNIKWTRYMJKZSI (7.26) (8.75) NA NA
2017-18 2016-17 5 Assets transferred out / divestments - (0.67) NA NA
Benefits (Contribution to): 6 Return on plan assets excluding interest income (2.39) 5.10 NA NA
Provident fund 11.31 10.99 7 Fair value of plan assets at the end of the year 55.92 51.61 NA NA
Superannuation fund 4.45 4.22 III Net asset / (liability) recognised in the balance sheet
Employee state insurance scheme 0.50 0.28 1 5WJXJSY[FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJJSITKYMJ^JFW (63.60) (61.62) (10.68) (25.03)
1FGTZW\JQKFWJXHMJRJ 0.01 0.02 2 Fair value of plan assets at the end of the year 55.92 51.61 - -
Total 16.27 15.51 3 Amount recognised in the balance sheet (7.68) (10.01) (10.68) (25.03)
I +LÂULKILULÂ[WSHUZ! 4 Net (liability) / asset current (7.68) (10.01) (0.50) (1.64)
Net (liability) / asset non-current - - (10.18) (23.39)
Gratuity
IV ,_WLUZLZYLJVNUPZLKPU[OLZ[H[LTLU[VMWYVÂ[HUKSVZZMVY[OL`LHY
9MJ(TRUFSÛWT[NIJXKTWLWFYZNY^FIJÁSJIGJSJÁYWJYNWJRJSYUQFSHT[JWNSLJQNLNGQJJRUQT^JJX9MJ,WFYZNY^5QFSUWT[NIJXFQZRUXZRUF^RJSYYT[JXYJI
employees at retirement, death, incapacitation or termination of employment, of an amount equivalent to 15 to 30 days’ salary for each completed year of 1 Current service cost 3.47 3.05 1.03 0.89
service subject to a maximum of `HWTWJ;JXYNSLTHHZWXZUTSHTRUQJYNTSTKÁ[JHTSYNSZTZX^JFWXTKXJW[NHJNSFHHTWIFSHJ\NYM.SINFSQF\ 2 .SYJWJXYHTXYTSGJSJÁYTGQNLFYNTS SJY 0.77 1.32 1.89 1.92
9MJ(TRUFS^RFPJXFSSZFQHTSYWNGZYNTSXYTYMJ(WTRUYTS,WJF[JX1NRNYJI,WFYZNY^+ZSI\MNHMNXKZSIJIIJÁSJIGJSJÁYUQFSKTWVZFQNK^NSLJRUQT^JJX 3 Curtailment - - (17.29) -
9MJ'TFWITK9WZXYJJXNXWJXUTSXNGQJKTWYMJFIRNSNXYWFYNTSTKYMJUQFSFXXJYXFSIKTWYMJIJÁSNYNTSTKYMJNS[JXYRJSYXYWFYJL^ 4 9TYFQJ]UJSXJXNSHQZIJINSJRUQT^JJGJSJÁYXJ]UJSXJ 4.24 4.37 (14.37) 2.81

V Recognised in other comprehensive income for the year
7VZ[YL[PYLTLU[TLKPJHSILULÂ[
1 Actuarial changes arising from changes in demographic assumptions - - - -
5TXYWJYNWJRJSYRJINHFQGJSJÁYNSHQZIJXMTXUNYFQN_FYNTSHT[JWGJSJÁYXTS(JXXFYNTSTK*RUQT^RJSYKTWYMJ5TQNH^9MNXHT[JWNXFUUQNHFGQJTSQ^YTJRUQT^JJ 2 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSÁSFSHNFQFXXZRUYNTSX (0.87) 1.77 (0.32) 4.47
FSI XUTZXJ FX UJW YMJ QNRNYX XUJHNÁJI KTW YMJ QFXY LWFIJ \MNQJ NS JRUQT^RJSY 9MNX HT[JWFLJ ITJX STY KTWR UFWY TK JXXJSYNFQ YJWRX FSI HTSINYNTS TK
JRUQT^RJSYFSINXFGJSJÁYJ]YJSIJIG^YMJHTRUFS^FXFUFWYTKNYXXTHNFQGJSJÁYUTQNHNJX 3 Actuarial changes arising from changes in experience adjustments 3.86 9.90 0.85 (2.99)
4 Return on plan assets excluding interest income 2.39 (5.10) NA NA
The policies of Medical, Health and Hospitalization insurance are subject to change based on contemporary market trends and practices.
5 Recognised in other comprehensive income 5.38 6.57 0.53 1.48
VI 4H[\YP[`WYVÂSLVMKLÂULKILULÂ[VISPNH[PVU
1 Within the next 12 months (next annual reporting period) 9.20 12.69 0.81 1.88
2 Between 2 and 5 years 26.60 26.10 3.42 7.99
160 161
` crore ` crore
46. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS (Contd.) 46. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS (Contd.)
,WFYZNY^ Benefits 2017-18 2016-17
2017-18 2016-17 2017-18 2016-17 *]UJHYJIHTSYWNGZYNTSYTYMJIJÁSJIGJSJÁYUQFSKTWYMJSJ]YFSSZFQWJUTWYNSLUJWNTI 7.65 7.22
(Funded) (Funded) (Non-funded) (Non-funded)
Notes :
VII 8\HU[P[H[P]LZLUZP[P]P[`HUHS`ZPZMVYZPNUPÂJHU[HZZ\TW[PVUPZHZILSV^!
N 9MJFHYZFWNFQ[FQZFYNTSTKUQFSFXXJYXFSIYMJUWJXJSY[FQZJTKYMJIJÁSJIGJSJÁYTGQNLFYNTS\JWJHFWWNJITZYFYXY2FWHM9MJUWJXJSY[FQZJTK
1 0UJYLHZLKLJYLHZLPUWYLZLU[]HS\LVMKLÂULKILULÂ[ZVISPNH[PVUH[[OLLUKVM[OL`LHY YMJIJÁSJIGJSJÁYTGQNLFYNTSFSIYMJWJQFYJIHZWWJSYXJW[NHJHTXYFSIUFXYXJW[NHJHTXY\JWJRJFXZWJIZXNSLYMJ5WTOJHYJI:SNY(WJINY2JYMTI
(i) 4SJUJWHJSYFLJUTNSYNSHWJFXJNSINXHTZSYWFYJ (3.38) (3.03) (1.26) (2.57) NN )NXHTZSY WFYJ NX GFXJI TS YMJ UWJ[FNQNSL RFWPJY ^NJQIX TK .SINFS ,T[JWSRJSY XJHZWNYNJX FX FY YMJ GFQFSHJ XMJJY IFYJ KTW YMJ JXYNRFYJI YJWR TK YMJ
(ii) 4SJUJWHJSYFLJUTNSYIJHWJFXJNSINXHTZSYWFYJ 3.79 3.40 1.58 3.19 obligations.
(i) 4SJUJWHJSYFLJUTNSYNSHWJFXJNSWFYJTKXFQFW^.SHWJFXJ 3.90 3.49 NA NA (iii) The salary escalation rate is arrived after taking into consideration the seniority, the promotion and other relevant factors, such as, demand and supply
in employment market.
(ii) 4SJUJWHJSYFLJUTNSYIJHWJFXJNSWFYJTKXFQFW^.SHWJFXJ (3.53) (3.16) NA NA
(c) Provident Fund:
(i) 4SJUJWHJSYFLJUTNSYNSHWJFXJNSJRUQT^JJYZWST[JWWFYJ 1.05 0.86 NA NA
9MJ(TRUFS^RFPJXHTSYWNGZYNTSYT\FWIXUWT[NIJSYKZSIYT(WTRUYTS,WJF[JX1NRNYJI5WT[NIJSY+ZSI3T\MNHMNXFIRNSNXYJWJIG^YMJYWZXYJJX9MJ
(ii) 4SJUJWHJSYFLJUTNSYIJHWJFXJNSJRUQT^JJYZWST[JWWFYJ (1.17) (0.97) NA NA Rules of the Company’s Provident Fund administered by a trust, require that if the Board of the Trustees are unable to pay interest at the rate declared by
(i) 4SJUJWHJSYFLJUTNSYNSHWJFXJNSRJINHFQ.SÂFYNTSWFYJ NA NA 1.60 3.22 YMJ,T[JWSRJSYZSIJW5FWFTKYMJ*RUQT^JJX5WT[NIJSY+ZSI8HMJRJKTWYMJWJFXTSYMFYYMJWJYZWSTSNS[JXYRJSYNXQJXXKTWFS^TYMJWWJFXTS
YMJSYMJIJÁHNJSH^XMFQQGJRFIJLTTIG^YMJ(TRUFS^RFPNSLNSYJWJXYXMTWYKFQQFIJÁSJIGJSJÁYUQFS&HHTWINSLQ^YMJHTRUFS^MFXTGYFNSJIFHYZFWNFQ
(ii) 4SJUJWHJSYFLJUTNSYIJHWJFXJNSRJINHFQ.SÂFYNTSWFYJ NA NA (1.28) (2.60)
[FQZFYNTSFSIGFXJITSYMJGJQT\UWT[NIJIFXXZRUYNTSYMJWJNXSTIJÁHNJSH^FXFYYMJGFQFSHJXMJJYIFYJ-JSHJYMJQNFGNQNY^NXWJXYWNHYJIYT\FWIXRTSYMQ^
2 Sensitivity Analysis Method contributions only.
Sensitivity analysis is determined based on the expected movement in liability if the assumptions were not proved to be true on different count. As at As at
31-03-2018 31-03-2017
Post Retirement Medical Plan assets at period end, at fair value 319.18 312.16
,WFYZNY^ Benefits
As at As at As at As at 5WJXJSY[FQZJTKIJÁSJITGQNLFYNTSFYUJWNTIJSI 288.63 281.59
31-03-2018 31-03-2017 31-03-2018 31-03-2017
Assumptions used in determining the present value of obligation:
As at As at
VIII The major categories of plan assets as a percentage of total plan assets
31-03-2018 31-03-2017
Insurer managed funds 100% 100% NA NA Rate of Discounting 7.88% p.a. 7.64% p.a.
IX >LPNO[LKH]LYHNLK\YH[PVUVM[OLKLÂULKILULÂ[VISPNH[PVUPU`LHYZ 6 7 30 30 Mortality Rate Indian Indian
Assured Lives &XXZWJI1N[JX
X Actuarial assumptions Mortality Mortality
(2006-08) (2006-08)
1 Discount rate 7.88% p.a. 7.64% p.a. 7.76% p.a. 7.54% p.a. Ultimate Ultimate
2 Salary escalation 6.00% p.a. 6.00% p.a. NA NA Attrition Rate 4.00% p.a. 4.00% p.a.
for the next 1 for the next 1
year, 4.00% year, 4.00% ,ZFWFSYJJIWFYJTK.SYJWJXY 8.55% p.a. 8.65% p.a.
p.a. for the p.a. for the
Whilst in service withdrawal 5.00% p.a. 5.00% p.a.
next 2 years, next 2 years,
starting from starting from
the 2nd year, the 2nd year,
3.50% p.a. 3.50% p.a. 47. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 108 OPERATING SEGMENTS
thereafter, thereafter,
starting from starting from Operating Segments:
the 4th year the 4th year
Power Systems : Transformer, Switchgear and Turnkey Projects
3 Mortality rate during employment Indian Indian Assured Indian Indian Assured
Assured Lives 1N[JX2TWYFQNY^ Assured Lives 1N[JX2TWYFQNY^ Industrial Systems : Electric Motors, Alternators, Drives, Traction Electronics and SCADA
Mortality (2006-08) Mortality (2006-08)
(2006-08) Ultimate (2006-08) Ultimate 0KLU[PÂJH[PVUZVM:LNTLU[Z!
Ultimate Ultimate
The chief operational decision maker monitors the operating results of its Business Segments separately for the purpose of making decisions about resource
4 Mortality post retirement rate NA NA Indian Indian Assured FQQTHFYNTSFSIUJWKTWRFSHJFXXJXXRJSY8JLRJSYUJWKTWRFSHJNXJ[FQZFYJIGFXJITSUWTÁYTWQTXXFSINXRJFXZWJIHTSXNXYJSYQ^\NYMUWTÁYTWQTXXNSYMJÁSFSHNFQ
Assured Lives 1N[JX2TWYFQNY^ XYFYJRJSYX4UJWFYNSLXJLRJSYXMF[JGJJSNIJSYNÁJITSYMJGFXNXTKYMJSFYZWJTKUWTIZHYXXJW[NHJXFSIMF[JGJJSNIJSYNÁJIFXUJWYMJVZFSYNYFYN[JHWNYJWNF
Mortality (2006-08)
(2006-08) XUJHNÁJINSYMJ.SI&8
5 Rate of employee turnover 4.00%p.a. 4.00%p.a. 4.00%p.a. 4.00%p.a. Segment revenue and results:
6 2JINHFQUWJRNZRNSÂFYNTSWFYJ NA NA 2.00 % p.a. 2.00 % p.a. The expenses and incomes which are not directly attributable to any business segment are shown as unallocable expenditure (net of unallocated income).
Segment assets and liabilities:
Segment assets include all operating assets used by the operating segment and mainly consist of property plant and equipment, trade receivables, cash and cash
equivalents and inventories. Segment liabilities primarily include trade payables and other liabilities. Common assets and liabilities which cannot be allocated to
any of the segments are shown as a part of unallocable assets / liabilities.
Inter segment transfer:
.SYJWXJLRJSYUWNHJXFWJSTWRFQQ^SJLTYNFYJIFRTSLXYXJLRJSYX\NYMWJKJWJSHJYTYMJHTXYXRFWPJYUWNHJFSIGZXNSJXXWNXPX5WTÁYTWQTXXTSNSYJWXJLRJSY
transfers are eliminated at the Company level.
162 163
` crore ` crore
47. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 108 OPERATING SEGMENTS (Contd.) 47. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 108 OPERATING SEGMENTS (Contd.)
Summary of the Segmental Information as at and for the year ended 31st March, 2018 is as follows: Segment revenue by location of customers:
Eliminations /
Unallocable
Power Industrial Discontinued Expenditure / Particulars 2017-18 2016-17
Particulars Systems Systems 4UJWFYNTSX Assets* Total
Sales and service revenue:
Revenue
Domestic 4332.06 4104.23
*]YJWSFQXFQJX ,WTXX8FQJX 2742.49 2336.92 - - 5079.41
4[JWXJFX
Add : Inter segment sales 0.40 0.10 - (0.50) -
Asia 465.93 411.47
Total revenue 2742.89 2337.02 - (0.50) 5079.41
Africa 98.73 114.83
Segment results 184.98 186.65 - - 371.63
North America 80.36 36.98
Less: Finance costs 213.98
South America 44.21 37.27
Less: 4YMJWZSFQQTHFGQJJ]UJSINYZWJSJYTKZSFQQTHFGQJNSHTRJ (69.57)
Europe 55.72 52.93
7YVÂ[HM[LYÂUHUJLJVZ[I\[ILMVYLL_JLW[PVUHSP[LTZHUK[H_ 227.22
Exceptional items (net) (453.40) Australia 2.40 3.72
Tax expense 46.51 747.35 657.20
Loss from continuing operations after tax (272.69) Total 5079.41 4761.43
Loss from discontinued operations after tax (52.03)

Cost incurred on acquisition of tangible and intangible assets:
Loss for the year (324.72)
Capital Employed:
Particulars 2017-18 2016-17
Segment assets 2024.65 999.79 74.80 4316.20 7415.44
Domestic 169.31 41.91
Segment liabilities 915.07 553.16 0.88 361.65 1830.76
4[JWXJFX - -
Net Assets 1109.58 446.63 73.92 3954.55 5584.68
Total 169.31 41.91
Capital expenditure # 62.70 62.62 - 43.99 169.31
Depreciation and amortisation # 54.06 27.95 - 20.09 102.10
The carrying amount of non-current operating assets by location of assets:
Non-cash expenses other than depreciation # 55.17 5.64 - 7.00 67.81
As at As at
Summary of the Segmental Information as at and for the year ended 31st March, 2017 is as follows: Particulars 31-03-2018 31-03-2017
Eliminations / Domestic 1379.34 1318.43
Unallocable
Power Industrial Discontinued Expenditure / 4[JWXJFX - -
Particulars Systems Systems 4UJWFYNTSX Assets* Total
Total 1379.34 1318.43
Revenue
*]YJWSFQXFQJX ,WTXX8FQJX 2683.54 2077.89 - - 4761.43 Reconciliation of segment liabilities:
Add : Inter segment sales 0.51 0.11 - (0.62) -
As at As at
Total revenue 2684.05 2078.00 - (0.62) 4761.43
Particulars 31-03-2018 31-03-2017
Segment results 208.00 190.04 - - 398.04
1NFGNQNYNJXKWTRXJLRJSYX 1830.76 1643.40
1TSLYJWRGTWWT\NSLX 836.65 503.60
Less: 4YMJWZSFQQTHFGQJJ]UJSINYZWJSJYTKZSFQQTHFGQJNSHTRJ (22.62)
Deferred tax liabilities (net) 12.14 214.75
7YVÂ[HM[LYÂUHUJLJVZ[I\[ILMVYLL_JLW[PVUHSP[LTZHUK[H_ 256.83
Short-term borrowings 631.14 710.23
Exceptional items (net) (99.80)
Current maturities of long-term debt 264.04 119.86
Tax expense (net-off MAT credit) 10.81
Total 3574.73 3191.84
7YVÂ[MYVTJVU[PU\PUNVWLYH[PVUZHM[LY[H_ 146.22
Loss from discontinued operations after tax (21.76)
7YVÂ[MVY[OL`LHY 124.46
Capital Employed:
Segment assets 2265.25 965.13 160.63 4000.12 7391.13
Segment liabilities 949.08 405.64 0.98 287.70 1643.40
Net Assets 1316.17 559.49 159.65 3712.42 5747.73
Capital expenditure # 25.18 10.05 - 6.68 41.91
Depreciation and amortisation # 49.49 24.41 - 17.84 91.74
Non-cash expenses other than depreciation # 14.29 4.81 - - 19.10
* Unallocable assets comprise assets and liabilities which cannot be allocated to the segments. Deferred tax credit assets / liabilities are not considered in capital employed.
# The disclosure pertains to continuing business segments.
164 165
48. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 24 RELATED PARTY DISCLOSURES 48. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 24 RELATED PARTY DISCLOSURES (Contd.)
% Equity Interest (iv) Key Management Personnel:
Sr. Country of As at As at
No. Name of the Related Party Incorporation 31-03-2018 31-03-2017 ,FZYFR9MFUFW 3TS*]JHZYN[J)NWJHYTW(MFNWRFSFSI5WTRTYJW)NWJHYTW
(a) List of related parties 033JJQPFSY *]JHZYN[J)NWJHYTW(*42FSFLNSL)NWJHYTW

(i) Subsidiaries: 2FIMF[&HMFW^F *]JHZYN[J)NWJHYTW+NSFSHJ(+4 HJFXJIYTGJ(+4*]JHZYN[J)NWJHYTW\JKYM&ZLZXY
1 (,5T\JW8TQZYNTSX1NRNYJI India 100.00 100.00 & ceased to be a Non-Executive Director w.e.f. 30th September, 2017)
2 (,55.&IMJXN[J5WTIZHYX1NRNYJI India 81.42 81.42 2FSTO0TZQ (TRUFS^8JHWJYFW^ HJFXJI\JKWI&ZLZXY
3 (,5T\JW*VZNURJSYX1NRNYJI India 100.00 100.00 ;7;JSPFYJXM (MNJK+NSFSHNFQ4KÁHJW FUUTNSYJI\JKYM&ZLZXY
(formerlyPST\SFX(WTRUYTS,WJF[JX(TSXZRJW5WTIZHYX1NRNYJI
4 (,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI Singapore 100.00 100.00 8MNPMF0FUFINF (TRUFS^8JHWJYFW^FSI(TRUQNFSHJ4KÁHJW FUUTNSYJI\JKYM+JGWZFW^
5 (WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF8IS'MI Malaysia 100.00 100.00 4RPFW,TX\FRN 3TS*]JHZYN[J)NWJHYTW

6 (,.SYJWSFYNTSFQ'; The Netherlands 100.00 100.00 8 B. Hariharan - Non-Executive Director
7 (,-TQINSLX'JQLNZR3; Belgium 100.00 100.00 8FSOF^1FGWTT 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW
8 (,5T\JW8^XYJRX'JQLNZR3; Belgium 100.00 100.00
10 Valentin Von Massow - Non-Executive Director and Independent Director
9 (,5T\JW8^XYJRX.WJQFSI1NRNYJI Ireland 100.00 100.00
11 Ramni Nirula - Non-Executive Director and Independent Director
10 59(,5T\JW8^XYJRX.SITSJXNF Indonesia 95.00 95.00
12 Shirish Apte - Non-Executive Director and Independent Director (ceased to be a Director w.e.f. 1st April, 2017)
11 (,8FQJX3JY\TWPX+WFSHJ8& France 99.70 99.70
12 (,5T\JW8TQZYNTSX8FZIN&WFGNF1NRNYJI Saudi Arabia 51.00 51.00 /NYJSIWF'FQFPWNXMSFS 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW FUUTNSYJI\JKSI2F^
13 (,*QJHYWNH8^XYJRX-ZSLFW^?WY Hungary 100.00 100.00 &XMNXM,ZMF 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW FUUTNSYJI\JKYM3T[JRGJW

14 (,5T\JW8TQZYNTSX:01NRNYJI :SNYJI0NSLITR 100.00 100.00
(v) Other Related Parties in which directors are interested:
15 (,5T\JW8^XYJRX(FSFIF.SH Canada 100.00 100.00
'FQQFWUZW.SIZXYWNJX1NRNYJI
16 (,,FS_,JSJWFYTWFSI2TYTW1NRNYJI1NFGNQNY^(TRUFS^ Hungary 100.00 100.00
(formerlyPST\SFX(,-TQINSLX-ZSLFW^0KY 8TQFWNX(MJR9JHM.SIZXYWNJX1NRNYJI
17 (,8JW[NHJ8^XYJRX+WFSHJ8&8 France 100.00 100.00 '.19,WFUMNH5FUJW5WTIZHYX1NRNYJI
18 (,.SIZXYWNFQ-TQINSLX8\JIJS&' Sweden 100.00 100.00
&[FSYMF-TQINSLX1NRNYJI JSYNY^\NYMXNLSNÁHFSYNSÂZJSHJT[JWYMJ(TRUFS^
19 (,)WN[JXFSI&ZYTRFYNTS8\JIJS&' Sweden 100.00 100.00
&[FSYMF'ZXNSJXX8TQZYNTSX1NRNYJI
20 (,)WN[JXFSI&ZYTRFYNTSX,JWRFS^,RG- ,JWRFS^ 100.00 100.00
&[FSYMF7JFQY^1NRNYJI
21 (,)WN[JXFSI&ZYTRFYNTS3JYMJWQFSIX'; The Netherlands 100.00 100.00
22 (,2NIIQJ*FXY+?* UAE 100.00 100.00 &XFMN.SINF,QFXX1NRNYJI
23 2NHWTXTQ1NRNYJI HJFXJI\JKYM&UWNQ Ireland - 100.00 (WTRUYTS,WJF[JX(TSXZRJW*QJHYWNHFQX1NRNYJI HJFXJI\JKYM&ZLZXY

24 (,-TQINSLX&RJWNHFX11( USA 100.00 100.00 9 Avantha Foundation
25 6*.11( USA 100.00 100.00 9MJWRF]1NRNYJI HJFXJI\JKYM2F^
26 (,5T\JW&RJWNHFX11( USA 100.00 100.00
;FWZS5WFPFXMFS5WN[FYJ1NRNYJI
27 (,8TQZYNTSX&RJWNHFX11( USA 100.00 100.00
0TWGF<JXY5T\JW(TRUFS^1NRNYJI
28 (,5T\JW:8&.SH HJFXJI\JKXY/ZQ^ USA - 100.00
/MFGZF5T\JW1NRNYJI
29 ?.;&ZYTRFYNTS.SINF1NRNYJI IJRJWLJI\JKYM2FWHM India - -
30 ?.;,WNI&ZYTRFYNTS81: HJFXJI\JKYM2FWHM Spain - - &[FSYMF5T\JW.SKWFXYWZHYZWJ1NRNYJI
(ii) Associates:
1 (,.SYJWSFYNTSFQ';97(TSY5[Y(T11( Sharjah 49.00 49.00

(formerly5FZ\JQX2NIIQJ*FXY9WFINSL(TSYWFHYNSL 5[Y(T11(
2 8FZIN5T\JW9WFSXKTWRJWX(TRUFS^1NRNYJI INXNS[JXYJI\JKYM4HYTGJW Saudi Arabia - 49.00
3 00*QÁ/FUFS /FUFS 40.00 40.00
(iii) Joint Venture:
1 PT Crompton Prima Switchgear Indonesia Indonesia 51.00 51.00
166 167
` crore ` crore
48. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 24 RELATED PARTY DISCLOSURES (Contd.) 48. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 24 RELATED PARTY DISCLOSURES (Contd.)
(b) The following transactions were carried out with the related parties in the ordinary course of business: (b) The following transactions were carried out with the related parties in the ordinary course of business (Contd.)
Sr. Sr.
No. Nature of transaction / relationship 2017-18 2016-17 No. Nature of transaction / relationship 2017-18 2016-17
1 Purchase of goods and services 8 Guarantee fee
Subsidiaries Subsidiaries
(,55.&IMJXN[J5WTIZHYX1NRNYJI 3.93 1.55 (,5T\JW8TQZYNTSX1NRNYJI 3.39 1.54
(WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF8IS'MI - 0.07
(,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI 2.45 -
(,5T\JW8^XYJRX'JQLNZR3; 4.11 -
(,.SYJWSFYNTSFQ'; 44.69 42.97
(,*QJHYWNH8^XYJRX-ZSLFW^?WY 1.78 13.53
59(,5T\JW8^XYJRX.SITSJXNF 2.44 -
(,)WN[JXFSI&ZYTRFYNTS8\JIJS&' 0.97 1.70
?.;,WNI&ZYTRFYNTS81: - 0.12 Total 52.97 44.51
Total 10.79 16.97 9 Interest income

2 Sales of goods and services Subsidiaries
Subsidiaries (,5T\JW8TQZYNTSX1NRNYJI 95.63 62.17
(,55.&IMJXN[J5WTIZHYX1NRNYJI - 0.00 (,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI 0.05 0.04
(WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF8IS'MI 0.22 0.08
(,-TQINSLX'JQLNZR3; 2.90 -
Joint Venture
59(,5T\JW8^XYJRX.SITSJXNF 0.55 2.40
PT Crompton Prima Switchgear Indonesia - 0.29
(,8FQJX3JY\TWPX+WFSHJ8& 0.00 5.11
(,*QJHYWNH8^XYJRX-ZSLFW^?WY 0.03 0.00 Total 159.16 129.74
(,)WN[JX&ZYTRFYNTS8\JIJS&' 11.85 9.02 10 Other income
(,)WN[JXFSI&ZYTRFYNTSX,JWRFS^,RG- 3.83 2.56 Subsidiary
(,)WN[JX&ZYTRFYNTS3JYMJWQFSI 0.02 -
(,)WN[JX&ZYTRFYNTS8\JIJS&' 0.27 -
(,5T\JW&RJWNHFX11( 9.23 -
Other Related Party
(,5T\JW:8&.SH - 15.20
(WTRUYTS,WJF[JX(TSXZRJW*QJHYWNHFQX1NRNYJI - 6.97
Other Related Parties
Total 0.27 6.97
'.19,WFUMNH5FUJW5WTIZHYX1NRNYJI 0.04 -
&XFMN.SINF,QFXX1NRNYJI 0.07 0.01 11 Payment of salaries, commission and perquisites
(WTRUYTS,WJF[JX(TSXZRJW*QJHYWNHFQX1NRNYJI - 11.61 Key Management Personnel
9MJWRF]1NRNYJI - 0.05 ,FZYFR9MFUFW - 0.06
0TWGF<JXY5T\JW(TRUFS^1NRNYJI 0.03 0.54 033JJQPFSY 4.52 5.02
/MFGZF5T\JW1NRNYJI - 0.14 Madhav Acharya* 2.01 5.05
Total 28.77 46.72 V. R. Venkatesh* 2.73 -
3 Subscription to equity shares 4RPFW,TX\FRN - 0.17
Subsidiary B. Hariharan - 0.17
?.;&ZYTRFYNTS.SINF1NRNYJI - 30.85 8FSOF^1FGWTT - 0.14
Total - 30.85 Valentin Von Massow - 0.39
Shirish Apte - 0.35
4 Investment in financial guarantee
Ramni Nirula - 0.14
Joint Venture
Meher Pudumjee - 0.01
PT Crompton Prima Switchgear Indonesia - 1.15
8MNPMF0FUFINF 0.07 -
Total - 1.15
2FSTO0TZQ 0.36 0.56
5 Interest expenses Total 9.69 12.06
Subsidiary
12 Rent paid
(,55.&IMJXN[J5WTIZHYX1NRNYJI 0.42 0.48
Other Related Party
&[FSYMF7JFQY^1NRNYJI 2.19 2.04
;FWZS5WFPFXMFS5WN[FYJ1NRNYJI 0.50 -
/MFGZF5T\JW1NRNYJI 1.42 1.48
Total 0.92 0.48
Total 3.61 3.52
6 Dividend received
13 Commission Paid
Subsidiary
Subsidiary
(WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF8IS'MI 5.00 -
Total 0.38 0.38
Total 5.00 -
7 Liability / Amount written back
Subsidiary
(,*QJHYWNH8^XYJRX-ZSLFW^?WY 8.41 -
Total 8.41 -
168 169
` crore ` crore
(b) The following transactions were carried out with the related parties in the ordinary course of business (Contd.) (c) Amount due to / from related parties
Sr. Sr. As at As at
No. Nature of transaction / relationship 2017-18 2016-17 No. Nature of balance / relationship 31-03-2018 31-03-2017
14 Other expenses 1 Trade payable
Subsidiaries
Subsidiaries
(,5T\JW8TQZYNTSX1NRNYJI - 0.64
(,5T\JW8^XYJRX'JQLNZR3; 0.17 -
(WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF8IS'MI 0.47 0.07
59(,5T\JW8^XYJRX.SITSJXNF - 0.00
(,*QJHYWNH8^XYJRX-ZSLFW^?WY - 0.07 (,-TQINSLX'JQLNZR3; 4.45 0.26
(,)WN[JX&ZYTRFYNTS8\JIJS&' 0.03 - (,5T\JW8^XYJRX'JQLNZR3; 0.34 0.16

(,)WN[JX&ZYTRFYNTS,JWRFS^,RGM 0.03 - (,*QJHYWNH8^XYJRX-ZSLFW^?WY - 9.90
Other Related Parties (,5T\JW8^XYJRX(FSFIF.SH 0.04 0.04
&[FSYMF-TQINSLX1NRNYJI 79.77 44.28 (,)WN[JXFSI&ZYTRFYNTS8\JIJS&' 1.42 1.12
&[FSYMF'ZXNSJXX8TQZYNTSX1NRNYJI 0.03 - (,-TQINSLX&RJWNHFX11( 0.17 -
&[FSYMF7JFQY^1NRNYJI - 0.58
Avantha Foundation 0.05 0.65
(,5T\JW:8&.SH - 3.83
Total 80.73 46.94
&[FSYMF-TQINSLX1NRNYJI 0.01 -
15 Recovery of expenses &[FSYMF'ZXNSJXX8TQZYNTSX1NRNYJI - 0.03

Subsidiaries /MFGZF5T\JW1NRNYJI 1.47 -
(,.SYJWSFYNTSFQ'; 30.46 20.53 Total 14.09 16.35
Total 44.32 20.53
2 Trade receivable
Subsidiaries
16 Provision against advances
(WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF8IS'MI - 0.09
Subsidiary
(,-TQINSLX'JQLNZR3; 3.13 0.16
(,.SYJWSFYNTSFQ'; 105.00 -
105.00 - (,5T\JW8^XYJRX'JQLNZR3; 0.44 0.38
Total
(,8FQJX3JY\TWPX+WFSHJ8& - 1.24
17 Loans and advances given (net of repayments / conversion) during the year (,*QJHYWNH8^XYJRX-ZSLFW^?WY - 2.37
Subsidiaries (,5T\JW8^XYJRX(FSFIF.SH 0.03 0.03
(,5T\JW8TQZYNTSX1NRNYJI 118.77 68.69 (,)WN[JXFSI&ZYTRFYNTS8\JIJS&' 6.05 4.84
(,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI 2.49 0.69 (,)WN[JX&ZYTRFYNTS,JWRFS^,RG- 0.17 2.69
(WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF8IS'MI 0.00 -
(,-TQINSLX&RJWNHFX11( 0.13 -
(,.SYJWSFYNTSFQ'; (18.41) 349.98
(,5T\JW&RJWNHFX11( 13.23 -
(,-TQINSLX'JQLNZR3; (1.42) 0.46
(,8TQZYNTSX&RJWNHFX11( 0.25 -
(,5T\JW8^XYJRX'JQLNZR3; 0.42 1.01
59(,5T\JW8^XYJRX.SITSJXNF (,5T\JW:8&.SH - 13.65
0.07 -
(,*QJHYWNH8^XYJRX-ZSLFW^?WY (0.14) (5.11) Other Related Parties
(,.SIZXYWNFQ-TQINSLX8\JIJS&' 0.03 0.03 'FQQFWUZW.SIZXYWNJX1NRNYJI 0.23 0.23
(,)WN[JXFSI&ZYTRFYNTS8\JIJS&' 0.09 - 8TQFWNX(MJR9JHM.SIZXYWNJX1NRNYJI 0.01 0.11
Other Related Parties '.19,WFUMNH5FUJW5WTIZHYX1NRNYJI 3.57 3.55
&[FSYMF-TQINSLX1NRNYJI 14.23 6.14 &XFMN.SINF,QFXX1NRNYJI - 0.01
&[FSYMF7JFQY^1NRNYJI (2.33) 12.56
0TWGF<JXY5T\JW(TRUFS^1NRNYJI - 3.58
Total 113.80 434.45
7JRZSJWFYNTSITJXSTYNSHQZIJYMJUWT[NXNTSXRFIJKTWLWFYZNY^QJF[JFSIUTXYWJYNWJRJSYRJINHFQGJSJÁYXFXYMJ^FWJIJYJWRNSJITSFSFHYZFWNFQGFXNXKTWYMJ &[FSYMF5T\JWFSI.SKWFXYWZHYZWJ1NRNYJI - 0.00
Company as a whole.
Total 27.65 37.37
170 171
` crore ` crore
(c) Amount due to / from related parties (Contd.) (c) Amount due to / from related parties (Contd.)
Sr. As at As at Sr. As at As at
No. Nature of balance / relationship 31-03-2018 31-03-2017 No. Nature of balance / relationship 31-03-2018 31-03-2017
3 Conversion of loan into equity 8 Guarantees outstanding (utilized)
Subsidiary Subsidiaries
(,.SYJWSFYNTSFQ'; 644.68 - (,5T\JW8TQZYNTSX1NRNYJI - 179.00
Total 644.68 - (,.SYJWSFYNTSFQ'; 683.67 351.42
4 Loans and advances receivable (,)WN[JX&ZYTRFYNTS8\JIJS&' 21.01 -
Subsidiaries (,5T\JW:8&.SH - 229.41
(,5T\JW8TQZYNTSX1NRNYJI 378.21 259.44 59(,5T\JW8^XYJRX.SITSJXNF 97.00 -
(,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI 3.18 0.69 Joint Venture
(WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF8IS'MI 0.00 - PT Crompton Prima Switchgear Indonesia 28.40 23.88
(,.SYJWSFYNTSFQ'; 1150.31 1168.72 Total 1090.39 1031.76
(,-TQINSLX'JQLNZR3; - 1.42
(,5T\JW8^XYJRX'JQLNZR3; 7.65 7.23 (d) Compensation of key management personnel of the Company
(,*QJHYWNH8^XYJRX-ZSLFW^?WY - 0.14 Nature of transaction / relationship 2017-18 2016-17
(,.SIZXYWNFQ-TQINSLX8\JIJS&' 0.06 0.03 Short-term employee benefits 9.49 10.38
(,)WN[JXFSI&ZYTRFYNTS8\JIJS&' 0.28 0.19 5TXYJRUQT^RJSYUJSXNTSUWT[NIJSYKZSIFSIRJINHFQGJSJÁYX 0.20 0.25
Other Related Parties (TRRNXXNTSFSITYMJWGJSJÁYXUFNIYTSTSJ]JHZYN[JNSIJUJSIJSYINWJHYTWX - 1.43
&[FSYMF-TQINSLX1NRNYJI 116.93 102.70 Total compensation paid to key management personnel 9.69 12.06
&[FSYMF7JFQY^1NRNYJI 10.23 12.56
Total 1666.92 1553.12 The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. This assessment is undertaken in each
ÁSFSHNFQ^JFWYMWTZLMJ]FRNSNSLYMJÁSFSHNFQUTXNYNTSTKYMJWJQFYJIUFWY^FSIYMJRFWPJYNS\MNHMYMJWJQFYJIUFWY^TUJWFYJX4ZYXYFSINSLGFQFSHJXFYYMJ
year-end are unsecured and settlement occurs in cash.
5 Financial guarantee fees receivable
Subsidiaries
Total 64.78 77.88
6 Loans and advances payable

Subsidiaries
(,-TQINSLX'JQLNZR3; 0.71 -
(,*QJHYWNH8^XYJRX-ZSLFW^?WY - 0.01
(,)WN[JXFSI&ZYTRFYNTS8\JIJS&' 0.01 0.01
(,-TQINSLX&RJWNHFX11( 0.08 -
(,8TQZYNTSX&RJWNHFX11( 0.77 -
(,5T\JW:8&.SH - 5.05
Other Related Party
8TQFWNX(MJR9JHM.SIZXYWNJX1NRNYJI - 0.10
Total 4.80 5.17
7 Due to Key Management Personnel

,FZYFR9MFUFW - 0.04
033JJQPFSY 2.54 1.77
Madhav Acharya - 1.22
4RPFW,TX\FRN - 0.16
B. Hariharan - 0.16
8FSOF^1FGWTT - 0.12
Valentin Von Massow - 0.38
Shirish Apte - 0.34
Ramni Nirula - 0.12
Total 2.54 4.32
172 173
` crore ` crore
49. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 105 NON-CURRENT ASSETS HELD FOR SALE AND 49. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 105 NON-CURRENT ASSETS HELD FOR SALE AND
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Contd.)
Power Distribution The major classes of assets and liabilities of the discontinued operations are as under:
4S XY /ZSJ YMJ (TRUFS^ MFI JSYJWJI NSYT 5T\JW )NXYWNGZYNTS +WFSHMNXJ &LWJJRJSY ·)+&¸ \NYM 2FMFWFXMYWF 8YFYJ *QJHYWNHNY^ )NXYWNGZYNTS (TRUFS^
1NRNYJI ·28*)(1¸KTWINXYWNGZYNTSTKUT\JWNS/FQLFTSWJLNTSTK2FMFWFXMYWF.SINF As at As at
31-03-2018 31-03-2017
&XUJWYMJYJWRXTKYMJFWWFSLJRJSYXYMJ(TRUFS^MFITGYFNSJIYMJWNLMY ·KWFSHMNXJ¸YTINXYWNGZYJYMJJQJHYWNHNY^KTWYMJUJWNTITK^JFWXYTYMJUZGQNHFYQFWLJ
28*)(1XMFQQXZUUQ^XFQJJQJHYWNHNY^YTYMJ(TRUFS^FYWFYJUWJXHWNGJIZSIJWWJLZQFYTW^LZNIJQNSJX 2*7(INWJHYN[JXTSQTFIXMJIINSL9MJ(TRUFS^XMFQQ Power Power
distribute and supply the electricity at the tariff determined by the regulatory authorities. Distribution Distribution
The Company shall conduct normal maintenance activities of network and other assets to maintain uninterrupted service. The Company is a private operator and Assets
28*)(1NXF,T[JWSRJSYGTI^9MJ(TRUFS^ZSIJWYFPJXTGQNLFYNTSTKUZGQNHXJW[NHJLWFSYJIG^28*)(19MZXYMJFWWFSLJRJSYNXFUZGQNHYTUWN[FYJXJW[NHJ Property, plant and equipment - -
HTSHJXXNTS9MJJQJHYWNHNYÎNXYWNGZYNTSXJW[NHJNXYTYFQQ^WJLZQFYJIG^YMJ28*)(1TWTYMJW,T[JWSRJSYWJLZQFYTW^FZYMTWNYNJX
28*)(1MFILN[JSWNLMYYTYMJ(TRUFS^YTZXJNYXINXYWNGZYNTSFXXJYX\MNHM\NQQFQ\F^XGJQTSLYT28*)(1)ZWNSLYMJYJSZWJTKYMJFWWFSLJRJSYNKYMJ(TRUFS^ 4YMJWNSYFSLNGQJFXXJYX - -
NSHZWXFS^HFUNYFQJ]UJSINYZWJYMJXFRJXMFQQ[JXY\NYM28*)(1FYYMJJSITKYMJHTSYWFHY28*)(1XMFQQWJNRGZWXJYMJ(TRUFS^KTWYMJHFUNYFQJ]UJSINYZWJ Intangible assets under development - -
NSHZWWJIFYYMJYMJS[FQZJHFQHZQFYJIGFXJITSUWJIJYJWRNSJIIJUWJHNFYNTSWFYJ9MZX28*)(1HTSYWTQXXNLSNÁHFSYWJXNIZFQNSYJWJXYNSYMJHTSHJXXNTSFXXJYX
&HHTWINSLQ^YMJ(TRUFS^MFIFHTSYWFHYZFQWNLMYYTWJHJN[JHFXMKWTR28*)(1KTWYMJHFUNYFQJ]UJSINYZWJNSHZWWJI 3TSHZWWJSYÁSFSHNFQFXXJYXQTFSXTYMJWX - -
Therefore, the arrangement is a Service concession arrangement under Appendix A to Ind AS 11. The Company had a contractual right to receive the residual Inventories - 0.10
[FQZJTKYMJHFUNYFQJ]UJSINYZWJNSHZWWJIZSIJWYMJFWWFSLJRJSYFSIFHHTWINSLQ^\NQQWJHTLSNXJÁSFSHNFQFXXJY+ZWYMJWYMJ(TRUFS^MFIWNLMYYTHMFWLJYMJ
Trade receivables 74.80 130.90
consumers for the services and therefore, there was an intangible asset.
Cash and cash equivalents - 0.03
The revenues and losses in respect of Service Concession Arrangements recognised during the year are as follows:
(ZWWJSYÁSFSHNFQFXXJYXQTFSX - -
4YMJWHZWWJSYFXXJYX - 29.60
2017-18 2016-17 (ZZL[ZJSHZZPÂLKHZOLSKMVYZHSL( 74.80 160.63

Revenue from operations - - Liabilities
4YMJW.SHTRJ - - Trade payables 0.68 0.69
Total (A) - - 4YMJWHZWWJSYQNFGNQNYNJX 0.00 -
Expenses related to Power distribution business Provisions 0.20 0.29
Material Cost - - 3PHIPSP[PLZKPYLJ[S`HZZVJPH[LK^P[OHZZL[ZJSHZZPÂLKHZOLSKMVYZHSL) 0.88 0.98
4YMJWJ]UJSXJ 79.56 27.72 73.92 159.65
Net assets / (liabilities) directly associated with disposal group (A-B)
*RUQT^JJGJSJÁYXJ]UJSXJX - -
Amortisation of intangible assets - -
5L[JHZOÃV^ZH[[YPI\[HISL[V[OLVWLYH[PUNPU]LZ[PUNHUKÂUHUJPUNHJ[P]P[PLZVMKPZJVU[PU\LKVWLYH[PVUZ!
Total (B) 79.56 27.72
Loss before tax recognised during the period (C)= (A)-(B) (79.56) (27.72)
Cash Flows 2017-18 2016-17
Consequent to the certain unresolved disputes arising out of the Distribution Franchisee Agreement (DFA) of the Company with Maharashtra State Electricity
)NXYWNGZYNTS (TRUFS^ 1NRNYJI 28*)(1 FY /FQLFTS NS 2FMFWFXMYWF 28*)(1 MFI J]JWHNXJI NYX XYJU NS WNLMYX FSI YFPJS T[JW YMJ )NXYWNGZYNTS +WFSHMNXJJ NS 4UJWFYNSL 6.15 (29.71)
/FQLFTSKWTRYMJ(TRUFS^\NYMJKKJHYKWTRYM&ZLZXY&HHTWINSLQ^YMJ(TRUFS^MFXHQFXXNÁJI5T\JW)NXYWNGZYNTS8JLRJSYFXINXHTSYNSZJITUJWFYNTSX Investing - 24.46
.SWJXUJHYTKINXHTSYNSZJI)NXYWNGZYNTS+WFSHMNXJGZXNSJXX /FQLFTSYMJ(TRUFS^FSI2FMFWFXMYWF8YFYJ*QJHYWNHNY^)NXYWNGZYNTS(TRUFS^1NRNYJI 28*)(1 Financing - -
MF[JJSYJWJINSYTÁSFQXJYYQJRJSYTSYM+JGWZFW^'FXJITSYMJXFRJYMJ(TRUFS^MFX\WNYYJSTKKFRTZSYTK` 79.56 crore towards receivable from
28*)(1IZWNSLYMJ^JFWJSIJIXY2FWHMWJXUJHYN[JQ^\MNHMNXINXHQTXJIZSIJW)NXHTSYNSZJI4UJWFYNTSX9MJGFQFSHJTK` 74.80 crore is subject to
WJHJN[FGQJKWTR28*)(1FXFS\MJSYMJ28*)(1WJHJN[JXYMJIZJXKWTRYMJ(ZXYTRJWX
50. EXCEPTIONAL ITEMS
Automation Systems
The Board of Directors of the Company vide resolution dated 7th November, 2016, accepted an offer for the sale of Company’s B2B Automation business (Indian
GZXNSJXXKWTR&QKFSFW*QJHYWNH8^XYJRX(TRUFS^ µ&QKFSFW¶TKYMJ0NSLITRTK8FZIN&WFGNF&QKFSFWNXFRFOTWUQF^JWNSYMJJQJHYWNHFQRFSZKFHYZWNSLGZXNSJXX Particulars 2017-18 2016-17
including the manufacturing of electrical construction products as well as related engineering services.
Amount paid towards sales tax amnesty scheme - (9.12)
(TSXJVZJSYQ^(,NSHTWUTWFYJITSYM3T[JRGJWF\MTQQ^T\SJIXZGXNINFW^FXUJHNFQUZWUTXJ[JMNHQJ?.;&ZYTRFYNTS.SINF1NRNYJI µ?.;¶*KKJHYN[J
XY/FSZFW^YMJ(TRUFS^YWFSXKJWWJINYXFZYTRFYNTSGZXNSJXXNS.SINFYT?.;ZSIJWXQZRUXFQJFLWJJRJSYFLFNSXYXMFWJXNXXZJIG^?.; &RTZSYUFNIYT\FWIXÁSFQXJYYQJRJSYTKQNYNLFYNTSHQFNRX (27.94) (20.00)
Inventories, trade advances and unbilled dues from customers and exchange gain / (loss) (net of deferred tax) (320.46) (70.68)
8ZGXJVZJSYQ^TSYM2FWHM(,¸XJSYNWJNS[JXYRJSYNS?.;\FXXTQIYT&QKFSFWFY`HWTWJUZWXZFSYYTFSFLWJJRJSYGJY\JJS(,FSI&QKFSFW9MZX
?.;HJFXJIYTGJXZGXNINFW^HTRUFS^TK(,\JKYM2FWHM Amount written off against loan given to subsidiaries (105.00) -
Total (453.40) (99.80)
:[H[LTLU[VMWYVÂ[HUKSVZZVM[OLKPZJVU[PU\LKVWLYH[PVUZ:
2017-18 2016-17 51. EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR)
Power Automation Power The particulars of CSR expenditure are as follows:

Distribution Systems Distribution Total
F ,WTXXFRTZSYWJVZNWJIYTGJXUJSYG^YMJHTRUFSÎZWNSLYMJ^JFWNX` 5.02 crore* (Previous year ` 6.81 crore*)
Revenue from operations - 51.01 - 51.01
Expenses (net of other income) 79.56 49.41 27.72 77.13 (b) Amount spent during the year on:
5WTÁY QTXXGJKTWJYF] (79.56) 1.60 (27.72) (26.12)
Sr. Yet to be paid
Tax income / (expense) 27.53 (0.55) 9.59 9.04 No. Particulars In cash in cash Total
Total (52.03) 1.05 (18.13) (17.08) (i) Construction / acquisition of asset - - -
1TXXTSIJRJWLJWTK&ZYTRFYNTS'ZXNSJXX - (7.15) - (7.15)
(ii) 4SUZWUTXJXTYMJWYMFS NFGT[J 2.90 - 2.90
Tax income / (expense) - 2.47 - 2.47
Loss after tax from discontinued operations H 4ZYTKYMJFGT[JYMJ(TRUFS^MFXUFNI` 0.05 crore (Previous year ` 0.65 crore) to Avantha Foundation towards CSR activities.
(52.03) (3.63) (18.13) (21.76)
9MJUWTÁYFYYWNGZYFGQJYTYMJIJRJWLJIHTSXZRJWGZXNSJXXTKYMJ(TRUFS^MFXGJJSJ]HQZIJIYTFWWN[JFYYMJF[JWFLJSJYUWTÁYXTKYMJUFXYYMWJJÁSFSHNFQ^JFWX
for calculating the CSR obligation.
174 175
` crore ` crore
52. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS 52. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS (Contd.)
9MJKFNW[FQZJXTKYMJÁSFSHNFQFXXJYXFSIQNFGNQNYNJXFWJNSHQZIJIFYYMJFRTZSYFY\MNHMYMJNSXYWZRJSYHTZQIGJJ]HMFSLJINSFHZWWJSYYWFSXFHYNTSGJY\JJS\NQQNSL Carrying
parties, other than in a forced or liquidation sale. amount Fair value
The following methods and assumptions were used to estimate the fair values: As at
31-03-2017 1J[JQ 1J[JQ 1J[JQ
1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and
TYMJWÁSFSHNFQNSXYNYZYNTSXFUUWT]NRFYJYMJNWHFWW^NSLFRTZSYXQFWLJQÎZJYTYMJXMTWYYJWRRFYZWNYNJXTKYMJXJNSXYWZRJSYX Financial assets at amortised cost:
Trade receivables 1480.37 - - -
+NSFSHNFQNSXYWZRJSYX\NYMÁ]JIFSI[FWNFGQJNSYJWJXYWFYJXFWJJ[FQZFYJIG^YMJ(TRUFS^GFXJITSUFWFRJYJWXXZHMFXNSYJWJXYWFYJXFSINSIN[NIZFQHWJINY
worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables. Financial guarantee fees receivable 77.88 - - 77.88
1TFSXFSITYMJWWJHJN[FGQJX STSHZWWJSY 6.64 - - 6.64
9MJ(TRUFS^ZXJXYMJKTQQT\NSLMNJWFWHM^KTWIJYJWRNSNSLFSIINXHQTXNSLYMJKFNW[FQZJTKÁSFSHNFQNSXYWZRJSYXG^[FQZFYNTSYJHMSNVZJ
1TFSXFSITYMJWWJHJN[FGQJX HZWWJSY 1466.97 - - -
1J[JQ6ZTYJI ZSFIOZXYJIUWNHJXNSFHYN[JRFWPJYXKTWNIJSYNHFQFXXJYXTWQNFGNQNYNJX
Investments 0.44 0.44 - -
1J[JQ4YMJWYJHMSNVZJXKTW\MNHMFQQNSUZYX\MNHMMF[JFXNLSNÁHFSYJKKJHYTSYMJWJHTWIJIKFNW[FQZJFWJTGXJW[FGQJJNYMJWINWJHYQ^TWNSINWJHYQ^ Cash and bank balances 555.75 - - -
1J[JQ9JHMSNVZJX\MNHMZXJNSUZYXYMFYMF[JFXNLSNÁHFSYJKKJHYTSYMJWJHTWIJIKFNW[FQZJYMFYFWJSTYGFXJITSTGXJW[FGQJRFWPJYIFYF Bank deposits 149.03 - - -
4YMJWÁSFSHNFQWJHJN[FGQJX 7.96 - - -
Carrying Total 3745.04 0.44 - 84.52
amount Fair value -PUHUJPHSHZZL[ZH[MHPY]HS\L[OYV\NOWYVÂ[VYSVZZ!
As at Derivative instruments 16.29 - 16.29 -
31-03-2018 1J[JQ 1J[JQ 1J[JQ Investments 41.11 0.98 32.07 8.06
Financial assets at amortised cost: Total 57.40 0.98 48.36 8.06
Trade receivables 1719.88 - - - Financial assets at fair value through other comprehensive income:
Financial guarantee fees receivable 64.78 - - 64.78 Investments 151.80 - - 151.80
1TFSXFSITYMJWWJHJN[FGQJX STSHZWWJSY 6.87 - - 6.87 Total 151.80 - - 151.80
1TFSXFSITYMJWWJHJN[FGQJX HZWWJSY 1569.55 - - - Financial liabilities at amortised cost:
Investments 0.44 0.44 - - Interest-free sales tax deferral loans 0.12 - - -
Cash and bank balances 594.13 - - - 1TSLYJWRQTFSXKWTRGFSP 623.34 - 623.34 -
4YMJWÁSFSHNFQWJHJN[FGQJX 0.32 - - - Short-term loans from bank 710.23 - - -
Total 3955.97 0.44 - 71.65 Trade and other payables 1091.33 - - -
-PUHUJPHSHZZL[ZH[MHPY]HS\L[OYV\NOWYVÂ[VYSVZZ! 4YMJWÁSFSHNFQQNFGNQNYNJX STSHZWWJSY 1.10 - - 1.10
Investments 9.08 0.01 1.01 8.06 4YMJWÁSFSHNFQQNFGNQNYNJX HZWWJSY 135.50 - - -
Total 9.08 0.01 1.01 8.06 Total 2561.62 - 623.34 1.10
Financial assets at fair value through other comprehensive income:
)ZWNSLYMJWJUTWYNSLUJWNTIJSINSLXY2FWHMFSIXY2FWHMYMJWJ\JWJSTYWFSXKJWXGJY\JJS1J[JQFSI1J[JQKFNW[FQZJRJFXZWJRJSYX
Investments 121.80 - - 121.80
Total 121.80 - - 121.80 +LZJYPW[PVUVMZPNUPÂJHU[\UVIZLY]HISLPUW\[Z[V]HS\H[PVU!
Financial liabilities at amortised cost: 9MJKTQQT\NSLYFGQJXMT\XYMJ[FQZFYNTSYJHMSNVZJXFSINSUZYXZXJIKTWÁSFSHNFQNSXYWZRJSYX
Interest-free sales tax deferral loans 0.12 - - - As at As at
1TSLYJWRQTFSXKWTRGFSP 1100.57 - 1100.57 - 31-03-2018 31-03-2017
Short-term loans from bank 631.14 - - - Financial guarantee fees receivable )NXHTZSYJI(FXMÂT\RJYMTI
Trade and other payables 1252.83 - - - using risk adjusted discount
rate
4YMJWÁSFSHNFQQNFGNQNYNJX STSHZWWJSY 1.46 - - 1.46
1TFSXFSITYMJWWJHJN[FGQJX STSHZWWJSY )NXHTZSYJI(FXMÂT\RJYMTI
4YMJWÁSFSHNFQQNFGNQNYNJX HZWWJSY 147.55 - - - using risk adjusted discount
Total 3133.67 - 1100.57 1.46 rate
Investments )NXHTZSYJI(FXMÂT\RJYMTI
using risk adjusted discount
rate
Derivative Instruments Based on quotes from Banks &
Financial institutions
4YMJWÁSFSHNFQQNFGNQNYNJX STSHZWWJSY )NXHTZSYJI(FXMÂT\RJYMTI
using risk adjusted discount
rate
The following table shows a reconciliation from opening balance to closing balance of an investment recognised through other comprehensive income which is
HT[JWJIZSIJWKFNW[FQZJ1J[JQRJFXZWJRJSY
` crore
Balance as at 1-04-2016 198.62
Less : Fair value loss recognised in other comprehensive income 46.82
Balance as at 31-03-2017 151.80
Balance as at 31-03-2018 121.80
176 177
` crore ` crore
53. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 53. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)
9MJ(TRUFS^¸XÁSFSHNFQWNXPRFSFLJRJSYNXFSNSYJLWFQUFWYTKMT\YTUQFSFSIJ]JHZYJNYXGZXNSJXXXYWFYJLNJX9MJ(TRUFS^¸XÁSFSHNFQWNXPRFSFLJRJSYUTQNH^ Credit risk
is set by the Managing Board.
Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses
2FWPJYWNXPNXYMJWNXPTKQTXXTKKZYZWJJFWSNSLXKFNW[FQZJXTWKZYZWJHFXMÂT\XYMFYRF^WJXZQYKWTRFHMFSLJNSYMJUWNHJTKFÁSFSHNFQNSXYWZRJSY9MJ[FQZJTKF YMJ ÁSFSHNFQ WJQNFGNQNY^ TK HZXYTRJWX YFPNSL NSYT FHHTZSY YMJ ÁSFSHNFQ HTSINYNTS HZWWJSY JHTSTRNH YWJSIX FSI FSFQ^XNX TK MNXYTWNHFQ GFI IJGYX FSI FLJNSL TK
ÁSFSHNFQNSXYWZRJSYRF^HMFSLJFXFWJXZQYTKHMFSLJXNSYMJNSYJWJXYWFYJXKTWJNLSHZWWJSH^J]HMFSLJWFYJXJVZNYÛWNHJXFSITYMJWRFWPJYHMFSLJXYMFYFKKJHY
accounts receivable. Individual risk limits are set accordingly.
RFWPJYWNXPXJSXNYN[JNSXYWZRJSYX2FWPJYWNXPNXFYYWNGZYFGQJYTFQQRFWPJYWNXPXJSXNYN[JÁSFSHNFQNSXYWZRJSYXNSHQZINSLNS[JXYRJSYXFSIIJUTXNYXKTWJNLSHZWWJSH^
receivables, payables and loans and borrowings. 9MJ(TRUFS^HTSXNIJWXYMJUWTGFGNQNY^TKIJKFZQYZUTSNSNYNFQWJHTLSNYNTSTKFXXJYFSI\MJYMJWYMJWJMFXGJJSFXNLSNÁHFSYNSHWJFXJNSHWJINYWNXPTSFSTSLTNSL
The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk GFXNXYMWTZLMTZYJFHMWJUTWYNSLUJWNTI9TFXXJXX\MJYMJWYMJWJNXFXNLSNÁHFSYNSHWJFXJNSHWJINYWNXPYMJHTRUFS^HTRUFWJXYMJWNXPTKFIJKFZQYTHHZWWNSLTSYMJ
management. The corporate treasury department recommends risk management objectives and policies, which are approved by Senior Management and the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward looking information such
Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, as :
borrowing strategies, and ensuring compliance with market risk limits and policies. N &HYZFQTWJ]UJHYJIXNLSNÁHFSYFI[JWXJHMFSLJXNSGZXNSJXX
Interest rate risk
NN &HYZFQTWJ]UJHYJIXNLSNÁHFSYHMFSLJXNSYMJTUJWFYNSLWJXZQYXTKYMJHTZSYJWUFWY^
.SYJWJXYWFYJWNXPNXYMJWNXPYMFYYMJKFNW[FQZJTWKZYZWJHFXMÂT\XTKFÁSFSHNFQNSXYWZRJSY\NQQÂZHYZFYJGJHFZXJTKHMFSLJXNSRFWPJYNSYJWJXYWFYJX.STWIJWYT
NNN +NSFSHNFQTWJHTSTRNHHTSINYNTSXYMFYFWJJ]UJHYJIYTHFZXJFXNLSNÁHFSYHMFSLJYTYMJHTZSYJWUFWY^¸XFGNQNY^YTRJJYNYXTGQNLFYNTSX
optimize the Company’s position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive
HTWUTWFYJNSYJWJXYWFYJWNXPRFSFLJRJSYG^GFQFSHNSLYMJUWTUTWYNTSTKÁ]JIWFYJFSIÂTFYNSLWFYJÁSFSHNFQNSXYWZRJSYXNSNYXYTYFQUTWYKTQNT N[ 8NLSNÁHFSYNSHWJFXJNSHWJINYWNXPTSTYMJWÁSFSHNFQNSXYWZRJSYXTKYMJXFRJHTZSYJWUFWY^
Exposure to interest rate risk [ 8NLSNÁHFSYHMFSLJXNSYMJ[FQZJTKYMJHTQQFYJWFQXZUUTWYNSLYMJTGQNLFYNTSTWNSYMJVZFQNY^TKYMNWIUFWY^LZFWFSYJJXTWHWJINYJSMFSHJRJSYX
As at As at
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company.
Particulars 31-03-2018 31-03-2017
The company categorises a loan or receivable eligible for evaluation of expected credit losses when a debtor fails to make contractual payments greater than 2
Floating Rate borrowings 1131.75 665.24 years past due. In case the loans or receivables are written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due.
Interest rate sensitivity <MJWJWJHT[JWNJXFWJRFIJYMJXJFWJWJHTLSNXJINSUWTÁYTWQTXX
Exposure to credit risk As at As at

Particulars 2017-18 2016-17 31-03-2018 31-03-2017
25 bps increase - Decrease in profit (2.83) (1.66) Financial assets for which loss allowance is measured using 12 months Expected Credit Losses (ECL)
25 bps decrease - Increase in profit 2.83 1.66 .S[JXYRJSYXNS,T[JWSRJSYTWYWZXYXJHZWNYNJX 0.44 0.44
Foreign currency risk Investments in Debentures or bonds 8.05 8.05
The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign 4YMJWSTSHZWWJSYNS[JXYRJSYX 1.01 27.83
exchange risk through its sales and services in overseas and purchases from overseas suppliers in various foreign currencies.
1TSLYJWRQTFSXFSIFI[FSHJX 6.87 6.64
Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.
4YMJWQTSLYJWRÁSFSHNFQFXXJYX 19.55 46.89
The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows established risk management policies,
Cash and bank balances 594.13 555.75
including the use of derivatives like foreign exchange forward contracts to hedge exposure to foreign currency risk.
4YMJWXMTWYYJWRÁSFSHNFQFXXJYX 45.55 204.27
Foreign currency exposure as at 31st March, 2018 USD Euro /5> CHF 4YMJWX Total Short-term loans and advances 1569.55 1466.97
Trade receivables 225.98 14.51 - - 2.59 243.08

1TFSXFSITYMJWWJHJN[FGQJX 3.63 1149.85 - - - 1153.48 Financial assets for which loss allowance is measured using Life time Expected Credit Losses (ECL)
Trade payables (61.65) (31.97) (3.06) (4.07) (2.36) (103.11) Trade receivables 1822.13 1572.22
Forward contracts for receivable (0.09) - - - - (0.09)
Balances with banks is subject to low credit risks due to good credit ratings assigned to these banks.
Forward contracts for loan - (11.75) - - - (11.75)
The ageing analysis of the receivables (gross of provision) has been considered from the date the invoice falls due.
Foreign currency exposure as at 31st March, 2017 USD Euro /5> CHF 4YMJWX Total
Trade receivables 219.29 30.85 - - 3.19 253.33
As at 31-03-2018
1TFSXFSITYMJWWJHJN[FGQJX 1.15 1168.27 - - - 1169.42
Up to 3 months 1311.56
Bank balances in current accounts and term deposit accounts 0.15 - - - - 0.15
Trade payables (78.73) (32.43) (2.01) (1.23) (2.03) (116.43) 3 to 6 months 73.93
Forward contracts for receivable 7.99 - - - - 7.99 More than 6 months 436.64
Forward contracts for loan - 8.30 - - - 8.30 1822.13
Foreign currency sensitivity As at 31-03-2017

NSHWJFXJTWIJHWJFXJNSKTWJNLSJ]HMFSLJWFYJX\NQQMF[JYMJKTQQT\NSLNRUFHYTSUWTÁYGJKTWJYF] Up to 3 months 929.44
3 to 6 months 135.67
2017-18 2016-17
More than 6 months 507.11
Particulars 1 % Increase 1 % decrease 1 % Increase 1 % decrease
USD 1.22 (1.22) 0.12 (0.12) 1572.22
Euro 7.22 (7.22) 10.15 (10.15)

/5> (0.03) 0.03 (0.02) 0.02
CHF (0.04) 0.04 (0.01) 0.01
4YMJWX 0.00 (0.00) 0.01 (0.01)
Increase / (decrease) in profit or loss 8.37 (8.37) 10.25 (10.25)
178 179
` crore ` crore
53. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.) 54. DISCLOSURE AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 7 STATEMENT OF CASH FLOWS - CHANGES IN LIABILITIES
The following table summarizes the change in the loss allowances measured using life-time expected credit loss model: ARISING FROM FINANCING ACTIVITIES
Effect of
reclassification Finance cost
Cash of non-current charged
As at 1-04-2016 122.29 Particulars As at Inflows / portion to during the As at
1-04-2017 4ZYKQT\X current year 31-03-2018
Provided during the year 16.83
5VUJ\YYLU[ÂUHUJPHSSPHIPSP[PLZIVYYV^PUNZ!
Amounts written off (31.61)
Secured loans
Reversals of provision (8.81) Term loans from banks 390.41 519.62 (110.23) - 799.80
Transfer to discontinued operations (0.11) Unsecured loans
Unwinding of discount (6.74) Term loans from banks 113.19 77.35 (153.69) - 36.85
As at 31-03-2017 91.85 *\YYLU[ÂUHUJPHSSPHIPSP[PLZIVYYV^PUNZ!
Secured loans
Provided during the year 67.81 Term loans from banks, cash credit, packing credit, etc. 229.82 18.77 - - 248.59
Amounts written off (38.71) Unsecured loans
Reversals of provision (12.56) Working capital loan from banks:
Unwinding of discount (6.14) Demand loan 391.79 (98.95) - - 292.84
As at 31-03-2018 102.25 Supplier finance facility 88.62 1.09 - - 89.71
*\YYLU[V[OLYÂUHUJPHSSPHIPSP[PLZ!
3TXNLSNÁHFSYHMFSLJXNSJXYNRFYNTSYJHMSNVZJXTWFXXZRUYNTSX\JWJRFIJIZWNSLYMJWJUTWYNSLUJWNTI Current maturity of long-term borrowings 119.74 (119.74) 263.92 - 263.92
.SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSXKWTR8YFYJ,T[JWSRJSY 0.12 - - - 0.12
Liquidity risk Interest accrued but not due on borrowings 5.39 (212.47) - 213.98 6.90
1NVZNINY^WNXPNXIJÁSJIFXYMJWNXPYMFYYMJ(TRUFS^\NQQSTYGJFGQJYTXJYYQJTWRJJYNYXTGQNLFYNTSXTSYNRJTWFYFWJFXTSFGQJUWNHJ9MJ(TRUFS^¸XYWJFXZW^ Unclaimed dividend 1.27 (0.29) - - 0.98
department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior ;V[HSSPHIPSP[PLZMYVTÂUHUJPUNHJ[P]P[PLZ 1340.35 185.38 - 213.98 1739.71
RFSFLJRJSY2FSFLJRJSYRTSNYTWXYMJ(TRUFS^¸XSJYQNVZNINYÛTXNYNTSYMWTZLMWTQQNSLKTWJHFXYXTSYMJGFXNXTKJ]UJHYJIHFXMÂT\X
2FYZWNYÛWTÁQJTKÁSFSHNFQQNFGNQNYNJX
55. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 33 EARNINGS PER SHARE
9MJYFGQJGJQT\UWT[NIJXIJYFNQXWJLFWINSLYMJWJRFNSNSLHTSYWFHYZFQRFYZWNYNJXTKÁSFSHNFQQNFGNQNYNJXFYYMJWJUTWYNSLIFYJGFXJITSHTSYWFHYZFQZSINXHTZSYJI
payments. Particulars
2017-18 2016-17
1JXXYMFS 1 to 5 Face value of equity share ` 2.00 2.00
As at 31-03-2018 1 year years Total Weighted average number of equity shares outstanding Nos. 626746142 626746142
.SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSXKWTR8YFYJ,T[JWSRJSY 0.12 - 0.12 Profit / (loss) for the year (continuing operations) ` crore (272.69) 146.22
Weighted average earnings per share (basic and diluted) ` (4.35) 2.33
Deposits payable - 1.46 1.46
1TXXKTWYMJ^JFW INXHTSYNSZJITUJWFYNTSX ` crore (52.03) (21.76)
1TSLYJWRGTWWT\NSLX 263.92 867.83 1131.75
Weighted average earnings per share (basic and diluted) ` (0.83) (0.34)
Short-term borrowings 631.14 - 631.14 Profit / (loss) for the year (total operations) ` crore (324.72) 124.46
Trade payables 1252.83 - 1252.83 Weighted average earnings per share (basic and diluted) ` (5.18) 1.99
4YMJWÁSFSHNFQQNFGNQNYNJX 147.55 - 147.55
56. PARTICULARS IN RESPECT OF LOANS AND ADVANCES IN THE NATURE OF LOANS AS REQUIRED BY REGULATION 53(F) READ WITH
1JXXYMFS 1 to 5 PARA A OF SCHEDULE V OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
As at 31-03-2017 1 year years Total
.SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSXKWTR8YFYJ,T[JWSRJSY 0.12 - 0.12
Balance as at Maximum outstanding during
Deposits payable - 1.10 1.10
Name of the Company 31-03-2018 31-03-2017 2017-18 2016-17
1TSLYJWRGTWWT\NSLX 119.74 545.50 665.24
(a) Principal outstanding of loans and advances in the nature of loans given to subsidiaries
Short-term borrowings 710.23 - 710.23
(,5T\JW8TQZYNTSX1NRNYJI 354.38 198.66 1323.28 909.18
Trade payables 1091.33 - 1091.33
(,.SYJWSFYNTSFQ'; 3JYTKUWT[NXNTS 680.30 859.86 1190.58 917.62
4YMJWÁSFSHNFQQNFGNQNYNJX 135.50 - 135.50 (,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI 0.65 0.65 0.65 0.68
(b) Loans and advances in the nature of loans where repayment schedule is not specified
Capital management
(,.SYJWSFYNTSFQ'; 680.30 859.86 1190.58 917.62
For the purposes of the Company’s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company’s
capital management is to maximise shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in economic 57. DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED UNDER SECTION 186 (4) OF THE COMPANIES ACT, 2013
JS[NWTSRJSYFSIYMJWJVZNWJRJSYXTKYMJÁSFSHNFQHT[JSFSYX
1TFSXLN[JSFSINS[JXYRJSYXRFIJFWJLN[JSZSIJWYMJWJXUJHYN[JMJFIX
The Company monitors capital using gearing ratio, which is total debt divided by total capital plus debt. Corporate guarantees given by the Company in respect of loans:
As at As at As at As at
31-03-2018 31-03-2017 Name of the Company 31-03-2018 31-03-2017
Total debt 1731.83 1333.69 (,.SYJWSFYNTSFQ'; 1009.89 351.42
Equity 3840.71 4199.29
(,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI 362.59 -
Total debt and equity 5572.54 5532.98 (,)WN[JX&ZYTRFYNTS8\JIJS&' 84.83 -
Gearing ratio 31.08% 24.10% 59(,5T\JW8^XYJRX.SITSJXNF 143.37 -
(,5T\JW:8&.SH - 229.41
PT Crompton Prima Swtichgear Indonesia 44.87 23.88
1935.66 1031.76
180 181
` crore
Country
Singapore
Saudi Arabia
India
India
Malaysia
Indonesia
100.00% The Netherlands
Sweden
India
Hungary
Belgium
Sweden
Hungary
Belgium
100.00% The Netherlands

France
Ireland
,JWRFS^
100.00% :SNYJI0NSLITR
France
UAE
Canada
` crore
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS (Contd.)
58. 7J[JSZJKWTRTUJWFYNTSXKTWUJWNTIZUYTYM/ZSJNSHQZIJXJ]HNXJIZY^+WTRXY/ZQ^TS\FWIXYMJJ]HNXJIZY^FSIRTXYNSINWJHYYF]JXNS.SINF
MF[JGJJSWJUQFHJIG^YMJ,TTIXFSI8JW[NHJX9F] ,899MJ(TRUFS^HTQQJHYX,89TSGJMFQKTKYMJ,T[JWSRJSY-JSHJ,89NXSTYNSHQZIJINSWJ[JSZJKWTR
operations. In view of the aforesaid change in indirect taxes, revenue from operations for the year ended 31st March, 2018 is not comparable with that for the year
% of
after dividend Shareholding
100.00%
51.00%
81.42%
100.00%
100.00%
95.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.70%
100.00%
100.00%
ended 31st March, 2017.
9MJHTRUFWFGQJÁLZWJXKTWWJ[JSZJKWTRTUJWFYNTSX SJYTKJ]HNXJIZY^FWJFXZSIJW
-
5WTÁY Proposed
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net revenue from operations 4981.01 4356.83
7\YZ\HU[[VÂYZ[WYV]PZV[VZ\IZLJ[PVUVMZLJ[PVU VM[OL*VTWHUPLZ(J[YLHK^P[OY\SLVM*VTWHUPLZ(JJV\U[Z9\SLZ
(2.77)
4YMJW taxation taxation taxation
1.82
- (178.80)
1.14
122.43
- (789.47)
(79.03)
-
(2.90)
27.30
(9.05)
(14.82)
- (262.28)
0.52
(0.08)
(31.83)
1.49
2.75
0.51
(88.38)
(4.79)
(5.23)
9MJWJNXSTNRUFHYTKYMJFGT[JTSYMJUWTÁYGJKTWJYF]FSIUWTÁYFKYJWYF]
-
5WTÁY Provision
for
0.90
0.47
28.94
-
-
0.02
0.03
-
-
0.08
0.00
0.29
0.71
-
0.48
-
0.09
-
:[H[LTLU[JVU[HPUPUNZHSPLU[MLH[\YLZVM[OLÂUHUJPHSZ[H[LTLU[VM:\IZPKPHYPLZ(ZZVJPH[L*VTWHUPLZ1VPU[=LU[\YLZ
59. STANDARDS ISSUED BUT NOT YET EFFECTIVE
.S2FWHMYMJ2NSNXYW^TK(TWUTWFYJ&KKFNWXNXXZJIYMJ(TRUFSNJX .SINFS&HHTZSYNSL8YFSIFWIX &RJSIRJSYX7ZQJXSTYNK^NSL.SI&8·7J[JSZJ
KWTR (TSYWFHYX \NYM (ZXYTRJWX¸ XZUJWXJINSL .SI &8 ·(TSXYWZHYNTS (TSYWFHYX¸ FSI .SI &8 ·7J[JSZJ¸ FSI TYMJW FRJSIRJSYX 9MJ FRJSIRJSYX FWJ
(2.77)
(except (including before
2.72
58.85 (178.80)
1.61
151.37
4.46 (789.47)
(79.03)
-
(2.88)
27.33
(9.05)
(14.82)
852.97 (262.28)
0.60
(0.08)
(31.54)
2.20
2.75
0.99
(88.38)
(4.70)
(5.23)
applicable to the Company from 1st April, 2018.
Ind AS 115 Revenue from Contracts with customers:
Investment Turnover
in income)
23.17
7.26
0.07
881.41
-
-
0.71
587.10
191.89
368.98
39.17
31.87
427.24
131.43
32.29
9.45
45.13
2.98
0.01
.SI&8JXYFGQNXMJXFÁ[JXYJURTIJQYTFHHTZSYKTWWJ[JSZJFWNXNSLKWTRHTSYWFHYX\NYMHZXYTRJWX
The new revenue standard will supersede all current revenue recognition requirements under Ind AS. This new standard requires revenue to be recognized when
UWTRNXJILTTIXTWXJW[NHJXFWJYWFSXKJWWJIYTHZXYTRJWXNSFRTZSYXYMFYWJÂJHYYMJHTSXNIJWFYNTSYT\MNHMYMJ(TRUFS^J]UJHYXYTGJJSYNYQJINSJ]HMFSLJKTW
investments
subsidiaries)
-
-
-
-
-
-
-
-
9.77
-
-
-
-
-
-
-
-
-
those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions of the Company. Ind AS 115 is effective
KTW YMJ (TRUFS^ TS FSI KWTR YMJ ÁSFSHNFQ ^JFW GJLNSSNSL XY &UWNQ ZXNSL JNYMJW TSJ TK Y\T RJYMTIX N WJYWTXUJHYN[JQ^ YT JFHM UWNTW WJUTWYNSL UJWNTI
presented in accordance with Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors, with the option to elect certain practical expedients as
IJÁSJI\NYMNS.SI&8 YMJKZQQWJYWTXUJHYN[JRJYMTI TW NNWJYWTXUJHYN[JQ^\NYMYMJHZRZQFYN[JJKKJHYTKNSNYNFQQ^FUUQ^NSL.SI&8WJHTLSN_JIFYYMJIFYJTK
Total
Assets 1NFGNQNYNJX
3.84
621.72
1.81
93.29
268.73
1391.32
130.78
0.00
53.74
1037.00
57.73
NSNYNFQFUUQNHFYNTS XY&UWNQFSIUWT[NINSLHJWYFNSFIINYNTSFQINXHQTXZWJXFXIJÁSJINS.SI&8 YMJRTINÁJIWJYWTXUJHYN[JRJYMTI
527.75
1035.53
4.15
17.94
106.74
28.88
52.45
2.90
216.07
13.46
48.47
9MJ(TRUFS^MFXHMTXJSYTFUUQ^YMJRTINÁJIWJYWTXUJHYN[JRJYMTI9MJ(TRUFS^MFXNIJSYNÁJIKTQQT\NSLFWJFX\MJWJ.SI&8\NQQNRUFHYMT\J[JWYMJWJ
is no material impact of these:
Total
21.31
292.84
5.44
302.58
671.08 1019.91
- (1352.89) 1516.90
237.37
0.03
110.08
282.82 2105.38
258.53
609.80
(11.94) 1801.46
27.04
16.42
320.18
39.78
37.76
11.21
245.14
9.77
26.11
(a) Sale of goods:
(TSYWFHYX\NYMHZXYTRJWXNS\MNHMYMJXFQJTKJVZNURJSYNXLJSJWFQQ^J]UJHYJIYTGJYMJTSQÛJWKTWRFSHJTGQNLFYNTSFWJSTYJ]UJHYJIYTMF[JFS^XNLSNÁHFSY
Part ‘A’ : Subsidiaries
FOR THE YEAR ENDED 31ST MARCH, 2018

NRUFHYTSYMJ(TRUFS^¸XUWTÁYTWQTXX9MJ(TRUFS^J]UJHYXYMJWJ[JSZJWJHTLSNYNTSYTTHHZWFYFUTNSYNSYNRJ\MJSHTSYWTQTKYMJFXXJYNXYWFSXKJWWJIYT
Reserves
13.57
(328.94)
3.29
3.09
(3.47)
(3.15)
24.71
180.65
43.27
18.09
(1.76)
111.28
10.69
(14.69)
7.94
27.40
(23.24)
(202.03)
the customer, generally on delivery of the goods.
Form AOC-I
In preparing for Ind AS 115, the Company is considering the following:
Equity Preference
Share
Capital
-
-
-
-
-
-
-
-
-
71.71
(i) Variable consideration:
-
-
-
-
-
40.49
Some contracts with customers provide trade discounts, volume rebates, penalties (liquidated damages), price adjustment clause, etc. Currently, the
Company recognizes revenue from the sale of goods measured at the fair value of the consideration received or receivable, net of returns and allowances,
Capital
trade discounts and volume rebates. If revenue cannot be reliably measured, the Company defers revenue recognition until the uncertainty is resolved.
Share
Capital
3.90
0.05
0.34
206.20
80.10
77.60 1478.47
110.06
3.18
31.63
785.56
20.15
38.78
777.87
4.80
0.24
30.45
0.21
0.00
0.37
1.67
19.55
139.18
Such provisions give rise to variable consideration under Ind AS 115, and will be required to be estimated at contract inception.
Ind AS 115 requires the estimated variable consideration to be constrained to prevent over-recognition of revenue. The Company expects that application
TKYMJHTSXYWFNSYRF^WJXZQYNSRTWJWJ[JSZJGJNSLIJKJWWJIYMFSZSIJWHZWWJSY.SI&8MT\J[JWYMFYIJKJWRJSYNXSTYXNLSNÁHFSY
Closing Average
1.00
1.00
15.96
77.60
IDR 0.00475 0.00476
7.86
1.00
77.60
77.60
7.86
77.60
77.60
77.60
77.60
77.60
77.60
87.64
77.60
77.60
17.21
50.96
Date of Reporting Reporting Exchange Rate
(ii) Warranty obligations:
The Company provides warranties for general repairs, and in a few contracts, provides extended warranties or maintenance services. As such, the
Company expects that the former type of warranties will be assurance-type warranties which will continue to be accounted for under Ind AS 37
1.00
1.00
16.86
80.79
80.79
7.86
1.00
80.79
80.79
7.86
80.79
80.79
80.79
80.79
80.79
80.79
92.23
80.79
80.79
17.38
50.61
5WT[NXNTSX(TSYNSLJSY1NFGNQNYNJXFSI(TSYNSLJSY&XXJYXHTSXNXYJSY\NYMNYXHZWWJSYUWFHYNHJ
INFORMATION IN RESPECT OF SUBSIDIARY COMPANIES

The service-type warranties / extended warranties are treated as a separate performance obligation, with a part of the transaction price allocated to the
Acquisition / year of the Currency
INR
EUR
EUR
8*0
INR
MYR
INR
EUR
EUR
8*0
EUR
EUR
EUR
EUR
EUR
EUR
,'5
EUR
EUR
SAR
CAD
stand alone selling price of the warranty obligation. The revenue is deferred and recognized over the period of warranty.
(b) Presentation and disclosure requirements:
Ind AS 115 provides presentation and disclosure requirements, which are more detailed than under current Ind AS. The presentation requirements represent
Incorporation subsidiary
ended on
04-Nov-88 31-Mar-18
/ZS 31-Mar-18
01-Apr-05 31-Mar-18
/ZS 31-Mar-18
14-Mar-12 31-Mar-18
30-Sep-13 31-Mar-18
19-Sep-14 31-Mar-18
26-Sep-06 31-Mar-18
13-May-05 31-Mar-18
/ZS 31-Mar-18
4HY 31-Mar-18
13-May-05 31-Mar-18
/ZS 31-Mar-18
/ZS 31-Mar-18
13-May-05 31-Mar-18
/ZS 31-Mar-18
01-Apr-10 31-Mar-18
13-May-05 31-Mar-18
14-Apr-13 31-Mar-18
21-Dec-10 31-Dec-17
13-May-05 31-Mar-18
13-May-05 31-Mar-18
FXNLSNÁHFSYHMFSLJKWTRHZWWJSYUWFHYNHJFSIXNLSNÁHFSYQ^NSHWJFXJXYMJ[TQZRJTKINXHQTXZWJXWJVZNWJINSYMJ(TRUFS^¸XÁSFSHNFQXYFYJRJSYX2FS^TKYMJ
disclosure requirements in Ind AS 115 are completely new.
(c) Contract costs:
9MJ(TRUFS^FQXTJ]UJHYXFHMFSLJNSYMJRFSSJWYMFYNYWJHTLSN_JXHJWYFNSNSHWJRJSYFQFSIKZQÁQRJSYHTXYXKWTRJ]UJSXNSLYMJRFXNSHZWWJIYTIJKJWWNSL
FSIWJHTLSN_NSLYMJRT[JWYMJHTSYWFHYZFQUJWNTI-T\J[JWYMJHMFSLJNXSTYXNLSNÁHFSY
60. Amounts shown as 0.00 represents amount below ` 50,000 (Rupees Fifty Thousand).
61. Figures for the previous year have been regrouped wherever necessary.
(WTRUYTS,WJF[JX(TSXZRJW5WTIZHYX1NRNYJI
(,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI
13 (,,FS_,JSJWFYTWFSI2TYTW11( formerly
(WTRUYTS,WJF[JX8FQJX3JY\TWP2FQF^XNF
20 (,)WN[JXFSI&ZYTRFYNTS3JYMJWQFSIX';
21 (,)WN[JXFSI&ZYTRFYNTS,JWRFS^,RG-
17 (,5T\JW8TQZYNTSX8FZIN&WFGNF1NRNYJI
(,5T\JW*VZNURJSYX1NRNYJI formerly
19 (,)WN[JXFSI&ZYTRFYNTS8\JIJS&'
18 (,.SIZXYWNFQ-TQINSLX8\JIJS&'
(,5T\JW8^XYJRX.WJQFSI1NRNYJI
(,55.&IMJXN[J5WTIZHYX1NRNYJI
12 59(,5T\JW8^XYJRX.SITSJXNF
14 (,*QJHYWNH8^XYJRX-ZSLFW^?WY
15 (,8JW[NHJ8^XYJRX+WFSHJ8&8
(,5T\JW8^XYJRX'JQLNZR3;
11 (,5T\JW8^XYJRX(FSFIF.SH
16 (,5T\JW8TQZYNTSX:01NRNYJI
10 (,8FQJX3JY\TWPX+WFSHJ8&
CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR
(,5T\JW8TQZYNTSX1NRNYJI
(,-TQINSLX'JQLNZR3;
(,-TQINSLX-ZSLFW^0KY
Firm’s Registration No. 106009W DIN: 05122610
(,.SYJWSFYNTSFQ';
22 (,2NIIQJ*FXY+?*
Sr. Name of Subsidiary
by the hand of
Sdn. Bhd.
No.
,ZWLFTSYM2F^ ,ZWLFTSYM2F^
6
2
7
5
9
182 183
Form AOC-I
184
Part ‘A’ : Subsidiaries
` crore
Solutions Limited 2018
INFORMATION IN RESPECT OF SUBSIDIARY COMPANIES FOR THE YEAR ENDED 31ST MARCH, 2018 (Contd.)
Sr. Name of Subsidiary Date of Reporting Reporting Exchange Rate Capital Reserves Total Total Investment Turnover 5WTÁY Provision 5WTÁY Proposed % of Country
No. Acquisition / year of the Currency Assets 1NFGNQNYNJX (except (including before for after dividend Shareholding
Incorporation subsidiary Closing Average Equity Preference investments 4YMJW taxation taxation taxation
ended on Share Share in income)
Capital Capital subsidiaries)
Financials
23 (,-TQINSLX&RJWNHFX11( 4HY 31-Mar-18 USD 65.17 64.54 - - (113.22) 15.81 129.03 - - (13.75) 0.06 (13.81) - 100.00% USA
24 6*.11( 15-Apr-15 31-Mar-18 USD 65.17 64.54 - - 4.24 150.33 146.09 - 64.08 4.22 0.02 4.20 - 100.00% USA
25 (,5T\JW&RJWNHFX11( /FS 31-Mar-18 USD 65.17 64.54 - - (9.35) 63.22 72.57 - 16.21 (6.84) - (6.84) - 100.00% USA
26 (,8TQZYNTSX&RJWNHFX11( 4HY 31-Mar-18 USD 65.17 64.54 - - (3.92) 2.33 6.25 - 1.06 (4.38) 0.00 (4.38) - 100.00% USA
27 (,5T\JW:8&.SH 13-May-05 /ZQ USD 64.18 64.47 - - - - - - 237.10 (52.00) 0.10 (52.10) - 100.00% USA
8ZGXNINFW^XTQIIZWNSLYMJ^JFWTSXY/ZQ^
Notes:
1 Name of the subsidiaries which are yet to commence the business

Nil
2 Name of the subsidiaries which have been liquidated or sold during the year
(,5T\JW:8&.SH
3 Name of the subsidiaries which have been demerged during the year
Nil
V. R. Venkatesh K. N. Neelkant Shikha Kapadia Gautam Thapar

CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR COMPANY SECRETARY CHAIRMAN
DIN: 05122610 DIN: 00012289
,ZWLFTSYM2F^
Form AOC-I
Part ‘B’ : Associates and Joint Ventures
` crore
INFORMATION IN RESPECT OF ASSOCIATE COMPANIES AND JOINT VENTURES FOR THE YEAR ENDED 31ST MARCH, 2018
Sr. 3FRJTK&XXTHNFYJ/TNSY;JSYZWJ Date of 1FYJXY&ZINYJI Share of Associates held by Extent of Description Reason why Networth 5WTÁY QTXXKTWYMJ^JFW
No. Acquisition / Balance Sheet company on the year end Holding % of How there the Associate is not consolidated attributable to
Incorporation Date Number of Amount of NXXNLSNÁHFSY shareholding as
NSÂZJSHJ per latest audited Considered in Not
Shares held Investment in
balance sheet Consolidation considered in
Associates and
Consolidation
/TNSY;JSYZWJ
Associates
Financials
1 8FZIN5T\JW9WFSXKTWRJWX(T1NRNYJI 21-Dec-10 31-Dec-15 - - - Control of more Do not control the composition of Board of - - -
than 26% of total Directors and do not exercise and control
share capital more than one-half of total share capital
2 (,.SYJWSFYNTSFQ';9W(TSY5[Y(T11( 13-May-05 31-Mar-18 245 0.42* 49% Control of more Do not control the composition of Board of (0.12) - -
(formerly Pauwels Middle East Tr. & Cont. than 26% of total Directors and do not exercise and control
5[Y(T11( share capital more than one-half of total share capital
3 00*Q+N/FUFS /ZS NA NA NA* 40% Control of more Do not control the composition of Board of - - -
Joint Venture
1 PT Crompton Prima Switchgear Indonesia 12-May-14 31-Dec-17 3264 21.32 51% Control of more Do not control the composition of Board of 16.34 (1.74) -
(FWW^NSLFRTZSYTKNS[JXYRJSYXNSYMJXJFXXTHNFYJXMF[JGJJSWJIZHJIYTSNQ
Notes:
1. Name of the associates which are yet to commence the business - Nil
3FRJTKYMJFXXTHNFYJX\MNHMMF[JGJJSQNVZNIFYJITWXTQIIZWNSLYMJ^JFW8FZIN5T\JW9WFSXKTWRJWX(T1NRNYJI
V. R. Venkatesh K. N. Neelkant Shikha Kapadia Gautam Thapar

CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR COMPANY SECRETARY CHAIRMAN
DIN: 05122610 DIN: 00012289
,ZWLFTSYM2F^
185
CG Power and Industrial Solutions Limited 2018 Financials
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CG POWER AND INDUSTRIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS CROMPTON GREAVES LIMITED)
Report on the Consolidated Financial Statements FZINYTWHTSXNIJWXNSYJWSFQÁSFSHNFQHTSYWTQWJQJ[FSYYTYMJ-TQINSL

1. We have audited the accompanying Consolidated Financial (TRUFS^¸X UWJUFWFYNTS TK YMJ (TSXTQNIFYJI .SI &8 +NSFSHNFQ
Statements of CG Power and Industrial Solutions Limited Statements that give a true and fair view in order to design audit
(formerly known as Crompton Greaves Limited) (the “Holding UWTHJIZWJX YMFY FWJ FUUWTUWNFYJ NS YMJ HNWHZRXYFSHJX &S FZINY
Company”) and its subsidiaries (the Holding company and its also includes evaluating the appropriateness of the accounting
subsidiaries together referred to as ‘‘the Group’’) and its associates policies used and the reasonableness of the accounting estimates
and jointly controlled entity, comprising of the Consolidated made by the Holding Company’s Board of Directors, as well as
Balance Sheet as at March 31, 2018, the Consolidated Statement J[FQZFYNSL YMJ T[JWFQQ UWJXJSYFYNTS TK YMJ (TSXTQNIFYJI .SI &8
TK 5WTÁY FSI 1TXX NSHQZINSL 4YMJW (TRUWJMJSXN[J .SHTRJ YMJ Financial Statements.
Consolidated Statement of Changes in Equity and the Consolidated 7. We believe that the audit evidence obtained by us and the
Statement of Cash Flows for the year then ended, and a summary audit evidence obtained by the other auditors in terms of their
TK YMJ XNLSNÁHFSY FHHTZSYNSL UTQNHNJX FSI TYMJW J]UQFSFYTW^ WJUTWYWJKJWWJIYTNS4YMJW2FYYJWXUFWFLWFUMGJQT\NXXZKÁHNJSY
NSKTWRFYNTS MJWJNSFKYJW WJKJWWJI YT FX ··YMJ (TSXTQNIFYJI .SI &8 and appropriate to provide a basis for our audit opinion on the
Financial Statements’’). (TSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYX
Management’s Responsibility for the Consolidated Ind AS Financial Opinion
Statements
.STZWTUNSNTSFSIYTYMJGJXYTKTZWNSKTWRFYNTSFSIFHHTWINSLYT
2. The Holding Company’s Board of Directors is responsible
YMJJ]UQFSFYNTSXLN[JSYTZXYMJFKTWJXFNI(TSXTQNIFYJI.SI&8
for the matters stated in Section 134(5) of the Companies
+NSFSHNFQ 8YFYJRJSYX LN[J YMJ NSKTWRFYNTS WJVZNWJI G^ YMJ &HY NS
&HY µYMJ &HY¶ \NYM WJXUJHY YT YMJ UWJUFWFYNTS TK YMJXJ
the manner so required and give a true and fair view in conformity
(TSXTQNIFYJI .SI &8 +NSFSHNFQ 8YFYJRJSYX YMFY LN[J F YWZJ FSI
\NYMYMJFHHTZSYNSLUWNSHNUQJXLJSJWFQQ^FHHJUYJINS.SINFTKYMJ
KFNW [NJ\ TK YMJ (TSXTQNIFYJI ÁSFSHNFQ UTXNYNTS (TSXTQNIFYJI
Consolidated state of affairs of the Group, its associates and jointly
ÁSFSHNFQ UJWKTWRFSHJ NSHQZINSL 4YMJW (TRUWJMJSXN[J .SHTRJ
controlled entity as at March 31, 2018, and their Consolidated loss
(TSXTQNIFYJI(FXMÂT\XFSI(TSXTQNIFYJIHMFSLJXNSJVZNY^TK
NSHQZINSL4YMJW(TRUWJMJSXN[J.SHTRJYMJNW(TSXTQNIFYJI(FXM
the group including its associate and jointly controlled entity in
accordance with the accounting principles generally accepted in Flows and Consolidated Changes in Equity for the year ended on
.SINFNSHQZINSLYMJ.SINFS&HHTZSYNSL8YFSIFWIXXUJHNÁJIZSIJW that date.
XJHYNTSTKYMJ&HYWJFI\NYMYMJ(TRUFSNJX .SINFS&HHTZSYNSL Report on Other Legal and Regulatory Requirements
consolidated
Standards) Rules, 2015, as amended.
&X WJVZNWJI G^ 8JHYNTS TK YMJ &HY \J WJUTWY YT YMJ J]YJSY
3. The respective Board of Directors of the companies included in applicable that:
the Group and of its associates and jointly controlled entity are
a) We have sought and obtained all the information and
financials
responsible for maintenance of adequate accounting records in
J]UQFSFYNTSX \MNHM YT YMJ GJXY TK TZW PST\QJILJ FSI GJQNJK
FHHTWIFSHJ\NYMYMJUWT[NXNTSXTKYMJ&HYKTWXFKJLZFWINSLYMJFXXJYX
were necessary for the purposes of our audit of the aforesaid
of the Group and for preventing and detecting frauds and other
(TSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYX
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable G .S TZW TUNSNTS UWTUJW GTTPX TK FHHTZSY FX WJVZNWJI G^ QF\
and prudent; and the design, implementation and maintenance of WJQFYNSL YT UWJUFWFYNTS TK YMJ FKTWJXFNI (TSXTQNIFYJI .SI &8
FIJVZFYJNSYJWSFQÁSFSHNFQHTSYWTQXYMFY\JWJTUJWFYNSLJKKJHYN[JQ^ Financial Statements have been kept by the Company so far
for ensuring the accuracy and completeness of the accounting FXNYFUUJFWXKWTRTZWJ]FRNSFYNTSTKYMTXJGTTPXFSIWJUTWYX
records, relevant to the preparation and presentation of the of other auditors;
(TSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYXYMFYLN[JFYWZJFSIKFNW c) The Consolidated Balance Sheet, the Consolidated Statement
view and are free from material misstatement, whether due to fraud TK 5WTÁY FSI 1TXX NSHQZINSL 4YMJW (TRUWJMJSXN[J .SHTRJ
or error, which have been used for the purpose of preparation of the the Consolidated Cash Flow Statement and the Consolidated
(TSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYXG^YMJ'TFWITK)NWJHYTWX Statement of Changes in Equity dealt with by this Report are
of the Holding Company, as aforesaid. in agreement with the relevant books of account maintained
Auditors’ Responsibility for the purpose of preparation of the Consolidated Financial
4ZWWJXUTSXNGNQNY^NXYTJ]UWJXXFSTUNSNTSTSYMJXJ(TSXTQNIFYJI Statements;
.SI&8+NSFSHNFQ8YFYJRJSYXGFXJITSTZWFZINY<MNQJHTSIZHYNSL I .S TZW TUNSNTS YMJ FKTWJXFNI (TSXTQNIFYJI .SI &8 +NSFSHNFQ
YMJFZINY\JMF[JYFPJSNSYTFHHTZSYYMJUWT[NXNTSXTKYMJ&HYYMJ 8YFYJRJSYXHTRUQ^\NYMYMJ.SI&8XUJHNÁJIZSIJWXJHYNTS
accounting and auditing standards and matters which are required TKYMJ&HYWJFI\NYM(TRUFSNJX .SINFS&HHTZSYNSL8YFSIFWIX
YTGJNSHQZIJINSYMJFZINYWJUTWYZSIJWYMJUWT[NXNTSXTKYMJ&HY Rules, 2015, as amended;
and the Rules made thereunder.
J 4SYMJGFXNXTKYMJ\WNYYJSWJUWJXJSYFYNTSXWJHJN[JIKWTRYMJ
5. We conducted our audit in accordance with the Standards on directors of the Holding Company as on March 31, 2018 taken
&ZINYNSL XUJHNÁJI ZSIJW 8JHYNTS TK YMJ &HY 9MTXJ on record by the Board of Directors of the Holding Company
Standards require that we comply with ethical requirements and and the reports of the statutory auditors of its subsidiary
plan and perform the audit to obtain reasonable assurance about HTRUFSNJXNSHTWUTWFYJINS.SINFSTSJTKYMJINWJHYTWXTKYMJ
\MJYMJW YMJ (TSXTQNIFYJI .SI &8 +NSFSHNFQ 8YFYJRJSYX FWJ KWJJ ,WTZU HTRUFSNJX NX INXVZFQNÁJI FX TS 2FWHM KWTR
from material misstatement. being appointed as a director in terms of Section 164(2) of the
&SFZINYNS[TQ[JXUJWKTWRNSLUWTHJIZWJXYTTGYFNSFZINYJ[NIJSHJ &HY
FGTZY YMJ FRTZSYX FSI YMJ INXHQTXZWJX NS YMJ (TSXTQNIFYJI .SI K <NYMWJXUJHYYTYMJFIJVZFH^TKYMJNSYJWSFQÁSFSHNFQHTSYWTQX
&8+NSFSHNFQ8YFYJRJSYX9MJUWTHJIZWJXXJQJHYJIIJUJSITSYMJ T[JW ÁSFSHNFQ WJUTWYNSL TK YMJ -TQINSL (TRUFS^ FSI NYX
auditor’s judgment, including the assessment of the risks of material XZGXNINFW^HTRUFSNJXNSHTWUTWFYJINS.SINFFSIYMJTUJWFYNSL
RNXXYFYJRJSY TK YMJ (TSXTQNIFYJI .SI &8 +NSFSHNFQ 8YFYJRJSYX effectiveness of such controls, refer to our separate Report in
\MJYMJWIZJYTKWFZITWJWWTW.SRFPNSLYMTXJWNXPFXXJXXRJSYXYMJ Annexure ‘A’; and
186 187
INDEPENDENT AUDITOR’S REPORT (Contd.) ANNEXURE ‘A’ REFERRED TO IN THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS
OF CG POWER AND INDUSTRIAL SOLUTIONS LIMITED
L <NYMWJXUJHYYTYMJTYMJWRFYYJWXYTGJNSHQZIJINSYMJ&ZINYTW¸X G 4SJ XZGXNINFW^ \MTXJ YTYFQ FXXJYX FWJ ` 302.58 crore, total <J MF[J FZINYJI YMJ NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ Meaning of Internal Financial Controls Over Financial Reporting
7JUTWY NS FHHTWIFSHJ \NYM 7ZQJ TK YMJ (TRUFSNJX &ZINY revenue is `3NQFSISJYHFXMNSÂT\TK` 5.27 crore for the year reporting of CG Power and Industrial Solutions Limited &(TRUFS^¸XNSYJWSFQÁSFSHNFQHTSYWTQT[JWÁSFSHNFQWJUTWYNSLNX
FSI&ZINYTWX7ZQJXFXFRJSIJINSTZWTUNSNTSFSIYT ended March 31, 2018 is audited by us and the report has been (formerly known as Crompton Greaves Limited) (“the Holding a process designed to provide reasonable assurance regarding
YMJGJXYTKTZWNSKTWRFYNTSFSIFHHTWINSLYTYMJJ]UQFSFYNTSX furnished by us to the Management. Company”) and its subsidiary companies which are incorporated YMJWJQNFGNQNY^TKÁSFSHNFQWJUTWYNSLFSIYMJUWJUFWFYNTSTK+NSFSHNFQ
given to us: NS.SINFFXTK2FWHMNSHTSOZSHYNTS\NYMTZWFZINYTKYMJ
8YFYJRJSYX KTW J]YJWSFQ UZWUTXJX NS FHHTWIFSHJ \NYM LJSJWFQQ^
H 4SJ XZGXNINFW^ \MNHM NX INXUTXJI TK IZWNSL YMJ ^JFW \MTXJ HTSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYXTKYMJ(TRUFS^KTWYMJ
N 9MJ(TSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYXINXHQTXJ FHHJUYJI FHHTZSYNSL UWNSHNUQJX & (TRUFS^¸X NSYJWSFQ ÁSFSHNFQ
the impact of pending litigations on the Consolidated total revenue is `HWTWJFSISJYHFXMTZYÂT\TK` 4.27 year ended on that date.
HTSYWTQ T[JW ÁSFSHNFQ WJUTWYNSL NSHQZIJX YMTXJ UTQNHNJX FSI
ÁSFSHNFQ UTXNYNTS TK YMJ ,WTZU 7JKJW STYJ TK YMJ crore is audited by their statutory auditors whose report has Management’s Responsibility for Internal Financial Controls procedures that: (1) pertain to the maintenance of records that,
(TSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYX been furnished to us by the Management of the Company. NSWJFXTSFGQJIJYFNQFHHZWFYJQ^FSIKFNWQ^WJÂJHYYMJYWFSXFHYNTSX
2. The Holding Company’s Board of Directors is responsible for
ii. The Group did not have any long-term contracts I 4SJ XZGXNINFW^ \MTXJ YTYFQ FXXJYX FWJ ` 26.10 crore, total JXYFGQNXMNSL FSI RFNSYFNSNSL NSYJWSFQ ÁSFSHNFQ HTSYWTQX GFXJI TS and dispositions of the assets of the Company; (2) provide
including derivative contracts for which there were any revenue is ` 3NQ FSI SJY HFXM NSÂT\ TK ` 0.26 crore for the YMJ NSYJWSFQ HTSYWTQ T[JW ÁSFSHNFQ WJUTWYNSL HWNYJWNF JXYFGQNXMJI reasonable assurance that transactions are recorded as necessary
material foreseeable losses; and year ended March 31, 2018 are not audited and the Financial by the Company considering the essential components of to permit preparation of Financial Statements in accordance with
iii. There has been no delay in transferring amounts, NSYJWSFQ HTSYWTQ XYFYJI NS YMJ ,ZNIFSHJ 3TYJ TS &ZINY TK .SYJWSFQ generally accepted accounting principles, and that receipts and
8YFYJRJSYXNXHJWYNÁJIG^YMJ2FSFLJRJSY
WJVZNWJI YT GJ YWFSXKJWWJI YT YMJ .S[JXYTW *IZHFYNTS +NSFSHNFQ(TSYWTQX4[JW+NSFSHNFQ7JUTWYNSL YMJµ,ZNIFSHJ3TYJ¶ J]UJSINYZWJXTKYMJ(TRUFS^FWJGJNSLRFIJTSQ^NSFHHTWIFSHJ
and Protection Fund by the Holding Company and its J 9MJ,WTZU¸XXMFWJTKSJYUWTÁYQTXXTK` Nil for the year ended NXXZJI G^ YMJ .SXYNYZYJ TK (MFWYJWJI &HHTZSYFSYX TK .SINF .(&. with authorisations of management and directors of the Company;
XZGXNINFW^HTRUFSNJXNSHTWUTWFYJINS.SINF March 31, 2018, in respect of one associate company which is These responsibilities include the design, implementation and and (3) provide reasonable assurance regarding prevention or
audited by their statutory auditors and the Financial Statements RFNSYJSFSHJ TK FIJVZFYJ NSYJWSFQ ÁSFSHNFQ HTSYWTQX YMFY \JWJ timely detection of unauthorised acquisition, use, or disposition
Other Matters
of this company are furnished to us by the Management of the TUJWFYNSLJKKJHYN[JQ^KTWJSXZWNSLYMJTWIJWQ^FSIJKÁHNJSYHTSIZHY of the Company’s assets that could have a material effect on the
9MJ(TSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYXFSITYMJWÁSFSHNFQ of its business, including adherence to the Company’s policies, the Financial Statements.
information contains information on Holding Company and its 28 Company.
safeguarding of its assets, the prevention and detection of frauds
XZGXNINFWNJX NSHQZINSL XZGXNINFWNJX HQFXXNÁJI FX INXHTSYNSZJI K 9MJ,WTZU¸XXMFWJTKSJYUWTÁYQTXXTK` Nil for the year ended Inherent Limitations of Internal Financial Controls Over Financial
and errors, the accuracy and completeness of the accounting
operations), 3 associate companies and 1 jointly controlled entity Reporting
March 31, 2018, in respect of one associate company which is WJHTWIXFSIYMJYNRJQÛWJUFWFYNTSTKWJQNFGQJÁSFSHNFQNSKTWRFYNTS
included in the statement consist of: not audited and the Financial Statements of this company are FXWJVZNWJIZSIJWYMJ(TRUFSNJX&HY YMJµ&HY¶ 'JHFZXJ TK YMJ NSMJWJSY QNRNYFYNTSX TK NSYJWSFQ ÁSFSHNFQ HTSYWTQX
a) The Financial StFYJRJSYX FSI TYMJW ÁSFSHNFQ NSKTWRFYNTS NS HJWYNÁJIG^YMJ2FSFLJRJSY T[JW ÁSFSHNFQ WJUTWYNSL NSHQZINSL YMJ UTXXNGNQNY^ TK HTQQZXNTS TW
Auditor’s Responsibility
WJXUJHYTKXZGXNINFW^HTRUFSNJX¸\MNHMWJÂJHYYTYFQFXXJYX improper management override of controls, material misstatements
of ` 3,465.86 crore as at March 31, 2018 and total revenue g) The GWTZU¸X XMFWJ TK SJY UWTÁY QTXX TK ` Nil for the year 4ZW WJXUTSXNGNQNY^ NX YT J]UWJXX FS TUNSNTS TS YMJ (TRUFS^¸X IZJ YT JWWTW TW KWFZI RF^ THHZW FSI STY GJ IJYJHYJI &QXT
of ` HWTWJ FSI SJY HFXM TZYÂT\ TK ` 45.09 crore ended March 31, 2018, in respect of one associate company NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ WJUTWYNSL GFXJI TS TZW UWTOJHYNTSXTKFS^J[FQZFYNTSTKYMJNSYJWSFQÁSFSHNFQHTSYWTQXT[JW
for the year then ended from continuing operation and 13 in which the Group has disinvested during the year, which is audit. We conducted our audit in accordance with the Guidance ÁSFSHNFQ WJUTWYNSL YT KZYZWJ UJWNTIX FWJ XZGOJHY YT YMJ WNXP YMFY
XZGXNINFW^ HTRUFSNJX¸ ÁSFSHNFQ WJXZQYX MF[NSL YTYFQ FXXJYX TK 3TYJ FSI YMJ 8YFSIFWIX TS &ZINYNSL NXXZJI G^ YMJ .SXYNYZYJ TK YMJNSYJWSFQÁSFSHNFQHTSYWTQT[JWÁSFSHNFQWJUTWYNSLRF^GJHTRJ
not audited and the Financial Statements of this company
` 5,446.91 crore as at March 31, 2018 and total revenue of (MFWYJWJI&HHTZSYFSYXTK.SINF .(&.FSIIJJRJIYTGJUWJXHWNGJI inadequate because of changes in conditions, or that the degree
FWJHJWYNÁJIG^YMJ2FSFLJRJSY
`HWTWJFSISJYHFXMNSÂT\TK` 20.62 crore for the ZSIJW8JHYNTS TKYMJ&HYYTYMJJ]YJSYFUUQNHFGQJYTFS of compliance with the policies or procedures may deteriorate.
year then ended from discontinued operations. These Financial
9MJHTRUFWFYN[J.SI&8ÁSFSHNFQNSKTWRFYNTSTKYMJ,WTZUKTWYMJ FZINY TK NSYJWSFQ ÁSFSHNFQ HTSYWTQX GTYM FUUQNHFGQJ YT FS FZINY
^JFWJSIJI2FWHMNSHQZIJINSYMJXJ(TSXTQNIFYJI.SI&8 TKNSYJWSFQÁSFSHNFQHTSYWTQXFSIGTYMNXXZJIG^YMJ.(&.9MTXJ Opinion
8YFYJRJSYXFSITYMJWÁSFSHNFQNSKTWRFYNTSMF[JGJJSFZINYJI
G^TYMJWFZINYTWX\MNHM+NSFSHNFQ8YFYJRJSYXTYMJWÁSFSHNFQ Financial Statements, have been audited by the previous auditor Standards and the Guidance Note require that we comply with .STZWTUNSNTSYMJ-TQINSL(TRUFS^MFXNSFQQRFYJWNFQWJXUJHYX
ethical requirements and plan and perform the audit to obtain FS FIJVZFYJ NSYJWSFQ ÁSFSHNFQ HTSYWTQX X^XYJR T[JW ÁSFSHNFQ
information and auditor’s reports have been furnished to us FQTSL \NYM FSTYMJW ÁWR TK (MFWYJWJI &HHTZSYFSYX µUWJ[NTZX
G^YMJRFSFLJRJSY4ZWTUNSNTSNSXTKFWFXNYWJQFYJXYTYMJ WJFXTSFGQJFXXZWFSHJFGTZY \MJYMJWFIJVZFYJNSYJWSFQ ÁSFSHNFQ WJUTWYNSL FSI XZHM NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ
joint auditors”). The report of the previous joint auditors on the
affairs of such subsidiaries, is based solely on the report of HTSYWTQXT[JWÁSFSHNFQWJUTWYNSL\FXJXYFGQNXMJIFSIRFNSYFNSJI reporting were operating effectively as at March 31, 2018, based
HTRUFWFYN[JÁSFSHNFQNSKTWRFYNTSIFYJI2F^J]UWJXXJI and if such controls operated effectively in all material respects.
XZHMTYMJWFZINYTWX4ZWTUNSNTSNXSTYRTINÁJINSWJXUJHYTK TSYMJNSYJWSFQHTSYWTQT[JWÁSFSHNFQWJUTWYNSLHWNYJWNFJXYFGQNXMJI
FSZSRTINÁJITUNSNTS by the Company considering the essential components of internal
this matter. 4ZWFZINYNS[TQ[JXUJWKTWRNSLUWTHJIZWJXYTTGYFNSFZINYJ[NIJSHJ
4ZW TUNSNTS TS YMJ (TSXTQNIFYJI .SI &8 +NSFSHNFQ 8YFYJRJSYX FGTZYYMJFIJVZFH^TKYMJNSYJWSFQÁSFSHNFQHTSYWTQXX^XYJRT[JW control stated in the Guidance Note NXXZJI G^ YMJ .SXYNYZYJ TK
The Group’s share of net loss of ` 1.74 crore for the year ended
FSI TZW WJUTWY TS 4YMJW 1JLFQ FSI 7JLZQFYTW^ 7JVZNWJRJSYX NX ÁSFSHNFQ WJUTWYNSL FSI YMJNW TUJWFYNSL JKKJHYN[JSJXX 4ZW FZINY (MFWYJWJI&HHTZSYFSYXTK.SINF .(&.
March 31, 2018, in respect of one Jointly controlled entity,
STYRTINÁJINSWJXUJHYTKYMJFGT[JRFYYJWX\NYMWJXUJHYYTTZW TK NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW ÁSFSHNFQ WJUTWYNSL NSHQZIJI
is audited by the statutory auditors of this Jointly controlled
TGYFNSNSL FS ZSIJWXYFSINSL TK NSYJWSFQ ÁSFSHNFQ HTSYWTQX T[JW
entity and the Financial Statements are provided to us by the reliance on the work done and the reports of the other auditors.
ÁSFSHNFQ WJUTWYNSL FXXJXXNSL YMJ WNXP YMFY F RFYJWNFQ \JFPSJXX
Management.
J]NXYX FSI YJXYNSL FSI J[FQZFYNSL YMJ IJXNLS FSI TUJWFYNSL
Certain of these subsidiaries and the jointly controlled entity effectiveness of internal control based on the assessed risk. K. K. MANKESHWAR & CO.
RJSYNTSJI FGT[J FWJ QTHFYJI TZYXNIJ .SINF \MTXJ +NSFSHNFQ CHARTERED ACCOUNTANTS
The procedures selected depend on the auditor’s judgement, Firm’s Registration No. 106009W
8YFYJRJSYXFSITYMJWÁSFSHNFQNSKTWRFYNTSMF[JGJJSUWJUFWJI K. K. MANKESHWAR & CO. including the assessment of the risks of material misstatement by the hand of
in accordance with accounting principles generally accepted CHARTERED ACCOUNTANTS TKYMJ(TSXTQNIFYJI.SI&8+NSFSHNFQ8YFYJRJSYX\MJYMJWIZJYT
in their respective countries and which have been audited by Firm’s Registration No. 106009W fraud or error. ASHWIN MANKESHWAR
other auditors under generally accepted auditing standards by the hand of PARTNER
<JGJQNJ[JYMFYYMJFZINYJ[NIJSHJ\JMF[JTGYFNSJINXXZKÁHNJSY
applicable in their respective countries. The Company’s Membership No. 046219
and appropriate to provide a basis for our audit opinion on the
management has converted the Financial Statements of ASHWIN MANKESHWAR
(TRUFS^¸X NSYJWSFQ ÁSFSHNFQ HTSYWTQX X^XYJR T[JW ÁSFSHNFQ Place: Gurgaon
such subsidiaries and the jointly controlled entity located PARTNER
reporting. Date: May 30, 2018
TZYXNIJ .SINF KWTR FHHTZSYNSL UWNSHNUQJX LJSJWFQQ^ FHHJUYJI Membership No. 046219
in their respective countries to accounting principles generally
FHHJUYJI NS .SINF <J MF[J FZINYJI YMJXJ HTS[JWXNTS Place: Gurgaon
adjustments made by the Company’s management. Date: May 30, 2018
188 189
` crore ` crore
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2018 CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2018
Note No. &XFY &XFY Note No. 2017-18 2016-17

(a) Property, plant and equipment 5 1379.17 1376.29 Revenue from operations 29 6287.54 5923.60
(b) Capital work-in-progress 5 38.75 28.18 4YMJWNSHTRJ 30 39.53 67.56
(c) Goodwill 6 167.37 143.54
TOTAL INCOME 6327.07 5991.16
I 4YMJWNSYFSLNGQJFXXJYX 6 160.85 184.79 EXPENSES:
J .SYFSLNGQJFXXJYXZSIJWIJ[JQTURJSY 6 33.69 33.30
Cost of materials consumed 31 4227.37 3820.41
(f) Financial assets
N .S[JXYRJSYX 7 145.37 203.92
Purchases of stock-in-trade 32 46.65 236.41
NN 1TFSX 8 6.87 6.65 (MFSLJXNSNS[JSYTWNJXTKÁSNXMJILTTIX\TWPNSUWTLWJXXFSIXYTHPNSYWFIJ 33 135.35 (169.99)
L )JKJWWJIYF]FXXJYX 9 27.68 26.62 *]HNXJIZY^ 98.91 407.09
M 4YMJWSTSHZWWJSYFXXJYX 10 2.19 3.21 *RUQT^JJGJSJÁYXJ]UJSXJ 34 531.95 513.34
1961.94 2006.50 Finance costs 35 219.30 186.11
2. CURRENT ASSETS: )JUWJHNFYNTSFSIFRTWYNXFYNTSJ]UJSXJ 36 149.21 142.94
F .S[JSYTWNJX 11 587.60 882.10 4YMJWJ]UJSXJX 37 792.31 673.94
(b) Financial assets TOTAL EXPENSES 6201.05 5810.25
N .S[JXYRJSYX 12 0.01 5.22 PROFIT BEFORE SHARE OF PROFIT / (LOSS) FROM ASSOCIATES AND 126.02 180.91
(ii) Trade receivables 13 2009.23 1877.15 JOINT VENTURE, EXCEPTIONAL ITEMS AND TAX
(iii) Cash and cash equivalents 14 651.84 724.49 8MFWJTKUWTÁY QTXXKWTRFXXTHNFYJXFSIOTNSY[JSYZWJ (1.74) (1.57)
(iv) Bank balances other than (iii) above 15 41.60 36.22 *]HJUYNTSFQNYJRX SJY 49 (442.78) (72.73)
[ 1TFSX 16 43.89 76.25
[N 4YMJWX 17 0.32 173.28
TAX EXPENSE:
H (ZWWJSYYF]FXXJYX SJY 97.16 70.57
I 4YMJWHZWWJSYFXXJYX 18 766.66 1212.48 (ZWWJSYYF] 9 33.92 59.03
4198.31 5057.76 )JKJWWJIYF]2&9 HWJINYJSYNYQJRJSY 9 - (11.83)
3. (ZZL[ZJSHZZPÂLKHZOLSKMVYZHSLHUKKPZJVU[PU\LKVWLYH[PVUZ 44 2959.17 3123.84 )JKJWWJIYF] HWJINY 9 40.93 (19.09)
TOTAL ASSETS 9119.42 10188.10 74.85 28.11
PROFIT / (LOSS) FROM CONTINUING OPERATIONS AFTER TAX (393.35) 78.50
EQUITY AND LIABILITIES
LOSS FROM DISCONTINUED OPERATIONS BEFORE TAX 44 (799.10) (591.49)
EQUITY: 9F]J]UJSXJ HWJINYTSINXHTSYNSZJITUJWFYNTSX 9 (26.55) (22.36)
(a) Equity share capital 19 125.35 125.35 LOSS FROM DISCONTINUED OPERATIONS AFTER TAX (772.55) (569.13)
(b) 4YMJWJVZNY^ 2588.79 3985.74 LOSS FOR THE YEAR (1165.90) (490.63)
2714.14 4111.09
Attributable to:
LIABILITIES:
Equity holders of the parent (1163.90) (490.86)
Non-controlling interests 2.00 (0.23)
(i) Borrowings 20 837.20 503.80
(1165.90) (490.63)
NN 4YMJWÁSFSHNFQQNFGNQNYNJX 21 1.55 1.14 OTHER COMPREHENSIVE INCOME:
838.75 504.94 & N .YJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX (40.31) (57.77)
(b) Provisions 22 65.78 71.21 NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX 3.14 2.44
H )JKJWWJIYF]QNFGNQNYNJX 9 35.72 262.30 ' N .YJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX (111.54) 58.86
I 4YMJWSTSHZWWJSYQNFGNQNYNJX 23 0.40 0.94 NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX - -
2. CURRENT LIABILITIES: OTHER COMPREHENSIVE INCOME FOR THE YEAR (148.71) 3.53
(a) Financial liabilities TOTAL COMPREHENSIVE INCOME FOR THE YEAR (1314.61) (487.10)
(i) Borrowings 24 778.99 710.67 Attributable to:
(ii) Trade payables 25 1423.68 1383.14 Equity holders of the parent (1312.61) (487.33)
NNN 4YMJWÁSFSHNFQQNFGNQNYNJX 26 477.15 404.28
2679.82 2498.09
G 4YMJWHZWWJSYQNFGNQNYNJX 27 459.06 556.24 Earnings per share for continuing operations (`) 48 (6.28) 1.25
(c) Provisions 28 119.58 84.08 (Face value of equity share of ` 2 each)
3. 3PHIPSP[PLZ HZZVJPH[LK ^P[O NYV\W VM HZZL[Z JSHZZPÂLK HZ OLSK MVY ZHSL HUK KPZJVU[PU\LK 44 Earnings per share for discontinued operations (`) 48 (12.29) (9.08)
operations 2206.17 2099.21
Earnings per share (basic and diluted) (`) 48 (18.57) (7.83)
CONTINGENT LIABILITIES AND COMMITMENTS 38 (Face value of equity share of ` 2 each)
SIGNIFICANT ACCOUNTING POLICIES 3 SIGNIFICANT ACCOUNTING POLICIES 3
;OLHJJVTWHU`PUNUV[LZMVYTHUPU[LNYHSWHY[VMJVUZVSPKH[LKÂUHUJPHSZ[H[LTLU[Z ;OLHJJVTWHU`PUNUV[LZMVYTHUPU[LNYHSWHY[VMJVUZVSPKH[LKÂUHUJPHSZ[H[LTLU[Z
&XUJWTZWWJUTWYFYYFHMJI &XUJWTZWWJUTWYFYYFHMJI
K. K. MANKESHWAR & CO. V. R. Venkatesh K.N. Neelkant K. K. MANKESHWAR & CO. V. R. Venkatesh K.N. Neelkant
CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR
+NWR¸X7JLNXYWFYNTS3T< ).3 +NWR¸X7JLNXYWFYNTS3T< ).3
by the hand of by the hand of
Ashwin Mankeshwar Shikha Kapadia Gautam Thapar Ashwin Mankeshwar Shikha Kapadia Gautam Thapar
PARTNER COMPANY SECRETARY CHAIRMAN PARTNER COMPANY SECRETARY CHAIRMAN
2JRGJWXMNU3T ).3 2JRGJWXMNU3T ).3
Gurgaon, 30th May, 2018 Gurgaon, 30th May, 2018 Gurgaon, 30th May, 2018 Gurgaon, 30th May, 2018
190 191
` crore ` crore
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018 (Contd.)
2017-18 2016-17 2017-18 2016-17

[A] CASH FLOWS FROM OPERATING ACTIVITIES [C] CASH FLOWS FROM FINANCING ACTIVITIES
7YVÂ[SVZZILMVYL[H_MYVTJVU[PU\PUNVWLYH[PVUZ (318.50) 106.61 (KK! 0UÃV^ZMYVTÂUHUJPUNHJ[P]P[PLZ
&IOZXYRJSYXKTW Proceeds from long-term borrowings 582.74 647.91
.RUFNWRJSYTKLTTI\NQQ - 43.61
Proceeds from short-term borrowings 784.71 1654.17
)JUWJHNFYNTSFSIFRTWYNXFYNTSJ]UJSXJ 149.21 142.94
:SWJFQNXJIJ]HMFSLJQTXXTSHTSXTQNIFYNTS SJY - (6.16)
5WT[NXNTSKTWNRUFNWRJSYTSÁSFSHNFQSTSÁSFSHNFQFXXJYX 66.58 28.42
Changes in non-controlling interest (2.00) 0.23
.SYJWJXYNSHTRJ (14.27) (39.37) 1365.45 2296.15
5WTÁYTSXFQJTKNS[JXYRJSYX SJY (0.41) (7.21) Less:6\[ÃV^ZMYVTÂUHUJPUNHJ[P]P[PLZ

:SWJFQNXJIJ]HMFSLJ LFNSQTXX SJY - 27.80 Repayment of long-term borrowings (272.87) (176.12)
:SWJFQNXJIJ]HMFSLJLFNSTSHTSXTQNIFYNTS SJY (108.44) 56.18 Repayment of short-term borrowings (710.67) (1630.01)
Capital reserve on consolidation (12.63) -
:SWJFQNXJIJ]HMFSLJQTXXTSHTSXTQNIFYNTS SJY (5.72) (29.37)
5WTÁYQTXXTSXFQJTKUWTUJWYÛQFSYFSIJVZNURJSY SJY 4.35 (4.15)
Dividend paid (0.29) (0.36)
303.69 434.33
.SYJWJXYUFNI (217.16) (182.12)
6WLYH[PUNWYVÂ[SVZZILMVYL^VYRPUNJHWP[HSJOHUNLZ (14.81) 540.94
&IOZXYRJSYXKTW Changes in non-controlling interest - -
.SHWJFXJ)JHWJFXJNSYWFIJFSITYMJWWJHJN[FGQJX (50.23) (287.95) (1206.71) (2017.98)
.SHWJFXJ)JHWJFXJNSNS[JSYTWNJX 286.06 (347.34) 5L[JHZO\ZLKPUMYVTÂUHUJPUNHJ[P]P[PLZ 158.74 278.17

.SHWJFXJ )JHWJFXJNSYWFIJFSITYMJWUF^FGQJX 275.55 130.09 Net cash (used in) / from discontinued activities (199.96) (227.95)
.SHWJFXJ )JHWJFXJNSUWT[NXNTSX 26.01 2.65 Net cash (used in) / from continuing and discontinued activities [C] (41.22) 50.22
537.39 (502.55)
(FXM ZXJINSKWTRTUJWFYNTSX 522.58 38.39

NET INCREASE / (DECREASE) IN CASH AND BANK BALANCES (A+B+C) (54.06) 7.05
)NWJHYYF]JXUFNI SJYTKWJKZSIX (60.51) (85.98)
Cash and cash equivalents at beginning of the year 837.91 830.86
3TSHTSYWTQQNSLNSYJWJXYNS UWTÁYQTXX 2.00 (0.23)
Net cash (used in) / from operating activities 464.07 (47.82) Cash and cash equivalents at end of the year 783.85 837.91
Net cash (used in) / from discontinued activities (824.18) (492.12)

Net cash (used in) / from continuing and discontinued activities [A] (360.11) (539.94) Cash and cash equivalents from continuing operations 651.84 651.90
Cash and cash equivalents from discontinued operations 132.01 186.01

[B] CASH FLOWS FROM INVESTING ACTIVITIES
Cash and cash equivalents from continuing and discontinued operations 783.85 837.91
(KK! 0UÃV^ZMYVTPU]LZ[PUNHJ[P]P[PLZ
Sale of property, plant and equipment and intangible assets 0.90 11.87 Notes:
:SWJFQNXJIJ]HMFSLJLFNSTSHTSXTQNIFYNTS SJY - 30.63 9MJHTSXTQNIFYJIHFXMÂT\XYFYJRJSYMFXGJJSUWJUFWJIZSIJWYMJNSINWJHYRJYMTIFXXJYTZYNS.SINFS&HHTZSYNSL8YFSIFWI .SI&88YFYJRJSYTK(FXM
Flows.
Sale of investments in subsidiaries 200.60 788.67
&IINYNTSXYTUWTUJWYÛQFSYFSIJVZNURJSYFSINSYFSLNGQJFXXJYXNSHQZIJRT[JRJSYTKHFUNYFQ\TWPNSUWTLWJXXFSINSYFSLNGQJFXXJYXZSIJWIJ[JQTURJSY
Sale of current investments 32.41 104.79 respectively during the year.
.SYJWJXYWJHJN[JI 21.91 32.78
255.82 968.74 &XUJWTZWWJUTWYFYYFHMJI
Less:6\[ÃV^ZMYVTPU]LZ[PUNHJ[P]P[PLZ K. K. MANKESHWAR & CO. V. R. Venkatesh K.N. Neelkant
Purchase of property, plant and equipment and intangible assets (192.85) (63.79) CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR
:SWJFQNXJIJ]HMFSLJQTXXTSHTSXTQNIFYNTS SJY (37.97) - +NWR¸X7JLNXYWFYNTS3T< ).3
Purchase of investments - (106.47) by the hand of
(230.82) (170.26)
Net cash (used in) / from investing activities 25.00 798.48
Net cash (used in) / from discontinued activities 322.27 (301.71)
2JRGJWXMNU3T ).3
Net cash (used in) / from continuing and discontinued activities [B] 347.27 496.77 Gurgaon, 30th May, 2018 Gurgaon, 30th May, 2018
192 193
` crore NOTES ACCOMPANYING THE CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2018 1. CORPORATE INFORMATION
(A) EQUITY SHARE CAPITAL (,5T\JWFSI.SIZXYWNFQ8TQZYNTSX1NRNYJIKTWRJWQ^PST\SFX(WTRUYTS,WJF[JX1NRNYJI YMJ¸(TRUFS^·TW¸5FWJSY·NXFQNRNYJIHTRUFS^
For the year ended 31st March, 2018 NSHTWUTWFYJIFSIITRNHNQJINS.SINF\MTXJXMFWJXFWJUZGQNHQ^YWFIJI9MJWJLNXYJWJITKÁHJNXQTHFYJIFYYM+QTTW(,MTZXJ)W&SSNJ'JXFSY
Changes in 7TFI <TWQN 2ZRGFN ³ .SINF 9MJ (TRUFS^ MFX HMFSLJI NYX SFRJ KWTR (WTRUYTS ,WJF[JX 1NRNYJI YT (, 5T\JW FSI .SIZXYWNFQ
equity share 8TQZYNTSX1NRNYJI\JKYM+JGWZFW^
1-04-2017 the period 31-03-2018
The Company and its subsidiaries (collectively the ‘Group‘) is a global enterprise providing end-to-end solutions to utilities, industries and
125.35 - 125.35 HTSXZRJWXKTWRFSFLJRJSYFSIFUUQNHFYNTSTKJKÁHNJSYFSIXZXYFNSFGQJJQJHYWNHFQJSJWL^.YTKKJWXUWTIZHYXXJW[NHJXFSIXTQZYNTSXNSY\TRFNS

GZXNSJXXXJLRJSYX[N_5T\JW8^XYJRXFSI.SIZXYWNFQ8^XYJRXKTWYMJ^JFWJSIJIXY2FWHM
Changes in 9MJ HTSXTQNIFYJI ÁSFSHNFQ XYFYJRJSYX TK YMJ ,WTZU KTW YMJ ^JFW JSIJI XY 2FWHM \JWJ FZYMTWNXJI KTW NXXZJ NS FHHTWIFSHJ \NYM F
equity share resolution of the directors on 30th May, 2018.
1-04-2016 the year 31-03-2017
2. BASIS OF PREPARATION AND CONSOLIDATION
125.35 - 125.35
2.1 Basis of preparation:
(B) OTHER EQUITY
9MJÁSFSHNFQXYFYJRJSYXTKYMJ,WTZUMF[JGJJSUWJUFWJINSFHHTWIFSHJ\NYM.SINFS&HHTZSYNSL8YFSIFWIX .SI&8STYNÁJIZSIJW8JHYNTS
TKYMJ(TRUFSNJX&HYWJFI\NYMYMJ(TRUFSNJX .SINFS&HHTZSYNSL8YFSIFWIX7ZQJXFXFRJSIJIYMJWJFKYJW
Foreign
Currency Capital Capital Securities Non-
Retained Hedge Translation +;4(. Capital Reserve on Redemption Premium Statutory Government Controlling Total
9MJÁSFSHNFQXYFYJRJSYXMF[JGJJSUWJUFWJITSFMNXYTWNHFQHTXYGFXNXJ]HJUYKTWYMJKTQQT\NSLFXXJYXFSIQNFGNQNYNJX\MNHMMF[JGJJS
Particulars Earnings Reserve Reserve Reserve Reserve Consolidation Reserve Reserve Reserve Grant Total interest Equity measured at fair value:
Balance as at 1st April, 2017 2754.15 (1.03) 389.49 (92.51) 671.65 157.26 12.95 18.30 67.05 - 3977.31 8.43 3985.74
5WTÁY QTXXKTWYMJ^JFW (1163.90) - - - - - - - - - (1163.90) (2.00) (1165.90) )JWN[FYN[JÁSFSHNFQNSXYWZRJSYX
7JRJFXZWJRJSYLFNSX QTXXTS (JWYFNSÁSFSHNFQFXXJYXFSIQNFGNQNYNJXRJFXZWJIFYKFNW[FQZJ WJKJWFHHTZSYNSLUTQNH^WJLFWINSLÁSFSHNFQNSXYWZRJSYX
IJÁSJIGJSJÁYUQFSX (7.17) - - - - - - - - - (7.17) - (7.17)
+FNW[FQZJQTXXTS+;4(.ÁSFSHNFQFXXJY - - - (30.00) - - - - - - (30.00) - (30.00) 9MJÁSFSHNFQXYFYJRJSYXFWJUWJXJSYJINS.SINFS7ZUJJX µ.37¶FSIFQQ[FQZJXFWJWTZSIJIYTYMJSJFWJXYHWTWJJ]HJUY\MJSTYMJW\NXJ
- Foreign currency translation differences - - (108.43) - - - - - - - (108.43) - (108.43)
*KKJHYN[JUTWYNTSTKHFXMÂT\MJILJ - (3.11) - - - - - - - - (3.11) - (3.11) indicated.
9WFSXKJWWJIYT8YFYJRJSYTKUWTÁYFSIQTXX - - (69.71) - - (12.63) - - - - (82.34) - (82.34)
Balance as at 31st March, 2018 1583.08 (4.14) 211.35 (122.51) 671.65 144.63 12.95 18.30 67.05 - 2582.36 6.43 2588.79
2.2 Basis of consolidation:
For the year ended 31st March 2017 9MJHTSXTQNIFYJIÁSFSHNFQXYFYJRJSYXHTRUWNXJYMJÁSFSHNFQXYFYJRJSYXTKYMJ,WTZUFSINYXFXXTHNFYJXFSIOTNSY[JSYZWJXFXFYXY
Foreign
2FWHM(TSYWTQNXFHMNJ[JI\MJSYMJ,WTZUNXJ]UTXJITWMFXWNLMYXYT[FWNFGQJWJYZWSXKWTRNYXNS[TQ[JRJSY\NYMYMJNS[JXYJJFSI
Currency Capital Capital Securities Non- MFXYMJFGNQNY^YTFKKJHYYMTXJWJYZWSXYMWTZLMNYXUT\JWT[JWYMJNS[JXYJJ8UJHNÁHFQQ^YMJ,WTZUHTSYWTQXFSNS[JXYJJNKFSITSQ^NKYMJ
Retained Hedge Translation +;4(. Capital Reserve on Redemption Premium Statutory Government Controlling Total
Particulars Earnings Reserve Reserve Reserve Reserve Consolidation Reserve Reserve Reserve Grant Total interest Equity Group has:
'FQFSHJFXFYXY&UWNQ 3250.49 (4.74) 334.34 (45.69) 671.65 157.26 12.95 18.30 67.05 2.00 4463.61 8.20 4471.81
5WTÁY QTXXKTWYMJ^JFW (490.86) - - - - - - - - - (490.86) 0.23 (490.63) 5T\JWT[JWYMJNS[JXYJJ NJJ]NXYNSLWNLMYXYMFYLN[JNYYMJHZWWJSYFGNQNY^YTINWJHYYMJWJQJ[FSYFHYN[NYNJXTKYMJNS[JXYJJ
7JRJFXZWJRJSYLFNSX QTXXTS *]UTXZWJTWWNLMYXYT[FWNFGQJWJYZWSXKWTRNYXNS[TQ[JRJSY\NYMYMJNS[JXYJJFSI
IJÁSJIGJSJÁYUQFSX (8.51) - - - - - - - - - (8.51) - (8.51)
+FNW[FQZJQTXXTS+;4(.ÁSFSHNFQFXXJY - - - (46.82) - - - - - - (46.82) - (46.82) 9MJFGNQNY^YTZXJNYXUT\JWT[JWYMJNS[JXYJJYTFKKJHYNYXWJYZWSX
- Foreign currency translation differences - - 55.15 - - - - - - - 55.15 - 55.15
*KKJHYN[JUTWYNTSTKHFXMÂT\MJILJ - 3.71 - - - - - - - - 3.71 - 3.71 Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less
&IINYNTSYTLT[JWSRJSYLWFSYIZWNSLYMJ than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether
year - - - - - - - - - 1.03 1.03 - 1.03
Transferred to retained earnings 3.03 - - - - - - - - (3.03) - - - it has power over an investee, including:
Balance as at 31st March, 2017 2754.15 (1.03) 389.49 (92.51) 671.65 157.26 12.95 18.30 67.05 - 3977.31 8.43 3985.74
9MJHTSYWFHYZFQFWWFSLJRJSY\NYMYMJTYMJW[TYJMTQIJWXTKYMJNS[JXYJJ
7NLMYXFWNXNSLKWTRTYMJWHTSYWFHYZFQFWWFSLJRJSYX
9MJ,WTZU¸X[TYNSLWNLMYXFSIUTYJSYNFQ[TYNSLWNLMYXFSI
&XUJWTZWWJUTWYFYYFHMJI
9MJXN_JTKYMJ,WTZU¸XMTQINSLTK[TYNSLWNLMYXWJQFYN[JYTYMJXN_JFSIINXUJWXNTSTKYMJMTQINSLXTKYMJTYMJW[TYNSLWNLMYXMTQIJWX
CHARTERED ACCOUNTANTS CHIEF FINANCIAL OFFICER CEO & MANAGING DIRECTOR The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of
+NWR¸X7JLNXYWFYNTS3T< ).3 the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when
by the hand of YMJ,WTZUQTXJXHTSYWTQTKYMJXZGXNINFW^&XXJYXQNFGNQNYNJXNSHTRJFSIJ]UJSXJXTKFXZGXNINFW^FHVZNWJITWINXUTXJITKIZWNSLYMJ^JFW
FWJNSHQZIJINSYMJHTSXTQNIFYJIÁSFSHNFQXYFYJRJSYXKWTRYMJIFYJYMJ,WTZULFNSXHTSYWTQZSYNQYMJIFYJYMJ,WTZUHJFXJXYTHTSYWTQYMJ
subsidiary.
2JRGJWXMNU3T ).3 &HMFSLJNSYMJT\SJWXMNUNSYJWJXYTKFXZGXNINFW^\NYMTZYFQTXXTKHTSYWTQNXFHHTZSYJIKTWFXFSJVZNY^YWFSXFHYNTS
Gurgaon, 30th May, 2018 Gurgaon, 30th May, 2018
.K YMJ ,WTZU QTXJX HTSYWTQ T[JW F XZGXNINFW^ NY IJWJHTLSNXJX YMJ WJQFYJI FXXJYX NSHQZINSL LTTI\NQQ QNFGNQNYNJX STSHTSYWTQQNSL NSYJWJXY
FSITYMJWHTRUTSJSYXTKJVZNY^\MNQJFS^WJXZQYFSYLFNSTWQTXXNXWJHTLSNXJINSXYFYJRJSYTKUWTÁYFSIQTXX&S^NS[JXYRJSYWJYFNSJINX
recognised at fair value.
194 195
NOTES ACCOMPANYING THE CONSOLIDATED FINANCIAL STATEMENTS (Contd.) NOTES ACCOMPANYING THE CONSOLIDATED FINANCIAL STATEMENTS (Contd.)
2. BASIS OF PREPARATION AND CONSOLIDATION (Contd.) 3. SIGNIFICANT ACCOUNTING POLICIES (Contd.)
9MJÁSFSHNFQXYFYJRJSYXTKYMJ5FWJSYFSINYXXZGXNINFWNJXMF[JGJJSHTSXTQNIFYJITSFQNSJG^QNSJGFXNXG^FIINSLYTLJYMJWYMJGTTP[FQZJX Leased assets

TKQNPJNYJRXTKFXXJYXQNFGNQNYNJXNSHTRJXFSIJ]UJSXJXFKYJWJQNRNSFYNSLNSYWFLWTZUGFQFSHJXNSYWFLWTZUYWFSXFHYNTSXFSIZSWJFQNXJI 1JFXJMTQIQFSIXFWJFRTWYNXJIT[JWYMJUJWNTITKQJFXJ'ZNQINSLXHTSXYWZHYJITSQJFXJMTQIQFSIFWJIJUWJHNFYJIGFXJITSYMJZXJKZQQNKJ
UWTÁYXWJXZQYNSLYMJWJKWTRFSIFWJUWJUFWJIYTYMJJ]YJSYUTXXNGQJNSYMJXFRJKTWRFSIRFSSJWFXYMJ5FWJSY¸XNSIJUJSIJSYÁSFSHNFQ XUJHNÁJINS8HMJIZQJ..YTYMJ(TRUFSNJX&HY\MJWJYMJQJFXJUJWNTITKQFSINXGJ^TSIYMJZXJKZQQNKJTKYMJGZNQINSL
XYFYJRJSYX9MJUWTÁYTWQTXXFSIJFHMHTRUTSJSYTKTYMJWHTRUWJMJSXN[JNSHTRJFWJFYYWNGZYJIYTYMJJVZNY^MTQIJWXTKYMJ5FWJSYTKYMJ
.STYMJWHFXJXGZNQINSLXHTSXYWZHYJITSQJFXJMTQIQFSIXFWJFRTWYNXJIT[JWYMJUWNRFW^QJFXJUJWNTITKYMJQFSIX
,WTZUFSIYTYMJSTSHTSYWTQQNSLNSYJWJXYXJ[JSNKYMNXWJXZQYXNSYMJSTSHTSYWTQQNSLNSYJWJXYXMF[NSLFIJÁHNYGFQFSHJ
;JMNHQJXFHVZNWJITSÁSFSHJQJFXJXFWJIJUWJHNFYJIT[JWYMJUJWNTITKQJFXJFLWJJRJSYTWYMJZXJKZQQNKJ\MNHMJ[JWNXXMTWYJW
(TSXTQNIFYJI ÁSFSHNFQ XYFYJRJSYX FWJ UWJUFWJI ZXNSL ZSNKTWR FHHTZSYNSL UTQNHNJX KTW QNPJ YWFSXFHYNTSX FSI TYMJW J[JSYX NS XNRNQFW Foreign companies
HNWHZRXYFSHJX.KFRJRGJWTKYMJLWTZUZXJXFHHTZSYNSLUTQNHNJXTYMJWYMFSYMTXJFITUYJINSYMJHTSXTQNIFYJIÁSFSHNFQXYFYJRJSYXKTW
)JUWJHNFYNTS TS UWTUJWY^ UQFSY FSI JVZNURJSY MFX GJJS UWT[NIJI FY YMJ WFYJX WJVZNWJI UJWRNXXNGQJ G^ YMJ ,&&5X TK YMJ WJXUJHYN[J
QNPJYWFSXFHYNTSXFSIJ[JSYXNSXNRNQFWHNWHZRXYFSHJXFUUWTUWNFYJFIOZXYRJSYXFWJRFIJYTYMFYLWTZURJRGJW¸XÁSFSHNFQXYFYJRJSYXNS
HTZSYWNJX9MJRFSFLJRJSYGJQNJ[JXYMFYYMJXJJXYNRFYJIZXJKZQQN[JXFWJWJFQNXYNHFSIWJÂJHYKFNWFUUWT]NRFYNTSTKYMJUJWNTIT[JW\MNHM
UWJUFWNSLYMJHTSXTQNIFYJIÁSFSHNFQXYFYJRJSYXYTJSXZWJHTSKTWRNY^\NYMYMJ,WTZU¸XFHHTZSYNSLUTQNHNJX the assets are likely to be used.
9MJ ÁSFSHNFQ XYFYJRJSYX TK FQQ JSYNYNJX ZXJI KTW YMJ UZWUTXJ TK HTSXTQNIFYNTS FWJ IWF\S ZU YT XFRJ WJUTWYNSL IFYJ FX YMFY TK 5FWJSY 3.2 Intangible assets:
(TRUFS^NJ^JFWJSIJITSXY2FWHMJ]HJUYÁSFSHNFQXYFYJRJSYXNSWJXUJHYTKT[JWXJFXXZGXNINFW^FSIOTNSY[JSYZWJ WJKJWSTYJ .SYFSLNGQJFXXJYXFWJWJHTLSNXJI\MJSNYNXUWTGFGQJYMFYYMJKZYZWJJHTSTRNHGJSJÁYXYMFYFWJFYYWNGZYFGQJYTYMJFXXJYX\NQQÂT\YTYMJ
STIWF\SKTWYMJUJWNTIJSIJIXY)JHJRGJW9MJJKKJHYTKXNLSNÁHFSYYWFSXFHYNTSXFSITYMJWJ[JSYXYMFYTHHZWGJY\JJSXY Group and the cost of the asset can be measured reliably.
/FSZFW^FSIXY2FWHMFWJHTSXNIJWJINSYMJHTSXTQNIFYJIÁSFSHNFQXYFYJRJSYXNKYMJ^FWJRFYJWNFQNSSFYZWJ 9MJHTXYTKNSYFSLNGQJFXXJYXFHVZNWJINSFGZXNSJXXHTRGNSFYNTSNXYMJNWKFNW[FQZJFXFYYMJIFYJTKFHVZNXNYNTS.SYFSLNGQJFXXJYXFHVZNWJI
3. SIGNIFICANT ACCOUNTING POLICIES XJUFWFYJQ^FWJRJFXZWJITSNSNYNFQWJHTLSNYNTSFYHTXY.SYFSLNGQJFXXJYXFHVZNWJIFWJRJFXZWJITSNSNYNFQWJHTLSNYNTSFYHTXY+TQQT\NSL
initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. Cost
3.1 Property, plant and equipment: comprises the purchase price and any directly attributable cost of bringing the asset to its working condition for its intended use.
5WTUJWYÛQFSYFSIJVZNURJSYFWJXYFYJIFYTWNLNSFQHTXYSJYTKYF]IZY^HWJINYF[FNQJIQJXXFHHZRZQFYJIIJUWJHNFYNTSFSIFHHZRZQFYJI .SYJWSFQQ^LJSJWFYJINSYFSLNGQJXJ]HQZINSLHFUNYFQNXJIIJ[JQTURJSYHTXYXFWJSTYHFUNYFQNXJIFSIYMJWJQFYJIJ]UJSINYZWJNXWJÂJHYJINS
impairment losses, if any. The cost comprises the purchase price and directly attributable costs of bringing the asset to its working condition XYFYJRJSYTKUWTÁYFSIQTXXNSYMJUJWNTINS\MNHMYMJJ]UJSINYZWJNXNSHZWWJI
KTWNYXNSYJSIJIZXJ&S^YWFIJINXHTZSYXFSIWJGFYJXFWJIJIZHYJINSFWWN[NSLFYYMJUZWHMFXJUWNHJ8ZHMHTXYNSHQZIJXYMJHTXYTKWJUQFHNSL 9MJZXJKZQQN[JXTKNSYFSLNGQJFXXJYXFWJFXXJXXJIFXJNYMJWÁSNYJTWNSIJÁSNYJ9MJFRTWYNXFYNTSUJWNTIFSIYMJFRTWYNXFYNTSRJYMTIKTWFS
part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When NSYFSLNGQJFXXJY\NYMFÁSNYJZXJKZQQNKJFWJWJ[NJ\JIFYQJFXYFYYMJJSITKJFHMWJUTWYNSLUJWNTI(MFSLJXNSYMJJ]UJHYJIZXJKZQQNKJTWYMJ
XNLSNÁHFSYUFWYXTKUWTUJWYÛQFSYFSIJVZNURJSYFWJWJVZNWJIYTGJWJUQFHJIFYNSYJW[FQXYMJ(TRUFSÎJWJHTLSNXJXYMJWJUQFHJIUFWYFSI J]UJHYJIUFYYJWSTKHTSXZRUYNTSTKKZYZWJJHTSTRNHGJSJÁYXJRGTINJINSYMJFXXJYFWJHTSXNIJWJIYTRTINK^YMJFRTWYNXFYNTSUJWNTITW
WJHTLSNXJXYMJSJ\UFWY\NYMNYXT\SFXXTHNFYJIZXJKZQQNKJFSINYNXIJUWJHNFYJIFHHTWINSLQ^1NPJ\NXJ\MJSFRFOTWNSXUJHYNTSNXUJWKTWRJI method, as appropriate, and are treated as changes in accounting estimates.
NYXHTXYNXWJHTLSNXJINSYMJHFWW^NSLFRTZSYTKYMJUQFSYFSIJVZNURJSYFXFWJUQFHJRJSYNKYMJWJHTLSNYNTSHWNYJWNFFWJXFYNXÁJI Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and
YMJHFWW^NSLFRTZSYTKYMJFXXJYFSIFWJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXX\MJSYMJFXXJYNXIJWJHTLSNXJI
8ZGXJVZJSYJ]UJSINYZWJWJQFYJIYTFSNYJRTK5WTUJWY^5QFSYFSI*VZNURJSYNXFIIJIYTNYXGTTP[FQZJTSQ^NKNYNXUWTGFGQJYMFYKZYZWJ
JHTSTRNHGJSJÁYXFXXTHNFYJI\NYMYMJNYJR\NQQÂT\YTYMJ,WTZU&QQTYMJWWJUFNWFSIRFNSYJSFSHJHTXYXFWJWJHTLSNXJINSYMJXYFYJRJSY Research and development cost:
TKUWTÁYFSIQTXXFXNSHZWWJI9MJUWJXJSY[FQZJTKYMJJ]UJHYJIHTXYKTWYMJIJHTRRNXXNTSNSLTKYMJFXXJYFKYJWNYXZXJNXNSHQZIJINSYMJ 7JXJFWHMHTXY
cost of the respective asset if the recognition criteria for a provision are met. 7J[JSZJJ]UJSINYZWJTSWJXJFWHMNXJ]UJSXJIZSIJWYMJWJXUJHYN[JMJFIXTKFHHTZSYXNSYMJUJWNTINS\MNHMNYNXNSHZWWJI
The cost of a self-constructed item of property, plant and equipment comprises the cost of materials and direct labour, any other costs )J[JQTURJSYHTXY
directly attributable to bringing the item to working condition for its intended use, and estimated costs of dismantling and removing the )J[JQTURJSYJ]UJSINYZWJTSSJ\UWTIZHYNXHFUNYFQNXJIFXNSYFSLNGQJFXXJYNKFQQTKYMJKTQQT\NSLHWNYJWNFHFSGJIJRTSXYWFYJI
item and restoring the site on which it is located. (i) The technical feasibility of completing the intangible asset so that it will be available for use or sale;
(FUNYFQ\TWPNSUWTLWJXXNSHQZIJXHTXYTKUWTUJWYÛQFSYFSIJVZNURJSYZSIJWNSXYFQQFYNTSZSIJWIJ[JQTURJSYFXFYYMJGFQFSHJXMJJY (ii) The Group has intention to complete the development of intangible asset and use or sell it;
date and stated at cost, net of accumulated impairment loss, if any. (iii) The Group has ability to use or sell the intangible asset;
(FUNYFQJ]UJSINYZWJTSYFSLNGQJFXXJYXKTWWJXJFWHMFSIIJ[JQTURJSYNXHQFXXNÁJIZSIJWUWTUJWYÛQFSYFSIJVZNURJSYFSINXIJUWJHNFYJI N[ 9MJRFSSJWNS\MNHMYMJUWTGFGQJKZYZWJJHTSTRNHGJSJÁY\NQQGJLJSJWFYJINSHQZINSLYMJJ]NXYJSHJTKFRFWPJYKTWTZYUZYTKYMJ

intangible asset or the intangible asset itself or if it is to be used internally, the usefulness of the intangible asset;
on the same basis as other property, plant and equipment.
[ 9MJF[FNQFGNQNY^TKFIJVZFYJYJHMSNHFQÁSFSHNFQFSITYMJWWJXTZWHJXYTHTRUQJYJYMJIJ[JQTURJSYFSIYTZXJTWXJQQYMJNSYFSLNGQJ
5WTUJWYÛQFSYFSIJVZNURJSYFWJJQNRNSFYJIKWTRÁSFSHNFQXYFYJRJSYJNYMJWTSINXUTXFQTW\MJSWJYNWJIKWTRFHYN[JZXJ1TXXJXFWNXNSL asset; and
in case of retirement of property, plant and equipment and gains or losses arising from disposal of property, plant and equipment are
[N 9MJ,WTZUMFXFGNQNY^YTRJFXZWJYMJJ]UJSINYZWJFYYWNGZYFGQJYTYMJNSYFSLNGQJFXXJYIZWNSLYMJIJ[JQTURJSYWJQNFGQ^
WJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXNSYMJ^JFWTKTHHZWWJSHJ
8ZGXJVZJSYYTNSNYNFQWJHTLSNYNTSTKYMJIJ[JQTURJSYJ]UJSINYZWJFXFSFXXJYYMJFXXJYNXHFWWNJIFYHTXYQJXXFS^FHHZRZQFYJIFRTWYNXFYNTS
9MJFXXJYX¸WJXNIZFQ[FQZJXZXJKZQQN[JXFSIRJYMTIXTKIJUWJHNFYNTSFWJWJ[NJ\JIFYJFHMÁSFSHNFQ^JFWJSIFSIFIOZXYJIUWTXUJHYN[JQ^ FSIFHHZRZQFYJINRUFNWRJSYQTXXJXNKFS^)J[JQTURJSYHTXYXTSYMJ.SYFSLNGQJFXXJYXKZQÁQQNSLYMJHWNYJWNFFWJFRTWYNXJIT[JWFUJWNTITK
if appropriate. J]UJHYJIKZYZWJGJSJÁYX\MNHMNXYMWJJYTYJS^JFWXTYMJW\NXJFWJJ]UJSXJINSYMJUJWNTINS\MNHMYMJ^FWJNSHZWWJI&RTWYNXFYNTSTKYMJ
)JUWJHNFYNTS TS YMJ UWTUJWY^ UQFSY FSI JVZNURJSY NX UWT[NIJI TS XYWFNLMYQNSJ RJYMTI T[JW YMJ ZXJKZQ QNKJ TK FXXJYX FX XUJHNÁJI NS asset begins when development is complete and the asset is available for use. During the period of development the asset is tested for
impairment annually.
8HMJIZQJ..YTYMJ(TRUFSNJX&HY\MNHMNXNSQNSJ\NYMYMJRFSFLJRJSY¸XJXYNRFYJTKYMJZXJKZQQNKJTKYMJFXXJYX4SUWTUJWYÛQFSY
FSIJVZNURJSY\MNHMFWJFIIJIINXUTXJITKKIZWNSLYMJ^JFWIJUWJHNFYNTSNXUWT[NIJITSpro-rata basis with reference to the month of .SYFSLNGQJFXXJYX\NYMÁSNYJQN[JXFWJFRTWYNXJIT[JWYMJZXJKZQJHTSTRNHQNKJFSIFXXJXXJIKTWNRUFNWRJSY\MJSJ[JWYMJWJNXFSNSINHFYNTS
that the intangible asset may be impaired.
FIINYNTSIJQJYNTS-T\J[JWNSHFXJTKYMJKTQQT\NSLHFYJLTW^TKUWTUJWYÛQFSYFSIJVZNURJSYYMJIJUWJHNFYNTSMFXGJJSUWT[NIJIGFXJI
TSYMJYJHMSNHFQJ[FQZFYNTSTKYMJWJRFNSNSLZXJKZQQNKJ\MNHMNXINKKJWJSYKWTRYMJTSJXUJHNÁJINS8HMJIZQJ..YTYMJ(TRUFSNJX&HY .SYFSLNGQJFXXJYXFWJFRTWYNXJIFXKTQQT\X
8UJHNFQNXJIXTKY\FWJ 4[JWFUJWNTITKÁ[JYTXN]^JFWX
The range of useful lives of the property, plant and equipment are as follows:
9JHMSNHFQPST\MT\ 4[JWFUJWNTITKÁ[J^JFWX KWTRYMJIFYJTKF[FNQFGNQNY^KTWNYXZXJ
5QFSYFSIRFHMNSJW^ YT^JFWX 2F]NRZR
9JHMSTQTL^ 4[JWFUJWNTITKÁ[J^JFWX KWTRYMJIFYJTKF[FNQFGNQNY^KTWNYXZXJ
+ZWSNYZWJFSIÁ]YZWJX YT^JFWX 2F]NRZR
(TRRJWHNFQWNLMYX 4[JWFUJWNTITKYJS^JFWX
4KÁHJJVZNURJSYX YT^JFWX
'WFSISFRJFSIHZXYTRJWQNXYX 4[JWFUJWNTITKYJS^JFWX
'ZNQINSLX YT^JFWX 4YMJWNSYFSLNGQJFXXJYX 4[JWFUJWNTITKYMWJJYTÁKYJJS^JFWX FSI
;JMNHQJX YT^JFWX 9WFIJRFWP 4[JWFUJWNTITKYJS^JFWX
1JFXJMTQIQFSI YT^JFWX
196 197
.SYFSLNGQJFXXJYX\NYMNSIJÁSNYJZXJKZQQN[JXNKFS^FWJSTYFRTWYNXJIGZYFWJYJXYJIKTWNRUFNWRJSYFSSZFQQ^JNYMJWNSIN[NIZFQQ^TWFYYMJ 3.5 Cash and cash equivalents:

HFXMLJSJWFYNSLZSNYQJ[JQ9MJFXXJXXRJSYTKNSIJÁSNYJQNKJNXWJ[NJ\JIFSSZFQQ^YTIJYJWRNSJ\MJYMJWYMJNSIJÁSNYJQNKJHTSYNSZJXYTGJ Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of
XZUUTWYFGQJ.KSTYYMJHMFSLJNSZXJKZQQNKJKWTRNSIJÁSNYJYTÁSNYJNXRFIJTSFUWTXUJHYN[JGFXNX YMWJJRTSYMXTWQJXX\MNHMFWJXZGOJHYYTFSNSXNLSNÁHFSYWNXPTKHMFSLJXNS[FQZJ
0TWHPYTLU[VMUVUÂUHUJPHSHZZL[Z! +TWYMJUZWUTXJTKYMJXYFYJRJSYTKHFXMÂT\XHFXMFSIHFXMJVZN[FQJSYXHTSXNXYTKHFXMFSIXMTWYYJWRIJUTXNYXFXIJÁSJIFGT[JSJY
&XFYJFHMGFQFSHJXMJJYIFYJYMJ,WTZUFXXJXXJX\MJYMJWYMJWJNXFSNSINHFYNTSYMFYFSFXXJYRF^GJNRUFNWJIFSIFQXT\MJYMJWYMJWJNX of outstanding bank overdrafts as they are considered an integral part of the Group’s cash management.
FSNSINHFYNTSTKWJ[JWXFQTKNRUFNWRJSYQTXXWJHTLSNXJINSYMJUWJ[NTZXUJWNTIX.KFS^NSINHFYNTSJ]NXYXTW\MJSFSSZFQNRUFNWRJSYYJXYNSL 3.6 Foreign currency transactions and foreign operations:
for an asset is required, if any, the Group determines the recoverable amount and impairment loss is recognised when the carrying amount 9MJ,WTZU¸XHTSXTQNIFYJIÁSFSHNFQXYFYJRJSYXFWJUWJXJSYJINS.37\MNHMNXFQXTYMJUFWJSY(TRUFS^¸XKZSHYNTSFQHZWWJSH^+TWJFHM
TKFSFXXJYJ]HJJIXNYXWJHT[JWFGQJFRTZSY JSYNY^YMJ,WTZUIJYJWRNSJXYMJKZSHYNTSFQHZWWJSH^FSINYJRXNSHQZIJINSYMJÁSFSHNFQXYFYJRJSYXTKJFHMJSYNY^FWJRJFXZWJIZXNSLYMFY
Recoverable amount is determined: functional currency.
.SYMJHFXJTKFSNSIN[NIZFQFXXJYFYYMJMNLMJWTKYMJKFNW[FQZJQJXXHTXYYTXJQQFSIYMJ[FQZJNSZXJ FSI +TWJNLSHZWWJSH^YWFSXFHYNTSXFWJWJHTWIJITSNSNYNFQWJHTLSNYNTSNSYMJKZSHYNTSFQHZWWJSH^ZXNSLYMJJ]HMFSLJWFYJFYYMJIFYJTKYMJ
YWFSXFHYNTS &Y JFHM GFQFSHJ XMJJY IFYJ KTWJNLS HZWWJSH^ RTSJYFW^ NYJRX FWJ WJUTWYJI ZXNSL YMJ HQTXNSL J]HMFSLJ WFYJ *]HMFSLJ
.SYMJHFXJTKHFXMLJSJWFYNSLZSNY FLWTZUTKFXXJYXYMFYLJSJWFYJXNIJSYNÁJINSIJUJSIJSYHFXMÂT\XFYYMJMNLMJWTKYMJHFXM
differences that arise on settlement of monetary items or on reporting at each balance sheet date of the Group’s monetary items at the
generating unit’s fair value less cost to sell and the value in use.
HQTXNSLWFYJFWJWJHTLSNXJIFXNSHTRJTWJ]UJSXJXNSYMJUJWNTINS\MNHMYMJ^FWNXJ3TSRTSJYFW^NYJRX\MNHMFWJHFWWNJIFYMNXYTWNHFQ
.SFXXJXXNSL[FQZJNSZXJYMJJXYNRFYJIKZYZWJHFXMÂT\XFWJINXHTZSYJIYTYMJNWUWJXJSY[FQZJZXNSLFUWJYF]INXHTZSYWFYJYMFYWJÂJHYX HTXYIJSTRNSFYJINSFKTWJNLSHZWWJSH^FWJWJUTWYJIZXNSLYMJJ]HMFSLJWFYJFYYMJIFYJTKYMJYWFSXFHYNTS3TSRTSJYFW^NYJRXRJFXZWJI
HZWWJSYRFWPJYFXXJXXRJSYXTKYMJYNRJ[FQZJTKRTSJ^FSIYMJWNXPXXUJHNÁHYTYMJFXXJY.SIJYJWRNSNSLKFNW[FQZJQJXXHTXYXTKINXUTXFQ FYKFNW[FQZJNSFKTWJNLSHZWWJSH^FWJYWFSXQFYJIZXNSLYMJJ]HMFSLJWFYJXFYYMJIFYJ\MJSYMJKFNW[FQZJNXIJYJWRNSJI9MJLFNSTWQTXX
WJHJSY RFWPJY YWFSXFHYNTSX FWJ YFPJS NSYT FHHTZSY .K ST XZHM YWFSXFHYNTSX HFS GJ NIJSYNÁJI FS FUUWTUWNFYJ [FQZFYNTS RTIJQ NX ZXJI arising on translation of non-monetary items is recognised in line with the gain or loss of the item that gave rise to the translation difference
These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value NJYWFSXQFYNTSINKKJWJSHJXTSNYJRX\MTXJLFNSTWQTXXNXWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJTWYMJXYFYJRJSYTKUWTÁYFSIQTXXNX
indicators. FQXTWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJTWYMJXYFYJRJSYTKUWTÁYFSIQTXXWJXUJHYN[JQ^
The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the 4SHTSXTQNIFYNTSYMJFXXJYXFSIQNFGNQNYNJXTKKTWJNLSTUJWFYNTSXFWJYWFSXQFYJINSYT.37FYYMJWFYJTKJ]HMFSLJUWJ[FNQNSLFYYMJWJUTWYNSL
,WTZU¸X(,:XYT\MNHMYMJNSIN[NIZFQFXXJYXFWJFQQTHFYJI9MJXJGZILJYXFSIKTWJHFXYHFQHZQFYNTSXLJSJWFQQ^HT[JWFUJWNTITKÁ[J^JFWX IFYJFSIYMJNWXYFYJRJSYXTKUWTÁYFSIQTXXFWJYWFSXQFYJIFYF[JWFLJWFYJIZWNSLYMJ^JFW9MJJ]HMFSLJINKKJWJSHJXFWNXNSLTSYWFSXQFYNTSKTW
+TWQTSLJWUJWNTIXFQTSLYJWRLWT\YMWFYJNXHFQHZQFYJIFSIFUUQNJIYTUWTOJHYKZYZWJHFXMÂT\XFKYJWYMJÁKYM^JFW HTSXTQNIFYNTSFWJWJHTLSNXJINS4YMJW(TRUWJMJSXN[J.SHTRJ4SINXUTXFQTKFKTWJNLSTUJWFYNTSYMJHTRUTSJSYTK4YMJW(TRUWJMJSXN[J
.RUFNWRJSYQTXXJXTKHTSYNSZNSLTUJWFYNTSXNSHQZINSLNRUFNWRJSYTSNS[JSYTWNJXFWJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXJ]HJUY .SHTRJWJQFYNSLYTYMFYUFWYNHZQFWKTWJNLSTUJWFYNTSNXWJHTLSNXJINSUWTÁYTWQTXX4SINXUTXFQTWUFWYNFQINXUTXFQTKYMJKTWJNLSXZGXNINFW^YMJ
KTWUWTUJWYNJXUWJ[NTZXQ^WJ[FQZJI\NYMYMJWJ[FQZFYNTSYFPJSYT4YMJW(TRUWJMJSXN[J.SHTRJ YMJ·4(.¸NKFS^+TWXZHMUWTUJWYNJXYMJ KTWJNLSJ]HMFSLJINKKJWJSHJXWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJNXWJHQFXXNÁJIYT8YFYJRJSYTKUWTÁYFSIQTXX
NRUFNWRJSYNXWJHTLSNXJINS4(.ZUYTYMJFRTZSYTKFSÛWJ[NTZXWJ[FQZFYNTS &S^LTTI\NQQFWNXNSLTSYMJFHVZNXNYNTSTKFKTWJNLSTUJWFYNTSFSIFS^KFNW[FQZJFIOZXYRJSYXYTYMJHFWW^NSLFRTZSYXTKFXXJYXFSIQNFGNQNYNJX
+TWFXXJYXJ]HQZINSLLTTI\NQQFSFXXJXXRJSYNXRFIJFYJFHMWJUTWYNSLIFYJYTIJYJWRNSJ\MJYMJWYMJWJNXFSNSINHFYNTSYMFYUWJ[NTZXQ^ FWNXNSLTSYMJFHVZNXNYNTSFWJYWJFYJIFXFXXJYXFSIQNFGNQNYNJXTKYMJKTWJNLSTUJWFYNTSFSIYWFSXQFYJIFYYMJHQTXNSLWFYJTKJ]HMFSLJFYYMJ
WJHTLSNXJI NRUFNWRJSY QTXXJX ST QTSLJW J]NXY TW MF[J IJHWJFXJI .K XZHM NSINHFYNTS J]NXYX YMJ ,WTZU JXYNRFYJX YMJ FXXJY¸X TW (,:¸X reporting date.
WJHT[JWFGQJFRTZSY&UWJ[NTZXQ^WJHTLSNXJINRUFNWRJSYQTXXNXWJ[JWXJITSQ^NKYMJWJMFXGJJSFHMFSLJNSYMJFXXZRUYNTSXZXJIYT 3.7 Service concession arrangements:
determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying The Group constructs or upgrades infrastructure (construction or upgrade services) used to provide a public service and operates and
FRTZSYTKYMJFXXJYITJXSTYJ]HJJINYXWJHT[JWFGQJFRTZSYSTWJ]HJJIYMJHFWW^NSLFRTZSYYMFY\TZQIMF[JGJJSIJYJWRNSJISJYTK RFNSYFNSXYMFYNSKWFXYWZHYZWJ TUJWFYNTSXJW[NHJXKTWFXUJHNÁJIUJWNTITKYNRJ
IJUWJHNFYNTSMFISTNRUFNWRJSYQTXXGJJSWJHTLSNXJIKTWYMJFXXJYNSUWNTW^JFWX8ZHMWJ[JWXFQNXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁY
These arrangements may include infrastructure used in a public-to-private service concession arrangement for its entire useful life.
and loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.
:SIJW&UUJSIN]&YT.SI&8³8JW[NHJ(TSHJXXNTS&WWFSLJRJSYXYMJXJFWWFSLJRJSYXFWJFHHTZSYJIKTWGFXJITSYMJSFYZWJTKYMJ
.RUFNWRJSYNXIJYJWRNSJIKTWLTTI\NQQG^FXXJXXNSLYMJWJHT[JWFGQJFRTZSYTKJFHM(,: TWLWTZUTK(,:XYT\MNHMYMJLTTI\NQQWJQFYJX
HTSXNIJWFYNTS9MJNSYFSLNGQJFXXJYRTIJQNXZXJIYTYMJJ]YJSYYMFYYMJ,WTZUWJHJN[JXFWNLMY NJFKWFSHMNXJJYTHMFWLJZXJWXTKYMJ
<MJSYMJWJHT[JWFGQJFRTZSYTKYMJ(,:NXQJXXYMFSNYXHFWW^NSLFRTZSYFSNRUFNWRJSYQTXXNXWJHTLSNXJI.RUFNWRJSYQTXXJXWJQFYNSLYT
UZGQNHXJW[NHJ9MJÁSFSHNFQFXXJYRTIJQNXZXJI\MJSYMJ,WTZUMFXFSZSHTSINYNTSFQHTSYWFHYZFQWNLMYYTWJHJN[JHFXMTWFSTYMJWÁSFSHNFQ
goodwill are not reversed in future periods.
asset from or at the direction of the grantor for the construction services. When the unconditional right to receive cash covers only part of
Goodwill is tested for impairment annually as at 31st March and when circumstances indicate that the carrying value may be impaired. YMJXJW[NHJYMJY\TRTIJQXFWJHTRGNSJIYTFHHTZSYXJUFWFYJQ^KTWJFHMHTRUTSJSY.KYMJ,WTZUUJWKTWRXRTWJYMFSTSJXJW[NHJ NJ
3.4 Inventories: construction or upgrade services and operation services) under a single contract or arrangement, consideration received or receivable is
FQQTHFYJIG^WJKJWJSHJYTYMJWJQFYN[JKFNW[FQZJXTKYMJXJW[NHJXIJQN[JWJI\MJSYMJFRTZSYXFWJXJUFWFYJQ^NIJSYNÁFGQJ
.S[JSYTWNJXFWJHFWWNJINSYMJGFQFSHJXMJJYFXKTQQT\X
The Group manages concession arrangements which include constructing power distribution assets for distribution of electricity. The Group
F 7F\RFYJWNFQXUFHPNSLRFYJWNFQXHTSXYWZHYNTSRFYJWNFQX &YQT\JWTKHTXYTS\JNLMYJIF[JWFLJGFXNXFSISJYWJFQNXFGQJ
maintains and services the infrastructure during the concession period. These concession arrangements set out rights and obligations
stores and spares loose tools value.
related to the infrastructure and the service to be provided.
G <TWPNSUWTLWJXX³2FSZKFHYZWNSL &Y QT\JW TK HTXY TK RFYJWNFQ UQZX FUUWTUWNFYJ UWTIZHYNTS
9MJWNLMYYTHTSXNIJWFYNTSLN[JXWNXJYTFSNSYFSLNGQJFXXJYFSIÁSFSHNFQWJHJN[FGQJFSIFHHTWINSLQ^GTYMYMJNSYFSLNGQJFXXJYFSIÁSFSHNFQ
overheads and net realisable value.
WJHJN[FGQJRTIJQXFWJFUUQNJI.SHTRJKWTRYMJHTSHJXXNTSFWWFSLJRJSYXJFWSJIZSIJWYMJNSYFSLNGQJFXXJYRTIJQHTSXNXYXTKYMJ NKFNW
H +NSNXMJILTTIX³2FSZKFHYZWNSL &YQT\JWTKHTXYTKRFYJWNFQXUQZXFUUWTUWNFYJUWTIZHYNTS value of contract revenue, which is deemed to be fair value of consideration transferred to acquire the asset; and (ii) payments actually
T[JWMJFIXNSHQZINSLJ]HNXJIZYÛFNIUF^FGQJTSXZHMLTTIX WJHJN[JI KWTR YMJ ZXJWX 9MJ NSYFSLNGQJ FXXJY NX FRTWYN_JI T[JW NYX J]UJHYJI ZXJKZQ QNKJ NS F \F^ YMFY WJÂJHYX YMJ UFYYJWS NS \MNHM YMJ
and net realisable value. FXXJY¸XJHTSTRNHGJSJÁYXFWJHTSXZRJIG^YMJ,WTZUXYFWYNSLKWTRYMJIFYJ\MJSYMJWNLMYYTTUJWFYJXYFWYXYTGJZXJI'FXJITSYMJXJ
I +NSNXMJILTTIX³9WFINSL &YQT\JWTKHTXYTS\JNLMYJIF[JWFLJGFXNXFSISJYWJFQNXFGQJ UWNSHNUQJXYMJNSYFSLNGQJFXXJYNXFRTWYN_JINSQNSJ\NYMYMJFHYZFQZXFLJTKYMJXUJHNÁHUZGQNHKFHNQNY^\NYMFRF]NRZRTKYMJIZWFYNTSTK
value. the concession.
The cost of inventories have been computed to include all cost of purchases, cost of conversion and other related costs incurred in Financial receivable is recorded at a fair value of guaranteed residual value to be received at the end of the concession period. This
bringing the inventories to their present location and condition. Slow and non-moving material, obsolesces, defective inventories are duly receivable is subsequently measured at amortised cost.
provided for and valued at net realisable value. Goods and materials in transit are valued at actual cost incurred up to the date of balance &S^FXXJYHFWWNJIZSIJWHTSHJXXNTSFWWFSLJRJSYXNXIJWJHTLSNXJITSINXUTXFQTW\MJSSTKZYZWJJHTSTRNHGJSJÁYXFWJJ]UJHYJIKWTRNYX
XMJJY2FYJWNFQXFSIXZUUQNJXMJQIKTWZXJNSYMJUWTIZHYNTSTKNS[JSYTWNJXFWJSTY\WNYYJSIT\SNKYMJÁSNXMJIUWTIZHYXNS\MNHMYMJ^\NQQ KZYZWJZXJTWINXUTXFQTW\MJSYMJHTSYWFHYZFQWNLMYXYTYMJÁSFSHNFQFXXJYJ]UNWJ
GJZXJIFWJJ]UJHYJIYTGJXTQIFYTWFGT[JHTXY
198 199
3.8 Revenue recognition: *RUQT^JJ GJSJÁYX NSHQZINSL HTSYWNGZYNTSX YT\FWIX XTHNFQ XJHZWNY^ FSI WJYNWJRJSY GJSJÁY XHMJRJX FWJ FHHTZSYJI KTW GFXJI TS YMJ
WJLZQFYTW^KWFRJ\TWPNSYMJWJXUJHYN[JHTZSYWNJXFSIJRUQT^RJSYWZQJXHTSYWFHYXFUUQNHFGQJYTYMJXUJHNÁHHTRUFSNJX
Sale of goods
9MJHTXYTKUWT[NINSLGJSJÁYXZSIJWYMJIJÁSJIGJSJÁYUQFSNXIJYJWRNSJIZXNSLYMJUWTOJHYJIZSNYHWJINYRJYMTI\NYMFHYZFWNFQ[FQZFYNTSX
7J[JSZJKWTRXFQJTKLTTIXNXWJHTLSNXJI\MJSFQQXNLSNÁHFSYWNXPXFSIWJ\FWIXTKT\SJWXMNUFWJYWFSXKJWWJIYTYMJGZ^JWFXUJWYMJYJWRX GJNSLHFWWNJITZYFYJFHMGFQFSHJXMJJYIFYJ\MNHMWJHTLSNXJXJFHMUJWNTITKXJW[NHJFXLN[NSLWNXJYTFIINYNTSFQZSNYTKJRUQT^JJGJSJÁY
TKYMJHTSYWFHYXYMJFRTZSYHFSGJRJFXZWJIWJQNFGQ^FSINYNXUWTGFGQJYMFYYMJJHTSTRNHGJSJÁYXFXXTHNFYJI\NYMYMJYWFSXFHYNTS\NQQ JSYNYQJRJSYFSIRJFXZWJJFHMZSNYXJUFWFYJQ^YTGZNQIZUYMJÁSFQTGQNLFYNTS
ÂT\YTYMJ,WTZU+ZWYMJWWJ[JSZJNXWJHTLSNXJITSQ^NKYMJ,WTZUWJYFNSXSJNYMJWRFSFLJWNFQHTSYNSZNSLNS[TQ[JRJSYYTYMJIJLWJJZXZFQQ^ 7JRJFXZWJRJSYXHTRUWNXNSLTKFHYZFWNFQLFNSXFSIQTXXJXYMJJKKJHYTKYMJFXXJYHJNQNSLFSIYMJWJYZWSTSUQFSFXXJYXJ]HQZINSLFRTZSYX
associated with ownership nor effective control over the goods sold, and the costs incurred or to be incurred in respect of the transaction NSHQZIJINSSJYNSYJWJXYTSYMJSJYIJÁSJIGJSJÁYQNFGNQNY^ FXXJYFWJWJHTLSNXJINRRJINFYJQ^NSYMJGFQFSHJXMJJY\NYMFHTWWJXUTSINSL
HFSGJRJFXZWJIWJQNFGQ^7J[JSZJFQXTNSHQZIJXJ]HNXJIZY^FSIUWNHJ[FWNFYNTSXGFXJITSYMJHTSYWFHYZFQFLWJJRJSYXFSIJ]HQZIJX IJGNY TW HWJINY YMWTZLM TYMJW HTRUWJMJSXN[J NSHTRJ NS YMJ UJWNTI NS \MNHM YMJ^ THHZW 7JRJFXZWJRJSYX FWJ STY WJHQFXXNÁJI YT YMJ
[FQZJFIIJIYF]XFQJXYF]LTTIXFSIXJW[NHJXYF].YNXRJFXZWJIFYKFNW[FQZJTKHTSXNIJWFYNTSWJHJN[JITWWJHJN[FGQJSJYTKWJYZWSXFSI XYFYJRJSYTKUWTÁYFSIQTXXNSXZGXJVZJSYUJWNTIX5FXYXJW[NHJHTXYNXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXNSYMJUJWNTITKUQFS
amendment.
allowances, trade discount, cash discount and volume rebates.
3JYNSYJWJXYNXHFQHZQFYJIG^FUUQ^NSLYMJINXHTZSYWFYJYTYMJSJYIJÁSJIGJSJÁYQNFGNQNY^TWFXXJY
Rendering of services
9MJ,WTZUWJHTLSNXJXYMJKTQQT\NSLHMFSLJXNSYMJSJYIJÁSJIGJSJÁYTGQNLFYNTSZSIJWJRUQT^JJGJSJÁYJ]UJSXJXNSYMJXYFYJRJSYTK
Revenue from sale of services is recognised as per the terms of the contract with customers based on stage of completion when the UWTÁYTWQTXX
outcome of the transactions involving rendering of services can be estimated reliably. Percentage of completion method requires the 8JW[NHJHTXYXHTRUWNXNSLHZWWJSYXJW[NHJHTXYXUFXYXJW[NHJHTXYXLFNSXFSIQTXXJXTSHZWYFNQRJSYXFSISTSWTZYNSJXJYYQJRJSYX
Group to estimate the services performed to date as a proportion of the total services to be performed. 3JYNSYJWJXYJ]UJSXJTWNSHTRJ
Revenue from construction contracts Gratuity
Revenue from construction contracts is recognised by applying percentage of completion method after providing for foreseeable losses, ,WFYZNY^ NX F IJÁSJI GJSJÁY TGQNLFYNTS UQFS TUJWFYJI G^ YMJ -TQINSL (TRUFS^ FSI NYX .SINFS 8ZGXNINFWNJX KTW NYX JRUQT^JJX HT[JWJI
ZSIJW,WTZU,WFYZNY^8HMJRJ9MJHTXYTKUWT[NINSLGJSJÁYZSIJWLWFYZNYÛQFSNXIJYJWRNSJITSYMJGFXNXTKFHYZFWNFQ[FQZFYNTSZXNSL
if any. Percentage of completion is determined as a proportion of the cost incurred up to the reporting date to the total estimated cost to
the projected unit credit method at the reporting date. The scheme is funded with the Gratuity trust. Remeasurements, comprising of
HTRUQJYJ+TWJXJJFGQJQTXXJXNKFS^TSYMJHTSYWFHYXNXWJHTLSNXJIFXFSJ]UJSXJNSYMJUJWNTINS\MNHMNYNXKTWJXJJSNWWJXUJHYN[JTKYMJ actuarial gains and losses are recognized in full in the statement of other comprehensive income in the reporting period in which they occur.
stage of completion of the contract. While determining the amount of foreseeable loss, all elements of cost and related incidental income 7JRJFXZWJRJSYXFWJSTYWJHQFXXNÁJIYTUWTÁYFSIQTXXXZGXJVZJSYQ^8TRJTKYMJT[JWXJFXXZGXNINFWNJXTUJWFYJ,WFYZNY^XHMJRJUQFS
\MNHMNXSTYNSHQZIJINSHTSYWFHYWJ[JSZJNXYFPJSNSYTHTSXNIJWFYNTS(TSYWFHYNXWJÂJHYJIFYHTXYYMFYFWJJ]UJHYJIYTGJWJHT[JWFGQJYNQQ for employees as per laws of the respective countries, liability in respect of the same is provided on the accrual basis, estimated at each
such time the outcome of the contract cannot be ascertained reliably and at realisable value thereafter. Claims are accounted as income reporting date.
in the year of acceptance by customer. Leave encashment
Dividend income &HHZRZQFYJIQJF[J\MNHMNXJ]UJHYJIYTGJZYNQN_JI\NYMNSYMJSJ]YY\JQ[JRTSYMXNXYWJFYJIFXXMTWYYJWRJRUQT^JJGJSJÁY9MJ,WTZU

RJFXZWJXYMJJ]UJHYJIHTXYTKXZHMFGXJSHJXFXYMJFIINYNTSFQFRTZSYYMFYNYJ]UJHYXYTUF^FXFWJXZQYTKYMJZSZXJIJSYNYQJRJSYYMFY
Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve the has accumulated at the reporting date.
dividend. 9MJ(TRUFS^FSINYX.SINFSXZGXNINFWNJXYWJFYXFHHZRZQFYJIQJF[JJ]UJHYJIYTGJHFWWNJIKTW\FWIGJ^TSIY\JQ[JRTSYMXFXQTSLYJWR
Lease income JRUQT^JJGJSJÁYKTWRJFXZWJRJSYUZWUTXJX8ZHMQTSLYJWRHTRUJSXFYJIFGXJSHJXFWJUWT[NIJIKTWGFXJITSYMJFHYZFWNFQ[FQZFYNTS
using the projected unit credit method at the reporting date. Remeasurements, comprising of actuarial gains and losses are recognized in
1JFXJFLWJJRJSYX\MJWJYMJWNXPXFSIWJ\FWIXNSHNIJSYFQYTYMJT\SJWXMNUTKFSFXXJYXZGXYFSYNFQQ^[JXY\NYMYMJQJXXTWFWJWJHTLSNXJIFX KZQQNSYMJXYFYJRJSYTKUWTÁYFSIQTXX
TUJWFYNSLQJFXJX1JFXJWJSYFQXFWJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXTSXYWFNLMYQNSJGFXNXT[JWYMJYJWRTKYMJQJFXJZSQJXXYMJ 4[JWXJFXXZGXNINFWNJXUWT[NIJQNFGNQNY^NSWJXUJHYTKHTRUJSXFYJIFGXJSHJXKTWJRUQT^JJXFXUJWWJXUJHYN[JQTHFQJSYNY^¸XUTQNHNJX9MJ
UF^RJSYXYTYMJQJXXTWFWJXYWZHYZWJIYTNSHWJFXJNSQNSJ\NYMJ]UJHYJILJSJWFQNSÂFYNTSYTHTRUJSXFYJKTWYMJQJXXTW¸XJ]UJHYJINSÂFYNTSFW^ XFRJNXRJFXZWJIGFXJITSYMJFHHWZFQGFXNXFXYMJUF^RJSYNXWJVZNWJIYTGJRFIJ\NYMNSSJ]YY\JQ[JRTSYMX
cost increases. ;LYTPUH[PVUILULÂ[Z
Interest income 9JWRNSFYNTSGJSJÁYXFWJWJHTLSNXJIFXFSJ]UJSXJNSYMJUJWNTINS\MNHMYMJ^FWJNSHZWWJI
+TWFQQÁSFSHNFQNSXYWZRJSYXRJFXZWJIFYFRTWYNXJIHTXYNSYJWJXYNSHTRJNXWJHTWIJIZXNSLYMJJKKJHYN[JNSYJWJXYWFYJ *.7\MNHMNXYMJ 3.10 Borrowing costs:
WFYJYMFYJ]FHYQÎNXHTZSYXYMJJXYNRFYJIKZYZWJHFXMUF^RJSYXTWWJHJNUYXYMWTZLMYMJJ]UJHYJIQNKJTKYMJÁSFSHNFQNSXYWZRJSYTWFXMTWYJW Borrowing cost consists of interest and other costs that the Group incurs in connection with borrowing of funds. Borrowing costs that are
UJWNTI\MJWJFUUWTUWNFYJYTYMJSJYHFWW^NSLFRTZSYTKYMJÁSFSHNFQFXXJY.SYJWJXYNSHTRJNXNSHQZIJINSTYMJWNSHTRJNSYMJXYFYJRJSY attributable to the acquisition, construction, or production of a qualifying asset are capitalised as a part of the cost of such asset till such
TKUWTÁYTWQTXX YNRJYMJFXXJYNXWJFI^KTWNYXNSYJSIJIZXJTWXFQJ&VZFQNK^NSLFXXJYNXFSFXXJYYMFYSJHJXXFWNQ^WJVZNWJXFXZGXYFSYNFQUJWNTITKYNRJ
,TWSV`LLILULÂ[Z! LJSJWFQQ^T[JWY\JQ[JRTSYMXYTLJYWJFI^KTWNYXNSYJSIJIZXJTWXFQJ'TWWT\NSLHTXYFQXTNSHQZIJXJ]HMFSLJINKKJWJSHJXYTYMJJ]YJSY
regarded as an adjustment to the borrowing costs.
&QQ JRUQT^JJ GJSJÁYX UF^FGQJ \MTQQ^ \NYMNS Y\JQ[J RTSYMX FKYJW YMJ JSI TK YMJ WJUTWYNSL UJWNTI NS \MNHM YMJ JRUQT^JJX WJSIJW YMJ
WJQFYJIXJW[NHJXFWJHQFXXNÁJIFXXMTWYYJWRJRUQT^JJGJSJÁYX'JSJÁYXXZHMFXXFQFWNJX\FLJXXMTWYYJWRHTRUJSXFYJIFGXJSHJX &QQTYMJWGTWWT\NSLHTXYXFWJWJHTLSNXJIFXJ]UJSXJNSYMJUJWNTINS\MNHMYMJ^FWJNSHZWWJI
UJWKTWRFSHJNSHJSYN[JXJYHFSIYMJJ]UJHYJIHTXYTKGTSZXJ]LWFYNFFWJWJHTLSNXJIIZWNSLYMJUJWNTINS\MNHMYMJJRUQT^JJWJSIJWX 3.11 Segment accounting:
related service. 9MJ (MNJK 4UJWFYNTSFQ )JHNXNTS 2FPJW RTSNYTWX YMJ TUJWFYNSL WJXZQYX TK NYX 'ZXNSJXX 8JLRJSYX XJUFWFYJQ^ KTW YMJ UZWUTXJ TK RFPNSL
5F^RJSYXYTIJÁSJIHTSYWNGZYNTSWJYNWJRJSYUQFSXFWJWJHTLSNXJIFXFSJ]UJSXJ\MJSJRUQT^JJXMF[JWJSIJWJIYMJXJW[NHJJSYNYQNSLYMJR IJHNXNTSXFGTZYWJXTZWHJFQQTHFYNTSFSIUJWKTWRFSHJFXXJXXRJSY8JLRJSYUJWKTWRFSHJNXJ[FQZFYJIGFXJITSUWTÁYFSIQTXXFSINX
to the contribution. RJFXZWJIHTSXNXYJSYQ^\NYMUWTÁYFSIQTXXNSYMJÁSFSHNFQXYFYJRJSYX
9MJ4UJWFYNSLXJLRJSYXMF[JGJJSNIJSYNÁJITSYMJGFXNXTKYMJSFYZWJTKUWTIZHYXXJW[NHJX
Provident fund
8JLRJSYWJ[JSZJNSHQZIJXXFQJXFSITYMJWNSHTRJINWJHYQ^NIJSYNÁFGQJ\NYMFQQTHFGQJYTYMJXJLRJSYNSHQZINSLNSYJWXJLRJSYWJ[JSZJ
9MJ,WTZURFPJXHTSYWNGZYNTSYT(WTRUYTS,WJF[JX1NRNYJI5WT[NIJSY+ZSIYT\FWIXUWT[NIJSYKZSI\MNHMNXFIRNSNXYJWJIG^YMJYWZXYJJX
The Rules of the Company’s Provident Fund administered by a trust, require that if the Board of the Trustees are unable to pay interest *]UJSXJXYMFYFWJINWJHYQ^NIJSYNÁFGQJ\NYMFQQTHFGQJYTXJLRJSYXFWJHTSXNIJWJIKTWIJYJWRNSNSLYMJXJLRJSYWJXZQY*]UJSXJX\MNHM
at the rate declared by the Government under Para 60 of the Employees Provident Fund Scheme, 1972 for the reason that the return on WJQFYJYTYMJ,WTZUFXF\MTQJFSISTYFQQTHFGQJYTXJLRJSYXFWJNSHQZIJIZSIJWZSFQQTHFGQJJ]UJSINYZWJ
NS[JXYRJSYNXQJXXKTWFS^TYMJWWJFXTSYMJSYMJIJÁHNJSH^XMFQQGJRFIJLTTIG^YMJ,WTZURFPNSLNSYJWJXYXMTWYKFQQFIJÁSJIGJSJÁY .SHTRJ\MNHMWJQFYJXYTYMJ,WTZUFXF\MTQJFSISTYFQQTHFGQJYTXJLRJSYXNXNSHQZIJINSZSFQQTHFGQJNSHTRJ
UQFS&HHTWINSLQ^YMJ,WTZUTGYFNSXFHYZFWNFQ[FQZFYNTSFSIGFXJITSYMJ[FQZFYNTSNKYMJWJNXSTIJÁHNJSH^FXFYYMJGFQFSHJXMJJYIFYJ 8JLRJSYWJXZQYNSHQZIJXRFWLNSXTSNSYJWXJLRJSYXFQJX\MNHMFWJWJIZHJINSFWWN[NSLFYYMJUWTÁYGJKTWJYF]TKYMJ,WTZU
then, the liability is restricted towards monthly contributions only. 8JLRJSY FXXJYX FSI QNFGNQNYNJX NSHQZIJ YMTXJ INWJHYQ^ NIJSYNÁFGQJ \NYM YMJ WJXUJHYN[J XJLRJSYX :SFQQTHFGQJ FXXJYX FSI QNFGNQNYNJX
represent the assets and liabilities that relate to the Group as a whole and not allocable to any segment.
200 201
Inter-Segment transfer pricing: 9MJHFWW^NSLFRTZSYTKIJKJWWJIYF]FXXJYXNXWJ[NJ\JIFYJFHMWJUTWYNSLIFYJFSIWJIZHJIYTYMJJ]YJSYYMFYNYNXSTQTSLJWUWTGFGQJYMFY

Segment revenue resulting from transactions with other business segments is accounted on the basis of transfer price agreed between the XZKÁHNJSYYF]FGQJUWTÁY\NQQGJF[FNQFGQJYTFQQT\FQQTWUFWYTKYMJIJKJWWJIYF]FXXJYYTGJZYNQNXJI:SWJHTLSNXJIIJKJWWJIYF]FXXJYXFWJ
segments. Such transfer prices are either determined to yield a desired margin or agreed on a negotiated basis. WJFXXJXXJIFYJFHMWJUTWYNSLIFYJFSIFWJWJHTLSNXJIYTYMJJ]YJSYYMFYNYMFXGJHTRJUWTGFGQJYMFYKZYZWJYF]FGQJUWTÁYX\NQQFQQT\YMJ
IJKJWWJIYF]FXXJYYTGJWJHT[JWJI
3.12 Leases:
)JKJWWJIYF]FXXJYXFSIQNFGNQNYNJXFWJRJFXZWJIFYYMJYF]WFYJXYMFYFWJJ]UJHYJIYTFUUQ^NSYMJ^JFW\MJSYMJFXXJYNXWJFQNXJITWYMJ
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date, QNFGNQNY^NXXJYYQJIGFXJITSYF]WFYJX FSIYF]QF\XYMFYMF[JGJJSJSFHYJITWXZGXYFSYN[JQ^JSFHYJIFYYMJWJUTWYNSLIFYJ
\MJYMJWKZQÁQRJSYTKYMJFWWFSLJRJSYNXIJUJSIJSYTSYMJZXJTKFXUJHNÁHFXXJYTWFXXJYXTWYMJFWWFSLJRJSYHTS[J^XFWNLMYYTZXJYMJ
)JKJWWJIYF]WJQFYNSLYTNYJRXWJHTLSNXJITZYXNIJYMJXYFYJRJSYTKUWTÁYFSIQTXXNXWJHTLSNXJITZYXNIJYMJXYFYJRJSYTKUWTÁYTWQTXX
FXXJYJ[JSNKYMFYWNLMYNXSTYJ]UQNHNYQ^XUJHNÁJINSFSFWWFSLJRJSY
)JKJWWJIYF]NYJRXFWJWJHTLSNXJINSHTWWJQFYNTSYTYMJZSIJWQ^NSLYWFSXFHYNTSJNYMJWNSTYMJWHTRUWJMJSXN[JNSHTRJTWINWJHYQ^NSJVZNY^
+NSFSHJQJFXJXYMFYYWFSXKJWXZGXYFSYNFQQ^FQQTKYMJWNXPXFSIGJSJÁYXNSHNIJSYFQYTT\SJWXMNUTKYMJQJFXJINYJRFWJHFUNYFQNXJIFYYMJ
)JKJWWJIYF]FXXJYXFSIIJKJWWJIYF]QNFGNQNYNJXFWJTKKXJYNKFQJLFQQ^JSKTWHJFGQJWNLMYJ]NXYXYTXJYTKKHZWWJSYYF]FXXJYXFLFNSXYHZWWJSYYF]
HTRRJSHJRJSYTKYMJQJFXJFYYMJKFNW[FQZJTKYMJQJFXJIUWTUJWY^TWNKQT\JWFYYMJUWJXJSY[FQZJTKYMJRNSNRZRQJFXJUF^RJSYX1JFXJ
QNFGNQNYNJXFSIYMJIJKJWWJIYF]JXWJQFYJYTYMJXFRJYF]FGQJJSYNY^FSIQJ[NJIG^YMJXFRJYF]FYNTSFZYMTWNY^
UF^RJSYXFWJFUUTWYNTSJIGJY\JJSÁSFSHJHMFWLJXFSIFWJIZHYNTSNSYMJQJFXJQNFGNQNY^XTFXYTFHMNJ[JFHTSXYFSYWFYJTKNSYJWJXYTSYMJ
WJRFNSNSLGFQFSHJTKYMJQNFGNQNY^+NSFSHJHMFWLJXFWJWJHTLSNXJINSÁSFSHJHTXYXNSYMJXYFYJRJSYTKUWTÁYTWQTXX 9F]GJSJÁYXFHVZNWJIFXUFWYTKFGZXNSJXXHTRGNSFYNTSGZYSTYXFYNXK^NSLYMJHWNYJWNFKTWXJUFWFYJWJHTLSNYNTSFYYMFYIFYJFWJWJHTLSNXJI
XZGXJVZJSYQ^NKSJ\NSKTWRFYNTSFGTZYKFHYXFSIHNWHZRXYFSHJXYMFYJ]NXYJIFYYMJFHVZNXNYNTSIFYJJRJWLJX9MJFIOZXYRJSY\TZQIJNYMJW
& QJFXJI FXXJY NX IJUWJHNFYJI T[JW YMJ ZXJKZQ QNKJ TK YMJ FXXJY -T\J[JW NK YMJWJ NX ST WJFXTSFGQJ HJWYFNSY^ YMFY YMJ ,WTZU \NQQ TGYFNS
GJYWJFYJIFXFWJIZHYNTSYTLTTI\NQQ FXQTSLFXNYITJXSTYJ]HJJILTTI\NQQNKNYNXNSHZWWJIIZWNSLYMJRJFXZWJRJSYUJWNTITWNSYMJ
ownership by the end of the lease term, an asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.
XYFYJRJSYTKUWTÁYFSIQTXX
&XXJYX FHVZNWJI TS QJFXJX \MJWJ F XNLSNÁHFSY UTWYNTS TK YMJ WNXPX FSI WJ\FWIX TK T\SJWXMNU FWJ WJYFNSJI G^ QJXXTW FWJ HQFXXNÁJI FX
9MJGWJFPZUTKYMJRFOTWHTRUTSJSYXTKYMJIJKJWWJIYF]FXXJYXFSIQNFGNQNYNJXFXFYGFQFSHJXMJJYIFYJMFXGJJSFWWN[JIFYFKYJWXJYYNSL
TUJWFYNSLQJFXJX1JFXJWJSYFQXFWJHMFWLJIYTYMJXYFYJRJSYTKUWTÁYFSIQTXXTSXYWFNLMYQNSJGFXNXT[JWYMJYJWRTKYMJQJFXJZSQJXX
TKKIJKJWWJIYF]FXXJYXFSIQNFGNQNYNJX\MJWJYMJWJXUJHYN[JHTRUFSNJXMF[JFQJLFQQ^JSKTWHJFGQJWNLMYYTXJYTKKFXXJYXFLFNSXYQNFGNQNYNJXFSI
XZHMUF^RJSYXFWJXYWZHYZWJIYTNSHWJFXJNSQNSJ\NYMJ]UJHYJILJSJWFQNSÂFYNTSYTHTRUJSXFYJKTWYMJQJXXTW¸XJ]UJHYJINSÂFYNTSFW^HTXY
\MJWJXZHMFXXJYXFSIQNFGNQNYNJXWJQFYJYTYF]JXTSNSHTRJQJ[NJIG^YMJXFRJLT[JWSNSLYF]FYNTSQF\X
increases.
2NSNRZRFQYJWSFYJYF] 2&9HWJINYNXWJHTLSN_JIFXIJKJWWJIYF]FXXJYTSQ^\MJSFSIYTYMJJ]YJSYYMJWJNXHTS[NSHNSLJ[NIJSHJYMFYYMJ
3.13 Earnings per share:
,WTZU\NQQUF^STWRFQNSHTRJYF]IZWNSLYMJXUJHNÁJIUJWNTI8ZHMFXXJYNXWJ[NJ\JIFYJFHM'FQFSHJ8MJJYIFYJFSIYMJHFWW^NSLFRTZSY
'FXNHJFWSNSLXUJWXMFWJFWJHFQHZQFYJIGÎN[NINSLYMJSJYUWTÁYKTWYMJ^JFWFYYWNGZYFGQJYTJVZNY^XMFWJMTQIJWXG^YMJ\JNLMYJIF[JWFLJ NX\WNYYJSIT\SYTYMJJ]YJSYYMJ,WTZUITJXSTYMF[JHTS[NSHNSLJ[NIJSHJYMFYNY\NQQUF^STWRFQYF]IZWNSLYMJXUJHNÁJIUJWNTI
number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the reporting 3.15 Provisions, Contingent liabilities, Contingent assets and Commitments:
period is adjusted for events such as bonus issue, bonus element in a rights issue, share split, and reverse share split (consolidation of
General
shares), if any occurred during the reporting period, that have changed the number of equity shares outstanding, without a corresponding
change in resources. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, when it is probable
YMFYFSTZYÂT\TKWJXTZWHJXJRGTI^NSLJHTSTRNHGJSJÁYX\NQQGJWJVZNWJIYTXJYYQJYMJTGQNLFYNTSFSIFWJQNFGQJJXYNRFYJHFSGJRFIJTK
+TWYMJUZWUTXJTKHFQHZQFYNSLINQZYJIJFWSNSLXUJWXMFWJYMJSJYUWTÁYKTWYMJ^JFWFYYWNGZYFGQJYTYMJJVZNY^XMFWJMTQIJWXFSIYMJ\JNLMYJI
the amount of the obligation.
average number of equity shares outstanding during the year, are adjusted for the effects of all dilutive potential equity shares.
.K YMJ JKKJHY TK YMJ YNRJ [FQZJ TK RTSJ^ NX RFYJWNFQ UWT[NXNTSX FWJ INXHTZSYJI ZXNSL F HZWWJSY UWJYF] WFYJ YMFY WJÂJHYX HZWWJSY RFWPJY
The number of shares and potential dilutive equity shares are adjusted retrospectively for all periods presented for any bonus shares issues
FXXJXXRJSYXTKYMJYNRJ[FQZJTKRTSJ^FSIYMJWNXPXXUJHNÁHYTYMJQNFGNQNY^<MJSINXHTZSYNSLNXZXJIYMJNSHWJFXJNSYMJUWT[NXNTSIZJ
NSHQZINSLKTWHMFSLJXJKKJHYJIUWNTWYTYMJFUUWT[FQTKYMJÁSFSHNFQXYFYJRJSYXG^YMJ'TFWITK)NWJHYTWX
YTYMJUFXXFLJTKYNRJNXWJHTLSNXJIFXFÁSFSHJHTXY
3.14 Taxes on income:
Contingent liability is disclosed in the case of:
Current tax
F UWJXJSY TGQNLFYNTS FWNXNSL KWTR UFXY J[JSYX \MJS NY NX STY UWTGFGQJ YMFY FS TZYÂT\ TK WJXTZWHJX \NQQ GJ WJVZNWJI YT XJYYQJ YMJ
9F]TSNSHTRJKTWYMJHZWWJSYUJWNTINXIJYJWRNSJITSYMJGFXNXTSJXYNRFYJIYF]FGQJNSHTRJFSIYF]HWJINYXHTRUZYJINSFHHTWIFSHJ obligation;
\NYMYMJUWT[NXNTSXTKYMJWJQJ[FSYYF]QF\XFSIGFXJITSYMJJ]UJHYJITZYHTRJTKFXXJXXRJSYXFUUJFQX
FUWJXJSYTGQNLFYNTSFWNXNSLKWTRUFXYJ[JSYX\MJSSTWJQNFGQJJXYNRFYJNXUTXXNGQJ FSI
(ZWWJSYNSHTRJYF]WJQFYNSLYTNYJRXWJHTLSNXJIINWJHYQ^NSJVZNY^NXWJHTLSNXJINSJVZNY^FSISTYNSYMJXYFYJRJSYTKUWTÁYTWQTXX
FUTXXNGQJTGQNLFYNTSFWNXNSLKWTRUFXYJ[JSYX\MTXJTHHZWWJSHJSTY^JYHJWYFNSFSINXGFXJITSTSJTWRTWJKZYZWJJ[JSYZSQJXXYMJ
2FSFLJRJSYUJWNTINHFQQ^J[FQZFYJXUTXNYNTSXYFPJSNSYMJYF]WJYZWSX\NYMWJXUJHYYTXNYZFYNTSXNS\MNHMFUUQNHFGQJYF]WJLZQFYNTSXFWJ
UWTGFGNQNY^TKTZYÂT\TKWJXTZWHJXNXWJRTYJ
subject to interpretation and establishes provisions where appropriate.
(TRRNYRJSYXNSHQZIJYMJFRTZSYTKUZWHMFXJTWIJW SJYTKFI[FSHJXNXXZJIYTUFWYNJXKTWHTRUQJYNTSUZWHMFXJTKFXXJYX
Deferred tax
5WT[NXNTSXHTSYNSLJSYQNFGNQNYNJXHTSYNSLJSYFXXJYXFSIHTRRNYRJSYXFWJWJ[NJ\JIFYJFHMGFQFSHJXMJJYIFYJFSIFIOZXYJIYTWJÂJHY
)JKJWWJIYF]NXUWT[NIJIZXNSLYMJGFQFSHJXMJJYFUUWTFHMTSYJRUTWFWÎNKKJWJSHJXFYYMJWJUTWYNSLIFYJGJY\JJSYMJYF]GFXJXTKFXXJYX current best estimate.
FSIQNFGNQNYNJXFSIYMJNWHFWW^NSLFRTZSYXKTWÁSFSHNFQWJUTWYNSLUZWUTXJXFYYMJWJUTWYNSLIFYJ
Warranty provisions
)JKJWWJIYF]QNFGNQNYNJXFWJWJHTLSNXJIKTWFQQYF]FGQJYJRUTWFWÎNKKJWJSHJXJ]HJUY
5WT[NXNTSXKTW\FWWFSY^WJQFYJIHTXYXFWJWJHTLSNXJI\MJSYMJUWTIZHYNXXTQITWXJW[NHJUWT[NIJIYTYMJHZXYTRJW.SNYNFQWJHTLSNYNTSNX
<MJSYMJIJKJWWJIYF]QNFGNQNY^FWNXJXKWTRYMJNSNYNFQWJHTLSNYNTSTKLTTI\NQQTWFSFXXJYTWQNFGNQNY^NSFYWFSXFHYNTSYMFYNXSTYFGZXNSJXX GFXJITSMNXYTWNHFQJ]UJWNJSHJ9MJNSNYNFQJXYNRFYJTK\FWWFSY^WJQFYJIHTXYXNXWJ[NXJIFSSZFQQ^
HTRGNSFYNTSFSIFYYMJYNRJTKYMJYWFSXFHYNTSFKKJHYXSJNYMJWYMJFHHTZSYNSLUWTÁYSTWYF]FGQJUWTÁYTWQTXX
Liquidated damages
.SWJXUJHYTKYF]FGQJYJRUTWFWÎNKKJWJSHJXFXXTHNFYJI\NYMNS[JXYRJSYXNSXZGXNINFWNJXFXXTHNFYJXFSINSYJWJXYXNSOTNSY[JSYZWJX
5WT[NXNTSKTWQNVZNIFYJIIFRFLJXNXWJHTLSNXJITSHTSYWFHYXKTW\MNHMIJQN[JWÎFYJXFWJJ]HJJIJIFSIHTRUZYJINSWJFXTSFGQJRFSSJW
when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not
reverse in the foreseeable future. Environmental obligations
)JKJWWJIYF]FXXJYXFWJWJHTLSNXJIKTWFQQIJIZHYNGQJYJRUTWFWÎNKKJWJSHJXYMJHFWW^KTW\FWITKZSZXJIYF]HWJINYXFSIFS^ZSZXJIYF] 5WT[NXNTSKTWJS[NWTSRJSYFQTGQNLFYNTSXWJUWJXJSYXQNFGNQNYNJXYT\FWIXYMJHTXYXJ]UJHYJIYTGJNSHZWWJIYTYWJFYHTSYFRNSFYJIXTNQJKÂZJSYX
QTXXJX)JKJWWJIYF]FXXJYXFWJWJHTLSNXJIYTYMJJ]YJSYYMFYNYNXUWTGFGQJYMFYYF]FGQJUWTÁY\NQQGJF[FNQFGQJFLFNSXY\MNHMYMJIJIZHYNGQJ at the Group’s manufacturing locations, wherever required by local laws.
YJRUTWFWÎNKKJWJSHJXFSIYMJHFWW^KTW\FWITKZSZXJIYF]HWJINYXFSIZSZXJIYF]QTXXJXHFSGJZYNQNXJIJ]HJUY Other litigation claims
<MJSYMJIJKJWWJIYF]FXXJYWJQFYNSLYTYMJIJIZHYNGQJYJRUTWFWÎNKKJWJSHJFWNXJXKWTRYMJNSNYNFQWJHTLSNYNTSTKFSFXXJYTWQNFGNQNY^NS 5WT[NXNTSKTWQNYNLFYNTSWJQFYJITGQNLFYNTSWJUWJXJSYXQNFGNQNYNJXYMFYFWJJ]UJHYJIYTRFYJWNFQNXJNSWJXUJHYTKRFYYJWXNSFUUJFQ
FYWFSXFHYNTSYMFYNXSTYFGZXNSJXXHTRGNSFYNTSFSIFYYMJYNRJTKYMJYWFSXFHYNTSFKKJHYXSJNYMJWYMJFHHTZSYNSLUWTÁYSTWYF]FGQJ Onerous contracts
UWTÁYTWQTXX
&UWT[NXNTSKTWTSJWTZXHTSYWFHYXNXWJHTLSNXJI\MJSJ]UJHYJIGJSJÁYXYTGJIJWN[JIG^YMJ(TRUFS^FWJQT\JWYMFSZSF[TNIFGQJHTXYX
.SWJXUJHYTKIJIZHYNGQJYJRUTWFWÎNKKJWJSHJXFXXTHNFYJI\NYMNS[JXYRJSYXNSXZGXNINFWNJXFXXTHNFYJXFSINSYJWJXYXNSOTNSY[JSYZWJX TKRJJYNSLKZYZWJTGQNLFYNTSZSIJWHTSYWFHY5WT[NXNTSNXRJFXZWJIFYYMJUWJXJSY[FQZJTKYMJQT\JWJ]UJHYJIHTXYXTKYJWRNSFYNSLYMJ
IJKJWWJIYF]FXXJYXFWJWJHTLSNXJITSQ^YTYMJJ]YJSYYMFYNYNXUWTGFGQJYMFYYMJYJRUTWFWÎNKKJWJSHJX\NQQWJ[JWXJNSYMJKTWJXJJFGQJ HTSYWFHYFSIYMJJ]UJHYJIHTXYTKHTSYNSZNSL\NYMYMJHTSYWFHY'JKTWJFUWT[NXNTSNXJXYFGQNXMJIYMJ,WTZUWJHTLSNXJXNRUFNWRJSYTSYMJ
KZYZWJFSIYF]FGQJUWTÁY\NQQGJF[FNQFGQJFLFNSXY\MNHMYMJYJRUTWFWÎNKKJWJSHJXHFSGJZYNQNXJI assets pertaining to the contract.
202 203
3.16 Government grants: Under the equity method, the investment in an associate or joint venture is initially recognised at cost. The carrying amount of the
investment is adjusted to recognise changes in the Group’s share of net assets of the associate since the acquisition date. Goodwill
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be
relating to the associate or a joint venture is included in the carrying amount of the investment and is not tested for impairment individually.
complied with.
9MJXYFYJRJSYTKUWTÁYFSIQTXXWJÂJHYXYMJ,WTZU¸XXMFWJTKYMJWJXZQYXTKTUJWFYNTSXTKYMJFXXTHNFYJTWFOTNSY[JSYZWJ&S^HMFSLJNS
Where the grant relates to an asset the cost of the asset is shown at gross value and grant thereon is treated as capital grant which is
WJHTLSNXJIFXNSHTRJNSYMJXYFYJRJSYTKUWTÁYFSIQTXXT[JWYMJUJWNTIFSINSUWTUTWYNTSNS\MNHMIJUWJHNFYNTSNXHMFWLJI 4(.TKYMTXJNS[JXYJJXNXUWJXJSYJIFXUFWYTKYMJ,WTZU¸X4(..SFIINYNTS\MJSYMJWJMFXGJJSFHMFSLJWJHTLSNXJIINWJHYQ^NSYMJJVZNY^
of the associate or a joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity.
7J[JSZJ LWFSYX FWJ WJHTLSNXJI NS YMJ XYFYJRJSY TK UWTÁY FSI QTXX NS YMJ XFRJ UJWNTI FX YMJ WJQFYJI HTXY \MNHM YMJ^ FWJ NSYJSIJI YT
:SWJFQNXJILFNSXFSIQTXXJXWJXZQYNSLKWTRYWFSXFHYNTSXGJY\JJSYMJ,WTZUFSIYMJFXXTHNFYJFWJJQNRNSFYJIYTYMJJ]YJSYTKYMJNSYJWJXY
compensate are accounted for.
in the associate.
Where the Group receives non-monetary grants, the asset and the grant are recorded gross at nominal amounts and released to the
9MJFLLWJLFYJTKYMJ,WTZU¸XXMFWJTKUWTÁYFSIQTXXTKFSFXXTHNFYJFSIFOTNSY[JSYZWJNXXMT\STSYMJKFHJTKYMJXYFYJRJSYTKUWTÁYFSI
XYFYJRJSYTKUWTÁYFSIQTXXT[JWYMJJ]UJHYJIZXJKZQQNKJFSIUFYYJWSTKHTSXZRUYNTSTKYMJGJSJÁYTKYMJZSIJWQ^NSLFXXJYG^JVZFQFSSZFQ
QTXXTZYXNIJTUJWFYNSLUWTÁYFSIWJUWJXJSYXUWTÁYFSIQTXXFKYJWYF]TKYMJFXXTHNFYJFSIOTNSY[JSYZWJ
instalments.
9MJÁSFSHNFQXYFYJRJSYXTKYMJFXXTHNFYJFWJUWJUFWJIKTWYMJXFRJWJUTWYNSLUJWNTIFXYMJ,WTZU<MJSSJHJXXFW^FIOZXYRJSYXFWJRFIJ
3.17 Exceptional items:
to bring the accounting policies in line with those of the Group.
4SHJWYFNSTHHFXNTSXYMJXN_JYÛJTWNSHNIJSHJTKFSNYJRTKNSHTRJTWJ]UJSXJUJWYFNSNSLYTYMJTWINSFW^FHYN[NYNJXTKYMJ,WTZUNXXZHM
YMFYNYXINXHQTXZWJNRUWT[JXYMJZSIJWXYFSINSLTKYMJUJWKTWRFSHJTKYMJ,WTZUXZHMNSHTRJTWJ]UJSXJNXHQFXXNÁJIFXFSJ]HJUYNTSFQ &KYJWFUUQNHFYNTSTKYMJJVZNY^RJYMTIYMJ,WTZUIJYJWRNSJX\MJYMJWNYNXSJHJXXFW^YTWJHTLSNXJFSNRUFNWRJSYQTXXTSNYXNS[JXYRJSYNS
NYJRFSIFHHTWINSLQÎNXHQTXJINSYMJSTYJXFHHTRUFS^NSLYMJÁSFSHNFQXYFYJRJSYX NYXFXXTHNFYJTWFOTNSY[JSYZWJ&YJFHMWJUTWYNSLIFYJYMJ,WTZUIJYJWRNSJX\MJYMJWYMJWJNXTGOJHYN[JJ[NIJSHJYMFYYMJNS[JXYRJSYNSYMJ
FXXTHNFYJTWOTNSY[JSYZWJNXNRUFNWJI.KYMJWJNXXZHMJ[NIJSHJYMJ,WTZUHFQHZQFYJXYMJFRTZSYTKNRUFNWRJSYFXYMJINKKJWJSHJGJY\JJS
3.18 Business combinations and goodwill:
YMJWJHT[JWFGQJFRTZSYTKYMJFXXTHNFYJFSINYXHFWW^NSL[FQZJFSIYMJSWJHTLSNXJXYMJQTXXFX·8MFWJTKUWTÁYTKFSFXXTHNFYJTWFOTNSY
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the [JSYZWJ¸NSYMJXYFYJRJSYTKUWTÁYFSIQTXX
consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For
each business combination, the group elects whether it measures the non-controlling interest in the acquiree either at fair value or at *\YYLU[HUKUVUJ\YYLU[JSHZZPÂJH[PVU!
YMJUWTUTWYNTSFYJXMFWJTKYMJFHVZNWJJ¸XNIJSYNÁFGQJSJYFXXJYX&HVZNXNYNTSHTXYXNSHZWWJIFWJJ]UJSXJIFSINSHQZIJINSFIRNSNXYWFYN[J 9MJ,WTZUUWJXJSYXFXXJYXFSIQNFGNQNYNJXNSYMJGFQFSHJXMJJYGFXJITSHZWWJSYSTSHZWWJSYHQFXXNÁHFYNTS
J]UJSXJX &SFXXJYNXYWJFYJIFXHZWWJSY\MJSNYNX
<MJSYMJLWTZUFHVZNWJXFGZXNSJXXNYFXXJXXJXYMJÁSFSHNFQFXXJYXFSIQNFGNQNYNJXFXXZRJIKTWFUUWTUWNFYJHQFXXNÁHFYNTSFSIIJXNLSFYNTS
*]UJHYJIYTGJWJFQNXJITWNSYJSIJIYTGJXTQITWHTSXZRJINSSTWRFQTUJWFYNSLH^HQJ
in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the
separation of embedded derivatives in host contracts by the acquiree. -JQIUWNRFWNQ^KTWYMJUZWUTXJTKYWFINSL
.KYMJGZXNSJXXHTRGNSFYNTSNXFHMNJ[JINSXYFLJXYMJKFNW[FQZJTSFHVZNXNYNTSIFYJTKYMJFHVZNWJW¸XUWJ[NTZXQ^MJQIJVZNY^NSYJWJXYNSYMJ *]UJHYJIYTGJWJFQNXJI\NYMNSY\JQ[JRTSYMXFKYJWYMJWJUTWYNSLUJWNTITW
FHVZNWJJNXWJRJFXZWJIYTKFNW[FQZJFYYMJFHVZNXNYNTSIFYJYMWTZLMUWTÁYTWQTXX (FXM TW HFXM JVZN[FQJSY ZSQJXX WJXYWNHYJI KWTR GJNSL J]HMFSLJI TW ZXJI YT XJYYQJ F QNFGNQNY^ KTW FY QJFXY Y\JQ[J RTSYMX FKYJW YMJ
&S^ HTSYNSLJSY HTSXNIJWFYNTS YT GJ YWFSXKJWWJI G^ YMJ FHVZNWJW \NQQ GJ WJHTLSNXJI FY KFNW [FQZJ FY YMJ FHVZNXNYNTS IFYJ (TSYNSLJSY reporting period.
HTSXNIJWFYNTSHQFXXNÁJIFXFSFXXJYTWQNFGNQNY^YMFYNXFÁSFSHNFQNSXYWZRJSYFSI\NYMNSYMJXHTUJTK.SI&8+NSFSHNFQ.SXYWZRJSYX &QQTYMJWFXXJYXFWJHQFXXNÁJIFXSTSHZWWJSY
NX RJFXZWJI FY KFNW [FQZJ \NYM HMFSLJX NS KFNW [FQZJ WJHTLSNXJI UWTÁY FSI QTXX TW FX F HMFSLJ YT TYMJW HTRUWJMJSXN[J NSHTRJ .K YMJ
&QNFGNQNY^NXYWJFYJIFXHZWWJSY\MJS
HTSYNSLJSYHTSXNIJWFYNTSNXSTY\NYMNSYMJXHTUJTK.SI&8NYNXRJFXZWJINSFHHTWIFSHJ\NYMYMJFUUWTUWNFYJ.SI&8(TSYNSLJSY
HTSXNIJWFYNTSYMFYNXHQFXXNÁJIFXJVZNY^NXSTYWJRJFXZWJIFSIXZGXJVZJSYXJYYQJRJSYNXFHHTZSYJIKTW\NYMNSJVZNY^ .YNXJ]UJHYJIYTGJXJYYQJINSSTWRFQTUJWFYNSLH^HQJ
&KYJWNSNYNFQWJHTLSNYNTSLTTI\NQQNXRJFXZWJIFYHTXYQJXXFS^FHHZRZQFYJINRUFNWRJSYQTXXJX+TWYMJUZWUTXJTKNRUFNWRJSYYJXYNSL .YNXMJQIUWNRFWNQ^KTWYMJUZWUTXJTKYWFINSL
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are .YNXIZJYTGJXJYYQJI\NYMNSY\JQ[JRTSYMXFKYJWYMJWJUTWYNSLUJWNTITW
J]UJHYJIYTGJSJÁYKWTRYMJHTRGNSFYNTSNWWJXUJHYN[JTK\MJYMJWTYMJWFXXJYXTWQNFGNQNYNJXTKYMJFHVZNWJJFWJFXXNLSJIYTYMTXJZSNYX
9MJWJNXSTZSHTSINYNTSFQWNLMYYTIJKJWYMJXJYYQJRJSYTKYMJQNFGNQNY^KTWFYQJFXYY\JQ[JRTSYMXFKYJWYMJWJUTWYNSLUJWNTI
Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated
with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the &QQTYMJWQNFGNQNYNJXFWJHQFXXNÁJIFXSTSHZWWJSY
operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion )JKJWWJIYF]FXXJYXQNFGNQNYNJXFWJHQFXXNÁJIFXSTSHZWWJSY
of the cash-generating unit retained.
Operating cycle:
Common control business combinations include transactions, such as transfer of subsidiaries or businesses, between entities within a
&UTWYNTSTKYMJ,WTZU¸XFHYN[NYNJX UWNRFWNQ^QTSLYJWRUWTOJHYFHYN[NYNJXMFXFSTUJWFYNSLH^HQJYMFYJ]HJJIXTSJ^JFW&HHTWINSLQ^FXXJYX
Group.
FSIQNFGNQNYNJXWJQFYJIYTYMJXJQTSLYJWRHTSYWFHYX\MNHM\NQQSTYGJWJFQNXJIUFNI\NYMNSTSJ^JFWMF[JGJJSHQFXXNÁJIFXHZWWJSY+TWFQQ
Business combinations involving entities or businesses under common control are accounted for using the pooling of interests method. other activities, operating cycle is twelve months.
:SIJW UTTQNSL TK NSYJWJXY RJYMTI YMJ FXXJYX FSI QNFGNQNYNJX TK YMJ HTRGNSNSL JSYNYNJX FWJ WJÂJHYJI FY YMJNW HFWW^NSL FRTZSYX YMJ TSQ^
3.21 Fair value measurement:
adjustments that are made are to harmonise accounting policies.
9MJÁSFSHNFQNSKTWRFYNTSNSYMJÁSFSHNFQXYFYJRJSYXNSWJXUJHYTKUWNTWUJWNTIXFWJWJXYFYJIFXNKYMJGZXNSJXXHTRGNSFYNTSMFITHHZWWJI 9MJ,WTZURJFXZWJXÁSFSHNFQNSXYWZRJSYXXZHMFXIJWN[FYN[JXFSIHJWYFNSNS[JXYRJSYXFYKFNW[FQZJFYJFHMGFQFSHJXMJJYIFYJ
KWTR YMJ GJLNSSNSL TK YMJ UWJHJINSL UJWNTI NS YMJ ÁSFSHNFQ XYFYJRJSYX NWWJXUJHYN[J TK YMJ FHYZFQ IFYJ TK YMJ HTRGNSFYNTS -T\J[JW NK Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
business combination had occurred after that date, the prior period information is restated only from that date. participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or
The difference, if any, between the amount recorded as share capital issued plus any additional consideration in the form of cash or other transfer the liability takes place either:
assets and the amount of share capital of the transferor is transferred to capital reserve and presented separately from other capital .SYMJUWNSHNUFQRFWPJYKTWYMJFXXJYTWQNFGNQNY^
reserves with disclosure of its nature and purpose in the notes.
4W
3.19 Investment in associates and joint ventures:
.SYMJFGXJSHJTKFUWNSHNUFQRFWPJYNSYMJRTXYFI[FSYFLJTZXRFWPJYKTWYMJFXXJYTWQNFGNQNY^
&SFXXTHNFYJNXFSJSYNY^T[JW\MNHMYMJ,WTZUMFXXNLSNÁHFSYNSÂZJSHJ8NLSNÁHFSYNSÂZJSHJNXYMJUT\JWYTUFWYNHNUFYJNSYMJÁSFSHNFQFSI
The principal or the most advantageous market must be accessible by the Group.
operating policy decisions of the investee, but is not control or joint control over those policies.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
&OTNSY[JSYZWJNXFYÛJTKOTNSYFWWFSLJRJSY\MJWJG^YMJUFWYNJXYMFYMF[JOTNSYHTSYWTQTKYMJFWWFSLJRJSYMF[JWNLMYXYTYMJSJYFXXJYX
TKYMJOTNSY[JSYZWJ/TNSYHTSYWTQNXYMJHTSYWFHYZFQQ^FLWJJIXMFWNSLTKHTSYWTQTKFSFWWFSLJRJSY\MNHMJ]NXYXTSQ^\MJSIJHNXNTSXFGTZY liability, assuming that market participants act in their economic best interest.
the relevant activities require unanimous consent of the parties sharing control. &KFNW[FQZJRJFXZWJRJSYTKFSTSÁSFSHNFQFXXJYYFPJXNSYTFHHTZSYFRFWPJYUFWYNHNUFSY¸XFGNQNY^YTLJSJWFYJJHTSTRNHGJSJÁYXG^ZXNSL
The Group’s investments in its associate and joint venture are accounted for using the equity method. the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
204 205
9MJ,WTZUZXJX[FQZFYNTSYJHMSNVZJXYMFYFWJFUUWTUWNFYJNSYMJHNWHZRXYFSHJXFSIKTW\MNHMXZKÁHNJSYIFYFFWJF[FNQFGQJYTRJFXZWJKFNW &ÁSFSHNFQFXXJYYMFYRJJYXYMJKTQQT\NSLY\THTSINYNTSXNXRJFXZWJIFYFRTWYNXJIHTXY SJYTKFS^\WNYJIT\SKTWNRUFNWRJSYZSQJXX

[FQZJRF]NRNXNSLYMJZXJTKWJQJ[FSYTGXJW[FGQJNSUZYXFSIRNSNRNXNSLYMJZXJTKZSTGXJW[FGQJNSUZYX YMJFXXJYNXIJXNLSFYJIFYKFNW[FQZJYMWTZLMUWTÁYFSIQTXXZSIJWYMJKFNW[FQZJTUYNTS
&QQ FXXJYX FSI QNFGNQNYNJX KTW \MNHM KFNW [FQZJ NX RJFXZWJI TW INXHQTXJI NS YMJ ÁSFSHNFQ XYFYJRJSYX FWJ HFYJLTWNXJI \NYMNS YMJ KFNW [FQZJ Business model test:9MJTGOJHYN[JTKYMJ,WTZU¸XGZXNSJXXRTIJQNXYTMTQIYMJÁSFSHNFQFXXJYYTHTQQJHYYMJHTSYWFHYZFQHFXM
MNJWFWHMÎJXHWNGJIFXKTQQT\XGFXJITSYMJQT\JXYQJ[JQNSUZYYMFYNXXNLSNÁHFSYYTYMJKFNW[FQZJRJFXZWJRJSYFXF\MTQJ ÂT\X WFYMJWYMFSYTXJQQYMJNSXYWZRJSYUWNTWYTNYXHTSYWFHYZFQRFYZWNY^YTWJFQNXJNYXKFNW[FQZJHMFSLJX
1J[JQ´6ZTYJI ZSFIOZXYJIRFWPJYUWNHJXNSFHYN[JRFWPJYXKTWNIJSYNHFQFXXJYXTWQNFGNQNYNJX *HZOÃV^JOHYHJ[LYPZ[PJZ[LZ[!9MJHTSYWFHYZFQYJWRXTKYMJÁSFSHNFQFXXJYLN[JWNXJTSXUJHNÁJIIFYJXYTHFXMÂT\XYMFYFWJ
1J[JQ´;FQZFYNTSYJHMSNVZJXKTW\MNHMYMJQT\JXYQJ[JQNSUZYYMFYNXXNLSNÁHFSYYTYMJKFNW[FQZJRJFXZWJRJSYNXINWJHYQ^TWNSINWJHYQ^ solely payments of principal and interest on the principal amount outstanding.
observable &ÁSFSHNFQFXXJYYMFYRJJYXYMJKTQQT\NSLY\THTSINYNTSXNXRJFXZWJIFYKFNW[FQZJYMWTZLMTYMJWHTRUWJMJSXN[JNSHTRJZSQJXXYMJ
FXXJYNXIJXNLSFYJIFYKFNW[FQZJYMWTZLMUWTÁYFSIQTXXZSIJWYMJKFNW[FQZJTUYNTS
1J[JQ´;FQZFYNTSYJHMSNVZJXKTW\MNHMYMJQT\JXYQJ[JQNSUZYYMFYNXXNLSNÁHFSYYTYMJKFNW[FQZJRJFXZWJRJSYNXZSTGXJW[FGQJ
Business model test: 9MJ ÁSFSHNFQ FXXJY NX MJQI \NYMNS F GZXNSJXX RTIJQ \MTXJ TGOJHYN[J NX FHMNJ[JI G^ GTYM HTQQJHYNSL
For assets and liabilities that are recognised in the balance sheet on a recurring basis, the Group determines whether transfers have
HTSYWFHYZFQHFXMÂT\XFSIXJQQNSLÁSFSHNFQFXXJYX
THHZWWJIGJY\JJSQJ[JQXNSYMJMNJWFWHM^G^WJFXXJXXNSLHFYJLTWNXFYNTS GFXJITSYMJQT\JXYQJ[JQNSUZYYMFYNXXNLSNÁHFSYYTYMJKFNW[FQZJ
measurement as a whole) at the end of each reporting period. *HZOÃV^JOHYHJ[LYPZ[PJZ[LZ[!9MJHTSYWFHYZFQYJWRXTKYMJÁSFSHNFQFXXJYLN[JWNXJTSXUJHNÁJIIFYJXYTHFXMÂT\XYMFYFWJ
solely payments of principal and interest on the principal amount outstanding.
*]YJWSFQ [FQZFYNTS NX ZXJI KTW [FQZFYNTS TK ZSVZTYJI ÁSFSHNFQ FXXJYX .S[TQ[JRJSY TK J]YJWSFQ [FQZJW NX IJHNIJI ZUTS FSSZFQQ^ G^ YMJ
Even if an instrument meets the two requirements to be measured at amortised cost or fair value through other comprehensive
management. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained.
NSHTRJFÁSFSHNFQFXXJYNXRJFXZWJIFYKFNW[FQZJYMWTZLMUWTÁYTWQTXXNKITNSLXTJQNRNSFYJXTWXNLSNÁHFSYQ^WJIZHJXFRJFXZWJRJSY
9MJRFSFLJRJSYIJHNIJXFKYJWINXHZXXNTSX\NYMYMJ,WTZU¸XJ]YJWSFQ[FQZJW\MNHM[FQZFYNTSYJHMSNVZJXFSINSUZYXYTZXJKTWJFHMHFXJ
or recognition of inconsistency (sometimes referred to as an ‘accounting mismatch’) that would otherwise arise from measuring assets
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics or liabilities or recognising the gains and losses on them on different bases.
FSIWNXPXTKYMJFXXJYTWQNFGNQNY^FSIYMJQJ[JQTKYMJKFNW[FQZJMNJWFWHM^FXJ]UQFNSJIFGT[J &QQTYMJWÁSFSHNFQFXXJYXFWJRJFXZWJIFYKFNW[FQZJYMWTZLMUWTÁYTWQTXX
3.22 Non-current assets held for sale and discontinued operations: &QQJVZNY^NS[JXYRJSYXFWJRJFXZWJIFYKFNW[FQZJNSYMJGFQFSHJXMJJY\NYM[FQZJHMFSLJXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYTWQTXX
3TSHZWWJSYFXXJYXFSIINXUTXFQLWTZUXFWJHQFXXNÁJIFXMJQIKTWXFQJNKYMJNWHFWW^NSLFRTZSYX\NQQGJWJHT[JWJIUWNSHNUFQQ^YMWTZLMFXFQJ J]HJUYKTWYMTXJJVZNY^NS[JXYRJSYXKTW\MNHMYMJJSYNY^MFXJQJHYJIYTUWJXJSY[FQZJHMFSLJXNS·TYMJWHTRUWJMJSXN[JNSHTRJ¸
YWFSXFHYNTSWFYMJWYMFSYMWTZLMHTSYNSZNSLZXJ3TSHZWWJSYFXXJYXFSIINXUTXFQLWTZUXHQFXXNÁJIFXMJQIKTWXFQJFWJRJFXZWJIFYYMJ .KFSJVZNY^NS[JXYRJSYNXSTYMJQIKTWYWFINSLFSNWWJ[THFGQJJQJHYNTSNXRFIJFYNSNYNFQWJHTLSNYNTSYTRJFXZWJNYFYKFNW[FQZJYMWTZLM
lower of their carrying amount and fair value less costs to sell. This condition is regarded as met only when the sale is highly probable and TYMJWHTRUWJMJSXN[JNSHTRJ\NYMTSQÎN[NIJSINSHTRJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYTWQTXX
the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which Derecognition
XMTZQIGJJ]UJHYJIYTVZFQNK^KTWWJHTLSNYNTSFXFHTRUQJYJIXFQJ\NYMNSTSJ^JFWKWTRYMJIFYJTKHQFXXNÁHFYNTS
&ÁSFSHNFQFXXJY TW\MJWJFUUQNHFGQJFUFWYTKFÁSFSHNFQFXXJYTWUFWYTKFLWTZUTKXNRNQFWÁSFSHNFQFXXJYXNXUWNRFWNQÎJWJHTLSNXJI
)NXHTSYNSZJITUJWFYNTSXFWJJ]HQZIJIKWTRYMJWJXZQYXTKHTSYNSZNSLTUJWFYNTSXFSIFWJUWJXJSYJIFXFXNSLQJFRTZSYFXUWTÁYFSIQTXX (i.e. removed from the Group’s consolidated balance sheet) when:
FKYJWYF]KWTRINXHTSYNSZJITUJWFYNTSXNSYMJXYFYJRJSYTKUWTÁYTWQTXX&QXTHTRUFWFYN[J8YFYJRJSYTKUWTÁYFSIQTXXNXWJUWJXJSYJIFX
9MJWNLMYXYTWJHJN[JHFXMÂT\XKWTRYMJFXXJYMF[JJ]UNWJITW
if the operation had been discontinued from the start of the comparative period.
9MJ,WTZUMFXYWFSXKJWWJINYXWNLMYXYTWJHJN[JHFXMÂT\XKWTRYMJFXXJYTWMFXFXXZRJIFSTGQNLFYNTSYTUF^YMJWJHJN[JIHFXM
&XXJYXFSIQNFGNQNYNJXHQFXXNÁJIFXMJQIKTWINXUTXFQFWJUWJXJSYJIXJUFWFYJQ^KWTRTYMJWFXXJYXFSIQNFGNQNYNJXNSYMJGFQFSHJXMJJY ÂT\XNSKZQQ\NYMTZYRFYJWNFQIJQF^YTFYMNWIUFWY^ZSIJWF·UFXXYMWTZLM¸FWWFSLJRJSY FSIJNYMJW
&INXUTXFQLWTZUVZFQNÁJXFXINXHTSYNSZJITUJWFYNTSNKNYNXFHTRUTSJSYTKYMJ,WTZUYMFYJNYMJWMFXGJJSINXUTXJITKTWNXHQFXXNÁJIFX (a) the Group has transferred substantially all the risks and rewards of the asset, or
held for sale, and:
(b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control
WJUWJXJSYXFXJUFWFYJRFOTWQNSJTKGZXNSJXXTWLJTLWFUMNHFQFWJFTKTUJWFYNTSX of the asset.
NXUFWYTKFXNSLQJHTTWINSFYJIUQFSYTINXUTXJTKFXJUFWFYJRFOTWQNSJTKGZXNSJXXTWLJTLWFUMNHFQFWJFTKTUJWFYNTSX <MJS YMJ ,WTZU MFX YWFSXKJWWJI NYX WNLMYX YT WJHJN[J HFXM ÂT\X KWTR FS FXXJY TW MFX JSYJWJI NSYT F UFXXYMWTZLM FWWFSLJRJSY
4W NYJ[FQZFYJXNKFSIYT\MFYJ]YJSYNYMFXWJYFNSJIYMJWNXPXFSIWJ\FWIXTKT\SJWXMNU<MJSNYMFXSJNYMJWYWFSXKJWWJISTWWJYFNSJI
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the
NXFXZGXNINFW^FHVZNWJIJ]HQZXN[JQ^\NYMF[NJ\YTWJXFQJ YWFSXKJWWJIFXXJYYTYMJJ]YJSYTKYMJ,WTZU¸XHTSYNSZNSLNS[TQ[JRJSY.SYMFYHFXJYMJ,WTZUFQXTWJHTLSNXJXFSFXXTHNFYJIQNFGNQNY^
5WTUJWYÛQFSYFSIJVZNURJSYFSINSYFSLNGQJFXXJYXTSHJHQFXXNÁJIFXMJQIKTWXFQJFWJSTYIJUWJHNFYJITWFRTWYN_JI 9MJYWFSXKJWWJIFXXJYFSIYMJFXXTHNFYJIQNFGNQNY^FWJRJFXZWJITSFGFXNXYMFYWJÂJHYXYMJWNLMYXFSITGQNLFYNTSXYMFYYMJ,WTZUMFX
3.23 Financial instruments: retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying
(i) Financial assets:
FRTZSYTKYMJFXXJYFSIYMJRF]NRZRFRTZSYTKHTSXNIJWFYNTSYMFYYMJ,WTZUHTZQIGJWJVZNWJIYTWJUF^
Initial recognition and measurement
0TWHPYTLU[VMÂUHUJPHSHZZL[Z
&QQÁSFSHNFQFXXJYXFWJWJHTLSNXJINSNYNFQQ^FYKFNW[FQZJUQZXNSYMJHFXJTKÁSFSHNFQFXXJYXSTYWJHTWIJIFYKFNW[FQZJYMWTZLMUWTÁYTW
9MJ,WTZUFXXJXXJXNRUFNWRJSYGFXJITSJ]UJHYJIHWJINYQTXXJX *(1RTIJQYTYMJKTQQT\NSL
QTXXYWFSXFHYNTSHTXYXYMFYFWJFYYWNGZYFGQJYTYMJFHVZNXNYNTSTKYMJÁSFSHNFQFXXJY
+NSFSHNFQFXXJYXRJFXZWJIFYFRTWYNXJIHTXY FSI
+NSFSHNFQ FXXJYX FWJ HQFXXNÁJI FY NSNYNFQ WJHTLSNYNTS FX ÁSFSHNFQ FXXJYX RJFXZWJI FY KFNW [FQZJ TW FX ÁSFSHNFQ FXXJYX RJFXZWJI FY
+NSFSHNFQFXXJYXRJFXZWJIFYKFNW[FQZJYMWTZLMTYMJWHTRUWJMJSXN[JNSHTRJ +;94(.
amortised cost.
*]UJHYJIHWJINYQTXXJXFWJRJFXZWJIYMWTZLMFQTXXFQQT\FSHJFYFSFRTZSYJVZFQYT
Subsequent measurement
9MJRTSYMJ]UJHYJIHWJINYQTXXJX J]UJHYJIHWJINYQTXXJXYMFYWJXZQYKWTRYMTXJIJKFZQYJ[JSYXTSYMJÁSFSHNFQNSXYWZRJSYYMFY
+TWUZWUTXJXTKXZGXJVZJSYRJFXZWJRJSYÁSFSHNFQFXXJYXFWJHQFXXNÁJINSY\TGWTFIHFYJLTWNJX
are possible within 12 months after the reporting date); or
+NSFSHNFQFXXJYXFYKFNW[FQZJ
+ZQQQNKJYNRJJ]UJHYJIHWJINYQTXXJX J]UJHYJIHWJINYQTXXJXYMFYWJXZQYKWTRFQQUTXXNGQJIJKFZQYJ[JSYXT[JWYMJQNKJTKYMJÁSFSHNFQ
+NSFSHNFQFXXJYXFYFRTWYNXJIHTXY instrument).
<MJWJFXXJYXFWJRJFXZWJIFYKFNW[FQZJLFNSXFSIQTXXJXFWJJNYMJWWJHTLSNXJIJSYNWJQ^NSYMJXYFYJRJSYTKUWTÁYFSIQTXX NJKFNW[FQZJ 9MJ,WTZUKTQQT\X·XNRUQNÁJIFUUWTFHM¸KTWWJHTLSNYNTSTKNRUFNWRJSYQTXXFQQT\FSHJTS
YMWTZLMUWTÁYTWQTXXTWWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJ NJKFNW[FQZJYMWTZLMTYMJWHTRUWJMJSXN[JNSHTRJ 9WFIJWJHJN[FGQJXTWHTSYWFHYWJ[JSZJWJHJN[FGQJX FSI
&QQQJFXJWJHJN[FGQJX
206 207
:SIJWYMJXNRUQNÁJIFUUWTFHMYMJ,WTZUITJXSTYYWFHPHMFSLJXNSHWJINYWNXP7FYMJWNYWJHTLSNXJXNRUFNWRJSYQTXXFQQT\FSHJGFXJI PPP 6MMZL[[PUNVMÂUHUJPHSPUZ[Y\TLU[Z

TSQNKJYNRJ*(1XFYJFHMWJUTWYNSLIFYJWNLMYKWTRNYXNSNYNFQWJHTLSNYNTS +NSFSHNFQFXXJYXFSIÁSFSHNFQQNFGNQNYNJXFWJTKKXJYFSIYMJSJYFRTZSYNXWJUTWYJINSYMJGFQFSHJXMJJYNKYMJWJNXFHZWWJSYQ^JSKTWHJFGQJ
9MJ,WTZUZXJXFUWT[NXNTSRFYWN]YTIJYJWRNSJNRUFNWRJSYQTXXFQQT\FSHJTSYMJUTWYKTQNTTKYWFIJWJHJN[FGQJX9MJUWT[NXNTSRFYWN] legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the
NXGFXJITSNYXMNXYTWNHFQQ^TGXJW[JIIJKFZQYWFYJXT[JWYMJJ]UJHYJIQNKJTKYMJYWFIJWJHJN[FGQJFSINXFIOZXYJIKTWKTW\FWIQTTPNSL liabilities simultaneously.
JXYNRFYJX&YJ[JW^WJUTWYNSLIFYJYMJMNXYTWNHFQTGXJW[JIIJKFZQYWFYJXFWJZUIFYJIFSIHMFSLJXNSYMJKTW\FWIQTTPNSLJXYNRFYJXFWJ
P] +LYP]H[P]LÂUHUJPHSPUZ[Y\TLU[ZHUKOLKNLHJJV\U[PUN!
analysed.
9MJ,WTZUJSYJWXNSYTIJWN[FYN[JHTSYWFHYXYTMJILJKTWJNLSHZWWJSHÛWNHJWNXPTSZSJ]JHZYJIÁWRHTRRNYRJSYXFSIMNLMQÛWTGFGQJ
+TWWJHTLSNYNTSTKNRUFNWRJSYQTXXTSTYMJWÁSFSHNFQFXXJYXFSIWNXPJ]UTXZWJYMJ,WTZUIJYJWRNSJXYMFY\MJYMJWYMJWJMFXGJJSF
KTWJHFXY YWFSXFHYNTSX 8ZHM IJWN[FYN[J ÁSFSHNFQ NSXYWZRJSYX FWJ NSNYNFQQ^ WJHTLSNXJI FY KFNW [FQZJ TS YMJ IFYJ TS \MNHM F IJWN[FYN[J
XNLSNÁHFSYNSHWJFXJNSYMJHWJINYWNXPXNSHJNSNYNFQWJHTLSNYNTS.KHWJINYWNXPMFXSTYNSHWJFXJIXNLSNÁHFSYQ^RTSYMX*(1NXZXJIYT
HTSYWFHYNXJSYJWJINSYTFSIFWJXZGXJVZJSYQ^WJRJFXZWJIFYKFNW[FQZJ)JWN[FYN[JXFWJHFWWNJIFXÁSFSHNFQFXXJYX\MJSYMJKFNW[FQZJ
UWT[NIJKTWNRUFNWRJSYQTXX-T\J[JWNKHWJINYWNXPMFXNSHWJFXJIXNLSNÁHFSYQ^QNKJYNRJ*(1NXZXJI.KNSFXZGXJVZJSYUJWNTIHWJINY NXUTXNYN[JFSIFXÁSFSHNFQQNFGNQNYNJX\MJSYMJKFNW[FQZJNXSJLFYN[J
VZFQNY^TKYMJNSXYWZRJSYNRUWT[JXXZHMYMFYYMJWJNXSTQTSLJWFXNLSNÁHFSYNSHWJFXJNSHWJINYWNXPXNSHJNSNYNFQWJHTLSNYNTSYMJSYMJ
&S^LFNSXTWQTXXJXFWNXNSLKWTRHMFSLJXNSYMJKFNW[FQZJTKIJWN[FYN[JXFWJYFPJSINWJHYQ^YTXYFYJRJSYTKUWTÁYTWQTXXJ]HJUYKTWYMJ
,WTZUWJ[JWYXYTWJHTLSNXNSLNRUFNWRJSYQTXXFQQT\FSHJGFXJITSRTSYMX*(1
JKKJHYN[JUTWYNTSTKHFXMÂT\MJILJX\MNHMNXWJHTLSNXJINSTYMJWHTRUWJMJSXN[JNSHTRJFSIUWJXJSYJIFXFXJUFWFYJHTRUTSJSY
+TWFXXJXXNSLNSHWJFXJNSHWJINYWNXPFSINRUFNWRJSYQTXXYMJ,WTZUHTRGNSJXÁSFSHNFQNSXYWZRJSYXTSYMJGFXNXTKXMFWJIHWJINYWNXP TKJVZNY^\MNHMNXQFYJWWJHQFXXNÁJIYTXYFYJRJSYTKUWTÁYFSIQTXX\MJSYMJMJILJNYJRFKKJHYXUWTÁYFSIQTXX
HMFWFHYJWNXYNHX\NYMYMJTGOJHYN[JTKKFHNQNYFYNSLFSFSFQ^XNXYMFYNXIJXNLSJIYTJSFGQJXNLSNÁHFSYNSHWJFXJXNSHWJINYWNXPYTGJNIJSYNÁJI
&YYMJNSHJUYNTSTKFMJILJWJQFYNTSXMNUYMJ,WTZUKTWRFQQÎJXNLSFYJXFSIITHZRJSYXYMJMJILJWJQFYNTSXMNUYT\MNHMYMJ,WTZU
on a timely basis. wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation
(ii) Financial liabilities: NSHQZIJXNIJSYNÁHFYNTSTKYMJMJILNSLNSXYWZRJSYYMJMJILJINYJRTWYWFSXFHYNTSYMJSFYZWJTKYMJWNXPGJNSLMJILJIFSIMT\YMJ
Initial recognition and measurement JSYNY^ \NQQ FXXJXX YMJ JKKJHYN[JSJXX TK HMFSLJX NS YMJ MJILNSL NSXYWZRJSY¸X KFNW [FQZJ NS TKKXJYYNSL YMJ J]UTXZWJ YT HMFSLJX NS YMJ
MJILJINYJR¸XKFNW[FQZJTWHFXMÂT\XFYYWNGZYFGQJYTYMJMJILJIWNXP8ZHMMJILJXFWJJ]UJHYJIYTGJMNLMQ^JKKJHYN[JNSFHMNJ[NSL
&QQ ÁSFSHNFQ QNFGNQNYNJX FWJ WJHTLSNXJI NSNYNFQQ^ FY KFNW [FQZJ FSI NS YMJ HFXJ TK QTFSX FSI GTWWT\NSLX FSI UF^FGQJX SJY TK INWJHYQ^
TKKXJYYNSLHMFSLJXNSKFNW[FQZJTWHFXMÂT\XFSIFWJFXXJXXJITSFSTSLTNSLGFXNXYTIJYJWRNSJYMFYYMJ^FHYZFQQ^MF[JGJJSMNLMQ^
attributable transaction costs. JKKJHYN[JYMWTZLMTZYYMJÁSFSHNFQWJUTWYNSLUJWNTIXKTW\MNHMYMJ^\JWJIJXNLSFYJI
9MJ ,WTZU¸X ÁSFSHNFQ QNFGNQNYNJX NSHQZIJ YWFIJ FSI TYMJW UF^FGQJX QTFSX FSI GTWWT\NSLX NSHQZINSL GFSP T[JWIWFKYX FSI IJWN[FYN[J *HZOÃVÔLKNLZ
ÁSFSHNFQNSXYWZRJSYX
9MJJKKJHYN[JUTWYNTSTKYMJLFNSTWQTXXTSYMJMJILNSLNSXYWZRJSYNXWJHTLSNXJINS4(.NSYMJHFXMÂT\MJILJWJXJW[J\MNQJFS^
Subsequent measurement NSJKKJHYN[JUTWYNTSNXWJHTLSNXJINRRJINFYJQ^NSYMJXYFYJRJSYTKUWTÁYFSIQTXXFXTYMJWJ]UJSXJX
9MJRJFXZWJRJSYTKÁSFSHNFQQNFGNQNYNJXIJUJSIXTSYMJNWHQFXXNÁHFYNTSFXIJXHWNGJIGJQT\ 9MJ ,WTZU ZXJX KTW\FWI HZWWJSH^ HTSYWFHYX FX MJILJX TK NYX J]UTXZWJ YT KTWJNLS HZWWJSH^ WNXP NS KTWJHFXY YWFSXFHYNTSX FSI ÁWR
-PUHUJPHSSPHIPSP[PLZH[MHPY]HS\L[OYV\NOWYVÂ[VYSVZZ HTRRNYRJSYXFX\JQQFXKTW\FWIHTRRTINY^HTSYWFHYXKTWNYXJ]UTXZWJYT[TQFYNQNY^NSYMJHTRRTINYÛWNHJX9MJNSJKKJHYN[JUTWYNTS
+NSFSHNFQQNFGNQNYNJXFYKFNW[FQZJYMWTZLMUWTÁYTWQTXXNSHQZIJÁSFSHNFQQNFGNQNYNJXMJQIKTWYWFINSLFSIÁSFSHNFQQNFGNQNYNJXIJXNLSFYJIZUTS WJQFYNSLYTKTWJNLSHZWWJSH^HTSYWFHYXNXWJHTLSNXJINSÁSFSHJHTXYXFSIYMJNSJKKJHYN[JUTWYNTSWJQFYNSLYTHTRRTINY^HTSYWFHYXNX
WJHTLSNXJINSTYMJWTUJWFYNSLNSHTRJTWJ]UJSXJX
NSNYNFQWJHTLSNYNTSFXFYKFNW[FQZJYMWTZLMUWTÁYTWQTXX
&RTZSYXWJHTLSNXJIFX4(.FWJYWFSXKJWWJIYTUWTÁYTWQTXX\MJSYMJMJILJIYWFSXFHYNTSFKKJHYXUWTÁYTWQTXXXZHMFX\MJSYMJ
+NSFSHNFQQNFGNQNYNJXFWJHQFXXNÁJIFXMJQIKTWYWFINSLNKYMJ^FWJNSHZWWJIKTWYMJUZWUTXJTKWJUZWHMFXNSLNSYMJSJFWYJWR9MNXHFYJLTW^
MJILJIÁSFSHNFQNSHTRJTWÁSFSHNFQJ]UJSXJNXWJHTLSNXJITW\MJSFKTWJHFXYXFQJTHHZWX<MJSYMJMJILJINYJRNXYMJHTXYTKF
FQXTNSHQZIJXIJWN[FYN[J ÁSFSHNFQ NSXYWZRJSYXJSYJWJI NSYT G^ YMJ ,WTZU YMFY FWJ STY IJXNLSFYJI FX MJILNSL NSXYWZRJSYX NS MJILJ
STSÁSFSHNFQFXXJYTWSTSÁSFSHNFQQNFGNQNY^YMJFRTZSYXWJHTLSNXJIFX4(.FWJYWFSXKJWWJIYTYMJNSNYNFQHFWW^NSLFRTZSYTKYMJSTS
WJQFYNTSXMNUX FX IJÁSJI G^ .SI &8 8JUFWFYJI JRGJIIJI IJWN[FYN[JX FWJ FQXT HQFXXNÁJI FX MJQI KTW YWFINSL ZSQJXX YMJ^ FWJ
ÁSFSHNFQFXXJYTWQNFGNQNY^
designated as effective hedging instruments.
.KYMJMJILNSLNSXYWZRJSYJ]UNWJXTWNXXTQIYJWRNSFYJITWJ]JWHNXJI\NYMTZYWJUQFHJRJSYTWWTQQT[JW FXUFWYTKYMJMJILNSLXYWFYJL^
,FNSXTWQTXXJXTSQNFGNQNYNJXMJQIKTWYWFINSLFWJWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYTWQTXX
or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain
+NSFSHNFQQNFGNQNYNJXIJXNLSFYJIZUTSNSNYNFQWJHTLSNYNTSFYKFNW[FQZJYMWTZLMUWTÁYTWQTXXFWJIJXNLSFYJIFYYMJNSNYNFQIFYJTKWJHTLSNYNTS TWQTXXUWJ[NTZXQ^WJHTLSNXJINS4(.WJRFNSXXJUFWFYJQ^NSJVZNY^ZSYNQYMJKTWJHFXYYWFSXFHYNTSTHHZWXTWYMJKTWJNLSHZWWJSH^ÁWR
FSITSQ^NKYMJHWNYJWNFNS.SI&8FWJXFYNXÁJI commitment is met.
Loans and borrowings
&KYJWNSNYNFQWJHTLSNYNTSNSYJWJXYGJFWNSLQTFSXFSIGTWWT\NSLXFWJXZGXJVZJSYQ^RJFXZWJIFYFRTWYNXJIHTXYZXNSLYMJ*.7RJYMTI
,FNSX FSI QTXXJX FWJ WJHTLSNXJI NS UWTÁY FSI QTXX \MJS YMJ QNFGNQNYNJX FWJ IJWJHTLSNXJI FX \JQQ FX YMWTZLM YMJ *.7 FRTWYNXFYNTS
process.
&RTWYNXJIHTXYNXHFQHZQFYJIG^YFPNSLNSYTFHHTZSYFSÎNXHTZSYTWUWJRNZRTSFHVZNXNYNTSFSIKJJXTWHTXYXYMFYFWJFSNSYJLWFQUFWY
TKYMJ*.79MJ*.7FRTWYNXFYNTSNXNSHQZIJIFXÁSFSHJHTXYXNSYMJXYFYJRJSYTKUWTÁYTWQTXX
Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for
FQTXXNYNSHZWXGJHFZXJYMJXUJHNÁJIIJGYTWKFNQXYTRFPJFUF^RJSY\MJSIZJNSFHHTWIFSHJ\NYMYMJYJWRXTKFIJGYNSXYWZRJSY
Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly
attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance
IJYJWRNSJIFXUJWNRUFNWRJSYWJVZNWJRJSYXTK.SI&8FSIYMJFRTZSYWJHTLSNXJIQJXXHZRZQFYN[JFRTWYNXFYNTS
Derecognition
&ÁSFSHNFQQNFGNQNY^NXIJWJHTLSNXJI\MJSYMJTGQNLFYNTSZSIJWYMJQNFGNQNY^NXINXHMFWLJITWHFSHJQQJITWJ]UNWJX<MJSFSJ]NXYNSL
ÁSFSHNFQQNFGNQNY^NXWJUQFHJIG^FSTYMJWKWTRYMJXFRJQJSIJWTSXZGXYFSYNFQQÎNKKJWJSYYJWRXTWYMJYJWRXTKFSJ]NXYNSLQNFGNQNY^FWJ
XZGXYFSYNFQQ^RTINÁJIXZHMFSJ]HMFSLJTWRTINÁHFYNTSNXYWJFYJIFXYMJIJWJHTLSNYNTSTKYMJTWNLNSFQQNFGNQNY^FSIYMJWJHTLSNYNTSTK
FSJ\QNFGNQNY^9MJINKKJWJSHJNSYMJWJXUJHYN[JHFWW^NSLFRTZSYXNXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYTWQTXX
208 209
4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS 4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (Contd.)
9MJUWJUFWFYNTSTKYMJ,WTZU¸XHTSXTQNIFYJIÁSFSHNFQXYFYJRJSYXWJVZNWJXRFSFLJRJSYYTRFPJOZILJRJSYXJXYNRFYJXFSIFXXZRUYNTSXYMFY circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are
FKKJHYYMJWJUTWYJIFRTZSYXTKWJ[JSZJXJ]UJSXJXFXXJYXFSIQNFGNQNYNJXFSIYMJFHHTRUFS^NSLINXHQTXZWJXFSIYMJINXHQTXZWJTKHTSYNSLJSY GJ^TSIYMJHTSYWTQTKYMJ,WTZU8ZHMHMFSLJXFWJWJÂJHYJINSYMJFXXZRUYNTSX\MJSYMJ^THHZW
liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying 0TWHPYTLU[VMUVUÂUHUJPHSHZZL[Z
amount of assets or liabilities affected in future periods. 9MJ,WTZUFXXJXXJXFYJFHMWJUTWYNSLIFYJ\MJYMJWYMJWJNXFSNSINHFYNTSYMFYFSFXXJYRF^GJNRUFNWJI.KFS^NSINHFYNTSJ]NXYXTW\MJSFSSZFQ
Judgements NRUFNWRJSYYJXYNSLKTWFSFXXJYNXWJVZNWJIYMJ,WTZUJXYNRFYJXYMJFXXJY¸XWJHT[JWFGQJFRTZSY&SFXXJY¸XWJHT[JWFGQJFRTZSYNXYMJMNLMJW
TKFSFXXJY¸XTW(,:¸XKFNW[FQZJQJXXHTXYXTKINXUTXFQFSINYX[FQZJNSZXJ.YNXIJYJWRNSJIKTWFSNSIN[NIZFQFXXJYZSQJXXYMJFXXJYITJXSTY
Discontinued operations:
LJSJWFYJHFXMNSÂT\XYMFYFWJQFWLJQ^NSIJUJSIJSYTKYMTXJKWTRTYMJWFXXJYXTWLWTZUXTKFXXJYX<MJWJYMJHFWW^NSLFRTZSYTKFSFXXJYTW
Power distribution business (,:J]HJJIXNYXWJHT[JWFGQJFRTZSYYMJFXXJYNXHTSXNIJWJINRUFNWJIFSINX\WNYYJSIT\SYTNYXWJHT[JWFGQJFRTZSY
.SUZWXZFSYYTYMJHJWYFNSZSWJXTQ[JIINXUZYJXFWNXNSLTZYTKYMJ)NXYWNGZYNTS+WFSHMNXJJ&LWJJRJSY )+&TKYMJ,WTZU\NYM2FMFWFXMYWF8YFYJ .SFXXJXXNSL[FQZJNSZXJYMJJXYNRFYJIKZYZWJHFXMÂT\XFWJINXHTZSYJIYTYMJNWUWJXJSY[FQZJZXNSLFUWJYF]INXHTZSYWFYJYMFYWJÂJHYXHZWWJSY
*QJHYWNHNY^)NXYWNGZYNTS(TRUFS^1NRNYJI 28*)(1FY/FQLTFSNS2FMFWFXMYWF28*)(1MFXJ]JWHNXJINYXXYJUNSWNLMYXFSIYFPJST[JWYMJ RFWPJYFXXJXXRJSYXTKYMJYNRJ[FQZJTKRTSJ^FSIYMJWNXPXXUJHNÁHYTYMJFXXJY.SIJYJWRNSNSLKFNW[FQZJQJXXHTXYXTKINXUTXFQWJHJSYRFWPJY
)NXYWNGZYNTS+WFSHMNXJJNS/FQLTFSKWTRYMJ,WTZU\NYMJKKJHYKWTRYM&ZLZXY9MJTUJWFYNTSX\JWJYJWRNSFYJI\NYMNRRJINFYJJKKJHY YWFSXFHYNTSXFWJYFPJSNSYTFHHTZSY.KSTXZHMYWFSXFHYNTSXHFSGJNIJSYNÁJIFSFUUWTUWNFYJ[FQZFYNTSRTIJQNXZXJI9MJXJHFQHZQFYNTSXFWJ
FSIYMJÁSFQHQFNRXJYYQJRJSYGJY\JJSYMJ,WTZUFSI28*)(1NXNSUWTLWJXX9MJ,WTZUMFXHQFXXNÁJIYMJ5T\JWINXYWNGZYNTSGZXNSJXXFXMJQI corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
KTWINXUTXFQKWTRYM&ZLZXYKTWYMJKTQQT\NSLWJFXTSX Taxes
5T\JWINXYWNGZYNTSXJLRJSYWJUWJXJSYXFXJUFWFYJRFOTWQNSJTKGZXNSJXXTKTUJWFYNTSX )JKJWWJIYF]FXXJYXFWJWJHTLSNXJIKTWZSZXJIYF]QTXXJXYTYMJJ]YJSYYMFYNYNXUWTGFGQJYMFYYF]FGQJUWTÁY\NQQGJF[FNQFGQJFLFNSXY\MNHMYMJ
9MJ TUJWFYNTSX \JWJ FGFSITSJI \NYM NRRJINFYJ JKKJHY KWTR YM &ZLZXY FSI MJSHJ YMJ HFWW^NSL FRTZSY \NQQ STY GJ WJHT[JWJI QTXXJXHFSGJZYNQNXJI8NLSNÁHFSYRFSFLJRJSYOZILJRJSYNXWJVZNWJIYTIJYJWRNSJYMJFRTZSYTKIJKJWWJIYF]FXXJYXYMFYHFSGJWJHTLSNXJI
principally through continuing use. GFXJIZUTSYMJQNPJQ^YNRNSLFSIYMJQJ[JQTKKZYZWJYF]FGQJUWTÁYXYTLJYMJW\NYMKZYZWJYF]UQFSSNSLXYWFYJLNJX
+LÂULKILULÂ[WSHUZ
9WFSXRNXXNTSFSIINXYWNGZYNTS 9)GZXNSJXXTZYXNIJ.SINF
9MJHTXYTKYMJIJÁSJIGJSJÁYUQFSFSITYMJWUTXYJRUQT^RJSYGJSJÁYXFSIYMJUWJXJSY[FQZJTKXZHMTGQNLFYNTSFWJIJYJWRNSJIZXNSLFHYZFWNFQ
5ZWXZFSY YT YMJ ,WTZU¸X UQFS YT INXUTXJ TK YMJ 9) GZXNSJXX YMJ ,WTZU MFX HQFXXNÁJI YMJ TUJWFYNTSX TK 9) GZXNSJXX FX INXHTSYNSZJI
[FQZFYNTSX&SFHYZFWNFQ[FQZFYNTSNS[TQ[JXRFPNSL[FWNTZXFXXZRUYNTSXYMFYRFÎNKKJWKWTRFHYZFQIJ[JQTURJSYXNSYMJKZYZWJ9MJXJNSHQZIJ
operation w.e.f. 9th March, 2016 based on:
YMJIJYJWRNSFYNTSTKYMJINXHTZSYWFYJKZYZWJXFQFW^NSHWJFXJXRTWYFQNY^WFYJXFSIKZYZWJUJSXNTSNSHWJFXJX)ZJYTYMJHTRUQJ]NYNJXNS[TQ[JI
7JHJN[NSLYMJGNSINSLQJYYJWTKTKKJWKWTR+NWXY7JXJW[J.SYJWSFYNTSFQ1NRNYJIF:85WN[FYJ*VZNY^KZSI NSYMJ[FQZFYNTSFSINYXQTSLYJWRSFYZWJFIJÁSJIGJSJÁYTGQNLFYNTSNXMNLMQ^XJSXNYN[JYTHMFSLJXNSYMJXJFXXZRUYNTSX&QQFXXZRUYNTSXFWJ
*]UJHYFYNTSYTHTRUQJYJYMJYWFSXFHYNTS\NYMNSFUJWNTITKTSJ^JFWFQTSL\NYMWJVZNWJIFUUWT[FQX reviewed at each reporting date.
9MJ UFWFRJYJW RTXY XZGOJHY YT HMFSLJ NX YMJ INXHTZSY WFYJ .S IJYJWRNSNSL YMJ FUUWTUWNFYJ INXHTZSY WFYJ KTW UQFSX TUJWFYJI NS .SINF YMJ
9MJ(TRUFS^MFXYJWRNSFYJI8MFWJUZWHMFXJFLWJJRJSYJSYJWJI\NYM+NWXY7JXJW[JIZWNSLYMJ^JFWJSIJIXY2FWHM
RFSFLJRJSYHTSXNIJWXYMJNSYJWJXYWFYJXTKLT[JWSRJSYGTSIXNSHZWWJSHNJXHTSXNXYJSY\NYMYMJHZWWJSHNJXTKYMJUTXYJRUQT^RJSYGJSJÁY
-T\J[JWYMJ(TRUFS^HTRRNYXNYXJQKYTFUQFSYTXJQQFSI\NQQHTSYNSZJYTNIJSYNKÛWTXUJHYN[JGZ^JWXKTWXFQJTKNYXT[JWXJFX9)GZXNSJXX obligation. The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response
5ZWXZFSY YT YMJ ,WTZU¸X UQFS YT INXUTXJ TK NYX 5T\JW GZXNSJXX NS YMJ :SNYJI 8YFYJX TK &RJWNHF HTRUWNXJI NS YMJ (TRUFS^¸X XYJUIT\S YTIJRTLWFUMNHHMFSLJX+ZYZWJXFQFW^NSHWJFXJXFSILWFYZNY^NSHWJFXJXFWJGFXJITSJ]UJHYJIKZYZWJNSÂFYNTSWFYJX
XZGXNINFW^(,5T\JW:8&.SH 58:8YMJ,WTZUMFX -HPY]HS\LTLHZ\YLTLU[VMÂUHUJPHSPUZ[Y\TLU[Z
7JHJN[JIYMJGNSINSLQJYYJWTKTKKJWKWTR2X<*,8& <MJSYMJKFNW[FQZJXTKÁSFSHNFQFXXJYXFSIÁSFSHNFQQNFGNQNYNJXWJHTWIJINSYMJGFQFSHJXMJJYHFSSTYGJRJFXZWJIGFXJITSVZTYJIUWNHJXNS
active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow (DCF) model. The inputs to these
*]JHZYJIXYTHPUZWHMFXJFLWJJRJSYTSYM/ZSJKTWXFQJTKNYX
XYFPJNS58:8
models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair
(TSHQZIJIYMJXFQJTSXY/ZQ^ values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors
5ZWXZFSYYTYMJ,WTZU¸XUQFSYTINXUTXJTKNYXGZXNSJXXNS-ZSLFW^ J]HQZINSLX\NYHMLJFWGZXNSJXXHTRUWNXJINSYMJ(TRUFS^¸X\MTQQ^T\SJI HTZQIFKKJHYYMJWJUTWYJIKFNW[FQZJTKÁSFSHNFQNSXYWZRJSYX
step-down subsidiary, CG Electric Systems Hungary Zrt. (ESHU), the Group has: Contingent consideration, resulting from business combinations, is valued at fair value at the acquisition date as part of the business
7JHJN[JIYMJGNSINSLQJYYJWTKTKKJWKWTR,FS_;NQQFRTXXFLN?WYFSI&QJXYJW-TQINSLX1NRNYJI YMJµUWTXUJHYN[JGZ^JWX¶ HTRGNSFYNTS<MJSYMJHTSYNSLJSYHTSXNIJWFYNTSRJJYXYMJIJÁSNYNTSTKFÁSFSHNFQQNFGNQNY^NYNXXZGXJVZJSYQ^WJRJFXZWJIYTKFNW[FQZJFYJFHM
WJUTWYNSLIFYJ9MJIJYJWRNSFYNTSTKYMJKFNW[FQZJNXGFXJITSINXHTZSYJIHFXMÂT\X9MJPJ^FXXZRUYNTSXYFPJSNSYTHTSXNIJWFYNTSFWJYMJ
8NLSJI \NYM YMJ UWTXUJHYN[J GZ^JWX F 'ZXNSJXX 9WFSXKJW &LWJJRJSY FSI 8MFWJ 5ZWHMFXJ &LWJJRJSY KTW YMJ XFNI XFQJ TS probability of meeting each performance target and the discount factor.
12th February, 2018.
Development costs
4SYM&ZLZXYYMJ(TRUFSÎJHNIJIYTNIJSYNKÛWTXUJHYN[JGZ^JW XKTWIN[JXYRJSYFSIXFQJTKGZXNSJXXNS2NIIQJ*FXY-JSHJ\NYM
9MJ ,WTZU HFUNYFQNXJX IJ[JQTURJSY HTXYX KTW F UWTOJHY NS FHHTWIFSHJ \NYM YMJ FHHTZSYNSL UTQNH^ .SNYNFQ HFUNYFQNXFYNTS TK HTXYX NX GFXJI TS
JKKJHYKWTRYMFYIFYJ(,2NIIQJ*FXY+?*MFXGJJSHQFXXNÁJIFX)NXHTSYNSZJI4UJWFYNTSX
RFSFLJRJSY¸XOZILJRJSYYMFYYJHMSTQTLNHFQFSIJHTSTRNHKJFXNGNQNY^NXHTSÁWRJIZXZFQQ^\MJSFUWTIZHYIJ[JQTURJSYUWTOJHYMFXWJFHMJIF
&ZYTRFYNTSGZXNSJXX IJÁSJIRNQJXYTSJFHHTWINSLYTFSJXYFGQNXMJIUWTOJHYRFSFLJRJSYRTIJQ.SIJYJWRNSNSLYMJFRTZSYXYTGJHFUNYFQNXJIRFSFLJRJSYRFPJX
5ZWXZFSHJYTYMJ,WTZU¸XUQFSYTINXUTXJTKYMJ&ZYTRFYNTSGZXNSJXXYMJ,WTZUMFXHQFXXNÁJIYMJTUJWFYNTSXTK&ZYTRFYNTSGZXNSJXXFX FXXZRUYNTSXWJLFWINSLYMJJ]UJHYJIKZYZWJHFXMLJSJWFYNTSTKYMJUWTOJHYINXHTZSYWFYJXYTGJFUUQNJIFSIYMJJ]UJHYJIUJWNTITKGJSJÁYX
discontinued operation during the previous year w.e.f. 7th November, 2016 based on: 0TWHPYTLU[VMÂUHUJPHSHZZL[Z
7JHJN[NSLYMJGNSINSLQJYYJWTKTKKJWKWTR&QKFSFW*QJHYWNH8^XYJRX(TRUFS^TKYMJPNSLITRTK8FZIN&WFGNF 9MJ NRUFNWRJSY UWT[NXNTSX KTW ÁSFSHNFQ FXXJYX FWJ GFXJI TS FXXZRUYNTSX FGTZY WNXP TK IJKFZQY FSI J]UJHYJI QTXX WFYJX 9MJ ,WTZU ZXJX
OZILJRJSYNSRFPNSLYMJXJFXXZRUYNTSXFSIXJQJHYNSLYMJNSUZYXYTYMJNRUFNWRJSYHFQHZQFYNTSGFXJITS,WTZU¸XUFXYMNXYTW^J]NXYNSLRFWPJY
*]UJHYFYNTSYTHTRUQJYJYMJYWFSXFHYNTS\NYMNSFUJWNTITKTSJ^JFWFQTSL\NYMWJVZNWJIFUUWT[FQX FSI
conditions as well as forward looking estimates at the end of each reporting period.
The sale was concluded on 6th March 2017. Change in functional currency of foreign subsidiary
Lease of equipment not in legal form of lease *KKJHYN[JKWTRXY&UWNQYMJ59(,5T\JW8^XYJRX.SITSJXNF FXZGXNINFW^TKYMJ(TRUFS^HMFSLJINYXKZSHYNTSFQHZWWJSH^KWTR:8
8NLSNÁHFSYOZILRJSYNXWJVZNWJIYTFUUQ^QJFXJFHHTZSYNSLWZQJXZSIJW&UUJSIN](YT.SI&8)JYJWRNSNSL\MJYMJWFS&WWFSLJRJSYHTSYFNSX )TQQFW :8)YT7ZUNFM .)7NS[NJ\TKYMJKTQQT\NSL
FQJFXJ.SFXXJXXNSLYMJFUUQNHFGNQNY^YTFWWFSLJRJSYXJSYJWJINSYTG^YMJ,WTZURFSFLJRJSYMFXJ]JWHNXJIOZILRJSYYTJ[FQZFYJYMJWNLMYYT NYXRFOTWNSHTRNSLHFXMÂT\XTHHZWWJIITRJXYNHFQQ^FSITWNLNSFYJINS7ZUNFM
ZXJYMJZSIJWQ^NSLFXXJYXXZGXYFSHJTKYMJYWFSXFHYNTSNSHQZINSLQJLFQQ^JSKTWHJIFWWFSLJRJSYXFSITYMJWXNLSNÁHFSYYJWRXFSIHTSINYNTSXTK YMJHZWWJSH^YMFYRFNSQ^NSÂZJSHJXXFQJXUWNHJXTKLTTIXFSIXJW[NHJXFWJIJSTRNSFYJIFSIXJYYQJINS7ZUNFM
YMJFWWFSLJRJSYYTHTSHQZIJ\MJYMJWYMJFWWFSLJRJSYXRJJYYMJHWNYJWNFZSIJW&UUJSIN](YT.SI&8
YMJHZWWJSH^YMFYRFNSQ^NSÂZJSHJXQFGTZWFSITYMJWHTXYXTKUWT[NINSLLTTIXTWXJW[NHJXFWJIJSTRNSFYJIFSIXJYYQJINS7ZUNFM
Estimates and assumptions
&XXZHMYMJ'TFWITK)NWJHYTWXTK59(,5T\JW8^XYJRX.SITSJXNFGJQNJ[JYMFYYMJHMFSLJ\NQQWJXZQYNSFRTWJFUUWTUWNFYJUWJXJSYFYNTSTKNYX
9MJ PJ^ FXXZRUYNTSX HTSHJWSNSL YMJ KZYZWJ FSI TYMJW PJ^ XTZWHJX TK JXYNRFYNTS ZSHJWYFNSY^ FY YMJ WJUTWYNSL IFYJ YMFY MF[J F XNLSNÁHFSY YWFSXFHYNTSXNSYMJÁSFSHNFQXYFYJRJSYX
WNXPTKHFZXNSLFRFYJWNFQFIOZXYRJSYYTYMJHFWW^NSLFRTZSYXTKFXXJYXFSIQNFGNQNYNJX\NYMNSYMJSJ]YÁSFSHNFQ^JFWFWJIJXHWNGJIGJQT\9MJ
9MJHMFSLJNSKZSHYNTSFQHZWWJSH^MFXGJJSFHHTZSYJIKTWNSFHHTWIFSHJ\NYM.SI&8µ9MJ*KKJHYXTK(MFSLJXNS+TWJNLS*]HMFSLJ7FYJX¶
,WTZU GFXJI NYX FXXZRUYNTSX FSI JXYNRFYJX TS UFWFRJYJWX F[FNQFGQJ \MJS YMJ HTSXTQNIFYJI ÁSFSHNFQ XYFYJRJSYX \JWJ UWJUFWJI *]NXYNSL
UWTXUJHYN[JQ^KWTRXY&UWNQ
210 211
` crore
` crore
14.23
17.95
1.75
1.55
0.70
28.18
18.33
9.37
(1.61)
-
38.75
28.18
38.75
progress
work-in-
Capital
NOTES ACCOMPANYING THE CONSOLIDATED FINANCIAL STATEMENTS (Contd.)
6. INTANGIBLE ASSETS
Brand names .SYFSLNGQJ
2406.05
29.20
47.82
19.30
33.02
98.21
2335.11
149.04
20.45
(1.73)
2367.22
905.31
87.30
37.25
11.69
(15.15)
958.82
93.09
15.19
0.52
48.15
988.05
1376.29
1379.17
and customer Computer Trade Technical Commercial Development assets under
lists software marks know-how rights cost Total Goodwill development
Total
Cost:
&XFY 612.94 101.00 136.34 130.14 43.52 342.92 1366.86 468.41 75.47
&IINYNTSX 0.91 1.12 - - - 22.51 24.54 - 13.89
)NXUTXFQXYWFSXKJWX 2.22 1.51 - - - 0.08 3.81 - 20.04
18.71
0.97
2.14
0.58
(0.36)
17.32
2.51
1.18
(0.10)
5.86
12.89
10.63
1.33
1.45
0.43
(0.36)
10.44
2.37
0.81
(0.05)
3.59
8.46
6.88
4.43
.RUFNWRJSYTKLTTI\NQQ - - - - - - - 43.61 -
Vehicles
.RUFNRJSYTK.SYFSLNGQJFXXJYZSIJWIJ[JQTURJSY - - - - - - - - -
Less: translation adjustments 7.95 (4.26) - 6.12 - 22.17 31.98 14.43 0.16
9WFSXKJWWJIYT KWTRINXHTSYNSZJITUJWFYNTSX 425.65 11.79 136.34 44.54 12.43 126.28 757.03 266.83 35.86
As at 31-03-2017 178.03 93.08 - 79.48 31.09 216.90 598.58 143.54 33.30
&IINYNTSX - 15.00 - 1.99 - 16.30 33.29 - 15.97
63.36
2.39
7.11
0.44
11.13
47.07
4.91
0.84
(0.42)
1.14
50.42
53.20
2.87
6.68
0.49
9.39
39.51
2.75
0.76
(0.39)
0.50
41.39
7.56
9.03
equipments
)NXUTXFQXYWFSXKJWX - - - - - - - - 14.40
4KKNHJ
.RUFNRJSYTKLTTI\NQQ - - - - - - - - -
.RUFNRJSYTK.SYFSLNGQJFXXJYZSIJWIJ[JQTURJSY - - - - - - - - -
Less: translation adjustments (17.96) (0.90) - (11.49) - (8.94) (39.29) (23.83) 0.01
9WFSXKJWWJIYT KWTRINXHTSYNSZJITUJWFYNTSX 1.63 0.31 - - - 21.82 23.76 - 1.17
As at 31-03-2018 194.36 108.67 - 92.96 31.09 220.32 647.40 167.37 33.69
81.42
1.75
8.18
0.11
24.88
50.00
35.20
0.47
0.07
0.68
83.98
58.94
3.42
6.29
0.04
21.94
34.09
3.36
0.41
0.04
0.44
36.56
15.91
47.42
Furniture and
Accumulated amortisation:
Fittings
&XFY 245.16 69.79 50.14 117.39 38.71 227.16 748.35 - -

&RTWYNXFYNTSHMFWLJKTWYMJ^JFW 17.52 9.14 - 2.76 1.11 32.16 62.69 - -
)NXUTXFQXYWFSXKJWX 2.22 1.51 - - - 0.03 3.76 - -
Less: translation adjustments 3.12 (1.53) - 5.99 - 16.35 23.93 - -
14.39
-
14.39
-
-
-
-
-
-
-
-
9.60
-
9.60
-
-
-
-
-
-
-
-
-
-
9WFSXKJWWJIYT KWTRINXHTSYNSZJITUJWFYNTSX 159.16 7.73 50.14 34.68 12.43 105.42 369.56 - -
machinery
leasehold
Plant and
As at 31-03-2017 98.18 71.22 - 79.48 27.39 137.52 413.79 - -

&RTWYNXFYNTSHMFWLJKTWYMJ^JFW 18.05 10.83 - 0.25 1.11 25.88 56.12 - -
)NXUTXFQXYWFSXKJWX - - - - - - - - -
Less: translation adjustments (10.95) (0.64) - (11.49) - (5.91) (28.99) - -
9WFSXKJWWJIYT KWTRINXHTSYNSZJITUJWFYNTSX 0.78 0.27 - - - 11.30 12.35 - -
991.15
22.71
13.92
11.03
(82.91)
1071.82
103.31
12.42
(0.44)
39.64
1123.51
656.82
49.26
12.40
8.15
(50.77)
736.30
50.14
11.38
(0.20)
28.87
746.39
335.52
377.12
As at 31-03-2018 126.40 82.42 - 91.22 28.50 158.01 486.55 - -
machinery
Plant and
Net book value

&XFY 79.85 21.86 - - 3.70 79.38 184.79 143.54 33.30
As at 31-03-2018 67.96 26.25 - 1.74 2.59 62.31 160.85 167.37 33.69
Impairment testing of goodwill
For the purpose of impairment testing, goodwill relating to continuing business segments has been allocated to the cash generating units (CGUs) as follows:
786.30
1.38
2.08
5.89
51.75
727.96
3.11
5.54
1.08
50.31
674.14
112.40
26.86
0.83
2.58
4.65
131.20
30.91
1.83
1.12
14.75
144.41
596.76
529.73
Buildings
&XFY &XFY
31-03-2018 31-03-2017
CGUs / Segments
Power Systems 20.82 61.47
209.18
-
-
-
-
209.18
-
-
-
-
209.18
3.72
3.56
-
-
-
7.28
3.56
-
-
-
10.84
201.90
198.34
.SIZXYWNFQ8^XYJRX 146.55 125.68

1JFXJMTQI
5T\JW&ZYTRFYNTS8^XYJRX - 266.83
land
Total goodwill 167.37 453.98

ACCOMPANYING THE CONSOLIDATED FINANCIAL STATEMENTS (Contd.)
1JXX.RUFNWRJSY - (43.61)
1JXX8FQJTK&ZYTRFYNTS'ZXNSJXX - (266.83)
241.54
-
-
1.25
28.53
211.76
-
-
(1.92)
0.58
213.10
-
-
-
-
-
-
-
-
-
-
-
211.76
213.10
Freehold land
Net goodwill 167.37 143.54

Goodwill is tested for impairment on annual basis and whenever there is an indication that the recoverable amount of a cash generating unit is less than
NYXHFWW^NSLFRTZSYGFXJITSFSZRGJWTKKFHYTWXNSHQZINSLGZXNSJXXUQFSTUJWFYNSLWJXZQYXKZYZWJHFXMÂT\XFSIJHTSTRNHHTSINYNTSX9MJWJHT[JWFGQJ
amount of cash generating units is determined based on higher of value in use and fair value less cost to sell. For the purpose of impairment testing, goodwill
is allocated to a CGU representing the lowest level within the Group at which goodwill is monitored for internal management purposes, and which is not higher
than the Group’s operating segment.
9MJ,WTZULJSJWFQQ^ZXJXINXHTZSYJIHFXMÂT\GFXJIRJYMTIYTIJYJWRNSJYMJWJHT[JWFGQJFRTZSY9MJXJINXHTZSYJIHFXMÂT\HFQHZQFYNTSXZXJÁ[J^JFW
9WFSXKJWWJIYT KWTRINXHTSYNSZJITUJWFYNTSX
PROPERTY, PLANT AND EQUIPMENT
UWTOJHYNTSXYMFYFWJGFXJITSÁSFSHNFQKTWJHFXYX(FXMÂT\UWTOJHYNTSXYFPJNSYTFHHTZSYUFXYJ]UJWNJSHJFSIWJUWJXJSYRFSFLJRJSY¸XGJXYJXYNRFYJFGTZY
future developments.
)NXHTZSYWFYJXWJUWJXJSYYMJHZWWJSYRFWPJYFXXJXXRJSYTKYMJWNXPXXUJHNÁHYTJFHM(,:YFPNSLNSYTHTSXNIJWFYNTSYMJYNRJ[FQZJTKRTSJ^FSIYMJWNXPX
XUJHNÁHYTYMJFXXJYKTW\MNHMYMJKZYZWJHFXMÂT\JXYNRFYJXMF[JSTYGJJSFIOZXYJI9MJINXHTZSYWFYJHFQHZQFYNTSNXIJWN[JIKWTR\JNLMYJIF[JWFLJHTXYTK
HFUNYFQ <&((TK(,:¸X9JWRNSFQ[FQZJLWT\YMWFYJXYFPJNSYTHTSXNIJWFYNTSJ]YJWSFQRFHWTJHTSTRNHXTZWHJXTKIFYFFSINSIZXYW^XUJHNÁHYWJSIX

Less: translation adjustments

Accumulated depreciation:
9MJKTQQT\NSLYFGQJUWJXJSYXYMJPJ^FXXZRUYNTSXZXJIYTIJYJWRNSJ[FQZJNSZXJKFNW[FQZJQJXXHTXYXYTXJQQKTWNRUFNWRJSYYJXYUZWUTXJX
&XFY &XFY
31-03-2018 31-03-2017
)NXUTXFQXYWFSXKJWX
)NXUTXFQXYWFSXKJWX
)NXUTXFQXYWFSXKJWX
)NXUTXFQXYWFSXKJWX
As at 31-03-2017
As at 31-03-2018
As at 31-03-2017
As at 31-03-2018
As at 31-03-2018
Terminal value growth rate 2%
&XFY
&XFY
&XFY
Net book value
5WJYF]INXHTZSYWFYJ 10.88%
&IINYNTSX
&IINYNTSX
9MJUWJYF]INXHTZSYWFYJ <&((ZXJI
UWJ[NTZX^JFW

3T NRUFNWRJSY \FX NIJSYNÁJI UWJ[NTZX ^JFW ` HWTWJ KTW TSJ TK YMJ 5T\JW :SNY IZJ YT JHTSTRNH IT\S YZWS XQT\ LWT\YM JYH &S FSFQ^XNX TK YMJ
Cost:
NOTES
calculation’s sensitivity to a change in the key parameters (revenue growth, operating margin, discount rate and long-term growth rate) based on reasonably
probable assumptions, did not identify any probable scenarios where the CGU’s recoverable amount would fall below its carrying amount.
5.
212 213
` crore ` crore
&XFY &XFY 7(b) INVESTMENT IN JOINT VENTURE

31-03-2018 31-03-2017
A General information
7. NON-CURRENT FINANCIAL ASSETS - INVESTMENTS 9MJ,WTZUMFX
TKXMFWJMTQINSLNSJVZNY^XMFWJHFUNYFQTK59(WTRUYTS5WNRF8\NYHMLJFW.SITSJXNF 595WNRF595WNRF¸XUWNSHNUFQUQFHJTKGZXNSJXXNX
Quoted investments .SITSJXNF
.S[JXYRJSYNS,T[JWSRJSYTWYWZXYXJHZWNYNJX 0.44 0.44 ) :\TTHYPZLKÂUHUJPHSPUMVYTH[PVUVM[OL1VPU[=LU[\YL
Unquoted investments
&XFY &XFY
Investment in equity instruments
31-03-2018 31-03-2017
Joint venture 14.05 15.79
Current assets 0.24 0.69
Non-current assets 104.47 85.94
Carried at fair value through other comprehensive income 121.80 151.80
Current liabilities 69.83 6.34
Non-current liabilities 2.85 43.71
Investments in debentures or bonds
Equity 32.03 36.58
4YMJWX 8.06 8.05
Foreign currency translation impact (2.29) (2.86)
Other non-current investments
Group's share of net assets 14.05 15.79
4YMJWX 1.01 27.83
145.37 203.92 Carrying amount of interest in Joint Venture 14.05 15.79
Notes:
Quoted investments 2017-18 2016-17
Book value 0.44 0.44 Revenue - -
Market value 0.37 0.44 5WJYF]UWTÁY QTXX (3.93) (4.11)
Unquoted investments .SHTRJYF]J]UJSXJ (0.51) (1.03)
Book value 144.93 203.48 5TXYYF]UWTÁY QTXX (3.42) (3.08)
4YMJWHTRUWJMJSXN[JNSHTRJ - -
7(a) INVESTMENT IN ASSOCIATES Total comprehensive income (3.42) (3.08)
Group's share of total comprehensive income (1.74) (1.57)
A General information
Dividends received from Joint venture - -
9MJ,WTZUMFX
TKXMFWJMTQINSLNSJVZNY^XMFWJHFUNYFQTK(,.SYJWSFYNTSFQ'[9W(TSY5[Y(T11( JFWQNJWPST\SFX5FZ\JQX2NIIQJ*FXY9WFINSL
(TSYWFHYNSL5[Y(T11(.YXUWNSHNUFQUQFHJTKGZXNSJXXNX:SNYJI&WFG*RNWFYJX &XFY &XFY
9MJ,WTZUMFI
TKXMFWJMTQINSLNSJVZNY^XMFWJHFUNYFQTK8FZIN5T\JW9WFSXKTWRJWX(T1YI 859(859(¸XUWNSHNUFQUQFHJTKGZXNSJXXNX0NSLITRTK 31-03-2018 31-03-2017
8FZIN&WFGNF)ZWNSLYMJ^JFW,WTZUMFXIN[JXYJINYXMTQINSLNS859(
8. NON-CURRENT FINANCIAL ASSETS - LOANS
) :\TTHYPZLKÂUHUJPHSPUMVYTH[PVUVM[OLHZZVJPH[LZ
&XFY &XFY Deposits 6.87 6.65
31-03-2018 31-03-2017
6.87 6.65
Current assets 0.02 0.01
Non-current assets - -
9. TAXATION
Current liabilities 0.26 0.12
Non-current liabilities - - 0UJVTL[H_YLSH[LK[VP[LTZJOHYNLKVYJYLKP[LKKPYLJ[S`[VWYVÂ[HUKSVZZK\YPUN[OL`LHY!
Equity (0.24) (0.11)
Group's share of net assets (0.12) (0.06) 2017-18 2016-17
Carrying amount of interest in associates - - Statement of profit or loss
The above amount of equity includes accumulated losses of the associates of ` 0.24 crore ( Previous year ` 0.11 crore) on which the Group has recognised its (ZWWJSYNSHTRJYF] HTSYNSZNSLTUJWFYNTSX 33.92 59.03
XMFWJYTYMJJ]YJSYTKHTXYTKNYXNS[JXYRJSYX
(ZWWJSYNSHTRJYF] INXHTSYNSZJITUJWFYNTSX 1.10 (18.98)
)JKJWWJIYF]J]UJSXJ GJSJÁY
2017-18 2016-17
2NSNRZRFQYJWSFYJYF] HTSYNSZNSLTUJWFYNTSX - (11.83)
Revenue - -
5WJYF]UWTÁY QTXX (0.12) 0.06 Relating to origination and reversal of temporary differences (continuing operations) 40.93 (19.09)
.SHTRJYF]J]UJSXJ - - Relating to origination and reversal of temporary differences (discontinued operations) (27.65) (3.38)
5TXYYF]UWTÁY QTXX (0.12) 0.06 Total 48.30 5.75
4YMJWHTRUWJMJSXN[JNSHTRJ - -
Statement of Other Comprehensive Income
Total comprehensive income (0.12) 0.06
(ZWWJSYYF]WJQFYJIYTNYJRXWJHTLSNXJINS4(.IZWNSLNSYMJ^JFW - 2.44
,WTZUXXMFWJTKYTYFQHTRUWJMJSXN[JNSHTRJ QTXXWJHTLSNXJINSYMJUWTÁYTWQTXX - -
)JKJWWJIYF]WJQFYJIYTNYJRXWJHTLSNXJINS4(.IZWNSLNSYMJ^JFW 3.14 -
Dividends received from associates - -
Total 3.14 2.44
214 215
` crore ` crore
9. TAXATION (Contd.) &XFY &XFY

31-03-2018 31-03-2017
Income Tax expense:
10. NON-CURRENT ASSETS-OTHERS
2017-18 2016-17 Unsecured, considered good, unless otherwise stated

Reconciliation: Capital advances 2.19 3.21
5WTKNY QTXXGJKTWJYF]KWTRHTSYNSZNSLTUJWFYNTSX (318.50) 106.61 2.19 3.21
1TXXGJKTWJYF]KWTRINXHTSYNSZJITUJWFYNTSX (799.10) (591.49)
(JJV\U[PUNWYVÂ[SVZZILMVYLPUJVTL[H_ (1117.60) (484.88)
&UUQNHFGQJYF]WFYJ 34.608%
&XFY &XFY
Computed tax expense (386.78) (167.81) 11. INVENTORIES

.SHTRJSTYHTSXNIJWJIKTWYF]UZWUTXJ (293.90) (87.07) Raw materials 223.08 370.23
*]UJSXJSTYFQQT\JIKTWYF]UZWUTXJ 145.57 9.11 &II,TTIXNSYWFSXNY 10.28 18.26
&IINYNTSFQFQQT\FSHJXKTWYF]UZWUTXJ (7.76) (14.80) 233.36 388.49
(ZWWJSY^JFWQTXXJX'WTZLMYKTW\FWIQTXXJXTS\MNHMIJKJWWJIYF]STYWJHTLSNXJI 309.95 266.83 Work-in-progress - manufacturing 299.87 272.72
9F]UFNIFYQT\JWWFYJ 144.77 (1.09)
Finished goods - manufacturing 49.39 128.84
4YMJWYJRUTWFWÎNKKJWJSHJX (83.10) (14.68)
9TYFQNSHTRJYF]J]UJSXJ (171.25) (9.51)
219.55 15.26 Stores, spares and packing materials 4.25 3.19
9F]TSJ]HJUYNTSFQNYJRX
5L[PUJVTL[H_L_WLUZLJOHYNLK[VZ[H[LTLU[VMWYVÂ[HUKSVZZ 48.30 5.75 1TTXJYTTQX 0.13 0.03
.SHTRJYF]FYYWNGZYFGQJYTHTSYNSZNSLTUJWFYNTSX 74.85 28.11 587.60 882.10
.SHTRJYF]FYYWNGZYFGQJYTINXHTSYNSZJITUJWFYNTSX (26.55) (22.36)

&XFY &XFY
Total 48.30 5.75 31-03-2018 31-03-2017
Deferred tax relates to the following: 12. CURRENT FINANCIAL ASSETS-INVESTMENTS
Recognised in statement Quoted investments
Balance sheet
of profit or loss
&XFY &XFY
31-03-2018 31-03-2017 2017-18 2016-17 (FWWNJIFYKFNW[FQZJYMWTZLMUWTÁYFSIQTXX 0.01 0.98
*]UJSXJXFQQT\FGQJTSUF^RJSYGFXNX 11.50 9.71 1.67 1.82 Investments in mutual funds

4YMJWNYJRXLN[NSLWNXJYTYJRUTWFWÎNKKJWJSHJX 32.38 38.73 (3.77) (12.29) (FWWNJIFYKFNW[FQZJYMWTZLMUWTÁYFSIQTXX - 4.24
&HHJQJWFYJIIJUWJHNFYNTSKTWYF]UZWUTXJX (104.40) (128.36) 2.15 95.22 0.01 5.22
Finance lease - - - (1.71) Note:
Service concession arrangements - - - (0.45) Quoted investments
Fair valuation of property, plant and equipment (PP&E) (196.38) (204.82) 8.44 6.02 Book value 0.01 5.22
.RUFNWRJSYTKQTFS 3.88 3.88 - -
Provision for loss allowance 17.44 18.63 (1.18) (2.42)
2NSNRZRFQYJWSFYJYF] 11.83 11.83 - 11.83
Unabsorbed losses and Unabsorbed depreciation 215.71 14.72 9.11 (63.72)
Deferred tax asset / (liability) (8.04) (235.68) &XFY &XFY
9F]TSJ]HJUYNTSFQNYJRX 219.55 - 13. TRADE RECEIVABLES

Net (income) / expense 235.97 34.30 Unsecured
Reconciliation of deferred tax assets / (liabilities) net:
Considered doubtful 113.83 109.83
&XFY &XFY 2123.06 1986.98
31-03-2018 31-03-2017
Less:&QQT\FSHJKTWITZGYKZQIJGYX 113.83 109.83
4UJSNSLGFQFSHJFXTKXY&UWNQ (235.68) (252.84)
2009.23 1877.15
9F]NSHTRJ J]UJSXJIZWNSLYMJUJWNTIWJHTLSNXJINSUWTÁYTWQTXX (40.93) 19.09
9F]NSHTRJ J]UJSXJIZWNSLYMJUJWNTIWJHTLSNXJINSUWTÁYTWQTXXKWTRINXHTSYNSZJITUJWFYNTSX 27.65 3.38
)JKJWWJIYF]TS4YMJW(TRUWJMJSXN[J.SHTRJ 3.14 -
)JKJWWJI9F]2NSNRZRFQYJWSFYJYF] - 11.83
Unabsorbed losses and Unabsorbed depreciation 219.55 -
)JKJWWJIYF]YWFSXKJWWJITSINXHTSYNSZJITUJWFYNTS 20.26 (20.72)
Translation adjustment (2.03) 3.58
Closing balance (8.04) (235.68)
)JKJWWJIYF]FXXJYXMF[JSTYGJJSWJHTLSNXJINSWJXUJHYTKQTXXJXFXYMJ^RF^STYGJZXJIYTTKKXJYYF]FGQJUWTÁYXJQXJ\MJWJNSYMJ,WTZUYMJ^MF[JFWNXJSNS
XZGXNINFWNJXYMFYMF[JGJJSQTXXRFPNSLKTWXTRJYNRJFSIYMJWJFWJSTTYMJWYF]UQFSSNSLTUUTWYZSNYNJXTWTYMJWJ[NIJSHJTKWJHT[JWFGNQNY^NSYMJSJFWKZYZWJ
216 217
` crore ` crore
&XFY &XFY
&XFY &XFY 31-03-2018 31-03-2017
14. CASH AND CASH EQUIVALENTS 18. OTHER CURRENT ASSETS

Cash and cash equivalents: &I[FSHJYTXZUUQNJWX 174.86 587.23
Balances with banks: &I[FSHJYTTYMJWWJQFYJIUFWYNJX 7JKJWSTYJ 127.16 115.26
4SHZWWJSYFHHTZSYX 644.60 569.18 5WJUFNIJ]UJSXJX 7.87 22.76
4SIJUTXNYFHHTZSYX 7JKJWSTYJGJQT\ 7.12 155.10 Due from customers (construction and project related activity) 109.40 82.54
651.72 724.28 .SXZWFSHJWJHJN[FGQJX 0.63 14.04
Cash on hand 0.12 0.21
Statutory and other receivables 346.74 390.65
651.84 724.49
766.66 1212.48
Note:
Deposits of ` 3.00 crore (Previous year ` 32.90 crore) are held as margin money or security against borrowings, guarantees, other commitments and under lien
&XFY &XFY
with banks.
31-03-2018 31-03-2017
19. SHARE CAPITAL
&XFY &XFY
31-03-2018 31-03-2017 Authorised:
15. BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS 2,03,80,00,000 Equity Shares of ` 2 each
(Previous year 2,03,80,00,000 Equity Shares of ` 2 each) 407.60 407.60
Other balances:
Earmarked balances with banks for: Issued:
Unpaid dividends 1.00 1.29 62,67,88,442 Equity Shares of ` 2 each
4YMJWX (Previous year 62,67,88,442 Equity Shares of ` 2 each) 125.35 125.35

40.60 34.93
41.60 36.22 Subscribed and paid-up:
9MJWJFWJSTFRTZSYXIZJFSITZYXYFSINSLYTGJHWJINYJIYTYMJ.S[JXYTW*IZHFYNTSFSI5WTYJHYNTS+ZSIFXFYXY2FWHMFSIXY2FWHM
Forfeited shares:
&XFY &XFY
&RTZSYUFNIZUTS*VZNY^8MFWJXTK`JFHM &RTZSYUFNIZU` 32,175) 0.00 0.00
16. CURRENT FINANCIAL ASSETS - LOANS
125.35 125.35
Notes:
Advances recoverable in cash or in kind or for value to be received:
(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year:
&ZYMTWNXJIXMFWJHFUNYFQ &XFY &XFY

Security deposits:
Balance at the beginning of the year 2038000000 407.60 2038000000 407.60
Considered doubtful 0.05 0.05
31.26 73.22 Balance at the end of the year 2038000000 407.60 2038000000 407.60
Less: &QQT\FSHJKTWITZGYKZQIJUTXNYX 0.05 0.05

31.21 73.17
43.89 .XXZJIXMFWJHFUNYFQ &XFY &XFY
76.25
&XFY &XFY Balance at the beginning of the year 626788442 125.35 626788442 125.35
31-03-2018 31-03-2017 Balance at the end of the year 626788442 125.35 626788442 125.35
17. CURRENT FINANCIAL ASSETS - OTHERS
Bank deposits (Refer note below) - 149.03
Derivative instruments - 16.29 Subscribed and paid-up share capital &XFY &XFY
4YMJWÁSFSHNFQWJHJN[FGQJX 0.32 7.96 No. of Shares ` crore No. of Shares ` crore
0.32 173.28 Balance at the beginning of the year 626746142 125.35 626746142 125.35
Note: Balance at the end of the year 626746142 125.35 626746142 125.35
Deposits of ` Nil (Previous year ` 149.03 crore) are held as margin money or security against borrowings, guarantees, other commitments and under lien with
banks. The Company has not issued any equity shares during the current and in the previous year.
(b) Terms / rights attached to equity shares:
The Company has one class of share capital, i.e., equity shares having face value of ` 2 per share. Each holder of equity share is entitled to one vote per share.
.SYMJJ[JSYTKQNVZNIFYNTSYMJJVZNY^XMFWJMTQIJWXFWJJQNLNGQJYTWJHJN[JYMJWJRFNSNSLFXXJYXTKYMJ(TRUFS^FKYJWINXYWNGZYNTSTKFQQUWJKJWJSYNFQFRTZSYXNS
proportion to their shareholding.
218 219
` crore
19. SHARE CAPITAL (Contd.) &XFY &XFY

31-03-2018 31-03-2017
(c) Details of shareholders holding more than 5% shares in the Company:
20. NON-CURRENT FINANCIAL LIABILITIES-BORROWINGS
&XFY &XFY Secured loans

Term loans from banks {Refer note (a) below} 800.35 390.61
% No. of Shares
No. of Shares
1 &[FSYMF-TQINSLX1NRNYJI 34.37 215442496 34.37 215442496 Unsecured loans
2 7JQNFSHJ(FUNYFQ9WZXYJJ(T1YI&H7JQNFSHJ*VZNY^4UUTWYZSNYNJX+ZSI - - 9.21 57717660 Term loans from banks {Refer note (d) below} 36.85 113.19
3 -)+(9WZXYJJ(TRUFS^1NRNYJI-)+(*VZNY^+ZSI 9.22 57788500 9.22 57809500 837.20 503.80

4 1NKJ.SXZWFSHJ(TWUTWFYNTSTK.SINF - - 5.24 32820195
Notes:
5 &INY^F'NWQF8ZS1NKJ9WZXYJJ5WN[FYJ1NRNYJI&H&INY^F'NWQF8ZS1NKJ+WTSYQNSJ*VZNY^+ZSI 6.84 42898617 - -
Security created to the extent of:
(d) There are no shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestment. (a) Secured term loans from banks consist of the following:
(i) The term loan of ` 402.02 crore (as at 31-03-2017 `HWTWJFYFSNSYJWJXYWFYJTK^JFW'FSP¸X2(17UQZXFXUWJFITK
UFUF^FGQJRTSYMQ^9MJ
L (NNYLNH[LU\TILYVMZOHYLZIV\NO[IHJRK\YPUN[OLWLYPVKVMÂ]L`LHYZPTTLKPH[LS`WYLJLKPUN[OLYLWVY[PUNKH[L!
QTFSNXWJUF^FGQJ\NYMNSÁ[J^JFWXKWTRYMJIFYJTKINXGZWXJRJSYNJWI&ZLZXYNSXYWZHYZWJIVZFWYJWQÛF^RJSYX\NYMFRTWFYTWNZRTKRTSYMX
&XFY &XFY 9MJQTFSNXXJHZWJIG^+NWXYJ]HQZXN[JHMFWLJTSNIJSYNÁJIUQFSYFSIRFHMNSJW^FSINRRT[JFGQJÁ]JIFXXJYX (ZWWJSYRFYZWNYÛJWYFNSNSLYTYMJXFNIQTFSNX
31-03-2018 31-03-2017 ` 44.60 crore (Previous year ` 22.30 crore), Refer note 26).
(ii) The term loan of ` 159.51 crore and ` 43.50 crore respectively (as at 31-03-2017 `3NQFYFSNSYJWJXYWFYJTKRTSYMX2(179MJQTFSYJSZWJNXRTSYMX
No. of Shares No. of Shares
for ` 159.51 crore and 13 months for ` 43.50 crore respectively. The loan is secured by First charge on movable and immovable property. (Current maturity
Shares bought back 14745394 14745394 pertaining to the said loan is ` 65.63 crore (Previous year ` Nil), Refer note 26).
(iii) The term loan of ` 305.00 crore (as at 31-03-2017 `3NQFYFSNSYJWJXYWFYJTK^JFW'FSP¸X2(17UQZX
UFUF^FGQJFYRTSYMQ^NSYJW[FQ9MJQTFSNX
(f) Aggregate number of shares issued as GDRs: WJUF^FGQJ\NYMNSÁ[J^JFWXKWTRYMJIFYJTKINXGZWXJRJSYNJYM/ZQ^NSJVZFQRTSYMQ^NSXYFQRJSYXFKYJWFRTWFYTWNZRTK^JFWX9MJQTFSNX
XJHZWJIG^XJHTSIHMFWLJTSNIJSYNÁJIUQFSYFSIRFHMNSJW^FSINRRT[FGQJÁ]JIFXXJYX.
&XFY &XFY N[ )ZWNSLYMJ^JFW(,)WN[JX&ZYTRFYNTS,JWRFS^,RG-F[FNQJIFQTFSMF[NSLFSTZYXYFSINSLFRTZSYTK` 0.24 crore from VW Bank GmbH. The loan is
WJUF^FGQJNSKTWY^JNLMYJVZFQRTSYMQ^NSXYFQRJSYXKWTRYMJIWF\IT\SNS&UWNQ
% No. of Shares
No. of Shares
[ )ZWNSLYMJ^JFW(,)WN[JX&ZYTRFYNTS,JWRFS^,RG-F[FNQJIFQTFSMF[NSLFSTZYXYFSINSLFRTZSYTK` 0.14 crore from VW Bank GmbH. The loan is
The Bank of New York 0.13 822504 0.14 882329 WJUF^FGQJNSYMNWY^XN]JVZFQRTSYMQ^NSXYFQRJSYXKWTRYMJIWF\IT\SNS&UWNQ
(g) Dividend paid and proposed: [N )ZWNSLYMJUWJ[NTZX^JFW(,)WN[JX&ZYTRFYNTS,JWRFS^,RG-F[FNQJIFQTFSMF[NSLFSTZYXYFSINSLFRTZSYTK` 0.07 crore (as at 31-03-2017 ` 0.08
crore) from VW bank GmbH. The loan is repayable in forty eight equal monthly installments from the drawdown in December, 2016.
3TIN[NIJSIXMF[JGJJSUWTUTXJIIJHQFWJITWUFNIIZWNSLYMJÁSFSHNFQ^JFW 5WJ[NTZX^JFW`3NQTWFKYJWYMJÁSFSHNFQ^JFWGZYGJKTWJ
YMJÁSFSHNFQXYFYJRJSYX\JWJFUUWT[JIKTWNXXZJ [NN )ZWNSLYMJ^JFW(,)WN[JX&ZYTRFYNTS,JWRFS^,RG-F[FNQJIFQTFSMF[NSLFSTZYXYFSINSLFRTZSYTK` 0.10 crore (as at 31-03-2017 ` 0.12 crore) from
VW bank GmbH. The loan is repayable in forty eight equal monthly installments from the drawdown in January, 2017.
(h) Nature and purpose of reserves: (viii) Term loan of ` Nil crore (as at 31-03-2017 ` 167.67 crore ) was repayable in full within two years from utilization date i.e. 15th March, 2016. The said
outstanding as at 31-03-2017 of ` 167.67 crore is shown under current maturities of long term debt. (Refer note 26).
(i) Capital redemption reserve:
Capital redemption reserve was created on buy back of shares. The Company may issue fully paid-up bonus shares to its members out of the capital N] 9JWRQTFSTK` 229.03 crore (as at 31-03-2017 `HWTWJNXXJHZWJIG^\F^TKÁ]JIFSIÂTFYNSLHMFWLJTSFQQFXXJYXTK(,*QJHYWNH8^XYJRX-ZSLFW^
redemption reserve account. ?WY7JUF^RJSYTKYMJQTFS\NQQHTRRJSHJKWTR)JHJRGJWFSI\NQQGJWJUF^FGQJNSKTZWJVZFQFSSZFQNSXYFQQRJSYX
] 9JWRQTFSTK` 2.58 crore (as at 31-03-2017 `HWTWJNXXJHZWJIG^\F^TKÁ]JIFSIÂTFYNSLHMFWLJTSFQQFXXJYXTK(,5T\JW8^XYJRX'JQLNZR3;FSI
(ii) Securities premium account: CG Holdings Belgium N.V. Repayment of the loan has commenced from 2015-16 and will be repayable in four unequal annual installments. Current maturity
Securities premium account is created when shares are issued at premium. The Company may issue fully paid-up bonus shares to its members out is ` 2.58 crore (as at 31-03-2017 `HWTWJ
of the securities premium reserve account, and Company can use this reserve for buy-back of shares.
]N 9JWRQTFSTK` Nil crore (as at 31-03-2017 `HWTWJF[FNQJIG^(,5T\JW:8&.SHNXXJHZWJIG^JSHZRGWFSHJTSQJFXJIJVZNURJSYX(ZWWJSYRFYZWNY^
(iii) Capital reserve: as at 31-03-2017 `HWTWJ
9MJ,WTZUMFIUFNIHJWYFNSIJKJWWJIXFQJXYF]QNFGNQNYNJXNSFHHTWIFSHJ\NYMYMJXHMJRJKTWRZQFYJIG^YMJ8YFYJ,T[JWSRJSYTK2FMFWFXMYWFKTWXZHM I :LJ\YLK[LYTSVHUZMYVTÂUHUJPHSPUZ[P[\[PVUZJVUZPZ[VM[OLMVSSV^PUN!
optional prepayments. The resultant surplus of `HWTWJWJUWJXJSYNSLYMJJ]HJXXTKYMJWJHTWIJIQNFGNQNY^T[JWYMJFRTZSYUFNI\FXHWJINYJIYT
The facility of ` 195.00 crore (as at 31-03-2017 `HWTWJF[FNQJIG^(,5T\JW8TQZYNTSX1NRNYJIFYFSNSYJWJXYWFYJJVZN[FQJSYYTYMJ'JSHMRFWP7FYJ
Capital Reserve.
'78UWJFI9MJXFNINSYJWJXYWFYJ\NQQGJÁ]JIYNQQYMJRTWFYTWNZRUJWNTIFSI\NQQGJQNSPJIYT'JSHMRFWP7FYJ^JFW-)+('FSP2(177FYJ9MJXUWJFIXMFQQ
)ZWNSLYMJÁSFSHNFQ^JFWJSIJIXY2FWHMYMJHFUNYFQWJXJW[JTK` 652.53 crore is recognised due to demerger of consumer products segment GJIJÁSJITSYMJIFYJTKÁWXYINXGZWXJRJSYNSFRFSSJWXZHMYMFYYMJFUUQNHFGQJNSYJWJXYWFYJ\TWPXTZYYT
UFUF^FGQJRTSYMQ^
TKYTYFQWJUF^RJSY
UZWXZFSYYTYMJYWFSXKJWTKFQQFXXJYXFSIQNFGNQNYNJXYTYMJWJXZQYNSLHTRUFS^NJ(WTRUYTS,WJF[JX(TSXZRJW*QJHYWNHFQX1NRNYJI
\NQQGJUFNINSSIWI^JFWTKQTFSNSVZFWYJWQ^NSXYFQQRJSYXFSIYMJGFQFSHJ
\NQQGJUFNINSYMYM^JFWTKYMJQTFSNSJVZFQVZFWYJWQ^NSXYFQQRJSYX9MJ
(iv) Statutory reserve: QTFSNXXJHZWJIG^J]HQZXN[JHMFWLJTSRT[FGQJFSINRRT[FGQJÁ]JIFXXJYXFSI)JRFSI5WTRNXXTW^3TYJTK(,5T\JW8TQZYNTSX1NRNYJI
8YFYZYTW^WJXJW[JWJUWJXJSYXUWTÁYXXJYFXNIJFXUJWYMJQTHFQXYFYZYTW^WJVZNWJRJSYTKT[JWXJFXXZGXNINFWNJXFSIYMJXFRJNXSTYF[FNQFGQJKTWINXYWNGZYNTS (c) Unsecured borrowings by way of bonds consist of the following:
(v) Capital reserve on consolidation: ':.1)2NXXTZWNWJ[JSZJGTSIX8JWNJX` Nil (as at 31-03-2017 ` 4.13 crore) was repayable in semi-annual installments, maturing on December, 2024.
Current maturity as at 31-03-2017 is ` 0.44 crore. During current year, this borrowing was transferred to purchaser of Group’s power business in United States of
Capital reserve on consolidation is on account of subsidiaries acquired.
&RJWNHF
(vi) Government grant: (d) Unsecured term loans from banks consist of the following:-
Grants are recognized as non-repayable when the requirements established for receiving them are met and are recognized directly in equity, net of (i) The term loan of ` 119.30 crore (as at 31-03-2017 `HWTWJFYFSNSYJWJXYWFYJQNSPJIYT'FSP¸X^JFW2(17 +QTFYNSLWFYJ9MJQTFSNXWJUF^FGQJ\NYMNS
HTWWJXUTSINSLYF]JKKJHY ^JFWXKWTRYMJIFYJTKINXGZWXJRJSYNJYM/ZQ^NSJVZFQVZFWYJWQ^NSXYFQQRJSYX\NYMÁWXYNSXYFQQRJSYXYFWYNSLFKYJWRTSYMXKWTRYMJIFYJTK
disbursement. (Current maturity pertaining to the said loan is ` 97.44 crore (Previous year ` 97.44 crore), Refer note 26).
(ii) The term loan of ` 71.24 crore (as at 31-03-2017 `3NQFYFSNSYJWJXYWFYJTKGFSP2(17UQZXFUUQNHFGQJRFWLNSUF^FGQJFYRTSYMQ^NSYJW[FQX9MJQTFSNX
WJUF^FGQJ\NYMNS^JFWXKWTRYMJIFYJTKINXGZWXJRJSYNJYM2F^NSXYWZHYZWJIRTSYMQ^NSXYFQQRJSYX\NYMÁWXYXYFWYNSLFKYJWRTSYMXKWTRYMJ
date of disbursement. (Current maturity of the said loan is ` 56.25 crore (Previous year ` Nil ), Refer note 26).
(iii) Working capital facility of ` Nil (as at 31-03-2017 `HWTWJ\FXF[FNQJIG^(,5T\JW:8&.SHYTRJJYNYXQTSLYJWR\TWPNSLHFUNYFQWJVZNWJRJSY9MNX
QTFSNXWJUFNIIZWNSLYMJ^JFW9MJQTFS\FXXZUUTWYJIG^(TWUTWFYJ,ZFWFSYJJTK(,5T\JWFSI.SIZXYWNFQ8TQZYNTSX1NRNYJI KTWRJWQ^(WTRUYTS,WJF[JX
1NRNYJI(ZWWJSYRFYZWNY^FXFY\FX`HWTWJ
(e) )ZWNSL YMJ UWJ[NTZX ^JFW (, 5T\JW 8TQZYNTSX 1NRNYJI NXXZJI ZSXJHZWJI WJIJJRFGQJ YF]FGQJ STS HTS[JWYNGQJ IJGJSYZWJX TK ` JFHM
aggregating to ` 200.00 crore. The debenture amount was supported by corporate guarantee of the Company. During the current year, debentures have been
WJIJJRJIFSIJSYNWJFRTZSYMFXGJJSWJUFNI
(f) Finance lease obligations are repayable in equated monthly installments.
)VYYV^PUNZWLY[HPUPUN[VKPZJVU[PU\LKVWLYH[PVUZHYLPUJS\KLK\UKLY[OLOLHK¹3PHIPSP[PLZHZZVJPH[LK^P[ONYV\WVMHZZL[ZJSHZZPÂLKHZOLSKMVYZHSL
and discontinued operations’ (Refer note 44)
220 221
` crore ` crore
20. NON-CURRENT FINANCIAL LIABILITIES-BORROWINGS (Contd.) &XFY &XFY

31-03-2018 31-03-2017
Finance lease:
9MJRNSNRZRQJFXJWJSYFQXFSIYMJUWJXJSY[FQZJTKRNSNRZRQJFXJUF^RJSYXNSWJXUJHYTKFXXJYXFHVZNWJIZSIJWÁSFSHJQJFXJXFWJFXKTQQT\X 25. CURRENT FINANCIAL LIABILITIES - TRADE PAYABLES
&XFY &XFY &HHJUYFSHJX 115.91 108.93
Minimum Present value Minimum Present value Due to others 1307.77 1274.21
payments of payments payments of payments
1423.68 1383.14
Within one year - - 0.04 0.04
&KYJWTSJ^JFWGZYSTYRTWJYMFSÁ[J^JFWX - - - -
2TWJYMFSÁ[J^JFWX - - - -
&XFY &XFY
Total minimum lease payments - - 0.04 0.04
Less:FRTZSYXWJUWJXJSYNSLÁSFSHJHMFWLJX 26. CURRENT-OTHER FINANCIAL LIABILITIES
- - 0.00 -
Present value of minimum lease payments - - 0.04 0.04 Financial liabilities at amortised cost:
)ZWNSLYMJÁSFSHNFQ^JFWYMJ,WTZUMFXRFIJWJFXXJXXRJSYTKFSFWWFSLJRJSYFKYJWNYXNSHJUYNTS\MNHM\FXJFWQNJWFXXJXXJIFXHTSYFNSNSLFÁSFSHJ Current maturities of long- term debts 263.92 287.41

QJFXJ9MJWJFXXJXXRJSY\FXSJHJXXNYFYJITSFHHTZSYTKHMFSLJNSYMJHTSYWFHYZFQYJWRX \MNHMINISTYWJQFYJTSQ^YTWJSJ\FQTWJ]YJSXNTSTKYMJFWWFSLJRJSY .SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSXKWTR8YFYJ,T[JWSRJSY 0.12 0.12
The arrangement is now reassessed as not containing a lease and thus, lease accounting ceased to apply from the date when the change in circumstances
giving rise to the reassessment occurred. (ZWWJSYRFYZWNYNJXTKÁSFSHJQJFXJTGQNLFYNTSX - 0.04
The difference between the carrying amount of the leased assets and the lease liability, amounting to ` Nil (Previous year ` 3.07 crore) has been recognised in .SYJWJXYFHHWZJIGZYSTYIZJTSGTWWT\NSLX 7.76 5.62
YMJ8YFYJRJSYTKUWTÁYFSIQTXX
Investor Education and Protection Fund: (Refer note below)
&XFY &XFY Unclaimed dividend 1.00 1.29
31-03-2018 31-03-2017 Financial guarantee obligations 0.57 0.86
21. NON-CURRENT OTHER FINANCIAL LIABILITIES Due to directors 2.54 4.32
Deposits payable 1.55 1.14 )JWN[FYN[J.SXYWZRJSYX 11.85 -
1.55 1.14
Other payables:
Security deposits 8.48 7.47
&XFY &XFY
31-03-2018 31-03-2017 Employee dues 34.34 30.92
22. NON-CURRENT PROVISIONS 4YMJWX 146.57 66.23
*RUQT^JJGJSJÁYX 44.75 55.14 189.39 104.62

4YMJWUWT[NXNTSX 7JKJWSTYJ 21.03 16.07 477.15 404.28
65.78 71.21 Note:
9MJWJFWJSTFRTZSYXIZJFSITZYXYFSINSLYTGJHWJINYJIYTYMJ.S[JXYTW*IZHFYNTSFSI5WTYJHYNTS+ZSIFXFYXY2FWHMFSIXY2FWHM
&XFY &XFY
31-03-2018 31-03-2017
23. OTHER NON-CURRENT LIABILITIES &XFY &XFY

4YMJWX 0.40 0.94 27. OTHER CURRENT LIABILITIES
0.40 0.94 &I[FSHJXKWTRHZXYTRJWX 338.50 447.29
Due to customers 61.34 62.86

&XFY &XFY
31-03-2018 31-03-2017 Balance with banks overdrawn as per books - 0.71
24. CURRENT FINANCIAL LIABILITIES - BORROWINGS Other payables:

Secured loans Statutory dues 30.23 15.35
Term loans 28.99 30.03
4YMJWX
From banks {Refer note (i) below} 0.00 0.44
59.22 45.38
Working capital demand loan
459.06 556.24
From banks {Refer note (ii) , (iii) and (iv) below} 396.44 229.82
Unsecured loans
Working capital loan from bank: &XFY &XFY
Demand loan 292.84 391.79 31-03-2018 31-03-2017
8ZUUQNJWÁSFSHJKFHNQNY^ 89.71 88.62 28. SHORT-TERM PROVISIONS
778.99 710.67
*RUQT^JJGJSJÁYX(Refer note below) 10.56 14.67
Notes :
(i) Cash Credit facility amounting to ` 0.00 (as at 31-03-2017 `HWTWJF[FNQJIG^(,55.&IMJXN[J5WTIZHYX1NRNYJIKWTRGFSPNXXJHZWJIG^MÛTYMJHFYNTSTK 4YMJWUWT[NXNTSX 109.02 69.41
stocks and book debts and is further secured by mortgage by deposit of title deeds in respect of its immovable properties, both present and future consisting of 119.58 84.08
QFSIKFHYTW^GZNQINSLXYWZHYZWJXJWJHYNTSXLTIT\SXFSIKZWSNYZWJFSIÁ]YZWJXTK(,55.&IMJXN[J5WTIZHYX1NRNYJI
(ii) Working capital demand loan amounting to ` 254.31 crore (as at 31-03-2017 ` 229.82 crore) availed by the Group is secured by hypothecation of inventories,
book debts and trade receivables, both present and future.
NNN )ZWNSLYMJ^JFW(,.SYJWSFYNTSFQ';MFXF[FNQJIFQTFSMF[NSLFSTZYXYFSINSLFRTZSYTK`HWTWJKWTR'FWHQF^X'FSP51(1TSITS'WFSHM[NIJ
FLWJJRJSYIFYJIXY&ZLZXY9MJQTFSNXWJUF^FGQJ\NYMNSF^JFW9MJQTFSNXNSYJWJXYGJFWNSLFYYMJWFYJTK*:7.'47GUXUF
N[ )ZWNSLYMJ^JFW(,)WN[JXFSI&ZYTRFYNTS8\JIJS&'MFXF[FNQJIF\TWPNSLHFUNYFQKFHNQNY^MF[NSLFTZYXYFSINSLFRTZSYTK` 20.94 crore to meet its long term
\TWPNSLHFUNYFQWJVZNWJRJSY+FHNQNYN^NXXJHZWJIG^\F^TKÁ]JIFSIÂTFYNSLHMFWLJTSFQQFXXJYXTK(,)WN[JXFSI&ZYTRFYNTS8\JIJS&'ZYNQNXJIKZSIGFXJI
limit is repayable within a year.
222 223
` crore ` crore
Note:
Disclosures as required by Indian Accounting Standard (Ind AS) 37 Provisions, Contingent Liabilities and Contingent Assets: 2017-18 2016-17
(1) Movement in provisions: 29. REVENUE FROM OPERATIONS

Sale of products 5867.35 5444.69
*]HNXJIZY^(ZXYTRXIZY^ Sale of services 67.71 68.65
Warranties 8FQJXYF];&9
Nature of provisions 8JW[NHJYF]
Construction contracts 352.48 410.26
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
6287.54 5923.60
(FWW^NSLFRTZSYFYYMJGJLNSSNSLTKYMJ^JFW 56.41 43.50 8.32 11.93 3.50 3.50
&RTZSYYWFSXKJWWJIIZJYTINXHTSYNZSJITUJWFYNTSXIJRJWLJW 0.57 (7.50) - - - -
&IINYNTSFQUWT[NXNTSRFIJIZWNSLYMJ^JFW 23.59 15.51 1.08 - - -
2017-18 2016-17
&RTZSYXZXJIIZWNSLYMJ^JFW 2.04 0.75 - - - -
CONTRACTS IN PROGRESS
:SZXJIFRTZSYXWJ[JWXJIIZWNSLYMJ^JFW 7.41 8.91 0.59 3.61 1.83 -
Contract revenue recognised for the year 352.48 410.26
Translation adjustment (0.16) (0.44) - - - -
&LLWJLFYJFRTZSYTKHTXYXNSHZWWJIFSIWJHTLSNXJIUWTÁYX QJXXWJHTLSNXJIQTXXJXYTIFYJ 2466.56 2816.15
(FWW^NSLFRTZSYFYYMJJSITKYMJ^JFW 69.82 56.41 8.81 8.32 1.67 3.50
&RTZSYTKHZXYTRJWFI[FSHJXTZYXYFSINSLKTWHTSYWFHYXNSUWTLWJXXFXFYYMJWJUTWYNSLIFYJ 53.37 62.93
Retention amount due from customer for contract in progress as at the reporting date 98.29 122.61
1NVZNIFYJIIFRFLJX 4YMJWQNYNLFYNTSHQFNRX 4SJWTZXHTSYWFHYX
Nature of provisions
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
(FWW^NSLFRTZSYFYYMJGJLNSSNSLTKYMJ^JFW 8.83 9.54 6.28 4.24 2.14 - 2017-18 2016-17
&RTZSYYWFSXKJWWJIIZJYTINXHTSYNZSJITUJWFYNTSXIJRJWLJW 0.73 (2.67) - - - - 30. OTHER INCOME
&IINYNTSFQUWT[NXNTSRFIJIZWNSLYMJ^JFW 5.46 - 28.57 4.97 - 7.23 .SYJWJXYNSHTRJ 14.27 39.37
&RTZSYXZXJIIZWNSLYMJ^JFW - 1.82 - - - 5.02 Gain on sale of investments (net) 0.41 2.52
:SZXJIFRTZSYXWJ[JWXJIIZWNSLYMJ^JFW - 1.47 0.50 2.93 0.23 - *]HMFSLJLFNS SJY 10.97 -
Translation adjustment (0.02) (0.09) - - (0.05) (0.07) +FNW[FQZJLFNSTSÁSFSHNFQNSXYWZRJSYXFYKFNW[FQZJYMWTZLMUWTÁYTWQTXX 0.00 4.69
(FWW^NSLFRTZSYFYYMJJSITKYMJ^JFW 13.54 8.83 34.35 6.28 1.86 2.14 Other non-operating income:
.SHTRJKWTRGZXNSJXXXJW[NHJHJSYJWX 1.21 0.70
Total Government grant - 0.03
Nature of provisions
2017-18 2016-17 5WTÁYTSXFQJTKUWTUJWYÛQFSYFSIJVZNURJSY SJY - 4.15
(FWW^NSLFRTZSYFYYMJGJLNSSNSLTKYMJ^JFW 85.48 72.71 Miscellaneous income 12.67 16.10
&RTZSYYWFSXKJWWJIIZJYTINXHTSYNZSJITUJWFYNTSXIJRJWLJW 1.30 (10.17) 39.53 67.56
&IINYNTSFQUWT[NXNTSRFIJIZWNSLYMJ^JFW 58.70 27.71

&RTZSYXZXJIIZWNSLYMJ^JFW 2.04 7.59
2017-18 2016-17
:SZXJIFRTZSYXWJ[JWXJIIZWNSLYMJ^JFW 10.56 16.92
31. COST OF MATERIALS CONSUMED
Translation adjustment (0.24) (0.60)
4UJSNSLXYTHP 385.23 205.14
(FWW^NSLFRTZSYFYYMJJSITKYMJ^JFW 130.05 85.48
&II5ZWHMFXJX 3916.43 3817.54
&IINYNTSFQUWT[NXNTSRFIJIZWNSLYMJ^JFWFSIWJ[JWXFQTKZSZXJIFRTZSYXFWJNSHQZIJINSYMJWJXUJHYN[JMJFITKFHHTZSYX Less: Closing stock 233.36 385.23
(FWW^NSLFRTZSYXHTRUWNXJTKSTSHZWWJSYFSIHZWWJSYUWT[NXNTSX 4068.30 3637.45
(2) Nature of provisions: Less: Scrap sales 79.14 51.09
F 5WTIZHY\FWWFSYNJX9MJ,WTZULN[JX\FWWFSYNJXTSHJWYFNSUWTIZHYXFSIXJW[NHJXNSYMJSFYZWJTKWJUFNWXWJUQFHJRJSY\MNHMKFNQYTUJWKTWRXFYNXKFHYTWNQ^ 3989.16 3586.36
IZWNSLYMJ\FWWFSYÛJWNTI5WT[NXNTSRFIJWJUWJXJSYXYMJFRTZSYTKYMJJ]UJHYJIHTXYTKRJJYNSLXZHMTGQNLFYNTSTSFHHTZSYTKWJHYNÁHFYNTSWJUQFHJRJSY &II8ZGHTSYWFHYNSLHMFWLJX 238.21 234.05

9MJYNRNSLTKTZYÂT\XNXJ]UJHYJIYTGJ\NYMNSFUJWNTITKY\T^JFWX 4227.37 3820.41
G 5WT[NXNTSKTWXFQJXYF];&9WJUWJXJSYXQNFGNQNY^TSFHHTZSYTKSTSHTQQJHYNTSTKIJHQFWFYNTSKTWRXFSITYMJWQJLFQRFYYJWX\MNHMFWJNSFUUJFQZSIJWYMJ
Note:
&HY7ZQJX
4UJSNSLXYTHPFSIHQTXNSLXYTHPJ]HQZIJXXYTHPWJQFYJIYTINXHTSYNSZJITUJWFYNTSX
H 5WT[NXNTSKTWJ]HNXJIZY^HZXYTRIZY^XJW[NHJYF]WJUWJXJSYXYMJINKKJWJSYNFQIZY^QNFGNQNY^YMFYNXJ]UJHYJIYTRFYJWNFQNXJNSWJXUJHYTKRFYYJWXNSFUUJFQ
I 5WT[NXNTSKTWQNVZNIFYJIIFRFLJXMFXGJJSRFIJTSHTSYWFHYXKTW\MNHMIJQN[JWÎFYJXFWJJ]HJJIJIFSIHTRUZYJINSWJFXTSFGQJFSIUWZIJSYRFSSJW
J 5WT[NXNTSKTWQNYNLFYNTSWJQFYJITGQNLFYNTSXWJUWJXJSYXQNFGNQNYNJXYMFYFWJJ]UJHYJIYTRFYJWNFQNXJNSWJXUJHYTKRFYYJWXNSFUUJFQ 2017-18 2016-17
K 5WT[NXNTSKTWTSJWTZXHTSYWFHYXMF[JGJJSRFIJTSHTSYWFHYX\MJSNYNXUWTGFGQJYMFYYMJJXYNRFYJIHTXY\NQQJ]HJJIYMJYTYFQHTSYWFHYWJ[JSZJ 32. PURCHASES OF STOCK-IN-TRADE

Purchases of stock-in-trade 46.65 236.41
46.65 236.41
224 225
` crore ` crore
2017-18 2016-17 2017-18 2016-17

33. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND 37. OTHER EXPENSES
STOCK-IN-TRADE
Consumption of stores and spares 29.67 27.01
*OHUNLZPUPU]LU[VYPLZVMÂUPZOLKNVVKZHUK^VYRPUWYVNYLZZ!
Power and fuel 45.91 47.53
Closing stock:
Rent 22.18 11.49
Finished goods 49.39 128.75
Work-in-progress 299.87 267.63 Repairs to buildings 7.73 7.08
349.26 396.38 Repairs to machinery 27.86 23.88

Opening stock: .SXZWFSHJ 15.17 15.86
Finished goods 128.75 50.65 7FYJXFSIYF]JX 15.46 14.92
Work-in-progress 267.63 261.91 Freight and forwarding 109.81 102.80
396.38 312.56 Packing materials 49.93 56.25
47.12 (83.82)
&KYJWXFQJXXJW[NHJXNSHQZINSL\FWWFSYNJX 55.24 47.80
Changes in inventories of stock-in-trade:
Sales promotion 67.25 31.93
Closing stock:
Directors' sitting fees 0.24 0.20
&QQT\FSHJKTWITZGYKZQIJGYXFSIFI[FSHJX 53.26 19.35
Opening stock: 1JLFQFSIUWTKJXXNTSFQHMFWLJX 74.42 68.01
Stock-in-trade 88.83 2.66 2NXHJQQFSJTZXJ]UJSXJX 218.18 199.83

88.23 (86.17) 792.31 673.94
135.35 (169.99)
Note:
4UJSNSLXYTHPFSIHQTXNSLXYTHPJ]HQZIJXXYTHPWJQFYJIYTINXHTSYNSZJITUJWFYNTSX
&XFY &XFY
31-03-2018 31-03-2017
38. CONTINGENT LIABILITIES AND COMMITMENTS
2017-18 2016-17 A. Contingent liabilities:
34. EMPLOYEE BENEFITS EXPENSE YTYMJJ]YJSYSTYUWT[NIJIKTW
Salaries, wages and bonus 462.71 433.32 (a) Claims against the Group not acknowledged as debts 7.25 9.01
Contribution to provident and other funds 49.62 47.32 (b) 8FQJXYF];&9QNFGNQNY^YMFYRF^FWNXJNSWJXUJHYTKRFYYJWXNSFUUJFQ 50.23 44.38
5TXYWJYNWJRJSYRJINHFQGJSJÁYX (14.37) 2.81 (c) *]HNXJIZY^HZXYTRXIZY^XJW[NHJYF]QNFGNQNY^YMFYRF^FWNXJNSWJXUJHYTKRFYYJWXNSFUUJFQ 6.44 6.53
8YFKK\JQKFWJJ]UJSXJX 33.99 29.89 (d) .SHTRJYF]QNFGNQNY^YMFYRF^FWNXJNSWJXUJHYTKRFYYJWXNSFUUJFQUWJKJWWJIG^YMJIJUFWYRJSY 4.34 4.58
531.95 513.34 B. Commitments:
*XYNRFYJIFRTZSYTKHTSYWFHYXWJRFNSNSLYTGJJ]JHZYJITSHFUNYFQFHHTZSYFSISTYUWT[NIJIKTW SJYTKFI[FSHJX 7.49 11.12
Notes:
2017-18 2016-17 F 9MJ,WTZUITJXSTYJ]UJHYFS^WJNRGZWXJRJSYNSWJXUJHYTKYMJFGT[JHTSYNSLJSYQNFGNQNYNJX
35. FINANCE COSTS G .YNXSTYUWFHYNHFGQJYTJXYNRFYJYMJYNRNSLTKHFXMTZYÂT\XNKFS^NSWJXUJHYTKRFYYJWXFY FYT IFGT[JUJSINSLWJXTQZYNTSTKYMJFWGNYWFYNTSFUUJQQFYJ
.SYJWJXYTSQTFSX 219.30 186.11 proceedings.
219.30 186.11
2017-18 2016-17
36. DEPRECIATION AND AMORTISATION EXPENSE
)JUWJHNFYNTSFSIFRTWYNXFYNTSJ]UJSXJ 7JKJWSTYJFSI 149.21 142.94
149.21 142.94
226 227
39. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 24 RELATED PARTY DISCLOSURES 39. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 24 RELATED PARTY DISCLOSURES (Contd.)
F .SYJWRXTK.SINFS&HHTZSYNSL8YFSIFWI .SI&87JQFYJI5FWY^)NXHQTXZWJX.SINFS&HHTZSYNSL8YFSIFWI .SI&8(TSXTQNIFYJI+NSFSHNFQ8YFYJRJSYX
*VZNY^.SYJWJXY
FSI .SI&8.S[JXYRJSYNS&XXTHNFYJXFSI/TNSY;JSYZWJXNS(TSXTQNIFYJI+NSFSHNFQ8YFYJRJSYXXUJHNÁJIG^YMJ(TRUFSNJX &HHTZSYNSL8YFSIFWIX Sr. Country of &XFY &XFY
7ZQJX FXFRJSIJIYMJ(TSXTQNIFYJI+NSFSHNFQ8YFYJRJSYXUWJXJSYYMJ(TSXTQNIFYJI+NSFSHNFQ8YFYJRJSYXTK(,5T\JWFSI.SIZXYWNFQ8TQZYNTSX No. Name of the Related Party .SHTWUTWFYNTS 31-03-2018 31-03-2017
1NRNYJI YMJ5FWJSY(TRUFS^\NYMNYXXZGXNINFWNJXFXXNHNFYJXFSIOTNSY[JSYZWJFXZSIJW
(ii) Associates:

*VZNY^.SYJWJXY 1 (,.SYJWSFYNTSFQ';97(TSY5[Y(T11( Sharjah 49.00 49.00
Sr. Country of &XFY &XFY (formerly5FZ\JQX2NIIQJ*FXY9WFINSL(TSYWFHYNSL 5[Y(T11(
No. Name of the Related Party .SHTWUTWFYNTS 31-03-2018 31-03-2017
2 8FZIN5T\JW9WFSXKTWRJWX(TRUFS^1NRNYJI INXNS[JXYJI\JKYM4HYTGJW 8FZIN&WFGNF - 49.00
(i) Subsidiaries:
3 00*QÁ/FUFS Japan 40.00 40.00
1 (,5T\JW8TQZYNTSX1NRNYJI .SINF 100.00 100.00
2 (,55.&IMJXN[J5WTIZHYX1NRNYJI .SINF 81.42 81.42

(iii) Joint Venture:
3 (,5T\JW*VZNURJSYX1NRNYJI .SINF 100.00 100.00
1 59(WTRUYTS5WNRF8\NYHMLJFW.SITSJXNF .SITSJXNF 51.00 51.00
(formerlyPST\SFX(WTRUYTS,WJF[JX(TSXZRJW5WTIZHYX1NRNYJI
4 (,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI Singapore 100.00 100.00 Note:

5 Crompton Greaves Sales Network Malaysia Sdn.Bhd. Malaysia 100.00 100.00 9MJ
[TYNSLWNLMYXYMFY5FWJSY(TRUFS^MTQIXNSFQQNYXXZGXNINFWNJXNXJVZFQYTYMJ
TKHTWWJXUTSINSLXMFWJMTQINSLJ]HJUYNSHFXJTK8JWNFQ3T59(,
5T\JW8^XYJRX.SITSJXNF9MJ5FWJSY(TRUFS^MTQIX
TKXMFWJMTQINSLNS59(,5T\JW8^XYJRX.SITSJXNFYMWTZLMNYXXZGXNINFW^(,5T\JW8^XYJRX
6 (,.SYJWSFYNTSFQ'; The Netherlands 100.00 100.00 'JQLNZR3;FSIGFQFSHJ
NXMJQIG^TYMJWUFWYSJW-T\J[JWYMJUFWJSY(TRUFS^YMWTZLMNYXXZGXNINFW^(,5T\JW8^XYJRX'JQLNZR3;MFX

[TYNSLWNLMYXXNSHJ
XMFWJXMJQIG^TYMJWUFWYSJWMFXST[TYNSLWNLMYX
7 CG Holdings Belgium N.V. Belgium 100.00 100.00
.SYMJHFXJTK(,5T\JW8TQZYNTSX8FZIN&WFGNF1NRNYJIFSI59(WTRUYTS5WNRF8\NYHMLJFW.SITSJXNFYMJÁSFSHNFQXYFYJRJSYXFXFYXY)JHJRGJW
8 CG Power Systems Belgium N.V. Belgium 100.00 100.00 MF[JGJJSHTSXNIJWJI9MJWJ\JWJSTRFYJWNFQFIOZXYRJSYXWJVZNWJIKTWFS^XNLSNÁHFSYJ[JSYXTWYWFSXFHYNTSXKTWYMJYMWJJRTSYMXZUYTXY2FWHM
9 (,5T\JW8^XYJRX.WJQFSI1NRNYJI .WJQFSI 100.00 100.00 +TWYMJUZWUTXJXTKHTSXTQNIFYNTSYMJÁSFSHNFQXYFYJRJSYXTKYMJKTWJNLSXZGXNINFWNJXFSIFXXTHNFYJXFXFYXY2FWHMMF[JGJJSWJXYFYJIYTHTRUQ^
\NYM.SINFS&HHTZSYNSL8YFSIFWI .SI&8
10 59(,5T\JW8^XYJRX.SITSJXNF .SITSJXNF 95.00 95.00
(iv) Key Management Personnel:
11 (,8FQJX3JY\TWPX+WFSHJ8& France 99.70 99.70 ,FZYFR9MFUFW 3TS*]JHZYN[J)NWJHYTW(MFNWRFSFSI5WTRTYJW)NWJHYTW
12 (,5T\JW8TQZYNTSX8FZIN&WFGNF1NRNYJI 8FZIN&WFGNF 51.00 51.00 033JJQPFSY *]JHZYN[J)NWJHYTW(*42FSFLNSL)NWJHYTW
13 CG Electric Systems Hungary Zrt. Hungary 100.00 100.00 2FIMF[&HMFW^F *]HJZYN[J)NWJHYTW+NSFSHJ(+4 HJFXJIYTGJ(+4*]JHZYN[J)NWJHYTW\JKYM&ZLZXY
HJFXJIYTGJF3TS*]JHZYN[J)NWJHYTW\JKYM8JUYJRGJW
14 (,5T\JW8TQZYNTSX:01NRNYJI :SNYJI0NSLITR 100.00 100.00 2FSTO0TZQ (TRUFS^8JHWJYFW^ HJFXJI\JKWI&ZLZXY
15 (,5T\JW8^XYJRX(FSFIF.SH Canada 100.00 100.00 ;7;JSPFYJXM (MNJK+NSFSHNFQ4KÁHJW FUUTNSYJI\JKYM&ZLZXY
16 (,,FS_,JSJWFYTWFSI2TYTW1NRNYJI1NFGNQNY^(TRUFS^ Hungary 100.00 100.00 8MNPMF0FUFINF (TRUFS^8JHWJYFW^FSI(TRUQNFSHJ4KÁHJW FUUTNSYJI\JKYM+JGWZFW^

(formerlyPST\SFX(,-TQINSLX-ZSLFW^0KY 4RPFW,TX\FRN 3TS*]JHZYN[J)NWJHYTW
17 (,8JW[NHJ8^XYJRX+WFSHJ8&8 France 100.00 100.00 '-FWNMFWFS 3TS*]JHZYN[J)NWJHYTW

8FSOF^1FGWTT 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW
18 (,.SIZXYWNFQ-TQINSLX8\JIJS&' Sweden 100.00 100.00
;FQJSYNS;TS2FXXT\ 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW
19 (,)WN[JXFSI&ZYTRFYNTS8\JIJS&' Sweden 100.00 100.00 7FRSN3NWZQF 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW
20 (,)WN[JXFSI&ZYTRFYNTSX,JWRFS^,RG- Germany 100.00 100.00 8MNWNXM&UYJ 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW HJFXJIYTGJF)NWJHYTW\JKXY&UWNQ
21 (,)WN[JXFSI&ZYTRFYNTS3JYMJWQFSIX'; The Netherlands 100.00 100.00 /NYJSIWF'FQFPWNXMSFS 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW FUUTNSYJI\JKSI2F^

&XMNXM,ZMF 3TS*]JHZYN[J)NWJHYTWFSI.SIJUJSIJSY)NWJHYTW FUUTNSYJI\JKYM3T[JRGJW
22 CG Middle East FZE :&* 100.00 100.00
(v) Other Related Parties in which directors are interested:
23 2NHWTXTQ1NRNYJI HJFXJI\JKYM&UWNQ .WJQFSI - 100.00
'FQQFWUZW.SIZXYWNJX1NRNYJI
24 (,-TQINSLX&RJWNHFX11( :8& 100.00 100.00
8TQFWNX(MJR9JHM.SIZXYWNJX1NRNYJI
25 6*.11( :8& 100.00 100.00
'.19,WFUMNH5FUJW5WTIZHYX1NRNYJI
26 (,5T\JW&RJWNHFX11( :8& 100.00 100.00
&[FSYMF-TQINSLX1NRNYJI JSYNY^\NYMXNLSNÁHFSYNSÂZJSHJT[JWYMJ(TRUFS^
27 (,8TQZYNTSX&RJWNHFX11( :8& 100.00 100.00
&[FSYMF'ZXNSJXX8TQZYNTSX1NRNYJI
28 (,5T\JW:8&.SH HJFXJI\JKXY/ZQ^ :8& - 100.00
&[FSYMF7JFQY^1NRNYJI
29 ?.;&ZYTRFYNTS.SINF1NRNYJI IJRJWLJI\JKYM2FWHM .SINF - -
&XFMN.SINF,QFXX1NRNYJI
30 ?.;,WNI&ZYTRFYNTS81: HJFXJI\JKYM2FWHM Spain - -
(WTRUYTS,WJF[JX(TSXZRJW*QJHYWNHFQX1NRNYJI HJFXJI\JKYM&ZLZXY
&[FSYMF+TZSIFYNTS
9MJWRF]1NRNYJI HJFXJI\JKYM2F^
;FWZS5WFPFXMFS5WN[FYJ1NRNYJI
0TWGF<JXY5T\JW(TRUFS^1NRNYJI
/MFGZF5T\JW1NRNYJI
&[FSYMF5T\JW.SKWFXYWZHYZWJ1NRNYJI
228 229
` crore ` crore
(b) The following transactions were carried out with the related parties in the ordinary course of business: (b) The following transactions were carried out with the related parties in the ordinary course of business (Contd.) :
Sr. Sr.
No. 3FYZWJTKYWFSXFHYNTSWJQFYNTSXMNU 2017-18 2016-17 No. 3FYZWJTKYWFSXFHYNTSWJQFYNTSXMNU 2017-18 2016-17
1 Sales of goods and services 9 Loans and advances given (net of repayments) during the year
'.19,WFUMNH5FUJW5WTIZHYX1NRNYJI 0.04 -
&XFMN.SINF,QFXX1NRNYJI 0.07 0.01 &[FSYMF-TQINSLX1NRNYJI 14.23 6.14
(WTRUYTS,WJF[JX(TSXZRJW*QJHYWNHFQX1NRNYJI - 11.61 &[FSYMF7JFQY^1NRNYJI (2.33) 12.56
9MJWRF]1NRNYJI - 0.05
Total 11.90 18.70
0TWGF<JXY5T\JW(TRUFS^1NRNYJI 0.03 0.54
/MFGZF5T\JW1NRNYJI - 0.14 7JRZSJWFYNTSITJXSTYNSHQZIJYMJUWT[NXNTSXRFIJKTWLWFYZNY^QJF[JFSIUTXYWJYNWJRJSYRJINHFQGJSJÁYXFXYMJ^FWJIJYJWRNSJITSFSFHYZFWNFQGFXNXKTWYMJ
Total 0.14 12.35 Company as a whole.
2 Investment in financial guarantee
(c) Amount due to / from related parties
Joint Venture
59(WTRUYTS5WNRF8\NYHMLJFW.SITSJXNF - 1.15 Sr. &XFY &XFY
No. 3FYZWJTKGFQFSHJWJQFYNTSXMNU 31-03-2018 31-03-2017
Total - 1.15
1 Trade payable
3 Interest expenses
Other Related Party Other Related Parties
;FWZS5WFPFXMFS5WN[FYJ1NRNYJI 0.50 - &[FSYMF-TQINSLX1NRNYJI 0.01 -
Total 0.50 - &[FSYMF'ZXNSJXX8TQZYNTSX1NRNYJI - 0.03
4 Interest income /MFGZF5T\JW1NRNYJI 1.47 -
Joint Venture 1.48 0.03
Total
59(WTRUYTS5WNRF8\NYHMLJFW.SITSJXNF - 0.29
Total - 0.29 2 Trade receivable
5 Other income Other Related Parties
Other Related Party 'FQQFWUZW.SIZXYWNJX1NRNYJI 0.23 0.23
(WTRUYTS,WJF[JX(TSXZRJW*QJHYWNHFQX1NRNYJI - 6.97 8TQFWNX(MJR9JHM.SIZXYWNJX1NRNYJI 0.01 0.11
Total - 6.97 '.19,WFUMNH5FUJW5WTIZHYX1NRNYJI 3.57 3.55
6 Payment of salaries, commission and perquisites &XFMN.SINF,QFXX1NRNYJI - 0.01
Key Management Personnel 0TWGF<JXY5T\JW(TRUFS^1NRNYJI - 3.58
Gautam Thapar - 0.06
033JJQPFSY 4.52 5.02
&[FSYMF5T\JWFSI.SKWFXYWZHYZWJ1NRNYJI - 0.00
2FIMF[&HMFW^F 2.01 5.05
Total 4.22 11.92
;7;JSPFYJXM 2.73 -
4RPFW,TX\FRN - 0.17
B. Hariharan - 0.17 3 Loans and advances receivable
8FSOF^1FGWTT - 0.14
Valentin Von Massow - 0.39
8MNWNXM&UYJ - 0.35 &[FSYMF-TQINSLX1NRNYJI 116.93 102.70
Ramni Nirula - 0.14 &[FSYMF7JFQY^1NRNYJI 10.23 12.56
Total 127.16 115.26
8MNPMF0FUFINF 0.07 -
2FSTO0TZQ 0.36 0.56
Total 9.69 12.06
4 Loans and advances payable
7 Rent paid
Other Related Party
&[FSYMF7JFQY^1NRNYJI 2.19 2.04 8TQFWNX(MJR9JHM.SIZXYWNJX1NRNYJI - 0.10
/MFGZF5T\JW1NRNYJI 1.42 1.48 Total - 0.10
Total 3.61 3.52
8 Other expenses
&[FSYMF-TQINSLX1NRNYJI 79.77 44.28
&[FSYMF'ZXNSJXX8TQZYNTSX1NRNYJI 0.03 -
&[FSYMF7JFQY^1NRNYJI - 0.58
&[FSYMF+TZSIFYNTS 0.05 0.65
Total 80.50 46.23
230 231
` crore ` crore
40. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 24 RELATED PARTY DISCLOSURES (Contd.) 40. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 112 DISCLOSURE OF INTEREST IN OTHER ENTITIES
(c) Amount due to / from related parties (Contd.) Material non-controlling interest for continuing operations
Sr. &XFY &XFY Proportion of interest Proportion of interest
No. 3FYZWJTKGFQFSHJWJQFYNTSXMNU 31-03-2018 31-03-2017 held by Non-controlling held by Non-
Principal place of entities as at controlling entities
5 Due to Key Management Personnel GZXNSJXX(TZSYW^TK 31-03-2018 as at 31-03-2017
Name of Subsidiary incorporation

Gautam Thapar - 0.04

(,55.&IMJXN[J5WTIZHYX1NRNYJI .SINF 18.58 18.58
033JJQPFSY 2.54 1.77
2FIMF[&HMFW^F - 1.22 The proportion of voting rights held by non controlling interest does not differ from the proportion of ownership interest.
4RPFW,TX\FRN - 0.16 :\TTHYPZLK:[H[LTLU[VM7YVÂ[HUK3VZZ!

B. Hariharan - 0.16 (,55.&IMJXN[J
5WTIZHYX1NRNYJI
8FSOF^1FGWTT - 0.12
2017-18 2016-17
Valentin Von Massow - 0.38 Revenue 23.17 22.72
8MNWNXM&UYJ - 0.34 Cost of materials consumed (11.21) (11.12)
Ramni Nirula - 0.12 4YMJWJ]UJSXJX (9.11) (9.49)
Meher Pudumjee - 0.01 Finance costs (0.13) (0.13)
2.54 4.32 5WJYF]UWTÁY QTXXKWTRHTSYNSZNSLTUJWFYNTSX 2.72 1.98

Total
.SHTRJYF]J]UJSXJ 0.90 0.72
6 Guarantees outstanding (utilized) 5TXYYF]UWTÁY QTXXKWTRHTSYNSZNSLTUJWFYNTSX & 1.82 1.26
Joint Venture 4YMJWHTRUWJMJSXN[JNSHTRJ ' 0.05 (0.01)
59(WTRUYTS5WNRF8\NYHMLJFW.SITSJXNF 28.40 23.88 Total comprehensive income ( A+B ) = C 1.87 1.25
Total 28.40 23.88 &YYWNGZYFGQJYTSTSHTSYWTQQNSLNSYJWJXY 0.35 0.23

Dividend paid to non-controlling interest 0.09 0.03
(d) Compensation of key management personnel of the Group
Summarised Balance Sheet:

3FYZWJTKYWFSXFHYNTSWJQFYNTSXMNU 2017-18 2016-17 (,55.&IMJXN[J
Short-term employee benefits 9.49 10.38 5WTIZHYX1NRNYJI
&XFY &XFY
5TXYJRUQT^RJSYUJSXNTSUWT[NIJSYKZSIFSIRJINHFQGJSJÁYX 0.20 0.25 31-03-2018 31-03-2017
(TRRNXXNTSFSITYMJWGJSJÁYXUFNIYTSTSJ]JHZYN[JNSIJUJSIJSYINWJHYTWX - 1.43 Current assets 16.87 16.08
Total compensation paid to key management personnel 9.69 12.06 Non-current assets 4.44 5.15
Current liabilities (3.61) (4.91)
The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. This assessment is undertaken in each Non-current liabilities (0.24) (0.15)
ÁSFSHNFQ ^JFW YMWTZLM J]FRNSNSL YMJ ÁSFSHNFQ UTXNYNTS TK YMJ WJQFYJI UFWY^ FSI YMJ RFWPJY NS \MNHM YMJ WJQFYJI UFWY^ TUJWFYJX 4ZYXYFSINSL GFQFSHJX FY YMJ
year-end are unsecured and settlement occurs in cash. Total equity 17.46 16.17
Attributable to:
Equity holders of parent 14.22 13.17
Non-controlling interest 3.24 3.00
:\TTHYPZLKJHZOÃV^PUMVYTH[PVU!
(,55.&IMJXN[J
5WTIZHYX1NRNYJI
2017-18 2016-17
4UJWFYNSL 0.98 0.07
.S[JXYNSL (0.02) (1.16)
Financing (1.05) (1.00)
3JYNSHWJFXJ IJHWJFXJNSHFXMFSIHFXMJVZN[FQJSYX (0.09) (2.09)
There were no additional acquisition or disposal of interest in subsidiaries
232 233
` crore ` crore
42. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS (Contd.)
2017-18 2016-17 Post Retirement Medical
41. EXPENSES CAPITALISED DURING THE YEAR Gratuity Benefits
2017-18 2016-17 2017-18 2016-17
(a) Raw materials consumed 0.87 1.24
G *RUQT^JJGJSJÁYXJ]UJSXJ 6.21 5.89
II Change in fair value of plan assets during the year
H 4YMJWJ]UJSXJX 16.36 19.42 1 Fair value of plan assets at the beginning of the year 51.90 37.11 NA 3&
2 .SYJWJXYNSHTRJ 3.96 3.03 NA 3&
3 Contributions paid by the employer 10.04 16.07 NA 3&
42. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS
4 'JSJÁYXUFNIKWTRYMJKZSI (7.29) (8.76) NA 3&
H +LÂULKJVU[YPI\[PVUWSHUZ!
5 &XXJYXYWFSXKJWWJITZYIN[JXYRJSYX - (0.67) - 3&
&RTZSYTK` 45.35 crore (Previous year `HWTWJNXWJHTLSNXJIFXFSJ]UJSXJFSINSHQZIJINS*RUQT^JJGJSJÁYXJ]UJSXJFXZSIJWYMJKTQQT\NSLIJÁSJI
contribution plans: 6 7JYZWSTSUQFSFXXJYXJ]HQZINSLNSYJWJXYNSHTRJ (2.38) 5.12 NA 3&
7 Fair value of plan assets at the end of the year 56.23 51.90 NA 3&
III Net (liability) / asset recognised in the balance sheet
2017-18 2016-17
1 5WJXJSY[FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJJSITKYMJ^JFW (63.91) (61.98) (10.68) (25.03)
)LULÂ[Z*VU[YPI\[PVU[V!
Provident fund 11.70 11.07 2 Fair value of plan assets at the end of the year 56.23 51.90 - -
Superannuation fund 4.46 4.24 3 &RTZSYWJHTLSNXJINSYMJGFQFSHJXMJJY (7.68) (10.08) (10.68) (25.03)

Employee state insurance scheme 0.56 0.31 4 3JY QNFGNQNY^FXXJY(ZWWJSY (7.68) (10.08) (0.50) (1.64)
1FGTZW\JQKFWJXHMJRJ 0.01 0.02 3JY QNFGNQNY^FXXJY3TSHZWWJSY - - (10.18) (23.39)
Family pension 28.62 29.31 IV ,_WLUZLZYLJVNUPZLKPU[OLZ[H[LTLU[VMWYVÂ[HUKSVZZMVY[OL`LHY
Total 45.35 44.95 1 Current service cost 3.49 3.07 1.03 0.89
I +LÂULKILULÂ[WSHUZ! 2 .SYJWJXYHTXYTSGJSJÁYTGQNLFYNTS SJY 0.78 1.33 1.89 1.92
Gratuity 3 Curtailment - - (17.29) -
9MJ,WTZUUWT[NIJXKTWLWFYZNY^FIJÁSJIGJSJÁYWJYNWJRJSYUQFSHT[JWNSLJQNLNGQJJRUQT^JJX9MJ,WFYZNY^5QFSUWT[NIJXFQZRUXZRUF^RJSYYT[JXYJI 4 9TYFQJ]UJSXJXNSHQZIJINSJRUQT^JJGJSJÁYXJ]UJSXJ 4.27 4.40 (14.37) 2.81

employees at retirement, death, incapacitation or termination of employment, of an amount equivalent to 15 to 30 days’ salary for each completed year of V Recognised in other comprehensive income for the year
XJW[NHJXZGOJHYYTFRF]NRZRTK`HWTWJ;JXYNSLTHHZWXZUTSHTRUQJYNTSTKÁ[JHTSYNSZTZX^JFWXTKXJW[NHJNSFHHTWIFSHJ\NYM.SINFSQF\
1 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSIJRTLWFUMNHFXXZRUYNTSX - 0.01 - -
9MJ,WTZURFPJXFSSZFQHTSYWNGZYNTSXYTYMJ(WTRUYTS,WJF[JX1NRNYJI,WFYZNY^+ZSI\MNHMNXKZSIJIIJÁSJIGJSJÁYUQFSKTWVZFQNK^NSLJRUQT^JJX9MJ
'TFWITK9WZXYJJXNXWJXUTSXNGQJKTWYMJFIRNSNXYWFYNTSTKYMJUQFSFXXJYXFSIKTWYMJIJÁSNYNTSTKYMJNS[JXYRJSYXYWFYJL^
3 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSJ]UJWNJSHJFIOZXYRJSYX 3.86 9.90 0.85 (2.99)
7VZ[YL[PYLTLU[TLKPJHSILULÂ[
4 7JYZWSTSUQFSFXXJYXJ]HQZINSLNSYJWJXYNSHTRJ 2.38 (5.12) NA 3&
5TXYWJYNWJRJSYRJINHFQGJSJÁYNSHQZIJXMTXUNYFQN_FYNTSHT[JWGJSJÁYXTSHJXXFYNTSTKJRUQT^RJSYKTWYMJUTQNH^9MNXHT[JWNXFUUQNHFGQJTSQ^YTJRUQT^JJ
FSI XUTZXJ FX UJW YMJ QNRNYX XUJHNÁJI KTW YMJ QFXY LWFIJ \MNQJ NS JRUQT^RJSY 9MNX HT[JWFLJ ITJX STY KTWR UFWY TK JXXJSYNFQ YJWRX FSI HTSINYNTS TK 5 Recognised in other comprehensive income 5.30 6.56 0.53 1.48
JRUQT^RJSYFSINXFGJSJÁYJ]YJSIJIG^YMJ,WTZUFXFUFWYTKNYXXTHNFQGJSJÁYUTQNHNJX9MJUTQNHNJXTK2JINHFQ-JFQYMFSI-TXUNYFQN_FYNTSNSXZWFSHJFWJ VI 4H[\YP[`WYVÂSLVMKLÂULKILULÂ[VISPNH[PVU
subject to change based on contemporary market trends and practices.
1 <NYMNSYMJSJ]YRTSYMX SJ]YFSSZFQWJUTWYNSLUJWNTI 9.20 12.69 0.81 1.88
9MJKTQQT\NSLYFGQJXXZRRFWNXJYMJHTRUTSJSYXTKSJYGJSJÁYJ]UJSXJXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXFSIYMJKZSIJIXYFYZXFSIFRTZSYX
recognised in the balance sheet for the respective plans:
VII 8\HU[P[H[P]LZLUZP[P]P[`HUHS`ZPZMVYZPNUPÂJHU[HZZ\TW[PVUPZHZILSV^!
Gratuity Benefits
1 0UJYLHZLKLJYLHZLPUWYLZLU[]HS\LVMKLÂULKILULÂ[ZVISPNH[PVUH[[OLLUKVM[OL`LHY
2017-18 2016-17 2017-18 2016-17
(Funded) (Funded) (Non-funded) (Non-funded) N 4SJUJWHJSYFLJUTNSYNSHWJFXJNSINXHTZSYWFYJ (3.38) (3.03) (1.26) (2.57)
I *OHUNLPUWYLZLU[]HS\LVMKLÂULKILULÂ[VISPNH[PVUK\YPUN[OL`LHY NN 4SJUJWHJSYFLJUTNSYIJHWJFXJNSINXHTZSYWFYJ 3.79 3.40 1.58 3.19
1 5WJXJSY[FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJGJLNSSNSLTKYMJ^JFW 61.98 53.22 25.03 23.12 N 4SJUJWHJSYFLJUTNSYNSHWJFXJNSWFYJTKXFQFW^NSHWJFXJ 3.90 3.49 NA 3&
2 .SYJWJXYHTXY 4.74 4.37 1.89 1.92 NN 4SJUJWHJSYFLJUTNSYIJHWJFXJNSWFYJTKXFQFW^NSHWJFXJ (3.53) (3.16) NA 3&
3 Current service cost 3.49 3.07 1.03 0.89 N 4SJUJWHJSYFLJUTNSYNSHWJFXJNSJRUQT^JJYZWST[JWWFYJ 1.05 0.86 NA 3&
4 Curtailment - - (17.29) - NN 4SJUJWHJSYFLJUTNSYIJHWJFXJNSJRUQT^JJYZWST[JWWFYJ (1.17) (0.97) NA 3&
5 Past service cost - - - - N 4SJUJWHJSYFLJUTNSYNSHWJFXJNSRJINHFQNSÂFYNTSWFYJ NA 3& 1.60 3.22
6 1NFGNQNY^YWFSXKJWWJITZYIN[JXYRJSY - (0.67) - (0.74) NN 4SJUJWHJSYFLJUTNSYIJHWJFXJNSRJINHFQNSÂFYNTSWFYJ NA 3& (1.28) (2.60)
7 'JSJÁYXUFNIINWJHYQ^G^YMJJRUQT^JW (1.93) (0.93) (0.51) (1.64)

2 Sensitivity Analysis Method
8 'JSJÁYXUFNI (7.29) (8.76) - -
8JSXNYN[NY^FSFQ^XNXNXIJYJWRNSJIGFXJITSYMJJ]UJHYJIRT[JRJSYNSQNFGNQNY^NKYMJFXXZRUYNTSX\JWJSTYUWT[JIYTGJYWZJTSINKKJWJSYHTZSY
9 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSIJRTLWFUMNHFXXZRUYNTSX - 0.01 - -
11 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSJ]UJWNJSHJFIOZXYRJSYX 3.86 9.90 0.85 (2.99)
12 5WJXJSY[FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJJSITKYMJ^JFW 63.91 61.98 10.68 25.03
234 235
` crore ` crore
42. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS (Contd.) 42. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS (Contd.)
Gratuity Benefits 2017-18 2016-17
&XFY &XFY &XFY &XFY II The movement in fair value of plan assets:
31-03-2018 31-03-2017 31-03-2018 31-03-2017
1 Fair value of plan assets at the beginning of the year 37.96 160.03
2 &XXJYXYWFSXKJWWJITZYIN[JXYRJSY - (121.34)
VIII The major categories of plan assets as a percentage of total plan assets
3 .SYJWJXYNSHTRJ 3.09 3.29
.SXZWJWRFSFLJIKZSIX 100%
NA 3&
4 7JYZWSTSUQFSFXXJYXJ]HQZINSLNSYJWJXYNSHTRJ (0.31) (0.95)
IX >LPNO[LKH]LYHNLK\YH[PVUVM[OLKLÂULKILULÂ[VISPNH[PVUPU`LHYZ 6 7 30 30
5 Employer contributions 8.09 -
X Actuarial assumptions
1 Discount rate 7.88%-
7.76% p.a.
UF 6 'JSJÁYUFNI (0.93) (0.68)
8.00% p.a.
UF 7 Past service cost - (1.53)
2 Salary escalation 6.00% p.a.
UF NA 3& 8 Translation difference (1.03) (0.86)
for the next 1 KTWYMJSJ]Y
year, year, 9 Fair value of plan assets at the end of the year 46.87 37.96
4.00% p.a.
UF
for the next KTWYMJSJ]Y
2 years, 2 years, III Net (liability) / asset recognised in the balance sheet:
starting from starting from
the 2nd year, the 2nd year, 1 5WJXJSY[FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJJSITKYMJ^JFW (59.24) (49.28)
3.50% p.a.
UF 2 Fair value of plan assets at the end of the year 46.87 37.96
thereafter, thereafter,
starting from starting from 3 3JYUJSXNTS QNFGNQNY^FXXJY (12.37) (11.32)
the 4th year the 4th year 4 Past service cost not yet recognized - -
3 Mortality rate during employment Indian .SINFS&XXZWJI Indian .SINFS&XXZWJI
5 3JYUJSXNTS QNFGNQNY^FXXJYWJHTLSNXJINSYMJGFQFSHJXMJJY (12.37) (11.32)
Assured Lives 1N[JX2TWYFQNY^ Assured Lives 1N[JX2TWYFQNY^
Mortality (2006-08) Mortality (2006-08)
(2006-08) Ultimate (2006-08) Ultimate
Ultimate Ultimate IV ,_WLUZLZYLJVNUPZLKPU[OLZ[H[LTLU[VMWYVÂ[HUKSVZZMVY[OL`LHY!
4 Mortality post retirement rate NA 3& Indian .SINFS&XXZWJI 1 Current service cost 5.89 5.23
Assured Lives 1N[JX2TWYFQNY^ 2 .SYJWJXYHTXYTSGJSJÁYTGQNLFYNTS SJY 0.83 0.34
Mortality (2006-08)
(2006-08) 3 Past service cost (0.82) 1.53
5 Rate of employee turnover 4.00% p.a.
UF 4.00% p.a.
UF 4 &HYZFWNFQ LFNSQTXXJX (0.18) (0.20)
6 2JINHFQUWJRNZRNSÂFYNTSWFYJ NA 3& 2.00 % p.a.
UF 5 9TYFQJ]UJSXJXNSHQZIJINSJRUQT^JJGJSJÁYXJ]UJSXJ 5.72 6.90
V Recognised in other comprehensive income for the year:
2017-18 2016-17 1 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSIJRTLWFUMNHFXXZRUYNTSX - -

*]UJHYJIHTSYWNGZYNTSYTYMJIJÁSJIGJSJÁYUQFSKTWYMJSJ]YFSSZFQWJUTWYNSLUJWNTI 7.65 7.22 2 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSÁSFSHNFQFXXZRUYNTSX 3.74 1.81
3 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSJ]UJWNJSHJFIOZXYRJSYX 0.43 0.06
Pension obligation
4 7JYZWSTSUQFSFXXJYXJ]HQZINSLNSYJWJXYNSHTRJ 0.31 0.95
9MJ,WTZUTUJWFYJXUTXYWJYNWJRJSYUJSXNTSUQFSKTWNYXJQNLNGQJJRUQT^JJXFIJÁSJIGJSJÁYWJYNWJRJSYUQFS\NYMFXXJYXMJQINSFXJUFWFYJQ^FIRNSNXYJWJIKZSIX9MJ
XHMJRJUWT[NIJXWJYNWJRJSYGJSJÁYXTSYMJGFXNXTKRJRGJWX¸ÁSFQXFQFW^ 5 Recognised in other comprehensive income 4.48 2.82
9MJ,WTZUFQXTUWT[NIJXTYMJWUTXYJRUQT^RJSYYJWRNSFYNTSGJSJÁYX\MNHMNXXJUFWFYNTSUF^9MJXJUFWFYNTSUF^GJSJÁYNXUFNIYTJRUQT^JJXNSYMJHFXJTK
[TQZSYFW^WJXNLSFYNTSXZGOJHYYTFRNSNRZRSZRGJWTK^JFWXTKXJW[NHJ9MNXGJSJÁYMFXGJJSFHHTZSYJIKTWZXNSLYMJXFRJRJYMTITQTL^FXKTWYMJIJÁSJIGJSJÁY
&XFY &XFY
pension plan.
31-03-2018 31-03-2017
9MJKTQQT\NSLYFGQJXXZRRFWNXJYMJHTRUTSJSYXTKSJYGJSJÁYJ]UJSXJXWJHTLSNXJINSYMJXYFYJRJSYTKUWTÁYFSIQTXXFSIYMJKZSIJIXYFYZXFSIFRTZSYXWJHTLSNXJI
VI The major categories of plan assets as a percentage of total plan assets:
in the balance sheet for the respective plans:
.SXZWJWRFSFLJIKZSIX 100.00%
2017-18 2016-17
I ;OLTV]LTLU[PU[OLWYLZLU[]HS\LVMKLÂULKILULÂ[VISPNH[PVU! VII Actuarial assumptions:
1 5WJXJSY[FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJGJLNSSNSLTKYMJ^JFW 49.28 159.25 1 Discount rate 7.50% p.a.

UF
2 1NFGNQNY^YWFSXKJWWJITZYIN[JXYRJSY - (117.86) 2 Future salary and pension increases 7.50% p.a.
UF
3 Current service cost 5.89 5.23
4 .SYJWJXYHTXY 3.92 3.63
5 'JSJÁYXUFNI (1.67) (1.56)
6 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSIJRTLWFUMNHFXXZRUYNTSX - -
7 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSÁSFSHNFQFXXZRUYNTSX 3.90 1.88
8 &HYZFWNFQHMFSLJXFWNXNSLKWTRHMFSLJXNSJ]UJWNJSHJFIOZXYRJSYX 0.09 (0.08)
9 5FXYXJW[NHJHTXY LFNS (0.82) -
10 Translation difference (1.35) (1.21)
11 5WJXJSY[FQZJTKIJÁSJIGJSJÁYTGQNLFYNTSFYYMJJSITKYMJ^JFW 59.24 49.28
236 237
` crore ` crore
42. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 19 EMPLOYEE BENEFITS (Contd.) 44. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 108 OPERATING SEGMENTS (Contd.)
(c) Provident Fund Summary of the Segmental Information as at and for the year ended 31st March, 2018 is as follows:
9MJ ,WTZU RFPJX HTSYWNGZYNTS YT\FWIX UWT[NIJSY KZSI YT (WTRUYTR ,WJF[JX 1NRNYJI 5WT[NIJSY +ZSI 3T \MNHM NX FIRNSNXYJWJI G^ YMJ YWZXYJJX 9MJ *QNRNSFYNTSX
Unallocable
Rules of the Group’s Provident Fund administered by a trust, require that if the Board of the Trustees are unable to pay interest at the rate declared by the Power .SIZXYWNFQ Discontinued *]UJSINYZWJ
Government under Para 60 of the Employees Provident Fund Scheme, 1972 for the reason that the return on investment is less for any other reason, then Particulars Systems Systems 4YMJWX operations &XXJYX Total
YMJIJÁHNJSH^XMFQQGJRFIJLTTIG^YMJ,WTZURFPNSLNSYJWJXYXMTWYKFQQFIJÁSJIGJSJÁYUQFS&HHTWINSLQ^YMJ,WTZUMFXTGYFNSJIFHYZFW^[FQZFYNTSFSI Revenue
GFXJITSYMJGJQT\UWT[NIJIFXXZRUYNTSYMJWJNXSTIJÁHNJSH^FXFYYMJGFQFSHJXMJJYIFYJ-JSHJYMJQNFGNQNY^NXWJXYWNHYJIYT\FWIXRTSYMQ^HTSYWNGZYNTSX *]YJWSFQXFQJX ,WTXX8FQJX 3675.21 2595.67 16.66 - - 6287.54
only. &II.SYJWXJLRJSYXFQJX 0.40 0.10 - - (0.50) -
Total revenue 3675.61 2595.77 16.66 - (0.50) 6287.54
&XFY &XFY Segment results 312.01 165.91 2.99 - - 480.91
31-03-2018 31-03-2017
Plan assets at period end, at fair value 319.18 312.16
Less:4YMJWZSFQQTHFGQJJ]UJSINYZWJSJYTKZSFQQTHFGQJNSHTRJ 135.59
Present value of defined obligation at period end 288.63 281.59 7YVÂ[HM[LYÂUHUJLJVZ[I\[ILMVYLZOHYLVMWYVÂ[SVZZ
from associates and joint venture, exceptional items and tax 126.02
&XXZRUYNTSXZXJINSIJYJWRNSNSLYMJUWJXJSY[FQZJTKTGQNLFYNTS
8MFWJTKUWTÁY QTXXKWTRFXXTHNFYJXFSIOTNSY[JSYZWJ (1.74)
&XFY &XFY *]HJUYNTSFQNYJRX SJY (442.78)
31-03-2018 31-03-2017 9F]J]UJSXJ 74.85
Rate of discounting 7.88% p.a.
UF Loss from continuing operations after tax (393.35)
Mortality rate Indian .SINFS Loss from discontinued operations after tax (772.55)
Assured Lives &XXZWJI1N[JX Loss for the year (1165.90)
Mortality Mortality
(2006-08) (2006-08) Capital Employed:
Ultimate Ultimate Segment assets 2853.33 1353.12 111.65 2880.56 1814.47 9013.13
&YYWNYNTSWFYJ 4.00% p.a.
UF Segment liabilities 1322.25 598.36 66.48 1373.45 296.07 3656.61
Guaranteed rate of interest 8.55% p.a.
UF Net Assets 1531.08 754.76 45.17 1507.11 1518.40 5356.52
(FUNYFQJ]UJSINYZWJ 73.66 74.92 0.28 - 43.99 192.85
Whilst in service withdrawal 5.00% p.a.
UF
)JUWJHNFYNTSFSIFRTWYNXFYNTS 74.21 54.45 0.46 - 20.09 149.21
3TSHFXMJ]UJSXJXTYMJWYMFSIJUWJHNFYNTS 55.17 6.13 (1.72) - 7.00 66.58
43. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 108 OPERATING SEGMENTS
8ZRRFW^TKYMJ8JLRJSYFQ.SKTWRFYNTSFXFYFSIKTWYMJ^JFWJSIJIXY2FWHMNXFXKTQQT\X
Operating Segments:
*QNRNSFYNTSX
Power Systems : Transformer, Switchgear and Turnkey Projects Unallocable
Power .SIZXYWNFQ Discontinued *]UJSINYZWJ
.SIZXYWNFQ8^XYJRX *QJHYWNH2TYTWX&QYJWSFYTWX)WN[JX9WFHYNTS*QJHYWTSNHXFSI8(&)& Particulars Systems Systems 4YMJWX TUJWFYNTSX &XXJYX Total
0KLU[PÂJH[PVUVM:LNTLU[Z! Revenue
The chief operational decision maker monitors the operating results of its Business Segments separately for the purpose of making decisions about resource allocation *]YJWSFQXFQJX ,WTXX8FQJX 3595.27 2307.97 20.36 - - 5923.60
FSIUJWKTWRFSHJFXXJXXRJSY8JLRJSYUJWKTWRFSHJNXJ[FQZFYJIGFXJITSUWTÁYTWQTXXFSINXRJFXZWJIHTSXNXYJSYQ^\NYMUWTÁYTWQTXXNSYMJÁSFSHNFQXYFYJRJSYX &II.SYJWXJLRJSYXFQJX 0.51 0.11 - - (0.62) -
4UJWFYNSLXJLRJSYXMF[JGJJSNIJSYNÁJITSYMJGFXNXTKYMJSFYZWJTKUWTIZHYXXJW[NHJXFSIMF[JGJJSNIJSYNÁJIFXUJWYMJVZFSYNYFYN[JHWNYJWNFXUJHNÁJINS Total revenue 3595.78 2308.08 20.36 - (0.62) 5923.60
YMJ.SI&8 Segment results 343.87 175.08 0.08 - - 519.03
Segment revenue and results: Less: Finance costs 186.11
9MJJ]UJSXJXFSINSHTRJX\MNHMFWJSTYINWJHYQ^FYYWNGZYFGQJYTFS^GZXNSJXXXJLRJSYFWJXMT\SFXZSFQQTHFGQJJ]UJSINYZWJ SJYTKZSFQQTHFYJINSHTRJ Less:4YMJWZSFQQTHFGQJJ]UJSINYZWJSJYTKZSFQQTHFGQJNSHTRJ 152.01
7YVÂ[HM[LYÂUHUJLJVZ[I\[ILMVYLZOHYLVMWYVÂ[SVZZMYVT 180.91
Segment assets and liabilities:
associates and joint venture, exceptional items and tax
Segment assets include all operating assets used by the operating segment and mainly consist of property, plant and equipment, trade receivables, cash and cash 8MFWJTKUWTÁY QTXXKWTRFXXTHNFYJXFSIOTNSY[JSYZWJ (1.57)
equivalents and inventories. Segment liabilities primarily include trade payables and other liabilities. Common assets and liabilities which cannot be allocated to *]HJUYNTSFQNYJRX SJY (72.73)
FS^TKYMJXJLRJSYXFWJXMT\SFXFUFWYTKZSFQQTHFGQJFXXJYXQNFGNQNYNJX
9F]J]UJSXJ 28.11
Inter segment transfer: 7YVÂ[MYVTJVU[PU\PUNVWLYH[PVUZHM[LY[H_ 78.50
.SYJWXJLRJSYUWNHJXFWJSTWRFQQ^SJLTYNFYJIFRTSLXYXJLRJSYX\NYMWJKJWJSHJYTYMJHTXYXRFWPJYUWNHJFSIGZXNSJXXWNXPX5WTÁYTWQTXXTSNSYJWXJLRJSY Loss from discontinued operations after tax (569.13)
transfers are eliminated at the Group level. Loss for the year (490.63)
Capital Employed:
Segment assets 3119.10 1277.36 34.11 3379.54 2244.61 10054.72
Segment liabilities 1509.48 446.48 6.84 1192.48 209.72 3365.00
Net Assets 1609.62 830.88 27.27 2187.06 2034.89 6689.72
(FUNYFQJ]UJSINYZWJ 30.21 24.92 1.98 - 6.68 63.79
)JUWJHNFYNTSFSIFRTWYNXFYNTS 70.67 54.10 0.33 - 17.84 142.94
.RUFNWRJSYTKLTTI\NQQ 43.61 - - - - 43.61
3TSHFXMJ]UJSXJXTYMJWYMFSIJUWJHNFYNTS 23.35 4.94 0.13 - - 28.42
:SFQQTHFGQJFXXJYXHTRUWNXJFXXJYXFSIQNFGNQNYNJX\MNHMHFSSTYGJFQQTHFYJIYTYMJXJLRJSYX)JKJWWJIYF]HWJINYFXXJYXQNFGNQNYNJXFWJSTYHTSXNIJWJINSHFUNYFQJRUQT^JI
)NXHTSYNSZJITUJWFYNTSXNSHQZIJXJLRJSYFXXJYXTK` 537.41 crore and segment liabilities of `HWTWJUJWYFNSNSLYT5T\JW8^XYJR:8&.SHGZXNSJXX\MNHM
\FXXTQITZYIZWNSLYMJÁSFSHNFQ^JFW
9MJINXHQTXZWJUJWYFNSXYTHTSYNSZNSLGZXNSJXXXJLRJSYX
238 239
` crore ` crore
43. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 108 OPERATING SEGMENTS (Contd.) 44. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 105 NON-CURRENT ASSETS HELD FOR SALE AND
Segment revenue by location of customers: DISCONTINUED OPERATIONS
Sale of Transmission and Distribution (T&D) business
9MJ (TRUFS^ FHHJUYJI F GNSINSL TKKJW TK 2X <*, 8& KTW FHVZNXNYNTS TK YMJ (TRUFS^¸X 5T\JW GZXNSJXX NS :SNYJI 8YFYJX TK &RJWNHF HTRUWNXJI NS YMJ
Particulars 2017-18 2016-17 (TRUFS^¸XXYJUIT\SXZGXNINFW^(,5T\JW:8&.SH 58:8FYFS*SYJWUWNXJ[FQZJTK:8)RNQQNTS5ZWXZFSYYTYMFYYMJ(TRUFS^J]JHZYJIFXYTHPUZWHMFXJ
Sales and service revenue: FLWJJRJSY 85&TSYM/ZSJ\NYM<*,*QJHYWNH(TWUKTWXFQJTKNYX
XYFPJNS58:89MJ(TRUFS^HTSHQZIJIYMNXXFQJYWFSXFHYNTSTSXY/ZQ^
Domestic 4332.06 4104.23 9MJ(,5T\JW:8&.SHHJFXJIYTGJFST[JWXJFXXZGXNINFW^TKYMJ(TRUFS^FSIYMJWJXYTKGZXNSJXXJXNJ&ZYTRFYNTSYWFINSLFSIX^XYJRMF[JGJJS
YWFSXKJWWJINSYT(,-TQINSL&RJWNHFX11(F\MTQQ^T\SJIXZGXNINFW^TK(,.SYJWSFYNTSFQ';3JYMJWQFSI
4[JWXJFX
9MJ(TRUFS^FHHJUYJIFGNSINSLTKKJWTK2X,FS_;NQQFRTXXFLN?WYFSI&QJXYJW-TQINSLX1NRNYJIKTWXFQJTK&XXJYXFSI8MFWJXTKYMJ(TRUFS^¸XGZXNSJXX
&XNF 1321.09 1348.78 NS -ZSLFW^ J]HQZINSL X\NYHMLJFW GZXNSJXX HTRUWNXJI NS NYX T[JWXJFX \MTQQ^ T\SJI XYJUIT\S XZGXNINFW^ (, *QJHYWNH 8^XYJRX -ZSLFW^ ?WY *8-: KTW FS
&KWNHF 99.55 117.10 *SYJWUWNXJ[FQZJTK*ZWTRNQQNTS5ZWXZFSYYTYMFYYMJ(TRUFS^J]JHZYJIFXYTHPUZWHMFXJFLWJJRJSY 85&FSI'ZXNSJXX9WFSXKJW&LWJJRJSY '9&TSYM
3TWYM&RJWNHF 153.59 152.47 February, 2018 for the said sale.
8TZYM&RJWNHF 9MJ(TRUFS^HTSYNSZJXYTNIJSYNKÛWTXUJHYN[JGZ^JW XKTWNYXT[JWXJFXUT\JW9)GZXNSJXXFY.WJQFSI+WFSHJ'JQLNZRFSI2NIIQJ*FXYFSINYX.SINFSXZGXNINFW^

49.12 63.45
SFRJQ^(,5T\JW8TQZYNTSX1NRNYJI-JSHJYMJXFRJ\NQQHTSYNSZJYTGJWJÂJHYJIFX)NXHTSYNSZJI4UJWFYNTSX
Europe 284.94 93.13
Power Distribution
&ZXYWFQNF 47.19 44.44
4SXY/ZSJYMJ,WTZUMFIJSYJWJINSYT5T\JW)NXYWNGZYNTS+WFSHMNXJ&LWJJRJSY ·)+&¸\NYM2FMFWFXMYWF8YFYJ*QJHYWNHNY^)NXYWNGZYNTS(TRUFS^1NRNYJI
1955.48 1819.37 ·28*)(1¸KTWINXYWNGZYNTSTKUT\JWNS/FQLFTSWJLNTSTK2FMFWFXMYWF.SINF
Total 6287.54 5923.60 &XUJWYMJYJWRXTKYMJFWWFSLJRJSYYMJ,WTZUMFITGYFNSJIYMJWNLMY ·KWFSHMNXJ¸YTINXYWNGZYJYMJJQJHYWNHNY^KTWYMJUJWNTITK^JFWXYTYMJUZGQNHFYQFWLJ
28*)(1XMFQQXZUUQ^XFQJJQJHYWNHNY^YTYMJ,WTZUFYWFYJUWJXHWNGJIZSIJWWJLZQFYTW^LZNIJQNSJX 2*7(INWJHYN[JXTSQTFIXMJIINSL9MJ,WTZUXMFQQINXYWNGZYJ
Cost incurred on acquisition of tangible and intangible assets: and supply the electricity at the tariff determined by the regulatory authorities.
The Group shall conduct normal maintenance activities of network and other assets to maintain uninterrupted service. The Group is a private operator and
Particulars 2017-18 2016-17 28*)(1NXF,T[JWSRJSYGTI^9MJ,WTZUZSIJWYFPJXTGQNLFYNTSTKUZGQNHXJW[NHJLWFSYJIG^28*)(19MZXYMJFWWFSLJRJSYNXFUZGQNHYTUWN[FYJXJW[NHJ
HTSHJXXNTS9MJJQJHYWNHNYÎNXYWNGZYNTSXJW[NHJNXYTYFQQ^WJLZQFYJIG^YMJ28*)(1TWTYMJW,T[JWSRJSYWJLZQFYTW^FZYMTWNYNJX
Domestic 169.59 43.89
28*)(1MFILN[JSWNLMYYTYMJ,WTZUYTZXJNYXINXYWNGZYNTSFXXJYX\MNHM\NQQFQ\F^XGJQTSLYT28*)(1)ZWNSLYMJYJSZWJTKYMJFWWFSLJRJSYNKYMJ,WTZUNSHZWX
4[JWXJFX 23.26 19.90 FS^HFUNYFQJ]UJSINYZWJYMJXFRJXMFQQ[JXY\NYM28*)(1FYYMJJSITKYMJHTSYWFHY28*)(1XMFQQWJNRGZWXJYMJ,WTZUKTWYMJHFUNYFQJ]UJSINYZWJNSHZWWJIFY
Total 192.85 63.79 YMJYMJS[FQZJHFQHZQFYJIGFXJITSUWJIJYJWRNSJIIJUWJHNFYNTSWFYJ9MZX28*)(1HTSYWTQXXNLSNÁHFSYWJXNIZFQNSYJWJXYNSYMJHTSHJXXNTSFXXJYX&HHTWINSLQ^
YMJ,WTZUMFIFHTSYWFHYZFQWNLMYYTWJHJN[JHFXMKWTR28*)(1KTWYMJHFUNYFQJ]UJSINYZWJNSHZWWJI
The carrying amount of non-current assets by location of assets: 9MJWJKTWJYMJFWWFSLJRJSYNXF8JW[NHJHTSHJXXNTSFWWFSLJRJSYZSIJW&UUJSIN]&YT.SI&89MJ,WTZUMFIFHTSYWFHYZFQWNLMYYTWJHJN[JYMJWJXNIZFQ[FQZJ
TKYMJHFUNYFQJ]UJSINYZWJNSHZWWJIZSIJWYMJFWWFSLJRJSYFSIFHHTWINSLQ^\NQQWJHTLSNXJÁSFSHNFQFXXJY+ZWYMJWYMJ,WTZUMFIWNLMYYTHMFWLJYMJHTSXZRJWX
&XFY &XFY for the services and therefore, there was an intangible asset.
Particulars 31-03-2018 31-03-2017
The revenues and losses in respect of Service concession arrangements recognised during the year are as follows:
Domestic 1383.78 1322.96
4[JWXJFX 398.24 446.35
2017-18 2016-17
Total 1782.02 1769.31
Revenue from operations - -
Reconciliation of Segment Assets 4YMJWNSHTRJ - -
Total (A) - -
&XFY &XFY
Particulars 31-03-2018 31-03-2017 Expenses related to Power distribution business
&XXJYXKWTRWJUTWYFGQJXJLRJSYX 9013.13 10054.72 Material cost - -
)JKJWWJIYF]FXXJYX 106.29 133.38 4YMJWJ]UJSXJ 79.56 27.72
Total 9119.42 10188.10 *RUQT^JJGJSJÁYXJ]UJSXJ - -

&RTWYNXFYNTSTKNSYFSLNGQJFXXJYX - -
Reconciliation of Segment Liabilities 79.56 27.72
Total (B)
&XFY &XFY Loss before tax recognised during the period (C)= (A)-(B) 79.56 27.72
Particulars 31-03-2018 31-03-2017
(TSXJVZJSY YT YMJ HJWYFNS ZSWJXTQ[JI INXUZYJX FWNXNSL TZY TK YMJ )NXYWNGZYNTS +WFSHMNXJJ &LWJJRJSY )+& TK YMJ ,WTZU \NYM 2FMFWFXMYWF 8YFYJ *QJHYWNHNY^
1NFGNQNYNJXKWTRWJUTWYFGQJXJLRJSYX 3656.61 3365.00 )NXYWNGZYNTS (TRUFS^ 1NRNYJI 28*)(1 FY /FQLFTS NS 2FMFWFXMYWF 28*)(1 MFI J]JWHNXJI NYX XYJU NS WNLMYX FSI YFPJS T[JW YMJ )NXYWNGZYNTS +WFSHMNXJJ NS
1TSLYJWRGTWWT\NSLX 1248.75 926.27 /FQLFTSKWTRYMJ,WTZU\NYMJKKJHYKWTRYM&ZLZXY&HHTWINSLQ^YMJ,WTZUMFXHQFXXNÁJI5T\JW)NXYWNGZYNTS8JLRJSYFXINXHTSYNSZJITUJWFYNTSX
)JKJWWJIYF]QNFGNQNYNJX 210.85 464.05
.SWJXUJHYTKINXHTSYNSZJI)NXYWNGZYNTS+WFSHMNXJGZXNSJXX /FQLFTSYMJ,WTZUFSI2FMFWFXMYWF8YFYJ*QJHYWNHNY^)NXYWNGZYNTS(TRUFS^1NRNYJI 28*)(1MF[J
8MTWYYJWRGTWWT\NSLX 1004.66 763.28 JSYJWJINSYTÁSFQXJYYQJRJSYTSYM+JGWZFW^'FXJITSYMJXFRJYMJ,WTZUMFX\WNYYJSTKKFRTZSYTK`HWTWJYT\FWIXWJHJN[FGQJKWTR28*)(1
(ZWWJSYRFYZWNYNJXTKQTSLYJWRIJGY 284.41 558.41 IZWNSL^JFWJSIJIXY2FWHM\MNHMNXINXHQTXJIZSIJW)NXHTSYNSZJI4UJWFYNTSX9MJGFQFSHJTK`HWTWJNXXZGOJHYYTWJHJN[FGQJKWTR28*)(1FX
FS\MJSYMJ28*)(1WJHJN[JXYMJIZJXKWTRYMJ(ZXYTRJWX
Total 6405.28 6077.01
Sale of Automation Business
.SHQZIJXFRTZSYXUJWYFNSNSLYTINXHTSYNSZJITUJWFYNTSX
9MJ'TFWITK)NWJHYTWXTKYMJ,WTZU[NIJWJXTQZYNTSIFYJIYM3T[JRGJWFHHJUYJIFSTKKJWKTWYMJXFQJTK,WTZU¸X''&ZYTRFYNTSGZXNSJXXHTRUWNXNSL
TK?.;&UQNHFHNTSJX^9JHMSTQTLNF81 8UFNSNYXXZGXNINFWNJXFQTSL\NYMYMJWJQFYJI&ZYTRFYNTSGZXNSJXXNS:SNYJI0NSLITR.WJQFSI+WFSHJFSI.SINFFYFS
JSYJWUWNXJ[FQZJTK*:7RNQQNTSKWTR&QKFSFW*QJHYWNH8^XYJRX,WTZU ·&QKFSFW¸TKYMJ0NSLITRTK8FZIN&WFGNF&QKFSFWNXFRFOTWUQF^JWNSYMJJQJHYWNHFQ
manufacturing business, including the manufacturing of electrical construction products as well as related engineering services.
8ZGXJVZJSYQ^TSYM2FWHMYMJ,WTZUFQTSL\NYMNYXXZGXNINFW^(,.SYJWSFYNTSFQ';HTRUQJYJIYMJXFQJZUTSJ]JHZYNTSTK8MFWJ5ZWHMFXJ&LWJJRJSYX
FSITYMJWWJQFYJIYWFSXFHYNTSFQITHZRJSYX\NYM&QKFSFW*QJHYWNH11(FSI?.;&UQNHFHNTSJX^9JHMSTQTLNF819MZX?.;T[JWXJFXFZYTRFYNTSGZXNSJXXJXFQTSL
\NYM?.;FZYTRFYNTS.SINF1NRNYJIYMJ\MTQQ^T\SJIXZGXNINFW^MTZXNSLYMJ.SINF&ZYTRFYNTS'ZXNSJXXHJFXJIYTGJFXZGXNINFW^TKYMJ(TRUFS^
Others
9MJ ,WTZU HTSYNSZJX YT NIJSYNK^ UWTXUJHYN[J GZ^JW X KTW NYX .SINFS XZGXNINFW^ SFRJQ^ (, 5T\JW *VZNURJSYX 1NRNYJI KTWRJWQ^ (WTRUYTS ,WJF[JX (TSXZRJW
5WTIZHYX1NRNYJI-JSHJYMJGZXNSJXX\NQQHTSYNSZJYTGJWJÂJHYJIFXINXHTSYNSZJITUJWFYNTSXFSIINXHQTXJIFX·4YMJWX¸XJLRJSYXJUFWFYJQ^
240 241
` crore ` crore
44. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 105 NON-CURRENT ASSETS HELD FOR SALE AND 44. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 105 NON-CURRENT ASSETS HELD FOR SALE AND
DISCONTINUED OPERATIONS (Contd.) DISCONTINUED OPERATIONS (Contd.)
Disposal of Power Systems USA / Automation business
:[H[LTLU[VMWYVÂ[HUKSVZZVM[OLKPZJVU[PU\LKVWLYH[PVUZ
Consideration received
2017-18 2016-17
2017-18 2016-17
&ZYTRFYNTS Power &ZYTRFYNTS Power
T&D Systems Distribution 4YMJWX Total T&D Systems Distribution 4YMJWX Total 5T\JW:8& &ZYTRFYNTS
Revenue 2082.82 - - - 2082.82 2857.36 637.22 - - 3494.58 Business Business
*]UJSXJX SJYTKTYMJWNSHTRJ 2893.03 - 79.56 0.01 2972.60 3124.64 693.91 27.72 0.02 3846.29 Consideration received in cash and cash equivalents 200.60 788.67
1TXXGJKTWJYF]KWTRINXHTSYNSZJITUJWFYNTS (810.21) - (79.56) (0.01) (889.78) (267.28) (56.69) (27.72) (0.02) (351.71) Total consideration received 200.60 788.67
9F]NSHTRJ J]UJSXJ (0.98) - 27.53 - 26.55 4.72 5.58 9.59 - 19.89
Analysis of assets and liabilities over which control was lost
1TXXFKYJWYF]KWTRINXHTSYNSZJITUJWFYNTS (811.19) - (52.03) (0.01) (863.23) (262.56) (51.11) (18.13) (0.02) (331.82)
1TXXTSXFQJTK&ZYTRFYNTS'ZXNSJXX - - - - - - (239.78) - - (239.78) 2017-18 2016-17
,FNSTSXFQJTK5T\JWX^XYJR:8&'ZXNSJXX 90.68 - - - 90.68 - - - - - 5T\JW:8& &ZYTRFYNTS
Business Business
9F]NSHTRJ J]UJSXJ - - - - - - 2.47 - - 2.47
Assets
1TXXFKYJWYF]KWTRINXHTSYNSZJITUJWFYNTSX (720.51) - (52.03) (0.01) (772.55) (262.56) (288.42) (18.13) (0.02) (569.13)
Non-current assets
The major classes of assets and liabilities of the discontinued operation are as under Property, plant and equipment 228.13 133.24
Capital work-in-progress 17.44 0.37
&XFY &XFY &XFY &XFY &XFY &XFY
31-03-2018 31-03-2018 31-03-2018 31-03-2017 31-03-2017 31-03-2017 4YMJW.SYFSLNGQJFXXJYX 0.57 307.42
Power Power Goodwill - 258.19
T&D Distribution 4YMJWX T&D Distribution 4YMJWX .SYFSLNGQJFXXJYXZSIJWIJ[JQTURJSY - 58.75
Assets 3TSHZWWJSYÁSFSHNFQFXXJYXQTFSX - 1.88
Property, plant and equipment 931.78 - - 970.07 - - )JKJWWJIYF]FXXJYX - 108.94
4YMJWNSYFSLNGQJFXXJYX 69.39 - - 67.09 - - .S[JXYRJSYX 3.44 -
Goodwill 19.26 - - 16.41 - - Current assets
.SYFSLNGQJFXXJYXZSIJWIJ[JQTURJSY - - - - - - .S[JSYTWNJX 119.31 146.03
3TSHZWWJSYÁSFSHNFQFXXJYXQTFSX 16.85 - - 3.70 - - Trade receivables 95.71 172.26

Cash and cash equivalents 2.34 -
.S[JSYTWNJX 638.77 - - 526.52 0.10 -
(ZWWJSYÁSFSHNFQFXXJYXQTFSX - 0.70
.S[JXYRJSY 9.77 - - 314.11 - -
4YMJWHZWWJSYFXXJYX 49.71 81.75
Trade receivables 570.97 74.80 - 441.21 130.90 -
Total assets (A) 516.65 1269.53
Cash and cash equivalents 131.97 - 0.04 113.34 0.03 0.05
Liabilities
)JKJWWJIYF]FXXJYX 78.61 - - 106.76 - -
Non-current liabilities
(ZWWJSYÁSFSHNFQFXXJYXQTFSX 0.83 - - 112.60 - - 3TSHZWWJSYÁSFSHNFQQNFGNQNYNJXGTWWT\NSLX 3.44 -
4YMJWHZWWJSYFXXJYX 416.13 - - 291.35 29.60 - )JKJWWJIYF]QNFGNQNYNJX 35.71 97.69
(ZZL[ZJSHZZPÂLKHZOLSKMVYZHSL( 2884.33 74.80 0.04 2963.16 160.63 0.05 Current liabilities
Liabilities Trade payables 144.79 120.00
3TSHZWWJSYÁSFSHNFQQNFGNQNYNJX³GTWWT\NSLX 411.55 - - 422.47 - - 4YMJWHZWWJSYQNFGNQNYNJX 113.45 14.26
)JKJWWJIYF]QNFGNQNYNJX 175.13 - - 201.75 - - Provisions 27.00 2.26
4YMJWQTSLYJWRQNFGNQNYNJX 11.42 - - 17.48 - - Total liabilities (B) 324.39 234.21
Net assets disposed of (A - B) 192.26 1035.32
(ZWWJSYÁSFSHNFQQNFGNQNYNJX³GTWWT\NSLX 225.67 - - 52.61 - -
Trade payables 636.11 0.68 0.00 554.99 0.69 0.02 Gain / (loss) on disposal of subsidiaries
4YMJWHZWWJSYÁSFSHNFQQNFGNQNYNJX 348.34 - - 305.14 - -
2017-18 2016-17
4YMJWHZWWJSYQNFGNQNYNJX 225.13 0.00 - 361.84 - 0.00
5T\JW:8& &ZYTRFYNTS
Provisions 171.94 0.20 - 181.93 0.29 - Business Business
3PHIPSP[PLZKPYLJ[S`HZZVJPH[LK^P[OHZZL[ZJSHZZPÂLKHZOLSKMVYZHSL) 2205.29 0.88 0.00 2098.21 0.98 0.02 Consideration received 200.60 788.67
Net assets / (liabilities) directly associated with disposal group (A-B) 679.04 73.92 0.04 864.95 159.65 0.03 Net assets disposed of 192.26 1035.32
(ZRZQFYN[JJ]HMFSLJLFNS QTXXWJHQFXXNÁJIKWTRKTWJNLSHZWWJSH^YWFSXQFYNTSWJXJW[JYTXYFYJRJSYTKUWTÁYTWQTXX 69.71 6.87
5L[JHZOÃV^ZH[[YPI\[HISL[V[OLVWLYH[PUNPU]LZ[PUNHUKÂUHUJPUNHJ[P]P[PLZVMKPZJVU[PU\LKVWLYH[PVUZ! &RTZSYXWJHTLSNXJINSHFUNYFQWJXJW[JNSWJQFYNTSYTXZGXNINFWNJXWJHQFXXNÁJIYTUWTÁYTWQTXX 12.63 -
Gain / (loss) on disposal 90.68 (239.78)
Cash Flows 2017-18 2016-17

9MJLFNS QTXXTSINXUTXFQNXNSHQZIJINSYMJUWTÁY QTXXKTWYMJ^JFWKWTRINXHTSYNSZJITUJWFYNTSX
4UJWFYNSL (824.18) (492.12)
.S[JXYNSL 322.27 (301.71)
Financing (199.96) (227.95)
242 243
` crore ` crore
45. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS 45. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS (Contd.)
9MJKFNW[FQZJXTKYMJÁSFSHNFQFXXJYXFSIQNFGNQNYNJXFWJNSHQZIJIFYYMJFRTZSYFY\MNHMYMJNSXYWZRJSYHTZQIGJJ]HMFSLJINSFHZWWJSYYWFSXFHYNTSGJY\JJS\NQQNSL Carrying
parties, other than in a forced or liquidation sale. amount Fair value
The following methods and assumptions were used to estimate the fair values:- &XFY
31.03.2017 1J[JQ 1J[JQ 1J[JQ
+FNW[FQZJTKHFXMFSIXMTWYYJWRIJUTXNYXYWFIJFSITYMJWXMTWYYJWRWJHJN[FGQJXYWFIJUF^FGQJXTYMJWHZWWJSYÁSFSHNFQQNFGNQNYNJXXMTWYYJWRQTFSXKWTR
GFSPXFSITYMJWÁSFSHNFQNSXYNYZYNTSXFUUWT]NRFYJYMJNWHFWW^NSLFRTZSYXQFWLJQÎZJYTYMJXMTWYYJWRRFYZWNYNJXTKYMJXJNSXYWZRJSYX Financial assets at amortised cost:
+NSFSHNFQ NSXYWZRJSYX \NYM Á]JI FSI [FWNFGQJ NSYJWJXY WFYJX FWJ J[FQZFYJI G^ YMJ ,WTZU GFXJI TS UFWFRJYJWX XZHM FX NSYJWJXY WFYJX FSI NSIN[NIZFQ HWJINY Trade receivables 1877.15 - - -
\TWYMNSJXXTKYMJHTZSYJWUFWY^'FXJITSYMNXJ[FQZFYNTSFQQT\FSHJXFWJYFPJSYTFHHTZSYKTWYMJJ]UJHYJIQTXXJXTKYMJXJWJHJN[FGQJX&HHTWINSLQ^KFNW[FQZJ 1TFSXFSITYMJWWJHJN[FGQJX STSHZWWJSY 6.65 - - 6.65
of such instruments is not materially different from their carrying amounts. 1TFSXFSITYMJWWJHJN[FGQJX HZWWJSY 76.25 - - -
9MJ,WTZUZXJXYMJKTQQT\NSLMNJWFWHM^KTWIJYJWRNSNSLFSIINXHQTXNSLYMJKFNW[FQZJTKÁSFSHNFQNSXYWZRJSYXG^[FQZFYNTSYJHMSNVZJ .S[JXYRJSYX 0.44 0.44 - -
1J[JQVZTYJI ZSFIOZXYJIUWNHJXNSFHYN[JRFWPJYXKTWNIJSYNHFQFXXJYXTWQNFGNQNYNJX Cash and bank balances 760.71 - - -
1J[JQTYMJWYJHMSNVZJXKTW\MNHMFQQNSUZYX\MNHMMF[JFXNLSNÁHFSYJKKJHYTSYMJWJHTWIJIKFNW[FQZJFWJTGXJW[FGQJJNYMJWINWJHYQ^TWNSINWJHYQ^ Bank deposits 149.03 - - -
1J[JQYJHMSNVZJX\MNHMZXJNSUZYXYMFYMF[JFXNLSNÁHFSYJKKJHYTSYMJWJHTWIJIKFNW[FQZJYMFYFWJSTYGFXJITSTGXJW[FGQJRFWPJYIFYF 4YMJWÁSFSHNFQWJHJN[FGQJX 7.96 - - -
Total 2878.19 0.44 - 6.65
Carrying -PUHUJPHSHZZL[ZH[MHPY]HS\L[OYV\NOWYVÂ[VYSVZZ!
amount Fair value
Derivative instruments 16.29 - 16.29 -
&XFY
31-03-2018 1J[JQ 1J[JQ 1J[JQ .S[JXYRJSYX 41.11 0.98 32.07 8.06
Financial assets at amortised cost: Total 57.40 0.98 48.36 8.06
Trade receivables 2009.23 - - - Financial assets at fair value through other comprehensive income:
1TFSXFSITYMJWWJHJN[FGQJX STSHZWWJSY 6.87 - - 6.87 .S[JXYRJSYX 151.80 - - 151.80
1TFSXFSITYMJWWJHJN[FGQJX HZWWJSY 43.89 - - - Total 151.80 - - 151.80
.S[JXYRJSYX 0.44 0.44 - - Financial liabilities at amortised cost:
Cash and bank balances 693.44 - - - 1TSLYJWRQTFSXKWTRGFSP 791.21 - 791.21 -
4YMJWÁSFSHNFQWJHJN[FGQJX 0.32 - - - .SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSX 0.12 - - -
Total 2754.19 0.44 - 6.87 Finance lease obligation 0.04 - - 0.04
-PUHUJPHSHZZL[ZH[MHPY]HS\L[OYV\NOWYVÂ[VYSVZZ! Short-term loans from bank 710.67 - - -
.S[JXYRJSYX 9.09 0.01 1.01 8.07 Trade and other payables 1383.14 - - -
Total 9.09 0.01 1.01 8.07 4YMJWÁSFSHNFQQNFGNQNYNJX STSHZWWJSY 1.14 - - 1.14
Financial assets at fair value through other comprehensive income: 4YMJWÁSFSHNFQQNFGNQNYNJX HZWWJSY 116.71 - - -
.S[JXYRJSYX 121.80 - - 121.80 Total 3003.03 - 791.21 1.18
Total 121.80 - - 121.80
)ZWNSLYMJWJUTWYNSLUJWNTIJSINSLXY2FWHMFSIXY2FWHMYMJWJ\JWJSTYWFSXKJWXGJY\JJS1J[JQFSI1J[JQKFNW[FQZJRJFXZWJRJSYX
Financial liabilities at amortised cost:
+LZJYPW[PVUVMZPNUPÂJHU[\UVIZLY]HISLPUW\[Z[V]HS\H[PVU!
1TSLYJWRQTFSXKWTRGFSP 1101.12 - 1101.12 -
9MJKTQQT\NSLYFGQJXMT\XYMJ[FQZFYNTSYJHMSNVZJXFSINSUZYXZXJIKTWÁSFSHNFQNSXYWZRJSYX
.SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSX 0.12 - - -
Short-term loans from bank 778.99 - - - &XFY &XFY
Trade and other payables 1423.68 - - - 31-03-2018 31-03-2017
4YMJWÁSFSHNFQQNFGNQNYNJX STSHZWWJSY 1.55 - - 1.55 .SYJWJXYGJFWNSLQTFSXFSIGTWWT\NSLX )NXHTZSYJI(FXMÂT\RJYMTI
using risk adjusted discount rate
4YMJWÁSFSHNFQQNFGNQNYNJX HZWWJSY 213.11 - - -
1TFSXFSITYMJWWJHJN[FGQJX STSHZWWJSY )NXHTZSYJI(FXMÂT\RJYMTI
Total 3518.57 - 1101.12 1.55 using risk adjusted discount rate
.S[JXYRJSYX )NXHTZSYJI(FXMÂT\RJYMTI
Derivative instruments Based on quotes from Banks &
Financial institutions
Finance lease obligations )NXHTZSYJI(FXMÂT\RJYMTI
4YMJWÁSFSHNFQQNFGNQNYNJX STSHZWWJSY )NXHTZSYJI(FXMÂT\RJYMTI
The following table shows a reconciliation from opening balance to closing balance of an investment recognised through other comprehensive income which is
HT[JWJIZSIJWKFNW[FQZJ1J[JQRJFXZWJRJSY
Balance as at 1-04-2016 198.62

Balance as at 31-03-2017 151.80
Balance as at 31-03-2018 121.80
244 245
` crore ` crore
46. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 46. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)
9MJ,WTZU¸XÁSFSHNFQWNXPRFSFLJRJSYNXFSNSYJLWFQUFWYTKMT\YTUQFSFSIJ]JHZYJNYXGZXNSJXXXYWFYJLNJX9MJ,WTZU¸XÁSFSHNFQWNXPRFSFLJRJSYUTQNH^NXXJY Foreign currency sensitivity
by the Managing Board.

NSHWJFXJTWIJHWJFXJNSKTWJNLSJ]HMFSLJWFYJX\NQQMF[JYMJKTQQT\NSLNRUFHYTSUWTÁYGJKTWJYF]
2FWPJYWNXPNXYMJWNXPTKQTXXTKKZYZWJJFWSNSLXKFNW[FQZJXTWKZYZWJHFXMÂT\XYMFYRF^WJXZQYKWTRFHMFSLJNSYMJUWNHJTKFÁSFSHNFQNSXYWZRJSY9MJ[FQZJTKF
ÁSFSHNFQNSXYWZRJSYRF^HMFSLJFXFWJXZQYTKHMFSLJXNSYMJNSYJWJXYWFYJXKTWJNLSHZWWJSH^J]HMFSLJWFYJXJVZNYÛWNHJXFSITYMJWRFWPJYHMFSLJXYMFYFKKJHY 2017-18 2016-17
RFWPJYWNXPXJSXNYN[JNSXYWZRJSYX2FWPJYWNXPNXFYYWNGZYFGQJYTFQQRFWPJYWNXPXJSXNYN[JÁSFSHNFQNSXYWZRJSYXNSHQZINSLNS[JXYRJSYXFSIIJUTXNYXKTWJNLSHZWWJSH^ Particulars
NSHWJFXJ
IJHWJFXJ
NSHWJFXJ
IJHWJFXJ
receivables, payables and loans and borrowings.
USD 2.49 (2.49) 0.53 (0.53)
9MJ ,WTZU RFSFLJX RFWPJY WNXP YMWTZLM F YWJFXZW^ IJUFWYRJSY \MNHM J[FQZFYJX FSI J]JWHNXJX NSIJUJSIJSY HTSYWTQ T[JW YMJ JSYNWJ UWTHJXX TK RFWPJY WNXP
Euro 6.70 (6.70) 9.97 (9.97)
RFSFLJRJSY 9MJ YWJFXZW^ IJUFWYRJSY WJHTRRJSIX WNXP RFSFLJRJSY TGOJHYN[JX FSI UTQNHNJX \MNHM FWJ FUUWT[JI G^ 8JSNTW 2FSFLJRJSY FSI YMJ &ZINY
(TRRNYYJJ9MJFHYN[NYNJXTKYMNXIJUFWYRJSYNSHQZIJRFSFLJRJSYTKHFXMWJXTZWHJXNRUQJRJSYNSLMJILNSLXYWFYJLNJXKTWKTWJNLSHZWWJSH^J]UTXZWJXGTWWT\NSL GBP (0.00) 0.00 (0.02) 0.02
strategies, and ensuring compliance with market risk limits and policies. 4YMJWX (0.01) 0.01 1.28 (1.28)
Interest rate risk .SHWJFXJ IJHWJFXJNSUWTKNYTWQTXX 9.18 (9.18) 11.76 (11.76)
.SYJWJXYWFYJWNXPNXYMJWNXPYMFYYMJKFNW[FQZJTWKZYZWJHFXMÂT\XTKFÁSFSHNFQNSXYWZRJSY\NQQÂZHYZFYJGJHFZXJTKHMFSLJXNSRFWPJYNSYJWJXYWFYJX.STWIJW
NSHWJFXJTWIJHWJFXJNSKTWJNLSJ]HMFSLJWFYJX\NQQMF[JYMJKTQQT\NSLNRUFHYTSJVZNY^
YTTUYNRN_JYMJ,WTZU¸XUTXNYNTS\NYMWJLFWIYTNSYJWJXYNSHTRJFSINSYJWJXYJ]UJSXJXFSIYTRFSFLJYMJNSYJWJXYWFYJWNXPYWJFXZWÛJWKTWRXFHTRUWJMJSXN[J
HTWUTWFYJNSYJWJXYWFYJWNXPRFSFLJRJSYG^GFQFSHNSLYMJUWTUTWYNTSTKÁ]JIWFYJFSIÂTFYNSLWFYJÁSFSHNFQNSXYWZRJSYXNSNYXYTYFQUTWYKTQNT 2017-18 2016-17
Particulars
NSHWJFXJ
IJHWJFXJ
NSHWJFXJ
IJHWJFXJ
Exposure to interest rate risk
USD 0.55 (0.55) 1.14 (1.14)
&XFY &XFY Euro (12.51) 12.51 (12.82) 12.82
Particulars 31-03-2018 31-03-2017
GBP (0.00) 0.00 0.01 (0.01)
Floating rate borrowings 1363.36 1190.46
4YMJWX (0.02) 0.02 1.11 (1.11)
Interest rate sensitivity (11.98) 11.98 (10.56) 10.56
.SHWJFXJ IJHWJFXJNSJVZNY^
(JOHUNLVMIHZPZWVPU[ZPUPU[LYLZ[YH[LZ^V\SKOH]LMVSSV^PUNPTWHJ[VUWYVÂ[ILMVYL[H_
Credit risk
Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Group periodically assesses the
ÁSFSHNFQWJQNFGNQNY^TKHZXYTRJWXYFPNSLNSYTFHHTZSYYMJÁSFSHNFQHTSINYNTSHZWWJSYJHTSTRNHYWJSIXFSIFSFQ^XNXTKMNXYTWNHFQGFIIJGYXFSIFLJNSLTKFHHTZSYX
25 bp increase - Decrease in profit (3.41) (2.97) WJHJN[FGQJ.SIN[NIZFQWNXPQNRNYXFWJXJYFHHTWINSLQ^
GUIJHWJFXJ.SHWJFXJNSUWTKNY 3.41 2.97
9MJLWTZUHTSXNIJWXYMJUWTGFGNQNY^TKIJKFZQYZUTSNSNYNFQWJHTLSNYNTSTKFXXJYFSI\MJYMJWYMJWJMFXGJJSFXNLSNÁHFSYNSHWJFXJNSHWJINYWNXPTSFSTSLTNSLGFXNX
Foreign currency risk YMWTZLMTZYJFHMWJUTWYNSLUJWNTI9TFXXJXX\MJYMJWYMJWJNXFXNLSNÁHFSYNSHWJFXJNSHWJINYWNXPYMJ,WTZUHTRUFWJXYMJWNXPTKFIJKFZQYTHHZWWNSLTSYMJFXXJY
9MJ,WTZUTUJWFYJXNSYJWSFYNTSFQQ^FSIUTWYNTSTKYMJGZXNSJXXNXYWFSXFHYJINSXJ[JWFQHZWWJSHNJXFSIHTSXJVZJSYQ^YMJ,WTZUNXJ]UTXJIYTKTWJNLSJ]HMFSLJ FXFYYMJWJUTWYNSLIFYJ\NYMYMJWNXPTKIJKFZQYFXFYYMJIFYJTKNSNYNFQWJHTLSNYNTS.YHTSXNIJWXWJFXTSFGQJFSIXZUUTWYN[JKTW\FWINSLQTTPNSLNSKTWRFYNTSXZHMFX
WNXPYMWTZLMNYXXFQJXFSIXJW[NHJXNST[JWXJFXFSIUZWHMFXJXKWTRT[JWXJFXXZUUQNJWXNS[FWNTZXKTWJNLSHZWWJSHNJX+TWJNLSHZWWJSH^J]HMFSLJWFYJJ]UTXZWJNX N &HYZFQTWJ]UJHYJIXNLSNÁHFSYFI[JWXJHMFSLJXNSGZXNSJXX
partly balanced by purchasing of goods, commodities and services in the respective currencies.
NN &HYZFQTWJ]UJHYJIXNLSNÁHFSYHMFSLJXNSYMJTUJWFYNSLWJXZQYXTKYMJHTZSYJWUFWY^
9MJ,WTZUJ[FQZFYJXJ]HMFSLJWFYJJ]UTXZWJFWNXNSLKWTRKTWJNLSHZWWJSH^YWFSXFHYNTSXFSIYMJ,WTZUKTQQT\XJXYFGQNXMJIWNXPRFSFLJRJSYUTQNHNJXNSHQZINSL
YMJZXJTKIJWN[FYN[JXQNPJKTWJNLSJ]HMFSLJKTW\FWIHTSYWFHYXYTMJILJJ]UTXZWJYTKTWJNLSHZWWJSH^WNXP NNN +NSFSHNFQTWJHTSTRNHHTSINYNTSXYMFYFWJJ]UJHYJIYTHFZXJFXNLSNÁHFSYHMFSLJYTYMJHTZSYJWUFWY^¸XFGNQNY^YTRJJYNYXTGQNLFYNTSX
N[ 8NLSNÁHFSYNSHWJFXJXNSHWJINYWNXPTSTYMJWÁSFSHNFQNSXYWZRJSYXTKYMJXFRJHTZSYJWUFWY^
+TWJNLSHZWWJSH^J]UTXZWJFXFYXY2FWHM USD Euro GBP 4YMJWX Total [ 8NLSNÁHFSYHMFSLJXNSYMJ[FQZJTKYMJHTQQFYJWFQXZUUTWYNSLYMJTGQNLFYNTSTWNSYMJVZFQNY^TKYMNWIUFWY^LZFWFSYJJXTWHWJINYJSMFSHJRJSYX
Trade receivables 410.87 57.81 - 74.77 543.45
+NSFSHNFQFXXJYXFWJ\WNYYJSTKK\MJSYMJWJNXSTWJFXTSFGQJJ]UJHYFYNTSTKWJHT[JW^XZHMFXFIJGYTWKFNQNSLYTJSLFLJNSFWJUF^RJSYUQFS\NYMYMJ,WTZU9MJ
1TFSXFSITYMJWWJHJN[FGQJX 32.06 (10.96) - 53.75 74.85 ,WTZUHFYJLTWNXJXFQTFSTWWJHJN[FGQJJQNLNGQJKTWJ[FQZFYNTSTKJ]UJHYJIHWJINYQTXXJX\MJSFIJGYTWKFNQXYTRFPJHTSYWFHYZFQUF^RJSYXLWJFYJWYMFS^JFWX
Bank balances in current accounts and term deposit accounts (14.59) 45.97 (0.00) 61.44 92.82 UFXYIZJ.SHFXJYMJQTFSXTWWJHJN[FGQJXFWJ\WNYYJSTKKYMJ,WTZUHTSYNSZJXYTJSLFLJNSJSKTWHJRJSYFHYN[NY^YTFYYJRUYYTWJHT[JWYMJWJHJN[FGQJIZJ<MJWJ
Trade payables (117.97) (76.59) (0.15) (119.61) (314.32) WJHT[JWNJXFWJRFIJYMJXJFWJWJHTLSNXJINSUWTÁYTWQTXX
1TSLYJWRGTWWT\NSLX - (35.81) - 0.00 (35.81) Exposure to credit risk
Short-term borrowings (2.32) (992.47) - 6.36 (988.43)
4YMJWXMTWYYJWRÁSFSHNFQQNFGNQNYNJX (102.58) (319.74) - 72.55 (349.77) &XFY &XFY
Particulars 31-03-2018 31-03-2017
Forward contracts for receivable (0.09) - - - (0.09)
Forward contracts for loan - (11.75) - - (11.75) Financial assets for which loss allowance is measured using 12 months Expected Credit Losses (ECL)
.S[JXYRJSYXNS,T[JWSRJSYTWYWZXYXJHZWNYNJX 0.44 0.44
.S[JXYRJSYXNSIJGJSYZWJXTWGTSIX 8.06 8.05
+TWJNLSHZWWJSH^J]UTXZWJFXFYXY2FWHM USD Euro GBP 4YMJWX Total 4YMJWSTSHZWWJSYNS[JXYRJSYX 1.01 27.83
Trade receivables 355.06 195.55 3.19 96.54 650.34 1TSLYJWRQTFSXFSIFI[FSHJX 6.87 6.65
1TFSXFSITYMJWWJHJN[FGQJX 8.71 0.23 - 42.25 51.19 4YMJWQTSLYJWRÁSFSHNFQFXXJYX - -
Bank balances in current accounts and term deposit accounts 50.73 102.26 1.53 43.90 198.42 Cash and bank balances 693.32 760.50
Trade payables (147.61) (182.00) (0.38) (65.35) (395.34)
4YMJWXMTWYYJWRÁSFSHNFQFXXJYX 0.32 173.28
1TSLYJWRGTWWT\NSLX - (0.20) - - (0.20)
Short-term loans and advances 43.89 76.25
Short-term borrowings - - - - -
Financial assets for which loss allowance is measured using Life time Expected Credit Losses (ECL)
4YMJWXMTWYYJWRÁSFSHNFQQNFGNQNYNJX (17.68) (230.79) - (5.31) (253.78)
Forward contracts for receivable 7.99 - - - 7.99 Trade receivables 2123.06 1986.98
Forward contracts for loan - (8.30) - - (8.30) Balances with banks is subject to low credit risks due to good credit ratings assigned to these banks.
246 247
` crore ` crore
46. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.) 46. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)
The ageing analysis of the receivables (gross of provision) has been considered from the date the invoice falls due. 1JXXYMFSTSJ 1 to 5
&XFYXY2FWHM year years > 5 years Total
Particulars 1TSLYJWRGTWWT\NSLX 287.41 545.70 - 833.11
.SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSXKWTR8YFYJ,T[JWSRJSY 0.12 - - 0.12
As at 31-03-2018
Finance lease obligation 0.04 - - 0.04
4YMJWÁSFSHNFQQNFGNQNYNJX STSHZWWJSY - 1.14 - 1.14
3 to 6 months 91.71
Short-term borrowings 710.67 - - 710.67
Trade and other payables 1383.14 - - 1383.14
2123.06
4YMJWÁSFSHNFQQNFGNQNYNJX HZWWJSY 116.71 - - 116.71
As at 31-03-2017
Capital management
3 to 6 months 281.26 For the purposes of the Group’s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Group’s capital
RFSFLJRJSYNXYTRF]NRNXJXMFWJMTQIJW[FQZJ9MJ,WTZURFSFLJXNYXHFUNYFQXYWZHYZWJFSIRFPJXFIOZXYRJSYXNSYMJQNLMYTKHMFSLJXNSJHTSTRNHJS[NWTSRJSY
FSIYMJWJVZNWJRJSYXTKYMJÁSFSHNFQHT[JSFSYX
1986.98
The Group monitors capital using gearing ratio, which is total debt divided by total capital plus debt.
9MJKTQQT\NSLYFGQJXZRRFWN_JXYMJHMFSLJNSYMJQTXXFQQT\FSHJXRJFXZWJIZXNSLQNKJYNRJJ]UJHYJIHWJINYQTXXRTIJQ
&XFY &XFY
31-03-2018 31-03-2017
Particulars 1880.23 1502.04
Total debt
As at 1-04-2016 139.39 Equity 2714.14 4111.09
Provided during the year 25.04 4594.37 5613.13
Total debt and equity
&RTZSYX\WNYYJSTKK (31.61) 40.92%
Gearing ratio
Reversals of provision (8.82)
Hedging activities and derivatives
Unwinding of discount (7.14)
Translation adjustments (0.24) &XFY &XFY
Transfer to discontinued operations (6.79) &XXJYX 1NFGNQNYNJX &XXJYX 1NFGNQNYNJX
As at 31-03-2017 109.83 Fair value of foreign currency forward contracts designated as hedging instruments - (4.35) 1.96 1.49
Provided during the year 68.00
The fair value of derivative liabilities have been determined using rates quoted by the Group’s bankers at the reporting date which are calculated by reference to
&RTZSYX\WNYYJSTKK (40.56) YMJRFWPJYNSYJWJXYWFYJXFSIKTWJNLSJ]HMFSLJWFYJX
Reversals of provision (17.30)
9MJ,WTZUJSYJWJINSYTKTW\FWIJ]HMFSLJFSIHTRRTINY^HTSYWFHYXYTRFSFLJNYXJ]UTXZWJYTYMJ[FWNFGNQNY^TKHFXMÂT\XUWNRFWNQ^WJQFYJIYTKZYZWJXFQJXFSI
Unwinding of discount (6.14) UZWHMFXJXTKNS[JSYTWNJXIJSTRNSFYJINSKTWJNLSHZWWJSHNJXT[JWYMJSJ]YRTSYMX
Translation adjustments -
&XFYXY2FWHMYMJSJYQTXXTSIJWN[FYN[JXTK` 3.11 crore (as at 31st March, 2017: net gain of ` 3.71 crore) incurred from changes in the fair value of
Transfer to discontinued operations -
KTW\FWIKTWJNLSJ]HMFSLJFSIHTRRTINY^HTSYWFHYXYMFYFWJMNLMQ^JKKJHYN[JMFXGJJSWJHTLSN_JINSMJILNSLWJXJW[J
As at 31-03-2018 113.83
9MJ,WTZUJ]UJHYXYMFYXZGXYFSYNFQQ^FQQTKYMNXFRTZSY\NQQGJHWJINYJINSYTYMJUWTÁYTWQTXX\NYMNSRTSYMXKWTRYMJWJUTWYNSLIFYJ
3TXNLSNÁHFSYHMFSLJXNSJXYNRFYNTSYJHMSNVZJXTWFXXZRUYNTSX\JWJRFIJIZWNSLYMJWJUTWYNSLUJWNTI
Liquidity risk
1NVZNINY^ WNXP NX IJÁSJI FX YMJ WNXP YMFY YMJ ,WTZU \NQQ STY GJ FGQJ YT XJYYQJ TW RJJY NYX TGQNLFYNTSX TS YNRJ TW FY F WJFXTSFGQJ UWNHJ 9MJ ,WTZU¸X YWJFXZW^
IJUFWYRJSYNXWJXUTSXNGQJKTWQNVZNINY^KZSINSLFX\JQQFXXJYYQJRJSYRFSFLJRJSY.SFIINYNTSUWTHJXXJXFSIUTQNHNJXWJQFYJIYTXZHMWNXPXFWJT[JWXJJSG^XJSNTW
RFSFLJRJSY2FSFLJRJSYRTSNYTWXYMJ,WTZU¸XSJYQNVZNINYÛTXNYNTSYMWTZLMWTQQNSLKTWJHFXYXTSYMJGFXNXTKJ]UJHYJIHFXMÂT\X
2FYZWNYÛWTÁQJTKÁSFSHNFQQNFGNQNYNJX
9MJYFGQJGJQT\UWT[NIJXIJYFNQXWJLFWINSLYMJWJRFNSNSLHTSYWFHYZFQRFYZWNYNJXTKÁSFSHNFQQNFGNQNYNJXFYYMJWJUTWYNSLIFYJ
1JXXYMFSTSJ 1 to 5
&XFYXY2FWHM year years > 5 years Total
1TSLYJWRGTWWT\NSLX 263.92 868.39 - 1132.30
.SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSXKWTR8YFYJ,T[JWSRJSY 0.12 - - 0.12
4YMJWÁSFSHNFQQNFGNQNYNJX STSHZWWJSY - 1.55 - 1.55
Short-term borrowings 778.99 - - 778.99
Trade and other payables 1423.68 - - 1423.68
4YMJWÁSFSHNFQQNFGNQNYNJX HZWWJSY 213.11 - - 213.11
248 249
` crore ` crore
47. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 17 LEASES 51. DISCLOSURE AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 7 STATEMENT OF CASH FLOWS - CHANGES IN LIABILITIES
Operating lease commitments: ARISING FROM FINANCING ACTIVITIES
(a) Group as lessor: Effect of

Foreign reclassification Finance cost
The Group has not entered into operating leases. Cash J]HMFSLJ o(f non-current charged
Particulars &XFY .SKQT\X movement portion to during the &XFY
(b) Group as lessee:
1-04-2017 4ZYKQT\X impact current year 31-03-2018
N 9MJ,WTZUMFXYFPJS[FWNTZXWJXNIJSYNFQHTRRJWHNFQUWJRNXJXFSIUQFSYFSIJVZNURJSYZSIJWHFSHJQQFGQJTUJWFYNSLQJFXJX9MJXJQJFXJFLWJJRJSYX 5VUJ\YYLU[ÂUHUJPHSSPHIPSP[PLZIVYYV^PUNZ!
FWJSTWRFQQ^WJSJ\JITSJ]UNW^\MJWJ[JWWJVZNWJI Secured loans
(ii) The Group has taken certain assets on non cancellable operating lease, the future minimum lease payment in respect of which are as follows: Term loans from banks 390.61 519.97 - (110.23) 800.35
Unsecured loans
2NSNRZR1JFXJ5F^RJSYX Term loans from banks 113.19 77.35 - (153.69) 36.85
&XFY &XFY *\YYLU[ÂUHUJPHSSPHIPSP[PLZIVYYV^PUNZ!
31-03-2018 31-03-2017 Secured loans
Due within one year 3.81 3.24 Term loans from banks 0.44 (0.44) - 0.00
)ZJTSJYTÁ[J^JFWX 1.18 1.29 Working capital demand loan from banks 229.82 172.34 (5.72) 396.44
)ZJGJ^TSIÁ[J^JFWX - - Unsecured loans
Working capital o loan from banks:
9MJQJFXJFLWJJRJSYUWT[NIJKTWFSTUYNTSYTYMJ,WTZUYTWJSJ\YMJQJFXJUJWNTIFYYMJJSITKYMJSTSHFSHJQQFGQJUJWNTI9MJWJFWJSTJ]HJUYNTSFQ
Demand loan 391.79 (98.95) - 292.84
restrictive covenants in the lease agreements.
Supplier finance facility 88.62 1.09 - 89.71
1JFXJWJSYFQJ]UJSXJNSWJXUJHYTKTUJWFYNSLQJFXJXNX` 4.57 crore (Previous year ` 4.11 crore) *\YYLU[V[OLYÂUHUJPHSSPHIPSP[PLZ!
48. DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (Ind AS) 33 EARNINGS PER SHARE Current maturity of long term borrowings 287.41 (307.54) 20.13 263.92 263.92
.SYJWJXYKWJJXFQJXYF]IJKJWWFQQTFSXKWTR8YFYJ,T[JWSRJSY 0.12 - - - 0.12
Current maturities of finance lease obligations 0.04 (0.04) -
.SYJWJXYFHHWZJIGZYSTYIZJTSGTWWT\NSLX 5.62 (217.16) - 219.30 7.76
Face value of equity share ` 2.00 2.00
Unclaimed dividend 1.29 (0.29) 1.00
Weighted average number of equity shares outstanding Nos. 626746142 626746142 Non-controlling interest 8.43 (2.00) 6.43
5WTKNY QTXXKTWYMJ^JFW HTSYNSZNSLTUJWFYNTSX ` crore (393.70) 78.27 ;V[HSSPHIPSP[PLZMYVTÂUHUJPUNHJ[P]P[PLZ 1517.38 144.33 14.41 - 219.30 1895.43
Weighted average earnings per share (basic and diluted) ` (6.28) 1.25
1TXXKTWYMJ^JFW INXHTSYNSZJITUJWFYNTSX ` crore (770.20) (569.13)
52. STANDARDS ISSUED BUT NOT YET EFFECTIVE
Weighted average earnings per share (basic and diluted) ` (12.29) (9.08)
.S2FWHMYMJ2NSNXYW^TK(TWUTWFYJ&KKFNWXNXXZJIYMJ(TRUFSNJX .SINFS&HHTZSYNSL8YFSIFWIX &RJSIRJSYX7ZQJXSTYNK^NSL.SI&8·7J[JSZJ
1TXXKTWYMJ^JFW YTYFQTUJWFYNTSX ` crore (1163.90) (490.86) KWTR (TSYWFHYX \NYM (ZXYTRJWX¸ XZUJWXJINSL .SI &8 ·(TSXYWZHYNTS (TSYWFHYX¸ FSI .SI &8 ·7J[JSZJ¸ FSI TYMJW FRJSIRJSYX 9MJ FRJSIRJSYX FWJ
Weighted average earnings per share (basic and diluted) ` (18.57) (7.83) FUUQNHFGQJYTYMJ,WTZUKWTRXY&UWNQ
Ind AS 115 Revenue from Contracts with Customers
49. EXCEPTIONAL ITEMS .SI&8JXYFGQNXMJXFÁ[JXYJURTIJQYTFHHTZSYKTWWJ[JSZJFWNXNSLKWTRHTSYWFHYX\NYMHZXYTRJWX

9MJSJ\WJ[JSZJXYFSIFWI\NQQXZUJWXJIJFQQHZWWJSYWJ[JSZJWJHTLSNYNTSWJVZNWJRJSYXZSIJW.SI&89MNXSJ\XYFSIFWIWJVZNWJXWJ[JSZJYTGJWJHTLSN_JI\MJS
UWTRNXJILTTIXTWXJW[NHJXFWJYWFSXKJWWJIYTHZXYTRJWXNSFRTZSYXYMFYWJÂJHYYMJHTSXNIJWFYNTSYT\MNHMYMJ,WTZUJ]UJHYXYTGJJSYNYQJINSJ]HMFSLJKTW
Particulars 2017-18 2016-17 YMTXJLTTIXTWXJW[NHJX&ITUYNTSTKYMJSJ\WZQJXHTZQIFKKJHYYMJYNRNSLTKWJ[JSZJWJHTLSNYNTSKTWHJWYFNSYWFSXFHYNTSXTKYMJ,WTZU.SI&8NXJKKJHYN[JKTW
&RTZSYUFNIYT\FWIX8FQJXYF]&RSJXY^XHMJRJ - (9.12) YMJ,WTZUTSFSIKWTRYMJÁSFSHNFQ^JFWGJLNSSNSLXY&UWNQZXNSLJNYMJWTSJTKY\TRJYMTIX NWJYWTXUJHYN[JQ^YTJFHMUWNTWWJUTWYNSLUJWNTIUWJXJSYJINS
&RTZSYUFNIYT\FWIXÁSFQXJYYQJRJSYTKQNYNLFYNTSHQFNRX (27.94) (20.00) FHHTWIFSHJ\NYM.SI&8&HHTZSYNSL5TQNHNJX(MFSLJXNS&HHTZSYNSL*XYNRFYJXFSI*WWTWX\NYMYMJTUYNTSYTJQJHYHJWYFNSUWFHYNHFQJ]UJINJSYXFXIJÁSJI\NYMNS
.SI&8 YMJKZQQWJYWTXUJHYN[JRJYMTI TW NNWJYWTXUJHYN[JQ^\NYMYMJHZRZQFYN[JJKKJHYTKNSNYNFQQ^FUUQ^NSL.SI&8WJHTLSN_JIFYYMJIFYJTKNSNYNFQFUUQNHFYNTS
.RUFNWRJSYTKLTTI\NQQ - (43.61)
XY&UWNQFSIUWT[NINSLHJWYFNSFIINYNTSFQINXHQTXZWJXFXIJÁSJINS.SI&8 YMJRTINÁJIWJYWTXUJHYN[JRJYMTI
.S[JSYTWNJXYWFIJFI[FSHJXFSIZSGNQQJIIZJXKWTRHZXYTRJWX SJYTKIJKJWWJIYF] (414.84) -
9MJ,WTZUMFXHMTXJSYTFUUQ^YMJRTINÁJIWJYWTXUJHYN[JRJYMTI9MJ,WTZUMFXNIJSYNÁJIKTQQT\NSLFWJFX\MJWJ.SI&8\NQQNRUFHY
Total (442.78) (72.73)
(a) Sale of goods:
(TSYWFHYX\NYMHZXYTRJWXNS\MNHMYMJXFQJTKJVZNURJSYNXLJSJWFQQ^J]UJHYJIYTGJYMJTSQÛJWKTWRFSHJTGQNLFYNTSFWJSTYJ]UJHYJIYTMF[JFS^XNLSNÁHFSY
NRUFHYTSYMJ,WTZU¸XUWTÁYTWQTXX9MJ,WTZUJ]UJHYXYMJWJ[JSZJWJHTLSNYNTSYTTHHZWFYFUTNSYNSYNRJ\MJSHTSYWTQTKYMJFXXJYNXYWFSXKJWWJIYTYMJ
50. 7J[JSZJKWTRTUJWFYNTSXKTWUJWNTIXZUYTYM/ZSJNSHQZIJXJ]HNXJIZY^+WTRXY/ZQ^TS\FWIXYMJJ]HNXJIZY^FSIRTXYNSINWJHYYF]JXNS.SINF
customer, generally on delivery of the goods.
MF[JGJJSWJUQFHJIG^YMJ,TTIXFSI8JW[NHJX9F] ,899MJ,WTZUHTQQJHYX,89TSGJMFQKTKYMJ,T[JWSRJSY-JSHJ,89NXSTYNSHQZIJINSWJ[JSZJKWTR
TUJWFYNTSX.S[NJ\TKYMJFKTWJXFNIHMFSLJNSNSINWJHYYF]JXWJ[JSZJKWTRTUJWFYNTSXKTWYMJ^JFWJSIJIXY2FWHMNXSTYHTRUFWFGQJ\NYMYMFYKTWYMJ^JFW .SUWJUFWNSLKTW.SI&8YMJ,WTZUNXHTSXNIJWNSLYMJKTQQT\NSL
ended 31st March, 2017.
(i) Variable consideration:
9MJHTRUFWFGQJÁLZWJXKTWWJ[JSZJKWTRTUJWFYNTSX SJYTKJ]HNXJIZY^FWJFXZSIJW Some contracts with customers provide trade discounts, volume rebates, penalties (liquidated damages), price adjustment clause, etc. Currently, the
Group recognizes revenue from the sale of goods measured at the fair value of the consideration received or receivable, net of returns and allowances,
YWFIJINXHTZSYXFSI[TQZRJWJGFYJX.KWJ[JSZJHFSSTYGJWJQNFGQ^RJFXZWJIYMJ,WTZUIJKJWXWJ[JSZJWJHTLSNYNTSZSYNQYMJZSHJWYFNSY^NXWJXTQ[JI8ZHM
Particulars 2017-18 2016-17 UWT[NXNTSXLN[JWNXJYT[FWNFGQJHTSXNIJWFYNTSZSIJW.SI&8FSI\NQQGJWJVZNWJIYTGJJXYNRFYJIFYHTSYWFHYNSHJUYNTS
Net revenue from operations 6188.63 5516.51 .SI&8WJVZNWJXYMJJXYNRFYJI[FWNFGQJHTSXNIJWFYNTSYTGJHTSXYWFNSJIYTUWJ[JSYT[JWWJHTLSNYNTSTKWJ[JSZJ9MJ,WTZUJ]UJHYXYMFYFUUQNHFYNTS
TKYMJHTSXYWFNSYRF^WJXZQYNSRTWJWJ[JSZJGJNSLIJKJWWJIYMFSZSIJWHZWWJSY.SI&8MT\J[JWYMFYIJKJWRJSYNXSTYXNLSNÁHFSY
9MJWJNXSTNRUFHYTKYMJFGT[JTSYMJUWTÁYGJKTWJYF]FSIUWTÁYFKYJWYF]
(ii) Warranty obligations:
9MJ,WTZUUWT[NIJX\FWWFSYNJXKTWLJSJWFQWJUFNWXFSINSFKJ\HTSYWFHYXUWT[NIJXJ]YJSIJI\FWWFSYNJXTWRFNSYJSFSHJXJW[NHJX&XXZHMYMJ,WTZU
J]UJHYX YMFY YMJ KTWRJW YÛJ TK \FWWFSYNJX \NQQ GJ FXXZWFSHJYÛJ \FWWFSYNJX \MNHM \NQQ HTSYNSZJ YT GJ FHHTZSYJI KTW ZSIJW .SI &8 5WT[NXNTSX
(TSYNSLJSY1NFGNQNYNJXFSI(TSYNSLJSY&XXJYXHTSXNXYJSY\NYMNYXHZWWJSYUWFHYNHJ
9MJXJW[NHJYÛJ\FWWFSYNJXJ]YJSIJI\FWWFSYNJXFWJYWJFYJIFXFXJUFWFYJUJWKTWRFSHJTGQNLFYNTS\NYMFUFWYTKYMJYWFSXFHYNTSUWNHJFQQTHFYJIYTYMJ
stand alone selling price of the warranty obligation. The revenue is deferred and recognized over the period of warranty.
250 251
252

NOTES
PARTNER
by the hand of
Ashwin Mankeshwar
(c) Contract costs:
2JRGJWXMNU3T
Gurgaon, 30th May, 2018
&XUJWTZWWJUTWYFYYFHMJI
K. K. MANKESHWAR & CO.
CHARTERED ACCOUNTANTS
+NWR¸X7JLNXYWFYNTS3T<

Financials
(b) Presentation and disclosure requirements:
WJVZNWJRJSYXNS.SI&8FWJHTRUQJYJQ^SJ\
52. STANDARDS ISSUED BUT NOT YET EFFECTIVE (Contd.)
54. Figures for the previous year have been regrouped wherever necessary.
ACCOMPANYING THE CONSOLIDATED FINANCIAL STATEMENTS (Contd.)

53. &RTZSYXXMT\SFXWJUWJXJSYXFRTZSYGJQT\` 50,000 (Rupees Fifty Thousand).
WJHTLSN_NSLYMJRT[JWYMJHTSYWFHYZFQUJWNTI-T\J[JWYMJHMFSLJNXSTYXNLSNÁHFSY
V. R. Venkatesh
Shikha Kapadia
Gurgaon, 30th May, 2018

COMPANY SECRETARY
CHIEF FINANCIAL OFFICER
CHAIRMAN
K.N. Neelkant
).3
).3
Gautam Thapar
CEO & MANAGING DIRECTOR
` crore
9MJ,WTZUFQXTJ]UJHYXFHMFSLJNSYMJRFSSJWYMFYNYWJHTLSN_JXHJWYFNSNSHWJRJSYFQFSIKZQÁQRJSYHTXYXKWTRJ]UJSXNSLYMJRFXNSHZWWJIYTIJKJWWNSLFSI
.SI&8UWT[NIJXUWJXJSYFYNTSFSIINXHQTXZWJWJVZNWJRJSYX\MNHMFWJRTWJIJYFNQJIYMFSZSIJWHZWWJSY.SI&89MJUWJXJSYFYNTSWJVZNWJRJSYXWJUWJXJSYF
XNLSNÁHFSYHMFSLJKWTRHZWWJSYUWFHYNHJFSIXNLSNÁHFSYQ^NSHWJFXJXYMJ[TQZRJTKINXHQTXZWJXWJVZNWJINS,WTZU¸XÁSFSHNFQXYFYJRJSYX2FS^TKYMJINXHQTXZWJ
ADDITIONAL INFORMATION, AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013, OF ENTERPRISES CONSOLIDATED AS PARENT, SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
FOR THE YEAR ENDED 31st MARCH 2018
Share in other comprehensive Share in total comprehensive

Net assets Share in profit or loss income income
Name of the entity in the Group &X

TK &X
TK
&X
TK &X
TK consolidated other consolidated total
consolidated net &RTZSY consolidated &RTZSY comprehensive &RTZSY comprehensive &RTZSY

assets ` crore profit or loss ` crore income ` crore income ` crore
Parent :
(,5T\JWFSI.SIZXYWNFQ8TQZYNTSX1NRNYJI 52.11 1,414.29 49.86 (581.26) 22.77 (33.86) 46.79 (615.12)

Financials
Indian Subsidiaries :
(,55.&IMJXN[J5WTIZHYX1NRNYJI 0.56 15.24 0.22 (2.52) (0.03) 0.05 0.19 (2.47)
(,5T\JW8TQZYNTSX1NRNYJI 1.82 49.33 6.85 (79.92) - - 6.08 (79.92)
(,5T\JW*VZNURJSY1NRNYJI KTWRJWQ^(WTRUYTS,WJF[JX(TSXZRJW 0.00 0.03 (0.00) 0.00 - - (0.00) 0.00

5WTIZHYX1NRNYJI
Foreign Subsidiaries :
(,.SYJWSFYNTSFQ'; 11.87 322.06 22.86 (266.46) (273.19) 406.25 (10.63) 139.79
CG Holdings Belgium N.V. (9.63) (261.44) (5.31) 61.86 114.39 (170.11) 8.23 (108.25)
CG Power Systems Belgium N.V. 0.87 23.74 11.39 (132.83) (41.93) 62.35 5.36 (70.48)
(,5T\JW8^XYJRX.WJQFSI1NRNYJI 10.00 271.48 1.69 (19.65) 34.78 (51.72) 5.43 (71.37)
(,8FQJX3JY\TWPX+WFSHJ8& 0.31 8.39 (0.05) 0.55 0.08 (0.12) (0.03) 0.43
(,5T\JW8^XYJRX(FSFIF.SH (0.62) (16.83) 0.45 (5.23) (13.00) 19.34 (1.07) 14.11
59(,5T\JW8^XYJRX.SITSJXNF 26.56 720.80 (11.47) 133.76 118.01 (175.50) 3.18 (41.74)
(,,FS_,JSJWFYTWFSI2TYTW11( 2.08 56.34 0.25 (2.90) (1.82) 2.71 0.01 (0.19)

KTWRJWQ^(,-TQINSLX-ZSLFW^0KY
CG Electric Systems Hungary Zrt. (5.18) (140.65) 17.95 (209.32) 44.34 (65.94) 20.94 (275.26)
(,8JW[NHJ8^XYJRX+WFSHJ8&8 0.23 6.33 (0.03) 0.37 0.44 (0.65) 0.02 (0.28)
(,5T\JW:8&.SH - - (3.88) 45.23 54.44 (80.96) 2.72 (35.73)
(,5T\JW&RJWNHFX11( (0.60) (16.25) (0.20) 2.39 (0.24) 0.36 (0.21) 2.75
(,8TQZYNTSX&RJWNHFX11( 0.26 7.08 0.36 (4.24) (3.04) 4.53 (0.02) 0.29
(,-TQINSLX&RJWNHFX11( (3.49) (94.62) 1.18 (13.81) 7.48 (11.12) 1.90 (24.93)
6*.11( (0.93) (25.26) (0.36) 4.20 - - (0.32) 4.20
(,5T\JW8TQZYNTSX:01NRNYJI 0.77 20.95 (0.24) 2.75 14.77 (21.97) 1.46 (19.22)
(,5T\JW(TZSY^11( - - - - (6.92) 10.29 (0.78) 10.29
(,5T\JW8^XYJRX'WF_NQ19)& 0.03 0.70 - - (15.70) 23.35 (1.78) 23.35
(,5T\JW8TQZYNTSX8FZIN&WFGNF1NRNYJI (0.01) (0.39) 0.39 (4.53) (0.11) 0.17 0.33 (4.36)

253
ADDITIONAL INFORMATION, AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013, OF ENTERPRISES CONSOLIDATED AS PARENT, SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
FOR THE YEAR ENDED 31st MARCH 2018 (Contd.)
254
Share in other comprehensive Share in total comprehensive
Net assets Share in profit or loss income income
Name of the entity in the Group &X

TK &X
TK
&X
TK &X
TK consolidated other consolidated total
consolidated net &RTZSY consolidated &RTZSY comprehensive &RTZSY comprehensive &RTZSY
assets ` crore profit or loss ` crore income ` crore income ` crore
(,.SIZXYWNFQ-TQINSLX8\JIJS&' 2.20 59.71 0.83 (9.66) 22.54 (33.53) 3.28 (43.19)
(,)WN[JXFSI&ZYTRFYNTS8\JIJS&' 7.35 199.45 (0.18) 2.07 7.14 (10.61) 0.65 (8.54)
(,)WN[JXFSI&ZYTRFYNTS3JYMJWQFSIX'; 0.84 22.89 (0.05) 0.55 0.03 (0.05) (0.04) 0.50
(,)WN[JXFSI&ZYTRFYNTS,JWRFS^,RG- 0.40 10.90 (0.46) 5.32 (0.31) 0.46 (0.44) 5.78
CG Middle East FZE 1.07 29.13 7.58 (88.32) 13.47 (20.03) 8.24 (108.35)
Financials
(,.SYJWSFYNTSFQ-TQINSLX8NSLFUTWJ5YJ1NRNYJI 0.48 13.13 (0.01) 0.13 1.17 (1.74) 0.12 (1.61)
Crompton Greaves Sales Network Malaysia sdn.bhd. 0.13 3.56 0.26 (2.97) 0.44 (0.66) 0.28 (3.63)
Non-controlling interests in all subsidiaries (0.00) - 0.20 (2.35)(2.35) - - 0.18 (2.35)
Foreign associates:
(Investment as per the equity method)
8FZIN5T\JW9WFSXKTWRJWX(T1YI - - - - - - - -
(,.SYJWSFYNTSFQ';9W(TSY5[Y(T11( - - - - - - - -
KTWRJWQ^5FZ\JQX2NIIQJ*FXY9W(TSY5[Y(T11(
00*Q+N/FUFS - - - - - - - -
Foreign joint venture:
(Investment as per the equity method)
59(WTRUYTS5WNRF8\NYHMLJFW.SITSJXNF 0.52 14.05 (0.08) 0.90 - - (0.07) 0.90

Solutions
CG Power Limited 2018
and Industrial
Financials
currency
accounts
in foreign
255
STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2018 STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2018
&XFY &XFY 2017-18 2016-17

USD million USD million USD million USD million USD million USD million USD million USD million
(a) Property, plant and equipment 197.59 190.12
Revenue from operations 786.97 709.62
(b) Capital work-in-progress 1.26 1.27
4YMJWNSHTRJ 30.69 29.87
H4YMJWNSYFSLNGQJFXXJYX 7.55 7.13
TOTAL INCOME 817.66 739.49
I.SYFSLNGQJFXXJYXZSIJWIJ[JQTURJSY 4.94 4.32
EXPENSES:
(e) Financial assets
Cost of materials consumed 534.99 468.68
N .S[JXYRJSYX 157.82 67.95
NN 1TFSX 1.05 1.02
(MFSLJXNSNS[JSYTWNJXTKÁSNXMJILTTIX\TWPNSUWTLWJXXFSIXYTHPNSYWFIJ 27.74 (25.06)
NNN 4YMJWX 3.00 7.23
*]HNXJIZY^ 15.24 60.30
K 4YMJWSTSHZWWJSYFXXJYX 0.32 0.49
*RUQT^JJGJSJÁYXJ]UJSXJ 56.31 53.40
373.53 279.53
2. CURRENT ASSETS:
F .S[JSYTWNJX 63.53 115.77
4YMJWJ]UJSXJX 91.97 72.25
(b) Financial assets
TOTAL EXPENSES 782.45 701.21
N .S[JXYRJSYX 0.00 0.80
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 35.21 38.28
(ii) Trade receivables 263.91 228.29
*]HJUYNTSFQNYJRX SJY (70.25) (14.87)
(iii) Cash and cash equivalents 91.01 85.51
(iv) Bank balances other than (iii) above 0.15 0.20
TAX EXPENSE:
[ 1TFSX 240.84 226.23
(ZWWJSYYF] - 5.42
[N 4YMJWX 6.99 31.50
)JKJWWJIYF]2&9 HWJINYJSYNYQJRJSY - (1.76)
)JKJWWJIYF] HWJINY 7.21 (2.04)
I 4YMJWHZWWJSYFXXJYX 73.49 139.21
7.21 1.62
752.85 835.51
3. (ZZL[ZJSHZZPÂLKHZOLSKMVYZHSLHUKKPZJVU[PU\LKVWLYH[PVUZ 11.48 24.77
LOSS FROM DISCONTINUED OPERATIONS BEFORE TAX (12.33) (4.96)
TOTAL ASSETS 1137.86 1139.81
9F]J]UJSXJ HWJINYTKINXHTSYNSZJITUJWFYNTSX (4.27) (1.72)
PROFIT / (LOSS) FOR THE YEAR (50.31) 18.55
EQUITY:
(a) Equity share capital 19.23 19.33
(b) 4YMJWJVZNY^ 570.10 628.26
& N .YJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX (5.56) (8.19)
589.33 647.59
NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX 0.31 0.26
LIABILITIES:
' N .YJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX - -
OTHER COMPREHENSIVE INCOME FOR THE YEAR (5.25) (7.93)
(i) Borrowings 128.38 77.66
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (55.56) 10.62
NN 4YMJWÁSFSHNFQQNFGNQNYNJX 0.22 0.17
Earnings per share for continuing operations (in USD) (0.07) 0.03
128.60 77.83
Earnings per share for discontinued operations (in USD) (0.01) (0.00)
(b) Provisions 8.18 9.22
Earnings per share (basic and diluted) (in USD) (0.08) 0.03
H )JKJWWJIYF]QNFGNQNYNJX SJY 1.86 33.12
2. CURRENT LIABILITIES: Note: &[JWFLJJ]HMFSLJWFYJHTSXNIJWJIKTW:8)NSNX` 64.5442 and in 2016-17 is ` 67.0978
(ii) Trade payables 192.23 168.30
NNN 4YMJWÁSFSHNFQQNFGNQNYNJX 63.16 39.37
352.24 317.20
G 4YMJWHZWWJSYQNFGNQNYNJX 41.99 44.10
(c) Provisions 15.52 10.60
3. 3PHIPSP[PLZHZZVJPH[LK^P[ONYV\WVMHZZL[ZJSHZZPÂLKHZOLSKMVYZHSLHUKKPZJVU[PU\LK
operations 0.14 0.15
Note: (QTXNSLJ]HMFSLJWFYJHTSXNIJWJIKTW:8)FXFYXY2FWHMNX` 65.1700 and as at 31st March, 2017 is ` 64.8450
256 257
STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2018 STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2018
&XFY &XFY 2017-18 2016-17

Euro million Euro million Euro million Euro million Euro million Euro million Euro million Euro million
H4YMJWNSYFSLNGQJFXXJYX 6.09 6.67
I.SYFSLNGQJFXXJYXZSIJWIJ[JQTURJSY 3.98 4.04
EXPENSES:
(e) Financial assets
Cost of materials consumed 444.97 437.20
N .S[JXYRJSYX 127.30 63.60
NN 1TFSX 0.85 0.96
(MFSLJXNSNS[JSYTWNJXTKÁSNXMJILTTIX\TWPNSUWTLWJXXFSIXYTHPNSYWFIJ 23.08 (23.37)
NNN 4YMJWX 2.42 6.77
*]HNXJIZY^ 12.68 56.25
K 4YMJWSTSHZWWJSYFXXJYX 0.26 0.46
*RUQT^JJGJSJÁYXJ]UJSXJ 46.83 49.81
301.30 261.61
2. CURRENT ASSETS:
F .S[JSYTWNJX 51.25 108.36
4YMJWJ]UJSXJX 76.50 67.40
(b) Financial assets
TOTAL EXPENSES 650.80 654.12
N .S[JXYRJSYX 0.00 0.75
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 29.28 35.70
(ii) Trade receivables 212.88 213.66
*]HJUYNTSFQNYJRX SJY (58.43) (13.87)
(iii) Cash and cash equivalents 73.42 80.03
(iv) Bank balances other than (iii) above 0.12 0.18
TAX EXPENSE:
[ 1TFSX 194.27 211.72
(ZWWJSYYF] - 5.05
[N 4YMJWX 5.64 29.48
)JKJWWJIYF]2&9 HWJINYJSYNYQJRJSY - (1.65)
I 4YMJWHZWWJSYFXXJYX 59.28 130.29
5.99 1.50
607.29 781.95
TOTAL ASSETS 917.85 1066.74
9F]J]UJSXJ HWJINYTKINXHTSYNSZJITUJWFYNTSX (3.55) (1.60)
PROFIT / (LOSS) FOR THE YEAR (41.84) 17.30
EQUITY:
(b) 4YMJWJVZNY^ 459.87 587.98
& N .YJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX (4.63) (7.64)
LIABILITIES: 475.38 606.07
NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX 0.26 0.24
' N .YJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX - -
OTHER COMPREHENSIVE INCOME FOR THE YEAR (4.37) (7.40)
NN 4YMJWÁSFSHNFQQNFGNQNYNJX 0.18 0.16
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (46.21) 9.90
103.74 72.84
Earnings per share for continuing operations (in Euro) (0.06) 0.03
(b) Provisions 6.60 8.63
Earnings per share for discontinued operations (in Euro) (0.01) (0.00)
H )JKJWWJIYF]QNFGNQNYNJX SJY 1.50 30.99
Earnings per share (basic and diluted) (in Euro) (0.07) 0.03
2. CURRENT LIABILITIES:
(a) Financial liabilities Note: &[JWFLJJ]HMFSLJWFYJHTSXNIJWJIKTW*ZWTNSNX` 77.6015 and in 2016-17 is ` 71.9290
(ii) Trade payables 155.07 157.51
284.13 296.88
Note: (QTXNSLJ]HMFSLJWFYJHTSXNIJWJIKTW*ZWTFXFYXY2FWHMNX` 80.7910 and as at 31st March 2017 is ` 69.2870
258 259
&XFY &XFY 2017-18 2016-17

USD million USD million USD million USD million USD million USD million USD million USD million
(c) Goodwill 25.68 22.14
I4YMJWNSYFSLNGQJFXXJYX 24.68 28.50
EXPENSES:
J.SYFSLNGQJFXXJYXZSIJWIJ[JQTURJSY 5.17 5.13
(f) Financial assets Cost of materials consumed 654.96 569.38
N .S[JXYRJSYX 22.31 31.45 Purchases of stock-in-trade 7.23 35.23
NN 1TFSX 1.05 1.02 (MFSLJXNSNS[JSYTWNJXTKÁSNXMJILTTIX\TWPNSUWTLWJXXFSIXYTHPNSYWFIJ 20.97 (25.33)
L )JKJWWJIYF]FXXJYX 4.25 4.10 *]HNXJIZY^ 15.32 60.67
M 4YMJWSTSHZWWJSYFXXJYX 0.33 0.50 *RUQT^JJGJSJÁYXJ]UJSXJ 82.41 76.51
301.05 309.43 Finance costs 33.98 27.74
2. CURRENT ASSETS: )JUWJHNFYNTSFSIFRTWYNXFYNTSJ]UJSXJ 23.12 21.30
F .S[JSYTWNJX 90.16 136.03 4YMJWJ]UJSXJX 122.75 100.44
N .S[JXYRJSYX 0.00 0.81 PROFIT BEFORE SHARE OF PROFIT / (LOSS) FROM ASSOCIATES AND JOINT VENTURE,
(ii) Trade receivables 308.31 289.48 EXCEPTIONAL ITEMS AND TAX 19.53 26.96
(iii) Cash and cash equivalents 100.02 111.73 8MFWJTKUWTÁY QTXXKWTRFXXTHNFYJXFSIOTNSY[JSYZWJ (0.27) (0.23)
(iv) Bank balances other than (iii) above 6.38 5.59 *]HJUYNTSFQNYJRX SJY (68.60) (10.84)
[ 1TFSX 6.74 11.76 PROFIT / (LOSS) BEFORE TAX (49.34) 15.89
[N 4YMJWX 0.05 26.72 TAX EXPENSE:
H (ZWWJSYYF]FXXJYX SJY 14.91 10.88 (ZWWJSYYF] 5.26 8.80
I 4YMJWHZWWJSYFXXJYX 117.64 186.98 )JKJWWJIYF]2&9HWJINYJSYNYQJRJSY - (1.76)
644.21 779.98
11.60 4.19
TOTAL ASSETS 1399.33 1571.15
9F]J]UJSXJ HWJINYXTKINXHTSYNSZJITUJWFYNTSX (4.11) (3.33)
EQUITY:
LOSS FOR THE YEAR (180.63) (73.12)
(b) 4YMJWJVZNY^ 397.24 614.66
Attributable to:
416.47 633.99
LIABILITIES:
(a) Financial liabilities (180.63) (73.12)
(i) Borrowings 128.46 77.69 OTHER COMPREHENSIVE INCOME:
NN 4YMJWÁSFSHNFQQNFGNQNYNJX 0.24 0.18 & N .YJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX (6.25) (8.60)
128.70 77.87 NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX 0.49 0.36
(b) Provisions 10.09 10.98 ' N .YJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX (17.28) 8.77
H)JKJWWJIYF]QNFGNQNYNJX 5.48 40.45 NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX - -
I 4YMJWSTSHZWWJSYQNFGNQNYNJX 0.06 0.14 OTHER COMPREHENSIVE INCOME FOR THE YEAR (23.04) 0.53
2. CURRENT LIABILITIES: TOTAL COMPREHENSIVE INCOME FOR THE YEAR (203.67) (72.59)
(a) Financial liabilities Attributable to:
(i) Borrowings 119.53 109.59 Equity holders of the parent (203.36) (72.62)
(ii) Trade payables 218.46 213.30 Non-controlling interests 0.31 (0.03)
411.21 385.24 Earnings per share for continuing operations (in USD) (0.97) 0.18
Earnings per share for discontinued operations (in USD) (1.91) (1.35)
Earnings per share (basic and diluted) (in USD) (2.88) (1.17)
Note: &[JWFLJJ]HMFSLJWFYJHTSXNIJWJIKTW:8)NSNX` 64.5442 and in 2016-17 is ` 67.0978
Note: (QTXNSLJ]HMFSLJWFYJHTSXNIJWJIKTW:8)FXFYXY2FWHMNX` 65.1700 and as at 31st March, 2017 is ` 64.8450
260 261
&XFY &XFY 2017-18 2016-17

Euro million Euro million Euro million Euro million Euro million Euro million Euro million Euro million
(c) Goodwill 20.72 20.72
I4YMJWNSYFSLNGQJFXXJYX 19.91 26.67
EXPENSES:
J.SYFSLNGQJFXXJYXZSIJWIJ[JQTURJSY 4.17 4.81
(f) Financial assets Cost of materials consumed 544.75 531.14
N .S[JXYRJSYX 17.99 29.43 Purchases of stock-in-trade 6.01 32.87
NN 1TFSX 0.85 0.96 (MFSLJXNSNS[JSYTWNJXTKÁSNXMJILTTIX\TWPNSUWTLWJXXFSIXYTHPNSYWFIJ 17.44 (23.63)
L )JKJWWJIYF]FXXJYX 3.42 3.84 *]HNXJIZY^ 12.75 56.59
M 4YMJWSTSHZWWJSYFXXJYX 0.27 0.46 *RUQT^JJGJSJÁYXJ]UJSXJ 68.55 71.37
242.84 289.59 Finance costs 28.26 25.87
2. CURRENT ASSETS: )JUWJHNFYNTSFSIFRTWYNXFYNTSJ]UJSXJX 19.23 19.87
F .S[JSYTWNJX 72.73 127.31 4YMJWJ]UJSXJX 102.10 93.69
N .S[JXYRJSYX 0.00 0.75 PROFIT BEFORE SHARE OF PROFIT / (LOSS) FROM ASSOCIATES AND JOINT VENTURE,
(ii) Trade receivables 248.70 270.92 EXCEPTIONAL ITEMS AND TAX 16.24 25.15
(iii) Cash and cash equivalents 80.68 104.56 8MFWJTKUWTÁY QTXXKWTRFXXTHNFYJXFSIOTNSY[JSYZWJ (0.22) (0.22)
(iv) Bank balances other than (iii) above 5.15 5.23 *]HJUYNTSFQNYJRX SJY (57.06) (10.11)
[ 1TFSX 5.43 11.01 PROFIT / (LOSS) BEFORE TAX (41.04) 14.82
[N 4YMJWX 0.04 25.01 TAX EXPENSE:
H (ZWWJSYYF]FXXJYX SJY 12.03 10.19 (ZWWJSYYF] 4.37 8.21
I 4YMJWHZWWJSYFXXJYX 94.89 174.99 )JKJWWJIYF]2&9HWJINYJSYNYQJRJSY - (1.65)
519.65 729.97
9.65 3.91
TOTAL ASSETS 1128.77 1470.42
9F]J]UJSXJ HWJINYXTKINXHTSYNSZJITUJWFYNTSX (3.42) (3.11)
EQUITY:
LOSS FOR THE YEAR (150.24) (68.21)
(b) 4YMJWJVZNY^ 320.43 575.25
Attributable to:
335.95 593.34
LIABILITIES:
(a) Financial liabilities (150.24) (68.21)
(i) Borrowings 103.63 72.71 OTHER COMPREHENSIVE INCOME:
NN 4YMJWÁSFSHNFQQNFGNQNYNJX 0.19 0.16 & N .YJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX (5.19) (8.03)
103.82 72.87 NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQSTYGJWJHQFXXNÁJIYTUWTÁYTWQTXX 0.40 0.34
(b) Provisions 8.14 10.28 ' N .YJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX (14.37) 8.18
H )JKJWWJIYF]QNFGNQNYNJX 4.42 37.86 NN .SHTRJYF]WJQFYNSLYTNYJRXYMFY\NQQGJWJHQFXXNÁJIYTUWTÁYTWQTXX - -
I 4YMJWSTSHZWWJSYQNFGNQNYNJX 0.05 0.14 OTHER COMPREHENSIVE INCOME FOR THE YEAR (19.16) 0.49
2. CURRENT LIABILITIES: TOTAL COMPREHENSIVE INCOME FOR THE YEAR (169.40) (67.72)
(a) Financial liabilities Attributable to:
(i) Borrowings 96.42 102.57 Equity holders of the parent (169.14) (67.75)
(ii) Trade payables 176.22 199.62 Non-controlling interests 0.26 (0.03)
331.70 360.54 Earnings per share for continuing operations (in Euro) (0.81) 0.17
Earnings per share for discontinued operations (in Euro) (1.58) (1.26)
Earnings per share (basic and diluted) (in Euro) (2.39) (1.09)
Note: &[JWFLJJ]HMFSLJWFYJHTSXNIJWJIKTW*ZWTNSNX` 77.6015 and in 2016-17 is ` 71.9290
Note: (QTXNSLJ]HMFSLJWFYJHTSXNIJWJIKTW*ZWTFXFYXY2FWHMNX` 80.7910 and as at 31st March, 2017 is ` 69.2870
262 263
CG Power and Industrial CG Power and Industrial Products
Solutions Limited 2018 Solutions Limited 2018 and Services
power 4=,SLJ[YPJHSZVM[Z[HY[LYZ\W[VR=2>
4>
systems (\[VTH[PJ*PYJ\P[9LJSVZLYZ\W[VR=
.HZ0UZ\SH[LK:LJ[PVUHSPaLY3VHK)YLHR:^P[JO
CG INDIA upto 36kV
TRANSFORMERS
Auto Transformers (up to 1200kV) ENGINEERING PROJECTS
Distribution Transformers Projects on turnkey basis from concept to
,ULYN`,ɉJPLU[;YHUZMVYTLYZ commissioning:
Dry Type Transformers (Cast Resin) ;\YURL`(PY0UZ\SH[LK:\IZ[H[PVU\W[VR=
3VJVTV[P]L;YHUZMVYTLYZ ;\YURL`.HZ0UZ\SH[LK:\IZ[H[PVU\W[VR=
products
:VSHY0U]LY[LYHWWSPJH[PVU;YHUZMVYTLYZ *VU[YVSHUK(\[VTH[PVU7YVQLJ[Z
*VU]LY[LY(WWSPJH[PVU;YHUZMVYTLYZ ,UNPULLYLK7HJRHNLZ
;YHJ[PVU;YHUZMVYTLYZ *VUZ[Y\J[PVU7HJRHNLZMVYVÛ,/=
-\YUHJL;YHUZMVYTLYZ Equipments
9LJ[PÄLY;YHUZMVYTLYZ
and
:O\U[9LHJ[VYZ\W[VR= CG POWER SYSTEM SERVICE
.LULYH[VY;YHUZMVYTLYZ\W[VR= :P[L:LY]PJLZ
Systems Transformers Repair & Refurbishment
Phase Shifting Transformers *VUKP[PVU4VUP[VYPUNHUK+PHNUVZ[PJZVM7V^LY
Earthing Transformers Apparatus
services
0ZVSH[PVU;YHUZMVY]TLYZ
Coupling Transformers for STATCOM CG POWER SYSTEMS BELGIUM NV
TRANSFORMERS
SWITCHGEAR ;OYLLWOHZLSPX\PKÄSSLK+PZ[YPI\[PVUHUK:THSS
*\YYLU[;YHUZMVYTLYZ\W[VR=^P[O7VYJLSHPU 7V^LY;YHUZMVYTLYZ\W[V4=(HUKR=
and Composite Insulators) Single phase transformers for pole—and
*HWHJP[P]L=VS[HNL;YHUZMVYTLY\W[VR= WSH[MVYTTV\U[PUN\W[VR=(HUKR=
^P[O7VYJLSHPUHUK*VTWVZP[L0UZ\SH[VYZ 3PX\PKÄSSLK7V^LY;YHUZMVYTLYZ\W[VR=
0UK\J[P]L=VS[HNL;YHUZMVYTLYZ\W[VR= Mobile Transformers (up to 230kV)
*VUKLUZLY)\ZOPUNZ\W[VR= ,ULYN`LɉJPLU[;YHUZMVYTLYZHZWLY[OL,<
*V\WSPUN.YHKPUN*HWHJP[VYZ\W[VR= ,JVKLZPNU<:+6,YLN\SH[PVUZHUK0UKPHU:[HY
0UKVVY 6\[KVVY=HJ\\T*PYJ\P[)YLHRLYZ\W program)
to 36kV Amorphous Metal Transformers
Indoor GIS up to 36kV Smart Grid Distribution Transformers (up to
.HZ*PYJ\P[)YLHRLYZ\W[VR= R=(HUKR=
3PNO[UPUN(YYLZ[LYZ\W[VR=HSVUN^P[O Cast Resin Dry Type Transformers (up to 10MVA
HSSPLKHJJLZZVYPLZ7VYJLSHPUHZ^LSSHZ7VS`TLY and 36kV)
Insulators) *VTWHJ[:304;YHUZMVYTLY\W[V4=(HUK
+PZJVUULJ[VYZ\W[VR= 36kV)
=HJ\\T0U[LYY\W[LYZ\W[VR= *VTWHJ[)PV:304;YHUZMVYTLYZ\W[V
3= 4==HJ\\T*VU[HJ[VYZ\W[VR= 4=(HUKR=
(\[VTH[PJ=HJ\\T*HWHJP[VY:^P[JO6\[KVVY Green City Transformers (up to 30MVA and
=HJ\\T*VU[HJ[VY<W[VR= R=
5\TLYPJHS7YV[LJ[PVU9LSH`Z:\IZ[H[PVU :LSMWYV[LJ[PUN+PZ[YPI\[PVU;YHUZMVYTLYZ\W[V
(\[VTH[PVU *VU[YVS7YVK\J[Z 1000kVA)
.HZ0UZ\SH[LK:^P[JONLHY.0:R= ;YHUZMVYTLYZMVYOHaHYKV\ZHYLHZSPRL(;,?\W
+LHK;HUR*PYJ\P[)YLHRLY+;)R= to 30MVA)
Auto Transformers
264 265
CG Power and Industrial Products CG Power and Industrial Products
Solutions Limited 2018 and Services Solutions Limited 2018 and Services
Neutral grounding Transformers SYSTEMS DIVISION Amorphous Core Transformers SERVICES DIVISION
9LHJ[VYZHUK5L\[YHS7VPU[9LHJ[VYZ /PNO=VS[HNL;YHUZTPZZPVU:`Z[LTZ,UNPULLYPUN 0UZ\SH[PUN3PX\PKZ!4PULYHS6PS:PSPJVU6PS :P[LLYLJ[PVUHUKTHPU[LUHUJLVM7V^LY
;YHJ[PVU;YHUZMVYTLYZ:[H[PVUHY`[YHJRZPKL HUK:\WLY]PZVY`ZLY]PJLZ :Ù[OL[PJ,Z[LY 5H[\YHS,Z[LY ;YHUZMVYTLYZHUK.HZ0UZ\SH[LK:^P[JONLHY
HUK3VJVTV[P]L ,UNPULLYPUN*VUZ\S[HUJ`MVY[YHUZTPZZPVUNYPK :LSMWYV[LJ[PUN+PZ[YPI\[PVU;YHUZMVYTLYZ\W[V
Phase Shifting Transformers VWLYH[VYZHUK.YPKJVTWSPHUJLHUHS`ZPZ 1000kVA) CG POWER AMERICAS LLC
*VU]LY[LY;YHUZMVYTLYZ ;\YURL`(0:HUK.0:;YHUZTPZZPVU7YVQLJ[Z\W Earthing Transformers and Combined Earthing DISTRIBUTION TRANSFORMERS
.LULYH[VYZ[LW\W;YHUZMVYTLYZ [VR=PUJS\KPUN! ;YHUZMVYTLYZ^P[O(\_PSPHY` 7HK4V\U[4VK\SHY+PZ[YPI\[PVU*LU[YLZ
*VTWHJ[<UP[:\IZ[H[PVUZ\W[V4=(HUK 9\YHS.YLLUÄLSK,SLJ[YPÄJH[PVUWYVQLJ[Z :LYPLZ9LHJ[VYZ ;OYLLWOHZL7VSLVY7SH[MVYT;`WL
36kV) ;YHUZTPZZPVU.YPKJVUULJ[PVUZHUK 7HK4V\U[LK;YHUZMVYTLYZ ;OYLLWOHZL7HK4V\U[LK
4PJYV:\IZ[H[PVUZ\W[VR=(HUKR= :\IZ[H[PVUZMVY6UHUK6ɈZOVYL^PUKWHYRZ ;YHUZMVYTLYZMVY,SLJ[YPJ=LOPJSL*OHYNPUN :LJVUKHY`<UP[:\IZ[H[PVUZ;YHUZMVYTLYZ
7YPTHY`<UP[:\IZ[H[PVUZ0,,,[`WL\W[V 0UK\Z[YPHS/= 4=:\IZ[H[PVU0UZ[HSSH[PVUZ\W Stations 7YPTHY`<UP[:\IZ[H[PVU;YHUZMVYTLYZ
4=(HUKR= [VR= Phase Shifting Transformers *VU]LY[LY;YHUZMVYTLY
:LJVUKHY`<UP[:\IZ[H[PVUZ0,,,[`WL\W[V 4VK\SHY/=HUK4=Z\IZ[H[PVUZ\W[VR= ;OYLL7OHZL:[H[PVU;`WL
4=(HUKR= Mobile GIS and AIS Substations and CG ELECTRIC SYSTEMS ;OYLL7OHZL>PUK7(+
Pad mounted Transformers (up to 10MVA and *HWHJP[VY)HURZ\W[VR= HUNGARY ZRT ;OYLL7OHZL:VSHY7(+
36kV) 4VIPSL/=*PYJ\P[)YLHRLYZ\W[VR= TRANSFORMERS DIVISION
Modular Distribution Transformer (IEEE type up 4VIPSL4=:^P[JONLHY\W[VR= /PNO=VS[HNL7V^LY;YHUZMVYTLYZ\W[VR= POWER TRANSFORMERS
[V4=(HUKR= ;YHUZTPZZPVU3PUL7YVQLJ[Z\W[VR= 7V^LY;YHUZMVYTLYZÄSSLK^P[OTPULYHSVPS\W[V :THSS7V^LY;YHUZMVYTLYZ
:\ITHYPULJHISLHUK\UKLYNYV\UKJHISL 4=( 3HYNL7V^LY;YHUZMVYTLYZ
CG HOLDINGS BELGIUM NV [YHUZTPZZPVUWYVQLJ[Z\W[VR= 7V^LY;YHUZMVYTLYZÄSSLK^P[OIPVKLNYHKHISL Auto Transformers
SERVICES DIVISION: EMEA Flexible AC Transmission Systems (FACTS) liquid .LULYH[VY:[LW\W;YHUZMVYTLYZ
0UZ[HSSH[PVU*VTTPZZPVUPUN4HPU[LUHUJL ;YHUZTPZZPVUWYVQLJ[HZZL[SLHZPUNHUKYLU[PUN ;YHJRZPKL;YHUZMVYTLYZ Mobile Transformers
9LWHPY 9LM\YIPZOTLU[VMJVTWSL[LZ\IZ[H[PVUZ Smart Gid Solutions 3VJVTV[P]L;YHUZMVYTLYZ :O\U[9LHJ[VYZ
;YHUZMVYTLYZ6U3PUL;HW*OHUNLYZ.0:(0:VM Substation Control and Automation Systems ;YHJ[PVU;YHUZMVYTLYZ 4LKP\T7V^LY;YHUZMVYTLYZ
VÛTHRLHUKV[OLYIYHUKZ Distribution Automation Systems Mobile Transformers 9LN\SH[PUN7V^LY;YHUZMVYTLYZ
:P[LPU[LY]LU[PVU:LY]PJLZHUKH+LKPJH[LK ;YHUZTPZZPVU4=HUK/=:*(+(WYVQLJ[Z -\YUHJL;YHUZMVYTLYZ :`Z[LT;^V>PUKPUN;YHUZMVYTLYZ
9LWHPY:OVWMVY;YHUZMVYTLYZ\W[VR=HSS /=:\IZ[H[PVUYLM\YIPZOTLU[WYVQLJ[Z 9LJ[PÄLY;YHUZMVYTLYZ
IYHUKZ:OLSSHUK*VYL[`WL :WLJPHS7\YWVZL;YHUZMVYTLYZ EHV SWITCHGEAR
9L]LYZLLUNPULLYPUNYLM\YIPZOTLU[HUKYLWHPY DISTRIBUTION TRANSFORMER DIVISION Phase Shifting Transformers R=6\[KVVY.HZ*PYJ\P[)YLHRLY+LHK;HUR
VM6U3PUL;HW*OHUNLYZPUHKLKPJH[LKYLWHPY :PUNSLWOHZL+PZ[YPI\[PVU;YHUZMVYTLYZR=([V R=¶R=3P]L.HZ*PYJ\P[)YLHRLY3P]L;HUR
^VYRZOVW 200kVA up to 36kV SWITCHGEAR DIVISION R=¶R=*\YYLU[;YHUZMVYTLY
6WLYH[PVUZHUK4HPU[LUHUJLZLY]PJLMVY ;OYLLWOHZL+PZ[YPI\[PVU;YHUZMVYTLYZR=([V :-.HZ*PYJ\P[)YLHRLYZ R=¶R=0UK\J[P]L=VS[HNL;YHUZMVYTLY
VUZOVYLVɈZOVYLZ\IZ[H[PVUZ R=(\W[VR= .HZ0UZ\SH[LK:^P[JONLHY.0:\W[VR= R=¶R=*HWHJP[P]L=VS[HNL;YHUZMVYTLY
8\PJRKLSP]LY`VMZWHYLWHY[Z 4PUP4PJYV 79*:ZLSMWYV[LJ[LKWHJRHNL +LHK;HUR)YLHRLYR= R=¶R=*VUKLUZLY)\ZOPUN6PS
-HZ[ZLY]PJLMVYYLM\YIPZOTLU[VM+PZ[YPI\[PVU Z\IZ[H[PVUZ\W[VR=( Impregnated)
Transformers <UP[Z\IZ[H[PVUZ^P[OVY^P[OV\[WYV[LJ[PVU\W[V SYSTEMS DIVISION R=¶R=9LZPU0TWYLNUH[LK7HWLY)\ZOPUN
Oil and SF6 treatment 1000kVA .0:HUK(0::\IZ[H[PVUZ\W[VR= .HZ0UZ\SH[LK:^P[JONLHY<W[VR=
Condition Based Monitoring 4=+PZ[YPI\[PVU:`Z[LTZ[H[PVUZJVTWSL[L^P[O 0UK\Z[YPHSHUK.LULYH[PVU/= 4=:\IZ[H[PVUZ 6Ɉ3VHK+PZJVUULJ[VY<W[VR=
(ZZL[(ZZLZZTLU[HUK+PHNUVZ[PJZ 4= 3=WYV[LJ[PVU\W[VR=( 0UZ[HSSH[PVUZ\W[VR=
Lifetime Extension Programs 0U[LYMHJL;YHUZMVYTLYZ\W[VR=( ;YHUZTPZZPVU3PUL7YVQLJ[Z\W[VR= ARRESTORS
Customer training Auto Transformers up to 10000kVA :\ITHYPULHUK\UKLYNYV\UKJHISL[YHUZTPZZPVU +PZ[YPI\[PVU*SHZZ<W[VR=
+LKPJH[LK:LY]PJLLU[P[PLZPU 9LJ[PÄLY;YHUZMVYTLYZ WYVQLJ[Z\W[VR= :[H[PVU*SHZZ<W[VR=
Belgium (North & South) :304;YHUZMVYTLYZ\W[VR= ;YHUZTPZZPVUWYVQLJ[HZZL[SLHZPUNHUKYLU[PUN (]HPSHISLIV[OPU7VYJLSHPUHUK7VS`TLYPJ
-YHUJL5VY[O :V\[O :VSHY(WWSPJH[PVU;YHUZMVYTLYZ ;YHUZTPZZPVU4=HUK/=:*(+(WYVQLJ[Z /V\ZPUN
/\UNHY` ;PKHS(WWSPJH[PVU;YHUZMVYTLYZ :\IZ[H[PVUYLM\YIPZOTLU[WYVQLJ[Z
2\^HP[ )H[[LY`:[VYHNL(WWSPJH[PVU;YHUZMVYTLYZ /PNO=VS[HNL;YHUZTPZZPVU:`Z[LTZ,UNPULLYPUN MV SWITCHGEAR
Saudi Arabia /V\ZL;YHUZMVYTLYZ\W[VR= ,UNPULLYPUN*VUZ\S[HUJ`MVY[YHUZTPZZPVUNYPK 0UKVVY 6\[KVVY=HJ\\T*PYJ\P[)YLHRLY<W
<UP[LK(YHI,TPYH[LZ+\IHP ;OYLL7OHZL=LY`3V^3VZZ;YHUZMVYTLYZ operators to 36 kV)
<25VY[O :V\[O Refurbishment of Transformers .HZ0UZ\SH[LK:^P[JONLHY<W[VR=
266 267
CG Power and Industrial Products CG Power and Industrial Products
Solutions Limited 2018 and Services Solutions Limited 2018 and Services
(\[V9LJSVZLY<W[VR= industrial 3HTPUH[LK@VRL+*4V[VYZ-YHTL[V RAIL TRANSPORTATION

:LJ[PVUHSPaLYR=
=HJ\\T*VU[HJ[VY<W[VR= systems R>[VR>
:VSPK@VRL+*TV[VYZ-YHTL[V2>
AND TRACTION
PROPULSION EQUIPMENTS & TRACTION
5\TLYPJHS+PNP[HS7YV[LJ[PVU9LSH`*VTWSHPU[[V [V2> ELECTRONICS
0,* MV MOTORS & GENERATORS: 4PSSK\[`TV[VYZ+*TV[VYZ-YHTL[V (* +*;YHJ[PVU4V[VYZMVY(*3VJVZ+PLZLS
CG INDIA 2>[V2> 3VJVZ,4<Z+,4<Z +,;*Z
SERVICES 4= 3=0UK\J[PVU4V[VYPUJS\KPUNZHMLHYLHHUK (S[LYUH[VYZ)Y\ZOSLZZ:LYPLZ-YHTL[V ;YHJ[PVU(S[LYUH[VYZMVY+PLZLS3VJVZ+,4<Z
4HPU[LUHUJL9LWHPYHUK9L[YVÄ[:LY]PJLZMVY HSS[`WLVMOHaHYKV\ZHYLHTHJOPULZ\W[V4> R=([VR=( DETCs
Transformers 7VSHYP[`\W[VWVSLZ=VS[HNL\W[VR= (S[LYUH[VY<Z[HK:LYPLZ!:SPWYPUN(S[LYUH[VYZ ;YHJ[PVU,SLJ[YPJZMVY(*3VJVZ+,4<Z
HUKPUMYHTL:PaL[VIV[OOVYPaVU[HS MYVTR=([VR=( DETCs
QEI INC. HUK]LY[PJHSMYHTL:X\PYYLS*HNLHUK:SPW9PUN
AUTOMATION SOLUTIONS 0UK\J[PVUTV[VYZPULUJSVZ\YL[`WL;,-**(*( FHP MOTORS RAILWAY SIGNALLING
QEI (formerly CG Automation Solutions) is *(*>:7+7 ;,;= 5,4())-YHTL![V> Signalling Relays
[OLVSKLZ[HUKTVZ[L_WLYPLUJLK<:IHZLK :ÙJOYVUV\Z.LULYH[VYZMYVT4=([V Pole Sheet Metal Body Motors 7VPU[4HJOPULZ
Z\WWSPLYVM:*(+(Z`Z[LTZMVY,SLJ[YPJ;YHUZP[ 4=(PUMYHTLZPaL[V\W[VR=PU 4-YHTL5,4();![V Data Logger
HUK>H[LY>HZ[L^H[LY\[PSP[PLZ*.(\[VTH[PVU LUJSVZ\YLZ[`WL*(*(*(*> :7+7 >7VSL:OLL[4L[HS)VK`4V[VYZ BLDC Fan
PZHM\SSZLY]PJLJVTWHU`^P[O[OLLUNPULLYPUN 0UK\Z[YPHSK\[`+*THJOPULZ\W[VR>PU :-YHTL![V>7VSL:OLL[ 0U[LNYH[LK7V^LY:\WWS`:`Z[LT
THU\MHJ[\YPUN[YHPUPUNHUKZLY]PJLWLYZVUULS[V MYHTLZPaLMYVT[V=VS[HNL\W[V=PU Metal Body Motors 2=(<UKLYZS\UN0U]LY[LY
Z\WWVY[LHJOJ\Z[VTLY»Z:*(+(YLX\PYLTLU[Z LUJSVZ\YLZ[`WL*(*(*(*> :7+7 0,*¶-YHTL![V>7VSL*0 ,4?4V[VY)
MYVTPUJLW[PVU[VJVTWSL[PVU Body Single Phase Motors :^P[JO)VHYK7HULSZ
;VUL;LSLTL[Y`+L]PJLZ MV MOTORS: CG HUNGARY -SHTL7YVVM,UJSVZ\YL![V>7VSL
9LTV[L;LSLTL[Y`<UP[ 4=4V[VYZWV^LY\W[V4>7VSLU\TILY Motors STAMPING
Substation Automation upto 16 in standardised and non standard designs 0,*¶-YHTL![V>7VSL AND LAMINATION
Substation Automation Solutions PU]LY`SV^ZWLLKZ]VS[HNL\W[VR= Aluminum Body Single Phase Motors TTTT[OPJRSHTPUH[PVUMYVTTT
:LY]PJL!4=4V[VYYLM\YIPZOTLU[HUK 6WLU*VUZ[Y\J[PVU*\Z[VTPaLKMYHTLZ! PUJOLZ[VTTPUJOLZKPHTL[LY
PT CG POWER SYSTEMS INDONESIA V]LYOH\SPUN:[H[VYHUK9V[VYYL^PUKPUN [V>7VSL4V[VYZMVY+VTLZ[PJ in CRNGO and CRCA material in all grades &
TRANSFORMERS IHSHUJPUN[LZ[PUNHUKJVTWSL[LKPHNUVZ[PJH[ (WWSPHUJL JVH[PUNZMVYN\HYHU[LLK^H[[SVZZ WLYTLHIPSP[`
WOHZL7V^LY;YHUZMVYTLYZ\W[V4=(¶ MHJ[VY`HUKZP[L HZWLYJ\Z[VTLYYLX\PYLTLU[
R= INDUSTRIAL DRIVES /PNOZWLLK\W[VTTKPHTL[LY^P[O
:PUNSLWOHZL;YHUZMVYTLYZ\W[V4=( GENERATORS: CG HUNGARY AND AUTOMATION HKKP[PVUHSMLH[\YLZSPRLHPYNHWJ\[[PUNH\[V
R= :ÙJOYVUV\Z.LULYH[VYZWV^LYMYVT4=(\W[V 3=+YP]LZ:`Z[LTZ\W[V4>=VS[HNL\W[V Z[HJRLKZ[H[VYZHUKZ[HJRLK ZRL^YV[VYZ
Phase Shifting Transformers 4=(=VS[HNL\W[VR=PUOPNOZWLLKWVSL 690VAC 5V[JOPUNVWLYH[PVU\W[VTTPUJOLZ
4VIPSL;YHUZMVYTLYZ\W[V 4=(R= HUK]LY`SV^ZWLLKMVY/`KYV:[LHTHUK.HZ 3=:VM[Z[HY[LYZ\W[V4>\W[V = KPHTL[LYI`ZPUNSLWVPU[UV[JOPUN
:WLJPHS7\YWVZL;YHUZMVYTLYZ :LY]PJL!YLM\YIPZOTLU[HUKV]LYOH\SPUN\W[V +*+YP]LZ:`Z[LT\W[VR>=VS[HNL\W[V
300MVA 1000VDC
SYSTEMS DIVISION :OHM[7V^LY4VUP[VYZ
(0::^P[JO`HYKZ\W[VR= LT MOTORS (INDIA) 9V[H[PUN/LH[,_JOHUNLY+YP]LZ^P[O:^P[JOLK
.0::^P[JO`HYKZ\W[VR= (*4V[VYZ-YHTL[VR>[VR> 9LS\J[HUJL4V[VYZ
Refurbishment/Extension of GIS ;,-*4V[VYZH]HPSHISLPU:X\PYYLSJHNL *.PZPU[VZVS\[PVUI\ZPULZZMVY:LJ[VY^PZL
4VIPSLHUK*VTWHJ[:\IZ[H[PVU\W[V4=( :SPWYPUNJVUZ[Y\J[PVUZZ\P[HISLMVY:HML(YLH HWWSPJH[PVUZWLJPÄJZVS\[PVUZ WYVQLJ[ZPUJS\KPUN
220kV /HaHYKV\Z(YLH 0U]LY[LY+\[`;YHUZMVYTLY=HYPHISL-YLX\LUJ`
4VIPSL*HWHJP[VY)HURZ (*4V[VYZ(WL_:LYPLZ-YHTL[V3? +YP]LZ:^P[JONLHY7HULSZHUK9V[H[PUN4HJOPULZ
:\IZ[H[PVU(\[VTH[PVUHUK:*(+(WYVQLJ[Z [VR>0,,ɉJPLUJ`HUK-YHTL[V HZJVTWSL[LWHJRHNL
:\IZ[H[PVUYLM\YIPZOTLU[WYVQLJ[Z 3?[V2>0,,ɉJPLUJ`
,UNPULLYPUN*VUZ\S[HUJ`MVY[YHUZTPZZPVUNYPK (*4V[VY5,4(9HUNL[V[V
operators 2>,7(*; 6>7HUK(*4V[VY5,4(
9HUNL[V[V2>7YLTP\T
(*4V[VY2PIVZO:LYPLZ-YHTL[V3
R>[VR>
268 269
Solutions Limited 2018 Solutions Limited 2018 Establishments
registered Maharashtra, India

Tel +91 (0) 240 2558000, 2558081, 2558001,
office 2558031
CG House, 6th Floor Fax +91 (0)240 2554697
Dr. Annie Besant Road Email delip.wakode@cgglobal.com
Worli, Mumbai 400 030
Maharashtra, India ENGINEERING PROJECTS DIVISION
Tel +91 (0)22 2423 7777, 2423 7764, 16th Floor, Tower A, Building No. 5
2423 7765 DLF Cyber City, Sector 25-A
Fax +91 (0)22 2423 7733 DLF Phase III, Gurgaon 122 002
Haryana, India
Tel +91 (0)124 3047700, 3047999
Fax +91 (0)124 3047777
power Email sanjay.sahni@cgglobal.com
systems
establish-
TRANSFORMER DIVISION
Kanjur Marg (East), Mumbai 400 042 industrial
Maharashtra, India
Tel +91 (0)22 6755 8320
systems
ments
Email abhilash.mishra@cgglobal LARGE AND TRACTION
MACHINES (UNIT I)
Plot No. T1-T5 MPAKVN Industrial Area D5 Industrial Area, MPAKVN
District Bhind, Malanpur 477 116 Mandideep 462 046
Madhya Pradesh, India Madhya Pradesh, India
Tel +91 (0)7539 301200, 301254, 301260 Tel +91 (0)7480 4000102, 400103, 400181/2
Fax +91 (0)7539 283585, 301242 Email ashok.kulkarni@cgglobal.com
Email surajit.roy@cgglobal.com
LARGE MOTORS &
Plot No. 29, 30, 31& 32 GENERATOR (UNIT II)
New Industrial Area No.1 Plot No. 9, MPAKVN, Phase 2
AKVN, District Raisen, Industrial Area, Mandideep 462 046
Mandideep 462 046, Madhya Pradesh, India
Madhya Pradesh, India Tel +91 (0)7480 400102
Tel +91 (0)7480 408300, 408201 Email ashok.kulkarni@cgglobal.com
Email anirban.saha@cgglobal.com
LT MOTORS (UNIT I)
SWITCHGEAR DIVISION Plot No. A-6/2, MIDC Industrial Area,
A-3, M.I.D.C., Ambad, Ahmednagar 414 111
Nashik 422 010 Maharashtra, India
Maharashtra, India Tel +91 (0)241 6626102, 2777500
Fax +91 (0)253 2381247 Email ramesh.kumar@cgglobal.com
Email mukul.srivastava@cgglobal.com
LT MOTORS (UNIT II)
S6 & POWER QUALITY B-108/109, MIDC Industrial Area,
Vacuum Interrupters & Instrument Transformer Ahmednagar 414 111
Division Maharashtra, India
D2 & D1/2, MIDC, Waluj Tel +91 (0)241 6624121
Aurangabad 431 136, Email gautam.suvarnpathaki@cgglobal.com
270 271
Solutions Limited 2018 Establishments Solutions Limited 2018 Establishments
LT MOTORS (UNIT III) branch & Tel +91 (0)33 22829681-85 BARODA (SATELLITE OFFICE)
S/14-15, Colvale Industrial Estate,
Colvale, Bardez 403 513, marketing offices Email sushanta.roy@cgglobal.com 10-A, Vrundavan Colony
Near Harinagar Water Tank
Goa, India BHUBANESHWAR Gotri Road, Baroda 390 007
Tel +91 (0)832 240 4000 NORTHERN REGION 1HUWH[O;V^LY[OÅVVY(ZOVR5HNHY Gujarat, India
Email harish.savaikar@cgglobal.com REGIONAL HEAD OFFICE: GURGAON Unit II, Bhubaneshwar 751 009 Tel +91 (0)265 2332460, 2334447
6th Floor, Vatika City Point Orissa, India Email nirav.shah@cgglobal.com
COMMERCIAL MOTORS M.G. Road, Gurgaon Email sushanta.roy@cgglobal.com
Plot No. 196-198, Haryana 122 002, India INDORE
Kundaim Industrial Estate, Tel +91 (0)124 4392000, 4392001 PATNA 103-B, Apollo Trade Centre
Ponda 403 115, Goa, India Fax +91 (0)124 4287039, 4376496 A 19, 2nd Floor, 2B, Rajgarh Kothi
Tel +91 (0)832 398 32 05 Email ravi.swarup@cgglobal.com Luvkush Tower, Exhibition Road Mumbai-Agra Road
Email pradip.arote@cgglobal.com Patna 800 001 Indore-452 001
JAIPUR Bihar, India Madhya Pradesh, India
DRIVES & AUTOMATION Church Road, PO BOX 173 Email sushanta.roy@cgglobal.com Email rajesh.gupta@cgglobal.com
Plot No. 9, MPAKVN, Phase 2 Jaipur 302 001, Rajasthan, India
Industrial Area, Mandideep 462046 Tel +91 (0)141 3018800/01 JAMSHEDPUR PUNE
Madhya Pradesh, India Fax +91 (0)141 2365371 2nd Floor, Part ‘A’ :Y5VYKÅVVY
Tel +91 (0)7480 426400, 426403 Email sunil.dutt@cgglobal.com C/o Akash Chawal, Above Hotel Magnolia,
Email rajendra.kankal@cgglobal.com Amber Tower, Main Road Nr. Nachiket Park, Baner Road,
JALANDHAR Bistupur, Pune-411045, Maharashtra, India
RAIL TRANSPORTATION & TRACTION )?00UKÅVVY5LHY):-*OV^R Jamshedpur - 831001 Email mujahid.shaikh@cgglobal. com
ELECTRONICS Ladowali Road, Jalandhar 144 001 Jharkhand, India
Plot No 9, MPAKVN Phase II, Punjab, India Email sushanta.roy@cgglobal.com NAGPUR
New Industrial Area Tel +91 (0)181 5044601, 3051395 2nd Floor, Global Trade Centre
Mandideep 462 046 Fax +91 (0)181 2226342 GUWAHATI Ramakrishna Nagar
Madhya Pradesh, India Email anup.anand@cgglobal.com C/o Bhawani Marketing, Plot No 31A, Khamla Road
Tel +91 (0)7480 426400, 426401/402 Sima Plaza, 3rd Floor Nagpur-440015, Maharashtra, India
Email ranjan.singh@cgglobal.com LUCKNOW Ulubari Chariali Email rajesh.gupta@cgglobal.com
:HYHU*OHTILYZ00YKÅVVY Guwahati 781007
RAILWAY SIGNALLING DIVISION 5 Park Road, Lucknow 226 001 Assam, India RAIPUR
11 B, Industrial Area No. 1 Uttar Pradesh, India Email sushanta.roy@cgglobal.com A 207, Crystal Arcade
Pithampur 454 775, District Dhar Tel +91 (0)522 4935750/56, 4935765 Near Lodhi Para Square
Madhya Pradesh, India Fax +91 (0)522 4935758 WESTERN REGION Shankar Nagar Road
Tel +91 (0)7292 410121, 410107 Email ravi.swarup@cgglobal.com REGIONAL HEAD OFFICE: MUMBAI Raipur 492 007
Email sunil.kelkar@cgglobal.com Western Region Chhattisgarh, India
RAIL TRANSPORTATION SYSTEMS 1st Floor, Kanjurmarg (East) Tel +91 (0)771 4019201, 4019202
STAMPINGS DIVISION 6th Floor, Vatika City Point Mumbai 400 042 Email rajesh.gupta@cgglobal.com
B-110, B-111, B-112/2 M.G. Road, Gurgaon Maharashtra, India
MIDC Industrial Area, Haryana 122 002, India Tel +91 (0)22 67558601 SOUTHERN REGION
Ahmednagar 414 111, Tel +91 (0)124 4392000, 4392001 Email hemant.bhagat@cgglobal.com REGIONAL HEAD OFFICE: CHENNAI
Maharashtra, India Fax +91 (0)124 4287039, 4376496 Crompton House-3, Dr. MGR Salai
Tel +91 (0)241 6610512/31 Email salil.kumar@cgglobal.com AHMEDABAD (Kodambakkam High Road)
Email ganesh.pendse@cgglobal.com 909-916, Sakar II, Near Ellis Bridge Nungambakkam,
EASTERN REGION Ahmedabad 380 006, Chennai 600 034
REGIONAL HEAD OFFICE: KOLKATA Gujarat, India Tamil Nadu, India
50 Chowringhee Road Tel +91 (0)79-26587481 Tel +91 (0)44 42247500
Kolkata 700 071 Email nirav.shah@cgglobal.com Email arokianathan.r@cgglobal.com
West Bengal, India
272 273
BANGALORE 5 Park Road, Lucknow 226 001 Chhattisgarh, India CG POWER SYSTEMS IRELAND LTD
J P Square, 3rd Floor Uttar Pradesh, India Tel +91 (0)771 4019201, 4019202 9LNPZ[LYLK6ɉJL
No:17, 3rd Cross, 5th Main Tel +91 (0)522 4935757, 4935775, 4935750 Email rajesh.gupta@cgglobal.com Dublin Road, Cavan-H12KV20
Chamrajpet, Bangalore 560 018 Fax +91 (0)522 4935758 Ireland
Karnataka, India Email kamlesh.sinha@cgglobal.com SOUTHERN REGION Tel +353 49 433 1588
Tel +91 (0) 80 46642828 vipin.sahu@cgglobal.com CHENNAI
Email baskar.e@cgglobal.com Crompton House-3, Dr. MGR Salai CG DRIVES & AUTOMATION SWEDEN AB
WESTERN REGION (Kodambakkam High Road) Nungambakkam, Mörsaregatan 12
SECUNDERABAD MUMBAI Chennai 600 034, Tamil Nadu, India Box 222 25
4PULY]H*VTWSL_[OÅVVY Western Region Building, 1st Floor, Tel +91 (0)44 42247500, 42247597 SE-250 24 Helsingborg, Sweden
94 Sarojni Devi Road Kanjurmarg (East) Email prakash.j@cgglobal. com Tel +46 42 16 99 00
Secunderabad-500 003 Mumbai 400 042, Maharashtra, India Fax +46 42 16 99 49
Hyderabad, Telangana, India Tel +91 (0)22 67558679 BANGALORE
Tel +91 (0)40 40002345 Email shrihari.kulkarni@cgglobal.com J P Square, 3rd Floor BUSINESS UNITS
Email prashant.reddy@cgglobal.com No:17, 3rd Cross, 5th Main CG POWER SYSTEMS BELGIUM NV
AHMEDABAD Chamrajpet, Bangalore 560 018 Distribution Transformer Division
909-916, Sakar II, Near Ellis Bridge Karnataka, India Power Transformer Division
Ahmedabad 380 006 Tel +91 (0) 80 46642820 Antwerpsesteenweg 167
service Gujarat, India Email srinivasulu.murthy@cgglobal.com B-2800 Mechelen, Belgium
centres Tel +91 (0)79-26587481
Email nirav.shah@cgglobal.com SECUNDERABAD
Tel +32 15 283 333
Fax +32 15 283 300
NORTHERN REGION 4PULY]H*VTWSL_[OÅVVY
GURGAON INDORE 94 Sarojni Devi Road CG POWER SYSTEMS IRELAND LTD
6th Floor, Vatika City Point 103-B, Apollo Trade Centre Secunderabad-500 003 Distribution Transformer Division
M.G. Road, Gurgaon 2B, Rajgarh Kothi Hyderabad, India Dublin Road, H12KV20
Haryana 122 002, India Mumbai-Agra Road Tel +91 (0)40 40002342 Cavan, Ireland
Tel +91 (0)124 4392000, 4392001 Indore-452 001 Email ravikumar.vadla@cgglobal.com Tel +353 49 433 1588
Fax +91 (0)124 4287039, 4376496 Madhya Pradesh, India
Email vipin.sahu@cgglobal.com Email rajesh.gupta@cgglobal.com CG HOLDINGS BELGIUM NV
Systems Division
JAIPUR PUNE region Antwerpsesteenweg 167
Church Road, PO Box 173
Jaipur 302 001
:Y5VYKÅVVY
Above Hotel Magnolia,
EMEA B-2800 Mechelen, Belgium
Tel +32 15 283 621
Rajasthan, India Nr. Nachiket Park, Baner Road, CORPORATE OFFICES Fax +32 15 283 491
Tel +91 (0)141 3018800, 3018806, 3018807 Pune-411045, Maharashtra, India CG HOLDINGS BELGIUM NV
Fax +91 (0)141 2365371 Email mujahid.shaikh@cgglobal. com 9LNPZ[LYLK6ɉJL CG HOLDINGS BELGIUM NV
Email sunil.dutt@cgglobal.com Antwerpsesteenweg 167 Services Division
Prakash.mehalawat@cgglobal.com NAGPUR B-2800 Mechelen, Belgium Rue Vital Francoisse 220, BP 1581
2nd Floor, Global Trade Centre Tel +32 15 283 333 B-6000 Charleroi, Belgium
JALANDHAR Ramakrishna Nagar Fax +32 15 283 300 Tel +32 71 44 10 20
BXII 407, 2nd Floor Plot No. 31A, Khamla Road Fax +32 71 47 01 89
Near BSF Chowk, Ladowali Road Nagpur-440015, Maharashtra, India CG ELECTRIC SYSTEMS HUNGARY ZRT
Jalandhar 144001, Punjab, India Email rajesh.gupta@cgglobal.com Soroksari ut 30-34 CG SERVICE SYSTEMS FRANCE SAS (SIÈGE
Tel +91 (0)181 5044601, 3051395 /HSSLY.HYKLUZ6ɉJL)\PSKPUN*¹[OÅVVY SOCIAL)
Email anup.anand@cgglobal.com RAIPUR H-1095 Budapest, Hungary Parc d’Activité des Hautes Falaises
gurpreet.bhathal@cgglobal.com A 207, Crystal Arcade Tel +36 1 483 66 00 Avenue Jean York
Near Lodhi Para Square Fax +36 1 266 66 13 F-76400 Saint Leonard, France
LUCKNOW Shankar Nagar Road Tel +33 2 35 10 31 57
Saran Chambers II, 3rd Floor Raipur 492 007 Fax +33 2 35 29 23 51
274 275
CG SERVICE SYSTEMS FRANCE (AGENCE CG POWER SOLUTIONS UK LTD

7 Ferranti Court
region SALES OFFICES
SUD)
20, Rue Michel Cazaux Z. I. Courtine :[HɈVYKZOPYL;LJOUVSVN`7HYR americas PT CG POWER SYSTEMS INDONESIA
Global Sales Network Indonesia & Systems
F-84000 Avignon, France :[HɈVYK:;38 BUSINESS UNITS Division
Tel +33 (0) 4 90 82 51 43 United Kingdom QEI, LLC Alamanda Tower-18th Fl.
Fax +33 (0) 4 90 82 42 64 Tel +44 1785 330 655 Automation Solutions JI. TB Simatupang Kav. 23-24
(formerly CG Automation Solutions) Cilandak, Jakarta 12430
CG ELECTRIC SYSTEMS HUNGARY ZRT. CG SALES NETWORKS FRANCE S.A. 60 Fadem Road Indonesia
Gyorgyei ut 14 Bâtiment Cobalt, Actipôle de la Fonderie :WYPUNÄLSK51<:( Tel +62 21 2966 0055
H-2766 Tapioszele, Hungary 470 Route du Tilleul Tel +1 908 379 7400 Fax +62 21 2966 0054
Tel +36 1 483 6600 F-69270 Cailloux sur Fontaines
Fax +36 1 483 6855 Tel +33 (0)4 69 70 25 55, 4 26 65 67 88 SALES OFFICE PT CG POWER SYSTEMS INDONESIA
CG POWER AMERICAS LLC 5LÂLHSHUK6ɉJL
CG ELECTRIC SYSTEMS HUNGARY ZRT. CG SALES NETWORKS FRANCE S.A. 3625 NW, 82nd Ave, Ste 202 31 Stevens Street, Waltham
H-1095 Budapest 7 Passage Turquetil Miami, Florida 33166, USA Christchurch 8011, New Zealand
Soroksári utca 30-34 75011 PARIS Tel +1 3054060212 Tel +64 3 377 82 90, +64 3 423 9411,
/HSSLY.HYKLUZ6ɉJL)\PSKPUN[O-SVVY France Fax +1 3054060213 +64 274 661040
Hungary B 300 511 888 00087 Fax +64 3 377 82 72
Tel +36 1 4836600 Tel +33 1 43 71 60 60 CG INDUSTRIAL SYSTEMS
Fax +36 1 2666613 3625 NW 82nd Ave, Ste 202 PT CG POWER SYSTEMS INDONESIA
CG HOLDINGS BELGIUM NV Miami, Florida 33166, USA (\Z[YHSPH6ɉJL
CG ELECTRIC SYSTEMS HUNGARY ZRT. Allee der Kosmonauten 28A Tel + 1 305 406 0212 Level 9, 123 Epping Road
H-5000 (Szolnok) 12681 North Ryde, NSW 2018, Australia
2ȮYZP[/\UNHY` Berlin, Germany SERVICE Tel +61 481 454407
Tel +36 1 4836600 Tel +49 (0) 30 64 313 160 CG POWER AMERICAS, LLC
Fax +36 1 4836862 3625 NW 82nd Ave, Ste 202 CG SALES NETWORK MALAYSIA SDN. BHD.
CG POWER SYSTEMS BELGIUM NV Miami, Florida 33166, USA Unit No B-1-21, Block B,
CG DRIVES & AUTOMATION NETHERLANDS Plaza Carlos Trias Beltran 4 Tel + 1 305 406 0212 Jalan Sungai Jernih 8/1
BV 28020 Madrid, Spain Fax + 1 305 406 0213 Pusat Perniagaan Seksyen 8
Polakkers 5, 5531 NX BLADEL Tel +34 91 418 47 40 Petaling Jaya 46050, Malaysia
Postbus 132, 5530 AC BLADEL QEI, LLC Tel +60 3 79544766, +60 135201938
The Netherlands CG HOLDINGS BELGIUM NV 60 Fadem Road
Tel +31 (0)497 389 222 :H\KP(YHIPH9LWYLZLU[H[P]L6ɉJL :WYPUNÄLSK51<:( CG DRIVES & AUTOMATION
Fax +31 (0)497 386 275 PO Box 59276 Tel +1 908-379-7400 9LWYLZLU[H[P]L6ɉJL
6ɉJL5V [O-SVVY(S(RHYP`H Room 1918 No. 325 Tianyaoqiao Road
CG DRIVES & AUTOMATION GERMANY GMBH Olaya Main Street Shanghai Gateway International Plaza
GieBerweg 3, D-38855 Wernigerode Olaya, Riyadh-11525 Shanghai 200030, China
Germany Tel +966 (0)11 419 1463 region Tel +86 21 6440 1635
Tel +49 (0)3943-92050
Fax +49 (0)3943 92055
Fax +966 (0) 11 419 1576
SEAP
CG MIDDLE EAST FZE CORPORATE OFFICE AND
SALES OFFICES +\IHP:PSPJVU6HZPZ/LHK8\HY[LYZ, MANUFACTURING PLANTS
CG POWER SOLUTIONS UK LTD PO Box 341201, Dubai PT CG POWER SYSTEMS INDONESIA
294 Audenshaw Road UAE Power Transformer Division
Audenshaw Tel +971 (0)4 3724668 Kawasan Industri Menara Permai Kav 10
Manchester Jl. Raya Narogong, Cileungsi
M34 5PJ Bogor 16820, Indonesia
United Kingdom Tel +62 21 823 04 30/36, 3048 1270/76
Tel +44 845 634 11 33 Fax +62 21 823 42 22
276 277
Solutions Limited 2018 Solutions Limited 2018
notes notes
278 279
notes
global communications
and corporate secretarial
design
WWW.ICDINDIA.COM
print
WWW.SAPPRINTS.COM
280

CG Power annual report highlights leaner company

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

CG Power annual report highlights leaner company

Загружено:

Авторское право:

Доступные форматы

CG POWER AND INDUSTRIAL SOLUTIONS LIMITED [ FORMERLY CROMPTON GREAVES LIMITED ]

CEO and managing director

chief ﬁnancial ofﬁcer

CEO and non-executive non-executive

chairman’s Your Company is

net sales from

help build new railway tracks

scope. from component

sharing the load CG is among the trusted partners

aggressive targets shell to propulsion.

for the modernisation a complex canvas

66,687 kms convertors—building a

4,087 kms between various CG plants.

(DEMUs) that run from rural

space for more

and traction motors

have given CG the growing urban and sub-

opportunity to develop DEMU MEMU EMU

Multiple Unit traction a switch for the better

systems for various Modern traction systems

trains, making daily Transistors (IGBT) in place

OVER 2-3 YEARS

OVER 2-3 YEARS

OVER 2-3 YEARS

ﬁts the bill, shrinks

more than just a copy power factor owing to CG’s

With an increasing a higher power to weight

niche in designing large, remote vendor. Bonus: CG’s

high rating, custom to start with, and more

the monopoly of the few size matters: The

less no servicing, please

it means stopping a nuclear

heat, quakes, radiation

expectations to build long term exposure to heat

the expertise, pass all

vendor of NPCIL, India to build such a durable

building its ﬁrst collaborators.

MARKET SIZE and most durable alert to risk

a small jacket that cools

big CG has developed With no heat dissipating

a new series of water also safer. Additionally, the

raises the bar for energy to 750kW range of IE3

efﬁcient motors by re-purposing the approved

of developed countries looking ahead of

MARKET SIZE 2018–19

MARKET SIZE 2018–19

BUDGETED SALES 2018–19

already manufacturing use of copper and magnetism

less CG and the world’s

a small part of a big LɈLJ[P]LULZZVM[OLZVSHY

future CG is playing the DC current from the

renewable energy Point Tracking) algorithm,

with the development gets a minimum power

powers pumps in against the environment in

farms beyond the grid :\YHQPZHYLSPHISLHUKZTHY[

With carefully designed

less space, more

looking ahead, CG’s stresses the system, and

newly introduced the line. VSRs respond in

power transmission breakers and also shrink the

in the case of a fault, added

curing a big problem

L145 crore months the R&D team

I JYVYLPU[OLWYL]PV\Z`LHY INDUSTRIAL SYSTEMS

*.»ZLHYUPUNZILMVYLPU[LYLZ[KLWYLJPH[PVU Chart A plots the change in revenues of the two 39.0%

CG has full-ﬂedged )LHZ4HUHNLTLU[)VHYK))4)3 ;0UKPHU VM^P[OHOPNOVYKLYPUW\[HUKHJVTMVY[HISL

:^P[JONLHYZ^P[ULZZLKZL]LYHSRL`HJOPL]LTLU[Z has large upside potential in the world of smart

Net revenue 2,082 22.0%

EBIT 166

*HWP[HS,TWSV`LK 831

9L[\YUVUHWP[HS,TWSV`LK96, 21.1% 22.0% 0.9 percentage points

>HZ[OLÄYZ[0UKPHUTHU\MHJ[\YLY[VWYVK\JL I917 crore, or a growth of 47% over the previous

human development activities. Focus on fairness in the MVSSV^LKI`KLWSV`TLU[[VRL`YVSLZ[VI\PSKM\[\YL H`LHY^HNLZL[[SLTLU[ILPUNZPNULKILMVYL[OL

information VYKLYZKPZWH[JOLZHUKV\[Z[HUKPUN"PPKPZJV\U[ JLU[YLH[4\TIHP*YP[PJHSZLY]PJLZSPRL:(7

Net proﬁt from continuing operations 3VZZMYVTKPZJVU[PU\LKVWLYH[PVUZILMVYL[H_

Finance Costs 186 28 219 34 ,7:VU[OLIHZPZVM[V[HSWYVÄ[ZMYVTKPZJVU[PU\LKVWLYH[PVUZPUI Per

countries India [OL<:([V>,.HTHQVY)YHaPSPHUT\S[PUH[PVUHS

;V[HSWYVÄ[SVZZMVY[OL`LHY (325) 125 (1,164) (491)

0UZ[HSSH[PVUVM=HYPHISL-YLX\LUJ`+YP]LZ=-+PU 0UZ[HSSH[PVUVM;O`YPZ[VYJVU[YVSSLKV]LUZ B. Revenue 36.23

communities and the Company. Mr Gautam Thapar Direct and through

academic science experiments were implemented HUKTVIPSLYLWHPYPUN*.LUJV\YHNLKILULÄJPHYPLZ

P05 L99999MH1937PLC002641 10. .0UK\Z[YPHS/VSKPUNZ:^LKLU() Not Applicable Subsidiary 100.00 2(87)

23. *.0U[LYUH[PVUHS/VSKPUNZ:PUNHWVYL7;,3;+ Not Applicable Subsidiary 100.00 2(87)