Bharat Forge : Quarterly Results for Mar 2023

BHARAT FORGE LIMITED

Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,

Maharashtra, India.

CIN:L25209PN1961PLC012046

Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163

Email : [e-mail]; Website : www.bharatforge.com

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

						(₹ in Million)
			Quarter ended		Year ended
		March 31,	December 31,	March 31,	March 31,	March 31,
Sr. No.	Particulars	2023	2022	2022	2023	2022
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
		( See Note 14 )		( See Note 14)
1	Income
	a) Revenue from operations	19,972.84	19,521.01	16,740.82	75,727.12	62,546.12
	b) Other income	390.77	377.47	661.57	1,504.96	1,675.02
	Total income	20,363.61	19,898.48	17,402.39	77,232.08	64,221.14
2	Expenses
	a) Cost of raw materials and components consumed	8,363.47	8,458.37	7,288.81	33,506.59	26,472.70
	b) Changes in inventories of finished goods,
	work-in-progress, dies and scrap	314.86	143.13	(38.83)	(673.13)	(946.73)
	c) Employee benefits expense	1,357.31	1,364.93	1,282.55	5,430.06	5,057.85
	d) Finance costs	657.58	848.51	407.44	2,126.89	1,073.01
	e) Depreciation and amortisation expense	1,050.64	1,079.07	1,042.03	4,259.57	4,117.91
	f) Other expenses (see note 7)	5,057.81	4,203.77	3,896.56	18,352.50	14,805.00
	Total expenses (a to f)	16,801.67	16,097.78	13,878.56	63,002.48	50,579.74
3	Profit before exceptional items and tax (1-2)	3,561.94	3,800.70	3,523.83	14,229.60	13,641.40
4	Exceptional items (loss)/ gain (see note 6)	(408.41)	42.81	(24.77)	(402.13)	318.03
5	Profit before tax (3+4)	3,153.53	3,843.51	3,499.06	13,827.47	13,959.43
6	Income tax expense
	a) Current tax	920.23	1,026.11	786.87	3,759.26	3,328.22
	b) Deferred tax	(211.91)	(74.39)	92.59	(386.53)	(146.82)
	Income tax expense	708.32	951.72	879.46	3,372.73	3,181.40
7	Profit for the period/year (5-6)	2,445.21	2,891.79	2,619.60	10,454.74	10,778.03
8	Other comprehensive income
	a) Other comprehensive income/(loss) not to be reclassified
	to profit and loss in subsequent period	281.25	55.72	1,608.69	304.38	2,143.86
	- Tax effect	(23.13)	(8.97)	(365.02)	(27.04)	(443.09)
	b) Other comprehensive income/(loss) to be reclassified
	to profit and loss in subsequent period	140.29	(1,313.47)	(345.46)	(2,098.99)	1,008.09
	- Tax effect	(35.31)	330.58	94.81	528.27	(245.85)
	Other comprehensive income/(loss) (Net of tax)	363.10	(936.14)	993.02	(1,293.38)	2,463.01
9	Total comprehensive income (7+8)	2,808.31	1,955.65	3,612.62	9,161.36	13,241.04
10	Earnings per share
	- Basic and diluted (in ₹) (not annualised)	5.25	6.21	5.63	22.45	23.15
11	Equity share capital (Face Value ₹ 2/- each)	931.27	931.27	931.27	931.27	931.27
12	Other equity				76,068.72	70,166.48

BHARAT FORGE LIMITED

Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,

Maharashtra, India.

CIN:L25209PN1961PLC012046

Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163

Email : [e-mail]; Website : www.bharatforge.com

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

						(₹ in Million)
			Quarter ended		Year ended
Sr.		March 31,	December 31,	March 31,	March 31,	March 31,
Particulars	2023	2022	2022	2023	2022
No.		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
		( See Note 14 )		( See Note 14 )	(See note 9)	(See note 9)
1	Income
	a) Revenue from operations	36,290.50	33,533.60	35,730.93	129,102.59	104,610.78
	b) Other income	578.01	365.90	829.56	1,728.57	1,959.00
	Total income (a to b)	36,868.51	33,899.50	36,560.49	130,831.16	106,569.78
2	Expenses
	a) Cost of raw materials and components consumed	17,322.00	15,430.04	15,474.99	60,649.93	46,175.79
	b) Purchase of traded goods	667.28	339.07	664.71	1,664.03	1,883.13
	c) Changes in inventories of finished goods, traded goods
	work-in-progress, dies and scrap	(477.10)	246.52	(157.42)	(2,700.43)	(5,899.30)
	d) Employee benefits expense	4,201.15	3,709.93	5,213.83	15,631.00	14,646.83
	e) Finance costs	972.87	1,092.30	626.31	2,986.20	1,604.05
	f) Depreciation, amortisation and impairment expense	1,811.42	1,855.83	2,138.25	7,355.86	7,303.01
	g) Other expenses (see note 7)	10,192.58	9,115.35	8,995.44	36,182.83	27,644.98
	Total expenses (a to g)	34,690.20	31,789.04	32,956.11	121,769.42	93,358.49
3	Profit before share of (loss) of associates,
	joint ventures, exceptional items and tax (1-2)	2,178.31	2,110.46	3,604.38	9,061.74	13,211.29
4	Share of (loss) of associates and joint ventures	(4.19)	(302.53)	(106.59)	(333.48)	(329.30)
	Income tax expense	0.79	(0.33)	0.42	0.90	0.90
	Share of (loss) of associates and joint ventures after tax	(4.98)	(302.20)	(107.01)	(334.38)	(330.20)
5	Profit before exceptional items and tax (3+4)	2,173.33	1,808.26	3,497.37	8,727.36	12,881.09
6	Exceptional items gain/(loss) (see note 6)	(405.58)	(0.18)	(131.30)	(457.91)	924.05
7	Profit before tax (5+6)	1,767.75	1,808.08	3,366.07	8,269.45	13,805.14
8	Income tax expense
	a) Current tax	971.88	1,076.33	868.00	3,951.57	3,529.58
	b) Deferred tax	(481.55)	(55.44)	179.49	(765.99)	(495.05)
	Income tax expense (a to b)	490.33	1,020.89	1,047.49	3,185.58	3,034.53
9	Profit for the period/year (7-8)	1,277.42	787.19	2,318.58	5,083.87	10,770.61
10	Other comprehensive income
	a) Other comprehensive income/(loss) not to be reclassified
	to profit and loss in subsequent period	252.41	161.95	1,768.41	600.34	2,388.76
	- Tax effect	19.50	(77.84)	(394.02)	(121.04)	(499.29)
				-
	b) Other comprehensive income/(loss) to be reclassified
	to profit and loss in subsequent period	913.12	(1,597.68)	(547.62)	(1,706.11)	707.79
	- Tax effect	(34.15)	330.57	94.81	529.43	(245.85)
	Other comprehensive income/(loss) (Net of tax)	1,150.88	(1,183.00)	921.58	(697.38)	2,351.41
11	Total comprehensive income/ (loss) (9+10)	2,428.30	(395.81)	3,240.16	4,386.49	13,122.02
12	Total comprehensive income/ (loss) above attributable to:
	- Owners of the parent	2,506.19	(358.04)	3,278.61	4,586.54	13,168.82
	- Non-controlling interest	(77.89)	(37.77)	(38.45)	(200.05)	(46.80)
13	Of the total comprehensive income/(loss) above,
	profit for the period/year attributable to:
	- Owners of the parent	1,354.98	825.00	2,357.23	5,283.64	10,817.56
	- Non-controlling interest	(77.56)	(37.81)	(38.65)	(199.77)	(46.95)
14	Of the total comprehensive income/(loss) above,
	Other comprehensive income/(loss) for the year attributable to:
	- Owners of the parent	1,151.21	(1,183.04)	921.38	(697.10)	2,351.26
	- Non-controlling interest	(0.33)	0.04	0.20	(0.28)	0.15
15	Earnings per share
	Basic and diluted (not annualised) (in ₹)	2.91	1.78	5.06	11.35	23.23
16	Equity share capital (Face Value ₹ 2/- each)	931.27	931.27	931.27	931.27	931.27
17	Other equity				66,123.99	64,775.47

BHARAT FORGE LIMITED

Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,

Maharashtra, India.

CIN : L25209PN1961PLC012046

Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163

Email : [e-mail]; Website : www.bharatforge.com

STATEMENT OF STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

NOTES TO FINANCIAL RESULTS : 1 Balance sheet

					(₹in Million)
		STANDALONE	CONSOLIDATED
	Particulars	March 31,	March 31,	March 31,	March 31,
	2023	2022	2023	2022
		(Audited)	(Audited)	(Audited)	(Audited)
	A. ASSETS
	1 Non-current assets
	(a) Property, plant and equipment	28,996.01	30,722.47	52,723.01	43,964.66
	(b) Capital work-in-progress	3,032.30	2,480.08	6,963.86	11,247.55
	(c) Investment property	2.89	2.89	2.89	2.89
	(d) Goodwill	-	-	2,954.72	506.43
	(e) Other intangible assets	52.63	102.92	816.46	690.35
	(f) Intangible assets under development	-	-	47.75	-
	(g) Right of Use assets	3,328.35	2,185.80	5,112.02	3,535.54
	(h) Investment in associates and joint ventures	-	-	586.52	805.22
	(i) Financial assets
	Investment in subsidiaries, associates and joint ventures	21,161.16	14,291.19	-	-
	Investments	14,102.82	5,709.32	14,601.13	6,152.10
	Loans	1,316.98	342.19	56.78	169.61
	Trade receivables	113.25	113.25	113.25	113.25
	Derivative instruments	646.49	2,574.29	822.17	2,662.32
	Other financial assets	357.21	630.44	570.14	677.79
	(j) Deferred tax assets (net)	-	-	1,495.30	1,171.07
	(k) Income tax assets (net)	705.42	514.82	802.48	550.24
	(l) Other assets	4,265.99	4,223.35	6,153.21	4,530.74
	Sub total - Non-current assets	78,081.50	63,893.01	93,821.69	76,779.76
	2 Current assets
	(a) Inventories	12,638.43	11,110.58	31,262.54	27,104.57
	(b) Financial assets
	Investments	7,526.97	18,994.94	10,500.56	19,080.24
	Trade receivables	32,433.66	24,810.48	30,874.57	21,622.95
	Cash and cash equivalents	3,977.16	3,777.68	5,087.13	5,584.24
	Other bank balances	46.56	50.74	5,308.06	445.93
	Loans	225.78	303.02	127.02	166.77
	Derivative instruments	1,325.53	1,361.34	1,325.53	1,361.34
	Other financial assets	2,342.21	1,603.54	734.07	753.77
	(c) Other assets	3,343.22	2,503.19	4,800.70	3,189.77
	Sub total - Current assets	63,859.52	64,515.51	90,020.18	79,309.58
	TOTAL - ASSETS
	141,941.02	128,408.52	183,841.87	156,089.34
	B EQUITY AND LIABILITIES
	1 Equity
	(a) Equity share capital	931.27	931.27	931.27	931.27
	(b) Other equity	76,068.72	70,166.48	66,123.99	64,775.47
	(c) Non controlling interest	-	-	360.72	560.77
	Total Equity	76,999.99	71,097.75	67,415.98	66,267.51
	2 Liabilities
	Non-current liabilities
	(a) Financial liabilities
	Borrowings	12,031.78	13,006.52	17,512.72	17,873.43
	Lease liabilities	3,309.21	2,152.21	4,161.77	2,835.16
	Derivative instruments	146.08	-	146.08	-
	Other financial liabilities	391.09	247.65	391.09	247.65
	(b) Provisions	220.27	313.07	1,411.73	1,760.71
	(c) Deferred tax liabilities (net)	2,000.12	2,887.88	2,153.27	2,889.16
	(d) Other liabilities	-	-	7,880.66	3,073.52
	Sub total - Non-current liabilities	18,098.55	18,607.33	33,657.32	28,679.63
	Current liabilities
	(a) Financial liabilities
	Borrowings	32,324.47	25,985.37	51,010.61	38,671.95
	Lease liabilities	151.26	96.46	447.27	335.72
	Trade payables
	Dues to micro enterprises and small enterprises	63.70	69.06	493.46	100.91
	Dues to other than micro enterprises and small enterprises	12,063.04	9,600.81	21,019.94	16,212.74
	Derivative Instruments	41.80	-	46.38	-
	Other financial liabilities	626.09	948.68	1,799.44	1,264.37
	(b) Other liabilities	804.44	1,190.79	6,563.98	3,141.03
	(c) Provisions	470.20	465.72	901.32	916.45
	(d) Current tax liabilities (net)	297.48	346.55	486.17	499.03
	Sub total - Current liabilities	46,842.48	38,703.44	82,768.57	61,142.20
	Total liabilities	64,941.03	57,310.77	116,425.89	89,821.83
	TOTAL- EQUITY AND LIABILITIES
	141,941.02	128,408.52	183,841.87	156,089.34

BHARAT FORGE LIMITED

Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,

Maharashtra, India.

CIN : L25209PN1961PLC012046

Ph. No. : [phone] / 2476, Fax No. : [phone]

Email : [e-mail]; Website : www.bharatforge.com

STATEMENT OF STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

NOTES TO FINANCIAL RESULTS (Contd.) : 2 Cash flow statement

					(₹ in Million)
		Standalone	Consolidated
		Year ended	Year ended
Particulars	March 31,	March 31,	March 31,	March 31,
		2023	2022	2023	2022
		(Audited)	(Audited)	(Audited)	(Audited)
I	Operating activities
	Profit after exceptional items and before tax	13,827.47	13,959.43	8,269.45	13,805.14
	Less: Share of (loss) of associates and joint ventures (net of tax)	-	-	(334.38)	(330.20)
		13,827.47	13,959.43	8,603.83	14,135.34
	Adjustments to reconcile profit before tax to net cash flows
	Depreciation and amortisation expense	4,259.57	4,117.91	7,355.86	7,303.01
	Unrealised foreign exchange (gain)/loss MTM (net) etc.	393.54	(405.94)	(412.88)	(502.98)
	Interest income	(449.49)	(220.40)	(291.94)	(219.86)
	Liabilities/provisions no longer required written back	(8.35)	(78.57)	(98.10)	(246.41)
	Provision for doubtful debts and advances (includes expected credit loss) (net)	61.78	50.00	70.44	111.88
	Bad debts/advances written off	5.27	0.08	72.46	5.16
	Finance cost	2,126.89	1,073.01	2,986.03	1,604.26
	(Gain) on sale of property, plant and equipment (net)	(45.64)	(288.78)	(42.72)	(223.46)
	Dividend income from investment	(4.78)	(4.41)	(5.11)	(4.41)
	Dividend income from subsidiary company	-	(94.50)	-	-
	Net loss/ (gain) on sale of financial investments	(1,363.28)	(900.37)	(1,432.67)	(903.83)
	Net loss/ (gain) on fair valuation of financial instruments (FVTPL)	704.76	129.10	654.12	129.10
	Non-cash exceptional items	(39.99)	(654.88)	-	(1,140.06)
	Share based payment expense	-	-	21.11	16.29
	Effects of consolidation	-	-	-	788.35
	Operating profit before working capital changes	19,467.75	16,681.68	17,480.43	20,852.38
	Working capital adjustments :
	(Increase)/decrease in trade receivables	(6,856.22)	(9,533.88)	(7,687.58)	(8,035.43)
	(Increase)/decrease in inventories	(1,527.85)	(2,362.01)	(3,623.38)	(9,076.27)
	(Increase) /decrease in other financial assets	(506.54)	(230.49)	247.03	711.99
	(Increase)/decrease in other assets	(853.39)	(449.87)	(1,531.41)	(799.59)
	Increase/(decrease) in provisions	(44.54)	(17.39)	(320.57)	(166.82)
	Increase/(decrease) in trade payables	2,450.74	1,746.14	4,338.99	4,328.65
	Increase/(decrease) in other financial liabilities	93.58	37.28	62.51	37.14
	Increase/(decrease) in other liabilities	(386.35)	329.26	8,150.97	731.76
	Cash generated from operations	11,837.18	6,200.72	17,116.99	8,583.81
	Income taxes paid (net of refunds)	(3,954.59)	(3,446.26)	(4,172.33)	(3,525.33)
	Net cash flow from operating activities	7,882.59	2,754.46	12,944.66	5,058.48
II	Investing activities
	Purchase of property, plant and equipment and intangible assets (including
	capital work-in-progress and capital advances)	(3,006.26)	(3,783.65)	(9,961.82)	(10,683.30)
	Proceeds from sale of property, plant and equipment and intangible assets	156.45	757.78	263.18	1,036.96
	Investments in subsidiaries/joint ventures/associates	(4,768.22)	(3,684.63)	(113.75)	-
	Acquisition of as subsidiary, net of cash acquired	-	-	(3,376.73)	(1,441.80)
	Loans given to subsidiaries/associates/joint ventures	(3,848.16)	(1,001.22)	(4.28)	(122.41)
	Proceeds from loans given to subsidiaries/associates/joint ventures	1,135.95	800.00	11.56	67.49
	Loan given to employees/others	-	(121.74)	-	(121.84)
	Proceeds from loan given to employees/others	-	90.54	-	90.54
	Investments in mutual funds, fixed deposits and other deposits	(99,404.44)	(83,635.43)	(113,521.16)	(83,807.90)
	Proceeds from sale of financial instruments including fixed deposits	103,458.65	87,847.05	109,816.43	87,853.52
	Interest received	263.37	145.60	168.13	223.83
	Dividend received	4.78	98.91	5.11	4.41
	Net cash flows (used in) investing activities	(6,007.88)	(2,486.79)	(16,713.33)	(6,900.50)
III	Financing activities
	Dividend paid on equity shares	(3,252.83)	(1,641.68)	(3,252.83)	(1,641.68)
	Interest paid on lease liability	(220.32)	-	(276.07)	-
	Interest paid on borrowing and other liabilities	(1,545.51)	(713.90)	(2,111.42)	(1,444.12)
	Acquisition of non-controlling interest	-	-	-	(329.68)
	Payment of principal portion of lease liabilities	(114.23)	(276.99)	(368.84)	(579.81)
	Proceeds from borrowings including bill discounting (net of expenses)	71,578.97	61,158.76	77,101.66	66,810.15
	Repayment of borrowings including bill discounting	(68,168.91)	(57,778.86)	(68,289.81)	(59,713.20)
	Net cash flows from / (used in) financing activities	(1,722.83)	747.33	2,802.69	3,101.66
IV	Net increase in cash and cash equivalents (I+II+III)	151.88	1,015.00	(965.98)	1,259.64
V	Net foreign exchange difference	47.60	3.56	57.58	3.56
VI.	Cash and cash equivalents at the beginning of the year *	3,777.68	2,759.12	5,584.24	4,473.15
VII.	Cash and cash equivalents at the end of the year (IV+V+VI) *	3,977.16	3,777.68	4,675.84	5,736.35
VIII.	Foreign currency translation reserve movement	-	-	397.42	(152.11)
IX.	Cash and cash equivalents on acquisition of subsidiary	-	-	13.87	-
X.	Cash and cash equivalents at the end of the year *	3,977.16	3,777.68	5,087.13	5,584.24
	*Excluding earmarked balances (on unclaimed dividend accounts and unspent
	CSR account)
	Cash and cash equivalents for the purpose of cash flow statement
	Balance with Banks
	In cash credit and current accounts	3,875.52	3,277.28	4,924.34	4,889.16
	Deposits with original maturity of less than three months	100.96	500.00	160.21	549.93
	Cash on hand	0.68	0.40	2.58	145.15
	Total cash and cash equivalents	3,977.16	3,777.68	5,087.13	5,584.24

BHARAT FORGE LIMITED

Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,

Maharashtra, India.

CIN: L25209PN1961PLC012046

Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163

Email : [e-mail], Website : www.bharatforge.com

STATEMENT OF STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

NOTES TO FINANCIAL RESULTS (Contd.):

3 Consolidated segment wise revenue, results and capital employed for the quarter and year ended March 31, 2023

The Group's business is divided into two reporting segments which comprises of "Forgings" and "Others" which represents the Group's businesses not covered in Forgings segment. The Chief Operating Decision Maker monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and performance assessment based on an analysis of various performance indicators.

The "Forgings" segment produces and sells forged products comprising of forgings and machined components for automotive and industrial sectors. "Others " primarily includes various new initiatives which the Group is carrying out other than forging related activities.

Consolidated segment revenue and results					(₹ in Million)
			Quarter ended		Year ended
Sr.		March 31,	December 31,	March 31,	March 31,	March 31,
Particulars	2023	2022	2022	2023	2022
No.
	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
					(See note 9)	(See note 9)
1	Segment revenue
	Revenues from external customers
a	Forgings	33,336.85	30,138.40	34,268.97	119,780.42	101,616.05
b	Others	3,341.54	3,692.26	1,825.67	10,414.24	3,981.44
		36,678.39	33,830.66	36,094.64	130,194.66	105,597.49
	Less: Inter-segment revenue	168.51	94.86	-	316.43	7.03
	Total	36,509.88	33,735.80	36,094.64	129,878.23	105,590.46
	Adjustments and eliminations #	(219.38)	(202.20)	(363.71)	(775.64)	(979.68)
	Revenue from operations	36,290.50	33,533.60	35,730.93	129,102.59	104,610.78
2	Segment results
a	Forgings	2,992.88	2,854.22	4,299.70	12,207.44	15,263.20
b	Others	136.43	326.19	(109.42)	449.78	(299.03)
	Total segment profit before interest, tax and exceptional	3,129.31	3,180.41	4,190.28	12,657.22	14,964.17
	items from each reportable segment
	Less: Finance cost	972.87	1,092.30	626.31	2,986.20	1,604.05
	Less: Unallocable expenditure (net)	(16.89)	279.85	66.60	943.66	479.03
	Total profit before tax and exceptional items	2,173.33	1,808.26	3,497.37	8,727.36	12,881.09
	Add: Exceptional items (loss)/ gain
	Forgings	(405.58)	(0.18)	(131.30)	(457.91)	(846.09)
	Others	-	-	-	-	1,770.14
		(405.58)	(0.18)	(131.30)	(457.91)	924.05
	Profit before tax	1,767.75	1,808.08	3,366.07	8,269.45	13,805.14

Statement of Consolidated Segment Assets, Liabilities and Capital Employed			(₹ in Million)
Sr.		March 31,	December 31,	March 31,
No.	Particulars	2023	2022	2022
		(Audited)	(Unaudited)	(Audited)
3	Segment assets
a	Forgings	121,293.14	118,661.14	113,060.74
b	Others	19,000.56	16,236.72	9,436.34
c	Unallocable assets including unutilised funds	44,532.84	42,565.21	34,390.27
	Total	184,826.54	177,463.07	156,887.35
	Adjustments and eliminations #	(984.67)	(958.55)	(798.01)
	Total assets	183,841.87	176,504.52	156,089.34
4	Segment liabilities
a	Forgings	27,229.23	22,157.38	24,846.55
b	Others	11,857.52	11,137.59	2,027.10
c	Unallocable	4,868.38	7,959.23	3,931.95
	Total	43,955.13	41,254.20	30,805.60
	Adjustments and eliminations #	(853.60)	(827.62)	(851.80)
	Total liabilities *	43,101.53	40,426.58	29,953.80
	Net capital employed	140,740.34	136,077.94	126,135.54

• Adjustment and eliminations include elimination on revenue, assets and liabilities of joint ventures and associates which have been accounted under equity method.

• Total liabilities exclude Borrowings, Lease liabilities, Derivative liabilities and Interest accrued but not due on borrowings and the same are considered as a part of Net capital employed.