Apollo Tyres Ltd
Annual Report 2022-23
Consolidated
as at March 31, 2023
Balance Sheet
H Million
As at As at
Notes
March 31, 2023 March 31, 2022
A. ASSETS
1. Non-current assets
(a) Property, plant and equipment B1 158,855.99 157,903.01
(b) Capital work-in-progress C25 1,993.59 5,947.39
(c) Right of use assets C4 7,998.33 8,479.34
(d) Goodwill C3 2,288.21 2,158.07
(e) Other intangible assets B1 7,386.83 7,372.81
(f) Intangible assets under development C25 532.03 234.95
(g) Financial assets
i. Investment in associate / joint venture B2 49.82 48.03
ii. Other investments B3 290.94 258.54
iii. Other financial assets B4 4,115.74 3,985.10
(h) Deferred tax assets (net) C6 718.92 1,045.22
(i) Other non-current assets B5 774.65 915.95
Total non-current assets 185,005.05 188,348.41
2. Current assets
(a) Inventories B6 44,284.62 41,553.86
(b) Financial assets
i. Investments B7 4,016.94 4,506.06
ii. Trade receivables B8 24,885.34 20,512.92
iii. Cash and cash equivalents B9 8,360.11 8,706.36
iv. Bank balances other than (iii) above B10 102.21 2,100.20
v. Other financial assets B11 2,022.64 2,038.34
(c) Other current assets B12 4,915.19 3,691.89
Total current assets 88,587.05 83,109.63
Total Assets (1+2) 273,592.10 271,458.04
B. EQUITY AND LIABILITIES
1. Equity
(a) Share capital B13 635.10 635.10
(b) Other equity B14 128,142.73 116,886.22
Total equity 128,777.83 117,521.32
Liabilities
2. Non-current liabilities
(a) Financial liabilities
i. Borrowings B15 37,898.44 44,084.74
ii. Lease liabilities C4 6,141.74 6,404.61
(b) Provisions B16 1,347.23 1,479.59
(c) Deferred tax liabilities (net) C6 9,593.99 9,013.56
(d) Other non-current liabilities B17 9,728.97 11,906.22
Total non-current liabilities 64,710.37 72,888.72
3. Current liabilities
(a) Financial liabilities
i. Borrowings B18 17,978.06 17,851.86
ii. Lease liabilities C4 2,187.06 2,267.94
iii. Trade payables B19
- Total outstanding dues of micro enterprises and small 306.28 337.63
enterprises
-Total outstanding dues of creditors other than micro 33,232.22 34,971.82
enterprises and small enterprises
iv. Other financial liabilities B20 4,408.25 5,028.44
(b) Other current liabilities B21 18,793.79 17,725.02
(c) Provisions B22 2,144.64 2,004.88
(d) Current tax liabilities (net) B23 1,053.60 860.41
Total current liabilities 80,103.90 81,048.00
Total Equity And Liabilities (1+2+3) 273,592.10 271,458.04
See accompanying notes forming part of the consolidated financial statements
As per our report of even date
For S.R. Batliboi & CO. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm's Registration No. 301003E/E300005 ONKAR KANWAR NEERAJ KANWAR VINOD RAI
Chairman Vice Chairman & Managing Director
Director
per Pankaj Chadha DIN 00058921 DIN 00058951 DIN 00041867
Partner
Membership No. 091813 GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Place: Gurugram Place: Amsterdam Membership No - FCS 6690
Date: May 9, 2023 Date: May 9, 2023
310
Corporate From our ESG Performance Management Statutory Financial
Overview Leadership Report Discussion and Analysis Reports Statements
Consolidated Statement of Profit and Loss
for the year ended March 31, 2023
H Million
For the year ended For the year ended
Notes
March 31, 2023 March 31, 2022
1. Revenue from operations
Sale of products C27 241,223.24 205,808.14
Other operating income B24 4,458.06 3,667.64
245,681.30 209,475.78
2. Other income B25 410.92 1,234.81
3. Total income (1 +2) 246,092.22 210,710.59
4. Expenses
(a) Cost of materials consumed B26A 122,619.59 109,554.29
(b) Purchase of stock-in-trade B26B 26,782.74 22,060.30
(c) Changes in inventories of finished goods, stock-in-trade and work-in- (3,031.77) (7,759.56)
progress
(d) Employee benefits expense B26C 26,199.21 25,742.37
(e) Finance costs B27 5,312.35 4,444.23
(f) Depreciation and amortisation expense B1 14,191.42 13,996.73
(g) Other expenses B26D 39,975.00 34,137.37
Total expenses 232,048.54 202,175.73
5. Profit before share of profit in associate / joint venture, exceptional items 14,043.68 8,534.86
and tax (3 - 4)
6. Share of profit in associate / joint venture 2.42 0.96
7. Profit before exceptional items and tax (5 + 6) 14,046.10 8,535.82
8. Exceptional items C28 (225.77) 59.08
9. Profit before tax (7 - 8) 14,271.87 8,476.74
10. Tax expense C6
(a) Current tax 2,506.93 947.96
(b) Deferred tax 718.58 1,142.78
Total tax expense 3,225.51 2,090.74
11. Profit for the year (9 - 10) 11,046.36 6,386.00
12. Other comprehensive income / (loss)
I i. Items that will not be reclassified to profit or loss
(a) Re-measurement gain / (loss) of defined benefit plans 328.89 35.20
ii. Income tax (85.24) (3.79)
243.65 31.41
II i. Items that will be reclassified to profit or loss
(a) Exchange differences in translating the financial statements of 1,989.27 (1,203.02)
foreign operations
(b) Effective portion of gain / (loss) on designated portion of 63.50 151.36
hedging instruments in cash flow hedge
ii. Income tax (22.19) (52.89)
2,030.58 (1,104.55)
Other comprehensive income / (loss) (I + II) 2,274.23 (1,073.14)
Total comprehensive income for the year (11 + 12) 13,320.59 5,312.86
Earnings per share (of J 1 each) C29
(a) Basic (H) 17.39 10.06
(b) Diluted (H) 17.39 10.06
See accompanying notes forming part of the consolidated financial statements
As per our report of even date
For S.R. Batliboi & CO. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm's Registration No. 301003E/E300005 ONKAR KANWAR NEERAJ KANWAR VINOD RAI
Chairman Vice Chairman & Managing Director
Director
per Pankaj Chadha DIN 00058921 DIN 00058951 DIN 00041867
Partner
Membership No. 091813 GAURAV KUMAR SEEMA THAPAR
Chief Financial Officer Company Secretary
Place: Gurugram Place: Amsterdam Membership No - FCS 6690
Date: May 9, 2023 Date: May 9, 2023
311
Corporate From our ESG Performance Management Statutory Financial
Overview Leadership Report Discussion and Analysis Reports Statements
Consolidated Cash Flow Statement
for the year ended March 31, 2023
H Million
For the year ended For the year ended
March 31, 2023 March 31, 2022
A CASH FLOW FROM OPERATING ACTIVITIES
(i) Net profit before tax 14,271.87 8,476.74
Adjustments for
Depreciation and amortisation expense 14,191.42 13,996.73
Profit on sale of property, plant and equipment (net) (39.89) (90.22)
Gain from current investments (55.19) (24.15)
Provision for doubtful debts / advances 71.76 57.61
Provisions / liabilities no longer required written back (204.59) (33.62)
Finance cost 5,312.35 4,444.23
Interest income (257.08) (402.98)
Exceptional item (225.77) -
Unwinding of deferred income (2,266.57) (1,540.68)
Unwinding of state aid subsidy (160.21) (183.29)
Share of (profit) / loss in associate / joint venture (2.42) (0.96)
Unrealized loss / (gain) on foreign exchange fluctuations 591.97 (113.28)
Effect of foreign currency fluctuation arising out of 174.98 17,130.76 0.54 16,109.93
consolidation
(ii) Operating profit before working capital changes 31,402.63 24,586.67
Changes in working capital
Adjustments for (increase) / decrease in operating assets
Inventories (1,572.41) (8,628.18)
Trade receivables (3,671.08) (3,186.32)
Other financial assets (current and non-current) (164.53) 1,220.43
Other assets (current and non-current) (1,124.75) (6,532.77) 65.56 (10,528.51)
Adjustments for increase / (decrease) in operating liabilities
Trade payables (2,869.58) 7,557.90
Other financial liabilities (current and non-current) 397.84 (200.51)
Other liabilities (current and non-current) 917.39 1,316.12
Provisions (current and non-current) 196.72 (1,357.63) 26.21 8,699.72
(iii) Cash generated from operations 23,512.23 22,757.88
Direct taxes paid (net of refund) (2,168.34) (1,222.28)
Net cash generated from operating activities 21,343.89 21,535.60
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and (7,745.71) (18,462.41)
intangible assets
Proceeds from sale of property, plant and equipment 141.25 298.75
and intangible assets
Maturity of / (Investments in) mutual funds, net 544.31 (3,581.23)
Non-current investment made, net (32.70) (108.36)
Maturity of fixed deposits, net 2,000.00 9,650.00
Interest received 331.45 481.62
Net cash used in investing activities (4,761.40) (11,721.63)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings 5,000.00 14,214.72
Repayment of non-current borrowings (9,064.99) (21,851.84)
(Repayment of) / proceeds from current borrowings (net) (3,419.00) 5,761.98
(excluding current maturities of non-current borrowings)
Payment of dividend (2,064.08) (2,222.85)
Payment of prinicipal portion of lease liabilities (2,108.57) (2,182.26)
Payment of interest on lease liabilities (468.18) (511.81)
Finance charges paid (4,793.42) (4,021.92)
Net cash used in financing activities (16,918.24) (10,813.98)
Net decrease in cash and cash equivalents (A+B+C) (335.75) (1,000.01)
313