Illustrative Ind AS Consolidated Financial Statements 2024 PDF

nancial statements Illustrative Ind AS consolidated financial statements for the year ended 31 March 2024 March 2024 kpmg.com/in © 2023 KPMG Assurance and Consulting Services LLP an Indian Limite...

nancial statements Illustrative Ind AS consolidated financial statements for the year ended 31 March 2024 March 2024 kpmg.com/in © 2023 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 2 | Illustrative Ind AS consolidated financial statements About this publication 4 Consolidated financial statements Consolidated Balance Sheet 6 Consolidated Statement of Profit and Loss 11 Consolidated Statement of Changes in Equity 16 Consolidated Statement of Cash Flows 19 Notes to the consolidated financial statements for the year ended 31 March 2024 1. Reporting entity 23 2. Basis of preparation 23 3. Material accounting policies 27 4A. Changes in material accounting policies 61 4B. Standards issued but not yet effective 61 5. Operating segments 62 6. Discontinued operation 72 7. Disposal group held for sale 75 8. Acquisition of subsidiary 77 9. Revenue from operations 84 10. Other income 89 11. Cost of materials consumed 90 12. Changes in inventories 90 13. Employee benefits expense 91 14. Finance costs 92 15. Depreciation and amortisation expense 92 16. Other expenses 93 17 Income taxes 96 18. Property, plant and equipment and capital work-in-progress 105 19. Intangible assets 111 20. Biological assets 119 21. Investment property 126 22. Investments accounted for using the equity method 128 23. Non-controlling interests 132 24. Investments 136 25. Inventories 139 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization © 2024 KPMG Assurance of independent and member Consulting firms affiliatedServices LLPInternational with KPMG an Indian Limited Liability Limited, Partnership a private and a member English company limitedfirm by of the KPMG guarantee. Allglobal rightsorganization reserved. of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 3 | Illustrative Ind AS consolidated financial statements 26. Trade receivables 140 27A. Loans 145 27B. Other assets 145 28. Other financial assets 146 29. Cash and cash equivalents 147 30. Bank balance other than cash and cash equivalents 147 31A. Share Capital 148 31B. Other Equity – Reserves and surplus 153 31C. Other equity - Analysis of accumulated OCI, net of tax 155 32. Capital management 158 33. Earnings per share 159 34. Borrowings 162 35. Employee benefits 168 36. Share-based payment arrangements 176 37. Government grants 181 38. Provisions 182 39. Trade payables 186 40A. Other financial liabilities 189 40B. Other liabilities 190 41. Financial instruments – Fair values and risk management 191 42. Leases 237 43. Contingent liabilities 241 44. Commitments 242 45. Related parties 243 46. List of subsidiaries 248 47. Subsequent events 253 48. Correction of errors 254 49. Additional regulatory information 256 Appendix I New standards or amendments for the year ended 31 March 2024 257 ©©2024 2024KPMG KPMGAssurance Assuranceand andConsulting ConsultingServices ServicesLLP LLPan anIndian IndianLimited LimitedLiability LiabilityPartnership Partnershipand andaamember memberfirm firmofofthe theKPMG KPMGglobal globalorganization organization ofofindependent independentmember memberfirms firmsaffiliated affiliatedwith withKPMG KPMGInternational InternationalLimited, Limited,aaprivate privateEnglish Englishcompany companylimited limitedby byguarantee. guarantee.All Allrights rightsreserved. reserved. 4 | Illustrative Ind AS consolidated financial statements About this publication This publication is intended to help preparers in the When preparing its financial statements, a company preparation and presentation of consolidated financial should have regard to its legal and regulatory statements in accordance with Indian Accounting requirements. The requirements prescribed by a specific Standards (‘Ind AS’) and Division II of Schedule III (‘Sch regulatory body, if any applicable, should be additionally III’) to the Companies Act, 2013 by illustrating a format considered. for consolidated financial statements for a hypothetical These illustrative financial statements would need to be multinational company involved in general business. updated periodically as more authoritative guidance This company (‘Classic Company (India) Limited’) becomes available on complex issues arising from issues its financial statements under Ind AS. implementation of the standards, and as new/revised Standards covered standards become applicable to later accounting periods. This publication is based on Ind AS that have been Need for judgement notified by the Ministry of Corporate Affairs, Although it is not exhaustive, this publication illustrates Government of India and that are required to be the disclosures required by Ind AS and Schedule III for applied by a company for the year ended 31 March a hypothetical company, largely without regard to 2024. Further, this publication is prepared basis materiality. The preparation and presentation of guidance available under Ind AS, Schedule III and financial statements require the preparer to exercise other accounting pronouncements available as on 31 judgment, in terms of the choice of accounting policies March 2024 and are relevant for year ending 31 March and their application, the ordering of notes, how the 2024. disclosures should be tailored to reflect the entity’s This publication does not illustrate the requirements of specific circumstances, and the relevance of Ind AS 101, First-time adoption of Indian Accounting disclosures considering the needs of the users. Standards, Ind AS 104, Insurance Contracts, Ind AS Materiality 106, Exploration for and Evaluation of Mineral Resources, Ind AS 114, Regulatory Deferral Accounts, Materiality is relevant to the presentation and Ind AS 27, Separate Financial Statements, Ind AS 29, disclosure of the items in the financial statements Financial Reporting in Hyperinflationary Economies (see paragraphs 29-31 of Ind AS 1). Preparers need and Ind AS 34, Interim Financial Reporting. to ensure that the consolidated financial statements include all of the information that is relevant to These financial statements are meant for illustration understanding an entity’s consolidated financial purposes only. While these, together with the position on the reporting date and its consolidated footnotes, attempt to provide a demonstration of Ind AS financial performance during the reporting period. and Sch III requirements, they are not intended to serve as a complete and exhaustive summary of all Preparers also need to take care not to reduce the presentation and disclosure requirements that are understandability of an entity’s financial statements applicable under Ind AS/Sch III, since presentation and by obscuring material information with immaterial disclosures depend significantly on the nature of information or by aggregating material information operations and specific conditions of the reporting that is different by nature or function. Preparers need entity. to consider the appropriate level of disclosure based on materiality for the reporting period. For an overview of all disclosure requirements that are applicable under Ind AS, see our publication ‘Ind AS Accounting and Disclosure Checklist’ These illustrative financial statements should not be used as a substitute for referring to the standards and other relevant interpretative guidance, particularly where a specific requirement is not addressed in this publication or where there is uncertainty regarding an interpretation. © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 5 | Illustrative Ind AS consolidated financial statements `Illustrative nature of this publication References and abbreviations The hypothetical Group to which these illustrative References to the relevant standard/Schedule III, which financial statements pertain has been assumed to have necessitate the disclosure, are included in the left-hand different kinds of businesses in different geographies. In margin of this publication. For disclosure requirements order to illustrate the different types of disclosures of Schedule III, the references begin with “Sch III”. For required in varied situations, this Group has been example, reference to Sch III.GI.D.I(a) means that the assumed to have undertaken a large variety of disclosure is required by sub clause (a) of clause D.I transactions. Due to the fact that the entire data has under the ‘General Instructions for preparation of been assumed and is therefore hypothetical and for balance sheet’ of the Schedule III to the Companies Act, illustrative purpose, a few individual items may not seem 2013. Similarly, for disclosure requirements of Ind AS, entirely realistic or demonstrate inter-relationships that the references begin with the number of the Ind AS. For would exist in real-life data. Similarly, some items may example, Ind AS 116.53(b) means that the disclosure is not be sufficiently material for separate presentation or required by paragraph 53(b) of Ind AS 116. disclosure in a real-life situation. Further, all the disclosure and presentation requirements of Ind AS, The footnotes to these illustrative financial statements Schedule III and other authoritative guidance (including contain notes for preparers of financial statements sector specific guidance) may not apply to this which should be specifically considered as per the facts hypothetical Group and thus would not have been and circumstances of the company. illustrated in these illustrative financial statements. This marking in the left-hand margin indicates Similarly, some of the disclosures illustrated in these significant changes since the 2023 edition of the illustrative financial statements may be specific to the illustrative financial statements. fact pattern of this hypothetical Group and may not apply in other scenarios. Therefore, preparers should consider specific facts and circumstances while evaluating the Comments/feedback invited disclosure and presentation requirements of the The disclosure requirements of Ind AS are extensive. applicable standards and guidance in their scenario. Besides, the requirements of Schedule III and other provisions of the Companies Act, 2013, have also to be complied with in preparation and presentation of financial statements. Many issues may arise as one adapts these illustrative financial statements to the specific facts and circumstances of a case. We request that consequent comments and feedback be sent to us. We hope that these illustrative financial statements are found useful. For further assistance, please get in touch with your usual KPMG contact. © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 6 | Illustrative Ind AS consolidated financial statements Consolidated Balance Sheet As at 31 March 2024 31 March 31 March 1 April Ind AS 1.10(a), (ea)–(f), Note 2024 2023 2022 29, 38–38A, 40A–40B, 54–55, 113, Sch III- Div II , In lakhs of INR Restated*1 Restated*1 2 Assets Non-current assets Ind AS 1.60 Ind AS 1.54(a) Property, plant and equipment3 18 24,190 33,230 37,118 Sch III.I.1(b) Capital work-in-progress 18 4,100 - - Ind AS 1.54(b) Investment property 21 1,520 400 300 Sch III.I.1.(d) Goodwill 19 3,832 3,407 3,407 Sch.III.I.1.(e), Ind AS 1.54(c) Other Intangible assets 19 2,279 1,134 1,922 Ind AS 1.54(f) Biological assets other than bearer plants 20 4,698 4,025 3,391 Investments accounted for using the equity Ind AS 1.54(e) method 22 2,489 1,948 1,530 Sch III.I.1(h) Financial assets Sch III.I.1(h)(i), Ind AS 1.54(d) (i) Investments 24 3,500 3,381 3,072 Ind AS 1.54(d) (ii) Other financial assets 28 437 411 149 Ind AS 1.54(o), 56 Deferred tax assets (net) 17 2,251 2,108 985 Ind AS 1.54(n) Other tax assets (net)4 34 60 - Sch.III.I.1.(j) Other non-current assets 27B 671 731 837 Total non-current assets 50,001 50,835 52,711 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 7 | Illustrative Ind AS consolidated financial statements Consolidated Balance Sheet (continued) As at 31 March 2024 31 March 31 March 1 April Ind AS 1.10(a), (ea)–(f), Note 2024 2023 2022 29, 38–38A, 40A–40B, 54–55, 113, Sch III- Div II In lakhs of INR Restated*1 Restated*1, 2 Ind AS 1.60 Current assets Ind AS 1.54(g) Inventories5 25 12,148 12,119 12,716 Ind AS 1.54(f) Biological assets other than bearer plants 20 32 31 45 Sch III.I.2(b) Financial assets Ind AS 1.54(d) (i) Investments 24 243 591 558 Sch III.I.2(b)(ii) (ii) Trade receivables 26 32,094 22,010 21,122 Ind AS 1.54(i) (iii) Cash and cash equivalents 29 1,289 1,519 2,119 Sch III.I.2(b)(iv) (iv) Bank balances other than (iii) above 30 240 350 410 Sch III.I.2(b)(v) (v) Loans 27A 78 32 26 Sch III.I.2(b)(vi) (vi) Other financial assets 28 522 476 389 Sch III.I.2(d) Other current assets 27B 1,601 1,502 895 48,247 38,630 38,280 Ind AS 105.38, 1.54(j) Assets included in disposal group held for sale 7 14,400 - - Total current assets 62,647 38,630 38,280 Total assets 112,648 89,465 90,991 * The comparative information is restated on account of correction of errors. See Note 48. © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 8 | Illustrative Ind AS consolidated financial statements Consolidated Balance Sheet (continued) As at 31 March 2024 31 March 31 March 1 April Ind AS 1.10(a), (ea)–(f), Note 2024 2023 2022 29, 38–38A, 40A–40B, 54–55, 113 In lakhs of INR Restated*1 Restated*1, 2 Equity and liabilities Equity Ind AS 1.54(r), 78(e), Sch III.I(a) Equity share capital 31A 9,729 9,300 9,300 Sch III GN 8.2.17 Instruments entirely equity in nature 31A 5,250 5,250 5,250 Sch III.I(b), Ind AS 1.54(r) Other Equity Ind AS 1.55, 78(e) Equity component of convertible debentures 109 - - Ind AS 1.55, 78(e) Reserves and surplus 31B 25,382 17,333 11,997 Ind AS 1.55, 78(e) Items of Other comprehensive income 31C 1,245 719 297 Equity attributable to owners of the Company 41,715 32,602 26,844 Ind AS 1.54(q) Non-controlling interests 23 3,804 3,091 2,718 Total equity 45,519 35,693 29,562 Liabilities Ind AS 1.60 Non-current liabilities Sch III.I.1 (a) Financial liabilities Sch III.I.1(a)(i) (i) Borrowings 34 23,371 17,293 21,718 Sch III.I.1(a)(ia) (ii) Lease liabilities 3,451 3,584 3,763 Ind AS 1.54(m) (iii) Other financial liabilities 40A 290 5 - Ind AS 1.54(l) Provisions 38 1,735 1,680 1,064 Ind AS 1.54(o), 56 Deferred tax liabilities (net) 17 549 406 323 Sch III.I.1 (d) Other non-current liabilities 40B 1,324 1,354 - Total Non-current liabilities 30,720 24,322 26,868 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 9 | Illustrative Ind AS consolidated financial statements Consolidated Balance Sheet (continued) As at 31 March 2024 31 March 31 March 1 April Ind AS 1.10(a), (ea)–(f), Note 2024 2023 2022 29, 38–38A, 40A–40B, 54–55, 113 In lakhs of INR Restated*1 Restated*1,2 Ind AS 1.60 Current liabilities Sch III.I.1(a) Financial liabilities Sch.III.I.2(a)(i), Ind AS 1.54(m) (i) Borrowings 34 1,892 4,384 3,807 Sch III.I.2(a)(ia), Ind AS 1.54(m) (ii) Lease liabilities 674 945 1,176 Ind AS 1.54(k) (iii) Trade payables7 39 A) total outstanding dues of micro Sch III.I.2(a)(ii)(A) enterprises and small enterprises; and 348 - - (B) total outstanding dues of creditors other than micro enterprises and small Sch III.I.2(a)(ii)(B) enterprises. 22,670 20,438 28,074 Sch III.I.2(a)(iii), Ind AS 1.54(m) (iv) Other financial liabilities 40A 137 7 7 Sch III.I.2(b) Other current liabilities6 40B 1,264 1,157 - Ind AS 1.54(l) Provisions 38 859 696 1,472 Ind AS 1.54(n) Current tax liabilities (net)4 4,155 1,823 25 31,999 29,450 34,561 Ind AS 105.38, 40, Liabilities included in disposal group held for Ind AS 1.54(p) sale 7 4,410 - - Total Current liabilities 36,409 29,450 34,561 Total liabilities 67,129 53,772 61,429 Total equity and liabilities 112,648 89,465 90,991 * The comparative information is restated on account of correction of errors. See Note 48. The notes on pages 23 to 256 are an integral part of these consolidated financial statements. © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 10 | Illustrative Ind AS consolidated financial statements Consolidated Balance Sheet (continued) As at 31 March 2024 Explanatory notes to the Consolidated Balance Sheet 1. When comparatives are restated, although it is not specifically required by Ind AS, labelling the comparatives as restated is necessary to highlight that the comparatives are not the same as the financial statements published previously. 2. Ind AS 1.10(f), 40A The Group has presented a third balance sheet as at the beginning of the preceding period, because the correction of errors (see Note 48) has a material effect on the information in the statement. 3. Ind AS 116.47(a), 48 The Group has presented right-of-use assets that do not meet the definition of investment property within ‘property, plant and equipment’ – i.e. the same line item in which it presents underlying assets of the same nature that it owns. Alternatively, an entity may choose to present right-of-use assets separately in the balance sheet. Right-of-use assets that meet the definition of investment property are presented within ‘investment property’. 4. Where offsetting criteria are met and there is net current tax liability, it should be disclosed separately after provisions under ‘current liabilities’. Current year advance tax, net of provision for current tax liability (as well as past years’ advance taxes, net of related current tax provisions) will be classified as non-current if it is not expected to be realised within 12 months from the reporting date or in the normal operating cycle of the company. 5. Ind AS 115.B21 Ind AS 115 Revenue from Contracts with Customers and other standards do not specify where assets for rights to recover products from customers with regards to sales with a right of return should be presented. The Group has included these assets within ‘inventories’ and disclosed them separately in the notes (see Note 25). 6. Ind AS 115.55 The Group has presented its refund liabilities under Ind AS 115 as ‘Other current liabilities’. The Group’s returns policy offers only an exchange for another good – i.e. the Group does not offer a cash refund. Therefore, refund liabilities do not meet the definition of a financial liability in Ind AS 32 Financial Instruments: Presentation. If a refund liability or a liability related to a repurchase agreement meets the definition of a financial liability in Ind AS 32, then it is subject to the disclosure requirements in Ind AS 107 Financial Instruments: Disclosures. 7. The Group has presented amounts owed for the purchase of goods or services but related to reverse factoring within ‘trade payables’ because it considers that the nature and function of the financial liability is not different from other trade payables and does not warrant a separate presentation on the face of the balance sheet. Regardless of whether the original trade payable is derecognised, an entity should consider the appropriate presentation of amounts related to reverse factoring arrangements in the balance sheet. (See Note 39). © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 11 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Profit and Loss 1 For the year ended 31 March 2024 Ind AS 1.10(b), 10A, 29, Note Year ended Year ended 31 March 2024 31 March 2023 38–38A, 81A–85, 113, Restated* Sch III. Div II In lakhs of INR Continuing operations 2 Ind AS 1.82(a) Revenue from operations4 9 102,400 96,417 Ind AS 1.102 Other income 10 3,028 955 Total Income 105,428 97,372 Expenses Ind AS 1.102, 2.36(d) Cost of materials consumed 11 42,104 42,710 Sch III.II.IV Purchases of stock-in-trade 3,420 3,608 Changes in inventories of finished goods, stock-in-trade and Ind AS 1.102 work-in-progress 12 472 (343) Ind AS 1.102 Employee benefits expense 13 22,154 19,439 Ind AS 1.82(b) Finance costs 14 1,658 1,349 Ind AS 1.102 Depreciation and amortisation expense 15 6,184 5,937 Ind AS 1.82(ba) Impairment losses on financial assets and contract assets 41(C)(ii) 259 203 Ind AS 1.102 Other expenses 16 19,967 16,200 Total Expenses 96,218 89,103 Profit from continuing operations before share of profit of Ind AS 1.85 associates and joint venture and income tax 9,210 8,269 Ind AS 1.82(c) Share of profit of associates and joint venture, net of tax 22 1,141 587 Ind AS 1.85 Profit from continuing operations before tax 10,351 8,856 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 12 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Profit and Loss (continued) For the year ended 31 March 2024 Ind AS 1.10(b), 10A, 29, Note Year ended Year ended 38–38A, 81A–85, 113, 31 March 2024 31 March 2023 Sch III. Div II In lakhs of INR Restated* Ind AS 12.77 Tax expense : Current tax 3,179 3,560 Deferred tax (1) (1,100) Ind AS 1.82(d), 12.77 Tax expense 17 3,178 2,460 Ind AS 1.85 Profit for the year from continuing operations 7,173 6,396 Discontinued operation Ind AS 105.33(a), Ind AS 1.82(ea) Profit (loss) from discontinued operation 6 684 (466) Ind AS 105.33 (b), Sch III.II.XI Tax expense of discontinued operations (305) 44 Sch III.II.XII Profit (loss) from discontinued operation (after tax)5 379 (422) Ind AS 1.81A(a) Profit for the year 7,552 5,974 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 13 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Profit and Loss (continued) For the year ended 31 March 2024 Ind AS 1.10(b), 10A, 29, Note Year ended Year ended 38–38A, 81A–85, 113 31 March 2024 31 March 2023 In lakhs of INR Restated* Other comprehensive income (OCI) Ind AS 1.82A(a)(i) Items that will not be reclassified to profit or loss Ind AS 1.85 Remeasurements of defined benefit liability (asset) 35(B) 25 (13) Ind AS 107.20(a)(vii) Fair value changes on equity investments through OCI 31(C) 141 59 Ind AS 1.82A(b)(i) Share of OCI in associates and joint ventures 22, 31(C) 180 (5) Ind AS 1.91(b), Sch Income tax relating to items that will not be reclassified to profit or 17(B) (55) (13) III.II.XIV.A(ii) loss6 291 28 Ind AS 1.82A(a)(ii) Items that will be reclassified to profit or loss Exchange differences on translating financial statements of foreign Ind AS 21.5/2(b), 1.7(c) operations 679 471 Ind AS 1.85 Net loss on hedge of net investment in foreign operation (3) (8) Ind AS 1.82A(b)(ii) Share of OCI in associates and joint ventures 22, 31(C) (172) (166) Ind AS 1.92 Reclassification of exchange differences on loss of significant influence 8(D) (20) - Effective portion of gains (losses) on hedging instruments in cash flow Ind AS 107.24C(b)(i) hedges 31(C) (62) 95 Effective portion of gains (losses) on hedging instruments in cash flow Ind AS 10 7.24C(b)(iv) hedges reclassified to profit and loss 3 31(C) (31) (12) Ind AS 1.85 Cost of hedging – changes in fair value 31(C) 34 10 Ind AS 1.92 Cost of hedging – reclassified to profit or loss3 31(C) 8 2 Ind AS 107.20(a)(viii) Fair value changes in debt instruments through OCI 31(C) 54 60 Ind AS 107.20(a)(viii), Fair value changes in debt instruments through OCI reclassified to Ind AS 1.92 profit or loss3 31(C) (64) - Ind AS 1.91(b), Sch III.II.XIV.B(ii) Income-tax relating to items that will be reclassified to profit or loss6 17(B) 19 (49) 442 403 Ind AS 1.81A(b) Other comprehensive income for the year, net of tax 733 431 Ind AS 1.81A(c) Total comprehensive income for the year 8,285 6,405 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 14 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Profit and Loss (continued) For the year ended 31 March 2024 Ind AS 1.10(b), 10A, 29, Note Year ended Year ended 31 March 31 March 38–38A, 81A–85, 113 2024 2023 In lakhs of INR Restated* Sch III.III.1(i) Profit for the year attributable to: Ind AS 1.81B(a)(ii) Owners of the Company 7,055 5,623 Ind AS 1.81B(a)(i) Non-controlling interests 23 497 351 7,552 5,974 Other comprehensive income for the year attributable to: Sch III.III.1(i) Owners of the Company 707 409 Non-controlling interests 23 26 22 733 431 Sch III.III.1(i) Total comprehensive income for the year attributable to: Ind AS 1.81B(b)(ii) Owners of the Company 7,762 6,032 Ind AS 1.81B(b)(i) Non-controlling interests 23 523 373 8,285 6,405 Sch III.II.XVI Earnings per equity share - continuing operations Ind AS 33.66 Basic earnings per share (INR) 33 1.37 1.25 Ind AS 33.66 Diluted earnings per share (INR) 33 1.33 1.24 Sch III.II.XVII Earnings per share - discontinued operations Ind AS 33.66 Basic earnings per share (INR) 33 0.08 (0.09) Ind AS 33.66 Diluted earnings per share (INR) 33 0.07 (0.09) Sch III.II.XVIII Earnings per share – Continuing and discontinued operations Ind AS 33.66 Basic earnings per share (INR) 33 1.45 1.16 Ind AS 33.66 Diluted earnings per share (INR) 33 1.40 1.15 * The comparative information is restated on account of correction of errors. See Note 48. Comparative information has also been re‑presented due to a discontinued operation. See Note 6. The notes on pages 23 to 256 are an integral part of these consolidated financial statements. © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 15 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Profit and Loss (continued) Explanatory notes to the Consolidated Statement of Profit and Loss 1. Ind AS 1.82 Ind AS 1 requires the separate presentation of specific line items in the statement of profit and loss. The Group has not presented certain line items because during the reporting period it did not have events or transactions to be reflected in those line items. See explanatory pnote 4 below for specific consideration related to separate presentation of line items in the statement of profit and loss. 2 In case there is no discontinued operation, this heading may not be given. 3 The Group has elected to present reclassification adjustments in the statement of profit and loss. Alternatively, an entity may present these adjustments in the notes with only the aggregate being given here. 4. Ind AS 115.113, Ind AS An entity is not required to present revenue from contracts with customers as a separate line item in the statement of 1.29–30, 85, profit and loss and may aggregate it with other types of revenue considering the requirements in Ind AS 1. However, in providing a separate disclosure of revenue from contracts with customers – either in the notes or in the statement of profit and loss – an entity should not include amounts that do not fall in the scope of Ind AS 115 (see Note 9). 5. Ind AS 105.33(a)–(b), Ind The Group has elected to disclose a single amount of post-tax profit or loss of discontinued operations in the AS 1.82(ea) statement of profit and loss, and has analysed that single amount into revenue, expenses and the pre-tax profit or loss in Note 6. Alternatively, an entity may present the analysis in the statement. 6. Ind AS 1.90–91 The Group has elected to present individual components of OCI before related tax with an aggregate amount presented for tax in the statement of profit and loss and has provided disclosures related to tax on each component of OCI in Note 17B. Alternatively, an entity may present individual components of OCI net of related tax in the statement. © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 16 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Changes in Equity For the year ended 31 March 2024 Note In lakhs of INR Sch III.I. SOCIE 31A A. Equity share capital Balance as at 1 April 2023 9,300 Changes in equity share capital due to prior period errors - Restated balance as at 1 April 2023 9,300 Changes in equity share capital during the year 429 Balance as at 31 March 2024 9,729 Balance as at 1 April 2022 9,300 Changes in equity share capital due to prior period errors - Restated balance as at 1 April 2022 9,300 Changes in equity share capital during the year - Balance as at 31 March 2023 9,300 31A Sch III.I. SOCIE B. Instruments entirely equity in nature Compulsorily convertible non-cumulative preference shares Balance as at 1 April 2023 5,250 Changes in compulsorily convertible non-cumulative preference shares due to prior period errors - Restated balance as at 1 April 2023 5,250 Changes in compulsorily convertible non-cumulative preference shares during the year - Balance as at 31 March 2024 5,250 Balance as at 1 April 2022 5,250 Changes in compulsorily convertible non-cumulative preference shares due to prior period errors - Restated balance as at 1 April 2022 5,250 Changes in compulsorily convertible non-cumulative preference shares during the year - Balance as at 31 March 2023 5,250 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.  17 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Changes in Equity (continued) For the year ended 31 March 2024 Attributable to owners of the Company Reserves and Surplus Items of OCI Equity component of Share options Exchange differences on Total convertible outstanding Retained translating financial Equity attributable to Ind AS 1.10(c), debentures Securities account earnings statements of foreign Effective portion of instruments Debt instruments the owners of Non-controlling Total 29, 108, 113 In lakhs of INR Note premium operations Cost of hedging cash flow hedges through OCI through OCI the Company interests equity Balance at 1 April 2023 - 3,500 560 13,273 156 (27) 491 58 41 18,052 3,091 21,143 Total comprehensive income for the year ended 31 March 2024 Ind AS 1.106(d)(i) Profit for the year - - - 7,055 - - - - - 7,055 497 7,552 Ind AS 1.106(d)(ii), Other comprehensive income for the year1 106A 17(B), 31C - - - 197 458 27 (62) 94 (7) 707 26 733 Ind AS 1.106(a) Total comprehensive income for the year - - - 7,252 458 27 (62) 94 (7) 7,762 523 8,285 Hedging gains and losses and costs of hedging transferred to the cost of inventory - - - - - 4 4 - - 8 - 8 Transactions with owners of the Company Ind AS 1.106(d)(iii) Contributions and distributions Issue of equity shares 31B - 1,160 - - - - - - - 1,160 - 1,160 Issue of equity shares related to business combinations 8(A) - 63 120 - - - - - - 183 - 183 Issue of convertible debentures 17(C), 34(C) 109 - - - - - - - - 109 - 109 Dividends 31B - - - (1,243) - - - - - (1,243) - (1,243) Equity-settled share-based payment 13, 17(C) - - 755 - - - - - - 755 - 755 Share options exercised 31A, 31B - 50 (15) - - - - - - 35 - 35 Total contributions and distributions 109 1,273 860 (1,243) - - - - - 999 - 999 Ind AS 1.106(d)(iii) Changes in ownership interests Acquisition of NCI without a change in control 8(E) - - - (93) 8 - - - - (85) (115) (200) Acquisition of subsidiary with NCI 8 - - - - - - - - - - 305 305 Total changes in ownership interests - - - (93) 8 - - - - (85) 190 105 Total transactions with owners of the Company 109 1,273 860 (1,336) 8 - - - - 914 190 1,104 Balance at 31 March 2024 109 4,773 1,420 19,189 622 4 433 152 34 26,736 3,804 30,540 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.  18 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Changes in Equity (continued) For the year ended 31 March 2023 Attributable to owners of the Company Reserves and Surplus Items of OCI Equity component of Share convertible options Exchange differences on Total attributable to Ind AS 1.10(c), 29, 108, debentures Securities outstanding Retained translating financial statements Effective portion of Equity instruments Debt instruments the owners of the Non-controlling 113 In lakhs of INR Note premium account earnings of foreign operations Cost of hedging cash flow hedges through OCI through OCI Company interests Total equity Balance at 1 April 2022, as previously reported - 3,500 310 8,130 (119) (35) 434 17 - 12,237 2,718 14,955 Impact of correction of errors Ind AS 1.106(b) 48 - - - 57 - - - - - 57 - 57 Restated balance at 1 April 2022 - 3,500 310 8,187 (119) (35) 434 17 - 12,294 2,718 15,012 Total comprehensive income for the year ended 31 March 2023 (restated) Ind AS 1.106(d)(i) Profit for the year - - - 5,623 - - - - - 5,623 351 5,974 Ind AS 1.106(d)(ii), 106A Other comprehensive income for the year 17(B), 31C - - - (13) 275 9 56 41 41 409 22 431 Ind AS 1.106(a) Total comprehensive income for the year (restated) - - - 5,610 275 9 56 41 41 6,032 373 6,405 Hedging gains and losses and costs of hedging transferred to the cost of inventory - - - - - (1) 1 - - - - - Transactions with owners of the Company Ind AS 1.106(d)(iii) Contributions and distributions Dividends 31B - - - (524) - - - - - (524) - (524) Equity-settled share-based payment 13, 17(C) - - 250 - - - - - - 250 - 250 Total transactions with owners of the Company - - 250 (524) - - - - - (274) - (274) Restated balance at 31 March 2023 - 3,500 560 13,273 156 (27) 491 58 41 18,052 3,091 21,143 Sch.III.GN.8.2 1 Schedule III provides two options for presentation of remeasurement of defined benefit plans - recognise as part of retained earnings with separate disclosure of such items. - show as separate column under Reserves and surplus. The Group has elected to present it as part of retained earnings. © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 19 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Cash Flows For the year ended 31 March 2024 Ind AS 1.10(d), Year ended Year ended Note 31 March 2023 29, 38–38A, 113 31 March 2024 In lakhs of INR Restated* Ind AS 7.18(b) Cash flows from operating activities1,2 Profit for the year3 7,552 5,974 Adjustments for: – Depreciation and amortisation expense 15 6,184 5,937 – Government grants 37 (38) - – (Reversal of)/ impairment losses on property, plant and equipment and intangible assets 10, 16 (377) 1,408 - Impairment losses on financial assets and contract assets 259 203 - Change in fair value of financial assets at FVTPL 10, 16 (581) (245) – Impairment loss on remeasurement of the disposal group 7(A), 16 35 - – Change in fair value of biological assets 10 (587) (28) - Dividend income on equity securities at FVOCI 10 (26) (32) - Gain on derecognition of corporate debt securities at FVOCI – reclassified from OCI 10 (64) - - Interest income 10 (210) (150) - Re-measurement to fair value of existing interest in acquiree 10 (250) - – Finance costs 1,658 1,349 – Share of profit of joint venture and associates, net of tax (1,141) (587) – Net gain on sale of property, plant and equipment 10 (48) (16) – Gain on sale of discontinued operation, net of tax 6 (516) - - Cash flow hedges-gain reclassified from OCI 10 (17) (13) - Cash flow hedges-ineffective portion of changes in fair value 16 45 11 - Net investment hedges-ineffective portion of changes in fair value 16 1 - - Change in fair value of contingent consideration 16 20 - - Gain on sale of investments 10 (20) (60) – Equity-settled share-based payment transactions 13 755 248 – Tax expense 3,153 2,416 15,787 16,415 © 2024 KPMG Assurance and Consulting Services LLP an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 20 | Illustrative Ind AS consolidated financial statements Consolidated Statement of Cash Flows (continued) For the year ended 31 March 2024 Ind AS 1.10(d), Year ended Year ended Note 31 March 2023 29, 38–38A, 113 31 March 2024 In lakhs of INR Restated* Working capital adjustments – (Increase) in loans (46) (6) – (Increase) in Inventories (1,851) (197) – Decrease/ (Increase) in other assets, including financial 381 (1,087) assets – (Increase) in Trade receivables (17,163) (5,657) – Decrease/ (Increase) in Trade payables and other liabilities, 5,768 (863) including financial liabilities – Decrease in Provisions and employee benefits 26 274 Cash generated from operating activities 2,902 8,879 Ind AS 7.35 Income taxes paid (400) (1,913) Ind AS 7.10 Net cash from operating activities 2,502 6,966 Cash flows from investing activities Ind AS 7.31 Interest received 1 6 19 Ind AS 7.31 Dividends received 26 32 Ind AS 7.16(b) Proceeds from sale of property, plant and equipment 3,085 397 Ind AS 7.16(d), (h) Proceeds from sale of investments 1,346 534 Disposal of discontinued operation, net of cash and cash Ind AS 7.39 equivalents disposed off4 7 10,890 - Ind AS 7.39 Acquisition of subsidiary, net of cash 8 (1,799) - Ind AS 7.16(a) Acquisition of property, plant and equipment (15,577) (2,148) Ind AS 7.16(a) Acquisition of investment property (380) (120) Ind AS 7.16(a) Purchase of non-current biological assets 20(A) (305) (835) Ind AS 7.16(c), (g) Acquisition of