Annual Report - POLYCAB FY 18-19

POLYCAB INDIA LIMITED
Annual Report 2018-19
&DSSLQJRǉDQRWKHU\HDURIDORQJUHFRUGRI
SURǊWDEOHJURZWK
was Polycab India’sVXFFHVVIXOVKDUH,32LQ$SULO
For long, Polycab has dominated India’s cables and wires
market for retail and institutional buyers. In recent years,
we have enlarged our product bouquet to become India’s
fastest growing brand in fast-moving electrical goods.
So what drives Polycab’s value proposition? It’s our
relentless focus, sharpened over decades of investing
MRTVSƙXEFPIKVS[XLSRHIPMZIVMRKKPSFEPWXERHEVHWMR
GETEGMXMIWIJƙGMIRGMIWUYEPMX]WEPIWSYXVIEGLERHWYTTP]
chains for demanding customers in the world’s
fastest-growing large economy.
1 KEY FINANCIALS 22 Select customers

2 CHAIRMAN’S LETTER )URP%%WR%&2XUEUDQGMRXUQH\
26 Drivers and challenges
6 MANAGEMENT DISCUSSION &
ANALYSIS 28 People@Polycab
Inside
6 Quick information 29 NOTICE OF AGM
7 Our Social Responsibility 46 BOARD'S REPORT
8 Board 80 CORPORATE GOVERNANCE REPORT

10 History highs 98 STANDALONE FINANCIAL
12 Lines of business STATEMENTS
13 Segment performance 164 CONSOLIDATED FINANCIAL
14 Financial Analysis STATEMENTS
17 Charting our rise 231 ATTENDANCE SLIP, PROXY FORM,
18 Infrastructure ROUTE MAP
20 Research and development
Disclaimer: The information and opinions contained in this document do not constitute an offer to buy any of Polycab
India Ltd’s securities, businesses, products, or services. The document might contain forward-looking statements
TXDOLˋHGE\ZRUGVVXFKDVȡH[SHFWȢȡSODQȢȡHVWLPDWHȢȡEHOLHYHȢȡSURMHFWȢȡLQWHQGVȢȡH[SORLWȢDQGȡDQWLFLSDWHVȢWKDWZHEHOLHYHWR
be true at the time of the preparation of the document. The actual events may differ from those anticipated in
these statements because of risk, and uncertainty of the validity of our assumptions. Polycab India Ltd does not take
on any obligation to publicly update any forward-looking statement, whether as a result of new information, future
events or otherwise.
Key
ǊQDQFLDOV
(` million, consolidated)
YoY
Year to 31 March 2019 Change 2018 2017 2016 2015** CAGR
Revenue from operations 79,560 18% n 67,703* 54,940* 52,075* 47,081* 14% n
EBITDA# 10,142 28% n 7,934 5,622 4,978 4,512 22% n
3URˋWDIWHUWD[ 5,003 40% n 3,586 2,406 1,880 1,603 33% n
Earnings per share (INR) 35.39 40% n 25.35 16.99 13.19 11.35 33% n
Return on equity (%) 18% 15% n 15% 12% 11% 10% 15% n
Return on capital 28% 33% n 21% 15% 15% 16% 15% n

employed
QHWRIH[FLVHGXW\LQFOXGLQJRWKHULQFRPH DVSHU,*$$3
YoY
On 31 March 2019 Change 2018 2017 2016 2015** CAGR
Net worth 28,470 21% n 23,476 20,042 17,856 16,290 15% n
Capital employed*** 31,278 -1% p 31,520 28,630 25,842 23,136 9% n
)L[HGDVVHWV 14,686 10% n 13,331 12,933 11,231 10,162 10% n
Net cash 452 n -7,897 -8,527 -7,907 -5,819 NA
DVSHU,*$$3
***Capital employed = Equity (including non-controling interest) + non-current borrowings + short-term borrowings + current maturities of non-current borrowings
Annual Report 2018-19 1

'HDUIHOORZVKDUHKROGHU
The annual report that you behold is a special one—for you, for me, and for all of
those who have been associated with Polycab India over the decades. It is Polycab’s
ˋUVWDVDOLVWHG&RPSDQ\
Your Company’s initial public offering (IPO) of ` 13,453 million was subscribed
WLPHVH[FOXGLQJDQFKRUSRUWLRQLQDQRYHUZKHOPLQJUHVSRQVH7KHLVVXH
received bids for over 918 million shares against the total issue size of 25 million
VKDUHV7KHUHVHUYHGSRUWLRQIRUTXDOLˋHGLQVWLWXWLRQDOLQYHVWRUVZDVVXEVFULEHG
WLPHVH[FOXGLQJDQFKRUSRUWLRQZKLOHUHWDLOLQYHVWRUVVXEVFULEHGWLPHV
2Q$SULOWKHˋUVWGD\RIWUDGLQJRQWKH%6(DQG16(WKH3RO\FDEVKDUH
opened at `RQERWKH[FKDQJHVKLWWKHLQWUDGD\KLJKRI` 667.80 before
closing at ` 654.80, up 22% over the issue price of ` 538.
To all of you, welcome to Polycab.
2018-19 has been stellar

AVKDVEHHQGHWDLOHGDQGH[SODLQHGLQWKHIROORZLQJSDJHV\RXU&RPSDQ\FOLPEHGQHZKHLJKWVRIEXVLQHVV
DQGˋQDQFLDOH[FHOOHQFHLQˋVFDO)<
In FY19, net revenue from operations rose 18% to ` 79,560 million from ` 67,703 million a year ago and
SURˋWDIWHUWD[ZDVXSDW` 5003 million from ` 3,586 million. In each of the last 5 years, in not a single
\HDUKDYH3RO\FDEȢVUHYHQXHDQGSURˋWQRWLPSURYHGRQWKHSUHYLRXV\HDU
As has been the case for a few years now, the demand scenario continued to be challenging, yet your
Company once again responded in FY19 with all-round improvements in liquidity, asset management,
SURˋWDELOLW\DQGOHYHUDJH7KLVZDVEHFDXVHZHUHGXFHGRXUGHEWEXUGHQDQGLPSURYHGRXUPDQDJHPHQW
RIUHFHLYDEOHVDQGIRFXVHGRQSURˋWDEOHJURZWKWKURXJKDFTXLVLWLRQVRITXDOLW\FOLHQWHOHDQGEHWWHU
UHDOLVDWLRQ$OVRKHOSLQJZDVRXUGLIIHUHQWLDWHGHQKDQFHGSURGXFWPL[EHLQJGULYHQE\DFRPPLWWHGVDOHVDQG
distribution network to institutional and retail customers. The fact that we manufacture in-house most of our
products allows us to provide guarantees of quality, service and short-notice supply that few competitors can
match.
More hearteningly, even as we maintained our leadership in markets for electrical wires and cables, the share
RI)0(*DEXVLQHVVZHHQWHUHGRQO\\HDUVDJRLQ3RO\FDEȢVWRWDOUHYHQXHVJUHZIURPLQ)<WRLQ
FY19, to `PLOOLRQDWD&$*5RI3RO\FDEȢVHYROXWLRQIURPDODUJHO\%%SOD\WRDODUJH%&EUDQG
LVWKXVRQDˋUPIDVWWUDFN
Our growth into an emerging consumer electricals powerhouse has also been driven by investments in
EUDQGLQJDQGPDUNHWLQJ)RUH[DPSOH3RO\FDEȢVLQYHVWPHQWLQWKH,QGLDQ3UHPLHU/HDJXH,3/VLQFHKDV
provided a huge lift to our brand’s visibility in households. Helping us get the eyeballs is in no small measure
owing to our brand endorsers, all star actors: Paresh Rawal since 2014 for wires; R Madhavan since 2018 for
fans; and Ayushmann Khurrana for switchgear in 2019.
Our positioning line ‘Connection Zindagi Ka’, created in 2014, continues to resonate in the minds and hearts of
our customers.
2 Polycab India Limited

š,Q)<ZH
FRQWLQXHGWR
GHOLYHU
SURǊWDEOH
JURZWKDQG
LQFUHDVHG
PDUJLQVŢ
Capturing the multi-market opportunity

:LWKRXUVFDOHHIˋFLHQFLHVTXDOLW\DQGZLGHSURGXFWSRUWIROLRWKDWRIIHUVDRQHVWRSHOHFWULFDOVVROXWLRQIRU
FXVWRPHUVDQGFRQWUDFWRUVDQGDORJLFDOV\QHUJLVWLFEDFNZDUGLQWHJUDWLRQDQGH[SDQVLRQWKDWOHYHUDJHVRXU
strengths for future market and product scenarios, we see several business opportunities.
7KH,QGLDQPDUNHWVIRUWKH)0(*SURGXFWVZHPDNHDQGRIZLUHVDQGFDEOHVDUHVLPLODULQVL]HDQGSRWHQWLDO
%XW\RXU&RPSDQ\KDVRIWKHZLUHVDQGFDEOHVPDUNHWDQGDPHUHRI)0(*PDUNHWVLQZKLFKZH
DUHSUHVHQW7KHPDUNHWIRUZLUHVHVWLPDWHGDWRI*'3LVH[SHFWHGWRJURZDFFRUGLQJWRUHVHDUFKIURP
&5,6,/DWQHDUO\LQWKHQH[W\HDUVZLWKLQFUHDVLQJVKDUHRIRUJDQL]HGSOD\HUV%HWZHHQ)<DQG)<
WKHHVWLPDWHGDQQXDOJURZWKUDWHVIRURXU)0(*PDUNHWVDUHIDQVDWOLJKWLQJDQGOXPLQDLUHVDW
and switches and switchgear at 9%—DJDLQZLWKWKHRUJDQL]HGVHFWRUJURZLQJUHODWLYHO\IDVWHU*RLQJE\WKH
FXUUHQWJURZWKUDWHRIRXU)0(*EXVLQHVVLQFUHDVLQJEUDQGSUHVHQFHDQGIDVWDFFHSWDQFH3RO\FDELVZHOOVHW
IRUDIRUPLGDEOHUROHLQ,QGLDȢV)0(*VHFWRU
$WWKHPDFUROHYHO,QGLDLVGHPRQVWUDWLQJFRQWLQXHG*'3JURZWKZLWKDIDVWJURZLQJXUEDQSRSXODWLRQ
The increase in consumer spending, infrastructure growth, industrial investments, and the inevitable rise
LQQXFOHDUPRUHDIˌXHQWIDPLOLHVZLOOGULYHGHPDQGIRULQQRYDWLYHDQGSUHPLXPSURGXFWVRIWKHNLQG
manufactured and sold by Polycab.

“In FY19, even as we invested
for the future, we maintained
leverage levels.”
Broad strategy
3RO\FDEȢVZD\RIGRLQJEXVLQHVVLVWRNHHSLWVLPSOHGULYHUHYHQXHVPDQDJHFRVWVLPSURYHHIˋFLHQFLHV
build the brand and make it highly visible; enhance distribution; and thereby create value for stakeholders.
Our strategy:
Consolidate our leadership position in wires and cables by targeting key growth domestic and
H[SRUWVHFWRUVVXFKDVPLQLQJRLODQGJDVVKLSSLQJSRZHUUHQHZDEOHVLQIUDVWUXFWXUHFRQVWUXFWLRQ
DXWRPRWLYHWHOHFRPPXQLFDWLRQDQGDJULFXOWXUH:HZLOOH[SDQGRXUFXVWRPHUEDVHE\XWLOL]LQJRXU
research and development capabilities to develop new and innovative products.
Continue to expand our FMEG business in India and abroad by leveraging our brand, distribution
network, diverse customer base and manufacturing capabilities. The focus will be to broaden our
GLVWULEXWLRQUHDFKLQFUHDVHUXUDOSHQHWUDWLRQDQGH[SDQGRXUUHWDLOIRRWSULQW
Strengthen brand recognition by increasing brand awareness and customer loyalty through creative
promotions and new-age marketing using both digital and traditional channels and increased
one-to-one interactions with distributors, dealers and end-consumers.
Underpinning our strategy will be our 24 manufacturing facilities; our 3100 plus strong pan-India network
of authorized dealers and distributors; and the 100,000 retail outlets—these will grow as we invest to stay
ahead of the curve.
To sharpen our competitive edge, we not only manufacture our products in-house but have also integrated
EDFNZDUGV$JRRGH[DPSOHLVWKHMRLQWYHQWXUHZLWK7UDˋJXUDFUHDWHGLQWRSURGXFHFRSSHU
ZLUHURGVLQDQHZSODQWDW5\NHU*XMDUDW2QFHIXOO\RSHUDWLRQDOWKH5\NHUSODQWZLOOIXOˋOPXFKRIRXU
GHPDQGIRUWKLVFULWLFDOUDZPDWHULDO%HVLGHVRXUH[LVWLQJPDQXIDFWXULQJLQFOXGHVRWKHUNH\UDZPDWHULDOV
WKDWJRLQWRRXU)0(*VDQGZLUHVDQGFDEOHV7KHVHLQFOXGHDOXPLQLXPDQGDOXPLQLXPURGVVHYHUDOJUDGHV
RI39&UXEEHU;/3(FRPSRXQGV*,ZLUHVDQGVWULSV7KHUHVXOWDQWHQKDQFHGUHSXWDWLRQRIEHLQJDKLJKO\
UHOLDEOHVXSSO\FKDLQSDUWQHUSURYLGHVXVDSUHPLXPSRVLWLRQLQJWKDWRXULQGXVWU\SHHUVZLOOˋQGKDUGWR
emulate.
Polycab’s sustained success over several decades is grounded in our core values of simplicity, teamwork,
WUXVWEXLOGLQJFXVWRPHUIRFXVDQGPHHWLQJFRPPLWPHQWVWRRXUGLIIHUHQWVWDNHKROGHUV6WLFNLQJWRWKHVH
values has given us a unique standing and respectability in our industry and with customers. They play a
PDMRUUROHLQRXUVXFFHVVFROODERUDWHDVZHGRZLWKWKHPFORVHO\WRGHYHORSSURGXFWVWKDWDUHLQV\QFZLWK
their changing needs.
)RUWKHVKDUHKROGHUVZKRKDYHQRZMRLQHGWKH3RO\FDEIDPLO\OHWPHRQEHKDOIRIDOORIXVDW
Polycab assure you of our commitment and service to all. Thank you so much for your overwhelming
support. Together, we shall build the Polycab of tomorrow.
Inder T Jaisinghani
Chairman & Managing Director

Chairman & Managing Director
Inder T Jaisinghani with the leadership
team at the NSE’s bell-ringing to
celebrate the listing of Polycab’s shares.

Management Discussion and Analysis
4XLFN,QIRUPDWLRQ
Name of company Polycab India Ltd (formerly Polycab Wires Ltd)
Year of incorporation 1996
Initial public offering April 2019
%XVLQHVV6HJPHQW Manufacture and sale of a diverse range
of electrical wires and cables.
Fast moving electrical goods such as fans;
/('OLJKWVDQGOXPLQDLUHVKHDWHUVVZLWFKHV
and switchgear, solar products.
'HVLJQHQJLQHHULQJVXSSO\H[HFXWLRQDQG
commissioning of power distribution and rural
HOHFWULˋFDWLRQSURMHFWV
Total revenue FY19 (consolidated) ` 79560 million
3URˋWDIWHUWD[)<(consolidated) ` 5003 million
Shares issued Pre-IPO Post-IPO

Shares % holding Shares % holding
352027(56 93.65 mn 66.3% 85.33 mn 57.4%
352027(5*5283 17.83 mn 12.6% 16.77 mn 11.3%
27+(56 29.73 mn 21.1% 46.54 mn 31.3%
727$/ 141.21 mn 148.64 mn
5HJLVWHUHGRIˋFH Bankers Auditors

(*UHDWHU.DLODVK,,1HZ'HOKL 6WDWH%DQNRI,QGLD 65%& &R//3
Voice +91 11 2922 8574 Bank of India Chartered Accountants
Fax +91 11 4105 4838 IDBI Bank 12th Floor The Ruby
Email investor.relations@polycab.com 3XQMDE1DWLRQDO%DQN 6HQDSDWL%DSDW0DUJ
5%/%DQN Dadar (W) Mumbai 400028 India
Website www.polycab.com
Yes Bank
HDFC Bank &KLHI)LQDQFLDO2IˋFHU
&RUSRUDWH2IˋFH IndusInd Bank
6WDQGDUG&KDUWHUHG%DQN
6/%DMDM
3RO\FDE+RXVH0RJXO/DQH
Mahim (West) Mumbai 400016 CitiBank Company Secretary
Voice +91 22 24327074, 67351400 +6%&%DQN
Kotak Bank 661DUD\DQD
Fax +91 22 24327075
Email info@polycab.com ICICI Bank
6RFLHWH*HQHUDOH%DQN

2XUVRFLDO
UHVSRQVLELOLW\
Driven by our sense of social responsibility, we are
committed to sustainable growth and long-term value
as our CSR pledge clearly states.
Our pledge
Polycab and all of our Our CSR interventions Drinking water bore wells
in villages Chachariya and
employees subscribe to Education
*RYLQGSXUL
the philosophy of Activities in schools—
Renovation of toilet blocks in
empathetic care. competitions, quizzes, sports,
primary schools.
career counseling, tutoring.
We believe in and act with 6FKRROURRPLQ%DVNDYLOODJH
Infrastructure in schools—
a spirit of kindness and setting up a science laboratory A model Aanganwadi in
67(0ZKLWHZDVKZLULQJ village Chachariya.
concern, with a core of
Vacational workshop for 6SRUWVJURXQGVLQYLOODJHV
willingness to form a with games distributed
children in Village Noorpura.
Society which is across schools.
/($$'SURJUDPPHLQWZR
appropriate for all. schools. Health
Our pledge entails: Community Health talks.
Creating opportunities for Festivities and events—cooking, Health camps in Mota
the community. 5DQJROL*DUEDDQGVSRUWV 6DQGKL\DDQG-DODUL\D
competitions. Also held health camps
Assuring viable business for general health, blood
processes that are Farmer’s session—newer group+HB, eye check-up in
economical, ecological methods of farming, soil testing, primary schools.
and soil upkeep.
and for public good. OPD Medical Mobile Units.
6NLOOGHYHORSPHQWȠVHZLQJ
Reaching the unreached 6KUHH+DORO6WUHH6DPDM
classes for women, creating
by sharing core self-help groups.
MRLQWO\FRQGXFWHGEUHDVW
TVSƙGMIRGMIW tumor detection camps.
Model farm for growing moong
Developing capabilities. dal and soya. Animal husbandry
Improving the quality Infrastructure Animal check-up camps.
of life. Toilets—for every dwelling in 6HVVLRQVRQFDWWOHUHDULQJ
YLOODJH*DGKPDKXGD and dairy farming.
Management Discussion and Analysis Annual Report 2018-19 7

%RDUG
,QGHU7-DLVLQJKDQL
Polycab’s board brings together the Chairman and Managing Director
decades-long hands-on experience With Polycab since its

LQFHSWLRQ,QGHU-DLVLQJKDQLKDV
and success in real-word business been the Company’s Chairman
leadership, strategy $MD\7-DLVLQJKDQL
'LUHFWRUVLQFHDQG
&KDLUPDQ 0DQDJLQJ'LUHFWRU
and operations Whole-Time Director since 2014.
of the promoters Director since inception and
Whole-Time Director since 2014,
and the wisdom of $MD\7-DLVLQJKDQLKDVSOD\HGDPDMRU
professionals who leadership role in sales, marketing,
production and other
have held senior support services.
positions with
globally renowned
corporations.
6K\DP/DO%DMDM
&KLHI)LQDQFLDO2IˋFHUDQG:KROH
5DPHVK7-DLVLQJKDQL Time Director
Whole-Time Director
$TXDOLˋHG&KDUWHUHG
Director since inception, Accountant and B.Com from
and subsequently appointed 5DMDVWKDQ8QLYHUVLW\
as Whole-Time Director in 0U%DMDMȢVHDUOLHUVHQLRU
0DMRUFURVVIXQFWLRQDO leadership positions
leadership role. include Director-Finance
ZLWK9HGDQWD/WGDQG&)2
ZLWK+LQGXVWDQ=LQF/WG

TP Ostwal
Independent Director
Mr Ostwal is a practicing chartered

accountant since 1978 and senior 566KDUPD
partner with TP Ostwal and Associates Independent Director
//3DQGDOVRDSDUWQHUZLWK'76
$VVRFLDWHVDQG2VWZDO'HVDL .RWKDUL Former Chairman and
Chartered Accountants. He has served 0DQDJLQJ'LUHFWRURI21*&
as a member of the group for advising India’s largest oil and gas
and establishing transfer pricing H[SORUDWLRQFRPSDQ\
regulations in India, set up by the 0U6KDUPDKROGVFHUWLˋFDWLRQV
&HQWUDO%RDUGRI'LUHFW7D[HV0LQLVWU\ from the Institute of Cost and
RI)LQDQFH*RYHUQPHQWRI,QGLDDQG Works Accountants of India
LVDPHPEHURIWKH816XEFRPPLWWHH and the Indian Institute of
on Transfer Pricing for developing Bankers. He is a BA from Delhi
countries. University.
Pradeep Poddar
Hiroo Mirchandani 9DVWO\H[SHULHQFHGLQWKHFRQVXPHU

goods industry, having worked in
*OLQGLD/WGIRUPHUO\*OD[R/DERUDWRULHV
In her business career of over thirty years primarily ,QGLD/WG+HLQ],QGLDDQGWKH7DWD
in the consumer goods and healthcare sectors, Ms group. Mr Poddar has represented the
0LUFKDQGDQLKDVKHOGVHQLRUSRVLWLRQVDW3ˋ]HU Tatas on the Nourishco board
'DEXU:RUOG*ROG&RXQFLODQG%3/7HOHFRP6KH -9ZLWK3HSVLDQGLVRQWKHERDUGV
also serves on the boards of listed companies RI0RQVDQWR,QGLD/WG:HOVSXQ
VXFKDV7DWD7HOHVHUYLFHV0DKDUDVKWUD/WG')0 ,QGLD/WGDQG8ˌH[/WG0U3RGGDU
)RRGV/WGDQG1LONDPDO/WG0V0LUFKDQGDQLLV graduated in chemical engineering
DIRUPHUVKDUHKROGHUGLUHFWRURI3XQMDE1DWLRQDO from the University Department of
%DQN6KHKROGVDEDFKHORUVȢGHJUHHLQFRPPHUFH Chemical Technology, University of
an MBA from the University of Delhi, and has been Mumbai, in 1976, and post-graduated in
D&KHYHQLQJ*XUXNXO6FKRODUDWWKH/RQGRQ6FKRRO management from the Indian Institute
of Economics. of Management, Ahmedabad, in 1978.

+LVWRU\
KLJKV
Our remarkable journey of 55 years
7KHIDPLO\IRXQGVD
The family forms a
SDUWQHUVKLSˋUPQDPHG
7KDNXU,QGXVWULHV
6XEVHTXHQWO\WKHSDUWQHUVRI
WKHˋUPDFTXLUHODQGIURP
0,'&LQ$QGKHUL0XPEDLWR
VHWXSDIDFWRU\IRU
PDQXIDFWXULQJFDEOHVDQG
ZLUHV7KHˋUPLVRSHUDWLRQDO
XQWLO
2XU&RPSDQ\VHWVXSD
PDQXIDFWXULQJIDFLOLW\
IRU39&LQVXODWHGSRZHU
FDEOHVKRXVHZLUHV
SRO\HWK\OHQHLQVXODWHG
MHOO\ˋOOHGWHOHSKRQH
FDEOHVRSWLFDOˋEUH
FDEOHVVZLWFKERDUG
FDEOHVDQGTXDGFDEOHV
3RO\FDE,QGXVWULHVD
DW'DPDQ
SDUWQHUVKLSˋUPIRXQGHGE\
WKHIRXUEURWKHUVLVUHJLVWHUHG
DVDVPDOOVFDOHLQGXVWULDOXQLW
ZLWKDIDFWRU\ORFDWHGDW+DORO
*XMDUDWIRUPDQXIDFWXULQJDQG
SURFHVVLQJ39&LQVXODWHGZLUHV
DQGFDEOHVFRSSHUDQG
DOXPLQLXPDQGEDUHFRSSHU
ZLUH

Our Company enters 2XUFRPSDQ\OLVWVRQ
Our Company lists on
%6(DQG16(SRVWLWV
WKH%6(DQG16(LWV
CPLOOLRQLQLWLDO
SXEOLFRIIHULQJ,32
EHLQJVXEVFULEHG
WLPHV
$FTXLVLWLRQRI7HFKQR
-9LQ7HFKQR
(OHFWURPHFK3ULYDWH/WG
IRUPDQXIDFWXULQJ/('
OLJKWLQJSURGXFWV

/LQHVRI
EXVLQHVV
Wires and cables
We are India’s dominant Power Cables
Control Cables
manufacturer and seller Instrumental Cables
of a diverse range of 6RODU&DEOHV
Building Wires
wires and cables for retail )OH[LEOHVLQJOH0XOWLFRUH
and industrial use. Communication Cables
Other Cables
Fast moving electrical goods (FMEG)

In 2014, we entered the &RQGXLWV $FFHVVRULHV
)DQV +RPH$SSOLDQFHV
fast-moving electrical goods /('/LJKWLQJ /XPLQDLUHV
business. Polycab is now India’s 6ZLWFKHV 6ZLWFKJHDUV
fastest-growing FMEG brand. 6RODU3URGXFWV
3XPSV3LSHV )LWWLQJV
The share of FMEG in our total
revenue is rising steadily.
Other
Our engineering, The design, engineering,
VXSSO\H[HFXWLRQDQG
procurement and commissioning of power
construction (EPC) business distribution and rural
HOHFWULˋFDWLRQSURMHFWV
provides project-based
solutions.

6HJPHQWSHUIRUPDQFH
Revenue Mix
In FY19, even as we
maintained our market
leadership in wires and
cables, our investment
in FMEG helped it grow
rapidly in both revenue
and EBIT, with an
increased share in our
segment mix.
` million, consolidated
Segment Income Segment EBIT
TRENDS
([SODLQHG)<YV)<
In a challenging demand scenario, Polycab’s agile marketing and sales network

helped drive sales of our differentiated, innovative portfolio across institutional and
retail customers.
&RQVROLGDWHG%DODQFH6KHHW DPDQXIDFWXUHUEDVHGLQ9DGRGDUD*XMDUDWWR
PDQXIDFWXUH/('OLJKWLQJDQGOXPLQDLUHV
1 Property, plant and equipment (PPE) and 2WKHUˋQDQFLDODVVHWV

intangible assets 7RWDORWKHUˋQDQFLDODVVHWVQRQFXUUHQWDQGFXUUHQW
increased by ` 530 million to ` 776 million as at
i In FY19, total additions to PPE and Intangibles were 31 March 2019 as compared with ` 246 million as at
` 2,223 million mainly in: 31 March 2018 mainly on account of:
D 3ODQW PDFKLQHU\` 1,050 million largely for D 3XEOLFLVVXHH[SHQVHRI` 389 million recoverable
H[SDQVLRQRIRSWLFDOˋEHUDQGFRQGXFWRUVDW+DORO IURPVHOOLQJVKDUHKROGHUVIRU,32H[SHQVHVLQFXUUHG
b Buildings: `PLOOLRQODUJHO\RQH[SDQVLRQDW on their behalf by the Company.
Halol. b Increase of ` 113 million in contract assets due to
F (OHFWULFDOLQVWDOODWLRQRIˋFHHTXLSPHQWȢVDQG increase in ongoing installation services in some
furniture: ` 81 million, ` 63 million and ` 35 million RIWKH(3&SURMHFWVDWWKHHQGRIWKH\HDU,WJHWV
respectively. settled on periodic basis.
ii Capital work in progress (CWIP) was ` 1,930 million
as at 31 March 2019 compared with ` 1,360 4 Other assets
million as at 31 March 2018. The CWIP is largely in Total other assets decreased by ` 145 million to
UHVSHFWRIH[SDQVLRQRIFDEOHDQGZLUHDQG)0(* ` 2,415 million as at 31 March 2019 compared with
manufacturing capacity. ` 2,560 million as at 31 March 2018, mainly
iii The Company has provided adequate depreciation comprising of:
in accordance with the useful lives of the assets a Decrease of ` 535 million in balances with
in compliance with the requirements of the VWDWXWRU\JRYHUQPHQWDXWKRULWLHVDVDW0DUFK
Companies Act, 2013. 2019 mainly on account of utilization of statutory
balances against liabilities.
2 Investments in joint ventures b The above decrease was partially offset by the
The &RPSDQ\KDVLQYHVWPHQWVLQWZR-9V increase in capital advances by ` 167 million,
L 5\NHU%DVH3ULYDWH/WG7RWDO,QYHVWPHQW` 205 DGYDQFHVIRUPDWHULDOV VHUYLFHVE\` 117 million,
million (Net) refund assets by `PLOOLRQDQGSUHSDLGH[SHQVHV
by ` 40 million.
,QZHHQWHUHGLQWRDMRLQWYHQWXUHZLWK
7UDˋJXUD3WH/WGDFRPPRGLW\WUDGLQJFRPSDQ\ 5 Inventories
to set up a manufacturing facility in Waghodia
*XMDUDW,QGLDWRSURGXFHFRSSHUZLUHURGV Inventory as at 31 March 2019 was ` 19,958 million
The Ryker plant will strengthen the backward compared with ` 13,657 million as at 31 March 2018.
LQWHJUDWLRQRIRXUPDQXIDFWXULQJSURFHVV:HH[SHFW 2XULQYHQWRU\GD\VGHULYHGIURPFRQVROLGDWHGˋQDQFLDO
it to meet a substantial part of our demand for statements were 103 days and 101 days as at
copper wire rods in the manufacturing of wires and 31 March 2019 and 31 March 2018, respectively.
FDEOHVDQG)0(* Increase in raw material inventory is due to increase
in import goods in transit and holding inventory for
LL 7HFKQR(OHFWURPHFK3ULYDWH/LPLWHG7RWDO
SURGXFWLRQIRURXU5\NHUSODQW,QFUHDVHLQSURMHFW
Investment ` 88 million (Net)
material is due to new EPC contract acquired during
,QZHHQWHUHGLQWRDVWUDWHJLFMRLQW the year. The increase in traded goods was due to the
YHQWXUHZLWK7HFKQR(OHFWURPHFK3ULYDWH/LPLWHG LQFUHDVHLQRXU)0(*EXVLQHVV

6 Trade receivables 10 Borrowings
Trade receivables (non-current and current) as at (` million)
31 March 2019 were ` 14,694 million against ` 13,788 b Non-Current Current Total %
million as at 31 March 2018. Change
FY19 FY18 FY19 FY18 FY19 FY18
Non-current trade receivables Borrowing 889 1,589 1,031 5,687 1,920 7,277 -74%
Non-current trade receivables were ` 1,351 million as
at 31 March 2019. It mainly includes retention money Decrease in non-current borrowing is due to scheduled
held by government customers of ` 1,240 million for repayment of term loan.
UXQQLQJ(3&SURMHFWV Decrease in short term borrowing is mainly because
Current trade receivables of reduction in usage of buyer’s credit and better
Current trade receivables increased by ` 435 million utilization of funds.
to ` 13,343 million as at 31 March 2019 compared
with ` 12,908 million as at 31 March 2018. Our current 2WKHUˋQDQFLDOOLDELOLW\
receivables days have been reduced from 71 days to Other curreQWˋQDQFLDOOLDELOLWLHVLQFUHDVHGE\
65 days; this is predominantly because of channel ` 428 million to ` 1,814 million as at 31 March 2019
ˋQDQFLQJIDFLOLW\H[WHQGHGWRRXUFXVWRPHUVDOPRVW compared with ` 1,386 million as at 31 March 2018.
three years back. This has helped us in improving our The increase is mainly on account of increase in
receivable cycle. derivative liability by ` 155 million, an increase in
capital creditors by ` 124 million and an increase in
7 Cash and cash equivalents and other refund liability by ` 96 million.
bank balances 12 Other liability
Cash and cash equivalents and other bank balances Other liability primarily consists of advances from
aggregated to ` 3,176 million as at 31 March 2019, up customers, other statutory dues, deferred liability,
from ` 107 million as at 31 March 2018, primarily due contract liability and deferred government grants.
to increase in free FDVKˌRZIURPRSHUDWLRQV Total other liabilities (non-current and current)
increased by ` 5,288 million mainly on account of
8 Share capital
a Increase in advances from customers by ` 3,853
The paid-up share capital of the Company as at PLOOLRQ:HUHFHLYHGDVL]DEOHDGYDQFHIRUDQH[SRUW
31 March 2019 was ` 1,412 million comprising order due to which advances from customers
141,205,838 equity shares of ` 10 each. Further, during increased as at 31 March 2019.
FY20, the Company completed its initial public offer
b Increases in other statutory dues by ` 722 million is
(IPO) and listedRQWKH16(DQG%6(RQ$SULO19. mainly due to statutory liability outstanding but not
due as on 31 March 2019.
9 Other equity
c Increases in contract liability by ` 638 million is
Other equity comprises reserves and surplus and other mainly due to the continuous increase in the EPC
comprehensive income. Total other equity increased to customer base and contracts where billing is in
` 27,057 as at 31 March 2019 from ` 22,064 million as H[FHVVRIUHYHQXe.
at 31 March 2018.
Reserves and surplus includes retained earnings, 13 Trade payables
securities premium, general reserve and other reserves Total balance as at 31 March 2019 was ` 15,202 million
FRPSULVLQJ(623RXWVWDQGLQJDFFRXQWDQGIRUHLJQ compared with ` 9,221 million as at 31 March 2018. Of
currency translation reserve. the total, trade payables increased by ` 5,981 million
a The securities premium balance decreased by mainly due to increase in liability for goods in transit
`PLOOLRQGXHWRDGMXVWPHQWRIWKH&RPSDQ\ȢV and increase in acceptances.
VKDUHRILVVXHH[SHQVHVUHODWHGWRWKHVXFFHVVIXO
completion of the IPO process on 16 April 2019. 14 Provisions
b The general reserve balance remained at ` 614 a Non-current provisions
million. Total balance as at 31 March 2019 was ` 162 million
F (623RXWVWDQGLQJZDV` 150 million as at 31 March compared with balance of ` 95 million as at
2019. During the year the Company recorded ` 150 0DUFK*UDWXLW\SURYLVLRQURVHE\` 0.60
million of stock based compensation in relation to million and compensated absences provision
LWV(623SODQV rose by ` 67 million. The liability for gratuity and
d Foreign currency translation reserve decreased compensated absences is based on the valuation
by ` 0.5 million on account of foreign operations from the independent actuary. The Company in India
SURYLGHVJUDWXLW\EHQHˋWVIRULWVHPSOR\HHVZKHUHLQ
converting their functional currency to the Indian
the plan is funded with the fund balance kept with
Rupee, the Company’s reporting currency.
/LIH,QVXUDnce Corporation of India.
e Retained earnings balance increased by ` 4,993
PLOOLRQ3URˋWIRUWKH\HDUZDV` 4,997 million, other
comprehensive income for the year, which is part
of retained earnings, was ` (4) million representing
actuarial gains nHWRIWD[Hffect thereon.

b Current provisions (PSOR\HHEHQHˋWH[SHQVHV
The balance represents the provision towards
compensated absences, gratuity and warranty. The 7KHHPSOR\PHQWH[SHQVHVLQFUHDVHGE\WR`
provision as at 31 March 2019 decreased to ` 209 3,002 million from ` 2,593 million. As a percentage of
million compared with ` 376 million as at 31 March revenue, employee cost was 3.77% in FY19 compared
2018. The main reason of decrease in provision in with 3.83% in FY-18.
compensated absences was due to the change in 'XULQJ)<WKH&RPSDQ\LQVWLWXWHG(6233ODQ
leave policy. (6233HUIRUPDQFH6FKHPHDQG(6233ULYLOHJH
6FKHPHIRULVVXDQFHRIVWRFNRSWLRQVWRHOLJLEOH
15 Deferred tax liability employees of the Company. The compensation cost
'HIHUUHGWD[OLDEility decreased to ` 231 million from UHFRJQL]HGIRUWKHVH(623VFKHPHVZDV` 149 million
` 553 million, a decrease of ` 322 million. It comprises IRU)<ZKLFKZDVLQFOXGHGLQWKHHPSOR\HHEHQHˋW
WD[HIIHFWRIWHPSRUDU\GLIIHUHQFH7KH&RPSDQ\ H[SHQVHV
records net positions as assets and liabilities based on
WD[MXULVGLFWLRQVFRQVLGHULQJULJKWVWRRIIVHW1RWH 20 Finance cost
RIWKHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVSURYLGHVWKH
Finance cost consists primarily of interest cost, bank
components of assets and liabilities. FKDUJHVDQGIRUHLJQH[FKDQJHJDLQVORVVHVRQ
borrowings.
2XUˋQDQFHFRVWVLQFUHDVHGE\WR` 1,167
&RQVROLGDWHG3 / million in FY19 from ` 937 million in FY18, primarily
GXHWRLQFUHDVHLQIRUHLJQH[FKDQJHORVVRQERUURZLQJV
16 Revenue from operations In FY19 by ` 361 arising from depreciation in the
Indian Rupee. This increase was partially offset by a
Revenue from operations increased by 18% to ` 79560 decrease in interest cost.
million in FY19 from `PLOOLRQQHWRIH[FLVH
duty) in FY18. 21 Depreciation and amortization expense
Our segment-wise growth is as below Depreciation and DPRUWL]DWLRQH[SHQVHLQFUHDVHGWR
Revenue ` 1,414 million in FY19 compared with ` 1,330 million
6HJPHQW *URZWK LQ)<ODUJHO\GXHWRDGGLWLRQVWRSODQW PDFKLQHU\
FY19 FY18*
Cables and wires 68,894 60,662 14% and buildings during the year.
)0(* 6,416 4,853 32% 22 Other expenses
(3& 2WKHUV 4,250 2,189 94%
2WKHUH[SHQVHVLQFUHDsed by 17.78% to ` 7,666 million
Total 79,560 67,703 18% in FY19 from `PLOOLRQH[FOXGLQJH[FLVHGXW\RI
)<ˋJXUHVDUHQHWRIH[FLVHGXW\ `PLOOLRQRQˋQLVKHGJRRGVZKLFKLVFOXEEHGLQ
cost of goods sold) in FY18, largely on sub-contracting
17 Other income H[SHQVHVDGYHUWLVHPHQWDQGVDOHVSURPRWLRQ
IUHLJKW IRUZDUGLQJDQGSRZHU IXHOH[SHQVHV$V
Our other income primarily comprises of interest SHUFHQWDJHRIUHYHQXHRWKHUH[SHQVHVZHUHLQ
LQFRPHJRYHUQPHQWJUDQWVH[FKDQJHGLIIHUHQFHDQG FY19 compared with 9.61% in FY18.
others. It increased to ` 933 million from ` 644 million
in FY 18. The increase of ` 289 million is mainly
attributed to increase in government grants by
` 167 million and interest income by ` 101 million. &RQVROLGDWHG&DVK)ORZ
18 Raw material cost of goods sold a 1HWFDVKLQˌRZIURPRSHUDWLRQVLQFUHDVHGE\` 8,674
million to ` 12,299 million in FY19 against ` 3,624
Our raw materials costs of goods sold includes packing
million in FY18. The increase was mainly due to a large
material, and consists of the following line items in the
ˋQDQFLDOV DGYDQFHUHFHLYHGIRUDQH[SRUWRUGHUDQGLQFUHDVHG/&
acceptances in trade payables.
a cost of materials consumed
b purchases of traded goods b Net cash used in investing activities increased by
F FKDQJHVLQLQYHQWRULHVRIˋQLVKHGJRRGVWUDGHG ` 2,198 million to ` 4,076 million during the FY19
goods and work-in-progress compared with ` 1,878 million during FY18. The
increase is mainly due to investment in property, plant
G SURMHFWERXJKWRXWVDQGRWKHUFRVWV
and equipment for increasing the capacity of wires
H LQFUHDVHGHFUHDVHLQH[FLVHGXW\RQVWRFNRI
DQGFDEOHDQG)0(*VHJPHQWVLQYHVWPHQWVLQˋ[HG
ˋQLVKJRRGV
deposits, and Investment in our one of the subsidiaries.
Raw materials costs of goods sold is increased to
` 59,660 million in FY19 from ` 51,312 million in F 1HWFDVKXVHGLQˋQDQFLQJDFWLYLWLHVLQFUHDVHGE\
)<XS2XU&2*6DVSHUFHQWDJHRIVDOHV ` 4,616 to ` 6,514 million during FY19 from ` 1,898
improved from 75.8% in FY 18 to 75.0% in FY19 mainly million during FY18. The increase is mainly due to
GXHWRFKDQJHLQVDOHVPL[DQGEHWWHUVDOHVSULFH repayment of non-current and current borrowings.
realisation.

&KDUWLQJRXUULVH
Our SURǊWDEOHJURZWK continued as we
VIHYGIHSYVHIFXFYVHIRVEMWIHIJƙGMIRGMIWMRZIWXIHMR
our brand, and improved our service/product delivery via
an agile, more adaptive supply chain.

,QIUDVWUXFWXUH
Multi-location manufacturing at scale, 24 7 30
manufacturing manufacturing warehouse
quality products, and a large network facilities locations locations
of well-stocked distributors and
retailers guarantees Polycab’s reliable,
always-available supply chain
Polycab network
20 3,100+ 1,00,000+
FVERGLSJƙGIW authorized dealers and retail outlets
in India distributors

Production capacities (owned and leased)
Location Capacity
Wires and cables +DORO*XMDUDW'DPDQ PLOOLRQNP\HDU

Fans Roorkee (Uttarakhand) PLOOLRQXQLWV\HDU
6ZLWFKHV VZLWFKJHDU Nashik (Maharashtra) POOLRQXQLWV\HDU
/LJKWVDQGOXPLQDLUHV &KKDQL9DGRGDUD*XMDUDW PLOOLRQXQLWV\HDU
Others 3DGDQD*XMDUDW XQLWV\HDU
225,000 MT (copper)
&RSSHUURGVWHHOZLUH :DJKRGLD*XMDUDW
60,000 MT (steel wire)
'IVXMƙGEXMSRW
Final quality testing on all our manufactured products ensures that they comply with
customer requirements and national and international standards. Products are tested for
voltage, partial discharge, conductor resistance, insulation and other quality requirements.
7KHFHUWLˋFDWLRQVWKDWZHKDYHREWDLQHGDUHWHVWLPRQ\WRRXUFRPPLWPHQWWRDTXDOLW\
PDQDJHPHQWV\VWHPDQGTXDOLW\SURGXFWV2XUFRPSDQ\KDVQRWH[SHULHQFHGDVLQJOHFDVH
WRGDWHRISURGXFWUHMHFWLRQOLDELOLW\FODLPRUSURGXFWUHFDOO
&HUWLˋFDWLRQ Range of products applied Issuing authority
1$%/&HUWLˋFDWH 1 kV to 220 kV power and control cables 1$%/,QGLD
406,62 Complete range of products '46,QF86$
Type Test Reports 1 kV to 220 kV power and control cables CPRI, Bangalore, India
(5'$9DGRGDUD &35,
Type Test Reports 1 kV to 33 kV power and control cables Bangalore, India
Type Test Reports 1 kV to 33 kV power and control cables IPH, Berlin
3URGXFW&HUWLˋFDWLRQIRU%$6(& &RPSOHWHUDQJHRISURGXFWVDVSHU%6 %6 %$6(&8.
3URGXFW&HUWLˋFDWLRQ Thermoplastic insulated wires and tray cables 8/86$

&(PDUNLQJ&HUWLˋFDWLRQ Complete range of products FQC, Istanbul

5HVHDUFKDQG
'HYHORSPHQW
PolycabTPEGIWWMKRMƙGERXIQTLEWMWSRVIWIEVGLERHHIZIPSTQIRX
PolycabTPEGIWWMKRMƙGERXIQTLEWMWSRVIWIEVGLERHHIZIPSTQIRX
capabilities to help the company conform to the highest quality standards
and thus be self-reliant and customer-centred.
The company’s R&D centre, located at Halol, has nearly 90 engineers and
XIGLRMGMERW[SVOMRKSR6
(TVSNIGXW8LIGIRXVIMW2%&0-73GIVXMƙIH
We also conduct R&D on PVC compounds, switchgears, electric fans, and
LED lightings at our manufacturing facilities.
7KURXJKRXU5 'HIIRUWVZHKDYHGHYHORSHGSURGXFWVVXFKDVˌDPHUHWDUGDQW
HODVWRPHULFFRPSRXQGVˌDPHUHWDUGDQWFKORURVXOSKRQDWHGSRO\HWK\OHQHUXEEHU
FRPSRXQGVDQGFDWKRGLFSURWHFWLRQFDEOHVXVLQJˌXRURSRO\PHUVDQGRWKHU
innovative products such as environmentally friendly power cables, rubber
(elastomeric) cables and electron-beam irradiated cables to serve the needs of the
automobile, ship-building industry, mining, solar energy, and rolling stock sector.
:HDUHFUHDWLQJDFHQWUHRIH[FHOOHQFHIRUSRO\PHUVIRUZKLFKZHKDYHDOUHDG\EHJXQ
LQVWDOODWLRQRIHTXLSPHQW2XULQWHQWLVWRGHYHORSRXU-9FRPSDQ\5\NHU%DVH3YW/WG
to be the copper analysis centre for both incoming and out-going raw materials—this
ensures that our copper rods meet high quality standards.
,QDGGLWLRQWR5 '3RO\FDEKDVFRQVLVWHQWO\DGRSWHGDGYDQFHGDXWRPDWLRQV\VWHPV
LQRXUPDQXIDFWXULQJSURFHVVVXFKDVWKHPDQXIDFWXULQJH[HFXWLRQV\VWHP0(6
which is an automated sensor based system for recording the actual consumption
of raw materials in production, and also enterprise resource planning (ERP) systems.
:HKDYHDOVRDGRSWHGWKH0D\QDUG2SHUDWLRQ6HTXHQFH7HFKQLTXH0267WRGULYH
productivity and optimize capacity utilization.

Green Wire: Our ecological initiative
-R%YKYWX[IPEYRGLIH+VIIR;MVIERIRIVK]IJƙGMIRXERH
environment-friendly product that contributes to India’s ‘Go Green’
mission. The product is compliant with the EU’s RoHS
(Restrictions of Hazardous Substances) standards of European
Union (EU), 2006.
The energy-saving best-in-class lead free wires have a larger
current carrying capacity than standard wires of similar thickness,
EVIQSVIƚI\MFPIEVIƚEQIVIXEVHERXERHIQMXXS\MGKEWIWSRP]MR
trace amounts to ensure a cleaner, safer, healthier environment.

6HOHFW
FXVWRPHUV
Polycab’s competitive edge lies in product innovation as well as superior quality and
ready availability. Our diverse customer base includes government departments,
retailers, distributors, dealers and industrial/institutional customers. The ability to
be on top of market and tech trends attracts prominent companies, consultants and
contractors in utilities, power generation, oil and gas, transmission & distribution,
construction, IT parks, OEMs, EPC contractors, steel & metal, cement, chemical,
agriculture and nuclear power sectors.
ACC 0DGK\D*XMDUDW9LM&R
Adani Wilmar NCC
$PEXMD&HPHQW North East Frontier Railway
%(67 173&*(3RZHU6HUYLFHV
%*5(QHUJ\6\VWHPV 2ULHQWDO6DOHV&RUSRUDWLRQ
%+(/ 3DVFKLP*XMDUDW9LM&RPSDQ\
%3&/ Paschimanchal Vidyut Vitran Nigam
%OXH6WDU 3XQM/OR\G
Bosch Reliance Industries
'DNVKLQ*XMDUDW9LM 5HOLDQFH-LR,QIRFRPP
*WSO+DWKZD\ 6LHPHQV
*XMDUDW(QHUJ\7UDQVPLVVLRQ&RUSRUDWLRQ 6RXWKHUQ3RZHU'LVWULEXWLRQ&RPSDQ\2I$3
+3&/ 6RXWKHUQ5DLOZD\
Hindustan Zinc 6WHUOLQJ$QG:LOVRQ
+3&/0LWWDO(QHUJ\ 7DPLOQDGX*HQHUDWLRQ$QG'LVWULEXWLRQ
&RUSRUDWLRQ/LPLWHG
Indian Oil Corporation
7DWD3RZHU6RODU6\VWHPV/LPLWHG
-DPVKHGSXU8WLOLWLHV 6HUYLFHV&RPSDQ\
7DWD3URMHFWV
-LQGDO8QLWHG6WHHO
7DWD6WHHO
-6:6WHHO
7H[PDFR5DLO (QJLQHHULQJ
Kalpataru Power Transmission
TRF
Konkan Railway Corporation
8WWDU*XMDUDW9LM&RPSDQ\
/DUVHQ 7RXEUR

'YWXSQIVTVSƙPI
2019 2018 2017
Percentage of revenue from top customer 5% 5% 4%
Percentage of revenue from top 5 customers 13% 13% 12%
Percentage of revenue from top 10 customers 21% 22% 21%
Number of customers that account for under ` 10 mn annual revenue 3313 3724 3821
Number of customers that account for over ` 10 mn annual revenue 729 644 557
$VLJQLˋFDQWSURSRUWLRQRI3RO\FDEȢVUHYHQXHFRPHVIURPVHYHUDORUGHUVRI
more than ` 10 million. At the same time, because Polycab is not dependent
on a few large customers, concentration risk is not a source of worry.

)URP%%WR%&
2XUEUDQGMRXUQH\
Over the years, Polycab has evolved from a largely B2B play to a fast-growing B2C
brand. Driving our growth as a powerhouse in India’s consumer electricals market
have been our investments in branding and marketing—with outstanding results as
have been detailed in the other pages of this report.
Our initial strategy was to focus on strengthening not only above-the-line but
also below-the-line and through-the-line communication. This ensured not only
top-of-mind recall for the brand but similar recognition at point-of-sale and
post-purchase satisfaction. In recent years, we have invested in premium media
properties such as the world’s most-watched domestic T-20 cricket tournament,
the Indian Premier League.
‘Connection Zindagi Ka’, our positioning line, was a hit with customers—the
impactful narrative connected with their minds and hearts.

&IWMHIW8:4SP]GEFLEWMRZIWXIHMREVIEWXLEXWXVIRKXLIRSYVFSRHW[MXLMRƚYIRGIVW
customers and consumers, primarily in:
-RƚYIRGIVERHXVEHISYXVIEGL
Electrician meets and education programmes
Trade and consumer events and promotions, and
Community and regional events.

'ULYHUVDQGFKDOOHQJHV
Being a market leader of long standing in one of the world’s most competitive
markets brings its own set of challenges. But every challenge throws up
opportunities, which Polycab seizes using our strengths even as we confront
the risks.
Strengths
Polycab’s market dominance and sustained growth Strong backward integration
Our backward integration in
are driven by these attributes:
manufacturing assures us of a dependable
'LYHUVLˋHGSRUWIROLRRISURGXFWVDQGOLQHVRIEXVLQHVV supply of quality raw materials, and
enables us to maintain control of the
2XUWKUHHOLQHVRIEXVLQHVVDQGH[WHQVLYH%%DQG%&SRUWIROLRVIRU
supply chain, lower the cost of operations,
institutional and retail investors in different industries, supported by
and offer products at competitive prices.
UREXVWPDQXIDFWXULQJIDFLOLWLHVDQGVWURQJ5 'FDSDELOLWLHVKHOSXV
7KH5\NHUSODQWZDVVHWXSDVD-9
SURGXFHTXDOLW\SURGXFWVDIWHUVDOHVVHUYLFHDQGWDUJHWDGLYHUVLˋHG
ZLWK7UDˋJXUDIRUPDQXIDFWXULQJFRSSHU
customer base.
wire rods—a key input for the wire and
Strong brand FDEOHVEXVLQHVVDQG)0(*7KHIDFLOLW\
Our long-standing reputation comes from our unrelenting focus on will meet a substantial part of Polycab’s
quality and reliability, and on the continuous development and supply requirement.
RILQQRYDWLYHSURGXFWVWKURXJKDQH[WHQVLYHGLVWULEXWLRQQHWZRUN :HDOVRSURGXFHLQRXUH[LVWLQJ
Our strong brand name and the high visibility from our advertising manufacturing facilities, other key
FDPSDLJQVHQDEOHWKHFURVVVHOOLQJRI)0(*WRZLUHVDQGFDEOHV raw materials that we then use in the
customers. manufacturing of our wires and cables
DQG)0(*VLQFOXGLQJDOXPLQLXPURGV
Experienced promoters and management higher size of copper rods, various grades
Our leadership is a blend of entrepreneurial and professional RI39&UXEEHU;/3(FRPSRXQGVDQG*,
H[SHUWLVH7KHWHDPKDVDZHDOWKRIGHHSLQGXVWU\H[SHULHQFH wire and strip.
knowledge of the market, and an intensive understanding of
6WURQJˋQDQFLDOV
operations, pricing strategies, business development and industry
trends. Polycab has a long, consistent record
RIUHYHQXHJURZWKDQGSURˋWDELOLW\)RU
Wide distribution network H[DPSOHLQHDFKRIWKHODVWˋYH\HDUV
Polycab’s distribution network across India consists of 3,300 3RO\FDEȢVUHYHQXHDQGSURˋWKDVLPSURYHG
authorised dealers and distributors and 29 warehouses across 20 RYHUWKHSUHYLRXV\HDUȢVˋJXUHVZLWK
states through which we reach our products to 100,000 plus retail continuing all-round improvement in the
outlets. Our company has introduced several initiatives to strengthen UDWLRVUHODWHGWROLTXLGLW\DVVHWOLDELOLW\
the distribution network and distribution management systems. PDQDJHPHQWSURˋWDELOLW\DQGOHYHUDJH

Opportunities
The increasing demand for power, light, and
communication (voice as well as data) has opened
a door of opportunities for the wire and cables and
electrical equipment business. Exports-led growth
Increase in share of organised sector ,QGLDKDVEHFRPHDQHWH[SRUWHURI
Industry estimates show a transition of the Indian cables and cables and wires, propelled by a double-
wires industry away from the unorganised space with small GLJLWDQQXDOJURZWKLQH[SRUWVEHFDXVH
players towards the organised sector comprising pan-India of improved quality standards and
branded players. As the share of the organised sector has increase in manufacturing capacities.
LQFUHDVHGLQWKHPL[VRKDVthe market size. Indian manufacturers have responded
Rise in consumer spending ZLWKGLYHUVLˋHGSURGXFWRIIHULQJVDQG
FRQVHTXHQWO\ZLGHQHGWKHLUH[SRUWEDVH
India has robust macroeconomic fundamentals, which hold
promise for the future of the industry:
Population is estimated to rise to 1.5 bn in 2030 (UN
Population Division estimate) Risks
5LVLQJSULYDWHˋQDOFRQVXPSWLRQH[SHQGLWXUH3)&(D Polycab being predominantly a wire
measure of consumption demand
and cables play is exposed to a few
Increase in propensity to spend key risks:
6WHDG\ULVHLQSHUFDSLWDLQFRPH
Fluctuations in raw material prices pose a
*URZLQJXUEDQLVDWLRQDQGQXFOHDULVDWLRQDV key challenge to the cable and wires industry.
population rises 5HDOLVDWLRQDQGSURˋWDELOLW\GHSHQGRQFRSSHU
Government initiatives in power and infrastructure and aluminium commodity prices. Typically, a
change in the price of raw materials, mainly
The demaQGIRUEXLOGLQJZLUHVDQGSRZHUFDEOHVLVH[SHFWHG
copper and aluminium and steel may impact
to be spurred by key government schemes:
VDOHVYROXPHV6XFKFRVWVDUHJHQHUDOO\SDVVHG
UXUDOHOHFWULˋFDWLRQSURMHFWVXQGHU'HHQ'D\DO on to the customers.
8SDGK\D\D*UDP-\RWL<RMDQD''8*-<
Fluctuations in the rupee-dollar rate also pose
&DSDFLW\DGGLWLRQXQGHUWKH1DWLRQDO6RODU0LVVLRQ
a key challenge to the industry. Imports of raw
Housing for All by 2020 targeting 20 mn households materials like copper, aluminium, steel, and
6PDUW&LWLHV0LVVLRQHQYLVDJLQJFRUHLQIUDVWUXFWXUHWR LQVXODWLRQPDWHULDOVDUHH[SRVHGWRH[FKDQJH
100 cities UDWHˌXFWXDWLRQZKLFKFDQDGYHUVHO\DIIHFWWKH
Overall government spend on key infrastructure—roads, FRVWDQGWKXVLPSDFWPDUJLQV6XFKFRVWVDUH
UDLOZD\VPDVVWUDQVLWV\VWHPVȠLVSURMHFWHGWRULVHLQWKHQH[W generally passed on to the customers.
ˋYH\HDrs.
Concentration of suppliers of raw materials in
Impetus from heavy industry and public entreprises a few sources places the business at risk from
The Ministry of Heavy Industry and Public Entreprises has disruptions in supply.
prepared a mission plan that seeks to steer efforts of all Polycab manages the above risks with a
stakeholders to accelerate and sustain the growth of all variety of measures, which include contracts
stakeholders in the domestic electrical equipment industry. with suppliers, maintaining an adequate
Transmission and distribution (T&D) augmentation inventory, including a price escalation clause
7KH7 'VHJPHQWLVSRLVHGWRH[SHULHQFHUREXVWJURZWKDV for large orders, selling at prevailing market
WKHGHPDQGIRUHQHUJ\ULVHV7 'DFFRXQWVIRUDPDMRUVKDUH SULFHVWKDWUHˌHFWFKDQJHLQFRPPRGLW\SULFHV
in the demand for power cables.
3HRSOH#3RO\FDE
Our company attracts people who share our vision and customer
philosophy. Polycab provides an enabling environment for employees
to blossom and enjoy their work by offering competitive compensation,
open communications, and opportunities for employee engagement in
the business.
We owe our reputation for quality products, in large measure, to the
commitment and efforts of our people.
We are an equal opportunity employer in our practices including hiring,
promotion and compensation of applicants and employees without
bias. Our company places a high value on personal and professional
integrity, guided by our code of ethics and code of conduct policies.
HR survey Employee engagement

Our company continues to take positive and Our company launched our in-house magazine
progressive steps to improve its HR practices. ȡ6SDUVKȢIRULQWHUQDOFRPPXQLFDWLRQVDQGWRSURYLGH
7KH+56XUYH\RQHVXFKLQLWLDWLYHWDNHQLQ)< an avenue for employee creativity.
helped us read the pulse of our employees and to Polycab organises year-round activities including
DGGUHVVWKHLUH[SHFWDWLRQV7KHHQWKXVLDVPZLWK FHOHEUDWLRQVIRU)RXQGDWLRQ'D\RQ-DQXDU\
ZKLFKWKH\UHVSRQGHGUHˌHFWVWKHLUVHQVHRISULGH town hall meetings, get-togethers, picnics, cultural
and belonging in their company. programmes, competitions, and sports and games
events for employee engagement.
HR roadmap
At our employee recognition programme, we
Based on the outcome of the survey, our company
award employees for their outstanding work and
developed an HR roadmap for 3 years. To be rolled
RXWRIWKHER[WKLQNLQJ:HDOVRLQWURGXFHGD
out soon, the roadmap will enable us to leverage
spot recognition cash prize and monthly birthday
H[LVWLQJV\QHUJLHVJHWWKHEHVWRXWRISHRSOHDQG
FHOHEUDWLRQVIRUZRUNHUVRQWKHVKRSˌRRU
align them to organisational goals.
Training and development Recognition

Our company was awarded ‘The National Best
Polycab organises year-round training and
Employer Brands 2018’ by the World HRD Congress.
development programmes for employees.
These include awakening workshops, taskforce Our mission
assignments, behavioural and soft skills training,
Our company chose ‘Velocity--speed with direction’
VSHFLˋFWHFKQLFDOZRUNVKRSVDQGVWUDWHJ\PHHWV
DVLWVPLVVLRQVWDWHPHQWIRU/LNHLWV
mascot—the falcon--Polycab intends to remain
IRFXVVHGDQGXQZDYHULQJLQLWVMRXUQH\

NOTICE
23rd Annual General Meeting
Notice is hereby given that the 23rd Annual General Meeting of the Members of Polycab India Limited
will be held on Wednesday, the 26th June 2019 at 09:00 a.m. at Air Force Auditorium, Subroto Park, New
Delhi-110010, to transact the following business:
ORDINARY BUSINESS
1 Adoption of Financial Statements
To receive, considHUDQGDGRSWWKH$XGLWHG6WDQGDORQH &RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUWKHˋQDQFLDO\HDUHQGHG
31st March 2019, together with the reports of the Board of Directors and Auditors thereon.
2 Declaration of Dividend
To declare a Dividend @ ` 3/- (30%) per Equity Share on 14,86,45,905 fully paid-up Equity Shares of face value of ` 10/-
HDFKIRUWKHˋQDQFLal year ended 31st March 2019.
3 Re-appointment of Ramesh T. Jaisinghani (DIN 00309314), as a Director liable to retire by rotation

To appoint a Director in place of Ramesh T. Jaisinghani (DIN 00309314), who retires by rotation and being eligible, offers
himself for re-appointment.
4 Appointment of M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration No: 101248W/
W-100022) as the Statutory Auditors of the Company
7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 139 and other applicable provisions, if any, of the Companies Act,
UHDGZLWKWKH&RPSDQLHV$XGLW $XGLWRUV5XOHVLQFOXGLQJDQ\VWDWXWRU\HQDFWPHQWRUPRGLˋFDWLRQWKHUHRI
for the time being in force, M/s. B S R & Co. LLP, Chartered Accountants, (Firm Registration No: 101248W/W-100022) be
and are hereby appointed as the Statutory Auditors of the Company for a term of 5 (Five) consecutive years in place of the
RXWJRLQJ6WDWXWRU\$XGLWRUVLH0V65%& &R//3)LUP5HJLVWUDWLRQ1R((DQGWRKROGWKHRIˋFH
from the conclusion of this 23rd Annual General Meeting till the conclusion of 28th Annual General Meeting of the Company
WREHKHOGLQWKHˋQDQFLDO\HDUDWDSURIHVVLRQDOIHHSOXVWD[HVDQGUHLPEXUVHPHQWRIRXWRISRFNHWH[SHQVHVLI
DQ\DWDFWXDOSHUˋQDQFLDO\HDURQWKHEDVLVRIWKHUHFRPPHQGDWLRQRIWKH$XGLW&RPPLWWHHDQGDSSURYHGE\WKH%RDUG
RI'LUHFWRUVIRUHDFKˋQDQFLDO\HDUDVSHUIHHSURSRVDOUHFHLYHGIURP0V%65 &R//3ZLWKOLEHUW\WRUHYLVHWKHVDLG
remuneration as may be mutually agreed to between the Board of Directors and the Statutory Auditors of the Company.”
SPECIAL BUSINESS
5 Re-appointment of Inder T. Jaisinghani (DIN:00309108), as the Managing Director of the Company for
a further period of 5 (Five) years
7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
“RESOLVED THAT in accordance with the provisions of Sections 196, 197 and 203 read with Schedule V and all other
applicable provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial
3HUVRQQHO5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHDQG
subject to such consents and permissions, as may be required, the approval of the Members of the Company be and is
hereby accorded for the proposed re-appointment of Inder T. Jaisinghani (DIN: 00309108), as the Managing Director of the
Company, for a further period of 5 (Five) years commencing from 28th August 2019 to 27th August 2024, on such terms and
FRQGLWLRQVDVVHWRXWLQWKH([SODQDWRU\6WDWHPHQWDQQH[HGKHUHWRZLWKOLEHUW\WRWKH%RDUGRI'LUHFWRUVWRYDU\DPHQGRU
UHYLVHWKHUHPXQHUDWLRQZLWKLQWKHPD[LPXPFHLOLQJVSHFLˋHGXQGHUWKH$FWDQGDVPD\EHDJUHHGWREHWZHHQWKH%RDUG
of Directors and Inder T. Jaisinghani.
RESOLVED FURTHER THAT the Board of Directors or a duly constituted Committee or any Director of the Company be and is
KHUHE\DXWKRULVHGWRWDNHDOOVXFKVWHSVDVPD\EHQHFHVVDU\SURSHURUH[SHGLHQWWRJLYHHIIHFWWRWKLVUHVROXWLRQȥ
6 Re-appointment of Ajay T. Jaisinghani (DIN: 00276588), as the Whole-Time Director of the Company
for a further period of 5 (Five) years.
7RFRQVLGHUDQGLIWKRXJKWˋWWo pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT in accordance with the provisions of Sections 196 and 197 read with Schedule V and all other applicable
provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial
3HUVRQQHO5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHDQG
subject to such consents and permissions, as may be required, approval of the Members of the Company be and is hereby
accorded for the proposed re-appointment of Ajay T. Jaisinghani (DIN: 00276588), as the Whole-Time Director, for a further
period of 5 (Five) years with effect from 28th August 2019 to 27th August 2024, on such terms and conditions as set out
LQ WKLV UHVROXWLRQ DQG WKH ([SODQDWRU\ 6WDWHPHQW DQQH[HG KHUHWR ZLWK OLEHUW\ WR WKH %RDUG RI 'LUHFWRUV WRYDU\ DPHQG
RU UHYLVH WKH UHPXQHUDWLRQ ZLWKLQ WKH PD[LPXP FHLOLQJ VSHFLˋHG XQGHU WKH$FW DQG DV PD\ EH DJUHHG WR EHWZHHQ WKH
Board of Directors and Ajay T. Jaisinghani.
RESOLVED FURTHER THAT the Board of Directors or a duly constituted Committee or any Director of the Company, be and
LVKHUHE\DXWKRULVHGWRWDNHDOOVXFKVWHSVDVPD\EHQHFHVVDU\SURSHURUH[SHGLHQWWRJLYHHIIHFWWRWKLVUHVROXWLRQȥ
7 Re-appointment of Ramesh T. Jaisinghani (DIN: 00309314), as the Whole-Time Director for a further
period of 5 (Five) years
7RFRQVLGHUDQGLIWKRXJKWˋW to pass the following resolution as an Ordinary Resolution:
provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel)
5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHDQGVXEMHFWWRVXFK
consents and permissions, as may be required, the approval of the Members of the Company be and is hereby accorded for
the proposed re-appointment of Ramesh T. Jaisinghani (DIN: 00309314), as the Whole-Time Director, for a further period
of 5 (Five) years with effect from 28th August 2019 to 27th August 2024, on such terms and conditions, as set out in this
UHVROXWLRQDQGWKH([SODQDWRU\6WDWHPHQWDQQH[HGKHUHWRZLWKOLEHUW\WRWKH%RDUGRI'LUHFWRUVWRYDU\DPHQGRUUHYLVHWKH
UHPXQHUDWLRQZLWKLQWKHPD[LPXPFHLOLQJVSHFLˋHGXQGHUWKH$FWDQGDVPD\EHDJUHHGWREHWZHHQWKH%RDUGRI'LUHFWRUV
and Ramesh T. Jaisinghani.
hereby authorised to take all such sWHSVDVPD\EHQHFHVVDU\SURSHURUH[SHGLHQWWRJLYHHIIHFWWRWKLVUHVROXWLRQȥ
8 Revision of remuneration to Shyam Lal Bajaj (DIN: 02734730), Chief Financial Offer & Whole-Time
Director of the Company for the remaining tenure of his appointment
7RFRQVLGHUDQGLIWKRXJKWˋWWo pass, the following resolution as an Ordinary Resolution:
provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel)
5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHDQGVXEMHFWWRVXFK
consents and permissions, as may be required, the approval of the Members of the Company be and is hereby accorded
for revision in remuneration to Shyam Lal Bajaj (DIN: 02734730), Chief Financial Offer & Whole-Time Director for
the remaining tenure of his appointment i.e., upto 14th December 2021, on such terms and conditions as set out in the
([SODQDWRU\6WDWHPHQWDQQH[HGKHUHWRZLWKOLEHUW\WRWKH%RDUGRI'LUHFWRUVWRYDU\DPHQGRUUHYLVHWKHUHPXQHUDWLRQ
ZLWKLQWKHPD[LPXPFHLOLQJLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWDQGDVPD\EHDJUHHGWREHWZHHQWKH%RDUGRI
Directors and Shyam Lal Bajaj.
hereby authorised to take all such steSVDVPD\EHQHFHVVDU\SURSHURUH[SHGLHQWWRJLYHHIIHFWWRWKLVUHVROXWLRQȥ
9 Appointment of T. P. Ostwal (DIN: 00821268), as an Independent Director of the Company
To consider and if thougKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of the Act, and the
rules framed there under read with Schedule IV to the Act, as amended from time to time, and other applicable Regulations
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, T. P. Ostwal (DIN:00821268), who was
DSSRLQWHGDVDQ$GGLWLRQDO'LUHFWRU1RQH[HFXWLYH,QGHSHQGHQWE\WKH%RDUGRI'LUHFWRUVZHIth September 2018 and
ZKRKROGVRIˋFHXSWRWKHGDWHRIWKLV$QQXDO*HQHUDO0HHWLQJDQGLQUHVSHFWRIZKRPWKH&RPSDQ\KDVUHFHLYHGDQRWLFH
LQZULWLQJIURPD0HPEHUXQGHU6HFWLRQRIWKH$FWSURSRVLQJKLVFDQGLGDWXUHIRUWKHRIˋFHRI'LUHFWRUEHDQGLVKHUHE\
DSSRLQWHGDVDQ,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\QRWOLDEOHWRUHWLUHE\URWDWLRQIRUWKHˋUVWWHUPRIDSSRLQWPHQWWLOO
19th September 2023.”
10 Appointment of R. S. Sharma (DIN: 00013208) as an Independent Director of the Company
7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXtion as an Ordinary Resolution:
rules framed there under, read with Schedule IV to the Act, as amended from time to time, and other applicable Regulations
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, R. S. Sharma (DIN: 00013208) who was
11 Appointment of Pradeep Poddar (DIN: 00025199) as an Independent Director of the Company

7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROOowing resolution as an Ordinary Resolution:
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Pradeep Poddar (DIN: 00025199) who was
12 Appointment of Hiroo Mirchandani (DIN: 06992518) as an Independent Director of the Company

7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVZLWKWKHIROlowing resolution as an Ordinary Resolution:
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Hiroo Mirchandani (DIN: 06992518) who
ZDVDSSRLQWHGDVDQ$GGLWLRQDO'LUHFWRU1RQH[HFXWLYH,QGHSHQGHQWE\WKH%RDUGRI'LUHFWRUVZHIth September 2018
DQGZKRKROGVRIˋFHXSWRWKHGDWHRIWKLV$QQXDO*HQHUDO0HHWLQJDQGLQUHVSHFWRIZKRPWKH&RPSDQ\KDVUHFHLYHG
DQRWLFHLQZULWLQJIURPD0HPEHUXQGHU6HFWLRQRIWKH$FWSURSRVLQJKHUFDQGLGDWXUHIRUWKHRIˋFHRI'LUHFWRUEH
DQGLVKHUHE\DSSRLQWHGDVDQ,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\QRWOLDEOHWRUHWLUHE\URWDWLRQIRUWKHˋUVWWHUPRI
appointment till 19th September 2023.”
13 Payment of Commission to the Independent Directors of the Company

7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHsolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to Section(s) 197, 198 and other applicable provision(s), if any, of the Companies Act, 2013 and
Rules made thereunder read with Schedule V to the Act and Regulation 17(6)(a) of SEBI (Listing Obligations and Disclosure
5HTXLUHPHQWV 5HJXODWLRQV LQFOXGLQJ DQ\ VWDWXWRU\ PRGLˋFDWLRQV RU UHHQDFWPHQWV WKHUHRI DQG VXEMHFW WR DOO
applicable approval(s) as may be required, the consent of the Members of the Company be and is hereby accorded for
SD\PHQWRIFRPPLVVLRQRXWRIWKHQHWSURˋWVRIWKH&RPSDQ\FDOFXODWHGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRI6HFWLRQ
RIWKH$FWQRWH[FHHGLQJ`20,00,000/- (Rupees Twenty Lakhs only) per annum per Independent Director, and the same be
paid to and distributed in such amounts or proportions and in such manner as may be approved by the Board of Directors
RIWKH&RPSDQ\IRUHYHU\ˋQDQFLDO\HDUFRPPHQFLQJIURPFinancial Year 2018-19.”
5DWLˋFDWLRQRI5HPXQHUDWLRQSD\DEOHWRWKH&RVW$XGLWRUVIRUWKH)LQDQFLDO<HDU
7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQ as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act,
UHDGZLWKWKH&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVDVDPHQGHGIURPWLPHWRWLPHWKH&RPSDQ\KHUHE\UDWLˋHV
the remuneration of `5XSHHV7KUHH/DNK7KLUW\7KRXVDQG2QO\SOXVDSSOLFDEOHWD[HVDQGRXWRISRFNHWH[SHQVHV
at actuals, if any, payable to M/s. N. Ritesh & Associates, Mumbai, (Firm Registration No.: M/26963), Cost Accountants who
have been appointed by the Board of Directors on the recommendation of the Audit Committee, as the Cost Auditors of the
Company to conduct the Audit of the Cost Records maintained by the Company as prescribed under the Companies (Cost
Record and Audit ) Rules , 2014, as amended, for the Financial Year ending 31th March 2020.

15 Retention of rights to appoint Director by International Finance Corporation (IFC)
7RFRQVLGHUDQGLIWKRXJKWˋWWRSDVVWKHIROORZLQJUHVROXWLRQDVDSpecial Resolution:
“RESOLVED THAT pursuant to Article 103 of Articles of Association and other applicable provisions, if any, of the Companies
Act, 2013, the consent of the members of the Company be and is hereby accorded to the retention of rights of International
Finance Corporation (‘IFC’) to nominate one (1) Director on the Board of Directors of the Company not an obligation, till IFC
KROGVDWOHDVWˋYHSHUFHQWRIWKHVKDUHFDSLWDORIWKH&RPSDQ\ȥ
By Order of the Board of Polycab India Limited
Sai Subramaniam Narayana

&RPSDQ\6HFUHWDU\ &RPSOLDQFH2IˋFHU
M.No: F5221
Place : Mumbai
Date : 14th May 2019
5HJLVWHUHG2IˋFH(*UHDWHU.DLODVK,,
New Delhi - 110048, India
Phone no. 011-29228574
Website : www.polycab.com

NOTES:
$Q([SODQDWRU\6WDWHPHQWSXUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUHODWLQJWRWKH2UGLQDU\6SHFLDO%XVLQHVV
XQGHU,WHP1RWRWREHWUDQVDFWHGDWWKH$QQXDO*HQHUDO0HHWLQJ$*0LVDQQH[HGKHUHWR
2 A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON POLL ON HIS /
HER BEHALF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.
3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWDSHUVRQFDQDFWDVD3UR[\RQEHKDOIRIQRWPRUHWKDQˋIW\0HPEHUV
holding in aggregate not more than ten percent of the total share capital of the Company carrying voting rights. Members
holding more than ten percent of the total share capital of the Company carrying voting rights may appoint a single person
DV3UR[\ZKRVKDOOQRWDFWDVD3UR[\IRUDQ\RWKHU0HPEHU,ID3UR[\LVDSSRLQWHGIRUPRUHWKDQˋIW\0HPEHUVWKH3UR[\
VKDOOFKRRVHDQ\ˋIW\0HPEHUVDQGFRQˋUPWKHVDPHWRWKH&RPSDQ\QRWODWHUWKDQKRXUVEHIRUHWKHFRPPHQFHPHQWRI
WKHPHHWLQJ,QFDVHWKH3UR[\IDLOVWRGRVRRQO\WKHˋUVWˋIW\SUR[LHVUHFHLYHGE\WKH&RPSDQ\VKDOOEHFRQVLGHUHGDVYDOLG
7KHLQVWUXPHQWRI3UR[\LQRUGHUWREHHIIHFWLYHVKRXOGEHGHSRVLWHGHLWKHULQSHUVRQRUWKURXJKSRVWDWWKH5HJLVWHUHG
2IˋFHRIWKH&RPSDQ\GXO\FRPSOHWHGDQGVLJQHGQRWODWHUWKDQKRXUVEHIRUHWKHFRPPHQFHPHQWRIWKHPHHWLQJ$
3UR[\)RUPLVDQQH[HGWRWKLV5HSRUW3UR[LHVVXEPLWWHGRQEHKDOIRIOLPLWHGFRPSDQLHVVRFLHWLHVHWFPXVWEHVXSSRUWHG
by an appropriate resolution / letter of authority, as applicable.
3 Corporate Members intending to send their authorized representatives to attend the AGM, pursuant to Section 113 of the
&RPSDQLHV$FWDUHUHTXHVWHGWRVHQGWRWKH&RPSDQ\DFHUWLˋHGFRS\RIUHOHYDQW%RDUG5HVROXWLRQWRJHWKHUZLWKWKH
respective specimen signatures of those representative(s) authorized under the said resolution to attend and vote on their
behalf at the meeting.
4 Pursuant to Section 91 of the Companies Act, 2013 and Rule 10 of the Companies (Management and Administration) Rules,
2014 read with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register
of Members and Share Transfer Books of the Company will remain closed from 20th June 2019 to 26th June 2019 (both days
inclusive).
7KH'LYLGHQGIRUWKHˋQDQFLDO\HDUHQGHGst March 2019, as recommended by the Board, if approved at the AGM, will be
paid on or before 25th July 2019 to those Members whose name appear in the Register of Members of the Company as on
the book closure date.
6 Members holding shares in demat form are hereby informed that bank particulars registered with their respective Depository
Participants, with whom they maintain their demat accounts, will be used by the Company for the payment of dividend.
The Company or its Registrar & Share Transfer Agents cannot act on any request received directly from the Members
holding shares in demat form for any change of bank particulars. Such changes are to be intimated only to the Depository
Participants of the Members. Members holding shares in demat form are requested to intimate any change in their address
and / or bank mandate immediately to their Depository Participants.
0HPEHUVKROGLQJVKDUHVLQSK\VLFDOIRUPDUHUHTXHVWHGWRLQWLPDWHDQ\FKDQJHRIDGGUHVVDQGRUEDQNPDQGDWHWR.DUY\
)LQWHFK3ULYDWH/LPLWHG.DUY\6HFUHWDULDO'HSDUWPHQWRIWKH&RPSDQ\LPPHGLDWHO\
8 Details as required in Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015
ȡ/LVWLQJ5HJXODWLRQVȢLQUHVSHFWRIWKH'LUHFWRUVVHHNLQJDSSRLQWPHQWUHDSSRLQWPHQWDWWKH$*0LVDWWDFKHGDV$QQH[XUH
I & II, forming part of this Report.
9 Pursuant to Section 101 and Section 136 of the Companies Act, 2013 read with the relevant Rules made thereunder,
companies can serve Annual Reports and other communications through electronic mode to those Members who have
registered their e-mail address either with the Company or with the Depository Participant(s). Members who have not
UHJLVWHUHGWKHLUHPDLODGGUHVVZLWKWKH&RPSDQ\FDQQRZUHJLVWHUWKHVDPHE\VXEPLWWLQJDGXO\ˋOOHGLQȡHFRPPXQLFDWLRQ
5HJLVWUDWLRQ)RUPȢDYDLODEOHRQWKHZHEVLWHRIWKH&RPSDQ\ZZZSRO\FDEFRPWR.DUY\RU6HFUHWDULDO'HSDUWPHQWRIWKH
Company. Members holding shares in demat form are requested to register their e-mail address with their Depository
Participant(s) only. Members of the Company who have registered their e-mail address are also entitled to receive such
communication in physical form, upon request.
10 The Notice of AGM, Annual Report and Attendance Slip are being sent in electronic mode to Members whose e-mail address
is registered with the Company or the Depository Participant(s), unless the Members have registered their request for the
hard copy of the same. Physical copy of the Notice of AGM, Annual Report and Attendance Slip are being sent to those
Members who have not registered their e-mail address with the Company or Depository Participant(s). Members who have
received the Notice of AGM, Annual Report and Attendance Slip in electronic mode are requested to print the Attendance
6OLSDQGVXEPLWDGXO\ˋOOHGLQ$WWHQGDQFH6OLSDWWKH5HJLVWUDWLRQ&RXQWHUDWWKH$*0
11 Pursuant to Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and Administration) Rules,
2014, as amended and Regulation 44 of Listing Regulations, the Company is pleased to provide the facility to Members
WRH[HUFLVHWKHLUULJKWWRYRWHRQWKHUHVROXWLRQVSURSRVHGWREHSDVVHGDW$*0E\HOHFWURQLFPHDQV7KH0HPEHUVZKRVH
QDPHVDSSHDULQWKH5HJLVWHURI0HPEHUVOLVWRI%HQHˋFLDO2ZQHUVDVRQ:HGQHVGD\th June 2019, i.e., the date prior
to the commencement of book closure, being the cut-off date, are entitled to vote on the resolutions set forth in this
Notice. Members may cast their votes on electronic voting system from any place other than the venue of the meeting
(remote e-voting).
The remote e-voting period will commence at 9.00 a.m. on Sunday, 23rd June 2019 and will end at 5.00 p.m. on Tuesday,
25th June, 2019. In addition, the facility for voting through electronic voting system shall also be made available at the
AGM and the Members attending the AGM who have not cast their vote by remote e-voting shall be eligible to vote at the
AGM. The Company has appointed M/s. Dilip Bharadiya & Associates, Practicing Company Secretaries, Mumbai, to act as the
Scrutinizer, to scrutinize the entire e-voting process in a fair and transparent manner. The Members desiring to vote through
remote e-voting are requested to refer to the detailed procedure given hereinafter.
PROCEDURE FOR REMOTE E-VOTING
, 7KH &RPSDQ\ KDV HQWHUHG LQWR DQ DUUDQJHPHQW ZLWK .DUY\ IRU IDFLOLWDWLQJ UHPRWH HYRWLQJ IRU $*0
The instructions for remote e-voting are as under:
(a) In case of Member(s) receiving an e-mail from Karvy:
(i) Launch an internet browser and open https://evoting.karvy.com/
LL (QWHUWKHORJLQFUHGHQWLDOVLH8VHU,'DQG3DVVZRUGSURYLGHGLQWKHHPDLOUHFHLYHGIURP.DUY\+RZHYHULI0HPEHUV
DUHDOUHDG\UHJLVWHUHGZLWK.DUY\IRUHYRWLQJ0HPEHUVFDQXVHH[LVWLQJ8VHU,'DQG3DVVZRUGIRUFDVWLQJWKHYRWH
(iii) After entering the above details, click on - ‘Login’.
(iv) Password change menu will appear and it is mandatory that password must be changed by Member(s). The new
password shall comprise minimum 8 characters with atleast one upper case (A-Z), one lower case (a-z), one numeric
(0-9) and a special character (@, #, $, etc.). The system will also prompt members to update their contact details like
PRELOHQXPEHUHPDLODGGUHVVHWFRQˋUVWORJLQ0HPEHUVPD\DOVRHQWHUDVHFUHWTXHVWLRQDQGDQVZHURIKLVKHU
choice to retrieve their password incase it is forgotten. It is strongly recommended that Member(s) do not share his/her
SDVVZRUGZLWKDQ\RWKHUSHUVRQDQGWKDW0HPEHUVWDNHXWPRVWFDUHWRNHHSKLVKHUSDVVZRUGFRQˋGHQWLDO
After changing the password, Member(s) need to login again with the new credentials.
(v) On successful login, the system will prompt Member(s) to select the e-Voting Event.
(vi) Select ‘EVENT’ of Polycab India Limited – AGM and click on - ‘Submit’.
(vii) Now Member(s) are ready for e-voting as ‘Ballot Form’ page opens.
YLLL&DVWWKHYRWHE\VHOHFWLQJDSSURSULDWHRSWLRQDQGFOLFNRQȡ6XEPLWȢ&OLFNRQȡ2.ȢZKHQSURPSWHG
L[ 8SRQFRQˋUPDWLRQWKHPHVVDJHȡ9RWHFDVWVXFFHVVIXOO\ȢZLOOEHGLVSOD\HG
[ 2QFH0HPEHUVKDYHFRQˋUPHGKLVKHUYRWHRQWKHUHVROXWLRQ0HPEHUVFDQQRWPRGLI\WKHLUYRWH
[L ,QVWLWXWLRQDO VKDUHKROGHUV LH RWKHU WKDQ LQGLYLGXDOV +8) 15, HWF DUH UHTXLUHG WR VHQG VFDQQHG FRS\ 3')-3*
Format) of the relevant Board Resolution/Authority Letter, along with attested specimen signature of the duly authorised
signatory(ies) who are authorised to vote, to the Scrutinizer by an e-mail at dilipbcs@gmail.com. They may also upload
the same in the e-voting module in their login. The scanned image of the above mentioned documents should be in
the naming format “Corporate Name_EVENT NO.”
(b) In case of Member(s) receiving physical copy of the Notice of AGM and Attendance Slip
(i) Initial User ID and Password is provided at the bottom of the Attendance Slip in the following format:
USER ID PASSWORD
_______________ _________________
LL 3OHDVHIROORZDOOVWHSVIURP6U1RDLWR6U1RD[LPHQWLRQHGDERYHWRFDVWYRWH

II In case of any queries, Member(s) may refer to the ‘Frequently Asked Questions’ (FAQs) and ‘e-voting user manual’
DYDLODEOHLQWKHGRZQORDGVVHFWLRQRIWKHHYRWLQJZHEVLWHRI.DUY\KWWSVHYRWLQJNDUY\FRP
III The voting rights shall be as per the number of equity shares held by the Member(s) as on Wednesday,
19th June 2019 being the cut-off date. Members are eligible to cast vote electronically only if they are holding shares
as on that date.
IV Members who have acquired shares after the dispatch of the Annual Report and before the book closure may obtain the
User ID and Password by sending a request at evoting@karvy.com. However, if Member(s) are already registered with
.DUY\IRUUHPRWHHYRWLQJWKHQ0HPEHUVFDQXVHWKHLUH[LVWLQJ8VHU,'DQG3DVVZRUGIRUFDVWLQJWKHYRWH
If Member(s) have forgotten their Password, it can be reset by using ‘Forgot Password’ option available on https://
HYRWLQJNDUY\FRPRUFRQWDFW.DUY\DWWROOIUHHQRRUHPDLODWHYRWLQJ#NDUY\FRP
In case of any other queries/grievances connected with voting by electronic means, Member(s) may also contact Rajeev
.XPDURI.DUY\DWWHOHSKRQHQR,QFDVHRIMRLQWKROGHUVDWWHQGLQJWKHPHHWLQJRQO\VXFKMRLQW
holder who is higher in the order of names, will be entitled to vote at the Meeting.
7KH 5HJLVWHU RI 'LUHFWRUV DQG .H\ 0DQDJHULDO 3HUVRQQHO DQG WKHLU 6KDUHKROGLQJ PDLQWDLQHG XQGHU 6HFWLRQ RI WKH
Companies Act, 2013 and the Register of Contracts or arrangements in which Directors are interested under Section 189 of
the Companies Act, 2013 will be available for inspection in the Annual General Meeting.
13 Members can also provide their feedback on the shareholder services of the Company using the ‘Shareholders Satisfaction
Survey’ form available on the ‘Investor Relations’ page of the website of the Company i.e. www.polycab.com. This feedback
will help the Company in improving Shareholder Service Standards.
7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD 6(%, YLGH LWV FLUFXODU GDWHG th April 2018 has mandated registration of
Permanent Account Number (PAN) and Bank Account Details for all securities holders. Members holding shares in physical
IRUPDUHWKHUHIRUHUHTXHVWHGWRVXEPLWWKHLU3$1DQG%DQN$FFRXQW'HWDLOVWR.DUY\E\VHQGLQJDGXO\VLJQHGOHWWHUDORQJ
with self-attested copy of PAN Card and original cancelled cheque. The original cancelled cheque should bear the name of
the Member. In the alternative Members are requested to submit a copy of bank passbook/statement attested by the bank.
Members holding shares in demat form are requested to submit the aforesaid information to their respective Depository
Participant.
$OOGRFXPHQWVUHIHUUHGWRLQWKHDFFRPSDQ\LQJ1RWLFHDQGWKH([SODQDWRU\6WDWHPHQWVKDOOEHRSHQIRULQVSHFWLRQZLWKRXW
DQ\IHHDWWKH5HJLVWHUHG2IˋFHRIWKH&RPSDQ\GXULQJZRUNLQJKRXUVRQDOOZRUNLQJGD\VH[FHSW6DWXUGD\VXSWRDQG
including the date of the AGM of the Company.
16 A Route Map showing directions to reach to the venue of the AGM is given at the end of this Notice as required under
Secretarial Standard 2 (SS-2) issued by the ICSI.
17 Any Member desirous of receiving any information on the Financial Statements or Operations of the Company is requested
to forward his/her queries to the Company at least seven working days prior to the AGM, so that the required information
can be made available at the AGM.
18 Dividend on Equity shares, as recommended by the Board of Directors of the Company, for the Financial Year ended
31st March 2019, if declared, at the AGM, will be paid to:
i) Those Members whose names shall appear in the Register of Members of the Company, at the end of business hours on
Wednesday, 19th June 2019 after giving effect to all valid share transfers in physical mode lodged with the Company/
RTA on or before Wednesday, 19th June 2019.
LL 7KRVH %HQHˋFLDO RZQHUV HQWLWOHG WKHUHWR LQ UHVSHFW RI VKDUHV KHOG LQ HOHFWURQLF PRGH ZKRVH QDPHV VKDOO DSSHDU
LQ WKH VWDWHPHQWV RI EHQHˋFLDO RZQHUVKLS IXUQLVKHG E\ UHVSHFWLYH 'HSRVLWRULHV LH 1DWLRQDO 6HFXULWLHV 'HSRVLWRU\
Limited (NSDL) and Central Depository Services (India) Limited (CDSL) at the end of business hours on Wednesday,
19th June 2019.
19 As per Regulation 12 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule I
to the said Regulations, it is mandatory for all the Companies to use bank details furnished by the investors for distributing
dividends, interests, redemption or repayment amounts to them through National/Regional/Local Electronic Clearing
Services (ECS) or Real Time Gross Settlement (RTGS) or National Electronic Funds Transfer (NEFT), National Automated
Clearing House (NACH) wherever ECS/RTGS/NEFT/NACH and bank details are available. In the absence of electronic facility,
Companies are required to mandatorily print bank details of the investors on ‘payable-at-par’ warrants or cheques for
GLVWULEXWLRQRI'LYLGHQGVRURWKHUFDVKEHQHˋWVWRWKHLQYHVWRUV,QDGGLWLRQWRWKDWLIEDQNGHWDLOVRILQYHVWRUVDUHQRW
available, Companies shall mandatorily print the address of the investor on such payment instruments.
Therefore, Members holding shares in physical mode are requested to update their bank details with the Company or
Registrar and Transfer Agent (RTA) immediately. Members holding shares in demat mode are requested to record the ECS
mandate with their DPs concerned.
20 Shareholders who have not registered their e- mail addresses so far, are requested to register their e-mail address for
receiving all communication including Annual Report, Notices, circulars etc from the Company electronically.
21 Members desirous of making a nomination in respect of their shareholding, under Section 72 of the Companies Act, 2013,
are requested to send their request to the Secretarial Department in the prescribed form.
22 The Scrutinizer shall, immediately after the conclusion of voting at the AGM, unblock the votes cast through electronic
voting system provided at the AGM venue and remote e-voting in the presence of at least two witnesses, not in the
employment of the Company and make a consolidated scrutinizer’s report of the total votes cast in favour or against, if any,
within 48 hours of conclusion of the AGM, to the Chairman or a person authorized by him in writing who shall countersign
the same and declare the results of the voting forthwith. The resolution(s) shall be deemed to be passed on the date of the
AGM, subject to receipt of requisite number of votes.
23 The results declared along with the scrutinizer’s report shall be placed on the website of the Company i.e.,
ZZZSRO\FDEFRP XQGHU WKH KHDG Ȥ,QYHVWRU 5HODWLRQVȥ DQG RQ WKH ZHEVLWH RI .DUY\ LPPHGLDWHO\ DIWHU WKH UHVXOWV DUH
declared by the Chairman or a person authorised by him in writing. The same shall be communicated by the Company
WRWKHVWRFNH[FKDQJHVLH%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG

EXPLANATORY STATEMENT UNDER SECTION 102(1) OF THE COMPANIES ACT, 2013
Item No. 4
M/s. S R B C & Co. LLP Chartered Accountants, Mumbai, (ICAI Firm Registration No.324982E/E300003), were appointed as
the Statutory Auditors of the Company at the 18th Annual General Meeting (AGM) of the Company held on 20th September
IRUDVHFRQGWHUPRIˋYH\HDUVWRKROGRIˋFHWLOOWKHFRQFOXVLRQRIWKLV$*0
0V65%& &R//3ZKRKDYHEHHQWKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\VLQFHˋQDQFLDO\HDUZLOOFRQWLQXH
as the Auditors of the Company only up to the conclusion of this Annual General Meeting (‘AGM’), having completed their
Second term as per the provisions of Section 139 of the Act.
The Board of Directors has, based on the recommendation of the Audit Committee, at its meeting held on 14th May 2019,
proposed the appointment of M/s. B S R & Co. LLP Chartered Accountants, (Firm Registration No: 101248W/W-100022) (one
DPRQJWKH%LJ)RXU$XGLW)LUPVDVWKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUDWHUPRIFRQVHFXWLYH\HDUVWRKROGRIˋFH
from the conclusion of this 23rd AGM till the conclusion of the 28th$*0WREHKHOGLQWKHˋQDQFLDO\HDU
M/s. B S R & Co. LLP Chartered Accountants, (Firm Registration No: 101248W/W-100022) have consented to their appointment
DVWKH6WDWXWRU\$XGLWRUVDQGKDYHFRQˋUPHGWKDWLIDSSRLQWHGWKHLUDSSRLQWPHQWZLOOEHLQDFFRUGDQFHZLWK6HFWLRQ
read with Section 141 of the Act.
The following disclosure is made further to the requirement of sub-regulation (5) of Regulation 36 of the SEBI (LODR), 2015,
viz.
The Board of Directors of the Company, based on the fee proposal received and on the recommendation of the Audit
Committee, has proposed the payment to M/s. B S R & Co., LLP, Chartered Accountants, (Firm Registration No: 101248W/
W-100022) for the Financial Year 2019-20 at a professional fee of `SOXVDSSOLFDEOHWD[HVDQGUHLPEXUVHPHQWRI
RXWRISRFNHWH[SHQVHVDWDFWXDOVLIDQ\WKDWPD\EHLQFXUUHGWRZDUGVFDUU\LQJRXWWKH6WDWXWRU\$XGLWRIWKH&RPSDQ\ZLWK
liberty to the Board of Directors to revise the fee payable to the Statutory Auditors as per the recommendation of the Audit
Committee and as may be mutually agreed to between the Board of Directors and the Statutory Auditors of the Company.
The Company had paid a professional fee of ` SOXV WD[HV WR WKH RXWJRLQJ 6WDWXWRU\ $XGLWRUV LH
0V 6 5 % & &R //3 &KDUWHUHG$FFRXQWDQWV 0XPEDL ,&$, )LUP 5HJLVWUDWLRQ 1R(( IRU WKH ˋQDQFLDO
year 2018-19. In the opinion of the Audit Committee and the Board of Directors of the Company, the fees payable to
M/s. B S R & Co. LLP Chartered Accountants, is based on the fee proposal received at the time of selection of the Statutory
Auditors by the Audit Committee. Considering the Company being a listed Company, the Board of Directors has been given
with the liberty to revise the said fees as may be mutually agreed to between the Board of Directors and the Statutory
$XGLWRUVRIWKH&RPSDQ\DWWKHWLPHRIˋQDOL]DWLRQRIWKHDFFRXQWVRIWKH&RPSDQ\
The Board recommends the Ordinary Resolution set out at Item No.4 of the notice for approval by the Members.
1RQHRIWKH'LUHFWRUVRU.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVLVLQDQ\ZD\FRQFHUQHGRULQWHUHVWHG
in the Resolution set out at Item No. 4 of the Notice.
&RS\RIDOOWKHGRFXPHQWVZRXOGEHDYDLODEOHIRULQVSHFWLRQE\WKHVKDUHKROGHUVDWWKH5HJLVWHUHG2IˋFHRIWKH&RPSDQ\
EHWZHHQDPDQGSPRQDOOZRUNLQJGD\VH[FHSW6DWXUGD\ 6XQGD\IURPWKHGDWHKHUHRIXSWRWKHGDWHRIWKH
AGM.
Item No. 5
The members of the Company had appointed Inder T. Jaisinghani as the Managing Director of the Company for a
SHULRG RI ˋYH \HDUV ZLWK HIIHFW IURP th August 2014 and the present term of his appointment would lapse on
27th August 2019.
The Board has, based on the recommendation of the Nomination and Remuneration Committee and subject to the approval
of the Members, approved the re-appointment of Inder T. Jaisinghani as the Managing Director, post completion of his
SUHVHQWWHUPIRUDIXUWKHUSHULRGRIˋYH\HDUV
,QGHU7-DLVLQJKDQLLVQRWGLVTXDOLˋHGIURPEHLQJUHDSSRLQWHGDVD'LUHFWRULQWHUPVRI6HFWLRQRIWKH$FWDQGKDVJLYHQ
KLVFRQVHQWWRDFWDV0DQDJLQJ'LUHFWRURIWKH&RPSDQ\,QGHU7-DLVLQJKDQLVDWLVˋHVDOOWKHFRQGLWLRQVDVVHWRXWLQ6HFWLRQ
196(3) of the Act and Part-I of Schedule V to the Act, for being eligible for his appointment.
The broad terms and conditions of the proposed re-appointment of and remuneration payable to Inder T. Jaisinghani are
mentioned below:
A REMUNERATION (Effective from 28th August 2019 to 27th August 2024)
a) SALARY:
%DVLF6DODU\QRWH[FHHGLQJ`/DNKVSHUPRQWKZLWKDQDQQXDOLQFUHPHQWQRWH[FHHGLQJRIWKHDQQXDOVDODU\
The annual increments to be decided by the Board based on the recommendation of the Nomination and Remuneration
&RPPLWWHHZLWKLQWKHVDLGPD[LPXPOLPLW

b) COMMISSION:
+HVKDOOEHHQWLWOHGWRFRPPLVVLRQDVPD\EHGHWHUPLQHGE\WKH%RDUGIURPWLPHWRWLPHQRWH[FHHGLQJRIWKHQHWSURˋW
of the company as per the provisions of the Companies Act, 2013.
c) HOUSE RENT ALLOWANCE (‘HRA’) :
He shall be entitled for HRA equivalent to 50% of the basic salary.
d) ALLOWANCES :
+HVKDOOEHHQWLWOHGIRUWKHIROORZLQJDOORZDQFHVLQDJJUHJDWHQRWH[FHHGLQJRIWKHEDVLFVDODU\
i Education Allowance;
ii Supplementary Allowance;
iii Meal card;
iv Leave Travel Allowance (‘LTA’); and
Y ([JUDWLDLQOLHXRIERQXV
e) PERQUISITES :
i Mediclaim Insurance Policy, Term Insurance Policy, Personal Accident Insurance Policy as per Company’s Policy;
ii Provision of car for use on company’s business and for private purpose shall be billed by the Company;
iii Telephone at residence and provision of mobile and internet facilities. Personal long distance calls shall be
billed by the Company;
iv The appointee shall also be entitled to Superannuation and Gratuity as per Company’s policy.
Y 5HLPEXUVHPHQWRIHQWHUWDLQPHQWH[SHQVHVLQFXUUHGIRUWKHEXVLQHVVRIWKH&RPSDQ\
vi Leave: As per Company’s Policy
B MINIMUM REMUNERATION:
$WSUHVHQWWKH&RPSDQ\DFKLHYHVDGHTXDWHSURˋWVDQGLQWHUPVRI6HFWLRQRIWKH&RPSDQLHV$FWYL]
The total managerial remuneration payable by a public company, to its directors, including managing director and
ZKROHWLPHGLUHFWRUDQGLWVPDQDJHULQUHVSHFWRIDQ\ˋQDQFLDO\HDUVKDOOQRWH[FHHGHOHYHQSHUFHQWRIWKHQHWSURˋWVRI
WKDWFRPSDQ\IRUWKDWˋQDQFLDO\HDUFRPSXWHGLQWKHPDQQHUODLGGRZQLQVHFWLRQH[FHSWWKDWWKHUHPXQHUDWLRQRIWKH
GLUHFWRUVVKDOOQRWEHGHGXFWHGIURPWKHJURVVSURˋWV
3URYLGHGWKDWWKHFRPSDQ\LQJHQHUDOPHHWLQJPD\DXWKRULVHWKHSD\PHQWRIUHPXQHUDWLRQH[FHHGLQJHOHYHQSHUFHQWRI
WKHQHWSURˋWVRIWKHFRPSDQ\VXEMHFWWRWKHSURYLVLRQVRI6FKHGXOH9RIWKH&RPSDQLHV$FW
1RWZLWKVWDQGLQJDQ\WKLQJWRWKHFRQWUDU\KHUHLQFRQWDLQHGZKHUHLQDQ\ˋQDQFLDO\HDUGXULQJWKHFXUUHQF\RIWKHWHQXUHRI
,QGHU7-DLVLQJKDQLWKH&RPSDQ\KDVQRSURˋWVRULWVSURˋWVDUHLQDGHTXDWHWKH&RPSDQ\ZLOOSD\UHPXQHUDWLRQE\ZD\RI
6DODU\%HQHˋWV3HUTXLVLWHVDQG$OORZDQFHVDVVSHFLˋHGDERYHVXEMHFWWRIXUWKHUDSSURYDOVDVUHTXLUHGXQGHU6FKHGXOH9RI
WKH$FWRUDQ\PRGLˋFDWLRQVWKHUHWR
7KHEULHISURˋOHQDWXUHRIKLVH[SHULHQFHDQGH[SHUWLVHLVJLYHQLQAnnexure -I to this notice, as per Secretarial Standard
RQ*HQHUDO0HHWLQJV66DQG6(%,/2'55HJXODWLRQVZKLFKIRUPVSDUWRIWKLV([SODQDWRU\6WDWHPHQW
In accordance with the provisions of Sections 196, 197 & other applicable provisions of the Act, read with Schedule V to the
said Act, the proposed re-appointment and the terms of remuneration payable to Inder T. Jaisinghani requires approval of
the members by passing an ordinary resolution.
The Board recommends the resolution set out at Item No. 5, for approval of the shareholders.
([FHSW,QGHU7-DLVLQJKDQL6HOI$MD\7-DLVLQJKDQL%URWKHU5DPHVK7-DLVLQJKDQL%URWKHUDQGWKHLUUHODWLYHVQRQH
RIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWREHLQWHUHVWHGRUFRQFHUQHG
ˋQDQFLDOO\RURWKHUZLVHLQWKHVDLGUHVROXWLRQ
&RS\RIDOOWKHUHOHYDQWGRFXPHQWVZRXOGEHDYDLODEOHIRULQVSHFWLRQE\WKHVKDUHKROGHUVDWWKH5HJLVWHUHG2IˋFHRIWKH
&RPSDQ\EHWZHHQDPDQGSPRQDOOZRUNLQJGD\VH[FHSW6DWXUGD\ 6XQGD\IURPWKHGDWHKHUHRIXSWRWKH
date of the AGM.
Item No. 6
The members of the Company had appointed Ajay T. Jaisinghani as the Whole-Time Director of the Company for
D SHULRG RI ˋYH \HDUV ZLWK HIIHFW IURP th August 2014 and the present term of his re-appointment would lapse on
27th August 2019.
of the Members, approved the re-appointment of Ajay T. Jaisinghani as Whole Time Director, post completion of his present
term on 27th $XJXVWIRUDIXUWKHUSHULRGRIˋYH\HDUV

$MD\7-DLVLQJKDQLLVQRWGLVTXDOLˋHGIURPEHLQJUHDSSRLQWHGDVD'LUHFWRULQWHUPVRI6HFWLRQRIWKH$FWDQGKDVJLYHQ
KLVFRQVHQWWRDFWDV:KROH7LPH'LUHFWRURIWKH&RPSDQ\$MD\7-DLVLQJKDQLVDWLVˋHVDOOWKHFRQGLWLRQVDVVHWRXWLQ6HFWLRQ
196(3) of the Act and Part-I of Schedule V to the Act, for being eligible for his re-appointment.
The broad terms and conditions of the proposed re-appointment of and remuneration to Ajay T. Jaisinghani are mentioned
below:
a) SALARY PER MONTH:
%DVLF6DODU\1RWH[FHHGLQJ`/DNKVSHUPRQWKZLWKDQDQQXDOLQFUHPHQWQRWH[FHHGLQJRIWKHDQQXDOVDODU\
&RPPLWWHHZLWKLQWKHVDLGPD[LPXPOLPLW
b) HOUSE RENT ALLOWANCE (‘HRA’) :
c) ALLOWANCES :
+HVKDOOEHHQWLWOHGIRUWKHIROORZLQJDOORZDQFHVLQDJJUHJDWHQRWH[FHHGLQJRIWKHEDVLFVDODU\YL]
iii Meal card;
d) PERQUISITES :
iii Telephone at residence and provision of mobile and internet facilities. Personal long distance calls shall be billed
by the Company;
iv The appointee shall also be entitled to Superannuation and Gratuity as per Company’s policy;
Y 5HLPEXUVHPHQWRIHQWHUWDLQPHQWH[SHQVHVLQFXUUHGIRUWKHEXVLQHVVRIWKH&RPSDQ\DQG
e) VARIABLE PAY:
He shall also be entitled for variable pay annually on the basis of the recommendation of the Nomination and Remuneration
Committee and approval of the Board of Directors of the Company.
B MINIMUM REMUNERATION
$WSUHVHQWWKH&RPSDQ\DFKLHYHVDGHTXDWHSURˋWVDQGLQWHUPVRI6HFWLRQRIWKH&RPSDQLHV$FWLH
The total managerial remuneration payable by a public company, to its directors, including managing director and whole-
WLPHGLUHFWRUDQGLWVPDQDJHULQUHVSHFWRIDQ\ˋQDQFLDO\HDUVKDOOQRWH[FHHGHOHYHQSHUFHQWRIWKHQHWSURˋWVRIWKDW
FRPSDQ\IRUWKDWˋQDQFLDO\HDUFRPSXWHGLQWKHPDQQHUODLGGRZQLQVHFWLRQH[FHSWWKDWWKHUHPXQHUDWLRQRIWKH
$MD\7-DLVLQJKDQLWKH&RPSDQ\KDVQRSURˋWVRULWVSURˋWVDUHLQDGHTXDWHWKH&RPSDQ\ZLOOSD\UHPXQHUDWLRQE\ZD\RI
7KHEULHISURˋOHQDWXUHRIKLVH[SHULHQFHDQGH[SHUWLVHLVJLYHQLQAnnexure -I to this notice, as per Secretarial Standard
RQ*HQHUDO0HHWLQJV66DQG6(%,/2'55HJXODWLRQVDQGIRUPLQJSDUWRIWKLV([SODQDWRU\6WDWHPHQW
In accordance with the provisions of Sections 196, 197 & other applicable provisions of the Act, read with Schedule V to
the said Act, the proposed re-appointment and the terms of remuneration payable to Ajay T. Jaisinghani requires approval
of members by passing an ordinary resolution.
The Board recommends the resolution at Item No. 6 for approval of the shareholders.
([FHSW$MD\7-DLVLQJKDQL6HOI,QGHU7-DLVLQJKDQL%URWKHU5DPHVK7-DLVLQJKDQL%URWKHUDQGWKHLUUHODWLYHVQRQHRIWKH
'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWREHLQWHUHVWHGRUFRQFHUQHGˋQDQFLDOO\
or otherwise in the said resolution.

date of the AGM.
Item No. 7
The members of the Company had appointed Ramesh T. Jaisinghani as the Whole-Time Director of the Company
IRU D SHULRG RI ˋYH \HDUV ZLWK HIIHFW IURP th August 2014 and the present term of his appointment would lapse on
27th August 2019.
RIWKHPHPEHUVDSSURYHGWKHUHDSSRLQWPHQWRI5DPHVK7-DLVLQJKDQLDV:KROH7LPH'LUHFWRUIRUDIXUWKHUSHULRGRIˋYH
years, post completion of his present term on 27th August 2019.
5DPHVK7-DLVLQJKDQLLVQRWGLVTXDOLˋHGIURPEHLQJUHDSSRLQWHGDVD'LUHFWRULQWHUPVRI6HFWLRQRIWKH$FWDQGKDV
JLYHQKLVFRQVHQWWRDFWDV:KROH7LPH'LUHFWRURIWKH&RPSDQ\5DPHVK7-DLVLQJKDQLVDWLVˋHVDOOWKHFRQGLWLRQVDVVHWRXW
in Section 196(3) of the Act and Part-I of Schedule V to the Act, for being eligible for his re-appointment.
The broad terms and conditions of the proposed re-appointment of and remuneration to Ramesh T. Jaisinghani are
mentioned below:
a) SALARY:
&RPPLWWHHZLWKLQWKHVDLGPD[LPXPDPRXQW
c) ALLOWANCES :
iii Meal card;
d) PERQUISITES :
e) VARIABLE PAY :
$WSUHVHQWWKH&RPSDQ\DFKLHYHVDGHTXDWHSURˋWVDQGLQWHUPVRI6HFWLRQRIWKH&RPSDQLHV$FWLH
5DPHVK7-DLVLQJKDQLWKH&RPSDQ\KDVQRSURˋWVRULWVSURˋWVDUHLQDGHTXDWHWKH&RPSDQ\ZLOOSD\UHPXQHUDWLRQE\ZD\
RI6DODU\%HQHˋWV3HUTXLVLWHVDQG$OORZDQFHVDVVSHFLˋHGDERYHVXEMHFWWRIXUWKHUDSSURYDOVDVUHTXLUHGXQGHU6FKHGXOH
9RIWKH$FWRUDQ\PRGLˋFDWLRQVWKHUHWR
7KHEULHISURˋOHQDWXUHRIKLVH[SHULHQFHDQGH[SHUWLVHLVJLYHQLQAnnexure -I to this notice,as per Secretarial Standard on
*HQHUDO0HHWLQJV66DQG6(%,/2'55HJXODWLRQVDQGIRUPLQJSDUWRIWKLV([SODQDWRU\6WDWHPHQW
In accordance with the provisions of Sections 196, 197 & other applicable provisions of the Act, read with Schedule V to the
said Act, the proposed re-appointment and the terms of remuneration payable to Ramesh T. Jaisinghani requires approval
of members by passing an ordinary resolution.
The Board recommends the resolution at Item No. 7 for approval of the shareholders.
([FHSW5DPHVK7-DLVLQJKDQL6HOI,QGHU7-DLVLQJKDQL%URWKHU$MD\7-DLVLQJKDQL%URWKHUDQGWKHLUUHODWLYHVQRQHRIWKH
'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWREHLQWHUHVWHGRUFRQFHUQHGˋQDQFLDOO\
or otherwise in the said resolution.
date of the AGM
Item No. 8
6K\DP/DO%DMDMLVWKH&KLHI)LQDQFLDO2IˋFHUDQG:KROH7LPH'LUHFWRURIRXU&RPSDQ\+HKROGVDEDFKHORUȢVGHJUHHLQ
FRPPHUFHIURP5DMDVWKDQ8QLYHUVLW\DQGLVDTXDOLˋHG&KDUWHUHG$FFRXQWDQWDSSRLQWHGDVD:KROH7LPH'LUHFWRURIRXU
&RPSDQ\ZLWKHIIHFWIURP'HFHPEHUDQGDV&KLHI)LQDQFLDO2IˋFHURQ6HSWHPEHU3ULRUWRMRLQLQJRXU
Company, he served as the Director Finance at Vedanta Limited (including at Sesa Sterlite Limited now merged with Vedanta
/LPLWHG+HKDVDOVRVHUYHGDVWKH&KLHI)LQDQFLDO2IˋFHURI+LQGXVWDQ=LQF/LPLWHGVHUYHGDV&KLHI)LQDQFLDO2IˋFHUDQG
Vice President of Finance at Sterlite Technologies Limited (formerly called ‘Sterlite Optical Technologies Limited’) and
Senior General Manager at Sterlite Industries (India) Limited now Vedanta Limited.
6K\DP/DO%DMDMLVKDYLQJPRUHWKDQ\HDUVRIH[SHULHQFHLQWKHDFFRXQWV ˋQDQFHIXQFWLRQV
7DNLQJ LQWR FRQVLGHUDWLRQ KLV H[SHULHQFH DQG H[SHUWLVH LW LV SURSRVHG WR UHYLVH KLV UHPXQHUDWLRQ DV UHFRPPHQGHG E\
Nomination and Remuneration Committee and approved by Audit Committee and the Board of Directors as per the terms
and condition mentioned below.
A REMUNERATION (Effective from 01st April 2019 to 14th December 2021)
a) SALARY:
&RPPLWWHHZLWKLQWKHVDLGPD[LPXPDPRXQW
He shall be entitled for HRA equivalent to 50% of the basic salary i.e. ` 4.62 lakhs.
c) ALLOWANCES :
ii Grade Allowance;
iii Supplementary Allowance;
iv Meal card;
v Leave Travel Allowance (‘LTA’) and ;
YL ([JUDWLDLQOLHXRIERQXV
d) PERQUISITES :
e) VARIABLE PAY:
$WSUHVHQWWKH&RPSDQ\DFKLHYHVDGHTXDWHSURˋWVDQGLQWHUPVRI6HFWLRQRIWKH&RPSDQLHV$FWYL]
1RWZLWKVWDQGLQJDQ\WKLQJWRWKHFRQWUDU\KHUHLQFRQWDLQHGZKHUHLQDQ\ˋQDQFLDO\HDUGXULQJWKHFXUUHQF\RIWKHWHQXUH
RI6K\DP/DO%DMDMWKH&RPSDQ\KDVQRSURˋWVRULWVSURˋWVDUHLQDGHTXDWHWKH&RPSDQ\ZLOOSD\UHPXQHUDWLRQE\ZD\RI
7KHEULHISURˋOHQDWXUHRIKLVH[SHULHQFHDQGH[SHUWLVHLVJLYHQLQAnnexure -I to this notice,as per Secretarial Standard on
*HQHUDO0HHWLQJV66DQG6(%,/2'55HJXODWLRQVDQGIRUPLQJSDUWRIWKLV([SODQDWRU\6WDWHPHQW
In accordance with the provisions of Sections 196, 197 & other applicable provisions of the Act, read with Schedule V to
the said Act, the proposed re-appointment and the terms of remuneration payable to Shyam Lal Bajaj requires approval of
members by passing an ordinary resolution.
The Board recommends the resolution at Item No.8 for approval of the shareholders.
date of the AGM.
([FHSW6K\DP/DO%DMDMDQGKLVUHODWLYHVQRQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHV
DUHGHHPHGWREHLQWHUHVWHGRUFRQFHUQHGˋQDQFLDOO\RURWKHUZLVHLQWKHVDLGUHVROXWLRQ
ITEM No. 9
T. P. Ostwal (DIN: 00821268) was appointed as an Additional Director (Independent) of the Company, by the Board of
Directors of the Company on 20th6HSWHPEHUDQGKROGLQJRIˋFHXSWRWKHGDWHRIWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
of the members of the Company.
,QWKHRSLQLRQRIWKH%RDUG732VWZDOIXOˋOOVWKHFRQGLWLRQVVSHFLˋHGLQWKH$FWDQGWKH5XOHVPDGHWKHUHXQGHUWREH
appointed as an Independent Director of the Company.
T. P. Ostwal does not hold any share and is independent of the Management of the Company.
+HKDVJLYHQKLVFRQVHQWWRDFWDVD'LUHFWRURIWKH&RPSDQ\DORQJZLWKDGHFODUDWLRQVWDWLQJWKDWKHLVQRWGLVTXDOLˋHGIURP
being appointed as a Director in the Company in terms of Section 164 of the Companies Act, 2013. Further, he has submitted
the declaration as required pursuant to section 149 (7) of the Act stating that he meets the criteria of independence as
provided in sub section (6) of Section 149 of the Act.
The Company has also received a notice under Section 160 of the Companies Act 2013, from a member proposing the
appointment of T. P. Ostwal as an Independent Director of the Company.
7KHEULHISURˋOHRI732VWZDODVSHUWKHUHTXLUHPHQWVRIWKH&RPSDQLHV$FWDQGWKH6(%,/LVWLQJ2EOLJDWLRQVDQG
Disclosure Requirements), Regulations, 2015 {SEBI (LODR), Regulations, 2015} and the rules made thereunder and the
Secretarial Standard on General Meetings (SS-2) are given in Annexure -II,IRUPLQJSDUWRIWKLV([SODQDWRU\6WDWHPHQW
The Board recommends the resolution set out under Item No.9, for approval of the members of the Company by way of an
Ordinary Resolution.
([FHSW732VWZDOQRQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWREH
LQWHUHVWHGRUFRQFHUQHGˋQDQFLDOO\RURWKHUZLVHLQWKHVDLGUHVROXWLRQ
date of the AGM.
ITEM No. 10
R. S. Sharma (DIN: 00013208) was appointed as an Additional Director (Independent) of the Company, by the Board of
,QWKHRSLQLRQRIWKH%RDUG566KDUPDIXOˋOOVWKHFRQGLWLRQVVSHFLˋHGLQWKH$FWDQGWKH5XOHVPDGHWKHUHXQGHUWREH
R. S. Sharma does not hold any share and is independent of the Management of the Company.

the declaration as required pursuant to section 149 (7) of the Act stating that he meets the criteria of independence as
The Company has also received a Notice under Section 160 of the Companies Act 2013, from a member proposing the
appointment of R. S. Sharma as an Independent Director of the Company.
7KHEULHISURˋOHRI566KDUPDDVSHUWKHUHTXLUHPHQWVRIWKH&RPSDQLHV$FWDQGWKH6(%,/2'55HJXODWLRQV
and the rules made thereunder and the Secretarial Standard on General Meetings (SS-2) is given in Annexure -II, forming
SDUWRIWKLV([SODQDWRU\6WDWHPHQW
([FHSW566KDUPDQRQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWREH
date of the AGM.
Item No.11
Pradeep Poddar (DIN: 00025199) was appointed as an Additional Director (Independent) of the Company, by the Board of
,QWKHRSLQLRQRIWKH%RDUG3UDGHHS3RGGDUIXOˋOOVWKHFRQGLWLRQVVSHFLˋHGLQWKH$FWDQGWKH5XOHVPDGHWKHUHXQGHUWREH
Pradeep Poddar does not hold any share and is independent of the Management of the Company.
the declaration as required pursuant to Section 149 (7) of the Act stating that he meets the criteria of independence as
appointment of Pradeep Poddar as an Independent Director of the Company.
7KHEULHISURˋOHRI3UDGHHS3RGGDUDVSHUWKHUHTXLUHPHQWVRIWKH&RPSDQLHV$FWDQGWKH6(%,/2'55HJXODWLRQV
2015 and the rules made thereunder and the Secretarial Standard on General Meetings (SS-2) are given in Annexure -II,
IRUPLQJSDUWRIWKLV([SODQDWRU\6WDWHPHQW
([FHSW3UDGHHS3RGGDUQRQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWREH
date of the AGM
Item No.12
Hiroo Mirchandani (DIN: 06992518) was appointed as an Additional Director (Independent) of the Company, by the Board of
,QWKHRSLQLRQRIWKH%RDUG+LURR0LUFKDQGDQLIXOˋOOVWKHFRQGLWLRQVVSHFLˋHGLQWKH$FWDQGWKH5XOHVPDGHWKHUHXQGHUWR
be appointed as an Independent Director of the Company.
Hiroo Mirchandani does not hold any share and is independent of the Management of the Company.
6KHKDVJLYHQKHUFRQVHQWWRDFWDVD'LUHFWRURIWKH&RPSDQ\DORQJZLWKDGHFODUDWLRQVWDWLQJWKDWVKHLVQRWGLVTXDOLˋHG
from being appointed as a Director in the Company in terms of Section 164 of the Companies Act, 2013. Further, she
has submitted the declaration as required pursuant to section 149 (7) of the Act stating that she meets the criteria of
independence as provided in sub section (6) of Section 149 of the Act.
appointment of Hiroo Mirchandani as an Independent Director of the Company.
7KHEULHISURˋOHRI+LURR0LUFKDQGDQLDVSHUWKHUHTXLUHPHQWVRIWKH&RPSDQLHV$FWDQGWKH6(%,/2'55HJXODWLRQV
2015 and the rules made thereunder and the Secretarial Standard on General Meetings (SS-2) are given in Annexure -II,
IRUPLQJSDUWRIWKLV([SODQDWRU\6WDWHPHQW

([FHSW+LURR0LUFKDQGDQLQRQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWR
EHLQWHUHVWHGRUFRQFHUQHGˋQDQFLDOO\RURWKHUZLVHLQWKHVDLGUHVROXWLRQ
date of the AGM.
Item No.13
In accordance with the provisions of Section 197 of the Companies Act, 2013 and Regulation 17(6)(a) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, payment of remuneration to Independent Directors of the
Company by way of commission, is permitted, if the Company authorizes such payment by obtaining the approval of the
shareholders at the ensuing General Meeting of the Company.
7DNLQJ LQWR FRQVLGHUDWLRQ WKH VLJQLˋFDQW SURIHVVLRQDO H[SHUWLVH DQG FRQWULEXWLRQ PDGH E\ ,QGHSHQGHQW 'LUHFWRUV WR
the performance and growth of the Company, and based on the recommendation of the Nomination and Remuneration
&RPPLWWHHLWLVSURSRVHGWRSD\WKHFRPPLVVLRQQRWH[FHHGLQJ`20,00,000/- (Rupees Twenty Lakhs only) per annum to the
,QGHSHQGHQW'LUHFWRUVRIWKH&RPSDQ\LQHYHU\ˋQDQFLDO\HDUFRPPHQFLQJIURP)<RQZDUGV
The Board recommends the resolution set forth in Item No.13 for approval of the Members by way of an Ordinary Resolution.
1RQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORUWKHLUUHVSHFWLYHUHODWLYHVH[FHSWDOORIWKH,QGHSHQGHQW'LUHFWRUVRIWKH
Company viz. T. P. Ostwal, Pradeep Poddar, R. S. Sharma and Hiroo Mirchandani are deemed to be concerned or interested in
the said Resolution.
Item No. 14
Based on the recommendation of the Audit Committee, the Board of Directors at its meeting held on 14th May 2019, had
DSSRLQWHG0V15LWHVK $VVRFLDWHVDˋUPRI&RVW$FFRXQWDQWVDV&RVW$XGLWRUVRIWKH&RPSDQ\IRUDXGLWLQJWKHFRVW
UHFRUGVPDLQWDLQHGE\WKHFRPSDQ\IRUWKHˋQDQFLDO\HDUDQGDOVRˋ[HGWKHLUUHPXQHUDWLRQIRUWKHVDLGSXUSRVH
Pursuant to the provisions of Section 148 and any other applicable provisions of the Companies Act, 2013 read with Rule
RIWKH&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLˋFDWLRQVRUUHHQDFWPHQWWKHUHRIIRU
WKHWLPHEHLQJLQIRUFHUHPXQHUDWLRQSD\DEOHWRWKH&RVW$XGLWRUVLVUHTXLUHGWREHUDWLˋHGDQGFRQˋUPHGE\WKHPHPEHUV
of the Company.
The Board recommends the resolution set forth in Item No.14 for approval of the Members by way of an Ordinary Resolution.
1RQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWREHLQWHUHVWHGRUFRQFHUQHG
date of the AGM.
Item No. 15
In accordance with the terms of the amendment cum Termination Agreement entered into amongst Polycab India Limited
(formerly Polycab Wires Limited), International Finance Corporation (IFC), and Inder T. Jaisinghani, Ajay T. Jaisinghani, Girdhari
T. Jaisinghani, Ramesh T. Jaisinghani, Reina R. Jaisinghani and Raju G. Jaisinghani, dated 28th September 2018 all special
rights which were available to International Finance Corporation (IFC) under the Shareholders Agreement (SHA) and Option
$JUHHPHQW2$VWRRGDXWRPDWLFDOO\WHUPLQDWHGXSRQOLVWLQJDQGWUDGLQJRIWKH(TXLW\6KDUHVRQWKH6WRFN([FKDQJHVRQ
16th$SULOSXUVXDQWWRWKH,QLWLDO3XEOLF2IIHU,32ZLWKRXWUHTXLULQJDQ\IXUWKHUDFWLRQE\DQ\SDUW\H[FHSWIRULQWHU
alia, the right of IFC to nominate one Director on our Board, till the time IFC continues to hold at least 5% of the issued and
IXOO\SDLGXSHTXLW\VKDUHFDSLWDORIWKH&RPSDQ\Ȥ5LJKWWR1RPLQDWHȥ7KH5LJKWWR1RPLQDWHVKDOOEHH[HUFLVDEOHE\,)&
only after obtaining the approval of the Shareholders through a special resolution in a general meeting of the Company to
EHKHOGDIWHUWKHOLVWLQJRIWKH(TXLW\6KDUHVRQWKH6WRFN([FKDQJHV
The Board recommends the resolution at Item No.15 for approval of the shareholders as a Special Resolution.
1RQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\RUWKHLUUHODWLYHVDUHGHHPHGWREHLQWHUHVWHGRUFRQFHUQHG
A copy of agreement entered into amongst Polycab India Limited (erstwhile Polycab Wires Limited), International Finance
&RUSRUDWLRQ,)&ZRXOGEHDYDLODEOHIRULQVSHFWLRQE\WKHVKDUHKROGHUVDWWKH5HJLVWHUHG2IˋFHRIWKH&RPSDQ\EHWZHHQ
DPDQGSPRQDOOZRUNLQJGD\VH[FHSW6DWXUGD\ 6XQGD\IURPWKHGDWHKHUHRIXSWRWKHGDWHRIWKH$*0
By Order of the Board of Polycab India Limited

3ODFH0XPEDL &RPSDQ\6HFUHWDU\ &RPSOLDQFH2IˋFHU
Date : 14th May 2019 M.No: F5221

Annexure I
For item No. 5 to 8
INFORMATION ON DIRECTOR SEEKING APPOINTMENT / RE-APPOINTMENT / REVISION OF
REMUNERATION AT THE ENSUING ANNUAL GENERAL MEETING OF THE COMPANY
As per SEBI Regulation 36 of (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard 2
issued by the Institute of Company Secretaries of India
(` in million)
Particulars Inder T Jaisinghani Ajay T Jaisinghani Ramesh T Jaisinghani Shyam Lal Bajaj
Age 65 67 62 65
4XDOLˋFDWLRQ Secondary school Secondary school Secondary school BCom and FCA
FHUWLˋFDWHOHYHO FHUWLˋFDWHOHYHO FHUWLˋFDWHOHYHO
Experience (including Sales, Marketing, Sales, Marketing, Sales, Marketing, ([SHUWLVHLQ)LQDQFH
H[SHUWLVHLQVSHFLˋF Production and other Production and other Production and other $FFRXQWV 7D[DWLRQ
functional area)/Brief support services for more support services for support services for more for more than 40 years.
Resume than 40 years. more than 40 years. than 40 years.
Terms and Conditions As per the resolution at As per the resolution at As per the resolutions at As per the resolution
of Appointment / Item No. 5 of the Notice Item No. 6 of the Notice Item No 2&7 of the Notice at Item No. 8 of the
Reappointment convening this meeting convening this meeting convening this meeting Notice convening
UHDGZLWK([SODQDWRU\ UHDGZLWK([SODQDWRU\ UHDGZLWK([SODQDWRU\ this meeting read
Statement, Inder T Statement, Ajay T. Statement, Ramesh T. ZLWK([SODQDWRU\
Jaisinghani is proposed Jaisinghani is proposed Jaisinghani is liable to Statement, the revised
to be re-appointed as to be re-appointed as retire by rotation at the remuneration payable
Managing Director of the Whole Time Director of meeting and eligible to Shyam Lal Bajaj,
Company the Company for re-appointment and &KLHI)LQDQFLDO2IˋFHU
also proposed to be & Whole Time Director,
reappointed as Whole Time of the Company.
Director of the Company.
Remuneration last 86.19 28.25 28.25 25.76
drawn (including
sitting fees, if any) Cost
to Company
Stock Option 1,00,000 granted. Value
5.99
Remuneration Basic Salary `17.50 Lakhs Basic Salary `10.40 Basic Salary `10.40 Lakhs Basic Salary `9.24
proposed to be paid per month, with an annual Lakhs per month, with per month, with an annual Lakhs per month, with
LQFUHPHQWQRWH[FHHGLQJ an annual increment not LQFUHPHQWQRWH[FHHGLQJ an annual increment
15 % of the annual salary H[FHHGLQJRIWKH 15 % of the annual salary QRWH[FHHGLQJ
and other perquisites annual salary and other and other perquisites of the annual salary
mentioned in the perquisites mentioned mentioned in the and other perquisites
([SODQDWRU\6WDWHPHQW LQWKH([SODQDWRU\ ([SODQDWRU\6WDWHPHQW mentioned in the
Statement. ([SODQDWRU\6WDWHPHQW
'DWHRIˋUVWDSSRLQWPHQW 20th December 1997 1st September 2007 10th January 1996 15th December 2016
on the Board
Shareholding in 2,08,54,229 2,06,78,935 2,06,76,393 -
theCompany as on
31st March 2019
Relationship with Other than Inder T. Other than Ajay T. Other than Ramesh Nil
other Directors/Key Jaisinghani, Ajay T. Jaisinghani, Inder T. T. Jaisinghani, Inder T.
Managerial Personnel Jaisinghani and Ramesh Jaisinghani, and Ramesh Jaisinghani,and Ajay T.
T. Jaisinghani being T. Jaisinghani being Jaisinghani being brothers,
brothers, there is no family brothers, there is no there is no family
relationship among our family relationship relationship among our
Directors among our Directors Directors
Number of meetings 11 11 11 11
of the Board attended
during the year
Directorships of other Dowells Cable Accessories Jaisingh Finance Private Dowells Cable Accessories Nil
Boards as on 31st Private Limited Limited Private Limited
March 2019 Jaisingh Finance Private Jaisingh Finance Private
Limited Limited
Tirupati Reels Private Techno Electromech
Limited Private Limited
Membership / - - - Membership-2
Chairmanship of
Committees of other Chairmanship- Nil
Boards, including
Polycab India Limited
as on 31st March 2019
# Includes only Audit Committee and Stakeholders’ Relationship Committee.
Annexure II
For item No 9 to 12
INFORMATION ON DIRECTOR SEEKING APPOINTMENT / RE-APPOINTMENT AT THE ENSUING
ANNUAL GENERAL MEETING OF THE COMPANY
As per SEBI Regulation 36 of (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard 2
issued by the Institute of Company Secretaries of India
(` in million)
Particulars T. P. Ostwal R. S. Sharma Pradeep Poddar Hiroo Mirchandani
Age 64 68 64 57
4XDOLˋFDWLRQ 4XDOLˋHG&KDUWHUHG Bachelors of Arts Bachelors’ degree in Bcom & MBA
Accountant Chemical Engineering and
Post-Graduate program in
management from Indian
Institute of Management
Experience He is a practicing chartered +HKDVSDVVHGWKHˋQDO +HKDVVLJQLˋFDQWH[SHULHQFH She serves on the board of
(including accountant and is a senior FHUWLˋFDWHH[DPLQDWLRQ in consumer goods industry, directors of listed companies like
expertise partner with T.P. Ostwal from the Institute of Cost having worked in Glindia Tata Teleservices (Maharashtra)
LQVSHFLˋF and Associates LLP. He is Limited (formerly known as Limited, DFM Foods Limited and
also a partner at DTS & and Works Accountants Nilkamal Limited. Mirchandani
of India and the associate ȡ*OD[R/DERUDWRULHV,QGLD
functional area)/
Brief Resume Associates and Ostwal Limited’), Heinz India Private is a former shareholder director
'HVDL .RWKDUL&KDUWHUHG H[DPLQDWLRQIURPWKH Limited and TATA Group. He of Punjab National Bank. Her
Accountants. He has served Indian Institute of Bankers. represented the Tata’s on business career of over thirty
as a member of the advisory Prior to joining our years has primarily been in
group for advising and the Nourishco Board (Joint Consumer Goods & Healthcare
establishing transfer pricing Board, he has served as Venture with Pepsi). He is also sectors where she grew from
regulations in India, set Chairman and Managing on the Boards of Monsanto being a Branch Manager at
up by the Central Board Director at Oil and Natural India Limited, Welspun India Asian Paints to Business Unit
RI'LUHFW7D[HV0LQLVWU\RI Gas Corporation Limited. /LPLWHGDQG8ˌH[/LPLWHG +HDGDW3ˋ]HU6KHKDVDOVRKHOG
Finance, Government of leadership roles at Dabur, World
India. He is a member of the Gold Council & BPL Telecom. She
sub-committee on Transfer is a CheveningGurukul Scholar
Pricing for Developing from the London School of
Countries of United Nations. Economics.
Terms and The appointment of The appointment of R.S The appointment of The appointment of Hiroo
Conditions of T.P Ostwal is subject to Sharma is subject to Pradeep Poddar is subject to Mirchandani is subject to
Appointment / UDWLˋFDWLRQLQWKHHQVXLQJ UDWLˋFDWLRQLQWKHHQVXLQJ UDWLˋFDWLRQLQWKHHQVXLQJ UDWLˋFDWLRQLQWKHHQVXLQJ$QQXDO
Reappointment Annual General Meeting Annual General Meeting Annual General Meeting General Meeting for a term of 5
for a term of 5 years as for a term of 5 years as for a term of 5 years as years as Independent Director.
Independent Director. Independent Director. Independent Director.
Remuneration 2.26 2.26 2.18 1.76
last drawn
(including sitting
fees, if any)@
Remuneration - - - -
proposed to be paid
'DWHRIˋUVW 20th September, 2018 20th September, 2018 20th September, 2018 20th September, 2018
appointment on
the Board
Shareholding in - - - -
the Company as
on 31st March 2019
Relationship with No relation with other No relation with other No relation with other No relation with other Director
other Directors/ 'LUHFWRUDQG.03V 'LUHFWRUDQG.03V 'LUHFWRUDQG.03V DQG.03V
Key Managerial
Personnel
Number of 6 6 6 5
meetings of the
Board attended
during the year
Directorships of Oberoi Realty Limited Sembcorp Energy India 8ˌH[/LPLWHG Nilkamal Limited
other Boards as Oberoi Constructions Limited Welspun India Limited Tata Communications Payments
on March 31st Limited Hinduja Leyland Finance Welspun Flooring Limited Solutions Limited
2019 Ltd Tata Teleservices (Maharashtra)
Intas Pharmaceutical MonsantoIndia Limited
Jubilant Industries Limited
Limited Limited
Jubilant Agri and
Incline Realty Private Consumer Products Limited Roots Corporation Limited
Limited DFM Foods Limited
Membership / Chairmanship- 5 Chairmanship- 1 Chairmanship- 2 Chairmanship- 1
Chairmanship
of Committees Membership- 6 Membership- 4 Membership- 6 Membership- 5
of other Boards,
including
Polycab India
Limited as on
31st March 2019
# Includes only Audit Committee and Stakeholders’ Relationship Committee.
@ Remuneration includes a Commission of ` 1.00 million to each of the Independent Directors of the Company for the
FY 2018-19 payable in FY 2019-20.
BOARD’S REPORT
To
The Members
(Formerly Polycab Wires Limited)
Your Directors take pleasure in submitting the 23rd Annual Report of the business and operations of your Company
ȡWKH&RPSDQ\ȢRUȡ3RO\FDEȢDQGWKHDXGLWHGˋQDQFLDOVWDWHPHQWVIRUWKHˋQDQFLDO\HDUHQGHGst0DUFK
1 FINANCIAL HIGHLIGHTS OF THE COMPANY

(` Million)
Standalone Consolidated
Current Year Previous Year Current Year Previous Year
Sr. No. Particulars 31.03.2019 31.03.2018 31.03.2019 31.03.2018
Revenue from operations 79,105.53 79,559.83
Other Income 935.22 933.49
Total Income 80,040.75 69,695.70 80,493.32 69,793.89
2 3URˋWEHIRUH,QWHUHVW 'HSUHFLDWLRQ 10,124.31 10,142.15
Less: i) Interest 1,157.72 1,167.06
ii) Depreciation 1,400.71 1,414.45
3 3URˋWEHIRUH7D[ 7,565.88 7,560.64
/HVV3URYLVLRQIRU7D[DWLRQ 2,551.49 2,557.58
3URˋWDIWHU7D[ 5,014.39 3,583.87 5,003.06 3,585.61
Earnings Per Share (In `)

Basic 35.51 35.39
Diluted 35.51 35.39
&RQVHTXHQWWRWKHLQWURGXFWLRQRI*RRGVDQG6HUYLFHV7D[*67ZLWKHIIHFWIURPst-XO\&HQWUDO([FLVH9DOXH$GGHG7D[

9$7HWFKDYHEHHQVXEVXPHGLQWR*67,QDFFRUGDQFHZLWK,QG$6RQ5HYHQXHDQG6FKHGXOH,,,RIWKH&RPSDQLHV$FW
XQOLNH([FLVH'XWLHVOHYLHVOLNH*679$7HWFDUHQRWSDUWRI5HYHQXH$FFRUGLQJO\WKHˋJXUHVRIWKHSHULRGXSWRth-XQH
DUHQRWVWULFWO\UHODWDEOHWRWKRVHWKHUHDIWHU
(` Million)
Standalone Consolidated
Particulars Current Year Previous Year Current Year Previous Year

31.03.2019 31.03.2018 31.03.2019 31.03.2018
Revenue from operations
/HVV([FLVH'XW\RQ6DOH - -
5HYHQXHIURPRSHUDWLRQVH[FOXGLQJ([FLVH'XW\ 79,105.53 79,559.83

(net revenue)
2 OPERATIONS OF THE COMPANY

'XULQJ WKH \HDU \RXU &RPSDQ\ DFKLHYHG D 6WDQGDORQH7XUQRYHU RI ` 0LOOLRQV DV DJDLQVW `
0LOOLRQLQWKHSUHYLRXV\HDU7KHRSHUDWLQJSURˋWEHIRUH)LQDQFHFRVWVGHSUHFLDWLRQDQGWD[LV`0LOOLRQVDV
against ` 0LOOLRQVIRUWKHSUHYLRXV\HDU6WDQGDORQH3URILWDIWHUWD[LV` 0LOOLRQVDVFRPSDUHG
to ` 0LOOLRQVRIWKHSUHFHGLQJ\HDU

2QDFRQVROLGDWHGEDVLVWKH&RPSDQ\DFKLHYHGDWXUQRYHURI` 0LOOLRQVDVDJDLQVW` 0LOOLRQV
LQWKHSUHYLRXV\HDU7KHFRQVROLGDWHGRSHUDWLQJSURˋWEHIRUH)LQDQFHFRVWVGHSUHFLDWLRQDQGWD[LV` 0LOOLRQV
as against ` 0LOOLRQVIRUWKHSUHYLRXV\HDU7KH&RQVROLGDWHG3URˋWDIWHUWD[LV` 0LOOLRQVDVFRPSDUHG
to ` 0LOOLRQVRISUHFHGLQJ\HDU
3 AWARDS AND ACCOLADES

'XULQJWKH\HDUXQGHUUHYLHZ3RO\FDEZDVKRQRXUHGZLWK
D 6XSHUEUDQG$ZDUGVLQ'HOKLRQth6HSWHPEHUDQG
E $&(7(&+*UDQG6WDQG$ZDUGVIRUVWDOOGHVLJQLQ'HOKLRQth'HFHPEHU
4 GENERAL RESERVE
1RDPRXQWKDVEHHQWUDQVIHUUHGWRWKH*HQHUDO5HVHUYHIRUWKHˋQDQFLDO\HDU
5 DIVIDEND
7KH'LUHFWRUVRI\RXU&RPSDQ\DUHSOHDVHGWRUHFRPPHQGDGLYLGHQG#` SHU(TXLW\6KDUHRIWKHIDFHYDOXHRI
` HDFKRQIXOO\SDLGXS(TXLW\6KDUHVIRUWKHˋQDQFLDO\HDUHQGHGst0DUFKVXEMHFWWRDSSURYDO
RIWKHVKDUHKROGHUVRIWKH&RPSDQ\DWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ7KHWRWDOFDVKRXWˌRZRQDFFRXQWRIWKH
GLYLGHQGSD\PHQWDQGGLYLGHQGGLVWULEXWLRQWD[ZRXOGEH ` 5XSHHV)RUW\)RXU&URUHV)LIW\1LQH/DNKV
7KLUW\6HYHQ7KRXVDQG6HYHQ+XQGUHGDQG)LIWHHQRQO\DQG `5XSHH1LQH&URUHV6L[WHHQ/DNKV6L[W\
7KUHH7KRXVDQG(LJKW+XQGUHGDQG1LQH2QO\UHVSHFWLYHO\
6 INITIAL PUBLIC OFFER (IPO)

7KH&RPSDQ\VXFFHVVIXOO\PDGHLWV,QLWLDO3XEOLF2IIHUȡ,32ȢRI(TXLW\6KDUHV# ` LQFOXGLQJDVKDUH
premium of ` SHUHTXLW\VKDUHRI` HDFKZLWKDGLVFRXQWRI` WRHPSOR\HHVDWDQRIIHUSULFHRI` SHU
VKDUHRQ(TXLW\6KDUHVZKLFKLQFOXGHVDIUHVKLVVXHRI(TXLW\6KDUHVRI` HDFKIRUUDLVLQJIXQGV
for the Company to the tune of ` 0LOOLRQDQGDQRIIHUIRUVDOHE\WKHVHOOLQJVKDUHKROGHUVRI(TXLW\
Shares of face value of ` HDFKRIWKH&RPSDQ\
6XEVHTXHQW WR WKH FRPSOHWLRQ RI WKH ,32 WKH SDLGXS (TXLW\ 6KDUH &DSLWDO RI WKH &RPSDQ\ KDV EHHQ LQFUHDVHG IURP
` WR ` 7KH&RPSDQ\ȢV(TXLW\6KDUHVJRWOLVWHGRQ%6(DQG16(RQth$SULODQG
DUHFXUUHQWO\DYDLODEOHIRUWUDGLQJ
7 SHARE CAPITAL
7KHSDLGXSHTXLW\VKDUHFDSLWDODVRQst0DUFKZDV` GLYLGHGLQWR(TXLW\6KDUHVRI
face value of ` HDFK
6XEVHTXHQWWR,32WKHSDLGXSHTXLW\VKDUHFDSLWDORIWKH&RPSDQ\KDVEHHQLQFUHDVHGWR`GLYLGHGLQWR
HTXLW\VKDUHVRIIDFHYDOXHRI`HDFK
8 EMPLOYEES’ STOCK OPTION PLANS

<RXU&RPSDQ\KDGLQVWLWXWHGWKH(6233ODQȤ(623ȥȤ3ODQȥIRULVVXHRIXSWRRSWLRQVWRHOLJLEOH
HPSOR\HHV7KH&RPSDQ\KDGJUDQWHGRSWLRQVWRWKHHOLJLEOHHPSOR\HHVRIWKH&RPSDQ\YLGH(6233HUIRUPDQFH
6FKHPHDQGRSWLRQVYLGH(6233ULYLOHJH6FKHPH
7KHGHWDLOVRIWKH(623DUHDVXQGHU
6WRFNRSWLRQGHWDLOVLIDQ\DQGZKHWKHULVVXHGDWDGLVFRXQWDVZHOODVWKHSHULRGRYHUZKLFKDFFUXHGDQGRYHU
ZKLFKH[HUFLVDEOH
(a) ESOP Plan 2018
Pursuant to the resolution passed by our Board on 30th$XJXVWDQGE\RXU6KDUHKROGHUVRQth$XJXVWRXU
&RPSDQ\KDGLQVWLWXWHGWKH(6233ODQ(6233HUIRUPDQFH6FKHPHDQG(6233ULYLOHJH6FKHPHIRULVVXHRIRSWLRQV
WRHOLJLEOHHPSOR\HHV7KH(6233ODQZLOOEHDGPLQLVWHUHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ15&&RPPLWWHH
7KH REMHFWLYHV RI WKH (623 3ODQ LQFOXGHV DWWDLQLQJ DQG H[FHHGLQJ SHUIRUPDQFH WDUJHWV HQFRXUDJH UHWHQWLRQ RI
WDOHQWDQGOR\DOW\WRRXU&RPSDQ\HQDEOHIXQGDPHQWDODOLJQPHQWWRYDOXHFUHDWLRQDOLJQZLWKVKDUHKROGHUVȢLQWHUHVWDQG

HQFRXUDJHHPSOR\HHRZQHUVKLSLQWKH&RPSDQ\RULWV6XEVLGLDULHV
8QGHUWKH(6233ODQWKH15&&RPPLWWHHLVDXWKRULVHGWRJUDQWQRWH[FHHGLQJRSWLRQVRQDFRQVROLGDWHG
EDVLVXQGHU(6233HUIRUPDQFH6FKHPHDQG(6233ULYLOHJH6FKHPHWRWKHHOLJLEOHHPSOR\HHVLQRQHRUPRUHEUDQFKHV
IURPWLPHWRWLPHZKLFKLQDJJUHJDWHDUHH[HUFLVDEOHLQWRQRWPRUHWKDQ(TXLW\6KDUHVZLWKHDFKVXFKRSWLRQ
FRQIHUULQJDULJKWXSRQWKHHOLJLEOHHPSOR\HHVWRDSSO\IRURQH(TXLW\6KDUHLQDFFRUGDQFHZLWKWKHWHUPVDQGFRQGLWLRQV
DVPD\EHGHFLGHGXQGHUWKLV3ODQ
E (6233HUIRUPDQFH6FKHPH
2XU&RPSDQ\%RDUG15&&RPPLWWHHVKDOOJUDQWWKHRSWLRQVWRWKHHOLJLEOHHPSOR\HHVLQDFFRUGDQFHZLWKWKHWHUPV
DQGFRQGLWLRQVRIWKH(6233HUIRUPDQFH6FKHPHQRWLˋHGXQGHUWKH(6233ODQ7KHRSWLRQVJUDQWHGVKDOOYHVWQRW
HDUOLHUWKDQRQH\HDUDQGQRWODWHUWKDQPD[LPXPYHVWLQJSHULRGRIˋYH\HDUVIURPWKHGDWHRIJUDQW$OOWKHJUDQWVVKDOO
YHVWLQWKHIROORZLQJPDQQHU
RIRSWLRQVJUDQWHGVKDOOYHVWRQWKHˋUVWDQQLYHUVDU\IURPWKHGDWHRIJUDQW
RIRSWLRQVJUDQWHGVKDOOYHVWRQWKHVHFRQGDQQLYHUVDU\IURPWKHGDWHRIJUDQW
RIRSWLRQVJUDQWHGVKDOOYHVWRQWKHWKLUGDQQLYHUVDU\IURPWKHGDWHRIJUDQW
RIRSWLRQVJUDQWHGVKDOOYHVWRQWKHIRXUWKDQQLYHUVDU\IURPWKHGDWHRIJUDQWDQG
RIRSWLRQVJUDQWHGVKDOOYHVWRQWKHˋIWKDQQLYHUVDU\IURPWKHGDWHRIJUDQW7KHH[HUFLVHSHULRGLQUHVSHFWRIWKH
RSWLRQVKDOOFRPPHQFHLPPHGLDWHO\RQYHVWLQJDQGEHVXEMHFWWRDPD[LPXPSHULRGRIHLJKW\HDUVIURPWKHGDWHRIJUDQW
7KHH[HUFLVHSULFHSHURSWLRQVKDOOEH`
(c) ESOP Privilege Scheme

2XU&RPSDQ\%RDUG15&&RPPLWWHHVKDOOJUDQWWKHRSWLRQVWRWKHHOLJLEOHHPSOR\HHVLQDFFRUGDQFHZLWKWKHWHUPVDQG
FRQGLWLRQVRIWKH(6233ULYLOHJH6FKHPHQRWLˋHGXQGHUWKH(6233ODQ$OOWKHRSWLRQVJUDQWHGVKDOOYHVWDWWKHHQGRI
RQH\HDUIURPWKHGDWHRIJUDQW7KHH[HUFLVHSHULRGLQUHVSHFWRIWKHRSWLRQVKDOOFRPPHQFHLPPHGLDWHO\RQYHVWLQJDQGEH
VXEMHFWWRDPD[LPXPSHULRGRIˋYH\HDUVIURPWKHGDWHRIJUDQW7KHH[HUFLVHSULFHSHURSWLRQVKDOOEH`
7KH VFKHPHV DUH LQ OLQH ZLWK WKH 6(%, 6KDUH %DVHG (PSOR\HH %HQHˋWV 5HJXODWLRQV ȡ6%(% 5HJXODWLRQVȢ 7KH
&RPSDQ\KDVUHFHLYHGDFHUWLˋFDWHIURPWKH$XGLWRUVRIWKH&RPSDQ\WKDWWKHVFKHPHVDUHLPSOHPHQWHGLQDFFRUGDQFH
ZLWKWKH6%(%5HJXODWLRQVDQGWKHUHVROXWLRQVSDVVHGE\WKHPHPEHUV7KHGHWDLOVDVUHTXLUHGWREHGLVFORVHGXQGHUWKH
6%(%5HJXODWLRQVDQGFHUWLˋFDWHIURPWKH$XGLWRUVDUHSODFHGRQWKHZHEVLWHRIWKH&RPSDQ\DWZZZSRO\FDEFRP
9 CHANGE IN NATURE OF BUSINESS, IF ANY

'XULQJWKHˋQDQFLDO\HDUWKHUHKDVEHHQQRFKDQJHLQWKHEXVLQHVVRIWKHFRPSDQ\RULQWKHQDWXUHRIEXVLQHVVFDUULHGE\
WKH&RPSDQ\GXULQJWKHˋQDQFLDO\HDUXQGHUUHYLHZ
10 MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL

POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT
1R PDWHULDO FKDQJHV DQG FRPPLWPHQWV LI DQ\ DIIHFWLQJ WKH ˋQDQFLDO SRVLWLRQ RI WKH &RPSDQ\ ZKLFK KDYH RFFXUUHG
EHWZHHQHQGRIWKHˋQDQFLDO\HDURIWKH&RPSDQ\WRZKLFKWKHˋQDQFLDOVWDWHPHQWVUHODWHDQGWKHGDWHRIWKHUHSRUW
H[FHSWWKHIXQGUDLVHGWRWKHWXQHRI` 0LOOLRQWKURXJKWKH,QLWLDO3XEOLF2IIHU,32DVPHQWLRQHGDERYH
11 SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

A. SUBSIDIARY COMPANIES
$VRQst0DUFK\RXU&RPSDQ\KDV7KUHHVXEVLGLDU\FRPSDQLHVRXWRIZKLFKWZRFRPSDQLHVLH7LUXSDWL5HHOV
3ULYDWH/LPLWHGDQG'RZHOOV&DEOH$FFHVVRULHV3YW/WGDUHUHJLVWHUHGLQ,QGLDDQG3RO\FDE:LUHV,WDO\65/LVUHJLVWHUHG
LQ,WDO\
I Tirupati Reels Private Limited

7KHVXEVLGLDU\FRPSDQ\LQZKLFKWKH&RPSDQ\KROGV(TXLW\6KDUH&DSLWDOLVHQJDJHGLQWKHEXVLQHVVRILQWHUDOLD
PDQXIDFWXULQJH[SRUWLQJLPSRUWLQJGHDOLQJDQGGLVWULEXWLQJWKHUHHOVGUXPVSDOOHWVSDFNDJLQJPDWHULDOPDGHRIZRRG
VWHHORUDQ\DUWLFOHVDQGLWVE\SURGXFWV
'XULQJWKH\HDUXQGHUUHYLHZWKHIROORZLQJDUHWKHSHUIRUPDQFHRIWKHVXEVLGLDU\FRPSDQ\
Sr. No Particulars ` in Million

Revenue from Operations
2 3URˋWEHIRUHWD[
3 3URˋWDIWHUWD[
,, 'RZHOOV&DEOH$FFHVVRULHV3YW/WG
7KHVXEVLGLDU\FRPSDQ\LQZKLFKWKH&RPSDQ\KROGV(TXLW\6KDUH&DSLWDOLVLQYROYHGLQWKHEXVLQHVVRILQWHUDOLD
PDQXIDFWXULQJGHVLJQLQJLPSRUWLQJH[SRUWLQJRIFRSSHUDQGDOXPLQXPWHUPLQDOVEUDVVFDEOHJODQGVFULPSLQJWRROV
FDEOHVRFNHWVIRUHOHFWULFDOZLUHVFRQQHFWRUVDQGDFFHVVRULHV
'XULQJWKH\HDUXQGHUUHYLHZWKHIROORZLQJDUHWKHSHUIRUPDQFHRIWKH&RPSDQ\
Sr. No Particulars ` Million
2 3URˋWEHIRUHWD[
3 3URˋWDIWHUWD[
III Polycab Wires Italy SRL (Milano, Italy)

7KH 6XEVLGLDU\ &RPSDQ\ LQ ZKLFK WKH &RPSDQ\ KROGV HTXLW\ VKDUH FDSLWDO LV LQYROYHG LQ WKH EXVLQHVV RI LQWHU
DOLDPDQXIDFWXULQJHQJLQHHULQJSURPRWLRQGHYHORSPHQWDQGPDUNHWLQJRIHOHFWULFDOFDEOHVDQGVXSSO\RIVHUYLFHVDQG
FRQVXOWDQFLHVWRFRPSDQLHVLQWKHVHFWRURIPDUNHWLQJ
'XULQJWKH\HDUXQGHUUHYLHZWKHIROORZLQJDUHWKHSHUIRUPDQFHRIWKH&RPSDQ\
2 3URˋWEHIRUHWD[
3 3URˋWDIWHUWD[
B JOINT VENTURE
<RXU&RPSDQ\KDV7ZR-RLQW9HQWXUHFRPSDQLHV5\NHU%DVH3YW/WGDQG7HFKQR(OHFWURPHFK3YW/WG
I Ryker Base Pvt. Ltd (Ryker)

5\NHULVLQYROYHGLQWKHEXVLQHVVRILQWHUDOLDPDQXIDFWXULQJIRUPXODWLQJSURFHVVLQJSURGXFLQJFRQYHUWLQJGLVWLOOLQJ
UHˋQHPDNLQJEX\LQJVHOOLQJDQGGHDOLQJLQFRQGXFWRUVZLUHVFDEOHVDQGURGVPDGHRIIHUURXVDQGQRQIHUURXVPHWDOV
DQGWKHLUFRPSRXQGV
'XULQJWKH\HDUXQGHUUHYLHZWKHIROORZLQJDUHWKHSHUIRUPDQFHRIWKH-RLQW9HQWXUHFRPSDQ\

Revenue from Operations 0
2 3URˋWEHIRUHWD[
3 3URˋWDIWHUWD[
II Techno Electromech Pvt. Ltd. (Techno)

7HFKQRLVLQYROYHGLQWKHEXVLQHVVRILQWHUDOLDPDQXIDFWXULQJRIOLJKWHPLWWLQJGLRGHVOLJKWLQJDQGOXPLQDLUHVDQG/('
GULYHUV
'XULQJWKH\HDUXQGHUUHYLHZWKHIROORZLQJDUHWKHSHUIRUPDQFHRIWKH-RLQW9HQWXUHFRPSDQ\

2 3URˋWEHIRUHWD[
3 3URˋWDIWHUWD[
,Q DFFRUGDQFH ZLWK 6HFWLRQ RI WKH &RPSDQLHV $FW WKH $QQXDO 5HSRUW RI WKH &RPSDQ\ FRQWDLQLQJ
WKHUHLQ LWV VWDQGDORQH DQG WKH FRQVROLGDWHG ˋQDQFLDO VWDWHPHQWV KDV EHHQ SODFHG RQ WKH ZHEVLWH RI WKH &RPSDQ\
ZZZSRO\FDEFRP
)XUWKHUDVSHUWKHIRXUWKSURYLVRRIWKHVDLG6HFWLRQWKHDXGLWHGDQQXDODFFRXQWVRIHDFKRIWKHVXEVLGLDU\FRPSDQLHV
KDYHDOVREHHQSODFHGRQWKHZHEVLWHRIWKH&RPSDQ\ZZZSRO\FDEFRP
6KDUHKROGHUVLQWHUHVWHGLQREWDLQLQJDFRS\RIWKHDXGLWHGDQQXDODFFRXQWVRIWKHVXEVLGLDU\FRPSDQLHVPD\ZULWHWRWKH
&RPSDQ\6HFUHWDU\DQG&RPSOLDQFH2IˋFHUDWWKH&RPSDQ\ȢV&RUSRUDWH2IˋFHDW3RO\FDE+RXVH0RJXO/DQH0DKLP
:HVW0XPEDL
3XUVXDQWWRˋUVWSURYLVRWR6XEVHFWLRQRI6HFWLRQUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHVD

VWDWHPHQWFRQWDLQLQJVDOLHQWIHDWXUHVRIˋQDQFLDOVWDWHPHQWRI6XEVLGLDULHV-RLQW9HQWXUHVLVDQQH[HGDV$QQH[XUH
12 DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS

OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND
COMPANY’S OPERATIONS IN FUTURE
7KHUHZDVQRVLJQLˋFDQWDQGPDWHULDORUGHUSDVVHGE\WKHUHJXODWRUVRUFRXUWVRUWULEXQDOVLPSDFWLQJWKHJRLQJFRQFHUQ
VWDWXVDQG&RPSDQ\ȢVRSHUDWLRQVLQIXWXUH
13 CHANGE OF NAME OF THE COMPANY

:LWKWKHDSSURYDORIWKHPHPEHUVRIWKH&RPSDQ\WKH&RPSDQ\ZDVFRQYHUWHGLQWRDSXEOLFOLPLWHGFRPSDQ\ZLWKHIIHFW
IURPth$XJXVW7KHUHDIWHUWKHQDPHRIRXU&RPSDQ\ZDVFKDQJHGIURPȡ3RO\FDE:LUHV/LPLWHGȢWRȡ3RO\FDE,QGLD
/LPLWHGȢZLWKHIIHFWIURPth2FWREHU
14 DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Sr. No. 1DPHRI'LUHFWRU Designation Appointment Date Resignation Date
,QGHU7-DLVLQJKDQL Chairman and Managing Director 20 'HFHPEHU
th
-
2 $MD\7-DLVLQJKDQL :KROHWLPH'LUHFWRU 27 $SULO

th
-
3 5DPHVK7-DLVLQJKDQL :KROHWLPH'LUHFWRU th-DQXDU\ -
6K\DP/DO%DMDM &)2DQG:KROHWLPH'LUHFWRU th'HFHPEHU -
566KDUPD Additional Director (Independent 20 6HSWHPEHU

th
-
Director)
6 732VWZDO Additional Director (Independent 20th6HSWHPEHU -
Director)
7 Pradeep Poddar Additional Director (Independent 20th6HSWHPEHU -
Director)
+LURR0LUFKDQGDQL Additional Director (Independent 20th6HSWHPEHU -
Director)
661DUD\DQD Company Secretary th'HFHPEHU -
55DPDNULVKQDQ Joint Managing Director $SULO
st
23 0D\
rd
#0LFKHO/HPDLUH Director th0DUFK st$XJXVW
$VRQst0DUFKWKHIROORZLQJZHUHWKH:KROH7LPH'LUHFWRUVDQG.H\0DQDJHULDO3HUVRQQHOVRIWKH&RPSDQ\DV
SHU6HFWLRQRIWKH&RPSDQLHV$FWDQGWKHUXOHVPDGHWKHUHXQGHU
,QGHU7-DLVLQJKDQLȟ&KDLUPDQ 0DQDJLQJ'LUHFWRU
$MD\7-DLVLQJKDQL:KROHWLPH'LUHFWRU
5DPHVK7-DLVLQJKDQL:KROHWLPH'LUHFWRU
6K\DP/DO%DMDMȟ&)2DQG:KROH7LPH'LUHFWRU
661DUD\DQDȟ&RPSDQ\6HFUHWDU\

7KH %RDUG RI 'LUHFWRUV DW LWV PHHWLQJ KHOG RQ th 6HSWHPEHU KDG DSSURYHG WKH DSSRLQWPHQW RI 7 3 2VWZDO
',1566KDUPD',13UDGHHS3RGGDU',1DQG+LURR0LUFKDQGDQL',1
DV$GGLWLRQDO'LUHFWRUV1RQ([HFXWLYH ,QGHSHQGHQWDQGUHFRPPHQGVWKHVDPHIRUWKHDSSURYDOE\WKH6KDUHKROGHUVRI
WKH&RPSDQ\DWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ1HFHVVDU\UHVROXWLRQVVHHNLQJWKHLUDSSRLQWPHQWIRUPVSDUWRIWKH
$QQXDO*HQHUDO0HHWLQJ1RWLFH
,WPD\DOVREHQRWHGWKDWSXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FW5DPHVK7-DLVLQJKDQL
',1LVOLDEOHWRUHWLUHE\URWDWLRQDWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJDQGEHLQJHOLJLEOHRIIHUVKLPVHOIIRU
UHDSSRLQWPHQW7KH%RDUGUHFRPPHQGVKLVDSSRLQWPHQWDVD'LUHFWRUOLDEOHWRUHWLUHE\URWDWLRQDWWKHHQVXLQJ$QQXDO
*HQHUDO0HHWLQJRIWKH&RPSDQ\
7KHWHQXUHRI,QGHU7-DLVLQJKDQL',1DV0DQDJLQJ'LUHFWRU$MD\7-DLVLQJKDQL',1 5DPHVK7

-DLVLQJKDQL',1DV:KROH7LPH'LUHFWRUVRIWKH&RPSDQ\ZRXOGODSVHRQth$XJXVWDQGDUHHOLJLEOH
IRUUHDSSRLQWPHQW7KH%RDUGRI'LUHFWRUVRQWKHEDVLVRIWKHUHFRPPHQGDWLRQRIWKH1RPLQDWLRQDQG5HPXQHUDWLRQ
&RPPLWWHH DQG WKH $XGLW &RPPLWWHH KDV SURSRVHG WKHLU UHDSSRLQWPHQW VXEMHFW WR DSSURYDO RI WKH 0HPEHUV RI WKH
&RPSDQ\DWWKHHQVXLQJ$QQXDOJHQHUDO0HHWLQJIRUIXUWKHUSHULRGRI\HDUVFRPPHQFLQJIURPth$XJXVWWRth
$XJXVW1HFHVVDU\UHVROXWLRQVVHHNLQJUHDSSRLQWPHQWDQGUHPXQHUDWLRQSD\DEOHWRWKH0DQDJLQJ :KROH7LPH
'LUHFWRUVIRUPSDUWRIWKH$*01RWLFH
7KHGHWDLOVRI'LUHFWRUVEHLQJUHFRPPHQGHGIRUDSSRLQWPHQWUHDSSRLQWPHQWDVUHTXLUHGXQGHU6(%,/LVWLQJ2EOLJDWLRQV
DQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQVDUHFRQWDLQHGLQWKHDFFRPSDQ\LQJ1RWLFHFRQYHQLQJHQVXLQJ$QQXDO
*HQHUDO0HHWLQJRIWKH&RPSDQ\$SSURSULDWH5HVROXWLRQVVHHNLQJ\RXUDSSURYDOWRWKHUHDSSRLQWPHQWRI'LUHFWRUVLV
DOVRLQFOXGHGLQWKH1RWLFH
55DPDNULVKQDQKDGUHVLJQHGIURPWKH&RPSDQ\DVWKH-RLQW0DQDJLQJ'LUHFWRUDQG'LUHFWRURIWKH&RPSDQ\ZLWK
effect from 23rd0D\7KH%RDUGWDNHVRQUHFRUGKLVFRQWULEXWLRQVWRWKHEXVLQHVVRIWKH&RPSDQ\GXULQJKLVWHQXUH
DVWKH-RLQW0DQDJLQJ'LUHFWRURIWKH&RPSDQ\
#0LFKHO/HPDLUHKDGUHVLJQHGIURPWKH&RPSDQ\DVWKH'LUHFWRURIWKH&RPSDQ\ZLWKHIIHFWIURPst$XJ7KH
%RDUGWDNHVRQUHFRUGKLVFRQWULEXWLRQVWRWKHEXVLQHVVRIWKH&RPSDQ\GXULQJKLVWHQXUHDVWKH'LUHFWRURIWKH&RPSDQ\
15 MEETINGS OF THE BOARD OF DIRECTORS

'XULQJWKH\HDUXQGHUUHYLHZPHHWLQJVRIWKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\ZHUHKHOGZKLFKDUHDVXQGHU
Sr. No 'DWHRI%RDUG0HHWLQJ
th0D\
2 03rd-XO\
3 th$XJXVW
30th$XJXVW
20th6HSWHPEHU
6 th6HSWHPEHU
7 th2FWREHU
th2FWREHU
20th'HFHPEHU
th)HEUXDU\
th0DUFK
7KH FRPSRVLWLRQ RI WKH %RDUG DQG RWKHU GHWDLOV UHODWLQJ WR WKH %RDUG PHHWLQJV KDYH EHHQ SURYLGHG LQ WKH &RUSRUDWH
*RYHUQDQFH5HSRUW7KHJDSEHWZHHQWZR%RDUG0HHWLQJVGLGQȢWH[FHHGGD\VDVSHU6HFWLRQRIWKH&RPSDQLHV
$FW
16 COMMITTEE:
7KH&RPSDQ\KDVGXO\FRQVWLWXWHGWKHIROORZLQJPDQGDWRU\&RPPLWWHHVLQWHUPVRIWKHSURYLVLRQVRIWKH&RPSDQLHV$FW
UHDGZLWKUXOHVIUDPHGWKHUHXQGHUYL]
L $XGLW&RPPLWWHH
LL 1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
LLL 6WDNHKROGHUVȢ5HODWLRQVKLS&RPPLWWHHDQG

LY &RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHH
7KH&RPSRVLWLRQRIDOOVXFK&RPPLWWHHVQXPEHURIPHHWLQJVKHOGGXULQJWKH\HDUXQGHUUHYLHZEULHIWHUPVRIUHIHUHQFH
DQGRWKHUGHWDLOVKDYHEHHQSURYLGHGLQWKH&RUSRUDWH*RYHUQDQFH5HSRUWZKLFKIRUPVSDUWRIWKLV$QQXDO5HSRUW$OOWKH
5HFRPPHQGDWLRQVPDGHE\WKH&RPPLWWHHVZHUHDFFHSWHGE\WKH%RDUG
17 DIRECTORS’ RESPONSIBILITY STATEMENT

3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWWKH'LUHFWRUVWRWKHEHVWRIWKHLUNQRZOHGJHKHUHE\VWDWHDQG
FRQˋUPWKDW
D LQWKHSUHSDUDWLRQRIWKHDQQXDODFFRXQWVIRUWKHˋQDQFLDO\HDUHQGHGst0DUFKWKHDSSOLFDEOHDFFRXQWLQJ
VWDQGDUGVKDYHEHHQIROORZHGDQGWKHUHDUHQRPDWHULDOGHSDUWXUHV
E WKH 'LUHFWRUV KDYH VHOHFWHG VXFK DFFRXQWLQJ SROLFLHV DQG DSSOLHG WKHP FRQVLVWHQWO\ DQG PDGH MXGJPHQWV DQG
HVWLPDWHVWKDWDUHUHDVRQDEOHDQGSUXGHQWVRDVWRJLYHDWUXHDQGIDLUYLHZRIWKHVWDWHRIDIIDLUVRIWKH&RPSDQ\DW
st0DUFKDQGRIWKHSURˋWRIWKH&RPSDQ\IRUWKH\HDUHQGHGDVRQWKDWGDWH
F WKH'LUHFWRUVKDYHWDNHQSURSHUDQGVXIˋFLHQWFDUHIRUWKHPDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFH
ZLWK WKH SURYLVLRQV RI &RPSDQLHV$FW IRU VDIHJXDUGLQJ WKH DVVHWV RI WKH &RPSDQ\ DQG IRU SUHYHQWLQJ DQG
GHWHFWLQJIUDXGDQGRWKHULUUHJXODULWLHV
G WKH'LUHFWRUVKDYHSUHSDUHGWKHDQQXDODFFRXQWVRQDJRLQJFRQFHUQEDVLV
H WKH'LUHFWRUVKDYHODLGGRZQLQWHUQDOˋQDQFLDOFRQWUROVWREHIROORZHGE\WKH&RPSDQ\DQGVXFKLQWHUQDOˋQDQFLDO
FRQWUROVDUHDGHTXDWHDQGDUHRSHUDWLQJHIIHFWLYHO\DQG
I WKH'LUHFWRUVKDYHGHYLVHGSURSHUV\VWHPVWRHQVXUHFRPSOLDQFHZLWKWKHSURYLVLRQVRIDOODSSOLFDEOHODZVDQGWKDW
VXFKV\VWHPVDUHDGHTXDWHDQGRSHUDWLQJHIIHFWLYHO\
18 DECLARATION BY INDEPENDENT DIRECTORS

$OO WKH ,QGHSHQGHQW 'LUHFWRUV KDYH VXEPLWWHG WKHLU GLVFORVXUHV WR WKH %RDUG WKDW WKH\ IXOˋOO DOO WKH UHTXLUHPHQWV DV
VWLSXODWHGXQGHU6HFWLRQRIWKH&RPSDQLHV$FW
7KHUHKDVEHHQQRFKDQJHLQWKHFLUFXPVWDQFHVDIIHFWLQJWKHLUVWDWXVDV,QGHSHQGHQW'LUHFWRUVRIWKH&RPSDQ\VRDVWR
TXDOLI\WKHPVHOYHVWREHDSSRLQWHGDV,QGHSHQGHQW'LUHFWRUVXQGHUWKHSURYLVLRQVRIWKH&RPSDQLHV$FWDQGWKH
UHOHYDQWUHJXODWLRQV
SEPARATE MEETING OF INDEPENDENT DIRECTORS

,Q WHUPV RI UHTXLUHPHQWV RI 6FKHGXOH ,9 RI WKH &RPSDQLHV$FW WKH ,QGHSHQGHQW 'LUHFWRUV RI WKH &RPSDQ\ PHW
VHSDUDWHO\RQth0DUFKWRLQWHUDOLDUHYLHZWKHSHUIRUPDQFHRI1RQ,QGHSHQGHQW'LUHFWRUVLQFOXGLQJWKH&KDLUPDQ
WKHHQWLUH%RDUGDQGWKHTXDOLW\TXDQWLW\DQGWLPHOLQHVVRIWKHˌRZRILQIRUPDWLRQEHWZHHQWKH0DQDJHPHQWDQGWKH
%RDUG
19 COMPANY’S POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS

7KH&RPSDQ\KDVEHHQIROORZLQJDSROLF\ZLWKUHVSHFWWRDSSRLQWPHQWDQGUHPXQHUDWLRQRI'LUHFWRUV.H\0DQDJHULDO
3HUVRQQHODQG6HQLRU0DQDJHPHQW3HUVRQQHO7KHDSSRLQWPHQWRI'LUHFWRUVRQWKH%RDUGLVVXEMHFWWRWKHUHFRPPHQGDWLRQ
RIWKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH15&%DVHGRQWKHUHFRPPHQGDWLRQRIWKH15&WKHUHPXQHUDWLRQRI
([HFXWLYH'LUHFWRULVˋ[HGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FWZKLFKFRPSULVHVRI%DVLF6DODU\
3HUTXLVLWHV $OORZDQFHV DQG &RPPLVVLRQ 7KH 5HPXQHUDWLRQ RI 1RQ([HFXWLYH 'LUHFWRUV FRPSULVHV RI VLWWLQJ IHHV DQG
FRPPLVVLRQLQDFFRUGDQFHZLWKWKHSURYLVLRQVRI&RPSDQLHV$FW
7KHFULWHULDIRUDSSRLQWPHQWRI%RDUGRI'LUHFWRUVDQG5HPXQHUDWLRQ3ROLF\RI\RXU&RPSDQ\DUHSODFHGRQWKHZHEVLWH
RIWKH&RPSDQ\ZZZSRO\FDEFRP
20 BOARD EVALUATION
3XUVXDQW WR WKH SURYLVLRQV RI WKH &RPSDQLHV $FW DQG 6(%, /LVWLQJ 2EOLJDWLRQV DQG 'LVFORVXUH 5HTXLUHPHQWV
5HJXODWLRQV WKH %RDUG KDV FDUULHG RXW DQ DQQXDO SHUIRUPDQFH HYDOXDWLRQ RI LWV RZQ SHUIRUPDQFH WKH GLUHFWRUV
LQGLYLGXDOO\DVZHOODVWKHHYDOXDWLRQRIWKHZRUNLQJRILWV$XGLW1RPLQDWLRQ 5HPXQHUDWLRQDQGRWKHU&RPPLWWHHV7KH
GHWDLOVRISHUIRUPDQFHHYDOXDWLRQKDVEHHQPHQWLRQHGLQWKH&RUSRUDWH*RYHUQDQFH5HSRUW

21 EXTRACT OF THE ANNUAL RETURN
7KHGHWDLOVIRUPLQJSDUWRIH[WUDFWRIWKH$QQXDO5HWXUQLQ)RUP0*7LQDFFRUGDQFHZLWK6HFWLRQRIWKH&RPSDQLHV
$FWUHDGZLWKWKH&RPSDQLHV0DQDJHPHQWDQG$GPLQLVWUDWLRQ5XOHVKDVEHHQDQQH[HGZLWKWKLVUHSRUWDV
$QQH[XUH
22 AUDITORS
STATUTORY AUDITORS
0V65%& &R//3&KDUWHUHG$FFRXQWDQWV0XPEDL,&$,)LUP5HJLVWUDWLRQ1R((ZHUHDSSRLQWHGDV
WKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\DWWKH$QQXDO*HQHUDO0HHWLQJ$*0RIWKH&RPSDQ\KHOGRQth6HSWHPEHU
IRUDWHUPRIFRQVHFXWLYH\HDUVWRKROGRIˋFHWLOOWKHFRQFOXVLRQRIWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
0V65%& &R//3KDYHEHHQWKH$XGLWRUVRIWKH&RPSDQ\VLQFHˋQDQFLDO\HDU
$VSHUWKHSURYLVLRQVRI6HFWLRQRIWKH$FWQROLVWHG&RPSDQ\FDQDSSRLQWRUUHDSSRLQWDQDXGLWˋUPDVDXGLWRUVIRU
PRUHWKDQWZRWHUPVRIˋYHFRQVHFXWLYH\HDUV
7DNLQJLQWRFRQVLGHUDWLRQWKHDERYHSURYLVLRQVRIWKH$FW0V65%& &R//3FDQFRQWLQXHDVWKH6WDWXWRU\$XGLWRUVRI
WKH&RPSDQ\RQO\XSWRWKHFRQFOXVLRQRIWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
+HQFHEDVHGRQWKHUHFRPPHQGDWLRQRIWKH$XGLW&RPPLWWHHLWLVSURSRVHGWRDSSRLQW0V%65 &R//3&KDUWHUHG
$FFRXQWDQWV )LUP 5HJLVWUDWLRQ 1R :: DV WKH 6WDWXWRU\ $XGLWRUV RI WKH &RPSDQ\ LQ SODFH RI
0V65%& &R//3&KDUWHUHG$FFRXQWDQWV0XPEDLIRUDWHUPRI)LYHFRQVHFXWLYH\HDUVFRPPHQFLQJIURPWKHFRQFOXVLRQ
of 23rd$QQXDO*HQHUDO0HHWLQJWLOOWKHFRQFOXVLRQRIth$QQXDO*HQHUDO0HHWLQJWREHKHOGLQ)<
7KHDSSURYDORIVKDUHKROGHUVRIWKH&RPSDQ\LVVRXJKWIRUWKHDSSRLQWPHQWRIDQGUHPXQHUDWLRQWR0V%65 &R//3
&KDUWHUHG$FFRXQWDQWV)LUP5HJLVWUDWLRQ1R::DVWKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\
23 STATUTORY AUDITORS’ REPORT

7KH $XGLWRUVȢ 5HSRUW RQ 6WDQGDORQH DQG &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV IRU WKH ˋQDQFLDO \HDU LVVXHG E\
0V65%& &R//3&KDUWHUHG$FFRXQWDQWVGRHVQRWFRQWDLQDQ\TXDOLˋFDWLRQREVHUYDWLRQGLVFODLPHUUHVHUYDWLRQRU
DGYHUVHUHPDUN
24 COST AUDITORS
<RXU&RPSDQ\LVPDLQWDLQLQJWKHFRVWUHFRUGVDVVSHFLˋHGE\WKH&HQWUDO*RYHUQPHQWXQGHUVXEVHFWLRQRIVHFWLRQ
RIWKH&RPSDQLHV$FWDQGKDYHDSSRLQWHG0V15LWHVK $VVRFLDWHV&RVW$FFRXQWDQWVDV&RVW$XGLWRUVWRLVVXH
&RVW$XGLW5HSRUWIRUWKH)LQDQFLDO\HDUDWDSURIHVVLRQDOIHHRI ` 5XSHHV7KUHH/DNKV2QO\SOXV
DSSOLFDEOHWD[HVDQGRXWRISRFNHWH[SHQVHVDWDFWXDO
1HFHVVDU\UHVROXWLRQKDVEHHQUHFRPPHQGHGWREHSDVVHGE\WKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJWR
UDWLI\WKHUHPXQHUDWLRQRIWKH&RVW$XGLWRUVIRUWKH)<
25 SECRETARIAL AUDITORS
3XUVXDQW WR WKH SURYLVLRQV RI 6HFWLRQ RI WKH &RPSDQLHV $FW UHDG ZLWK WKH &RPSDQLHV $SSRLQWPHQW DQG
5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO5XOHV0V'LOLS%KDUDGL\D $VVRFLDWHVZHUHDSSRLQWHGDVWKH6HFUHWDULDO
$XGLWRUVRIWKH&RPSDQ\WRLVVXHWKHVHFUHWDULDO$XGLWIRUWKH\HDUHQGHGst0DUFK
Secretarial Audit Report

7KH6HFUHWDULDO$XGLW5HSRUWIRUWKH)LQDQFLDO<HDUHQGHGst0DUFKLVDQQH[HGWRWKLVUHSRUW$QQH[XUHȟ)
7KH6HFUHWDULDO$XGLW5HSRUWGRHVQRWFRQWDLQDQ\TXDOLˋFDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUNRUGLVFODLPHU
26 PARTICULARS OF LOAN GIVEN, INVESTMENTS MADE, GURANTEE GIVEN AND

SECURITIES PROVIDED UNDER SECTION 186 OF THE ACT
7KH GHWDLOV RI ORDQV JLYHQ JXDUDQWHH JLYHQ DQG LQYHVWPHQW PDGH XQGHU 6HFWLRQ RI WKH$FW UHDG ZLWK &RPSDQLHV
0HHWLQJRIWKH%RDUGDQGLWV3RZHU5XOHVDUHDVIROORZV

A) Loan Given
RZHOOV&DEOH$FFHVVRULHV3YW/WGȠ` 0LOOLRQUHSDLGORDQ` 0LOOLRQ
L '
(Repayment includes loan taken in earlier year)
LL 7HFKQR(OHFWURPHFK3YW/WGȟ1LOUHSDLGORDQ` 0LOOLRQ
LLL 7LUXSDWL5HHOV3ULYDWH/LPLWHGȟ`0LOOLRQUHSDLGORDQ` 0LOOLRQ
% 'HWDLOVRI,QYHVWPHQWV
Sr. No 1DPHRIWKH&RPSDQ\ Amount (` Million)
'RZHOOV&DEOH$FFHVVRULHV3YW/WG
6XEVLGLDU\
C) Guarantee given by the Company during the year

Guarantee Business Entities Amount (` Million)
Shortfall Undertaking 5\NHU%DVH3YW/WG 86'
27 PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

$OOWUDQVDFWLRQVHQWHUHGE\WKH&RPSDQ\ZLWK5HODWHG3DUWLHVGXULQJWKHˋQDQFLDO\HDUDVGHˋQHGXQGHU6HFWLRQ
RI WKH &RPSDQLHV$FW UHDG ZLWK WKH &RPSDQLHV 6SHFLˋFDWLRQ RI 'HˋQLWLRQV 'HWDLOV 5XOHV ZHUH LQ
WKHRUGLQDU\FRXUVHRIEXVLQHVVDQGDWDUPȢVOHQJWKSULFLQJEDVLV7KHUHZHUHQRPDWHULDOO\VLJQLˋFDQWWUDQVDFWLRQVZLWK
UHODWHG SDUWLHV GXULQJ WKH ˋQDQFLDO \HDU ZKLFK ZHUH LQ FRQˌLFW ZLWK WKH LQWHUHVW RI WKH &RPSDQ\ 6XLWDEOH
GLVFORVXUHVDVUHTXLUHGXQGHU,1'$6KDYHEHHQPDGHLQWKH1RWHVWRWKHˋQDQFLDOVWDWHPHQWV
7KHIRUP$2&SXUVXDQWWRVHFWLRQKRIWKHFRPSDQLHV$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV

5XOHVLVVHWRXWDV$QQH[XUHWRWKLVUHSRUWGHSLFWLQJWKHGHWDLOVRIUHODWHGSDUW\WUDQVDFWLRQVDVUHTXLUHGXQGHU
,QG$6DQGDVSHUVHFWLRQRIWKH&RPSDQLHV$FW7KHSROLF\RQUHODWHGSDUW\WUDQVDFWLRQFDQEHDFFHVVHGRQ
WKHZHEVLWHRIWKH&RPSDQ\ZZZSRO\FDEFRP
28 DEPOSITS
'XULQJWKH\HDUXQGHUUHYLHZWKH&RPSDQ\KDVQRWDFFHSWHGDQ\GHSRVLWIURPSXEOLFZLWKLQWKHPHDQLQJRI6HFWLRQ
RIWKH&RPSDQLHV$FWUHDGZLWK&RPSDQLHV$FFHSWDQFHRI'HSRVLWV5XOHV7KH&RPSDQ\KDVQRXQFODLPHG
XQSDLGPDWXUHGGHSRVLWRULQWHUHVWGXHWKHUHRQ
29 CORPORATE SOCIAL RESPONSIBILITY (CSR)

<RXU&RPSDQ\EHOLHYHVWKDW&RUSRUDWH6RFLDO5HVSRQVLELOLW\LVDQLQWHJUDOSDUWRILWVEXVLQHVV,WVHHNVWRRSHUDWHLWVEXVLQHVV
LQDVXVWDLQDEOHPDQQHUZKLFKZRXOGEHQHˋWWKH6RFLHW\DWODUJHLQDOLJQPHQWZLWKWKHLQWHUHVWRILWVVWDNHKROGHUV$VSHU
WKHUHTXLUHPHQWVRI6HFWLRQRIWKH&RPSDQLHV$FWSHUWDLQLQJWR&RUSRUDWH6RFLDO5HVSRQVLELOLW\Ȥ&65ȥ\RXU
&RPSDQ\KDVGXO\FRQVWLWXWHGD&RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHHȤ&65&RPPLWWHHȥ
7KH &65 3ROLF\ RI WKH &RPSDQ\ IUDPHG XQGHU WKH SURYLVLRQV RI 6HFWLRQ RI WKH &RPSDQLHV $FW UHDG
ZLWK WKH &RPSDQLHV &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ 3ROLF\ 5XOHV LV DYDLODEOH RQ WKH &RPSDQ\ȢV ZHEVLWH
ZZZSRO\FDEFRP7KH&RPSDQ\ZDVUHTXLUHGWRVSHQG` PLOOLRQRQ&65DFWLYLWLHV7KH&RPSDQ\KDVVRIDUVSHQW
` PLOOLRQDQGKDVLQLWLDWHGQHFHVVDU\VWHSVWRLGHQWLI\IXUWKHUVXLWDEOHSURMHFWVWRVSHQGWKHEDODQFHDPRXQWLQWKH
QHDUIXWXUH7KH&RPSDQ\LVVLQFHUHO\FRPPLWWHGLQLWV&RUSRUDWH6RFLDO5HVSRQVLELOLW\WRHQVXUHWKHUHTXLUHGSDUWLFLSDWLRQ
LQWKH1DWLRQȢVEXLOGLQJ
&65DFWLYLWLHVIRUWKHˋQDQFLDO\HDUHQGHGst0DUFKDORQJZLWKWKHFRPSRVLWLRQRI&65&RPPLWWHHLVPDUNHGDV
$QQH[XUHȟDQGIRUPVSDUWRIWKLV5HSRUW
30 RISK MANAGEMENT
7KH&RPSDQ\KDVDULVNPDQDJHPHQWIUDPHZRUNIRULGHQWLˋFDWLRQDVVHVVPHQWDQGPLWLJDWLRQRIULVNV7KLVIUDPHZRUN
HVVHQWLDOO\ FUHDWHV WUDQVSDUHQF\ DQG PLQLPL]HV WKH ULVN DQG DGYHUVH LPSDFW RQ WKH EXVLQHVV REMHFWLYHV DQG HQKDQFHV

WKH&RPSDQ\ȢVFRPSHWLWLYHHGJH7KLVIUDPHZRUNFRQVLVWVRIYDULRXVULVNPRGHOVKHOSLQJLQLGHQWLI\LQJULVNULVNWUHQGV
H[SRVXUHDQGSRWHQWLDOLQˌXHQFHDQDO\VLVVHSDUDWHO\IRUYDULRXVEXVLQHVVVHJPHQWVDQGDWYDULRXVOHYHOVRIWKH&RPSDQ\
%XVLQHVVSODQQLQJDQGIRUHFDVWLQJHQFRPSDVVHVLQWHUDOLDWKHULVNPDQDJHPHQWRIWKH&RPSDQ\
%DVHGRQWKHRSHUDWLRQVRIWKH&RPSDQ\QHZULVNVLIDQ\DUHLGHQWLˋHGDSSURSULDWHVWHSVDUHWDNHQWRPLWLJDWHWKHP
%\DOLJQLQJRSHUDWLQJFRQWUROVZLWKWKHPLVVLRQDQGYLVLRQRIWKH&RPSDQ\WKLVULVNPDQDJHPHQWIUDPHZRUNIXOO\VXSSRUWV
&RPSDQ\PDQDJHPHQWWRPHHWLWVREMHFWLYHV
3RO\FDE ,QGLD /LPLWHG EHLQJ D ODUJH SOD\HU LWV EXVLQHVV QR GRXEW DUH H[SRVHG WR YDULRXV ULVNV 3RO\FDE UHDOL]HV WKH
LPSRUWDQFHRILGHQWLI\LQJDQGWDNLQJVWHSVWRPDQDJHWKHULVNIDFHGE\WKH&RPSDQ\
2XULQWHUQDOFRQWUROHQFRPSDVVHVYDULRXVPDQDJHPHQWVV\VWHPVVWUXFWXUHVRIRUJDQL]DWLRQVWDQGDUGDQGFRGHRIFRQGXFW
ZKLFKDOOSXWWRJHWKHUKHOSLQPDQDJLQJWKHULVNVDVVRFLDWHGZLWKWKH&RPSDQ\,QRUGHUWRHQVXUHWKHLQWHUQDOFRQWUROV
V\VWHPVDUHPHHWLQJWKHUHTXLUHGVWDQGDUGVLWLVUHYLHZHGDWSHULRGLFDOLQWHUYDOV,IDQ\ZHDNQHVVHVDUHLGHQWLˋHGLQWKH
SURFHVVRIUHYLHZWKHVDPHDUHDGGUHVVHGWRVWUHQJWKHQWKHLQWHUQDOFRQWUROVZKLFKDUHDOVRUHYLVHGDWIUHTXHQWLQWHUYDOV
31 AUDIT COMMITTEE
$VRIst 0DUFKWKH$XGLWFRPPLWWHHRIWKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\FRPSULVHVRI)RXUPHPEHUV
namely:
D 732VWZDO$XGLWFRPPLWWHH&KDLUPDQ,QGHSHQGHQW'LUHFWRU
E 566KDUPD0HPEHU,QGHSHQGHQW'LUHFWRU
F 3UDGHHS3RGGDU0HPEHU,QGHSHQGHQW'LUHFWRUDQG
G 6K\DP/DO%DMDM0HPEHU1RQ,QGHSHQGHQW&)2 :KROH7LPH'LUHFWRU
7KH%RDUGDFFHSWHGWKHUHFRPPHQGDWLRQVRIWKH$XGLW&RPPLWWHHZKHQHYHUPDGHE\WKH&RPPLWWHHGXULQJWKH\HDU
32 DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH

REFERENCE TO THE FINANCIAL STATEMENTS
7KHFRPSDQ\ȢVLQWHUQDOˋQDQFLDOFRQWUROVZLWKUHIHUHQFHWRˋQDQFLDOVWDWHPHQWVLVDSURFHVVGHVLJQHGWRSURYLGHUHDVRQDEOH
DVVXUDQFHUHJDUGLQJWKHUHOLDELOLW\RIˋQDQFLDOUHSRUWLQJDQGWKHSUHSDUDWLRQRIˋQDQFLDOVWDWHPHQWVIRUH[WHUQDOSXUSRVHV
LQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHV,WLQFOXGHVSROLFLHVDQGSURFHGXUHVWKDW
SURYLGHUHDVRQDEOHDVVXUDQFHUHJDUGLQJSUHYHQWLRQRUWLPHO\GHWHFWLRQRIXQDXWKRULVHGDFTXLVLWLRQXVHRUGLVSRVLWLRQ
RIWKHFRPSDQ\ȢVDVVHWVWKDWFRXOGKDYHDPDWHULDOHIIHFWRQWKHˋQDQFLDOVWDWHPHQWV
SHUWDLQWRWKHPDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOHGHWDLODFFXUDWHO\DQGIDLUO\UHˌHFWWKHWUDQVDFWLRQVDQG
GLVSRVLWLRQVRIWKHDVVHWVRIWKH&RPSDQ\
SURYLGHUHDVRQDEOHDVVXUDQFHWKDWWUDQVDFWLRQVDUHUHFRUGHGDVQHFHVVDU\WRSHUPLWSUHSDUDWLRQRIˋQDQFLDOVWDWHPHQWV
LQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVDQGWKDWUHFHLSWVDQGH[SHQGLWXUHVRIWKHFRPSDQ\DUH
EHLQJPDGHRQO\LQDFFRUGDQFHZLWKDXWKRUL]DWLRQVRIPDQDJHPHQWDQGGLUHFWRUVRIWKH&RPSDQ\
33 DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES

<RXU&RPSDQ\LVFRPPLWWHGWRKLJKHVWVWDQGDUGVRIHWKLFDOPRUDODQGOHJDOFRQGXFWRILWVEXVLQHVV,QRUGHUWRHQVXUHWKDW
the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest
VWDQGDUGRISURIHVVLRQDOLVPKRQHVW\LQWHJULW\DQGHWKLFDOEHKDYLRXUWKH&RPSDQ\KDVDGRSWHGDFRPSUHKHQVLYH9LJLO
0HFKDQLVP:KLVWOH%ORZHU3ROLF\LQFRPSOLDQFHZLWKWKHSURYLVLRQVRI6HFWLRQDQGRIWKH&RPSDQLHV$FW
DQG5HJXODWLRQRIWKH6(%,/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV
7KH9LJLO0HFKDQLVP:KLVWOH%ORZHU3ROLF\LVDYDLODEOHRQWKHZHEVLWHRIWKH&RPSDQ\ZZZSRO\FDEFRP
34 SECRETARIAL STANDARDS ISSUED BY THE INSTITUTE OF COMPANY SECRETARIES

OF INDIA (ICSI)
7KH'LUHFWRUVVWDWHWKDWDSSOLFDEOH6HFUHWDULDO6WDQGDUGKDYHEHHQIROORZHGGXULQJWKHˋQDQFLDO\HDU

35 DETAILS PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013
7KHGHWDLOVRIUHPXQHUDWLRQDVUHTXLUHGXQGHUVHFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK5XOHIRUPVSDUW
RIWKLV5HSRUWDUHDQQH[HGKHUHZLWKDV$QQH[XUHȟ
3XUVXDQWWRWKHSURYLVLRQVRIWKHˋUVWSURYLVRWR6HFWLRQRIWKH&RPSDQLHV$FWWKHGLVFORVXUHXQGHU6HFWLRQ
RIWKH&RPSDQLHV$FWUHDGZLWK5XOHZLOOEHVHQWWRWKHPHPEHUVRIWKH&RPSDQ\RQUHTXHVW
)XUWKHUWKHVDLGLQIRUPDWLRQLVDYDLODEOHIRULQVSHFWLRQDWWKHUHJLVWHUHGRIˋFHRIWKH&RPSDQ\GXULQJZRUNLQJKRXUVDQG
DQ\PHPEHULQWHUHVWHGLQREWDLQLQJVXFKLQIRUPDWLRQPD\ZULWHWRWKH&RPSDQ\6HFUHWDU\DWWKH&RUSRUDWH2IˋFHRIWKH
&RPSDQ\
36 DISCLOSURES UNDER THE SEXUAL HARASSMENT OF WOMEN AT

WORKPLACE ( PREVENTION, PROHIBITION & REDRESSAL ) ACT, 2013
7KH &RPSDQ\ KDV LQ SODFH $QWL 6H[XDO +DUDVVPHQW 3ROLF\ LQ OLQH ZLWK WKH UHTXLUHPHQWV RI 7KH 6H[XDO +DUDVVPHQW
RI :RPHQ DW WKH :RUNSODFH 3UHYHQWLRQ 3URKLELWLRQ 5HGUHVVDO $FW $OO HPSOR\HHV SHUPDQHQW FRQWUDFWXDO
WHPSRUDU\WUDLQHHVDUHFRYHUHGXQGHUWKLV3ROLF\7KH&RPSDQ\KDVSURYLGHGDVDIHDQGGLJQLˋHGZRUNHQYLURQPHQWIRU
HPSOR\HHZKLFKLVIUHHRIGLVFULPLQDWLRQ7KHREMHFWLYHRIWKLVSROLF\LVWRSURYLGHSURWHFWLRQDJDLQVWVH[XDOKDUDVVPHQW
RIZRPHQDWZRUNSODFHDQGIRUUHGUHVVDORIDQ\VXFKFRPSODLQWVRIKDUDVVPHQW,QWHUQDO&RPSODLQWV&RPPLWWHH,&&KDV
EHHQVHWXSWRUHGUHVVWKHFRPSODLQWVUHFHLYHGLIDQ\
3XUVXDQWWRWKHUHTXLUHPHQWVRI6HFWLRQRI6H[XDO+DUDVVPHQWRI:RPHQDW:RUNSODFH3UHYHQWLRQ3URKLELWLRQDQG
5HGUHVVDO$FWUHDGZLWKWKH5XOHVWKHUHXQGHULWLVKHUHE\GHFODUHGWKDWWKH&RPSDQ\KDVQRWUHFHLYHGDQ\FRPSODLQW
RIVH[XDOKDUDVVPHQWGXULQJWKH\HDUXQGHUUHYLHZ
7KH &RPSDQ\ KDV FRPSOLHG ZLWK WKH SURYLVLRQV UHODWLQJ WR WKH FRQVWLWXWLRQ RI ,QWHUQDO &RPSODLQWV &RPPLWWHH XQGHU
WKHb6H[XDO+DUDVVPHQWRI:RPHQDW:RUNSODFH3UHYHQWLRQ3URKLELWLRQDQG5HGUHVVDO$FW
37 CREDIT RATINGS
'XULQJWKH\HDUXQGHUUHYLHZWKHFUHGLWUDWLQJVRIWKH&RPSDQ\KDVEHHQXSJUDGHGIRU%DQN)DFLOLWLHVDVIROORZV
D 5DWLQJ 5HVHDUFK)LWFK*URXSIURP$$WR$$
E &5,6,//LPLWHG$$
38 CORPORATE GOVERNANCE
$ 5HSRUW RQ &RUSRUDWH *RYHUQDQFH DORQJ ZLWK D FHUWLˋFDWH IURP WKH 6WDWXWRU\$XGLWRUV RI WKH &RPSDQ\ FRQˋUPLQJ RI
FRUSRUDWH JRYHUQDQFH UHTXLUHPHQWV DV VWLSXODWHG XQGHU 5HJXODWLRQ RI 6(%, /2'5 5HJXODWLRQV IRUPV SDUW RI WKLV
$QQXDO5HSRUW
39 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNINGS AND OUTGO AS STIPULATED UNDER SECTION 134(3)(M) OF THE
COMPANIES ACT, 2013 READ WITH RULE 8 OF THE COMPANIES (ACCOUNTS) RULES,
2014
7KHGHWDLOVRIFRQVHUYDWLRQRIHQHUJ\WHFKQRORJ\DEVRUSWLRQIRUHLJQH[FKDQJHHDUQLQJVDQGRXWJRFRPSULVH
$ &RQVHUYDWLRQRIHQHUJ\
D 6WHSVWDNHQRULPSDFWRQFRQVHUYDWLRQRIHQHUJ\
(QHUJ\3UHVHUYDWLRQ0HDVXUH(30IRUHQYLURQPHQWDOVXVWDLQDELOLW\LVSULPHLPSRUWDQFHIRURXU&RPSDQ\7HFKQRORJ\

XSJUDGDWLRQPRGHUQL]DWLRQDQGWKHLQWURGXFWLRQRIFRQWUROLQVWUXPHQWDWLRQDUHSUDFWLFHGUHDOL]LQJWKHIXOOSRWHQWLDORI
HQHUJ\FRQVHUYDWLRQLQRXURUJDQL]DWLRQ2XUFRPSDQ\HPSKDVLVRQWKHHVWDEOLVKPHQWRIDV\VWHPRIFROOHFWLRQDQDO\VLV
DQG UHSRUWLQJ RI SDUDPHWHUV YLWDO IRU HQHUJ\ FRQVHUYDWLRQ IRU ORQJ WHUP VXVWDLQDELOLW\ 2XU PDLQ HQHUJ\ PDQDJHPHQW
VWUDWHJLHVDUHFRQVHUYDWLRQDQGHIˋFLHQF\
:LWKLQ RXU RUJDQL]DWLRQ 7KH &RPSDQ\ GRHV D FRQWLQXDO LPSURYHPHQW IRU RSWLPXP XWLOL]DWLRQ RI UHVRXUFHV WR HQVXUH
PLQLPL]HFRQVXPSWLRQRIHQHUJ\ZDWHUQDWXUDOUHVRXUFHV &22HPLVVLRQZKLOHPD[LPL]LQJSURGXFWLRQYROXPHVLQHFR
IULHQGO\PDQQHU

'XULQJWKH\HDUDSSUR[LPDWHO\WKHFRPSDQ\KDVXQGHUWDNHQYDULRXVSURMHFWVWRUHGXFHHQHUJ\FRQVXPSWLRQ6RPHRIWKH
SURMHFWVXQGHUWDNHQ VXVWDLQHGHYHU\\HDUDUH
,QVWDOODWLRQRI9DULDEOH)UHTXHQF\'ULYH9)'LQ0RWRU
5HSODFLQJRIH[LVWLQJ0HWDO+DOLGH0+OLJKWVDQGLQVWDOODWLRQRI/('OLJKWLQQHZSURMHFWVUHVXOWLQJRIHQHUJ\
VDYLQJLQOLJKWLQJ
9)'K\GURSXPSLQJSDQHOLQSXPSVWRVDYHRISRZHULQHQHUJ\
3ODQWV VWUHHWOLJKWVDUHHTXLSSHGZLWKWLPHUZKLFKUHVXOWVLQSRZHUVDYLQJ
95)V\VWHPLVVHWWRDXWRFRQWUROOHGDLUFRQGLWLRQLQJWRVDYHHQHUJ\
'XULQJ WKH \HDU DSSUR[LPDWHO\ ZH KDG XQGHUWDNHQ YDULRXV SURMHFWV WR UHGXFH ZDWHU FRQVXPSWLRQ 7KH SURMHFW
XQGHUWDNHQ VXVWDLQHGHYHU\\HDULV
,QVWDOODWLRQRI673 (73SODQW
,QDGGLWLRQWRHQHUJ\ ZDWHUVDYLQJZHDUHFRQFHUQHGWRUHGXFHSROOXWLRQE\HIIHFWLYHZDVWHGLVSRVDOSODQ6RPHRIWKH
SURMHFWVXQGHUWDNHQ VXVWDLQHGHYHU\\HDUDUH
(:DVWHGLVSRVDOV\VWHP
+D]DUGRXVZDVWHGLVSRVDOV\VWHP
b) Additional investment
)ROORZLQJDUHDGGLWLRQDOSURSRVDOVZKLFKDUHLQLWLDWHGIRULPSOHPHQWDWLRQGXULQJ)<
$GGLWLRQDO6RODUSRZHUJHQHUDWLRQRI.:
:DVWHZDWHUUHF\FOLQJFDSDFLW\LQFUHDVH
,PSURYLQJUHFRYHU\RIGULQNLQJZDWHU52SODQW
F ,PSDFWRIWKHPHDVXUHVDWDDQGEDERYHIRUUHGXFWLRQRIHQHUJ\FRQVXPSWLRQDQGFRQVHTXHQWLPSDFWRQWKHFRVWRI
SURGXFWLRQRIJRRGV
:LWKLQWKHFRPSDQ\WKHUHDUHFRQWLQXRXVHIIRUWVWRZDUGVLPSURYLQJRSHUDWLRQDOHIˋFLHQFLHVPLQLPL]LQJFRQVXPSWLRQRI
HQHUJ\DQGZDWHU
$V D UHVXOW ZLWKLQ FRXSOH RI\HDUV WKH &RPSDQ\ KDG UHGXFHG HQHUJ\ SHU WRQ GUDVWLFDOO\:LWK LPSOHPHQWDWLRQ RI
/('VE\UHSODFLQJ0+/WKH&RPSDQ\KDGUHGXFHGVDYLQJLQOLJKWZLQGHQHUJ\FRQWULEXWHVWRDERXWRXWRIWRWDO
3RO\FDEȟ+DOROHQHUJ\FRQVXPSWLRQ
G 7KHVWHSVWDNHQE\WKH&RPSDQ\IRUXWLOLVLQJDOWHUQDWHHQHUJ\VRXUFHV
(i) 3RO\FDEKDVZLQGPLOOV1RVRI0:DQG1RVRIb0:bRIWRWDOHQHUJ\FRQVXPHGLQPDQXIDFWXULQJ
XQLW3RO\FDE+DORODUHFRPSHQVDWHGE\UHQHZDEOHVRXUFHV
(iii) 7KHFDSLWDOLQYHVWPHQWLQHQHUJ\FRQVHUYDWLRQHTXLSPHQW
a) /('/LJKWV b` PLOOLRQ
b) 673DQG(73SODQW ` PLOOLRQ
c) 95)V\VWHPIRU$LUFRQGLWLRQHU` PLOOLRQ
d) Solar system : `PLOOLRQ
B TECHNOLOGY ABSORPTION:
L WKHHIIRUWVPDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQ1LO
LL WKHEHQHˋWVGHULYHGOLNHSURGXFWLPSURYHPHQWFRVWUHGXFWLRQSURGXFWGHYHORSPHQWRULPSRUWVXEVWLWXWLRQ1LO
LLL LQFDVHRILPSRUWHGWHFKQRORJ\LPSRUWHGGXULQJWKHODVWWKUHH\HDUVUHFNRQHGIURPWKHEHJLQQLQJRIWKHˋQDQFLDO\HDU

D WKHGHWDLOVRIWHFKQRORJ\LPSRUWHG1LO
E WKH\HDURILPSRUW1LO
F ZKHWKHUWKHWHFKQRORJ\EHHQIXOO\DEVRUEHG1LO
G ,IQRWIXOO\DEVRUEHGDUHDVZKHUHDEVRUSWLRQKDVQRWWDNHQSODFHDQGWKHUHDVRQVWKHUHRI1LO

C FOREIGN EXCHANGE EARNINGS & OUTGO:
7KHIROORZLQJDUHWKHGHWDLOVDVHQXPHUDWHGEHORZ
Sr. No. Particulars ` Million

A (DUQLQJLQ)RUHLJQH[FKDQJH
B &,)9DOXHRI,PSRUW
C ([SHQGLWXUHRI)RUHLJQ&XUUHQF\
D RESEARCH AND DEVELOPMENT

'XULQJWKH\HDUXQGHUUHYLHZWKH5HVHDUFK 'HYHORSPHQWDFWLYLWLHVFDUULHGRXWE\WKH&RPSDQ\LVJLYHQLQ$QQH[XUH
40 MANAGEMENT DISCUSSION AND ANALYSIS REPORT

0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV5HSRUWIRUWKHˋQDQFLDO\HDUXQGHUUHYLHZDVVWLSXODWHGXQGHU5HJXODWLRQRI6(%,
(LODR) Regulations is presented in a separate section forming part of the Annual Report
41 FRAUD REPORTING
'XULQJ WKH \HDU XQGHU UHYLHZ QR IUDXG KDV EHHQ UHSRUWHG E\ $XGLWRUV XQGHU VXEVHFWLRQ RI 6HFWLRQ RI WKH
&RPSDQLHV$FW
42 CAUTIONARY STATEMENT
6WDWHPHQWVLQWKH$QQXDO5HSRUWLQFOXGLQJWKRVHZKLFKUHODWHWR0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLVGHVFULELQJWKH
&RPSDQ\ȢV REMHFWLYHV SURMHFWLRQV HVWLPDWHV DQG H[SHFWDWLRQV PD\ FRQVWLWXWHȡIRUZDUG ORRNLQJ VWDWHPHQWVȢ ZLWKLQ WKH
PHDQLQJRIDSSOLFDEOHODZVDQGUHJXODWLRQV$OWKRXJKWKHH[SHFWDWLRQVDUHEDVHGRQUHDVRQDEOHDVVXPSWLRQVWKHDFWXDO
UHVXOWVPLJKWGLIIHU
43 ACKNOWLEDGMENTS
7KH'LUHFWRUVZLVKWRFRQYH\WKHLUDSSUHFLDWLRQWRDOOHPSOR\HHVIRUWKHLUHQRUPRXVHIIRUWVDWWKHLQGLYLGXDOOHYHODVZHOO
DVWKHLUFROOHFWLYHFRQWULEXWLRQWRWKH&RPSDQ\ȢVSHUIRUPDQFH7KH'LUHFWRUVZRXOGDOVROLNHWRWKDQNWKHVKDUHKROGHUV
FXVWRPHUVGHDOHUVVXSSOLHUVEDQNHUV*RYHUQPHQWDQGDOOWKHRWKHUEXVLQHVVDVVRFLDWHVIRUWKHFRQWLQXRXVVXSSRUWJLYHQ
E\WKHPWRWKH&RPSDQ\DQGWKHLUFRQˋGHQFHLQLWVPDQDJHPHQW
)RUDQGRQEHKDOIRIWKH%RDUGRI3RO\FDE,QGLD/LPLWHG
,QGHU7-DLVLQJKDQL
',1
Place: Mumbai
'DWHth0D\

Annexure 1
Form AOC-1
3XUVXDQWWRˋUVWSURYLVRWRVXEVHFWLRQRIVHFWLRQUHDGZLWKUXOHRI&RPSDQLHV$FFRXQWV5XOHV
6WDWHPHQWFRQWDLQLQJVDOLHQWIHDWXUHVRIWKHˋQDQFLDOVWDWHPHQWRIVXEVLGLDULHVDVVRFLDWHFRPSDQLHVMRLQWYHQWXUHV
Part A Subsidiaries ` Million
Sr. Name of the Date of Reporting Reporting Share Reserves& Total Total Investments Turnover 3URˋW/RVV Provision 3URˋW Proposed % of
No. subsidiary incorporation Period currency Capital Surplus Assets Liabilities before tax for tax /RVV Dividend shareholding
of subsidiary
7LUXSDWL5HHOV st$SUst ` 1LO 1LO
3ULYDWH/LPLWHG Mar
'RZHOOV&DEOH st$SUst ` 1LO 1LO
$FFHVVRULHV3YW/WG Mar
3RO\FDE:LUHV st$SUst (852 1LO 1LO
,WDO\65/ Mar
Part B Joint Venture ` Million
Sr. Name of the Joint Date of Reporting Reporting Capital Reserves Total Total Investments Turnover 3URˋW/RVV Provision 3URˋW Proposed % of holding
No. Venture incorporation Period currency Assets Liabilities before tax for tax /RVV Dividend
of Joint
Venture
7HFKQR st$SUst ` 1LO 1LO
(OHFWURPHFK Mar
3YW/WG
5\NHU%DVH st$SUst ` 1LO 1LO
3YW/WG Mar
,QGHU7-DLVLQJKDQL
3ODFH0XPEDL
'DWHWK0D\

59
Annexure 2
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
$VRQˋQDQFLDO\HDUHQGHGRQst0DUFK
3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWDQGUXOHRIWKH&RPSDQ\0DQDJHPHQW
$GPLQLVWUDWLRQ5XOHV
I REGISTRATION & OTHER DETAILS:

Sr. No. CIN 8'/3/&
5HJLVWUDWLRQ'DWH
1DPHRIWKH&RPSDQ\ 32/<&$%,1',$/,0,7('
&DWHJRU\6XEFDWHJRU\RIWKH&RPSDQ\ &RPSDQ\/LPLWHGE\6KDUHV
$GGUHVVRIWKH5HJLVWHUHGRIˋFH (*UHDWHU.DLODVK,,1HZ'HOKLȟ
FRQWDFWGHWDLOV 7HO1R
:KHWKHUOLVWHGFRPSDQ\ 7KH&RPSDQ\ZDVQRW/LVWHG&RPSDQ\DVRQst0DUFK
7KH&RPSDQ\EHFDPH/LVWHG&RPSDQ\DVRQWK$SULO
6 1DPH$GGUHVV FRQWDFWGHWDLOVRIWKH .DUY\)LQWHFK3ULYDWH/LPLWHG
5HJLVWUDU 7UDQVIHU$JHQWLIDQ\ .DUY\6HOHQLXP7RZHU%3ORW *DFKLERZOL)LQDQFLDO'LVWULFW
1DQDNUDPJXGD+\GHUDEDGȟ
7HO1R
,, 35,1&,3$/%86,1(66$&7,9,7,(62)7+(&203$1<$OOWKHEXVLQHVVDFWLYLWLHVFRQWULEXWLQJRU
PRUHRIWKHWRWDOWXUQRYHURIWKH&RPSDQ\VKDOOEHVWDWHG
Sr. No. Name and Description of main products NIC Code of the Product % to total turnover of the company
:LUHV &DEOHV
,,, 3$57,&8/$562)+2/',1*68%6,',$5<$1'$662&,$7(&203$1,(6
Sr. No. Name and Address of the &,1*/1 +ROGLQJ6XEVLGLDU\ % of Applicable
Company $VVRFLDWH shares held Section
7HFKQR(OHFWURPHFK3ULYDWH 8*-37& -RLQW9HQWXUH&RPSDQ\
/LPLWHG
5\NHU%DVH3ULYDWH/LPLWHG 8'/37& -RLQW9HQWXUH&RPSDQ\
'RZHOOV&DEOH$FFHVVRULHV 80+37& 6XEVLGLDU\FRPSDQ\
3ULYDWH/LPLWHG
3RO\FDE:LUHV,WDO\65/ 1$ 6XEVLGLDU\FRPSDQ\
7LUXSDWL5HHOV3ULYDWH/LPLWHG 8'/37& 6XEVLGLDU\FRPSDQ\
,9 6+$5(+2/',1*3$77(51(TXLW\6KDUH&DSLWDO%UHDNXSDVSHUFHQWDJHRI7RWDO(TXLW\

i Category-wise Share Holding
No. of Shares held at the beginning No. of Shares held at the end
Category of RIWKH\HDU RIWKH\HDU
Shareholders % of Total % of Total
Demat Physical Total Shares Demat Physical Total Shares
$3URPRWHUV b b b b b b b b
Indian
D,QGLYLGXDO+8)
E&HQWUDO*RYW
F6WDWH*RYWV
G%RGLHV&RUS
H%DQNV),

I$Q\RWKHU
>352027(5
*5283@
Total shareholding
RI3URPRWHU$
%3XEOLF
6KDUHKROGLQJ
,QVWLWXWLRQV
D0XWXDO)XQGV
E%DQNV),
F&HQWUDO*RYW
G6WDWH*RYWV
H9HQWXUH&DSLWDO
)XQGV
I,QVXUDQFH
&RPSDQLHV
J),,V
K)RUHLJQ9HQWXUH
&DSLWDO)XQGV
2WKHUV3URPRWHU
JURXS 3XEOLF
6XEWRWDO%
2 Non-Institutions
D%RGLHV&RUS
L,QGLDQ
LL2YHUVHDV
E,QGLYLGXDOV
L,QGLYLGXDO
VKDUHKROGHUV
KROGLQJQRPLQDO
VKDUHFDSLWDOXSWR
` ODNK
LL,QGLYLGXDO
VKDUHKROGHUV
KROGLQJQRPLQDO
VKDUHFDSLWDOLQ
H[FHVVRI` ODNK
F2WKHUVVSHFLI\
1RQ5HVLGHQW
,QGLDQV
2YHUVHDV&RUSRUDWH
%RGLHV
)RUHLJQ1DWLRQDOV
&OHDULQJ
6KDUHKROGHUV
Trusts
)RUHLJQ%RGLHV
'5
6XEWRWDO%
Total Promoter - -
Group & Public
Shareholding
% %%
&6KDUHVKHOGE\
&XVWRGLDQIRU*'5V
$'5V

*UDQG7RWDO$%& - -
ii Shareholding of Promoters
Shareholding at the beginning of the year Shareholding at the end of the year
% change in
Sr. %of Shares % of total %of Shares shareholding
Shareholder’s Name
No. % of total 3OHGJHG Shares 3OHGJHG during the
No. of Shares of the encumbered to No. of of the encumbered to year
Shares Company total shares Shares Company total shares
,QGHU7-DLVLQJKDQL
5DPHVK7-DLVLQJKDQL
$MD\7-DLVLQJKDQL
*LUGKDUL7-DLVLQJKDQL
LLL &KDQJHVLQ3URPRWHUVȢ6KDUHKROGLQJSOHDVHVSHFLI\LIWKHUHLVQRFKDQJH
Shareholding at the beginning Transactions during the year Cumulative Shareholding

RIWKH\HDU during the year
Sr.
Particulars No. of shares % of total Date of Transaction No. of No. of shares % of total
No
shares of the shares shares of the
Company Company
Inder T. Jaisinghani
$WWKHEHJLQQLQJRI
WKH\HDU
7UDQVIHU UG0D\
7UDQVIHU WK6HSWHPEHU
WK
7UDQVIHU )HEUXDU\
$WWKHHQGRIWKH
\HDU
Ramesh T.
Jaisinghani
$WWKHEHJLQQLQJRI
WKH\HDU
7UDQVIHU UG0D\
WK
7UDQVIHU 6HSWHPEHU
7UDQVIHU WK)HEUXDU\
$WWKHHQGRIWKH
\HDU
Ajay T. Jaisinghani
$WWKHEHJLQQLQJRI
WKH\HDU
7UDQVIHU UG0D\
WK
7UDQVIHU 6HSWHPEHU
7UDQVIHU WK)HEUXDU\
$WWKHHQGRIWKH
\HDU
Girdhari T.
Jaisinghani
$WWKHEHJLQQLQJRI
WKH\HDU

7UDQVIHU UG0D\
WK
7UDQVIHU )HEUXDU\
$WWKHHQGRIWKH
\HDU
LY 6KDUHKROGLQJSDWWHUQRIWRSWHQ6KDUHKROGHUVRWKHUWKDQ'LUHFWRU3URPRWHUVDQG+ROGHUVRI*'5VDQG$'5V
Shareholding at the beginning Transactions during the year Cumulative Shareholding
RIWKH\HDU during the year
Sr. No. Particulars No. of shares % of total Date of Transaction No. of No. of % of total
shares of the shares shares shares of the
Company Company
International Financial
Corporation
$WWKHEHJLQQLQJRIWKH
\HDU
$WWKHHQGRIWKH\HDU

Bharat A Jaisinghani
$WWKHEHJLQQLQJRIWKH
\HDU
$WWKHHQGRIWKH\HDU

1LNKLO5-DLVLQJKDQL
$WWKHEHJLQQLQJRIWKH
\HDU
7UDQVIHU WK)HEUXDU\
$WWKHHQGRIWKH\HDU

Anil Hariani
$WWKHEHJLQQLQJRIWKH
\HDU
$WWKHHQGRIWKH\HDU

Kunal Jaisinghani
$WWKHEHJLQQLQJRIWKH
\HDU
7UDQVIHU WK)HEUXDU\
$WWKHHQGRIWKH\HDU


6 55DPDNULVKQDQ
$WWKHEHJLQQLQJRIWKH
\HDU
$WWKHHQGRIWKH\HDU

v Shareholding of Directors and Key Managerial Personne
Shareholding at the Transactions during the year Cumulative Shareholding

beginning of the year during the year
Sr.
Particulars
No. No. of shares % of total Date of Transaction No. of No. of % of total
shares of the shares shares shares of the
Company Company
Inder T Jaisinghani
$WWKHEHJLQQLQJRI
WKH\HDU
7UDQVIHU UG0D\
7UDQVIHU WK)HEUXDU\
$WWKHHQGRIWKH\HDU

Ramesh T Jaisinghani
$WWKHEHJLQQLQJRI
WKH\HDU
7UDQVIHU UG0D\
7UDQVIHU WK)HEUXDU\
$WWKHHQGRIWKH\HDU

Ajay T. Jaisinghani
$WWKHEHJLQQLQJRI
WKH\HDU
7UDQVIHU UG0D\
7UDQVIHU WK)HEUXDU\
$WWKHHQGRIWKH\HDU

V INDEBTEDNESS
,QGHEWHGQHVVRIWKH&RPSDQ\LQFOXGLQJLQWHUHVWRXWVWDQGLQJDFFUXHGEXWQRWGXHIRUSD\PHQW (` 0LOOLRQV
6HFXUHG/RDQV 8QVHFXUHG 'HSRVLWV
3DUWLFXODUV H[FOXGLQJGHSRVLWV /RDQV ,QGHEWHGQHVV 7RWDO
,QGHEWHGQHVVDWWKHEHJLQQLQJRIWKHˋQDQFLDO\HDU
L3ULQFLSDO$PRXQW
LL,QWHUHVWGXHEXWQRWSDLG
LLL,QWHUHVWDFFUXHGEXWQRWGXH
7RWDOLLLLLL -
&KDQJHLQ,QGHEWHGQHVVGXULQJWKHˋQDQFLDO\HDU
b$GGLWLRQ
b5HGXFWLRQ
Net Change
,QGHEWHGQHVVDWWKHHQGbRIWKHˋQDQFLDO\HDU
L3ULQFLSDO$PRXQW

LL,QWHUHVWGXHEXWQRWSDLG
LLL,QWHUHVWDFFUXHGEXWQRWGXH
7RWDOLLLLLL b
VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

$5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRUVDQGRU0DQDJHU (`0LOOLRQV
Sl. No. Particulars of Remuneration 1DPHRI0':7'0DQDJHU Total Amount
,QGHU7 $MD\7 5DPHVK7 6K\DP/DO
-DLVLQJKDQL -DLVLQJKDQL -DLVLQJKDQL %DMDM
Gross salary
D6DODU\DVSHUSURYLVLRQV
FRQWDLQHGLQVHFWLRQRIWKH
,QFRPHWD[$FW
E9DOXHRISHUTXLVLWHVXV
,QFRPHWD[$FW
F3URˋWVLQOLHXRIVDODU\XQGHU
VHFWLRQ,QFRPHWD[$FW
6WRFN2SWLRQ
JUDQWHG9DOXH

6ZHDW(TXLW\
&RPPLVVLRQ
DVRISURˋW
RWKHUVVSHFLI\Ȫ
2WKHUVSOHDVHVSHFLI\
7RWDO$
&HLOLQJDVSHUWKH$FW 1RWH[FHHGLQJRIWKHQHWSURˋWRIWKH&RPSDQ\
B .Remuneration to other directors: (`0LOOLRQV

Sl. No. Particulars of Remuneration 1DPHRI0':7'0DQDJHU
T. P. Ostwal R. S Hiroo Pradeep
Independent Directors Sharma Mirchandani Poddar Total Amount
ȩ)HHIRUDWWHQGLQJERDUG

FRPPLWWHHPHHWLQJV
ȩ&RPPLVVLRQ
ȩ2WKHUVSOHDVHVSHFLI\
7RWDO 2.26 2.26
2WKHU1RQ([HFXWLYH'LUHFWRUV
ȩ)HHIRUDWWHQGLQJERDUGFRPPLWWHH
PHHWLQJV
ȩ&RPPLVVLRQ

ȩ2WKHUVSOHDVHVSHFLI\
7RWDO - - - - -
7RWDO% 2.26 2.26
7RWDO0DQDJHULDO5HPXQHUDWLRQ

2YHUDOO&HLOLQJDVSHUWKH$FW 6LWWLQJ)HHVQRWH[FHHGLQJ` SHUPHHWLQJIRUDWWHQGLQJ%RDUG
0HHWLQJDQG&RPPLWWHH0HHWLQJDQGRYHUDOO&RPPLVVLRQQRWH[FHHGLQJ
RIWKH1HWSURˋWRIWKH&RPSDQ\
&5HPXQHUDWLRQWR.H\0DQDJHULDO3HUVRQQHO2WKHU7KDQ0'0DQDJHU:7' (`0LOOLRQV
Sl. no. Particulars of Remuneration KEY MANAGERIAL PERSONNEL

Company Secretary CFO Total
*URVVVDODU\
D6DODU\DVSHUSURYLVLRQVFRQWDLQHGLQ
VHFWLRQRIWKH,QFRPHWD[$FW
E9DOXHRISHUTXLVLWHVXV
,QFRPHWD[$FW
F3URˋWVLQOLHXRIVDODU\XQGHU
VHFWLRQ,QFRPHWD[$FW
6WRFN2SWLRQ
9DOXH` 0.75 9DOXH` 5.99
6ZHDW(TXLW\
&RPPLVVLRQ
DVRISURˋW
RWKHUVVSHFLI\Ȫ
2WKHUVSOHDVHVSHFLI\
Total
Note:
RSWLRQVJUDQWHGXQGHU(PSOR\HHV6WRFN2SWLRQ3ODQȟ(PSOR\HH6WRFN2SWLRQ3HUIRUPDQFH6FKHPHDQGRSWLRQV
JUDQWHGXQGHU(PSOR\HH6WRFN2SWLRQ3ULYLOHJH6FKHPH
(PSOR\HHV6WRFN2SWLRQVJUDQWHG
9 3(1$/7,(6381,6+0(17&203281',1*2)2))(1&(6
'HWDLOVRI3HQDOW\ Authority $SSHDOPDGH
Section of the Brief 3XQLVKPHQW&RPSRXQGLQJ >5'1&/7 LIDQ\JLYH
Type Companies Act Description fees imposed COURT] 'HWDLOV
A. COMPANY
3HQDOW\
3XQLVKPHQW
&RPSRXQGLQJ
1LO
B. DIRECTORS
3HQDOW\
3XQLVKPHQW 1LO
&RPSRXQGLQJ
C. OTHER OFFICERS IN DEFAULT
3HQDOW\
3XQLVKPHQW 1LO
&RPSRXQGLQJ
,QGHU7-DLVLQJKDQL
&KDLUPDQDQG0DQDJLQJ'LUHFWRU
',11R
3ODFH 0XPEDL
'DWH WK0D\

Annexure 3
FORM NO. MR - 3
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31st MARCH 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
(Formerly known as Polycab Wires Limited)
E- 554, Greater Kailash II, New Delhi South, Delhi 110048
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by POLYCAB INDIA LIMITED (hereinafter called “the Company”). Secretarial Audit was conducted in a manner
that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion
thereon.
%DVHGRQRXUYHULˋFDWLRQRIERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVˋOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\
DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRIˋFHUVDJHQWVDQGDXWKRUL]HGUHSUHVHQWDWLYHVGXULQJWKHFRQGXFWRI
VHFUHWDULDODXGLWZHKHUHE\UHSRUWWKDWLQRXURSLQLRQWKH&RPSDQ\KDVGXULQJWKHDXGLWSHULRGFRYHULQJWKHˋQDQFLDO\HDU
ended on 31st March 2019 complied with the statutory provisions listed hereunder and also that the Company has proper
Board-processes and compliance-mechanisms in place to the extent, in the manner and subject to the reporting made hereinafter:
:HKDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVˋOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\DV
JLYHQLQ$QQH[XUH,IRUWKHˋQDQFLDO\HDUHQGHGRQst March, 2019 according to the provisions of:
i The Companies Act, 2013 (“the Act”) and the Companies Amendment Act, 2017 as amended from time to time and the rules
made thereunder;
ii The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the rules made thereunder; to the extent applicable to the
Company during the audit period;
iii The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; to the extent applicable to the Company
during the audit period;
iv The Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings;
v The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (“SEBI
Act”) were not applicable to the Company during the audit period:-
a. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”);
b. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
c. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,2015;
d. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
e. The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999;
f. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
g. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client and
h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.
We have also examined compliance with the applicable clauses of the Secretarial Standards issued by The Institute of
Company Secretaries of India.
'XULQJWKHˋQDQFLDO\HDUXQGHUUHYLHZWKH&RPSDQ\KDVJHQHUDOO\FRPSOLHGZLWKWKHSURYLVLRQVRIWKH$FW5XOHV5HJXODWLRQV
Guidelines, Standards, etc. mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during
the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all the Directors to schedule the Board and Committee Meetings. Agenda and detailed
notes on agenda were sent in advance and a system exists for convening the Board Meeting and committee meeting
at a shorter notice with due consent form the Board of Directors. A system also exists for seeking and obtaining further
LQIRUPDWLRQDQGFODULˋFDWLRQVRQWKHDJHQGDLWHPVEHIRUHWKHPHHWLQJDQGIRUPHDQLQJIXOSDUWLFLSDWLRQDWWKHPHHWLQJ
All decisions at the Board and Committee Meetings are carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committees of the Board, as the case may be.
We further report that based on review of compliance mechanism established by the Company and on basis of the
UHSUHVHQWDWLRQVPDGHE\WKH&RPSDQ\DQGLWV2IˋFHUV RWKHU6HQLRU0DQDJHPHQW3HUVRQQHODQGWDNHQRQUHFRUGE\WKH
Board at their meeting(s), we are of the opinion that there are adequate systems and processes in place in the Company
ZKLFKLVFRPPHQVXUDWHZLWKWKHVL]HDQGRSHUDWLRQVRIWKH&RPSDQ\WRPRQLWRUDQGHQVXUHFRPSOLDQFHZLWKDSSOLFDEOH
laws, rules, regulations and guidelines to the Company.
We further report that, during the year under review:
i Members of the Company in the Extra Ordinary General Meeting dated 09.10.2018 approved the resolution for Change
of Name of the Company from Polycab Wires Limited to Polycab India Limited, to which the Company received the
&HUWLˋFDWHRI&KDQJHRI1DPHIURPWKH5HJLVWUDURI&RPSDQLHVGDWHG
ii Subsequent to the year end, the Company successfully made its Initial Public Offer (‘IPO’) of 25,022,067 equity shares,
which include a fresh issue of 7,440,067 Equity Shares of ` 10/- each for raising funds for the Company to the tune of
` 4,000,000,000/- (Rupees Four Hundred Crore only) and an offer for sale of 17,582,000 Equity Shares of face value of
`10/- each of the Company. Subsequent to the completion of the IPO, the paid up Equity Share capital of the Company
got increased from ` 1,412,058,380/- to ` 1,486,459,050/-. The Company’s Equity shares got listed on BSE and NSE on
16th April 2019 and are currently available for trading.
)RU',/,3%+$5$',<$ $662&,$7(6
DILIP BHARADIYA
Proprietor
FCS No.: 7956, C P No.: 6740
Place : Mumbai

Annexure - I
2WKHUUHOHYDQWGRFXPHQWVZKLFKZHUHYHULˋHGGXULQJWKHFRXUVHRIDXGLWLQFOXGHV
0HPRUDQGXP $UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\
2 Annual Report for the Financial Year ended March 31, 2018.
3 Minutes of the meetings of the Independent Directors Meeting, Board of Directors, Nomination and Remuneration Committee
KHOGGXULQJWKHˋQDQFLDO\HDUXQGHUUHYLHZDORQJZLWKWKH$WWHQGDQFH5HJLVWHUV
0LQXWHVRI*HQHUDO%RG\0HHWLQJKHOGGXULQJWKHˋQDQFLDO\HDUXQGHUUHYLHZ
6WDWXWRU\5HJLVWHUVYL]
5HJLVWHURI'LUHFWRUV .03 'LUHFWRUVȢ6KDUHKROGLQJ
Register of loans, guarantees and security and acquisition made by the Company;
Register of Charge;
Register of Related Party Transaction- Transactions are in the Ordinary Course of Business at Arm’s Length Basis.
Register of Members;
6 Agenda papers submitted to all the Directors/Members for the Board and Committee Meetings;
7 Declarations received from the Directors of the Company pursuant to the provisions of Section 184(1), Section 164(2),
Section 149(3) and Section 149(7) of the Companies Act, 2013;
()RUPV ˋOHG E\ WKH &RPSDQ\ IURP WLPHWRWLPH XQGHU DSSOLFDEOH SURYLVLRQV RI WKH &RPSDQLHV $FW LI DQ\ DQG
&RPSDQLHV$FWDVDPHQGHGIURPWLPHWRWLPHDORQJZLWKWKHDWWDFKPHQWVWKHUHRIGXULQJWKHˋQDQFLDO\HDUXQGHU
review.
To,
The Members,
DELHI
Our report of even date is to be read along with this letter,

1 Maintenance of secretarial record is the responsibility of the Management of the Company. My responsibility is to express
an opinion on these secretarial records based on our audit.
2 I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness
RIWKHFRQWHQWVRIWKHVHFUHWDULDOUHFRUGV7KHYHULˋFDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWVDUHUHˌHFWHG
in secretarial records. I believe that the processes and practices, I followed provide a reasonable basis for our opinion.
,KDYHQRWYHULˋHGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRIˋQDQFLDOUHFRUGVDQG%RRNVRIDFFRXQWVRIWKH&RPSDQ\
4 Wherever required, I have obtained the Management representation about the compliance of laws, rules and regulations
and happening of events etc.
5 The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
RIPDQDJHPHQW0\H[DPLQDWLRQZDVOLPLWHGWRWKHYHULˋFDWLRQRISURFHGXUHVRQWHVWEDVLV
7KH6HFUHWDULDO$XGLWUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRIXWXUHYLDELOLW\RIWKH&RPSDQ\QRURIWKHHIˋFDF\RUHIIHFWLYHQHVV
with which the management has conducted the affairs of the Company.
)RU',/,3%+$5$',<$ $662&,$7(6
DILIP BHARADIYA
Proprietor
FCS No.: 7956, C P No.: 6740
Place : Mumbai

Annexure 4
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in
sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto.
1 Details of contracts or arrangements or transactions not at arm’s length basis

NA
2 Details of contracts or arrangements or transactions at arm’s length basis

(` Million)
Name(s) of the related Nature of contracts Duration of Salient terms of the contracts or arrangements or transactions
party and nature of / arrangements / contracts / LQFOXGLQJYDOXHLIDQ\ZLWKMXVWLˋFDWLRQ
relationship transactions arrangements /
transactions
Tirupati Reels Private Sale of goods, purchase On going ,QQRUPDOFRXUVHRIEXVLQHVV LQOLQHZLWK0DUNHW3DUDPHWHUV
Limited RI JRRGV ORDQ JLYHQ Sale: 308.31, Purchase: 399.98, Loan given 40.00, Loan
repaid, interest income, given repaid : 40.00, Interest received : 1.35, Other charges
expenses recovered recovered : 0.07.
Dowells Cables Sale of goods, purchase On going ,QQRUPDOFRXUVHRIEXVLQHVV LQOLQHZLWK0DUNHW3DUDPHWHUV
Accessories Private of goods, interest income, Sale : 11.82, Purchase: 0.45, Investment : 39.27, Job work
Limited loans given, loans given charges : 0.63, Loans given : 4.60, Rent Received : 5.00, Loan
repaid, interest received, given repaid : 10.76, Interest received : 1.88.
investments, job work
charges paid
Polycab Italy SRL Commission On going ,QQRUPDOFRXUVHRIEXVLQHVV LQOLQHZLWK0DUNHW3DUDPHWHUV
Commission: 15.74.
Sale of goods, purchase On going ,QQRUPDOFRXUVHRIEXVLQHVV LQOLQHZLWK0DUNHW3DUDPHWHUV
of goods, interest Sale: 4.04, Purchase: 951.98, Purchase of Machinery 30.71,
Techno Electromech
income, loans given Loan given repaid : 24.89, Interest received : 15.61.
Private Limited
repaid, purchase of
Machinery
Ryker Base Private Sale of goods, purchase On going ,QQRUPDOFRXUVHRIEXVLQHVV LQOLQHZLWK0DUNHW3DUDPHWHUV
Limited of goods, rent received, Sale: 56.27, Purchase 0.54, Rent received: 2.81, Job work charges
corporate guarantee : 110.52, Corporate Guarantee : 4.5 million USD (fair value : 3.8)
given, job work charges
paid
A.K Enterprise Rent paid On going ,QQRUPDOFRXUVHRIEXVLQHVV LQOLQHZLWK0DUNHW3DUDPHWHUV
Rent paid: 29.11.
Note: Appropriate approvals have been taken for related party transactions.
For and on behalf of the Board of Polycab India Limited
DIN No : 00309108
Place : Mumbai

Annexure 5
CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1 A brief outline of the Company’s CSR policy, including overview of projects or
programs proposed to be undertaken and a reference to the web-link to the CSR
policy and projects or programs
3RO\FDEȢVFRUHSKLORVRSK\WREHDȤ6DIH 6XVWDLQDEOH&RPSDQ\ȥˋQGVLWVUHˌHFWLRQLQRXU&653ROLF\2XU&65LVQRWFKDULW\
RUPHUHGRQDWLRQV,WUHˌHFWVWKHPDQQHULQZKLFKZHFRQGXFWRXUEXVLQHVVȟE\GLUHFWO\IRFXVLQJRQWKHQHHGVRIVRFLHW\
:HDVDVRFLDOO\UHVSRQVLEOHHQWLW\QRWOLPLWLQJWRXVLQJUHVRXUFHVWRHQJDJHLQDFWLYLWLHVWKDWLQFUHDVHRQO\WKHLUSURˋWVEXW
UDWKHUHYROYHDSSURSULDWHEXVLQHVVSURFHVVHVDQGVWUDWHJLHVWRUHˌHFWRXUFRPPLWPHQWWRWKHVRFLHWDOHQKDQFHPHQW:H
EHOLHYHWKDWSURˋWLVDE\SURGXFWWKDWZLOOVXUHO\IROORZZKHQ&65LVLQWHJUDWHGWRWKHHFRQRPLFHQYLURQPHQWDODQGVRFLDO
objectives with the company’s operations and growth.
Our CSR Policy is available on our website www.polycab.com
2XU)RFXVKDVEHHQRQWKHEDVLFQHHGVRIRXUEHQHˋFLDULHV
We have taken initiatives in sanitation, by building toilet blocks not only for villages but also for schools, where there is no
such facility. As a result we have seen a distinct change for the better in girls drop-outs.
2XU0RELOH0HGLFDO8QLWUHDFKHVRXWWRWKHLQWHULRUYLOODJHVZKHUHWKHUHLVQRPHGLFDOIDFLOLW\ SHRSOHKDYHWRWUDYHODW
DGLVWDQFHWRDYDLOVXFKIDFLOLW\:HRIIHUWKHP23'PHGLFLQHVKHDOWKWDONVFDPSV FRXQVHOOLQJRQDQDYHUDJHWR
patients per day take advantage of this service.
By adopting a village, we have brought up the village to a level, that the basic amenities of life are available to them.
2QWKH(GXFDWLRQIURQWLQVFKRROVZHKDYHEHHQKDYLQJUHJXODUFRXQVHOOLQJVHVVLRQVFRPSHWLWLRQVLQYDULRXVDUHDVOLNHȟ
3XEOLFVSHDNLQJVSRUWVGUDZLQJVLQJLQJHWFWREULQJRXWWKHˋQHUKLGGHQWDOHQW
A Study Science, Technology, Engineering & Mathematics (STEM) Laboratory was set up for students to get & learn the
practical aspects of education
(YHU\\HDUZHDUHDUUDQJLQJDVXPPHUFDPSIRUWKHVWXGHQWVZKHUHLQZHH[SRVHWKHPWRGLIIHUHQWDUHDVOLNHDUW FUDIW
WKHDWUHVLQJLQJGDQFLQJVDIHW\URDG GRPHVWLFEXGJHWLQJJDPHV
6SRUWVJURXQGVZHUHPDGHLQWKUHH$VKUDPVKDODV LQVFKRROVZHDUUDQJHGIRUGLIIHUHQWW\SHVRIJDPHV
A Leadership Enrichment for Adolescence through Assessment and Development (LEAAD) programme was organised for
two Primary School, whereby students were exposed to building Leadership Qualities
Animals in panchmahal dist of Gujarat take a critical stand in a life of a person. Touching all aspects of a person’s life , we
KDYHWDNHQLQLWLDWLYHVRIDUUDQJLQJDQLPDOFKHFNXSFDPSVZKHUHE\WKHFDWWOHDUHFKHFNHG GXHYDFFLQDWLRQVWUHDWPHQW
JLYHQ:HKDYHDOVRKDGWDONV VHVVLRQVRQEHWWHUSUDFWLFHVRIDQLPDOUHDULQJ
Skill development project was undertaken wherein we taught sewing to 20 women. We made two self help groups under the
*RYHUQPHQWRI*XMDUDW*2*6FKHPH7KHVHZRPHQDUHQRZVWLWFKLQJXQLIRUPVIRUVFKRROFKLOGUHQ HDUQLQJOLYHOLKRRG
*RYHUQPHQW RI *XMDUDW KDG LQLWLDWHG D SURJUDPPHȟȤ6XMDODP 6XIDODPȥ ZKHUHE\ ZH GHHSHQHG WKH ZDWHU UHVHUYRLUV LQ
YLOODJHV$VRM%RGLGUD :DJKRGLD3RO\FDEKDVUHFHLYHGDQDSSUHFLDWLRQFHUWLˋFDWHIRUWKLV
To facilitate the water crisis, we have arranged for tube wells in two villages. Now water reaches each of the dwelling in
these two villages
We are making a model aanganwadi with facility that would give a child an opportunity to grow. The project was undertaken
when we observed the state of aanganwadis in the villages. Focus is on giving children an adequate infrastructure with
OHDUQLQJWKURXJKIXQJDPHVPXVLF YLVXDOV7KLVZLOOJHWUHSOLFDWHGLQRWKHUDDQJDQZDGL
,QWKHIRUWKFRPLQJ\HDURXUIRFXVZRXOGEHRQVRIWHUDVSHFWOLNHOHDUQLQJ GHYHORSPHQWWHDFKLQJFRXQVHOOLQJPHQWRULQJ
skill development etc ie with a Private Public Partnership (PPP) Mode, along with GOG we are planning to set up a school
in the tribal belt of Halol taluka.
We are also working out with the govt for teachers training programme for enhancement of the teacher skills.
To meet the water crisis in this area, we are in talks with Water and Sanitation Management (WASMO) for water harvesting.
3RO\FDELVSODQQLQJWRVHWXS3RO\FDE,QVWLWXWHLQWKHˋHOGRIHOHFWULFDODUHDZKHUHE\\RXQJVWHUVZRXOGXQGHUJRH[WHQVLYH
WUDLQLQJ JHWFHUWLˋHGDVȤ3RO\FDE&HUWLˋHG(OHFWULFLDQVȥ7KH\ZRXOGEHSLFNHGIURPDOOVWDWHVRI,QGLD
:HKDYHODXQFKHGDQLQKRXVHVFKHPHȤ3DULQDPLQȥEULQJLQJWRDIXOOEORRP8QGHUWKLVVFKHPHZHKDYHLGHQWLˋHGD
VFKRROZKRVHVWXGHQWVZLOOEHDGRSWHGIRUWKHLUHGXFDWLRQ DOOURXQGGHYHORSPHQWE\RXU3RO\FDELDQWHDP7KH\ZRXOG
be the Mentors to these children.
7KHGHWDLOVRISURMHFWVXQGHUWDNHQGXULQJWKHˋQDQFLDO\HDUDUHDVXQGHU
Sr. CSR Project Sector in Projects or Programmes. Amount Amount spent Cummulative Amount
No. Activity which the Local area or other. outlay on the Project Expenditure pent:direct
LGHQWLˋHG Activity is Specify the state / Dist (budget) or Programme upto the or through
Covered where the Proj/ Activity Programme subheads 1.Direct reporting period iplementing
was undertaken or Project Expenditure agency
wise on /Projects/
Programme 2.
Overheads
1 Toilet Blocks Village / Village Gadhmahuda 16300000 4458291 4458291 Direct

Schools *RYW3ULPDU\
Schools, Tal Halol, Dist
Panchmahal
2 Community Villages Villages- Zakhariya, 2470000 87351 87351 Direct

Activities Govindpuri, Chachariya,
Kansaravav, Tal Halol,
Dist Panchmahal
3 MMU Villages Villages- Zakhariya, 2220000 498740 498740 Direct

Govindpuri, Chachariya,
Kansaravav, Ranipura,Ch
hatardivav,Nathkuva,Am
rapura,Ryankhand,Chha
GLZDGL-XQL 1DYL%KDW
Jimiyapura, Bediyapura,
1DQL 0RWL5DQEKHW
Gadhmahuda, Gamirpura,
Muladri, Tal Halol, Dist
Panchmahal
4 Health Camps 9LOODJHV Villages- Chachariya, 932000 245939 245939 Direct

Schools Kansaravav,Jhalaria,
1DQD 0RWD6DQGKL\D
26 Govt Primary
Schools, Tal Halol, Dist
Panchmahal
5 Medical Health 9LOODJHV 26 Govt. Primary 80000 20650 20650 Direct

Cards Schools Schools, Tal Halol, Dist
Panchmahal
6 Skill Village Village Chhadiwadi, Tal 644000 68234 68234 Direct

Development Halol, Dist Panchmahal
7 LEAAD Prog Schools 6FKRROVLQ-XQD 1DYD 949500 236517 236517 Direct

Zakhariya,Tal Halol, Dist
Panchmahal
8 Water Facility Villages, Villages- Govindpuri 1000000 222151 222151 Direct

Referal &KDFKDUL\D5HIHUDO
Hospital, Hospital, PHC,
PHC, Chachariya School,Tal
School Halol, Dist Panchmahal
9 Agriculture Villages Villages-Jimiyapura, 45000 12250 12250 Direct

Muladri, Zakhariya, Tal
Halol, Dist Panchmahal
10 Animal Villages Villages-Jimiyapura, 150000 21370 21370 Direct

Husbandry Muladri, Zakhariya, Tal
11 Sports Ground Schools Villages- Zakhariya, 1000000 279085 279085 Direct

)DFLOLW\ Kansaravav, Govindpuri,
Chachariya , Tal Halol,
Dist Panchmahal
12 Infrastructure 9LOODJHV Village-Baska, Vaseti, 9500000 2100130 2100130 Direct

Schools Chachariya - Class Room/
Aanganwadi, Tal Halol,
Dist Panchmahal

Sr. CSR Project Sector in Projects or Programmes. Amount Amount spent Cummulative Amount
No. Activity which the Local area or other. outlay on the Project Expenditure pent:direct
LGHQWLˋHG Activity is Specify the state / Dist (budget) or Programme upto the or through
Covered where the Proj/ Activity Programme subheads 1.Direct reporting period iplementing
was undertaken or Project Expenditure agency
wise on /Projects/
Programme 2.
Overheads
13 Water Village Water Reservoirs in 40000000 9282210 9282210 Direct

Harvesting 9LODJHV$VRM %RGLGUD
under GOG Scheme-
”Sujalam Sufalam”, Tal
14 Donations Institutues Panch Mahotsav 16000000 3865724 3865724 Direct

/Persons Primary Health Clinic,
7DOXND+HDOWK2IˋFH
Kanjari
Shreeji Surgical
Equipment
Shreyan Darji
Leprosy Mission Trust
Blood Donation Camp
Gujarat Corporate Social
Responsibility Authority
(GCSRA)
6DPDUSDQ6SRUWV
Charitable Trust
9LOODJH$VRM +DVDSXUD
- Tree Guards
Bochasan Akshar
Purshottam (BAPS)
Shree Halol Stree Samaj
Baroda Dist Amateur
Athletics Assn
Sarvajanik Girls High
School, Halol, Dist
Panchmahal
15 STEM School Ashramshala in Narukot 650000 117787 117787 Direct
Laboratory
16 Nandghar Village / Daman b 8295912 8295912 Direct
Schools
17 Streight Light Costal Daman b 2378000 2378000 Direct
Highway
Circle
18 Health Camps Hospital Coimbatore b 500000 500000 Direct
19 Promotion of Schools Tal. Khalapur, Dist. b 1100000 1100000 Direct
Education Raigad, Maharashtra
20 Health care Hospital Mumbai b 300000 300000 Direct
facility and
awareness
21 Social Village Mumbai 800000 175000 175000 Direct
Empowerment
22 Swachh Drive Village Ranchi b 175000 175000 Direct
Activity
23 Health Camps Hospital Coimbatore 3000000 500000 500000 Direct
Total 95740500 34940341 34940341

2 The Composition of the CSR Committee
Sr. No. Name Category Designation
1 Inder T. Jaisinghani Executive Chairman
Non Independent
2 Ajay T. Jaisinghani Executive Member
Non Independent
3 Hiroo Mirchandani Non-Executive Member
Independent
4 Pradeep Poddar Non-Executive Member
Independent
$YHUDJHQHWSURˋWRIWKH&RPSDQ\IRUWKHODVWWKUHHˋQDQFLDO\HDUVLV` 4557.37
million
4 Prescribed CSR Expenditure (two per cent of the amount as in item 3 above) ` 91.15
million
5 Details of CSR spent during the year 2018-19
a Total amount spent for the year 2018-19 : ` 34.94 million
b Amount unspent, if any: ` 56.21 million
F 0DQQHULQZKLFKWKHDPRXQWVSHQWGXULQJWKHˋQDQFLDO\HDULVGHWDLOHGEHORZ
Sr. No. Activity Amount in ` Million
1 Rural development programmes 11.53
2 Social empowerment 1.32
3 Promotion of education 15.19
4 +HDOWKFDUHIDFLOLW\ DZDUHQHVV 3.42
5 Environmental awareness 2.95
6 Others 0.53
Total 34.94
Responsibility Statement
The implementation and monitoring of Corporate Social Responsibility Policy, is in compliance with CSR objectives and
policy of the Company.
&0' &KDLUPDQRI&65&RPPLWWHH
Place : Mumbai

Annexure 6
Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013 and
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014
i The ratio of the remuneration of each director to the median remuneration of the employees of the
&RPSDQ\IRUWKHˋQDQFLDO\HDU
Name of Director Designation Ratio to median remuneration of the employees*
Inder T. Jaisinghani &KDLUPDQ 0DQDJLQJ'LUHFWRU 374.68
Ajay T. Jaisinghani Whole Time Director 122.78
Ramesh T. Jaisinghani Whole Time Director 122.78
Shyam Lal Bajaj &)2 :KROH7LPH'LUHFWRU 138.06
T. P. Ostwal Independent Director 09.83
R. S. Sharma Independent Director 09.83
Hiroo Mirchandani Independent Director 09.48
Pradeep Poddar Independent Director 07.65
* Employees for the above purpose includes all employees excluding employees governed under collective bargaining.
LL 7KH LQFUHDVH LQ UHPXQHUDWLRQ RI HDFK GLUHFWRU &KLHI )LQDQFLDO 2IˋFHU &KLHI ([HFXWLYH 2IˋFHU
&RPSDQ\6HFUHWDU\RU0DQDJHULIDQ\LQWKHˋQDQFLDO\HDU
Name of Employee Designation % increase in remuneration
Narayana Subramaniam Sai Company Secretary 20
Inder T. Jaisinghani &KDLUPDQ 0DQDJLQJ'LUHFWRU 12

Ajay T. Jaisinghani Whole Time Director 12
Ramesh T. Jaisinghani Whole Time Director 12
Shyam Lal Bajaj &)2 :KROH7LPH'LUHFWRU 12

T. P. Ostwal Independent Director Not Applicable
R. S. Sharma Independent Director Not Applicable
Hiroo Mirchandani Independent Director Not Applicable
Pradeep Poddar Independent Director Not Applicable
Note: The above Independent Directors were appointed w.e.f. 20th September 2018, % increase in remuneration is not
applicable.
LLL 7KHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKHˋQDQFLDO\HDU
Since the employee joined on 15th May 2018, not eligible for Increment.
iv The number of permanent employees on the rolls of the Company was 4659.
v Average percentile increase already made in the salaries of employees other than the managerial
SHUVRQQHOLQWKHODVWˋQDQFLDO\HDUDQGLWVFRPSDULVRQZLWKWKHSHUFHQWLOHLQFUHDVHLQWKHPDQDJHULDO
UHPXQHUDWLRQDQGMXVWLˋFDWLRQWKHUHRIDQGSRLQWRXWLIWKHUHDUHDQ\H[FHSWLRQDOFLUFXPVWDQFHVIRU
increase in the managerial remuneration:
$YHUDJHLQFUHDVHLQUHPXQHUDWLRQRI0DQDJHULDO3HUVRQQHOȟ
Average increase in remuneration of employees other than the Managerial Personnel is not applicable, as the median
employee joined the Company on 15th May 2018.
The remuneration paid to Managerial personnel is as per Company’s policy and there are no exceptional circumstances for
increase in the managerial remuneration

vi The key parameters for any variable component of remuneration availed by the Directors:
Business Performance
YLL ,WLVKHUHE\DIˋUPHGWKDWWKHUHPXQHUDWLRQLVDVSHUWKH5HPXQHUDWLRQ3ROLF\RIWKH&RPSDQ\
Chairman and Managing Director
DIN No.: 00309108

Place : Mumbai

Annexure 7
Research & Development activities carried out by the Company
ON-GOING PROJECTS (2018-19)

Sr Applicable Project Year of
Title of the Project Scope of the Project Duration Remarks
No Standard Leader Start
1 'HYHORSPHQWRISRO\ROHˋQ The photovoltaic wire UL 4703 Dr N Mongal 2018 12 Process
based electron beam cross will be used at 90°C dry under
UL 44
linkable, UV resistant and 90°C wet operating development
photovoltaic wire suitable condition at working UL 854
IRUr&GU\ r&ZHW voltage up to 2000 V for
operation interconnection wiring of
grounded and ungrounded
photovoltaic power systems
2 Electrical Power and These electrical and UL 1277 Dr N Mongal 2018 12 Process
Control Tray Cables with composite electrical/ under
Optional Optical-Fiber RSWLFDOˋEHUFDEOHVDUH development
Members intended for use optical
and electrical functions
associated in the case
of a composite cable in
cable trays, in raceways,
and where supported in
outdoor locations by a
messenger wire.
3 Electron beam cross- The cable developed is to JASO D 611 Dr N Mongal 2018 12 Process
OLQNDEOHSRO\ROHˋQEDVHG be used for automobiles at under
thin wall heat resistant a voltage of 25 Volt a.c or development
low voltage un-screened 60 Volt d.c
single core cable for
automobile
4 6LQJOH 0XOWL3DLU The cable developed is BS EN Dr N Mongal 2018 12 Process
cross-linked PE Insulated, used for transmission of 50288 under
Collective Screen, Armour, analogue or digital signals development
PVC-Sheath suitable in measurement, Part 7
for 90°C application for BS EN
transmission of analogue process control and data
system technologies 50290-2-22
and digital signals in (TM 53)
instrument and control
systems
5 Low voltage energy cables Single core non-sheathed BS EN Dr N Mongal 2018 12 Process
of rated voltages up to cables with halogen- 50525-3-41 under
and including 450/750 V free cross-linkable development
(U0/U). Cables with special LQVXODWLRQZLWKVSHFLDOˋUH
ˋUHSHUIRUPDQFH6LQJOH performance.
core non-sheathed cables
with halogen-free cross-
linkable insulation, and
low emission of smoke.
6 Electron beam cross-linked This cable is to be used for IEC 60245 Dr N Mongal 2018 12 Process
elastomeric insulated and providing electrical power under
VKHDWKHGˌH[LEOHFDEOHIRU for electric road vehicles development
charging of electric road when connected to the
vehicles at a standard a.c supply network.
supply up to 750 Volt
7 Electron beam cross-linked The cables are intended GOST 31565 Dr N Mongal 2018 12 Process
]HURKDORJHQˋUHUHWDUGDQW for electric installations at under
SRO\ROHˋQLQVXODWHGDQG stationary laying in development
sheathed cable suitable
for use at a temperature lighting and power electric
ranging from -52° to 90°C networks.
application
FUTURE PROJECTS (2019-20)
A CABLE DEVELOPMENT
Year
Sr Scope of the Applicable Project
Title of the Project of Duration Remarks
No Project Standard Leader
Start
1 Development of single core Suitable for use ISO 6722; Dr. N Mongal 2019 12 For Automotive
automotive cables suitable in road vehicle Class D application
for wide temperature ranges application
from -40° to 150°C application
where the system voltage is up
to 60 Volt DC or 25 Volt AC
2 Development of thin walled, The cables are to EED-50-12 Dr. N Mongal 2019 12 For Defense
Electron Beam Cross-linked be used on board application
NES 525
KDORJHQIUHHSRO\ROHˋQ surface ships and
Insulated single core/Multi crafts for power, NES 526
pair/ Multicore/Unscreened/ control, lighting
NES 527
individually screened/ purpose. Also for
collectively screened cable communication
VXLWDEOHIRU9 9 and
(for single core) operation at instrumentation
an operating temperature of circuits in
-65° to 120°C submarines
3 Development of thin walled The cable will be EED-50-12 Dr. N Mongal 2019 12 For Defense
Electron Beam Cross-linked used for Power application
EED-50-13
KDORJHQIUHHSRO\ROHˋQ Lighting, Control
,QVXODWHG VKHDWKHGKLJK &RPPXQLFDWLRQ NES 525
temperature resistant single and
NES 526
core/multicore/multipair, Instrumentation
individually or collectively Circuits in NES 527
VFUHHQHGˋUHVXUYLYDOFDEOH Surface Ships and
suitable for 440 V operation at Submarines.
an operating temperature of
-30° to 120°C
4 Development of High oil The cable is BS EN Dr. N Mongal 2019 12 High oil
resistance thermoplastic to be used for 50290 resistance
39&VKHDWKHGˌH[LEOH communication ˌH[LEOH39&
communication cable suitable purpose where communication
for use at 70°C application it can come in cable
contact with
lubricating oil.

B COMPOUND DEVELOPMENT
Sr Applicable Project Year Of

Title of the Project Scope of the Project Duration Remarks
No Standard Leader Start
1 Development of Suitable for use as ISO 6722; Dr N Mongal 2019 12 For automotive cable
electron beam cross- insulation of road Class D insulation compound
linkable halogen vehicle cables
IUHHˋUHUHWDUGDQW
compound suitable
for -40° to 150°C
application
2 Development of Suitable for use EED-50-12 Dr N Mongal 2019 12 For Defense cable
electron beam cross- DVLQVXODWLRQ EED 50-13 application
linkable halogen sheathing of cables
NES 525
IUHHˋUHUHWDUGDQW for power, control
LQVXODWLRQ VKHDWK &RPPXQLFDWLRQ NES 526
compound suitable LQVXUIDFHVKLSV NES 527
IRU9 submarines
V operation at an
operating temperature
of -65° to 120°C
3 Development of The compound will BS EN Dr N Mongal 2019 12 Flexible oil resistance

high oil resistance be used as sheathing 50290 cable sheath
WKHUPRSODVWLFˌH[LEOH of communication compound
PVC sheath compound cable which is
for communication in contact with
cable lubricating oil
DIN No.: 00309108

Place : Mumbai

CORPORATE GOVERNANCE REPORT
The Company’s shares are listed with BSE Limited and National Stock Exchange of India Limited with
effect from 16th April 2019. This Report on Corporate Governance is prepared and presented on voluntary
basis and on account of the belief and practices of the Management in good Corporate Governance.
1 BRIEF STATEMENT ON PHILOSOPHY ON CODE OF GOVERNANCE
7KH&RPSDQ\ȢVSKLORVRSK\RQ&RUSRUDWH*RYHUQDQFHRYHUVHHVEXVLQHVVVWUDWHJLHVDQGHQVXUHVˋVFDODFFRXQWDELOLW\HWKLFDO
corporate behavior and fairness to all stakeholders comprising regulators, employees, customers, vendors, investors and the
society at large. The Company has adopted a Code of Conduct for its employees and the Board of Directors, which includes
Code of Conduct for Independent Directors which suitably incorporates the duties of Independent Directors as laid down in
the Companies Act, 2013 (“the Act”) and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 {SEBI
(LODR), 2015}. These codes are available on the Company’s website i.e. www.polycab.com
2 BOARD OF DIRECTORS
The Board of Directors has an optimum combination of Executive and Non-Executive Directors with one woman independent
GLUHFWRUˋIW\SHUFHQWRIWKH%RDUGRI'LUHFWRUVFRPSULVHVRIQRQH[HFXWLYHLQGHSHQGHQWGLUHFWRUV7KH&KDLUPDQRIWKH
Board is an executive director.
a Composition and category of Directors (e.g. Promoter, Executive, Non-Executive Independent, Nominee
Director- institution represented and whether as lender or as equity investor)
As on 31st March 2019, the composition of the Board of Directors of the Company was as follows:
Sr. No. Name of the Director Designation Category / Remark

1 Inder T. Jaisinghani &KDLUPDQ 0DQDJLQJ'LUHFWRU ([HFXWLYH 1RQ,QGHSHQGHQW3URPRWHU'LUHFWRU
2 Ajay T. Jaisinghani Whole Time Director ([HFXWLYH 1RQ,QGHSHQGHQW3URPRWHU'LUHFWRU
3 Ramesh T. Jaisinghani Whole Time Director ([HFXWLYH 1RQ,QGHSHQGHQW3URPRWHU'LUHFWRU
4 Shyam Lal Bajaj &)2 :KROH7LPH'LUHFWRU ([HFXWLYH 1RQ,QGHSHQGHQW
5 R. S. Sharma Additional Director 1RQH[HFXWLYH ,QGHSHQGHQW'LUHFWRU
6 T. P. Ostwal Additional Director 1RQH[HFXWLYH ,QGHSHQGHQW'LUHFWRU
7 Hiroo Mirchandani Additional Director 1RQH[HFXWLYH ,QGHSHQGHQW'LUHFWRU
8 Pradeep Poddar Additional Director 1RQH[HFXWLYH ,QGHSHQGHQW'LUHFWRU
b Attendance of each Director at the meeting of the Board of Directors and the last Annual General Meeting:
Directors Board Meeting Board Meeting Whether Remarks
held during attended attended Last
the tenure of during the AGM held on
Director year. 09th August 2018
Inder T. Jaisinghani 11 11 Yes -
Ajay T. Jaisinghani 11 11 Yes -
Ramesh T. Jaisinghani 11 9 Yes -
Shyam Lal Bajaj 11 11 NA -
T. P. Ostwal 7 7 NA Appointed as an Additional Director
(Independent Director) w.e.f.
20th September 2018
R. S. Sharma 7 7 NA Appointed as an Additional Director
20th September 2018
Hiroo Mirchandani 7 6 NA Appointed as an Additional Director
20th September 2018
Pradeep Poddar 7 7 NA Appointed as an Additional Director
20th September 2018
R. Ramakrishnan 1 1 NA Resigned as Joint Managing Director
w.e.f. 23rd May 2018
Michel Lemaire 3 - NA Resigned as Director w.e.f.
21st August 2018
c Number of other Board of Directors or committees in which a director is a member or chairperson as on
31st March 2019
Sr. Name of the Director Directorship in Membership of Chairmanship Name of the other
No. Other Board of Committees of of Committees listed entities holding
Directors including Other Boards of Other Boards Directorship / Designation
Polycab India including Polycab including
Limited # India Limited @ Polycab India
Limited @
1 Inder T. Jaisinghani 1 0 0 0
2 Ajay T. Jaisinghani 1 0 0 0
3 Ramesh T. Jaisinghani 1 0 0 0
4 Shyam Lal Bajaj 1 2 0 0
5 T. P. Ostwal 5 6 5 Oberoi Realty Limited
ȟ1RQH[HFXWLYH
Incline Realty Private
Limited (Debt Listed)
- Non-executive,
6 R. S. Sharma 5 4 1 Jubilant Industries

Limited - Non-executive,
7 Hiroo Mirchandani 6 5 1 Tata Teleservices
(Maharashtra Limited)-
Non-executive,
Nilkamal Limited - Non-
executive, Independent
Director
DFM Foods Limited - Non-
Director
8 Pradeep Poddar 5 6 2 Welspun India Limited
- Non-executive,
8ˌH[/LPLWHG1RQ
Monsanto India Limited
- Non-executive,
Notes:
# Number of Directorships held excludes Directorships in Private Limited Companies, Foreign Companies, Companies under
6HFWLRQRIWKH&RPSDQLHV$FWHDUOLHU6HFWLRQRIWKH&RPSDQLHV$FWDQGDOWHUQDWH'LUHFWRUVKLSV LQFOXGHV
Directorship of Polycab India Limited
@ Only covers Membership/Chairmanship of Audit Committee and Stakeholders’ Relationship Committee of Listed and
Unlisted Public Limited Companies including committee memberships/Chairmanships of Polycab India Limited
None of the Directors on the Board is a Member of more than 10 Board Committees and a Chairman of more than 5 such
Committees, across all Companies in which he/she is a Director.
None of the Directors holds directorships in more than 20 Companies and more than 10 Public Companies pursuant to the
provisions of the Companies Act, 2013.
Further, in compliance with Regulation 25(1) of SEBI (LODR) Regulations, 2015, none of the Independent Directors holds
directorship in more than seven listed companies.
d Number of meetings of the Board of Directors held and dates on which held
'XULQJWKHˋQDQFLDO\HDU%RDUG0HHWLQJVZHUHKHOGUHVSHFWLYHO\RQth May 2018, 3rd July 2018, 8th August 2018,
30th August 2018, 20th September 2018, 25th September 2018, 09th October, 2018 , 24th October 2018, 20th December 2018,
05th February 2019 and 25th March 2019.
Urgent matters were also approved by the Board by passing resolutions through circulation.
e Disclosure of relationships between Directors inter-se
No other Directors are related to each other except Inder T. Jaisinghani, Ramesh T. Jaisinghani and Ajay T. Jaisinghani who
are related to each other as brothers.
f Number of shares and convertible instruments held by non-executive Directors
None of the Non-Executive Directors hold any share in the Company.
g Web link where details of familiarization programs imparted to independent directors is disclosed
As per Regulation 25(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the independent
'LUHFWRUV RI WKH &RPSDQ\ QHHG WR EH LPSDUWHG ZLWK IDPLOLDUL]DWLRQ SURJUDPV +RZHYHU VLQFH WKH &RPSDQ\ JRW LWVHOI
listed on National Stock Exchange of India Limited (NSE) and BSE limited on 16th April 2019, the Company has initiated
FRPSOLDQFHZLWKWKHIDPLOLDUL]DWLRQSURJUDPRIWKH&RPSDQ\IURPˋQDQFLDO\HDUDQGDIWHUWKHGHWDLOVRIZKLFKZLOO
be available on the website of the Company i.e. www.polycab.com
Separate Meeting of the Independent Directors
During the year under review, a meeting of Independent Directors of the Company as per the requirements of Schedule IV
of the Companies Act, 2013 was held on 29th March 2019.
Company’s Policy on Prohibition of Insider Trading
The Company has formulated a Code of Conduct to Regulate, Monitor, Report Trading by Insiders to deter the insider trading
in the securities of the Company based on the unpublished price sensitive information. The Code envisages procedures to
be followed and disclosures to be made while dealing in the securities of the Company.
The full text of the Code is available on the website of the Company under the heading “Policies” in the investor relations
tab which can be accessed at www.polycab.com.
Subsidiary
7KH%RDUGKDVDSSURYHGDȤ3ROLF\IRUGHWHUPLQLQJ0DWHULDO6XEVLGLDULHVȥRIWKH&RPSDQ\YL]3RO\FDE,QGLD/LPLWHGDQGWKH
same is available on the website of the Company under the heading “Policies” in the investor relations tab which can be
accessed at www.polycab.com.
7KH$XGLW&RPPLWWHHRIWKH&RPSDQ\UHYLHZVWKHˋQDQFLDOVWDWHPHQWVLQSDUWLFXODUWKHLQYHVWPHQWVPDGHE\WKHXQOLVWHG
subsidiary companies.
The Minutes of the Board Meetings of the unlisted subsidiary companies are placed at the Board Meeting(s) of the Company
held at the end of every quarter.
7KH0DQDJHPHQWSHULRGLFDOO\EULQJVWRWKHDWWHQWLRQRIWKH%RDUGRI'LUHFWRUVDVWDWHPHQWRIDOOVLJQLˋFDQWWUDQVDFWLRQV
and arrangements entered into by the unlisted subsidiary companies.
Related Party Transactions
The Board of Directors has approved a Policy on “Related Party Transactions” and also on dealing with Related Party
Transactions.
The Policy is available on the website of the Company under the heading “Policies” in the investor relations tab which can
be accessed at www.polycab.com
Further, a statement on all related party transactions is presented before the Audit Committee on a quarterly basis
for its review.
3 AUDIT COMMITTEE
a Brief description of terms of reference
The terms of reference of the Audit Committee are as per the governing provisions of the Companies Act, 2013
6HFWLRQ DQG WKH 6(%, /LVWLQJ 2EOLJDWLRQV DQG 'LVFORVXUH 5HTXLUHPHQWV 5HJXODWLRQV VSHFLˋHG LQ 3DUW & RI
Schedule II).
The Role of the Audit Committee includes the following:
2YHUVHHLQJ WKH &RPSDQ\ȢV ˋQDQFLDO UHSRUWLQJ SURFHVV DQG GLVFORVXUH RI LWV ˋQDQFLDO LQIRUPDWLRQ WR HQVXUH WKDW LWV
ˋQDQFLDOVWDWHPHQWVDUHFRUUHFWVXIˋFLHQWDQGFUHGLEOH
2 Recommending to the Board the appointment, remuneration and terms of appointment of the statutory auditor of
the Company;
3 Reviewing and monitoring the statutory auditor’s independence and performance, and effectiveness of audit process;
4 Approving payments to statutory auditors for any other services rendered by the statutory auditors;
5HYLHZLQJZLWKWKHPDQDJHPHQWWKHDQQXDOˋQDQFLDOVWDWHPHQWVDQGDXGLWRUȢVUHSRUWWKHUHRQEHIRUHVXEPLVVLRQWR
the Board for approval, with particular reference to:
a Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s report in
terms of clause (c) of sub-section 3 of Section 134 of the Companies Act;
b Changes, if any, in accounting policies and practices and reasons for the same;
c Major accounting entries involving estimates based on the exercise of judgment by management;
G 6LJQLˋFDQWDGMXVWPHQWVPDGHLQWKHˋQDQFLDOVWDWHPHQWVDULVLQJRXWRIDXGLWˋQGLQJV
H &RPSOLDQFHZLWKOLVWLQJDQGRWKHUOHJDOUHTXLUHPHQWVUHODWLQJWRˋQDQFLDOVWDWHPHQWV

f Disclosure of any related party transactions; and
J 0RGLˋHGRSLQLRQVLQWKHGUDIWDXGLWUHSRUW
K 5HYLHZLQJZLWKWKHPDQDJHPHQWWKHTXDUWHUO\KDOI\HDUO\DQGDQQXDOˋQDQFLDOVWDWHPHQWVEHIRUHVXEPLVVLRQWR
the Board for approval;
6 Reviewing, with the management, the statement of uses/application of funds raised through an issue (public issue,
rights issue, preferential issue, etc.), the statement of funds utilised for purposes other than those stated in the offer
document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds
of a public or rights issue, and making appropriate recommendations to the Board to take steps in this matter. This also
includes monitoring the use/application of the funds raised through the proposed initial public offer by the Company;
$SSURYDORUDQ\VXEVHTXHQWPRGLˋFDWLRQVRIWUDQVDFWLRQVRIWKH&RPSDQ\ZLWKUHODWHGSDUWLHV
8 Scrutinising of inter-corporate loans and investments;
9 Valuation of undertakings or assets of the Company, wherever it is necessary;
(YDOXDWLQJRILQWHUQDOˋQDQFLDOFRQWUROVDQGULVNPDQDJHPHQWV\VWHPV
11 Establishing a vigil mechanism for directors and employees to report their genuine concerns or grievances
12 Reviewing, with the management, the performance of statutory and internal auditors, and adequacy of the internal
control systems;
13 Reviewing the adequacy of internal audit function if any, including the structure of the internal audit department,
VWDIˋQJ DQG VHQLRULW\ RI WKH RIˋFLDO KHDGLQJ WKH GHSDUWPHQW UHSRUWLQJ VWUXFWXUH FRYHUDJH DQG IUHTXHQF\ RI
internal audit;
'LVFXVVLQJZLWKLQWHUQDODXGLWRUVRQDQ\VLJQLˋFDQWˋQGLQJVDQGIROORZXSWKHUHRQ
5HYLHZLQJWKHˋQGLQJVRIDQ\LQWHUQDOLQYHVWLJDWLRQVE\WKHLQWHUQDODXGLWRUVLQWRPDWWHUVZKHUHWKHUHLVVXVSHFWHG
fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to
the Board;
16 Discussing with statutory auditors before the audit commences, about the nature and scope of audit as well as post-
audit discussion to ascertain any area of concern;
17 Looking into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in
case of non payment of declared dividends) and creditors;
18 Reviewing the functioning of the whistle blower mechanism;
$SSURYLQJWKHDSSRLQWPHQWRIWKHFKLHIˋQDQFLDORIˋFHURUDQ\RWKHUSHUVRQKHDGLQJWKHˋQDQFHIXQFWLRQRUGLVFKDUJLQJ
WKDWIXQFWLRQDIWHUDVVHVVLQJWKHTXDOLˋFDWLRQVH[SHULHQFHDQGEDFNJURXQGHWFRIWKHFDQGLGDWHDQG
20 Carrying out any other function as is mentioned in the terms of reference of the Audit Committee and any other
WHUPVRIUHIHUHQFHDVPD\EHGHFLGHGE\WKH%RDUGDQGRUVSHFLˋHGSURYLGHGXQGHUWKH&RPSDQLHV$FWRUWKH/LVWLQJ
Regulations or by any other regulatory authority.
5HYLHZLQJ WKH XWLOL]DWLRQ RI ORDQV DQG RU DGYDQFHV IURPLQYHVWPHQW E\ WKH KROGLQJ FRPSDQ\ LQ WKH VXEVLGLDU\
H[FHHGLQJUXSHHVFURUHRURIWKHDVVHWVL]HRIWKHVXEVLGLDU\ZKLFKHYHULVORZHULQFOXGLQJH[LVWLQJORDQV
advances / investments existing as on the date of coming into force of this provision.
The powers of the Audit Committee include the following:
1 To investigate any activity within its terms of reference;
2 To seek information from any employee;
3 To obtain outside legal or other professional advice; and
4 To secure attendance of outsiders with relevant expertise, if it considers necessary.
The audit committee shall mandatorily review the following information:
D PDQDJHPHQWGLVFXVVLRQDQGDQDO\VLVRIˋQDQFLDOFRQGLWLRQDQGUHVXOWVRIRSHUDWLRQV
E VWDWHPHQW RI VLJQLˋFDQW UHODWHG SDUW\ WUDQVDFWLRQV DV GHˋQHG E\ WKH DXGLW FRPPLWWHH VXEPLWWHG
by management;
c management letters / letters of internal control weaknesses issued by the statutory auditors;
d internal audit reports relating to internal control weaknesses; and
e the appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by
the audit committee.
f statement of deviations:
quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock
exchange(s) in terms of Regulation 32(1).
DQQXDOVWDWHPHQWRIIXQGVXWLOL]HGIRUSXUSRVHVRWKHUWKDQWKRVHVWDWHGLQWKHRIIHUGRFXPHQWSURVSHFWXVQRWLFH
in terms of Regulation 32(7).

b Composition, name of members and chairperson
The Audit Committee comprises of 4 (Four) Directors out of which 3 (Three) are Non- Executive Independent
'LUHFWRUV RQHLV([HFXWLYH1RQ,QGHSHQGHQW'LUHFWRU
The Chairman of the Committee is Non- Executive, Independent Director.
$OO0HPEHUVDUHˋQDQFLDOO\OLWHUDWHDQGSRVVHVVVRXQGNQRZOHGJHRIDFFRXQWVˋQDQFHDQGDXGLWPDWWHUV
The Internal Auditors of the Company attend the meetings of the Audit Committee on invitation of the Chairman of
the Committee.
The Composition of Audit Committee as on 31st March 2019, is given below:
1 T. P. Ostwal Non-Executive Independent Chairman
2 R. S. Sharma Non-Executive Independent Member
3 Pradeep Poddar Non-Executive Independent Member
4 Shyam Lal Bajaj Executive Non-Independent Member
The Company Secretary of the Company acts as the Secretary to the Audit Committee.
c Meetings and attendance during the year
Attendance in Audit Committee Meetings held on
Sr.
No. Name 25/09/2018 24/10/2018 20/12/2018 09/01/2019 05/02/2019
1 T. P. Ostwal D D D D D
2 R. S. Sharma D D D D D
3 Pradeep Poddar D D D D D
4 Shyam Lal Bajaj D D D D D
4 NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee determines on behalf of the Board and on behalf of the Shareholders,
the Company’s policy governing remuneration payable to the Managing Director and Whole-time Directors as well as
the nomination and appointment of Directors.
The terms of reference of the Nomination and Remuneration Committee are as per the governing provisions of the
Companies Act, 2013 (Section 178) and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
VSHFLˋHGLQ3DUW'RI6FKHGXOH,,
)XUWKHULQWHUPVRIWKH6(%,6KDUH%DVHG(PSOR\HH%HQHˋWV5HJXODWLRQVWKH1RPLQDWLRQDQG5HPXQHUDWLRQ
Committee also supervises the ESOP/ESPS Plans of the Company namely - Polycab Employees’ Stock Option Performance
2018 Scheme, Polycab Employee Stock Option Plan 2018 and Polycab Employee Stock Option Privilege Scheme 2018.

The Nomination and Remuneration Committee comprises of 3 (Three) Non-Executive Directors, the Chairman being
Non- Executive and Independent Director.
The Composition of Nomination and Remuneration Committee as on 31st March 2019, is given below:

1 R. S. Sharma Non-Executive Independent Chairman
2 T. P. Ostwal Non-Executive Independent Member
3 Hiroo Mirchandani Non-Executive Independent Member
The Company Secretary of the Company acts as Secretary to the Nomination and Remuneration Committee.
Sr. Attendance in Nomination and Remuneration

No. Name Committee Meetings held on 25.09.2018
1 R. S. Sharma D
2 T. P. Ostwal D
3 Hiroo Mirchandani D
d Performance evaluation
The Nomination and Remuneration Committee of the Board has laid out the evaluation criteria for performance
evaluation of the Board, its Committees and all the individual directors, in adherence of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
Pursuant to the provisions of the Companies Act, 2013, the Nomination and Remuneration Committee had carried out
the performance evaluation of the Individual Directors, Committees at its meeting held on 14th May, 2019,on the basis
of the criteria / performance evaluation policy, approved by the Board of Directors.
5 REMUNERATION OF DIRECTORS
a All pecuniary relationship or transactions of the Non-Executive Directors vis-à-vis the listed entity shall be disclosed in
the annual report.
There are no pecuniary relationship or transactions, except sitting fees and commission paid to Non-Executive
Independent Directors.
Criteria of making payments to Non-Executive Directors
The Company has adopted a Nomination and Remuneration Policy for Directors, Key Managerial Personnel and other
Employees; regulated by the Nomination and Remuneration Committee of the Board.
The Policy is also available on the website of the Company www.polycab.com under the heading “Policies” section in
the investor relations tab.
The Non-Executive Independent Directors, are entitled to Sitting fees for attending meetings of the Board, and its
Committees.
b Disclosures with respect to remuneration
(i) Details of remuneration/sitting fees paid to Directors during the Financial Year 2018-19 are given below:
(` in million)
Sr. No. of Sitting Salary & Perks Commission Total
No. Name of Director Service Term shares held Fee (A) (B) (C) (A+B+C) Remarks
1 Inder T. Jaisinghani 01.04.2018 to 2,08,54,029 0 36.54 49.65 86.19 Commission of
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
2 Ajay T. Jaisinghani 01.04.2018 to 2,06,78,635 0 28.25 0 28.25 Variable pay of FY
31.03.2019 2015-16 i.e. ` 4.66
9DULDEOHSD\RI
FY 2017-18 i.e. `
5.82 paid in FY
2018-19.
3 Ramesh T. 01.04.2018 to 2,06,76,093 0 28.25 0 28.25 Variable pay of FY
Jaisinghani 31.03.2019 2015-16 i.e. ` 4.66
9DULDEOHSD\RI
FY 2017-18 i.e. `
5.82 paid in FY
2018-19.
4 Shyam Lal Bajaj 01.04.2018 to 0 0 25.76 0 25.76 Variable pay of FY
31.03.2019 2017-18 i.e. ` 5.00
paid in FY 2018-
19 and
1,00,000 stock
options granted
for value ` 5.99
5 T. P. Ostwal 20.09.2018 to 0 1.26 0 1.00 2.26 Commission for
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
6 R. S. Sharma 20.09.2018 to 0 1.26 0 1.00 2.26 Commission for
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
7 Hiroo Mirchandani 20.09.2018 to 0 0.76 0 1.00 1.76 Commission for
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
8 Pradeep Poddar 20.09.2018 to 0 1.18 0 1.00 2.18 Commission for
31.03.2019 FY 2018-19 will
be paid in FY
2019-20
(ii) Service contracts, notice period, severance fees
The appointment of the Executive Directors is governed by resolutions passed by the Shareholders of the Company,
which cover the terms and conditions of such appointment, read with the service rules of the Company. A separate
letter of employment issued by the company to the Executive Directors.
(iii) Stock option details, if any and whether issued at a discount as well as the period over which accrued and over
which exercisable
6. EMPLOYEES’ STOCK OPTION PLANS

Your Company had instituted the ESOP Plan, 2018 (“ESOP 2018” / “Plan”) for issue of up to 35,30,000 options to eligible
employees. The Company had granted 21,47,500 options to the eligible employees of the Company vide ESOP Performance
Scheme and 1,42,250 options vide ESOP Privilege Scheme.
The details of the ESOP are as under:
(a) ESOP Plan 2018

Pursuant to the resolution passed by our Board on 30th August, 2018 and by our Shareholders on 30th August, 2018 our
Company had instituted the ESOP Plan 2018, ESOP Performance Scheme, and ESOP Privilege Scheme for issue of options
WRHOLJLEOHHPSOR\HHVDVGHˋQHGWKHUHLQ7KH(6233ODQZLOOEHDGPLQLVWHUHGE\WKH15&&RPPLWWHH7KHREMHFWLYHV
of the ESOP Plan 2018 includes attaining and exceeding performance targets, encourage retention of talent and loyalty to
our Company, enable fundamental alignment to value creation, align with shareholders’ interest, and encourage employee
ownership in the Company or our Subsidiaries.
Under the ESOP Plan 2018, the NRC Committee is authorised to grant not exceeding 35,30,000 options on a consolidated
basis under ESOP Performance Scheme and ESOP Privilege Scheme, to the eligible employees in one or more branches,
from time to time, which in aggregate are exercisable into not more than 35,30,000 Equity Shares, with each such option
conferring a right upon the eligible employees to apply for one Equity Share in accordance with the terms and conditions
as may be decided under this Plan.
(b) ESOP Performance Scheme

Our Company/Board/NRC Committee shall grant the options to the eligible employees in accordance with the terms and
FRQGLWLRQVRIWKH(6233HUIRUPDQFH6FKHPHQRWLˋHGXQGHUWKH(6233ODQ7KHRSWLRQVJUDQWHGVKDOOYHVWQRWHDUOLHU
WKDQRQH\HDUDQGQRWODWHUWKDQPD[LPXPYHVWLQJSHULRGRIˋYH\HDUVIURPWKHGDWHRIJUDQW$OOWKHJUDQWVVKDOOYHVWLQ
the following manner:
RIRSWLRQVJUDQWHGVKDOOYHVWRQWKHˋUVWDQQLYHUVDU\IURPWKHGDWHRIJUDQW
15% of options granted shall vest on the second anniversary from the date of grant,
20% of options granted shall vest on the third anniversary from the date of grant,
20% of options granted shall vest on the fourth anniversary from the date of grant, and
RIRSWLRQVJUDQWHGVKDOOYHVWRQWKHˋIWKDQQLYHUVDU\IURPWKHGDWHRIJUDQW7KHH[HUFLVHSHULRGLQUHVSHFWRIWKH
option shall commence immediately on vesting and be subject to a maximum period of eight years from the date of grant.
The exercise price per option shall be ` 405.
(c) ESOP Privilege Scheme

Our Company/Board/NRC Committee shall grant the options to the eligible employees in accordance with the terms and
FRQGLWLRQVRIWKH(6233ULYLOHJH6FKHPHQRWLˋHGXQGHUWKH(6233ODQ$OOWKHRSWLRQVJUDQWHGVKDOOYHVWDWWKHHQGRI
one year from the date of grant. The exercise period in respect of the option shall commence immediately on vesting and be
VXEMHFWWRDPD[LPXPSHULRGRIˋYH\HDUVIURPWKHGDWHRIJUDQW7KHH[HUFLVHSULFHSHURSWLRQVKDOOEH` 405.
7KH VFKHPHV DUH LQ OLQH ZLWK WKH 6(%, 6KDUH %DVHG (PSOR\HH %HQHˋWV 5HJXODWLRQV ȡ6%(% 5HJXODWLRQVȢ 7KH
&RPSDQ\KDVUHFHLYHGDFHUWLˋFDWHIURPWKH$XGLWRUVRIWKH&RPSDQ\WKDWWKHVFKHPHVDUHLPSOHPHQWHGLQDFFRUGDQFH
with the SBEB Regulations and the resolutions passed by the members. The details as required to be disclosed under the
6%(%5HJXODWLRQVDQGFHUWLˋFDWHIURPWKH$XGLWRUVDUHSODFHGRQWKHZHEVLWHRIWKH&RPSDQ\LHwww.polycab.com.
7 STAKEHOLDERS’ RELATIONSHIP COMMITTEE

The terms of reference and the ambit of powers of Stakeholders Relationship Committee are as per the governing provisions
of the Companies Act, 2013 (section 178) and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
VSHFLˋHG LQ 3DUW ' RI 6FKHGXOH ,,7KH VWDWXV RI VKDUHKROGHU FRUUHVSRQGHQFHV TXHULHV JULHYDQFHV HWF DUH HQGHDYRUHG
to be addressed instantaneously by the secretarial department and status thereof is also placed before the Stakeholders
Relationship Committee.
a Name of Non-Executive Director heading the Committee
Pradeep Poddar, Non-Executive Independent Director is the Chairman of the Stakeholders Relationship Committee.
The Stakeholders’ Relationship Committee comprises of 3 (Three) members out of which 2 (Two) are Non-Executive
Independent Directors.
The Composition of Stakeholders Relationship Committee as on 31st March 2019, is given below:

1 Pradeep Poddar Non-Executive Independent Chairman
2 Hiroo Mirchandani Non-Executive Independent Member
3 Shyam Lal Bajaj Executive Non Independent Member
The Company Secretary of the Company acts as Secretary to the Stakeholders’ Relationship Committee.
E 1DPHDQGGHVLJQDWLRQRIFRPSOLDQFHRIˋFHU
6DL6XEUDPDQLDP1DUD\DQD&RPSDQ\6HFUHWDU\LVWKH&RPSOLDQFH2IˋFHURIWKH&RPSDQ\
c Number of shareholders’ complaints received so far
No complaints were received during the year 2018-19.
d Meetings and attendance during the year
During the year 2018-19, no meeting of Stakeholder Relationship Committee was held.
8 CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Pursuant to Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy)
Rules, 2014, to formulate and recommend to the Board, a Corporate Social Responsibility Policy (“CSR Policy”) indicating
WKHDFWLYLWLHVWREHXQGHUWDNHQE\WKH&RPSDQ\DVVSHFLˋHGLQ6FKHGXOH9,,WRWKH$FWWRUHFRPPHQGWKHDPRXQWRI
expenditure to be incurred on such activities and to monitor the “CSR Policy” of the company from time to time.
The “CSR Policy” is available on the website of the Company under the heading ‘‘Policies” in the investor relations tab.
The details of the “CSR Policy” of the Company has also been disclosed in the Director’s Report section of the Annual
Report.
The Corporate Social Responsibility Committee comprises of 4 (Four) members of which 2 (Two) are Non-Executive and
Independent, the Chairman being Executive and Non Independent Director.
The Composition of Corporate Social Responsibility Committee as on 31st March 2019, is given below:
1 Inder T. Jaisinghani Executive Non Independent Chairman
2 Ajay T. Jaisinghani Executive Non Independent Member
3 #Hiroo Mirchandani Non-Executive Independent Member
4 #Pradeep Poddar Non-Executive Independent Member
The Company Secretary of the Company acts as Secretary to the Corporate Social Responsibility Committee.
+LURR0LUFKDQGDQL 3UDGHHS3RGGDUEHFDPHWKH,QGHSHQGHQW'LUHFWRUVRIWKH&RPSDQ\ZHIth September 2018

Sr. Name Attendance in Corporate Social Responsibility Committee Meetings held on
No.
18.05.2018 10.07.2018 16.08.2018
1 Inder T. Jaisinghani D D D
2 Ajay T. Jaisinghani D D D
3 Shyam Lal Bajaj D D D
9 OTHER COMMITTEES OF THE BOARD

In addition to the existing Committees of the Board, the following Committees were also constituted by the Board:
a Financial Operations Committee, to attend to the funds and administrative requirements of the Company;
b IPO Committee, to attend to the requirements of the Initial Public Offer (IPO) and Listing the shares of the
Company with the Stock Exchanges BSE Limited and National Stock Exchange of India Limited.
10 GENERAL BODY MEETINGS
a Location and time, where last three Annual General Meetings held
Date of AGM Location Time
09th August 2018 (*UHDWHU.DLODVKȟ,,1HZ'HOKLȟ 11:30 am
28th September 2017 (*UHDWHU.DLODVKȟ,,1HZ'HOKLȟ 11:30 am
15th December 2016 (*UHDWHU.DLODVKȟ,,1HZ'HOKLȟ 05.00 pm
b Whether any special resolutions passed in the previous three annual general meetings
Date of AGM Details of Special resolutions passed, if any
th
09 August 2018 Conversion of Polycab Wires Pvt. Ltd to Polycab Wires Ltd and Adoption of new set of Memorandum of
Association and Articles of Association (and change of name of the Company from Polycab Wires Ltd to
Polycab India Ltd.
28th September 2017 NIL
15th December 2016 NIL
c During the year the Extra - Ordinary General Meetings were held on 30th August 2018,
20th September 2018, 25th September 2018 and 09th October 2018.
11 MEANS OF COMMUNICATION
a Quarterly results
The Company got itself listed on stock exchanges on 16th April, 2019.
In respect of the fourth quarter ended 31st0DUFKWKH&RPSDQ\KDGSXEOLVKHGWKHDXGLWHGˋQDQFLDOUHVXOWVIRU
the quarter and year ended 31st March, 2019.
b Newspapers wherein results normally published
The Company publishes its results in one English daily newspaper (Financial Express) and one Hindi Newspaper
(Jansatta) within 48 hours of approval thereof.
c Website, where displayed
www.polycab.com
G 2IˋFLDOQHZVUHOHDVHV
7KH &RPSDQ\ VKDOO UHJXODUO\ SXEOLVK LQIRUPDWLRQ XSGDWH RQ LWV ˋQDQFLDO UHVXOWV DQG DOVR GLVSOD\V RIˋFLDO QHZV
releases in the investor relations section of its website.
e Presentations made to institutional investors or to the analysts
The Company holds analysts meet and make investors calls to apprise the public regarding Company’s working and
future outlook.
12 GENERAL SHAREHOLDER INFORMATION

a Annual General Meeting - date, time and venue
Day Wednesday
Date 26th June 2019
Time 9.00 am
Venue Air Force Auditorium, Subroto Park, New Delhi-110010
b Financial Year
7KHˋQDQFLDO\HDURIWKH&RPSDQ\VWDUWVIURPst April of a year and ends on 31st March of the following year.
c Dividend Payment Date
The Board of Directors of your Company has recommended a dividend of ` 3/-per equity share of ` 10 each i.e. @ 30% for
WKHˋQDQFLDO\HDU
Date of payment of dividend would be within 30 days from the date of declaration of dividend at the Annual General
Meeting to be held on 26th June 2019.
d Name and address of each stock exchange(s) at which the listed entity’s securities are listed and
FRQˋUPDWLRQDERXWSD\PHQWRIDQQXDOOLVWLQJIHHWRHDFKRIVXFKVWRFNH[FKDQJHV
The equity shares of the Company are listed at:
7KH 1DWLRQDO 6WRFN ([FKDQJH RI ,QGLD /WG 16( ([FKDQJH 3OD]D & %ORFN %DQGUD .XUOD &RPSOH[ %DQGUD (DVW
Mumbai - 400 051
%6(/LPLWHG%6(3KLUR]H-HHMHHEKR\7RZHUV'DODO6WUHHW0XPEDL
7KHDQQXDOOLVWLQJIHHIRUWKHˋQDQFLDO\HDUKDVEHHQSDLGE\WKH&RPSDQ\WRERWKWKHVWRFNH[FKDQJHVZLWKLQWKH
stipulated time.
e Stock code
NSE BSE ISIN
POLYCAB 542652 INE455K01017
f Market price data - high, low during each month in last Financial Year
The Company got listed on 16th April, 2019, hence, the provision of the above data is not applicable.
g In case the securities are suspended from trading, the Director’s Report shall explain the reason there
of
Not Applicable
h Registrar and Share Transfer Agent
Karvy Fintech Private Limited
Karvy Selenium, Tower B,
Plot 31-32, Gachibowli, Financial Ditrict,
Telephone No. +91 40 6716 2222
Fax No. +91 40 2343 1551
Email: einward.risk@karvy.com
Website: https://karisma.karvy.com
i Share transfer system
7UDGLQJLQHTXLW\VKDUHVRIWKH&RPSDQ\WKURXJKUHFRJQL]HG6WRFN([FKDQJHVFDQEHGRQHRQO\LQGHPDWHULDOLVHGIRUP
j Shareholding Pattern as on 31st March 2019
Holder’s Name No. of Shares
Polycab India Limited - Escrow Account (Transferred for IPO Purpose) 2,18,17,870
Inder T. Jaisinghani 2,08,54,029
Girdhari T. Jaisinghani 20,750,212
Ajay T. Jaisinghani 2,06,78,635
Ramesh T. Jaisinghani 2,06,76,093
International Finance Corporation 1,27,04,096
Kunal Inder Jaisinghani 58,20,263
Bharat Jaisinghani 53,21,330
Nikhil Ramesh Jaisinghani 53,21,230
Anil Hariram Hariani 51,60,774
Rama krishnan Ramamurthi 21,00,006
Inder T. Jaisinghani/MeenaInder Jaisinghani (Inder Kunal Trust) 100
Inder T. Jaisinghani/MeenaInder Jaisinghani (Inder Shikha Trust) 100
Ajay T. Jaisinghani/Aarti Ajay Jaisinghani (Bharat Jaisinghani Family Trust) 100
Ramesh T. Jaisinghani/Reina R. Jaisinghani (Deepika Sehgal Family Trust) 100
Girdhari T. Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Reshma Trust ) 100
Girdhari T. Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Karina Trust) 100
Girdhari T. Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Juhi Trust) 100
Kunal Inder Jaisinghani/Inder T. Jaisinghani) (Kunal Trust) 100
Ajay T. Jaisinghani/Aarti Ajay Jaisinghani (Kiara Duhlani Family Trust) 100
Ramesh T. Jaisinghani/Reina R. Jaisinghani (Nikhil Jaisinghani Family Trust) 100
Nikhil Ramesh Jaisinghani (Ritika Bharwani Family Trust) 100
Ramesh T. Jaisinghani (Mrinalini Jaisinghani Family Trust) 100
Ajay T. Jaisinghani (Akansha Punjabi Family Trust) 100
Total 14,12,05,838

Ownership Pattern as on 31st March, 2019
Category No. of Shareholders No. of Shares Held % of Total Holding
Promoters
Indian Promoters 4 8,29,58,969 58.75
Non Promoters
Institutional Investors
Mutual Fund and Alternative Investment Funds - - -
Foreign Portfolio Investors - - -
Bank, Financial Institutions and Insurance Companies - - -
Central Government/ State Government(s) - - -
Non-Institutions
Indian Public - - -
NRI - - -
Bodies Corporate 1 1,27,04,096 9.00
3URPRWHUJURXS3XEOLF3URPRWHU7UXVW 6KDUHVLQ 18 4,55,42,773 32.25
Escrow Account
Promoter Trust
Grand Total 23 14,12,05,838 100
List of Shareholders other than Promoters holding more than 1% as on 31st March 2019
Sr. No. Name of Shareholder No. of Shares held % of Total Shareholding
1 International Finance Corporation 1,27,04,096 9.00
2 Kunal Inder Jaisinghani 58,20,363 4.12
3 Bharat Jaisinghani 53,21,330 3.77
4 Nikhil Ramesh Jaisinghani 53,21,330 3.77
5 Anil Hariram Hariani 51,60,774 3.65
6 Ramakrishnan Ramamurthi 21,00,006 1.49
k Dematerialisation of shares and liquidity

The shares of the Company are in compulsory demat segment and are available for trading in the depository systems
of both the National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).
As at 31st March 2019, all the shares of the Company were held in Demat Mode.
l Outstanding global depository receipts or American depository receipts or warrants or any
Convertible instruments, conversion date and likely impact on equity
There are no GDRs/ ADRs/ Warrants outstanding as on 31st March 2019.
m Commodity price risk or foreign exchange risk and hedging activities
The Company have established controls in forex management to hedge few currency risk liabilities. Forex related
matters are reviewed periodically for taking necessary action within overall frame of forex policy. By hedging, mitigating
the impact of short term movements in currency on the businesses. Appropriate sensitivity analysis is carried out for
domestic borrowings and foreign borrowings at the time borrowing decisions are taken
Price of major raw materials i.e. Copper and Aluminum are dependent on the movement of the metal on the London
Metal Exchange. The company has taken adequate and effective measures to mitigate the risk of this price movement
in accordance with the risk mitigation measures.
n Plant locations
Sr. Products Location Address
No.
1 LV Power Cable UH – 1
335,334,339-2-2/1-2, Halol Vadodara Road, Tal Halol, Panchmahal,
Gujarat - 389350
2 LV Power Cable UH – 2
Plot NO.65-1,30-31,34,42-1,63,1-4, Rameshwara Road, Village Baska,
Tal Halol, Panchmahal, Gujarat - 389352

Sr. Products Location Address
No.
3 LV Control Cable UH – 2A
Plot NO.65-1,30-31,34,42-1,63,1-4, Rameshwara Road, Village Baska,
Tal Halol, Panchmahal, Gujarat - 389352
4 LDC UH – 3A
Plot No.13,15,16A,17,18,19,20p1-
1,21,22,23,24,25,26A-B,30,31,32,33,34/1-2, Village Rampura, Halol
Vadodara Road, Tal Halol, Panchmahal, Gujarat - 389350
5 Instruments Cable UH – 3B
Plot No.13,15,16A,17,18,19,20p1-
6 Rubber Cable UH – 3C
Plot No.13,15,16A,17,18,19,20p1-
7 Control and special Cable UH – 3D
Plot No.13,15,16A,17,18,19,20p1-
8 Solar Cable UH – 3G
Plot No.13,15,16A,17,18,19,20p1-
9 Multicore LDC UH – 3H
Plot No.13,15,16A,17,18,19,20p1-
10 Tinning UH – 3I
Plot No.13,15,16A,17,18,19,20p1-
11 Optical Fibre cables UH – 3F
Plot No.13,15,16A,17,18,19,20p1-
12 MV Cable UH – 4
Plot NO 67-69, 71-72,75-76,102,103,104/1-2,105,106,106/2, Halol
Vadodara Road, Village Nurpura, Tal Halol, Panchmahal, Gujarat - 389350
13 Steel Plant UH – 5
Plot No.49,51-1-2,52-1-3,54, Rameshwara Road, Village Baska, Tal
Halol, Panchmahal, Gujarat - 389352
14 Compounding Plant UH – 6
Plot No.79-1-3,80-1-2, Ujeti Road, Village Baska, Tal Halol, Panchmahal,
Gujarat - 389352
15 3LSHȟ)LWWLQJV UH – 6
Plot No.79-1-3,80-1-2, Ujeti Road, Village Baska, Tal Halol, Panchmahal,
Gujarat - 389352
16 LDC UH – 7A
Plot No.74-1,74-1p,74-2-1.74-2-2,80, Village Vaseti, Baska Rameshwara
Road, Village Baska, Tal Halol, Panchmahal, Gujarat - 389352
17 Tape UH – 7B
Plot No.74-1,74-1p,74-2-1.74-2-2,80, Village Vaseti, BaskaRameshwara
Road, Village Baska, Tal Halol, Panchmahal, Gujarat - 389352
b

Sr. No. Product Location Address
1 CU COND JWPL-1
Plot No. 74/7
Daman Industrial Estate,
Village-Kadaiya
Daman-396210
2 LDC PWPL-U1
Plot No. 74/8,9
Village-Kadaiya
Daman-396210
3 MV Cable PWPL-U1
Plot No. 74/10,11
Village-Kadaiya
Daman-396210
4 LV Control Cable PCPL
Plot No. 52/1,2 53/1,3,4
Village-Kadaiya
Daman-396210
5 LV Control Cable PIDPL-1
Plot No. 52/5,6,7,8
Village-Kadaiya
Daman-396210
6 Instrumentation Cable PWPL-U3
Plot No. 96/1-7 100/2-6
Village-Kadaiya
Daman-396210
7 LV Power Cable PWPL-U2
Plot No. 38/1-6 , 42/1,2
Village-Kadaiya
Daman-396210
8 LDC PWIPL-1
Plot No. 353/1,2
Village-Kachigam
Daman-396210
9 PVC COMP PWIPL-U1
Plot No. 353/3, 355/P
Village-Kachigam
Daman-396210
10 39&ȟ&203 PWPL-BNK
Plot No. 35-35A
GOA IDC, Somnath Road
Somnath
Daman-396210
Address for correspondence

&RPSDQ\6HFUHWDU\ &RPSOLDQFH2IˋFHU

(Secretarial Department)
771, Polycab House,
Mogul Lane, Mahim (West),
0XPEDLȟ
Address for Correspondence with the Registrar and Transfer Agents
Karvy Fintech Private Limited
Karvy Selenium, Tower B,
Plot 31-32, Gachibowli, Financial Ditrict,
Telephone No. +91 40 6716 2222
Fax No. +91 40 2343 1551
Email: einward.risk@karvy.com
13 OTHER DISCLOSURES
D 'LVFORVXUHVRQPDWHULDOO\VLJQLˋFDQWUHODWHGSDUW\WUDQVDFWLRQVWKDWPD\KDYHSRWHQWLDOFRQˌLFWZLWKWKHLQWHUHVWVRI
listed entity at large
'XULQJWKHˋQDQFLDO\HDUWKHUHZDVQRPDWHULDOO\VLJQLˋFDQWUHODWHGSDUW\WUDQVDFWLRQWKDWPD\KDYHSRWHQWLDO
FRQˌLFWZLWKWKHLQWHUHVWVRIWKH&RPSDQ\DWODUJH)RUUHIHUHQFHWKHGHWDLOVRIUHODWHGSDUW\WUDQVDFWLRQLQDFFRUGDQFH
ZLWK,1'$6ȟDUHJLYHQLQ1RWH1RRI1RWHVWR$FFRXQWVRIWKH$QQXDO5HSRUW
b Details of non-compliance by the listed entity ,penalties, strictures imposed on the listed entity by stock exchange(s) or
the board or any statutory authority, on any matter related to capital markets, during the last three years
Not Applicable, as the Company got listed on 16th April 2019.
F 'HWDLOVRIHVWDEOLVKPHQWRIYLJLOPHFKDQLVPZKLVWOHEORZHUSROLF\DQGDIˋUPDWLRQWKDWQRSHUVRQQHOKDVEHHQGHQLHG
access to the audit committee
7KH&RPSDQ\KDVDGRSWHGD:KLVWOH%ORZHU3ROLF\WRˋOHDJULHYDQFHLIKHVKHQRWLFHVDQ\LUUHJXODULW\
No person has been denied access to the Audit Committee for any grievance.
d Details of compliance with mandatory requirements and adoption of the non-mandatory requirements
The Company has complied with all the mandatory requirements of SEBI (LODR) Regulations, 2015 to the extent
applicable and will ensure to comply with non-mandatory requirements in coming years.
e Web link where policy for determining ‘material’ subsidiaries is disclosed
The policy for determining‘ material’ subsidiaries is available on the website of the Company under the heading
“policies” in the investor relations tab which can be accessed from www.polycab.com.
f Web link where policy on dealing with related party transactions is disclosed
The policy on dealing with related party transactions is available on the website of the Company under the heading
“policies” in the investor relations tab which can be accessed from www.polycab.com.
14 DISCLOSURE OF THE EXTENT TO WHICH THE DIS CRETIONARY REQUIREMENTS AS

SPECIFIED IN PART E OF SCHEDULE II HAVE BEEN ADOPTED
a The Board: Not applicable, as the Company got listed on 16th April 2019.
b Shareholder Rights: 4XDUWHUO\ ˋQDQFLDO VWDWHPHQWV VKDOO EH SXEOLVKHG LQ OHDGLQJ QHZVSDSHUV DQG XSORDGHG RQ
Company’s website www.polycab.com
F 0RGLˋHGRSLQLRQVLQDXGLWUHSRUW7KH&RPSDQ\DOUHDG\KDVDUHJLPHRIXQTXDOLˋHGˋQDQFLDOVWDWHPHQWV$XGLWRUV
KDYHUDLVHGQRTXDOLˋFDWLRQRQWKHˋQDQFLDOVWDWHPHQWV
d Reporting of Internal Auditor: The Company has appointed M/s. Pricewaterhouse Coopers Private Limited as the
Internal Auditors for conducting the internal audit, representatives whereof report to Chairman of the
Audit Committee.
15 DISCLOSURES OF THE COMPLIANCE WITH CORPORATE GOVERNANCE REQUIREMENTS

SPECIFIED IN REGULATIONS 17 TO 27 AND CLAUSES (B) TO (I) OF SUB-REGULATION
(2) OF REGULATION 46
7KH &RPSDQ\ KDV FRPSOLHG ZLWK &RUSRUDWH *RYHUQDQFH 5HTXLUHPHQWV VSHFLˋHG LQ 5HJXODWLRQ WR WR WKH H[WHQW
applicable and clauses (b) to (i) of sub-regulation (2) of Regulation 46 of SEBI (LODR) Regulations, 2015 to the extent
DSSOLFDEOHDVWKH&RPSDQ\JRWOLVWHGRQ6WRFN([FKDQJHV16( %6(RQth April 2019.

16 DECLARATION SIGNED BY THE CHIEF FINANCIAL OFFICER STATING THAT THE MEMBERS
OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT PERSONNEL HAVE AFFIRMED
COMPLIANCE WITH THE CODE OF CONDUCT OF BOARD OF DIRECTORS AND SENIOR
MANAGEMENT
The Company is committed to conduct its business in accordance with the applicable laws, rules and regulations and with
WKHKLJKHVWVWDQGDUGVRIEXVLQHVVHWKLFV3RO\FDE&RGHRI(WKLFVLVLQWHQGHGWRSURYLGHJXLGDQFHDQGKHOSLQUHFRJQL]LQJ
and dealing with ethical issues, mechanisms to report unethical conduct and to help foster a culture of honesty and
accountability.
The Board has adopted a Code of Ethics for Directors, Senior Management and other Employees of the Company.
The Code is available on the website of the Company under the heading ‘‘Policies” in the investor relations tab which can
be accessed at www.polycab.com.
This is to certify that, in line with the requirement of Regulation 26(3) of the SEBI (Listing Obligations and Disclosure
5HTXLUHPHQWV5HJXODWLRQDOOWKH'LUHFWRUVRIWKH%RDUGDQG6HQLRU0DQDJHPHQW3HUVRQQHOKDYHVROHPQO\DIˋUPHG
that to the best of their knowledge and belief, they have complied with the provisions of the Code of Conduct during the
ˋQDQFLDO\HDU
Shyam Lal Bajaj

&)2 :KROH7LPH'LUHFWRU
17 COMPLIANCE CERTIFICATE FROM EITHER THE AUDITORS OR PRACTICING COMPANY

SECRETARIES REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE.
7KH&RPSOLDQFHFHUWLˋFDWHRQ&RUSRUDWH*RYHUQDQFHIRUWKH\HDUHQGHGst0DUFKLVVXHGE\0V65%& &R//3
Statutory Auditors of the Company forms part of the Corporate Governance Report.
18 DISCLOSURES IN RELATION TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
7KHGHWDLOVRIFRPSODLQWVˋOHGGLVSRVHG SHQGLQJDUHJLYHQEHORZ
1XPEHURIFRPSODLQWVˋOHGGXULQJWKH\HDUȟ1LO
1XPEHURIFRPSODLQWVGLVSRVHGRIGXULQJWKH\HDUȟ1RW$SSOLFDEOH
1XPEHURIFRPSODLQWVSHQGLQJDVRQHQGRIWKHˋQDQFLDO\HDUȟ1RW$SSOLFDEOH
19 OTHER USEFUL INFORMATION FOR SHAREHOLDERS ECS FACILITY

The Company provides facility of “Electronic Clearing Service” (ECS) for payment of dividend to its shareholders. ECS facility
assists in quick remittance of dividend without possible loss/ delay in postal transit. Shareholders holding shares in physical
form are requested to provide details of their bank account for availing ECS facility. However, if the shares are held in
dematerialised form, the ECS mandate has to be communicated to the respective Depository Participant (DP). Changes, if
any, in the details furnished earlier may also be communicated to the Company or DP, as the case may be
20 UPDATE E-MAILS FOR RECEIVING NOTICE/DOCUMENTS IN E-MODE

The Ministry of Corporate Affairs (MCA) has through its circulars issued in 2011, allowed service of documents by companies
including Notice calling General Meeting(s), Annual Report etc. to their shareholders through electronic mode. This green
initiative was taken by MCA to reduce paper consumption and contribute towards a green environment. As a responsible
FRUSRUDWHFLWL]HQ\RXU&RPSDQ\IXOO\VXSSRUWVWKH0&$ȢVHQGHDYRU
In accordance of the same, your company had proposed to send Notice calling General Meetings, Annual Report and other
documents in electronic mode in future to all the shareholders on their email addresses. It was also requested to inform the
Company in case the shareholders wish to receive the above documents in physical form. Accordingly, the Annual Report
along with Notice will be sent to the shareholders in electronic mode at their email addresses.
The shareholders who have not registered their email addresses with the Company are requested to kindly register their
e-mail addresses with the Company in the KYC Form annexed with the Notice of Annual General Meeting enabling the
Company to better service shareholder correspondence through e-mode. The shareholders have also an option to register
their email addresses with their Depository through Depository Participant.
21 ENCASH DIVIDEND PROMPTLY

The shareholders are advised to encash their dividend promptly to avoid hassles of revalidation or losing right to claim

dividend owing to transfer of unclaimed dividends beyond 7 (Seven) years to the Investor Education and Protection Fund.
22 DEMATERIALISATION OF SHARES
Equity Shares of the Company are under compulsory demat trading segment. Considering the advantages of scripless
WUDGLQJPHPEHUVDUHDGYLVHGWRFRQVLGHUGHPDWHULDOL]DWLRQRIWKHLUVKDUHKROGLQJVRDVWRDYRLGLQFRQYHQLHQFHLQYROYHG
in the physical shares such as mutilation, possibility of loss/misplacement, delay in transit etc. and also to ensure safe and
speedy transaction in securities.
6HSDUDWHFRPPXQLFDWLRQVLQWKLVUHJDUGZHUHDOVRVHQWGXULQJWKHˋQDQFLDO\HDUWRDOOWKRVH6KDUHKROGHUVRIWKH&RPSDQ\
ZKRKDYHQRW\HWGHPDWHULDOLVHGWKHLUSK\VLFDOVKDUHFHUWLˋFDWHVRXWOLQLQJWKHSURFHGXUHIRUGHPDWHULDOLVDWLRQDQGEHQHˋWV
thereof.
23 TRANSFER/ TRANSMISSION/ TRANSPOSITION OF SHARES

The Securities and Exchange Board of India (SEBI), vide its Circular No. MRD/DoP/Cir-05/2009 dated 20th May, 2009 and
Circular No. MRD/DoP/SE/RTA/Cir-03/2010 dated 7th January, 2010 made it mandatory that a copy of the PAN Card is to be
furnished to the Company in the following cases:
registration of physical transfer of shares;
deletion of name of deceased shareholder(s) where shares are held jointly in the name of two or more shareholders;
transmission of shares to the legal heirs where shares are held solely in the name of deceased shareholder; and
transposition of shares where order of names of shareholders are to be changed in the physical shares held jointly
by two or more shareholders.
Investors, therefore, are requested to furnish the self-attested copy of PAN card, at the time of sending the physical share
FHUWLˋFDWHVWRWKH&RPSDQ\IRUHIIHFWLQJDQ\RIWKHDERYHVWDWHGUHTXHVWV
Shareholders are also requested to keep record of their specimen signature before lodgment of shares with the Company
to avoid probability of signature mismatch at a later date.
24 CONSOLIDATION OF MULTIPLE FOLIOS

6KDUHKROGHUVRIWKH&RPSDQ\ZKRKDYHPXOWLSOHDFFRXQWVLQLGHQWLFDOQDPHVRUKROGLQJPRUHWKDQRQH6KDUH&HUWLˋFDWH
in the same name under different Ledger Folio(s) are requested to apply for consolidation of such Folio(s) and send the
UHOHYDQW6KDUH&HUWLˋFDWHVWRWKH&RPSDQ\
25 NOMINATION FACILITY
Provision of Section 72 of the Companies Act, 2013 read with rule 19(1) of the rules made thereunder extends nomination
facility to individuals holding shares in the physical form. To help the legal heirs/ successors get the shares transmitted
in their favour, shareholder(s) are requested to furnish the particulars of their nomination in the prescribed Nomination
Form. Shareholder(s) holding shares in Dematerialised form are requested to register their nominations directly with their
respective DPs.
26 UPDATE YOUR CORRESPONDENCE ADDRESS/ BANK MANDATE/PAN/ EMAIL ID

7RHQVXUHDOOFRPPXQLFDWLRQVPRQHWDU\EHQHˋWVUHFHLYHGSURPSWO\DOOVKDUHKROGHUVKROGLQJVKDUHVLQSK\VLFDOIRUPDUH
requested to notify to the Company, change in their address/ bank details/ PAN/ email Id instantly by written request under
WKHVLJQDWXUHVRIVROHˋUVWMRLQWKROGHU
Shareholder(s) holding shares in dematerialised form are requested to notify change in bank details/ address/ email Id
directly with their respective DPs.
27 QUOTE FOLIO NO. / DP ID NO.

6KDUHKROGHUV%HQHˋFLDO2ZQHUVDUHUHTXHVWHGWRTXRWHWKHLU)ROLR1RV'3,'1RVDVWKHFDVHPD\EHLQDOOFRUUHVSRQGHQFH
with the Company.
Shareholders are also requested to quote their E-mail IDs, and Contact number for prompt reply to their correspondence.
DIN No: 00309108

Place : Mumbai
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE CONDITIONS OF
CORPORATE GOVERNANCE AS PER PROVISIONS OF CHAPTER IV OF SECURITIES AND
EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2015.
To
The Members of
(formerly known as Polycab Wires Limited)
E-554, Greater Kailash-II
New Delhi 110048, India
1 The accompanying Corporate Governance Report prepared by Polycab India Limited (Polycab Wires Limited) (here in after
the “Company”), contains details as required by the provisions of Chapter IV of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”) (‘Applicable
criteria’) with respect to Corporate Governance for the year ended March 31, 2019. This report is required by the Company
for annual submission to the Stock Exchange and to be sent to the Shareholders of the Company.
Management’s Responsibility
2 The preparation of the Corporate Governance Report is the responsibility of the Management of the Company including
the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes the
design, implementation and maintenance of internal control relevant to the preparation and presentation of the Corporate
Governance Report.
3 The Management along with the Board of Directors are also responsible for ensuring that the Company complies with the
conditions of Corporate Governance as stipulated in the Listing Regulations, issued by the Securities and Exchange Board
of India.
Auditor’s Responsibility
4 Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in the form
RIDQRSLQLRQZKHWKHUWKH&RPSDQ\KDVFRPSOLHGZLWKWKHVSHFLˋFUHTXLUHPHQWVRIWKH/LVWLQJ5HJXODWLRQVUHIHUUHGWRLQ
paragraph 1 above.
5 We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on Reports
RU&HUWLˋFDWHVIRU6SHFLDO3XUSRVHVDQGWKH*XLGDQFH1RWHRQ&HUWLˋFDWLRQRI&RUSRUDWH*RYHUQDQFHERWKLVVXHGE\WKH
,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI ,QGLD Ȥ,&$,ȥ 7KH *XLGDQFH 1RWH RQ 5HSRUWV RU &HUWLˋFDWHV IRU 6SHFLDO 3XUSRVHV
requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants
of India.
6 We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
7 The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in compliance
of the Corporate Governance Report with the applicable criteria. Summary of key procedures performed include:
i Reading and understanding of the information prepared by the Company and included in its Corporate
Governance Report;
LL 2EWDLQHGDQGYHULˋHGWKDWWKHFRPSRVLWLRQRIWKH%RDUGRI'LUHFWRUVZUWH[HFXWLYHDQGQRQH[HFXWLYHGLUHFWRUVKDV
been met through out the reporting period;
iii Obtained and read the Directors’ Register as on 31st0DUFKDQGYHULˋHGWKDWDWOHDVWRQHZRPDQGLUHFWRUZDV
on the Board during the year;
iv Obtained and read the minutes of the following meetings held through the period from 01st April 2018 to 31st March
YL]
(a) Board of Directors Meeting;
(b) Audit Committee Meeting;
(c) Annual General Meeting;
(d) Extra-Ordinary General Meeting;

(e) Nomination and Remuneration Committee Meeting;
(f) IPO Committee Meeting;
(g) Financial Operations Committee Meeting;
(h) Corporate Social Responsibility Committee Meeting; and
(i) Independent Directors’ Meeting.
v Obtained necessary representations and declarations from directors of the Company including the independent
directors; and
YL 3HUIRUPHG QHFHVVDU\ LQTXLULHV ZLWK WKH PDQDJHPHQW DQG DOVR REWDLQHG QHFHVVDU\ VSHFLˋF UHSUHVHQWDWLRQV IURP
management.
The above-mentioned procedures include examining evidence supporting the particulars in the Corporate Governance
Report on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the
SXUSRVHV RI H[SUHVVLQJ DQ RSLQLRQ RQ WKH IDLUQHVV RU DFFXUDF\ RI DQ\ RI WKH ˋQDQFLDO LQIRUPDWLRQ RU WKH ˋQDQFLDO
statements of the Company taken as a whole.
Opinion
8 Based on the procedures performed by us as referred in paragraph 7 above, and according to the information and explanations
given to us, we are of the opinion that the Company has complied with the conditions of Corporate Governance as stipulated
in the Listing Regulations, as applicable for the year ended 31st March 2019, referred to in paragraph 1 above.
Other matters and Restriction on Use

7KLVUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHIˋFLHQF\RUHIIHFWLYHQHVVZLWKZKLFK
the management has conducted the affairs of the Company.
10 This report is addressed to and provided to the members of the Company solely for the purpose of enabling it to comply
with its obligations under the Listing Regulations with reference to compliance with the relevant regulations of Corporate
Governance and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume
any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into whose hands it
may come without our prior consent in writing. We have no responsibility to update this report for events and circumstances
occurring after the date of this report.
)RU65%& &2//3
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
______________________________
per Sudhir Soni
Partner
Membership Number: 41870
Place of Signature: Mumbai

Date: 14th May 2019

INDEPENDENT AUDITOR’S REPORT
To the Members of Polycab India Limited (Formerly known as Polycab Wires Limited)
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanyinJVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVRI3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQDV
3RO\FDE:LUHV/LPLWHGȤWKH&RPSDQ\ȥZKLFKFRPSULVHWKH%DODQFHVKHHWDVDW0DUFKWKH6WDWHPHQWRI3URˋWDQG
Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in
(TXLW\IRUWKH\HDUWKHQHQGHGDQGQRWHVWRWKHˋQDQFLDOVWDWHPHQWVLQFOXGLQJDVXPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHV
and other explanatory information which includes one Joint Operation.
In our opinion and to the best of our information and according to the explanations given to us and based on the
FRQVLGHUDWLRQRIUHSRUWVRIRWKHUDXGLWRUVRQVHSDUDWHˋQDQFLDOVWDWHPHQWVDQGRQWKHRWKHUˋQDQFLDOLQIRUPDWLRQRIWKH
MRLQWRSHUDWLRQVWKHDIRUHVDLGVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH&RPSDQLHV$FW
2013, as amended (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting
SULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDRIWKHVWDWHRIDIIDLUVRIWKH&RPSDQ\DVDW0DUFKLWVSURˋWLQFOXGLQJRWKHU
FRPSUHKHQVLYHLQFRPHLWVFDVKˌRZVDQGWKe changes in equity for the year ended on that date.
Basis for Opinion

We conducted our audit of the sWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWKWKH6WDQGDUGVRQ$XGLWLQJ6$VDV
VSHFLˋHGXQGHUVHFWLRQRIWKH$FW2XUUHVSRQVLELOLWLHVXQGHUWKRVH6WDQGDUGVDUHIXUWKHUGHVFULEHGLQWKHȡ$XGLWRUȢV
5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH6WDQGDORQH,QG$6)LQDQFLDO6WDWHPHQWVȢVHFWLRQRIRXUUHSRUW:HDUHLQGHSHQGHQWRI
WKH&RPSDQ\LQDFFRUGDQFHZLWKWKHȡ&RGHRI(WKLFVȢLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLDWRJHWKHUZLWK
WKHHWKLFDOUHTXLUHPHQWVWKDWDUHUHOHYDQWWRRXUDXGLWRIWKHˋQDQFLDOVWDWHPHQWVXQGHUWKHSURYLVLRQVRIWKH$FWDQGWKH
5XOHVWKHUHXQGHUDQGZHKDYHIXOˋOOHGRXURWKHUHWKLFDOUHVSRQVLELOLWLHVLQDFFRUGDQFHZLWKWKHVHUHTXLUHPHQWVDQGWKH
&RGHRI(WKLFV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIˋFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXU
audiWRSLQLRQRQWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWV
,QIRUPDWLRQ2WKHUWKDQWKH)LQDQFLDO6WDWHPHQWVDQG$XGLWRUȢV5HSRUW7KHUHRQ
7KH&RPSDQ\ȢV%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHRWKHULQIRUPDWLRQ7KHRWKHULQIRUPDWLRQFRPSULVHVWKHLQIRUPDWLRQ
LQFOXGHGLQWKH$QQXDOUHSRUWEXWGRHVQRWLQFOXGHWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVDQGRXUDXGLWRUȢVUHSRUW
thereon.
2XURSLQLRQRQWKH6WDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVGRHVQRWFRYHUWKHRWKHULQIRUPDWLRQDQGZHGRQRWH[SUHVVDQ\
form of assurance conclusion thereon.
,QFRQQHFWLRQZLWKRXUDXGLWRIWKH6WDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVRXUUHVSRQVLELOLW\LVWRUHDGWKHRWKHULQIRUPDWLRQ
DQGLQGRLQJVRFRQVLGHUZKHWKHUVXFKRWKHULQIRUPDWLRQLVPDWHULDOO\LQFRQVLVWHQWZLWKWKH6WDQGDORQH,QG$6ˋQDQFLDO
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on work we
have performed, we conclude that there is material misstatement of this other information, we are required to report the
fact. We have nothing to report in this regard.
Responsibilities of Management for the Standalone Ind AS Financial Statements

7KH&RPSDQ\ȢV%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHGLQVHFWLRQRIWKH$FWZLWKUHVSHFWWRWKH
SUHSDUDWLRQRIWKHVHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRIWKHˋQDQFLDOSRVLWLRQˋQDQFLDO
SHUIRUPDQFHLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHFDVKˌRZVDQGFKDQJHVLQHTXLW\RIWKH&RPSDQ\LQDFFRUGDQFHZLWK
WKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDLQFOXGLQJWKH,QGLDQ$FFRXQWLQJ6WDQGDUGV,QG$6VSHFLˋHGXQGHU
VHFWLRQRIWKH$FWUHDGZLWKWKH&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHG7KLVUHVSRQVLELOLW\
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design,
LPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDGHTXDWHLQWHUQDOˋQDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHIIHFWLYHO\IRUHQVXULQJWKH
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS
ˋQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
,QSUHSDULQJWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVPDQDJHPHQWLVUHVSRQVLEOHIRUDVVHVVLQJWKH&RPSDQ\ȢVDELOLW\
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

7KRVH%RDUGRI'LUHFWRUVDUHDOVRUHVSRQVLEOHIRURYHUVHHLQJWKH&RPSDQ\ȢVˋQDQFLDOUHSRUWLQJSURFHVV
$XGLWRUȢV5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH6WDQGDORQH,QG$6)LQDQFLDO6WDWHPHQWV
2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVDVDZKROHDUH
IUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUDQGWRLVVXHDQDXGLWRUȢVUHSRUWWKDWLQFOXGHVRXURSLQLRQ
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
PDWHULDOLILQGLYLGXDOO\RULQWKHDJJUHJDWHWKH\FRXOGUHDVRQDEO\EHH[SHFWHGWRLQˌXHQFHWKHHFRQRPLFGHFLVLRQVRIXVHUV
WDNHQRQWKHEDVLVRIWKHVHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWV
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
ȩ ,GHQWLI\ DQG DVVHVV WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH VWDQGDORQH ,QG$6 ˋQDQFLDO VWDWHPHQWV ZKHWKHU GXH
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
VXIˋFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXURSLQLRQ7KHULVNRIQRWGHWHFWLQJDPDWHULDOPLVVWDWHPHQWUHVXOWLQJ
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
ȩ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
LQWKHFLUFXPVWDQFHV8QGHUVHFWLRQLRIWKH$FWZHDUHDOVRUHVSRQVLEOHIRUH[SUHVVLQJRXURSLQLRQRQZKHWKHU
WKH&RPSDQ\KDVDGHTXDWHLQWHUQDOˋQDQFLDOFRQWUROVV\VWHPLQSODFHDQGWKHRSHUDWLQJHIIHFWLYHQHVVRIVXFKFRQWUROV
ȩ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
ȩ &RQFOXGHRQWKHDSSURSULDWHQHVVRIPDQDJHPHQWȢVXVHRIWKHJRLQJFRQFHUQEDVLVRIDFFRXQWLQJDQGEDVHGRQWKH
DXGLWHYLGHQFHREWDLQHGZKHWKHUDPDWHULDOXQFHUWDLQW\H[LVWVUHODWHGWRHYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQLˋFDQW
GRXEWRQWKH&RPSDQ\ȢVDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQ,IZHFRQFOXGHWKDWDPDWHULDOXQFHUWDLQW\H[LVWVZH
DUHUHTXLUHGWRGUDZDWWHQWLRQLQRXUDXGLWRUȢVUHSRUWWRWKHUHODWHGGLVFORVXUHVLQWKHˋQDQFLDOVWDWHPHQWVRULIVXFK
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
GDWHRIRXUDXGLWRUȢVUHSRUW+RZHYHUIXWXUHHYHQWVRUFRQGLWLRQVPD\FDXVHWKH&RPSDQ\WRFHDVHWRFRQWLQXHDVD
going concern.
ȩ (YDOXDWHWKHRYHUDOOSUHVHQWDWLRQVWUXFWXUHDQGFRQWHQWRIWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVLQFOXGLQJWKH
GLVFORVXUHVDQGZKHWKHUWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVUHSUHVHQWWKHXQGHUO\LQJWUDQVDFWLRQVDQGHYHQWV
in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
WKHDXGLWDQGVLJQLˋFDQWDXGLWˋQGLQJVLQFOXGLQJDQ\VLJQLˋFDQWGHˋFLHQFLHVLQLQWHUQDOFRQWUROWKDWZHLGHQWLI\GXULQJRXU
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
Other Matters
7KHˋQDQFLDOVWDWHPHQWVDQGˋQDQFLDOLQIRUPDWLRQLQFOXGHWKH&RPSDQ\ȢVVKDUHRIWRWDODVVHWVRI` 782.78 million as at
March 31, 2019, and revenues of `PLOOLRQDQGQHWFDVKLQˌRZVRI` 376.12 million. In respect of a joint operation, for
WKH\HDUHQGHG0DUFK7KH,QG$6ˋQDQFLDOVWDWHPHQWVDQGRWKHUˋQDQFLDOLQIRUPDWLRQRIWKHVDLGMRLQWRSHUDWLRQ
KDYHEHHQDXGLWHGE\RWKHUDXGLWRUVZKRVHˋQDQFLDOVWDWHPHQWVRWKHUˋQDQFLDOLQIRUPDWLRQDQGDXGLWRUȢVUHSRUWVKDYH
EHHQIXUQLVKHGWRXVE\WKHPDQDJHPHQW2XUUHSRUWRQWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\LQVR
far as it relates to the amounts and disclosures included in respect of the said joint operation, is based solely on the reports
RIWKHVXFKRWKHUDXGLWRU2XURSLQLRQLVQRWPRGLˋHGLQUHVSHFWRIWKLVPDWWHU
Report on Other Legal and Regulatory Requirements
1 $VUHTXLUHGE\WKH&RPSDQLHV$XGLWRUȢV5HSRUW2UGHUȤWKH2UGHUȥLVVXHGE\WKH&HQWUDO*RYHUQPHQWRI,QGLDLQ
WHUPVRIVXEVHFWLRQRIVHFWLRQRIWKH$FWEDVHGRQRXUDXGLWZHJLYHLQWKHȤ$QQH[XUHȥDVWDWHPHQWRQWKH
PDWWHUVVSHFLˋHGLQSDUDJUDSKVDQGRIWKH2UGHU
$VUHTXLUHGE\6HFWLRQRIWKH$FWZHUHSRUWWKDW
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books;

F 7KH%DODQFH6KHHWWKH6WDWHPHQWRI3URˋWDQG/RVVLQFOXGLQJWKH6WDWHPHQWRI2WKHU&RPSUHKHQVLYH,QFRPH
the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the
books of account;
G ,QRXURSLQLRQWKHDIRUHVDLGVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVFRPSO\ZLWKWKH$FFRXQWLQJ6WDQGDUGVVSHFLˋHG
XQGHU6HFWLRQRIWKH$FWUHDGZLWK&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHG
(e) On the basis of the written representations received from the directors as on March 31, 2019 taken on record
E\WKH%RDUGRI'LUHFWRUVQRQHRIWKHGLUHFWRUVLVGLVTXDOLˋHGDVRQ0DUFKIURPEHLQJDSSRLQWHGDVD
GLUHFWRULQWHUPVRI6HFWLRQRIWKH$FW
I :LWK UHVSHFW WR WKH DGHTXDF\ RI WKH LQWHUQDO ˋQDQFLDO FRQWUROV RYHU ˋQDQFLDO UHSRUWLQJ RI WKH &RPSDQ\ ZLWK
UHIHUHQFHWRWKHVHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVDQGWKHRSHUDWLQJHIIHFWLYHQHVVRIVXFKFRQWUROVUHIHU
to our separate Report in “Annexure 2” to this report;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2019 has been paid / provided by the
Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
K :LWK UHVSHFW WR WKH RWKHU PDWWHUV WR EH LQFOXGHG LQ WKH $XGLWRUȢV 5HSRUW LQ DFFRUGDQFH ZLWK 5XOH RI WKH
&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVDVDPHQGHGLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQG
DFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXV
L 7KH&RPSDQ\KDVGLVFORVHGWKHLPSDFWRISHQGLQJOLWLJDWLRQVRQLWVˋQDQFLDOSRVLWLRQLQLWVVWDQGDORQH,QG$6
ˋQDQFLDOVWDWHPHQWVȟ5HIHU1RWH&WRWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWV
ii The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts;
iii There were no amounts which were required to be transferred to the Investor Education and Protection Fund
by the Company.
For S R B C & CO. LLP

,&$,)LUP5HJLVWUDWLRQ1XPEHU((
per Sudhir Soni

Partner
0HPEHUVKLS1XPEHU
3ODFH0XPEDL
'DWH0D\

Annexure 1 referred to in paragraph 1 under the section, ȡ5HSRUWRQ2WKHU/HJDO
DQG5HJXODWRU\5HTXLUHPHQWVȢRIRXUUHSRUWRIHYHQGDWH
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation
RIˋ[HGDVVHWV
(b) $OO ˋ[HG DVVHWV KDYH QRW EHHQ SK\VLFDOO\ YHULˋHG E\ WKH PDQDJHPHQW GXULQJ WKH \HDU EXW WKHUH LV D UHJXODU
SURJUDPPHRIYHULˋFDWLRQZKLFKLQRXURSLQLRQLVUHDVRQDEOHKDYLQJUHJDUGWRWKHVL]HRIWKH&RPSDQ\DQGWKH
QDWXUHRILWVDVVHWV1RPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQVXFKYHULˋFDWLRQ
(c) According to the information and explanations given by the management, the title deeds of immovable properties
LQFOXGHGLQSURSHUW\SODQWDQGHTXLSPHQWDUHKHOGLQWKHQDPHRIWKH&RPSDQ\H[FHSWWKHIROORZLQJ
i) title deeds of freehold land amounting to `PLOOLRQDUHQRWLQWKHQDPHRIWKH&RPSDQ\7KH&RPSDQ\
has initiated the process of transferring these properties in its name;
ii) title deeds of freehold land amounting to `PLOOLRQDUHQRWDYDLODEOH
iii) title deeds of freehold land amounting to `PLOOLRQLVLQGLVSXWHDQGLVSHQGLQJUHVROXWLRQZLWKWKH
JRYHUQPHQWDXWKRULW\LQ*XMDUDW
(ii) 7KHPDQDJHPHQWKDVFRQGXFWHGSK\VLFDOYHULˋFDWLRQRILQYHQWRU\H[FHSWIRULQYHQWRU\O\LQJZLWKWKLUGSDUWLHV
aggregating to `PLOOLRQDVDW\HDUHQGZKLFKKDYHQRWEHHQYHULˋHGGXULQJRUDWWKHHQGRIWKH\HDU,Q
RXURSLQLRQWKHIUHTXHQF\RIYHULˋFDWLRQLVUHDVRQDEOH,QYHQWRULHVO\LQJZLWKWKLUGSDUWLHVKDYHEHHQFRQˋUPHG
E\WKHPDVDW\HDUHQG1RPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQVXFKSK\VLFDOYHULˋFDWLRQ
(iii) (a) The Company has granted loans to three companies covered in the register maintained under section 189 of the
Companies Act, 2013. In our opinion and according to the information and explanations given to us, the terms and
FRQGLWLRQVRIWKHJUDQWRIVXFKORDQVDUHQRWSUHMXGLFLDOWRWKH&RPSDQ\ȢVLQWHUHVW
(b) The schedule of repayment of principal and payment of interest has been stipulated for the loans granted and the
repayment/receipts are regular.
(c) There are no amounts of loans granted to Companies listed in the register maintained under Section 189 of the
Companies Act, 2013 which are overdue for more than ninety days.
(iv) ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVSURYLVLRQVRIVHFWLRQDQG
of the Companies Act 2013 in respect of loans to directors including entities in which they are interested and in
respect of loans and advances given, investments made and, guarantees, and securities given have been complied
with by the Company.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies
$FFHSWDQFHRI'HSRVLWV5XOHVDVDPHQGHG$FFRUGLQJO\WKHSURYLVLRQVRIFODXVHYRIWKH2UGHUDUHQRW
applicable.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by
WKH&HQWUDO*RYHUQPHQWIRUWKHPDLQWHQDQFHRIFRVWUHFRUGVXQGHUVHFWLRQRIWKH&RPSDQLHV$FW
related to the manufacture of electric wires and cables, electric appliances, and are of the opinion that prima
IDFLHWKHVSHFLˋHGDFFRXQWVDQGUHFRUGVKDYHEHHQPDGHDQGPDLQWDLQHG:HKDYHQRWKRZHYHUPDGHDGHWDLOHG
examination of the same.
(vii) 8QGLVSXWHGVWDWXWRU\GXHVLQFOXGLQJSURYLGHQWIXQGHPSOR\HHVȢVWDWHLQVXUDQFHLQFRPHWD[FXVWRPVGXW\JRRGV
and service tax, cess and other statutory dues have been regularly deposited with the appropriate authorities
though there has been a slight delay in a few cases of professional tax.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident
IXQGHPSOR\HHVȢVWDWHLQVXUDQFHLQFRPHWD[VHUYLFHWD[VDOHVWD[GXW\RIFXVWRPGXW\RIH[FLVHYDOXHDGGHGWD[
goods and service tax, cess and other statutory dues were outstanding, at the year end, for a period of more than
six months from the date they became payable.

According to the information and explanation given to us, dues outstanding of income tax, sales tax, service tax,
duty of excise, customs duty and value added tax which have not been deposited on account of any dispute, are
DVIROORZV
Name of the Statute Nature of the Amount Period to which the Forum where dispute
Dues (` in millions) amount relates is pending
&HQWUDO([FLVH$FW 'XW\ 99.00 2006-07, 2010-2011, Asst. Comm / Comm / Comm

and Service Tax 2012-2016, 2017-18 $SSHDOV*67'LYLVLRQ
17.00 2007-11 Tribunal
State & Central Sales Tax, Interest 2000-01, 2007-08, 2008-09, $VVW&RPP&RPP'\
7D[ & Penalty Comm Appeal / Jt Comm
$SSHDO&RPP7D[RIˋFHU
/Comm Tax Inspector/ Asst.
2IˋFHU
3.90 West Bengal Appellant and
Revision Board
2010-11 Tribunal
Customs Act, 1962 'XW\ 6.20 2010-11 Comm of Customs
2016-17 CIT (Appeals)

Tax &
Income Tax Act, 1961 2017-18 'HSXW\&RPPLVVLRQHURI
Interest
Income Tax
5HFWLˋFDWLRQDSSOLFDWLRQˋOHGRQWK$SULOE\WKHPDQDJHPHQWRQWKHJURXQGVWKDWWKHGHPDQGLVHUURQHRXV
(viii) In our opinion and according to the information and explanations given by the management, the Company has
QRWGHIDXOWHGLQUHSD\PHQWRIORDQVRUERUURZLQJWRDˋQDQFLDOLQVWLWXWLRQRUEDQN7KHUHDUHQRERUURZLQJVIURP
government or dues to debenture holders.
(ix) According to the information and explanations given by the management, the Company has not raised any money
by way of initial public offer during the year ended March 31, 2019. Accordingly, we have not commented on the
utilisation of the same. The Company has not raised any money through debt instruments and term loans, hence,
reporting under clause (ix) is not applicable to the Company and hence not commented upon.
(x) %DVHGXSRQWKHDXGLWSURFHGXUHVSHUIRUPHGIRUWKHSXUSRVHRIUHSRUWLQJWKHWUXHDQGIDLUYLHZRIWKHˋQDQFLDO
statements and according to the information and explanations given by the management, we report that no fraud
E\WKH&RPSDQ\RUQRIUDXGRQWKH&RPSDQ\E\WKHRIˋFHUVDQGHPSOR\HHVRIWKH&RPSDQ\KDVEHHQQRWLFHGRU
reported during the year.
(xi) According to the information and explanations given by the management, the managerial remuneration has been
paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with
Schedule V to the Companies Act, 2013.
(xii) ,QRXURSLQLRQWKH&RPSDQ\LVQRWD1LGKLFRPSDQ\7KHUHIRUHWKHSURYLVLRQVRIFODXVH[LLRIWKHRUGHUDUHQRW
applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties
are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been
GLVFORVHGLQWKHQRWHVWRWKHˋQDQFLDOVWDWHPHQWVDVUHTXLUHGE\WKHDSSOLFDEOHDFFRXQWLQJVWDQGDUGV
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet,
the Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable
to the company and, not commented upon.

(xv) According to the information and explanations given by the management, the Company has not entered into any
non-cash transactions with directors or persons connected with him as referred to in section 192 of Companies
Act, 2013.
(xxvi) $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKHSURYLVLRQVRIVHFWLRQ,$RIWKH5HVHUYH%DQNRI
,QGLD$FWDUHQRWDSSOLFDEOHWRWKH&RPSDQ\

per Sudhir Soni

Partner
0HPEHUVKLS1XPEHU
3ODFH0XPEDL
'DWH0D\

$11(;85(727+(,1'(3(1'(17$8',725Ȣ65(32572)(9(1'$7(217+(67$1'$/21(
),1$1&,$/67$7(0(1762)3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQDV3RO\FDE:LUHV/LPLWHG
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of

6HFWLRQRIWKH&RPSDQLHV$FWȤWKH$FWȥ
:HKDYHDXGLWHGWKHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJRI3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQDV3RO\FDE
:LUHV/LPLWHGȤWKH&RPSDQ\ȥDVRI0DUFKbLQFRQMXQFWLRQZLWKRXUDXGLWRIWKHVWDQGDORQHˋQDQFLDOVWDWHPHQWVRIWKH
&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
0DQDJHPHQWȢV5HVSRQVLELOLW\IRU,QWHUQDO)LQDQFLDO&RQWUROV
7KH &RPSDQ\ȢV 0DQDJHPHQW LV UHVSRQVLEOH IRU HVWDEOLVKLQJ DQG PDLQWDLQLQJ LQWHUQDO ˋQDQFLDO FRQWUROV EDVHG RQ WKH
LQWHUQDO FRQWURO RYHU ˋQDQFLDO UHSRUWLQJ FULWHULD HVWDEOLVKHG E\ WKH &RPSDQ\ FRQVLGHULQJ WKH HVVHQWLDO FRPSRQHQWV RI
LQWHUQDOFRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\WKH
Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance
RIDGHTXDWHLQWHUQDOˋQDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHIIHFWLYHO\IRUHQVXULQJWKHRUGHUO\DQGHIˋFLHQWFRQGXFWRILWV
EXVLQHVVLQFOXGLQJDGKHUHQFHWRWKH&RPSDQ\ȢVSROLFLHVWKHVDIHJXDUGLQJRILWVDVVHWVWKHSUHYHQWLRQDQGGHWHFWLRQRI
IUDXGVDQGHUURUVWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRIUHOLDEOHˋQDQFLDO
information, as required under the Companies Act, 2013.
$XGLWRUȢV5HVSRQVLELOLW\
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKH &RPSDQ\ȢV LQWHUQDO ˋQDQFLDO FRQWUROV RYHU ˋQDQFLDO UHSRUWLQJ ZLWK
UHIHUHQFH WR WKHVH VWDQGDORQH ˋQDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW:H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJWKHȤ*XLGDQFH1RWHȥDQGWKH6WDQGDUGV
RQ$XGLWLQJDVVSHFLˋHGXQGHUVHFWLRQRIWKH&RPSDQLHV$FWWRWKHH[WHQWDSSOLFDEOHWRDQDXGLWRILQWHUQDO
ˋQDQFLDOFRQWUROVDQGERWKLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD7KRVH6WDQGDUGVDQGWKH*XLGDQFH
1RWHUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFH
DERXWZKHWKHUDGHTXDWHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDO
statements was established and maintained and if such controls operated effectively in all material respects.
2XUDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDGHTXDF\RIWKHLQWHUQDOˋQDQFLDOFRQWUROV
RYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVDQGWKHLURSHUDWLQJHIIHFWLYHQHVV2XUDXGLW
RILQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJDQXQGHUVWDQGLQJRILQWHUQDOˋQDQFLDOFRQWUROVRYHU
ˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVDVVHVVLQJWKHULVNWKDWDPDWHULDOZHDNQHVV
exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The
SURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRUȢVMXGJHPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRI
WKHˋQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIˋFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQ
RQWKHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWV
Meaning of Internal Financial Controls Over Financial Reporting With Reference to

these Financial Statements
$FRPSDQ\ȢVLQWHUQDOˋQDQFLDOFRQWURORYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVLV
D SURFHVV GHVLJQHG WR SURYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ WKH UHOLDELOLW\ RI ˋQDQFLDO UHSRUWLQJ DQG WKH SUHSDUDWLRQ
RI ˋQDQFLDO VWDWHPHQWV IRU H[WHUQDO SXUSRVHV LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV$ FRPSDQ\ȢV
LQWHUQDOˋQDQFLDOFRQWURORYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVLQFOXGHVWKRVH
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
UHˌHFWWKHWUDQVDFWLRQVDQGGLVSRVLWLRQVRIWKHDVVHWVRIWKHFRPSDQ\SURYLGHUHDVRQDEOHDVVXUDQFHWKDWWUDQVDFWLRQV
DUHUHFRUGHGDVQHFHVVDU\WRSHUPLWSUHSDUDWLRQRIˋQDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJ
principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
RIXQDXWKRULVHGDFTXLVLWLRQXVHRUGLVSRVLWLRQRIWKHFRPSDQ\ȢVDVVHWVWKDWFRXOGKDYHDPDWHULDOHIIHFWRQWKHˋQDQFLDO
statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
With Reference to these Standalone Financial Statements
%HFDXVHRIWKHLQKHUHQWOLPLWDWLRQVRILQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQH
ˋQDQFLDO VWDWHPHQWV LQFOXGLQJ WKH SRVVLELOLW\ RI FROOXVLRQ RU LPSURSHU PDQDJHPHQW RYHUULGH RI FRQWUROV PDWHULDO
misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
ˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVWRIXWXUHSHULRGVDUH
VXEMHFWWRWKHULVNWKDWWKHLQWHUQDOˋQDQFLDOFRQWURORYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDO
statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
Opinion
,Q RXU RSLQLRQ WKH &RPSDQ\ KDV LQ DOO PDWHULDO UHVSHFWV DGHTXDWH LQWHUQDO ˋQDQFLDO FRQWUROV RYHU ˋQDQFLDO UHSRUWLQJ
ZLWKUHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVDQGVXFKLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWK
UHIHUHQFHWRWKHVHVWDQGDORQHˋQDQFLDOVWDWHPHQWVZHUHRSHUDWLQJHIIHFWLYHO\DVDW0DUFKEDVHGRQWKHLQWHUQDO
FRQWURO RYHU ˋQDQFLDO UHSRUWLQJ FULWHULD HVWDEOLVKHG E\ WKH &RPSDQ\ FRQVLGHULQJ WKH HVVHQWLDO FRPSRQHQWV RI LQWHUQDO
FRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\WKH,QVWLWXWH
of Chartered Accountants of India.

per Sudhir Soni

Partner
0HPEHUVKLS1XPEHU
3ODFH0XPEDL
'DWH0D\

Standalone Balance Sheet as at 31 March 2019 (` Million)
As at As at
1RWHV 0DUFK 31 March 2018
ASSETS
Non-current assets
Property, plant and equipment 3 12,515.09 11,772.33
Capital work-in-progress 3 1,858.67
Intangible assets 34.98
Financial assets
a) Investments 426.94 386.02
b) Trade receivables 1,351.27 880.00
F2WKHUˋQDQFLDODVVHWV 49.59
,QFRPHWD[DVVHWV1HW 6 97.67 312.01
Other non-current assets 7 544.07 302.10
16,878.28
&XUUHQWDVVHWV
Inventories 8 19,804.31
Financial assets 9
a) Trade receivables 13,415.91
b) Cash and cash equivalents 1,777.44
c) Bank balance other than cash and cash equivalents 1,379.47
d) Loans 139.34 168.80
H2WKHUFXUUHQWˋQDQFLDODVVHWV 724.68
Other current assets 10 1,834.52
39,075.67
$VVHWVFODVVLˋHGDVKHOGIRUGLVSRVDO 11 0.22 2.70
39,075.89
TOTAL ASSETS 55,954.17
(48,7<$1'/,$%,/,7,(6
(TXLW\
Equity Share Capital 12 1,412.06
Other Equity 13 27,077.38
28,489.44
/LDELOLWLHV
1RQFXUUHQWOLDELOLWLHV
Financial liabilities
- Borrowings 785.83
Provisions 161.90
'HIHUUHGWD[OLDELOLWLHVQHW 16 227.80
Other non-current liabilities 17 257.04 182.19
1,432.57
&XUUHQWOLDELOLWLHV
Financial liabilities 18
a) Borrowings 1,023.47
b) Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises 103.88 77.70
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 14,995.12 9,067.11
F2WKHUFXUUHQWˋQDQFLDOOLDELOLWLHV 1,774.20
Other current liabilities 19 6,256.79 1,037.06
Provisions 20 208.23
Current tax liabilities (net) 21 1,670.47 823.20
26,032.16
727$/(48,7<$1'/,$%,/,7,(6 55,954.17
&RUSRUDWHLQIRUPDWLRQDQGVXPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHV 1&2
Contingent liabilities and commitments 33
Other notes to accounts WR
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVWDQGDORQHˋQDQFLDOVWDWHPHQWV
$VSHURXUUHSRUWRIHYHQGDWH )RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUVRI
For 65%& &2//3 Chartered Accountants 3RO\FDE,QGLD/LPLWHG )RUPHUO\NQRZQDVȡ3RO\FDE:LUHV/LPLWHGȢ
,&$,)LUP5HJLVWUDWLRQ1R(( &,18'/3/&
per Sudhir Soni Partner ,QGHU7-DLVLQJKDQLChairman & Managing Director 5DPHVK7-DLVLQJKDQLWhole Time Director
0HPEHUVKLS1R ',1 ',1
3ODFH0XPEDL 6/%DMDMCFO & Whole Time Director 661DUD\DQDCompany Secretary
'DWH0D\ ',1 0HPEHUVKLS1R)
3ODFH0XPEDL 'DWH0D\

6WDQGDORQH6WDWHPHQWRI3URˋW /RVVfor the year ended 31 March 2019 ( ` Million)
1RWHV Year ended Year ended

0DUFK 31 March 2018
,1&20(
Revenue from operations 22 79,105.53
Other income 23 935.22 671.30
727$/,1&20( 80,040.75
(;3(16(6
Cost of materials consumed 54,634.21
Purchases of traded goods 3,237.14
&KDQJHVLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV 26 (1,056.84) 702.08
Excise duty -
Project bought outs and other cost 27 2,543.04
(PSOR\HHEHQHˋWVH[SHQVH 28 2,969.87
Finance cost 29 1,157.72 921.70
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV 30 1,400.71 1,319.70
Other expenses 31 7,589.02
727$/(;3(16(6 72,474.87
3URˋWEHIRUHWD[ 7,565.88
,1&20(7$;(;3(16(6 16
Current tax 2,947.07
Adjustment of tax relating to earlier periods (73.55) (320.63)
'HIHUUHGWD[FUHGLWFKDUJH (322.03)
727$/7$;(;3(16( 2,551.49
3URˋWIRUWKH\HDU 5,014.39
27+(5&2035(+(16,9(,1&20(
,WHPVWKDWZLOOQRWEHUHFODVVLˋHGWRSURˋWRUORVV
5HPHDVXUHPHQWJDLQVORVVHVRQGHˋQHGEHQHˋWSODQV (6.75)
Income tax related to above item (refer note - 16 (B)) 2.36 (9.20)
Other comprehensive income for the year, net of tax (4.39) 17.30
727$/&2035(+(16,9(,1&20()257+(<($51(72)7$; 5,010.00 3,601.17
($51,1*63(56+$5( 32
Basic earnings per share (`) 35.51
'LOXWHGHDUQLQJVSHUVKDUH`) 35.51
&RUSRUDWHLQIRUPDWLRQDQGVXPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHV 1&2
Contingent liabilities and commitments 33
As per our report of even date )RUDQGRQEHKDOIRIWKH%RDUGRI'LUHFWRUVRI
For 65%& &2//3 3RO\FDE,QGLD/LPLWHG
Chartered Accountants (Formerly known as 'Polycab Wires Limited')
per Sudhir Soni ,QGHU7-DLVLQJKDQL 5DPHVK7-DLVLQJKDQL
Partner Chairman & Managing Director Whole Time Director
3ODFH0XPEDL 6/%DMDM 661DUD\DQD
'DWH0D\ CFO & Whole Time Director Company Secretary
',1 0HPEHUVKLS1R)
3ODFH0XPEDL
'DWH0D\

Standalone Statement of Changes in Equity for the year ended 31 March 2019
A)(48,7<6+$5(&$3,7$/ b b b (` Million) (except for no. of shares)
b b b b b 1XPEHUV Amount
As at 1 April 2018
Changes in equity share capital during the year - -
$VDW0DUFK b b b b 141,205,838 1,412.06
B)27+(5(48,7< b b b b b (` Million)
Reserves & Surplus
Capital Securities *HQHUDO ESOP Retained Total other
Reserve Premium Reserve outstanding Earnings equity
As at 1 April 2017 0.13 3,205.60 650.69 - 14,778.52 18,634.94
1HWSURˋWIRUWKH\HDU
2WKHUFRPSUHKHQVLYHLQFRPH
Other comprehensive income for the year, b b b b 17.30 17.30
net of tax
7RWDOFRPSUHKHQVLYHLQFRPH - - - - 3,601.17 3,601.17
Dividends
Interim equity dividend
Tax on interim equity dividend
$VDW0DUFK 0.13 - 18,209.73
1HWSURˋWIRUWKH\HDU
6KDUHEDVHGSD\PHQWVWRHPSOR\HHV

Share issue expense (refer note 12(D))
Other comprehensive income for the year,
net of tax
b b b b b b
7RWDOFRPSUHKHQVLYHLQFRPH - -
$VDW0DUFK 0.13 3,057.32 650.69 149.51 23,219.73 27,077.38

Corporate information and summary of
VLJQLˋFDQWDFFRXQWLQJSROLFLHV 1RWH
Contingent liabilities and commitments 1RWH

Other notes to accounts 1RWHWR b b b
Chartered Accountants )RUPHUO\NQRZQDVȡ3RO\FDE:LUHV/LPLWHGȢ
per6XGKLU6RQL ,QGHU7-DLVLQJKDQL 5DPHVK7-DLVLQJKDQL


',1 0HPEHUVKLS1R)
3ODFH0XPEDL
'DWH0D\
Standalone Statement of Cash Flows for the year ended 31 March 2019 ( ` Million)
Year ended Year ended

0DUFK 31 March 2018
$&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
$GMXVWPHQWVWRUHFRQFLOHSURˋWEHIRUHWD[WRQHWFDVKˌRZV
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVH 1,400.71 1,319.70
*DLQ/RVVRQGLVSRVDORISURSHUW\SODQWDQGHTXLSPHQW (21.06) (80.60)
Finance income (128.74) (28.20)
,QWHUHVWDQGRWKHUˋQDQFHFRVW 1,157.72 921.70
ESOP compensation expense 149.51 -
)DLUYDOXDWLRQRIˋQDQFLDODVVHWV 136.32 (8.60)
Liabilities/provisions no longer required written back (13.67)
Impairment allowance for trade receivable considered doubtful 548.50
Share issue expense 17.05 -
Unrealised foreign exchange (gain)/loss 186.75 213.28
Fair value of written put options (6.10)
Sundry advances written-off 24.89 8.00
2SHUDWLQJSURˋWEHIRUHZRUNLQJFDSLWDOFKDQJHV 11,017.76
Movements in working capital
(Increase)/decrease in trade receivables (1,518.51) (1,717.81)
,QFUHDVHGHFUHDVHLQRWKHUˋQDQFLDODQGQRQˋQDQFLDODVVHWV 194.96
(Increase)/decrease in inventories (6,245.31)
,QFUHDVHGHFUHDVHLQWUDGHSD\DEOHVRWKHUˋQDQFLDODQGQRQˋQDQFLDOOLDELOLWLHV 10,603.38
and provisions
&DVKJHQHUDWHGIURPRSHUDWLRQV 14,052.28
,QFRPHWD[SDLGLQFOXGLQJ7'6QHW (1,811.91) (1,392.98)
1HWFDVKˌRZVIURPRSHUDWLQJDFWLYLWLHV$ 12,240.37
%&$6+)/2:6)520,19(67,1*$&7,9,7,(6
Proceeds from sale of property, plant and equipment including assets held for 47.30
disposal
Purchase of property, plant and equipment (including capital work-in-progress) (2,761.44)
and intangible assets
Proceeds from sale of mutual funds 1.40 -
Investment in equity shares of subsidiaries (39.64)
Proceeds/(Repayment) of loan from/to related parties 31.05
Maturity/(Investment) made in bank deposits (having original maturity of more (1,354.87)
than 3 months)
,QWHUHVWUHFHLYHGˋQDQFHLQFRPH 118.73 31.20
1HWFDVKˌRZVIURPXVHGLQLQYHVWLQJDFWLYLWLHV% (3,957.47) (1,779.99)
&&$6+)/2:6)520),1$1&,1*$&7,9,7,(6
,QWHUHVWDQGRWKHUˋQDQFHFRVWSDLG (773.53)

Share issue expenses (91.04) -
Repayment of long term borrowings (740.08) (333.60)
Proceeds from long term borrowings - 679.60
Proceeds/(Repayment) from short term borrowings (4,939.56)
Payment of dividend and dividend distribution tax (28.75) (169.87)
1HWFDVKˌRZVIURPXVHGLQˋQDQFLQJDFWLYLWLHV& (6,572.96) (1,886.39)
1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV$%& 1,709.94

Cash and cash equivalents at the beginning of the period 67.50 213.92
&DVKDQGFDVKHTXLYDOHQWVDWWKH\HDUHQGUHIHU1RWH% 1,777.44

Standalone Statement of Cash Flows for the year ended 31 March 2019 ( ` Million)

1RWHV
0DUFK 31 March 2018
1RQFDVKLQYHVWLQJDQGˋQDQFLQJWUDQVDFWLRQ
*DLQORVVRQIDLUYDOXDWLRQRI)LQDQFLDODVVHW (32.51)

*DLQORVVRQIDLUYDOXDWLRQRI)LQDQFLDOOLDELOLW\ 6.10
&RUSRUDWH,QIRUPDWLRQDQG6XPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHV 1&2
Contingent liabilities and Commitments 33
2WKHU1RWHVWR$FFRXQWV WR
1RWHV)LJXUHVLQEUDFNHWVLQGLFDWHVRXWˌRZV
Chartered Accountants )RUPHUO\NQRZQDVȡ3RO\FDE:LUHV/LPLWHGȢ
per6XGKLU6RQL ,QGHU7-DLVLQJKDQL 5DPHVK7-DLVLQJKDQL


',1 0HPEHUVKLS1R)
3ODFH0XPEDL
'DWH0D\

1RWHVWR6WDQGDORQH)LQDQFLDO6WDWHPHQWVIRUWKH\HDUHQGHG0DUFK
1 Corporate information
3RO\FDE,QGLD/LPLWHGȡ7KH&RPSDQ\ȢLVDSXEOLFOLPLWHGFRPSDQ\&,18'/3/&GRPLFLOHGLQ,QGLD
DQG LQFRUSRUDWHG XQGHU WKH SURYLVLRQV RI WKH &RPSDQLHV $FW 7KH VWDWXV RI WKH &RPSDQ\ 3RO\FDE :LUHV 3ULYDWH
Limited has been changed from Private Limited to Public Limited as per the approval received from Registrar of Companies,
'HOKLRQ$XJXVWDQGFRQVHTXHQWO\WKHQDPHRIWKH&RPSDQ\KDVEHHQFKDQJHGWR3RO\FDE:LUHV/LPLWHG7KH
QDPHRIWKH&RPSDQ\KDVEHHQIXUWKHUFKDQJHGWR3RO\FDE,QGLD/LPLWHGZLWK&HUWLˋFDWHRI,QFRUSRUDWLRQSXUVXDQWWR
FKDQJHRIQDPHGDWHG2FWREHU7KH5HJLVWHUHGRIˋFHRIWKHFRPSDQ\LVVLWXDWHGDW(*UHDWHU.DLODVK,,1HZ
'HOKL7KH&RPSDQ\LVRQHRIWKHODUJHVWPDQXIDFWXUHUVRIYDULRXVW\SHVRIFDEOHVDQGZLUHV7KH&RPSDQ\LV
also in the business of Engineering, Procurement and Construction (EPC) projects, Manufacturing and trading of Electrical
:LULQJ$FFHVVRULHV(OHFWULFDO$SSOLDQFHVDQG$JUR3LSHDQGSXPSV7KH&RPSDQ\ȢVPDQXIDFWXULQJIDFLOLWLHVDUHORFDWHGDW
'DPDQLQ'DPDQDQG'LX+DOROLQ*XMDUDW1DVKLNLQ0DKDUDVKWUDDQG5RRUNHHLQ8WWDUDNKDQG7KH&RPSDQ\FDWHUVWRERWK
domestic and international markets.
7KH &RPSDQ\ KDV HQWHUHG LQWR WKH OLVWLQJ DJUHHPHQW ZLWK WKH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD ȡ6(%,Ȣ RQ
$SULO SXUVXDQW WR WKH UHTXLUHPHQWV RI WKH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD /LVWLQJ 2EOLJDWLRQV DQG
'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQVDVDUHVXOWRIZKLFKLWVVKDUHVKDYHVWDUWHGWUDGLQJRQWKH1DWLRQDO6WRFN
([FKDQJH16(DQG%RPED\6WRFN([FKDQJH%6(RQ$SULO
6LJQLˋFDQW$FFRXQWLQJ3ROLFLHV
2.1 Basis of preparation
7KH&RPSDQ\SUHSDUHGLWVˋQDQFLDOVWDWHPHQWVWRFRPSO\ZLWKWKHDFFRXQWLQJVWDQGDUGVVSHFLˋHGXQGHUVHFWLRQRI
WKH&RPSDQLHV$FWUHDGZLWK&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHG7KHVHˋQDQFLDO
VWDWHPHQWVLQFOXGHV6WDQGDORQH%DODQFH6KHHWDVDW0DUFKWKH6WDQGDORQHVWDWHPHQWRI3URˋWDQG/RVVLQFOXGLQJ
2WKHU &RPSUHKHQVLYH ,QFRPH DQG 6WDQGDORQH FDVK ˌRZV DQG 6WDQGDORQH VWDWHPHQW RI FKDQJHV LQ HTXLW\ IRU WKH\HDU
HQGHG 0DUFK DQG D VXPPDU\ RI VLJQLˋFDQW DFFRXQWLQJ SROLFLHV DQG RWKHU H[SODQDWRU\ LQIRUPDWLRQ WRJHWKHU
KHUHLQDIWHUUHIHUUHGWRDVȤ6WDQGDORQH)LQDQFLDO6WDWHPHQWVȥRUȤˋQDQFLDOVWDWHPHQWVȥ
The Standalone Financial Information for the year ended 31 March 2019 and year ended 31 March 2018 has been prepared
RQDQDFFUXDOEDVLVDQGDKLVWRULFDOFRVWFRQYHQWLRQH[FHSWIRUWKHIROORZLQJˋQDQFLDODVVHWVDQGOLDELOLWLHVZKLFKKDYH
EHHQPHDVXUHGDWIDLUYDOXH
y 'HULYDWLYHˋQDQFLDOLQVWUXPHQWV
y &HUWDLQˋQDQFLDODVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHUHIHUDFFRXQWLQJSROLF\UHJDUGLQJˋQDQFLDOLQVWUXPHQWV
7KHDQQXDOˋQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFKZHUHSUHSDUHGLQ`LQFURUHVKRZHYHUWKHVHˋQDQFLDO
statements have been prepared in ` in Millions herein.
Accounting policies and methods of computation followed in the Standalone Financial Statements are same as compared
ZLWK WKH DQQXDO ˋQDQFLDO VWDWHPHQWV IRU WKH \HDU HQGHG 0DUFK H[FHSW IRU DGRSWLRQ RI QHZ VWDQGDUG RU DQ\
pronouncements effective from 1 April 2018.
7KH &RQVROLGDWHG ˋQDQFLDO VWDWHPHQWV DUH SUHVHQWHG LQ ,QGLDQ 5XSHHV Ȥ`”) and all values are rounded to the nearest
million upto two decimal places, except otherwise indicated.
,QG $6 5HYHQXH IURP &RQWUDFWV ZLWK &XVWRPHUV EHFDPH PDQGDWRU\ IRU UHSRUWLQJ SHULRGV EHJLQQLQJ RQ RU DIWHU
$SULOUHSODFHVWKHH[LVWLQJUHYHQXHUHFRJQLWLRQVWDQGDUGV7KH&RPSDQ\KDVDSSOLHGWKHPRGLˋHGUHWURVSHFWLYH
DSSURDFK DQG DFFRUGLQJO\ KDV LQFOXGHG WKH LPSDFW RI ,QG $6 DSSOLFDEOH WR WKH LQWHULP SHULRG UHVHQWHG LQ WKHVH
Standalone Financial Statements. The Company has adopted following accounting policy for revenue recognition.
6XPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHV
D ,QYHVWPHQWLQVXEVLGLDULHVDQGMRLQWYHQWXUHV
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of
an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the
parties sharing control.
7KHFRQVLGHUDWLRQVPDGHLQGHWHUPLQLQJZKHWKHUVLJQLˋFDQWLQˌXHQFHRUMRLQWFRQWURODUHVLPLODUWRWKRVHQHFHVVDU\
to determine control over the subsidiaries.
7KH&RPSDQ\ȢVLQYHVWPHQWVLQLWVVXEVLGLDULHVDQGMRLQWYHQWXUHLVLQLWLDOO\UHFRJQL]HGDWFRVW7KH&RPSDQ\GHWHUPLQHV
whether it is necessary to recognise an impairment loss on its investment in its subsidiary or joint venture. At each
reporting date, the Company determines whether there is objective evidence that the investment in the subsidiary
or joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the
difference between the recoverable amount of the subsidiary or joint venture and its carrying value and recognises
WKHLPSDLUPHQWORVVLQWKHVWDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVV
E -RLQWRSHUDWLRQ
The Company recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its
share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the
VHSDUDWH,QG$6ˋQDQFLDOVWDWHPHQWVXQGHUWKHDSSURSULDWHKHDGLQJV
The Company being a joint operator has recognised its share of assets, liabilities, income and expenses of these joint
operations incurred jointly with other partner, along with its share of income from the sale of the output and any
assets, liabilities and expenses that it has incurred in relation to joint operation.
F &XUUHQWYHUVXVQRQFXUUHQWFODVVLˋFDWLRQ
The Company presents assets and liabilities in the Standalone Balance sheet based on current / non-current
FODVVLˋFDWLRQ
An asset is treated as current when it is:
y Expected to be realised or intended to be sold or consumed in normal operating cycle;
y +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
y Expected to be realised within twelve months after the reporting period; or
y Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.
$OORWKHUDVVHWVDUHFODVVLˋHGDVQRQFXUUHQW
$OLDELOLW\LVWUHDWHGDVFXUUHQWZKHQ
y It is expected to be settled in normal operating cycle;
y It is held primarily for the purpose of trading;
y It is due to be settled within twelve months after the reporting period; or
y There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.
7KH&RPSDQ\FODVVLˋHVDOORWKHUOLDELOLWLHVDVQRQFXUUHQW
'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVLˋHGDVQRQFXUUHQWDVVHWVDQGOLDELOLWLHV
d Fair value measurement

7KH&RPSDQ\PHDVXUHVˋQDQFLDOLQVWUXPHQWVVXFKDVGHULYDWLYHVPXWXDOIXQGVHWFDWIDLUYDOXHDWHDFK6WDQGDORQH
Balance sheet date.
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 participants at the measurement date. The fair value measurement is based on the presumption that
WKHWUDQVDFWLRQWRVHOOWKHDVVHWRUWUDQVIHUWKHOLDELOLW\WDNHVSODFHHLWKHU
y In the principal market for the asset or liability, or
y In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.
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.
7KH &RPSDQ\ XVHV YDOXDWLRQ WHFKQLTXHV WKDW DUH DSSURSULDWH LQ WKH FLUFXPVWDQFHV DQG IRU ZKLFK VXIˋFLHQW GDWD
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the Standalone Financial Statements are
FDWHJRULVHGZLWKLQWKHIDLUYDOXHKLHUDUFK\GHVFULEHGDVIROORZVEDVHGRQWKHORZHVWOHYHOLQSXWWKDWLVVLJQLˋFDQWWR
WKHIDLUYDOXHPHDVXUHPHQWDVDZKROH
y Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

y /HYHOȠ9DOXDWLRQWHFKQLTXHVIRUZKLFKWKHORZHVWOHYHOLQSXWWKDWLVVLJQLˋFDQWWRWKHIDLUYDOXHPHDVXUHPHQW
is directly or indirectly observable
y /HYHOȠ9DOXDWLRQWHFKQLTXHVIRUZKLFKWKHORZHVWOHYHOLQSXWWKDWLVVLJQLˋFDQWWRWKHIDLUYDOXHPHDVXUHPHQW
is unobservable
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of
the nature, characteristics and risk of the assets or liability and the level of fair value hierarchy as explained above.
H 3URSHUW\SODQWDQGHTXLSPHQWDQGFDSLWDOZRUNLQSURJUHVV
Property, plant and equipment are stated at cost, net of accumulated depreciation and impairment losses, if any.
The cost comprises purchase price, borrowing costs if capitalisation criteria are met and directly attributable cost
of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price.
Subsequent expenditure related to an item of property, plant and equipment is added to its book value only if it
LQFUHDVHVWKHIXWXUHEHQHˋWVIURPWKHH[LVWLQJDVVHWEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRISHUIRUPDQFH$OO
other expenses on existing property, plant and equipment, including day-to-day repair and maintenance expenditure
DQGFRVWRIUHSODFLQJSDUWVDUHFKDUJHGWRWKH6WDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVVIRUWKHSHULRGLQ
which such expenses are incurred.
Capital work-in-progress comprises of property, plant and equipment that are not ready for their intended use at the
end of reporting period and are carried at cost comprising direct costs, related incidental expenses, other directly
attributable costs and borrowing costs.
*DLQVRUORVVHVDULVLQJIURPGHUHFRJQLWLRQRISURSHUW\SODQWDQGHTXLSPHQWVDUHPHDVXUHGDVWKHGLIIHUHQFHEHWZHHQ
WKHQHWGLVSRVDOSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKH6WDWHPHQWRI6WDQGDORQH
6WDWHPHQWRI3URˋW /RVVZKHQWKHDVVHWLVGHUHFRJQL]HG
'HSUHFLDWLRQRQ3URSHUW\SODQWDQGHTXLSPHQWȢVLVFDOFXODWHGRQSURUDWDEDVLVRQVWUDLJKWOLQHPHWKRGXVLQJWKH
management assessed useful lives of the assets which is in line with the manner prescribed in Schedule II of the
&RPSDQLHV$FW7KHXVHIXOOLIHLVDVIROORZV
3URSHUW\SODQWDQGHTXLSPHQW
Assets Useful life (In Years)
Buildings 30-60
3ODQW HTXLSPHQWV
Electrical installations 10
)XUQLWXUH ˋ[WXUHV
2IˋFHHTXLSPHQWV
Windmill 22
Vehicles 8-10
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
ˋQDQFLDO\HDUHQGDQGDGMXVWHGSURVSHFWLYHO\
/HDVHKROGODQGVDUHDPRUWL]HGRYHUWKHSHULRGRIOHDVH
Lease hold Improvements are depreciated on straight line basis over their initial agreement period.
I ,QWDQJLEOHDVVHWV
Intangible assets are stated at cost, net of accumulated amortisation and impairment losses, if any. The cost comprises
purchase price, borrowing costs if capitalisation criteria are met and directly attributable cost of bringing the asset to
its working condition for the intended use.
*DLQV RU ORVVHV DULVLQJ IURP GHUHFRJQLWLRQ RI LQWDQJLEOH DVVHWV DUH PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ WKH QHW
GLVSRVDOSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKH6WDWHPHQWRI6WDQGDORQH6WDWHPHQW
RI3URˋW /RVVZKHQWKHDVVHWLVGHUHFRJQL]HG
Amortisation on intangible assets is calculated on pro rata basis on straight-line method using the useful lives of the
DVVHWVDQGLQWKHPDQQHUSUHVFULEHGLQ6FKHGXOH,,RIWKH&RPSDQLHV$FW7KHXVHIXOOLIHLVDVIROORZV
Computer software 3

7KHUHVLGXDOYDOXHVXVHIXOOLYHVDQGPHWKRGVRIGHSUHFLDWLRQRI,QWDQJLEOHDVVHWVDUHUHYLHZHGDWHDFKˋQDQFLDO\HDU
end and adjusted prospectively.
J /HDVHV
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement
DWWKHLQFHSWLRQRIWKHOHDVH7KHDUUDQJHPHQWLVRUFRQWDLQVDOHDVHLIIXOˋOPHQWRIWKHDUUDQJHPHQWLVGHSHQGHQW
RQWKHXVHRIDVSHFLˋFDVVHWRUDVVHWVDQGWKHDUUDQJHPHQWFRQYH\VDULJKWWRXVHWKHDVVHWRUDVVHWVHYHQLIWKDW
ULJKWLVQRWH[SOLFLWO\VSHFLˋHGLQDQDUUDQJHPHQW
$OHDVHLVFODVVLˋHGDWWKHLQFHSWLRQGDWHDVDˋQDQFHOHDVHRUDQRSHUDWLQJOHDVH$OHDVHWKDWWUDQVIHUVVXEVWDQWLDOO\
DOOWKHULVNVDQGUHZDUGVLQFLGHQWDOWRRZQHUVKLSWRWKH&RPSDQ\LVFODVVLˋHGDVDˋQDQFHOHDVH/HDVHVLQZKLFKWKH
&RPSDQ\GRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLSRIDQDVVHWDUHFODVVLˋHGDVRSHUDWLQJ
leases.
&RPSDQ\DVD/HVVHH
2SHUDWLQJOHDVHSD\PHQWVDUHUHFRJQLVHGDVDQH[SHQVHLQWKHVWDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVV
as per the contractual terms over the lease period.
Finance lease are capitalised at the commencement of the lease and depreciated over the period of lease.
h Borrowing costs
%RUURZLQJFRVWLQFOXGHVLQWHUHVWH[FKDQJHGLIIHUHQFHVDULVLQJIURPWKHIRUHLJQFXUUHQF\ERUURZLQJVDQGDPRUWL]DWLRQ
of ancillary costs incurred in connection with the arrangement of borrowings.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes
a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the
respective asset. All other borrowing costs are expensed in the period they occur.
L ,PSDLUPHQWRIQRQˋQDQFLDODVVHWV
The carrying amounts of assets are reviewed at each Standalone Balance sheet date, if there is any indication of
impairment based on internal / external factors. Impairment Loss is provided to the extent the carrying amount of
DVVHWVH[FHHGVWKHLUUHFRYHUDEOHDPRXQW5HFRYHUDEOHDPRXQWLVWKHKLJKHURIDQDVVHWȢVQHWVHOOLQJSULFHDQGLWV
YDOXHLQXVH9DOXHLQXVHLVWKHSUHVHQWYDOXHRIHVWLPDWHGIXWXUHFDVKˌRZVH[SHFWHGWRDULVHIURPWKHFRQWLQXLQJ
XVH RI DQ DVVHW DQG IURP LWV GLVSRVDO DW WKH HQG RI LWV XVHIXO OLIH 1HW VHOOLQJ SULFH LV WKH DPRXQW REWDLQDEOH
IURP WKH VDOH RI DQ DVVHW LQ DQ DUPȢV OHQJWK WUDQVDFWLRQ EHWZHHQ NQRZOHGJHDEOH ZLOOLQJ SDUWLHV OHVV WKH FRVWV
of disposal.
,PSDLUPHQWORVVHVDUHUHFRJQLVHGLQWKHVWDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVV
M 1RQ&XUUHQWDVVHWVKHOGIRUVDOH
7KH&RPSDQ\FODVVLˋHVQRQFXUUHQWDVVHWVDVKHOGIRUVDOHLIWKHLUFDUU\LQJDPRXQWVZLOOEHUHFRYHUHGSULQFLSDOO\
through a sale rather than through continuing use. Actions required to complete the sale should indicate that it is
XQOLNHO\WKDWVLJQLˋFDQWFKDQJHVWRWKHVDOHZLOOEHPDGHRUWKDWWKHGHFLVLRQWRVHOOZLOOEHZLWKGUDZQ7KH&RPSDQ\
LVFRPPLWWHGWRWKHVDOHH[SHFWHGZLWKLQRQH\HDUIURPWKHGDWHRIFODVVLˋFDWLRQ
1RQFXUUHQWDVVHWVKHOGIRUVDOHDUHPHDVXUHGDWWKHORZHURIWKHLUFDUU\LQJDPRXQWDQGWKHIDLUYDOXHOHVVFRVWV
WRVHOO$VVHWVDQGOLDELOLWLHVFODVVLˋHGDVKHOGIRUVDOHDUHSUHVHQWHGVHSDUDWHO\LQWKH6WDQGDORQH%DODQFHVKHHW
3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWVRQFHFODVVLˋHGDVKHOGIRUVDOHDUHQRWGHSUHFLDWHGRUDPRUWLVHG
N ,QYHQWRULHV
5DZ PDWHULDOV WUDGHG JRRGV ZRUN LQ SURJUHVV ˋQLVKHG JRRGVSDFNLQJ PDWHULDOV SURMHFW PDWHULDO IRU ORQJ WHUP
FRQWUDFWV VFUDS PDWHULDOV DQG VWRUHV DQG VSDUHV DUH YDOXHG DW ORZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH +RZHYHU
materials and other items held for use in the production of inventories are not written down below cost if the
ˋQLVKHGSURGXFWVLQZKLFKWKH\ZLOOEHLQFRUSRUDWHGDUHH[SHFWHGWREHVROGDWRUDERYHFRVW&RVWRIUDZPDWHULDOV
packing materials, and stores and spares is determined on a First In-First Out (FIFO) basis and includes all applicable
costs incurred in bringing goods to their present location and condition.
:RUNLQSURJUHVV DQG ˋQLVKHG JRRGV DUH YDOXHG DW ORZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH &RVW LQFOXGHV GLUHFW
materials as aforesaid,direct labour cost and a proportion of manufacturing overheads based on total manufacturing
overheads to raw materials consumed.

7UDGHG JRRGV DUH YDOXHG DW ORZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH &RVW LQFOXGHV FRVW RI SXUFKDVH DQG RWKHU
costs incurred in bringing the inventories at their location and condition. Cost is determined on a weighted
average basis.
The stocks of scrap materials have been taken at net realisable value.
1HW UHDOL]DEOH YDOXH LV WKH HVWLPDWHG VHOOLQJ SULFH LQ WKH RUGLQDU\ FRXUVH RI EXVLQHVV OHVV HVWLPDWHG FRVWV RI
completion and estimated costs necessary to make the sale.
7KH&RPSDQ\HQWHUVLQWRSXUFKDVHRIFRQWUDFWRIFRSSHUDQGDOXPLQLXPLQZKLFKWKHDPRXQWSD\DEOHLVQRWˋ[HG
on the date of purchase and the same is affected by changes in LME prices in future. Such transactions are entered
into to protect the Company against the risk of price movement in the purchased copper and aluminium with respect
to realisation of the price of product. Fair value hedges are mainly used to hedge the exposure to change in fair
value of commodity price risks. The fair value adjustment remains part of the carrying value of inventory and taken
WR6WDQGDORQH6WDWHPHQWRI3URˋW /RVVZKHQWKHLQYHQWRU\LVVROG
l Revenue recognition
Revenue from contracts with customers for sale of goods, construction contracts and its related provision of services.
7KH&RPSDQ\VDWLVˋHVDSHUIRUPDQFHREOLJDWLRQDQGUHFRJQL]HVUHYHQXHRYHUWLPHLIRQHRIWKHIROORZLQJFULWHULDLV
PHW
D 7KH&RPSDQ\ȢVSHUIRUPDQFHGRHVQRWFUHDWHDQDVVHWZLWKDQDOWHUQDWHXVHWRWKH&RPSDQ\DQGWKH&RPSDQ\
has as an enforceable right to payment for performance completed to date.
E 7KH&RPSDQ\ȢVSHUIRUPDQFHFUHDWHVRUHQKDQFHVDQDVVHWWKDWWKHFXVWRPHUFRQWUROVDVWKHDVVHWLVFUHDWHGRU
enhanced.
F 7KHFXVWRPHUVLPXOWDQHRXVO\UHFHLYHVDQGFRQVXPHVWKHEHQHˋWVSURYLGHGE\WKH&RPSDQ\ȢVSHUIRUPDQFHDV
the Company performs.
)RUSHUIRUPDQFHREOLJDWLRQVZKHUHRQHRIWKHDERYHFRQGLWLRQVDUHQRWPHWUHYHQXHLVUHFRJQL]HGDWWKHSRLQWLQ
WLPHDWZKLFKWKHSHUIRUPDQFHREOLJDWLRQLVVDWLVˋHG
:KHQ WKH &RPSDQ\ VDWLVˋHV D SHUIRUPDQFH REOLJDWLRQ E\ GHOLYHULQJ WKH SURPLVHG JRRGV RU VHUYLFHV LW FUHDWHV D
contract based asset on the amount of consideration earned by the performance. Where the amount of consideration
UHFHLYHGIURPDFXVWRPHUH[FHHGVWKHDPRXQWRIUHYHQXHUHFRJQL]HGWKLVJLYHVULVHWRDFRQWUDFWOLDELOLW\,QFDVHRI
PXOWLSOHSHUIRUPDQFHREOLJDWLRQUHYHQXHIRUHDFKSHUIRUPDQFHREOLJDWLRQLVUHFRJQL]HGZKHQLWLVVDWLVˋHG
Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually
GHˋQHGWHUPVRISD\PHQWDQGH[FOXGLQJWD[HVDQGGXW\
7KH&RPSDQ\DVVHVVHVLWVUHYHQXHDUUDQJHPHQWVDJDLQVWVSHFLˋFFULWHULDWRGHWHUPLQHLILWLVDFWLQJDVSULQFLSDORU
agent. Taxes collected on behalf of the government are excluded from revenue.
5HYHQXH LV UHFRJQL]HG WR WKH H[WHQW LW LV SUREDEOH WKDW WKH HFRQRPLF EHQHˋWV ZLOO ˌRZ WR WKH &RPSDQ\ DQG WKH
revenue and costs, if applicable, can be measured reliably.
Variable consideration includes volume discounts, price concessions, liquidity damages, incentives, etc. The Company
estimates the variable consideration with respect to above based on an analysis of accumulated historical experience.
The Company adjust estimate of revenue at the earlier of when the most likely amount of consideration we expect
WRUHFHLYHFKDQJHVRUZKHQWKHFRQVLGHUDWLRQEHFRPHVˋ[HG
Sale of goods
3HUIRUPDQFHREOLJDWLRQLQFDVHRI5HYHQXHIURPVDOHRIJRRGVLVVDWLVˋHGDWDSRLQWLQWLPHDQGLVUHFRJQL]HGZKHQ
WKHSHUIRUPDQFHREOLJDWLRQLVVDWLVˋHGDQGFRQWURODVSHU,QG$6LVWUDQVIHUUHGWRWKHFXVWRPHU7KH&RPSDQ\
FROOHFWV*67RQEHKDOIRIWKH*RYHUQPHQWDQGWKHUHIRUHWKHVHDUHQRWHFRQRPLFEHQHˋWVˌRZLQJWRWKH&RPSDQ\
+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH5HYHQXHLVGLVFORVHGQHWRIGLVFRXQWVLQFHQWLYHVDQGUHWXUQVDVDSSOLFDEOH
5HYHQXHIURP&RQVWUXFWLRQFRQWUDFWV
3HUIRUPDQFHREOLJDWLRQLQFDVHRIUHYHQXHIURPORQJWHUPFRQWUDFWVLVVDWLVˋHGRYHUWKHSHULRGRIWLPH6LQFHWKH
company creates an asset that the customer controls as the asset is created and the company has an enforceable
ULJKWWRSD\PHQWIRUSHUIRUPDQFHFRPSOHWHGWRGDWHLILWPHHWVWKHDJUHHGVSHFLˋFDWLRQV5HYHQXHIURPORQJWHUP
FRQWUDFWVZKHUHWKHRXWFRPHFDQEHHVWLPDWHGUHOLDEO\DQGRIWKHSURMHFWFRVWLVLQFXUUHGLVUHFRJQL]HGXQGHU
the percentage of completion method by reference to the stage of completion of the contract activity. The stage of
completion is measured by input method i.e. the proportion that costs incurred to date bear to the estimated total

costs of a contract. The total costs of contracts are estimated based on technical and other estimates. In the event
that a loss is anticipated on a particular contract, provision is made for the estimated loss. Contract revenue earned
LQH[FHVVRIELOOLQJLVUHˌHFWHGXQGHUDVȤFRQWUDFWDVVHWȥDQGELOOLQJLQH[FHVVRIFRQWUDFWUHYHQXHLVUHˌHFWHGXQGHU
ȤFRQWUDFWOLDELOLWLHVȥ5HWHQWLRQPRQH\UHFHLYDEOHIURPSURMHFWFXVWRPHUVGRHVQRWFRQWDLQDQ\VLJQLˋFDQWˋQDQFLQJ
element, these are retained for satisfactory performance of contract.
:DUUDQW\
The Company typically provides warranties for general repairs of defects that existed at the time of sale, as
required by law. These assurance-type warranties are accounted for under Ind AS 37 Provisions, Contingent
Liabilities and Contingent Assets. Refer to the accounting policy on warranty. In certain contracts, the Company
SURYLGHVZDUUDQW\IRUDQH[WHQGHGSHULRGRIWLPHDQGLQFOXGHVUHFWLˋFDWLRQRIGHIHFWVWKDWH[LVWHGDWWKHWLPHRI
sale and are normally bundled together with the main contract. Such bundled contracts include two performance
obligations because the promises to transfer the goods and services and the provision of service-type warranty
are capable of being distinct. Using the relative stand-alone selling price method, a portion of the transaction
price is allocated to the service-type warranty and recognised as a liability. Revenue is recognised over the period
in which the service-type warranty is provided on a basis appropriate to the nature of the contract and services
to be rendered.
Right to return
:KHQ D FRQWUDFW SURYLGHV D FXVWRPHU ZLWK D ULJKW WR UHWXUQ WKH JRRGV ZLWKLQ D VSHFLˋHG SHULRG WKH &RPSDQ\
estimates the expected returns using a probability-weighted average amount approach similar to the expected value
PHWKRGXQGHU,QG$6
8QGHU,QG$6WKHFRQVLGHUDWLRQUHFHLYHGIURPWKHFXVWRPHULVYDULDEOHEHFDXVHWKHFRQWUDFWDOORZVWKHFXVWRPHU
to return the products. The Company used the expected value method to estimate the goods that will not be returned.
For goods expected to be returned, the Company presented a refund liability and an asset for the right to recover
products from a customer separately in the balance sheet.
Export incentives
([SRUWLQFHQWLYHVXQGHUYDULRXVVFKHPHVQRWLˋHGE\WKH*RYHUQPHQWKDYHEHHQUHFRJQLVHGRQWKHEDVLVRIDSSOLFDEOH
regulations, and when reasonable assurance to receive such revenue is established.
,QWHUHVW
)RU DOO ˋQDQFLDO DVVHW PHDVXUHG HLWKHU DW DPRUWLVHG FRVW RU DW IDLU YDOXH WKURXJK RWKHU FRPSUHKHQVLYH LQFRPH
interest income is recorded using the effective interest rate (EIR).
Dividends
'LYLGHQGLQFRPHLVUHFRJQL]HGZKHQWKH&RPSDQ\ȢVULJKWWRUHFHLYHGLYLGHQGLVHVWDEOLVKHGE\WKHUHSRUWLQJGDWH
P )RUHLJQFXUUHQF\WUDQVODWLRQ
7KH&RPSDQ\ȢV6WDQGDORQH)LQDQFLDO6WDWHPHQWVDUHSUHVHQWHGLQ,QGLDQUXSHH,15ZKLFKLVDOVRWKH&RPSDQ\ȢV
functional currency.
Foreign currency transaction are recorded on initial recognition in the functional currency, using the exchange rate
prevailing at the date of transaction.
0HDVXUHPHQWRIIRUHLJQFXUUHQF\LWHPDWWKH6WDQGDORQH%DODQFHVKHHWGDWH
Foreign currency monetary assets and liabilities denominated in foreign currency are translated at the exchange
rates prevailing on the reporting date.
Exchange differences
Exchange differences arising on settlement or translation of monetary items are recognised as income or expense in
WKHVWDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVV
1RQPRQHWDU\ LWHPV WKDW DUH PHDVXUHG LQ WHUPV RI KLVWRULFDO FRVW LQ D IRUHLJQ FXUUHQF\ DUH WUDQVODWHG XVLQJ WKH
exchange rates at the dates of the initial transactions.
Q (PSOR\HHEHQHˋWV
L (PSOR\HHEHQHˋWV
$OO VKRUWWHUP HPSOR\HH EHQHˋWV VXFK DV VDODULHV LQFHQWLYHV VSHFLDO DZDUGV PHGLFDO EHQHˋWV ZKLFK DUH

expected to be settled wholly within 12 months after the end of the period in which the employee renders the
UHODWHGVHUYLFHVZKLFKHQWLWOHVKLPWRDYDLOVXFKEHQHˋWVDUHFKDUJHGWRWKH6WDQGDORQH6WDWHPHQWRI3URˋW
Loss account.
The Company has revised its leave policy applicable to all employees except for certain categories of
HPSOR\HHVLQ'DPDQIDFWRU\ORFDWLRQHIIHFWLYH$SULO7KH&RPSDQ\HVWLPDWHVDQGSURYLGHVWKHOLDELOLW\
IRUVXFKVKRUWWHUPDQGORQJWHUPEHQHˋWVEDVHGRQWKHWHUPVRIWKHSROLF\7KH&RPSDQ\WUHDWVDFFXPXODWHG
OHDYHH[SHFWHGWREHFDUULHGIRUZDUGEH\RQGWZHOYHPRQWKVDVORQJWHUPHPSOR\HHEHQHˋWIRUPHDVXUHPHQW
purposes. Such long-term compensated advances are provided for based on the actuarial valuation using
WKHSURMHFWHGXQLWFUHGLWPHWKRGDWWKH\HDUHQG5HPHDVXUHPHQWJDLQVORVVHVRQGHˋQHGEHQHˋWSODQVDUH
LPPHGLDWHO\WDNHQWRWKH6WDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVVDQGDUHQRWGHIHUUHG
LL 'HˋQHGFRQWULEXWLRQSODQV
5HWLUHPHQWEHQHˋWLQWKHIRUPRISURYLGHQWIXQGDQGȡ(PSOR\HU(PSOR\HH6FKHPHȢDUHGHˋQHGFRQWULEXWLRQ
VFKHPHV7KH&RPSDQ\UHFRJQLVHVFRQWULEXWLRQSD\DEOHWRWKHSURYLGHQWIXQGDQGȡ(PSOR\HU(PSOR\HHȢVFKHPH
as an expenditure, when an employee renders the related service. The Company has no obligation, other than
WKHFRQWULEXWLRQSD\DEOHWRWKHIXQGV7KH&RPSDQ\ȢVFRQWULEXWLRQVWRGHˋQHGFRQWULEXWLRQSODQVDUHFKDUJHG
WRWKHVWDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVVDVLQFXUUHG
LLL 'HˋQHGEHQHˋWSODQ
7KH &RPSDQ\ RSHUDWHV D GHˋQHG EHQHˋW JUDWXLW\ SODQ IRU LWV HPSOR\HHV 7KH FRVWV RI SURYLGLQJ EHQHˋWV
under this plan is determined on the basis of actuarial valuation at each year-end using the projected unit
credit method. Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling,
H[FOXGLQJDPRXQWVLQFOXGHGLQQHWLQWHUHVWRQWKHQHWGHˋQHGEHQHˋWOLDELOLW\DQGWKHUHWXUQRQSODQDVVHWV
H[FOXGLQJDPRXQWVLQFOXGHGLQQHWLQWHUHVWRQWKHQHWGHˋQHGEHQHˋWOLDELOLW\DUHUHFRJQLVHGLPPHGLDWHO\
in the Standalone Balance sheet with a corresponding debit or credit to retained earnings through OCI in the
SHULRGLQZKLFKWKH\RFFXU5HPHDVXUHPHQWVDUHQRWUHFODVVLˋHGWR6WDQGDORQH6WDWHPHQWRI3URˋW /RVVLQ
subsequent periods.
1HWLQWHUHVWLVFDOFXODWHGE\DSSO\LQJWKHGLVFRXQWUDWHWRWKHQHWGHˋQHGEHQHˋWOLDELOLW\RUDVVHW
3DVWVHUYLFHFRVWVDUHUHFRJQLVHGLQSURˋWRUORVVRQWKHHDUOLHURI
y The date of the plan amendment or curtailment, and
y The date that the Company recognises related restructuring costs
LY 6KDUHEDVHGSD\PHQW
Equity settled share based payments to employees and other providing similar services are measured at fair
value of the equity instruments at grant date.
The fair value determined at the grant date of the equity-settled share based payment is expensed on a
VWUDLJKWOLQHEDVLVRYHUWKHYHVWLQJSHULRGEDVHGRQWKH&RPSDQ\ȢVHVWLPDWHRIHTXLW\LQVWUXPHQWVWKDWZLOO
eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company
revises its estimates of the number of equity instruments expected to vest. The impact of the revision of the
RULJLQDO HVWLPDWHV LI DQ\ LV UHFRQJLVHG LQ 6WDWHPHQW RI 3URˋW DQG /RVV VXFK WKDW WKH FXPXODWLYH H[SHQVHV
UHˌHFWVWKHUHYLVHGHVWLPDWHZLWKDFRUUHVSRQGLQJDGMXVWPHQWWRWKHVKDUHGRSWLRQRXWVWDQGLQJDFFRXQW
1RH[SHQVHLVUHFRJQLVHGIRURSWLRQVWKDWGRQRWXOWLPDWHO\YHVWEHFDXVHQRQPDUNHWSHUIRUPDQFHDQGRU
service conditions have not been met.
7KHGLOXWLYHHIIHFWLIDQ\RIRXWVWDQGLQJRSWLRQVLVUHˌHFWHGDVDGGLWLRQDOVKDUHGLOXWLRQLQWKHFRPSXWDWLRQRI
diluted earnings per share.
R ,QFRPHWD[HV
Tax expenses comprise current and deferred tax. Current income-tax is measured at the amount expected to be paid
to the tax authorities in accordance with the Income-tax Act, 1961. The tax rates and tax laws used to compute the
amount are those that are enacted or substantively enacted, at the reporting date.
&XUUHQWLQFRPHWD[UHODWLQJWRLWHPVUHFRJQLVHGRXWVLGH6WDQGDORQH6WDWHPHQWRI3URˋW /RVVLVUHFRJQLVHGRXWVLGH
6WDQGDORQH6WDWHPHQWRI3URˋW /RVVHLWKHULQRWKHUFRPSUHKHQVLYHLQFRPHRULQHTXLW\&XUUHQWWD[LWHPVDUH
UHFRJQLVHGLQFRUUHODWLRQWRWKHXQGHUO\LQJWUDQVDFWLRQHLWKHULQ2&,RUGLUHFWO\LQHTXLW\'HIHUUHGWD[UHODWLQJWR
LWHPV UHFRJQLVHG RXWVLGH 6WDQGDORQH 6WDWHPHQW RI 3URˋW /RVV LV UHFRJQLVHG RXWVLGH 6WDQGDORQH 6WDWHPHQW RI
3URˋW /RVVHLWKHULQRWKHUFRPSUHKHQVLYHLQFRPHRULQHTXLW\'HIHUUHGWD[LWHPVDUHUHFRJQLVHGLQFRUUHODWLRQWR

the underlying transaction either in OCI or directly in equity.
'HIHUUHGWD[LVSURYLGHGXVLQJWKHOLDELOLW\PHWKRGRQWHPSRUDU\GLIIHUHQFHVEHWZHHQWKHWD[EDVHVRIDVVHWVDQG
OLDELOLWLHVDQGWKHLUFDUU\LQJDPRXQWVIRUˋQDQFLDOUHSRUWLQJSXUSRVHVDWWKHUHSRUWLQJGDWH'HIHUUHGLQFRPHWD[LV
measured using the tax rates and the tax laws enacted or substantially enacted at the reporting date.
'HIHUUHGWD[OLDELOLWLHVDUHUHFRJQLVHGIRUDOOWD[DEOHWHPSRUDU\GLIIHUHQFHV'HIHUUHGWD[DVVHWVDUHUHFRJQLVHGIRU
GHGXFWLEOHWHPSRUDU\GLIIHUHQFHVRQO\WRWKHH[WHQWWKDWWKHUHLVUHDVRQDEOHFHUWDLQW\WKDWVXIˋFLHQWIXWXUHWD[DEOH
income will be available against which such deferred tax assets can be realised.
$W HDFK UHSRUWLQJ GDWH WKH &RPSDQ\ UHDVVHVVHV XQUHFRJQLVHG GHIHUUHG WD[ DVVHWV ,W UHFRJQLVHV XQUHFRJQL]HG
GHIHUUHGWD[DVVHWWRWKHH[WHQWWKDWLWKDVEHFRPHUHDVRQDEO\FHUWDLQDVWKHFDVHPD\EHWKDWVXIˋFLHQWIXWXUH
WD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG
The carrying amount of deferred tax assets are reviewed at each reporting date. The Company writes-down the
carrying amount of deferred tax asset to the extent that it is no longer reasonably certain, as the case may be,
WKDWVXIˋFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKGHIHUUHGWD[DVVHWFDQEHUHDOL]HG$Q\VXFK
write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that
VXIˋFLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOH
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle the asset and the liability on a net basis.
'HIHUUHGWD[DVVHWVDQGGHIHUUHGWD[OLDELOLWLHVDUHRIIVHWZKHQWKHUHLVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIDVVHWV
against liabilities representing current tax and where the deferred tax assets and the deferred tax liabilities relate
to taxes on income levied by the same governing taxation laws.
p Segment reporting
,GHQWLˋFDWLRQRIVHJPHQWV
7KH&RPSDQ\ȢVRSHUDWLQJEXVLQHVVHVDUHRUJDQL]HGDQGPDQDJHGVHSDUDWHO\DFFRUGLQJWRWKHQDWXUHRISURGXFWVDQG
services with each segment representing a strategic business unit that offers different products & serves different
markets.
,QWHUVHJPHQWWUDQVIHUV
The Company generally accounts for intersegment sales and transfers at cost plus appropriate margins.
$OORFDWLRQRIFRPPRQFRVWV$VVHWV OLDELOLWLHV
Common allocable costs/ assets & liabilities are allocated to each segmentare consistently allocated amongst the
segments on appropriate basis.
8QDOORFDWHGLWHPV
Unallocated items include general corporate income & expense items which are not allocated to any
business segment.
Segment accounting policies
The Company prepares its segment information in conformity with the accounting policies adopted for preparing and
presenting the Standalone Financial Statements of the Company as a whole.
q Earnings per share

%DVLF HDUQLQJV SHU VKDUH DUH FDOFXODWHG E\ GLYLGLQJ WKH QHW SURˋW RU ORVV IRU WKH SHULRG DWWULEXWDEOH WR HTXLW\
shareholders by the weighted average number of equity shares outstanding during the period. The weighted average
number of equity shares outstanding during the period is adjusted for events such as bonus issue that have changed
the number of equity shares outstanding, without a corresponding change in resources.
)RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJVSHUVKDUHWKHQHWSURˋWRUORVVIRUWKHSHULRGDWWULEXWDEOHWRHTXLW\
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effect
of all potentially dilutive equity shares.
U 3URYLVLRQV&RQWLQJHQWOLDELOLWLHVDQGFDSLWDOFRPPLWPHQWV
A provision is recognised when the Company has a present obligation as a result of past event, it is probable that an
RXWˌRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHˋWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWH
can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of

6WDQGDORQH6WDWHPHQWRI3URˋW /RVV,IWKHHIIHFWRIWKHWLPHYDOXHRIPRQH\LVPDWHULDOSURYLVLRQVDUHGLVFRXQWHG
XVLQJDFXUUHQWSUHWD[UDWHWKDWUHˌHFWVZKHQDSSURSULDWHWKHULVNVVSHFLˋFWRWKHOLDELOLW\:KHQGLVFRXQWLQJLV
XVHGWKHLQFUHDVHLQWKHSURYLVLRQGXHWRWKHSDVVDJHRIWLPHLVUHFRJQLVHGDVDˋQDQFHFRVW
$ FRQWLQJHQW OLDELOLW\ LV D SRVVLEOH REOLJDWLRQ WKDW DULVHV IURP SDVW HYHQWV ZKRVH H[LVWHQFH ZLOO EH FRQˋUPHG E\
the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a
SUHVHQWREOLJDWLRQWKDWLVQRWUHFRJQLVHGEHFDXVHLWLVQRWSUREDEOHWKDWDQRXWˌRZRIUHVRXUFHVZLOOEHUHTXLUHGWR
settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot
EHUHFRJQL]HGEHFDXVHLWFDQQRWEHPHDVXUHGUHOLDEO\7KH&RPSDQ\GRHVQRWUHFRJQL]HDFRQWLQJHQWOLDELOLW\EXW
discloses its existence in the Standalone Financial Statements.
Capital Commitments includes the amount of purchase orders (net of advances) issued to parties for completion
of assets.
Provisions for warranty-related costs are recognised when the product is sold or service provided to the
customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is
revised annually.
V &DVKDQGFDVKHTXLYDOHQWV
&DVKDQGFDVKHTXLYDOHQWVIRUWKHSXUSRVHVRIFDVKˌRZVWDWHPHQWFRPSULVHFDVKDWEDQNDQGLQKDQGFKHTXHVLQ
KDQGDQGVKRUWWHUPGHSRVLWVZLWKDQRULJLQDOPDWXULW\RIWKUHHPRQWKVRUOHVVZKLFKDUHVXEMHFWWRDQLQVLJQLˋFDQW
risk of changes in value.
)RUWKHSXUSRVHVRIFDVKˌRZVWDWHPHQWFRQVLVWRIFDVKDQGVKRUWWHUPGHSRVLWVDVGHˋQHGDERYHQHWRIRXWVWDQGLQJ
EDQNRYHUGUDIWVDVWKH\DUHFRQVLGHUHGDQLQWHJUDOSDUWRIWKH&RPSDQ\ȢVFDVKPDQDJHPHQW
t Financial instruments
$ˋQDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRDˋQDQFLDODVVHWRIRQHHQWLW\DQGDˋQDQFLDOOLDELOLW\RUHTXLW\
instrument of another entity.
Financial assets
,QLWLDOUHFRJQLWLRQDQGPHDVXUHPHQW
$OOˋQDQFLDODVVHWVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHSOXVLQWKHFDVHRIˋQDQFLDODVVHWVQRWUHFRUGHGDWIDLUYDOXH
WKURXJK 6WDQGDORQH 6WDWHPHQW RI 3URˋW /RVV WUDQVDFWLRQ FRVWV WKDW DUH DWWULEXWDEOH WR WKH DFTXLVLWLRQ RI WKH
ˋQDQFLDODVVHW
)LQDQFLDODVVHWVDUHFODVVLˋHGDWWKHLQLWLDOUHFRJQLWLRQDVˋQDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHRUDVˋQDQFLDOV
assets measured at amortised cost.
6XEVHTXHQWPHDVXUHPHQW
)RUSXUSRVHVRIVXEVHTXHQWPHDVXUHPHQWˋQDQFLDODVVHWVDUHFODVVLˋHGLQWZREURDGFDWHJRULHV
y Financials assets at amortised cost
y Financials assets at fair value
Where assets are measured at fair value, gains and losses are either recognised entirely in the statement of Standalone
6WDWHPHQWRI3URˋW /RVVLHIDLUYDOXHWKURXJK6WDQGDORQH6WDWHPHQWRI3URˋW /RVVRUUHFRJQLVHGLQRWKHU
comprehensive income (i.e., fair value through other comprehensive income).
a Financials assets carried at amortised cost
$ˋQDQFLDOVDVVHWVWKDWPHHWVWKHIROORZLQJWZRFRQGLWLRQVLVPHDVXUHGDWDPRUWLVHGFRVWQHWRI,PSDLUPHQW
XQOHVVWKHDVVHWLVGHVLJQDWHGDWIDLUYDOXHWKURXJK6WDQGDORQH6WDWHPHQWRI3URˋW /RVVXQGHUWKHIDLUYDOXH
option.
y %XVLQHVV0RGHOWHVW7KHREMHFWLYHRIWKH&RPSDQ\ȢVEXVLQHVVPRGHOLVWRKROGWKHˋQDQFLDODVVHWVWRFROOHFW
WKHFRQWUDFWXDOFDVKˌRZUDWKHUWKDQWRVHOOWKHLQVWUXPHQWSULRUWRLWVFRQWUDFWXDOPDWXULW\WRUHDOLVHLWVIDLU
value changes).
y &DVKˌRZFKDUDFWHULVWLFVWHVW7KHFRQWUDFWXDOWHUPVRIWKHˋQDQFLDODVVHWVJLYHULVHRQVSHFLˋHGGDWHVWRFDVK
ˌRZWKDWDUHVROHO\SD\PHQWVRISULQFLSDODQGLQWHUHVWRQWKHSULQFLSDODPRXQWRXWVWDQGLQJ
E )LQDQFLDOVDVVHWVDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH
Financials assets is subsequently measured at fair value through other comprehensive income if it is held
ZLWKLQDEXVLQHVVPRGHOZKRVHREMHFWLYHLVDFKLHYHGE\ERWKFROOHFWLRQVFRQWUDFWXDOFDVKˌRZVDQGVHOOLQJ

ˋQDQFLDODVVHWVDQGWKHFRQWUDFWXDOWHUPVRIWKHˋQDQFLDODVVHWVJLYHULVHRQVSHFLˋHGGDWHGWRFDVKˌRZVWKDW
are solely payments of principal and interest on the principal amount outstanding.
For equity instruments, the Company may make an irrevocable election to present in other
comprehensive income subsequent changes in the fair value. The Company makes such election on an
LQVWUXPHQWE\LQVWUXPHQWEDVLV7KHFODVVLˋFDWLRQLVPDGHRQLQLWLDOUHFRJQLWLRQDQGLVLUUHYRFDEOH
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the
LQVWUXPHQWH[FOXGLQJGLYLGHQGVDUHUHFRJQL]HGLQWKH2&,7KHUHLVQRUHF\FOLQJRIWKHDPRXQWVIURP2&,WR
3 /HYHQRQVDOHRILQYHVWPHQW+RZHYHUWKH&RPSDQ\PD\WUDQVIHUWKHFXPXODWLYHJDLQRUORVVZLWKLQHTXLW\
(TXLW\LQVWUXPHQWVLQFOXGHGZLWKLQWKH)973/FDWHJRU\DUHPHDVXUHGDWIDLUYDOXHZLWKDOOFKDQJHVUHFRJQL]HG
LQWKHVWDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVV
F )LQDQFLDOVDVVHWVDWIDLUYDOXHWKURXJKSURˋWRUORVV
$ ˋQDQFLDO DVVHW ZKLFK LV QRW FODVVLˋHG LQ DQ\ RI WKH DERYH FDWHJRULHV LV VXEVHTXHQWO\ IDLUYDOXHG WKURXJK
6WDQGDORQH6WDWHPHQWRI3URˋW /RVV
Derecognition
$ˋQDQFLDODVVHWRUZKHUHDSSOLFDEOHDSDUWRIDˋQDQFLDODVVHWRUSDUWRID&RPSDQ\RIVLPLODUˋQDQFLDODVVHWVLV
SULPDULO\GHUHFRJQLVHGZKHQ
D 7KHULJKWVWRUHFHLYHFDVKˌRZVIURPWKHDVVHWKDYHH[SLUHGRU
E 7KH&RPSDQ\KDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKˌRZVIURPWKHDVVHWRUKDVDVVXPHGDQREOLJDWLRQWRSD\
WKHUHFHLYHGFDVKˌRZVLQIXOOZLWKRXWPDWHULDOGHOD\WRDWKLUGSDUW\XQGHUDȡSDVVWKURXJKȢDUUDQJHPHQWDQG
either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company
has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
:KHQWKH&RPSDQ\KDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKˌRZVIURPDQDVVHWRUKDVHQWHUHGLQWRDSDVV
through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When
it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred
FRQWURORIWKHDVVHWWKH&RPSDQ\FRQWLQXHVWRUHFRJQLVHWKHWUDQVIHUUHGDVVHWWRWKHH[WHQWRIWKH&RPSDQ\ȢV
continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset
DQGWKHDVVRFLDWHGOLDELOLW\DUHPHDVXUHGRQDEDVLVWKDWUHˌHFWVWKHULJKWVDQGREOLJDWLRQVWKDWWKH&RPSDQ\
has retained.
,PSDLUPHQWRIˋQDQFLDODVVHWV
7KH&RPSDQ\DVVHVVHVLPSDLUPHQWEDVHGRQH[SHFWHGFUHGLWORVVHV(&/PRGHOIRUWKHIROORZLQJ
D 7UDGHUHFHLYDEOHVRUDQ\FRQWUDFWXDOULJKWWRUHFHLYHFDVKRUDQRWKHUˋQDQFLDODVVHWWKDWUHVXOWIURPWUDQVDFWLRQV
that are within the scope of Ind AS 18.
E 2WKHUˋQDQFLDODVVHWVVXFKDVGHSRVLWVDGYDQFHVHWF
7KH&RPSDQ\IROORZVȡVLPSOLˋHGDSSURDFKȢIRUUHFRJQLWLRQRILPSDLUPHQWORVVDOORZDQFHRQWUDGHUHFHLYDEOHV
or contract revenue receivables.
7KH DSSOLFDWLRQ RI VLPSOLˋHG DSSURDFK GRHV QRW UHTXLUH WKH &RPSDQ\ WR WUDFN FKDQJHV LQ FUHGLW ULVN 5DWKHU LW
recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
)RUUHFRJQLWLRQRILPSDLUPHQWORVVRQRWKHUˋQDQFLDODVVHWVDQGULVNH[SRVXUHWKH&RPSDQ\GHWHUPLQHVWKDWZKHWKHU
WKHUH KDV EHHQ D VLJQLˋFDQW LQFUHDVH LQ WKH FUHGLW ULVN VLQFH LQLWLDO UHFRJQLWLRQ ,I FUHGLW ULVN KDV QRW LQFUHDVHG
VLJQLˋFDQWO\PRQWK(&/LVXVHGWRSURYLGHIRULPSDLUPHQWORVV+RZHYHULIFUHGLWULVNKDVLQFUHDVHGVLJQLˋFDQWO\
lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer
DVLJQLˋFDQWLQFUHDVHLQFUHGLWULVNVLQFHLQLWLDOUHFRJQLWLRQWKHQWKHHQWLW\UHYHUWVWRUHFRJQLVLQJLPSDLUPHQWORVV
allowance based on 12-month ECL.
As a practical expedient, the Company uses the provision matrix to determine impairment loss allowance on the
portfolio of trade receivables. The provision matrix is based on its historical observed default rates over the expected
life of the trade receivables and its adjusted forward looking estimates. At every reporting date, the historical observed
default rates are updated and changes in the forward-looking estimates are analysed.
(&/LPSDLUPHQWORVVDOORZDQFHRUUHYHUVDOGXULQJWKHSHULRGLVUHFRJQL]HGDVRWKHUH[SHQVHLQWKHVWDWHPHQWRI
6WDQGDORQH6WDWHPHQWRI3URˋW /RVV

)LQDQFLDOOLDELOLWLHV
$OOˋQDQFLDOOLDELOLWLHVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHDQGLQWKHFDVHRIORDQVDQGERUURZLQJVDQGSD\DEOHVQHW
of directly attributable transaction costs.
7KH&RPSDQ\ȢVˋQDQFLDOOLDELOLWLHVLQFOXGHWUDGHDQGRWKHUSD\DEOHVORDQVDQGERUURZLQJVLQFOXGLQJEDQNRYHUGUDIWV
DQGGHULYDWLYHˋQDQFLDOLQVWUXPHQWV
7KHPHDVXUHPHQWRIˋQDQFLDOOLDELOLWLHVGHSHQGVRQWKHLUFODVVLˋFDWLRQDVGHVFULEHGEHORZ
D )LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSURˋWRUORVV
)LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSURˋWRUORVVLQFOXGHˋQDQFLDOOLDELOLWLHVKHOGIRUWUDGLQJDQGˋQDQFLDO
OLDELOLWLHV GHVLJQDWHG XSRQ LQLWLDO UHFRJQLWLRQ DV DW IDLUYDOXH WKURXJK SURˋW RU ORVV )LQDQFLDO OLDELOLWLHV DUH
FODVVLˋHGDVKHOGIRUWUDGLQJLIWKH\DUHLQFXUUHGIRUWKHSXUSRVHRIUHSXUFKDVLQJLQWKHQHDUWHUP7KLVFDWHJRU\
DOVRLQFOXGHVGHULYDWLYHˋQDQFLDOLQVWUXPHQWVHQWHUHGLQWRE\WKH&RPSDQ\WKDWDUHQRWGHVLJQDWHGDVKHGJLQJ
LQVWUXPHQWVLQKHGJHUHODWLRQVKLSVDVGHˋQHGE\,QG$6
E *DLQVRUORVVHVRQOLDELOLWLHVKHOGIRUWUDGLQJDUHUHFRJQLVHGLQWKHSURˋWRUORVV
)LQDQFLDO OLDELOLWLHV GHVLJQDWHG XSRQ LQLWLDO UHFRJQLWLRQ DW IDLU YDOXH WKURXJK SURˋW RU ORVV DUH GHVLJQDWHG
DV VXFK DW WKH LQLWLDO GDWH RI UHFRJQLWLRQ DQG RQO\ LI WKH FULWHULD LQ ,QG$6 DUH VDWLVˋHG )RU OLDELOLWLHV
GHVLJQDWHGDV)973/IDLUYDOXHJDLQVORVVHVDWWULEXWDEOHWRFKDQJHVLQRZQFUHGLWULVNDUHUHFRJQL]HGLQ2&,
7KHVHJDLQVORVVDUHQRWVXEVHTXHQWO\WUDQVIHUUHGWR3 /+RZHYHUWKH&RPSDQ\PD\WUDQVIHUWKHFXPXODWLYH
gain or loss within equity. All other changes in fair value of such liability are recognised in the statement of
SURˋWRUORVV
F /RDQVDQGERUURZLQJV
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost
using the EIR method.
Derecognition
$ ˋQDQFLDO OLDELOLW\ LV GHUHFRJQLVHG ZKHQ WKH REOLJDWLRQ XQGHU WKH OLDELOLW\ LV GLVFKDUJHG RU FDQFHOOHG RU H[SLUHV
:KHQDQH[LVWLQJˋQDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLIIHUHQWWHUPV
RUWKHWHUPVRIDQH[LVWLQJOLDELOLW\DUHVXEVWDQWLDOO\PRGLˋHGVXFKDQH[FKDQJHRUPRGLˋFDWLRQLVWUHDWHGDVWKH
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
DPRXQWVLVUHFRJQLVHGLQWKHVWDWHPHQWRISURˋWRUORVV
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to
UHLPEXUVHWKHKROGHUIRUDORVVLWLQFXUVEHFDXVHWKHVSHFLˋHGGHEWRUIDLOVWRPDNHDSD\PHQWZKHQGXHLQDFFRUGDQFH
with the terms of a debt 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 allowance determined as per impairment requirements of
Ind AS 109 and the amount recognised less cumulative amortisation.
X 'HULYDWLYHˋQDQFLDOLQVWUXPHQWV
The Company enters into derivative contracts with an intention to hedge its foreign exchange price risk and interest
ULVN 'HULYDWLYH FRQWUDFWV ZKLFK DUH OLQNHG WR WKH XQGHUO\LQJ WUDQVDFWLRQV DUH UHFRJQLVHG LQ DFFRUGDQFH ZLWK WKH
FRQWUDFWWHUPV6XFKGHULYDWLYHˋQDQFLDOLQVWUXPHQWVDUHLQLWLDOO\UHFRJQLVHGDWIDLUYDOXHRQWKHGDWHRQZKLFKD
GHULYDWLYHFRQWUDFWLVHQWHUHGLQWRDQGDUHVXEVHTXHQWO\UHPHDVXUHGDWIDLUYDOXH'HULYDWLYHVDUHFDUULHGDVˋQDQFLDO
DVVHWVZKHQWKHIDLUYDOXHLVSRVLWLYHDQGDVˋQDQFLDOOLDELOLWLHVZKHQWKHIDLUYDOXHLVQHJDWLYH
Any gains or losses arising from changes in the fair value of derivatives are taken directly to Standalone Statement
RI3URˋW /RVV
v Acceptances
The Company enters into arrangements for purchase under usance Letter of credit issued by banks under non-fund
based working capital limits of the Company. Considering these arrangements are majorly for raw materials with a
maturity of up to twelve months, the economic substance of the transaction is determined to be operating in nature
and these are recognised as Acceptances under Trade and other payables.

Z (PEHGGHGGHULYDWLYHV
An embedded derivative is a component of a hybrid (combined) instrument that also includes a non-derivative
KRVWFRQWUDFWȟZLWKWKHHIIHFWWKDWVRPHRIWKHFDVKˌRZVRIWKHFRPELQHGLQVWUXPHQWYDU\LQDZD\VLPLODUWRDQ
XQFRQVROLGDWHGGHULYDWLYH$QHPEHGGHGGHULYDWLYHFDXVHVVRPHRUDOORIWKHFDVKˌRZVWKDWRWKHUZLVHZRXOGEH
UHTXLUHGE\WKHFRQWUDFWWREHPRGLˋHGDFFRUGLQJWRDVSHFLˋHGYDULDEOH7KH&RPSDQ\HQWHUVLQWRSXUFKDVHFRQWUDFW
RIFRSSHUDQGDOXPLQXPLQZKLFKWKHDPRXQWSD\DEOHLVQRWˋ[HGRQWKHGDWHRISXUFKDVHEXWLQVWHDGLVDIIHFWHG
by changes in LME prices in future. Such transactions are entered into to protect against the risk of price movement
LQWKHSXUFKDVHGFRSSHUDQGDOXPLQXP$FFRUGLQJO\VXFKXQˋ[HGSD\DEOHVDUHFRQVLGHUHGWRKDYHDQHPEHGGHG
derivative.
Hedge Accounting: Fair Value Hedges
The Company designates the copper and aluminum price risk in such instruments as hedging instruments, with
copper and aluminum inventory considered to be the hedged item. The hedged risk is copper and aluminum spot
prices. At the inception of a hedge relationship, with effect from 1 April 2016, The Company formally designates and
documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management
REMHFWLYH DQG VWUDWHJ\ IRU XQGHUWDNLQJ WKH KHGJH 7KH GRFXPHQWDWLRQ LQFOXGHV WKH &RPSDQ\ȢV ULVN PDQDJHPHQW
objective and strategy for undertaking hedge, the hedging/ economic relationship, the hedged item or transaction,
the nature of the risk being hedged, hedge ratio and how the entity will assess the effectiveness of changes in the
KHGJLQJLQVWUXPHQWȢVIDLUYDOXHLQRIIVHWWLQJWKHH[SRVXUHWRFKDQJHVLQWKHKHGJHGLWHPȢVIDLUYDOXHDWWULEXWDEOHWR
the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value and
DUHDVVHVVHGRQDQRQJRLQJEDVLVWRGHWHUPLQHWKDWWKH\DFWXDOO\KDYHEHHQKLJKO\HIIHFWLYHWKURXJKRXWWKHˋQDQFLDO
reporting periods for which they were designated.
[ %XVLQHVVFRPELQDWLRQXQGHUFRPPRQFRQWURO
Common control business combination includes transactions such as transfer of subsidiaries or business between
entities within a group.
Business combinations involving entities or business under common control are accounted for using the pooling
LQWHUHVWPHWKRG8QGHUSRROLQJLQWHUHVWPHWKRGWKHDVVHWVDQGOLDELOLWLHVRIFRPELQLQJHQWLWLHVDUHUHˌHFWHGDWWKHLU
carrying amount, the only adjustments that are made are to harmonise accounting policies.
7KH ˋQDQFLDOV LQIRUPDWLRQ LQ WKH 6WDQGDORQH )LQDQFLDO 6WDWHPHQWV LQ UHVSHFW RI SULRU SHULRG DUH UHVWDWHG DV LI
the business combination had occurred from the beginning of the preceding period in the Standalone Financial
6WDWHPHQWVLUUHVSHFWLYHRIWKHDFWXDOGDWHRIWKHFRPELQDWLRQ+RZHYHULIEXVLQHVVFRPELQDWLRQKDGRFFXUUHGDIWHU
that date, the prior period information is restated from that date.
The difference, if any, between the amount recorded as share capital issued plus any additional consideration in the
form of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve and
presented separately from other capital reserves with disclosures of its nature and purposes in the notes.
\ *RYHUQPHQWJUDQWV
*RYHUQPHQW JUDQWV DUH UHFRJQLVHG ZKHUH WKHUH LV UHDVRQDEOH DVVXUDQFH WKDW WKH JUDQW ZLOO EH UHFHLYHG DQG DOO
attached conditions will be complied with.
When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the
related costs, for which it is intended to compensate, are expensed.
:KHQWKHJUDQWUHODWHVWRDQDVVHWLWȢVUHFRJQLWLRQDVLQFRPHLQWKHVWDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW
/RVVLVOLQNHGWRIXOˋOPHQWRIDVVRFLDWHGH[SRUWREOLJDWLRQV
The Company has chosen to present grants received to income as other income in the statement of Standalone
6WDWHPHQWRI3URˋW /RVV
6LJQLˋFDQWDFFRXQWLQJMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQV
In the course of applying the policies outlined in all notes, the Company is required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
UHFRJQL]HGLQWKHSHULRGLQZKLFKWKHHVWLPDWHLVUHYLVHGLIWKHUHYLVLRQDIIHFWVRQO\WKDWSHULRGRULQWKHSHULRGRIWKH
revision and future period, if the revision affects current and future period.
D -XGJHPHQWV
,Q WKH SURFHVV RI DSSO\LQJ WKH &RPSDQ\ȢV DFFRXQWLQJ SROLFLHV PDQDJHPHQW KDV PDGH WKH IROORZLQJ MXGJHPHQWV
ZKLFKKDYHWKHPRVWVLJQLˋFDQWHIIHFWRQWKHDPRXQWVUHFRJQLVHGLQWKH6WDQGDORQH)LQDQFLDO6WDWHPHQWV
/HDVHKROGODQGDUUDQJHPHQW
The Company has entered into land lease arrangement at various locations. Terms of such lease ranges from 30-90
years. In case of lease of land for 90 years and above, it is likely that such leases meet the criteria that at the inception
of the lease the present value of the minimum lease payments amounts to at least substantially all of the fair value
RIWKHOHDVHGDVVHW$FFRUGLQJO\VXFKOHDVHLVFODVVLˋHGDVˋQDQFHOHDVH2WKHUODQGOHDVHDUHFODVVLˋHGDVRSHUDWLQJ
leases.
E (VWLPDWHVDQGDVVXPSWLRQV
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
WKDWKDYHDVLJQLˋFDQWULVNRIFDXVLQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQ
WKH QH[W ˋQDQFLDO \HDU DUH GHVFULEHG EHORZ 7KH &RPSDQ\ EDVHG LWV DVVXPSWLRQV DQG HVWLPDWHV RQ SDUDPHWHUV
available when the Standalone Financial Statements were prepared. Existing circumstances and assumptions about
future developments, however, may change due to market changes or circumstances arising that are beyond the
FRQWURORIWKH&RPSDQ\6XFKFKDQJHVDUHUHˌHFWHGLQWKHDVVXPSWLRQVZKHQWKH\RFFXU
L &RVWWRFRPSOHWH
7KH &RPSDQ\ȢV PDQDJHPHQW HVWLPDWH WKH FRVW WR FRPSOHWH IRU HDFK SURMHFW IRU WKH SXUSRVH RI UHYHQXH
recognition and recognition of anticipated losses of the projects, if any. In the process of calculating the cost
to complete, Management conducts regular and systematic reviews of actual results and future projections
ZLWKFRPSDULVRQDJDLQVWEXGJHW7KHSURFHVVUHTXLUHVPRQLWRULQJFRQWUROVLQFOXGLQJˋQDQFLDODQGRSHUDWLRQDO
controls and identifying major risks facing the Company and developing and implementing initiative to manage
WKRVHULVNV7KH&RPSDQ\ȢV0DQDJHPHQWLVFRQˋGHQWWKDWWKHFRVWVWRFRPSOHWHWKHSURMHFWDUHIDLUO\HVWLPDWHG
LL ,PSDLUPHQWRILQYHVWPHQWVLQVXEVLGLDULHVDQGMRLQWYHQWXUHV
'HWHUPLQLQJZKHWKHUWKHLQYHVWPHQWVLQVXEVLGLDULHVMRLQWYHQWXUHVDQGDVVRFLDWHVDUHLPSDLUHGUHTXLUHVDQ
HVWLPDWHLQWKHYDOXHLQXVHRILQYHVWPHQWV,QFRQVLGHULQJWKHYDOXHLQXVHWKH'LUHFWRUVKDYHDQWLFLSDWHGWKH
future market conditions and other parameters that affect the operations of these entities.
LLL 3URYLVLRQVDQGOLDELOLWLHV
3URYLVLRQVDQGOLDELOLWLHVDUHUHFRJQL]HGLQWKHSHULRGZKHQLWEHFRPHVSUREDEOHWKDWWKHUHZLOOEHDIXWXUH
RXWˌRZRIIXQGVUHVXOWLQJIURPSDVWRSHUDWLRQVRUHYHQWVWKDWFDQUHDVRQDEO\EHHVWLPDWHG7KHWLPLQJRI
recognition requires application of judgement to existing facts and circumstances which may be subject to
FKDQJH7KHDPRXQWVDUHGHWHUPLQHGE\GLVFRXQWLQJWKHH[SHFWHGIXWXUHFDVKˌRZVDWDSUHWD[UDWHWKDW
UHˌHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFLˋFWRWKHOLDELOLW\
LY &RQWLQJHQFLHV
In the normal course of business, contingent liabilities may arise from litigation and other claims against the
&RPSDQ\3RWHQWLDOOLDELOLWLHVWKDWDUHSRVVLEOHEXWQRWSUREDEOHRIFU\VWDOOLVLQJRUDUHYHU\GLIˋFXOWWRTXDQWLI\
UHOLDEO\DUHWUHDWHGDVFRQWLQJHQWOLDELOLWLHV6XFKOLDELOLWLHVDUHGLVFORVHGLQWKHQRWHVEXWDUHQRWUHFRJQL]HG
(v) Fair value measurements
:KHQWKHIDLUYDOXHVRIˋQDQFLDODVVHWVRUˋQDQFLDOOLDELOLWLHVUHFRUGHGRUGLVFORVHGLQWKH6WDQGDORQH)LQDQFLDO
Statements cannot be measured based on quoted prices in active markets, their fair value is measured using
YDOXDWLRQ WHFKQLTXHV LQFOXGLQJ PXOWLSOHV DQG WKH 'LVFRXQWHG &DVK ˌRZ '&) PRGHO 7KH LQSXWV WR WKHVH
models are taken from observable markets where possible, but where this is not feasible, a degree of judgment
is required in establishing fair values. Judgements include consideration of inputs such as liquidity risk, credit
risk and volatility.
YL 7D[HV
'HIHUUHGWD[DVVHWVDUHUHFRJQLVHGIRUXQXVHGWD[ORVVHVWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSURˋW
ZLOOEHDYDLODEOHDJDLQVWZKLFKWKHORVVHVFDQEHXWLOLVHG6LJQLˋFDQWPDQDJHPHQWMXGJHPHQWLVUHTXLUHGWR
determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level
RIIXWXUHWD[DEOHSURˋWVWRJHWKHUZLWKIXWXUHWD[SODQQLQJVWUDWHJLHV
YLL ,PSDLUPHQWRIQRQˋQDQFLDODVVHWV
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If
an indication exists, or when the annual impairment testing of the asset is required, the Company estimates
WKHDVVHWȢVUHFRYHUDEOHDPRXQW$QDVVHWȢVUHFRYHUDEOHDPRXQWLVWKHKLJKHURIDQDVVHWȢVRU&*8ȢVIDLUYDOXH
less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not
JHQHUDWHFDVKLQˌRZVWKDWDUHODUJHO\LQGHSHQGHQWRIWKRVHIURPWKHRWKHUDVVHWVRUJURXSRIDVVHWV:KHQWKH
FDUU\LQJDPRXQWRIDQDVVHWRU&*8H[FHHGVLWUHFRYHUDEOHDPRXQWWKHDVVHWLVFRQVLGHUHGDVLPSDLUHGDQGLWȢV
written down to its recoverable amount.
YLLL 'HˋQHGEHQHˋWSODQV
7KHFRVWRIWKHGHˋQHGEHQHˋWJUDWXLW\SODQDQGWKHSUHVHQWYDOXHRIWKHJUDWXLW\REOLJDWLRQDUHGHWHUPLQHG
using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from
actual developments in the future. These include the determination of the discount rate, future salary increases
DQG PRUWDOLW\ UDWHV 'XH WR WKH FRPSOH[LWLHV LQYROYHG LQ WKH YDOXDWLRQ DQG LWV ORQJWHUP QDWXUH D GHˋQHG
EHQHˋWREOLJDWLRQLVKLJKO\VHQVLWLYHWRFKDQJHVLQWKHVHDVVXPSWLRQV$OODVVXPSWLRQVDUHUHYLHZHGDWHDFK
reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for
plans operated in India, the management considers the interest rates of government bonds in currencies
FRQVLVWHQWZLWKWKHFXUUHQFLHVRIWKHSRVWHPSOR\PHQWEHQHˋWREOLJDWLRQ
7KHPRUWDOLW\UDWHLVEDVHGRQSXEOLFO\DYDLODEOHPRUWDOLW\WDEOHVIRUWKHVSHFLˋFFRXQWULHV7KRVHPRUWDOLW\
tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity
LQFUHDVHVDUHEDVHGRQH[SHFWHGIXWXUHLQˌDWLRQUDWHV
7KH&RPSDQ\UHFRJQL]HWKHIROORZLQJFKDQJHVLQWKHQHWGHˋQHGEHQHˋWREOLJDWLRQXQGHU(PSOR\HHEHQHˋW
H[SHQVHVLQVWDWHPHQWRI6WDQGDORQH6WDWHPHQWRI3URˋW /RVV
a) Service cost comprising current service costs, past service costs, gains and losses on curtailments and
non-routine settlements.
E 1HWLQWHUHVWH[SHQVHRU,QFRPH
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
LQFOXGHGLQQHWLQWHUHVWRQWKHQHWGHˋQHGEHQHˋWOLDELOLW\DQGWKHUHWXUQRQSODQDVVHWVH[FOXGLQJDPRXQWV
LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GHˋQHG EHQHˋW OLDELOLW\ DUH UHFRJQLVHG LPPHGLDWHO\ LQ WKH 6WDQGDORQH
Balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they
RFFXU5HPHDVXUHPHQWVDUHQRWUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV
6WDQGDUGV,VVXHGEXWQRW(IIHFWLYH
The Company has applied the Companies (Indian Accounting Standards), Amendment Rules 2018 which is effective from
$SULOZKLOHSUHSDULQJWKHUHVWDWHG,QG$6ˋQDQFLDOVWDWHPHQWV
Accordingly, the Company has applied the standards and interpretations issued which are not effective to the reporting
period presented. Thus, all the Ind AS applicable till date have been applied, and there are no standards which are issued
EXWQRW\HWHIIHFWLYHUHIHUQRWH

(` Million)
3. Property, plant and equipment
Freehold Leasehold Plant & Electrical Furniture & 2IˋFH Leasehold Capital Work
b Buildings Windmill Vehicles Total
land land HTXLSPHQWȢV installations ˋ[WXUHV HTXLSPHQWȢV improvements in Progress
*URVVFDUU\LQJDPRXQWDWFRVW
At 01 April 2017 139.20 3.09 13,367.33
Additions 62.80 - 13.10 - 0.10
Transfer (Refer note -c) - - - - - - - - - - - (1,827.70)
'LVSRVDOV$GMXVWPHQW - - - (3.70) - (0.60) - (77.70) -
$W0DUFK 191.90 90.30 3.19
Additions 17.09 - 921.70 1,011.79 61.76 - 20.97 0.70 2,383.61
Transfer (Refer note -c) - (1,878.90)
'LVSRVDOV$GMXVWPHQW - (10.86) - (0.39) - (6.02) - (38.86)
$W0DUFK 1,009.99 56.55 6,400.90 8,674.17 522.35 139.94 248.36 294.99 105.25 3.89 17,456.39 1,858.67
Accumulated depreciation
At 01 April 2017 - 13.20 319.90 1,739.90 102.30 20.80 17.00 2,302.10 -
'HSUHFLDWLRQFKDUJHIRUWKH\HDU - 1.10 33.80 10.70 0.80 -
'LVSRVDOV$GMXVWPHQW - - - (1.30) - (2.60) - - (6.70) -
$W0DUFK - 29.90 27.30 2.20 -
'HSUHFLDWLRQFKDUJHIRUWKH\HDU - 231.27 12.72 38.90 -
'LVSRVDOV$GMXVWPHQW - - (0.21) - (0.19) - - -
$W0DUFK - 14.77 759.46 3,687.48 213.99 42.43 121.37 62.89 36.36 2.55 4,941.30 -
Net Book Value b b b b b b b b b b b b
$W0DUFK 1,009.99 41.78 5,641.44 4,986.69 308.36 97.51 126.99 232.10 68.89 1.34 12,515.09 1,858.67
At 31 March 2018 283.90 76.07 63.00 0.99 11,772.33
Notes
(a) Capital work in progress includes machinery in transit `PLOOLRQ0DUFK`PLOOLRQ
E$OOSURSHUW\SODQWDQGHTXLSPHQWDUHKHOGLQWKHQDPHRIWKH&RPSDQ\H[FHSWIROORZLQJ
(i) Title deed for freehold land amounting to `PLOOLRQ0DUFK`PLOOLRQZHUHQRWLQWKHQDPHRI&RPSDQ\7KH&RPSDQ\KDVLQLWLDWHGSURFHVVRIWUDQVIHUULQJWKHVHSURSHUWLHVLQLWVQDPH
(ii) Title deed for freehold land amounting to `PLOOLRQ0DUFK`PLOOLRQZHUHQRWDYDLODEOH
(iii) Title deed is in dispute for freehold land amounting to `PLOOLRQ0DUFK`PLOOLRQDQGLVSHQGLQJUHVROXWLRQZLWKJRYHUQPHQWDXWKRULW\DW*XMDUDW7KH&RPSDQ\KDVLQLWLDWHGWKHSURFHVVRI
transferring these properties in its name.
F9DULRXVDVVHWVDSSHDULQJLQFDSLWDOZRUNLQSURJUHVVDQGFDSLWDOL]HGGXULQJWKH\HDU0DUFK`PLOOLRQ0DUFK` 1827.70 million) have been shown in addition in respective class of Property,
3ODQWDQG(TXLSPHQWȢVDQGDVWUDQVIHUVLQ&:,3
G7KHUHLVDˋUVWSDULSDVVXFKDUJHE\ZD\RIUHJLVWHUHGPRUWJDJHRQVSHFLˋFLPPRYDEOHˋ[HGDVVHWVDW+DORODQGK\SRWKHFDWLRQRIDOOPRYDEOHˋ[HGDVVHWVDFTXLUHGRQRUDIWHU$SULO

125
,QWDQJLEOHDVVHWV (`0LOOLRQb
b b b Computer - Software
At 01 April 2017
Additions
$W0DUFK b b
Additions b b
$W0DUFK b b 168.86
Accumulated amortization
At 01 April 2017

Amortisation charge for the year
$W0DUFK b b
Amortisation charge for the year b b 18.21
$W0DUFK b b 133.88
Net Book Value
$W0DUFK b b 34.98
At 31 March 2018 b b

1RQFXUUHQWˋQDQFLDODVVHWV b
(`0LOOLRQb
0DUFK 31 March 2018
(A),19(670(176
,,QYHVWPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVV)973/IXOO\SDLG8QTXRWHG
Investment in Mutual Funds -
Total FVTPL Investments -
II. Investments carried at cost- Unquoted
D,QYHVWPHQWLQ(TXLW\,QVWUXPHQWVRI6XEVLGLDULHV
0DUFK(TXLW\VKDUHVRI3RO\FDE:LUHV,WDO\65/ 10.89 10.89
of 1 Euro each fully paid up
0DUFK(TXLW\VKDUHVRI7LUXSDWL5HHOV3ULYDWH 33.00 33.00
Limited of ` 10 each fully paid up
0DUFK(TXLW\VKDUHVRI'RZHOOV&DEOH 45.90 6.63
Accessories Private Limited of ` 10 each fully paid up
E,QYHVWPHQWLQ(TXLW\,QVWUXPHQWVRI-RLQW9HQWXUH
0DUFK(TXLW\VKDUHVRI5\NHU%DVH3ULYDWH 273.45
Limited of ` 10 each fully paid up (refer note - 2 & 3 below)
0DUFK(TXLW\VKDUHVRI7HFKQR(OHFWURPHFK 70.20 70.20
Private Limited of ` 10 each fully paid up
7RWDO,QYHVWPHQWV*URVV 433.44 391.12
/HVV,PSDLUPHQWDOORZDQFHIRULQYHVWPHQWLQ3RO\FDE:LUHV,WDO\65/ (6.50)
(XUR0DUFK(XUR
7RWDO,QYHVWPHQWV1HW 426.94 386.02
$JJUHJDWHPDUNHWYDOXHRIXQTXRWHGPXWXDOIXQGLQYHVWPHQW5HIHUQRWH -
Note:
,QYHVWPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVVIXOO\SDLGUHˌHFWLQYHVWPHQWLQXQTXRWHGPXWXDOIXQG5HIHUQRWHIRU
determination of their fair values.
2. The fair value of corporate guarantee `0LOOLRQ0DUFK` 10.30 Million) has been included in carrying cost of
LQYHVWPHQWLQ5\NHUEDVH3ULYDWH/LPLWHG7KHPRYHPHQWRIWKHLQYHVWPHQWLQ5\NHUEDVH3ULYDWH/LPLWHGLVJLYHQDVXQGHU
Investment in Ryker 260.10 260.10
$GG*XDUDQWHHSURYLGHGRQFUHGLWIDFLOLW\ 13.35 10.30
273.45
3. Joint Venture partner of the Ryker base Private Limited has the option to put their entire shareholding to the company at any
time after a lock in period i.e. earlier of
(a) Fifth anniversary of the date on which the Plant commences production;
E7KHGDWHIDLOLQJVL[\HDUVDQGVL[PRQWKVDIWHUWKHFRPSOHWLRQGDWHDWDSULFHEHLQJKLJKHURI
ȩ)DLUPDUNHWYDOXHRIWKHVKDUHVRUVXPRI
ȩ6XEVFULSWLRQSULFHSDLGE\-RLQW9HQWXUHSDUWQHUDQG
ȩ$GGLWLRQDO)LQDQFHDPRXQWVFRQWULEXWHGE\-RLQW9HQWXUHSDUWQHUIURPWLPHWRWLPH
(B)75$'(5(&(,9$%/(6($7$0257,6('&267)
Trade receivables (Unsecured, considered good) 1,351.27 880.00
7RWDO7UDGHUHFHLYDEOHV 1,351.27 880.00
(C)27+(5),1$1&,$/$66(76($7$0257,6('&267)
Earnest money deposits and Security deposits 49.59
'HSRVLWVZLWKEDQNKDYLQJPDWXULW\SHULRGRIPRUHWKDQPRQWKV -
7RWDORWKHUˋQDQFLDODVVHWV 49.59

b
1RQFXUUHQWLQFRPHWD[DVVHWV1HW (`0LOOLRQb

0DUFK 31 March 2018
Advance income-tax (net of provision for taxation) 97.67 312.01
97.67 312.01
b b
7 Other non-current assets (` Million)

0DUFK 31 March 2018
Capital advances - Unsecured, considered good 386.37 208.70
Capital advances - Unsecured, considered doubtful 65.99
Prepaid expenses 59.60 6.90
%DODQFHVZLWK6WDWXWRU\*RYHUQPHQWDXWKRULWLHV 98.10
610.06
/HVV,PSDLUPHQWDOORZDQFHRIFDSLWDODGYDQFHVFRQVLGHUHGGRXEWIXO (65.99)
544.07 302.10
b b
,QYHQWRULHV1HW (` Million)

0DUFK 31 March 2018
Raw materials 9,457.67
Traded goods 918.02
Work-in-progress 1,401.85
Finished goods 6,611.88
Packing materials 263.14
Scrap materials 197.29
Stores and spares 177.49 80.99
Project materials for long-term contracts 776.97
19,804.31
Notes
L7KHDERYHLQFOXGHVJRRGVLQWUDQVLWDVXQGHU
Raw material 4,447.72
Traded goods 3.71
Packing material 39.85 -
(ii) The above includes inventories held by third parties amouting to ` 1787.77 million (31 March 2018 - ` 29.80 million)
LLL'XULQJ WKH \HDU HQGHG 0DUFK ` PLOOLRQ 0DUFK ` 13.00 million ) was recognised as an expense for
inventories carried at net realisable value.
(iv) Inventories are hypothecated with the bankers against working capital limits. (Refer note - 18(A))
Y7KH &RPSDQ\ HQWHUV LQWR SXUFKDVH FRQWUDFW RI FRSSHU DQG DOXPLQLXP LQ ZKLFK WKH DPRXQW SD\DEOH LV QRW ˋ[HG RQ WKH GDWH
of purchase and the same is affected by changes in LME prices in future. Such transactions are entered into to protect the
Company against the risk of price movement in the purchased copper and aluminium. This is designated as a fair value hedge as
it is taken to hedge the exposure to changes in fair value due to commodity price risks. The open hedge exposures are valued
at the fair value and the impact is adjusted to the value of the inventory to the extent the hedged is considered effective.
5HIHU1RWH$LLL

&XUUHQWˋQDQFLDODVVHWV (`0LOOLRQb
0DUFK 31 March 2018
(A)75$'(5(&(,9$%/(6($7$0257,6('&267)
&RQVLGHUHG*RRG8QVHFXUHG 14,092.77

Receivables - Credit Impaired 548.79
Receivables from related parties (Refer note - 37(A)) 224.21
7UDGHUHFHLYDEOHV*URVV 14,865.77
/HVV,PSDLUPHQWDOORZDQFHIRUWUDGHUHFHLYDEOHV (1,449.86)
13,415.91
Notes
ȩ 7UDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGDUHJHQHUDOO\RQFUHGLWWHUPVXSWRGD\VH[FHSW(3&EXVLQHVV
ȩ )RU(3&EXVLQHVVWUDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGFUHGLWWHUPVDUHVSHFLˋFWRFRQWUDFWV
ȩ )RUH[SODQDWLRQVRQWKH&RPSDQ\ȢVFUHGLWULVNPDQDJHPHQWSURFHVVHVUHIHUQRWH%
ȩ 7KH&RPSDQ\IROORZVOLIHWLPHH[SHFWHGFUHGLWORVVPRGHO$FFRUGLQJO\GHWHULRUDWLRQLQFUHGLWULVNLVQRWUHTXLUHGWREHHYDOXDWHG
annually.
7KHIROORZLQJWDEOHVXPPDUL]HVWKHFKDQJHLQLPSDLUPHQWDOORZDQFHPHDVXUHGXVLQJWKHOLIHWLPHH[SHFWHGFUHGLWORVVPRGHO
At the beginning of period 1,215.50
Provision during the period/year 540.94
Bad debts written off (306.58)
At the end of the period/year 1,449.86
(B)&$6+$1'&$6+(48,9$/(176($7$0257,6('&267)
Balances with banks
In current accounts 1,281.37 62.67
'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV 494.50 -
Cash in hand 1.57 0.89
Cheques in hand -
1,777.44
b
(C)%$1.%$/$1&(27+(57+$1&$6+$1'&$6+(48,9$/(176($7$0257,6('&267)
'HSRVLWVZLWKRULJLQDOPDWXULW\IRUPRUHWKDQPRQWKV 3.67 8.10
'HSRVLWVZLWKRULJLQDOPDWXULW\IRUPRUHWKDQPRQWKVEXWOHVVWKDQPRQWKV 1,375.00 16.00
Margin money deposit 0.80 -
1,379.47
(')/2$16($7$0257,6('&267)
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHGRWKHUZLVH
Loans to employees 12.79 11.20
Loans to related party
&RQVLGHUHG*RRG8QVHFXUHG 126.55
Credit Impaired 30.17
7RWDO/RDQV*URVV 169.51 199.30
/HVV,PSDLUPHQWDOORZDQFHIRUORDQUHFRYHUDEOHIRUP3RO\FDE:LUHV,WDO\65/ (30.17)
5HIHU1RWH
139.34 168.80

0DUFK 31 March 2018
(E)27+(5),1$1&,$/$66(76
At amortised cost
Earnest money deposits and Security deposits# 28.90 33.00
Contract asset 260.51
Insurance claim receivables 35.43
Interest accrued on bank deposits 11.25
Public issue expense recoverable from selling shareholders 388.77 -
$WIDLUYDOXHWKURXJKSURˋWRUORVV
'HULYDWLYHLQVWUXPHQWV
Interest rate and cross currency swap 7.40 3.30
732.26
/HVV,PSDLUPHQWDOORZDQFHIRU&RQWUDFW$VVHWVFRQVLGHUHGGRXEWIXO (7.58) -
724.68
,QFOXGHVGHSRVLWVJLYHQWR5HODWHG3DUWLHV5HIHU1RWH$ 6.17 6.17
b b
10 Other current assets (` Million)

0DUFK 31 March 2018
Advances for materials and services# 852.71
Prepaid expenses 73.03
Balances with statutory/government authorities 612.95 1,173.80
Export incentive receivable 39.48
Refund Assets 242.34
Others 14.01
1,834.52
,QFOXGHVDGYDQFHJLYHQWR5HODWHG3DUWLHV5HIHU1RWH$ -
b b
$VVHWVFODVVLˋHGDVKHOGIRUGLVSRVDO (` Million)
0DUFK 31 March 2018
Assets held for disposal 0.22 2.70
0.22 2.70
OQ0DUFKWKH&RPSDQ\FODVVLˋHGFHUWDLQSURSHUW\SODQWDQGHTXLSPHQW` 0.22 million (31 March 2018 `PLOOLRQDQG

RWKHUDVVHW1LO0DUFK` 0.12 million) retired from active use and held for sale recognised and measured in accordance with
,QG$6Ȥ1RQ&XUUHQW$VVHWV+HOG)RU6DOHDQG'LVFRQWLQXHG2SHUDWLRQVȤDWORZHURILWVFDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWWR
VHOO7KH&RPSDQ\H[SHFWVWRFRPSOHWHWKHVDOHLQˋQDQFLDO\HDU

12 Share capital
(A)$87+25,6('6+$5(&$3,7$/ Equity shares
(TXLW\VKDUHVRI` 10 each) 1XPEHUV (` Million)
At 1 April 2017
Increase during the year - -
$W0DUFK
$W0DUFK 186,250,000 1,862.50
(B),668('68%6&5,%('$1')8//<3$,'-836+$5(6b
At 1 April 2017
Changes during the year - -
$W0DUFK
$W0DUFK 141,205,838 1,412.06
(C)7(5065,*+76$77$&+('72(48,7<6+$5(6
The Company has only one class of equity shares having par value of ` 10 per share. Each holder of equity shares is entitled to one
YRWHSHUVKDUH7KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFW
WRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
6XEMHFW WR WKH DSSURYDO RI WKH VKDUHKROGHUV LQ WKH HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ RI WKH &RPSDQ\ WKH %RDUG RI 'LUHFWRUV KDV
UHFRPPHQGHGDˋQDOGLYLGHQGRI` 3/- per equity share of `HDFKIRUWKHˋQDQFLDO\HDU'XULQJWKH\HDUHQGHG
0DUFKWKHDPRXQWRISHUVKDUHLQWHULPGLYLGHQGUHFRJQL]HGDQGSDLGWRHTXLW\VKDUHKROGHUV` 1 per share.
(')'(7$,/62)6+$5(+2/'(56+2/',1*025(7+$16+$5(6,17+(&203$1<
$VDW0DUFK As at 31 March 2018

1DPHRIWKHVKDUHKROGHU
1RRI6KDUHV % holding 1RRI6KDUHV % holding
3RO\FDE,QGLD/WG(VFURZ$FFRXQW,32 21,817,870 15.45% - 0.00%
Mr. Inder T. Jaisinghani 20,854,229 14.77% 23,778,779
0U*LUGKDUL7-DLVLQJKDQL 20,750,512 14.70% 23,661,833 16.76%
Mr. Ajay T. Jaisinghani 20,678,935 14.64% 16.70%
Mr. Ramesh T. Jaisinghani 20,676,393 14.64% 16.70%
International Finance Corporation (IFC) 12,704,096 9.00%
As per records of the Company, including its register of shareholders/members and other declarations received from shareholders
UHJDUGLQJEHQHˋFLDOLQWHUHVWWKHDERYHVKDUHKROGLQJUHSUHVHQWVERWKOHJDODQGEHQHˋFLDORZQHUVKLSRIVKDUHVLQFOXGLQJVKDUHVKHOG
LQWKHQDPHRILQGLYLGXDOȢVWUXVW
'XULQJWKH\HDUHQGHG0DUFKHTXLW\VKDUHVZHUHWUDQVIHUUHGWRDQHVFURZDFFRXQWE\WKHVKDUHKROGHUVLQD
3UH,QLWLDO3XEOLF2IIHU,32VDOHLQWKHSURSRUWLRQPHQWLRQHGEHORZ7KHVHVKDUHKROGHUVFRQWLQXHWREHWKHEHQHˋFLDORZQHUVRIWKH
shares until the completion of the IPO process.
$VDW0DUFK
1RRI6KDUHV % holding
Mr. Inder T. Jaisinghani 1.90%
0U*LUGKDUL7-DLVLQJKDQL 2,663,871 1.89%
Mr. Ajay T. Jaisinghani 2,663,871 1.89%
Mr. Ramesh T. Jaisinghani 2,673,321 1.89%
Mr. Bharat A Jaisinghani 680,662
0U1LNKLO5-DLVLQJKDQL 680,662
Mr. R.Ramakrishnan
0U$QLO+DULDQL
International Finance Corporation (IFC) 6.00%
21,817,870
)XUWKHUGXULQJWKHˋQDQFLDO\HDUWKH&RPSDQ\KDVFRPSOHWHGWKHLQLWLDOSXEOLFRIIHU,32SXUVXDQWWRZKLFKVKDUHVZHUH

issued as under and shares in excess of those offered for sale were transferred from Polycab India Ltd. Escrow Account - IPO back to
WKHUHVSHFWLYHVHOOLQJVKDUHKROGHUV
1RRIVKDUHV Offer for sale Fresh Issue Total
*HQHUDO3XEOLF
Employee Quota 122,991
7RWDO 17,582,000 7,440,067 25,022,067
7KHHTXLW\VKDUHVRIWKH&RPSDQ\ZHUHOLVWHGRQ1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG16(YLD,'32/<&$%DQG%6(/LPLWHG

%6(YLD,'RQ$SULO
The Company has estimated `PLOOLRQDV,32UHODWHGH[SHQVHVDQGDOORFDWHGVXFKH[SHQVHVEHWZHHQWKH&RPSDQ\ `
million and selling shareholders ` 388.77 million in proportion to the equity shares allotted to the public as fresh issue by the Company
and under offer for sale by selling shareholders respectively. As at 31 March 2019, the total amount attributable to the Company
amounting to `PLOOLRQKDVEHHQDGMXVWHGWRVHFXULWLHVSUHPLXPDQGEDODQFHDPRXQW`PLOOLRQFKDUJHGRIIWR3URˋWDQG
Loss account.
($JJUHJDWHQXPEHURIERQXVVKDUHLVVXHGDQGVKDUHLVVXHGIRUFRQVLGHUDWLRQRWKHUWKDQFDVKGXULQJWKHSHULRGRI\HDUVLPPHGLDWHO\
SUHFHGLQJWKHUHSRUWLQJGDWH
70,602,919 equity shares of `HDFKIXOO\SDLGXSLVVXHGDV%RQXVVKDUHVLQWKHUDWLRRIE\FDSLWDOL]DWLRQRI6HFXULWLHVSUHPLXP

GXULQJWKH\HDUHQGHG0DUFK
b b b b
13 Other equity (`0LOOLRQb

b b b 0DUFK 31 March 2018
(A) CAPITAL RESERVE 0.13 0.13
(B)6(&85,7,(635(0,80
Opening balance 3,205.60
/HVV6KDUHLVVXHH[SHQVHV (148.28) -
3,057.32
(C)*(1(5$/5(6(59( 650.69
(')(62328767$1',1* 149.51 -
(E)5(7$,1('($51,1*6
$GG3URˋWGXULQJWKHSHULRG 5,010.00 3,601.17
/HVV,QWHULPHTXLW\GLYLGHQG -
/HVV7D[RQLQWHULPHTXLW\GLYLGHQG -
23,219.73 18,209.73
7RWDO$%&'( 27,077.38 22,066.15
6HFXULWLHV SUHPLXP UHSUHVHQWV WKH VXUSOXV RI SURFHHGV UHFHLYHG RYHU WKH IDFHYDOXH RI VKDUH DW WKH WLPH RI LVVXH RI VKDUHV7KH
&RPSDQ\ȢVVKDUHRI,32H[SHQVHVKDVEHHQDGMXVWHGZLWKVHFXULWLHVSUHPLXPDFFRXQWFRQVLGHULQJWKHVXFFHVVIXOFRPSOHWLRQRI,32
process on 16 April 2019.
*HQHUDO5HVHUYHLVXVHGIURPWLPHWRWLPHWRWUDQVIHUSURˋWVIURPUHWDLQHGHDUQLQJVIRUDSSURSULDWLRQSXUSRVHV$VWKH*HQHUDO
Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
LQFOXGHGLQWKH*HQHUDO5HVHUYHZLOOQRWEHUHFODVVLˋHGVXEVHTXHQWO\WRVWDWHPHQWRISURˋWRUORVV
7KH&RPSDQ\KDVWZRVWRFNRSWLRQVFKHPHVXQGHUZKLFKRSWLRQVWRVXEVFULEHIRUWKH&RPSDQ\ȢVVKDUHVKDYHEHHQJUDQWHGWRFHUWDLQ
employees. The ESOP Outstanding is used to recognise the value of equity-settled share-based payments provided to employees,
LQFOXGLQJNH\PDQDJHPHQWSHUVRQQHODVSDUWRIWKHLUUHPXQHUDWLRQ5HIHUWR1RWH&IRUIXUWKHUGHWDLOVRIWKHVHSODQV

1RWHVWR6WDQGDORQH)LQDQFLDO6WDWHPHQWVIRUWKH\HDUHQGHG0DUFKbb
1RQFXUUHQWˋQDQFLDOOLDELOLWLHV (`0LOOLRQb
0DUFK 31 March 2018
Borrowings (at amortised cost)
([WHUQDOFRPPHUFLDOERUURZLQJVHFXUHG
)RUHLJQFXUUHQF\ORDQIURP+6%&%DQN0DXULWLXV/WG 691.71
Rupee loan (secured)
,QGLDQUXSHHORDQIURP&LWLEDQN1$ 867.30 1,137.30
1,559.01
/HVV&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJV5HIHU1RWH& (773.18) (703.70)
785.83
7KHDERYHORDQVDUHVHFXUHGE\ZD\RI
L)LUVWSDULSDVVXFKDUJHE\ZD\RIUHJLVWHUHGPRUWJDJHRQVSHFLˋFLPPRYDEOHˋ[HGDVVHWVDW+DORODQGK\SRWKHFDWLRQRIDOOPRYDEOH
ˋ[HGDVVHWVDFTXLUHGRQRUDIWHU$SULO
LL6HFRQGSDULSDVVXFKDUJHE\ZD\RIK\SRWKHFDWLRQRIDOOPRYDEOHˋ[HGDVVHWVDSSHDULQJLQEDODQFHVKHHWDVRQ0DUFKDQG
on all current assets of the Company.
LLL&KDUJHVZLWKUHVSHFWWRDERYHERUURZLQJKDVEHHQFUHDWHGLQIDYRURIOHDGEDQNHULQWKHFRQVRUWLXP1RVHSDUDWHFKDUJHFUHDWHG
for each of the borrowing.
0DWXULW\SURˋOHRIQRQFXUUHQWERUURZLQJV (` Million)
b Remark < 1 Year 1-3 Years <HDUV

([WHUQDOFRPPHUFLDOERUURZLQJVHFXUHG b
)RUHLJQFXUUHQF\ORDQIURP+6%&%DQN Repayable in 6 231.03 -
(Mauritius) Ltd instalment in 3 year

,QGLDQUXSHHORDQIURP&LWLEDQN1$ Repayable in 16
quarterly instalment
$V$W0DUFK b 773.18 743.35 42.48

b b b b
As At 31 March 2018 b 703.70

1RQ&XUUHQWSURYLVLRQV (`0LOOLRQb
0DUFK 31 March 2018
3URYLVLRQIRUHPSOR\HHEHQHˋWV
*UDWXLW\5HIHU1RWH$ 95.19
Compensated absences 66.71 -
161.90
16 Income taxes (` Million)

0DUFK 31 March 2018
$,1&20(7$;(;3(16(,17+(67$7(0(172)352),7$1'/266&2035,6(6
&XUUHQWLQFRPHWD[
In respect of current year 2,947.07
Adjustments of tax relating to earlier years (73.55) (320.63)
Deferred tax
Relating to origination and reversal of temporary differences (322.03)
,QFRPHWD[H[SHQVHUHSRUWHGLQWKHVWDWHPHQWRISURˋWRUORVV 2,551.49
( B )2&,6(&7,21-'()(55('7$;5(/$7('72,7(065(&2*1,6(',12&,'85,1*,17+(<($5
1HWORVVJDLQRQUHPHDVXUHPHQWVRIGHˋQHGEHQHˋWSODQV (2.36) 9.20
,QFRPHWD[H[SHQVHFKDUJHGWR2&, (2.36) 9.20
b b
( C )5(&21&,/,$7,212)7$;(;3(16($1'7+($&&2817,1*352),708/7,3/,('%<&203$1<Ȣ6'20(67,&7$;5$7(bb
Applicable tax rate 34.94%
Tax using applicable tax rate 2,643.82
Effect of:
Expense not allowed for tax purpose 48.83
Income not considered for tax purpose (35.88) (32.90)
Tax exempt income (31.73)
,QFRPHWD[FKDUJHGWRVWDWHPHQWRISURˋWDQGORVVDFFRXQW 2,551.49
''()(55('7$;/,$%,/,7,(6&2035,6(6 b b b
Balance Sheet 6WDWHPHQWRISURˋWDQGORVV
b b 0DUFK 31 March 2018 0DUFK 31 March 2018
'HIHUUHGWD[OLDELOLW\
3URSHUW\3ODQW (TXLSPHQW,PSDFWRIGLIIHUHQFHEHWZHHQ 833.53 889.39 (55.86)
WD[GHSUHFLDWLRQDQGGHSUHFLDWLRQDPRUWL]DWLRQFKDUJHGIRU
WKHˋQDQFLDOUHSRUWLQJ
'XWLHVDQGWD[HVDOORZDEOHXQGHU,QFRPH7D[$FWRQ 133.08 318.00 (184.92) 318.00
payment basis
*URVVGHIHUUHGWD[OLDELOLW\ 966.61 1,207.39 (240.78) 366.70
Deferred tax asset

,PSDFWRIH[SHQGLWXUHFKDUJHGWRWKH6WDWHPHQWRI3URˋW 237.99 (3.49) (32.30)
and Loss in the current year but allowed for tax purposes on
payment basis
Provision for expected credit loss (ECL) 500.82 (80.12) (92.70)
7D[RQUHPHDVXUHPHQWJDLQVORVVHVRQGHˋQHGEHQHˋW 2.36 (9.20)
plans
*URVVGHIHUUHGWD[DVVHW 738.81 (81.25)
'HIHUUHGWD[H[SHQVHLQFRPH - - (322.03)
'HIHUUHGWD[OLDELOLW\QHW 227.80 b b

( E )5(&21&,/,$7,212)'()(55('7$;$66(76/,$%,/,7,(6( 1(7 )b (` Million)
0DUFK 31 March 2018
At the beginning of the year 552.19
7D[LQFRPHH[SHQVHGXULQJWKHSHULRGUHFRJQLVHGLQSURˋWRUORVV (322.03)
Tax (income)/expense during the period recognised in OCI (2.36) 9.20
$WWKHHQGRI\HDU 227.80
Notes
(i) The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax liabilities relating to income taxes levied by the same tax
authority.
(ii) 7KH&RPSDQ\KDVUHFHLYHG&,7$RUGHUGDWHG0DUFKIRU$<DQGDOORZLQJ&RPSDQ\ȢV
PDMRUFODLPVUHODWLQJWRVDOHVWD[VXEVLG\DVFDSLWDOUHFHLSWDGGLWLRQDOGHSUHFLDWLRQGLVDOORZDQFHXV$UHDGZLWKUXOH'DQG
FRQVHTXHQWO\ FDUU\ IRUZDUG ORVVHV DQG SD\PHQW RI WD[ XQGHU 0$7 &RPSDQ\ȢV FODLP ZDV SDUWO\ DOORZHG ,QFRPH7D[ 'HSW KDV
ˋOHGDSSHDOVLQWKHWULEXQDODJDLQVWWKH&RPSDQ\DQG&RPSDQ\KDVDOVRˋOHGDSSHDODJDLQVWGLVDOORZDQFHLQWKHVHRUGHUV6LQFH
subject matter is pending in the higher courts and therefore Company has not accounted for refund received/receivable on these
orders which is `PLOOLRQLQFOXGLQJLQWHUHVW`PLOOLRQXV%DQG&RIWKH,QFRPH7D[$FW
b b b b b
17 Other non-current liabilities (` Million)

0DUFK 31 March 2018
'HIHUUHGJRYHUQPHQWJUDQW 163.29 182.19
'HIHUUHGOLDELOLW\ 93.75 -
257.04 182.19
Note
8QGHU,QG$6JRYHUQPHQWJUDQWVDUHUHFRUGHGDVGHIHUUHGOLDELOLWLHVWRWKHH[WHQWRIXQIXOˋOOHGH[SRUWREOLJDWLRQV7KLVDPRXQWKDV
EHHQUHFRJQLVHGDJDLQVWGHIHUUHGJRYHUQPHQWJUDQWDQGDFFUXHGWR3 /VXEVHTXHQWO\RQIXOˋOPHQWRIH[SRUWREOLJDWLRQ
b b b b b
&XUUHQWˋQDQFLDOOLDELOLWLHV (` Million)
0DUFK 31 March 2018
(A) %2552:,1*6( $7$0257,6('&267 )
/RDQUHSD\DEOHRQGHPDQGIURPEDQNV
%X\HUȢV&UHGLW6HFXUHG 516.49
Cash Credit from banks (Secured) -
Short-term loan from banks (Secured) 436.16 1,087.03
Packing Credit (Secured) -
Packing Credit (Unsecured) 70.82 33.80
1,023.47
Note
L6HFXUHGERUURZLQJVIURPEDQNVDUHVHFXUHGDJDLQVWSDULSDVVXˋUVWFKDUJHE\ZD\RIK\SRWKHFDWLRQRILQYHQWRULHVDQGUHFHLYDEOHV
LL3DULSDVVXˋUVWFKDUJHRQVSHFLˋFSURSHUWLHVSODQWDQGHTXLSPHQWȢVRIWKH&RPSDQ\VXFKDV'DPDQVWDIITXDUWHUV'DPDQJRGRZQ
SUHPLVHVIDFWRU\ODQGDQGEXLOGLQJDW+DORODQG'DPDQDQGRIˋFHEXLOGLQJDW0XPEDL
LLL3DULSDVVXˋUVWFKDUJHE\ZD\RIK\SRWKHFDWLRQRIDOOPRYDEOHˋ[HGDVVHWVDSSHDULQJLQEDODQFHVKHHWDVRQ0DUFK
LY3DULSDVVXVHFRQGFKDUJHE\ZD\RIUHJLVWHUHGPRUWJDJHRQDOOPRYDEOHDVVHWVDFTXLUHGRQRUDIWHU$SULO
Y&KDUJHVZLWKUHVSHFWWRDERYHERUURZLQJKDVEHHQFUHDWHGLQIDYRXURIOHDGEDQNHULQWKHFRQVRUWLXP1RVHSDUDWHFKDUJHKDVEHHQFUHDWHG
(B) 75$'(3$<$%/(( $7$0257,6('&267 )

Total outstanding dues of micro and small enterprises - (Refer note below (iii)) 103.88 77.70
Total outstanding dues of creditors other than micro and small enterprises
Acceptances - (Refer note below (i)) 8,032.85
Other than acceptances
Trade payables - Others 6,807.77
7UDGHSD\DEOHVWRUHODWHGSDUWLHV5HIHU1RWH$ 154.50
14,995.12 9,067.11

&XUUHQWˋQDQFLDOOLDELOLWLHV
(i) Acceptances represent amounts payable to banks on due date as per usance period of Letter of Credit (LCs) issued to raw material
vendors under non-fund based working capital facility approved by Banks for the Company. These letter of credit are discounted
by the vendors with their banks and the payments are made on due date to Banks by the Company along with interest payable as
SHUWHUPVRI/&V1RQIXQGOLPLWVDUHVHFXUHGE\ˋUVWSDULSDVVXFKDUJHRYHUWKHSUHVHQWDQGIXWXUHFXUUHQWDVVHWVRIWKH&RPSDQ\
(ii) )RUH[SODQDWLRQVRQWKH*URXSȢVOLTXLGLW\ULVNPDQDJHPHQWSURFHVVHV5HIHUQRWH&
(iii) ,QIRUPDWLRQDVUHTXLUHGWREHIXUQLVKHGDVSHUVHFWLRQRIWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW
060('$FWIRUWKH\HDUHQGHG0DUFKDQG\HDUHQGHG0DUFKLVJLYHQEHORZ7KLVLQIRUPDWLRQKDVEHHQGHWHU-
PLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWLˋHGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\
(` Million)
a) Principal amount and interest due thereon remaining unpaid to any supplier 0DUFK 31 March 2018
FRYHUHGXQGHU060('$FW
Principal 103.88 77.70
Interest 1.94
b) The amount of interest paid by the buyer in terms of section 16, of the - -
060(' $FW DORQJ ZLWK WKH DPRXQWV RI WKH SD\PHQW PDGH WR WKH
supplier beyond the appointed day during each accounting year.
c) The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during the
\HDUEXWZLWKRXWDGGLQJWKHLQWHUHVWVSHFLˋHGXQGHU060('$FW
d) The amount of interest accrued and remaining unpaid at the end of each 1.94
accounting year.
e) The amount of further interest remaining due and payable even in the b - -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as a
GHGXFWLEOHH[SHQGLWXUHXQGHUVHFWLRQRIWKH060('$FW
& 27+(5&855(17),1$1&,$//,$%,/,7,(6
(` Million)
0DUFK 31 March 2018
At amortised cost
&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJVUHIHUQRWH 773.18 703.70
Security deposit 40.13
Interest accrued but not due on borrowings 24.03
Interest accrued and due on borrowings 5.37
Creditors for capital expenditure 340.65 219.66
$WIDLUYDOXHWKURXJKSURˋWDQGORVV)973/
'HULYDWLYHOLDELOLW\ 221.38
Refund liability 318.33
'HIHUUHGOLDELOLW\ 38.15
Other (refer note below) 12.98 10.30
1,774.20
Note
Company has provided a guarantee for credit facility availed by the Ryker Base Private Limited and Tirupati Reels Private Limited,
amounting to `0LOOLRQ0DUFK`0LOOLRQDQG`0LOOLRQ0DUFK`0LOOLRQUHVSHFWLYHO\
The fair value of corporate guarantee `0LOOLRQ0DUFK` 10.30 Million) has been included in carrying cost of investment.

b b b b b
19 Other current liabilities (` Million)

0DUFK 31 March 2018
Advance from customers 4,075.47
Contract Liability 1,415.23 777.02
Other statutory dues 766.09
6,256.79 1,037.06
20 Current provisions (` Million)

0DUFK 31 March 2018
*UDWXLW\5HIHU1RWH$ 100.30 87.81
Compensated absences 24.39
Tax on interim equity dividend -
Provision for warranty (Refer note below) 83.54 63.67
208.23
Note
A provision is recognised for expected warranty claims and after sales services on products sold , based on past experience of the level of repairs and
UHWXUQV,WLVH[SHFWHGWKDWVLJQLˋFDQWSRUWLRQRIWKHVHFRVWVZLOOEHLQFXUUHGLQWKHQH[WˋQDQFLDO\HDUDQGDOOZLOOKDYHEHHQLQFXUUHGZLWKLQZDUUDQW\
period after the reporting date. Assumptions used to calculate the provisions for warranties were based on current sales levels and current information
available about returns during the warranty period for all products sold.
At the beginning of the year 63.67 31.37

Arising during the year 58.04
Utilised during the year (38.17) (12.70)
At the end of the year 83.54 63.67
b b b b b
&XUUHQWWD[OLDELOLWLHV1HW (` Million)
0DUFK 31 March 2018
3URYLVLRQIRU&XUUHQW7D[1HWRIDGYDQFHWD[ 1,670.47 823.20
1,670.47 823.20

22 Revenue from operations (` Million)

0DUFK 31 March 2018
Revenue from contracts with customers

Sale of products
Traded goods 3,684.03 3,076.36
Revenue from construction contracts 3,795.50
77,814.28
2WKHURSHUDWLQJUHYHQXH
Scrap sales 1,238.93 1,281.99
7RWDOUHYHQXHIURPFRQWUDFWVZLWKFXVWRPHUV 79,053.21
Export incentives 52.32
7RWDO5HYHQXHIURPRSHUDWLRQV 79,105.53
L'LVDJJUHJDWHGUHYHQXHLQIRUPDWLRQ
7\SHRI*RRGVRU6HUYLFHV
Wires & Cables 68,841.65 62,039.62
)DVW0RYLQJ(OHFWULFDO*RRGV)0(* 6,416.06

India 76,570.73
Outside India 2,482.48
7RWDOUHYHQXHIURPFRQWUDFWVZLWKFXVWRPHUV
79,053.21
7LPLQJRIUHYHQXHUHFRJQLWLRQ
*RRGVWUDQVIHUUHGDWDSRLQWLQWLPH 75,207.48
*RRGVDQG6HUYLFHVWUDQVIHUUHGRYHUDSHULRGRIWLPH 3,845.73
7RWDOUHYHQXHIURPFRQWUDFWVZLWKFXVWRPHUV
79,053.21
Reconciliation of the revenue from contracts with customers with the amounts
disclosed in the segment information
Export incentives 52.32
2WKHULQFRPHH[FOXGLQJˋQDQFHLQFRPH 806.48
Total income as per segment
79,912.01
ii) Revenue from contracts with customers includes excise duty collected of ` 1LO 0DUFK ` 0LOOLRQ 5HYHQXH
from contracts with customers net of applicable taxes is ` 0LOOLRQ0DUFK` PLOOLRQ5HYHQXHIURP
operations for previous periods up to 30 June 2017 includes excise duty. From 1 July 2017 onwards the excise duty and most indirect
WD[HVLQ,QGLDKDYHEHHQUHSODFHG*RRGVDQG6HUYLFH7D[*677KH&RPSDQ\FROOHFWV*67RQEHKDOIRIWKH*RYHUQPHQW+HQFH*67
is not included in Revenue from operations. In view of the aforesaid change in indirect taxes, Revenue from operations for the year
ended 31 March 2019 is not comparable with 31 March 2018.

22 Revenue from operations
LLL5HFRQFLOLDWLRQEHWZHHQUHYHQXHZLWKFXVWRPHUVDQGFRQWUDFWHGSULFHDVSHU,QG$6 (` Million)
Revenue reconciliation Year ended Year ended

0DUFK 31 March 2018
Revenue as per contracted price 81,964.69
/HVV$GMXVWPHQWV
3ULFHDGMXVWPHQWVVXFKDV'LVFRXQWV5HEDWHVDQG6DOHV3URPRWLRQ6FKHPHV (1,607.45)
Excess Revenue - EPC (1,415.23) (777.02)
Provisions for expected sales return (95.79)
Other adjustments (53.52)
Add: Adjustments
Unbilled Revenue - EPC 260.51
Revenue from contract with customers 79,053.21
LY&RQWUDFW%DODQFHVDVDW
Contract Balances As at As at
0DUFK 31 March 2018
Trade Receivables 14,767.18
Contract Assets 260.51
b Contract Liabilities 1,415.23 777.02
v) Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. In 31 March 2019, `
0LOOLRQ 0DUFK ` 0LOOLRQ ZDV UHFRJQLVHG DV SURYLVLRQ IRU H[SHFWHG FUHGLW ORVVHV RQ WUDGH UHFHLYDEOHV
7KH&RPSDQ\KDVFKDQQHOˋQDQFHDUUDQJHPHQWIRUSURYLGLQJFUHGLWWRLWVGHDOHUV(YDOXDWLRQLVPDGHDVSHUWKHWHUPVRIWKH
FRQWUDFWLHLIWKH&RPSDQ\GRHVQRWUHWDLQDQ\ULVNDQGUHZDUGVRUFRQWURORYHUWKHˋQDQFLDODVVHWVWKHQWKHHQWLW\GHUHFRJQLVHV
VXFKDVVHWVXSRQWUDQVIHURIˋQDQFLDODVVHWVXQGHUVXFKDUUDQJHPHQWZLWKWKHEDQNV
vi) Contract assets are initially recognised for revenue earned from installation services as receipt of consideration is conditional on
VXFFHVVIXOFRPSOHWLRQRILQVWDOODWLRQ8SRQFRPSOHWLRQRILQVWDOODWLRQDQGDFFHSWDQFHFHUWLˋFDWLRQVE\WKHFXVWRPHUWKHDPRXQWV
UHFRJQLVHGDVFRQWUDFWDVVHWVDUHUHFODVVLˋHGWRWUDGHUHFHLYDEOHV7KHLQFUHDVHLQFRQWUDFWDVVHWVLQ0DUFKLVWKHUHVXOWRI
the increase in ongoing installation services at the end of the year. In March 2019, `0LOOLRQ0DUFK1LOZDVUHFRJQLVHG
as provision for expected credit losses on contract assets.
vii) Contract liabilities include advances received towards EPC projects as well as transaction price allocated to unexpired service
FRQWUDFWV7KHRXWVWDQGLQJEDODQFHVRIWKHVHDFFRXQWVLQFUHDVHGLQGXHWRWKHFRQWLQXRXVLQFUHDVHLQWKH&RPSDQ\ȢV
customer base and contracts where billing is in excess of revenue.
(` Million)
viii) 6HWRXWEHORZLVWKHDPRXQWRIUHYHQXHUHFRJQLVHGIURP Year ended Year ended

0DUFK 31 March 2018
Amounts included in contract liabilities at the beginning of the year 390.75 286.06
3HUIRUPDQFHREOLJDWLRQVVDWLVˋHGLQSUHYLRXV\HDUV 140.28
ix) Refund assets and refund liabilities As at As at

0DUFK 31 March 2018
Refund assets 242.34
Refund liabilities 318.33
x) Performance obligation
Aggregate amount of the transaction price (net of tax) allocated to long-term construction contracts that are partially or fully
XQVDWLVˋHGDVDW0DUFK`0LOOLRQ0DUFK`0LOOLRQ7KHXQVDWLVˋHGSHUIRUPDQFHREOLJDWLRQ
LVH[SHFWHGWREHUHFRJQLVHGZLWKLQPRQWKV%DVHGRQWKHJHQHUDOWUHQGRISHULRGRIFRQWUDFWDQGLWVSHULRGRIH[HFXWLRQ
DSSUR[LPDWHO\RIWKHXQVDWLVˋHGSHUIRUPDQFHREOLJDWLRQDPRXQWLVH[SHFWHGWREHVDWLVˋHGZLWKLQRQH\HDU7KHUHPDLQLQJ
DPRXQWLVH[SHFWHGWREHUHDOLVHGZLWKLQWKHQH[WPRQWKV,QFHUWDLQFRQWUDFWZKHUHWKHFRPSDQ\KDVH[WHQGHGZDUUDQW\
PDLQWHQDQFHVHUYLFHVREOLJDWLRQDVHSDUDWHSHUIRUPDQFHREOLJDWLRQLVLGHQWLˋHGDQGWKHWUDQVDFWLRQSULFHLVDOORFDWHGDFFRUGLQJO\

22 Revenue from operations

xi) ,PSDFWRI,QG$6
OQG$6Ȥ5HYHQXHIURP&RQWUDFWVZLWK&XVWRPHUVȥLVPDQGDWRU\IRUUHSRUWLQJSHULRGVEHJLQQLQJRQRUDIWHU$SULODQG
KDVUHSODFHGH[LVWLQJOQG$6UHODWHGWKHUHWR7KH&RPSDQ\KDVDGRSWHGWKHPRGLˋHGUHWURVSHFWLYHDSSURDFKXQGHUWKHVWDQGDUG
Under this approach, no adjustments were required to be made to the retained earning as at 1 April 2018. Also the application
RIOQG$6GLGQRWKDYHDQ\VLJQLˋFDQWLPSDFWRQUHFRJQLWLRQDQGPHDVXUHPHQWRIUHYHQXHDQGUHODWHG,WHPV,QWKHˋQDQFLDO
results for the year 31 March 2019.
xii) 'LVFORVXUHLQWHUPVRI,QG$6RQWKHDFFRXQWLQJRI-RLQWRSHUDWLRQ
7KH&RPSDQ\KDVLQWHUHVWLQDMRLQWRSHUDWLRQZLWK*73/KDWKZD\/LPLWHGIRUDQ(3&SURMHFWRI`PLOOLRQZKLFK
KDVEHHQDZDUGHGE\*XMDUDW)LEUH*ULG1HWZRUN/LPLWHG*)*1/GXULQJWKH)<7KHSULQFLSOHSODFHRI-RLQWRSHUDWLRQ
is in India.
7KHDUUDQJHPHQWVUHTXLUHXQDQLPRXVFRQVHQWIURPDOOSDUWLHVIRUDOOUHOHYDQWDFWLYLWLHVDQGKHQFHLWLVFODVVLˋHGDVMRLQWRSHUDWLRQ
The partners to the agreement have direct right to the assets and are jointly and severally liable for the liabilities incurred by the
XQLQFRUSRUDWHGMRLQWRSHUDWLRQ,QDFFRUGDQFHZLWK,QG$6RQȤ-RLQW$UUDQJHPHQWVȥWKHˋQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
LQFOXGHVWKH&RPSDQ\ȢVVKDUHLQWKHDVVHWVOLDELOLWLHVLQFRPHVDQGH[SHQVHVUHODWLQJWRMRLQWRSHUDWLRQVEDVHGRQWKHˋQDQFLDO
statements received from the respective operators. The income, expenditure, assets and liabilities of the joint operations are
merged on line by line basis according to the participating interest with the similar items in the Financial Statements of the
Company.
7KHWDEOHEHORZSURYLGHVVXPPDUL]HGˋQDQFLDOLQIRUPDWLRQRIWKHFRPSDQ\ȢVVKDUHRIDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVLQ
the joint operations.
(` Million)
Particulars Year ended

0DUFK
Property, plant and equipment 0.08
Current Assets 406.58
Cash and Bank Balances 376.12
&XUUHQW 1RQ&XUUHQW/LDELOLWLHV3URYLVLRQV 782.78
Expenses 134.43*
Income 134.43*
1RPDUJLQKDVEHHQUHFRJQLVHGRQWKHSURMHFWDVWKHSHUFHQWDJHRIFRPSOHWLRQLVOHVVWKDQ
23 Other income b (` Million)

0DUFK 31 March 2018
Interest income on
Bank deposits 27.50
Others 101.24 23.90
Sundry balances written back 60.48
Miscellaneous income 38.97 27.00
*DLQRQVDOHRISURSHUW\SODQWDQGHTXLSPHQW 21.06 80.60
*RYHUQPHQW*UDQW 295.69 128.20
Exchange differences (net) 384.18
Fair value of put option 6.10 -
)DLUYDOXDWLRQJDLQRQˋQDQFLDODVVHW - 8.60
935.22 671.30
*DLQRQIDLUYDOXDWLRQRIˋQDQFLDOLQVWUXPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVVUHODWHVWRIRUHLJQH[FKDQJHˌXFWXDWLRQRQIRUZDUG
FRQWUDFWVWKDWGLGQRWTXDOLI\IRUKHGJHDFFRXQWLQJDQGRQHPEHGGHGGHULYDWLYHVZKLFKKDYHEHHQVHSDUDWHG1RLQHIIHFWLYHQHVVKDV
been recognised on foreign exchange and interest rate hedges.

&RVWRIPDWHULDOVFRQVXPHG (` Million)
0DUFK 31 March 2018
Copper 30,643.89 27,090.10
Aluminium 9,386.00 8,703.30
Steel 2,813.05 2,268.30
39&&RPSRXQG+'3(/'3(;/3(5HVLQ 7,491.96
Packing Materials 1,305.96
Others 2,993.35 2,026.26
54,634.21
3XUFKDVHVRIWUDGHGJRRGV (` Million)
0DUFK 31 March 2018
Electrical wiring accessories 362.20
Electrical appliances 2,838.40
Others 36.54
3,237.14
&KDQJHVLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV
(` Million)
0DUFK 31 March 2018
,QYHQWRU\DWWKHEHJLQQLQJRIWKH\HDU
Traded goods 458.70
Scrap materials 134.70 112.80
8,072.20
,QYHQWRU\DWWKHHQGRIWKH\HDU
Traded goods 918.02
9,129.04 8,072.20
,QFUHDVH'HFUHDVHLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV (1,056.84) 702.08
27 Project bought outs and other cost (` Million)

0DUFK 31 March 2018
Project bought outs 1,589.57 867.73
Subcontracting expense 953.47 379.30

2,543.04

(PSOR\HHEHQHˋWVH[SHQVH (` Million)
0DUFK 31 March 2018
Salaries, wages and bonus 2,577.83
([SHQVHRQHPSOR\HHVWRFNRSWLRQVFKHPH5HIHU1RWH& 149.51 -
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV5HIHU1RWH$ % 152.13 163.60
Staff welfare expense 90.40
2,969.87
29 Finance cost (` Million)

0DUFK 31 March 2018
Interest 577.70
Others 580.02
1,157.72 921.70
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH (` Million)

0DUFK 31 March 2018
'HSUHFLDWLRQRIWDQJLEOHDVVHWV5HIHUQRWH 1,382.50
$PRUWL]DWLRQRILQWDQJLEOHDVVHWV5HIHUQRWH 18.21
1,400.71 1,319.70

31 Other expenses (` Million)

0DUFK 31 March 2018
Consumption of stores and spares 460.58
Sub-contracting expenses 920.55

,QFUHDVH'HFUHDVHLQH[FLVHGXW\RQVWRFNRIˋQLVKJRRGV -
Power and fuel 1,071.17 893.10
Rent 175.88
Rates and taxes 17.19 19.20
Insurance 29.86
Repairs and maintenance
Plant and machinery 43.39
Buildings 33.20 33.20
Others 248.24
Advertising and sales promotion 1,157.43
Brokerage and commission 329.90 390.20
Travelling and conveyance 218.07 203.90
Communication Cost 33.37
Legal and professional fees 355.84 386.90
'LUHFWRU6LWWLQJ)HHV 5.31 -
Freight & forwarding expenses 1,475.35 1,239.20
3D\PHQWWRDXGLWRU5HIHU1RWHEHORZ 12.70
Sundry advances written off 24.89 8.00

/RVVRQIDLUYDOXDWLRQRIˋQDQFLDODVVHW 136.32 -
Public Issue Expenditure 17.05 -
Fair value of written put options -
&65H[SHQGLWXUH5HIHU1RWH 34.94
Miscellaneous expenses 239.29
7,589.02
/RVVRQIDLUYDOXDWLRQRIˋQDQFLDOLQVWUXPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVVUHODWHVWRIRUHLJQH[FKDQJHˌXFWXDWLRQRQIRUZDUG
Note
3D\PHQWVWRWKHDXGLWRU (excluding applicable taxes)
As auditor
Audit fee 11.95
&HUWLˋFDWLRQIHHV 0.75 0.93
12.70
Other services 9.00 -
21.70

32 Earnings per share (EPS)

%DVLF(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSURˋWIRUWKH\HDUDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\E\WKHZHLJKWHG
average number of equity shares outstanding during the year.
)RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJVSHUVKDUHWKHQHWSURˋWRUORVVHVIRUWKH\HDUDWWULEXWDEOHWRWKHHTXLW\VKDUHKROGHUV
and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity
shares unless the effect of the potential dilutive equity shares is anti-dilutive.
(` Million)
7KHIROORZLQJUHˌHFWVWKHLQFRPHDQGVKDUHGDWDXVHGLQWKH Year ended Year ended
EDVLFDQGGLOXWHG(36FRPSXWDWLRQV 0DUFK 31 March 2018
3URˋWDWWULEXWDEOHWRHTXLW\KROGHUVIRUEDVLFHDUQLQJV (A) 5,014.39
Weighted average number of equity shares for basic EPS (B) 14,12,05,838
(IIHFWRIGLOXWLRQ
Share options (C) 6,575 -
Weighted average number of Equity shares adjusted for the ' %& 14,12,12,413
effect of dilution
Basic earnings per share (`) (A/B) 35.51
'LOXWHGHDUQLQJVSHUVKDUH`) $' 35.51
(PSOR\HH6WRFN2SWLRQ3ODQ
Pursuant to the resolutions passed by our Board on August 30, 2018 and our Shareholders on August 30, 2018, the Company approved
the Employee Stock Option Plan 2018 for issue of options to eligible employees which may result in issue of Equity Shares of not
PRUHWKDQ(TXLW\6KDUHV7KHFRPSDQ\UHVHUYHVWKHULJKWWRLQFUHDVHVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVRUUHGXFH
VXFKQXPEHUVRIVKDUHVDVLWGHHPVˋW
7KHH[HUFLVHRIWKHYHVWHGRSWLRQVKDOOEHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHQRWLˋHGVFKHPHXQGHUWKHSODQ
(PSOR\HH6WRFN2SWLRQ3HUIRUPDQFH6FKHPHDQG(PSOR\HH6WRFN2SWLRQ3ULYLOHJH6FKHPH
The Company also approved Employee Stock Option Performance Scheme 2018 and Employee Stock Option Privilege Scheme 2018
under which the maximum number of options granted to any grantee under “Performance Scheme” together with options granted in
any other scheme shall not exceed 1 percent of the total share capital at the time of grant.

33 Commitments and contingencies

(A) LEASES
2SHUDWLQJOHDVH&RPSDQ\DVOHVVHH
The Company has taken industrial premises, residential building, land (space for godowns) under various lease agreements. There
are no restrictions placed upon the Company by entering into these leases. There are no clauses on contingent rent.
(` Million)
Future minimum rentals payable under non-cancellable Year ended Year ended
RSHUDWLQJOHDVHVDUHDVIROORZV 0DUFK 31 March 2018
Expense for the year 175.88
Within one year 37.33
$IWHURQH\HDUEXWQRWPRUHWKDQˋYH\HDUV 78.55
0RUHWKDQˋYH\HDUV b 62.56 108.10
(B) &$3,7$/$1'27+(5&200,70(176 b
Estimated amounts of contracts remaining to be executed on 1,880.28 1,177.30
account of capital commitments and not provided for (net of b b
advances)
b b
(C) &217,1*(17/,$%,/,7,(6( 727+((;7(171273529,'(')25 )
D*XDUDQWHHVJLYHQ 12,942.31
E2WKHUPDWWHUVIRUZKLFKWKH&RPSDQ\LVFRQWLQJHQWO\OLDEOH Period to which
relates
i) Taxation matters
D'LVSXWHGOLDELOLW\LQUHVSHFWRIVDOHVWD[9$7GHPDQG 2007-08 to
2016-17 370.56
& pending sales tax/VAT forms
2007-08 to
E'LVSXWHGOLDELOLW\LQUHVSHFWRIH[FLVHGXW\GHPDQG 45.55

2010-11 and
F'LVSXWHGOLDELOLW\LQUHVSHFWRIFXVWRPGXW\GHPDQG 21.67
2016-17
(ii) Claims made against the Company, not acknowledged
2018-19 634.21 -
as debts
There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. The
company will update its provision, on receiving further clarity on the subject.
,Q UHVSHFW RI WKH LWHPV DERYH IXWXUH FDVK RXWˌRZV LQ UHVSHFW RI FRQWLQJHQW OLDELOLWLHV DUH GHWHUPLQDEOH RQO\ RQ UHFHLSW RI
MXGJHPHQWVGHFLVLRQVSHQGLQJDWYDULRXVIRUXPVDXWKRULW\7KH&RPSDQ\GRHVQȢWH[SHFWWKHRXWFRPHRIPDWWHUVVWDWHGDERYHWR
KDYHDPDWHULDODGYHUVHHIIHFWRQWKH&RPSDQ\ȢVˋQDQFLDOFRQGLWLRQVUHVXOWRIRSHUDWLRQVRUFDVKˌRZV

'LVFORVXUHLQWHUPVRI,QG$6RQWKHDFFRXQWLQJRIFRQVWUXFWLRQFRQWUDFWLVDVXQGHUb
(` Million)
b Year ended Year ended
0DUFK 31 March 2018
b
D &RQWUDFWUHYHQXHUHFRJQLVHGIRUWKH\HDU1HWRIWD[ 3,795.50
b) Contract that are in progress as on reporting date
L&RQWUDFWFRVWVLQFXUUHGDQGUHFRJQLVHGSURˋWVOHVVUHFRJQLVHGORVVHV 3,795.50
LL$PRXQWRIUHWHQWLRQV 1,240.14 792.20
LLL5HFRJQLVHGDQGLQFOXGHGLQˋQDQFLDOVWDWHPHQWDV
Contract Asset 260.51
5HWHQWLRQVDUHVSHFLˋFWRSURMHFWVDQGDUHJHQHUDOO\UHFHLYDEOHZLWKLQ
6 months from completion of project.
'HWDLOVRI&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65H[SHQGLWXUHbb

(` Million)
0DUFK 31 March 2018
b
*URVVDPRXQWUHTXLUHGWREHVSHQWE\WKH&RPSDQ\GXULQJWKH\HDUDV
A 91.15
SHUSURYLVLRQVRIVHFWLRQRIWKH&RPSDQLHV$FW
*URVVDPRXQWVSHQWE\WKH&RPSDQ\GXULQJWKH\HDU
Rural development programmes 11.53
Social empowerment 1.32
Promotion of education 15.19 37.30
+HDOWKFDUHIDFLOLW\ DZDUHQHVV 3.42 3.80
Environmental awareness 2.95
Others 0.53
7RWDO B 34.94
Shortfall/(Excess) A-B 56.21 (0.67)

*UDWXLW\DQGRWKHUSRVWHPSOR\PHQWEHQHˋWSODQV
(A) '(),1('%(1(),73/$1 -$63(5$&78$5,$/9$/8$7,21
7KH&RPSDQ\RSHUDWHVDGHˋQHGEHQHˋWSODQYL]JUDWXLW\IRULWVHPSOR\HHV8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HHZKRKDV
FRPSOHWHGDWOHDVWˋYH\HDUVRIVHUYLFHJHWVDJUDWXLW\RQGHSDUWXUH#GD\VRIODVWGUDZQVDODU\IRUHDFKFRPSOHWHG\HDURI
service. The scheme is funded with an insurance company in the form of qualifying insurance policy.
7KHIROORZLQJWDEOHVVXPPDULVHWKHFRPSRQHQWVRIQHWEHQHˋWH[SHQVHVUHFRJQLVHGLQWKHVWDWHPHQWRISURˋWDQGORVVDQGWKH
IXQGHGVWDWXVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHWIRUJUDWXLW\
67$7(0(172)352),7$1'/266
1HWHPSOR\HHEHQHˋWVH[SHQVHUHFRJQLVHGLQSURˋWRUORVV (` Million)
0DUFK 31 March 2018
bb
Current service cost 45.57
1HWLQWHUHVWFRVW 14.27 11.90
Past service cost - 21.18
1HWEHQHˋWVH[SHQVH 59.84
1HWUHPHDVXUHPHQWJDLQORVVRQGHˋQHGEHQHˋWSODQVUHFRJQLVHGLQ2WKHU
FRPSUHKHQVLYHLQFRPHIRUWKH\HDUb
Actuarial (gain)/loss on obligations 5.95

Return on plan assets, excluding interest income 0.80
1HW,QFRPH([SHQVHIRUWKH\HDUUHFRJQL]HGLQ2&,b 6.75
Balance sheet
%HQHˋWVOLDELOLW\ b
3UHVHQWYDOXHRIGHˋQHGEHQHˋWREOLJDWLRQ (409.38)
Fair value of plan assets 213.89 170.02
3ODQOLDELOLW\ bb (195.49) (182.92)
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHˋQHGEHQHˋWREOLJDWLRQDUHDVIROORZVb
2SHQLQJGHˋQHGEHQHˋWREOLJDWLRQ 352.94
Interest cost 27.53 22.81
%HQHˋWVSDLG (22.61)
Actuarial (gains)/losses on obligations -
'XHWRFKDQJHLQˋQDQFLDODVVXPSWLRQV 4.57
'XHWRH[SHULHQFH 1.38
&ORVLQJGHˋQHGEHQHˋWREOLJDWLRQ b 409.38
&KDQJHVLQWKHIDLUYDOXHRISODQDVVHWVDUHDVIROORZVb
Opening fair value of plan assets 170.02
Interest Income 13.27 10.92
Contribution by employer 54.01 33.98
%HQHˋWVSDLG (22.61) (16.06)
Actuarial gains (0.80)
Closing fair value of plan assets 213.89 170.02
The Company expects to contribute ` 0LOOLRQWRJUDWXLW\LQWKHQH[W\HDU0DUFK` 87.80 Million).

&XUUHQW QRQFXUUHQWELIXUFDWLRQRISURYLVLRQIRUJUDWXLW\DVSHUDFWXDULDOYDOXDWLRQLVDVIROORZV
(` Million)
0DUFK 31 March 2018
Current 100.30 87.80

1RQFXUUHQW 95.19
7KHPDMRUFDWHJRULHVRISODQDVVHWVDVDSHUFHQWDJHRIWKHIDLUYDOXHRIWRWDOSODQDVVHWVDUHDVIROORZVb
Investment with insurer 100% 100%
7KHSULQFLSDODVVXPSWLRQVXVHGLQGHWHUPLQLQJJUDWXLW\IRUWKH&RPSDQ\ȢVSODQVDUHVKRZQEHORZ
'LVFRXQWUDWH b 7.64% 7.80%
Expected rate of return on plan 7.64% 7.80%
assets
Employee turnover 10.00% 10.00%
Salary escalation 11.00% 11.00%
,QGLDQDVVXUHG Indian assured
Mortality rate during employment OLYHVPRUWDOLW\ lives mortality
(2006-08) (2006-08)
Mortality rate after employment b b b b N.A. 1$
The average expected future service as at 31 March 2019 is 8 years(31 March 2018 - 8 years).
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHVDFFRXQWRILQˌDWLRQVHQLRULW\SURPRWLRQDQG
other relevant factors, such as supply and demand in the employment market.
The overall expected rate of return on plan assets is determined based on the market prices prevailing on that date, applicable
to the period over which the obligation is to be settled.
$TXDQWLWDWLYHVHQVLWLYLW\DQDO\VLVIRUVLJQLˋFDQWDVVXPSWLRQDVDW0DUFKLVDVVKRZQEHORZ
6HQVLWLYLW\DQDO\VLV
3URMHFWHGEHQHˋWREOLJDWLRQRQFXUUHQWDVVXPSWLRQV 409.38

'HOWDHIIHFWRIFKDQJHLQUDWHRIGLVFRXQWLQJ (27.01)
'HOWDHIIHFWRIFKDQJHLQUDWHRIGLVFRXQWLQJ 31.01 27.33
'HOWDHIIHFWRIFKDQJHLQUDWHRIVDODU\LQFUHDVH 27.71
'HOWDHIIHFWRIFKDQJHLQUDWHRIVDODU\LQFUHDVH (25.09) (22.37)
'HOWDHIIHFWRIFKDQJHLQUDWHRIHPSOR\HHWXUQRYHU (6.39)
'HOWDHIIHFWRIFKDQJHLQUDWHRIHPSOR\HHWXUQRYHU 7.16 6.32
8VHIXOQHVVDQGPHWKRGRORJ\DGRSWHGIRUVHQVLWLYLW\DQDO\VLV
Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not proved to be true on
GLIIHUHQWFRXQW7KLVRQO\VLJQLˋHVWKHFKDQJHLQWKHOLDELOLW\LIWKHGLIIHUHQFHEHWZHHQDVVXPHGDQGWKHDFWXDOLVQRWIROORZLQJ
the parameters of the sensitivity analysis.
0DWXULW\DQDO\VLVRISURMHFWHGEHQHˋWREOLJDWLRQIURPWKHIXQG
3URMHFWHGEHQHˋWVSD\DEOHLQIXWXUH\HDUVIURPWKHGDWHRIUHSRUWLQJ
1st following year 58.27
2nd following year 30.36 27.73
3rd following year 33.72 28.00
WKIROORZLQJ\HDU 35.49
WKIROORZLQJ\HDU 36.96 30.67
Sum of years 6 to 10 176.49 30.67
Sum of years 11 years and above 461.45

(B) '(),1('&2175,%87,213/$1
7KH&RPSDQ\KDVUHFRJQLVHGH[SHQVHVWRZDUGVGHˋQHGFRQWULEXWLRQSODQDVXQGHU (` Million)
0DUFK 31 March 2018
Contribution to provident and other funds 92.29
(C) 6+$5( - %$6('3$<0(176
Employee stock option plan
'XULQJWKH\HDUHQGHG0DUFKWKH&RPSDQ\KDGLQVWLWXWHGDQ(6233ODQ(6233HUIRUPDQFH6FKHPHDQG(623
3ULYLOHJH6FKHPHDVDSSURYHGE\WKH%RDUGRI'LUHFWRUVDQG6KDUHKROGHUVGDWHG$XJXVWIRULVVXDQFHRIVWRFNRSWLRQWR
eligible employees of the Company.
8QGHU(PSOR\HH6WRFN2SWLRQV3HUIRUPDQFH6FKHPHWKHRSWLRQVZLOOEHYHVWHGLQWKHVSHFLˋHGUDWLRVXEMHFWWRIXOˋOPHQWRI
the employee performance criteria laid down in the scheme. This shall be monitored annually as per the performance evaluation
cycle of the company and options shall vest based on the achieved rating to the employee.
8QGHU(PSOR\HH6WRFN2SWLRQV3ULYLOHJH6FKHPHWKHRSWLRQVDUHYHVWHGRYHUDSHULRGRIRQH\HDUVXEMHFWWRIXOˋOPHQWRI
service condition.
Expected volatility is based on historical stock volatility of comparable Companies operating within the same industry. The
historical stock prices of comparable Companies has been observed for a period commensurate to the Life of option.
3XUVXDQWWRWKHVDLGVFKHPH6WRFNRSWLRQVFRQYHUWLEOHLQWRHTXLW\VKDUHVYLGH(6233HUIRUPDQFH6FKHPH3UHYLRXV
\HDU 1,/ DQG HTXLW\ VKDUHVYLGH (623 3ULYLOHJH 6FKHPH 3UHYLRXV\HDU 1,/ RI ` 10 each were granted to eligible
employee at an exercise price of `
6XEMHFWWRWHUPVDQGFRQGLWLRQRIWKHVFKHPHRSWLRQVDUHFODVVLˋHGLQWRWKUHHFDWHJRULHV
Performance Privilege
Scheme Scheme
, ,, ,,,
1RRIRSWLRQV
Method of accounting Fair value Fair value Fair value
\HDUVJUDGHG \HDUVJUDGHG 1 year
Vesting period
vesting vesting
*UDQWGDWH 30 Aug 18 18 Oct 18 30 Aug 18
Exercise/Expiry date 29 Aug 26 17 Oct 26 29 Aug 23
8 years from the 8 years from the \HDUVIURPWKH
Exercise period
date of grant date of grant date of grant
Weighted average share price ` ` `
*UDQW([HUFLVHSULFH ` ` `
Method of settlement Equity - settled Equity - settled Equity - settled
Weighted average remaining contractual life of options (in days) 1612 1612
0RYHPHQWRIRSWLRQVJUDQWHG
0DUFK 31 March 2018
Average exercise 1XPEHURI Average exercise 1XPEHURI

price per share options price per share options
option option
Opening balance - - - -
*UDQWHGGXULQJWKH\HDU - -
Exercised during the year - - - -
Forfeited during the year - -
&ORVLQJEDODQFH -
Vested 1,/ 1,/

7KHPRGHOLQSXWVIRUIDLUYDOXHRIRSWLRQJUDQWHGDVRQWKHJUDQWGDWH
Scheme Scheme
Inputs
Year 1 Year 2 Year 3 <HDU <HDU Year 1
YHVWLQJ YHVWLQJ 20% vesting 20% vesting 30% vesting 100% vesting
Exercise price ` ` ` ` ` `

'LYLGHQG\LHOG 0.19% 0.19% 0.19% 0.19% 0.19% 0.19%
Risk free interest rate 8.20% 8.20% 8.20% 8.20% 8.30% 8.00%
Expected volatility
Fair value per option ` 310.1 ` 321.9 ` ` ` `
Model used Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes
([SHQVH RQ WKH 6FKHPHV GHELWHG WR WKH VWDWHPHQW RI SURˋW DQG ORVV GXULQJ WKH \HDU HQGHG 0DUFK LV ` 0LOOLRQ
0DUFK1LO

37 Related party disclosures
5HODWHGSDUW\WUDQVDFWLRQV
7KHIROORZLQJWDEOHSURYLGHVWKHWRWDODPRXQWRIWUDQVDFWLRQVWKDWKDYHEHHQHQWHUHGLQWRZLWKUHODWHGSDUWLHVIRUWKHUHOHYDQWˋQDQFLDO\HDU
Related parties where control exists

3RO\FDE:LUHV,WDO\65/3:,65/7LUXSDWL5HHOV3ULYDWH/LPLWHG753/'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG'&$3/5\NHU%DVH3ULYDWH/LPLWHG5\NHU7HFKQR(OHFWURPHFK3ULYDWH/LPLWHG7(3/
(QWHUSULVHVRZQHGRUVLJQLˋFDQWO\LQˌXHQFHGE\NH\PDQDJHULDOSHUVRQQHOb
0LFURFDE,QGXVWULHV /RJLVWLFV3ULYDWH/LPLWHG0,/3/$.(QWHUSULVHV$.

( A )75$16$&7,216:,7+68%6,',$5,(6(17(535,6(66,*1,),&$17/<,1)/8(1&(' (` Million)
Particulars 3:,65/ 0,/3/ 753/ '&$3/ AK Enterprises 7(3/ 5\NHU
b 0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18
Sale of goods - - - - 308.31 138.80 11.82 - - 4.04 56.27
Purchase of goods - - - - 399.98 163.80 0.45 1.02 - - 951.98 0.54 -
Job work charges - - - - - - 0.63 - - - - - 110.52 -
Commission 15.74 - - - - - - - - - - - -
Rent paid - - - - - - - 29.11 28.90 - - - -
Purchase of Machinery - - - - - - - - - - 30.71 - - -
Sale of Land - - - - - - - - - - - - -
Investment in subsidiary - - - - - - 39.27 - - - - - - -
Corporate guarantee - - - - - - b - - - - - 3.80 10.30
Loans given - - - - 40.00 - 4.60 20.00 - - - -
Loan given repaid - - - 40.00 - 10.76 - - 24.89 - -
Rent received - - - - - - 5.00 - - - - - 2.81 -
Interest received - - - - 1.35 - 1.88 1.10 - - 15.61 -
Other charges recovered - - - - 0.07 - - b - - - -- - -
Expense incurred on behalf of others - - - - - - - - - 0.70 - - -
Reimbursement of expenses recovered - - - - - - - - - - - 2.70 -
%$/$1&(6$77+(3(5,2'(1'
Loans 30.17 - - - - 11.44 17.60 - - 115.11 - -
Provision against loans 30.17 - - - - - - - - - - - -
Receivables - - - - 174.26 3.29 - - - 29.28 17.38 12.90
6HFXULW\'HSRVLWV - - - - - - - - 6.17 6.17 - - - -
Advances - - - - - - - - - - - - -
Interest accrued - - - - 1.21 - 0.02 - - - 3.17 - -

Trade payables 5.20 - - 74.56 19.60 0.68 0.98 - - 22.62 - 51.44 -
Note :- Company has provided guarantee for credit facility availed by the Ryker Base Private Limited and Tirupati Reels Private Limited, amounting to `0LOOLRQ0DUFK`0LOOLRQDQG`
Million (31 March 2018 `0LOOLRQUHVSHFWLYHO\7KHIDLUYDOXHRIFRUSRUDWHJXDUDQWHH`0LOOLRQ0DUFK` 10.30 Million) has been included in carrying cost of investment.
151
.(<0$1$*(0(173(56211(/
Mr. Inder T. Jaisinghani &KDLUPDQDQG0DQDJLQJ'LUHFWRU
Mr. R. Ramakrishnan &KLHI([HFXWLYH
Mr. Ramesh T. Jaisinghani :KROHWLPH'LUHFWRU
Mr. Ajay T. Jaisinghani :KROHWLPH'LUHFWRU
Mr. Shyam Lal Bajaj &KLHI)LQDQFLDORIˋFHUZHI6HSWHPEHUDQG:KROHWLPH
'LUHFWRU)LQDQFHZHI'HFHPEHU
Mr. Radhey Shyam Sharma ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
Mr. Tilokchand Punamchand Ostwal ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
Mr. Pradeep Poddar ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
0UV+LURR0LUFKDQGDQL ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
0U6XEUDPDQLDP6DL1DUD\DQD &RPSDQ\6HFUHWDU\DQGFRPSOLDQFHRIˋFHU
0U55DPDNULVKQDQZDV.H\0DQDJHPHQWSHUVRQQHODQG-RLQW0DQDJLQJ'LUHFWRURIWKH&RPSDQ\WLOO0D\
5HODWLYHVRI.H\PDQDJHPHQWSHUVRQQHO
Mr. Bharat A. Jaisinghani Son of Mr. Ajay T. Jaisinghani

0U*LUGKDUL7-DLVLQJKDQL Brother of Mr. Inder T. Jaisinghani
0U.XQDO,-DLVLQJKDQL Son of Mr. Inder T. Jaisinghani
0U1LNKLO5-DLVLQJKDQL Son of Mr. Ramesh T. Jaisinghani
( B )5(081(5$7,213$,' b (` Million)
Year ended 31 Outstanding at the Year ended 31 Outstanding at the year
1DPHRIWKHGLUHFWRUUHODWLYH March 2019 year 31 March 2019 March 2018 ended 31 March 2018
0U*LUGKDUL7-DLVLQJKDQL 2.17 2.07
Mr. Bharat A. Jaisinghani 11.68 10.83
0U1LNKLO5-DLVLQJKDQL 11.68 10.83
0U.XQDO-DLVLQJKDQL 1.27 - 1.20 -
b b b
7HUPVDQGFRQGLWLRQVRIWUDQVDFWLRQVZLWKUHODWHGSDUWLHV
7KH VDOHV WR DQG SXUFKDVHV IURP UHODWHG SDUWLHV DUH PDGH RQ WHUPV HTXLYDOHQW WR WKRVH WKDW SUHYDLO LQ DUPȢV OHQJWK WUDQVDFWLRQV
Outstanding balances at the period-end are unsecured and interest free and settlement occurs in cash. For the year 31 March 2019,
WKH&RPSDQ\KDVQRWUHFRUGHGDQ\LPSDLUPHQWRIUHFHLYDEOHVUHODWLQJWRDPRXQWVRZHGE\UHODWHGSDUWLHV0DUFK`1LO7KLV
DVVHVVPHQWLVXQGHUWDNHQHDFKˋQDQFLDO\HDUWKURXJKH[DPLQLQJWKHˋQDQFLDOSRVLWLRQRIWKHUHODWHGSDUW\DQGWKHPDUNHWLQZKLFK
the related party operates.


( C )5(081(5$7,212).(<0$1$*(0(173(56211(/( .03 )
5HPXQHUDWLRQSDLGIRUWKH\HDUDQGRXWVWDQGLQJDVRQ0DUFKWRNH\PDQDJHULDOSHUVRQQHODUH (` Million)
Particulars 0DUFK 31 March 2018
)RUWKH\HDU 2XWVWDQGLQJDW For the year Outstanding at

ended the period end ended the period end
Mr. Inder T. Jaisinghani b 86.19 49.65 68.08
Mr. Ramesh T. Jaisinghani b 28.25 6.52 29.90
Mr. Ajay T. Jaisinghani b 28.25 6.52 29.90
0U55DPDNULVKQDQ b 3.58 1.27 31.20
Mr. Shyam Lal Bajaj b 25.76 5.60 22.80
0U6XEUDPDQLDP6DL1DUD\DQD b 3.33 0.36 2.60 0.19
0V+LURR0LUFKDQGDQL b 1.94 1.18 - -
0U3UDGHHS1DUHQGUD3RGGDU b 2.35 1.27 - -
Mr. Radhey Shyam Sharma b 2.51 1.35 - -
Mr. Tilokchand Punamchand Ostwal b 2.51 1.35 - -
Total b 184.67 75.07 69.77
0U55DPDNULVKQDQZDV.H\0DQDJHPHQWSHUVRQQHODQG-RLQW0DQDJLQJ'LUHFWRURIWKH&RPSDQ\WLOO0D\KHQFHUHPXQHUDWLRQ
GLVFORVHGWLOOKHFRQWLQXHGDV.03
-As the liabilities for gratuity and leave encashment are provided on actuarial basis for the Company as a whole, the amounts pertaining
to the directors are not included above.
'5(&29(5<2)6+$5(,668((;3(16()520.03$1'5(/$7,9(62).03 (` Million)
Particularsb 0DUFK
Mr.Inder T. Jaisinghani b 46.21
Mr.Ramesh T. Jaisinghani b 45.82
Mr.Ajay T. Jaisinghani b 45.82
0U*LUGKDUL7-DLVLQJKDQL b 45.98
Mr.Bharat A. Jaisinghani b 11.71
0U1LNKLO5-DLVLQJKDQL b 11.71
Total b b 207.25
H[FOXVLYHRI*67VLQFHWKHVHDUHSURYLVLRQDODPRXQWV
( E )6+$5(%$6('3$<0(17672.03 (` Million)
Particularsb 0DUFK
Mr. Shyam Lal Bajaj 5.99
0U6XEUDPDQLDP6DL1DUD\DQD 0.75
5HSUHVHQWVH[SHQVHE\ZD\RIVKDUHEDVHGSD\PHQWVDWWULEXWDEOHWRGLUHFWRUVDQG.03
38 List of subsidiaries & joint venture

b Ownership interest (%)
Country of
1DWXUH
incorporation 0DUFK 31 March 2018
Polycab Wires Italy SRL Subsidiary Italy 100% 100%
Tirupati Reels Private Limited Subsidiary India 55%
'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG Subsidiary India 51%
Ryker Base Private Limited Joint Venture India 50%
Techno Electromech Private Limited Joint Venture India 50%

The principal place of business of all the entities listed above is the same as the respective country of incorporation.

154
39 Segment information
Basis for segmentation
7KH&RPSDQ\LVSULPDULO\HQJDJHGLQWKHEXVLQHVVRIPDQXIDFWXUHDQGVDOHRIHOHFWULFZLUHVDQGFDEOHV7KH&RPSDQ\KDVLGHQWLˋHGEXVLQHVVVHJPHQWVDVSULPDU\VHJPHQWVQDPHO\HOHFWULFZLUHVDQGFDEOHV)DVW
PRYLQJHOHFWULFDOJRRGV RWKHUVEXVLQHVV$OORSHUDWLQJVHJPHQWVȢRSHUDWLQJUHVXOWVDUHUHYLHZHGUHJXODUO\E\WKH&RPSDQ\ȢVVHQLRUPDQDJHPHQWWRPDNHGHFLVLRQVDERXWUHVRXUFHVWREHDOORFDWHGWRWKHVHJPHQWV
and assess their performance.
7KH&RPSDQ\KDVWKUHHUHSRUWDEOHVHJPHQWVDVGHVFULEHGEHORZZKLFKDUHWKH&RPSDQ\ȢVVWUDWHJLFEXVLQHVVXQLWV7KHVHEXVLQHVVXQLWVRIIHUGLIIHUHQWSURGXFWVDQGVHUYLFHVDQGDUHPDQDJHGVHSDUDWHO\EHFDXVH
WKH\UHTXLUHGLIIHUHQWWHFKQRORJ\DQGPDUNHWLQJVWUDWHJLHV)RUHDFKRIWKHEXVLQHVVXQLWVWKH&RPSDQ\ȢVVHQLRUPDQDJHPHQWWHDPUHYLHZVLQWHUQDOPDQDJHPHQWUHSRUWVRQSHULRGLFDOEDVLV
7KHIROORZLQJVXPPDU\GHVFULEHVWKHRSHUDWLRQVLQHDFKRIWKH&RPSDQ\ȢVUHSRUWDEOHVHJPHQWV

Reportable segments Operations b b b b b b b b b
Wires & Cables - Manufacture and sale of wires and cables.
)DVWPRYLQJHOHFWULFDOJRRGV)0(* - Electric consumer durable business comprises of business covering electric wiring accessories and electric appliances.
Others - Other business comprises EPC business which includes design, engineering, supply, execution and commissioning of power distribution,
HOHFWULˋFDWLRQSURMHFWVDQGVKDUHRILQWHUHVWLQMRLQWRSHUDWLRQVXQGHUWDNHQ
,QIRUPDWLRQDERXWUHSRUWDEOHVHJPHQWV
,QIRUPDWLRQUHJDUGLQJWKHUHVXOWVRIHDFKUHSRUWDEOHVHJPHQWLVLQFOXGHGEHORZ3HUIRUPDQFHLVPHDVXUHGEDVHGRQVHJPHQWSURˋWEHIRUHWD[DVLQFOXGHGLQWKHLQWHUQDOPDQDJHPHQWUHSRUWVWKDWDUH
UHYLHZHGE\WKH&RPSDQ\ȢVVHQLRUPDQDJHPHQWWHDP6HJPHQWSURˋWLVXVHGWRPHDVXUHSHUIRUPDQFHDVPDQDJHPHQWEHOLHYHVWKDWVXFKLQIRUPDWLRQLVWKHPRVWUHOHYDQWLQHYDOXDWLQJWKHUHVXOWVRI
FHUWDLQVHJPHQWVUHODWLYHWRRWKHUHQWLWLHVWKDWRSHUDWHZLWKLQWKHVHLQGXVWULHV,QWHUVHJPHQWSULFLQJLVGHWHUPLQHGRQDQDUPȢVOHQJWKEDVLV
( A )35,0$5<6(*0(175(3257,1*( %<%86,1(666(*0(17 ) (` Million)

0DUFK 31 March 2018
Particulars
:LUHV &DEOHV )0(* 2WKHUV Eliminations 7RWDO Wires & Cables )0(* Others Eliminations Total
,QFRPH b b b b b b b b b b
External sales 69,683.57 6,432.94 3,795.50 - 79,912.01 -
Inter segment revenue 964.29 - - (964.29) - - - -
Total income 70,647.86 6,432.94 3,795.50 (964.29) 79,912.01 63,333.06
Segment Results b b b b b b b b b
Segment/Operating results 8,353.74 74.51 166.61 - 8,594.86 88.30 -
8QDOORFDWHGLWHPV b b b b b b b b b
Finance income - - - - 128.74 - - - - 28.20
Finance costs - - - - 1,157.72 - - - - 921.70
3URˋWEHIRUHWD[ 7,565.88 b b b
Provision for taxation - - - - 2,551.49 - - - -

3URˋWIRUWKH\HDU b b b b 5,014.39 b b b
'HSUHFLDWLRQ $PRUWLVDWLRQ 1,319.27 80.70 0.73 - 1,400.70 0.60 - 1,319.70
expenses
Total cost incurred during the year to 2,364.10 350.04 - - 2,714.14 - - 1,703.80
DFTXLUHVHJPHQWDVVHWV1HWRIGLVSRVDO
39 Segment information
Other Information (` Million)
0DUFK 0DUFK
Particulars
Segment assets 41,288.37 4,993.78 5,984.02 - 52,266.17 -
Un-allocated assets - - - - 3,688.00 - - - -
Total assets 55,954.17
Segment liabilities 16,682.52 1,002.51 5,013.06 - 22,698.09 -
Un-allocated liabilities & provisions - - - - 4,766.64 - - - -
Total liabilities 27,464.73
( B )6(&21'$5<6(*0(17,1)250$7,21
Secondary segmental reporting is based on the geographical location of customer. The geographical segments have been disclosed based on revenues within India (sales to customers in India) and
revenues outside India (sales to customer located outside India)
(` Million)
0DUFK 31 March 2018
Particulars :LWKLQ,QGLD 2XWVLGH 7RWDO Within India Outside Total
,QGLD India
Segment revenue 77,429.53 2,482.48 79,912.01 66,076.72
Segment assets 55,578.77 375.40 55,954.17 689.72
Capital expenditure incurred 2,714.14 - 2,714.14 1,703.80 - 1,703.80

155
)DLUYDOXHPHDVXUHPHQWV
6HWRXWEHORZLVDFRPSDULVRQE\FODVVRIWKHFDUU\LQJDPRXQWVDQGIDLUYDOXHRIWKH&RPSDQ\ȢVˋQDQFLDOLQVWUXPHQWVRWKHUWKDQ
WKRVHZLWKFDUU\LQJDPRXQWVWKDWDUHUHDVRQDEOHDSSUR[LPDWLRQVRIIDLUYDOXHV
(` Million)
Carrying value Fair value
0DUFK 31 March 2018 0DUFK 31 March 2018

)LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURˋWRU b b b b
ORVVDFFRXQW)973/
Units of mutual funds - -
Financial assets at amortised cost
Trade receivables 1,351.27 880.00 1,351.27 880.00
2WKHUˋQDQFLDODVVHWV 49.59 49.59
Derivatives not designated as hedges b b b b
Interest rate and cross currency swap 7.40 3.30 7.40 3.30
7RWDO 1,408.26 1,408.26
%RUURZLQJV([WHUQDO&RPPHUFLDO%RUURZLQJVIURP+6%& 691.71 691.71
Borrowings - Rupee loan from Citi bank 867.30 1,137.30 867.30 1,137.30
(PEHGGHG'HULYDWLYH 54.60 278.87 54.60 278.87
'HULYDWLYHVQRWGHVLJQDWHGDVKHGJHV
Foreign exchange forward contracts 172.48 172.48
Fair value of written put options 48.90 48.90
7RWDO 1,834.99 1,834.99
Interest rate swaps, foreign exchange forward contracts and embedded commodity derivative are valued using valuation techniques,
which employ the use of market observable inputs( closing rates of foreign currency and commodities).
Embedded foreign currency and commodity derivatives are measured similarly to the foreign currency forward contracts and commodity
derivatives. The embedded derivatives are commodity and foreign currency forward contracts which are separated from purchase contracts .
The management assessed that cash and cash equivalents, trade receivables, trade payables, short-term borrowings, loans to related
party, loans to employees, short term security deposit and other current liabilities approximate their carrying amounts largely due to
the short-term maturities of these instruments.
7KHIDLUYDOXHRIWKHˋQDQFLDODVVHWVDQGOLDELOLWLHVLVLQFOXGHGDWWKHDPRXQWDWZKLFKWKHLQVWUXPHQWFRXOGEHH[FKDQJHGLQDFXUUHQW
transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to
estimate the fair values.
)L[HGUDWH DQGYDULDEOHUDWH ORDQV DUH HYDOXDWHG E\ WKH &RPSDQ\ EDVHG RQ SDUDPHWHUV VXFK DV LQWHUHVW UDWHV VSHFLˋF FRXQWU\ ULVN
factors, individual creditworthiness of the customer. Based on this evaluation, allowances are taken into account for the expected credit
losses of these receivables.
7KHIDLUYDOXHVRIWKH&RPSDQ\ȢVLQWHUHVWEHDULQJERUURZLQJVDQGORDQVDUHGHWHUPLQHGE\XVLQJ'&)PHWKRGXVLQJGLVFRXQWUDWHWKDW
UHˌHFWVWKHLVVXHUȢVERUURZLQJUDWHDVDWWKHHQGRIWKHUHSRUWLQJSHULRG7KHQRQSHUIRUPDQFHULVNDVDW0DUFKZDVDVVHVVHG
WREHLQVLJQLˋFDQW
7KHIDLUYDOXHVRIWKHPXWXDOIXQGVDUHEDVHGRQ1$9DWWKHUHSRUWLQJGDWH
The fair value of interest rate swaps are based on MTM bank rates as on reporting date.
7KHIDLUYDOXHRISXWRSWLRQLVGHWHUPLQHGXVLQJ0RQWH&DUOR6LPXODWLRQZKLFKDVVXPHVD*HRPHWULF%URZQLDQ0RWLRQIRUWKHPRGHOOLQJHTXLW\YDOXH
7KHNH\DVVXPSWLRQVXVHGIRUIDLUYDOXDWLRQRI3XWRSWLRQDUH
Dbbbbb&RVWRI(TXLW\ȟ
Ebbbbb:$&&ȟ
Fbbbbb7HUPLQDOJURZWKUDWHȟ
7KH&RPSDQ\HQWHUVLQWRGHULYDWLYHˋQDQFLDOLQVWUXPHQWVZLWKYDULRXVFRXQWHUSDUWLHVSULQFLSDOO\ˋQDQFLDOLQVWLWXWLRQVZLWKLQYHVWPHQW
grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employs the use of market
observable inputs. The most frequently applied valuation techniques include forward pricing and swap models, using present value
calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward
rates, yield curves of the respective currencies, currency basis spreads between the respective currencies, interest rate curves. All
GHULYDWLYH FRQWUDFWV DUH IXOO\ FDVK FROODWHUDOLVHG WKHUHE\ HOLPLQDWLQJ ERWK FRXQWHUSDUW\ DQG WKH &RPSDQ\ȢV RZQ QRQSHUIRUPDQFH
risk. Mark-to-market value of derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty
default risk. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives
GHVLJQDWHGLQKHGJHUHODWLRQVKLSVDQGRWKHUˋQDQFLDOLQVWUXPHQWVUHFRJQLVHGDWIDLUYDOXH

)DLUYDOXHKLHUDUFK\
7KHIROORZLQJWDEOHSURYLGHVWKHIDLUYDOXHPHDVXUHPHQWKLHUDUFK\RIWKH&RPSDQ\ȢVDVVHWVDQGOLDELOLWLHVb
4XDQWLWDWLYHGLVFORVXUHVIDLUYDOXHPHDVXUHPHQWKLHUDUFK\IRUDVVHWVDQGOLDELOLWLHVDVDW0DUFK
(` Million)
b Fair value measurement using
b Quoted prices in 6LJQLˋFDQW 6LJQLˋFDQW
Date of valuation 7RWDO
active markets REVHUYDEOHLQSXWV XQREVHUYDEOHLQSXWV
/HYHO /HYHO /HYHO
Assets measured at fair value b b b b b
Interest rate swap 31 March 2019 - -
b b b b b b
/LDELOLWLHVPHDVXUHGDWIDLUYDOXH b b b b b
'HULYDWLYHˋQDQFLDOOLDELOLWLHV b b b b b
Foreign exchange forward contracts 31 March 2019 - -
Fair value of written put options 31 March 2019 - -
4XDQWLWDWLYHGLVFORVXUHVIDLUYDOXHPHDVXUHPHQWKLHUDUFK\IRUDVVHWVDQGOLDELOLWLHVDVDW0DUFK (` Million)
b Date of valuation 7RWDO Quoted prices in 6LJQLˋFDQW 6LJQLˋFDQW
/HYHO /HYHO /HYHO
Units of mutual funds 31 March 2018 - -
Interest rate swap 31 March 2018 3.30 - 3.30 -
/LDELOLWLHVPHDVXUHGDWIDLUYDOXH
'HULYDWLYHˋQDQFLDOOLDELOLWLHV

)LQDQFLDOULVNPDQDJHPHQWREMHFWLYHVDQGSROLFLHVb
7KH&RPSDQ\ȢVSULQFLSDOˋQDQFLDOOLDELOLWLHVRWKHUWKDQGHULYDWLYHVFRPSULVHORDQVDQGERUURZLQJVDQGWUDGHDQGRWKHUSD\DEOHV7KH
PDLQSXUSRVHRIWKHVHˋQDQFLDOOLDELOLWLHVLVWRˋQDQFHWKH&RPSDQ\ȢVRSHUDWLRQVDQGWRSURYLGHJXDUDQWHHVWRVXSSRUWLWVRSHUDWLRQV
7KH&RPSDQ\ȢVSULQFLSDOˋQDQFLDODVVHWVLQFOXGHORDQVWUDGHDQGRWKHUUHFHLYDEOHVDQGFDVKDQGFDVKHTXLYDOHQWVWKDWGHULYHGLUHFWO\
from its operations. The Company also holds FVTPL investments and enters into derivative transactions.
7KH&RPSDQ\LVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVN7KH&RPSDQ\ȢVVHQLRUPDQDJHPHQWRYHUVHHVWKHPDQDJHPHQW
RIWKHVHULVNV7KH&RPSDQ\ȢVVHQLRUPDQDJHPHQWȢIRFXVLVWRIRUHVHHWKHXQSUHGLFWDELOLW\DQGPLQLPL]HSRWHQWLDODGYHUVHHIIHFWVRQ
WKH&RPSDQ\ȢVˋQDQFLDOSHUIRUPDQFH7KH&RPSDQ\ȢVRYHUDOOULVNPDQDJHPHQWSURFHGXUHVWRPLQLPLVHWKHSRWHQWLDODGYHUVHHIIHFWVRI
ˋQDQFLDOPDUNHWRQWKH&RPSDQ\ȢVSHUIRUPDQFHDUHDVIROORZV
(A)0$5.(75,6.
0DUNHWULVNLVWKHULVNWKDWWKHIDLUYDOXHRIIXWXUHFDVKˌRZVRIDˋQDQFLDOLQVWUXPHQWZLOOˌXFWXDWHEHFDXVHRIFKDQJHVLQPDUNHWSULFHV
0DUNHWULVNFRPSULVHVWKUHHW\SHVRIULVNLQWHUHVWUDWHULVNFXUUHQF\ULVNDQGRWKHUSULFHULVNVXFKDVHTXLW\SULFHULVNDQGFRPPRGLW\
ULVN)LQDQFLDOLQVWUXPHQWVDIIHFWHGE\PDUNHWULVNLQFOXGHORDQVDQGERUURZLQJVGHSRVLWV)973/LQYHVWPHQWVDQGGHULYDWLYHˋQDQFLDO
instruments.
L,QWHUHVWUDWHULVN
,QWHUHVWUDWHULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKˌRZVRIDˋQDQFLDOLQVWUXPHQWZLOOˌXFWXDWHEHFDXVHRIFKDQJHVLQPDUNHW
LQWHUHVWUDWHV7KH&RPSDQ\ȢVH[SRVXUHWRWKHULVNRIFKDQJHVLQPDUNHWLQWHUHVWUDWHVUHODWHVSULPDULO\WRWKHFRPSDQ\ȢVORQJWHUPGHEW
REOLJDWLRQVZLWKˌRDWLQJLQWHUHVWUDWHV
7KH&RPSDQ\PDQDJHVLWVLQWHUHVWUDWHULVNE\KDYLQJDˋ[HGDQGYDULDEOHUDWHORDQVDQGERUURZLQJV7KH&RPSDQ\ȢVDSSURDFKLVWR
NHHSLWVPDMRULW\RIERUURZLQJVDWˋ[HGUDWHVRILQWHUHVWIRUORQJWHUPIXQGLQJ7KH&RPSDQ\DOVRHQWHUVLQWRLQWHUHVWUDWHVZDSVIRU
ORQJWHUPIRUHLJQFXUUHQF\ERUURZLQJVLQZKLFKLWDJUHHVWRH[FKDQJHDWVSHFLˋHGLQWHUYDOVWKHGLIIHUHQFHEHWZHHQˋ[HGDQGYDULDEOH
rate interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 March 2019, after taking into account
WKHHIIHFWRILQWHUHVWUDWHVZDSVDSSUR[LPDWHO\RIWKH&RPSDQ\ȢVERUURZLQJVDUHDWDˋ[HGUDWHRILQWHUHVW0DUFK
,17(5(675$7(6(16,7,9,7<
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
ERUURZLQJVDIIHFWHGDIWHUWKHLPSDFWRIKHGJHDFFRXQWLQJ:LWKDOORWKHUYDULDEOHVKHOGFRQVWDQWWKH&RPSDQ\ȢVSURˋWEHIRUHWD[LV
DIIHFWHGWKURXJKWKHLPSDFWRQˌRDWLQJUDWHERUURZLQJVDVIROORZV
( ` Million)
b Exposure to interest
rate risk (Principal Increase/decrease (IIHFWRQSURˋW
amount of loan) in basis points before tax
0DUFK 717.68 b b
Increase b (7.18)
'HFUHDVH b -100 7.18
b b b b
0DUFK b b
Increase b
'HFUHDVH b -100
b b b b
LL)RUHLJQFXUUHQF\ULVN
)RUHLJQFXUUHQF\ULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKˌRZVRIDQH[SRVXUHZLOOˌXFWXDWHEHFDXVHRIFKDQJHVLQIRUHLJQ
H[FKDQJHUDWHV7KH&RPSDQ\ȢVH[SRVXUHWRWKHULVNRIFKDQJHVLQIRUHLJQH[FKDQJHUDWHVUHODWHVSULPDULO\WRWKH&RPSDQ\ȢVRSHUDWLQJ
DFWLYLWLHVZKHQUHYHQXHRUH[SHQVHLVGHQRPLQDWHGLQDIRUHLJQFXUUHQF\DQGWKH&RPSDQ\ȢVERUURZLQJVLQIRUHLJQFXUUHQF\
To some extent the Company manages its foreign currency risk by hedging transactions.
3DUWLFXODUVRIXQKHGJHGIRUHLJQFXUUHQF\H[SRVXUHVDVDWWKHUHSRUWLQJGDWH
0DUFK 31 March 2018

Currency )RUHLJQFXUUHQF\ (` 0LOOLRQ Foreign currency (` Million)
86' (88.78) (6,141.26)
Euro (0.39) (30.46) (3.02)
*%3 0.58 52.38 0.12 11.19
&+) (0.01) (0.74) - -
$8' 0.24 12.07 - -
Figures shown in bracket represent payable .

)25(,*1&855(1&<6(16,7,9,7<
7KHIROORZLQJWDEOHVGHPRQVWUDWHWKHVHQVLWLYLW\WRDUHDVRQDEO\SRVVLEOHFKDQJHLQ86'(XUR*%3DQG&+)H[FKDQJHUDWHVZLWKDOO
RWKHUYDULDEOHVKHOGFRQVWDQW7KHLPSDFWRQWKH&RPSDQ\ȢVSURˋWEHIRUHWD[LVGXHWRFKDQJHVLQWKHIDLUYDOXHRIPRQHWDU\DVVHWV
DQGOLDELOLWLHVLQFOXGLQJQRQGHVLJQDWHGIRUHLJQFXUUHQF\GHULYDWLYHVDQGHPEHGGHGGHULYDWLYHV7KH&RPSDQ\ȢVH[SRVXUHWRIRUHLJQ
FXUUHQF\FKDQJHVIRUDOORWKHUFXUUHQFLHVLVQRWPDWHULDO6HQVLWLYLW\GXHWRXQKHGJHG)RUHLJQ([FKDQJH([SRVXUHVLVDVIROORZV
,03$&721352),7%()25(7$;$1'(48,7<
(`0LOOLRQb
0DUFK 31 March 2018
Currency -2% -2%
86' (122.83) 122.83 (89.10) 89.10
Euro (0.61) 0.61
*%3 1.05 (1.05) 0.22 (0.22)
&+) (0.01) 0.01 - -
$8' 0.24 (0.24) - -
Figures shown in bracket represent payable
LLL&RPPRGLW\SULFHULVN
7KH&RPSDQ\ȢVH[SRVXUHWRSULFHULVNRIFRSSHUDQGDOXPLQLXPDOVRDULVHVIURPWUDGHSD\DEOHVRIWKH&RPSDQ\ZKHUHWKHSULFHVDUH
OLQNHGWR/0(3D\PHQWLVWKHUHIRUHVHQVLWLYHWRFKDQJHVLQFRSSHUDQGDOXPLQLXPSULFHV7KHWUDGHSD\DEOHVDUHFODVVLˋHGLQWKH
EDODQFHVKHHWDVIDLUYDOXHWKURXJKSURˋWRUORVV7KHRSWLRQWRˋ[SULFHVDUHDWIXWXUHXQˋ[HG/0(SULFHVWRKHGJHDJDLQVWSRWHQWLDO
losses in value of inventory of copper and aluminium held by the Company. With effect from 1 April 2016, the Company applies fair value
KHGJHIRUWKHFRSSHUDQGDOXPLQLXPSXUFKDVHGZKRVHSULFHLVWREHˋ[HGLQIXWXUH7KHUHIRUHWKHUHLVQRLPSDFWRIWKHˌXFWXDWLRQLQ
WKHSULFHRIWKHFRSSHUDQGDOXPLQLXPRQWKH&RPSDQ\ȢVSURˋWIRUWKH\HDUHQGHG0DUFKWRWKHH[WHQWRILQYHQWRU\RQKDQG
6HQVLWLYLW\DQDO\VLVIRURSHQFRQWUDFWVIRUWKH\HDUHQGHG0DUFKDQG\HDUHQGHG0DUFKDUHDVIROORZV
([SRVXUHRI&RPSDQ\LQUHVSHFWLYHFRPPRGLWLHVDWSHULRGHQG b b
b 0DUFK 31 March 2018
b Exposure in Exposure in Exposure in Exposure in
0HWULF7RQQH `0LOOLRQ Metric Tonne ` Million
Copper 16.00 7.64 310.19
Aluminium 6,750.66 1,001.50 - -
b b b b b
7KHIROORZLQJWDEOHVKRZVWKHHIIHFWRISULFHFKDQJHVLQFRPPRGLWLHV
,03$&721352),7%()25(7$;$1'(48,7<

b -2% -2%
Copper 0.15 (0.15)
Aluminium 20.03 (20.03) - -
b b b b b b
(B)&5(',75,6.
&UHGLWULVNLVWKHULVNWKDWFRXQWHUSDUW\ZLOOQRWPHHWLWVREOLJDWLRQVXQGHUDˋQDQFLDOLQVWUXPHQWRUFXVWRPHUFRQWUDFWOHDGLQJWRD
ˋQDQFLDOORVV7KH&RPSDQ\LVH[SRVHGWRFUHGLWULVNIURPLWVRSHUDWLQJDFWLYLWLHVSULPDULO\WUDGHUHFHLYDEOHVDQGIURPLWVˋQDQFLQJ
DFWLYLWLHVLQFOXGLQJGHSRVLWVZLWKEDQNVDQGˋQDQFLDOLQVWLWXWLRQVIRUHLJQH[FKDQJHWUDQVDFWLRQVDQGRWKHUˋQDQFLDOLQVWUXPHQWV
L7UDGHUHFHLYDEOHV
Credit risk has always been managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness
of customers to which the Companygrants credit terms in the normal course of business.On account of adoption of IndAS 109,the Companyuses
expected credit loss model to assess the impairment loss or gain.The Companyhas applied Expected Credit Loss (ECL) model for measurement
DQGUHFRJQLWLRQRILPSDLUPHQWORVVHVRQWUDGHUHFHLYDEOHV(&/KDVEHHQFRPSXWHGDVDSHUFHQWDJHRIUHYHQXHRQWKHEDVLVRI&RPSDQ\ȢV
KLVWRULFDOGDWDRIGHOD\LQFROOHFWLRQRIDPRXQWVGXHIURPFXVWRPHUVDQGGHIDXOWE\WKHFXVWRPHUVDORQJZLWKPDQDJHPHQWȢVHVWLPDWHV
7KH&RPSDQ\KDVFKDQQHOˋQDQFHDUUDQJHPHQWIRUSURYLGLQJFUHGLWWRLWVGHDOHUV(YDOXDWLRQLVPDGHDVSHUWKHWHUPVRIWKHFRQWUDFW
LHLIWKH&RPSDQ\GRHVQRWUHWDLQDQ\ULVNDQGUHZDUGVRUFRQWURORYHUWKHˋQDQFLDODVVHWVWKHQWKHHQWLW\GHUHFRJQLVHVVXFKDVVHWV
XSRQWUDQVIHURIˋQDQFLDODVVHWVXQGHUVXFKDUUDQJHPHQWZLWKWKHEDQNV

)LQDQFLDOULVNPDQDJHPHQWREMHFWLYHVDQGSROLFLHV
(C)/,48,',7<5,6.
7KH&RPSDQ\ȢVSULQFLSOHVRXUFHVRIOLTXLGLW\DUHFDVKDQGFDVKHTXLYDOHQWVDQGWKHFDVKˌRZWKDWLVJHQHUDWHGIURPRSHUDWLRQV7KH
&RPSDQ\EHOLHYHVWKDWWKHZRUNLQJFDSLWDOLVVXIˋFLHQWWRPHHWLWVFXUUHQWUHTXLUHPHQWV$FFRUGLQJO\QROLTXLGLW\ULVNLVSHUFHLYHG7KH
Company closely monitors its liquidity position and maintains adequate source of funding.
7KHWDEOHEHORZVXPPDULVHVWKHPDWXULW\SURˋOHRIWKH&RPSDQ\ȢVˋQDQFLDOOLDELOLWLHVEDVHGRQFRQWUDFWXDOXQGLVFRXQWHGSD\PHQWV
(` Million)
b b b \HDU !HTXDOWR\HDU 7RWDO
<HDUHQGHG0DUFK b b b
Borrowings b 1,023.47 785.83 1,809.30
2WKHUˋQDQFLDOOLDELOLWLHV b 1,774.20 - 1,774.20
Trade and other payables b 15,099.00 - 15,099.00
b b b 17,896.67 785.83 18,682.50

<HDUHQGHG0DUFK b b b b
Borrowings b 7,186.70
2WKHUˋQDQFLDOOLDELOLWLHV b -
Trade and other payables b -
b b b
b b b
+HGJLQJDFWLYLW\DQGGHULYDWLYHVb
)DLUYDOXHKHGJHRIFRSSHUDQGDOXPLQLXPSULFHULVNLQLQYHQWRU\
7KH&RPSDQ\LVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVN7KH&RPSDQ\ȢVVHQLRUPDQDJHPHQWRYHUVHHVWKHPDQDJHPHQW
RIWKHVHULVNV7KH&RPSDQ\ȢVVHQLRUPDQDJHPHQWȢIRFXVLVWRIRUHVHHWKHXQSUHGLFWDELOLW\DQGPLQLPL]HSRWHQWLDODGYHUVHHIIHFWVRQ
WKH&RPSDQ\ȢVˋQDQFLDOSHUIRUPDQFH7KH&RPSDQ\ȢVRYHUDOOULVNPDQDJHPHQWSURFHGXUHVWRPLQLPLVHWKHSRWHQWLDODGYHUVHHIIHFWVRI
ˋQDQFLDOPDUNHWRQWKH&RPSDQ\ȢVSHUIRUPDQFHDUHDVIROORZV
7KH&RPSDQ\HQWHUVLQWRFRQWUDFWVWRSXUFKDVHFRSSHUDQGDOXPLQLXPZKHUHLQWKH&RPSDQ\KDVWKHRSWLRQWRˋ[WKHSXUFKDVHSULFH
based on LME price of copper and aluminium during a stipulated time period. Accordingly, these contracts are considered to have
an embedded derivative that is required to be separated. Such feature is kept to hedge against exposure in the value of inventory
of copper and aluminium due to volatility in copper and aluminium prices. The Company designates the embedded derivative in the
payable for such purchases as the hedging instrument in fair value hedging of inventory. The Company designates only the spot-to-
spot movement of the copper and aluminium inventory as the hedged risk. The carrying value of inventory is accordingly adjusted for
WKHHIIHFWLYHSRUWLRQRIFKDQJHLQIDLUYDOXHRIKHGJLQJLQVWUXPHQW+HGJHDFFRXQWLQJLVGLVFRQWLQXHGZKHQWKHKHGJLQJLQVWUXPHQWLV
VHWWOHGRUZKHQLWQRORQJHUTXDOLˋHVIRUKHGJHDFFRXQWLQJRUZKHQWKHKHGJHGLWHPLVVROG
To test the hedge effectiveness between embedded derivatives and LME prices of Copper and Aluminium, the Company uses the said
prices during a stipulated time period and compares the fair value of embedded derivative against the changes in fair value of LME
price of copper and aluminium attributable to the hedged risk.
7KH&RPSDQ\KDVHVWDEOLVKHGDKHGJHUDWLRRIIRUWKHKHGJLQJUHODWLRQVKLSVDVWKHXQGHUO\LQJHPEHGGHGGHULYDWLYHLVLGHQWLFDOWR
the LME price of Copper and Aluminium. The hedge ineffectiveness can arise from the difference in timing of embedded derivative and
LME strike price of Copper and Aluminium.

+HGJLQJDFWLYLW\DQGGHULYDWLYHV
'LVFORVXUHRIHIIHFWVRIIDLUYDOXHKHGJHDFFRXQWLQJRQˋQDQFLDOSRVLWLRQ
+HGJHGLWHP&KDQJHVLQIDLUYDOXHRILQYHQWRU\DWWULEXWDEOHWRFKDQJHLQFRSSHUDQGDOXPLQLXPSULFHV
+HGJLQJLQVWUXPHQW&KDQJHVLQIDLUYDOXHRIWKHHPEHGGHGGHULYDWLYHRIFRSSHUDQGDOXPLQLXPWUDGHSD\DEOHVDVGHVFULEHGDERYH
(` Million)
Carrying amount of Carrying amount of Balance Effective Ineffective
hedged item hedging instrument Maturity +HGJH sheet SRUWLRQRIb SRUWLRQRIb
Commodity price risk Asset Liabilities Asset Liabilities date Ratio FODVVLˋFDWLRQ +HGJH +HGJH
Hedged item - 21.71 - - - Range Inventory
LQYHQWRU\RI&RSSHUDQG within 3
aluminium months
Hedging instrument: - - - - Range Trade 21.71 32.89
(PEHGGHGGHULYDWLYHLQ within 3 Payable
WUDGHSD\DEOHVRI&RSSHU months
and aluminium
Figures shown in bracket represent payable
&DSLWDOPDQDJHPHQWb
)RU WKH SXUSRVH RI WKH &RPSDQ\ȢV FDSLWDO PDQDJHPHQW FDSLWDO LQFOXGHV LVVXHG HTXLW\ FDSLWDO VKDUH SUHPLXP DQG DOO RWKHU HTXLW\
UHVHUYHVDWWULEXWDEOHWRWKHHTXLW\KROGHUVRIWKHSDUHQW7KHSULPDU\REMHFWLYHRIWKH&RPSDQ\ȢVFDSLWDOPDQDJHPHQWLVWRPD[LPLVH
the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
RIWKHˋQDQFLDOFRYHQDQWV7RPDLQWDLQRUDGMXVWWKHFDSLWDOVWUXFWXUHWKH&RPSDQ\PD\DGMXVWWKHGLYLGHQGSD\PHQWWRVKDUHKROGHUV
return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by
WRWDOFDSLWDOSOXVQHWGHEW7KH&RPSDQ\ȢVSROLF\LVWRNHHSWKHJHDULQJUDWLREHWZHHQDQG7KH&RPSDQ\LQFOXGHVZLWKLQQHW
debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.
(` Million)
b b b b b b b31 March 2019 31 March 2018
%RUURZLQJV5HIHUQRWH $ 1,809.30 7,186.70
Trade payables ( Refer note- 18B) 15,099.00
2WKHUSD\DEOHV1RWH& 1,774.20
/HVVFDVKDQGFDVKHTXLYDOHQWV1RWH% (1,777.44)
1HWGHEW 16,905.06
b b
Equity 28,489.44
Total capital 28,489.44
&DSLWDODQGQHWGHEW 45,394.50
*HDULQJUDWLR b b b b b b37% 43%
,QRUGHUWRDFKLHYHWKLVRYHUDOOREMHFWLYHWKH&RPSDQ\ȢVFDSLWDOPDQDJHPHQWDPRQJVWRWKHUWKLQJVDLPVWRHQVXUHWKDWLWPHHWV
ˋQDQFLDO FRYHQDQWV DWWDFKHG WR WKH LQWHUHVWEHDULQJ ORDQV DQG ERUURZLQJV WKDW GHˋQH FDSLWDO VWUXFWXUH UHTXLUHPHQWV %UHDFKHV LQ
PHHWLQJWKHˋQDQFLDOFRYHQDQWVZRXOGSHUPLWWKHEDQNWRLPPHGLDWHO\FDOOORDQVDQGERUURZLQJV7KHUHKDYHEHHQQREUHDFKHVLQWKH
ˋQDQFLDOFRYHQDQWVRIDQ\LQWHUHVWEHDULQJORDQVDQGERUURZLQJLQWKHFXUUHQWSHULRG
1RFKDQJHVZHUHPDGHLQWKHREMHFWLYHVSROLFLHVRUSURFHVVHVIRUPDQDJLQJFDSLWDOGXULQJWKH\HDUHQGHG0DUFKDQG\HDU
ended 31 March 2018.

3URYLVLRQIRULQYHVWPHQWDQGORDQWRVXEVLGLDU\
Ȥ$VDW0DUFKWKH&RPSDQ\KDVLQYHVWPHQWRI(XUR` 10.89 million) and loan of Euro 388,276.11 (` 30.17
million) in Polycab Italy SRL (PWISRL), a wholly owned subsidiary company situated in Italy.
3:,65/LQLWVˋQDQFLDOVWDWHPHQWKDGDSSURSULDWHGDQDPRXQWRI(XUR` 2.80 million) from Share Capital and Euro
`PLOOLRQIURPORDQJLYHQE\WKH&RPSDQ\WRDFFXPXODWHGORVVHVRISUHYLRXV\HDUVDQG&DSLWDO5HGXFWLRQ
Reserve to comply with the applicable Italian accounting requirements in an earlier year.
7KH FRPSDQ\ KDG ˋOHG D FRPSRXQGLQJ DSSOLFDWLRQ ZLWK 5HVHUYH %DQN RI ,QGLD 5%, LQ UHVSRQVH WR ZKLFK 5%, GLUHFWHG RXU
company to comply with alternatives. Currently, the company is in the process of evaluating the alternatives directed by RBI and
ZLOOEHUHVSRQGLQJLQGXHFRXUVH&RQVLGHULQJWKHVWDWXVQRDGMXVWPHQWLVPDGHLQWKHˋQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG
31 March 2019.”
6XEVHTXHQWHYHQWV
The Company has completed initial public offering (IPO) including fresh issue of `PLOOLRQFRPSULVLQJRIHTXLW\
shares of ` 10/- each at an issue price `SHUVKDUHDQGHTXLW\VKDUHVRI` 10/- each at an issue price `SHU
VKDUHIRUHPSOR\HHTXRWD7KHHTXLW\VKDUHVRIWKH&RPSDQ\ZHUHOLVWHGRQ1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG16(DQG
BSE Limited (BSE) w.e.f. 16 April 2019.
6WDQGDUGVLVVXHGEXWQRWHIIHFWLYH
7KH DPHQGPHQWV WR VWDQGDUGV WKDW DUH LVVXHG EXW QRW \HW HIIHFWLYH XS WR WKH GDWH RI LVVXDQFH RI WKH &RPSDQ\ȢV ˋQDQFLDO
statement are disclosed below. The Company intends to adopt these standards if applicable, when they become effective. The
Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Second Amendment Rules, 2019
DSSOLFDEOHIURP$SULODPHQGLQJWKHIROORZLQJVWDQGDUG
(i) Impact of Ind AS 116 - Leases
“On 0DUFK 0LQLVWU\ RI &RUSRUDWH$IIDLUV KDV QRWLˋHG ,QG$6 /HDVHV ,QG$6 ZLOO UHSODFH WKH H[LVWLQJ
leases Standard, Ind AS 17 Leases, and related Interpretations. The Standard sets out the principles for the recognition,
measurement, presentation and disclosure of leases for both parties to a contract i.e., the lessee and the lessor. Ind AS 116
LQWURGXFHVDVLQJOHOHVVHHDFFRXQWLQJPRGHODQGUHTXLUHVDOHVVHHWRUHFRJQL]HDVVHWVDQGOLDELOLWLHVIRUDOOOHDVHVZLWK
a term of more than twelve months, unless the underlying asset is of low value. Currently, operating lease expenses are
FKDUJHGWRWKHVWDWHPHQWRI3URˋW /RVV7KH6WDQGDUGDOVRFRQWDLQVHQKDQFHGGLVFORVXUHUHTXLUHPHQWVIRUOHVVHHV,QG$6
116 substantially carries forward the lessor accounting requirements in Ind AS 17
The effective date for adoption of Ind AS 116 is annual periods beginning on or after April 1, 2019. The standard permits
WZRSRVVLEOHPHWKRGVRIWUDQVLWLRQ
ȩ )XOOUHWURVSHFWLYHȟ5HWURVSHFWLYHO\WRHDFKSULRUSHULRGSUHVHQWHGDSSO\LQJ,QG$6$FFRXQWLQJ3ROLFLHV&KDQJHVLQ
Accounting Estimates and Errors
ȩ 0RGLˋHGUHWURVSHFWLYHȟ5HWURVSHFWLYHO\ZLWKWKHFXPXODWLYHHIIHFWRILQLWLDOO\DSSO\LQJWKH6WDQGDUGUHFRJQL]HGDW
WKH GDWH RI LQLWLDO DSSOLFDWLRQ 8QGHU PRGLˋHG UHWURVSHFWLYH DSSURDFK WKH OHVVHH UHFRUGV WKH OHDVH OLDELOLW\ DV WKH
present value of the remaining lease payments, discounted at the incremental borrowing rate and the right of use
DVVHWHLWKHUDV
ȩ ,WV FDUU\LQJ DPRXQW DV LI WKH VWDQGDUG KDG EHHQ DSSOLHG VLQFH WKH FRPPHQFHPHQW GDWH EXW GLVFRXQWHG DW OHVVHHȢV
incremental borrowing rate at the date of initial application or
ȩ $QDPRXQWHTXDOWRWKHOHDVHOLDELOLW\DGMXVWHGE\WKHDPRXQWRIDQ\SUHSDLGRUDFFUXHGOHDVHSD\PHQWVUHODWHGWR
WKDWOHDVHUHFRJQL]HGXQGHU,QG$6LPPHGLDWHO\EHIRUHWKHGDWHRILQLWLDODSSOLFDWLRQ&HUWDLQSUDFWLFDOH[SHGLHQWV
are available under both the methods.
2Q FRPSOHWLRQ RI HYDOXDWLRQ RI WKH HIIHFW RI DGRSWLRQ RI ,QG$6 WKH &RPSDQ\ LV SURSRVLQJ WR XVH WKH ȡ0RGLˋHG
5HWURVSHFWLYH$SSURDFKȡIRUWUDQVLWLRQLQJWR,QG$6DQGWDNHWKHFXPXODWLYHDGMXVWPHQWWRUHWDLQHGHDUQLQJVRQWKHGDWH
of initial application (April1,2019). Accordingly, comparatives for the year ended 31 March 2019 will not be retrospectively
adjusted.”

(ii) Amendment to existing issued Ind AS
Ȥ7KH0&$KDVDOVRFDUULHGRXWDPHQGPHQWVRIWKHIROORZLQJDFFRXQWLQJVWDQGDUGV
D $SSHQGL[&WR,QG$68QFHUWDLQW\RYHU,QFRPH7D[7UHDWPHQW
E $PHQGPHQWVWR,QG$63UHSD\PHQW)HDWXUHVZLWK1HJDWLYH&RPSHQVDWLRQ
F $PHQGPHQWVWR,QG$63ODQ$PHQGPHQW&XUWDLOPHQWRU6HWWOHPHQW
G $PHQGPHQWVWR,QG$6/RQJWHUPLQWHUHVWVLQDVVRFLDWHVDQGMRLQWYHQWXUHV
(e) Annual improvement to Ind AS (2018)
$PHQGPHQWVWR,QG$63DUW\WRD-RLQW$UUDQJHPHQWVREWDLQVFRQWURORIDEXVLQHVVWKDWLVD-RLQW2SHUDWLRQ
$PHQGPHQWVWR,QG$6-RLQW$UUDQJHPHQWV
$PHQGPHQWVWR,QG$6,QFRPH7D[HV
$PHQGPHQWVWR,QG$6%RUURZLQJ&RVWV
$SSOLFDWLRQRIDERYHVWDQGDUGVDUHQRWH[SHFWHGWRKDYHDQ\VLJQLˋFDQWLPSDFWRQWKH&RPSDQ\ȢV)LQDQFLDO6WDWHPHQWVȥ
3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQDVȡ3RO\FDE:LUHV/LPLWHGȢ
2WKHUV
Figures relating to previous years has been regrouped wherever necessary to make them comparable with the current period
ˋJXUHV)LJXUHVUHSUHVHQWLQJ` 0.00 million is below `
For 65%& &2//3 3RO\FDE,QGLD/LPLWHG )RUPHUO\NQRZQDVȡ3RO\FDE:LUHV/LPLWHGȢ
Chartered Accountants &,18'/3/&
,&$,)LUP5HJLVWUDWLRQ1R((
per 6XGKLU6RQL ,QGHU7-DLVLQJKDQL 5DPHVK7-DLVLQJKDQL
',1 0HPEHUVKLS1R)
3ODFH0XPEDL 'DWH0D\

INDEPENDENT AUDITOR’S REPORT
To the Members of Polycab India Limited (Formerly known as Polycab Wires Limited)
Report on the Audit of the Consolidated Ind AS Financial Statements
Opinion
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJ&RQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVRI3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQ
as Polycab Wires Limited) which includes one joint operation (hereinafter referred to as “the Parent Company”), its
VXEVLGLDULHVWKH3DUHQW&RPSDQ\DQGLWVVXEVLGLDULHVWRJHWKHUUHIHUUHGWRDVȤWKH*URXSȥLWVMRLQWYHQWXUHVDQGFRPSULVLQJ
WKH FRQVROLGDWHG %DODQFH VKHHW DV DW 0DUFK WKH FRQVROLGDWHG 6WDWHPHQW RI 3URˋW DQG /RVV LQFOXGLQJ RWKHU
comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes in Equity for the
\HDUWKHQHQGHGDQGQRWHVWRWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVLQFOXGLQJDVXPPDU\RIVLJQLˋFDQWDFFRXQWLQJ
SROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQKHUHLQDIWHUUHIHUUHGWRDVȤWKH&RQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVȥ
In our opinion and to the best of our information and according to the explanations given to us and based on the
FRQVLGHUDWLRQRIUHSRUWVRIRWKHUDXGLWRUVRQVHSDUDWHˋQDQFLDOVWDWHPHQWVDQGRQWKHRWKHUˋQDQFLDOLQIRUPDWLRQRIWKH
VXEVLGLDULHVMRLQWYHQWXUHVDQGMRLQWRSHUDWLRQVWKHDIRUHVDLGFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQ
required by the Companies Act, 2013, as amended (“the Act”) in the manner so required and give a true and fair view in
FRQIRUPLW\ZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDRIWKHFRQVROLGDWHGVWDWHRIDIIDLUVRIWKH*URXSDQG
joint ventures as at March 31, 2019, their consolidated loss including other comprehensive income,their consolidated cash
ˌRZVDQGWKHFRQVROLGDWHGVWDWHPHQWRIFKDQJHVLQHTXLW\IRUWKH\HDUHQGHGRQWKDWGDWH
Basis for Opinion

:H FRQGXFWHG RXU DXGLW RI WKH FRQVROLGDWHG ,QG$6 ˋQDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK WKH 6WDQGDUGV RQ$XGLWLQJ
6$VDVVSHFLˋHGXQGHUVHFWLRQRIWKH$FW2XUUHVSRQVLELOLWLHVXQGHUWKRVH6WDQGDUGVDUHIXUWKHUGHVFULEHGLQ
WKHȡ$XGLWRUȢV5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH&RQVROLGDWHG,QG$6)LQDQFLDO6WDWHPHQWVȢVHFWLRQRIRXUUHSRUW:HDUH
LQGHSHQGHQWRIWKH*URXSLQDFFRUGDQFHZLWKWKHȡ&RGHRI(WKLFVȢLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
WRJHWKHUZLWKWKHHWKLFDOUHTXLUHPHQWVWKDWDUHUHOHYDQWWRRXUDXGLWRIWKHˋQDQFLDOVWDWHPHQWVXQGHUWKHSURYLVLRQVRIWKH
$FWDQGWKH5XOHVWKHUHXQGHUDQGZHKDYHIXOˋOOHGRXURWKHUHWKLFDOUHVSRQVLELOLWLHVLQDFFRUGDQFHZLWKWKHVHUHTXLUHPHQWV
DQGWKH&RGHRI(WKLFV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIˋFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLV
IRURXUDXGLWRSLQLRQRQWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWV
,QIRUPDWLRQ2WKHUWKDQWKH)LQDQFLDO6WDWHPHQWVDQG$XGLWRUȢV5HSRUW7KHUHRQ
7KH3DUHQW&RPSDQ\ȢV%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHRWKHULQIRUPDWLRQ7KHRWKHULQIRUPDWLRQFRPSULVHVWKH
LQIRUPDWLRQ LQFOXGHG LQ WKH$QQXDO UHSRUW EXW GRHV QRW LQFOXGH WKH FRQVROLGDWHG ,QG$6 ˋQDQFLDO VWDWHPHQWV DQG RXU
DXGLWRUȢVUHSRUWWKHUHRQ
2XURSLQLRQRQWKH&RQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVGRHVQRWFRYHUWKHRWKHULQIRUPDWLRQDQGZHGRQRWH[SUHVV
any form of assurance conclusion thereon.
,Q FRQQHFWLRQ ZLWK RXU DXGLW RI WKH &RQVROLGDWHG ,QG $6 ˋQDQFLDO VWDWHPHQWV RXU UHVSRQVLELOLW\ LV WR UHDG WKH RWKHU
information and, in doing so, consider whether such other information is materially inconsistent with the Consolidated
ˋQDQFLDOVWDWHPHQWVRURXUNQRZOHGJHREWDLQHGLQWKHDXGLWRURWKHUZLVHDSSHDUVWREHPDWHULDOO\PLVVWDWHG,IEDVHGRQ
work we have performed, we conclude that there is material misstatement of this other information, we are required to
report the fact. We have nothing to report in this regard.
Responsibilities of Management for the Consolidated Ind AS Financial Statements

7KH 3DUHQW &RPSDQ\ȢV %RDUG RI 'LUHFWRUV LV UHVSRQVLEOH IRU WKH SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKHVH FRQVROLGDWHG
,QG$6 ˋQDQFLDO VWDWHPHQWV LQ WHUPV RI WKH UHTXLUHPHQWV RI WKH$FW WKDW JLYH D WUXH DQG IDLU YLHZ RI WKH FRQVROLGDWHG
ˋQDQFLDOSRVLWLRQFRQVROLGDWHGˋQDQFLDOSHUIRUPDQFHLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHFRQVROLGDWHGFDVKˌRZVDQG
FRQVROLGDWHGVWDWHPHQWRIFKDQJHVLQHTXLW\RIWKH*URXSLQFOXGLQJLWVMRLQWYHQWXUHVLQDFFRUGDQFHZLWKWKHDFFRXQWLQJ
SULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDLQFOXGLQJWKH,QGLDQ$FFRXQWLQJ6WDQGDUGV,QG$6VSHFLˋHGXQGHUVHFWLRQRI
WKH$FWUHDGZLWKWKH&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHG7KHUHVSHFWLYH%RDUGRI'LUHFWRUV
RIWKHFRPSDQLHVLQFOXGHGLQWKH*URXSDQGRILWVMRLQWYHQWXUHVDUHUHVSRQVLEOHIRUPDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJ
UHFRUGVLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJRIWKHDVVHWVRIWKH*URXSDQGRILWVMRLQWYHQWXUHVDQG
for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of
DGHTXDWH LQWHUQDO ˋQDQFLDO FRQWUROV WKDW ZHUH RSHUDWLQJ HIIHFWLYHO\ IRU HQVXULQJ WKH DFFXUDF\ DQG FRPSOHWHQHVV RI WKH
DFFRXQWLQJUHFRUGVUHOHYDQWWRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVWKDWJLYH

a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the
SXUSRVHRISUHSDUDWLRQRIWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVE\WKH'LUHFWRUVRIWKH3DUHQW&RPSDQ\DVDIRUHVDLG
,Q SUHSDULQJ WKH FRQVROLGDWHG ˋQDQFLDO VWDWHPHQWV WKH UHVSHFWLYH %RDUG RI 'LUHFWRUV RI WKH FRPSDQLHV LQFOXGHG LQ WKH
*URXSDQGRILWVMRLQWYHQWXUHVDUHUHVSRQVLEOHIRUDVVHVVLQJWKHDELOLW\RIWKH*URXSLWVMRLQWYHQWXUHVWRFRQWLQXHDVDJRLQJ
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
PDQDJHPHQWHLWKHULQWHQGVWROLTXLGDWHWKH*URXSRUWRFHDVHRSHUDWLRQVRUKDVQRUHDOLVWLFDOWHUQDWLYHEXWWRGRVR
7KRVHUHVSHFWLYH%RDUGRI'LUHFWRUVRIWKHFRPSDQLHVLQFOXGHGLQWKH*URXSDQGRILWVMRLQWYHQWXUHVDUHDOVRUHVSRQVLEOH
IRURYHUVHHLQJWKHˋQDQFLDOUHSRUWLQJSURFHVVRIWKH*URXSDQGRILWVMRLQWYHQWXUHV
$XGLWRUȢV5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH&RQVROLGDWHG,QG$6)LQDQFLDO6WDWHPHQWV
2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVDVDZKROH
DUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUDQGWRLVVXHDQDXGLWRUȢVUHSRUWWKDWLQFOXGHVRXURSLQLRQ
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
PDWHULDOLILQGLYLGXDOO\RULQWKHDJJUHJDWHWKH\FRXOGUHDVRQDEO\EHH[SHFWHGWRLQˌXHQFHWKHHFRQRPLFGHFLVLRQVRIXVHUV
WDNHQRQWKHEDVLVRIWKHVHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWV
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
WKURXJKRXWWKHDXGLW:HDOVR
ȩ ,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVZKHWKHUGXH
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
VXIˋFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXURSLQLRQ7KHULVNRIQRWGHWHFWLQJDPDWHULDOPLVVWDWHPHQWUHVXOWLQJ
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
ȩ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
LQWKHFLUFXPVWDQFHV8QGHUVHFWLRQLRIWKH$FWZHDUHDOVRUHVSRQVLEOHIRUH[SUHVVLQJRXURSLQLRQRQZKHWKHU
WKH3DUHQW&RPSDQ\KDVDGHTXDWHLQWHUQDOˋQDQFLDOFRQWUROVV\VWHPLQSODFHDQGWKHRSHUDWLQJHIIHFWLYHQHVVRIVXFK
controls.
ȩ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
ȩ &RQFOXGHRQWKHDSSURSULDWHQHVVRIPDQDJHPHQWȢVXVHRIWKHJRLQJFRQFHUQEDVLVRIDFFRXQWLQJDQGEDVHGRQWKH
DXGLWHYLGHQFHREWDLQHGZKHWKHUDPDWHULDOXQFHUWDLQW\H[LVWVUHODWHGWRHYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQLˋFDQW
GRXEWRQWKHDELOLW\RIWKH*URXSDQGLWVMRLQWYHQWXUHVWRFRQWLQXHDVDJRLQJFRQFHUQ,IZHFRQFOXGHWKDWDPDWHULDO
XQFHUWDLQW\H[LVWVZHDUHUHTXLUHGWRGUDZDWWHQWLRQLQRXUDXGLWRUȢVUHSRUWWRWKHUHODWHGGLVFORVXUHVLQWKHFRQVROLGDWHG
,QG$6ˋQDQFLDOVWDWHPHQWVRULIVXFKGLVFORVXUHVDUHLQDGHTXDWHWRPRGLI\RXURSLQLRQ2XUFRQFOXVLRQVDUHEDVHGRQ
WKHDXGLWHYLGHQFHREWDLQHGXSWRWKHGDWHRIRXUDXGLWRUȢVUHSRUW+RZHYHUIXWXUHHYHQWVRUFRQGLWLRQVPD\FDXVHWKH
*URXSDQGLWVMRLQWYHQWXUHVWRFHDVHWRFRQWLQXHDVDJRLQJFRQFHUQ
ȩ (YDOXDWH WKH RYHUDOO SUHVHQWDWLRQ VWUXFWXUH DQG FRQWHQW RI WKH FRQVROLGDWHG ,QG$6 ˋQDQFLDO VWDWHPHQWV LQFOXGLQJ
WKHGLVFORVXUHVDQGZKHWKHUWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVUHSUHVHQWWKHXQGHUO\LQJWUDQVDFWLRQVDQG
events in a manner that achieves fair presentation.
2EWDLQVXIˋFLHQWDSSURSULDWHDXGLWHYLGHQFHUHJDUGLQJWKHˋQDQFLDOLQIRUPDWLRQRIWKHHQWLWLHVRUEXVLQHVVDFWLYLWLHV
ZLWKLQ WKH *URXS DQG LWV MRLQW YHQWXUHV RI ZKLFK ZH DUH WKH LQGHSHQGHQW DXGLWRUV WR H[SUHVV DQ RSLQLRQ RQ WKH
FRQVROLGDWHG ,QG$6 ˋQDQFLDO VWDWHPHQWV:H DUH UHVSRQVLEOH IRU WKH GLUHFWLRQ VXSHUYLVLRQ DQG SHUIRUPDQFH RI WKH
DXGLWRIWKHˋQDQFLDOVWDWHPHQWVRIVXFKHQWLWLHVLQFOXGHGLQWKHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVRIZKLFKZHDUH
WKHLQGHSHQGHQWDXGLWRUV)RUWKHRWKHUHQWLWLHVLQFOXGHGLQWKHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVZKLFKKDYHEHHQ
audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the
audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Parent Company and such other entities included in the
FRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVRIZKLFKZHDUHWKHLQGHSHQGHQWDXGLWRUVUHJDUGLQJDPRQJRWKHUPDWWHUVWKH
SODQQHG VFRSH DQG WLPLQJ RI WKH DXGLW DQG VLJQLˋFDQW DXGLW ˋQGLQJV LQFOXGLQJ DQ\ VLJQLˋFDQW GHˋFLHQFLHV LQ LQWHUQDO
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.

Other Matters
:H GLG QRW DXGLW WKH ˋQDQFLDO VWDWHPHQWV DQG RWKHU ˋQDQFLDO LQIRUPDWLRQ LQ UHVSHFW RI WZR VXEVLGLDULHV ZKRVH ,QG$6
ˋQDQFLDOVWDWHPHQWVLQFOXGHWRWDODVVHWVRI`PLOOLRQVDVDW0DUFKDQGWRWDOUHYHQXHVRI`PLOOLRQV
DQG QHW FDVK RXWˌRZV RI ` PLOOLRQV IRU WKH \HDU HQGHG RQ WKDW GDWH7KHVH ,QG$6 ˋQDQFLDO VWDWHPHQW DQG RWKHU
ˋQDQFLDO LQIRUPDWLRQ KDYH EHHQ DXGLWHG E\ RWKHU DXGLWRUV ZKLFK ˋQDQFLDO VWDWHPHQWV RWKHU ˋQDQFLDO LQIRUPDWLRQ DQG
DXGLWRUȢVUHSRUWVKDYHEHHQIXUQLVKHGWRXVE\WKHPDQDJHPHQW7KHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVDOVRLQFOXGH
WKH*URXSȢVVKDUHRIQHWORVVRI` 23.26 millions for the year ended March 31, 2019, as considered in the consolidated Ind
$6 ˋQDQFLDO VWDWHPHQWV LQ UHVSHFW RI WZR MRLQW YHQWXUHV ZKRVH ˋQDQFLDO VWDWHPHQWV RWKHU ˋQDQFLDO LQIRUPDWLRQ KDYH
been audited by other auditors and whose reports have been furnished to us by the Management. Our opinion on the
FRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVLQVRIDUDVLWUHODWHVWRWKHDPRXQWVDQGGLVFORVXUHVLQFOXGHGLQUHVSHFWRIWKHVH
VXEVLGLDULHVDQGMRLQWYHQWXUHVDQGRXUUHSRUWLQWHUPVRIVXEVHFWLRQVRI6HFWLRQRIWKH$FWLQVRIDUDVLWUHODWHVWR
the aforesaid subsidiaries and joint ventures is based solely on the reports of such other auditors.
2QH RI WKH VXEVLGLDULHV LV ORFDWHG RXWVLGH ,QGLD ZKRVH ˋQDQFLDO VWDWHPHQWV DQG RWKHU ˋQDQFLDO LQIRUPDWLRQ KDYH EHHQ
prepared in accordance with accounting principles generally accepted in their respective countries and which have been
audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent
&RPSDQ\ȢVPDQDJHPHQWKDVFRQYHUWHGWKHˋQDQFLDOVWDWHPHQWVRIVXFKVXEVLGLDU\ORFDWHGRXWVLGH,QGLDIURPDFFRXQWLQJ
principles generally accepted in their respective countries to accounting principles generally accepted in India. We have
DXGLWHGWKHVHFRQYHUVLRQDGMXVWPHQWVPDGHE\WKH&RPSDQ\ȢVPDQDJHPHQWZKLFKLQFOXGHVWRWDODVVHWVRI`PLOOLRQV
as at March 31,2019, and total revenue of `PLOOLRQVDQGQHWFDVKRXWˌRZVRI` 1.93 million for the year ended
March 31, 2019. Our opinion in so far as it relates to the balances and affairs of such subsidiary located outside India is
based on the report of other auditors and the conversion adjustments prepared by the management of the Company and
audited by us.
7KHˋQDQFLDOVWDWHPHQWVDQGˋQDQFLDOLQIRUPDWLRQLQFOXGHWKH&RPSDQ\ȢVVKDUHRIWRWDODVVHWVRI` 782.78 million as at
March 31, 2019 and revenues of `PLOOLRQDQGQHWFDVKLQˌRZVRI` 376.12 million, in respect of a joint operation, for
WKH\HDUHQGHG0DUFK7KH,QG$6ˋQDQFLDOVWDWHPHQWVDQGRWKHUˋQDQFLDOLQIRUPDWLRQRIWKHVDLGMRLQWRSHUDWLRQ
KDYHEHHQDXGLWHGE\RWKHUDXGLWRUVZKRVHˋQDQFLDOVWDWHPHQWVRWKHUˋQDQFLDOLQIRUPDWLRQDQGDXGLWRUȢVUHSRUWVKDYH
EHHQIXUQLVKHGWRXVE\WKHPDQDJHPHQW2XUUHSRUWRQWKHVWDQGDORQH,QG$6ˋQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\LQVR
far as it relates to the amounts and disclosures included in respect of the said joint operation, is based solely on the reports
of the such other auditor.
2XU RSLQLRQ DERYH RQ WKH FRQVROLGDWHG ,QG $6 ˋQDQFLDO VWDWHPHQWV DQG RXU UHSRUW RQ 2WKHU /HJDO DQG 5HJXODWRU\
5HTXLUHPHQWVEHORZLVQRWPRGLˋHGLQUHVSHFWRIWKHDERYHPDWWHUVZLWKUHVSHFWWRRXUUHOLDQFHRQWKHZRUNGRQHDQGWKH
UHSRUWVRIWKHRWKHUDXGLWRUVDQGWKHˋQDQFLDOVWDWHPHQWVDQGRWKHUˋQDQFLDOLQIRUPDWLRQFHUWLˋHGE\WKH0DQDJHPHQW
Report on Other Legal and Regulatory Requirements

$VUHTXLUHGE\6HFWLRQRIWKH$FWEDVHGRQRXUDXGLWDQGRQWKHFRQVLGHUDWLRQRIUHSRUWRIWKHRWKHUDXGLWRUVRQ
VHSDUDWH ˋQDQFLDO VWDWHPHQWV DQG WKH RWKHU ˋQDQFLDO LQIRUPDWLRQ RI VXEVLGLDULHVMRLQWYHQWXUHV DQG MRLQW RSHUDWLRQV DV
QRWHGLQWKHȡRWKHUPDWWHUȢSDUDJUDSKZHUHSRUWWRWKHH[WHQWDSSOLFDEOHWKDW
(a) We/the other auditors whose report we have relied upon have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated
,QG$6ˋQDQFLDOVWDWHPHQWV
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the
ˋQDQFLDOVWDWHPHQWVKDYHEHHQNHSWVRIDUDVLWDSSHDUVIURPRXUH[DPLQDWLRQRIWKRVHERRNVDQGUHSRUWVRIWKHRWKHU
auditors;
F 7KH &RQVROLGDWHG %DODQFH 6KHHW WKH &RQVROLGDWHG 6WDWHPHQW RI 3URˋW DQG /RVV LQFOXGLQJ WKH 6WDWHPHQW RI 2WKHU
Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity
dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the
FRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWV
G ,QRXURSLQLRQWKHDIRUHVDLGFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVFRPSO\ZLWKWKH$FFRXQWLQJ6WDQGDUGVVSHFLˋHG
XQGHU6HFWLRQRIWKH$FWUHDGZLWK&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHG
(e) On the basis of the written representations received from the directors of the Parent Company as on March 31,
WDNHQRQUHFRUGE\WKH%RDUGRI'LUHFWRUVRIWKH3DUHQW&RPSDQ\DQGWKHUHSRUWVRIWKHVWDWXWRU\DXGLWRUVZKR
are appointed under Section 139 of the Act, of its subsidiary companies and joint ventures, none of the directors of
WKH*URXSȢVFRPSDQLHVDQGLWVMRLQWYHQWXUHVLQFRUSRUDWHGLQ,QGLDLVGLVTXDOLˋHGDVRQ0DUFKIURPEHLQJ
DSSRLQWHGDVDGLUHFWRULQWHUPVRI6HFWLRQRIWKH$FW

I :LWKUHVSHFWWRWKHDGHTXDF\DQGWKHRSHUDWLQJHIIHFWLYHQHVVRIWKHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJ
ZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVRIWKH3DUHQW&RPSDQ\DQGLWVVXEVLGLDU\FRPSDQLHV
and joint ventures incorporated in India, refer to our separate Report in “Annexure 1” to this report;
(g) In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries and joint
ventures and joint operations incorporated in India, the managerial remuneration for the year ended March 31, 2019
has been paid / provided by the Parent Company, its subsidiaries and jointly controlled companies/joint ventures
incorporated in India to their directors in accordance with the provisions of section 197 read with Schedule V to the Act;
K :LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHGLQWKH$XGLWRUȢV5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH&RPSDQLHV
$XGLWDQG$XGLWRUV5XOHVDVDPHQGHGLQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKH
H[SODQDWLRQV JLYHQ WR XV DQG EDVHG RQ WKH FRQVLGHUDWLRQ RI WKH UHSRUW RI WKH RWKHU DXGLWRUV RQ VHSDUDWH ˋQDQFLDO
VWDWHPHQWVDVDOVRWKHRWKHUˋQDQFLDOLQIRUPDWLRQRIWKHVXEVLGLDULHVMRLQWYHQWXUHVDQGMRLQWRSHUDWLRQVDVQRWHGLQ
WKHȡ2WKHUPDWWHUȢSDUDJUDSK
L 7KHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVGLVFORVHWKHLPSDFWRISHQGLQJOLWLJDWLRQVRQWKHFRQVROLGDWHG
ˋQDQFLDOSRVLWLRQRIWKH*URXSDQGLWVMRLQWYHQWXUHVLQLWVFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVȟ5HIHU
1RWH&WRWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWV
LL 3URYLVLRQKDVEHHQPDGHLQWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVDVUHTXLUHGXQGHUWKHDSSOLFDEOHODZ
or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative
FRQWUDFWVWRWKHFRQVROLGDWHG,QG$6ˋQDQFLDOVWDWHPHQWVLQUHVSHFWRIVXFKLWHPVDVLWUHODWHVWRWKH*URXS
and its joint ventures;
iii There were no amounts which were required to be transferred to the Investor Education and Protection Fund
by the Parent Company, its subsidiaries and joint ventures incorporated in India during the year ended March
31, 2019.
For SRBC & CO LLP

per Sudhir Soni

Partner
0HPEHUVKLS1XPEHU
3ODFHRI6LJQDWXUH0XPEDL
'DWH0D\

$11(;85(727+(,1'(3(1'(17$8',725Ȣ65(32572)(9(1'$7(217+(&2162/,'$7('
),1$1&,$/67$7(0(1762)3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQDV3RO\FDE:LUHV/LPLWHG
Report on the Internal Financial Controls under Clause (i) of Sub-section 3

RI6HFWLRQRIWKH&RPSDQLHV$FWȤWKH$FWȥ
,QFRQMXQFWLRQZLWKRXUDXGLWRIWKHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVRI3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQDV3RO\FDE
:LUHV /LPLWHG DV RI DQG IRU WKH \HDU HQGHG 0DUFK ZH KDYH DXGLWHG WKH LQWHUQDO ˋQDQFLDO FRQWUROV RYHU ˋQDQFLDO
reporting of Polycab India Limited (Formerly known as Polycab Wires Limited) (hereinafter referred to as the “Parent
Company”) and its subsidiary companies and joint ventures, which are companies incorporated in India, as of that date.
0DQDJHPHQWȢV5HVSRQVLELOLW\IRU,QWHUQDO)LQDQFLDO&RQWUROV
7KHUHVSHFWLYH%RDUGRI'LUHFWRUVRIWKH3DUHQW&RPSDQ\LWVVXEVLGLDU\FRPSDQLHVDQGMRLQWYHQWXUHVZKLFKDUHFRPSDQLHV
LQFRUSRUDWHGLQ,QGLDDUHUHVSRQVLEOHIRUHVWDEOLVKLQJDQGPDLQWDLQLQJLQWHUQDOˋQDQFLDOFRQWUROVEDVHGRQWKHLQWHUQDO
FRQWURORYHUˋQDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH3DUHQW&RPSDQ\FRQVLGHULQJWKHHVVHQWLDOFRPSRQHQWVRILQWHUQDO
FRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\WKH,QVWLWXWH
of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate
LQWHUQDO ˋQDQFLDO FRQWUROV WKDW ZHUH RSHUDWLQJ HIIHFWLYHO\ IRU HQVXULQJ WKH RUGHUO\ DQG HIˋFLHQW FRQGXFW RI LWV EXVLQHVV
LQFOXGLQJDGKHUHQFHWRWKHUHVSHFWLYHFRPSDQ\ȢVSROLFLHVWKHVDIHJXDUGLQJRILWVDVVHWVWKHSUHYHQWLRQDQGGHWHFWLRQRI
IUDXGVDQGHUURUVWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRIUHOLDEOHˋQDQFLDO
information, as required under the Act.
$XGLWRUȢV5HVSRQVLELOLW\
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKH &RPSDQ\ȢV LQWHUQDO ˋQDQFLDO FRQWUROV RYHU ˋQDQFLDO UHSRUWLQJ ZLWK
UHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKWKH
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJWKHȤ*XLGDQFH1RWHȥDQGWKH6WDQGDUGVRQ
$XGLWLQJERWKLVVXHGE\,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLDDQGGHHPHGWREHSUHVFULEHGXQGHUVHFWLRQRI
WKH$FWWRWKHH[WHQWDSSOLFDEOHWRDQDXGLWRILQWHUQDOˋQDQFLDOFRQWUROV7KRVH6WDQGDUGVDQGWKH*XLGDQFH1RWHUHTXLUH
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
DGHTXDWHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVZDV
established and maintained and if such controls operated effectively in all material respects.
2XUDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDGHTXDF\RIWKHLQWHUQDOˋQDQFLDOFRQWUROVRYHU
ˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVDQGWKHLURSHUDWLQJHIIHFWLYHQHVV2XUDXGLWRI
LQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJDQXQGHUVWDQGLQJRILQWHUQDOˋQDQFLDOFRQWUROVRYHU
ˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVDVVHVVLQJWKHULVNWKDWDPDWHULDOZHDNQHVV
exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The
SURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRUȢVMXGJHPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRI
WKHˋQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU
We believe that the audit evidence we have obtainedand the audit evidence obtained by the other auditors in terms of
WKHLUUHSRUWVUHIHUUHGWRLQWKH2WKHU0DWWHUVSDUDJUDSKEHORZLVVXIˋFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLW
RSLQLRQRQWKHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWV
Meaning of Internal Financial Controls Over Financial Reporting With Reference to

these Consolidated Financial Statements
$FRPSDQ\ȢVLQWHUQDOˋQDQFLDOFRQWURORYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWV
LVDSURFHVVGHVLJQHGWRSURYLGHUHDVRQDEOHDVVXUDQFHUHJDUGLQJWKHUHOLDELOLW\RIˋQDQFLDOUHSRUWLQJDQGWKHSUHSDUDWLRQ
RI ˋQDQFLDO VWDWHPHQWV IRU H[WHUQDO SXUSRVHV LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV$ FRPSDQ\ȢV
LQWHUQDOˋQDQFLDOFRQWURORYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVLQFOXGHVWKRVH
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
UHˌHFWWKHWUDQVDFWLRQVDQGGLVSRVLWLRQVRIWKHDVVHWVRIWKHFRPSDQ\SURYLGHUHDVRQDEOHDVVXUDQFHWKDWWUDQVDFWLRQV
DUHUHFRUGHGDVQHFHVVDU\WRSHUPLWSUHSDUDWLRQRIˋQDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJ
principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
RIXQDXWKRULVHGDFTXLVLWLRQXVHRUGLVSRVLWLRQRIWKHFRPSDQ\ȢVDVVHWVWKDWFRXOGKDYHDPDWHULDOHIIHFWRQWKHˋQDQFLDO
statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting With
Reference to these Consolidated Financial Statements
%HFDXVHRIWKHLQKHUHQWOLPLWDWLRQVRILQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHG
ˋQDQFLDO VWDWHPHQWV LQFOXGLQJ WKH SRVVLELOLW\ RI FROOXVLRQ RU LPSURSHU PDQDJHPHQW RYHUULGH RI FRQWUROV PDWHULDO
misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
ˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVWRIXWXUHSHULRGVDUH
VXEMHFWWRWKHULVNWKDWWKHLQWHUQDOˋQDQFLDOFRQWURORYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHGˋQDQFLDO
statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
Opinion
In our opinion, the Parent Company, its subsidiary companies, and joint ventures, which are companies incorporated in
,QGLDKDYHPDLQWDLQHGLQDOOPDWHULDOUHVSHFWVDGHTXDWHLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFH
WRWKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVDQGVXFKLQWHUQDOˋQDQFLDOFRQWUROVRYHUˋQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWR
WKHVHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWVZHUHRSHUDWLQJHIIHFWLYHO\DVDW0DUFKEDVHGRQWKHLQWHUQDOFRQWURORYHU
ˋQDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH3DUHQW&RPSDQ\FRQVLGHULQJWKHHVVHQWLDOFRPSRQHQWVRILQWHUQDOFRQWURO
VWDWHG LQ WKH *XLGDQFH 1RWH RQ$XGLW RI ,QWHUQDO )LQDQFLDO &RQWUROV 2YHU )LQDQFLDO 5HSRUWLQJ LVVXHG E\ WKH ,QVWLWXWH RI
Chartered Accountants of India.
Other Matters
2XUUHSRUWXQGHU6HFWLRQLRIWKH$FWRQWKHDGHTXDF\DQGRSHUDWLQJHIIHFWLYHQHVVRIWKHLQWHUQDOˋQDQFLDOFRQWUROV
RYHU ˋQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR WKHVH FRQVROLGDWHG ˋQDQFLDO VWDWHPHQWV RI WKH 3DUHQW &RPSDQ\ LQVRIDU DV LW
relates to these two subsidiary companies and two joint ventures, which are companies incorporated in India, is based on
the corresponding reports of the auditors of such subsidiaries and joint ventures incorporated in India.
For SRBC & CO LLP

per Sudhir Soni

Partner
0HPEHUVKLS1XPEHU
3ODFHRI6LJQDWXUH0XPEDL
'DWH0D\

Consolidated Balance Sheet as at 31 March 2019 (` Million)
As at As at
ASSETS
Non-current assets
Property, plant and equipment 3 12,720.86
Capital work-in-progress 3 1,929.97
Intangible assets 34.98
Investment in Joint Venture 293.85
Financial assets 6
a) Investments -
b) Trade receivables 1,351.27 880.00
F 2WKHUˋQDQFLDODVVHWV 50.88 61.16
,QFRPHWD[DVVHWV1HW 7 105.84 321.67
'HIHUUHGWD[DVVHW1HW 17 - 0.10
Other non-current assets 8 544.09
17,031.74
&XUUHQWDVVHWV
Inventories 9 19,957.85
Financial assets 10
a) Trade receivables 13,343.16 12,908.16
b) Cash and cash equivalents 1,790.59 82.32
c) Bank balance other than cash and cash equivalents 1,385.28
d) Loans 178.34
H 2WKHUFXUUHQWˋQDQFLDODVVHWV 724.87
Other current assets 11 1,870.90
39,250.99
$VVHWVFODVVLˋHGDVKHOGIRUGLVSRVDO 12 0.22 2.70
39,251.21
TOTAL ASSETS 56,282.95
(48,7<$1'/,$%,/,7,(6
(TXLW\
Equity Share Capital 13 1,412.06
Other Equity 27,057.49
28,469.55
1RQFRQWUROOLQJLQWHUHVWV 84.25
28,553.80
/LDELOLWLHV
1RQ&XUUHQW/LDELOLWLHV
Financial liabilities
- Borrowings 889.25
Provisions 16 162.42
'HIHUUHGWD[OLDELOLWLHVQHW 17 231.02
Other non-current liabilities 18 257.04 182.20
1,539.73
&XUUHQWOLDELOLWLHV
Financial liabilities 19
a) Borrowings 1,030.71
b) Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises 158.41 77.70
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 15,043.41
F 2WKHUFXUUHQWˋQDQFLDOOLDELOLWLHV 1,813.64
Other current liabilities 20 6,262.63
Provisions 21 208.71 376.33
Current tax liabilities (net) 22 1,671.91 823.76
26,189.42
727$/(48,7<$1'/,$%,/,7,(6 56,282.95
&RUSRUDWH,QIRUPDWLRQDQGVXPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHV 1&2
Contingent liabilities and commitments
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHFRQVROLGDWHGˋQDQFLDOVWDWHPHQWV
3ODFH0XPEDL 'DWH0D\
&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVVfor the year ended 31 March 2019
( ` Million)
,1&20(
Revenue from operations 23 79,559.83
Other income 933.49
727$/,1&20( 80,493.32 69,793.89
(;3(16(6
Cost of materials consumed 54,823.19
Purchases of traded goods 26 3,370.41
&KDQJHVLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV 27 (1,076.98)
Excise duty -
Project bought outs and other cost 28 2,543.04
(PSOR\HHEHQHˋWVH[SHQVH 29 3,002.48
Finance cost 30 1,167.06 936.80
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVHV 31 1,414.45
Other expenses 32 7,665.77
727$/(;3(16(6 72,909.42
3URˋWEHIRUHVKDUHRISURˋWORVVRIMRLQWYHQWXUHV 7,583.90
6KDUHRISURˋWORVVRIMRLQWYHQWXUHV1HWRIWD[ (23.26)
,1&20(7$;(;3(16(6 17
Current tax 2,951.12
'HIHUUHGWD[FUHGLWFKDUJH (319.99) 226.86
Adjustment of tax relating to earlier periods (73.55) (320.63)
727$/7$;(;3(16( 2,557.58 2,082.28
3URˋWIRUWKH\HDU 5,003.06
3URˋWIRUWKH\HDUDWWULEXWDEOHWR
Equity shareholders of parent company 4,997.03
5,003.06
27+(5&2035(+(16,9(,1&20(
$,WHPVWKDWZLOOEHUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV
Exchange difference on translation of foreign operations (0.51)
1HWRWKHUFRPSUHKHQVLYHLQFRPHWREHUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV (0.51)
%,WHPVWKDWZLOOQRWEHUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV
5HPHDVXUHPHQWJDLQVORVVHVRQGHˋQHGEHQHˋWSODQV (6.75)
,QFRPHWD[UHODWHGWRDERYHLWHP5HIHUQRWH% 2.36 (9.20)
1HWRWKHUFRPSUHKHQVLYHLQFRPHQRWWREHUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV (4.39) 17.30
27+(5&2035(+(16,9(,1&20()257+(<($51(72)7$; (4.90)

7RWDO&RPSUHKHQVLYH,QFRPHIRUWKH\HDUDWWULEXWDEOHWR
Equity shareholders of parent company 4,992.13 3,603.87
4,998.16
($51,1*63(56+$5( 33
Basic earnings per share (`) 35.39
'LOXWHGHDUQLQJVSHUVKDUH`) 35.39
Contingent liabilities and Commitments
3ODFH0XPEDL 'DWH0D\

Consolidated Statement of Changes in Equity for the year ended 31 March 2019
A)(48,7<6+$5(&$3,7$/ b b b b b b (` Million)
Particulars 1XPEHUV Amount
At 1 April 2017
At 31 March 2018
$W0DUFK b b b b b b b 14,12,05,838 1,412.06
B)27+(5(48,7< b b b b b b b
5HVHUYH 6XUSOXV
Foreign
Currency 1RQ
Securities *HQHUDO Retained ESOP translation Controlling Total other
Particulars Premium Reserve Earnings Outstanding reserve Total Interest equity
As at 1 April 2017 - 18,630.22 18,660.73
1HW3URˋWIRUWKH\HDU
Exchange difference on
translation of foreign operations
Re-measurement gains/(losses)
RQGHˋQHGEHQHˋWSODQV
Income tax related to items that will b (9.20) (9.20) (9.20)
QRWEHUHFODVVLˋHGWRSURˋWRUORVV
7RWDOFRPSUHKHQVLYHLQFRPH - - - 3,603.87
6KDUHLVVXHGWRPLQRULW\
Dividends
Interim equity dividend
Tax on interim equity dividend
$VDW0DUFK -
1HW3URˋWIRUWKH\HDU 6.03
6KDUHEDVHGSD\PHQWVWRHPSOR\HHV
Share issue expense (Refer note 13 D)
Exchange difference on
translation of foreign operations
Re-measurement gains / (losses)
RQGHˋQHGEHQHˋWSODQV
Income tax related to items that 2.36 2.36 2.36
ZLOOQRWEHUHFODVVLˋHGWRSURˋWRUORVV
7RWDOFRPSUHKHQVLYHLQFRPH - 6.03
6KDUHLVVXHGWRPLQRULW\ 37.73 37.73
$VDW0DUFK 3,057.32 614.00 23,235.23 149.51 1.43 27,057.49 84.25 27,141.74
Corporate information & summary of 1&2
VLJQLˋFDQWDFFRXQWLQJSROLFLHV
Contingent liabilities and commitments
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIFRQVROLGDWHGˋQDQFLDOVWDWHPHQWV
',1 0HPEHUVKLS1R)
3ODFH0XPEDL 'DWH0D\
Consolidated Statement of Cash Flows for the year ended 31 March 2019
( ` Million)
0DUFK 31 March 2018
$&$6+)/2:6)52023(5$7,1*$&7,9,7,(6
$GMXVWPHQWVWRUHFRQFLOHSURˋWEHIRUHWD[WRQHWFDVKˌRZV
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVH 1,414.45
6KDUHRISURˋWORVVRI-RLQW9HQWXUH 23.26
*DLQ/RVVRQGLVSRVDORISURSHUW\SODQWDQGHTXLSPHQW (21.01)
Finance income (127.90)
Finance costs 1,167.06 936.80
ESOP Compensation Expense 149.51 -
Fair valuation of Financial asset 136.32 (8.60)
Liabilities / provisions no longer required written back (13.67)
Unrealised foreign exchange (gain)/loss 186.76 213.38
Fair value of written put options (6.10)
Sundry advances written-off 24.95 8.01
2SHUDWLQJSURˋWEHIRUHZRUNLQJFDSLWDOFKDQJHV 11,059.94
Movements in working capital
(Increase)/decrease in trade receivables (1,450.16)
,QFUHDVHGHFUHDVHLQRWKHUˋQDQFLDODQGQRQˋQDQFLDODVVHWV 180.61 1,089.27
(Increase)/decrease in inventories (6,300.87)
,QFUHDVHGHFUHDVHLQWUDGHSD\DEOHVRWKHUˋQDQFLDODQGQRQˋQDQFLDOOLDELOLWLHV 10,622.90
and provisions
&DVKJHQHUDWHGIURPRSHUDWLRQV 14,112.42
,QFRPHWD[SDLGLQFOXGLQJ7'6QHW (1,813.59)
1HWFDVKˌRZVIURPRSHUDWLQJDFWLYLWLHV$ 12,298.83
%&$6+)/2:6)520,19(67,1*$&7,9,7,(6
Proceeds from sale of property, plant and equipment including assets held for disposal 47.15
Purchase of property, plant and equipment (including Capital work in progress) (2,860.68) (1,988.38)
and Intangible assets
Proceeds/(Repayment) of loan from/to related parties (23.97)
Proceeds from sale of Mutual funds 1.40 -
Maturity/ (Investment) made in bank deposits (having original maturity of more (1,358.34)
than 3 months)
,QWHUHVWUHFHLYHGˋQDQFHLQFRPH 117.89
1HWFDVKˌRZVIURPXVHGLQLQYHVWLQJDFWLYLWLHV% (4,076.55) (1,878.33)
&&$6+)/2:6)520),1$1&,1*$&7,9,7,(6
Interest paid (781.38)

Shares issued to minority 37.73
Public Issue Expenditure (91.04) -
Proceeds/(Repayment) from long term borrowings (699.80)
Repayment from short term borrowings (4,950.77) (1,132.21)
3D\PHQWRIGLYLGHQGDQG'LYLGHQGGLVWULEXWLRQWD[ (28.75) (169.87)
1HWFDVKˌRZVIURPXVHGLQˋQDQFLQJDFWLYLWLHV& (6,514.01) (1,898.19)
1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV$%& 1,708.27

Cash and cash equivalents at the beginning of the year 82.32
&DVKDQGFDVKHTXLYDOHQWVDWWKHHQGRIWKH\HDU5HIHU1RWH% 1,790.59 82.32

Consolidated Statement of Cash Flows for the year ended 31 March 2019
( ` Million)
1RQFDVKLQYHVWLQJDQGˋQDQFLQJWUDQVDFWLRQ
*DLQORVVRQIDLUYDOXDWLRQRI)LQDQFLDODVVHW (32.51)

*DLQORVVRQIDLUYDOXDWLRQRI)LQDQFLDOOLDELOLW\ 6.10
Contingent liabilities and Commitments
',1 0HPEHUVKLS1R)
3ODFH0XPEDL
'DWH0D\

1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUWKH\HDUHQGHG0DUFK
1 Corporate information
3RO\FDE ,QGLD /LPLWHG ȡ7KH 3DUHQW &RPSDQ\Ȣ LV D SXEOLF OLPLWHG FRPSDQ\ &,18'/3/& GRPLFLOHG
LQ ,QGLD DQG LQFRUSRUDWHG XQGHU WKH SURYLVLRQV RI WKH &RPSDQLHV$FW 7KH VWDWXV RI WKH &RPSDQ\ 3RO\FDE:LUHV
Private Limited has been changed from Private Limited to Public Limited as per the approval received from Registrar of
&RPSDQLHV'HOKLRQ$XJXVWDQGFRQVHTXHQWO\WKHQDPHRIWKH&RPSDQ\KDVEHHQFKDQJHGWR3RO\FDE:LUHV
/LPLWHG7KHQDPHRIWKH&RPSDQ\KDVEHHQIXUWKHUFKDQJHGWR3RO\FDE,QGLD/LPLWHGZLWK&HUWLˋFDWHRI,QFRUSRUDWLRQ
SXUVXDQWWRFKDQJHRIQDPHGDWHG2FWREHU7KH5HJLVWHUHGRIˋFHRIWKHFRPSDQ\LVVLWXDWHGDW(*UHDWHU
.DLODVK,,1HZ'HOKL7KH&RPSDQ\LVRQHRIWKHODUJHVWPDQXIDFWXUHUVRIYDULRXVW\SHRIFDEOHVDQGZLUHV7KH
Company is also in the business of Engineering, Procurement and Construction (EPC) projects, Manufacturing and trading
RI(OHFWULFDO:LULQJ$FFHVVRULHV(OHFWULFDO$SSOLDQFHVDQG$JUR3LSHDQGSXPSV7KH&RPSDQ\ȢVPDQXIDFWXULQJIDFLOLWLHV
DUHORFDWHGDW'DPDQLQ'DPDQDQG'LX+DOROLQ*XMDUDW1DVKLNLQ0DKDUDVKWUDDQG5RRUNHHLQ8WWDUDNKDQG7KH&RPSDQ\
FDWHUVWRERWKGRPHVWLFDQGLQWHUQDWLRQDOPDUNHWV7KH&RQVROLGDWHGˋQDQFLDOVWDWHPHQWVUHODWHVWR3RO\FDE,QGLD/LPLWHG
ȡWKH3DUHQW&RPSDQ\ȢDORQJZLWKLWVVXEVLGLDULHVDQGMRLQWYHQWXUHVFROOHFWLYHO\UHIHUUHGWRDVȡWKH*URXSȢ
7KH3DUHQW&RPSDQ\KDVHQWHUHGLQWRWKHOLVWLQJDJUHHPHQWZLWKWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLDȡ6(%,ȢRQ
$SULOSXUVXDQWWRWKHUHTXLUHPHQWVRIWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH
5HTXLUHPHQWV5HJXODWLRQVDVDUHVXOWRIZKLFKLWVVKDUHVKDYHVWDUWHGWUDGLQJRQWKH1DWLRQDO6WRFN([FKDQJH16(
and Bombay Stock Exchange (BSE) on 16 April 2019.
6LJQLˋFDQW$FFRXQWLQJ3ROLFLHV
2.1 Basis of preparation
7KH *URXS SUHSDUHG LWV ˋQDQFLDO VWDWHPHQWV WR FRPSO\ ZLWK WKH DFFRXQWLQJ VWDQGDUGV VSHFLˋHG XQGHU VHFWLRQ RI
WKH&RPSDQLHV$FWUHDGZLWK&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHG7KHVHˋQDQFLDO
VWDWHPHQWV LQFOXGHV &RQVROLGDWHG %DODQFH 6KHHW DV DW 0DUFK WKH &RQVROLGDWHG VWDWHPHQW RI 3URˋW DQG /RVV
LQFOXGLQJ2WKHU&RPSUHKHQVLYH,QFRPHDQG&RQVROLGDWHGFDVKˌRZVDQG&RQVROLGDWHGVWDWHPHQWRIFKDQJHVLQHTXLW\
IRUWKH\HDUHQGHG0DUFKDQGDVXPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQ
WRJHWKHUKHUHLQDIWHUUHIHUUHGWRDVȤ&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVȥRUȤˋQDQFLDOVWDWHPHQWVȥ
The Consolidated Financial Information for the year ended 31 March 2019 and year ended 31 March 2018 have been
SUHSDUHGRQDQDFFUXDOEDVLVDQGDKLVWRULFDOFRVWFRQYHQWLRQH[FHSWIRUWKHIROORZLQJˋQDQFLDODVVHWVDQGOLDELOLWLHVZKLFK
KDYHEHHQPHDVXUHGDWIDLUYDOXH
ȩ'HULYDWLYHˋQDQFLDOVLQVWUXPHQWV
ȩ&HUWDLQˋQDQFLDOVDVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHUHIHUDFFRXQWLQJSROLF\UHJDUGLQJ
ˋQDQFLDOLQVWUXPHQWV
7KHDQQXDOˋQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFKZHUHSUHSDUHGLQ`LQFURUHVKRZHYHUWKHVHˋQDQFLDO
statements have been prepared in ` in millions herein
Accounting policies and methods of computation followed in the Consolidated Financial Statements are same as compared
ZLWK WKH DQQXDO ˋQDQFLDO VWDWHPHQWV IRU WKH \HDU HQGHG 0DUFK H[FHSW IRU DGRSWLRQ RI QHZ VWDQGDUG RU DQ\
pronouncements effective from 1 April 2018.
7KH &RQVROLGDWHG ˋQDQFLDO VWDWHPHQWV DUH SUHVHQWHG LQ ,QGLDQ 5XSHHV Ȥ`”) and all values are rounded to the nearest
million upto two decimal places, except otherwise indicated.
,QG$65HYHQXHIURP&RQWUDFWVZLWK&XVWRPHUVEHFDPHPDQGDWRU\IRUUHSRUWLQJSHULRGVEHJLQQLQJRQRUDIWHU$SULO
UHSODFHVWKHH[LVWLQJUHYHQXHUHFRJQLWLRQVWDQGDUGV7KH*URXSKDVDSSOLHGWKHPRGLˋHGUHWURVSHFWLYHDSSURDFK
DQGDFFRUGLQJO\KDVLQFOXGHGWKHLPSDFWRI,QG$6DSSOLFDEOHWRWKHLQWHULPSHULRGUHVHQWHGLQWKHVH8QFRQVROLGDWHG
,QWHULP)LQDQFLDO6WDWHPHQWV7KH*URXSKDVDGRSWHGIROORZLQJDFFRXQWLQJSROLF\IRUUHYHQXHUHFRJQLWLRQ
2.2 Basis of consolidation

7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVFRPSULVHWKHˋQDQFLDOVWDWHPHQWVRIWKH3DUHQW&RPSDQ\DORQJZLWKLWVVXEVLGLDULHV
DQGMRLQWYHQWXUHVDVDW0DUFK&RQWUROLVDFKLHYHGZKHQWKH*URXSLVH[SRVHGRUKDVULJKWVWRYDULDEOHUHWXUQV
from its involvement with the investee and has the ability to affect those returns through its power over the investee.
6SHFLˋFDOO\WKH*URXSFRQWUROVDQLQYHVWHHLIDQGRQO\LIWKH*URXSKDV
ȩ Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of
the investee)

ȩ Exposure, or rights, to variable returns from its involvement with the investee, and
ȩ The ability to use its power over the investee to affect its returns
*HQHUDOO\WKHUHLVDSUHVXPSWLRQWKDWDPDMRULW\RIYRWLQJULJKWVUHVXOWLQFRQWURO7RVXSSRUWWKLVSUHVXPSWLRQDQGZKHQ
WKH*URXSKDVOHVVWKDQDPDMRULW\RIWKHYRWLQJRUVLPLODUULJKWVRIDQLQYHVWHHWKH*URXSFRQVLGHUVDOOUHOHYDQWIDFWVDQG
FLUFXPVWDQFHVLQDVVHVVLQJZKHWKHULWKDVSRZHURYHUDQLQYHVWHHLQFOXGLQJ
ȩ The contractual arrangement with the other vote holders of the investee
ȩ Rights arising from other contractual arrangements
ȩ 7KH*URXSȢVYRWLQJULJKWVDQGSRWHQWLDOYRWLQJULJKWV
ȩ 7KH VL]H RI WKH JURXSȢV KROGLQJ RI YRWLQJ ULJKWV UHODWLYH WR WKH VL]H DQG GLVSHUVLRQ RI WKH KROGLQJV RI WKH RWKHU
voting rights holders
7KH*URXSUHDVVHVVHVZKHWKHURUQRWLWFRQWUROVDQLQYHVWHHLIIDFWVDQGFLUFXPVWDQFHVLQGLFDWHWKDWWKHUHDUHFKDQJHV
WRRQHRUPRUHRIWKHWKUHHHOHPHQWVRIFRQWURO&RQVROLGDWLRQRIDVXEVLGLDU\EHJLQVZKHQWKH*URXSREWDLQVFRQWURO
RYHUWKHVXEVLGLDU\DQGFHDVHVZKHQWKH*URXSORVHVFRQWURORIWKHVXEVLGLDU\$VVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVRI
a subsidiary acquired or disposed of during the year are included in the Consolidated Financial Statements from the date
WKH*URXSJDLQVFRQWUROXQWLOWKHGDWHWKH*URXSFHDVHVWRFRQWUROWKHVXEVLGLDU\
Consolidated Financial Statements are prepared using uniform accounting policies for like transactions and other events
in similar circumstances. If a member of the group uses accounting policies other than those adopted in the Consolidated
Financial Statements for like transactions and events in similar circumstances, appropriate adjustments are made if
DPRXQWLVPDWHULDOWRWKDWJURXSPHPEHUȢVˋQDQFLDOVWDWHPHQWVLQSUHSDULQJWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVWR
HQVXUHFRQIRUPLW\ZLWKWKHJURXSȢVDFFRXQWLQJSROLFLHV
7KHˋQDQFLDOVWDWHPHQWVRIDOOHQWLWLHVXVHGIRUWKHSXUSRVHRIFRQVROLGDWLRQDUHGUDZQXSWRVDPHUHSRUWLQJGDWHDV
that of the parent company, i.e., year ended on 31March. When the end of the reporting period of the parent is different
IURPWKDWRIDVXEVLGLDU\WKHVXEVLGLDU\SUHSDUHVIRUFRQVROLGDWLRQSXUSRVHVDGGLWLRQDOˋQDQFLDOLQIRUPDWLRQDVRIWKH
VDPHGDWHDVWKHˋQDQFLDOVWDWHPHQWVRIWKHSDUHQWWRHQDEOHWKHSDUHQWWRFRQVROLGDWHWKHˋQDQFLDOLQIRUPDWLRQRIWKH
subsidiary, unless it is impracticable to do so.
Consolidation procedure
D 6XEVLGLDULHV
&RPELQH OLNH LWHPV RI DVVHWV OLDELOLWLHV HTXLW\ LQFRPH H[SHQVHV DQG FDVK ˌRZV RI WKH SDUHQW ZLWK WKRVH RI LWV
subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and
liabilities recognised in the Consolidated Financial Statements at the acquisition date.
2IIVHW HOLPLQDWH WKH FDUU\LQJ DPRXQW RI WKH SDUHQWȢV LQYHVWPHQW LQ HDFK VXEVLGLDU\ DQG WKH SDUHQWȢV SRUWLRQ RI
equity of each subsidiary. Business combinations policy explains how to account for any related goodwill.
(OLPLQDWHLQIXOOLQWUDJURXSDVVHWVDQGOLDELOLWLHVHTXLW\LQFRPHH[SHQVHVDQGFDVKˌRZVUHODWLQJWRWUDQVDFWLRQV
EHWZHHQHQWLWLHVRIWKHJURXSSURˋWVRUORVVHVUHVXOWLQJIURPLQWUDJURXSWUDQVDFWLRQVWKDWDUHUHFRJQLVHGLQDVVHWV
VXFKDVLQYHQWRU\DQGˋ[HGDVVHWVDUHHOLPLQDWHGLQIXOO,QWUDJURXSORVVHVPD\LQGLFDWHDQLPSDLUPHQWWKDWUHTXLUHV
recognition in the Consolidated Financial Statements. Ind AS 12 Income Taxes applies to temporary differences that
DULVHIURPWKHHOLPLQDWLRQRISURˋWVDQGORVVHVUHVXOWLQJIURPLQWUDJURXSWUDQVDFWLRQV
3URˋW RU ORVV DQG HDFK FRPSRQHQW RI RWKHU FRPSUHKHQVLYH LQFRPH 2&, DUH DWWULEXWHG WR WKH HTXLW\ KROGHUV RI
WKH SDUHQW RI WKH *URXS DQG WR WKH QRQFRQWUROOLQJ LQWHUHVWV HYHQ LI WKLV UHVXOWV LQ WKH QRQFRQWUROOLQJ LQWHUHVWV
KDYLQJDGHˋFLWEDODQFH:KHQQHFHVVDU\DGMXVWPHQWVDUHPDGHWRWKHˋQDQFLDOVWDWHPHQWVRIVXEVLGLDULHVWREULQJ
WKHLUDFFRXQWLQJSROLFLHVLQWROLQHZLWKWKH*URXSȢVDFFRXQWLQJSROLFLHV$OOLQWUDJURXSDVVHWVDQGOLDELOLWLHVHTXLW\
LQFRPHH[SHQVHVDQGFDVKˌRZVUHODWLQJWRWUDQVDFWLRQVEHWZHHQPHPEHUVRIWKH*URXSDUHHOLPLQDWHGLQIXOORQ
consolidation.
E -RLQWYHQWXUHV
A joint venture is a type of a joint arrangement whereby the parties that have joint control of the arrangement
have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require unanimous consent of the
parties sharing control.
7KHFRQVLGHUDWLRQVPDGHLQGHWHUPLQLQJZKHWKHUVLJQLˋFDQWLQˌXHQFHRUMRLQWFRQWURODUHVLPLODUWRWKRVHQHFHVVDU\
to determine control over the subsidiaries.

7KH*URXSȢVLQYHVWPHQWVLQLWVMRLQWYHQWXUHDUHDFFRXQWHGIRUXVLQJWKHHTXLW\PHWKRG8QGHUWKHHTXLW\PHWKRG
the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted
WR UHFRJQLVH FKDQJHV LQ WKH *URXSȢV VKDUH RI QHW DVVHWV RI WKH MRLQWYHQWXUH VLQFH WKH DFTXLVLWLRQ GDWH *RRGZLOO
relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment
individually.
7KH FRQVROLGDWHG VWDWHPHQW RI SURˋW DQG ORVV UHˌHFWV WKH *URXSȢV VKDUH RI WKH UHVXOWV RI RSHUDWLRQV RI WKH MRLQW
YHQWXUH$Q\FKDQJHLQ2&,RIWKRVHLQYHVWHHVLVSUHVHQWHGDVSDUWRIWKH*URXSȢV2&,,QDGGLWLRQZKHQWKHUHKDV
EHHQDFKDQJHUHFRJQLVHGGLUHFWO\LQWKHHTXLW\RIWKHMRLQWYHQWXUHWKH*URXSUHFRJQLVHVLWVVKDUHRIDQ\FKDQJHV
when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions
EHWZHHQWKH*URXSDQGMRLQWYHQWXUHDUHHOLPLQDWHGWRWKHH[WHQWRIWKHLQWHUHVWLQWKHMRLQWYHQWXUH
,IDQHQWLW\ȢVVKDUHRIORVVHVRIDMRLQWYHQWXUHHTXDOVRUH[FHHGVLWVLQWHUHVWLQWKHMRLQWYHQWXUHZKLFKLQFOXGHV
DQ\ORQJWHUPLQWHUHVWWKDWLQVXEVWDQFHIRUPSDUWRIWKH*URXSȢVQHWLQYHVWPHQWLQWKHMRLQWYHQWXUHWKHHQWLW\
discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the
*URXSKDVLQFXUUHGOHJDORUFRQVWUXFWLYHREOLJDWLRQVRUPDGHSD\PHQWVRQEHKDOIRIWKHMRLQWYHQWXUH,IWKHMRLQW
YHQWXUHVXEVHTXHQWO\UHSRUWVSURˋWVWKHHQWLW\UHVXPHVUHFRJQLVLQJLWVVKDUHRIWKRVHSURˋWVRQO\DIWHULWVVKDUHRI
WKHSURˋWVHTXDOVWKHVKDUHRIORVVHVQRWUHFRJQLVHG
7KH DJJUHJDWH RI WKH *URXSȢV VKDUH RI SURˋW RU ORVV RI D MRLQW YHQWXUH LV VKRZQ RQ WKH IDFH RI WKH FRQVROLGDWHG
VWDWHPHQWRISURˋWDQGORVV
7KHˋQDQFLDOVWDWHPHQWVRIWKHMRLQWYHQWXUHDUHSUHSDUHGIRUWKHVDPHUHSRUWLQJSHULRGDVWKH*URXS:KHQQHFHVVDU\
DGMXVWPHQWVDUHPDGHWREULQJWKHDFFRXQWLQJSROLFLHVLQOLQHZLWKWKRVHRIWKH*URXS
$IWHUDSSOLFDWLRQRIWKHHTXLW\PHWKRGWKH*URXSGHWHUPLQHVZKHWKHULWLVQHFHVVDU\WRUHFRJQLVHDQLPSDLUPHQW
ORVVRQLWVLQYHVWPHQWLQLWVMRLQWYHQWXUH$WHDFKUHSRUWLQJGDWHWKH*URXSGHWHUPLQHVZKHWKHUWKHUHLVREMHFWLYH
HYLGHQFHWKDWWKHLQYHVWPHQWLQWKHMRLQWYHQWXUHLVLPSDLUHG,IWKHUHLVVXFKHYLGHQFHWKH*URXSFDOFXODWHVWKH
amount of impairment as the difference between the recoverable amount of the joint venture and its carrying
YDOXH DQG WKHQ UHFRJQL]HV WKH ORVV DV ȡ6KDUH RI SURˋW RI D MRLQW YHQWXUHȢ LQ WKH FRQVROLGDWHG VWDWHPHQW RI
SURˋWRUORVV
8SRQORVVRIVLJQLˋFDQWLQˌXHQFHRYHUWKHMRLQWFRQWURORYHUWKHMRLQWYHQWXUHWKH*URXSPHDVXUHVDQGUHFRJQLVHV
any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss
RIVLJQLˋFDQWLQˌXHQFHRUMRLQWFRQWURODQGWKHIDLUYDOXHRIWKHUHWDLQHGLQYHVWPHQWDQGSURFHHGVIURPGLVSRVDOLV
UHFRJQLVHGLQSURˋWRUORVV
F -RLQW2SHUDWLRQ
7KH *URXS UHFRJQLVHV LWV GLUHFW ULJKW WR WKH DVVHWV OLDELOLWLHV UHYHQXHV DQG H[SHQVHV RI MRLQW RSHUDWLRQV DQG LWV
share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the
VHSDUDWH,QG$6ˋQDQFLDOVWDWHPHQWVXQGHUWKHDSSURSULDWHKHDGLQJV
7KH*URXSEHLQJDMRLQWRSHUDWRUKDVUHFRJQLVHGLWVVKDUHRIDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVRIWKHVHMRLQW
operations incurred jointly with other partner, along with its share of income from the sale of the output and any
assets, liabilities and expenses that it has incurred in relation to joint operation.
6XPPDU\RIVLJQLˋFDQWDFFRXQWLQJSROLFLHV
D &XUUHQWYHUVXVQRQFXUUHQWFODVVLˋFDWLRQ
7KH*URXSSUHVHQWVDVVHWVDQGOLDELOLWLHVLQWKH&RQVROLGDWHG%DODQFHVKHHWEDVHGRQFXUUHQWQRQFXUUHQW
FODVVLˋFDWLRQ
An asset is treated as current when it is:
ȩ Expected to be realised or intended to be sold or consumed in normal operating cycle;
ȩ +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
ȩ Expected to be realised within twelve months after the reporting period; or
ȩ Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.
$OORWKHUDVVHWVDUHFODVVLˋHGDVQRQFXUUHQW
$OLDELOLW\LVWUHDWHGDVFXUUHQWZKHQ
ȩ It is expected to be settled in normal operating cycle;
ȩ It is held primarily for the purpose of trading;

ȩ It is due to be settled within twelve months after the reporting period; or
ȩ There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.
7KH*URXSFODVVLˋHVDOORWKHUOLDELOLWLHVDVQRQFXUUHQW
'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVLˋHGDVQRQFXUUHQWDVVHWVDQGOLDELOLWLHV
E )DLUYDOXHPHDVXUHPHQW
7KH*URXSPHDVXUHVˋQDQFLDOLQVWUXPHQWVVXFKDVGHULYDWLYHVPXWXDOIXQGVHWFDWIDLUYDOXHDWHDFK&RQVROLGDWHG
Balance sheet date.
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 participants at the measurement date. The fair value measurement is based on the presumption that
WKHWUDQVDFWLRQWRVHOOWKHDVVHWRUWUDQVIHUWKHOLDELOLW\WDNHVSODFHHLWKHU
ȩ In the principal market for the asset or liability, or
ȩ In the absence of a principal market, in the most advantageous market for the asset or liability
7KHSULQFLSDORUWKHPRVWDGYDQWDJHRXVPDUNHWPXVWEHDFFHVVLEOHE\WKH*URXS
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.
7KH *URXS XVHV YDOXDWLRQ WHFKQLTXHV WKDW DUH DSSURSULDWH LQ WKH FLUFXPVWDQFHV DQG IRU ZKLFK VXIˋFLHQW GDWD
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the Consolidated Financial Statements are
FDWHJRULVHGZLWKLQWKHIDLUYDOXHKLHUDUFK\GHVFULEHGDVIROORZVEDVHGRQWKHORZHVWOHYHOLQSXWWKDWLVVLJQLˋFDQWWR
WKHIDLUYDOXHPHDVXUHPHQWDVDZKROH
ȩ Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
ȩ /HYHOȠ9DOXDWLRQWHFKQLTXHVIRUZKLFKWKHORZHVWOHYHOLQSXWWKDWLVVLJQLˋFDQWWRWKHIDLUYDOXHPHDVXUHPHQWLV
directly or indirectly observable
ȩ /HYHOȠ9DOXDWLRQWHFKQLTXHVIRUZKLFKWKHORZHVWOHYHOLQSXWWKDWLVVLJQLˋFDQWWRWKHIDLUYDOXHPHDVXUHPHQW
is unobservable
)RUWKHSXUSRVHRIIDLUYDOXHGLVFORVXUHVWKH*URXSKDVGHWHUPLQHGFODVVHVRIDVVHWVDQGOLDELOLWLHVRQWKHEDVLVRI
the nature, characteristics and risk of the assets or liability and the level of fair value hierarchy as explained above.
F 3URSHUW\SODQWDQGHTXLSPHQWDQGFDSLWDOZRUNLQSURJUHVV
Property, plant and equipment are stated at cost, net of accumulated depreciation and impairment losses, if any.
The cost comprises purchase price, borrowing costs if capitalisation criteria are met and directly attributable cost
of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price.
Subsequent expenditure related to an item of property, plant and equipment is added to its book value only if it
LQFUHDVHVWKHIXWXUHEHQHˋWVIURPWKHH[LVWLQJDVVHWEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRISHUIRUPDQFH$OO
other expenses on existing property, plant and equipment, including day-to-day repair and maintenance expenditure
DQGFRVWRIUHSODFLQJSDUWVDUHFKDUJHGWRWKH&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVVIRUWKHSHULRGLQZKLFKVXFK
expenses are incurred.
Capital work-in-progress comprises of property, plant and equipment that are not ready for their intended use at the
end of reporting period and are carried at cost comprising direct costs, related incidental expenses, other directly
attributable costs and borrowing costs.
*DLQVRUORVVHVDULVLQJIURPGHUHFRJQLWLRQRISURSHUW\SODQWDQGHTXLSPHQWVDUHPHDVXUHGDVWKHGLIIHUHQFHEHWZHHQ
WKHQHWGLVSRVDOSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKH&RQVROLGDWHG6WDWHPHQWRI
3URˋW /RVVZKHQWKHDVVHWLVGHUHFRJQL]HG
'HSUHFLDWLRQRQ3URSHUW\SODQWDQGHTXLSPHQWȢVLVFDOFXODWHGRQSURUDWDEDVLVRQVWUDLJKWOLQHPHWKRGXVLQJWKH
management assessed useful lives of the assets which is in line with the manner prescribed in Schedule II of the
&RPSDQLHV$FW7KHXVHIXOOLIHLVDVIROORZV

3URSHUW\SODQWDQGHTXLSPHQW
$VVHWV 8VHIXOOLIH,Q<HDUV
Buildings 30-60
3ODQW HTXLSPHQWV
Electrical installations 10
)XUQLWXUH ˋ[WXUHV
2IˋFHHTXLSPHQWV
Windmill 22
Vehicles 8-10
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
ˋQDQFLDO\HDUHQGDQGDGMXVWHGSURVSHFWLYHO\
/HDVHKROGODQGVDUHDPRUWL]HGRYHUWKHSHULRGRIOHDVH
Lease hold Improvements are depreciated on straight line basis over their initial agreement period.
G ,QWDQJLEOHDVVHWV
Intangible assets are stated at cost, net of accumulated amortisation and impairment losses, if any. The cost
comprises purchase price, borrowing costs if capitalisation criteria are met and directly attributable cost of bringing
the asset to its working condition for the intended use.
*DLQV RU ORVVHV DULVLQJ IURP GHUHFRJQLWLRQ RI LQWDQJLEOH DVVHWV DUH PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ WKH QHW
GLVSRVDOSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKH&RQVROLGDWHG6WDWHPHQWRI3URˋW
/RVVZKHQWKHDVVHWLVGHUHFRJQL]HG
Amortisation on intangible assets is calculated on pro rata basis on straight-line method using the useful lives of the
DVVHWVDQGLQWKHPDQQHUSUHVFULEHGLQ6FKHGXOH,,RIWKH&RPSDQLHV$FW7KHXVHIXOOLIHLVDVIROORZV
Computer software 3
7KHUHVLGXDOYDOXHVXVHIXOOLYHVDQGPHWKRGVRIGHSUHFLDWLRQRI,QWDQJLEOHDVVHWVDUHUHYLHZHGDWHDFKˋQDQFLDO\HDU
end and adjusted prospectively.
H /HDVHV
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement
DWWKHLQFHSWLRQRIWKHOHDVH7KHDUUDQJHPHQWLVRUFRQWDLQVDOHDVHLIIXOˋOPHQWRIWKHDUUDQJHPHQWLVGHSHQGHQW
RQWKHXVHRIDVSHFLˋFDVVHWRUDVVHWVDQGWKHDUUDQJHPHQWFRQYH\VDULJKWWRXVHWKHDVVHWRUDVVHWVHYHQLIWKDW
ULJKWLVQRWH[SOLFLWO\VSHFLˋHGLQDQDUUDQJHPHQW
$OHDVHLVFODVVLˋHGDWWKHLQFHSWLRQGDWHDVDˋQDQFHOHDVHRUDQRSHUDWLQJOHDVH$OHDVHWKDWWUDQVIHUVVXEVWDQWLDOO\
DOOWKHULVNVDQGUHZDUGVLQFLGHQWDOWRRZQHUVKLSWRWKH*URXSLVFODVVLˋHGDVDˋQDQFHOHDVH/HDVHVLQZKLFKWKH
*URXSGRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLSRIDQDVVHWDUHFODVVLˋHGDVRSHUDWLQJ
leases.
*URXSDVD/HVVHH
2SHUDWLQJOHDVHSD\PHQWVDUHUHFRJQLVHGDVDQH[SHQVHLQWKH&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVVDVSHUWKH
contractual terms over the lease period.
Finance lease are capitalised at the commencement of the lease and depreciated over the period of lease.
f Borrowing costs
Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are
regarded as an adjustment to the interest cost. The adjustment being of an amount equivalent to the extent to
which the exchange loss does not exceed the difference between the cost of borrowings in functional currency
when compared to the cost of borrowing in a foreign currency. Borrowing costs that are directly attributable to the
acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is
one that necessarily takes substantial period of time to get ready for its intended use.
,QWHUHVWLQFRPHHDUQHGRQWKHWHPSRUDU\LQYHVWPHQWRIVSHFLˋFERUURZLQJVSHQGLQJWKHLUH[SHQGLWXUHRQTXDOLI\LQJ
assets is deducted from the borrowing costs eligible for capitalisation.
$OORWKHUERUURZLQJFRVWVDUHFKDUJHGWRWKH6WDWHPHQWRI3URˋWDQG/RVVIRUWKHSHULRGIRUZKLFKWKH\DUHLQFXUUHG

J ,PSDLUPHQWRIQRQˋQDQFLDODVVHWV
The carrying amounts of assets are reviewed at each Consolidated Balance sheet date, if there is any indication of
impairment based on internal / external factors. Impairment Loss is provided to the extent the carrying amount of
DVVHWVH[FHHGVWKHLUUHFRYHUDEOHDPRXQW5HFRYHUDEOHDPRXQWLVWKHKLJKHURIDQDVVHWȢVQHWVHOOLQJSULFHDQGLWV
YDOXHLQXVH9DOXHLQXVHLVWKHSUHVHQWYDOXHRIHVWLPDWHGIXWXUHFDVKˌRZVH[SHFWHGWRDULVHIURPWKHFRQWLQXLQJ
XVHRIDQDVVHWDQGIURPLWVGLVSRVDODWWKHHQGRILWVXVHIXOOLIH1HWVHOOLQJSULFHLVWKHDPRXQWREWDLQDEOHIURPWKH
VDOHRIDQDVVHWLQDQDUPȢVOHQJWKWUDQVDFWLRQEHWZHHQNQRZOHGJHDEOHZLOOLQJSDUWLHVOHVVWKHFRVWVRIGLVSRVDO
,PSDLUPHQWORVVHVDUHUHFRJQLVHGLQWKH&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVV
K 1RQ&XUUHQWDVVHWVKHOGIRUVDOH
7KH *URXS FODVVLˋHV QRQFXUUHQW DVVHWV DV KHOG IRU VDOH LI WKHLU FDUU\LQJ DPRXQWV ZLOO EH UHFRYHUHG SULQFLSDOO\
through a sale rather than through continuing use. Actions required to complete the sale should indicate that it is
XQOLNHO\WKDWVLJQLˋFDQWFKDQJHVWRWKHVDOHZLOOEHPDGHRUWKDWWKHGHFLVLRQWRVHOOZLOOEHZLWKGUDZQ7KH*URXS
LVFRPPLWWHGWRWKHVDOHH[SHFWHGZLWKLQRQH\HDUIURPWKHGDWHRIFODVVLˋFDWLRQ
1RQFXUUHQWDVVHWVKHOGIRUVDOHDUHPHDVXUHGDWWKHORZHURIWKHLUFDUU\LQJDPRXQWDQGWKHIDLUYDOXHOHVVFRVWV
WRVHOO$VVHWVDQGOLDELOLWLHVFODVVLˋHGDVKHOGIRUVDOHDUHSUHVHQWHGVHSDUDWHO\LQWKH&RQVROLGDWHG%DODQFHVKHHW
3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWVRQFHFODVVLˋHGDVKHOGIRUVDOHDUHQRWGHSUHFLDWHGRUDPRUWLVHG
L ,QYHQWRULHV
5DZ PDWHULDOV WUDGHG JRRGV ZRUN LQ SURJUHVV ˋQLVKHG JRRGVSDFNLQJ PDWHULDOV SURMHFW PDWHULDO IRU ORQJ WHUP
FRQWUDFWV VFUDS PDWHULDOV DQG VWRUHV DQG VSDUHV DUH YDOXHG DW ORZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH +RZHYHU
materials and other items held for use in the production of inventories are not written down below cost if the
ˋQLVKHGSURGXFWVLQZKLFKWKH\ZLOOEHLQFRUSRUDWHGDUHH[SHFWHGWREHVROGDWRUDERYHFRVW&RVWRIUDZPDWHULDOV
packing materials, and stores and spares is determined on a First In-First Out (FIFO) basis and includes all applicable
costs incurred in bringing goods to their present location and condition.
:RUNLQSURJUHVV DQG ˋQLVKHG JRRGV DUH YDOXHG DW ORZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH &RVW LQFOXGHV GLUHFW
materials as aforesaid,direct labour cost and a proportion of manufacturing overheads based on total manufacturing
overheads to raw materials consumed.
7UDGHGJRRGVDUHYDOXHGDWORZHURIFRVWDQGQHWUHDOL]DEOHYDOXH&RVWLQFOXGHVFRVWRISXUFKDVHDQGRWKHUFRVWV
incurred in bringing the inventories at their location and condition. Cost is determined on a weighted average basis.
The stocks of scrap materials have been taken at net realisable value.
1HW UHDOL]DEOH YDOXH LV WKH HVWLPDWHG VHOOLQJ SULFH LQ WKH RUGLQDU\ FRXUVH RI EXVLQHVV OHVV HVWLPDWHG FRVWV RI
completion and estimated costs necessary to make the sale.
7KH*URXSHQWHUVLQWRSXUFKDVHFRQWUDFWRIFRSSHUDQGDOXPLQLXPLQZKLFKWKHDPRXQWSD\DEOHLVQRWˋ[HGRQWKH
date of purchase and the same is affected by changes in LME prices in future. Such transactions are entered into
WRSURWHFWWKH*URXSDJDLQVWWKHULVNRISULFHPRYHPHQWLQWKHSXUFKDVHGFRSSHUDQGDOXPLQLXPZLWKUHVSHFWWR
realisation of the price of product. Fair value hedges are mainly used to hedge the exposure to change in fair value
RIFRPPRGLW\SULFHULVNV7KHIDLUYDOXHDGMXVWPHQWUHPDLQVSDUWRIWKHFDUU\LQJYDOXHRILQYHQWRU\DQGWDNHQWRSURˋW
and loss when the inventory is sold.
j Revenue recognition
Revenue from contracts with customers for sale of goods, construction contracts and provision of services.
7KH *URXS VDWLVˋHV D SHUIRUPDQFH REOLJDWLRQ DQG UHFRJQL]HV UHYHQXH RYHU WLPH LI RQH RI WKH IROORZLQJ
FULWHULDLVPHW
D 7KH*URXSȢVSHUIRUPDQFHGRHVQRWFUHDWHDQDVVHWZLWKDQDOWHUQDWHXVHWRWKH*URXSDQGWKH*URXSKDVDV
an enforceable right to payment for performance completed to date.
E 7KH *URXSȢV SHUIRUPDQFH FUHDWHV RU HQKDQFHV DQ DVVHW WKDW WKH FXVWRPHU FRQWUROV DV WKH DVVHW LV FUHDWHG
or enhanced.
F 7KHFXVWRPHUVLPXOWDQHRXVO\UHFHLYHVDQGFRQVXPHVWKHEHQHˋWVSURYLGHGE\WKH*URXSȢVSHUIRUPDQFHDVWKH
*URXSSHUIRUPV
)RUSHUIRUPDQFHREOLJDWLRQVZKHUHRQHRIWKHDERYHFRQGLWLRQVDUHQRWPHWUHYHQXHLVUHFRJQL]HGDWWKHSRLQWLQ
WLPHDWZKLFKWKHSHUIRUPDQFHREOLJDWLRQLVVDWLVˋHG
:KHQWKH*URXSVDWLVˋHVDSHUIRUPDQFHREOLJDWLRQE\GHOLYHULQJWKHSURPLVHGJRRGVRUVHUYLFHVLWFUHDWHVDFRQWUDFW

based asset on the amount of consideration earned by the performance. Where the amount of consideration received
IURPDFXVWRPHUH[FHHGVWKHDPRXQWRIUHYHQXHUHFRJQL]HGWKLVJLYHVULVHWRDFRQWUDFWOLDELOLW\,QFDVHRIPXOWLSOH
SHUIRUPDQFHREOLJDWLRQUHYHQXHIRUHDFKSHUIRUPDQFHREOLJDWLRQLVUHFRJQL]HGZKHQLWLVVDWLVˋHG
Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually
GHˋQHGWHUPVRISD\PHQWDQGH[FOXGLQJWD[HVDQGGXW\
7KH*URXSDVVHVVHVLWVUHYHQXHDUUDQJHPHQWVDJDLQVWVSHFLˋFFULWHULDWRGHWHUPLQHLILWLVDFWLQJDVSULQFLSDORUDJHQW
Taxes collected on behalf of the government are excluded from revenue.
5HYHQXHLVUHFRJQL]HGWRWKHH[WHQWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHˋWVZLOOˌRZWRWKH*URXSDQGWKHUHYHQXH
and costs, if applicable, can be measured reliably.
9DULDEOHFRQVLGHUDWLRQLQFOXGHVYROXPHGLVFRXQWVSULFHFRQFHVVLRQVOLTXLGLW\GDPDJHVLQFHQWLYHVHWF7KH*URXS
estimates the variable consideration with respect to above based on an analysis of accumulated historical experience.
7KH*URXSDGMXVWHVWLPDWHRIUHYHQXHDWWKHHDUOLHURIZKHQWKHPRVWOLNHO\DPRXQWRIFRQVLGHUDWLRQZHH[SHFWWR
UHFHLYHFKDQJHVRUZKHQWKHFRQVLGHUDWLRQEHFRPHVˋ[HG
Sale of goods
3HUIRUPDQFHREOLJDWLRQLQFDVHRI5HYHQXHIURPVDOHRIJRRGVLVVDWLVˋHGDWDSRLQWLQWLPHDQGLVUHFRJQL]HGZKHQ
WKH SHUIRUPDQFH REOLJDWLRQ LV VDWLVˋHG DQG FRQWURO DV SHU ,QG$6 LV WUDQVIHUUHG WR WKH FXVWRPHU7KH *URXS
FROOHFWV *67 RQ EHKDOI RI WKH *RYHUQPHQW DQG WKHUHIRUH WKHVH DUH QRW HFRQRPLF EHQHˋWV ˌRZLQJ WR WKH *URXS
+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH5HYHQXHLVGLVFORVHGQHWRIGLVFRXQWVLQFHQWLYHVDQGUHWXUQVDVDSSOLFDEOH
5HYHQXHIURP&RQVWUXFWLRQFRQWUDFWV
3HUIRUPDQFHREOLJDWLRQLQFDVHRI5HYHQXHIURPORQJWHUPFRQWUDFWVLVVDWLVˋHGRYHUWKHSHULRGRIWLPH5HYHQXH
from long term contracts, where the outcome can be estimated reliably and 10% of the project cost is incurred, is
UHFRJQL]HG XQGHU WKH SHUFHQWDJH RI FRPSOHWLRQ PHWKRG E\ UHIHUHQFH WR WKH VWDJH RI FRPSOHWLRQ RI WKH FRQWUDFW
activity. The stage of completion is measured by input method i.e. the proportion that costs incurred to date bear
to the estimated total costs of a contract. The total costs of contracts are estimated based on technical and other
estimates. In the event that a loss is anticipated on a particular contract, provision is made for the estimated loss.
&RQWUDFWUHYHQXHHDUQHGLQH[FHVVRIELOOLQJLVUHˌHFWHGXQGHUDVȤFRQWUDFWDVVHWȥDQGELOOLQJLQH[FHVVRIFRQWUDFW
UHYHQXHLVUHˌHFWHGXQGHUȤFRQWUDFW/LDELOLWLHVȥ5HWHQWLRQPRQH\UHFHLYDEOHIURPSURMHFWFXVWRPHUVGRHVQRWFRQWDLQ
DQ\VLJQLˋFDQWˋQDQFLQJHOHPHQWWKHVHDUHUHWDLQHGIRUVDWLVIDFWRU\SHUIRUPDQFHRIFRQWUDFW
:DUUDQW\
7KH*URXSW\SLFDOO\SURYLGHVZDUUDQWLHVIRUJHQHUDOUHSDLUVRIGHIHFWVWKDWH[LVWHGDWWKHWLPHRIVDOHDVUHTXLUHG
by law. These assurance-type warranties are accounted for under Ind AS 37 Provisions, Contingent Liabilities and
&RQWLQJHQW$VVHWV5HIHUWRWKHDFFRXQWLQJSROLF\RQZDUUDQW\,QFHUWDLQFRQWUDFWVWKH*URXSSURYLGHVZDUUDQW\IRU
DQH[WHQGHGSHULRGRIWLPHDQGLQFOXGHVUHFWLˋFDWLRQRIGHIHFWVWKDWH[LVWHGDWWKHWLPHRIVDOHDQGDUHQRUPDOO\
bundled together with the main contract. Such bundled contracts include two performance obligations because the
promises to transfer the goods and services and the provision of service-type warranty are capable of being distinct.
Using the relative stand-alone selling price method, a portion of the transaction price is allocated to the service-type
warranty and recognised as a liability. Revenue is recognised over the period in which the service-type warranty is
provided on a basis appropriate to the nature of the contract and services to be rendered.
Right to return
:KHQDFRQWUDFWSURYLGHVDFXVWRPHUZLWKDULJKWWRUHWXUQWKHJRRGVZLWKLQDVSHFLˋHGSHULRGWKH*URXSHVWLPDWHV
the expected returns using a probability-weighted average amount approach similar to the expected value method
XQGHU,QG$6
8QGHU,QG$6WKHFRQVLGHUDWLRQUHFHLYHGIURPWKHFXVWRPHULVYDULDEOHEHFDXVHWKHFRQWUDFWDOORZVWKHFXVWRPHU
WRUHWXUQWKHSURGXFWV7KH*URXSXVHGWKHH[SHFWHGYDOXHPHWKRGWRHVWLPDWHWKHJRRGVWKDWZLOOQRWEHUHWXUQHG
)RU JRRGV H[SHFWHG WR EH UHWXUQHG WKH *URXS SUHVHQWHG D UHIXQG OLDELOLW\ DQG DQ DVVHW IRU WKH ULJKW WR UHFRYHU
products from a customer separately in the balance sheet.
Export incentives
([SRUWLQFHQWLYHVXQGHUYDULRXVVFKHPHVQRWLˋHGE\WKH*RYHUQPHQWKDYHEHHQUHFRJQLVHGRQWKHEDVLVRIDSSOLFDEOH
regulations and when reasonable assurance to receive such revenue is established.
,QWHUHVW
)RUDOOˋQDQFLDODVVHWPHDVXUHGHLWKHUDWDPRUWLVHGFRVWRUDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPHLQWHUHVW
income is recorded using the effective interest rate (EIR).
Dividends
'LYLGHQGLQFRPHLVUHFRJQL]HGZKHQWKH*URXSȢVULJKWWRUHFHLYHGLYLGHQGLVHVWDEOLVKHGE\WKHUHSRUWLQJGDWH

N )RUHLJQFXUUHQF\WUDQVODWLRQ
7KH*URXSȢVˋQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ,QGLDQUXSHH,15ZKLFKLVDOVRWKH*URXSȢVIXQFWLRQDOFXUUHQF\
Foreign currency transaction are recorded on initial recognition in the functional currency, using the exchange rate
prevailing at the date of transaction.
0HDVXUHPHQWRIIRUHLJQFXUUHQF\LWHPDWWKH&RQVROLGDWHG%DODQFHVKHHWGDWH
Foreign currency monetary assets and liabilities denominated in foreign currency are translated at the exchange
rates prevailing on the reporting date.
Exchange differences
Exchange differences arising on settlement or translation of monetary items are recognised as income or expense in
WKH&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVV
1RQPRQHWDU\ LWHPV WKDW DUH PHDVXUHG LQ WHUPV RI KLVWRULFDO FRVW LQ D IRUHLJQ FXUUHQF\ DUH WUDQVODWHG XVLQJ WKH
exchange rates at the dates of the initial transactions.
2Q FRQVROLGDWLRQ WKH DVVHWV DQG OLDELOLWLHV RI IRUHLJQ RSHUDWLRQV DUH WUDQVODWHG LQWR ,15 DW WKH UDWH RI H[FKDQJH
SUHYDLOLQJDWWKHUHSRUWLQJGDWHDQGWKHLUVWDWHPHQWVRISURˋWRUORVVDUHWUDQVODWHGDWH[FKDQJHUDWHVSUHYDLOLQJDW
the dates of the transactions. For practical reasons, the group uses an average rate to translate income and expense
items, if the average rate approximates the exchange rates at the dates of the transactions. The exchange differences
arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of
2&,UHODWLQJWRWKDWSDUWLFXODUIRUHLJQRSHUDWLRQLVUHFRJQLVHGLQSURˋWRUORVV
O (PSOR\HHEHQHˋWV
L (PSOR\HHEHQHˋWV
$OOVKRUWWHUPHPSOR\HHEHQHˋWVVXFKDVVDODULHVLQFHQWLYHVVSHFLDODZDUGVPHGLFDOEHQHˋWVZKLFKDUHH[SHFWHG
to be settled wholly within 12 months after the end of the period in which the employee renders the related
VHUYLFHVZKLFKHQWLWOHVKLPWRDYDLOVXFKEHQHˋWVDUHFKDUJHGWRWKH&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVV
account.
7KH*URXSKDVUHYLVHGLWVOHDYHSROLF\DSSOLFDEOHWRDOOHPSOR\HHVH[FHSWIRUFHUWDLQFDWHJRULHVRIHPSOR\HHVLQ
'DPDQIDFWRU\ORFDWLRQHIIHFWLYH$SULO7KH*URXSHVWLPDWHVDQGSURYLGHVWKHOLDELOLW\IRUVXFKVKRUWWHUP
DQGORQJWHUPEHQHˋWVEDVHGRQWKHWHUPVRIWKHSROLF\7KH*URXSWUHDWVDFFXPXODWHGOHDYHH[SHFWHGWREH
FDUULHGIRUZDUGEH\RQGWZHOYHPRQWKVDVORQJWHUPHPSOR\HHEHQHˋWIRUPHDVXUHPHQWSXUSRVHV6XFKORQJ
term compensated advances are provided for based on the actuarial valuation using the projected unit credit
PHWKRGDWWKH\HDUHQG5HPHDVXUHPHQWJDLQVORVVHVRQGHˋQHGEHQHˋWSODQVDUHLPPHGLDWHO\WDNHQWRWKH
6WDWHPHQWRI&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVVDQGDUHQRWGHIHUUHG
LL 'HˋQHGFRQWULEXWLRQSODQV
5HWLUHPHQW EHQHˋW LQ WKH IRUP RI SURYLGHQW IXQG DQGȡ(PSOR\HU(PSOR\HH 6FKHPHȢ DUH GHˋQHG FRQWULEXWLRQ
VFKHPHV7KH*URXSUHFRJQLVHVFRQWULEXWLRQSD\DEOHWRWKHSURYLGHQWIXQGDQGȡ(PSOR\HU(PSOR\HHȢVFKHPH
DVDQH[SHQGLWXUHZKHQDQHPSOR\HHUHQGHUVWKHUHODWHGVHUYLFH7KH*URXSKDVQRREOLJDWLRQRWKHUWKDQWKH
FRQWULEXWLRQSD\DEOHWRWKHIXQGV7KH*URXSȢVFRQWULEXWLRQVWRGHˋQHGFRQWULEXWLRQSODQVDUHFKDUJHGWRWKH
&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVVDVLQFXUUHG
LLL 'HˋQHGEHQHˋWSODQ
7KH*URXSRSHUDWHVDGHˋQHGEHQHˋWJUDWXLW\SODQIRULWVHPSOR\HHV7KHFRVWVRISURYLGLQJEHQHˋWVXQGHUWKLV
plan is determined on the basis of actuarial valuation at each year-end using the projected unit credit method.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
LQFOXGHGLQQHWLQWHUHVWRQWKHQHWGHˋQHGEHQHˋWOLDELOLW\DQGWKHUHWXUQRQSODQDVVHWVH[FOXGLQJDPRXQWV
LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GHˋQHG EHQHˋW OLDELOLW\ DUH UHFRJQLVHG LPPHGLDWHO\ LQ WKH &RQVROLGDWHG
Balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they
RFFXU5HPHDVXUHPHQWVDUHQRWUHFODVVLˋHGWRSURˋWDQGORVVLQVXEVHTXHQWSHULRGV
1HWLQWHUHVWLVFDOFXODWHGE\DSSO\LQJWKHGLVFRXQWUDWHWRWKHQHWGHˋQHGEHQHˋWOLDELOLW\RUDVVHW
3DVWVHUYLFHFRVWVDUHUHFRJQLVHGLQSURˋWRUORVVRQWKHHDUOLHURI
ȩ The date of the plan amendment or curtailment, and
ȩ7KHGDWHWKDWWKH*URXSUHFRJQLVHVUHODWHGUHVWUXFWXULQJFRVWV

LY 6KDUHEDVHGSD\PHQW
Equity settled share based payments to employees and other providing similar services are measured at fair
value of the equity instruments at grant date.
The fair value determined at the grant date of the equity-settled share based payment is expensed on a straight
OLQHEDVLVRYHUWKHYHVWLQJSHULRGEDVHGRQWKH*URXSȢVHVWLPDWHRIHTXLW\LQVWUXPHQWVWKDWZLOOHYHQWXDOO\YHVW
ZLWKDFRUUHVSRQGLQJLQFUHDVHLQHTXLW\$WWKHHQGRIHDFKUHSRUWLQJSHULRGWKH*URXSUHYLVHVLWVHVWLPDWHVRI
the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any is,
UHFRJQLVHGLQ6WDWHPHQWRI3URˋWDQG/RVVVXFKWKDWWKHFXPXODWLYHH[SHQVHVUHˌHFWVWKHUHYLVHGHVWLPDWHZLWK
a corresponding adjustment to the shared option outstanding account.
1RH[SHQVHLVUHFRJQLVHGIRURSWLRQVWKDWGRQRWXOWLPDWHO\YHVWEHFDXVHQRQPDUNHWSHUIRUPDQFHDQGRUVHUYLFH
conditions have not been met.
7KHGLOXWLYHHIIHFWLIDQ\RIRXWVWDQGLQJRSWLRQVLVUHˌHFWHGDVDGGLWLRQDOVKDUHGLOXWLRQLQWKHFRPSXWDWLRQRI
diluted earnings per share.
P ,QFRPHWD[HV
Tax expenses comprise current and deferred tax. Current income-tax is measured at the amount expected to be paid
to the tax authorities in accordance with the Income-tax Act, 1961. The tax rates and tax laws used to compute the
amount are those that are enacted or substantively enacted, at the reporting date.
&XUUHQWLQFRPHWD[UHODWLQJWRLWHPVUHFRJQLVHGRXWVLGHSURˋWDQGORVVLVUHFRJQLVHGRXWVLGHSURˋWDQGORVVHLWKHU
in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
WUDQVDFWLRQ HLWKHU LQ 2&, RU GLUHFWO\ LQ HTXLW\ 'HIHUUHG WD[ UHODWLQJ WR LWHPV UHFRJQLVHG RXWVLGH SURˋW DQG ORVV
LV UHFRJQLVHG RXWVLGH SURˋW DQG ORVV HLWKHU LQ RWKHU FRPSUHKHQVLYH LQFRPH RU LQ HTXLW\ 'HIHUUHG WD[ LWHPV DUH
recognised in correlation to the underlying transaction either in OCI or directly in equity.
'HIHUUHGWD[LVSURYLGHGXVLQJWKHOLDELOLW\PHWKRGRQWHPSRUDU\GLIIHUHQFHVEHWZHHQWKHWD[EDVHVRIDVVHWVDQG
OLDELOLWLHVDQGWKHLUFDUU\LQJDPRXQWVIRUˋQDQFLDOUHSRUWLQJSXUSRVHVDWWKHUHSRUWLQJGDWH'HIHUUHGLQFRPHWD[LV
measured using the tax rates and the tax laws enacted or substantially enacted at the reporting date.
'HIHUUHGWD[OLDELOLWLHVDUHUHFRJQLVHGIRUDOOWD[DEOHWHPSRUDU\GLIIHUHQFHV'HIHUUHGWD[DVVHWVDUHUHFRJQLVHGIRU
GHGXFWLEOHWHPSRUDU\GLIIHUHQFHVRQO\WRWKHH[WHQWWKDWWKHUHLVUHDVRQDEOHFHUWDLQW\WKDWVXIˋFLHQWIXWXUHWD[DEOH
income will be available against which such deferred tax assets can be realised.
$WHDFKUHSRUWLQJGDWHWKH*URXSUHDVVHVVHVXQUHFRJQLVHGGHIHUUHGWD[DVVHWV,WUHFRJQLVHVXQUHFRJQL]HGGHIHUUHG
WD[ DVVHW WR WKH H[WHQW WKDW LW KDV EHFRPH UHDVRQDEO\ FHUWDLQ DV WKH FDVH PD\ EH WKDW VXIˋFLHQW IXWXUH WD[DEOH
LQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOL]HG
7KHFDUU\LQJDPRXQWRIGHIHUUHGWD[DVVHWVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH7KH*URXSZULWHVGRZQWKHFDUU\LQJ
DPRXQWRIGHIHUUHGWD[DVVHWWRWKHH[WHQWWKDWLWLVQRORQJHUUHDVRQDEO\FHUWDLQDVWKHFDVHPD\EHWKDWVXIˋFLHQW
IXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKGHIHUUHGWD[DVVHWFDQEHUHDOL]HG$Q\VXFKZULWHGRZQLV
UHYHUVHG WR WKH H[WHQW WKDW LW EHFRPHV UHDVRQDEO\ FHUWDLQ RUYLUWXDOO\ FHUWDLQ DV WKH FDVH PD\ EH WKDW VXIˋFLHQW
future taxable income will be available.
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle the asset and the liability on a net basis.
'HIHUUHGWD[DVVHWVDQGGHIHUUHGWD[OLDELOLWLHVDUHRIIVHWZKHQWKHUHLVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIDVVHWV
against liabilities representing current tax and where the deferred tax assets and the deferred tax liabilities relate
to taxes on income levied by the same governing taxation laws.
n Segment reporting
,GHQWLˋFDWLRQRIVHJPHQWV
7KH*URXSȢVRSHUDWLQJEXVLQHVVHVDUHRUJDQL]HGDQGPDQDJHGVHSDUDWHO\DFFRUGLQJWRWKHQDWXUHRISURGXFWVDQG
services with each segment representing a strategic business unit that offers different products & serves different
markets,
,QWHUVHJPHQWWUDQVIHUV
7KH*URXSJHQHUDOO\DFFRXQWVIRULQWHUVHJPHQWVDOHVDQGWUDQVIHUVDWFRVWSOXVDSSURSULDWHPDUJLQV
$OORFDWLRQRIFRPPRQFRVWV$VVHWV OLDELOLWLHV
Common allocable costs/ assets & liabilities are allocated to each segment are consistently allocated amongst the
segments on appropriate basis.

8QDOORFDWHGLWHPV
Unallocated items include general corporate income & expense items which are not allocated to any
business segment.
Segment accounting policies
7KH*URXSSUHSDUHVLWVVHJPHQWLQIRUPDWLRQLQFRQIRUPLW\ZLWKWKHDFFRXQWLQJSROLFLHVDGRSWHGIRUSUHSDULQJDQG
SUHVHQWLQJWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVRIWKH*URXSDVDZKROH
o Earnings per share
%DVLF HDUQLQJV SHU VKDUH DUH FDOFXODWHG E\ GLYLGLQJ WKH QHW SURˋW RU ORVV IRU WKH SHULRG DWWULEXWDEOH WR HTXLW\
shareholders by the weighted average number of equity shares outstanding during the period. The weighted average
number of equity shares outstanding during the period is adjusted for events such as bonus issue that have changed
the number of equity shares outstanding, without a corresponding change in resources.
)RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJVSHUVKDUHWKHQHWSURˋWRUORVVIRUWKHSHULRGDWWULEXWDEOHWRHTXLW\
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effect
of all potentially dilutive equity shares.
S 3URYLVLRQV&RQWLQJHQWOLDELOLWLHVDQGFDSLWDOFRPPLWPHQWV
$SURYLVLRQLVUHFRJQLVHGZKHQWKH*URXSKDVDSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQWLWLVSUREDEOHWKDWDQ
RXWˌRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHˋWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWH
can be made of the amount of the obligation. The expense relating to a provision is presented in the Consolidated
6WDWHPHQWRI3URˋW /RVV,IWKHHIIHFWRIWKHWLPHYDOXHRIPRQH\LVPDWHULDOSURYLVLRQVDUHGLVFRXQWHGXVLQJD
FXUUHQWSUHWD[UDWHWKDWUHˌHFWVZKHQDSSURSULDWHWKHULVNVVSHFLˋFWRWKHOLDELOLW\:KHQGLVFRXQWLQJLVXVHGWKH
LQFUHDVHLQWKHSURYLVLRQGXHWRWKHSDVVDJHRIWLPHLVUHFRJQLVHGDVDˋQDQFHFRVW
$FRQWLQJHQWOLDELOLW\LVDSRVVLEOHREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWVZKRVHH[LVWHQFHZLOOEHFRQˋUPHGE\WKH
RFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVEH\RQGWKHFRQWURORIWKH*URXSRUDSUHVHQW
REOLJDWLRQWKDWLVQRWUHFRJQLVHGEHFDXVHLWLVQRWSUREDEOHWKDWDQRXWˌRZRIUHVRXUFHVZLOOEHUHTXLUHGWRVHWWOH
the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be
UHFRJQL]HGEHFDXVHLWFDQQRWEHPHDVXUHGUHOLDEO\7KH*URXSGRHVQRWUHFRJQL]HDFRQWLQJHQWOLDELOLW\EXWGLVFORVHV
LWVH[LVWHQFHLQWKHˋQDQFLDOVWDWHPHQWV
Capital Commitments includes the amount of purchase orders (net of advances) issued to parties for
completion of assets.
Provisions for warranty-related costs are recognised when the product is sold or service provided to the customer.
Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually.
T &DVKDQGFDVKHTXLYDOHQWV
&DVKDQGFDVKHTXLYDOHQWVIRUWKHSXUSRVHVRI&RQVROLGDWHG6WDWHPHQWRI&DVKˌRZVWDWHPHQWFRPSULVHFDVKDWEDQN
and in hand, cheques in hand and short-term deposits with an original maturity of three months or less, which are
VXEMHFWWRDQLQVLJQLˋFDQWULVNRIFKDQJHVLQYDOXH
)RUWKHSXUSRVHVRI&RQVROLGDWHG6WDWHPHQWRI&DVKˌRZVWDWHPHQWFRQVLVWRIFDVKDQGVKRUWWHUPGHSRVLWVDVGHˋQHG
DERYHQHWRIRXWVWDQGLQJEDQNRYHUGUDIWVDVWKH\DUHFRQVLGHUHGDQLQWHJUDOSDUWRIWKH*URXSȢVFDVKPDQDJHPHQW
r Financial instruments
$ˋQDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRDˋQDQFLDODVVHWRIRQHHQWLW\DQGDˋQDQFLDOOLDELOLW\RUHTXLW\
instrument of another entity
Financial assets
$OOˋQDQFLDODVVHWVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHSOXVLQWKHFDVHRIˋQDQFLDODVVHWVQRWUHFRUGHGDWIDLUYDOXH
WKURXJKSURˋWDQGORVVWUDQVDFWLRQFRVWVWKDWDUHDWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKHˋQDQFLDODVVHW)LQDQFLDODVVHWV
DUHFODVVLˋHGDWWKHLQLWLDOUHFRJQLWLRQDVˋQDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHRUDVˋQDQFLDOVDVVHWVPHDVXUHGDW
amortised cost.
Subsequent measurement
)RUSXUSRVHVRIVXEVHTXHQWPHDVXUHPHQWˋQDQFLDODVVHWVDUHFODVVLˋHGLQWZREURDGFDWHJRULHV
ȩ Financials assets at amortised cost
ȩ Financials assets at fair value

Where assets are measured at fair value, gains and losses are either recognised entirely in the Consolidated Statement
RI3URˋW /RVVLHIDLUYDOXHWKURXJKSURˋWDQGORVVRUUHFRJQLVHGLQRWKHUFRPSUHKHQVLYHLQFRPHLHIDLUYDOXH
through other comprehensive income).
a Financials assets carried at amortised cost
$ˋQDQFLDOVDVVHWVWKDWPHHWVWKHIROORZLQJWZRFRQGLWLRQVLVPHDVXUHGDWDPRUWLVHGFRVWQHWRI,PSDLUPHQW
XQOHVVWKHDVVHWLVGHVLJQDWHGDWIDLUYDOXHWKURXJK3URˋWDQGORVVXQGHUWKHIDLUYDOXHRSWLRQ
ȩ %XVLQHVV0RGHOWHVW7KHREMHFWLYHRIWKH*URXSȢVEXVLQHVVPRGHOLVWRKROGWKHˋQDQFLDODVVHWVWRFROOHFWWKH
FRQWUDFWXDOFDVKˌRZUDWKHUWKDQWRVHOOWKHLQVWUXPHQWSULRUWRLWVFRQWUDFWXDOPDWXULW\WRUHDOLVHLWVIDLU
value changes).
ȩ &DVKˌRZFKDUDFWHULVWLFVWHVW7KHFRQWUDFWXDOWHUPVRIWKHˋQDQFLDODVVHWVJLYHULVHRQVSHFLˋHGGDWHVWR
FDVKˌRZWKDWDUHVROHO\SD\PHQWVRISULQFLSDODQGLQWHUHVWRQWKHSULQFLSDODPRXQWRXWVWDQGLQJ
E )LQDQFLDOVDVVHWVDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH
Financials assets is subsequently measured at fair value through other comprehensive income if it is held
ZLWKLQDEXVLQHVVPRGHOZKRVHREMHFWLYHLVDFKLHYHGE\ERWKFROOHFWLRQVFRQWUDFWXDOFDVKˌRZVDQGVHOOLQJ
ˋQDQFLDODVVHWVDQGWKHFRQWUDFWXDOWHUPVRIWKHˋQDQFLDODVVHWVJLYHULVHRQVSHFLˋHGGDWHGWRFDVKˌRZVWKDW
are solely payments of principal and interest on the principal amount outstanding.
)RUHTXLW\LQVWUXPHQWVWKH*URXSPD\PDNHDQLUUHYRFDEOHHOHFWLRQWRSUHVHQWLQRWKHUFRPSUHKHQVLYHLQFRPH
VXEVHTXHQWFKDQJHVLQWKHIDLUYDOXH7KH*URXSPDNHVVXFKHOHFWLRQRQDQLQVWUXPHQWE\LQVWUXPHQWEDVLV
7KHFODVVLˋFDWLRQLVPDGHRQLQLWLDOUHFRJQLWLRQDQGLVLUUHYRFDEOH
,IWKH*URXSGHFLGHVWRFODVVLI\DQHTXLW\LQVWUXPHQWDVDW)972&,WKHQDOOIDLUYDOXHFKDQJHVRQWKHLQVWUXPHQW
H[FOXGLQJGLYLGHQGVDUHUHFRJQL]HGLQWKH2&,7KHUHLVQRUHF\FOLQJRIWKHDPRXQWVIURP2&,WR3 /HYHQRQ
VDOHRILQYHVWPHQW+RZHYHUWKH*URXSPD\WUDQVIHUWKHFXPXODWLYHJDLQRUORVVZLWKLQHTXLW\
(TXLW\LQVWUXPHQWVLQFOXGHGZLWKLQWKH)973/FDWHJRU\DUHPHDVXUHGDWIDLUYDOXHZLWKDOOFKDQJHVUHFRJQL]HG
LQWKH&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVV
F )LQDQFLDOVDVVHWVDWIDLUYDOXHWKURXJKSURˋWRUORVV
$ˋQDQFLDODVVHWZKLFKLVQRWFODVVLˋHGLQDQ\RIWKHDERYHFDWHJRULHVLVVXEVHTXHQWO\IDLUYDOXHGWKURXJKSURˋW
and loss.
Derecognition
$ˋQDQFLDODVVHWRUZKHUHDSSOLFDEOHDSDUWRIDˋQDQFLDODVVHWRUSDUWRID*URXSRIVLPLODUˋQDQFLDODVVHWV
LVSULPDULO\GHUHFRJQLVHGZKHQ
D 7KHULJKWVWRUHFHLYHFDVKˌRZVIURPWKHDVVHWKDYHH[SLUHGRU
E 7KH*URXSKDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKˌRZVIURPWKHDVVHWRUKDVDVVXPHGDQREOLJDWLRQ
WR SD\ WKH UHFHLYHG FDVK ˌRZV LQ IXOO ZLWKRXW PDWHULDO GHOD\ WR D WKLUG SDUW\ XQGHU DȡSDVVWKURXJKȢ
DUUDQJHPHQW DQG HLWKHU D WKH *URXS KDV WUDQVIHUUHG VXEVWDQWLDOO\ DOO WKH ULVNV DQG UHZDUGV RI WKH
DVVHWRUEWKH*URXSKDVQHLWKHUWUDQVIHUUHGQRUUHWDLQHGVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIWKH
asset, but has transferred control of the asset.
:KHQWKH*URXSKDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKˌRZVIURPDQDVVHWRUKDVHQWHUHGLQWRDSDVVWKURXJK
arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control
RIWKHDVVHWWKH*URXSFRQWLQXHVWRUHFRJQLVHWKHWUDQVIHUUHGDVVHWWRWKHH[WHQWRIWKH*URXSȢVFRQWLQXLQJ
LQYROYHPHQW ,Q WKDW FDVH WKH *URXS DOVR UHFRJQLVHV DQ DVVRFLDWHG OLDELOLW\ 7KH WUDQVIHUUHG DVVHW DQG WKH
DVVRFLDWHGOLDELOLW\DUHPHDVXUHGRQDEDVLVWKDWUHˌHFWVWKHULJKWVDQGREOLJDWLRQVWKDWWKH*URXSKDVUHWDLQHG
,PSDLUPHQWRIˋQDQFLDODVVHWV
7KH*URXSDVVHVVHVLPSDLUPHQWEDVHGRQH[SHFWHGFUHGLWORVVHV(&/PRGHOIRUWKHIROORZLQJ
D 7UDGH UHFHLYDEOHV RU DQ\ FRQWUDFWXDO ULJKW WR UHFHLYH FDVK RU DQRWKHU ˋQDQFLDO DVVHW WKDW UHVXOW IURP
transactions that are within the scope of Ind AS 18.
E 2WKHUˋQDQFLDODVVHWVVXFKDVGHSRVLWVDGYDQFHVHWF
7KH*URXSIROORZVȡVLPSOLˋHGDSSURDFKȢIRUUHFRJQLWLRQRILPSDLUPHQWORVVDOORZDQFHRQWUDGHUHFHLYDEOHVRU
contract revenue receivables.
7KHDSSOLFDWLRQRIVLPSOLˋHGDSSURDFKGRHVQRWUHTXLUHWKH*URXSWRWUDFNFKDQJHVLQFUHGLWULVN5DWKHULWUHFRJQLVHV
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

)RU UHFRJQLWLRQ RI LPSDLUPHQW ORVV RQ RWKHU ˋQDQFLDO DVVHWV DQG ULVN H[SRVXUH WKH *URXS GHWHUPLQHV
WKDW ZKHWKHU WKHUH KDV EHHQ D VLJQLˋFDQW LQFUHDVH LQ WKH FUHGLW ULVN VLQFH LQLWLDO UHFRJQLWLRQ ,I FUHGLW
ULVN KDV QRW LQFUHDVHG VLJQLˋFDQWO\ PRQWK (&/ LV XVHG WR SURYLGH IRU LPSDLUPHQW ORVV +RZHYHU LI
FUHGLW ULVN KDV LQFUHDVHG VLJQLˋFDQWO\ OLIHWLPH (&/ LV XVHG ,I LQ D VXEVHTXHQW SHULRG FUHGLW TXDOLW\
RI WKH LQVWUXPHQW LPSURYHV VXFK WKDW WKHUH LV QR ORQJHU D VLJQLˋFDQW LQFUHDVH LQ FUHGLW ULVN VLQFH LQLWLDO
recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.
$VDSUDFWLFDOH[SHGLHQWWKH*URXSXVHVWKHSURYLVLRQPDWUL[WRGHWHUPLQHLPSDLUPHQWORVVDOORZDQFHRQWKH
portfolio of trade receivables. The provision matrix is based on its historical observed default rates over the
expected life of the trade receivables and its adjusted forward looking estimates. At every reporting date, the
historical observed default rates are updated and changes in the forward-looking estimates are analysed.
(&/LPSDLUPHQWORVVDOORZDQFHRUUHYHUVDOGXULQJWKHSHULRGLVUHFRJQL]HGDVRWKHUH[SHQVHLQWKH&RQVROLGDWHG
6WDWHPHQWRI3URˋW /RVV
$OOˋQDQFLDOOLDELOLWLHVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHDQGLQWKHFDVHRIORDQVDQGERUURZLQJVDQGSD\DEOHVQHW
of directly attributable transaction costs.
7KH*URXSȢVˋQDQFLDOOLDELOLWLHVLQFOXGHWUDGHDQGRWKHUSD\DEOHVORDQVDQGERUURZLQJVLQFOXGLQJEDQNRYHUGUDIWV
DQGGHULYDWLYHˋQDQFLDOLQVWUXPHQWV
7KHPHDVXUHPHQWRIˋQDQFLDOOLDELOLWLHVGHSHQGVRQWKHLUFODVVLˋFDWLRQDVGHVFULEHGEHORZ
D )LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSURˋWRUORVV
)LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSURˋWRUORVVLQFOXGHˋQDQFLDOOLDELOLWLHVKHOGIRUWUDGLQJDQGˋQDQFLDO
OLDELOLWLHV GHVLJQDWHG XSRQ LQLWLDO UHFRJQLWLRQ DV DW IDLUYDOXH WKURXJK SURˋW RU ORVV )LQDQFLDO OLDELOLWLHV DUH
FODVVLˋHGDVKHOGIRUWUDGLQJLIWKH\DUHLQFXUUHGIRUWKHSXUSRVHRIUHSXUFKDVLQJLQWKHQHDUWHUP7KLVFDWHJRU\
DOVRLQFOXGHVGHULYDWLYHˋQDQFLDOLQVWUXPHQWVHQWHUHGLQWRE\WKH*URXSWKDWDUHQRWGHVLJQDWHGDVKHGJLQJ
LQVWUXPHQWVLQKHGJHUHODWLRQVKLSVDVGHˋQHGE\,QG$6
E *DLQVRUORVVHVRQOLDELOLWLHVKHOGIRUWUDGLQJDUHUHFRJQLVHGLQWKHSURˋWRUORVV
)LQDQFLDO OLDELOLWLHV GHVLJQDWHG XSRQ LQLWLDO UHFRJQLWLRQ DW IDLU YDOXH WKURXJK SURˋW RU ORVV DUH GHVLJQDWHG
DV VXFK DW WKH LQLWLDO GDWH RI UHFRJQLWLRQ DQG RQO\ LI WKH FULWHULD LQ ,QG$6 DUH VDWLVˋHG )RU OLDELOLWLHV
GHVLJQDWHGDV)973/IDLUYDOXHJDLQVORVVHVDWWULEXWDEOHWRFKDQJHVLQRZQFUHGLWULVNDUHUHFRJQL]HGLQ2&,
7KHVHJDLQVORVVHVDUHQRWVXEVHTXHQWO\WUDQVIHUUHGWR3 /+RZHYHUWKH*URXSPD\WUDQVIHUWKHFXPXODWLYH
gain or loss within equity. All other changes in fair value of such liability are recognised in the consolidated
VWDWHPHQWRISURˋWRUORVV
F /RDQVDQGERUURZLQJV
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost
using the EIR method.
Derecognition
$ ˋQDQFLDO OLDELOLW\ LV GHUHFRJQLVHG ZKHQ WKH REOLJDWLRQ XQGHU WKH OLDELOLW\ LV GLVFKDUJHG RU FDQFHOOHG RU H[SLUHV
:KHQDQH[LVWLQJˋQDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLIIHUHQWWHUPV
RUWKHWHUPVRIDQH[LVWLQJOLDELOLW\DUHVXEVWDQWLDOO\PRGLˋHGVXFKDQH[FKDQJHRUPRGLˋFDWLRQLVWUHDWHGDVWKH
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
DPRXQWVLVUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRISURˋWRUORVV
)LQDQFLDOJXDUDQWHHFRQWUDFWVLVVXHGE\WKH*URXSDUHWKRVHFRQWUDFWVWKDWUHTXLUHDSD\PHQWWREHPDGHWRUHLPEXUVH
WKHKROGHUIRUDORVVLWLQFXUVEHFDXVHWKHVSHFLˋHGGHEWRUIDLOVWRPDNHDSD\PHQWZKHQGXHLQDFFRUGDQFHZLWKWKH
terms of a debt 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 allowance determined as per impairment requirements of Ind AS 109
and the amount recognised less cumulative amortisation.
V 'HULYDWLYHˋQDQFLDOLQVWUXPHQWV
7KH*URXSHQWHUVLQWRGHULYDWLYHFRQWUDFWVZLWKDQLQWHQWLRQWRKHGJHLWVIRUHLJQH[FKDQJHSULFHULVNDQGLQWHUHVWULVN
'HULYDWLYHFRQWUDFWVZKLFKDUHOLQNHGWRWKHXQGHUO\LQJWUDQVDFWLRQVDUHUHFRJQLVHGLQDFFRUGDQFHZLWKWKHFRQWUDFW

WHUPV6XFKGHULYDWLYHˋQDQFLDOLQVWUXPHQWVDUHLQLWLDOO\UHFRJQLVHGDWIDLUYDOXHRQWKHGDWHRQZKLFKDGHULYDWLYH
FRQWUDFWLVHQWHUHGLQWRDQGDUHVXEVHTXHQWO\UHPHDVXUHGDWIDLUYDOXH'HULYDWLYHVDUHFDUULHGDVˋQDQFLDODVVHWV
ZKHQWKHIDLUYDOXHLVSRVLWLYHDQGDVˋQDQFLDOOLDELOLWLHVZKHQWKHIDLUYDOXHLVQHJDWLYH
$Q\JDLQVRUORVVHVDULVLQJIURPFKDQJHVLQWKHIDLUYDOXHRIGHULYDWLYHVDUHWDNHQGLUHFWO\WRSURˋWDQGORVV
t Acceptances
7KH *URXS HQWHUV LQWR DUUDQJHPHQWV IRU SXUFKDVH XQGHU XVDQFH /HWWHU RI FUHGLW LVVXHG E\ EDQNV XQGHU QRQIXQG
EDVHG ZRUNLQJ FDSLWDO OLPLWV RI WKH *URXS &RQVLGHULQJ WKHVH DUUDQJHPHQWV DUH PDMRUO\ IRU UDZ PDWHULDOV ZLWK D
maturity of up to twelve months, the economic substance of the transaction is determined to be operating in nature
and these are recognised as Acceptances under Trade and other payables.
X (PEHGGHGGHULYDWLYHV
An embedded derivative is a component of a hybrid (combined) instrument that also includes a non-derivative
KRVWFRQWUDFWȟZLWKWKHHIIHFWWKDWVRPHRIWKHFDVKˌRZVRIWKHFRPELQHGLQVWUXPHQWYDU\LQDZD\VLPLODUWRD
VWDQGDORQHGHULYDWLYH$QHPEHGGHGGHULYDWLYHFDXVHVRPHRUDOORIWKHFDVKˌRZVWKDWRWKHUZLVHZRXOGEHUHTXLUHG
E\WKHFRQWUDFWWREHPRGLˋHGDFFRUGLQJWRDVSHFLˋHGYDULDEOH7KH*URXSHQWHUVLQWRSXUFKDVHFRQWUDFWRIFRSSHU
DQGDOXPLQXPLQZKLFKWKHDPRXQWSD\DEOHLVQRWˋ[HGRQWKHGDWHRISXUFKDVHEXWLQVWHDGLVDIIHFWHGE\FKDQJHV
in LME prices in future. Such transactions are entered into to protect against the risk of price movement in the
SXUFKDVHGFRSSHUDQGDOXPLQXP$FFRUGLQJO\VXFKXQˋ[HGSD\DEOHVDUHFRQVLGHUHGWRKDYHDQHPEHGGHGGHULYDWLYH
Hedge Accounting: Fair Value Hedges
7KH*URXSGHVLJQDWHVWKHFRSSHUDQGDOXPLQXPSULFHULVNLQVXFKLQVWUXPHQWVDVKHGJLQJLQVWUXPHQWVZLWKFRSSHU
and aluminum inventory considered to be the hedged item. The hedged risk is copper and aluminum spot prices. At
WKHLQFHSWLRQRIDKHGJHUHODWLRQVKLSZLWKHIIHFWIURP$SULO7KH*URXSIRUPDOO\GHVLJQDWHVDQGGRFXPHQWV
WKHKHGJHUHODWLRQVKLSWRZKLFKWKH*URXSZLVKHVWRDSSO\KHGJHDFFRXQWLQJDQGWKHULVNPDQDJHPHQWREMHFWLYHDQG
VWUDWHJ\IRUXQGHUWDNLQJWKHKHGJH7KHGRFXPHQWDWLRQLQFOXGHVWKH*URXSȢVULVNPDQDJHPHQWREMHFWLYHDQGVWUDWHJ\
for undertaking hedge, the hedging/ economic relationship, the hedged item or transaction, the nature of the risk
EHLQJKHGJHGKHGJHUDWLRDQGKRZWKHHQWLW\ZLOODVVHVVWKHHIIHFWLYHQHVVRIFKDQJHVLQWKHKHGJLQJLQVWUXPHQWȢV
IDLUYDOXHLQRIIVHWWLQJWKHH[SRVXUHWRFKDQJHVLQWKHKHGJHGLWHPȢVIDLUYDOXHDWWULEXWDEOHWRWKHKHGJHGULVN6XFK
hedges are expected to be highly effective in achieving offsetting changes in fair value and are assessed on an
RQJRLQJEDVLVWRGHWHUPLQHWKDWWKH\DFWXDOO\KDYHEHHQKLJKO\HIIHFWLYHWKURXJKRXWWKHˋQDQFLDOUHSRUWLQJSHULRGV
for which they were designated.
Y %XVLQHVVFRPELQDWLRQXQGHUFRPPRQFRQWURO
Common control business combination includes transactions such as transfer of subsidiaries or business between
entities within a group.
Business combinations involving entities or business under common control are accounted for using the pooling
LQWHUHVWPHWKRG8QGHUSRROLQJLQWHUHVWPHWKRGWKHDVVHWVDQGOLDELOLWLHVRIFRPELQLQJHQWLWLHVDUHUHˌHFWHGDWWKHLU
carrying amount, the only adjustments that are made are to harmonise accounting policies.
7KH ˋQDQFLDOV LQIRUPDWLRQ LQ WKH &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV LQ UHVSHFW RI SULRU SHULRG DUH UHVWDWHG DV LI
the business combination had occurred from the beginning of the preceding period in the Consolidated Financial
6WDWHPHQWVLUUHVSHFWLYHRIWKHDFWXDOGDWHRIWKHFRPELQDWLRQ+RZHYHULIEXVLQHVVFRPELQDWLRQKDGRFFXUUHGDIWHU
that date, the prior period information is restated from that date.
The difference, if any, between the amount recorded as share capital issued plus any additional consideration in the
form of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve and
presented separately from other capital reserves with disclosures of its nature and purposes in the notes.
Z *RYHUQPHQWJUDQWV
*RYHUQPHQW JUDQWV DUH UHFRJQLVHG ZKHUH WKHUH LV UHDVRQDEOH DVVXUDQFH WKDW WKH JUDQW ZLOO EH UHFHLYHG DQG DOO
attached conditions will be complied with.
When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the
related costs, for which it is intended to compensate, are expensed.
:KHQWKHJUDQWUHODWHVWRDQDVVHWLWȢVUHFRJQLWLRQDVLQFRPHLQWKH&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVVLVOLQNHG
WRIXOˋOPHQWRIDVVRFLDWHGH[SRUWREOLJDWLRQV
7KH *URXS KDV FKRVHQ WR SUHVHQW JUDQWV UHFHLYHG WR LQFRPH DV RWKHU LQFRPH LQ WKH &RQVROLGDWHG 6WDWHPHQW RI
3URˋW /RVV

6LJQLˋFDQWDFFRXQWLQJMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQV
,Q WKH FRXUVH RI DSSO\LQJ WKH SROLFLHV RXWOLQHG LQ DOO QRWHV WKH *URXS LV UHTXLUHG WR PDNH MXGJHPHQWV HVWLPDWHV DQG
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
UHFRJQL]HGLQWKHSHULRGLQZKLFKWKHHVWLPDWHLVUHYLVHGLIWKHUHYLVLRQDIIHFWVRQO\WKDWSHULRGRULQWKHSHULRGRIWKH
revision and future period, if the revision affects current and future period.
D -XGJHPHQWV
,QWKHSURFHVVRIDSSO\LQJWKH*URXSȢVDFFRXQWLQJSROLFLHVPDQDJHPHQWKDVPDGHWKHIROORZLQJMXGJHPHQWVZKLFK
KDYHWKHPRVWVLJQLˋFDQWHIIHFWRQWKHDPRXQWVUHFRJQLVHGLQWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
/HDVHKROGODQGDUUDQJHPHQW
7KH*URXSKDVHQWHUHGLQWRODQGOHDVHDUUDQJHPHQWDWYDULRXVORFDWLRQV7HUPVRIVXFKOHDVHUDQJHVIURP
years. In case of lease of land for 90 years and above, it is likely that such leases meet the criteria that at the inception
of the lease the present value of the minimum lease payments amounts to at least substantially all of the fair value
RIWKHOHDVHGDVVHW$FFRUGLQJO\VXFKOHDVHLVFODVVLˋHGDVˋQDQFHOHDVH2WKHUODQGOHDVHDUHFODVVLˋHGDVRSHUDWLQJ
leases.
E (VWLPDWHVDQGDVVXPSWLRQV
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
WKDWKDYHDVLJQLˋFDQWULVNRIFDXVLQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQ
WKHQH[WˋQDQFLDO\HDUDUHGHVFULEHGEHORZ7KH*URXSEDVHGLWVDVVXPSWLRQVDQGHVWLPDWHVRQSDUDPHWHUVDYDLODEOH
when the Consolidated Financial Statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control of
WKH*URXS6XFKFKDQJHVDUHUHˌHFWHGLQWKHDVVXPSWLRQVZKHQWKH\RFFXU
L &RVWWRFRPSOHWH
7KH *URXSȢV PDQDJHPHQW HVWLPDWH WKH FRVW WR FRPSOHWH IRU HDFK SURMHFW IRU WKH SXUSRVH RI UHYHQXH
recognition and recognition of anticipated losses of the projects, if any. In the process of calculating
the cost to complete, Management conducts regular and systematic reviews of actual results and future
SURMHFWLRQVZLWKFRPSDULVRQDJDLQVWEXGJHW7KHSURFHVVUHTXLUHVPRQLWRULQJFRQWUROVLQFOXGLQJˋQDQFLDODQG
RSHUDWLRQDOFRQWUROVDQGLGHQWLI\LQJPDMRUULVNVIDFLQJWKH*URXSDQGGHYHORSLQJDQGLPSOHPHQWLQJLQLWLDWLYH
WR PDQDJH WKRVH ULVNV 7KH *URXSȢV 0DQDJHPHQW LV FRQˋGHQW WKDW WKH FRVWV WR FRPSOHWH WKH SURMHFW DUH
fairly estimated.
LL ,PSDLUPHQWRILQYHVWPHQWVLQVXEVLGLDULHVDQGMRLQWYHQWXUHV
'HWHUPLQLQJZKHWKHUWKHLQYHVWPHQWVLQVXEVLGLDULHVMRLQWYHQWXUHVDQGDVVRFLDWHVDUHLPSDLUHGUHTXLUHVDQ
HVWLPDWHLQWKHYDOXHLQXVHRILQYHVWPHQWV,QFRQVLGHULQJWKHYDOXHLQXVHWKH'LUHFWRUVKDYHDQWLFLSDWHG
the future market conditions and other parameters that affect the operations of these entities.
LLL 3URYLVLRQVDQGOLDELOLWLHV
3URYLVLRQVDQGOLDELOLWLHVDUHUHFRJQL]HGLQWKHSHULRGZKHQLWEHFRPHVSUREDEOHWKDWWKHUHZLOOEHDIXWXUH
RXWˌRZRIIXQGVUHVXOWLQJIURPSDVWRSHUDWLRQVRUHYHQWVWKDWFDQUHDVRQDEO\EHHVWLPDWHG7KHWLPLQJRI
recognition requires application of judgement to existing facts and circumstances which may be subject
WRFKDQJH7KHDPRXQWVDUHGHWHUPLQHGE\GLVFRXQWLQJWKHH[SHFWHGIXWXUHFDVKˌRZVDWDSUHWD[UDWHWKDW
UHˌHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFLˋFWRWKHOLDELOLW\
LY &RQWLQJHQFLHV
In the normal course of business, contingent liabilities may arise from litigation and other claims against the
*URXS3RWHQWLDOOLDELOLWLHVWKDWDUHSRVVLEOHEXWQRWSUREDEOHRIFU\VWDOOLVLQJRUDUHYHU\GLIˋFXOWWRTXDQWLI\
UHOLDEO\DUHWUHDWHGDVFRQWLQJHQWOLDELOLWLHV6XFKOLDELOLWLHVDUHGLVFORVHGLQWKHQRWHVEXWDUHQRWUHFRJQL]HG
(v) Fair value measurements
:KHQ WKH IDLU YDOXHV RI ˋQDQFLDO DVVHWV RU ˋQDQFLDO OLDELOLWLHV UHFRUGHG RU GLVFORVHG LQ WKH &RQVROLGDWHG
Financial Statements cannot be measured based on quoted prices in active markets, their fair value is
PHDVXUHG XVLQJYDOXDWLRQ WHFKQLTXHV LQFOXGLQJ PXOWLSOHV DQG WKH 'LVFRXQWHG &DVK ˌRZ '&) PRGHO 7KH
inputs to these models are taken from observable markets where possible, but where this is not feasible, a
degree of judgment is required in establishing fair values. Judgements include consideration of inputs such
as liquidity risk, credit risk and volatility.

YL 7D[HV
'HIHUUHGWD[DVVHWVDUHUHFRJQLVHGIRUXQXVHGWD[ORVVHVWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSURˋW
ZLOOEHDYDLODEOHDJDLQVWZKLFKWKHORVVHVFDQEHXWLOLVHG6LJQLˋFDQWPDQDJHPHQWMXGJHPHQWLVUHTXLUHGWR
determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the
OHYHORIIXWXUHWD[DEOHSURˋWVWRJHWKHUZLWKIXWXUHWD[SODQQLQJVWUDWHJLHV
YLL ,PSDLUPHQWRIQRQˋQDQFLDODVVHWV
7KH*URXSDVVHVVHVDWHDFKUHSRUWLQJGDWHZKHWKHUWKere is an indication that an asset may be impaired. If
DQLQGLFDWLRQH[LVWVRUZKHQWKHDQQXDOLPSDLUPHQWWHVWLQJRIWKHDVVHWLVUHTXLUHGWKH*URXSHVWLPDWHVWKH
DVVHWȢVUHFRYHUDEOHDPRXQW$QDVVHWȢVUHFRYHUDEOHDPRXQWLVWKHKLJKHURIDQDVVHWȢVRU&*8ȢVIDLUYDOXHOHVV
costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not
JHQHUDWHFDVKLQˌRZVWKDWDUHODUJHO\LQGHSHQGHQWRIWKRVHIURPWKHRWKHUDVVHWVRUJURXSRIDVVHWV:KHQ
WKHFDUU\LQJDPRXQWRIDQDVVHWRU&*8H[FHHGVLWUHFRYHUDEOHDPRXQWWKHDVVHWLVFRQVLGHUHGDVLPSDLUHG
DQGLWȢVZULWWHQGRZQWRLWVUHFRYHUDEOHDPRXQW
YLL 'HˋQHGEHQHˋWSODQV
7KHFRVWRIWKHGHˋQHGEHQHˋWJUDWXLW\SODQDQGWKHSUHVHQWYDOXHRIWKHJUDWXLW\REOLJDWLRQDUHGHWHUPLQHG
using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from
actual developments in the future. These include the determination of the discount rate, future salary
LQFUHDVHV DQG PRUWDOLW\ UDWHV 'XH WR WKH FRPSOH[LWLHV LQYROYHG LQ WKH YDOXDWLRQ DQG LWV ORQJWHUP QDWXUH
D GHˋQHG EHQHˋW REOLJDWLRQ LV KLJKO\ VHQVLWLYH WR FKDQJHV LQ WKHVH DVVXPSWLRQV $OO DVVXPSWLRQV DUH
reviewed at each reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for
plans operated in India, the management considers the interest rates of government bonds in currencies
FRQVLVWHQWZLWKWKHFXUUHQFLHVRIWKHSRVWHPSOR\PHQWEHQHˋWREOLJDWLRQ
7KHPRUWDOLW\UDWHLVEDVHGRQSXEOLFO\DYDLODEOHPRUWDOLW\WDEOHVIRUWKHVSHFLˋFFRXQWULHV7KRVHPRUWDOLW\
tables tend to change only at interval in response to demographic changes. Future salary increases and
JUDWXLW\LQFUHDVHVDUHEDVHGRQH[SHFWHGIXWXUHLQˌDWLRQUDtes.
7KH *URXS UHFRJQL]H WKH IROORZLQJ FKDQJHV LQ WKH QHW GHˋQHG EHQHˋW REOLJDWLRQ XQGHU (PSOR\HH EHQHˋW
H[SHQVHVLQ&RQVROLGDWHG6WDWHPHQWRI3URˋW /RVV
a) Service cost comprising current service costs, past service costs, gains and losses on curtailments and
non-routine settlements.
E 1HWLQWHUHVWH[SHQVHRU,QFRPH
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GHˋQHG EHQHˋW OLDELOLW\ DQG WKH UHWXUQ RQ SODQ DVVHWV H[FOXGLQJ
DPRXQWV LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GHˋQHG EHQHˋW OLDELOLW\ DUH UHFRJQLVHG LPPHGLDWHO\ LQ WKH
Consolidated Balance sheet with a corresponding debit or credit to retained earnings through OCI in the
SHULRGLQZKLFKWKH\RFFXU5HPHDVXUHPHQWVDUHQRWUHFODVVLˋHGWRSURˋWRUORVVLQVXEVHTXHQWSHULRGV
6WDQGDUGV,VVXHGEXWQRW(IIHFWLYH
7KH*URXSKDVDSSOLHGWKH&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV$PHQGPHQW5XOHVZKLFKLVHIIHFWLYHIURP$SULO
ZKLOHSUHSDULQJWKH,QG$6ˋQDQFLDOVWDWHPHQWV
$FFRUGLQJO\WKH*URXSKDVDSSOLHGWKHVWDQGDUGVDQGLQWHUSUHWDWLRQVLVVXHGZKLFKDUHQRWHIIHFWLYHWRWKHUHSRUWLQJSHULRG
presented. Thus, all the Ind AS applicable till date have been applied, and there are no standards which are issued but not
\HWHIIHFWLYH5HIHUQRWH

190
(` Million)
3 Property, plant and equipment

Freehold Leasehold Plant & Electrical Furniture & 2IˋFH Leasehold Capital Work
b Buildings Windmill Vehicles Total
land land HTXLSPHQWȢV installations ˋ[WXUHV HTXLSPHQWȢV improvements in Progress
At 01 April 2017 1,007.21 96.63 139.88 80.19

Additions/Adjustments 62.80 - 13.10 - 0.10 2,080.03
Transfer (Refer note -c) - - - - - - - - - - - (1,827.66)
'LVSRVDOV - - - (3.70) - (0.60) - (77.73) -
$W0DUFK 106.73 192.97
Additions/Adjustments 17.08 - 927.22 80.77 63.11 - 22.01 0.69
Transfer (Refer note -c) - - - - - - - - - - -
'LVSRVDOV (12.76) - - (0.39) - (6.02) - (38.99) -
$W0DUFK 1,010.00 56.47 6,474.55 8,818.29 528.94 141.71 250.64 295.04 110.51 3.94 17,690.09 1,929.97
Accumulated depreciation
At 01 April 2017 - 13.27 321.71 20.89 17.17 1.36 2,306.69 -
'HSUHFLDWLRQFKDUJHIRUWKH\HDU - 1.10 210.76 10.96 0.80 1,288.33 -
'LVSRVDOV - - - (1.30) - (2.60) - - (6.70) -
$W0DUFK - 2,688.19 29.99 87.69 27.73 2.16 -
'HSUHFLDWLRQFKDUJHIRUWKH\HDU - 233.68 39.29 12.99 0.37 -
'LVSRVDOV - - - (0.19) - - -
$W0DUFK - 14.81 765.91 3,706.01 215.19 42.64 121.91 62.86 37.37 2.53 4,969.23 -
Net Book Value
$W0DUFK 1,010.00 41.66 5,708.64 5,112.28 313.75 99.07 128.73 232.18 73.14 1.41 12,720.86 1,929.97
At 31 March 2018 66.79 1.09
Notes
(a) Capital work in progress includes machinery in transit `PLOOLRQ0DUFK`PLOOLRQ
E$OOSURSHUW\SODQWDQGHTXLSPHQWDUHKHOGLQWKHQDPHRIWKH&RPSDQ\H[FHSWIROORZLQJ
i) Title deeds of freehold land amounting to `PLOOLRQ0DUFK`PLOOLRQZHUHQRWLQWKHQDPHRIWKH&RPSDQ\7KH&RPSDQ\KDVLQLWLDWHGWKHSURFHVVRIWUDQVIHUULQJWKHVHSURSHUWLHVLQLWVQDPH
ii) Title deeds of freehold land amounting to `PLOOLRQ0DUFK`PLOOLRQ
iii) Title deeds of freehold land amounting to `PLOOLRQ0DUFK`PLOOLRQLVLQGLVSXWHDQGLVSHQGLQJUHVROXWLRQZLWKWKHJRYHUQPHQWDXWKRULW\LQ*XMDUDW7KH&RPSDQ\KDVLQLWLDWHGWKHSURFHVV
of transferring these properties in its name
F9DULRXVDVVHWVDSSHDULQJLQFDSLWDOZRUNLQSURJUHVVDQGFDSLWDOL]HGIRUWKH\HDU0DUFK`PLOOLRQ0DUFK` 1827.66 million) have been shown in addition in respective class of Property,
Plant and Equipments and as transfers in CWIP.
G7KHUHLVDˋUVWSDULSDVVXFKDUJHE\ZD\RIUHJLVWHUHGPRUWJDJHRQVSHFLˋFLPPRYDEOHˋ[HGDVVHWVDW+DORODQGK\SRWKHFDWLRQRIDOOPRYDEOHˋ[HGDVVHWVDFTXLUHGRQRUDIWHU$SULO
,QWDQJLEOHDVVHWV (`0LOOLRQb
b b b Computer - Software
At 01 April 2017
Additions
'LVSRVDOV -
$W0DUFK b b 142.76
Additions b b
'LVSRVDOV -
$W0DUFK b b 168.91
Accumulated amortization
At 01 April 2017

Amortisation charge for the year
'LVSRVDOV -
$W0DUFK b b 115.72
Amortisation charge for the year b b 18.21
'LVSRVDOV -
$W0DUFK b b 133.93
Net Book Value
$W0DUFK b b 34.98
At 31 March 2018 b b
,QYHVWPHQWLQ-RLQW9HQWXUH (` Million)
0DUFK 31 March 2018
,QYHVWPHQWLQ(TXLW\,QVWUXPHQWVRI-RLQW9HQWXUH
0DUFK(TXLW\VKDUHVRI5\NHU%DVH3ULYDWH 239.36
Limited of `10 each fully paid up
$GG&RUSRUDWHJXDUDQWHHJLYHQGXULQJWKH\HDU 3.80 10.30
/HVV&RUSRUDWH*XDUDQWHH$PRUWLVHG (0.75) -
$GG6KDUHLQFXUUHQWSHULRGSURˋWORVV (37.02)
/HVV(OLPLQDWLRQRISURˋWHOHPHQWLQVDOHRIˋ[HGDVVHW1HWRIWD[ -
205.39 239.36
0DUFK(TXLW\VKDUHVRI7HFKQR(OHFWURPHFK3ULYDWH 26.60 22.71

Limited of `10 each fully paid up
$GG6KDUHLQFXUUHQWSHULRGSURˋW 13.76 3.89

40.36 26.60
*RRGZLOORQDFTXLVLWLRQ 48.10
88.46
7RWDO,QYHVWPHQWV1HW 293.85
Note:
Joint Venture partner of the Ryker base Private Limited have the option to put their entire shareholding to the company at any time
after a lock in period i.e. earlier of
(a) Fifth anniversary of the date on which the Plant commences production;
E7KHGDWHIDLOLQJVL[\HDUVDQGVL[PRQWKVDIWHUWKHFRPSOHWLRQGDWHDWDSULFHEHLQJKLJKHURI
Fair market value of the shares or
6XPRI
Subscription price paid by Joint Venture partner and
Additional Finance amounts contributed by Joint Venture partner from time to time.
b
1RQFXUUHQWˋQDQFLDODVVHWV (`0LOOLRQb
0DUFK 31 March 2018
(A),19(670(176
,QYHVWPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVV)973/IXOO\SDLG8QTXRWHG
Investment in Mutual Funds -
Total FVTPL Investments -
Aggregate market value of unquoted mutual fund investment -
1RWH
,QYHVWPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVVIXOO\SDLGUHˌHFWLQYHVWPHQWLQ
XQTXRWHGPXWXDOIXQG5HIHUQRWH
(B)75$'(5(&(,9$%/(6($7$0257,6('&267)
Trade receivables - unsecured considered good 1,351.27 880.00

7RWDO7UDGHUHFHLYDEOHV 1,351.27 880.00
(C)27+(5),1$1&,$/$66(76($7$0257,6('&267)
Earnest money and security deposits 50.88

'HSRVLWVZLWKEDQNKDYLQJPDWXULW\SHULRGRIPRUHWKDQPRQWKV -
7RWDORWKHUˋQDQFLDODVVHWV 50.88 61.16
1RQFXUUHQWLQFRPHWD[DVVHWV1HW (`0LOOLRQb

0DUFK 31 March 2018
Advance income-tax (net of provision) 105.84 321.67
105.84 321.67
b b
8 Other non-current assets (`0LOOLRQb

0DUFK 31 March 2018
Capital advances - Unsecured, considered good 386.37
Capital advances - Unsecured, considered doubtful 65.99
Prepaid expenses 59.60 6.90
%DODQFHVZLWK6WDWXWRU\*RYHUQPHQWDXWKRULWLHV 98.12
610.08
/HVV,PSDLUPHQWDOORZDQFHRIFDSLWDODGYDQFHVFRQVLGHUHGGRXEWIXO (65.99)
544.09
b b

,QYHQWRULHV1HW (` Million)

0DUFK 31 March 2018
Raw materials 9,540.53
Traded goods 939.18
Packing materials 262.78
Stores and spares 177.86 81.00
19,957.85
Notes
L7KHDERYHLQFOXGHVJRRGVLQWUDQVLWDVXQGHU
Raw Material 4,447.72
Traded goods -
Packing Material 39.85 -
(ii) The above includes inventories held by third parties amouting to ` 1787.77 million (31 March 2018 - ` 29.80 million)
LLL'XULQJWKH\HDUHQGHG0DUFK`PLOOLRQ0DUFK` 13.00 million ) was recognised as an expense for inventories carried at
net realisable value.
(iv) Inventories are hypothecated with the bankers against working capital limits. (Refer note - 19(A))
Y7KH*URXSHQWHUVLQWRSXUFKDVHFRQWUDFWRIFRSSHUDQGDOXPLQLXPLQZKLFKWKHDPRXQWSD\DEOHLVQRWˋ[HGRQWKHGDWHRISXUFKDVHDQGWKHVDPH
LVDIIHFWHGE\FKDQJHVLQ/RQGRQ0HWDO([FKDQJH/0(SULFHVLQIXWXUH6XFKWUDQVDFWLRQVDUHHQWHUHGLQWRWRSURWHFWWKH*URXSDJDLQVWWKHULVNRI
price movement in the purchased copper and aluminium. This is designated as a fair value hedge as it is taken to hedge the exposure to changes
in fair value due to commodity price risks. The open hedge exposures are valued at the fair value and the impact is adjusted to the value of the
LQYHQWRU\WRWKHH[WHQWWKHKHGJHGLVFRQVLGHUHGHIIHFWLYH5HIHU1RWH$LLL
0DUFK 31 March 2018
(A)75$'(5(&(,9$%/(6($7$0257,6('&267)
&RQVLGHUHG*RRG8QVHFXUHG 14,197.67

Receivables - Credit Impaired 548.79
Receivables from related parties (Refer note - 39(A)) 46.66
7UDGHUHFHLYDEOHV*URVV 14,793.12
/HVV,PSDLUPHQWDOORZDQFHIRUWUDGHUHFHLYDEOHV (1,449.96)
13,343.16 12,908.16
Notes
- Trade receivables are non-interest bearing and are generally on credit terms upto 90 days except EPC business.
)RU(3&EXVLQHVVWUDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGFUHGLWWHUPVDUHVSHFLˋFWRFRQWUDFWV
)RUH[SODQDWLRQVRQWKH*URXSȢVFUHGLWULVNPDQDJHPHQWSURFHVVHV5HIHUQRWH%
7KHIROORZLQJWDEOHVXPPDUL]HVWKHFKDQJHLQLPSDLUPHQWDOORZDQFHPHDVXUHGXVLQJWKHOLIHWLPHH[SHFWHGFUHGLWORVVPRGHO
At the beginning of period 1,215.50
Provision during the period/ year 541.04
Bad debts written off (306.58)
At the end of the period/ year 1,449.96
(B)&$6+$1'&$6+(48,9$/(176($7$0257,6('&267)
Balances with banks
In current accounts 1,294.42 76.68
'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV 494.50 -
Cash in hand 1.67
Cheques in hand - 3.90
1,790.59 82.32
b Annual Report 2018-19 193
&XUUHQWˋQDQFLDODVVHWV (` Million)
0DUFK 31 March 2018
(C)%$1.%$/$1&(27+(57+$1&$6+$1'&$6+(48,9$/(176($7$0257,6('&267)
'HSRVLWVZLWKRULJLQDOPDWXULW\IRUPRUHWKDQPRQWKV 9.38 8.10
'HSRVLWVZLWKRULJLQDOPDWXULW\IRUPRUHWKDQPRQWKVEXWOHVVWKDQPRQWKV 1,375.00 16.00
Margin money deposit 0.90 -
1,385.28
(')/2$16($7$0257,6('&267)
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHGRWKHUZLVH
Loans to employees 12.83 11.20
Loans to related party
&RQVLGHUHG*RRG8QVHFXUHG 165.51
7RWDO/RDQV*URVV 178.34
(E)27+(5),1$1&,$/$66(76
At amortised cost
Earnest money deposits and Security deposits# 29.06 39.67
Contract asset 260.51
Insurance claim receivables 35.43 -
Interest accrued on bank deposits 11.28 1.27
Public issue expense recoverable from selling shareholders 388.77 -
$WIDLUYDOXHWKURXJKSURˋWRUORVV
'HULYDWLYHLQVWUXPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVV
Interest rate and cross currency swap 7.40 3.30
732.45
/HVV,PSDLUPHQWDOORZDQFHIRU&RQWUDFW$VVHWVFRQVLGHUHGGRXEWIXO (7.58) -
724.87
,QFOXGHVGHSRVLWVJLYHQWR5HODWHG3DUWLHV5HIHU1RWH$ 6.17 6.17
b b
11 Other current assets (` Million)

0DUFK 31 March 2018
Advances for materials and services 852.93
Prepaid expenses 73.44
Balances with statutory/government authorities 648.22
Export incentive receivable 39.48
Refund Assets 242.34
Others 14.49
1,870.90
b b
$VVHWVFODVVLˋHGDVKHOGIRUGLVSRVDO (` Million)
0DUFK 31 March 2018
Assets held for disposal 0.22 2.70
0.22 2.70
2Q0DUFKWKH&RPSDQ\FODVVLˋHGFHUWDLQSURSHUW\SODQWDQGHTXLSPHQW` 0.22 million (31 March 2018 `PLOOLRQDQG

RWKHUDVVHW1LO0DUFK` 0.12 million)retired from active use and held for sale recognised and measured in accordance with
,QG$6Ȥ1RQ&XUUHQW$VVHWV+HOG)RU6DOHDQG'LVFRQWLQXHG2SHUDWLRQVȥDWORZHURILWVFDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWWR
VHOO7KH&RPSDQ\H[SHFWVWRFRPSOHWHWKHVDOHLQˋQDQFLDO\HDU

13 Share capital
(A)$87+25,6('6+$5(&$3,7$/ Equity shares
At 1 April 2017
$W0DUFK
$W0DUFK 186,250,000 1,862.50
(B),668('68%6&5,%('$1')8//<3$,'-836+$5(6b
At 1 April 2017
&KDQJHVGXULQJWKH\HDU - -
$W0DUFK
$W0DUFK 141,205,838 1,412.06
(C)7(5065,*+76$77$&+('72(48,7<6+$5(6
7KH*URXSKDVRQO\RQHFODVVRIHTXLW\VKDUHVKDYLQJSDUYDOXHRI` 10 per share. Each holder of equity shares is entitled to one vote
SHUVKDUH7KH*URXSGHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKH
DSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
,QWKHHYHQWRIOLTXLGDWLRQRIWKH*URXSWKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWVRIWKH*URXSDIWHU
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
7KH %RDUG RI 'LUHFWRUV KDV UHFRPPHQGHG D ˋQDO GLYLGHQG RI ` 3/- per equity share of ` HDFK IRU WKH ˋQDQFLDO \HDU
'XULQJ WKH \HDU HQGHG 0DUFK WKH DPRXQW RI SHU VKDUH LQWHULP GLYLGHQG UHFRJQL]HG DQG SDLG WR HTXLW\
shareholders ` 1/-.
(')'(7$,/62)6+$5(+2/'(56+2/',1*025(7+$16+$5(6,17+(*5283
$VDW0DUFK As at 31 March 2018

1RRI6KDUHV % holding 1RRI6KDUHV % holding
3RO\FDE,QGLD/WG(VFURZ$FFRXQW,32 2,18,17,870 15.45% - 0.00%
Mr. Inder T. Jaisinghani 2,08,54,229 14.77% 2,37,78,779
0U*LUGKDUL7-DLVLQJKDQL 2,07,50,512 14.70% 2,36,61,833 16.76%
Mr. Ajay T. Jaisinghani 2,06,78,935 14.64% 16.70%
Mr. Ramesh T. Jaisinghani 2,06,76,393 14.64% 16.70%
International Finance Corporation (IFC) 1,27,04,096 9.00%
As per records of the Company, including its register of shareholders/members and other declarations received from shareholders
UHJDUGLQJEHQHˋFLDOLQWHUHVWWKHDERYHVKDUHKROGLQJUHSUHVHQWVERWKOHJDODQGEHQHˋFLDORZQHUVKLSRIVKDUHVLQFOXGLQJVKDUHVKHOG
in the name of individual and trusts.
'XULQJWKH\HDUHQGHG0DUFKHTXLW\VKDUHVZHUHWUDQVIHUUHGWRDQHVFURZDFFRXQWE\WKHVKDUHKROGHUVLQD
3UH,QLWLDO3XEOLF2IIHU,32VDOHLQWKHSURSRUWLRQPHQWLRQHGEHORZ7KHVHVKDUHKROGHUVFRQWLQXHWREHWKHEHQHˋFLDORZQHUVRIWKH
shares until the completion of the IPO process.
$VDW0DUFK
No. of Shares % holding
Mr. Inder T. Jaisinghani 26,86,550 1.90%
0U*LUGKDUL7-DLVLQJKDQL 26,63,871 1.89%
Mr. Ajay T. Jaisinghani 26,63,871 1.89%
Mr. Ramesh T. Jaisinghani 26,73,321 1.89%
Mr. Bharat A Jaisinghani 6,80,662 0.48%
0U1LNKLO5-DLVLQJKDQL 6,80,662 0.48%
Mr. R.Ramakrishnan 6,36,994 0.45%
0U$QLO+DULDQL 6,59,589 0.47%
International Finance Corporation (IFC) 84,72,350 6.00%
2,18,17,870 15.45%

13 Share capital
)XUWKHUGXULQJWKHˋQDQFLDO\HDUWKH&RPSDQ\KDVFRPSOHWHGWKHLQLWLDOSXEOLFRIIHU,32SXUVXDQWWRZKLFKVKDUHVZHUH
issued as under and shares in excess of those offered for sale were transferred from Polycab India Ltd. Escrow Account - IPO back to
WKHUHVSHFWLYHVHOOLQJVKDUHKROGHUV
Offer for sale Fresh Issue Total
*HQHUDO3XEOLF
Employee Quota 1,22,991
7RWDO 1,75,82,000 74,40,067 2,50,22,067
$WWKHWLPHRIˋOLQJRISURVSHFWXVVKDUHVRYHUDQGDERYH2)6ZHUHWUDQVIHUUHGWRUHVSHFWLYHVHOOLQJVKDUHKROGHUVGHPDWDFFRXQWV
which stands in excess as at reporting period.
7KHHTXLW\VKDUHVRIWKH&RPSDQ\ZHUHOLVWHGRQ1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG16(YLD,'32/<&$%DQG%6(/LPLWHG
%6(YLD,'RQ$SULO
The Parent Company has estimated ` PLOOLRQ DV ,32 UHODWHG H[SHQVHV DQG DOORFDWHG VXFK H[SHQVHV EHWZHHQ WKH 3DUHQW
Company ` PLOOLRQ DQG VHOOLQJ VKDUHKROGHUV ` 388.77 million in proportion to the equity shares allotted to the public as
fresh issue by the Parent Company and under offer for sale by selling shareholders respectively. As at 31 March 2019, the total
amount attributable to the Parent Company amounting to ` PLOOLRQ KDV EHHQ DGMXVWHG WR VHFXULWLHV SUHPLXP DQG EDODQFH
amount `PLOOLRQFKDUJHGRIIWR3URˋWDQG/RVVDFFRXQW
$JJUHJDWH QXPEHU RI ERQXV VKDUH LVVXHG DQG VKDUH LVVXHG IRU FRQVLGHUDWLRQ RWKHU WKDQ FDVK GXULQJ WKH SHULRG RI \HDUV
LPPHGLDWHO\SUHFHGLQJWKHUHSRUWLQJGDWH
70,602,919 equity shares of `HDFKIXOO\SDLGXSLVVXHGDV%RQXVVKDUHVLQWKHUDWLRRIE\FDSLWDOL]DWLRQRI6HFXULWLHVSUHPLXP
GXULQJWKH\HDUHQGHG0DUFK
b b b b
2WKHUHTXLW\ (`0LOOLRQb
b b b 0DUFK 31 March 2018
(A)6(&85,7,(635(0,80
/HVV6KDUHLVVXHH[SHQVHV (148.28) -
3,057.32
(B)*(1(5$/5(6(59( 614.00
(C)(62328767$1',1* 149.51 -
('))25(,*1&855(1&<75$16/$7,215(6(59(
Opening Balance 1.94
$GG([FKDQJH'LIIHUHQFHGXULQJWKH\HDURQQHWLQYHVWPHQW (0.51)
in non-integral foreign operations
1.43
(E)5(7$,1('($51,1*6
$GG3URˋWGXULQJWKHSHULRG 4,992.64
/HVV,QWHULPHTXLW\GLYLGHQG -
/HVV7D[RQLQWHULPHTXLW\GLYLGHQG -
23,235.23
7RWDO$%&'( 27,057.49
6HFXULWLHV SUHPLXP UHSUHVHQWV WKH VXUSOXV RI SURFHHGV UHFHLYHG RYHU WKH IDFHYDOXH RI VKDUH DW WKH WLPH RI LVVXH RI VKDUHV7KH
FRPSDQ\ȢVVKDUHRI,32H[SHQVHVKDVEHHQDGMXVWHGZLWKVHFXULWLHVSUHPLXPDFFRXQWFRQVLGHULQJWKHVXFFHVVIXOFRPSOHWLRQRI,32
process on 16 April 2019.
*HQHUDO5HVHUYHLVXVHGIURPWLPHWRWLPHWRWUDQVIHUSURˋWVIURPUHWDLQHGHDUQLQJVIRUDSSURSULDWLRQSXUSRVHV$VWKH*HQHUDO
Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
LQFOXGHGLQWKH*HQHUDO5HVHUYHZLOOQRWEHUHFODVVLˋHGVXEVHTXHQWO\WRVWDWHPHQWRISURˋWRUORVV
7KH3DUHQW&RPSDQ\KDVWZRVWRFNRSWLRQVFKHPHVXQGHUZKLFKRSWLRQVWRVXEVFULEHIRUWKH&RPSDQ\ȢVVKDUHVKDYHEHHQJUDQWHG
to certain employees. The ESOP Outstanding is used to recognise the value of equity-settled share-based payments provided to
HPSOR\HHVLQFOXGLQJNH\PDQDJHPHQWSHUVRQQHODVSDUWRIWKHLUUHPXQHUDWLRQ5HIHUWR1RWH&IRUIXUWKHUGHWDLOVRIWKHVHSODQV

1RQFXUUHQWˋQDQFLDOOLDELOLWLHV (`0LOOLRQb
0DUFK 31 March 2018
Borrowings (at amortised cost)
([WHUQDOFRPPHUFLDOERUURZLQJVHFXUHG
)RUHLJQFXUUHQF\ORDQIURP+6%&%DQN0DXULWLXV/WG 691.71
,QGLDQUXSHHORDQIURP+')&%DQN 134.47
,QGLDQUXSHHORDQIURP&LWLEDQN1$ 867.30 1,137.30
1,693.48
/HVV&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJV5HIHU1RWH& (804.23) (726.10)
889.25
7KHDERYHORDQVDUHVHFXUHGE\ZD\RI
L )LUVW SDUL SDVVX FKDUJH E\ ZD\ RI UHJLVWHUHG PRUWJDJH RQ VSHFLˋF LPPRYDEOH ˋ[HG DVVHWV DW +DORO DQG K\SRWKHFDWLRQ RI DOO
PRYDEOHˋ[HGDVVHWVDFTXLUHGRQRUDIWHU$SULO
LL6HFRQGSDULSDVVXFKDUJHE\ZD\RIK\SRWKHFDWLRQRIDOOPRYDEOHˋ[HGDVVHWVDSSHDULQJLQEDODQFHVKHHWDVRQ0DUFK
DQGRQDOOFXUUHQWDVVHWVRIWKH*URXS
LLL&KDUJHVZLWKUHVSHFWWRDERYHERUURZLQJKDVEHHQFUHDWHGLQIDYRURIOHDGEDQNHULQWKHFRQVRUWLXP1RVHSDUDWHFKDUJHFUHDWHG
0DWXULW\SURˋOHRIQRQFXUUHQWERUURZLQJV (` Million)
b Remark < 1 Year 1-3 Years <HDUV

([WHUQDOFRPPHUFLDOERUURZLQJVHFXUHG b
)RUHLJQFXUUHQF\ORDQIURP+6%&%DQN Repayable in 6 231.03 -
(Mauritius) Ltd instalment in 3 year
,QGLDQUXSHHORDQIURP&LWLEDQN1$ Repayable in 16
quarterly instalment
,QGLDQUXSHHORDQIURP+')&%DQN 5HSD\DEOHLQ 71.92

monthly instalment
$V$W0DUFK b 804.23 815.27 73.98

b b b b
As At 31 March 2018 b 726.10 273.09
1RQ&XUUHQWSURYLVLRQV (`0LOOLRQb
0DUFK 31 March 2018
*UDWXLW\5HIHU1RWH$ 95.71
Compensated absences 66.71 -
162.42
17 Income taxes (` Million)

0DUFK 31 March 2018
( A ),1&20(7$;(;3(16(,17+(67$7(0(172)352),7$1'/266&2035,6(6
&XUUHQWLQFRPHWD[
In respect of current year 2,951.12
Deferred tax:
Relating to origination and reversal of temporary differences (319.99) 226.86
,QFRPHWD[H[SHQVHUHSRUWHGLQWKHVWDWHPHQWRISURˋWRUORVV 2,557.58 2,082.28

17 Income taxes
( B )2 &,6(&7,21-'()(55('7$;5(/$7('72,7(065(&2*1,6(',12&,
'85,1*,17+(<($5 (` Million)
0DUFK 31 March 2018
1HWORVVJDLQRQUHPHDVXUHPHQWVRIGHˋQHGEHQHˋWSODQV (2.36) 9.20
,QFRPHWD[H[SHQVHFKDUJHGWR2&, (2.36) 9.20
b b
( C )5 (&21&,/,$7,212)7$;(;3(16($1'7+($&&2817,1*352),708/7,3/,(' b
%<*5283Ȣ6'20(67,&7$;5$7(b
Applicable Tax rate 34.94%
Tax using applicable tax rate 2,641.99
Effect of:
Expense not allowed for tax purpose 56.75
Income not considered for tax purpose (35.88) (32.90)
Additional allowances for tax purpose (31.73)
,QFRPHWD[FKDUJHGWRVWDWHPHQWRISURˋWDQGORVVDFFRXQW 2,557.58 2,082.28
( ' )'()(55('7$;/,$%,/,7,(6&2035,6(6 b b b (` Million)

Consolidated Statement of
Consolidated Balance Sheet SURˋWDQGORVV
b b 0DUFK 31 March 2018 0DUFK 31 March 2018
'HIHUUHGWD[OLDELOLW\
3URSHUW\3ODQW (TXLSPHQWV,PSDFWRIGLIIHUHQFHEHWZHHQ 835.26 (55.39)
WD[GHSUHFLDWLRQDQGGHSUHFLDWLRQDPRUWL]DWLRQFKDUJHGWR
6WDWHPHQWRI3URˋWDQG/RVV
'XWLHVDQGWD[HVDOORZDEOHXQGHU,QFRPH7D[$FWRQ 133.08 318.00 (184.92) 318.00
payment basis
*URVVGHIHUUHGWD[OLDELOLW\ 968.34 (240.31)
Deferred tax asset

,PSDFWRIH[SHQGLWXUHFKDUJHGWRWKH6WDWHPHQWRI3URˋW 238.05 (3.55) (32.10)
and Loss in the current year but allowed for tax purposes on
payment basis
Provision for expected credit loss (ECL) 500.82 (80.14) (92.70)
Tax (income)/expense during the period recognised in OCI 2.36 (9.20)
'HIHUUHGWD[RQXQUHDOLVHGSURˋWVDOHWRDVVHWWRMRLQWYHQWXUH (7.30)
*URVVGHIHUUHGWD[DVVHW 738.87 (81.33)
'HIHUUHGWD[H[SHQVHLQFRPH - - (321.64) 226.27
'HIHUUHGWD[OLDELOLW\QHW 229.47 b b
( E )'()(55('7$;$66(7&2035,6(6
Deferred tax Asset
3URSHUW\3ODQW (TXLSPHQWV,PSDFWRIGLIIHUHQFHEHWZHHQ (5.23) 3.73 (3.83)
WD[GHSUHFLDWLRQDQGGHSUHFLDWLRQDPRUWL]DWLRQFKDUJHGIRU
WKHˋQDQFLDOUHSRUWLQJ
'HIHUUHGWD[/LDELOLW\
On account of carry forward of business loss 3.36 1.60 (1.76)
'XWLHVDQGWD[HVDOORZDEOHXQGHU,QFRPH7D[$FWRQ 0.32 - (0.32) -
payment basis
*URVVGHIHUUHGWD[DVVHWOLDELOLW\ (1.55) 0.10
'HIHUUHGWD[H[SHQVHLQFRPH 1.65 0.60
Deferred tax asset (net) (1.55) 0.10

17 Income taxes
( F )5(&21&,/,$7,212)'()(55('7$;$66(76/,$%,/,7,(6( 1(7 )bb b (` Million)
0DUFK 31 March 2018
$WWKHEHJLQQLQJRIWKH\HDU 553.37 310.00
7D[LQFRPHH[SHQVHGXULQJWKHSHULRGUHFRJQLVHGLQSURˋWRUORVV (319.99) 226.87
'HIHUUHGWD[RQXQUHDOLVHGSURˋWVDOHWRDVVHWWRMRLQWYHQWXUH - 7.30
Tax (income)/expense during the period recognised in OCI (2.36) 9.20
$WWKHHQGRI\HDU 231.02
Notes
L 7KH*URXSRIIVHWVWD[DVVHWVDQGOLDELOLWLHVLIDQGRQO\LILWKDVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIFXUUHQWWD[DVVHWVDQGFXUUHQW
tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
LL&RPSDQ\KDVUHFHLYHG&,7$RUGHUGDWHG0DUFKIRU$<DQGDOORZLQJ&RPSDQ\ȢV
PDMRUFODLPVUHODWLQJWRVDOHVWD[VXEVLG\DVFDSLWDOUHFHLSWDGGLWLRQDOGHSUHFLDWLRQGLVDOORZDQFHXV$UHDGZLWKUXOH'DQG
FRQVHTXHQWO\FDUU\IRUZDUGORVVHVDQGSD\PHQWRIWD[XQGHU0$7&RPSDQ\ȢVFODLPZDVSDUWO\DOORZHG,QFRPH7D['HSWKDVˋOHG
DSSHDOVLQWKHWULEXQDODJDLQVWWKHFRPSDQ\DQGFRPSDQ\KDVDOVRˋOHGDSSHDODJDLQVWGLVDOORZDQFHLQWKHVHRUGHUV6LQFHVXEMHFW
matter is pending in the higher courts and therefore company has not accounted for refund received / receivable on these orders
which is `PLOOLRQLQFOXGLQJLQWHUHVW`PLOOLRQXV%DQG&RIWKH,QFRPH7D[$FW
(iii) Company Controls the dividend policy of its subsidiary and joint ventures. It is able to control the timing of the reversal of the
WHPSRUDU\GLIIHUHQFHVDVVRFLDWHGZLWKWKDWLQYHVWPHQWLQFOXGLQJWKHWHPSRUDU\GLIIHUHQFHVDULVLQJIURPXQGLVWULEXWHGSURˋWV
7KHUHIRUH&RPSDQ\KDVGHWHUPLQHGWKDWWKRVHSURˋWZLOOQRWEHGLVWULEXWHGLQWKHIRUHVHHDEOHIXWXUHDQGKDVQRWUHFRJQLVHGD
GHIHUUHGWD[OLDELOLW\8QGLVWULEXWHGSURˋWVRIWKH6XEVLGLDULHVDQGMRLQWYHQWXUHDPRXQWLQJWR` 90.71 million (31 March 2018
`PLOOLRQ
b b b b b
18 Other non-current liabilities (` Million)
0DUFK 31 March 2018
'HIHUUHGJRYHUQPHQWJUDQW 163.29 182.20
'HIHUUHGOLDELOLW\ 93.75 -
257.04 182.20
Note
Under Ind AS goverQPHQWJUDQWVDUHUHFRUGHGDVGHIHUUHGOLDELOLWLHVWRWKHH[WHQWRIXQIXOˋOOHGH[SRUWREOLJDWLRQV7KLVDPRXQWKDV
been recognised against deferred goveUQPHQWJUDQWDQGDPRUWLVHGVXEVHTXHQWO\RQIXOˋOPHQWRIH[SRUWREOLJDWLRQ
b b b b b
&XUUHQWˋQDQFLDOOLDELOLWLHV (` Million)
0DUFK 31 March 2018
( A )%2552:,1*6( $7$0257,6('&267 )
/RDQUHSD\DEOHRQGHPDQGIURPEDQNV
%X\HUȢV&UHGLW6HFXUHG 516.49
Cash Credit from banks (Secured) 7.15
Short-term loan from banks (Secured) 436.25 1,087.00
Packing Credit (Secured) -
Packing Credit (Unsecured) 70.82 33.80
1,030.71
Note
L 6HFXUHGERUURZLQJVIURPEDQNVDUHVHFXUHGDJDLQVWSDULSDVVXˋUVWFKDUJHE\ZD\RIK\SRWKHFDWLRQRILQYHQWRULHVDQGUHFHLYDEOHV
LL 3DULSDVVXˋUVWFKDUJHRQVSHFLˋFSURSHUWLHVSODQWDQGHTXLSPHQWȢVRIWKH&RPSDQ\VXFKDV'DPDQVWDIITXDUWHUV'DPDQJRGRZQ
SUHPLVHVIDFWRU\ODQGDQGEXLOGLQJDW+DORODQG'DPDQDQGRIˋFHEXLOGLQJDW0XPEDL
LLL 3DULSDVVXˋUVWFKDUJHE\ZD\RIK\SRWKHFDWLRQRIDOOPRYDEOHˋ[HGDVVHWVDSSHDULQJLQEDODQFHVKHHWDVRQ0DUFK
LY 3DULSDVVXVHFRQGFKDUJHE\ZD\RIUHJLVWHUHGPRUWJDJHRQDOOPRYDEOHDVVHWVDFTXLUHGRQRUDIWHU$SULO
Y &KDUJHVZLWKUHVSHFWWRDERYHERUURZLQJKDVEHHQFUHDWHGLQIDYRXURIOHDGEDQNHULQWKHFRQVRUWLXP1RVHSDUDWHFKDUJHKDVEHHQFUHDWHG

&XUUHQWˋQDQFLDOOLDELOLWLHV (`0LOOLRQb
0DUFK 31 March 2018
( B )75$'(3$<$%/(( $7$0257,6('&267 )
Total outstanding dues of micro and small enterprises - (Refer note below (iii))
Trade payables - Others 106.00 77.70
7UDGHSD\DEOHVWRUHODWHGSDUWLHV5HIHU1RWH$ 52.41 -
Total outstanding dues of creditors other than micro and small enterprises 158.41 77.70
Acceptances - (Refer note below (i)) 8,032.85
Other than acceptances
Trade payables - Others 6,910.92
7UDGHSD\DEOHVWRUHODWHGSDUWLHV5HIHU1RWH$ 99.64 31.89
15,043.41
(i) Acceptances represent amount payable to banks on due date as per usance period of Letter of Credit (LCs) issued to raw material
vendors under non-fund based working capital facility approved by Banks for the group. These letter of credit are discounted
by the vendors with their banks and the payments are made on due date to Banks by the group along with interest payable
DV SHU WHUPV RI /&V 1RQIXQG OLPLWV DUH VHFXUHG E\ ˋUVW SDULSDVVX FKDUJH RYHU WKH SUHVHQW DQG IXWXUH FXUUHQW DVVHWV RI WKH
Company.
(ii) )RUH[SODQDWLRQVRQWKH*URXSȢVOLTXLGLW\ULVNPDQDJHPHQWSURFHVVHV5HIHUQRWH&
(iii) ,QIRUPDWLRQDVUHTXLUHGWREHIXUQLVKHGDVSHUVHFWLRQRIWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW
060(' $FW IRU WKH \HDU HQGHG 0DUFK DQG \HDU HQGHG 0DUFK LV JLYHQ EHORZ 7KLV LQIRUPDWLRQ KDV EHHQ
GHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWLˋHGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH*URXS
a) Principal amount and interest due thereon remaining unpaid to any

VXSSOLHUFRYHUHGXQGHU060('$FW
Principal 158.41 77.70
Interest 1.94
b) “The amount of interest paid by the buyer in terms of section 16, of the - -
060('$FWDORQJZLWKWKHDPRXQWVRIWKHSD\PHQWPDGHWRWKH
supplier beyond the appointed day during each accounting year.”
c) The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during the
\HDUEXWZLWKRXWDGGLQJWKHLQWHUHVWVSHFLˋHGXQGHU060('$FW
d) The amount of interest accrued and remaining unpaid at the end of each 1.94
accounting year.
e) The amount of further interest remaining due and payable even in the b - -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as a
GHGXFWLEOHH[SHQGLWXUHXQGHUVHFWLRQRIWKH060('$FW
( C ) 27+(5&855(17),1$1&,$//,$%,/,7,(6
At amortised cost
&XUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJVUHIHUQRWH 804.23 726.10
Security deposit 40.37
Interest accrued but not due on borrowings 24.71
Interest accrued and due on borrowings 6.52
Creditors for capital expenditure 346.97 222.71
$WIDLUYDOXHWKURXJKSURˋWDQGORVV)973/
'HULYDWLYHOLDELOLW\ 221.38
Refund liability 318.33
'HIHUUHGOLDELOLW\ 38.15
Other (refer note below) 12.98 10.30
1,813.64
Note
Parent Company has provided a guarantee for credit facility availed by the Ryker Base Private Limited amounting to `0LOOLRQ
(31 March 2018 `0LOOLRQ7KHIDLUYDOXHRIFRUSRUDWHJXDUDQWHH`0LOOLRQ0DUFK` 10.30 Million) has been
included in carrying cost of investment.

20 Other current liabilities (` Million)
0DUFK 31 March 2018
Advance from customers 4,076.76
Other statutory dues 770.64
6,262.63
21 Current provisions (` Million)

0DUFK 31 March 2018
*UDWXLW\5HIHU1RWH$ 100.30 87.80
Compensated absences 24.87 196.08
Provision for tax on proposed interim equity dividend -
Provision for warranty (Refer note below) 83.54 63.70
208.71 376.33
Note
A provision is recognised for expected warranty claims and after sales services on products sold , based on past experience of the level
RIUHSDLUVDQGUHWXUQV,WLVH[SHFWHGWKDWVLJQLˋFDQWSRUWLRQRIWKHVHFRVWVZLOOEHLQFXUUHGLQWKHQH[WˋQDQFLDO\HDUDQGDOOZLOOKDYH
been incurred within warranty period after the reporting date. Assumptions used to calculate the provisions for warranties were based
on current sales levels and current information available about returns during the warranty period for all products sold.
At the beginning of the year 63.70 31.37
Arising during the year 58.01
Utilised during the year (38.17) (12.70)
At the end of the year 83.54 63.70
&XUUHQWWD[OLDELOLWLHV1HW (` Million)

0DUFK 31 March 2018
3URYLVLRQIRU&XUUHQW7D[1HWRIDGYDQFHWD[ 1,671.91 823.76
1,671.91 823.76
0DUFK 31 March 2018
Revenue from contracts with customers

Sale of products
Finished goods 70,785.05 62,789.98
Traded goods 3,684.03
78,264.58
2WKHURSHUDWLQJUHYHQXH
Scrap sales 1,242.93 1,279.17
7RWDOUHYHQXHIURPFRQWUDFWVZLWKFXVWRPHUV 79,507.51 69,081.22
Export incentives 52.32 68.30
7RWDOUHYHQXHIURPRSHUDWLRQV 79,559.83
L'LVDJJUHJDWHGUHYHQXHLQIRUPDWLRQ
7\SHRI*RRGVRU6HUYLFHV
Wires & Cables 68,841.65 62,039.71
)DVW0RYLQJ(OHFWULFDO*RRGV)0(* 6,416.06
Others 454.30

India 77,025.03
Outside India 2,482.48


0DUFK 31 March 2018
7LPLQJRIUHYHQXHUHFRJQLWLRQ
*RRGVWUDQVIHUUHGDWDSRLQWLQWLPH 75,661.78 67,017.63
*RRGVDQG6HUYLFHVWUDQVIHUUHGRYHUDSHULRGRIWLPH 3,845.73
Reconciliation of the revenue from contracts with customers with the amounts
disclosed in the segment information
Export incentives 52.32 68.30
2WKHULQFRPHH[FOXGLQJˋQDQFHLQFRPH 805.59 616.97
Total income as per Segment 80,365.42
ii) Revenue from contracts with customers includes excise duty collected of `1LO0DUFK`0LOOLRQ5HYHQXH
from contracts with customers net of applicable taxes is `0LOOLRQ0DUFK`PLOOLRQ5HYHQXH
from operations for previous periods up to 30 June 2017 includes excise duty. From 1 July 2017 onwards the excise duty
DQG PRVW LQGLUHFW WD[HV LQ ,QGLD KDYH EHHQ UHSODFHG *RRGV DQG 6HUYLFH7D[ *677KH JURXS FROOHFWV *67 RQ EHKDOI RI WKH
*RYHUQPHQW+HQFH*67LVQRWLQFOXGHGLQ5HYHQXHIURPRSHUDWLRQV,QYLHZRIWKHDIRUHVDLGFKDQJHLQLQGLUHFWWD[HV5HYHQXH
from operations for the year ended 31 March 2019 is not comparable with 31 March 2018.
LLL5HFRQFLOLDWLRQEHWZHHQUHYHQXHZLWKFXVWRPHUVDQGFRQWUDFWHGSULFHDVSHU,QG$6 (` Million)
Revenue reconciliation Year ended Year ended

0DUFK 31 March 2018
Revenue as per contracted price 82,418.99
/HVV$GMXVWPHQWV
3ULFHDGMXVWPHQWVVXFKDV'LVFRXQWV5HEDWHVDQG6DOHV3URPRWLRQ6FKHPHV (1,607.45)
Excess Revenue - EPC (1,415.23) (777.02)
Provisions for expected sales return (95.79)
Other adjustments (53.52)
Add : Adjustments
Unbilled Revenue - EPC 260.51
Revenue from contract with customers 79,507.51 69,081.22
LY&RQWUDFW%DODQFHVDVDW (` Million)
Contract Balances As at As at
0DUFK 31 March 2018
Trade Receivables 14,694.43 13,788.16
Contract Assets 260.51
Contract Liabilities 1,415.23 777.02
v) 7UDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGDUHJHQHUDOO\RQWHUPVRIWRGD\V,Q0DUFK`0LOOLRQ
0DUFK`0LOOLRQZDVUHFRJQLVHGDVSURYLVLRQIRUH[SHFWHGFUHGLWORVVHVRQWUDGHUHFHLYDEOHV7KHJURXSKDV
FKDQQHOˋQDQFHDUUDQJHPHQWVZLWKEDQNVIRUSURYLGLQJFUHGLWWRLWVGHDOHUV(YDOXDWLRQLVPDGHDVSHUWKHWHUPVRIWKHFRQWUDFWV
LHLIWKHJURXSGRHVQRWUHWDLQDQ\ULVNDQGUHZDUGVRUFRQWURORYHUWKHˋQDQFLDODVVHWVWKHQWKHHQWLW\GHUHFRJQLVHVVXFKDVVHWV
XSRQWUDQVIHURIˋQDQFLDODVVHWVXQGHUVXFKDUUDQJHPHQWVZLWKWKHEDQNV
vi) Contract assets are initially recognised for revenue earned from installation services as receipt of consideration is conditional
RQ VXFFHVVIXO FRPSOHWLRQ RI LQVWDOODWLRQ 8SRQ FRPSOHWLRQ RI LQVWDOODWLRQ DQG DFFHSWDQFHFHUWLˋFDWLRQV E\ WKH FXVWRPHU WKH
DPRXQWVUHFRJQLVHGDVFRQWUDFWDVVHWVDUHUHFODVVLˋHGWRWUDGHUHFHLYDEOHV7KHLQFUHDVHLQFRQWUDFWDVVHWVLQ0DUFKLVWKH
result of the increase in ongoing installation services at the end of the year. In March 2019 `0LOOLRQ0DUFK`1LOZDV
recognised as provision for expected credit losses on contract assets.
vii) Contract liabilities include advances received towards EPC projects as well as transaction price allocated to unexpired service
FRQWUDFWV 7KH RXWVWDQGLQJ EDODQFHV RI WKHVH DFFRXQWV LQFUHDVHG LQ GXH WR WKH FRQWLQXRXV LQFUHDVH LQ WKH *URXSȢV
customer base and contracts where billing is in excess of revenue.

viii) 6HWRXWEHORZLVWKHDPRXQWRIUHYHQXHUHFRJQLVHGIURP Year ended Year ended

0DUFK 31 March 2018
Amounts included in contract liabilities at the beginning of the year 390.75 286.06
3HUIRUPDQFHREOLJDWLRQVVDWLVˋHGLQSUHYLRXV\HDUV 140.28
ix) 5HIXQGDVVHWVDQGUHIXQGOLDELOLWLHV As at As at
0DUFK 31 March 2018
Refund assets 242.34
Refund liabilities 318.33
x) 3HUIRUPDQFHREOLJDWLRQV
Aggregate amount of the transaction price (net of tax) allocated to long-term construction contracts that are partially or fully
XQVDWLVˋHGDVDW0DUFK`0LOOLRQ0DUFK`0LOOLRQ7KHXQVDWLVˋHGSHUIRUPDQFHREOLJDWLRQ
LV H[SHFWHG WR EH UHFRJQLVHG ZLWKLQ PRQWKV %DVHG RQ JHQHUDO WUHQG RI SHULRG RI FRQWUDFW DQG LWV SHULRG RI H[HFXWLRQ
DSSUR[LPDWHO\ RI WKH XQVDWLVˋHG SHUIRUPDQFH REOLJDWLRQ LV H[SHFWHG WR EH VDWLVˋHG ZLWKLQ RQH \HDU 7KH UHPDLQLQJ LV
H[SHFWHGWREHUHFRJQLVHGZLWKLQWRPRQWKV,QFHUWDLQFRQWUDFWVZKHUHWKHFRPSDQ\KDVH[WHQGHGZDUUDQW\PDLQWHQDQFH
VHUYLFHVREOLJDWLRQDVHSDUDWHSHUIRUPDQFHREOLJDWLRQLVLGHQWLˋHGDQGWKHWUDQVDFWLRQSULFHLVDOORFDWHGDFFRUGLQJO\
xi) ,PSDFWRI,QG$6
OQG$6Ȥ5HYHQXHIURP&RQWUDFWVZLWK&XVWRPHUVȥLVPDQGDWRU\IRUUHSRUWLQJSHULRGVEHJLQQLQJRQRUDIWHU$SULODQG
KDVUHSODFHGH[LVWLQJOQG$6UHODWHGWKHUHWR7KH&RPSDQ\KDVDGRSWHGWKHPRGLˋHGUHWURVSHFWLYHDSSURDFKXQGHUWKHVWDQGDUG
Under this approach, no adjustments were required to be made to the retained earning as at 1 April 2018. Also the application
RIOQG$6GLGQRWKDYHDQ\VLJQLˋFDQWLPSDFWRQUHFRJQLWLRQDQGPHDVXUHPHQWRIUHYHQXHDQGUHODWHG,WHPV,QWKHˋQDQFLDO
results for the year 31 March 2019.
xii) 'LVFORVXUHLQWHUPVRI,QG$6RQWKHDFFRXQWLQJRI-RLQWRSHUDWLRQ
7KH&RPSDQ\KDVLQWHUHVWLQDMRLQWRSHUDWLRQZLWK*73/KDWKZD\/LPLWHGIRUDQ(3&SURMHFWRI`PLOOLRQZKLFK
KDVEHHQDZDUGHGE\*XMDUDW)LEUH*ULG1HWZRUN/LPLWHG*)*1/GXULQJWKH)<7KHSULQFLSOHSODFHRI-RLQWRSHUDWLRQ
is in India.
7KH DUUDQJHPHQWV UHTXLUH XQDQLPRXV FRQVHQW IURP DOO SDUWLHV IRU DOO UHOHYDQW DFWLYLWLHV DQG KHQFH LW LV FODVVLˋHG DV MRLQW
operations. The partners to the agreement have direct right to the assets and are jointly and severally liable for the liabilities
LQFXUUHGE\WKHXQLQFRUSRUDWHGMRLQWRSHUDWLRQ,QDFFRUGDQFHZLWK,QG$6RQȤ-RLQW$UUDQJHPHQWVȥWKHˋQDQFLDOVWDWHPHQWV
RIWKH&RPSDQ\LQFOXGHVWKH&RPSDQ\ȢVVKDUHLQWKHDVVHWVOLDELOLWLHVLQFRPHVDQGH[SHQVHVUHODWLQJWRMRLQWRSHUDWLRQVEDVHG
RQWKHˋQDQFLDOVWDWHPHQWVUHFHLYHGIURPWKHUHVSHFWLYHRSHUDWRUV7KHLQFRPHH[SHQGLWXUHDVVHWVDQGOLDELOLWLHVRIWKHMRLQW
operations are merged on line by line basis according to the participating interest with the similar items in the Financial
Statements of the Company.
The joint operation does not recognise margin on revenue until the contract achieves completion percentage in line with
internally set threshold.
7KHWDEOHEHORZSURYLGHVVXPPDUL]HGˋQDQFLDOLQIRUPDWLRQRIWKHFRPSDQ\ȢVVKDUHRIDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHV
in the joint operations.
(` Million)
Particulars Year ended
0DUFK
Property, plant and equipment 0.08
Current Assets 406.58
Cash and Bank Balances 376.12
&XUUHQW 1RQ&XUUHQW/LDELOLWLHV3URYLVLRQV 782.78
Expenses 134.43*
Income 134.43*
1RPDUJLQKDVEHHQUHFRJQLVHGRQWKHSURMHFWDVWKHSHUFHQWDJHRIFRPSOHWLRQLVOHVVWKDQ

2WKHULQFRPH (` Million)
0DUFK 31 March 2018
Interest income on
Bank deposits 28.33
Others 99.57 22.93
Sundry balances written back 60.48
Miscellaneous income 37.10 27.63
*DLQRQVDOHRISURSHUW\SODQWDQGHTXLSPHQW 21.01
*RYHUQPHQW*UDQW 295.69 128.20
Exchange differences (net) 385.21
Fair value of put option 6.10 -
)DLUYDOXDWLRQJDLQRQˋQDQFLDODVVHW - 8.60
933.49
*DLQRQIDLUYDOXDWLRQRIˋQDQFLDOLQVWUXPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVVUHODWHVWRIRUHLJQH[FKDQJHˌXFWXDWLRQRQIRUZDUG
&RVWRIPDWHULDOVFRQVXPHG (` Million)
0DUFK 31 March 2018
Copper 30,701.55
Aluminium 9,400.74 8,722.21
Steel 2,813.05 2,268.30
39&&RPSRXQG+'3(/'3(;/3(5HVLQ 7,491.96
Packing Materials 920.95
Others 3,494.94 2,109.00
54,823.19
26 Purchases of traded goods (` Million)

0DUFK 31 March 2018
Electrical wiring accessories 362.20
Electrical appliances 2,838.40
Others 169.81
3,370.41

,QFUHDVH'HFUHDVHLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV

(` Million)
0DUFK 31 March 2018
,QYHQWRU\DWWKHEHJLQQLQJRIWKH\HDU
Traded goods 480.03
Scrap materials 134.70 112.80
8,122.73 8,780.67
,QYHQWRU\DWWKHHQGRIWKH\HDU
Traded goods 939.18
9,199.71 8,122.73
&KDQJHVLQ,QYHQWRULHVRIˋQLVKHGJRRGVWUDGHGJRRGVDQGZRUNLQSURJUHVV (1,076.98)
28 Project bought outs and other cost (` Million)

0DUFK 31 March 2018
Project bought outs 1,589.57 867.73
Subcontracting expense 953.47 379.30
2,543.04
(PSOR\HHEHQHˋWVH[SHQVH (` Million)

0DUFK 31 March 2018
Salaries, wages and bonus 2,607.34

([SHQVHRQHPSOR\HHVWRFNRSWLRQVFKHPH5HIHU1RWH& 149.51 -
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV5HIHU1RWH$ % 155.10
Staff welfare expense 90.53
3,002.48
30 Finance cost (` Million)

0DUFK 31 March 2018
Interest 585.27
Others 581.79 200.76
1,167.06 936.80

'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH (` Million)
0DUFK 31 March 2018
'HSUHFLDWLRQRIWDQJLEOHDVVHWV5HIHUQRWH 1,396.24 1,288.33
$PRUWL]DWLRQRILQWDQJLEOHDVVHWV5HIHUQRWH 18.21
1,414.45
32 Other expenses (` Million)

0DUFK 31 March 2018
Consumption of stores and spares 463.30
Sub-contracting expenses 956.32
,QFUHDVHLQH[FLVHGXW\RQFORVLQJVWRFNRIˋQLVKHGJRRGV -
Power and fuel 1,076.48 896.28
Rent 177.45
Rates and taxes 17.38
Insurance 30.39
Repairs and maintenance - -
Plant and machinery 49.46
Buildings 33.48 33.30
Others 248.97
Advertising and sales promotion 1,158.51
Brokerage and commission 314.16
Travelling and conveyance 220.78
Communication Cost 33.61 27.77
Legal and professional fees 362.07 391.11
'LUHFWRU6LWWLQJ)HHV 5.31 -
Freight & forwarding expenses 1,498.81
3D\PHQWWRDXGLWRU5HIHU1RWHEHORZ 14.53
Sundry advances written off 24.95 8.01
/RVVRQIDLUYDOXDWLRQRIˋQDQFLDODVVHW 136.32 -
Fair value of written put options -
&65H[SHQGLWXUH5HIHU1RWH 34.94
Miscellaneous expenses 242.88 216.16
7,665.77
/RVVRQIDLUYDOXDWLRQRIˋQDQFLDOLQVWUXPHQWVDWIDLUYDOXHWKURXJKSURˋWRUORVVUHODWHVWRIRUHLJQH[FKDQJHˌXFWXDWLRQRQIRUZDUG
Note:
3D\PHQWVWRWKHDXGLWRU (excluding applicable taxes)
As auditor
Audit fee 13.78
&HUWLˋFDWLRQIHHV 0.75 0.93
14.53
Other services 9.00 -
23.53

33 Earnings per share (EPS)

%DVLF(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSURˋWIRUWKH\HDUDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\E\WKHZHLJKWHG
average number of equity shares outstanding during the year.
)RUWKHSXUSRVHRIFDOFXODWLQJGLOXWHGHDUQLQJVSHUVKDUHWKHQHWSURˋWRUORVVHVIRUWKH\HDUDWWULEXWDEOHWRWKHHTXLW\VKDUHKROGHUV
and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity
shares unless the effect of the potential dilutive equity shares is anti-dilutive.
(` Million)
7KHIROORZLQJUHˌHFWVWKHLQFRPHDQGVKDUHGDWDXVHGLQWKH Year ended Year ended
EDVLFDQGGLOXWHG(36FRPSXWDWLRQV 0DUFK 31 March 2018
3URˋWDWWULEXWDEOHWRHTXLW\KROGHUVIRUEDVLFHDUQLQJV (A) 4,997.03
Weighted average number of equity shares for basic EPS (B) 141,205,838
(IIHFWRIGLOXWLRQ
Share options (C) 6,575 -
Weighted average number of Equity shares adjusted for the ' %& 141,212,413
effect of dilution
Basic earnings per share (`) (A/B) 35.39
'LOXWHGHDUQLQJVSHUVKDUH`) $' 35.39
(PSOR\HH6WRFN2SWLRQ3ODQ
Pursuant to the resolutions passed by our Board on August 30, 2018 and our Shareholders on August 30, 2018, the Parent company
approved the Employee Stock Option Plan 2018 for issue of options to eligible employees which may result in issue of Equity Shares of
QRWPRUHWKDQ(TXLW\6KDUHV7KHSDUHQWFRPSDQ\UHVHUYHVWKHULJKWWRLQFUHDVHVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUV
RUUHGXFHVXFKQXPEHUVRIVKDUHVDVLWGHHPVˋW
7KHH[HUFLVHRIWKHYHVWHGRSWLRQVKDOOEHGHWHUPLQHGLQDFFRUGDQFHZLWKWKHQRWLˋHGVFKHPHXQGHUWKHSODQ
(PSOR\HH6WRFN2SWLRQ3HUIRUPDQFH6FKHPHDQG(PSOR\HH6WRFN2SWLRQ3ULYLOHJH6FKHPH
The company also approved Employee Stock Option Performance Scheme 2018 and Employee Stock Option Privilege Scheme 2018
under which the maximum number of options granted to any grantee under "Performance Scheme" together with options granted in
any other scheme shall not exceed 1 percent of the total share capital at the time of grant.

&RPPLWPHQWVDQGFRQWLQJHQFLHV
(A) LEASES
2SHUDWLQJOHDVH*URXSDVOHVVHH
The Company has taken industrial premises, residential building, land (space for godowns) under various lease agreements. There
are no restrictions placed upon the Company by entering into these leases. There are no clauses on contingent rent.
(` Million)
Future minimum rentals payable under non-cancellable Year ended Year ended
RSHUDWLQJOHDVHVDUHDVIROORZV 0DUFK 31 March 2018
Expense for the year 177.45
Within one year 43.69
$IWHURQH\HDUEXWQRWPRUHWKDQˋYH\HDUV 79.08
0RUHWKDQˋYH\HDUV b 62.56 108.10
(B) &$3,7$/$1'27+(5&200,70(176 b
Estimated amounts of contracts remaining to be executed on 1,880.28
account of capital commitments and not provided for (net of b b
advances)
b b
(C) &217,1*(17/,$%,/,7,(6( 727+((;7(171273529,'(')25 )
D*XDUDQWHHV
L*XDUDQWHHVJLYHQE\WKH*URXSȢVEDQNHUVWR*URXS 12,950.17
E2WKHUPDWWHUVIRUZKLFKWKH*URXSLVFRQWLQJHQWO\OLDEOH Period to which
relates
i) Taxation matters
D'LVSXWHGOLDELOLW\LQUHVSHFWRIVDOHVWD[9$7GHPDQG 2007-08 to
2016-17 370.56
& pending sales tax/VAT forms
2007-08 to
E'LVSXWHGOLDELOLW\LQUHVSHFWRIH[FLVHGXW\GHPDQG 45.55

2010-11 and
F'LVSXWHGOLDELOLW\LQUHVSHFWRIFXVWRPGXW\GHPDQG 21.67
2016-17
(ii) Claims made against the Company, not acknowledged
2018-19 634.21 -
as debts
There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. The
company will update its provision, on receiving further clarity on the subject
,Q UHVSHFW RI WKH LWHPV DERYH IXWXUH FDVK RXWˌRZV LQ UHVSHFW RI FRQWLQJHQW OLDELOLWLHV DUH GHWHUPLQDEOH RQO\ RQ UHFHLSW RI
MXGJHPHQWVGHFLVLRQVSHQGLQJDWYDULRXVIRUXPVDXWKRULW\7KH*URXSGRHVQȢWH[SHFWWKHRXWFRPHRIPDWWHUVVWDWHGDERYHWRKDYH
DPDWHULDODGYHUVHHIIHFWRQWKH*URXSȢVˋQDQFLDOFRQGLWLRQVUHVXOWRIRSHUDWLRQVRUFDVKˌRZV

'LVFORVXUHLQWHUPVRI,QG$6RQWKHDFFRXQWLQJRIFRQVWUXFWLRQFRQWUDFWLVDVXQGHUb
(` Million)
0DUFK 31 March 2018
b
D &RQWUDFWUHYHQXHUHFRJQLVHGIRUWKH\HDU1HWRIWD[ 3,795.50
b) Contract that are in progress as on reporting date
L&RQWUDFWFRVWVLQFXUUHGDQGUHFRJQLVHGSURˋWVOHVVUHFRJQLVHGORVVHV 3,795.50
LL$PRXQWRIUHWHQWLRQV 1,240.14 792.20
LLL5HFRJQLVHGDQGLQFOXGHGLQˋQDQFLDOVWDWHPHQWDV
Contract Asset 260.51
5HWHQWLRQVDUHVSHFLˋFWRSURMHFWVDQGDUHJHQHUDOO\UHFHLYDEOHZLWKLQ
6 months from completion of project.
'HWDLOVRI&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65H[SHQGLWXUHbb (` Million)

0DUFK 31 March 2018
b
*URVVDPRXQWUHTXLUHGWREHVSHQWE\WKH*URXSGXULQJWKHSHULRGDV
A 92.01
SHUSURYLVLRQVRIVHFWLRQRIWKH&RPSDQLHV$FW
*URVVDPRXQWVSHQWE\WKH*URXSGXULQJWKH\HDU
Rural development programmes 11.53
Social empowerment 1.32
Promotion of education 15.19 37.30
+HDOWKFDUHIDFLOLW\ DZDUHQHVV 3.42 3.80
Environmental awareness 2.95
Others 0.53
7RWDO B 34.94
Shortfall/(Excess) A-B 57.07 (0.67)

(A) '(),1('%(1(),73/$1 -$63(5$&78$5,$/9$/8$7,21
7KH*URXSRSHUDWHVRQHGHˋQHGSODQYL]JUDWXLW\IRULWVHPSOR\HHV8QGHUWKHJUDWXLW\SODQHYHU\HPSOR\HHZKRKDVFRPSOHWHG
DWOHDVWˋYH\HDUVRIVHUYLFHJHWVDJUDWXLW\RQGHSDUWXUH#GD\VRIODVWGUDZQVDODU\IRUHDFKFRPSOHWHG\HDURIVHUYLFH7KH
scheme is funded with an insurance company in the form of qualifying insurance policy.
7KHIROORZLQJWDEOHVVXPPDULVHWKHFRPSRQHQWVRIQHWEHQHˋWH[SHQVHVUHFRJQLVHGLQWKHVWDWHPHQWRISURˋWDQGORVVDQGWKH
IXQGHGVWDWXVDQGDPRXQWVUHFRJQL]HGLQWKHEDODQFHVKHHWIRUJUDWXLW\
67$7(0(172)352),7$1'/266
1HWHPSOR\HHEHQHˋWVH[SHQVHUHFRJQLVHGLQSURˋWRUORVV (` Million)
bbb 0DUFK 31 March 2018
1HWLQWHUHVWFRVW 14.27 11.90
1HWEHQHˋWVH[SHQVH 60.36
1HWDFWXDULDOJDLQORVVUHFRJQLVHGLQ2WKHUFRPSUHKHQVLYHLQFRPHIRUWKHSHULRG
Actuarial (gain) /loss on obligations 5.95 (36.30)

Return on plan assets, excluding interest income 0.80 9.80
1HW,QFRPH([SHQVHIRUWKHSHULRGUHFRJQL]HGLQ2&, 6.75
Balance sheet
%HQHˋWVOLDELOLW\ b
3UHVHQWYDOXHRIGHˋQHGEHQHˋWREOLJDWLRQ (409.90)
Fair value of plan assets 213.89 170.00
3ODQOLDELOLW\ bb (196.01) (182.90)
&KDQJHVLQWKHSUHVHQWYDOXHRIWKHGHILQHGEHQHILWREOLJDWLRQDUHDVIROORZV
2SHQLQJGHˋQHGEHQHˋWREOLJDWLRQ 352.94
Interest cost 27.53 22.80
%HQHˋWVSDLG (22.61)
Actuarial (gains)/losses on obligations
'XHWRFKDQJHLQˋQDQFLDODVVXPSWLRQV 4.57
'XHWRH[SHULHQFH 1.38
&ORVLQJGHˋQHGEHQHˋWREOLJDWLRQ 409.90
&KDQJHVLQWKHIDLUYDOXHRISODQDVVHWVDUHDVIROORZVb
Opening fair value of plan assets 170.02
Interest Income 13.27 10.90
Contribution by employer 54.01
%HQHˋWVSDLG (22.61) (16.10)
Actuarial gains (0.80) (9.80)
Closing fair value of plan assets 213.89 170.02
7KH*URXSH[SHFWVWRFRQWULEXWH`0LOOLRQWRJUDWXLW\LQWKHQH[W\HDU0DUFK` 87.80 Million )

&XUUHQW QRQFXUUHQWELIXUFDWLRQRISURYLVLRQIRUJUDWXLW\DVSHUDFWXDULDOYDOXDWLRQLVDVIROORZV
(` Million)
Current 100.30 87.80

1RQFXUUHQW 95.71
7KHPDMRUFDWHJRULHVRISODQDVVHWVDVDSHUFHQWDJHRIWKHIDLUYDOXHRIWRWDOSODQDVVHWVDUHDVIROORZV
Investment with insurer 100% 100%
7KHSULQFLSDODVVXPSWLRQVXVHGLQGHWHUPLQLQJJUDWXLW\IRUWKH*URXSȢVSODQVDUHVKRZQEHORZ
'LVFRXQWUDWH b 7.64% 7.80%
Expected rate of return on plan 7.64% 7.80%
assets
Employee turnover 10.00% 10.00%
Salary escalation 11.00% 11.00%
,QGLDQDVVXUHG Indian assured

Mortality rate during employment OLYHVPRUWDOLW\ lives mortality
(2006-08) (2006-08)
Mortality rate after employment b b b b N.A. 1$
The average expected future service as at 31 March 2019 is 8 years (31 March 2018 - 8 years).
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHVDFFRXQWRILQˌDWLRQVHQLRULW\SURPRWLRQDQG
other relevant factors, such as supply and demand in the employment market.
The overall expected rate of return on plan assets is determined based on the market prices prevailing on that date, applicable
to the period over which the obligation is to be settled.
$TXDQWLWDWLYHVHQVLWLYLW\DQDO\VLVIRUVLJQLˋFDQWDVVXPSWLRQDVDW0DUFKLVDVVKRZQEHORZ
6HQVLWLYLW\DQDO\VLV
3URMHFWHGEHQHˋWREOLJDWLRQRQFXUUHQWDVVXPSWLRQV 409.89

'HOWDHIIHFWRIFKDQJHLQUDWHRIGLVFRXQWLQJ (27.08)
'HOWDHIIHFWRIFKDQJHLQUDWHRIGLVFRXQWLQJ 31.10 27.33
'HOWDHIIHFWRIFKDQJHLQUDWHRIVDODU\LQFUHDVH 27.80
'HOWDHIIHFWRIFKDQJHLQUDWHRIVDODU\LQFUHDVH (25.17) (22.37)
'HOWDHIIHFWRIFKDQJHLQUDWHRIHPSOR\HHWXUQRYHU (6.39)
'HOWDHIIHFWRIFKDQJHLQUDWHRIHPSOR\HHWXUQRYHU 7.16 6.32
8VHIXOQHVVDQGPHWKRGRORJ\DGRSWHGIRUVHQVLWLYLW\DQDO\VLV
Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not proved to be true on
GLIIHUHQWFRXQW7KLVRQO\VLJQLˋHVWKHFKDQJHLQWKHOLDELOLW\LIWKHGLIIHUHQFHEHWZHHQDVVXPHGDQGWKHDFWXDOLVQRWIROORZLQJ
the parameters of the sensitivity analysis.
0DWXULW\DQDO\VLVRISURMHFWHGEHQHˋWREOLJDWLRQIURPWKHIXQG
3URMHFWHGEHQHˋWVSD\DEOHLQIXWXUH\HDUVIURPWKHGDWHRIUHSRUWLQJ
1st following year 58.27
2nd following year 30.37 27.73
3rd following year 33.73 28.00
WKIROORZLQJ\HDU 35.50
WKIROORZLQJ\HDU 36.98 30.67
Sum of years 6 to 10 176.59 30.67
Sum of years 11 years and above 463.77

(B) '(),1('&2175,%87,213/$1
7KH*URXSKDVUHFRJQLVHGH[SHQVHVWRZDUGVGHˋQHGFRQWULEXWLRQSODQDVXQGHU (` Million)
Contribution to provident fund and other funds 94.74
(C) 6+$5( - %$6('3$<0(176
(PSOR\HHVWRFNRSWLRQSODQ
'XULQJWKH\HDUHQGHG0DUFKWKHFRPSDQ\KDGLQVWLWXWHGDQ(6233ODQ(6233HUIRUPDQFH6FKHPHDQG(623
3ULYLOHJH6FKHPHDVDSSURYHGE\WKH%RDUGRI'LUHFWRUVDQG6KDUHKROGHUVGDWHG$XJXVWIRULVVXDQFHRIVWRFNRSWLRQWR
eligible employees of the company.
8QGHU(PSOR\HH6WRFN2SWLRQV3HUIRUPDQFH6FKHPHWKHRSWLRQVZLOOEHYHVWHGLQWKHVSHFLˋHGUDWLRVXEMHFWWRIXOˋOOPHQWRI
the employee performance criteria laid down in the scheme. This shall be monitored annually as per the performance evaluation
cycle of the company and options shall vest based on the achieved rating to the employee.
8QGHU(PSOR\HH6WRFN2SWLRQV3ULYLOHJH6FKHPHWKHRSWLRQVDUHYHVWHGRYHUDSHULRGRIRQH\HDUVXEMHFWWRIXOˋOOPHQWRI
service condition.
Expected volatility is based on historical stock volatility of comparable companies operating within the same industry. The
historical stock prices of comparable companies has been observed for a period commensurate to the Life of option.
3XUVXDQWWRWKHVDLGVFKHPH6WRFNRSWLRQVFRQYHUWLEOHLQWRHTXLW\VKDUHVYLGH(6233HUIRUPDQFH6FKHPH3UHYLRXV
\HDU 1,/ DQG HTXLW\ VKDUHVYLGH (623 3ULYLOHJH 6FKHPH 3UHYLRXV\HDU 1,/ RI ` 10 each were granted to eligible
employee at an exercise price of `
6XEMHFWWRWHUPVDQGFRQGLWLRQRIWKHVFKHPHRSWLRQVDUHFODVVLˋHGLQWRWKUHHFDWHJRULHV
Scheme Scheme
1RRIRSWLRQV
Method of accounting Fair value Fair value Fair value
\HDUVJUDGHG \HDUVJUDGHG 1 year
Vesting period
vesting vesting
*UDQWGDWH 30 Aug 18 18 Oct 18 30 Aug 18
Exercise/ Expiry date 29 Aug 26 17 Oct 26 29 Aug 23
8 years from the 8 years from the \HDUVIURPWKH
Exercise period
date of grant date of grant date of grant
Weighted average share price ` 0 ` `
*UDQW([HUFLVHSULFH ` ` `
Method of settlement Equity - settled Equity - settled Equity - settled
Weighted average remaining contractual life of options (in days) 1702
0RYHPHQWRIRSWLRQVJUDQWHG
0DUFK 31 March 2018
Average exercise Average exercise

price per share 1XPEHURI price per share 1XPEHURI
option options option options
Opening balance - - - -
*UDQWHGGXULQJWKH\HDU - -
Exercised during the year - - - -
Forfeited during the year - -
&ORVLQJEDODQFH -
Vested 1,/ 1,/

7KHPRGHOLQSXWVIRUIDLUYDOXHRIRSWLRQJUDQWHGDVRQWKHJUDQWGDWH
Scheme Scheme
Inputs
Year 1 Year 2 Year 3 <HDU <HDU Year 1
YHVWLQJ YHVWLQJ 20% vesting 20% vesting 30% vesting 100% vesting
Exercise price ` ` ` ` ` `

'LYLGHQG\LHOG 0.19% 0.19% 0.19% 0.19% 0.19% 0.19%
Risk free interest rate 8.20% 8.20% 8.20% 8.20% 8.30% 8.00%
Expected volatility
Fair value per option ` 310.1 ` 321.9 ` ` ` `
Model used Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes
([SHQVHRQWKH6FKHPHVGHELWHGWRWKHVWDWHPHQWRISURˋWDQGORVVGXULQJWKH\HDUHQGHG0DUFKLV`0LOOLRQ
0DUFK1LO
38 Interest in joint ventures

D5\NHU %DVH 3ULYDWH /LPLWHG 5\NHU 2Q 1RYHPEHU 7KH SDUHQW &RPSDQ\ KDG DFTXLUHG 5\NHU %DVH 3ULYDWH /LPLWHG DV D
ZKROO\RZQHGVXEVLGLDU\FRPSDQ\2Q0DUFK5\NHU%DVH3ULYDWH/LPLWHGKDVEHHQFRQYHUWHGLQWRMRLQWYHQWXUH-9
ZLWK7UDˋJXUD3WH/WGZLWKDFRQVLGHUDWLRQRI` 260.10 Million by allotment of 26,010,000 equity shares of ` 10 each of Ryker Base
Private Limited.
E7HFKQR(OHFWURPHFK3ULYDWH/LPLWHG7(3/3RO\FDE,QGLD/LPLWHGKDVLQYHVWHG`0LOOLRQIRUDFTXLULQJVKDUHVRI7HFKQR
Electromech Private Limited in the previous year as per joint venture agreement, Techno Electromech Private Limited has become
-9FRPSDQ\ZLWKHIIHFWIURP0DUFK7KHJRRGZLOOKDVEHHQDUULYHGDVSHUEHORZFDOFXODWLRQ
(` million)
1HWZRUWKRQWKHGDWHRIMRLQWYHQWXUH
3RO\FDE,QGLD/LPLWHGȢVVKDUH 22.10
Purchase consideration paid 70.20
*RRGZLOO 48.10
7KH*URXSKDVIROORZHG(TXLW\PHWKRGRIDFFRXQWLQJDVSHU,QG$6Ȥ,QYHVWPHQWVLQ$VVRFLDWHVDQG-RLQW9HQWXUHVȥ
6XPPDULVHGEDODQFHVKHHWDVDW0DUFK b b b (` million)
7(3/ 5\NHU
Current assets, including cash and cash equivalents 570.91 660.44
1RQFXUUHQWDVVHWV 400.82 2,487.69
Current liabilities, including tax payable (526.59) (170.18)
1RQFXUUHQWOLDELOLWLHVLQFOXGLQJGHIHUUHGWD[OLDELOLWLHV (264.43) (288.82) (2,506.99)
Equity 180.71 470.96
3URSRUWLRQRIWKH*URXSȢVRZQHUVKLS 50% 50%

*URXSȢVVKDUHRIQHWZRUWK 90.35 235.48 263.69
5HFRQFLOLDWLRQRIVXPPDULVHGEDODQFHVKHHWWRWKHFDUU\LQJDPRXQWRILQWHUHVWLQ5\NHUEDVH3ULYDWHOLPLWHGUHFRJQLVHGLQWKH
consolidated Balance Sheet:
0DUFK 31 March 2018
1HW$VVHWVRI5\NHU%DVH3ULYDWH/LPLWHG 470.96
3URSRUWLRQRIWKH*URXSȢV2ZQHUVKLSLQWHUHVWLQ5\NHU%DVH3ULYDWHOLPLWHG 50%
235.48 263.69
(OLPLQDWLRQRIXQUHDOLVHGSURˋWRQVDOHRIˋ[HGDVVHWVQHWRIWD[ (24.33)
(5.76) -
&DUU\LQJDPRXQWRI*URXSȢVLQWHUHVWLQ5\NHU%DVH3ULYDWH/LPLWHG 205.39 239.36

38 Interest in joint ventures

6XPPDULVHGVWDWHPHQWRISURˋWDQGORVVRIWKHMRLQWYHQWXUHV (` million)
b b 7(3/ TEPL 5\NHU Ryker
Revenue 1,716.09 830.62 13.26
Cost of raw material and components consumed (1,367.06) - -
'HSUHFLDWLRQ DPRUWL]DWLRQ (17.15) - -
Finance cost (46.48) (21.10) (45.80) (29.90)
(PSOR\HHEHQHˋW (62.27) (36.60) (13.16)
Other expense (173.56) (36.30) (8.09)
3URˋWEHIRUHWD[ 49.57 (82.00) (10.11)
Income tax expense (14.01) (1.73) 19.49
3URˋWIRUWKHSHULRG 35.56 11.32 (62.51)
Other comprehensive (income)/expense for the period (0.05) - -
Total comprehensive income for the period 35.61 11.97 (62.51)
*URXSȢVVKDUHRI3URˋW/RVVIRUWKHSHULRG 17.81 (31.26)
(OLPLQDWLRQRIXQUHDOLVHGSURˋWIURPWUDQVDFWLRQZLWKMRLQWYHQWXUHV (4.05) (2.10) (5.76) -
6KDUHRISURˋWORVVRIMRLQWYHQWXUHV1HWRIWD[FDUULHGRYHU 13.76 3.89 (37.02)
WRVWDWHPHQWRISURˋWDQGORVV
The Parent Company had no contingent liabilities or capital commitments relating to its interest in joint ventures as at 31 March 2019
except the corporate guarantee provided to bank against the borrowing by Ryker base pvt. ltd (Refer note - 19(C). Joint ventures can not
GLVWULEXWHWKLVSURˋWVXQWLOWKH\REWDLQFRQVHQWIURPWKHYHQWXUHSDUWQHUV

5HODWHGSDUW\WUDQVDFWLRQV
7KHIROORZLQJWDEOHSURYLGHVWKHWRWDODPRXQWRIWUDQVDFWLRQVWKDWKDYHEHHQHQWHUHGLQWRZLWKUHODWHGSDUWLHVIRUWKHUHOHYDQWˋQDQFLDOSHULRG
5HODWHGSDUWLHVZKHUHFRQWUROH[LVWVbb 1DWXUHRI5HODWLRQVKLSb b b
Ryker Base Private Limited (Ryker) Joint Venture (w.e.f. 31 March 2017)
Techno Electromech Private Limited (TEPL) Joint Venture (w.e.f. 9 March 2017)
(QWHUSULVHVRZQHGRUVLJQLˋFDQWO\LQˌXHQFHGE\NH\PDQDJHULDOSHUVRQQHO b b b b b
Microcab Industries & Logistics Private Limited (MILPL)
$.(QWHUSULVHV$.
'RZHOOV(OHNWUR:HUNH'(:
'RZHOOV(OHFWULFDOV'(
'-(OHFWULFDOV3ULYDWH/LPLWHG'-(3/
Tirupati Tradelinks Private Limited (TTPL)
( A )75$16$&7,216:,7+68%6,',$5,(6)(//2:68%6,',$5,(6(17(535,6(66,*1,),&$17/<,1)/8(1&(' (` Million)
DEW DE '-(3/ 773/ 0,/3/ A.K 7(3/ 5\NHU
Particulars
0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18 0DU Mar 18
6DOHVRI*RRGV - - - 0.07 - - - - - - - - 4.04 56.27
3XUFKDVHRI*RRGV - - 3.80 - 28.87 - 145.16 61.13 - - - - 951.98 0.54 -
Purchase of Service 2.36 - 0.50 - - - - - - - - - - - - -
Job work charges - - - - - - 0.98 - - - - - - 110.52 -
Rent paid - - - - - - - - - 29.11 28.90 - - - -
Sale of Land - - - - - - - - - - - - - - -
Receipt of Services - 0.87 - - - - - - - - - - - - - -
Loans given to related party - - - - - - - - - - - - - -
Loan given repaid - - - - - - - - - - 24.79 - -
- -
Rent received - - - - - - - - - - - - - - 2.81 -
Interest received - - - - - - - - - - - - 15.61 -
Reimbursement of expenses - - - b - - - - - - 2.70 -
recovered
Purchase of Fixed Assets - - 0.12 - - - - - - - 30.71 - - -
10.36
&RUSRUDWH*XDUDQWHH - - - - - - - - - - - - - - 3.80 10.30
Reimbursement of Expenses - - 0.20 0.06 0.02 0.23 - - - - - 0.70 - - -
Balances at period end b b b b b b b b b
Loans - - - - - - - - - - - - 115.21 - -
Receivables - - - - - - - - - - - - 29.28 17.38 12.90
Advances - - - - - - - - - - - - - - -
Interest accrued - - - - - - - - - - - - 3.17 - -

6HFXULW\'HSRVLWV - - - - - - - - - - 6.17 6.17 - - - -
Trade Payable b 1.30 - 0.32 6.08 23.96 0.02 52.41 - - - - 22.62 - 51.44 -
215
Note:- Company has provided a shortfall undertaking for credit facility availed by the Ryker Base Private Limited amounting to `0LOOLRQ0DUFK`0LOOLRQ7KHIDLUYDOXHRIFRUSRUDWHJXDUDQWHH
`0LOOLRQ0DUFK` 10.30 Million) has been included in carrying cost of investment.
.H\PDQDJHPHQWSHUVRQQHO
Mr. Inder T. Jaisinghani &KDLUPDQDQG0DQDJLQJ'LUHFWRU
Mr. R. Ramakrishnan &KLHI([HFXWLYH XSWR0D\
Mr. Ramesh T. Jaisinghani :KROHWLPH'LUHFWRU
Mr. Ajay T. Jaisinghani :KROHWLPH'LUHFWRU
Mr. Shyam Lal Bajaj &KLHI)LQDQFLDORIˋFHUZHI6HSWHPEHUDQG:KROHWLPH'LUHFWRU
)LQDQFHZHI'HFHPEHU
Mr. Radhey Shyam Sharma ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
Mr. Tilokchand Punamchand Ostwal ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
Mr. Pradeep Poddar ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
0UV+LURR0LUFKDQGDQL ,QGHSHQGHQW'LUHFWRUZHI6HSWHPEHU
0U6XEUDPDQLDP6DL1DUD\DQD Company Secretary
Mr. Jayantibhai S. Patel (JSP) 0DQDJLQJ'LUHFWRU'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG
0V'LY\DSUDEKD-3DWHO'-3 'LUHFWRU'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG
0U6XUHVK.XPDU-DMRGLD :KROHWLPH'LUHFWRU7LUXSDWL5HHOV3ULYDWH/LPLWHG
Mr. Pratik Suresh Jajodia :KROHWLPH'LUHFWRU7LUXSDWL5HHOV3ULYDWH/LPLWHG
Mr. Rishikesh Suresh Rajurkar 'LUHFWRU7LUXSDWL5HHOV3ULYDWH/LPLWHG
0U55DPDNULVKQDQZDV.H\0DQDJHPHQWSHUVRQQHODQG-RLQW0DQDJLQJ'LUHFWRURIWKH&RPSDQ\WLOO0D\
5HODWLYHVRI.H\PDQDJHPHQWSHUVRQQHO
Mr. Bharat A. Jaisinghani Son of Mr. Ajay T. Jaisinghani
0U*LUGKDUL7-DLVLQJKDQL Brother of Mr. Inder T. Jaisinghani
0U.XQDO,-DLVLQJKDQL Son of Mr. Inder T. Jaisinghani
0U1LNKLO5-DLVLQJKDQL Son of Mr. Ramesh T. Jaisinghani
0V$QLWD'HYL-DMRGLD :LIHRI0U6XUHVK.XPDU-DMRGLD
0U1LNKLO-DMRGLD 6RQRI0U6XUHVK.XPDU-DMRGLD
( B )5(081(5$7,213$,' (` Million)
2XWVWDQGLQJDW Outstanding at
1DPHRIWKHGLUHFWRUUHODWLYH Year ended 31 the period ended Year ended 31 the period ended
0DUFK 0DUFK March 2018 31 March 2018
0U*LUGKDUL7-DLVLQJKDQL 9.40 2.17 2.07
Mr. Bharat A. Jaisinghani 11.68 2.58 10.83
0U1LNKLO5-DLVLQJKDQL 11.68 2.58 10.83
0U.XQDO-DLVLQJKDQL 1.27 - 1.20 -
0U1LNKLO-DMRGLD 0.96 - 0.96 -
( C )5(173$,' b (` Million)
Year ended 31 Year ended 31
1DPHRIWKHGLUHFWRUUHODWLYH
0DUFK March 2018
0V$QLWD'HYL-DMRGLD 0.44
0U1LNKLO-DMRGLD 0.24
Mr. Pratik Suresh Jajodia 0.13 0.13
0U6XUHVK.XPDU-DMRGLD 0.23 0.23
( ' )(;3(16(65(,0%856(' b (` Million)
1DPHRIWKHGLUHFWRUUHODWLYH Year ended 31 Year ended 31

0DUFK March 2018
Mr. Jayantibhai S. Patel 1.17

( E )5(3$<0(172)(;3(16(65(,0%856('b (` Million)
1DPHRIWKHGLUHFWRUUHODWLYH 0DUFK March 2018
Mr. Jayantibhai S. Patel - 0.88
( F )&2175,%87,215(&(,9(')5200,125,7<,17(5(67)255,*+7,668(b
(` Million)
1DPHRIWKHGLUHFWRUUHODWLYH 0DUFK March 2018
Mr. Jayantibhai S. Patel 18.87 -

0V'LY\DSUDEKD-3DWHO 18.87 -
7HUPVDQGFRQGLWLRQVRIWUDQVDFWLRQVZLWKUHODWHGSDUWLHV
7KH VDOHV WR DQG SXUFKDVHV IURP UHODWHG SDUWLHV DUH PDGH RQ WHUPV HTXLYDOHQW WR WKRVH WKDW SUHYDLO LQ DUPȢV OHQJWK WUDQVDFWLRQV
Outstanding balances at the period-end are unsecured and interest free and settlement occurs in cash. For the period ended 31 March
2019, the Parent Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March
,151LO7KLVDVVHVVPHQWLVXQGHUWDNHQHDFKˋQDQFLDO\HDUWKURXJKH[DPLQLQJWKHˋQDQFLDOSRVLWLRQRIWKHUHODWHGSDUW\DQGWKH
market in which the related party operates.
( * )5(081(5$7,212).(<0$1$*(0(173(56211(/( .03 )
5HPXQHUDWLRQSDLGIRUWKHSHULRGHQGHGDQGRXWVWDQGLQJDVRQ0DUFKWRNH\PDQDJHULDOSHUVRQQHOV (` Million)
Particulars 0DUFK 31 March 2018
)RUWKH\HDU 2XWVWDQGLQJDW For the year Outstanding at

ended the period end ended the year end
Mr. Inder T. Jaisinghani b 86.19 49.65 68.08
Mr. Ramesh T. Jaisinghani b 28.25 6.52 29.9
Mr. Ajay T. Jaisinghani b 28.25 6.52 29.9
0U55DPDNULVKQDQ b 3.58 1.27 31.2
Mr. Shyam Lal Bajaj b 25.76 5.60 22.8
0U6XEUDPDQLDP6DL1DUD\DQD b 3.33 0.36 2.6 0.19
Mr Jayantibhai S. Patel b 0.95 0.85 - 0
Mr. Pratik Suresh Jajodia b 1.44 - 0.11
0V+LURR0LUFKDQGDQL b 1.94 1.18 - -
0U3UDGHHS1DUHQGUD3RGGDU b 2.35 1.27 - -
Mr. Radhey Shyam Sharma b 2.51 1.35 - -
Mr. Tilokchand Punamchand Ostwal b 2.51 1.35 - -
7RWDO b 187.06 75.92 69.88
0U55DPDNULVKQDQZDV.H\0DQDJHPHQWSHUVRQQHODQG-RLQW0DQDJLQJ'LUHFWRURIWKH&RPSDQ\WLOO0D\KHQFHUHPXQHUDWLRQ
GLVFORVHGWLOOKHFRQWLQXHGDV.03
$VWKHOLDELOLWLHVIRUJUDWXLW\DQGOHDYHHQFDVKPHQWDUHSURYLGHGRQDFWXDULDOEDVLVIRUWKH*URXSDVDZKROHWKHDPRXQWVSHUWDLQLQJ
to the directors are not included above.

(+)5(&29(5<2)6+$5(,668((;3(16()520.03$1'5(/$7,9(62).03 (` Million)
Particularsb 5HFRYHUDEOHDPRXQW
Mr. Inder T. Jaisinghani b 46.21
Mr. Ramesh T. Jaisinghani b 45.82
Mr. Ajay T. Jaisinghani b 45.82
0U*LUGKDUL7-DLVLQJKDQL b 45.98
Mr. Bharat A. Jaisinghani b 11.71
0U1LNKLO5-DLVLQJKDQL b 11.71
Total b b 207.25
H[FOXVLYHRI*67VLQFHWKHVHDUHSURYLVLRQDODPRXQWV
( I )3$<$%/(6725(/$7('3$57,(6 (` Million)
0DUFK March 31, 2018
0U1LNKLO-DMRGLD 0.05 0.07
0U6XUHVK.XPDU-DMRGLD - 0.02
0V$QLWD'HYL-DMRGLD - 0.03
Mr. Pratik Suresh Jajodia 0.29 -
( J )5(&(,9$%/()5205(/$7('3$57,(6 (` Million)
0DUFK March 31, 2018
( . )6+$5(%$6('3$<0(17672.03 (` Million)
Particularsb 0DUFK
Mr. Shyam Lal Bajaj 5.99
0U6XEUDPDQLDP6DL1DUD\DQD 0.75
5HSUHVHQWVH[SHQVHE\ZD\RIVKDUHEDVHGSD\PHQWVDWWULEXWDEOHWRGLUHFWRUVDQG.03
/LVWRIVXEVLGLDULHV MRLQWYHQWXUH
Set out below is the list of subsidiaries and joint ventures
b Ownership interest (%)
Country of
1DWXUH
incorporation 0DUFK 31 March 2018
Polycab Wires Italy SRL Subsidiary Italy 100.00% 100.00%
Tirupati Reels Private Limited Subsidiary India 55.00%
'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG Subsidiary India 51.00%
Ryker Base Private Limited # Joint Venture India 50.00%
7HFKQR(OHFWURPHFK3ULYDWH/LPLWHG# Joint Venture India 50.00%
The principal place of business of all the entities listed above is the same as the respective country of incorporation.
(a ) # Joint venture w.e.f. 31 March 2017.
E#-RLQWYHQWXUHZHI0DUFK

6HJPHQWLQIRUPDWLRQ
Basis for segmentation
7KH*URXSLVSULPDULO\HQJDJHGLQWKHEXVLQHVVRIPDQXIDFWXUHDQGVDOHRIHOHFWULFZLUHVDQGFDEOHV7KH*URXSKDVLGHQWLˋHGEXVLQHVVVHJPHQWVDVSULPDU\VHJPHQWVQDPHO\HOHFWULFZLUHVDQGFDEOHV)DVWPRYLQJ
HOHFWULFDOJRRGV RWKHUVEXVLQHVV$OORSHUDWLQJVHJPHQWVȢRSHUDWLQJUHVXOWVDUHUHYLHZHGUHJXODUO\E\WKH*URXSȢVVHQLRUPDQDJHPHQWWRPDNHGHFLVLRQVDERXWUHVRXUFHVWREHDOORFDWHGWRWKHVHJPHQWVDQGDVVHVV
their performance.
7KH*URXSKDVWKUHHUHSRUWDEOHVHJPHQWVDVGHVFULEHGEHORZZKLFKDUHWKH*URXSȢVVWUDWHJLFEXVLQHVVXQLWV7KHVHEXVLQHVVXQLWVRIIHUGLIIHUHQWSURGXFWVDQGVHUYLFHVDQGDUHPDQDJHGVHSDUDWHO\EHFDXVHWKH\UHTXLUH
GLIIHUHQWWHFKQRORJ\DQGPDUNHWLQJVWUDWHJLHV)RUHDFKRIWKHEXVLQHVVXQLWVWKH*URXSȢVFKDLUPDQUHYLHZVLQWHUQDOPDQDJHPHQWUHSRUWVRQSHULRGLFDOEDVLV
7KHIROORZLQJVXPPDU\GHVFULEHVWKHRSHUDWLRQVLQHDFKRIWKH*URXSȢVUHSRUWDEOHVHJPHQWV
Reportable segments Operations b b b b b b b b b
Wires & Cables - Manufacture and sale of electric wires and cables.
)DVWPRYLQJHOHFWULFDOJRRGV)0(* - Electric consumer durable business comprises of business covering electric wiring accessories and electric appliances.
Others - Other business comprises EPC business which includes design, engineering, supply, execution and commissioning of power distribution & rural
HOHFWULˋFDWLRQSURMHFWV,WDOVRFRPSULVHVPDQXIDFWXUHRIFDEOHDFFHVVRULHVHTXLSPHQWVZRRGHQSDOOHWVRXWHU/DJJLQJVDQGFDEOHGUXPVDQGVKDUH
of interests in the joint operation undertaken.
,QIRUPDWLRQDERXWUHSRUWDEOHVHJPHQWV
,QIRUPDWLRQUHJDUGLQJWKHUHVXOWVRIHDFKUHSRUWDEOHVHJPHQWLVLQFOXGHGEHORZ3HUIRUPDQFHLVPHDVXUHGEDVHGRQVHJPHQWSURˋWEHIRUHWD[DVLQFOXGHGLQWKHLQWHUQDOPDQDJHPHQWUHSRUWVWKDWDUH
UHYLHZHGE\WKH*URXSȢVFKDLUPDQ6HJPHQWSURˋWLVXVHGWRPHDVXUHSHUIRUPDQFHDVPDQDJHPHQWEHOLHYHVWKDWVXFKLQIRUPDWLRQLVWKHPRVWUHOHYDQWLQHYDOXDWLQJWKHUHVXOWVRIFHUWDLQVHJPHQWVUHODWLYH
WRRWKHUHQWLWLHVWKDWRSHUDWHZLWKLQWKHVHLQGXVWULHV,QWHUVHJPHQWSULFLQJLVGHWHUPLQHGRQDQDUPȢVOHQJWKEDVLV
( A )35,0$5<6(*0(175(3257,1*( %<%86,1(666(*0(17 ) (` Million)

0DUFK 31 March 2018
Particulars
,QFRPH b b b b b b b b b b
External sales 69,295.08 6,432.94 4,637.40 80,365.42
Inter segment revenue 1,348.00 (1,348.00) - -
7RWDOLQFRPH 70,643.08 6,432.94 4,637.40 (1,348.00) 80,365.42
Segment Results b b b b b b b b b
Segment/Operating results 8,350.62 74.51 197.93 - 8,623.06 88.30 80.79 -
8QDOORFDWHGLWHPV
Financial income - - - - 127.90 - - - -
Finance costs - - - - 1,167.06 - - - - 936.80
Provision for taxation - - - - 2,557.58 - - - - 2,082.28
3URˋWIRUWKHSHULRG 5,026.32
6KDUHRISURˋWORVVRIMRLQWYHQWXUH - 13.76 (37.02) - (23.26) - 3.89 -

(Net of tax)
'HSUHFLDWLRQ $PRUWLVDWLRQH[SHQVHV 1,319.27 80.70 14.48 - 1,414.45 -
Total cost incurred during the year to 2,364.10 350.04 99.39 - 2,813.53 -
219
DFTXLUHVHJPHQWDVVHWV1HWRIGLVSRVDO
220
6HJPHQWLQIRUPDWLRQ
Other Information (` Million)
0DUFK 0DUFK
Particulars
Segment assets 41,044.74 4,993.78 6,689.52 - 52,728.04 -
Un-allocated assets - - - - 3,261.06 - - - - 681.90

Investment in Joint Venture - - - - 293.85
7RWDODVVHWV 56,282.95
Segment liabilities 16,595.20 1,002.51 5,364.81 - 22,962.52 12,921.67 3,100.33 -
Un-allocated liabilities & provisions - - - - 4,766.63 - - - -
7RWDOOLDELOLWLHV 27,729.15
( B )6(&21'$5<6(*0(17,1)250$7,21
Secondary segmental reporting is based on the geographical location of customer. The geographical segments have been disclosed based on revenues within India (sales to customers in India) and
revenues outside India (sales to customer located outside India)
(` Million)
0DUFK 31 March 2018
Particulars :LWKLQ,QGLD 2XWVLGH 7RWDO Within India Outside Total
,QGLD India
Segment revenue 77,882.94 2,482.48 80,365.42
Segment assets 55,853.70 429.25 56,282.95 689.72
Capital expenditure incurred 2,813.53 - 2,813.53 -
)DLUYDOXHPHDVXUHPHQWV
6HWRXWEHORZLVDFRPSDULVRQE\FODVVRIWKHFDUU\LQJDPRXQWVDQGIDLUYDOXHRIWKH&RPSDQ\ȢVˋQDQFLDOLQVWUXPHQWVRWKHUWKDQ
WKRVHZLWKFDUU\LQJDPRXQWVWKDWDUHUHDVRQDEOHDSSUR[LPDWLRQVRIIDLUYDOXHV
(` Million)
Carrying value Fair value
)LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURˋWRU b b b b
ORVVDFFRXQW)973/
Units of mutual funds - -
Financial assets at amortised cost
Trade receivables 1,351.27 880.00 1,351.27 880.00
2WKHUˋQDQFLDODVVHWV 50.88 61.16 50.88 61.16
Derivatives not designated as hedges b b b b
Interest rate and cross currency swap 7.40 3.30 7.40 3.30
7RWDO 1,409.55 1,409.55
%RUURZLQJV(&%IURP+6%& 691.71 691.71
Borrowings - Term loan from Citi bank 867.30 1,137.30 867.30 1,137.30
,QGLDQUXSHHORDQIURP+')&%DQN 134.47 134.47
(PEHGGHG'HULYDWLYH 65.53 278.87 65.53 278.87
Derivatives not designated as hedges
Foreign exchange forward contracts 172.48 172.48
Fair value of written put options 48.90 48.90
7RWDO 1,980.39 2,660.96 1,980.39 2,660.96

Interest rate swaps, foreign exchange forward contracts and embeded commodity derivative are valued using valuation techniques, which employ
the use of market observable inputs( closing rates of foreign currency and commodities).
Embedded foreign currency and commodity derivatives are measured similarly to the foreign currency forward contracts and commodity derivatives.
The embedded derivatives are commodity and foreign currency forward contracts which are separated from purchase contracts.
The management assessed that cash and cash equivalents, trade receivables, trade payables, short-term borrowings, loans to related party, loans to
employees, short term security deposit and other current liabilities approximate their carrying amounts largely due to the short-term maturities of
these instruments.
7KHIDLUYDOXHRIWKHˋQDQFLDODVVHWVDQGOLDELOLWLHVLVLQFOXGHGDWWKHDPRXQWDWZKLFKWKHLQVWUXPHQWFRXOGEHH[FKDQJHGLQDFXUUHQWWUDQVDFWLRQ
between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values.
)L[HGUDWHDQGYDULDEOHUDWHORDQVDUHHYDOXDWHGE\WKH&RPSDQ\EDVHGRQSDUDPHWHUVVXFKDVLQWHUHVWUDWHVVSHFLˋFFRXQWU\ULVNIDFWRUVLQGLYLGXDO
creditworthiness of the customer. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.
7KHIDLUYDOXHVRIWKH&RPSDQ\ȢVLQWHUHVWEHDULQJERUURZLQJVDQGORDQVDUHGHWHUPLQHGE\XVLQJ'&)PHWKRGXVLQJGLVFRXQWUDWHWKDWUHˌHFWVWKH
LVVXHUȢVERUURZLQJUDWHDVDWWKHHQGRIWKHUHSRUWLQJSHULRG7KHQRQSHUIRUPDQFHULVNDVDW0DUFKZDVDVVHVVHGWREHLQVLJQLˋFDQW
7KHIDLUYDOXHVRIWKHPXWXDOIXQGVDUHEDVHGRQ1$9DWWKHUHSRUWLQJGDWH
The fair value of interest rate swaps are based on MTM bank rates as on reporting date.
7KHIDLUYDOXHRISXWRSWLRQLVGHWHUPLQHGXVLQJ0RQWH&DUOR6LPXODWLRQZKLFKDVVXPHVD*HRPHWULF%URZQLDQ0RWLRQIRUWKHPRGHOOLQJHTXLW\
value.
7KHNH\DVVXPSWLRQVXVHGIRUIDLUYDOXDWLRQRI3XWRSWLRQDUH
Dbbbbb&RVWRI(TXLW\ȟ
Ebbbbb:$&&ȟ
Fbbbbb7HUPLQDOJURZWKUDWHȟ
7KHJURXSHQWHUVLQWRGHULYDWLYHˋQDQFLDOLQVWUXPHQWVZLWKYDULRXVFRXQWHUSDUWLHVSULQFLSDOO\ˋQDQFLDOLQVWLWXWLRQVZLWKLQYHVWPHQW
grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employs the use of market
observable inputs. The most frequently applied valuation techniques include forward pricing and swap models, using present value
calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward
rates, yield curves of the respective currencies, currency basis spreads between the respective currencies, interest rate curves. All
GHULYDWLYH FRQWUDFWV DUH IXOO\ FDVK FROODWHUDOLVHG WKHUHE\ HOLPLQDWLQJ ERWK FRXQWHUSDUW\ DQG WKH &RPSDQ\ȢV RZQ QRQSHUIRUPDQFH
risk. Mark-to-market value of derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty
default risk. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives
GHVLJQDWHGLQKHGJHUHODWLRQVKLSVDQGRWKHUˋQDQFLDOLQVWUXPHQWVUHFRJQLVHGDWIDLUYDOXH

)DLUYDOXHKLHUDUFK\
7KHIROORZLQJWDEOHSURYLGHVWKHIDLUYDOXHPHDVXUHPHQWKLHUDUFK\RIWKH*URXSȢVDVVHWVDQGOLDELOLWLHVb
4XDQWLWDWLYHGLVFORVXUHVIDLUYDOXHPHDVXUHPHQWKLHUDUFK\IRUDVVHWVDQGOLDELOLWLHVDVDW0DUFK
(` Million)
b Quoted prices in 6LJQLˋFDQW 6LJQLˋFDQW
Date of valuation 7RWDO
/HYHO /HYHO /HYHO
Interest rate and cross currency swap 31 March 2019 - -
'HULYDWLYHˋQDQFLDODVVHWV b b b b b
Foreign exchange forward contracts 31 March 2019 - - - -
/LDELOLWLHVPHDVXUHGDWIDLUYDOXH b b b b b
'HULYDWLYHˋQDQFLDOOLDELOLWLHV b b b b b
5HIHU1RWH
4XDQWLWDWLYHGLVFORVXUHVIDLUYDOXHPHDVXUHPHQWKLHUDUFK\IRUDVVHWVDQGOLDELOLWLHVDVDW0DUFK (` Million)
b Date of valuation 7RWDO Quoted prices in 6LJQLˋFDQW 6LJQLˋFDQW
/HYHO /HYHO /HYHO
Units of mutual funds 31 March 2018 - -
Interest rate and cross currency swap 31 March 2018 3.30 - 3.30 -
'HULYDWLYHˋQDQFLDODVVHWV
/LDELOLWLHVPHDVXUHGDWIDLUYDOXH
'HULYDWLYHˋQDQFLDOOLDELOLWLHV
5HIHU1RWH

7KH*URXSȢVSULQFLSDOˋQDQFLDOOLDELOLWLHVRWKHUWKDQGHULYDWLYHVFRPSULVHORDQVDQGERUURZLQJVDQGWUDGHDQGRWKHUSD\DEOHV7KH
PDLQSXUSRVHRIWKHVHˋQDQFLDOOLDELOLWLHVLVWRˋQDQFHWKH*URXSȢVRSHUDWLRQVDQGWRSURYLGHJXDUDQWHHVWRVXSSRUWLWVRSHUDWLRQV7KH
*URXSȢVSULQFLSDOˋQDQFLDODVVHWVLQFOXGHORDQVWUDGHDQGRWKHUUHFHLYDEOHVDQGFDVKDQGFDVKHTXLYDOHQWVWKDWGHULYHGLUHFWO\IURPLWV
RSHUDWLRQV7KH*URXSDOVRKROGV)973/LQYHVWPHQWVDQGHQWHUVLQWRGHULYDWLYHWUDQVDFWLRQV
7KH*URXSLVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVN7KH*URXSȢVVHQLRUPDQDJHPHQWRYHUVHHVWKHPDQDJHPHQWRIWKHVH
ULVNV7KH*URXSȢVVHQLRUPDQDJHPHQWȢIRFXVLVWRIRUHVHHWKHXQSUHGLFWDELOLW\DQGPLQLPL]HSRWHQWLDODGYHUVHHIIHFWVRQWKH*URXSȢV
ˋQDQFLDOSHUIRUPDQFH7KH*URXSȢVRYHUDOOULVNPDQDJHPHQWSURFHGXUHVWRPLQLPLVHWKHSRWHQWLDODGYHUVHHIIHFWVRIˋQDQFLDOPDUNHW
RQWKH*URXSȢVSHUIRUPDQFHDUHDVIROORZV
(A)0$5.(75,6.
0DUNHWULVNLVWKHULVNWKDWWKHIDLUYDOXHRIIXWXUHFDVKˌRZVRIDˋQDQFLDOLQVWUXPHQWZLOOˌXFWXDWHEHFDXVHRIFKDQJHVLQPDUNHWSULFHV
0DUNHWULVNFRPSULVHVWKUHHW\SHVRIULVNLQWHUHVWUDWHULVNFXUUHQF\ULVNDQGRWKHUSULFHULVNVXFKDVHTXLW\SULFHULVNDQGFRPPRGLW\
ULVN)LQDQFLDOLQVWUXPHQWVDIIHFWHGE\PDUNHWULVNLQFOXGHORDQVDQGERUURZLQJVGHSRVLWV)973/LQYHVWPHQWVDQGGHULYDWLYHˋQDQFLDO
instruments.
L,QWHUHVWUDWHULVN
,QWHUHVWUDWHULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKˌRZVRIDˋQDQFLDOLQVWUXPHQWZLOOˌXFWXDWHEHFDXVHRIFKDQJHVLQPDUNHW
LQWHUHVWUDWHV7KH*URXSȢVH[SRVXUHWRWKHULVNRIFKDQJHVLQPDUNHWLQWHUHVWUDWHVUHODWHVSULPDULO\WRWKH*URXSȢVORQJWHUPGHEW
REOLJDWLRQVZLWKˌRDWLQJLQWHUHVWUDWHV
7KH*URXSPDQDJHVLWVLQWHUHVWUDWHULVNE\KDYLQJDˋ[HGDQGYDULDEOHUDWHORDQVDQGERUURZLQJV7KH*URXSȢVDSSURDFKLVWRNHHSLWV
PDMRULW\RIERUURZLQJVDWˋ[HGUDWHVRILQWHUHVWIRUORQJWHUPIXQGLQJ7KH*URXSDOVRHQWHUVLQWRLQWHUHVWUDWHVZDSVIRUORQJWHUP
IRUHLJQ FXUUHQF\ ERUURZLQJV LQ ZKLFK LW DJUHHV WR H[FKDQJH DW VSHFLˋHG LQWHUYDOV WKH GLIIHUHQFH EHWZHHQ ˋ[HG DQGYDULDEOH UDWH
interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 March 2019, after taking into account
WKHHIIHFWRILQWHUHVWUDWHVZDSVDSSUR[LPDWHO\RIWKH*URXSȢVERUURZLQJVDUHDWDˋ[HGUDWHRILQWHUHVW0DUFK
,17(5(675$7(6(16,7,9,7<
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
ERUURZLQJV DIIHFWHG DIWHU WKH LPSDFW RI KHGJH DFFRXQWLQJ :LWK DOO RWKHU YDULDEOHV KHOG FRQVWDQW WKH *URXSȢV SURˋW EHIRUH WD[ LV
DIIHFWHGWKURXJKWKHLPSDFWRQˌRDWLQJUDWHERUURZLQJVDVIROORZV
( ` Million)
b Exposure to interest
rate risk (Principal Increase/decrease (IIHFWRQSURˋW
amount of loan) in basis points before tax
0DUFK 717.68 b b
Increase b (7.18)
'HFUHDVH b -100 7.18
b b b b
0DUFK b b
Increase b
'HFUHDVH b -100
b b b b
LL)RUHLJQFXUUHQF\ULVN
)RUHLJQFXUUHQF\ULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKˌRZVRIDQH[SRVXUHZLOOˌXFWXDWHEHFDXVHRIFKDQJHVLQIRUHLJQ
H[FKDQJH UDWHV7KH *URXSȢV H[SRVXUH WR WKH ULVN RI FKDQJHV LQ IRUHLJQ H[FKDQJH UDWHV UHODWHV SULPDULO\ WR WKH *URXSȢV RSHUDWLQJ
DFWLYLWLHVZKHQUHYHQXHRUH[SHQVHLVGHQRPLQDWHGLQDIRUHLJQFXUUHQF\DQGWKH*URXSȢVERUURZLQJVLQIRUHLJQFXUUHQF\
7RVRPHH[WHQWWKH*URXSPDQDJHVLWVIRUHLJQFXUUHQF\ULVNE\KHGJLQJWUDQVDFWLRQV
3DUWLFXODUVRIXQKHGJHGIRUHLJQFXUUHQF\H[SRVXUHVDVDWWKHUHSRUWLQJGDWH
0DUFK 31 March 2018

Currency )RUHLJQFXUUHQF\ (` 0LOOLRQ Foreign currency (` Million)
86' (88.78) (6,141.26)
Euro (0.39) (30.46) (3.02)
*%3 0.58 52.38 0.12 11.19
&+) (0.01) (0.74) - -
$8' 0.24 12.07 - -

)25(,*1&855(1&<6(16,7,9,7<
7KHIROORZLQJWDEOHVGHPRQVWUDWHWKHVHQVLWLYLW\WRDUHDVRQDEO\SRVVLEOHFKDQJHLQ86'(XUR*%3DQG&+)H[FKDQJHUDWHVZLWKDOO
RWKHUYDULDEOHVKHOGFRQVWDQW7KHLPSDFWRQWKH*URXSȢVSURˋWEHIRUHWD[LVGXHWRFKDQJHVLQWKHIDLUYDOXHRIPRQHWDU\DVVHWVDQG
OLDELOLWLHVLQFOXGLQJQRQGHVLJQDWHGIRUHLJQFXUUHQF\GHULYDWLYHVDQGHPEHGGHGGHULYDWLYHV7KH*URXSȢVH[SRVXUHWRIRUHLJQFXUUHQF\
FKDQJHVIRUDOORWKHUFXUUHQFLHVLVQRWPDWHULDO6HQVLWLYLW\GXHWRXQKHGJHG)RUHLJQ([FKDQJH([SRVXUHVLVDVIROORZV
,03$&721352),7%()25(7$;$1'(48,7<
(`0LOOLRQb
0DUFK 31 March 2018
Currency -2% -2%
86' (122.83) 122.83 (89.10) 89.10
Euro (0.61) 0.61
*%3 1.05 (1.05) 0.22 (0.22)
&+) (0.01) 0.01 - -
$8' 0.24 (0.24) - -
LLL&RPPRGLW\SULFHULVN
7KH*URXSȢVH[SRVXUHWRSULFHULVNRIFRSSHUDQGDOXPLQLXPDOVRDULVHVIURPWUDGHSD\DEOHVRIWKH*URXSZKHUHWKHSULFHVDUHOLQNHGWR
/0(3D\PHQWLVWKHUHIRUHVHQVLWLYHWRFKDQJHVLQFRSSHUDQGDOXPLQLXPSULFHV7KHWUDGHSD\DEOHVDUHFODVVLˋHGLQWKHEDODQFHVKHHW
DVIDLUYDOXHWKURXJKSURˋWRUORVV7KHRSWLRQWRˋ[SULFHVDUHDWIXWXUHXQˋ[HG/0(SULFHVWRKHGJHDJDLQVWSRWHQWLDOORVVHVLQYDOXHRI
LQYHQWRU\RIFRSSHUDQGDOXPLQLXPKHOGE\WKH*URXS:LWKHIIHFWIURP$SULOWKH*URXSDSSOLHVIDLUYDOXHKHGJHIRUWKHFRSSHU
DQGDOXPLQLXPSXUFKDVHGZKRVHSULFHLVWREHˋ[HGLQIXWXUH7KHUHIRUHWKHUHLVQRLPSDFWRIWKHˌXFWXDWLRQLQWKHSULFHRIWKHFRSSHU
DQGDOXPLQLXPRQWKH*URXSȢVSURˋWIRUWKHSHULRGHQGHG0DUFKWRWKHH[WHQWRILQYHQWRU\RQKDQG
6HQVLWLYLW\DQDO\VLVIRURSHQFRQWUDFWVIRUWKH\HDUHQGHG0DUFKDQG0DUFKDUHDVIROORZV
([SRVXUHRI*URXSLQUHVSHFWLYHFRPPRGLWLHV b b (` Million)
b Exposure in Exposure in Exposure in Exposure in
0HWULF7RQQH `0LOOLRQ Metric Tonne ` Million
Copper 16.00 7.64 310.19
Aluminium 6,750.66 1,001.50 - -
b b b b b
7KHIROORZLQJWDEOHVKRZVWKHHIIHFWRISULFHFKDQJHVLQFRPPRGLWLHV
,03$&721352),7%()25(7$;$1'(48,7< (` Million)
b -2% -2%
Copper 0.15 (0.15)
Aluminium 20.03 (20.03) - -
b b b b b b
(B)&5(',75,6.
&UHGLWULVNLVWKHULVNWKDWFRXQWHUSDUW\ZLOOQRWPHHWLWVREOLJDWLRQVXQGHUDˋQDQFLDOLQVWUXPHQWRUFXVWRPHUFRQWUDFWOHDGLQJWR
DˋQDQFLDOORVV7KH*URXSLVH[SRVHGWRFUHGLWULVNIURPLWVRSHUDWLQJDFWLYLWLHVSULPDULO\WUDGHUHFHLYDEOHVDQGIURPLWVˋQDQFLQJ
DFWLYLWLHVLQFOXGLQJGHSRVLWVZLWKEDQNVDQGˋQDQFLDOLQVWLWXWLRQVIRUHLJQH[FKDQJHWUDQVDFWLRQVDQGRWKHUˋQDQFLDOLQVWUXPHQWV
L7UDGHUHFHLYDEOHV
Credit risk has always been managed through credit approvals, establishing credit limits and continuously monitoring the credit
ZRUWKLQHVVRIFXVWRPHUVWRZKLFKWKH*URXSJUDQWVFUHGLWWHUPVLQWKHQRUPDOFRXUVHRIEXVLQHVV2QDFFRXQWRIDGRSWLRQRI,QG$6
WKH*URXSXVHVH[SHFWHGFUHGLWORVVPRGHOWRDVVHVVWKHLPSDLUPHQWORVVRUJDLQ7KH*URXSKDVDSSOLHG([SHFWHG&UHGLW/RVV(&/
model for measurement and recognition of impairment losses on trade receivables. ECL has been computed as a percentage of revenue
RQWKHEDVLVRI*URXSȢVKLVWRULFDOGDWDRIGHOD\LQFROOHFWLRQRIDPRXQWVGXHIURPFXVWRPHUVDQGGHIDXOWE\WKHFXVWRPHUVDORQJZLWK
PDQDJHPHQWȢVHVWLPDWHV7KHJURXSKDVFKDQQHOˋQDQFHDUUDQJHPHQWVZLWKEDQNVIRUSURYLGLQJFUHGLWWRLWVGHDOHUV(YDOXDWLRQLV
PDGHDVSHUWKHWHUPVRIWKHFRQWUDFWVLHLIWKHJURXSGRHVQRWUHWDLQDQ\ULVNDQGUHZDUGVRUFRQWURORYHUWKHˋQDQFLDODVVHWVWKHQ
WKHHQWLW\GHUHFRJQLVHVVXFKDVVHWVXSRQWUDQVIHURIˋQDQFLDODVVHWVXQGHUVXFKDUUDQJHPHQWVZLWKWKHEDQNV

)LQDQFLDOULVNPDQDJHPHQWREMHFWLYHVDQGSROLFLHV
(C)/,48,',7<5,6.
7KH*URXSȢVSULQFLSOHVRXUFHVRIOLTXLGLW\DUHFDVKDQGFDVKHTXLYDOHQWVDQGWKHFDVKˌRZWKDWLVJHQHUDWHGIURPRSHUDWLRQV7KH*URXS
EHOLHYHVWKDWWKHZRUNLQJFDSLWDOLVVXIˋFLHQWWRPHHWLWVFXUUHQWUHTXLUHPHQWV$FFRUGLQJO\QROLTXLGLW\ULVNLVSHUFHLYHG7KH*URXS
closely monitors its liquidity position and maintains adequate source of funding.
7KHWDEOHEHORZVXPPDULVHVWKHPDWXULW\SURˋOHRIWKH*URXSȢVˋQDQFLDOOLDELOLWLHVEDVHGRQFRQWUDFWXDOXQGLVFRXQWHGSD\PHQWV
(` Million)
<HDUHQGHG0DUFK b b b
Borrowings b 1,030.71 889.25 1,919.96
2WKHUˋQDQFLDOOLDELOLWLHV b 1,813.64 - 1,813.64
b b b 18,046.17 889.25 18,935.42

<HDUHQGHG0DUFK b b b b
Borrowings b
2WKHUˋQDQFLDOOLDELOLWLHV b -
b b b
b b b

+HGJLQJDFWLYLW\DQGGHULYDWLYHVb
)DLUYDOXHKHGJHRIFRSSHUDQGDOXPLQLXPSULFHULVNLQLQYHQWRU\
7KH*URXSLVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVN7KH*URXSȢVVHQLRUPDQDJHPHQWRYHUVHHVWKHPDQDJHPHQWRIWKHVH
ULVNV7KH*URXSȢVVHQLRUPDQDJHPHQWȢIRFXVLVWRIRUHVHHWKHXQSUHGLFWDELOLW\DQGPLQLPL]HSRWHQWLDODGYHUVHHIIHFWVRQWKH*URXSȢV
ˋQDQFLDOSHUIRUPDQFH7KH*URXSȢVRYHUDOOULVNPDQDJHPHQWSURFHGXUHVWRPLQLPLVHWKHSRWHQWLDODGYHUVHHIIHFWVRIˋQDQFLDOPDUNHW
RQWKH*URXSȢVSHUIRUPDQFHDUHDVIROORZV
7KH*URXSHQWHUVLQWRFRQWUDFWVWRSXUFKDVHFRSSHUDQGDOXPLQLXPZKHUHLQWKH*URXSKDVWKHRSWLRQWRˋ[WKHSXUFKDVHSULFHEDVHGRQ
LME price of copper and aluminium during a stipulated time period. Accordingly, these contracts are considered to have an embedded
derivative that is required to be separated. Such feature is kept to hedge against exposure in the value of inventory of copper and
DOXPLQLXPGXHWRYRODWLOLW\LQFRSSHUDQGDOXPLQLXPSULFHV)URP$SULOWKH*URXSGHVLJQDWHVWKHHPEHGGHGGHULYDWLYHLQWKH
SD\DEOHIRUVXFKSXUFKDVHVDVWKHKHGJLQJLQVWUXPHQWLQIDLUYDOXHKHGJLQJRILQYHQWRU\7KH*URXSGHVLJQDWHVRQO\WKHVSRWWRVSRW
movement of the copper and aluminium inventory as the hedged risk. The carrying value of inventory is accordingly adjusted for the
HIIHFWLYHSRUWLRQRIFKDQJHLQIDLUYDOXHRIKHGJLQJLQVWUXPHQW+HGJHDFFRXQWLQJLVGLVFRQWLQXHGZKHQWKHKHGJLQJLQVWUXPHQWLV
VHWWOHGRUZKHQLWQRORQJHUTXDOLˋHVIRUKHGJHDFFRXQWLQJRUZKHQWKHKHGJHGLWHPLVVROG
'LVFORVXUHRIHIIHFWVRIIDLUYDOXHKHGJHDFFRXQWLQJRQˋQDQFLDOSRVLWLRQ
+HGJHGLWHP&KDQJHVLQIDLUYDOXHRILQYHQWRU\DWWULEXWDEOHWRFKDQJHLQFRSSHUDQGDOXPLQLXPSULFHV
+HGJLQJLQVWUXPHQW&KDQJHVLQIDLUYDOXHRIWKHHPEHGGHGGHULYDWLYHRIFRSSHUDQGDOXPLQLXPWUDGHSD\DEOHVDVGHVFULEHGDERYH
(` Million)
Carrying amount of Carrying amount of Balance Effective Ineffective
hedged item hedging instrument Maturity +HGJH sheet SRUWLRQRIb SRUWLRQRIb
Commodity price risk Asset Liabilities Asset Liabilities date Ratio FODVVLˋFDWLRQ +HGJH +HGJH
Hedged item - Range
LQYHQWRU\RI&RSSHUDQG 21.71 - - - within 3 Inventory
aluminium months
Hedging instrument: - 21.71 32.89
Range
(PEHGGHGGHULYDWLYHLQ Trade
- - - within 3
WUDGHSD\DEOHVRI&RSSHU Payable
months
and aluminium
&DSLWDOPDQDJHPHQWb
)RU WKH SXUSRVH RI WKH *URXSȢV FDSLWDO PDQDJHPHQW FDSLWDO LQFOXGHV LVVXHG HTXLW\ FDSLWDO VKDUH SUHPLXP DQG DOO RWKHU HTXLW\
UHVHUYHVDWWULEXWDEOHWRWKHHTXLW\KROGHUVRIWKHSDUHQW7KHSULPDU\REMHFWLYHRIWKH*URXSȢVFDSLWDOPDQDJHPHQWLVWRPD[LPLVHWKH
shareholder value.
7KH*URXSPDQDJHVLWVFDSLWDOVWUXFWXUHDQGPDNHVDGMXVWPHQWVLQOLJKWRIFKDQJHVLQHFRQRPLFFRQGLWLRQVDQGWKHUHTXLUHPHQWVRI
WKHˋQDQFLDOFRYHQDQWV7RPDLQWDLQRUDGMXVWWKHFDSLWDOVWUXFWXUHWKH*URXSPD\DGMXVWWKHGLYLGHQGSD\PHQWWRVKDUHKROGHUVUHWXUQ
FDSLWDOWRVKDUHKROGHUVRULVVXHQHZVKDUHV7KH*URXSPRQLWRUVFDSLWDOXVLQJDJHDULQJUDWLRZKLFKLVQHWGHEWGLYLGHGE\WRWDOFDSLWDO
SOXVQHWGHEW7KH*URXSȢVSROLF\LVWRNHHSWKHJHDULQJUDWLREHWZHHQDQG7KH*URXSLQFOXGHVZLWKLQQHWGHEWLQWHUHVW
bearing loans and borrowings, trade and other payables, less cash and cash equivalents.
(` Million)
b b b b b b b31 March 2019 31 March 2018
%RUURZLQJV5HIHUQRWH D 1,919.96
Trade payables ( Refer note- 19b) 15,201.82 9,220.87
2WKHUSD\DEOHV5HIHU1RWHF 1,813.64
/HVVFDVKDQGFDVKHTXLYDOHQWV5HIHU1RWHE (1,790.59) (82.32)
1HWGHEW 17,144.83 17,801.33
b b
Equity 28,469.55
Total capital 28,469.55
&DSLWDODQGQHWGHEW 45,614.38
*HDULQJUDWLR b b b b b 38% 43%
,QRUGHUWRDFKLHYHWKLVRYHUDOOREMHFWLYHWKH*URXSȢVFDSLWDOPDQDJHPHQWDPRQJVWRWKHUWKLQJVDLPVWRHQVXUHWKDWLWPHHWVˋQDQFLDO
FRYHQDQWVDWWDFKHGWRWKHLQWHUHVWEHDULQJORDQVDQGERUURZLQJVWKDWGHˋQHFDSLWDOVWUXFWXUHUHTXLUHPHQWV%UHDFKHVLQPHHWLQJWKH
ˋQDQFLDOFRYHQDQWVZRXOGSHUPLWWKHEDQNWRLPPHGLDWHO\FDOOORDQVDQGERUURZLQJV7KHUHKDYHEHHQQREUHDFKHVLQWKHˋQDQFLDO
covenants of any interest-bearing loans and borrowing in the current period.
1RFKDQJHVZHUHPDGHLQWKHREMHFWLYHVSROLFLHVRUSURFHVVHVIRUPDQDJLQJFDSLWDOGXULQJWKHSHULRGHQGHG0DUFKDQG
31 March 2018.

,QIRUPDWLRQIRU&RQVROLGDWHG)LQDQFLDO6WDWHPHQWSXUVXDQWWR6FKHGXOH,,,RIWKH&RPSDQLHV$FW
(` Million)
Net Assets, i.e., total assets minus Share in other comprehensive Share in total comprehensive
WRWDOOLDELOLWLHV 6KDUHLQSURˋWRUORVV income income
Particulars As % of
As % of As % of As % of consolidated Total
consolidated net consolidated consolidated comprehensive
assets Amount SURˋWRUORVV Amount OCI Amount income Amount
Parent
Polycab India Limited 98.26% 28,061.60 100.20% 100.20%
6XEVLGLDULHV
Indian
Tirupati Reels Private Limited 0.13% 0.00% -
'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG 0.20% 0.09% 0.00% - 0.09%
Foreign
Polycab Wires Italy SRL 0.07% 20.90 0.02% 1.19 0.01% 0.68
-RLQW9HQWXUH
Techno Electromech Private Limited 0.31% 0.28% 13.76 0.00% - 0.28% 13.76
Ryker Base Private Limited 0.72% (37.02) 0.00% - (37.02)
0LQRULW\,QWHUHVWLQDOOVXEVLGLDULHV
,QGLDQ
Tirupati Reels Private Limited 0.10% 1.93 0.00% - 1.93
'RZHOOV&DEOH$FFHVVRULHV3ULYDWH/LPLWHG 0.19% 0.07% 0.00% - 0.07%
727$/ 100.00% 100.00% 100.00% 100.00%

227
,QYHVWPHQWDQGORDQWRVXEVLGLDU\
$V DW 0DUFK WKH 3DUHQW &RPSDQ\ KDV LQYHVWPHQW RI (XUR ` 10.89 million) and loan of Euro 388,276.11
(` 30.17 million) in Polycab Italy SRL (PWISRL), a wholly owned subsidiary company situated in Italy.
3:,65/LQLWVˋQDQFLDOVWDWHPHQWKDGDSSURSULDWHGDQDPRXQWRI(XUR` 2.80 million) from Share Capital and Euro
`PLOOLRQIURPORDQJLYHQE\WKH&RPSDQ\WRDFFXPXODWHGORVVHVRISUHYLRXV\HDUVDQG&DSLWDO5HGXFWLRQ
Reserve to comply with the applicable Italian accounting requirements in an earlier year.
7KH3DUHQW&RPSDQ\KDGˋOHGDFRPSRXQGLQJDSSOLFDWLRQZLWK5HVHUYH%DQNRI,QGLD5%,LQUHVSRQVHWRZKLFK5%,GLUHFWHG
our Parent Company to comply with alternatives. Currently, the company is in the process of evaluating the alternatives directed
E\5%,DQGZLOOEHUHVSRQGLQJLQGXHFRXUVH&RQVLGHULQJWKHVWDWXVQRDGMXVWPHQWLVPDGHLQWKHˋQDQFLDOVWDWHPHQWVIRUWKH
year ended 31 March 2019.
6XEVHTXHQWHYHQWV
The Parent Company has completed initial public offering (IPO) including fresh issue of `PLOOLRQFRPSULVLQJRI
equity shares of ` 10/- each at an issue price `SHUVKDUHDQGHTXLW\VKDUHVRI` 10/- each at an issue price `
SHUVKDUHIRUHPSOR\HHTXRWD7KHHTXLW\VKDUHVRIWKH&RPSDQ\ZHUH1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG16(DQG%6(
Limited (BSE) w.e.f. 16 April 2019.
7KH DPHQGPHQWV WR VWDQGDUGV WKDW DUH LVVXHG EXW QRW \HW HIIHFWLYH XS WR WKH GDWH RI LVVXDQFH RI WKH &RPSDQ\ȢV ˋQDQFLDO
statement are disclosed below. The Company intends to adopt these standards if applicable, when they become effective. The
Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Second Amendment Rules, 2019
DSSOLFDEOHIURP$SULODPHQGLQJWKHIROORZLQJVWDQGDUG
(i) Impact of Ind AS 116 - Leases
2Q 0DUFK 0LQLVWU\ RI &RUSRUDWH $IIDLUV KDV QRWLˋHG ,QG $6 /HDVHV ,QG $6 ZLOO UHSODFH WKH H[LVWLQJ
leases Standard, Ind AS 17 Leases, and related Interpretations. The Standard sets out the principles for the recognition,
measurement, presentation and disclosure of leases for both parties to a contract i.e., the lessee and the lessor. Ind
$6 LQWURGXFHV D VLQJOH OHVVHH DFFRXQWLQJ PRGHO DQG UHTXLUHV D OHVVHH WR UHFRJQL]H DVVHWV DQG OLDELOLWLHV IRU DOO
leases with a term of more than twelve months, unless the underlying asset is of low value. Currently, operating
OHDVH H[SHQVHV DUH FKDUJHG WR WKH VWDWHPHQW RI 3URˋW /RVV 7KH 6WDQGDUG DOVR FRQWDLQV HQKDQFHG GLVFORVXUH
requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting requirements in Ind AS 17
The effective date for adoption of Ind AS 116 is annual periods beginning on or after April 1, 2019. The standard permits
WZRSRVVLEOHPHWKRGVRIWUDQVLWLRQ
ȩ )XOOUHWURVSHFWLYHȟ5HWURVSHFWLYHO\WRHDFKSULRUSHULRGSUHVHQWHGDSSO\LQJ,QG$6$FFRXQWLQJ3ROLFLHV&KDQJHVLQ
Accounting Estimates and Errors
ȩ 0RGLˋHGUHWURVSHFWLYHȟ5HWURVSHFWLYHO\ZLWKWKHFXPXODWLYHHIIHFWRILQLWLDOO\DSSO\LQJWKH6WDQGDUGUHFRJQL]HGDW
WKH GDWH RI LQLWLDO DSSOLFDWLRQ 8QGHU PRGLˋHG UHWURVSHFWLYH DSSURDFK WKH OHVVHH UHFRUGV WKH OHDVH OLDELOLW\ DV WKH
present value of the remaining lease payments, discounted at the incremental borrowing rate and the right of use
DVVHWHLWKHUDV
ȩ ,WVFDUU\LQJDPRXQWDVLIWKHVWDQGDUGKDGEHHQDSSOLHGVLQFHWKHFRPPHQFHPHQWGDWHEXWGLVFRXQWHGDWOHVVHHȢV
incremental borrowing rate at the date of initial application or
ȩ $QDPRXQWHTXDOWRWKHOHDVHOLDELOLW\DGMXVWHGE\WKHDPRXQWRIDQ\SUHSDLGRUDFFUXHGOHDVHSD\PHQWVUHODWHG
WR WKDW OHDVH UHFRJQL]HG XQGHU ,QG $6 LPPHGLDWHO\ EHIRUH WKH GDWH RI LQLWLDO DSSOLFDWLRQ &HUWDLQ SUDFWLFDO
expedients are available under both the methods.
2Q FRPSOHWLRQ RI HYDOXDWLRQ RI WKH HIIHFW RI DGRSWLRQ RI ,QG $6 WKH &RPSDQ\ LV SURSRVLQJ WR XVH WKHȡ0RGLˋHG
5HWURVSHFWLYH$SSURDFKȡIRUWUDQVLWLRQLQJWR,QG$6DQGWDNHWKHFXPXODWLYHDGMXVWPHQWWRUHWDLQHGHDUQLQJVRQWKHGDWH
of initial application (April1,2019). Accordingly, comparatives for the year ended 31 March 2019 will not be retrospectively
adjusted.

(ii) Amendment to existing issued Ind AS

Ȥ7KH0&$KDVDOVRFDUULHGRXWDPHQGPHQWVRIWKHIROORZLQJDFFRXQWLQJVWDQGDUGV
D $SSHQGL[&WR,QG$68QFHUWDLQW\RYHU,QFRPH7D[7UHDWPHQW
E $PHQGPHQWVWR,QG$63UHSD\PHQW)HDWXUHVZLWK1HJDWLYH&RPSHQVDWLRQ
F $PHQGPHQWVWR,QG$63ODQ$PHQGPHQW&XUWDLOPHQWRU6HWWOHPHQW
G $PHQGPHQWVWR,QG$6/RQJWHUPLQWHUHVWVLQDVVRFLDWHVDQGMRLQWYHQWXUHV
(e) Annual improvement to Ind AS (2018)
ȩ $PHQGPHQWVWR,QG$63DUW\WRD-RLQW$UUDQJHPHQWVREWDLQVFRQWURORIDEXVLQHVVWKDWLVD-RLQW2SHUDWLRQ
ȩ $PHQGPHQWVWR,QG$6-RLQW$UUDQJHPHQWV
ȩ $PHQGPHQWVWR,QG$6,QFRPH7D[HV
ȩ $PHQGPHQWVWR,QG$6%RUURZLQJ&RVWV
$SSOLFDWLRQRIDERYHVWDQGDUGVDUHQRWH[SHFWHGWRKDYHDQ\VLJQLˋFDQWLPSDFWRQWKH&RPSDQ\ȢV)LQDQFLDO6WDWHPHQWVȥ
3RO\FDE,QGLD/LPLWHG)RUPHUO\NQRZQDVȡ3RO\FDE:LUHV/LPLWHGȢ
2WKHUV
Figures in balance sheet relating to previous years have been regrouped wherever necessary to make them comparable with the
FXUUHQW\HDUˋJXUHV)LJXUHVUHSUHVHQWLQJ` 0.00 Million is below `

',1 0HPEHUVKLS1R)
3ODFH0XPEDL
'DWH0D\

lank
left b
ly
t ional
te n
n in
b e e
h as
age
is p
Th

PROXY FORM
Form MGT 11
[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration)

Rules, 2014]
CIN: U31300DL1996PLC266483
Name of the Company: Polycab India Limited
5HJLVWHUHGRIˋFH(*UHDWHU.DLODVK,,1HZ'HOKL
Name of the member (s):
Registered address:
(PDLO,G
DP ID and Client ID / Folio No:
I/We, being the member (s) of shares of the above named Company, hereby appoint
1 Name:
Address:
(PDLO,G
Signature: or failing him.
2 Name:
Address:
(PDLO,G
Signature: or failing him.
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at 23rd$QQXDO*HQHUDO0HHWLQJRIPHPEHUVRI
the Company, to be held on Wednesday, 26th-XQHDWDPDW$LU)RUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKLDQG
DWDQ\DGMRXUQPHQWWKHUHRILQUHVSHFWRIVXFKUHVROXWLRQVDVDUHLQGLFDWHGEHORZ
Sr No. Resolutions For Against
Ordinary Business

1 To receive, consider and adopt the Audited

6WDQGDORQH &RQVROLGDWHGˋQDQFLDOVWDWHPHQWV
IRUWKHˋQDQFLDO\HDUHQGHG0DUFK
WRJHWKHUZLWKWKHUHSRUWVRIWKH%RDUGRI'LUHFWRUV
and Auditors thereon
2 To declare a Dividend of ` SHU(TXLW\6KDUH

RQIXOO\SDLGXS(TXLW\6KDUHV
of face value of ` HDFKIRUWKHˋQDQFLDO\HDU
ended 31 March 2019.
3 To appoint a Director in place of Ramesh

7-DLVLQJKDQL',1:KROH7LPH
'LUHFWRUZKRUHWLUHVE\URWDWLRQDQGEHLQJHOLJLEOH
RIIHUVKLPVHOIIRUUHDSSRLQWPHQW
4 Appointment of M/s. B S R & Co. LLP, Chartered

$FFRXQWDQWV)LUP5HJLVWUDWLRQ1R::
100022) as Statutory Auditors of the Company.
Sr No. Resolutions For Against
Special Business
5 5HDSSRLQWPHQWRI,QGHU7-DLVLQJKDQL
(DIN:00309108), as Managing Director of the
Company for a further period of 5 (Five) years.
6 5HDSSRLQWPHQWRI$MD\7-DLVLQJKDQL
',1DV:KROH7LPH'LUHFWRUIRU
a further period of 5 (Five) years.
7 5HDSSRLQWPHQWRI5DPHVK7-DLVLQJKDQL
',1DV:KROH7LPH'LUHFWRUIRUD
further period of 5 (Five) years.
8 Revision of remuneration of Shyam Lal Bajaj (DIN:

&KLHI)LQDQFLDO2IˋFHU :KROH
Time Director for the remaining tenure of his
appointment.
9 $SSRLQWPHQWRI732VWZDO',1
as an Independent Director of the Company.
10 Appointment of RS Sharma (DIN: 00013208)

as an Independent Director of the Company.
11 Appointment of Pradeep Poddar

(DIN: 00025199) as an Independent Director
of the Company.
12 Appointment of Hiroo Mirchandani

(DIN: 06992518) as an Independent Director
of the Company.
13 Payment of Commission to the Independent

Directors of the Company.
14 5DWLˋFDWLRQRI5HPXQHUDWLRQSD\DEOHWRWKH&RVW
$XGLWRUVIRUWKH)LQDQFLDO<HDU
15 Retention of rights to appoint Director by IFC.
Signed this___________day of_______________2019
__________________________ __________________________
Signature of Shareholder Signature of Proxy holder(s)
Note: 7KLVIRUPRISUR[\LQRUGHUWREHHIIHFWLYHVKRXOGEHGXO\FRPSOHWHGDQGGHSRVLWHGDWWKH5HJLVWHUHG2IˋFHRIWKH&RPSDQ\
not less then 48 hours before the commencement of the Meeting.

ATTENDANCE SLIP
TWENTY-THIRD ANNUAL GENERAL MEETING
0HPEHUVRUWKHLUSUR[LHVDUHUHTXHVWHGWRSUHVHQWWKLVIRUPIRUDGPLVVLRQGXO\VLJQHGLQDFFRUGDQFHZLWKWKHLUVSHFLPHQ
VLJQDWXUHVUHJLVWHUHGZLWKWKH&RPSDQ\
DP Id & Client Id / No. of Shares

Regd. Folio No.*
Name(s) and address of the member in full _________________________________________________________________________________
______________________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________________
, ZH KHUHE\ UHFRUG P\ RXU SUHVHQFH DW WKH 7ZHQW\ 7KLUG $QQXDO *HQHUDO 0HHWLQJ RI WKH &RPSDQ\ EHLQJ KHOG RQ
Wednesday, 26th-XQHDWDPDW$LU)RUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL,QGLD
3OHDVHɗLQWKHER[
Member / Proxy
__________________________
Signature of Member / Proxy
*Applicable for member holding shares in physical form.

Route Map
Venue:$LU)RUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL,QGLD

23rd Annual General Meeting
Day: Wednesday
Date: 26th June 2019
Time: 09:00 a.m.
Venue:$LU)RUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL
Notes
Notes
The Polycab Proposition
India’s dominant leader in wires & cables
Fast-growing FMEG business
Multi-location, backward-integrated manufacturing
Strong brand visibility and recognition
B2B + B2C model leverages synergies
Pan-India distribution
/RQJUHFRUGRIFRQWLQXRXVSURǊWDEOHJURZWK
5HJLVWHUHGRIˋFH E-554 Greater Kailash II, New Delhi 110048 | Voice +91 11 2922 8574 | Fax +91 11 4105 4838 | investor.relations@polycab.com; shares@polycab.com
&RUSRUDWH2IˋFH Polycab House, 771 Mogul Lane, Mahim (West), Mumbai 400016 | Voice +91 22 24327074, 67351400 | Fax +91 22 24327075
www.polycab.com
crafted by Ubiquus printed at Uchitha

Annual Report - POLYCAB FY 18-19

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Annual Report - POLYCAB FY 18-19

Transféré par

Droits d'auteur :

Formats disponibles

POLYCAB INDIA LIMITED

Annual Report 2018-19

1 KEY FINANCIALS 22 Select customers

6 Quick information 29 NOTICE OF AGM

7 Our Social Responsibility 46 BOARD'S REPORT

8 Board 80 CORPORATE GOVERNANCE REPORT

20 Research and development

EBITDA# 10,142 28% n 7,934 5,622 4,978 4,512 22% n

3URˋWDIWHUWD[ 5,003 40% n 3,586 2,406 1,880 1,603 33% n

Return on capital 28% 33% n 21% 15% 15% 16% 15% n

Net worth 28,470 21% n 23,476 20,042 17,856 16,290 15% n

Capital employed*** 31,278 -1% p 31,520 28,630 25,842 23,136 9% n

)L[HGDVVHWV 14,686 10% n 13,331 12,933 11,231 10,162 10% n

Net cash 452 n -7,897 -8,527 -7,907 -5,819 NA

Annual Report 2018-19 1

2018-19 has been stellar

2 Polycab India Limited

Capturing the multi-market opportunity

Annual Report 2018-19 3

4 Polycab India Limited

Annual Report 2018-19 5

Shares issued Pre-IPO Post-IPO

5HJLVWHUHGRIˋFH Bankers Auditors

6 Polycab India Limited

Management Discussion and Analysis Annual Report 2018-19 7

decades-long hands-on experience With Polycab since its

8 Polycab India Limited

Mr Ostwal is a practicing chartered

Hiroo Mirchandani 9DVWO\H[SHULHQFHGLQWKHFRQVXPHU

Management Discussion and Analysis Annual Report 2018-19 9

10 Polycab India Limited

Management Discussion and Analysis Annual Report 2018-19 11

Fast moving electrical goods (FMEG)

12 Polycab India Limited

Segment Income Segment EBIT

In a challenging demand scenario, Polycab’s agile marketing and sales network

1 Property, plant and equipment (PPE) and  2WKHUˋQDQFLDODVVHWV

14 Polycab India Limited

Management Discussion and Analysis Annual Report 2018-19 15

16 Polycab India Limited

Management Discussion and Analysis Annual Report 2018-19 17

18 Polycab India Limited

Wires and cables +DORO *XMDUDW 'DPDQ PLOOLRQNP\HDU

&HUWLˋFDWLRQ Range of products applied Issuing authority

1$%/&HUWLˋFDWH 1 kV to 220 kV power and control cables 1$%/,QGLD

406,62 Complete range of products '46,QF86$

3URGXFW&HUWLˋFDWLRQIRU%$6(& &RPSOHWHUDQJHRISURGXFWVDVSHU%6 %6 %$6(&8.

3URGXFW&HUWLˋFDWLRQ Thermoplastic insulated wires and tray cables 8/86$

Management Discussion and Analysis Annual Report 2018-19 19

20 Polycab India Limited

Management Discussion and Analysis Annual Report 2018-19 21

22 Polycab India Limited

Percentage of revenue from top customer 5% 5% 4%

Percentage of revenue from top 5 customers 13% 13% 12%

Percentage of revenue from top 10 customers 21% 22% 21%

Management Discussion and Analysis Annual Report 2018-19 23

24 Polycab India Limited

Management Discussion and Analysis Annual Report 2018-19 25

26 Polycab India Limited

HR survey Employee engagement

Training and development Recognition

28 Polycab India Limited

3 Re-appointment of Ramesh T. Jaisinghani (DIN 00309314), as a Director liable to retire by rotation

11 Appointment of Pradeep Poddar (DIN: 00025199) as an Independent Director of the Company

1 Property, plant and equipment (PPE) and 2WKHUˋQDQFLDODVVHWV

Wires and cables +DORO*XMDUDW'DPDQ PLOOLRQNP\HDU

1$%/&HUWLˋFDWH 1 kV to 220 kV power and control cables 1$%/,QGLD

406,62 Complete range of products '46,QF86$

3URGXFW&HUWLˋFDWLRQIRU%$6(& &RPSOHWHUDQJHRISURGXFWVDVSHU%6 %6 %$6(&8.

3URGXFW&HUWLˋFDWLRQ Thermoplastic insulated wires and tray cables 8/86$

LL 3OHDVHIROORZDOOVWHSVIURP6U1RDLWR6U1RD[LPHQWLRQHGDERYHWRFDVWYRWH

&RQVHTXHQWWRWKHLQWURGXFWLRQRIRRGVDQG6HUYLFHV7D[67ZLWKHIIHFWIURPst-XO\&HQWUDO([FLVH9DOXH$GGHG7D[

Revenue from operations

/HVV([FLVH'XW\RQ6DOH - -

5HYHQXHIURPRSHUDWLRQVH[FOXGLQJ([FLVH'XW\ 79,105.53 79,559.83

Revenue from Operations

Revenue from Operations

3XUVXDQWWRˋUVWSURYLVRWR6XEVHFWLRQRI6HFWLRQUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHVD

2 $MD\7-DLVLQJKDQL :KROHWLPH'LUHFWRU 27 $SULO

3 5DPHVK7-DLVLQJKDQL :KROHWLPH'LUHFWRU th-DQXDU\ -

6K\DP/DO%DMDM &)2DQG:KROHWLPH'LUHFWRU th'HFHPEHU -

566KDUPD Additional Director (Independent 20 6HSWHPEHU

#0LFKHO/HPDLUH Director th0DUFK st$XJXVW

7KHWHQXUHRI,QGHU7-DLVLQJKDQL',1DV0DQDJLQJ'LUHFWRU$MD\7-DLVLQJKDQL',1 5DPHVK7

7KHIRUP$2&SXUVXDQWWRVHFWLRQKRIWKHFRPSDQLHV$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV