Standalone Financial Results for the quarter/ twelve months ended on 31st March 2017

₹ Crores
Financial year Financial year
Quarter ended on Quarter ended on Quarter ended on
Particulars ended on ended on
31.03.2017 31.12.2016 31.03.2016
31.03.2017 31.03.2016
Audited Audited Audited Audited Audited
1 Revenue from operations
a) Gross sales / income from operations 16,692.67 13,971.79 11,583.32 52,564.93 42,290.65
b) Other operating income 420.46 134.25 152.63 696.03 406.79
Total revenue from operations [ 1(a) + 1(b) ] 17,113.13 14,106.04 11,735.95 53,260.96 42,697.44
2 Other income 46.51 97.80 134.89 414.46 391.16
3 Total income [ 1 + 2 ] 17,159.64 14,203.84 11,870.84 53,675.42 43,088.60
4 Expenses
a) Raw materials consumed 4,247.45 3,297.56 2,158.78 12,496.78 9,700.01
b) Purchases of finished, semi-finished steel & other products 206.44 197.13 224.24 881.18 991.54
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 96.15 (488.22) 665.14 (1,329.65) 70.75
d) Employee benefits expense 1,061.12 1,202.78 1,042.37 4,605.13 4,319.89
e) Finance costs 652.92 769.72 471.66 2,688.55 1,848.05
f) Depreciation and amortisation expense 1,057.49 869.44 753.62 3,541.55 2,962.28
g) Excise duty 1,474.21 1,474.19 1,124.77 5,267.94 4,428.77
h) Other expenses 5,666.80 5,043.74 4,314.00 19,463.63 15,574.69
Total expenses [ 4(a) to 4(h) ] 14,462.58 12,366.34 10,754.58 47,615.11 39,895.98
5 Profit / (Loss) before exceptional items & tax [ 3 - 4 ] 2,697.06 1,837.50 1,116.26 6,060.31 3,192.62
6 Exceptional items :
a) Profit / (Loss) on sale of non current investments - - - - (0.85)
b) Provision for diminution in value of investments / doubtful advances (19.65) (13.00) (49.60) (170.87) (160.62)
c) Provision for impairment of non-current assets - - - - (51.51)
d) Provision for demands and claims (218.25) - - (218.25) (880.05)
e) Employee separation compensation (68.58) (28.56) (239.20) (178.68) (556.25)
f) Restructuring and other provisions (135.58) - - (135.58) -
Total exceptional items [ 6(a) to 6(f) ] (442.06) (41.56) (288.80) (703.38) (1,649.28)
7 Profit / (Loss) before Tax [ 5 + 6 ] 2,255.00 1,795.94 827.46 5,356.93 1,543.34
8 Tax Expense
a) Current tax 493.75 457.32 256.06 1,400.54 1,193.28
b) Deferred tax 346.29 134.02 50.96 511.84 (605.59)
Total tax expense [ 8(a) + 8(b) ] 840.04 591.34 307.02 1,912.38 587.69
9 Net Profit / (Loss) for the Period [ 7 - 8 ] 1,414.96 1,204.60 520.44 3,444.55 955.65
10 Other comprehensive income
A (i) Items that will not be reclassified to profit or loss 17.15 (564.16) (93.08) 601.22 (3,168.53)
(ii) Income tax relating to items that will not be reclassified to profit or loss 7.67 5.75 (8.36) 75.37 (239.78)
B (i) Items that will be reclassified to profit or loss (1.87) 0.36 (0.55) (1.22) 1.80
(ii) Income tax on items that will be reclassified to profit or loss 0.65 (0.13) 0.20 0.42 (0.62)
Total other comprehensive income 23.60 (558.18) (101.79) 675.79 (3,407.13)
11 Total Comprehensive Income for the period [ 9 + 10 ] 1,438.56 646.42 418.65 4,120.34 (2,451.48)
12 Paid-up equity share capital [Face value ₹ 10 per share] 971.41 971.41 971.41 971.41 971.41
13 Paid-up debt capital 10,175.70 9,439.80
14 Reserves excluding revaluation reserves 48,687.59 45,665.97
15 Hybrid Perpetual Securities 2,275.00 2,275.00
16 Debenture Redemption Reserve 2,046.00 2,046.00

17 Earnings per equity share

Basic earnings per share (not annualised) - in Rupees
14.12 11.95 4.91 33.67 8.05
(after exceptional items)
Diluted earnings per share (not annualised) - in Rupees
14.12 11.95 4.91 33.67 8.05
(after exceptional items)
18 Net Debt Equity Ratio 0.44 0.50
19 Debt Service Coverage Ratio 2.72 0.79
20 Interest Service Coverage Ratio 4.21 3.62
(a) Paid up Debt Capital represents Debentures
(b) Net Debt to Equity: Net Debt / Average Net Worth
(Net Debt: Secured Loans + Unsecured Loans - Cash & Bank - Current Investments)
(Net Worth: Equity Share Capital + Reserves & Surplus + Hybrid Perpetual Securities)
(c) Debt Service Coverage Ratio: EBIT / (Net Finance Charges + Scheduled Principal repayments (excluding prepayments) during the period)
(EBIT : Profit before Taxes +/(-) Exceptional Items + Net Finance Charges)
(d) Interest Service Coverage Ratio: EBIT / Net Finance Charges
Standalone Statement of Assets & Liabilities
₹ Crores

As at As at As at
Particulars
31.03.2017 31.03.2016 01.04.2015

Audited Audited Audited

A ASSETS
(1) Non-current assets
(a) Plant,Property and Equipment 71,778.97 49,561.05 50,882.48
(b) Capital work-in-progress 6,125.35 28,174.01 24,153.78
(c) Intangible assets 788.18 527.34 177.14
(d) Intangible assets under development 38.61 31.87 16.46
(e) Investments in subsidiaries, associates and joint ventures 3,397.57 3,340.97 3,148.89
(f) Financial assets
(i) Non-current investments 4,958.33 4,119.45 10,853.13
(ii) Other financial assets 291.58 243.68 243.44
(g) Other non-current assets 3,121.64 3,325.18 2,845.87
(h) Non current tax asset 867.75 837.66 723.57
Sub-total - Non current assets 91,367.98 90,161.21 93,044.76
(2) Current assets
(a) Inventories 10,236.85 7,137.38 8,023.35
(b) Financial assets
(i) Current investments 5,309.81 4,325.00 1,001.15
(ii) Trade receivables 2,006.52 1,133.17 1,057.02
(iii) Cash and cash equivalents 905.21 974.68 495.16
(iv) Other balances with banks 65.10 61.45 56.66
(v) Other financial assets 348.46 232.70 930.15
(c) Other current assets 1,225.48 1,088.87 1,025.09
Sub-total - Current assets 20,097.43 14,953.25 12,588.58
TOTAL - ASSETS 111,465.41 105,114.46 105,633.34

B EQUITY AND LIABILITIES

(1) Equity
(a) Equity Share Capital 971.41 971.41 971.41
(b) Hybrid Perpetual Securities 2,275.00 2,275.00 2,275.00
(c) Other equity 48,687.60 45,665.97 49,217.90
Sub-total - Total Equity 51,934.01 48,912.38 52,464.31
(2) Non-current liabilities
(a) Financial liabilities
(i) Long term borrowings 24,694.37 23,926.76 24,316.10
(ii) Other financial liabilities 197.55 512.52 1,013.86
(b) Long term provisions 2,024.74 1,862.05 1,320.99
(c) Retirement benefit obligations 1,484.21 1,252.45 1,623.23
(d) Other non-current liabilities 1,962.93 2,305.27 2,150.25
(e) Deferred tax liabilities 6,111.27 5,610.70 6,231.55
Sub-total - Non current liabilities 36,475.07 35,469.75 36,655.98
(3) Current liabilities
(a) Financial liabilities
(i) Short term borrowings 3,239.67 5,888.00 819.74
(ii) Trade payables 10,717.44 6,196.88 4,935.96
(iii) Other financial liabilities 4,332.52 4,711.58 7,868.07
(b) Short term provisions 700.60 280.64 182.99
(c) Retirement benefit obligations 56.58 56.67 51.53
(d) Other current liabilities 3,543.80 2,865.98 2,149.01
(e) Current tax liabilities 465.72 732.58 505.75
Sub-total - Current liabilities 23,056.33 20,732.33 16,513.05
TOTAL - EQUITY AND LIABILITIES 111,465.41 105,114.46 105,633.34
 Consolidated Financial Results for the quarter/ twelve months ended on 31st March 2017
₹ Crores
Financial year Financial year
Particulars Quarter ended on Quarter ended on Quarter ended on
ended on ended on
31.03.2017 31.12.2016 31.03.2016
31.03.2017 31.03.2016
Unaudited Unaudited Unaudited Audited Audited
1 Revenue from operations
a) Gross sales / income from operations 34,832.98 28,912.10 26,899.75 116,682.57 105,683.18
b) Other operating income 471.91 112.59 171.51 737.37 656.74
Total revenue from operations [ 1(a) + 1(b) ] 35,304.89 29,024.69 27,071.26 117,419.94 106,339.92
2 Other income 152.17 130.06 123.32 527.47 412.22
3 Total income [ 1 + 2 ] 35,457.06 29,154.75 27,194.58 117,947.41 106,752.14
4 Expenses
a) Raw materials consumed 9,957.64 8,011.30 6,367.20 32,418.09 28,114.90
b) Purchases of finished, semi-finished steel & other products 2,784.80 2,933.09 2,149.75 11,424.94 10,581.37
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (295.31) (1,565.96) 1,773.33 (4,538.13) 1,925.19
d) Employee benefits expense 4,216.94 4,179.21 4,523.09 17,252.22 17,587.63
e) Finance costs 1,263.12 1,387.38 987.40 5,072.20 4,221.41
f) Depreciation and amortisation expense 1,589.22 1,378.98 1,364.25 5,672.88 5,306.35
g) Excise duty 1,408.89 1,435.08 1,116.20 5,120.52 4,375.20
h) Other expenses 10,206.72 10,395.82 8,895.96 38,734.48 35,787.30
Total expenses [ 4(a) to 4(h) ] 31,132.02 28,154.90 27,177.18 111,157.20 107,899.35
Profit / (Loss) before share of profit/(loss) of joint ventures & associates, exceptional items
5 4,325.04 999.85 17.40 6,790.21 (1,147.21)
& tax [ 3 - 4 ]
6 Share of profit / (loss) of Joint Ventures & Associates 2.76 (0.25) (45.83) 7.65 (110.42)
7 Profit / (Loss) before exceptional items & tax [ 5 + 6 ] 4,327.80 999.60 (28.43) 6,797.86 (1,257.63)
8 Exceptional items :
a) Profit / (Loss) on sale of non current investments 22.70 - - 22.70 47.17
b) Profit on sale of non current assets 85.87 - - 85.87 -
c) Provision for diminution in value of investments / doubtful advances (8.59) - - (125.45) (72.99)
d) Provision for impairment of non-current assets (267.93) - (1,478.67) (267.93) (1,530.17)
e) Provision for demands and claims (218.25) - - (218.25) (880.05)
f) Employee separation compensation (68.59) (28.55) (239.20) (207.37) (556.25)
g) Restructuring and other provisions (3,613.80) - (577.94) (3,613.80) 6,982.67
Total exceptional items [ 8(a) to 8(g) ] (4,068.59) (28.55) (2,295.81) (4,324.23) 3,990.38
9 Profit / (Loss) before Tax [ 7 + 8 ] 259.21 971.05 (2,324.24) 2,473.63 2,732.75
10 Tax Expense
a) Current tax 667.50 585.11 353.90 1,741.70 1,321.02
b) Deferred tax 308.46 113.29 70.98 1,036.31 (631.06)
Total tax expense [ 10(a) + 10(b) ] 975.96 698.40 424.88 2,778.01 689.96
11 Net Profit / (Loss) after tax from Continuing Operations [ 9 - 10 ] (716.75) 272.65 (2,749.12) (304.38) 2,042.79
12 Profit/(loss) before tax from Discontinued operations (493.90) (100.65) (274.73) (770.86) (2,485.45)
13 Tax expense of Discontinued Operations (0.11) (0.15) 18.03 8.01 54.43
14 Profit/(Loss) after tax from Discontinued Operations [ 12 - 13 ] (493.79) (100.50) (292.76) (778.87) (2,539.88)
15 Profit/(Loss) on Disposal of Discontinued Operations 42.52 59.75 - (3,085.32) -
16 Net Profit/(loss) after tax from Discontinued operations [ 14 + 15 ] (451.27) (40.75) (292.76) (3,864.19) (2,539.88)
17 Net Profit / (Loss) for the Period [ 11 + 16 ] (1,168.02) 231.90 (3,041.88) (4,168.57) (497.09)
18 Profit/(Loss) from continuing operations for the period attributable to:
Owners of the Company (725.14) 242.65 (2,698.32) (376.61) 2,157.10
Non controlling interests 8.39 30.00 (50.80) 72.23 (114.31)
19 Profit/(Loss) from discontinued operations for the period attributable to:
Owners of the Company (451.27) (40.75) (292.76) (3,864.19) (2,539.88)
Non controlling interests - - - - -
20 Other comprehensive income
A (i) Items that will not be reclassified to profit or loss 1,820.30 (613.07) 537.07 (3,494.25) (1,188.11)
(ii) Income tax relating to items that will not be reclassified to profit or loss (303.42) 24.06 (134.44) 782.34 (576.15)
B (i) Items that will be reclassified to profit or loss (152.44) 920.38 96.07 2,188.30 (118.99)
(ii) Income tax on items that will be reclassified to profit or loss 28.18 (39.09) 6.59 (39.45) (14.92)
Total other comprehensive income 1,392.62 292.28 505.29 (563.06) (1,898.17)
21 Total Comprehensive Income for the period [ 17 + 20 ] 224.60 524.18 (2,536.59) (4,731.63) (2,395.26)
22 Total comprehensive income for the period attributable to:
Owners of the Company 212.26 506.12 (2,485.39) (4,800.32) (2,283.21)
Non controlling interests 12.34 18.06 (51.20) 68.69 (112.05)
23 Paid-up equity share capital [Face value ₹ 10 per share] 970.24 970.24 970.24 970.24 970.24
24 Reserves (excluding revaluation reserves) and Non controlling interest 36,175.77 41,268.25
25 Hybrid Perpetual Securities 2,275.00 2,275.00

26 Earnings per equity share (for continuing operation):

Basic earnings per share (not annualised) - in Rupees
(7.83) 2.36 (28.79) (4.93) 19.26
(after exceptional items)
Diluted earnings per share (not annualised) - in Rupees
(7.83) 2.36 (28.79) (4.93) 19.26
(after exceptional items)
27 Earnings per equity share (for discontinued operation):
Basic earnings per share (not annualised) - in Rupees (4.65) (0.42) (3.02) (39.84) (26.18)
Diluted earnings per share (not annualised) - in Rupees (4.65) (0.42) (3.02) (39.84) (26.18)
28 Earnings per equity share (for continuing and discontinued operations):
Basic earnings per share (not annualised) - in Rupees
(12.48) 1.94 (31.80) (44.77) (6.92)
(after exceptional items)
Diluted earnings per share (not annualised) - in Rupees
(12.48) 1.94 (31.80) (44.77) (6.92)
(after exceptional items)
Consolidated Segment Revenue, Results, Assets and Liabilities
₹ Crores

Financial year Financial year

Quarter ended on Quarter ended on Quarter ended on
Particulars ended on ended on
31.03.2017 31.12.2016 31.03.2016
31.03.2017 31.03.2016

Unaudited Unaudited Unaudited Audited Audited

Segment Revenue:
Tata Steel India 17,113.13 14,106.04 11,735.95 53,260.96 42,697.44
Other Indian Operations 2,056.96 1,654.38 1,637.55 6,699.84 6,226.63
Tata Steel Europe 15,243.52 12,170.18 12,982.23 52,084.96 53,555.36
Other Trade Related Operations 7,202.26 7,285.54 3,560.97 23,751.37 15,037.27
South East Asian Operations 2,220.84 1,956.61 1,803.03 8,135.90 8,066.97
Rest of the World 240.48 106.20 146.93 629.95 541.06
Total 44,077.19 37,278.95 31,866.66 144,562.98 126,124.73
Less: Inter segment revenue 8,772.30 8,254.26 4,795.40 27,143.04 19,784.81
Total income from operations 35,304.89 29,024.69 27,071.26 117,419.94 106,339.92

Segment Results before exceptional items, interest, tax and depreciation :

Tata Steel India 4,324.39 3,392.54 2,238.24 11,952.75 7,792.31
Other Indian Operations 214.75 126.23 158.61 580.08 606.91
Tata Steel Europe 1,972.17 707.11 (354.95) 4,704.91 (513.20)
Other Trade Related Operations 582.39 (466.65) 348.94 261.62 1,278.10
South East Asian Operations 154.56 123.53 64.86 531.27 197.41
Rest of the World 44.48 29.89 (2.28) (19.56) (152.63)
Less: Inter Segment Eliminations 310.75 265.96 256.22 985.70 1,258.11
Total Segment Results before exceptional items, interest, tax and depreciation : 6,981.99 3,646.69 2,197.20 17,025.37 7,950.79
Add: Finance income 198.15 119.27 126.02 517.57 319.34
Less: Finance costs 1,263.12 1,387.38 987.40 5,072.20 4,221.41
Less: Depreciation and Amortisation 1,589.22 1,378.98 1,364.25 5,672.88 5,306.35
Profit / (Loss) before exceptional items & tax 4,327.80 999.60 (28.43) 6,797.86 (1,257.63)
Add: Exceptional items (4,068.59) (28.55) (2,295.81) (4,324.23) 3,990.38
Profit / (Loss) before tax 259.21 971.05 (2,324.24) 2,473.63 2,732.75
Less: Tax Expense 975.96 698.40 424.88 2,778.01 689.96
Net Profit / (Loss) after tax from Continuing Operations (716.75) 272.65 (2,749.12) (304.38) 2,042.79
Net Profit / (loss) after tax from Discontinued operations (451.27) (40.75) (292.76) (3,864.19) (2,539.88)
Net Profit / (Loss) for the period (1,168.02) 231.90 (3,041.88) (4,168.57) (497.09)

Segment Assets:
Tata Steel India 109,180.60 107,715.14 102,929.47 109,180.60 102,929.47
Other Indian Operations 5,532.26 5,271.13 4,910.99 5,532.26 4,910.99
Tata Steel Europe 43,687.31 43,375.54 55,585.99 43,687.31 55,585.99
Other Trade Related Operations 43,413.50 43,966.10 42,616.15 43,413.50 42,616.15
South East Asian Operations 5,091.43 4,884.03 4,936.98 5,091.43 4,936.98
Rest of the World 7,904.66 8,398.50 7,347.91 7,904.66 7,347.91
Less: Inter Segment Eliminations 41,476.52 41,231.57 40,816.05 41,476.52 40,816.05
Total Segment Assets 173,333.24 172,378.87 177,511.44 173,333.24 177,511.44

Segment Liabilities:
Tata Steel India 62,542.95 62,445.07 59,213.64 62,542.95 59,213.64
Other Indian Operations 3,274.90 3,164.48 2,894.21 3,274.90 2,894.21
Tata Steel Europe 73,061.71 71,530.75 78,656.38 73,061.71 78,656.38
Other Trade Related Operations 33,208.34 33,810.86 25,471.36 33,208.34 25,471.36
South East Asian Operations 2,724.50 2,520.37 2,797.20 2,724.50 2,797.20
Rest of the World 2,205.11 2,414.77 6,213.81 2,205.11 6,213.81
Less: Inter Segment Eliminations 43,105.29 42,788.67 42,248.65 43,105.29 42,248.65
Total Segment Liabilities 133,912.22 133,097.63 132,997.95 133,912.22 132,997.95
Consolidated Statement of Assets & Liabilities
₹ Crores

As at As at As at
Particulars
31.03.2017 31.03.2016 01.04.2015

Audited Audited Audited

A ASSETS
(1) Non-current assets
(a) Plant,Property and Equipment 86,880.59 66,569.24 67,149.55
(b) Capital work-in-progress 15,514.37 35,793.32 28,099.43
(c) Goodwill on consolidation 3,494.73 4,067.56 3,960.85
(d) Other Intangible assets 1,631.23 1,562.96 2,987.16
(e) Intangible assets under development 269.76 202.77 81.98
(f) Investments in associates and joint ventures 1,593.68 1,620.41 1,719.61
(g) Financial assets
(i) Non-current investments 5,269.91 4,538.77 11,226.91
(ii) Other financial assets 462.21 377.07 380.63
(h) Retirement benefit assets 1,752.64 11,477.44 1,330.63
(i) Other non-current assets 3,674.96 3,842.23 3,354.43
(j) Non current tax asset 981.23 1,040.26 849.02
(k) Deferred tax assets 885.87 627.45 812.20
Sub-total - Non current assets 122,411.18 131,719.48 121,952.40
(2) Current assets
(a) Inventories 24,803.82 20,013.33 24,593.36
(b) Financial assets
(i) Current investments 5,673.13 4,663.55 1,214.60
(ii) Trade receivables 11,586.82 12,066.22 13,579.77
(iii) Cash and cash equivalents 4,832.29 6,109.05 8,177.13
(iv) Other balances with banks 88.76 77.29 71.34
(v) Other financial assets 716.36 758.34 2,064.53
(c) Other current assets 2,194.38 2,027.87 1,958.06
(d) Current tax assets 35.08 50.20 44.69
Sub-total - Current assets 49,930.64 45,765.85 51,703.48
Assets held for sale 991.42 26.11 145.42
TOTAL - ASSETS 173,333.24 177,511.44 173,801.30

B EQUITY AND LIABILITIES

(1) Equity
(a) Equity Share Capital 970.24 970.24 971.41
(b) Hybrid Perpetual Securities 2,275.00 2,275.00 2,275.00
(c) Other equity 34,574.08 40,487.31 43,867.22
(d) Non controlling interest 1,601.70 780.94 854.18
Sub-total - Total Equity 39,421.02 44,513.49 47,967.81
(2) Non-current liabilities
(a) Financial liabilities
(i) Long term borrowings 64,022.27 64,872.78 62,251.56
(ii) Other financial liabilities 288.76 619.89 1,075.46
(b) Long term provisions 4,279.69 4,440.48 2,973.49
(c) Retirement benefit obligations 2,666.27 2,929.48 3,353.37
(d) Other non-current liabilities 2,284.10 2,760.46 2,655.68
(e) Deferred tax liabilities 10,030.08 9,420.89 9,937.71
Sub-total - Non current liabilities 83,571.17 85,043.98 82,247.27
(3) Current liabilities
(a) Financial liabilities
(i) Short term borrowings 18,328.10 15,722.12 9,693.25
(ii) Trade payables 18,574.46 18,556.70 18,066.66
(iii) Other financial liabilities 6,989.18 7,399.40 11,265.19
(b) Short term provisions 987.38 1,521.86 816.48
(c) Retirement benefit obligations 95.20 111.08 110.31
(d) Other current liabilities 4,337.79 3,641.71 2,839.84
(e) Current tax liabilities 739.18 1,001.10 794.49
Sub-total - Current liabilities 50,051.29 47,953.97 43,586.22
Liabilities held for sale 289.76 - -
TOTAL - EQUITY AND LIABILITIES 173,333.24 177,511.44 173,801.30
Notes:

1. The results have been reviewed by the Audit Committee in its meeting held on May 15, 2017 and
were approved by the Board of Directors in its meeting of date.

2. During the year, the Company has revised the useful life of certain property, plant and equipment
based on past trend of plant performance, periodic repairs and refurbishment of plants, future
usage potential and independent expert’s judgement on life of similar plants. Had there been no
change in the useful life of the assets, depreciation for the year ended March 31, 2017 would have
been higher by ₹ 653.44 crores (₹ 173.66 crores for the quarter).

3. During the year, the Group divested its entire stake in a subsidiary Kalzip Guangzhou Limited. The
profit on sale of this investment in the consolidated results during the year is reported under
Exceptional Item 8(a).

Exceptional item 8(c) in the consolidated results represents provision for advances given for
repurchase of equity shares in Tata Teleservices Limited from NTT Docomo Inc.

Exceptional Item 8(d) in the consolidated results represents impairment of property, plant and
equipment mainly relating to the European and South East Asian operations.

Exceptional Item 8(e) in the consolidated results represents provisions recognised in respect of
certain statutory demands and claims for Indian operations.

Exceptional Item 8(g) in the consolidated results primarily represent curtailment charge relating to
closure of Tata Steel Europe’s British Steel Pension Scheme (BSPS) to future accrual.

4. On May 31, 2016, Tata Steel Europe completed the disposal of its Long Products business and on
February 09, 2017 signed a definitive sales agreement to dispose of its Speciality Steels business.
These businesses have been re-classified as held for sale/discontinued operations as per Ind AS
105 “Non-current Assets Held for Sale and Discontinued Operations”. The previous year’s figures
have also been re-stated accordingly.

5. Figures for the quarter ended March 31, 2017 and March 31, 2016 represent the difference
between the audited figures in respect of the full financial year and the published figures of nine
months ended December 31, 2016 and December 31, 2015 respectively.

6. The Group has adopted Indian Accounting Standard (referred to as ‘Ind AS’) with effect from April
01, 2016 and accordingly these financial results along with the comparatives have been prepared in
accordance with the recognition and measurement principles stated therein, prescribed under
section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the
other accounting principles generally accepted in India.
7. Reconciliation between Standalone/Consolidated financial results as reported under erstwhile
Indian GAAP (referred to as ‘I GAAP’) and Ind AS are summarised as below:

(a) Profit Reconciliation

₹ Crores
Standalone Standalone Consolidated Consolidated
Quarter Financial Year Quarter Financial Year
Particulars ended on ended on ended on ended on
31.03.2016 31.03.2016 31.03.2016 31.03.2016
Net Profit as per I GAAP 676.60 4,900.95 (3,213.76) (3,049.32)
Reversal of gain on sale of equity instruments classified as fair value
40.11 (3,570.51) 40.11 (3,570.39)
through OCI
Additional depreciation and amortisation on fair value as deemed
(239.46) (967.46) (3.65) 7,207.40
cost of property, plant and equipment
Increase/ (decrease) in defined benefit cost (24.14) 5.01 (687.23) (1,707.18)
Others (35.69) (50.22) 753.10 (110.02)
Tax effect on above adjustments 103.02 637.88 69.55 732.42
Net Profit as per Ind AS 520.44 955.65 (3,041.88) (497.09)
Other Comprehensive Income as per Ind AS (101.79) (3,407.13) 505.29 (1,898.17)
Total Comprehensive Income as per Ind AS 418.65 (2,451.48) (2,536.59) (2,395.26)

Other Comprehensive Income primarily includes impact of fair valuation of quoted non-current
investments and re-measurement gains/losses on actuarial valuation of post-employment defined
benefits. The consolidated other comprehensive income also includes effect of foreign currency
translation on consolidation.

(b) Equity Reconciliation

₹ Crores
Standalone Consolidated
As on As on As on As on
Particulars
01.04.2015 31.03.2016 01.04.2015 31.03.2016
Equity as per I GAAP 66,663.89 70,476.72 31,349.41 28,478.86
Fair valuation/ Amortised cost of Financial Assets/ Liabilities 10,791.14 3,929.62 10,458.08 3,904.78
Deemed cost of Property, plant and equipment and Investments
[Note (i)] (23,614.70) (24,582.16) 13,956.40 21,012.11
Re-classification of perpetual securities 2,275.00 2,275.00 2,275.00 2,275.00
Reversal of proposed dividend and tax thereon 935.15 935.15 943.15 946.37
Fair valuation of business combinations - - (7,229.09) (7,677.03)
Others (487.82) (421.70) 2,614.85 1,836.36
Tax impact on above adjustments (4,098.35) (3,700.25) (6,399.99) (6,262.96)
Equity as per Ind AS 52,464.31 48,912.38 47,967.81 44,513.49

Note (i): In accordance with Ind AS 101 "First Time Adoption of Indian Accounting Standards", the
Company has elected to treat fair value as deemed cost for certain items of its property, plant and
equipment and investments held in certain subsidiaries as at April 01, 2015. The net changes on
account of the election in the stand-alone and consolidated financial statements resulted in an increase
in deemed cost of property, plant and equipment and a decrease in the deemed cost of investments
held in such subsidiaries.
 8. The Board of Directors has recommended a divided of ₹ 10 per share on Ordinary Shares of ₹ 10
each for the financial year 2016-17.

9. The Annual General Meeting of the Company will be held on August 8, 2017 to consider the
accounts for the financial year 2016-17.

T V Narendran Koushik Chatterjee

Managing Director Group Executive Director
India & South East Asia Finance, Corporate & Europe

Mumbai: May 16, 2017