EICHER MOTORS LIMITED

Registered Office : 3rd Floor - Select Citywalk, A-3, District Centre, Saket, New Delhi-110017
Corporate Office: #96, Sector 32, Gurugram - 122 001, Haryana
Tel. No (+91-124) 4445070, Email: [email protected], Website: www.eicher.in
CIN: L34102DL1982PLC129877

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023
(₹ in Crores)
For the quarter ended For the year ended
Particulars 31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Refer Note 8 Refer Note 8

1. Revenue from operations

(a) Revenue from contract with customers 3,770.17 3,546.32 3,148.13 13,874.98 9,983.10
(b) Other operating income 61.18 43.84 46.56 191.66 139.76
Total Revenue from operations 3,831.35 3,590.16 3,194.69 14,066.64 10,122.86
2. Other income 202.55 191.08 113.27 639.84 454.28
3. Total Income (1+2) 4,033.90 3,781.24 3,307.96 14,706.48 10,577.14

4. Expenses
(a) Cost of raw material and components consumed 1,894.17 1,953.93 1,826.65 7,812.32 5,759.44
(b) Purchase of traded goods 67.56 67.94 56.24 252.75 226.18
(c) Changes in inventories of finished goods,
225.89 71.28 (51.43) 64.39 (23.76)
work-in-progress and traded goods
(d) Employee benefits expense 233.66 241.43 210.98 935.07 776.83
(e) Finance costs 3.45 3.58 1.90 12.97 10.25
(f) Depreciation and amortisation expense 142.27 130.52 117.37 512.05 445.52
(g) Other expenses 465.27 398.73 397.28 1,608.61 1,270.61
Total expenses 3,032.27 2,867.41 2,558.99 11,198.16 8,465.07

5. Profit before tax (3-4) 1,001.63 913.83 748.97 3,508.32 2,112.07

6. Tax expense
(a) Current tax 225.17 198.12 193.49 808.55 521.04
(b) Deferred tax 29.60 35.01 2.10 77.18 4.81
Total tax expense 254.77 233.13 195.59 885.73 525.85

7. Net Profit after tax (5-6) 746.86 680.70 553.38 2,622.59 1,586.22

8. Other Comprehensive income/(expense), net of taxes

(a) Items that may be reclassified to profit or loss 12.00 37.64 (4.53) 16.02 (6.75)
(b) Items that will not be reclassified to profit or loss 0.28 0.19 (0.02) (6.07) (2.38)
Total Other Comprehensive income/(expense), net of taxes 12.28 37.83 (4.55) 9.95 (9.13)

9. Total comprehensive income (7+8) 759.14 718.53 548.83 2,632.54 1,577.09

10. Paid-up equity share capital (Face value of each equity share - ₹ 1, fully
27.35 27.35 27.34 27.35 27.34
paid-up)

11. Total Reserves 12,859.55 10,767.23

12. Earnings Per Share on net profit after tax (of ₹ 1 each) in ₹
(Refer Note 7) :
(a) Basic 27.31 24.89 20.24 95.91 58.02
(b) Diluted 27.26 24.84 20.22 95.74 57.96
See accompanying notes to the statement of standalone audited financial results
Standalone statement of assets and liabilities
(₹ in Crores)
As at As at
Particulars
31.03.2023 31.03.2022
(Audited) (Audited)
A. ASSETS
1. Non-current assets
(a) Property, plant and equipment 1,962.66 1,891.49
(b) Capital work-in-progress 74.16 133.38
(c) Intangible assets 461.88 327.34
(d) Right of use assets 175.74 181.80
(e) Intangible assets under development 394.32 370.80
(f) Financial assets
(i) Investments in subsidiaries & joint ventures 187.31 187.31
(ii) Other investments 9,872.40 5,337.95
(iii) Other financial assets 18.78 72.90
(g) Non-current tax assets 82.51 83.10
(h) Other non-current assets 145.83 138.93
Sub-total - Non-current assets 13,375.59 8,725.00
2. Current assets
(a) Inventories 910.94 898.37
(b) Financial assets
(i) Investments 219.89 424.70
(ii) Loans / Bill discounting 588.94 676.79
(iii) Trade receivables 702.02 492.87
(iv) Cash and cash equivalents 27.58 26.62
(v) Bank balances other than (iv) above 768.31 2,671.94
(vi) Other financial assets 34.42 65.70
(c) Other current assets 247.81 240.81
Sub-total - Current assets 3,499.91 5,497.80

TOTAL - ASSETS 16,875.50 14,222.80

B. EQUITY AND LIABILITIES
1. Equity
(a) Equity share capital 27.35 27.34
(b) Other equity 12,859.55 10,767.23
Sub-total - Equity 12,886.90 10,794.57
Liabilities
2. Non-current liabilities
(a) Financial liabilities
(i) Borrowings 62.96 -
(ii) Lease liability 27.57 34.64
(iii) Other financial liabilities 15.51 14.81
(b) Provisions 101.34 67.33
(c) Deferred tax liabilities (net) 303.40 222.86
(d) Government grant 96.37 63.76
(e) Other non-current liabilities 336.38 236.54
Sub-total - Non-current liabilities 943.53 639.94
3. Current liabilities
(a) Financial liabilities
(i) Borrowings 35.84 5.98
(ii) Lease liability 13.96 12.34
(iii) Trade payables
Total outstanding dues of micro and small enterprises 29.45 37.78
Total outstanding dues of creditors other than micro and small enterprises 1,723.25 1,726.68
(iv) Other financial liabilities 259.35 245.77
(b) Provisions 154.37 121.04
(c) Current tax liabilities 220.69 170.11
(d) Government grant 32.45 19.38
(e) Contract liability 178.89 168.08
(f) Other current liabilities 396.82 281.13
Sub-total - Current liabilities 3,045.07 2,788.29

TOTAL - EQUITY AND LIABILITIES 16,875.50 14,222.80

See accompanying notes to the statement of standalone audited financial results
Standalone statement of cash flows
(₹ in Crores)
Particulars For the year For the year
ended 31.03.2023 ended 31.03.2022
Audited Audited
A.CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES
Profit before tax 3,508.32 2,112.07
Adjustments for:
Depreciation and amortisation expense 512.05 445.52
Gain on disposal of property, plant and equipment (1.34) (0.90)
Loss on sale of property, plant and equipment 0.89 4.76
Dividend from joint venture company (40.80) (27.20)
Grant income on soft loan from State Industries Promotion Corporation of Tamil Nadu Ltd. (SIPCOT) (45.75) -
Net gain on financial instruments at fair value through profit or loss (301.12) (155.30)
Interest income recognised in profit or loss (176.58) (244.24)
Expenses recognised in respect of equity-settled share-based payments 22.76 (29.34)
Exchange difference on conversion of foreign branch 16.26 (9.07)
Gains in cash flow hedges - 0.04
Debt instruments through other comprehensive income 5.15 -
Exchange difference on reinstatement of property, plant and equipment (4.49) 3.29
Unrealised foreign exchange difference (11.42) 1.18
Finance income on lease (0.70) (1.63)
Provision for doubtful debts and advances (including write off) 6.58 1.38
Finance costs recognized in profit or loss 12.97 10.25
Operating profit before changes in working capital 3,502.78 2,110.81

Changes in working capital:

Adjustments for (increase) / decrease in non-current assets:
Other financial assets (0.39) (2.63)
Other assets (27.35) (14.23)
Adjustments for (increase) / decrease in current assets:
Inventories (12.57) (129.24)
Trade receivables (201.01) (239.38)
Other financial assets 7.63 (8.32)
Other assets (10.34) (69.99)
Adjustments for increase / (decrease) in non-current liabilities:
Other financial liabilities (0.12) 0.19
Provisions 29.55 42.36
Government grant 5.83 0.34
Other liabilities 99.84 113.04
Adjustments for increase / (decrease) in current liabilities:
Trade payables (12.00) 278.32
Other financial liabilities 17.85 7.32
Provisions 25.22 28.13
Government grant 13.07 3.77
Contract liability 10.81 (59.16)
Other liabilities 115.69 22.24
Cash generated from operating activities 3,564.49 2,083.57
Direct taxes paid (net of refunds) (757.38) (513.57)
Net cash flow from / (used in) operating activities (A) 2,807.11 1,570.00

B.CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES

Payment for property, plant and equipment and intangible assets (653.94) (628.72)
Proceeds from disposal of property, plant and equipment and intangible assets 6.55 1.61
Investment in subsidiary company - (118.45)
Investment in equity instruments (443.03) (4.16)
Proceeds from sale of debt mutual funds and bonds 5,080.05 3,500.29
Purchases of debt mutual funds and bonds (8,665.54) (7,130.14)
Investments in fixed deposits (753.04) (3,593.29)
Maturity proceeds from fixed deposits 2,700.53 6,626.97
Bill discounting on behalf of a related party (net) 87.85 (217.63)
Dividend from joint venture company 40.80 27.20
Interest received from bank deposits 204.59 398.64
Net cash flow from / (used in) investing activities (B) (2,395.18) (1,137.68)

C.CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES

Soft loan received from SIPCOT 131.41 -
Interest paid (0.11) (3.47)
Proceeds from issue of equity share capital under employee stock option plan / restricted stock units plan
11.22 6.49
(including security premium)
Lease receivables 7.18 5.06
Interest on lease liability paid (3.50) (4.37)
Repayment of lease liabilities (12.84) (13.39)
Dividend paid (574.19) (464.67)
Net cash flow from / (used in) financing activities (C) (440.83) (474.35)
Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C) (28.90) (42.03)

Cash and cash equivalents at the beginning of the period (less bank overdraft) 20.64 62.67

Cash and cash equivalents at the end of the period (less bank overdraft) (8.26) 20.64
Notes:
1. The above standalone audited financial results for the quarter and year ended March 31, 2023 were reviewed by the Audit Committee and subsequently approved by the Board of
Directors at their respective meetings held on May 11, 2023. The results have been subjected to audit by the Statutory Auditors of the Company pursuant to Regulation 33 of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, who have issued an unmodified opinion on the same.
2. During the quarter and year ended March 31, 2023, 3,550 and 58,468 equity shares respectively, of Re.1 each were issued and allotted under Employee Stock Option Plan 2006.
3. During the quarter and year ended March 31, 2023, the Nominations and Remunerations Committee has approved grant of Nil and 1,44,480 restricted stock units respectively, to
certain eligible employees of the Company under the Restricted Stock Units Plan, 2019.
4. As the Company's business activities fall within a single primary business segment viz. "Automobile products and related components", the disclosure requirements of Ind AS 108
"Operating segment" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, are not applicable.
5. The Company made a strategic investment on January 31, 2023 in the equity shares of a Spanish company, Stark Future S.L., a high-performance electric motorcycle manufacturer,
of Rs. 443.03 crs (EUR 50 million) which represents a 11.48% (undiluted basis) stake as at March 31, 2023.
6. The Board of Directors of the Company at their meeting held on May 11, 2023, considered and recommended a final dividend aggregating to Rs. 1,011.88 crores @ Rs. 37 per share
(nominal value of Rs. 1 per share) for the financial year ended March 31, 2023 (final dividend paid for previous financial year ended March 31, 2022 was Rs. 574.19 crores @ Rs.
21 per share of nominal value of Rs. 1 per share).
7. Earnings per share is not annualised for the quarter ended March 31, 2023, December, 31, 2022 and March 31, 2022.
8. The figures of the quarter ended March 31, 2023 and March 31, 2022, are the balancing figures between audited figures in respect of the full financial year(s) and the published
unaudited year to date figures up to the third quarter of the respective financial year(s) which were subjected to a limited review.
9. The figures for the previous periods/years have been reclassified / regrouped, wherever necessary.

For and on behalf of the Board of Directors

SIDDHART Digitally signed by SIDDHARTHA VIKRAM LAL
DN: c=IN, postalCode=110021, st=DELHI,
street=HOUSE NO02 PANCHSHEEL MARGNEW DELHI
110021, l=NEW DELHI, o=Personal, title=0492,

HA VIKRAM
serialNumber=6b7bc96a738b7047922508e4baf813d2
64ec1f344e176a81a43f3766503c2728,
pseudonym=049220230221133215312,
2.5.4.20=1bf4d3ce418b51beb18423b2e772ef0bfa80b
28155c839f2cc29571bdfca7257,

LAL
[email protected], cn=SIDDHARTHA VIKRAM
LAL
Date: 2023.05.11 16:39:35 +05'30'

Siddhartha Lal
Date: May 11, 2023 Managing Director