Statutory Reports
Corporate Overview
69th Annual Report 2013-14
80
Financial Statements
Consolidated Profit for the year
increased to
`
13,991.02 crores
from
`
9,892.61 crores in FY 2012-13, after considering the profit from
associate companies and share of minority. The increase in profit as
compared to last year is attributable to higher volume in JLR.
Consolidated Balance Sheet
Shareholders’ fund
was
`
65,603.45 crores and
`
37,637.30 crores as
at March 31, 2014 and 2013, respectively.
Reserves
increased from
`
36,999.23 crores as at March 31, 2013
to
`
64,959.67 crores as of March 31, 2014. The increase represents
strong performance on a consolidated basis as explained above.
An amount of
`
5,399.55 crores (as at March 31, 2013
`
1,578.07
crores), balance in hedging reserves account, representing
marked to market impact on the derivative financial
instruments.
Balance in Profit & Loss Account and General Reserve has gone
up by
`
13,303.73 crores, representing results from operations
for the year, net of distribution of dividend and transfer to
other reserves.
These were offset by debit in the pension reserve of JLR,
which increased by
`
1,343.67 crores (net), due to changes of
actuarial assumptions (discount rate and inflation rate).
Borrowings:
(
`
in crores)
As at March
31, 2014
As at March
31, 2013
Long term borrowings
45,258.61
32,155.29
Short term borrowings
9,695.86
11,620.21
Current maturities of long term borrowings
5,687.81
9,940.21
Total
60,642.28 53,715.71
i.
Current maturities of Long term borrowings represents
amount of loan repayable within one year.
ii.
Long term borrowings including the current portion increased
by
`
8,850.92 crores to
`
50,946.42 crores.
During FY 2013-14, TML Holdings Pte Singapore issued
SG$ 350 million 4.25% Senior Notes, due 2018 and raised
equivalent US$ 600 million (US$ 460 million and SG$
176.8 million) syndicated loan facility with equivalent
US$ 300 million (US$ 250 million and SG$ 62.8 million)
maturing in November 2017 and equivalent US$
300 million (US$ 210 million and SG$ 114 million) in
November 2019.
In FY 2013-14, the Company issued rated, listed,
unsecured non-convertible debentures of
`
1,100 crores
with maturities of 2-4 years as a step to raise long term
resources and optimize the loan maturity profile.
iii.
The reduction of
`
1,924.35 crores in the Short term borrowings
were primarily due to reduction of loans from banks.
Other Long term liabilities
were
`
2,596.86 crores as at March 31,
2014, as compared to
`
3,284.06 crores as at March 31, 2013. These
included
`
548.36 crores of derivative financial instruments, mainly
JLR as at March 31, 2014 (
`
1,733.50 crores as at March 31, 2013),
reflecting decreased notional liability consequent to valuation of
derivative contracts.
Trade payables
were
`
57,315.73 crores as at March 31, 2014, as
compared to
`
44,912.35 crores as at March 31, 2013. The increase is
attributable to increase in volumes, mainly at JLR.
Provisions
(current and non-current)
were towards warranty,
employee benefit schemes and proposed dividend. Short term
provisions are those which are expected to be settled during next
financial year. The details are as follows:
(
`
in crores)
As at March
31, 2014
As at March
31, 2013
Long term provisions (Non-current)
12,190.29
8,337.24
Short term provisions (Current)
7,970.68
7,788.16
Total
20,160.97 16,125.40
i.
Provision for warranty and product liability increased by
`
2,763.12 crores mainly on account of volumes at JLR.
ii.
The provision for employee benefits schemes increased by
`
1,303.28 crores on account of change in actuarial factors at JLR.
Other current liabilities
were
`
17,373.86 crores as at March 31,
2014 as compared to
`
22,224.94 crores as at March 31, 2013. This
mainly includes liability towards vehicles sold under repurchase
arrangements, liability for capital expenditure, statutory dues, and
current liability of long term debt and advance / progress payment
from customers. The decrease was mainly due to decrease in
