|670| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it: - Derecognises the assets (including goodwill) and liabilities of the subsidiary - Derecognises the carrying amount of any non- controlling interests - Derecognises the cumulative translation differences recorded in equity - Recognises the fair value of the consideration received - Recognises the fair value of any investment retained - Recognises any surplus or deficit in profit or loss - Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the group had directly disposed of the related assets or liabilities 4. BHARAT PETROLEUM CORPORATION LIMITED Subsidiaries Subsidiaries are entities controlled by the Corporation. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. The financial statements of the Subsidiaries are included in the Consolidated Financial Statements from the date on which control commences until the date on which the control ceases. Subsidiaries are consolidated by combining like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its Subsidiaries. The intra-company balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These Consolidated Financial Statements are prepared by applying uniform accounting policies in use at the Corporation. Noncontrolling interests (“NCI”) which represent part of the net profit or loss and net assets of Subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded. Changes in the Corporation’s equity interest in a Subsidiary that do not result in a loss of control are accounted for as equity transactions Joint Venture and Associates A Joint Venture is an arrangement in which the Corporation has joint control and has rights to the net assets of the arrangement, rather than the rights to its assets and obligation for its liabilities. An associate is an entity in which the Corporation has significant influence, but no control or joint control over the financial and operating policies.
|671| Chap. 28 – Ind AS 110 – Consolidated Financial Statements Interest in Joint Ventures and Associates are accounted for using the equity method. They are initially recognized at cost which includes transaction cost. Subsequent to initial recognition the Consolidated Financial Statements include the JVCs and Associates share of profit or loss and Other Comprehensive Income (“OCI”) of such entities until the date on which significant influence or joint control ceases. Unrealised gains / losses arising from transactions with such entities are eliminated against the investment to the extent of the Corporation’s interest in the investee. Business Combinations In accordance with Ind AS 101 First time adoption of Indian Accounting Standards, the Group has elected to apply the requirements of Ind AS 103, "Business Combinations" prospectively to business combinations on or after the date of transition (1st April 2015). Pursuant to this exemption, goodwill / capital reserve arising from business combination has been stated at the carrying amount under Previous GAAP. In accordance with Ind AS 103, the Group accounts for these business combinations using the acquisition method when the control is transferred to the Group. The consideration transferred for the business combinations is generally measured at fair value as at the date the control is acquired (acquisition date), of the net identifiable assets acquired. Any goodwill that arises is tested annually for impairment. If a business combination is achieved in stages, any previously held equity interest in the acquiree is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss or OCI as appropriate. Common Control Business combinations involving entities that are ultimately controlled by the same part(ies) before and after the business combination are considered as Common control entities and are accounted using the pooling of interest method as follows: The assets and liabilities of the combining entities are reflected at their carrying amounts. No adjustments are made to reflect the fair values, or recognise new assets or liabilities. Adjustments are made to harmonise accounting policies. The financial information in the financial statements in respect of prior periods is restated as if the business combination has occurred from the beginning of the preceding period in the financial statements, irrespective of the actual date of the combination. The balance of the retained earnings appearing in the financial statements of the transferor is aggregated with the corresponding balance appearing in the financial statements of the transferee or is adjusted against general reserve. The identity of the reserves are preserved and the reserves of the transferor become the reserves of the transferee. The difference if any, between the amounts recorded as share capital 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 is presented separately from other capital reserves. 5. CHAMBAL FERTILISERS AND CHEMICALS LIMITED The consolidated financial statements comprise the financial statements of the Parent Company, its subsidiaries and joint venture. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns.
|672| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights • The size of the Group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. 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 to that Group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the Group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the Parent Company, i.e., year ended on March 31. Further, during the year Joint venture of the Parent Company has prepared its accounts for the period of 15 months i.e. January 01, 2018 to March 31, 2019 (comparative being 12 months from January 01, 2017 to December 31, 2017), so as to align its reporting period with that of the Parent Company. Accordingly, the previous year numbers are not comparable to this extent. Further subsidiaries which are liquidated/under liquidation as on March 31, 2019 are consolidated till the Group was having the control over the subsidiaries. Consolidation Procedure: a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the Parent Company with those of its subsidiaries. b) Offset (eliminate) the carrying amount of the Parent’s investment in each subsidiary and the Parent’s portion of equity of each subsidiary. c) Eliminate in full intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the Group (profits or losses resulting from intra-group transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intra-group losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS12 Income Taxes’ applies to temporary differences that arise from the elimination of profits or losses resulting from intra-group transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the Parent Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. The accumulated loss attributable to non-controlling interests in excess of their equity on the date of transition to Ind AS has been restricted to zero in accordance with Ind AS 101. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary and any related noncontrolling interests and other components of equity. Any interest retained in the former
|673| Chap. 28 – Ind AS 110 – Consolidated Financial Statements subsidiary is measured at fair value at the date the control is lost. Any resulting gain or loss is recognized in profit or loss. 6. DLF LIMITED 2.1 BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Group, its associates, joint operations and joint ventures as at 31 March 2019. Control is achieved when the Group is exposed or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); Exposure, or rights, to variable returns from its involvement with the investee, and The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: The contractual arrangement with the other vote holders of the investee; Rights arising from other contractual arrangements; The Group’s voting rights and potential voting rights; or The size of the group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. 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 to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company, i.e., year ended on 31 March. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. Consolidation procedure for subsidiaries and partnership firms: • Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its 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.
|674| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts • Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. • Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: Derecognises the assets (including goodwill) and liabilities of the subsidiary. Derecognises the carrying amount of any non-controlling interests. Derecognises the cumulative translation differences recorded in equity. Recognises the fair value of the consideration received. Recognises the fair value of any investment retained. Recognises any surplus or deficit in profit or loss. Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s statement of profit and loss and net assets that is not held by the Group. Statement of profit and loss balance (including other comprehensive income (‘OCI’)) is attributed to the equity holders of the Holding Company and to the non-controlling interests basis the respective ownership interests and such balance is attributed even if this results in controlling interests having a deficit balance. The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. Such a change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity 7. FORTIS HEALTHCARE LIMITED Principles of consolidation The consolidated financial statements comprise the financial statement of the Group and its interest in associates and joint ventures. Control is achieved when the Group is exposed, or has rights, to variable returns from its ivolvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: (i) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)
|675| Chap. 28 – Ind AS 110 – Consolidated Financial Statements (ii) Exposure, or rights, to variable returns from its involvement with the investee, and (iii) The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (i) The contractual arrangement with the other vote holders of the investee. (ii) Rights arising from other contractual arrangements (iii) The Group’s voting rights and potential voting rights (iv) The size of the Group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of an entity begins when the Group obtains control over that entity and ceases when the Group loses control over the entity. Assets, liabilities, income and expenses of an entity acquired or disposed of during the year are included in these financial statements from the date the Group gains control until the date the Group ceases to control the entity. These 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 these financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that Group member’s financial statements in preparing these financial statements to ensure conformity with the Group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company. When the end of the reporting period of the parent is different from that of a member of the Group, the member prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. Non-controlling interests (NCI) NCI are measured at their proportionate share of the acquiree’s net identifiable assets at the date of acquisition. Changes in the Group’s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The details of the consolidated entities are provided in note 7 to these financial statements. (c) Consolidation procedure a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its 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. b) Investment in associate companies and joint ventures have been accounted under the equity method as per Ind AS 28 - “Investment in Associates and Joint Ventures” c) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. d) Eliminate in full, intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the Group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup
|676| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 “Income Taxes” applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the noncontrolling interests having a deficit balance. Non-controlling interest in the results and the equity of subsidiaries are shown separately in the Consolidated Statement of Profit and Loss, Consolidated Statement of Changes in Equity and Consolidated Balance Sheet. The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity. 8. GMR INFRASTRUCTURE LIMITED 2.1. Basis of Consolidation The consolidated financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time). The consolidated financial statements have been accounting policy regarding financial instruments) prepared on a historical cost basis, except for certain financial assets and liabilities (refer which have been measured at fair value. The functional and presentation currency of the Group is Indian Rupee (‘Rs’) which is the currency of the primary economic environment in which the Group operates. The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at March 31, 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights • The size of the group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
|677| Chap. 28 – Ind AS 110 – Consolidated Financial Statements consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. 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 to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies. The financial statements of all entities, used for the purpose of consolidation are drawn up to same reporting date as that of the parent company, i.e., year ended on 31 March. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. In case of entities, where it is impracticable to do so, they are consolidated using the most recent financial statements available, which has a lag of three months, adjusted for the effects of significant transactions or events occur between the date of those financial statements and consolidated financial statements. Consolidation procedure: • Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its 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. • Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. • Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements • Non-controlling interest represents that part of the total comprehensive income and net assets of subsidiaries attributable to interests which are not owned, directly or indirectly, by the Parent Company. • Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the noncontrolling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • Derecognises the assets (including goodwill) and liabilities of the subsidiary • Derecognises the carrying amount of any non-controlling interests • Derecognises the cumulative translation differences recorded in equity • Recognises the fair value of the consideration received • Recognises the fair value of any investment retained • Recognises any surplus or deficit in profit or loss • Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.
|678| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 2.5. The entities consolidated in the consolidated financial statements are listed below: Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) as at Percentage of voting rights held as at Net Assets, i.e, total assets minus total liabilities* Share in total comprehensive income* March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 As % of consolidated net assets ` in crore As % of consolidated net assets ` in crore As % of total comprehensive income ` in crore As % of total comprehensive income ` in crore Parent 1 GMR Infrastructure Limited (GIL) India Holding Company 35.28% 11,701.15 40.95% 17,113.85 48.77% (5,349.90) 37.09% (3,165.07) Subsidiaries Indian 2 GMR Energy Trading Limited (GETL) India Subsidiary 81.00% 81.00% 81.00% 81.00% 0.18% 59.64 0.16% 65.51 0.05% (5.87) -0.03% 2.48 3 GMR Power Corporation Limited (GPCL) India Subsidiary 51.00% 51.00% 51.00% 51.00% 0.82% 273.09 0.65% 272.17 -0.01% 0.92 -0.32% 27.54 4 GMR Coastal Energy Private Limited (GCEPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% (0.17) 0.00% (0.14) 0.00% (0.03) 0.00% (0.02) 5 GMR Londa Hydropower Private Limited (GLHPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% -0.22% (73.64) -0.03% (10.73) 0.57% (62.91) 0.07% (5.73) 6 GMR Kakinada Energy Private Limited (GKEPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% (0.12) 0.00% (0.09) 0.00% (0.03) 0.00% (0.02) 7 SJK Powergen Limited (SJK) India Subsidiary 70.00% 70.00% 70.00% 70.00% -0.97% (322.91) -0.49% (206.27) 1.06% (116.64) 0.05% (4.56) 8 GMR Genco Assets Limited (GGEAL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% (0.75) -0.01% (5.51) 0.00% (0.31) 0.01% (0.83) 9 GMR Generation Assets Limited (GGAL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.48% 160.53 2.40% 1,004.56 7.69% (844.03) 61.40% (5,239.50) 10 GMR Power Infra Limited (GPIL) India Subsidiary 100.00% 100.00% 100.00% 100.00% -0.01% (4.87) -0.01% (3.52) 0.01% (1.35) 0.02% (1.29) 11 GMR Highways Limited (GMRHL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 3.30% 1,092.96 2.69% 1,123.58 0.28% (30.62) 0.80% (68.04) 12 GMR Tambaram Tindivanam Expressways Limited (GTTEL) India Subsidiary 86.77% 86.77% 100.00% 100.00% 0.71% 233.87 0.52% 217.47 -0.15% 16.40 -0.18% 15.39 13 GMR Tuni Anakapalli Expressways Limited (GTAEL) India Subsidiary 86.77% 86.77% 100.00% 100.00% 0.38% 126.22 0.27% 113.56 -0.12% 12.66 -0.15% 13.13 14 GMR Ambala Chandigarh Expressways Private Limited (GACEPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% -0.46% (151.85) -0.21% (87.33) 0.49% (53.63) 0.60% (50.82) 15 GMR Pochanpalli Expressways Limited (GPEL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.66% 218.44 0.52% 218.23 -0.05% 5.76 -0.13% 11.05 16 GMR Hyderabad Vijayawada Expressways Private Limited (GHVEPL) India Subsidiary 90.00% 90.00% 90.00% 90.00% -1.36% (452.33) -0.81% (339.53) 1.03% (112.80) 2.29% (194.99) 17 GMR Chennai Outer Ring Road Private Limited (GCORRPL) India Subsidiary 90.00% 90.00% 90.00% 90.00% 0.20% 66.93 0.17% 72.92 0.05% (5.32) 0.00% (0.13) 18 GMR Kishangarh Udaipur Ahmedabad Expressways Limited (GKUAEL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.42% 140.74 0.31% 131.24 -0.16% 17.38 0.00% (0.12) 19 GMR Hyderabad International Airport Limited (GHIAL) India Subsidiary2 9.31% 63.00% 63.00% 63.00% 5.02% 1,665.81 2.69% 1,122.42 -6.83% 749.05 -7.24% 617.62 20 Gateways for India Airports Private Limited (GFIAL) India Subsidiary 86.49% 86.49% 86.49% 86.49% 0.01% 2.52 0.01% 2.43 0.00% 0.09 0.00% 0.09 21 GMR Hyderabad Air Cargo and Logistics Private Limited (formerly known as Hyderabad Menzies Air Cargo Private Limited) (GHACLPL) India Subsidiary2,3 59.31% 32.13% 100.00% 51.00% 0.32% 105.53 0.24% 99.62 -0.08% 8.58 -0.30% 25.45 22 Hyderabad Airport Security Services Limited (HASSL) India Subsidiary2 59.31% 63.00% 100.00% 100.00% 0.04% 13.22 0.03% 13.22 0.00% - 0.00% 0.01
|679| Chap. 28 – Ind AS 110 – Consolidated Financial Statements Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) as at Percentage of voting rights held as at Net Assets, i.e, total assets minus total liabilities* Share in total comprehensive income* March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 As % of consolidated net assets ` in crore As % of consolidated net assets ` in crore As % of total comprehensive income ` in crore As % of total comprehensive income ` in crore 23 Asia Pacific Flight Training Academy Limited (APFT) India NA4,7 - 63.00% - 100.00% - NA -0.01% (4.79) -0.02% 2.12 0.01% (0.76) 24 GMR Aerostructure Services Limited (GASL) India Subsidiary 100.00% 100.00% 100.00% 100.00% -0.23% (76.72) -0.06% (23.40) 0.49% (53.32) 0.27% (23.38) 25 GMR Logistics Park Private Limited (GLPPL) India Subsidiary5 59.31% NA 100.00% NA 0.00% (0.05) NA NA 0.00% (0.06) NA NA 26 GMR Hyderabad Aerotropolis Limited (HAPL) India Subsidiary2 59.31% 63.00% 100.00% 100.00% 0.14% 46.94 0.12% 50.83 0.04% (3.89) 0.04% (3.04) 27 GMR Hyderabad Aviation SEZ Limited (GHASL) India Subsidiary2 59.31% 63.00% 100.00% 100.00% 0.16% 51.70 0.13% 55.44 0.03% (3.74) 0.05% (4.08) 28 GMR Aerospace Engineering Limited (GAEL) India Subsidiary2 59.31% 63.00% 100.00% 100.00% 1.01% 334.41 0.76% 316.42 0.00% (0.50) 0.07% (6.00 29 GMR Aero Technic Limited (GATL) India Subsidiary2 59.31% 63.00% 100.00% 100.00% -0.74% (245.57) -0.62% (258.65) 0.05% (5.44) 0.68% (57.79) 30 GMR Airport Developers Limited (GADL) India Subsidiary2 94.14% 100.00% 100.00% 100.00% 0.15% 50.01 0.13% 52.29 -0.04% 3.87 -0.10% 8.59 31 GMR Hospitality and Retail Limited (GHRL) India Subsidiary2 59.31% 63.00% 100.00% 100.00% 0.06% 21.10 -0.03% (12.04) -0.04% 3.96 -0.06% 4.84 32 GMR Hyderabad Airport Power Distribution Limited (GHAPDL) India Subsidiary2 59.31% 63.00% 100.00% 100.00% 0.00% 0.03 0.00% 0.03 0.00% - 0.00% - 33 Delhi International Airport Limited (DIAL) India Subsidiary2 60.25% 64.00% 64.00% 64.00% 8.20% 2,718.04 6.86% 2,868.12 1.11% (121.89) -0.60% 51.10 34 Delhi Aerotropolis Private Limited (DAPL) India Subsidiary2 60.25% 64.00% 100.00% 100.00% 0.00% (0.06) 0.00% (0.06) 0.00% - 0.00% - 35 Delhi Airport Parking Services Private Limited (DAPSL) India Subsidiary2 67.81% 72.04% 90.00% 90.00% 0.28% 91.32 0.23% 97.70 -0.19% 20.62 -0.35% 29.76 36 GMR Airports Limited (GAL) India Subsidiary2 94.14% 100.00% 94.14% 100.00% 6.72% 2,230.15 5.52% 2,305.35 0.69% (75.20) -2.53% 215.50 37 GMR Aviation Private Limited (GAPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.40% 134.29 0.33% 138.01 0.03% (3.72) 0.07% (6.08) 38 GMR Krishnagiri SIR Limited (GKSIR) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.35% 115.03 0.28% 118.37 0.02% (2.71) 0.02% (1.94) 39 Advika Properties Private Limited (APPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.73 0.02% 7.19 0.00% (0.14) 0.00% (0.06) 40 Aklima Properties Private Limited (AKPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.81 0.01% 4.25 0.00% (0.08) 0.00% (0.04) 41 Amartya Properties Private Limited (AMPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.82 0.02% 7.86 0.00% (0.06) 0.00% (0.21) 42 Baruni Properties Private Limited (BPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.90 0.01% 6.21 0.00% 0.03 0.00% (0.05) 43 Bougainvillea Properties Private Limited (BOPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.01% 1.69 0.01% 5.72 0.00% (0.02) 0.00% (0.04) 44 Camelia Properties Private Limited (CPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.40 0.01% 5.83 0.00% (0.01) 0.00% (0.05) 45 Deepesh Properties Private Limited (DPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.01% 2.52 0.03% 12.63 0.00% (0.11) 0.00% (0.11) 46 Eila Properties Private Limited (EPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.78 0.02% 8.54 0.00% (0.01) 0.00% (0.14) 47 Gerbera Properties Private Limited (GPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.56 0.02% 6.70 0.00% (0.02) 0.00% (0.05) 48 Lakshmi Priya Properties Private Limited (LPPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.85 0.02% 7.16 0.00% (0.02) 0.00% (0.06) 49 Honeysuckle Properties Private Limited (HPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 1.12 0.02% 9.68 0.00% (0.06) 0.00% (0.07)
|680| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) as at Percentage of voting rights held as at Net Assets, i.e, total assets minus total liabilities* Share in total comprehensive income* March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 As % of consolidated net assets ` in crore As % of consolidated net assets ` in crore As % of total comprehensive income ` in crore As % of total comprehensive income ` in crore 50 Idika Properties Private Limited (IPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.79 0.02% 6.48 0.00% (0.03) 0.00% (0.11) 51 Krishnapriya Properties Private Limited (KPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.80 0.02% 6.55 0.00% (0.01) 0.00% (0.06) 52 Larkspur Properties Private Limited (LAPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 1.47 0.02% 6.43 0.00% (0.01) 0.00% (0.04) 53 Nadira Properties Private Limited (NPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 1.03 0.01% 5.05 0.00% (0.03) 0.00% (0.10) 54 Padmapriya Properties Private Limited (PAPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.61 0.00% 0.45 0.00% 0.16 0.00% (0.03) 55 Prakalpa Properties Private Limited (PPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.78 0.02% 6.56 0.00% (0.01) 0.00% (0.02) 56 Purnachandra Properties Private Limited (PUPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.73 0.02% 7.53 0.00% (0.02) 0.00% (0.07) 57 Shreyadita Properties Private Limited (SPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.66 0.02% 7.88 0.00% (0.11) 0.00% (0.12) 58 Pranesh Properties Private Limited (PRPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.84 0.02% 7.35 0.00% (0.01) 0.00% (0.05) 59 Sreepa Properties Private Limited (SRPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.84 0.02% 6.36 0.00% (0.08) 0.00% (0.07) 60 Radhapriya Properties Private Limited (RPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.76 0.04% 16.93 0.00% (0.02) 0.00% (0.14) 61 Asteria Real Estates Private Limited (AREPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% (0.18) 0.01% 5.09 0.00% (0.07) 0.00% (0.08) 62 Lantana Properies Private Limited (Lantana) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% (0.69) 0.02% 9.58 0.00% (0.07) 0.00% (0.17) 63 Namitha Real Estates Private Limited (NREPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% (1.59) 0.00% (1.36) 0.00% (0.23) 0.00% (0.12) 64 Honey Flower Estates Private Limited (HFEPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.11% 37.90 0.09% 37.14 -0.01% 0.76 -0.03% 2.86 65 GMR SEZ & Port Holdings Limited (GSPHL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.59% 195.39 0.55% 228.05 0.30% (32.66) 0.24% (20.82) 66 East Godavari Power Distribution Company Private Limited (EGPDCPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% - 0.00% - 0.00% (0.01) 0.00% - 67 Suzone Properties Private Limited (SUPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% -0.01% (2.43) 0.01% 4.59 0.00% (0.47) 0.01% (0.79) 68 GMR Utilities Private Limited (GUPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% - 0.00% - 0.00% - 0.00% - 69 Lilliam Properties Private Limited (LPPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% -0.01% (1.80) 0.01% 2.53 0.00% (0.29) 0.01% (0.51) 70 GMR Corporate Affairs Private Limited (GCAPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% -0.04% (13.62) -0.02% (6.39) 0.07% (7.23) 0.08% (6.47) 71 Dhruvi Securities Private Limited (DSPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 1.01% 334.47 0.81% 338.40 0.03% (3.38) 0.05% (4.61) 72 Kakinada SEZ Limited (KSL) India Subsidiary 51.00% 51.00% 51.00% 51.00% 0.25% 81.57 0.19% 79.74 -0.02% 1.83 0.05% (4.46) 73 GMR Business Process and Services Private Limited (GBPSPL) India Subsidiary 100.00% 100.00% 100.00% 100.00% -0.04% (11.92) -0.02% (8.98) 0.03% (2.94) 0.02% (2.04) 74 Raxa Security Services Limited (RSSL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 0.17% 56.33 0.12% 50.43 -0.05% 5.90 -0.01% 0.49 75 GMR Infra Services Limited (GISL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 5.69% 1,888.33 0.00% 0.04 1.57% (171.71) 0.00% -
|681| Chap. 28 – Ind AS 110 – Consolidated Financial Statements Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) as at Percentage of voting rights held as at Net Assets, i.e, total assets minus total liabilities* Share in total comprehensive income* March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 As % of consolidated net assets ` in crore As % of consolidated net assets ` in crore As % of total comprehensive income ` in crore As % of total comprehensive income ` in crore 76 Kakinada Gateway Port Limted (KGPL) India Subsidiary 51.00% 51.00% 100.00% 100.00% 0.46% 154.01 0.00% 0.01 0.00% - 0.00% - 77 GMR Goa International Airport Limited (GIAL) India Subsidiary2 94.13% 99.99% 99.99% 99.99% 0.35% 116.50 0.26% 108.71 0.02% (2.21) 0.05% (4.02) 78 GMR Infra Developers Limited (GIDL) India Subsidiary 100.00% 100.00% 100.00% 100.00% 6.21% 2,060.03 0.00% 0.05 0.00% (0.02) 0.00% - Foreign 79 GMR Energy (Cyprus) Limited (GECL) Cyprus Subsidiary 100.00% 100.00% 100.00% 100.00% -0.40% (131.92) -0.17% (71.59) 0.59% (64.98) 0.87% (74.12) 80 GMR Energy (Netherlands) B.V. (GENBV) Netherlands Subsidiary 100.00% 100.00% 100.00% 100.00% 0.73% 243.46 0.63% 262.41 0.39% (43.05) 0.05% (4.06) 81 PT Dwikarya Sejati Utma (PTDSU) Indonesia NA6,7 NA 100.00% NA 100.00% 0.00% NA 0.03% 10.83 0.06% (6.25) 0.02% (1.43) 82 PT Duta Sarana Internusa (PTDSI) Indonesia NA6,7 NA 100.00% NA 100.00% 0.00% NA 0.00% - 0.00% NA 0.00% - 83 PT Barasentosa Lestari (PTBSL) Indonesia NA6,7 NA 100.00% NA 100.00% 0.00% NA 0.00% - 0.00% NA 0.00% - 84 PT Unsoco (PT) Indonesia NA6,7 NA 100.00% NA 100.00% 0.00% NA 0.00% 0.58 0.00% - 0.00% - 85 GMR Energy Projects (Mauritius) Limited (GEPML) Mauritius Subsidiary 100.00% 100.00% 100.00% 100.00% -4.86% (1,611.34) -2.69% (1,125.44) 4.43% (486.19) 2.33% (198.77) 86 GMR Infrastructure (Singapore) Pte Limited (GISPL) Singapore Subsidiary 100.00% 100.00% 100.00% 100.00% 4.52% 1,498.05 2.23% 933.26 -8.06% 884.47 0.07% (6.17) 87 GMR Coal Resources Pte Limited (GCRPL) Singapore Subsidiary 100.00% 100.00% 100.00% 100.00% -0.58% (193.58) -0.29% (120.64) 1.07% (117.58) 0.09% (7.85) 88 GADL International Limited (GADLIL) Isle of Man Subsidiary2 94.14% 100.00% 100.00% 100.00% -0.05% (16.47) -0.04% (16.46) 0.00% (0.01) -0.10% 8.75 89 GADL (Mauritius) Limited (GADLML) Mauritius Subsidiary2 94.14% 100.00% 100.00% 100.00% 0.00% (0.04) 0.00% 0.05 0.00% (0.16) 0.00% (0.21) 90 GMR Male International Airport Private Limited (GMIAL) Maldives Subsidiary 76.87% 76.87% 76.87% 76.87% 2.02% 668.92 1.52% 633.87 -0.18% 20.09 0.60% (51.52) 91 GMR Airports International B.V. (GAIBV) Netherlands Subsidiary5 94.14% NA 100.00% NA -0.07% (21.61) 0.00% - 0.26% (28.57) 0.00% - 92 GMR Airports (Mauritius) Limited (GAML) Mauritius Subsidiary2 94.14% 100.00% 100.00% 100.00% 0.01% 3.24 0.01% 3.34 0.00% (0.17) 0.00% (0.29) 93 GMR Infrastructure (Mauritius) Limited (GIML) Mauritius Subsidiary 100.00% 100.00% 100.00% 100.00% 2.30% 762.59 5.35% 2,236.47 0.63% (69.63) -4.08% 348.49 94 GMR Infrastructure (Cyprus) Limited (GICL) Cyprus Subsidiary 100.00% 100.00% 100.00% 100.00% -0.06% (21.25) -0.05% (22.33) 0.51% (55.71) -0.05% 4.30 95 GMR Infrastructure Overseas Limited, Malta (GIOL) Malta Subsidiary 100.00% 100.00% 100.00% 100.00% 0.13% 41.46 1.75% 732.35 6.30% (691.14) -1.22% 103.77 96 GMR Infrastructure (UK) Limited (GIUL) United Kingdom Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 1.35 0.01% 3.98 -0.02% 2.28 0.04% (3.38) 97 GMR Infrastructure (Global) Limited (GIGL) Isle of Man Subsidiary 100.00% 100.00% 100.00% 100.00% 3.08% 1,020.81 2.29% 955.93 -0.04% 4.15 0.01% (0.55) 98 GMR Energy (Global) Limited (GEGL) Isle of Man Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% (0.21) 0.00% (0.12) 0.59% (65.03) 0.00% (0.18) 99 Indo Tausch Trading DMCC (Indo Tausch) United Arab Emirates Subsidiary 100.00% 100.00% 100.00% 100.00% 0.00% 0.94 0.00% 1.25 0.00% (0.31) 0.00% (0.27) 100 GMR Infrastructure (Overseas) Limited (GI(O)L) Mauritius Subsidiary 100.00% 100.00% 100.00% 100.00% -4.18% (1,386.49) 4.06% 1,695.73 15.92% (1,745.80) 0.00% 0.17 Joint ventures (investment as per equity method) 101 GMR Energy Limited (GEL) India Joint Venture1,9 69.58% 51.73% 69.58% 51.73% 9.31% 3,087.96 7.53% 3,145.66 11.40% (1,250.13) 1.49% (127.39)
|682| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) as at Percentage of voting rights held as at Net Assets, i.e, total assets minus total liabilities* Share in total comprehensive income* March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 As % of consolidated net assets ` in crore As % of consolidated net assets ` in crore As % of total comprehensive income ` in crore As % of total comprehensive income ` in crore 102 GMR Bajoli Holi Hydropower Private Limited (GBHHPL) India Joint Venture10 12.57% 13.35% 20.86% 20.86% 0.38% 124.45 0.30% 125.27 0.01% (0.82) -0.20% 17.10 103 Laqshya Hyderabad Airport Media Private Limited (Laqshya) India Joint Venture2 29.06% 30.87% 49.00% 49.00% 0.05% 18.21 0.03% 14.48 -0.03% 3.73 -0.05% 4.03 104 Delhi Aviation Services Private Limited (DASPL) India Joint Venture2 30.12% 32.00% 50.00% 50.00% 0.06% 20.57 0.05% 20.28 -0.04% 4.04 -0.07% 5.63 105 Delhi Aviation Fuel Facility Private Limited (DAFF) India Joint Venture2 15.66% 16.64% 26.00% 26.00% 0.19% 63.98 0.13% 53.30 -0.12% 12.81 -0.13% 10.99 106 WAISL Limited (formerly known as Wipro Airport IT Services Limited) (WAISL) India Joint Venture2 15.66% 16.64% 26.00% 26.00% 0.01% 4.78 0.00% 1.43 -0.03% 3.35 0.02% (2.03) 107 GMR Mining & Energy Private Limited (GMEL) India Joint Venture 40.00% 40.00% 40.00% 40.00% 0.00% (0.74) 0.00% (0.73) 0.00% (0.02) 0.00% (0.01) 108 Delhi Duty Free Services Private Limited (DDFS) India Joint Venture2 46.10% 48.97% 66.93% 66.93% 0.91% 300.16 0.61% 256.52 -0.84% 91.82 -0.80% 68.23 Foreign 109 GMR Megawide Cebu Airport Corporation (GMCAC) Philippines Joint Venture2 37.66% 40.00% 40.00% 40.00% 1.41% 466.60 0.93% 390.25 -0.45% 48.99 -0.68% 58.04 110 Limak GMR Joint Venture (CJV) Turkey Joint Venture 50.00% 50.00% 50.00% 50.00% 0.00% (0.23) 0.00% (0.78) 0.00% 0.54 0.00% (0.25) 111 Megawide GISPL Construction Joint Venture (MGCJV) Philippines Jointly Controlled Operations 50.00% 50.00% 50.00% 50.00% 0.08% 27.38 0.08% 32.20 -0.25% 27.08 -0.25% 21.18 112 Megawide GMR Construction JV, Inc. (MGCJV Inc.) Philippines Joint Venture5 45.00% NA 45.00% NA 0.06% 20.55 0.00% - 0.03% 9.59 0.00% - 113 PT Golden Energy Mines Tbk (PTGEMS) Indonesia Joint Venture8 30.00% 30.00% 30.00% 30.00% 10.38% 3,443.26 7.54% 3,151.65 -1.84% 202.35 -2.71% 231.48 114 Heraklion Crete International Airport SA (Crete) Greece Joint Venture5 9.41% NA 10.00% NA 0.01% 4.04 0.00% NA 0.00% - 0.00% NA Associates 115 Celebi Delhi Cargo Terminal Management India Private Limited (CDCTM) India Associate2 15.66% 16.64% 26.00% 26.00% 0.17% 57.99 0.12% 52.24 -0.05% 5.75 -0.06% 4.93 116 Travel Food Services (Delhi Terminal 3) Private Limited (TFS) India Associate2 24.10% 25.60% 40.00% 40.00% 0.02% 5.96 0.01% 4.42 -0.01% 1.55 -0.01% 0.71 117 TIM Delhi Airport Advertising Private Limited (TIM) India Associate2 30.06% 31.94% 49.90% 49.90% 0.12% 39.47 0.09% 36.90 -0.12% 13.18 -0.16% 13.48 118 GMR Chhattisgarh Energy Limited (GCEL) India Associate 47.62% 47.62% 47.62% 47.62% 0.00% - 3.55% 1,485.25 13.54% (1,485.25) 6.38% (544.14) 119 GMR Rajahmundry Energy Limited (GREL) India Associate 45.00% 45.00% 45.00% 45.00% -1.86% (615.34) -1.71% (715.28) -0.29% 32.00 6.54% (557.86) 120 DIGI Yatra Foundation (DIGI) India Associate5 22.29% NA 37.00% NA 0.00% - 0.00% NA 0.00% - 0.00% NA Sub Total 100.00% 33,164.38 100.00% 41,794.78 100.00% (10,969.00) 100.00% (8,533.27) Add/ Less: Non controlling interests in all subsidiaries (2,061.95) (1,826.47) (237.63) (256.95) Consolidation adjustments/ eliminations** (29,860.54) (34,323.50) 7,786.34 7,308.00 Total 1,241.89 5,644.81 (3,420.29) (1,482.22) *The figures have been considered from the respective standalone financial statements before consolidation adjustments / eliminations. ** Consolidation adjustments/eliminations include intercompany eliminations and consolidation adjustments.
|683| Chap. 28 – Ind AS 110 – Consolidated Financial Statements The reporting dates of the subsidiaries, joint ventures and associates coincide with that of the parent Company except in case of foreign subsidiaries (refer SI. No 79 to 100) and foreign joint ventures (refer SI. No 109 to 114) whose financial statements for the year ended on and as at December 31, 2018 were considered for the purpose of consolidated financial statements of the Group. The financial statements of other subsidiaries / joint ventures / associates have been drawn up to the same reporting date as of the Company, i.e. March 31, 2019. Notes: 1 During the year ended March 31, 2019, the Group has accounted for the put option to acquire additional 17.85% stake from investors in regard to GMR Energy Limited at an agreed amount. However, the same has been considered for effective holding but not for voting rights as at March 31, 2019. 2 Change in holding % of GAL on account of CCPS settlement during the year. Refer note 45 (xii) for additional details. 3 Additional stake acquired in subsidiary during the year. 4 Disposed during the year ended March 31, 2019. 5 Incorporated during the year ended March 31, 2019. 6 Ceased to be a subsidiary and became joint venture with effect from August 31, 2018. 7 The amounts disclosed with respect to net profit / (loss) in the table above comprises of the net profit / (loss) from the operations of such entities till the date of disposal and net profit / (loss) from such disposal. 8 The amounts for net assets / (liabilities) and net profit / (loss) of PTGEMS and its joint ventures have been presented on a consolidated basis. 9 The amounts for net assets / (liabilities) and net profit / (loss) of GEL and its subsidiaries and joint ventures have been presented on a consolidated basis. 10 During the year ended March 31, 2018, GEL has entered into a share subscription-cum-shareholders' agreement with DIAL whereby DIAL has subscribed for 20.86% equity shares of GBHHPL. 11 The joint ventures consolidated with GEL are listed below: Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) by GIL as at March 31, 2019 March 31, 2018 1 GMR Vemagiri Power Generation Limited (GVPGL) India Joint Venture 69.58% 51.73% 2 GMR (Badrinath) Hydro Power Generation Private Limited (GBHPL) India Joint Venture 69.61% 51.73% 3 GMR Warora Energy Limited (GWEL) India Joint Venture 69.58% 51.73% 4 GMR Gujarat Solar Power Limited (GGSPL) India Joint Venture 69.58% 51.73% 5 GMR Bundelkhand Energy Private Limited (GBEPL) India Joint Venture 69.58% 51.73%
|684| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) by GIL as at March 31, 2019 March 31, 2018 6 GMR Tenaga Operations and Maintenance Private Limited (GTOM) India Joint Venture 34.79% NA 7 GMR Maharashtra Energy Limited (GMAEL) India Joint Venture 69.58% 51.73% 8 GMR Rajam Solar Power Private Limited (GRSPPL) India Joint Venture 69.58% 51.73% 9 GMR Indo-Nepal Power Corridors Limited (GINPCL) India Joint Venture 69.58% 51.73% 10 GMR Indo-Nepal Energy Links Limited (GINELL) India Joint Venture 69.58% 51.73% 11 GMR Consulting Services Limited (GCSL) India Joint Venture 69.58% 51.73% 12 GMR Kamalanga Energy Limited (GKEL) India Joint Venture 60.83% 45.22% 13 GMR Bajoli Holi Hydropower Private Limited (GBHHPL) India Joint Venture 67.63% 54.29% 14 Rampia Coal Mine and Energy Private Limited (RCMEPL) India Joint Venture 12.10% 9.00% 15 GMR Energy (Mauritius) Limited (GEML) Mauritius Joint Venture 71.10% 54.14% 16 Karnali Transmission Company Private Limited (KTCPL) Nepal Joint Venture 71.10% 54.14% 17 Marsyangdi Transmission Company Private Limited (MTCPL) Nepal Joint Venture 71.10% 54.14% 18 GMR Lion Energy Limited (GLEL) Mauritius Joint Venture 71.10% 54.14% 19 GMR Upper Karnali Hydropower Limited (GUKPL) Nepal Joint Venture 51.90% 39.52% 20 Himtal Hydro Power Company Private Limited (HHPPL) Nepal Disposed during the year NA 42.42% 12 The joint ventures consolidated with PTGEMS are listed below: Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) by GIL as at March 31, 2019 March 31, 2018 1 PT Roundhill Capital Indonesia (RCI) Indonesia Joint Venture 29.70% 29.70% 2 PT Borneo Indobara (BIB) Indonesia Joint Venture 29.43% 29.43%
|685| Chap. 28 – Ind AS 110 – Consolidated Financial Statements Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) by GIL as at March 31, 2019 March 31, 2018 3 PT Kuansing Inti Makmur (KIM) Indonesia Joint Venture 30.00% 30.00% 4 PT Karya Cemerlang Persada (KCP) Indonesia Joint Venture 30.00% 30.00% 5 PT Bungo Bara Utama (BBU) Indonesia Joint Venture 30.00% 30.00% 6 PT Bara Harmonis Batang Asam (BHBA) Indonesia Joint Venture 30.00% 30.00% 7 PT Berkat Nusantara Permai (BNP) Indonesia Joint Venture 30.00% 30.00% 8 PT Tanjung Belit Bara Utama (TBBU) Indonesia Joint Venture 30.00% 30.00% 9 PT Trisula Kencana Sakti (TKS) Indonesia Joint Venture 21.00% 21.00% 10 PT Era Mitra Selaras (EMS) Indonesia Joint Venture 30.00% 30.00% 11 PT Wahana Rimba Lestari (WRL) Indonesia Joint Venture 30.00% 30.00% 12 PT Berkat Satria Abadi (BSA) Indonesia Joint Venture 30.00% 30.00% 13 GEMS Trading Resources Pte Limited (GEMSCR) Singapore Joint Venture 30.00% 30.00% 14 PT Karya Mining Solution (KMS) Indonesia Joint Venture 30.00% 30.00% 15 PT Kuansing Inti Sejahtera (KIS) Indonesia Joint Venture 30.00% 30.00% 16 PT Bungo Bara Makmur (BBM) Indonesia Joint Venture 30.00% 30.00% 17 PT GEMS Energy Indonesia (PTGEI) Indonesia Joint Venture 30.00% 30.00% 18 Shanghai Jingguang Energy Co Ltd (SJECL) China Disposed during the year NA 30.00% 19 PT Dwikarya Sejati Utma (PTDSU) Indonesia Joint Venture 30.00% NA 20 PT Unsoco (Unsoco) Indonesia Joint Venture 30.00% NA 21 PT Barasentosa Lestari (PTBSL) Indonesia Joint Venture 30.00% NA 22 PT Duta Sarana Internusa (PTDSI) Indonesia Joint Venture 30.00% NA 13 The joint ventures consolidated with GMCAC are listed below: Sl. No. Name of the entity Country of incorporation Relationship as at March 31, 2019 Percentage of effective ownership interest held (directly and indirectly) by GIL as at March 31, 2019 March 31, 2018 1 Mactan Travel Retail Group Co. (MTRGC) Philippines Joint Venture 23.54% NA 2 SSP-Mactan Cebu Corporation (SMCC) Philippines Joint Venture 23.54% NA
|686| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 9. GODREJ PROPERTIES LIMITED a. Basis of Consolidation Subsidiaries Subsidiaries are all entities (including special purpose entities) that are controlled by the Company. Control exists when the Group is exposed to, or has the ability to affect those returns through power over the entity. In assessing control, potential voting rights are considered only if the rights are substantive. The financial statements of the Company and its subsidiaries have been combined on a line-by-line basis while eliminating the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. For the purpose of preparing these consolidated financial statements, the accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Group. Upon loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in the consolidated statement of profit and loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost and the differential is recognised in the consolidated statement of profit and loss. Subsequently, it is accounted for as an equity-accounted investee depending on the level of influence retained. Joint Ventures and associate (equity accounted investees) The Group’s interests in equity accounted investees comprise interests in joint ventures and associate. An associate is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control and has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures and associate are accounted for using the equity method. They are initially recognised at cost which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and OCI of equity accounted investees until the date on which significant influence or joint control ceases. When the Group’s share of losses in an equity accounted investment equals or exceeds its interest in an entity; the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of other entity. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in full while preparing these consolidated financial statements. Unrealised gains or losses arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Deferred tax asset or liability is created on any temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. Acquisition of non-controlling interest Acquisition of some or all of the non-controlling interest (“NCI”) is accounted for as a transaction with equity holders in their capacity as equity holders. Consequently, the difference arising between the fair value of the purchase consideration paid and the carrying value of the NCI is recorded as an adjustment to retained earnings that is attributable to the Company. The associated cash flows are classified as financing activities. No goodwill is recognised as a result of such transactions b) Use of estimates and judgements The preparation of the consolidated financial statements in conformity with Ind AS requires the use of estimates, judgements and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. Future results could differ due
|687| Chap. 28 – Ind AS 110 – Consolidated Financial Statements to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/ materialise. Information about critical judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect to the carrying amounts of assets and liabilities within the next financial year, are as follows: Evaluation of control The Group makes assumptions, when assessing whether it exercises control, joint control or significant influence over entities in which it holds less than 100 percent of the voting rights. These assumptions are made based on the contractual rights with the other shareholders, relevant facts and circumstances which indicate that the Group has power over the potential subsidiary or that joint control exists. Changes to contractual arrangements or facts and circumstances are monitored and are evaluated to determine whether they have a potential impact on the assessment as to whether the Group is exercising control over its investment. 10. GRASIM INDUSTRIES LIMITED Basis of Consolidation The Consolidated Financial Statements (CFS) include the financial statements of the Company and its subsidiaries together with the share of the total comprehensive income of joint ventures and associates. Subsidiaries are entities controlled by the Group. Associates are entities over which the Group exercise significant influence but does not control. An entity / arrangement in which the Group has the ability to exercise control jointly with one or more uncontrolled entities may be a joint venture (“JV”) or a joint operation (“JO”). Unlike in a JV where parties have proportionate interests in the assets and liabilities of the JV entity, parties have rights to and obligations towards specified assets and liabilities in a JO. Control, significant influence and joint control is assessed annually with reference to the voting power (usually arising from equity shareholdings and potential voting rights) and other rights (usually contractual) enjoyed by the Group in its capacity as an investor that provides it the power and consequential ability to direct the investee’s activities and significantly affect the Group’s returns from its vestment. Such assessment requires the exercise of judgement and is disclosed by way of a note to the Financial Statements. The Group is considered not to be in control of entities where it is unclear as to whether it enjoys such power over the investee. The assets, liabilities, income and expenses of subsidiaries are aggregated and consolidated, line by line, from the date control is acquired by any Group entity to the date it ceases. Profit or loss and each component of other comprehensive income are attributed to the Group as owners and to the non-controlling interests. The Group presents the non-controlling interests in the Balance Sheet within equity, separately from the equity of the Group as owners. The excess of the Group’s investment in a subsidiary over its share in the net worth of such subsidiary on the date control is acquired is treated as goodwill while a deficit is considered as a capital reserve in the CFS. In case of JO, Group’s share of assets, liabilities, income and expenses are consolidated. On disposal of the subsidiary, attributable amount on goodwill is included in the determination of the profit or loss and recognised in the Statement of Profit and Loss. Impairment loss, if any, to the extent the carrying amount exceeds the recoverable amount is charged off to the Statement of Profit and Loss as it arises and is not reversed. For impairment testing, goodwill is allocated to Cash Generating Unit (CGU) or a group of CGUs to which it relates, which is not larger than an operating segment, and is monitored for internal management purposes. An investment in an associate or a JV is initially recognised at cost on the date of the investment, and inclusive of any goodwill / capital reserve embedded in the cost, in the Balance Sheet. The proportionate share of the Group in the net profits / losses as also in the other comprehensive income is recognised in the Statement of Profit and Loss and the carrying value of the investment is adjusted by a like amount (referred
|688| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts as ‘equity method’). All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Principles of Consolidation: Subsidiaries: The consolidated financial statements comprise the financial statements of the Company and its Subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an investee I, and only if, the Group has: a. Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) b. Exposure, or rights, to variable returns from its involvement with the investee, and c. The ability to use its power over the investee to affect its returns. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. The Group combines the financial statement of the Parent and its subsidiaries line by line adding together like items. Inter- Group transactions, balances and unrealised gains on transactions between the Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred assets. Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the Parent of the Group and to the non- controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intergroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of consideration received and the fair value of any retained interest; and (ii) the carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognised in OCI in relation to the subsidiary are accounted for (i.e. reclassified to profit or loss or transferred directly to retained earnings) in the same manner, as would be required, if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under Ind AS 109 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or joint venture. Investment in Associates and Joint ventures Associate: An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Joint Venture: 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 arrangement. 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. The Group’s investments in its associates and joint ventures are accounted
|689| Chap. 28 – Ind AS 110 – Consolidated Financial Statements for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post- acquisition profits/losses of the investee in profit or loss, and the Group’s share in other comprehensive income of the investee. Dividend received from associates and joint ventures are recognized as reduction in the carrying amount of the investments. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss as ‘Share of profit/loss of an associate and a joint venture’ in the Statement of Profit and Loss. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal, is recognised in profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in OCI are reclassified to profit or loss where appropriate. Changes in investor’s interest in other component of equity in such cases are being directly recognised in Other Equity. Accounting policies of equity accounted investees have been changed where necessary to ensure consistencies with the policies adopted by the Group. 11. HCL TECHNOLOGIES LIMITED The consolidated financial statements comprise the financial statements of HCL Technologies Limited, the Parent Company, and its subsidiaries. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Control is achieved when the Group is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: a) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) b) Exposure, or rights, to variable returns from its involvement with the investee, and c) The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: a) The contractual arrangement with the other vote holders of the investee b) Rights arising from other contractual arrangements c) The Group’s voting rights and potential voting rights The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control.
|690| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts The financial statements of the subsidiaries in the Group are added on a line-by-line basis and intercompany balances and transactions including unrealized gain/loss from such transactions, are eliminated upon consolidation. The consolidated financial statements are prepared by applying uniform accounting policies in use by the Group. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not in control or joint control over those policies. The aggregate of the Group’s share of profit and loss of an associate is shown on the face of the consolidated statement of profit and loss. 12. HINDUSTAN CONSTRUCTION COMPANY LIMITED iii. Principles of Consolidation The financial statements have been prepared on the following basis: Subsidiaries - The consolidated financial statements incorporate the financial statements of the Holding Company and its subsidiaries. For this purpose, an entity which is, directly or indirectly, controlled by the Parent Company is treated as subsidiary. The Parent Company together with its subsidiaries constitute the Group. Control exists when the Parent Company, directly or indirectly, has power over the investee, is exposed to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. - Consolidation of a subsidiary begins when the Parent Company, directly or indirectly, obtains control over the subsidiary and ceases when the Parent Company, directly or indirectly, loses control of the subsidiary. Income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated Statement of Profit and Loss from the date the Parent Company, directly or indirectly, gains control until the date when the Parent Company, directly or indirectly, ceases to control the subsidiary. - The consolidated financial statements of the Group combines financial statements of the Parent Company and its subsidiaries line-by-line by adding together the like items of assets, liabilities, income and expenses. All intra-group assets, liabilities, income, expenses and unrealised profits/losses on intra-group transactions are eliminated on consolidation. The accounting policies of subsidiaries have been harmonised to ensure the consistency with the policies adopted by the Parent Company. The consolidated financial statements have been presented to the extent possible, in the same manner as Parent Company’s standalone financial statements. Profit or loss and each component of other comprehensive income are attributed to the owners of the Parent Company and to the non-controlling interests and have been shown separately in the financial statements. - Non-controlling interest represents that part of the total comprehensive income and net assets of subsidiaries attributable to interests which are not owned, directly or indirectly, by the Parent Company - The gains/losses in respect of part divestment/ dilution of stake in subsidiary companies not resulting in ceding of control, are recognised directly in other equity attributable to the owners of the Parent Company. - The gains/losses in respect of divestment of stake resulting in ceding of control in subsidiary companies are recognised in the Statement of Profit and Loss. The investment representing the interest retained in a former subsidiary, if any, is initially recognised at its fair value with the corresponding effect recognised in the Statement of Profit and Loss as on the date the control is ceded. Such retained interest is subsequently accounted as an associate or a joint venture or a financial asset.
|691| Chap. 28 – Ind AS 110 – Consolidated Financial Statements 13. HT MEDIA LIMITED Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries and joint ventures. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights The size of the group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. 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 to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company, i.e., year ended on 31 March. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. Consolidation procedure i) Subsidiary: (a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. (b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. (c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Ind-AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions.
|692| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • Derecognises the assets (including goodwill) and liabilities of the subsidiary • Derecognises the carrying amount of any noncontrolling Interests • Derecognises the cumulative translation differences recorded in equity • Recognises the fair value of the consideration received • Recognises the fair value of any investment retained • Recognises any surplus or deficit in profit or loss • Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities ii) Joint ventures and associates: Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. 14. JINDAL WORLDWIDE LIMITED Principles of consolidation The details of subsidiaries of Jindal Worldwide Ltd. is as under: Name of the subsidiary Country of Incorporation Proportion Of Ownership Interest W.E.F Jindal Shirtings Pvt. Ltd. (formerly known as Balaji Realty Pvt. Ltd.) India 100% 04-12-2014 Saroj Weavers Pvt Ltd India 100% 27-10-2017 Niharika Threads Pvt Ltd India 100% 02-11-2017 Jindal Denim (India) Pvt. Ltd. India 100% 01-03-2018 Jindals Retail House Pvt. Ltd. India 100% 10-01-2018 Balaji Weft Pvt Ltd India 60.44% 06-09-2017 39.56% 18-02-2019 Planet Spinning Mills Private Ltd. India 100% 19-09-2018 Shikha Weavers Private Ltd. India 100% 20-08-2018 Indirect Subsidiaries Gayatri Weavers Private Limited India 100% 28-06-2018 Yash Weavers Ltd. India 100% 26-06-2018 Yash Exports (India) Pvt. Ltd. India 94.57% 27-06-2018
|693| Chap. 28 – Ind AS 110 – Consolidated Financial Statements The details of Associate of Jindal Worldwide Ltd. is as under: Name of the Associate Country of Incorporation Proportion Of Ownership Interest Kashyap Tele-Medicines Limited India 31.25% The Consolidated Financial Statements have been prepared in accordance with the accounting standard and Investment in Associate Companies has been accounted under the equity method as per Ind AS - 110 “Consolidated Financial Statements” issued by the Institute of Chartered Accountants of India on the following basis : (a) The Financial Statements of the Company and its subsidiary companies have been combined on line by line basis by adding together the book values of the items of assets, liabilities, income & expenses after fully eliminating intra group balances & inter group transactions in accordance with Ind AS - 110 “Consolidated Financial Statements” (b) As far as possible, the Consolidated Financial Statements have been prepared using uniform accounting policies for the transactions & events in similar circumstances & are presented to, in the same manner as the Company’s separate Financial Statements. (c) Minority Interest share of the Net Assets of the consolidated Subsidiaries is identified & presented in the consolidated Balance sheet separate from the liabilities & Equity of the Company’s shareholders. (d) The difference between the costs of investment in the subsidiaries, over the net assets at the time of acquisition of shares in the subsidiaries is recognised in the Financial Statements as Goodwill or Capital Reserve, as the case may be. (e) The difference between the cost of investment in the associates and the share of net assets at the time of acquisition of shares in the associates is identified in the Financial Statements as Goodwill or Capital Reserve as the case may be. 15. MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED Business Combination Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange of control of the acquiree. Acquisitionrelated costs are generally recognised in Statement of profit and loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: • deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with Ind AS 12 Income Taxes and Ind AS 19 Employee Benefits respectively; • liabilities or equity instruments related to share based payment arrangements of the acquiree or sharebased payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with Ind AS 102 Sharebased payment at the acquisition date (see note (xiii)); and • assets (or disposal groups) that are classified as held for sale in accordance with Ind AS 105 Noncurrent Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. In case of a bargain purchase, before recognising a gain in respect thereof, the Group determines whether there exists clear evidence of the underlying reasons for classifying the business
|694| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts combination as a bargain purchase. Thereafter, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and recognises any additional assets or liabilities that are identified in that reassessment. The Group then reviews the procedures used to measure the amounts that Ind AS requires for the purposes of calculating the bargain purchase. If the gain remains after this reassessment and review, the Group recognises it in other comprehensive income and accumulates the same in equity as capital reserve. This gain is attributed to the acquirer. If there does not exist clear evidence of the underlying reasons for classifying the business combination as a bargain purchase, the Group recognises the gain, after reassessing and reviewing (as described above), directly in equity as capital reserve. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of noncontrolling interests are measured at fair value or, when applicable, on the basis specified in another Ind AS. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill or capital reserve, as the case maybe. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at fair value at subsequent reporting dates with the corresponding gain or loss being recognised in profit or loss. When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. 16. MATRIMONY.COM LIMITED Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 March 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns
|695| Chap. 28 – Ind AS 110 – Consolidated Financial Statements Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights • The size of the group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. 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 to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company, i.e., year ended on 31 March. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. Consolidation procedure: (a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its 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. (b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. (c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
|696| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • Derecognises the assets (including goodwill) and liabilities of the subsidiary • Derecognises the carrying amount of any non-controlling interests • Derecognises the cumulative translation differences recorded in equity • Recognises the fair value of the consideration received • Recognises the fair value of any investment retained • Recognises any surplus or deficit in profit or loss Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities 17. NAVNEET EDUCATION LIMITED 2.2 Basis of Consolidation a) Principles of consolidation i) The consolidated financial statements relate to the financial statement of the holding Company, its Subsidiaries and Associates as at 31st March, 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: a) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) b) Exposure, or rights, to variable returns from its involvement with the investee, and c) The ability to use its power over the investee to affect its returns ii) The Group can have power over the investee even if it owns less than majority voting rights i.e. rights arising from other contractual arrangements. The Group re- assesses whether or not it controls an investee, if facts and circumstances indicate that there are changes to one or more of the three elements of control. iii) Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. iv) 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 to that group member's financial statements in preparing the consolidated financial statements to ensure conformity with the Group’s accounting policies. v) The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the holding Company, i.e., year ended on 31st March, 2019. When the end of the reporting period of the holding Company is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the holding Company to enable the holding Company to consolidate the financial information of the subsidiary, unless it is impracticable to do so.
|697| Chap. 28 – Ind AS 110 – Consolidated Financial Statements b) Consolidation procedure: i) Consolidation procedure for subsidiaries a) The financial statements of the Group have been combined on line-by-line basis by adding book values of like items of assets, liabilities, equity, income, expenses and cash flows of the holding Company with those of its subsidiaries. For this purpose, income and expenses of the subsidiaries are based on the amounts of the assets and liabilities recognized in the consolidated financial statements at the acquisition date. b) Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s statement of profit and loss and net assets that is not held by the Group. Statement of profit and loss balance (including other comprehensive income (‘OCI’)) is attributed to the equity holders of the Holding Company and to the non-controlling interest basis the respective ownership interests and such balance is attributed even if this results in controlling interests having a deficit balance. c) Foreign subsidiary Functional and reporting currency of foreign subsidiary is different from the reporting currency of the Holding Company. All assets and liabilities (excluding share capital and opening reserves and surplus) of foreign subsidiary are translated into INR using the exchange rate prevailing at the reporting date. The income and expenses of foreign subsidiary is translated into Indian Rupee at the exchange rates at the dates of the transactions or an average rate if the average rate approximates the actual rate at the date of the transaction. Exchange differences are recognised in OCI and accumulated in equity (as exchange differences on translating the financial statements of a foreign subsidiary), except to the extent that the exchange differences are allocated to Noncontrolling interest (NCI). When a foreign subsidiary is disposed of in its entirety or partially such that control, significant influence or join control is lost, the cumulative amount of exchange differences related to that foreign subsidiary recognised in OCI is reclassified to the Statement of Profit and Loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount of foreign exchange differences is re-allocated to NCI. When the Group disposes of only a part of its interest in an Associate or a Joint Venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount of foreign exchange differences is reclassified to the Statement of Profit and Loss. ii) Consolidation procedure for the associates a) Investment in entities in which there exists significant influence but not a controlling interest are accounted for under the equity method i.e. the investment is initially recorded at cost, identifying any goodwill arising at the time of acquisition, as the case may be, which will be inherent in investment. The carrying amount of the investment is adjusted thereafter for the post acquisition changes in the share of net assets of the investee, adjusted where necessary to ensure consistency with the accounting policies of the Group. b) The consolidated statement of profit and loss (including the other comprehensive income) includes the Group’s share of the results of the operations of the investee. c) The Group discontinues the use of equity method from the date when investee ceases to be an associate. d) Goodwill relating to the associates are included in the carrying amount of the investment and is not tested for impairment individually. iii) Eliminations a) Offset (eliminate) the carrying amount of the holding Company’s investment in each subsidiary and the holding Company’s portion of equity of each subsidiary.
|698| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts b) Eliminate in full intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognized in assets, such as inventory and fixed assets, are eliminated in full). Intra-group losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 'Income Taxes’ applies to temporary differences that arise from the elimination of profits and losses resulting from intra- group transactions. 18. OIL AND NATURAL GAS CORPORATION LIMITED Accounting Policies 3.3 Principles of Consolidation The Consolidated Financial Statements incorporate the financial statements of the Company and its subsidiaries (collectively referred as “the Group”). The Group has investments in associates and joint ventures which are accounted using equity method in these consolidated financial statements. Refer note 3.7 for the accounting policy of investment in associates and joint ventures in the Consolidated Financial Statements. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are consolidated from the date of their acquisition (except for Business Combinations under Common Control), being the date on which the Company obtains control and continue to be consolidated until the date that such control ceases. The Consolidated Financial Statements are prepared using uniform accounting policies consistently for like transactions and other events in similar circumstances and are presented to the extent possible, in the same manner as the Company’s Standalone Financial Statements except otherwise stated. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s Significant Accounting Policies. The Consolidated Financial Statements have been prepared by combining the financial statements of the company and its subsidiaries on a line-by-line basis by adding together the book values of like items of assets, liabilities, equity, income, expenses and cash flow after eliminating in full intra-group assets, liabilities, equity, income, expenses and cash flow relating to intra-group transactions and unrealized profits. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Such unrealized profits/losses are fully attributed to the Company. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in the consolidated statement of profit and loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to the consolidated statement of profit and loss or transferred to another category of equity as specified/permitted
|699| Chap. 28 – Ind AS 110 – Consolidated Financial Statements by applicable Ind AS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under Ind AS 109, or the cost on initial recognition as investment in an associate or a joint venture, when applicable. 3.5 Non-controlling interests Non-controlling interests represent the proportion of income, other comprehensive income and net assets in subsidiaries that is not attributable to the Company's shareholders. Non-controlling interests are initially measured at the proportionate share of the recognised amounts of the acquiree’s identifiable net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of the interest at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. 19. ONE97 COMMUNICATION LIMITED Accounting Policies 2.3 Basis of consolidation Subsidiaries are all entities (including structured entities) over which the Group has Control. The determination of control for the purpose of consolidation is done as per Ind AS 110. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: a) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) b) Exposure, or rights, to variable returns from its involvement with the investee, and c) The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: a) The contractual arrangement with the other vote holders of the investee b) Rights arising from other contractual arrangements c) The Group's voting rights and potential voting rights d) The size of the group's holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary. 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 to that group member's Financial Statements in preparing the Consolidated Financial Statements to ensure conformity with the group's accounting policies. The Financial Statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the Group. When the end of the reporting period of the parent is different from
|700| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. Consolidation procedures: (a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amount of the assets and liabilities recognised in the Consolidated Financial Statements al the acquisition date. (b) Offset (eliminate) the carrying amount of the parent's investment in each subsidiary and the parent's portion of equity of each subsidiary. (c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognise d in Fixed assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the Consolidated Financial Statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses rulling from intragroup transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies. All intra-group assets and liabilities, equity, income expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The Group measures non-controlling interests at their proportion of the fair value of the identifiable net assets. 20. RAYMOND LIMITED Principles of consolidation and equity accounting (i) subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. The Group combines the financial statements of the Holding Company and its subsidiaries line by line adding together like items of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit and loss, consolidated statement of changes in equity and consolidated balance sheet respectively. (ii) Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost.
|701| Chap. 28 – Ind AS 110 – Consolidated Financial Statements (iii) Joint ventures Investments in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. (iv) equity Method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in statement of profit and loss, and the Group’s share of other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group’s share of losses in an equity- accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Such further losses are disclosed as part of Current Liabilities. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. 21. SUN PHARMACEUTICAL INDUSTRIES LIMITED a. Basis of consolidation The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as disclosed in Note 39. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns. Subsidiaries are consolidated from the date control commences until the date control ceases. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. The financial statements of the Group companies are consolidated on a line-by-line basis and intra-Group balances, transactions including unrealised gain / loss from such transactions and cash flows relating to transactions between members of the Group are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Changes in the Group’s ownership interests in existing subsidiaries Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed
|702| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts off the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable Ind AS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under Ind AS 109, or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. Investment in Associates and Joint Ventures Associates are those entities over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entities but is not control or joint control of those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. 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. The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with Ind AS 105. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated balance sheet at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture. Distributions received from an associate or a joint venture reduce the carrying amount of the investment. The carrying value of the Group’s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. When the Group’s share of losses of an associate or a joint venture exceeds its interest in that associate or joint venture, the carrying amount of that interest (including any long-term investments) is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has obligations or has made payments on behalf of the associate or joint venture. An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture and discontinues from the date when the investment ceases to be an associate or a joint venture, or when the investment is classified as held for sale. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed off the related assets or liabilities. When a Group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group’s consolidated financial statements only to the extent of interest in the associate or joint venture that are not related to the Group. 22. TATA CHEMICALS LIMITED Basis of Consolidation: The CFS comprise the financial statements of the Company, its subsidiaries and the Group’s interest in joint ventures as at the reporting date. Subsidiaries Subsidiaries include all the entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns through its involvement in the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are consolidated from the date control commences until the date control ceases.
|703| Chap. 28 – Ind AS 110 – Consolidated Financial Statements Joint venture A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Interests in joint venture are accounted for using the equity method of accounting (see (III) below). The CFS have been prepared on the following basis: I. The financial statements of the Company and its subsidiary companies have been consolidated on a lineby- line basis by adding together of like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances and intra- group transactions and resulting unrealised profit or losses, unless cost cannot be recovered, as per the applicable Accounting Standard. Accounting policies of the respective subsidiaries are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Group under Ind AS. II. The results of subsidiaries acquired or disposed of during the year are included in the CFS from the effective date of acquisition and up to the effective date of disposal, as appropriate. III. The CFS include the share of profit / loss of the joint ventures which are accounted as per the ‘equity method’. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in OCI of the investee in OCI. Dividends received or receivable from joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group’s share of losses in an equity accounted investment equals or exceeds its interest in the entity, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. IV. The CFS are presented, to the extent applicable, in accordance with the requirements of Schedule III of the 2013 Act as applicable to the Company's separate financial statements. V. Non-controlling interests (‘NCI’) in the net assets of the subsidiaries that are consolidated consists of the amount of equity attributable to non-controlling shareholders at the date of acquisition. Profit or loss and each component of OCI are attributed to the equity holders of the parent and to the NCI, even if this results in the NCI having a deficit balance. 23. TATA CONSULTANCY SERVICES LIMITED The Company consolidates all entities which are controlled by it. The Company establishes control when; it has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect the entity’s returns by using its power over relevant activities of the entity. Entities controlled by the Company are consolidated from the date control commences until the date control ceases. All inter-company transactions, balances, income and expenses are eliminated in full on consolidation. Changes in the Company’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to shareholders of the Company
|704| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 24. THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED Principles of Consolidation The Consolidated Financial Statements incorporate the financial statements of the Group. Control is achieved when the Group: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • Has the ability to use its power to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including: • the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; • potential voting rights held by the Group, other vote holders or other parties; • rights arising from other contractual arrangements; and • Any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed off during the year are included in the Consolidated Statement of Profit and Loss from the date the Group gains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The Consolidated Financial Statements are prepared using the Financial Statements of the Parent Company and Associate companies drawn up to the same reporting date i.e. March 31, 2019. In case of the foreign subsidiary company, financial statements for the year ending December 31, 2018 have been considered for the purpose of consolidation. 25. THYROCARE TECHNOLOGIES LIMITED i. Business combinations “As part of its transition to Ind AS, the Group has elected to apply the relevant Ind AS, viz. Ind AS 103, Business Combinations, to only those business combinations that occurred on or after 1 April 2016. In respect of business combinations, goodwill represents the amount recognised under the Group’s previously accounting framework under Indian GAAP.” ii. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the
|705| Chap. 28 – Ind AS 110 – Consolidated Financial Statements date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used for business combination by the group. The Group assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member in 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 to that member’s financial statements in preparing the consolidated financial statements to ensure conformity with the Group’s accounting policies. Consolidation procedure : (i) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiary. 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. (ii) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combination policy explains how to account for any related goodwill. (iii) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group. iii. Non-controlling interests (NCI) “NCI are measured at their proportionate share of the acquiree’s net identifiable assets at the date of acquisition. Changes in the Group’s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.” iv. Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any interest retained in the former subsidiary is measured at fair value at the date the control is lost. Any resulting gain or loss is recognised in profit or loss. v. Equity accounted investees “The Group’s interests in equity accounted investees comprise interests in an associate. An associate is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associate is accounted for using the equity method. This is initially recognized at cost which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and OCI of equity-accounted investees until the date on which significant influence ceases.” vi. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intragroup transactions, are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
|706| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 26. WELSPUN INDIA LIMITED Principles of consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 March 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns Generally, there is a presumption the a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights • The size of the group’s holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. 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 to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent group, i.e., year ended on 31 March. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so. Consolidation procedure: (a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its 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. (b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill. (c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses
|707| Chap. 28 – Ind AS 110 – Consolidated Financial Statements may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non- controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • Derecognises the assets (including goodwill) and liabilities of the subsidiary • Derecognises the carrying amount of any non-controlling interests • Derecognises the cumulative translation differences recorded in equity • Recognises the fair value of the consideration received • Recognises the fair value of any investment retained • Recognises any surplus or deficit in profit or loss • Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. ll
|708| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Chapter 29 IND AS 111 – Joint Arrangements 1. BHARAT PETROLEUM CORPORATION LIMITED 1.31. Joint Operations in case of BPRL BPRL has Joint arrangement in the nature of Production Sharing Contracts (PSC) with the Government of respective countries and/or various bodies corporate for exploration, development and production activities. 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 BPRL. I. Joint Operations The Group has participating interest in the nature of Production Sharing Contracts (PSC) with the Government of India and/or various bodies corporate in the oil and gas blocks for exploration, development and production activities. The arrangements require consent from consortium partners for all relevant activities and hence it is classified as joint operations. The partners to the agreement have direct right to the assets and are jointly liable for the liabilities incurred by the un-incorporated joint operation. In accordance with Ind AS 111 on “Joint Arrangements”, the financial statements of the Group includes the Group’s share in the assets, liabilities, incomes and expenses relating to joint operations based on the financial statements received from the respective operators. As per the PSC, the operator has to submit audited financial statements within 60 days from the end of the year. 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 Group as given below: i) In respect of Block CB/ONN/2010/8, the Company is operator. The Company’s share of the assets and liabilities have been recorded under respective heads based on the audited financials statement. The Company is also operator for CB/ONHP/2017/9 and Five DSF blocks in which it holds 100% participating interest. ii) Out of the remaining Six Indian Blocks (Previous year Six), Two blocks RJ/ONN/2005/1 and MB/ OSN/2010/2 have been proposed for relinquishment for which approval is pending from Director General of Hydrocarbons (DGH). Out of the remaining Four Indian Blocks (Previous year Four), the Company has received One (Previous year Three) audited financial statements as at 31st March 2019 and this has been considered in the financial statements of the Company. The Company has received unaudited financial statements for Two (Previous year One) blocks and expenses for these blocks are accounted on the basis of the same. In case of remaining One block, the Company has accounted the expenses based on the billing statement (Statement of Expenses) received from the operator for the period upto 31st March 2019. iii) For Block 32 (block outside India), the Company has paid cash call during the year but is yet to receive billing statement/ financial statement from the Operator of the block. In respect of remaining One (Previous year One) Joint Venture block EP413 (block outside India) the assets, liabilities, income and expenditure have been incorporated on the basis of unaudited financial statements as at 31st March 2019.
|709| Chap. 29 – IND AS 111 – JOINT ARRANGEMENTS Details of the Group’s Participating Interest (PI) in the blocks are as under: Name Company Country Participating Interest of the Group 31/03/2019 31/03/2018 Blocks In India NELP – IV CY/ONN/2002/2 BPRL India 40.00% 40.00% NELP – VI CY/ONN/2004/2 BPRL India 20.00% 20.00% NELP – VII RJ/ONN/2005/1 BPRL India 33.33% 33.33% NELP – IX CB/ONN/2010/11 BPRL India 25% 25% AA/ONN/2010/3 BPRL India 20% 20% CB/ONN/2010/8 BPRL India 25% 25% MB/OSN/2010/2 BPRL India 20% 20% Discovery of New field CY/ONDSF/KARAIKAL/2016 BPRL India 100% 100% RJ/ONDSF/BAKHRI TIBBA/2016 BPRL India 100% 100% RJ/ONDSF/SADEWALA/2016 BPRL India 100% 100% MB/OSDF/B15/2016 BPRL India 100% 100% MB/OSDF/B127E/2016 BPRL India 100% 100% OALP CB-ONHP-2017/9 BPRL India 100% - Blocks Outside India JPDA 06-103 (e) BPR JPDA Australia / Timor 20.00% 20.00% EP-413 BPRL Australia 27.80% 27.80% Block 32 BPRL Israel 25.00% - Mozambique Rovuma Basin BPRL Ventures Mozambique B.V. Mozambique 10.00% 10.00% Nunukan PSC, Tarakan Basin BPRL Ventures Indonesia B.V. Indonesia 12.50% 12.50% The table below provides summarized financial information of the company’s share of assets, liabilities, income and expenses in the joint operations. ` in Crores Sr. No. Particulars 31/03/2019 31/03/2018 1. Property, Plant and Equipment 0.88 0.93 2. Other Intangible Assets 109.38 60.90 3. Intangible Asset under development 6,068.84 5,068.35 4. Other Non-Current Assets 4.99 0.04 5. Current Assets including financial assets 48.10 66.13
|710| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Sr. No. Particulars 31/03/2019 31/03/2018 6. Cash and Bank Balances 3.91 3.11 7. Current & Non Current Liabilities/Provisions including financial liabilities 186.60 103.49 8. Expenses 26.24 17.48 9 Income 130.81 89.70 2. DLF LIMITED 46. INFORMATION ABOUT ASSOCIATES AND JOINT VENTURES (i) Joint ventures and associates S. No. Name of Entity Associates/ joint ventures/ joint operations Principal activities Principal place of business/ Country of Incorporation Proportion of ownership (%) as at 31 March 2019 Proportion of ownership (%) as at 31 March 2018 1. Banjara Hills Hyderabad Complex Joint operations Real Estate Developers India 50.00 50.00 2. DLF Gayatri Home Developers Private Limited Joint venture Real Estate Developers India 50.00 50.00 3. DLF Midtown Private Limited Joint venture Real Estate Developers India 50.00 50.00 4. DLF SBPL Developers Private Limited Joint venture Real Estate Developers India 50.00 50.00 5. DLF Urban Private Limited Joint venture Real Estate Developers India 50.00 50.00 6. GSG DRDL Consortium Joint operations Real Estate Developers India 50.00 50.00 7. Fairleaf Real Estate Private Limited [formerly YG Realty Private Limited] Joint venture Real Estate Developers India 50.00 50.00 8. DESIGNPLUS GROUP (JV) Comprising investment in Designplus Associates Services Private Limited (JV) alongwith its following subsidiary: Joint venture Real Estate Designer India 42.49 42.49 8.1 Spazzio Projects and Interiors Private Limited (JV) Joint venture Real Estate Designer India - - 9. DLF Homes Panchkula Private Limited Associate Real Estate Developers India 39.54 39.54 10. Joyous Housing Limited Joint venture Real Estate Developers India 37.50 37.50 11. Arizona Globalservices Private Limited Associate Real Estate Developers India - - 12. Aadarshini Real Estate Developers Private Limited [w.e.f. 19 March 2019] Joint venture Real Estate Developers India 67.00 -
|711| Chap. 29 – IND AS 111 – JOINT ARRANGEMENTS S. No. Name of Entity Associates/ joint ventures/ joint operations Principal activities Principal place of business/ Country of Incorporation Proportion of ownership (%) as at 31 March 2019 Proportion of ownership (%) as at 31 March 2018 13. DCCDL GROUP Comprising investment in DLF Cyber City Developers Limited alongwith its following subsidiaries [w.e.f 26 December, 2017] Joint venture Real Estate Developers India 66.66 66.66 i) Caraf Builders & Constructions Private Limited [now merged with DLF Cyber City Developers Limited (w.e.f. 27 September 2018)] Joint venture Real Estate Developers India - - ii) DLF Assets Private Limited Joint venture Real Estate Developers India - - iii) DLF City Centre Limited Joint venture Real Estate Developers India - - iv) DLF Emporio Limited Joint venture Real Estate Developers India - - v) DLF Info City Developers (Chandigarh) Limited Joint venture Real Estate Developers India - - vi) DLF Info City Developers (Kolkata) Limited Joint venture Real Estate Developers India - - vii) DLF Power & Services Limited Joint venture Maintenance Company India - - viii) DLF Promenade Limited Joint venture Real Estate Developers India - - ix) Richmond Park Property Management Services Limited Joint venture Real Estate Developers India - - 3. HINDUSTAN CONSTRUCTION COMPANY LIMITED a) Significant Accounting Policies Interests in joint operations In accordance with Ind AS 111 Joint Arrangements, when the Group has joint control of the arrangement based on contractually determined right to the assets and obligations for liabilities, it recognises such interests as joint operations. Joint control exists when the decisions about the relevant activities require unanimous consent of the parties sharing the control. In respect of its interests in joint operations, the Group recognises its share in assets, liabilities, income and expenses line-by-line in the standalone financial statements of the entity which is party to such joint arrangement which then becomes part of the consolidated financial statements of the Group when the financial statements of the Parent Company and its subsidiaries are combined for consolidation.
|712| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts b) Notes to Accounts NOTE 44 INTEREST IN OTHER ENTITIES Joint operations The Group’s share of interest in joint operations as at 31 March 2019 is set out below: Name of the entity % of ownership interest held by the Group Name of the ventures’ partner Principal place of business Principal activities As at March 31, 2019 As at March 31, 2018 HCC- L&T Purulia Joint Venture 57.00 57.00 Larsen and Toubro Limited India Construction Nathpa Jhakri Joint venture 40.00 40.00 Impregilio-Spa, Italy India Construction Kumagai- Skanska- HCCItochu Joint Venture 19.60 19.60 Skanska, Kumagai India Construction Alpine- Samsung Joint Venture 33.00 33.00 Itochu, Alpine Meyreder Bau, Samsung Corporation India Construction Alpine- HCC Joint Venture 49.00 49.00 Alpine Meyreder Bau India Construction HCC- Samsung Joint Venture CC-34 50.00 50.00 Samsung C&T Corporation India Construction HCC- Max Joint Venture 40.00 - MAX Group, Bangladesh Bangladesh Construction HCC- HDC Joint Venture 55.00 - Hyundai Development Company India Construction ARGE Prime tower 45.00 45.00 Losinger Construction AG Switzerland Construction Classification of joint arrangements The joint venture agreements in relation to the above mentioned joint operations require unanimous consent from all the parties for all relevant activities. All co-venturers have direct rights to the assets of the joint venture and are also jointly and severally liable for the liabilities incurred by the joint venture. These joint ventures are therefore classified as a joint operation and the Group recognises its direct right to the jointly held assets, liabilities, revenue and expenses. In respect of these contracts (assessed as AOP under the Income tax laws), the services rendered to the joint ventures are accounted as income on accrual basis. ` crore As at March 31, 2019 As at March 31, 2018 ii) Summarised balance sheet Total assets 70.17 43.09 Total liabilities 136.25 74.01 iii) Contingent liability as at reporting date Contingent liability 5.52 7.05 Capital & other commitment 0.28 - iv) Summarised statement of profit and loss account Revenue from operations 23.25 19.90
|713| Chap. 29 – IND AS 111 – JOINT ARRANGEMENTS As at March 31, 2019 As at March 31, 2018 Other income 0.92 0.83 Total expenses (including taxes) 39.17 38.39 Joint operations on work sharing basis Contracts executed in joint venture under work sharing arrangement (consortium) is set out below. The principal place of business of all these arrangements is in India and they are engaged in construction business. i) HCC Van Oord ACZ Joint Venture xiii) HCC- Halcrow Joint Venture ii) Samsung- HCC Joint Venture xiv) HCC- Laing- Sadbhav iii) L & T- HCC Joint Venture xv) HCC- MEIL- NCC- WPIL Joint Venture iv) HCC- KBL Joint Venture xvi) HCC- DSD- VNR Joint Venture v) HCC- NCC Joint Venture xvii) MEIL- IVRCL- HCC- WPIL Joint Venture vi) HCC- CEC Joint Venture xviii) Alstom Hydro France- HCC Joint Venture vii) HCC- NOVA Joint Venture xix) HCC- MMS (MMRCL) Joint Venture viii) HCC- CPL Joint Venture xx) HCC- LCESPL (Bistan Lift) Joint venture ix) HCC- MEIL- CBE Joint Venture xxi) HCC- HSEPL Joint Venture x) HCC- MEIL- BHEL Joint Venture xxii) HCC- AL FARA’A Joint Venture xi) HCC- MEIL- SEW- AAG Joint Venture xxiii) HCC- URCC Joint Venture xii) HCC- MEIL- SEW Joint Venture Classification of work executed on sharing basis Contracts executed in joint venture under work sharing arrangement (consortium) is accounted to the extent work executed by the Group as that of an independent contract. 4. INFO EDGE (INDIA) LIMITED (iii) Joint arrangements Under Ind AS 111 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor (who have rights to the net assets of the joint venture), rather than the legal structure of the joint arrangement. Info Edge (India) Limited has only joint ventures. Interests in joint ventures are accounted for using the equity method (see (iv) below), after initially being recognised at cost in the consolidated balance sheet. 5. KEWAL KIRAN CLOTHING LIMITED Joint Venture: TA 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. The Group’s investments in its joint venture are accounted for using the equity method Equity Method Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the joint
|714| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. The statement of profit and loss reflects the Group’s share of the results of operations of the joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group’s share of profit or loss of a joint venture is shown on the face of the statement of profit and loss. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the loss as ‘Share of profit of a joint venture’ in the statement of profit or loss. Upon loss of significant influence over the joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. Movement of Investment in Joint Ventures using Equity Method Particulars As at 31st March, 2019 As at 31st March, 2018 Interest as at 1st April 299.22 305.82 Add: Share of Profit for the Period (2.86) (6.60) Add: Share of OCI for the Period - - Interest as at 31st March 296.36 299.22 The Joint Venture had acquired land in Surat Special Economic Zone (SEZ) and constructed factory building for setting up of manufacturing unit for production of Knitwear Apparels for exports. However, due to slowdown in international market, SEZ could not operationalize as majority of SEZ members have put-onhold their operations in SEZ and approached to Gujarat Industrial Development Corporation (GIDC) and State and Central government for de-notification of SEZ. Gujarat Industrial Development Corporation vide its circular No. GIDC/CIR/Distribution/Policy /13/05 dated 14.03.2013 had de-notified the SEZ and conceded the members to convert and use the erstwhile land in SEZ as Domestic Tariff Area (DTA) subject to fulfilment of conditions stated therein. Based on GIDC circular on de-notification, WKPL vide its letter dated 04.04.13 has consented for denotification of its plot of land and undertaken to complete the formal procedure for the same, however, Central Government approval is awaited. Post de-notification joint venture partners shall dispose of the Company/land and building and realize the proceeds to return it to joint venture partners.
|715| Chap. 29 – IND AS 111 – JOINT ARRANGEMENTS 6. LARSEN & TOUBRO LIMITED a) Significant Accounting Policies (f) Interests in joint operations When the Group has joint control of the arrangement based on contractually determined right to the assets and obligations for liabilities, it recognises such interests as joint operations. Joint control exists when the decisions about the relevant activities require unanimous consent of the parties sharing the control. In respect of its interests in joint operations, the Group recognises its share in assets, liabilities, income and expenses line-by-line in the standalone financial statements of the entity which is party to such joint arrangement which then becomes part of the consolidated financial statements of the Group when the financial statements of the Parent Company and its subsidiaries are combined for consolidation. Interests in joint operations are included in the segments to which they relate. b) Notes to Accounts Note [54] Disclosure pursuant to Ind AS 112 “Disclosure of Interest in other entities”: Subsidiaries (a) Change in the Group’s ownership interest in a subsidiary (without ceding control) (i) On account of divestment of part stake During the year 2018-19, the Group has sold 7.44% stake in Larsen & Toubro Infotech Limited and 8.43% stake in L&T Technology Services Limited. The proceeds on disposal of ` 3378.02 crore were received in cash. An amount of ` 417.19 crore (being the proportionate share of the carrying amount of the net assets of Larsen & Toubro Infotech Limited and L&T Technology Services Limited) has been transferred to noncontrolling interests. The difference of R 2960.83 crore between the consideration received and the increase in the non-controlling interests has been credited to retained earnings. During the year 2017-18, the Group has sold 0.61% stake in Larsen & Toubro Infotech Limited and 0.46% stake in L&T Technology Services Limited. The proceeds on disposal of ` 204.53 crore were received in cash. An amount of ` 9.48 crore (being the proportionate share of the carrying amount of the net assets of Larsen & Toubro Infotech Limited and L&T Technology Services Limited) has been transferred to non-controlling interests. The difference of ` 195.05 crore between the consideration received and the increase in the noncontrolling interests has been credited to retained earnings. (ii) On account of dilution During the year 2018-19, the Group’s continuing interest has reduced on account of dilution due to exercise of ESOPs by 0.10%, 0.72% and 1.33% in L&T Finance Holdings Limited, Larsen & Toubro Infotech Limited and L&T Technology Services Limited respectively. The proceeds on dilution of ` 22.13 crore were received in cash. An amount of ` 132.23 crore (being the proportionate share of the carrying amount of the net assets of L&T Finance Holdings Limited, Larsen & Toubro Infotech Limited and L&T Technology Services Limited) has been transferred to non-controlling interests. The difference of ` 110.10 crore between the increase in the non-controlling interests and the consideration received has been debited to retained earnings. During the year 2017-18, the Group’s continuing interest has reduced on account of dilution due to exercise of ESOPs by 0.20%, 0.70% and 0.67% in L&T Finance Holdings Limited, Larsen & Toubro Infotech Limited and L&T Technology Services Limited respectively. The proceeds on dilution of ` 32.26 crore were received in cash. An amount of ` 147.18 crore (being the proportionate share of the carrying amount of the net assets of L&T Finance Holdings Limited, Larsen & Toubro Infotech Limited and L&T Technology Services Limited) has been transferred to non-controlling interests. The difference of ` 114.92 crore between the increase in the non-controlling interests and the consideration received has been debited to retained earnings. Additionally, during the year 2017-18, the Group’s continuing interest has also reduced on account of dilution due to further issue of shares to Qualified Institution Buyer by 2.41% in L&T Finance Holdings Limited after considering the infusion by the Parent Company. The proceeds on dilution of ` 1455.79 crore were received in cash (including share warrant money). An amount of ` 1393.83 crore (being the
|716| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts proportionate share of the carrying amount of the net assets of L&T Finance Holdings Limited) has been transferred to non-controlling interests. The difference of ` 61.96 crore between the consideration received and increase in the non-controlling interests has been credited to retained earnings. (iii) The effect of divestment with ceding of control in subsidiary during the period is as under: ` crore Sr. No. Name of company Effect on consolidated profit/ (loss) after non-controlling interest Line item in Statement of Profit & Loss in which the gain/(loss) is recognised 2018-19 2017-18 1 Marine Infrastructure Developer Private Limited 415.61 – Other operational income 2 L&T Cutting Tools Limited – 136.74 Exceptional Items 3 EWAC Alloys Limited – 273.40 Exceptional Items: R 281.01 crore Current tax: R 7.61 crore 4 Larsen & Toubro Readymix and Asphalt Concrete Industries LLC – 3.16 Other income Total 415.61 413.30 (b) Disclosure of subsidiaries having material non-controlling interests : (i) Summarised Statement of Profit and Loss ` crore Particulars L&T Finance Limited L&T Finance Holdings Limited 2018-19 2017-18 2018-19 2017-18 Revenue 6890.59 4930.71 481.73 89.52 Profit/(loss) for the year 845.93 116.26 267.79 266.05 Other comprehensive income (1.38) (1.43) (0.32) 0.62 Total comprehensive income 844.55 114.83 267.47 266.67 Effective % of non-controlling interest 36.09% 35.99% 36.09% 35.99% Profit/(loss) allocated to non-controlling Interest (including consolidation adjustments) 539.68 281.64 (28.76) (39.34) Dividend (including dividend distribution tax) to non-controlling Interest – – 71.87 52.16 ` crore Particulars Larsen & Toubro Infotech Limited L&T Technology Services Limited 2018-19 2017-18 2018-19 2017-18 Revenue 9016.17 7203.05 4781.37 3596.70 Profit/(loss) for the year 1475.06 1160.12 700.10 489.38 Other comprehensive income 25.87 (99.41) (2.13) 21.69 Total comprehensive income 1500.93 1060.71 697.97 511.07 Effective % of non-controlling interest 25.20% 17.04% 21.12% 11.36% Profit/(loss) allocated to non-controlling Interest (including consolidation adjustments) 314.13 166.99 118.82 50.05 Dividend (including dividend distribution tax) to non-controlling Interest 115.89 58.63 37.66 12.71
|717| Chap. 29 – IND AS 111 – JOINT ARRANGEMENTS (ii) Summarised Balance Sheet ` crore Particulars L&T Finance Limited L&T Finance Holdings Limited As at 31-3-2019 As at 31-3-2018 As at 31-3-2019 As at 31-3-2018 Current assets (a) 32026.49 22115.80 866.85 1251.80 Current liabilities (b) 20353.11 14635.77 1370.42 727.61 Net current assets (c)=(a) - (b) 11673.38 7480.03 (503.57) 524.19 Non-current assets (d) 23810.66 22088.00 9182.03 7942.77 Non-current liabilities (e) 26583.43 21256.22 848.11 781.30 Net non-current assets (f)=(d) - (e) (2772.77) 831.78 8333.92 7161.47 Net assets (g)=(c) + (f) 8900.61 8311.81 7830.35 7685.66 Accumulated Non-Controlling Interest 1492.01 1031.65 2766.57 2723.96 ` crore Particulars Larsen & Toubro Infotech Limited L&T Technology Services Limited As at 31-3-2019 As at 31-3-2018 As at 31-3-2019 As at 31-3-2018 Current assets (a) 4838.98 3997.88 2271.41 1810.98 Current liabilities (b) 1482.92 1285.00 783.45 611.54 Net current assets (c)=(a) - (b) 3356.06 2712.88 1487.96 1199.44 Non-current assets (d) 1379.71 1044.07 953.93 767.70 Non-current liabilities (e) 22.32 38.37 5.97 1.80 Net non-current assets (f)=(d) - (e) 1357.39 1005.70 947.96 765.90 Net assets (g)=(c) + (f) 4713.45 3718.58 2435.92 1965.34 Accumulated Non-Controlling Interest 1177.75 624.00 507.15 216.70 (iii) Summarised Statement of cash flows ` crore Particulars L&T Finance Limited L&T Finance Holdings Limited 2018-19 2017-18 2018-19 2017-18 Cash flows from operating activities (7517.73) (9028.02) 765.22 (260.20) Cash flows from investing activities (2145.81) 753.42 (1306.32) (2191.00) Cash flows from financing activities 10845.39 8328.44 530.33 2461.93 Net increase/(decrease) in cash and cash equivalents 1181.85 53.84 (10.77) 10.73
|718| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts ` crore Particulars Larsen & Toubro Infotech Limited L&T Technology Services Limited 2018-19 2017-18 2018-19 2017-18 Cash flows from operating activities 1247.49 710.95 736.62 339.60 Cash flows from investing activities (682.69) (249.52) (486.06) (165.60) Cash flows from financing activities (595.17) (407.49) (202.14) (98.50) Net increase/(decrease) in cash and cash equivalents (30.37) 53.94 48.42 75.50 Note [55] Disclosure pursuant to Ind AS 112 “Disclosure of interest in other entities” :- Joint Ventures and Associates (a) Summarised Balance Sheet of material joint ventures: ` crore Particulars L&T-MHPS Boilers Private Limited L&T Special Steels and Heavy Forgings Private Limited L&T Infrastructure Development Projects Limited (consolidated) As at 31-3-2019 As at 31-3-2018 As at 31-3-2019 As at 31-3-2018 As at 31-3-2019 As at 31-3-2018 Current assets Cash and bank balances 318.67 334.77 0.15 0.28 923.34 643.69 Other assets 3112.87 3371.25 278.67 187.79 2739.12 3707.88 Total current assets (A) 3431.54 3706.02 278.82 188.07 3662.46 4351.57 Total non-current assets (including Goodwill) (B) 501.86 574.84 1255.08 1307.31 11799.38 18882.85 Current liabilities Financial liabilities (excluding trade payables) 565.09 549.38 1585.44 1434.18 2184.58 2469.76 Other liabilities (including trade payables) 1918.24 2533.92 138.37 92.49 297.50 313.46 Total current liabilities (C) 2483.33 3083.30 1723.81 1526.67 2482.08 2783.22 Non-current liabilities Financial liabilities (excluding trade payables) 4.65 11.90 606.25 550.36 10690.79 11831.44 Other liabilities (including trade payables) – – 16.32 16.92 434.73 7137.86 Total non-current liabilities (D) 4.65 11.90 622.57 567.28 11125.52 18969.30 Non-controlling interest (NCI) (E) – – – – 161.26 132.04 Net assets (A+B-C-D-E) 1445.42 1185.66 (812.48) (598.57) 1692.98 1349.86
|719| Chap. 29 – IND AS 111 – JOINT ARRANGEMENTS (b) Reconciliation of carrying amounts of material joint ventures: ` crore Particulars L&T-MHPS Boilers Private Limited L&T Special Steels and Heavy Forgings Private Limited L&T Infrastructure Development Projects Limited (consolidated) As at 31-3-2019 As at 31-3-2018 As at 31-3-2019 As at 31-3-2018 As at 31-3-2019 As at 31-3-2018 Opening net assets 1185.66 929.88 (598.57) (641.09) 1349.86 1749.80 Profit/(loss) for the year (net of NCI) 279.96 241.47 (213.89) (270.30) 588.70 (404.18) Dividend distributed during the year (including dividend tax) (28.22) – – – – – Other comprehensive income (net of NCI) 8.02 14.31 (0.02) 1.21 24.71 (0.67) Infusion during the year – – – 311.61 – – Amount adjusted against securities premium – – – – (246.59) – Equity component of other financial instruments – – – – 70.00 – Other adjustments – – – – (93.70) 4.91 Closing net assets 1445.42 1185.66 (812.48) (598.57) 1692.98 1349.86 Group's share in % 51.00% 51.00% 74.00% 74.00% 97.45% 97.45% Group's share 737.16 604.69 (601.24) (442.94) 1657.53 1325.49 Impairment – – – (288.44) (113.00) Parent's Investment in group companies – – – – 33.30 33.30 Regrouped to provisions – – 594.41 458.24 – – Other adjusments – – 6.83 (15.30) (127.58) 65.14 Carrying amount 737.16 604.69 – – 1274.81 1310.93 (c) Summarised Statement of Profit and Loss of material joint ventures: ` crore Particulars L&T-MHPS Boilers Private Limited L&T Special Steels and Heavy Forgings Private Limited L&T Infrastructure Development Projects Limited (consolidated) 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 Revenue 2735.70 2966.52 210.83 127.87 1666.57 1760.54 Interest Income 20.26 19.22 0.12 0.16 29.71 7.16 Depreciation and amortisation (62.32) (58.63) (47.65) (49.28) (452.16) (329.58) Finance cost (17.72) (21.25) (181.59) (179.22) (1070.17) (905.61) Tax expense (137.93) (126.70) – – (36.97) (70.91) Profit/(loss) from continuing operations (net of NCI) 279.96 241.47 (213.89) (270.30) 607.52 (193.60) Profit/(loss) from discontinued operations (net of NCI) – – – (18.82) (210.58) Profit/(loss) for the year (net of NCI) 279.96 241.47 (213.89) (270.30) 588.70 (404.18)