Castrol India Limited Annual Report 2022 - Financials
BALANCE SHEET As at December 31, 2022
As at As at
Note
Particulars December 31, 2022 December 31, 2021
No.
Rs. in Crores Rs. in Crores
Assets
Non-current assets
Property, plant and equipment 3 190.89 171.51
Right-of-use asset 23 66.13 24.26
Capital work-in-progress 3 60.76 50.04
Other intangible assets 3 3.77 5.41
Financial assets
Investments 4.6 325.00 -
Loans receivable 4.1 0.73 0.91
Other financial assets 4.2 6.52 5.71
Income tax assets (net) 5 56.18 60.00
Deferred tax assets (net) 6 68.55 71.35
Other non-current assets 7 56.67 70.90
Total Non-current assets 835.20 460.09
Current assets
Inventories 8 534.44 491.65
Financial assets
Trade receivables 4.3 350.36 311.65
Cash and cash equivalents 4.4 554.50 184.23
Bank balances other than above 4.5 663.21 1,115.98
Loans receivable 4.1 0.36 0.53
Other financial assets 4.2 22.07 32.14
Other current assets 7 108.87 107.75
Total Current assets 2,233.81 2,243.93
Total assets 3,069.01 2,704.02
Equity and liabilities
Equity
Equity share capital 9 494.56 494.56
Other equity 10 1,391.47 1,150.95
Total equity 1,886.03 1,645.51
Liabilities
Non-current liabilities
Financial liabilities
Lease Liabilities 23 41.35 -
Other liabilities 14 3.79 5.68
Provisions 12 18.73 18.50
Total Non-current liabilities 63.87 24.18
Current liabilities
Financial liabilities
Trade payables
Total outstanding dues of micro enterprises and small enterprises 11.1 23.50 23.93
Total outstanding dues of creditors other than micro enterprises
11.1 655.36 596.72
and small enterprises
Lease Liabilities 23 8.60 6.72
Other financial liabilities 11.2 310.46 295.91
Other liabilities 14 74.35 62.15
Provisions 12 33.99 33.05
Current tax liabilities (net) 13 12.85 15.85
Total Current liabilities 1,119.11 1,034.33
Total equity and liabilities 3,069.01 2,704.02
Summary of significant accounting policies 2
The accompanying notes 1 - 36 are an integral part of the financial statements.
As per our report of even date For and on behalf of Board of Directors
For Deloitte Haskins & Sells LLP Executive Directors
Chartered Accountants
R Gopalakrishnan Chairman Sandeep Sangwan Managing Director
DIN: 00027858 DIN: 08617717
Samir R. Shah Hemangi Ghag Company Secretary Deepesh Baxi Chief Financial Officer & Whole time Director
Partner FCS No: 9329 DIN: 02509800
Place: Mumbai
Date: 13 February 2023
122
Castrol India Limited Annual Report 2022 - Financials
STATEMENT OF PROFIT AND LOSS for the year ended December 31, 2022
For the year ended For the year ended
Note
Particulars December 31, 2022 December 31, 2021
No.
Rs. in Crores Rs. in Crores
Income
Revenue from operations 15 4,774.49 4,192.06
Other income 16 67.05 48.43
Total Income 4,841.54 4,240.49
Expenses
Cost of raw and packing materials consumed 17.1 2,278.87 1,879.08
Purchase of traded goods 17.2 249.40 191.85
Changes in inventories of finished goods / traded goods 17.3 (28.35) (12.11)
Employee benefits expense 18 272.58 231.99
Finance costs 19 4.01 2.41
Depreciation and amortization expense 20 81.39 82.70
Other expenses 21 890.89 835.29
Total Expenses 3,748.79 3,211.21
Profit Before Tax 1,092.75 1,029.28
Tax expenses
Current tax (net of Charge / (reversal) of earlier years - Rs. 10.31
274.49 280.03
Crores (December 31, 2021 : Rs. 0.69 Crores))
Deferred tax 6 3.11 (8.84)
Total tax expenses 277.60 271.19
Profit after tax 815.15 758.09
Other comprehensive income / (expenses) not to be
reclassified to profit or loss in subsequent period
Re-measurement gains / (losses) on defined benefit plans (1.25) (1.05)
Less : Income tax effect on above 0.31 0.26
Other comprehensive income / (expense) for the year (0.94) (0.79)
Total comprehensive income for the year 814.21 757.30
Earnings per equity share - Basic and Diluted - Face Value Rs. 5.00 each. 22 8.24 7.66
Summary of significant accounting policies 2
The accompanying notes 1 - 36 are an integral part of the financial statements.
As per our report of even date For and on behalf of Board of Directors
For Deloitte Haskins & Sells LLP Executive Directors
Chartered Accountants
R Gopalakrishnan Chairman Sandeep Sangwan Managing Director
DIN: 00027858 DIN: 08617717
Samir R. Shah Hemangi Ghag Company Secretary Deepesh Baxi Chief Financial Officer & Whole time Director
Partner FCS No: 9329 DIN: 02509800
Place: Mumbai
Date: 13 February 2023
123
Castrol India Limited Annual Report 2022 - Financials
CASH FLOW STATEMENT for the year ended December 31, 2022
For the year ended For the year ended
Note
Particulars December 31, 2022 December 31, 2021
No.
Rs. in Crores Rs. in Crores
Cash flow from operating activities
Profit before tax 1,092.75 1,029.28
Adjustments for:
Depreciation and amortization expenses 81.39 82.70
Loss on disposal / write off of property, plant and equipment and
0.32 0.94
intangible assets (net)
Capital work in progress write off 6.07 -
Allowance for doubtful debts written back (net) 0.29 (1.31)
Expense recognised in respect of share based payments 19.78 18.00
Loss/ (gain) on fair valuation of forward contract (2.86) 2.16
Unrealized foreign exchange (gain) / loss 4.08 0.82
Unrealised gain on Overnight Funds (0.17) -
Finance costs 4.01 2.41
Interest income (45.30) (36.33)
Net gain on termination of lease contracts - 0.01
Excess accruals written back (1.17) (6.05)
Operating profit before working capital changes 1,159.19 1,092.63
Movements in working capital:
Decrease / (Increase) in inventories (42.79) (124.78)
Decrease / (Increase) in trade and other receivables (13.58) (150.54)
Increase / (Decrease) in trade and other payables and provisions 87.07 92.66
Cash generated from / (used in) operations 1,189.89 909.97
Income tax refund / (payment) (net) (including interest) (273.98) (279.76)
Net cash flow from / (used in) operating activities (A) 915.91 630.21
Cash flow from investing activities
Purchase of property, plant and equipment (including capital
(109.71) (83.21)
work-in-progress and intangible assets)
Non Current Investment (325.00) -
Placement of bank deposits (803.44) (1,596.99)
Encashment of bank deposits 1,255.37 1,558.97
Interest received 44.47 38.15
Net cash flow from / (used in) investing activities (B) 61.69 (83.08)
124
Castrol India Limited Annual Report 2022 - Financials
CASH FLOW STATEMENT for the year ended December 31, 2022 (Contd.)
For the year ended For the year ended
Note
Particulars December 31, 2022 December 31, 2021
No.
Rs. in Crores Rs. in Crores
Cash flow from financing activities
Dividend paid (593.47) (542.47)
Interest paid on other than lease liabilities (1.16) (1.19)
Principal payment of lease liabilities (10.54) (12.61)
Interest paid on lease liabilities (2.33) (1.31)
Net cash flow from / (used in) financing activities (C) (607.50) (557.58)
Net increase / (decrease) in cash and cash equivalents (A+B+C) 370.10 (10.45)
Unrealised gain on Overnight funds 0.17 -
Cash and cash equivalents at the beginning of the year 184.23 194.68
Cash and cash equivalents at the end of the year 554.50 184.23
Components of cash and cash equivalents
Balances with banks in current accounts 5.42 11.70
Deposits with banks 368.91 172.53
Overnight funds 180.17 -
Total cash and cash equivalents (note 4.4) 554.50 184.23
Non cash transactions:
Share value plan:
Equity settled share based payments of Rs. 19.78 Crores (Previous Year: Rs.18 Crores) is expensed over the vesting period
with a corresponding adjustment to Other Equity as the cost of such share value plan is borne by the Ultimate Holding
Company (refer note 2.6 (d))
Note:
(a) The above Cash Flow Statement has been prepared under the “Indirect Method” as set out in Ind AS 7, ‘Statement of
Cash Flows’
The accompanying notes 1 - 36 are an integral part of the financial statements.
As per our report of even date For and on behalf of Board of Directors
For Deloitte Haskins & Sells LLP Executive Directors
Chartered Accountants
R Gopalakrishnan Chairman Sandeep Sangwan Managing Director
DIN: 00027858 DIN: 08617717
Samir R. Shah Hemangi Ghag Company Secretary Deepesh Baxi Chief Financial Officer & Whole time Director
Partner FCS No: 9329 DIN: 02509800
Place: Mumbai
Date: 13 February 2023
125
