Consolidated Balance Sheet

as at 31st March, 2019

(` in lakhs)
Particulars Note As at As at
No. 31st March, 2019 31st March, 2018
I. ASSETS
1. Non-current assets
(a) Property, plant and equipment 2 192083.65 167724.44
(b) Capital work-in-progress 2 11334.50 27021.48
(c) Goodwill 3 1150.18 1150.18
(d) Other intangible assets 3 255.02 5198.44
(e) Intangible assets under development 108.51 108.51
(f) Investments accounted for using equity method 4 12849.11 12516.77
(g) Financial assets
(i) Investments 5(i) 13524.04 13747.45
(ii) Loans 6(i) - 7568.67
(iii) Other financial assets 7(i) 8349.84 7318.33
(h) Deferred tax assets 28 6774.93 7236.70
(i) Current tax assets (net) 7086.38 7412.01
( j) Other non-current assets 8(i) 11137.35 10685.51
Total Non Current Assets 264653.51 267688.49
2. Current assets
(a) Inventories 9 190152.68 161130.81
(b) Financial assets
(i) Investments 5(ii) 27608.39 37289.12
(ii) Trade receivables 10 125950.74 108590.67
(iii) Cash and cash equivalents 11 2119.16 4549.83
(iv) Bank balances other than cash and cash equivalents 12 10487.39 4129.33
(v) Loans 6(ii) 8477.24 475.82
(vi) Other financial assets 7(ii) 4108.88 2851.45
(c) Other current assets 8(ii) 32781.26 24186.38
(d) Assets classified as held for sale 13 105.75 6.56
Total Current Assets 401791.49 343209.97
Total Assets 666445.00 610898.46
II. EQUITY AND LIABILITIES
1. Equity
(a) Equity share capital 14(i) 6138.08 6138.08
(b) Other equity 14(ii) 189241.36 175065.20
Equity attributable to Owners 195379.44 181203.28
Non-controlling interests 8297.81 7624.93
Total Equity 203677.25 188828.21
2. Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 15(i) 41125.36 66399.06
(ii) Other financial liabilities 16(i) 286.70 4,541.22
(b) Deferred tax liabilities 28 2421.72 1867.04
(c) Other non current liabilities 17(i) 5567.02 4820.17
Total Non Current Liabilities 49400.80 77627.49
Current liabilities
(a) Financial Liabilities
(i) Borrowings 15(ii) 173166.43 115012.58
(ii) Trade payables
Total outstanding dues of micro enterprises and small enterprises 795.27 530.02
Total outstanding dues of creditors other than micro enterprises 18 134401.49 112058.63
and small enterprises
(iii) Other Financial Liabilities 16(ii) 82752.59 96078.90
(b) Provisions 19 6894.51 5946.19
(c) Current tax liabilities (net) 84.61 -
(d) Other current liabilities 17(ii) 15272.05 14816.44
Total Current Liabilities 413366.95 344442.76
Total Liabilities 462767.75 422070.25
Total Equity and Liabilities 666445.00 610898.46

The accompanying notes are an integral part of these consolidated financial statements.
This is the Consolidated Balance Sheet referred to in our report of even date
For and on behalf of Board of Directors
For WALKER CHANDIOK & CO LLP SANJAY BAHL GAUTAM HARI SINGHANIA
Chartered Accountants Chief Financial Officer Chairman and Managing Director
Firm’s Registration Number : 001076N/N500013 DIN: 00020088
Adi P. Sethna THOMAS FERNANDES
Partner Company Secretary
Membership No. 108840
Mumbai, 30th April, 2019 Mumbai, 30th April, 2019

142 | Annual Report 2018-19 Consolidated Financial Statements

Consolidated Statement of Profit and Loss
for the year ended 31st March, 2019

(` in lakhs)
Particulars Note Year ended Year ended
No. 31st March’2019 31st March’2018
I. Revenue from operations 20 658228.34 590640.69
II. Other income 21 12536.91 11849.87
III. Total Income (I + II) 670765.25 602490.56
IV. Expenses:
Cost of materials consumed 22 124338.49 123105.44
Purchases of stock-in-trade 182898.49 158281.55
Changes in inventories of finished goods, work-in-progress stock-in-trade and property 23 (26613.48) (30818.26)
under development
Employee benefits 24 93481.77 83533.06
Finance costs 25 23260.23 18380.27
Depreciation and amortisation 26 19649.67 17033.73
Other expenses 27
(a) Manufacturing and Operating Costs 83384.53 79058.76
(b) Costs towards development of property 8702.91 10,510.99
(c) Others 134357.51 124179.08
Total expenses 643460.11 583264.62
V. Profit before exceptional items, share of net profits/ (losses) of investment accounted for 27305.14 19225.94
using equity method and tax (III-IV)
VI. Share in Profit/ (Loss) of Associates and Joint ventures (799.65) (503.16)
VII. Profit before exceptional items and tax (V+VI) 26505.49 18722.78
VIII. Exceptional items - gain/(loss), (net) 45 (466.13) 2095.20
IX. Profit before tax (VII + VIII) 26039.36 20817.98
X. Tax expense: 28
Current tax 7383.08 5,682.07
Deferred tax 1178.99 981.23
Total Tax Expenses (net) 8562.07 6663.30
XI. Profit for the year 17477.29 14154.68
Other Comprehensive Income
Items that will not be reclassified to profit or loss
(i) Remeasurements of post employment benefit obligations 32 16.62 797.94
(ii) Changes in Fair value of FVOCI equity instruments (644.43) 1893.78
(iii) Share of other comprehensive income of investments 643.15 (20.11)
accounted for using the equity method
(iv) Income Tax relating to these items 66.36 (488.65)
81.70 2182.96
Items that may be reclassified to profit or loss
(i) Gains and losses arising from translating the financial statements of foreign operation (411.42) (637.85)
(ii) Share of other comprehensive income of investments accounted for using the equity 94.29 (190.87)
method
(iii) Income Tax relating to these items - -
(317.13) (828.72)
Total Other Comprehensive Income for the year (net of tax) (235.43) 1354.24
Total Comprehensive Income for the year 17241.86 15508.92

Profit attributable to:

Owners 16798.29 13463.00
Non-controlling interests 679.00 691.68
17477.29 14154.68
Other Comprehensive Income attributable to:
Owners (229.31) 1351.86
Non-controlling interests (6.12) 2.38
(235.43) 1354.24
Total Comprehensive Income attributable to:
Owners 16568.98 14814.86
Non-controlling interests 672.88 694.06
17241.86 15508.92
Earnings per equity share of ` 10 each: 31
(1) Basic (`) 27.37 21.93
(2) Diluted (`) 27.37 21.93

The accompanying notes are an integral part of these consolidated financial statements
This is the Consolidated Statement of Profit and Loss referred to in our report of even date
For and on behalf of Board of Directors
For WALKER CHANDIOK & CO LLP SANJAY BAHL GAUTAM HARI SINGHANIA
Chartered Accountants Chief Financial Officer Chairman and Managing Director
Firm’s Registration Number : 001076N/N500013 DIN: 00020088
Adi P. Sethna THOMAS FERNANDES
Partner Company Secretary
Membership No. 108840
Mumbai, 30th April, 2019 Mumbai, 30th April, 2019

Raymond Limited | 143

Consolidated Cash Flow Statement
for the year ended 31st March, 2019

(` in lakhs)

Year ended Year ended

31st March, 2019 31st March, 2018
CASH FLOW FROM OPERATING ACTIVITIES:
Profit before exceptional items and tax 26505.49 18722.78
Adjustments for:
Share of net profit/(loss) of associates and joint ventures accounted for using the equity method 799.65 503.16
Bad Debts, advances, claims and deposits written off 539.51 796.05
Write back of provision for doubful debts (448.68) (496.64)
Provision for doubtful debts 372.60 106.58
Depreciation and amortisation 19649.67 17033.73
Apportioned income from government grants (996.87) (897.98)
Net loss on disposal of property, plant and equipment 22.02 265.28
Net Gain on sale / fair valuation of investments (1314.87) (1223.91)
Net loss on sale of investments 7.95 -
Finance costs 23260.23 18380.27
Interest income (8048.43) (6775.46)
Dividend income (494.40) (615.34)
Provision no longer required (7.07) (480.27)
Operating profit before working capital changes
Adjustments for:
(Increase) / decrease in trade and other receivables (28287.66) (13278.28)
(Increase) / decrease in inventories (24192.50) (27896.10)
Increase / (decrease) in trade and other payables 25239.43 42114.94
Cash generated from operations before exceptional items 32606.07 46258.81
Exceptional items (net) (466.13) (2906.77)
Cash flow before exceptional items 32139.94 43352.04
Direct taxes paid (net of refunds) (7069.02) (3886.80)
Net cash generated from operating activities - [A] 25070.92 39465.24

CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment and intangible assets (26122.74) (51800.60)
Sale proceeds of property, plant and equipment 2018.09 2182.61
Purchase of non-current investments (438.74) -
Sale proceeds of non-current investments (net) - 144.27
Sale of current investments 4311.49 1,897.21
Interest income received 7479.78 6111.85
Dividend income received 494.40 615.34
Net cash used in investing activities - [B] (12257.72) (40849.32)

144 | Annual Report 2018-19 Consolidated Financial Statements

Consolidated Cash Flow Statement
for the year ended 31st March, 2019

(` in lakhs)

Year ended Year ended

31st March, 2019 31st March, 2018
CASH FLOW FROM FINANCING ACTIVITIES:
Dividend paid (1817.21) (753.82)
Dividend distribution tax paid (378.51) (156.20)
Finance cost paid (24117.34) (18882.77)
Proceeds from non-current borrowings 6801.80 60477.77
Repayment of non-current borrowings (53520.92) (39489.67)
Proceeds /(repayment) of current borrowings (net) 58153.85 1766.95
Net cash generated from / (used in) financing activities - [C] (14878.33) 2962.26

CHANGE IN CURRENCY FLUCTUATION RESERVE ARISING ON CONSOLIDATION - [D] (411.42) (637.85)

Net increase in cash and cash equivalents - [A+B+C+D] (2476.55) 940.33
Add: Cash and cash equivalents at the beginning of the year (Refer note 11) 4461.04 3520.71
Cash and cash equivalents at the end of the year [Refer Note 38 (c)] 1984.49 4461.04

The accompanying notes are an integral part of these consolidated financial statements
Note:

1. The cash flow statement has been prepared under the indirect method as set out in Indian Accounting standard (Ind As-7)
statement of cash flow
This is the Consolidated Cash flow statement referred to in our report of even date.

For and on behalf of Board of Directors

For WALKER CHANDIOK & CO LLP SANJAY BAHL GAUTAM HARI SINGHANIA
Chartered Accountants Chief Financial Officer Chairman and Managing Director
Firm Registration Number: 001076N/N500013 DIN: 00020088
Adi P. Sethna THOMAS FERNANDES
Partner Company Secretary
Membership No. 108840
Mumbai, 30th April, 2019 Mumbai, 30th April, 2019

Raymond Limited | 145

 Consolidated Statement of Changes in Equity
for the year ended 31st March, 2019

(A) Equity Share Capital (` in lakhs)

Particulars Amount
As at 31st March, 2017 6138.08
Changes in Equity -
As at 31st March, 2018 6138.08

146 | Annual Report 2018-19

Changes in Equity -
As at 31st March, 2019 6138.08

(B) Other Equity (` in lakhs)

Reserves and Surplus Other Reserve Total Non Total
equity Controlling
Capital Securities Capital Debenture General Legal Retained Retained Retained Currency Equity
Interest
Reserve Premium Redemp- Redemp- Reserves reserve Earnings earning in earning fluctuation instruments
tion tion Associates in Jointly reserve through
Reserve Reserve controlled Other Com-
entities prehensive
Income
Balance as at 31st March, 2017 3614.55 13286.42 1919.51 6200.00 93438.63 7.22 32746.55 9016.19 (3065.87) (197.46) 4208.06 161173.80 6,930.87 168104.67
Profit for the year - - - - - - 13966.16 1041.20 (1544.36) - - 13463.00 691.68 14154.68
Other Comprehensive Income - - - - - - 535.12 28.82 (239.80) (637.85) 1,665.57 1351.86 2.38 1354.24
for the year
Total Comprehensive Income for the year - - - - - - 14501.28 1070.02 (1784.16) (637.85) 1,665.57 14814.86 694.06 15508.92
Dividends (including Tax thereon) - - - - - - (923.46) - - - - (923.46) - (923.46)
Transfer to debenture redemption reserve - - - 3550.00 - (3550.00) - - - - - - -
Transfer to general reserve (2500.00) 2500.00 - - - - - - - -
Balance as at 31st March, 2018 3614.55 13286.42 1919.51 7250.00 95938.63 7.22 42774.37 10086.21 (4850.03) (835.31) 5873.63 175065.20 7624.93 182690.13
Profit for the year - - - - - - 17597.94 1635.04 (2434.69) - - 16798.29 679.00 17477.29
Other Comprehensive Income for the year - - - - - - 5.38 667.03 70.41 (411.42) (560.71) (229.31) (6.12) (235.43)
Total Comprehensive Income for the year - - - - - - 17603.32 2302.07 (2364.28) (411.42) (560.71) 16568.98 672.88 17241.86
Transitional adjustment of Ind AS-115
(Refer note 43) - - - - - - (172.88) - - - - (172.88) - (172.88)
Dividends (including Tax thereon) - - - - - - (2219.94) - - - - (2219.94) - (2219.94)
Transfer to debenture redemption reserve - - - 4625.00 - - (4625.00) - - - - - - -
Transfer to general reserve - - - (4375.00) 4375.00 - - - - - - - - -
Balance as at 31st March, 2019 3614.55 13286.42 1919.51 7500.00 100313.63 7.22 53359.86 12388.28 (7214.31) (1246.73) 5312.92 189241.36 8297.81 197539.17

The accompanying notes are an integral part of these consolidated financial statements
This is the Consolidated Statement of Changes in Equity referred to in our report of even date.
For and on behalf of Board of Directors
For WALKER CHANDIOK & CO LLP SANJAY BAHL GAUTAM HARI SINGHANIA
Chartered Accountants Chief Financial Officer Chairman and Managing Director
Firm Registration Number: 001076N/N500013 DIN: 00020088
Adi P. Sethna THOMAS FERNANDES
Partner Company Secretary
Membership No. 108840

Consolidated Financial Statements

Mumbai, 30th April, 2019 Mumbai, 30th April, 2019